VeriSign, Inc. (VRSN)

Industry: Software - Infrastructure Sector: Technology Currency Used: US Live Price: $249.47

Enterprise Value

Metric	MRQ	MRQ-1	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998
Stock Price	279.57	288.80	274.08	190.49	211.45	192.23	221.32	202.04	194.64	141.05	100.23	82.33	71.65	53.71	50.72	42.39	33.50	29.25	21.33	29.05	32.11	22.85	25.18	22.49	13.07	11.75	43.94	150.69	81.46	10.48
Market Capitalization	26,083.88M	27,089.44M	25,729.81M	18,682.92M	21,863.47M	20,764.85M	24,780.60M	23,236.04M	23,069.30M	16,132.52M	10,039.52M	8,820.39M	8,161.49M	6,798.74M	7,303.29M	6,651.54M	5,530.70M	5,161.08M	4,050.01M	5,745.29M	7,446.44M	5,586.70M	6,450.97M	5,650.66M	3,148.71M	2,773.30M	9,175.46M	23,560.37M	8,292.05M	886.60M
(-) Cash & Equivalents	235.40M	314.30M	375.03M	364.50M	390.38M	574.75M	235.92M	338.07M	537.17M	637.28M	362.42M	203.68M	324.92M	232.49M	278.43M	517.46M	1,294.28M	1,393.19M	1,290.05M	574.16M	904.39M	449.53M	406.43M	323.76M	372.55M	214.59M	421.36M	519.96M	85.25M	19.00M
(+) Total Debt	1,787.60M	1,791.60M	1,790.30M	1,800.55M	1,793.28M	1,789.93M	1,788.84M	1,793.93M	1,794.65M	1,941.81M	2,136.77M	1,866.09M	1,868.94M	1,369.27M	1,200.06M	697.87M	611.37M	577.84M	571.41M	1,297.98M	631.98M	143.00M	34.51M	31.54M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Enterprise Value	27,636.08M	28,566.74M	27,145.07M	20,118.97M	23,266.37M	21,980.03M	26,333.52M	24,691.90M	24,326.77M	17,437.05M	11,813.87M	10,482.81M	9,705.50M	7,935.51M	8,224.91M	6,831.95M	4,847.78M	4,345.72M	3,331.37M	6,469.11M	7,174.03M	5,280.17M	6,079.05M	5,358.43M	2,776.15M	2,558.72M	8,754.10M	23,040.42M	8,206.81M	867.60M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31
Revenue	1,627M	1,542M	1,557M	1,493M	1,425M	1,328M	1,265M	1,232M	1,215M	1,165M	1,142M	1,059M	1,010M	965M	874M	772M	681M	1,031M	962M	1,496M	1,575M	1,609M	1,166M	1,055M	1,222M	984M	475M	85M	39M	9M
Cost of Revenue	196M	192M	191M	197M	201M	192M	180M	180M	192M	193M	198M	193M	188M	187M	168M	165M	157M	233M	227M	597M	581M	512M	445M	446M	571M	344M	133M	26M	16M	5M
Gross Profit	1,431M	1,351M	1,366M	1,296M	1,224M	1,136M	1,085M	1,051M	1,023M	972M	944M	867M	822M	778M	706M	607M	524M	798M	734M	900M	995M	1,097M	722M	609M	650M	640M	341M	58M	23M	4M
Gross Profit Margin	88.0%	87.6%	87.7%	86.8%	85.9%	85.5%	85.8%	85.3%	84.2%	83.4%	82.6%	81.8%	81.3%	80.6%	80.8%	78.6%	77.0%	77.4%	76.4%	60.1%	63.1%	68.2%	61.9%	57.7%	53.2%	65.1%	71.9%	68.7%	60.2%	44.7%
R&D Expenses	102M	95M	97M	91M	86M	81M	75M	61M	58M	52M	59M	64M	68M	70M	62M	53M	54M	96M	92M	160M	129M	95M	67M	56M	48M	78M	41M	13M	8M	5M
SG&A Expenses	229M	206M	211M	204M	195M	188M	186M	184M	198M	212M	198M	197M	189M	180M	188M	209M	221M	359M	373M	553M	634M	675M	418M	364M	420M	403M	228M	43M	31M	15M
Operating Expenses	331M	300M	308M	295M	281M	269M	261M	245M	255M	264M	257M	261M	257M	250M	249M	262M	275M	468M	556M	1,163M	886M	872M	565M	762M	5,363M	14,051M	3,488M	62M	43M	23M
Operating Income (EBIT)	1,100M	1,051M	1,058M	1,001M	943M	867M	824M	806M	767M	708M	687M	606M	564M	528M	457M	345M	249M	330M	179M	-263M	108M	225M	157M	-154M	-4,713M	-13,411M	-3,146M	-3M	-20M	-19M
Operating Income Margin	67.6%	68.1%	67.9%	67.0%	66.2%	65.3%	65.2%	65.5%	63.2%	60.7%	60.1%	57.2%	55.9%	54.7%	52.3%	44.7%	36.6%	32.0%	18.6%	-17.6%	6.9%	14.0%	13.4%	-14.6%	-385.8%	-1,363.5%	-662.7%	-3.9%	-50.1%	-202.1%
Interest Income	28M	43M	37M	46M	15M	1M	8M	27M	26M	18M	6M	2M	1M	2M	3M	5M	8M	4M	15M	0M	0M	0M	10M	0M	0M	0M	0M	7M	0M	0M
Interest Expense	77M	75M	75M	75M	75M	83M	90M	91M	115M	136M	116M	108M	86M	75M	50M	147M	158M	47M	44M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Net Interest Income	-49M	-33M	-38M	-29M	-60M	-83M	-82M	-64M	-88M	-118M	-109M	-106M	-85M	-73M	-47M	-142M	-150M	-43M	-30M	0M	0M	0M	10M	0M	0M	0M	0M	7M	0M	0M
Unusual Items	-5M	7M	2M	5M	-3M	-2M	8M	17M	50M	10M	4M	-13M	4M	1M	3M	-9M	-4M	-6M	-26M	136M	29M	18M	47M	-83M	-237M	-23M	-20M	0M	-2M	-2M
EBT Excluding Unusual Items	1,051M	1,018M	1,020M	971M	883M	784M	742M	742M	679M	589M	577M	500M	479M	455M	409M	203M	99M	287M	149M	-263M	108M	225M	167M	-154M	-4,713M	-13,411M	-3,146M	4M	-20M	-19M
Pre-Tax Income	1,046M	1,025M	1,022M	977M	880M	782M	750M	759M	730M	599M	581M	488M	483M	457M	413M	194M	95M	281M	123M	-128M	137M	243M	214M	-237M	-4,951M	-13,434M	-3,167M	4M	-21M	-21M
Pre-Tax Margin	64.3%	66.5%	65.6%	65.4%	61.8%	58.9%	59.3%	61.6%	60.0%	51.4%	50.9%	46.0%	47.8%	47.3%	47.2%	25.1%	14.0%	27.3%	12.8%	-8.5%	8.7%	15.1%	18.3%	-22.4%	-405.2%	-1,365.8%	-667.0%	4.7%	-54.0%	-220.2%
Income Tax Expense	235M	167M	236M	159M	206M	-3M	-65M	146M	147M	142M	141M	112M	128M	-88M	100M	55M	25M	80M	43M	11M	-241M	105M	28M	23M	10M	-78M	-31M	0M	0M	0M
Net Income	811M	859M	786M	818M	674M	785M	815M	612M	582M	457M	441M	375M	355M	544M	320M	143M	831M	246M	-375M	-140M	379M	406M	186M	-260M	-4,961M	-13,356M	-3,115M	4M	-20M	-19M
Net Income Margin	49.9%	55.7%	50.4%	54.8%	47.3%	59.1%	64.4%	49.7%	47.9%	39.2%	38.6%	35.4%	35.2%	56.4%	36.6%	18.5%	122.1%	23.8%	-39.0%	-9.3%	24.1%	25.3%	16.0%	-24.6%	-406.1%	-1,357.9%	-656.2%	4.7%	-50.6%	-204.3%
Depreciation & Amortization	33M	39M	37M	44M	47M	48M	46M	46M	48M	50M	58M	61M	64M	61M	55M	56M	68M	86M	128M	232M	232M	197M	168M	457M	5,019M	13,636M	3,219M	5M	4M	3M
EBITDA	1,133M	1,089M	1,095M	1,045M	990M	915M	871M	852M	816M	758M	745M	667M	628M	589M	511M	401M	317M	416M	307M	-32M	340M	422M	325M	304M	306M	225M	72M	2M	-16M	-16M
EBITDA Margin	69.7%	70.6%	70.3%	70.0%	69.5%	68.9%	68.8%	69.2%	67.1%	65.0%	65.2%	63.0%	62.2%	61.0%	58.5%	51.9%	46.5%	40.4%	31.9%	-2.1%	21.6%	26.2%	27.8%	28.8%	25.1%	22.9%	15.2%	2.5%	-40.1%	-174.5%
NOPAT	853M	880M	814M	838M	722M	870M	895M	651M	613M	540M	521M	466M	415M	630M	346M	247M	183M	236M	117M	-208M	299M	128M	136M	-121M	-3,723M	-10,595M	-2,486M	-3M	-15M	-15M
NOPAT Margin	52.5%	57.1%	52.2%	56.1%	50.7%	65.5%	70.8%	52.8%	50.4%	46.4%	45.6%	44.0%	41.1%	65.2%	39.6%	32.0%	26.9%	22.9%	12.1%	-13.9%	19.0%	8.0%	11.7%	-11.5%	-304.8%	-1,077.2%	-523.5%	-3.9%	-39.6%	-159.7%
Owner's Earnings	817M	874M	795M	816M	693M	780M	818M	618M	594M	458M	329M	396M	380M	540M	322M	6M	818M	215M	-366M	-60M	429M	463M	262M	89M	-118M	-100M	44M	3M	-20M	-23M
Owner's Earnings Margin	50.2%	56.7%	51.0%	54.6%	48.7%	58.7%	64.6%	50.2%	48.9%	39.3%	28.8%	37.4%	37.6%	55.9%	36.8%	0.8%	120.2%	20.9%	-38.0%	-4.0%	27.2%	28.8%	22.5%	8.5%	-9.7%	-10.2%	9.3%	3.9%	-51.9%	-246.8%
EPS (Basic)	8.60	8.61	8.01	7.91	6.24	7.01	7.08	5.17	4.75	4.56	4.12	3.29	2.80	3.77	2.04	0.87	4.68	1.28	-1.90	-0.59	1.55	1.67	0.61	-1.20	-20.97	-65.64	-19.57	0.04	-0.24	-0.23
EPS (Diluted)	8.58	8.61	8.00	7.90	6.24	7.00	7.07	5.15	4.75	3.68	3.42	2.82	2.52	3.49	1.95	0.86	4.64	1.28	-1.87	-0.59	1.53	1.54	0.73	-1.20	-20.97	-65.64	-19.57	0.03	-0.24	-0.23
Shares (Basic)	94M	100M	98M	103M	108M	112M	115M	119M	123M	100M	107M	114M	127M	145M	157M	165M	178M	192M	197M	238M	244M	257M	251M	217M	237M	203M	159M	101M	83M	83M
Shares (Diluted)	95M	100M	98M	104M	108M	112M	115M	119M	123M	124M	129M	133M	141M	156M	164M	167M	179M	193M	201M	238M	247M	264M	255M	217M	237M	203M	159M	115M	83M	83M

Geographic Segments

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31
Asia Pacific	136.90M	—	175.70M	—	—	—	—	—	—	106.53M	127.30M	151.46M	133.75M	129.66M	—	—
Asian Pacific	—	—	—	—	—	—	—	—	—	—	—	—	—	—	130.65M	117.00M
CHINA	—	80.80M	—	91.60M	106.00M	99.73M	113.05M	119.29M	106.84M	—	—	—	—	—	—	—
EMEA	332.20M	243.50M	249.60M	228.20M	226.00M	231.69M	214.20M	206.98M	212.70M	211.35M	207.47M	193.62M	182.90M	169.77M	—	—
Europe Middle East And Africa	—	—	—	—	—	—	—	—	—	—	—	—	—	—	135.08M	109.68M
Other Geographical Areas	—	—	96.60M	178.60M	155.30M	144.86M	133.15M	132.81M	138.52M	152.46M	140.09M	75.11M	77.35M	80.46M	77.75M	72.60M
U	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	472.70M
UNITED STATES	1,330.10M	1,026.70M	1,035.50M	994.70M	937.60M	851.30M	804.65M	772.59M	756.91M	694.76M	667.30M	639.17M	616.13M	585.20M	530.11M	—

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31
Cash & Cash Equivalents	235.40M	314.30M	206.70M	240.10M	373.60M	223.49M	401.19M	508.20M	357.42M	465.85M	231.95M	228.66M	191.61M	339.22M	130.74M	1,313.35M	1,559.63M	1,477.17M	789.07M	1,376.72M	501.18M	476.83M	330.64M	393.79M	282.29M	306.05M	460.36M	70.38M	22.80M	3.90M
Short-Term Investments	382.30M	279.50M	393.20M	686.30M	606.80M	982.32M	765.71M	709.86M	912.25M	1,948.90M	1,565.96M	1,686.77M	1,233.08M	1,384.06M	1,425.70M	32.86M	501.24M	0.00M	0.00M	0.00M	198.66M	378.01M	406.78M	329.90M	121.62M	420.64M	565.91M	86.10M	0.00M	0.00M
Cash & Short-Term Investments	617.70M	593.80M	599.90M	926.40M	980.40M	1,205.81M	1,166.91M	1,218.06M	1,269.67M	2,414.75M	1,797.91M	1,915.43M	1,424.68M	1,723.29M	1,556.44M	1,346.21M	2,060.87M	1,477.17M	789.07M	1,376.72M	699.84M	854.83M	737.43M	723.69M	403.90M	726.70M	1,026.28M	156.48M	22.80M	3.90M
Net Receivables	11.20M	27.80M	7.80M	13.60M	8.10M	12.95M	8.21M	17.36M	10.48M	11.46M	13.05M	12.64M	13.45M	13.63M	26.53M	24.43M	14.87M	63.13M	111.70M	228.56M	409.85M	279.77M	198.32M	100.12M	134.12M	314.92M	128.01M	22.73M	9.80M	2.30M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Assets	1.30M	3.20M	1.00M	1.20M	1.40M	0.90M	2.25M	1.64M	2.08M	4.16M	1.67M	1.94M	2.02M	12.90M	45.08M	65.13M	102.22M	1.04M	701.29M	132.79M	340.02M	43.37M	19.06M	10.67M	9.66M	0.00M	32.15M	3.64M	21.10M	9.00M
Total Current Assets	630.20M	624.80M	608.70M	941.20M	989.90M	1,219.66M	1,177.37M	1,237.05M	1,282.23M	2,430.37M	1,812.63M	1,930.00M	1,440.15M	1,749.81M	1,628.05M	1,435.77M	2,177.96M	1,541.34M	1,602.06M	1,738.07M	1,449.70M	1,177.97M	954.80M	834.47M	547.69M	1,041.62M	1,186.43M	182.84M	53.70M	15.20M
Property, Plant & Equipment	229.40M	229.20M	233.80M	240.60M	239.20M	259.64M	256.85M	259.42M	253.91M	263.51M	266.13M	295.57M	319.03M	339.65M	333.86M	327.14M	190.32M	403.82M	385.50M	621.92M	605.29M	558.27M	508.36M	520.22M	609.35M	532.55M	105.60M	10.19M	9.20M	8.80M
Goodwill	52.50M	52.50M	52.50M	52.50M	52.50M	52.53M	52.53M	52.53M	52.53M	52.53M	52.53M	52.53M	52.53M	52.53M	52.53M	52.53M	52.53M	289.98M	283.11M	1,082.42M	1,449.49M	1,071.91M	725.43M	0.00M	1,129.60M	5,691.17M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.32M	2.62M	22.42M	35.31M	121.79M	333.43M	225.30M	232.24M	618.04M	0.00M	0.00M	17,656.64M	0.00M	0.00M	0.00M
Long-Term Investments	1.60M	5.30M	5.40M	4.80M	5.40M	5.33M	10.38M	16.33M	15.01M	14.96M	15.31M	17.64M	13.70M	14.29M	10.73M	4.34M	3.21M	7.15M	22.32M	178.15M	49.44M	77.39M	98.28M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	267.30M	272.20M	281.30M	301.00M	234.60M	230.72M	67.91M	87.80M	104.99M	15.39M	9.39M	17.36M	266.95M	437.64M	7.30M	86.60M	0.00M	12.70M	0.00M	230.70M	179.02M	16.19M	19.06M	10.67M	9.66M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	164.50M	166.30M	169.70M	161.80M	163.00M	166.81M	161.31M	159.35M	171.03M	148.64M	148.88M	6.71M	22.61M	24.16M	14.59M	14.51M	14.50M	25.02M	13.23M	38.57M	25.21M	16.99M	22.44M	81.56M	48.06M	223.23M	246.55M	148.13M	1.40M	0.80M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	715.30M	725.50M	742.70M	760.70M	694.70M	715.03M	548.97M	575.42M	597.47M	495.03M	492.23M	389.81M	674.82M	868.27M	419.01M	486.43M	263.18M	761.09M	739.47M	2,273.54M	2,641.89M	1,966.05M	1,605.81M	1,230.48M	1,796.67M	6,446.95M	18,008.79M	158.32M	10.60M	9.60M
Total Assets	1,345.50M	1,350.30M	1,351.40M	1,701.90M	1,684.60M	1,934.69M	1,726.34M	1,812.47M	1,879.70M	2,925.40M	2,304.86M	2,319.82M	2,114.97M	2,618.09M	2,047.06M	1,922.19M	2,441.13M	2,302.43M	2,341.53M	4,011.61M	4,091.59M	3,144.02M	2,560.61M	2,064.95M	2,344.36M	7,488.57M	19,195.22M	341.17M	64.30M	24.80M
Accounts Payable	11.90M	8.10M	10.60M	12.50M	9.80M	9.00M	12.34M	15.91M	27.14M	10.52M	19.46M	23.30M	29.34M	24.84M	23.52M	19.28M	13.84M	34.70M	263.54M	398.12M	682.00M	68.29M	382.03M	45.56M	278.55M	313.45M	193.95M	10.90M	5.50M	3.50M
Short-Term Debt	0.00M	0.00M	299.80M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	627.62M	629.76M	634.33M	620.62M	624.06M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	199.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Payables	0.00M	42.40M	65.80M	49.50M	37.40M	26.79M	27.19M	30.31M	18.96M	13.48M	23.14M	16.94M	47.08M	19.85M	21.92M	28.44M	41.06M	24.57M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Revenue	1,036.10M	1,110.40M	1,038.10M	1,008.30M	962.40M	924.70M	833.68M	807.98M	789.41M	776.93M	740.44M	728.79M	651.41M	616.09M	583.95M	521.10M	476.16M	642.51M	629.80M	581.36M	448.41M	371.57M	305.87M	245.48M	357.95M	471.33M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	176.50M	51.00M	68.00M	71.90M	59.10M	58.50M	54.60M	49.87M	54.75M	51.48M	61.43M	51.85M	49.47M	710.61M	38.78M	40.25M	52.63M	28.50M	54.62M	2.63M	26.05M	6.82M	0.00M	0.00M	0.00M	0.00M	471.53M	31.78M	17.10M	7.60M
Total Current Liabilities	1,224.50M	1,211.90M	1,482.30M	1,142.20M	1,068.70M	1,018.99M	927.81M	904.07M	890.25M	1,480.02M	1,474.23M	1,455.21M	1,397.91M	1,995.45M	668.16M	609.07M	583.68M	730.28M	947.96M	982.11M	1,355.46M	446.68M	687.90M	291.05M	636.50M	784.78M	665.48M	42.68M	22.60M	11.10M
Long-Term Debt	1,787.60M	1,786.90M	1,492.50M	1,790.20M	1,787.90M	1,785.70M	1,790.08M	1,787.57M	1,785.05M	1,782.53M	1,237.19M	1,235.35M	750.00M	750.00M	697.61M	690.09M	581.63M	574.38M	1,261.66M	1,265.30M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Capital Lease Obligations	0.00M	4.70M	9.20M	7.30M	1.60M	2.49M	5.16M	4.56M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	90.34M	308.11M	281.62M	444.11M	371.43M	294.19M	244.47M	0.00M	386.91M	325.53M	309.70M	144.78M	16.38M	41.13M	24.85M	19.07M	31.32M	0.00M	125.89M	26.55M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	11.30M	9.70M	6.10M	34.10M	60.50M	76.10M	0.00M	0.00M	0.00M	128.20M	117.17M	114.80M	98.72M	44.52M	44.30M	43.72M	17.98M	20.12M	218.32M	194.45M	165.55M	5.00M	7.54M	132.53M	20.66M	171.04M	59.14M	0.13M	-0.01M	0.10M
Total Non-Current Liabilities	1,798.90M	1,801.30M	1,507.80M	1,831.60M	1,850.00M	1,864.29M	1,885.58M	2,100.24M	2,066.67M	2,354.83M	1,725.79M	1,644.35M	1,093.19M	794.52M	1,128.83M	1,059.33M	909.30M	739.27M	1,496.35M	1,500.88M	190.40M	24.07M	38.86M	132.53M	146.55M	197.59M	59.14M	0.13M	-0.01M	0.10M
Total Liabilities	3,023.40M	3,013.20M	2,990.10M	2,973.80M	2,918.70M	2,883.28M	2,813.39M	3,004.31M	2,956.92M	3,834.85M	3,200.02M	3,099.55M	2,491.10M	2,789.97M	1,796.99M	1,668.40M	1,492.99M	1,469.55M	2,444.31M	2,482.99M	1,545.86M	470.75M	726.76M	423.58M	783.04M	982.37M	724.61M	42.81M	22.60M	11.20M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	2.53M	0.00M	0.00M	0.00M
Common Stock	9,933.40M	10,203.00M	10,645.30M	11,808.00M	12,644.50M	13,620.10M	14,275.16M	14,990.01M	0.35M	0.33M	0.32M	0.32M	0.32M	0.32M	0.32M	0.32M	0.31M	0.31M	0.30M	0.30M	0.28M	0.25M	0.25M	0.24M	0.24M	0.23M	0.20M	0.10M	0.00M	0.00M
Retained Earnings	-11,981.20M	-12,194.00M	-12,600.70M	-13,386.40M	-14,204.00M	-14,877.80M	-15,662.60M	-16,477.49M	-17,089.79M	-17,694.79M	-18,184.95M	-18,625.60M	-19,000.84M	-19,356.10M	-19,900.55M	-20,220.58M	-20,363.47M	-21,194.44M	-21,439.41M	-21,064.72M	-20,929.50M	-21,308.51M	-21,553.83M	-21,740.05M	-21,480.18M	-16,518.88M	-3,162.93M	-47.45M	-51.40M	-30.90M
Accumulated OCI	-2.70M	-2.80M	-2.50M	-2.60M	-2.70M	-2.80M	-2.76M	-2.62M	-2.81M	-2.94M	-3.45M	-3.99M	-3.00M	-3.09M	-0.39M	-3.08M	-1.33M	7.66M	17.01M	3.02M	-8.40M	-36.75M	-7.54M	-4.63M	-12.85M	-26.83M	-37.31M	87.47M	0.00M	0.00M
Minority Interest	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	48.92M	49.21M	54.49M	47.72M	41.49M	36.28M	28.83M	0.00M	0.00M	0.00M	0.13M	1.00M	2.20M
Total Shareholders’ Equity	-2,050.50M	-1,993.80M	-1,957.90M	-1,581.00M	-1,562.20M	-1,260.50M	-1,390.20M	-1,490.10M	-17,092.25M	-17,697.41M	-18,188.08M	-18,629.27M	-19,003.51M	-19,358.86M	-19,900.61M	-20,223.34M	-20,364.49M	-21,186.47M	-21,422.10M	-21,061.40M	-20,937.62M	-21,345.02M	-21,561.11M	-21,744.44M	-21,492.79M	-16,545.47M	-3,197.51M	40.12M	-51.40M	-30.90M
Total Equity	-2,050.50M	-1,993.80M	-1,957.90M	-1,581.00M	-1,562.20M	-1,260.50M	-1,390.20M	-1,490.10M	-17,092.25M	-17,697.41M	-18,188.08M	-18,629.27M	-19,003.51M	-19,358.86M	-19,900.61M	-20,223.34M	-20,364.49M	-21,137.55M	-21,372.89M	-21,006.91M	-20,889.90M	-21,303.53M	-21,524.84M	-21,715.61M	-21,492.79M	-16,545.47M	-3,197.51M	40.25M	-50.40M	-28.70M
Total Liabilities & Equity	972.90M	1,019.40M	1,032.20M	1,392.80M	1,356.50M	1,622.78M	1,423.19M	1,514.21M	-14,135.33M	-13,862.55M	-14,988.06M	-15,529.72M	-16,512.41M	-16,568.89M	-18,103.63M	-18,554.94M	-18,871.50M	-19,668.00M	-18,928.58M	-18,523.92M	-19,344.04M	-20,832.79M	-20,798.08M	-21,292.04M	-20,709.74M	-15,563.11M	-2,472.90M	83.06M	-27.81M	-17.50M
Tangible Assets	1,293.00M	1,297.80M	1,298.90M	1,649.40M	1,632.10M	1,882.16M	1,673.81M	1,759.95M	1,827.17M	2,872.87M	2,252.33M	2,267.29M	2,062.45M	2,565.56M	1,994.54M	1,868.34M	2,385.99M	1,990.03M	2,023.11M	2,807.40M	2,308.67M	1,846.81M	1,602.94M	1,446.91M	1,214.76M	1,797.40M	1,538.58M	341.17M	64.30M	24.80M
Tangible Equity	-2,103.00M	-2,046.30M	-2,010.40M	-1,633.50M	-1,614.70M	-1,313.03M	-1,442.73M	-1,542.63M	-17,144.78M	-17,749.93M	-18,240.61M	-18,681.80M	-19,056.04M	-19,411.39M	-19,953.14M	-20,277.19M	-20,419.64M	-21,449.95M	-21,691.31M	-22,211.13M	-22,672.82M	-22,600.75M	-22,482.50M	-22,333.65M	-22,622.39M	-22,236.64M	-20,854.15M	40.25M	-50.40M	-28.70M
Tangible Book Value	-2,103.00M	-2,046.30M	-2,010.40M	-1,633.50M	-1,614.70M	-1,313.03M	-1,442.73M	-1,542.63M	-17,144.78M	-17,749.93M	-18,240.61M	-18,681.80M	-19,056.04M	-19,411.39M	-19,953.14M	-20,277.19M	-20,419.64M	-21,449.95M	-21,691.31M	-22,211.13M	-22,672.82M	-22,600.75M	-22,482.50M	-22,333.65M	-22,622.39M	-22,236.64M	-20,854.15M	40.25M	-50.40M	-28.70M
Total Investments	383.90M	284.80M	398.60M	691.10M	612.20M	987.65M	776.09M	726.20M	927.27M	1,963.86M	1,581.27M	1,704.41M	1,246.78M	1,398.35M	1,436.43M	37.20M	504.44M	7.15M	679.71M	178.15M	248.09M	455.40M	555.26M	329.90M	121.62M	420.64M	565.91M	86.10M	0.00M	0.00M
Net Debt	1,552.20M	1,472.60M	1,585.60M	1,550.10M	1,414.30M	1,562.21M	1,388.89M	1,279.37M	1,427.63M	1,944.29M	1,635.01M	1,641.02M	1,179.01M	1,034.83M	566.88M	-623.26M	-978.00M	-902.79M	472.59M	-111.43M	-302.18M	-476.83M	-330.64M	-393.79M	-282.29M	-306.05M	-460.36M	-70.38M	-22.80M	-3.90M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31
Working Capital	-618.7M	-577.3M	-867.3M	-200.2M	-78.2M	194.7M	229.2M	313.4M	369.4M	885.6M	320.4M	464.9M	-429.9M	-226.0M	986.5M	788.9M	1,525.2M	822.6M	648.0M	803.4M	-26.9M	290.1M	306.5M	325.2M	-61.0M	256.7M	521.0M	140.2M	31.1M	5.2M
Total Capital	-262.9M	-202.2M	-156.4M	216.5M	232.8M	527.7M	405.0M	302.0M	399.6M	1,149.9M	666.4M	799.2M	477.3M	950.5M	688.3M	602.0M	1,258.1M	1,124.1M	1,312.5M	2,761.9M	2,575.9M	2,161.5M	1,818.1M	1,383.7M	1,579.4M	6,506.1M	18,470.6M	298.4M	40.7M	13.5M
Capital Employed	96.6M	148.2M	-124.6M	560.5M	616.5M	909.8M	778.2M	888.8M	966.9M	1,380.7M	812.6M	854.8M	234.3M	631.6M	1,405.5M	1,197.3M	1,791.3M	1,583.7M	1,596.4M	3,077.0M	2,615.0M	2,234.8M	1,893.3M	1,545.0M	1,726.0M	6,703.7M	18,529.7M	298.5M	41.7M	14.7M
Invested Capital	-498.3M	-516.5M	-363.1M	-23.6M	-140.8M	304.2M	3.9M	-206.2M	42.2M	684.0M	434.4M	570.6M	285.7M	611.3M	557.6M	-711.4M	-301.6M	-353.0M	523.4M	1,385.2M	2,074.7M	1,684.7M	1,487.5M	989.9M	1,297.1M	6,200.0M	18,010.2M	228.0M	17.9M	9.6M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31
Net Income	811.00M	858.90M	785.70M	817.60M	673.80M	784.83M	814.89M	612.30M	582.49M	457.25M	440.65M	375.24M	355.26M	544.45M	320.03M	142.89M	108.60M	249.24M	-374.69M	-139.50M	379.02M	406.46M	186.23M	-259.88M	-4,961.30M	-13,355.95M	-3,115.47M	3.96M	-19.70M	-19.20M
Depreciation & Amortization	33.30M	38.50M	36.90M	44.10M	46.90M	47.94M	46.35M	46.33M	48.37M	49.88M	58.17M	61.49M	63.69M	60.66M	54.82M	55.71M	67.66M	86.27M	128.03M	231.51M	231.53M	197.26M	168.22M	457.37M	5,019.15M	13,636.32M	3,218.53M	5.40M	3.90M	2.60M
Deferred Income Tax	0.00M	-48.60M	0.00M	0.00M	0.00M	0.00M	-12.53M	-15.59M	-66.55M	-25.28M	-27.46M	-4.33M	-8.30M	-112.69M	71.80M	-13.42M	-131.93M	-41.72M	-170.88M	-11.04M	-227.19M	-9.89M	-8.39M	3.32M	10.38M	-77.92M	0.00M	29.78M	0.00M	0.00M
Stock-Based Compensation	67.90M	59.90M	61.10M	59.70M	58.60M	53.40M	48.24M	50.63M	52.50M	52.91M	50.04M	46.08M	43.98M	36.65M	33.36M	43.27M	52.18M	51.17M	90.07M	85.25M	66.29M	6.31M	3.14M	7.39M	18.96M	0.00M	0.00M	0.10M	0.00M	0.00M
Change in Working Capital	89.90M	-58.60M	36.40M	-43.10M	55.70M	-85.08M	-170.19M	56.56M	72.86M	167.74M	150.31M	173.26M	134.97M	57.35M	136.87M	94.49M	109.23M	53.81M	88.85M	78.11M	40.30M	83.01M	58.00M	104.39M	-71.45M	-90.10M	62.29M	5.66M	3.90M	1.80M
Accounts Receivable	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.87M	0.66M	-0.07M	-2.50M	3.33M	-0.25M	13.15M	25.80M	54.05M	-104.34M	32.36M	-63.82M	-65.82M	27.95M	158.76M	0.00M	0.00M	-12.96M	0.00M	0.00M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	8.98M	-1.73M	11.57M	-2.69M	62.46M	0.00M	-19.11M	27.93M	-512.69M	133.52M	-80.51M	-243.63M	-227.62M	-286.90M	-120.58M	0.00M	0.00M	-120.74M	0.00M	0.00M
Accounts Payable	45.40M	-70.40M	0.00M	0.00M	-0.10M	15.50M	2.23M	-0.02M	-2.13M	15.48M	40.24M	21.01M	45.42M	19.29M	-12.92M	18.16M	34.95M	-40.80M	-100.46M	-76.72M	-15.38M	100.32M	44.91M	38.15M	-48.59M	0.00M	0.00M	-0.81M	0.00M	0.00M
Other Working Capital	44.50M	11.80M	36.40M	-43.10M	55.80M	-100.58M	-172.42M	56.59M	74.99M	152.25M	101.96M	153.32M	78.05M	43.25M	84.01M	76.58M	80.23M	40.88M	647.96M	125.64M	103.84M	290.14M	306.53M	325.20M	-61.04M	-90.10M	62.29M	140.16M	3.90M	0.00M
Other Non-Cash Items	30.90M	25.20M	-17.50M	-24.50M	-3.90M	6.03M	3.43M	3.67M	8.09M	0.27M	-3.76M	-0.25M	11.35M	-7.02M	-79.26M	12.97M	9.47M	-3.57M	720.66M	226.14M	-15.15M	-174.20M	-41.85M	45.84M	224.35M	115.19M	26.66M	-30.23M	0.10M	1.20M
Net Cash from Operating Activities	1,033.00M	875.30M	902.60M	853.80M	831.10M	807.15M	730.18M	753.89M	697.77M	702.76M	667.95M	651.48M	600.95M	579.40M	537.63M	335.90M	215.21M	395.19M	482.04M	470.46M	474.78M	508.95M	365.34M	358.44M	240.09M	227.54M	192.00M	14.67M	-11.80M	-13.60M
Capital Expenditures (PPE)	-27.80M	-23.60M	-28.10M	-45.80M	-27.40M	-53.03M	-43.40M	-40.32M	-37.01M	-49.50M	-169.57M	-40.66M	-39.33M	-65.59M	-53.02M	-192.66M	-80.53M	-116.88M	-119.00M	-152.24M	-181.61M	-140.50M	-92.53M	-108.03M	-176.23M	-380.27M	-58.78M	-6.02M	-4.40M	-6.60M
Acquisitions (Net)	0.00M	-27.80M	0.00M	0.00M	-383.10M	216.20M	20.81M	-9.87M	52.24M	0.00M	-143.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1,162.31M	469.38M	63.20M	159.02M	-604.80M	-151.67M	-246.36M	-16.05M	-348.64M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-595.10M	-1,103.00M	-901.80M	-1,330.50M	-1,338.40M	-2,870.67M	-2,355.41M	-2,030.52M	-2,976.75M	-4,929.83M	-3,691.06M	-3,219.33M	-3,277.10M	-3,450.07M	-2,622.90M	-78.98M	-792.51M	-3.59M	-15.68M	-17.46M	-541.57M	-276.87M	-1,083.20M	-446.44M	-132.12M	-1,284.05M	-1,205.17M	-159.13M	-63.40M	-14.90M
Sales / Maturities of Investments	598.00M	1,537.70M	1,195.10M	1,278.90M	1,721.50M	2,654.46M	2,305.73M	2,247.90M	4,031.81M	4,562.16M	3,817.90M	2,767.03M	3,428.66M	3,508.57M	1,234.16M	546.01M	313.82M	129.48M	299.00M	206.71M	716.25M	329.84M	1,067.26M	218.04M	423.61M	1,383.03M	640.80M	65.10M	52.40M	6.90M
Other Investing Activities	4.80M	27.80M	21.10M	0.00M	383.10M	-216.20M	0.00M	0.00M	-0.16M	12.10M	145.33M	-3.94M	0.45M	-3.97M	-0.59M	-1.13M	-4.79M	6.06M	-148.76M	16.05M	49.33M	353.13M	69.97M	48.33M	-49.11M	-107.80M	747.15M	-3.17M	-0.60M	-0.40M
Net Cash from Investing Activities	-20.10M	411.10M	286.30M	-97.40M	355.70M	-269.25M	-72.26M	167.20M	1,070.13M	-405.08M	-40.40M	-496.90M	112.69M	-11.06M	-1,442.35M	273.24M	603.09M	484.46M	78.76M	212.09M	-562.40M	113.93M	-284.86M	-304.15M	-282.49M	-389.09M	124.00M	-103.22M	-16.00M	-15.00M
Net Debt Issuance	-6.70M	0.00M	0.00M	0.00M	0.00M	-8.95M	0.00M	0.00M	-1,250.01M	543.19M	0.00M	492.24M	0.00M	638.30M	0.00M	98.93M	-1.00M	2.07M	0.00M	1,025.25M	199.00M	-2.20M	-4.49M	-13.20M	-0.62M	0.00M	0.00M	0.00M	0.00M	-0.30M
Long-Term Debt Issuance	-6.70M	0.00M	0.00M	0.00M	0.00M	-8.90M	0.00M	0.00M	-1,250.01M	543.19M	0.00M	492.24M	0.00M	638.30M	0.00M	98.93M	-1.00M	3.21M	200.00M	1,224.25M	0.00M	-2.20M	-4.49M	-13.20M	-0.62M	0.00M	0.00M	0.00M	0.00M	-0.30M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	-0.05M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-1.07M	0.00M	-1.13M	-200.00M	-199.00M	199.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-885.10M	-1,188.90M	-1,225.60M	-901.40M	-1,048.10M	-722.60M	-777.45M	-769.43M	-638.15M	-621.17M	-648.82M	-643.17M	-883.40M	-1,035.62M	-325.68M	-550.10M	-449.75M	-224.37M	-1,204.95M	-849.52M	-83.46M	-468.18M	-49.53M	31.68M	20.67M	10.70M	71.69M	135.74M	46.20M	3.30M
Common Stock Issuance	4.40M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	13.15M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	49.98M	92.51M	36.20M	122.43M	306.98M	51.54M	80.45M	63.72M	31.68M	20.67M	80.21M	71.69M	135.74M	46.20M	3.30M
Common Stock Repurchased	-889.50M	-1,188.90M	-1,225.60M	-901.40M	-1,048.10M	-722.59M	-777.45M	-782.58M	-638.15M	-621.17M	-662.49M	-643.17M	-883.40M	-1,035.62M	-325.68M	-550.10M	-449.75M	-260.57M	-1,327.38M	-1,156.49M	-135.00M	-548.63M	-113.26M	0.00M	0.00M	-69.51M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	13.67M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-144.10M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-463.50M	-518.22M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Dividends Paid	-144.10M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-463.50M	-518.22M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-11.90M	11.60M	4.10M	11.60M	12.30M	12.42M	12.58M	-0.87M	12.84M	12.92M	25.06M	33.15M	23.65M	39.99M	47.93M	62.46M	223.70M	24.30M	40.92M	12.94M	-4.81M	0.86M	-0.45M	37.40M	0.27M	0.14M	1.77M	0.41M	-0.50M	-0.40M
Net Cash from Financing Activities	-1,047.80M	-1,177.30M	-1,221.50M	-889.80M	-1,035.80M	-719.13M	-764.88M	-770.30M	-1,875.33M	-65.07M	-623.76M	-117.78M	-859.75M	-357.33M	-277.75M	-852.20M	-745.27M	-197.99M	-1,164.03M	188.67M	110.74M	-469.51M	-54.47M	55.88M	20.32M	10.84M	73.45M	136.15M	45.70M	2.60M
Effect of FX on Cash	2.90M	0.60M	-0.80M	-0.10M	-0.80M	-0.56M	-0.05M	0.06M	-0.96M	1.29M	-0.50M	0.25M	-1.50M	-2.52M	-0.14M	-3.22M	9.44M	6.45M	15.58M	3.72M	0.01M	-7.19M	3.05M	1.33M	-1.69M	-3.60M	0.53M	0.00M	0.00M	28.60M
Net Change in Cash	-32.00M	109.70M	-33.40M	-133.50M	150.20M	-181.79M	-107.00M	150.85M	-108.39M	233.91M	3.29M	37.05M	-147.62M	208.49M	-1,182.61M	-246.28M	82.46M	688.10M	-587.65M	874.94M	23.12M	146.19M	29.05M	111.50M	-23.77M	-154.31M	389.98M	47.60M	17.90M	2.60M
Cash at Beginning of Period	1,379.90M	1,387.10M	245.50M	379.00M	228.80M	410.60M	517.60M	366.75M	475.14M	231.95M	228.66M	191.61M	339.22M	130.74M	1,313.35M	1,559.63M	1,477.17M	789.07M	1,376.72M	501.79M	478.06M	330.64M	301.59M	282.29M	306.05M	460.36M	70.38M	22.79M	4.90M	30.00M
Cash at End of Period	1,347.90M	1,496.80M	212.10M	245.50M	379.00M	228.82M	410.60M	517.60M	366.75M	465.85M	231.95M	228.66M	191.61M	339.22M	130.74M	1,313.35M	1,559.63M	1,477.17M	789.07M	1,376.72M	501.18M	476.83M	330.64M	393.79M	282.29M	306.05M	460.36M	70.38M	22.80M	32.60M
Operating Cash Flow	1,033.00M	875.30M	902.60M	853.80M	831.10M	807.15M	730.18M	753.89M	697.77M	702.76M	667.95M	651.48M	600.95M	579.40M	537.63M	335.90M	215.21M	395.19M	482.04M	470.46M	474.78M	508.95M	365.34M	358.44M	240.09M	227.54M	192.00M	14.67M	-11.80M	-13.60M
Capital Expenditure	-27.80M	-23.60M	-28.10M	-45.80M	-27.40M	-53.03M	-43.40M	-40.32M	-37.01M	-49.50M	-169.57M	-40.66M	-39.33M	-65.59M	-53.02M	-192.66M	-80.53M	-116.88M	-119.00M	-152.24M	-181.61M	-140.50M	-92.53M	-108.03M	-176.23M	-380.27M	-58.78M	-6.02M	-4.40M	-6.60M
Free Cash Flow	1,005.20M	851.70M	874.50M	808.00M	803.70M	754.12M	686.79M	713.58M	660.76M	653.26M	498.38M	610.83M	561.62M	513.80M	484.61M	143.24M	134.68M	278.32M	363.04M	318.22M	293.17M	368.45M	272.81M	250.41M	63.86M	-152.73M	133.22M	8.65M	-16.20M	-20.20M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31
EBITDA	1,133.30M	1,089.20M	1,095.10M	1,044.70M	990.00M	914.74M	870.55M	852.46M	815.76M	757.60M	744.74M	667.44M	628.12M	588.89M	511.38M	400.61M	316.80M	428.41M	397.43M	418.33M	462.35M	524.05M	404.17M	646.43M	5,200.81M	13,795.15M	3,290.75M	7.50M	-11.70M	-13.80M
(-) Tax Adjustment	254.19M	176.86M	253.12M	170.00M	232.15M	0.00M	0.00M	164.56M	164.41M	179.30M	180.08M	153.86M	166.42M	0.00M	124.17M	113.88M	84.13M	122.00M	138.01M	0.00M	0.00M	183.42M	52.14M	0.00M	0.00M	80.02M	32.04M	0.00M	0.00M	0.00M
(-) Change In Working Capital	89.90M	-58.60M	36.40M	-43.10M	55.70M	-85.08M	-170.19M	56.56M	72.86M	167.74M	150.31M	173.26M	134.97M	57.35M	136.87M	94.49M	109.23M	53.81M	88.85M	78.11M	40.30M	83.01M	58.00M	104.39M	-71.45M	-90.10M	62.29M	5.66M	3.90M	1.80M
(-) Capital Expenditure	-27.80M	-23.60M	-28.10M	-45.80M	-27.40M	-53.03M	-43.40M	-40.32M	-37.01M	-49.50M	-169.57M	-40.66M	-39.33M	-65.59M	-53.02M	-192.66M	-80.53M	-116.88M	-119.00M	-152.24M	-181.61M	-140.50M	-92.53M	-108.03M	-176.23M	-380.27M	-58.78M	-6.02M	-4.40M	-6.60M
Unlevered Free Cash Flow	761.41M	947.34M	777.48M	872.00M	674.75M	946.79M	997.35M	591.02M	541.48M	361.07M	244.77M	299.66M	287.41M	465.94M	197.31M	-0.42M	42.92M	135.73M	51.57M	187.98M	240.44M	117.12M	201.50M	434.00M	5,096.02M	13,424.96M	3,137.64M	-4.18M	-20.00M	-22.20M
(-) Net Interest Income After Taxes	-38.24M	-27.31M	-29.14M	-24.45M	-46.24M	-82.67M	-82.33M	-51.66M	-70.55M	-90.37M	-82.93M	-81.18M	-62.53M	-72.86M	-35.77M	-101.86M	-110.18M	-30.74M	-19.35M	0.00M	0.00M	0.00M	8.84M	0.00M	0.00M	0.00M	0.00M	7.37M	0.00M	0.00M
Net Debt Issuance	-6.70M	0.00M	0.00M	0.00M	0.00M	-8.95M	0.00M	0.00M	-1,250.01M	543.19M	0.00M	492.24M	0.00M	638.30M	0.00M	98.93M	-1.00M	2.07M	0.00M	1,025.25M	199.00M	-2.20M	-4.49M	-13.20M	-0.62M	0.00M	0.00M	0.00M	0.00M	-0.30M
Levered Free Cash Flow	792.95M	974.65M	806.62M	896.45M	720.99M	1,020.52M	1,079.68M	642.67M	-637.98M	994.63M	327.70M	873.08M	349.94M	1,177.10M	233.08M	200.37M	152.09M	168.54M	70.92M	1,213.23M	439.44M	114.92M	188.16M	420.80M	5,095.41M	13,424.96M	3,137.64M	-11.54M	-20.00M	-22.50M