CBL & Associates Properties, Inc. (CBL)

Industry: REIT - Retail Sector: Real Estate Currency Used: US Live Price: $36.15

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	1997	1996	1995
Stock Price	25.39	26.58	25.99	25.06	23.27	26.27	30.30	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00
Market Capitalization	773.28M	808.54M	790.91M	778.58M	728.42M	789.27M	5,798.45M	5,757.77M	5,200.88M	5,173.82M	5,132.09M	5,112.42M	5,091.02M	5,107.43M	5,009.87M	4,642.04M	4,448.64M	4,151.24M	3,185.10M	1,913.45M	1,959.68M	1,916.43M	1,881.59M	1,620.62M	899.68M	1,080.08M	1,501.05M	1,501.05M	1,455.93M	1,364.33M	1,364.33M	1,263.32M	1,155.56M
(-) Cash & Equivalents	100.33M	29.82M	65.07M	55.97M	29.04M	123.32M	166.52M	112.77M	27.23M	23.15M	30.29M	22.40M	34.48M	50.67M	67.77M	69.45M	53.81M	26.89M	52.23M	62.72M	54.94M	35.95M	40.62M	29.71M	43.18M	21.99M	15.18M	13.07M	7.99M	7.01M	20.58M	5.43M	0.00M
(+) Total Debt	0.00M	2,150.56M	1,075.28M	1,925.36M	2,010.03M	2,148.06M	1,988.95M	3,758.95M	3,751.36M	4,134.76M	4,304.74M	4,555.13M	4,760.18M	4,754.27M	4,761.66M	4,649.88M	5,025.17M	0.00M	5,769.55M	6,001.80M	5,255.73M	4,447.36M	3,708.32M	3,144.39M	2,585.18M	2,253.10M	2,326.91M	1,397.76M	1,301.36M	1,021.23M	631.63M	477.25M	384.20M
Enterprise Value	672.95M	2,929.28M	1,801.11M	2,647.96M	2,709.41M	2,814.01M	7,620.89M	9,403.94M	8,925.01M	9,285.43M	9,406.53M	9,645.16M	9,816.71M	9,811.03M	9,703.76M	9,222.47M	9,420.01M	4,124.35M	8,902.42M	7,852.52M	7,160.47M	6,327.84M	5,549.29M	4,735.29M	3,441.67M	3,311.18M	3,812.78M	2,885.74M	2,749.30M	2,378.54M	1,975.37M	1,735.15M	1,539.76M

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
Revenue	554M	524M	516M	535M	563M	577M	576M	769M	859M	927M	1,028M	1,055M	1,061M	1,054M	1,035M	1,067M	1,072M	1,089M	1,138M	1,041M	1,002M	0M	0M
Cost of Revenue	198M	177M	175M	187M	192M	188M	188M	231M	253M	261M	281M	283M	294M	296M	313M	361M	346M	436M	364M	16M	312M	0M	0M
Gross Profit	356M	347M	340M	348M	371M	388M	388M	538M	606M	667M	747M	772M	767M	757M	721M	707M	726M	654M	775M	1,025M	690M	0M	0M
Gross Profit Margin	64.3%	66.2%	66.0%	65.0%	65.9%	67.3%	67.4%	70.0%	70.6%	71.9%	72.6%	73.1%	72.3%	71.9%	69.7%	66.2%	67.7%	60.0%	68.1%	98.5%	68.9%	0.0%	0.0%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	70M	65M	67M	64M	67M	52M	53M	64M	62M	58M	63M	62M	50M	49M	51M	45M	43M	41M	45M	38M	40M	0M	0M
Operating Expenses	187M	217M	208M	255M	324M	52M	269M	538M	62M	434M	493M	494M	392M	427M	342M	349M	355M	41M	45M	38M	40M	0M	0M
Operating Income (EBIT)	169M	130M	132M	93M	47M	336M	119M	0M	544M	233M	254M	278M	375M	331M	379M	358M	371M	613M	729M	987M	651M	0M	0M
Operating Income Margin	30.5%	24.9%	25.7%	17.4%	8.3%	58.3%	20.6%	0.0%	63.4%	25.1%	24.7%	26.3%	35.4%	31.4%	36.6%	33.5%	34.6%	56.2%	64.1%	94.9%	64.9%	0.0%	0.0%
Interest Income	10M	16M	16M	13M	5M	0M	6M	3M	0M	0M	0M	0M	0M	0M	242M	0M	0M	0M	0M	0M	0M	0M	0M
Interest Expense	169M	160M	154M	173M	217M	0M	201M	206M	0M	0M	0M	0M	0M	229M	0M	0M	0M	0M	0M	-288M	-257M	0M	0M
Net Interest Income	-159M	-144M	-139M	-160M	-212M	0M	-194M	-203M	0M	0M	0M	0M	0M	-229M	242M	0M	0M	0M	0M	288M	257M	0M	0M
Unusual Items	113M	46M	65M	70M	69M	-980M	-243M	75M	-688M	-93M	-124M	-31M	-118M	15M	-426M	-202M	-279M	-626M	-658M	-1,127M	-721M	0M	0M
EBT Excluding Unusual Items	10M	-14M	-6M	-66M	-165M	336M	-76M	-203M	544M	233M	254M	278M	375M	101M	621M	358M	371M	613M	729M	1,275M	908M	0M	0M
Pre-Tax Income	122M	32M	58M	4M	-96M	-644M	-319M	-129M	-143M	139M	130M	246M	257M	117M	195M	155M	91M	-14M	71M	148M	187M	0M	0M
Pre-Tax Margin	22.1%	6.2%	11.3%	0.8%	-17.1%	-111.6%	-55.3%	-16.7%	-16.7%	15.0%	12.6%	23.3%	24.3%	11.1%	18.8%	14.6%	8.5%	-1.3%	6.2%	14.3%	18.6%	0.0%	0.0%
Income Tax Expense	0M	0M	1M	1M	3M	-5M	17M	3M	-571M	-2M	2M	-3M	-4M	1M	1M	0M	-6M	1M	13M	8M	6M	0M	0M
Net Income	124M	33M	59M	7M	-93M	-622M	-295M	-109M	-79M	121M	128M	103M	219M	85M	132M	134M	62M	-15M	32M	89M	118M	0M	0M
Net Income Margin	22.4%	6.3%	11.4%	1.2%	-16.6%	-107.9%	-51.2%	-14.2%	-9.2%	13.0%	12.4%	9.8%	20.7%	8.1%	12.7%	12.5%	5.8%	-1.4%	2.8%	8.6%	11.7%	0.0%	0.0%
Depreciation & Amortization	172M	168M	156M	212M	277M	212M	215M	553M	600M	618M	658M	298M	292M	286M	267M	275M	286M	313M	343M	252M	238M	191M	150M
EBITDA	341M	298M	289M	305M	324M	548M	334M	553M	1,145M	851M	911M	575M	667M	616M	647M	633M	657M	926M	1,072M	1,239M	888M	191M	150M
EBITDA Margin	61.6%	56.9%	56.0%	57.0%	57.6%	95.0%	57.9%	71.9%	133.3%	91.7%	88.6%	54.5%	62.9%	58.5%	62.5%	59.3%	61.3%	85.0%	94.2%	119.1%	88.7%	0.0%	0.0%
NOPAT	169M	129M	130M	73M	37M	266M	94M	0M	430M	236M	250M	281M	382M	327M	376M	358M	397M	484M	591M	931M	630M	0M	0M
NOPAT Margin	30.5%	24.6%	25.2%	13.6%	6.6%	46.0%	16.3%	0.0%	50.1%	25.4%	24.3%	26.6%	36.0%	31.0%	36.4%	33.6%	37.0%	44.4%	51.9%	89.5%	62.9%	0.0%	0.0%
Owner's Earnings	296M	200M	215M	218M	184M	-410M	-80M	438M	515M	722M	779M	389M	250M	255M	162M	193M	349M	68M	-63M	-223M	-97M	-597M	-656M
Owner's Earnings Margin	53.5%	38.3%	41.7%	40.8%	32.6%	-71.1%	-13.9%	57.0%	60.0%	77.9%	75.7%	36.9%	23.5%	24.2%	15.7%	18.0%	32.5%	6.3%	-5.6%	-21.5%	-9.7%	0.0%	0.0%
EPS (Basic)	4.02	1.02	1.87	0.17	-3.20	-29.95	-1.76	-0.78	-0.83	0.52	0.88	0.40	1.20	0.51	0.85	0.90	0.45	-0.14	0.44	1.36	1.84	0.00	0.00
EPS (Diluted)	4.00	1.05	1.90	0.21	-3.11	-3.72	-1.55	-0.63	-0.46	0.71	0.75	0.61	1.29	0.51	0.85	0.90	0.45	-0.14	0.48	1.35	1.80	0.00	0.00
Shares (Basic)	31M	31M	31M	31M	30M	167M	169M	173M	172M	171M	171M	170M	170M	167M	155M	148M	138M	106M	66M	65M	64M	63M	62M
Shares (Diluted)	31M	31M	31M	31M	30M	167M	190M	173M	172M	171M	171M	170M	170M	167M	155M	148M	138M	106M	66M	66M	65M	65M	64M

Product Segments

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	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
All Other	—	—	—	—	—	—	—	—	—	43.39M	50.13M	66.88M	63.88M	50.87M	70.91M
Associated Centers	—	—	—	—	—	—	—	—	79.27M	39.26M	40.39M	41.53M	41.73M	42.38M	41.51M
Community Centers	—	—	—	—	—	—	—	—	—	17.39M	19.94M	18.60M	17.94M	11.97M	17.58M
Malls	—	—	—	—	—	—	—	—	847.98M	928.21M	944.55M	933.74M	930.08M	929.42M	937.35M
Management Developmentand Leasing Fees	7.61M	7.53M	7.61M	7.92M	7.16M	6.80M	9.35M	—	—	—	—	—	—	—	—
Management, Development and Leasing Fees	—	—	—	—	—	—	—	10.54M	—	—	—	—	—	—	—
Marketing	3.76M	3.37M	3.00M	3.57M	2.82M	2.72M	6.06M	—	—	—	—	—	—	—	—
Operating Expense Reimbursements	9.63M	7.82M	7.96M	7.40M	7.87M	9.03M	—	—	—	—	—	—	—	—	—
Product And Service Other	—	—	—	—	—	3.26M	6.63M	—	—	—	—	—	—	—	—
Product and Service, Other	3.85M	4.26M	3.11M	2.45M	2.91M	—	—	4.18M	—	—	—	—	—	—	—

Geographic Segments

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2020-12-31	2019-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31
All Other	35.82M	64.42M	36.52M	77.27M	78.00M	55.22M	69.00M	43.39M	50.13M	66.88M	63.88M	50.87M	70.91M

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	1996-12-31	1995-12-31
Cash & Cash Equivalents	52.59M	100.33M	40.79M	34.19M	44.72M	169.55M	61.78M	32.82M	25.14M	32.63M	18.95M	36.89M	37.94M	65.50M	78.25M	56.09M	50.90M	48.06M	51.22M	65.83M	28.70M	28.84M	25.77M	98.81M	13.36M	10.14M	5.18M	7.07M	5.83M	69.23M	4.30M	0.00M
Short-Term Investments	260.43M	187.66M	243.15M	262.14M	292.42M	150.00M	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	142.55M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	313.02M	287.99M	283.94M	296.33M	337.14M	319.55M	61.78M	32.82M	25.14M	32.63M	18.95M	36.89M	37.94M	65.50M	78.25M	56.09M	50.90M	48.06M	51.22M	208.38M	28.70M	28.84M	25.77M	98.81M	13.36M	10.14M	5.18M	7.07M	5.83M	69.23M	4.30M	0.00M
Net Receivables	38.43M	37.13M	47.95M	46.19M	215.76M	264.27M	103.66M	75.25M	77.79M	83.55M	94.68M	87.29M	81.34M	79.90M	78.96M	85.75M	0.00M	81.33M	86.55M	82.83M	81.23M	61.29M	52.12M	45.20M	41.69M	41.19M	41.87M	32.48M	28.53M	25.69M	27.36M	10.50M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-6,064.20M	-36.20M	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	109.38M	137.31M	169.01M	88.89M	97.23M	0.00M	67.14M	39.06M	42.67M	46.64M	63.47M	63.10M	73.24M	80.90M	57.93M	0.00M	0.00M	0.00M	7,590.77M	7,537.42M	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 Current Assets	460.82M	462.42M	500.90M	431.41M	650.13M	583.82M	232.57M	147.13M	145.60M	162.82M	-5,887.11M	151.09M	192.52M	226.30M	215.14M	141.84M	50.90M	129.39M	7,728.53M	7,828.62M	109.93M	90.13M	77.88M	144.01M	55.04M	51.32M	47.05M	39.55M	34.36M	94.92M	31.66M	10.50M
Property, Plant & Equipment	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	3,620.99M	4,065.80M	4,754.56M	5,156.84M	5,514.68M	5,857.95M	5,947.18M	6,067.16M	6,299.56M	6,005.67M	0.00M	7,095.04M	7,321.48M	7,402.28M	6,094.25M	5,944.43M	4,894.78M	3,912.22M	3,611.49M	3,201.62M	2,040.61M	1,960.55M	1,805.79M	1,142.32M	987.26M	758.90M
Goodwill	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-28.52M	-59.67M	-58.87M	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
Intangible Assets	299.49M	294.99M	347.41M	315.93M	286.83M	489.39M	34.42M	38.34M	48.66M	66.79M	64.71M	80.60M	82.72M	99.61M	127.30M	232.97M	265.61M	279.95M	305.80M	276.43M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Investments	84.22M	84.43M	83.47M	76.46M	77.30M	103.66M	512.43M	307.35M	283.55M	249.19M	266.87M	311.07M	301.96M	291.12M	287.49M	304.71M	179.41M	186.52M	207.62M	142.55M	78.83M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	5,340.85M	5,704.81M	6,104.64M	6.43M	0.00M	0.00M	0.00M	-232.97M	0.00M	-466.47M	-513.42M	-142.55M	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 Non-Current Assets	1,885.47M	1,761.16M	1,815.42M	1,582.11M	1,663.99M	1,769.12M	43.32M	63.73M	-5,203.84M	-5,575.97M	-5,964.49M	36.66M	74.80M	101.79M	-6,714.35M	267.20M	0.00M	504.68M	-7,015.68M	-7,402.28M	-78.83M	-5,944.43M	-4,894.78M	-3,912.22M	-3,611.49M	-3,201.62M	-2,040.61M	-1,960.55M	-1,805.79M	-1,142.32M	-987.26M	-758.90M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-4,676.76M	-5,037.09M	-5,347.33M	0.00M	0.00M	0.00M	160.25M	0.00M	0.00M	0.00M	0.00M	0.00M	-244.82M	-291.71M	-334.77M	-319.35M	-371.93M	-311.20M	-146.77M	-152.02M	-152.84M	-116.12M	-107.42M	-68.90M
Total Non-Current Assets	2,269.18M	2,140.58M	2,246.29M	1,974.50M	2,028.11M	2,362.16M	4,211.17M	4,475.22M	518.49M	504.90M	580.22M	6,292.71M	6,406.66M	6,559.67M	160.25M	6,577.58M	445.02M	7,599.72M	305.80M	276.43M	5,849.43M	-291.71M	-334.77M	-319.35M	-371.93M	-311.20M	-146.77M	-152.02M	-152.84M	-116.12M	-107.42M	-68.90M
Total Assets	2,730.00M	2,603.01M	2,747.19M	2,405.91M	2,678.24M	2,945.98M	4,443.74M	4,622.35M	664.09M	667.72M	-5,306.89M	6,443.80M	6,599.17M	6,785.97M	375.39M	6,719.43M	495.91M	7,729.11M	8,034.34M	8,105.05M	5,959.36M	-201.58M	-256.89M	-175.34M	-316.88M	-259.87M	-99.71M	-112.47M	-118.48M	-21.20M	-75.76M	-58.40M
Accounts Payable	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	164.01M	218.97M	187.51M	166.79M	199.21M	254.66M	240.63M	279.35M	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
Short-Term Debt	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	1,029.06M	0.00M	1,038.11M	0.00M	1,113.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Payables	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	0.00M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-7,609.78M	-7,960.76M	-8,372.48M	-595.81M	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 Liabilities	208.58M	185.72M	221.65M	186.49M	200.31M	184.40M	6.05M	8.50M	74.42M	61.86M	81.29M	89.78M	85.50M	50.52M	-295.38M	-725.48M	0.00M	-789.77M	1,145.00M	-1,113.02M	0.00M	929.70M	790.80M	717.70M	651.80M	534.80M	256.40M	238.20M	231.40M	172.80M	162.80M	0.00M
Total Current Liabilities	208.58M	185.72M	221.65M	186.49M	200.31M	184.40M	170.06M	227.47M	-7,347.85M	-7,732.11M	-8,091.98M	-251.38M	326.13M	329.87M	-295.38M	303.58M	0.00M	248.33M	1,145.00M	0.00M	0.00M	929.70M	790.80M	717.70M	651.80M	534.80M	256.40M	238.20M	231.40M	172.80M	162.80M	0.00M
Long-Term Debt	2,180.86M	2,139.78M	2,212.68M	1,969.21M	2,110.80M	2,360.48M	3,739.65M	3,530.85M	0.00M	0.00M	0.00M	4,710.63M	4,685.56M	4,861.53M	4,751.49M	3,460.30M	0.00M	4,578.03M	4,455.00M	5,869.32M	4,564.54M	4,341.06M	3,371.68M	2,738.10M	2,402.08M	2,315.96M	1,424.34M	1,360.75M	1,208.20M	741.41M	590.30M	392.80M
Capital Lease Obligations	0.00M	0.00M	0.00M	80.41M	110.62M	151.87M	3.33M	3.84M	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
Deferred Tax Liabilities	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	13.57M	20.23M	26.98M	0.67M	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	0.00M
Other Non-Current Liabilities	0.00M	0.00M	0.00M	-80.41M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-4,751.49M	1,029.06M	0.00M	1,482.37M	1,640.70M	-5,869.32M	-4,564.54M	0.05M	-12.18M	-28.80M	0.02M	0.05M	-0.04M	0.05M	0.00M	-0.01M	0.01M	0.00M
Total Non-Current Liabilities	2,180.86M	2,139.78M	2,212.68M	1,969.21M	2,221.42M	2,512.35M	3,742.98M	3,534.69M	13.57M	20.23M	26.98M	4,711.30M	4,685.56M	4,861.53M	0.00M	4,489.36M	0.00M	6,060.40M	6,095.70M	0.00M	0.00M	4,341.10M	3,359.50M	2,709.30M	2,402.10M	2,316.00M	1,424.30M	1,360.80M	1,208.20M	741.40M	590.30M	392.80M
Total Liabilities	2,389.44M	2,325.49M	2,434.33M	2,155.70M	2,421.73M	2,696.75M	3,913.04M	3,762.16M	-7,334.28M	-7,711.87M	-8,065.00M	4,459.92M	5,011.69M	5,191.40M	-295.38M	4,792.93M	0.00M	6,308.73M	7,240.70M	0.00M	0.00M	5,270.80M	4,150.30M	3,427.00M	3,053.90M	2,850.80M	1,680.70M	1,599.00M	1,439.60M	914.20M	753.10M	392.80M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.03M	0.03M	0.00M	0.00M	0.00M	0.03M	0.03M	0.03M	0.03M	0.01M	0.01M	0.01M	0.01M	0.01M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	0.03M	0.03M	0.03M	0.03M	0.03M	0.02M	1.97M	1.74M	1.73M	1.71M	1.71M	1.71M	1.70M	1.70M	1.61M	1.48M	1.48M	1.38M	0.66M	0.66M	0.65M	0.63M	0.31M	0.30M	0.30M	0.26M	0.25M	0.25M	0.25M	0.24M	0.21M	0.00M
Retained Earnings	-348.23M	-409.78M	-371.83M	-380.45M	-338.93M	-151.55M	0.00M	0.00M	964.14M	1,140.00M	1,228.71M	-689.03M	-566.79M	-570.78M	-453.56M	-399.58M	-366.53M	-283.64M	-193.31M	-70.15M	9.70M	51.71M	31.10M	20.97M	-22.44M	-27.80M	-27.94M	-36.27M	-36.24M	-28.43M	-20.86M	-0.40M
Accumulated OCI	0.41M	-0.01M	0.78M	0.61M	-1.05M	0.00M	-1,456.42M	-1,161.35M	1,035.74M	1,245.31M	1,358.85M	1,972.04M	-553.37M	-564.46M	7.00M	3.00M	7.86M	-1,505.84M	-13.00M	-1,102.77M	-924.30M	-727.91M	-575.46M	-467.61M	-434.84M	-346.94M	-271.05M	-223.55M	-177.06M	-145.64M	-114.54M	0.00M
Minority Interest	-10.88M	-11.87M	-10.68M	-8.70M	-3.41M	4.90M	2.19M	57.71M	4,031.62M	4,218.45M	4,473.32M	139.96M	180.94M	189.66M	656.49M	32.27M	34.38M	22.69M	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 Shareholders’ Equity	-347.79M	-409.76M	-371.02M	-379.80M	-339.96M	-151.53M	-1,454.43M	-1,159.59M	2,001.60M	2,387.03M	2,589.27M	1,284.74M	-1,118.43M	-1,133.51M	-444.92M	-395.09M	-357.19M	-1,788.10M	-205.64M	-1,172.25M	-913.92M	-675.57M	-544.06M	-446.35M	-456.99M	-374.48M	-298.73M	-259.57M	-213.04M	-173.83M	-135.18M	-0.40M
Total Equity	-358.68M	-421.64M	-381.70M	-388.51M	-343.37M	-146.63M	-1,452.24M	-1,101.87M	6,033.22M	6,605.48M	7,062.59M	1,424.70M	-937.50M	-943.85M	211.56M	-362.82M	-322.81M	-1,765.41M	-205.64M	-1,172.25M	-913.92M	-675.57M	-544.06M	-446.35M	-456.99M	-374.48M	-298.73M	-259.57M	-213.04M	-173.83M	-135.18M	-0.40M
Total Liabilities & Equity	2,030.77M	1,903.86M	2,052.63M	1,767.19M	2,078.36M	2,550.12M	2,460.80M	2,660.29M	-1,301.06M	-1,106.39M	-1,002.41M	5,884.62M	4,074.19M	4,247.55M	-83.82M	4,430.11M	-322.81M	4,543.32M	7,035.06M	-1,172.25M	-913.92M	4,595.23M	3,606.24M	2,980.66M	2,596.91M	2,476.32M	1,381.97M	1,339.44M	1,226.56M	740.37M	617.92M	392.40M
Tangible Assets	2,430.51M	2,308.02M	2,399.78M	2,089.98M	2,391.41M	2,456.59M	4,409.32M	4,584.01M	643.96M	660.60M	-5,312.73M	6,363.19M	6,516.45M	6,686.37M	248.09M	6,486.46M	230.31M	7,449.16M	7,728.53M	7,828.62M	5,959.36M	-201.58M	-256.89M	-175.34M	-316.88M	-259.87M	-99.71M	-112.47M	-118.48M	-21.20M	-75.76M	-58.40M
Tangible Equity	-658.17M	-716.63M	-729.11M	-704.44M	-630.20M	-636.02M	-1,486.66M	-1,140.21M	6,013.09M	6,598.36M	7,056.75M	1,344.10M	-1,020.22M	-1,043.46M	84.26M	-595.79M	-588.42M	-2,045.36M	-511.44M	-1,448.68M	-913.92M	-675.57M	-544.06M	-446.35M	-456.99M	-374.48M	-298.73M	-259.57M	-213.04M	-173.83M	-135.18M	-0.40M
Tangible Book Value	-658.17M	-716.63M	-729.11M	-704.44M	-630.20M	-636.02M	-1,486.66M	-1,140.21M	6,013.09M	6,598.36M	7,056.75M	1,344.10M	-1,020.22M	-1,043.46M	84.26M	-595.79M	-588.42M	-2,045.36M	-511.44M	-1,448.68M	-913.92M	-675.57M	-544.06M	-446.35M	-456.99M	-374.48M	-298.73M	-259.57M	-213.04M	-173.83M	-135.18M	-0.40M
Total Investments	344.65M	272.10M	326.61M	338.60M	369.72M	253.65M	512.43M	307.35M	283.55M	249.19M	266.87M	311.07M	301.96M	291.12M	287.49M	304.71M	179.41M	186.52M	207.62M	285.10M	78.83M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Debt	2,128.28M	2,039.45M	2,171.89M	1,935.02M	2,066.08M	2,190.92M	3,677.87M	3,498.04M	-25.14M	-32.63M	-18.95M	4,673.74M	4,647.62M	4,796.03M	4,673.24M	4,433.26M	-50.90M	5,568.08M	4,403.78M	6,916.51M	4,535.84M	4,312.22M	3,345.91M	2,639.29M	2,388.72M	2,305.82M	1,419.15M	1,353.68M	1,202.38M	672.18M	586.00M	392.80M

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	1996-12-31	1995-12-31
Working Capital	252.2M	276.7M	279.3M	244.9M	449.8M	399.4M	62.5M	-80.3M	-116.3M	-65.8M	-103.4M	-157.2M	-133.6M	-103.6M	-137.9M	-161.7M	50.9M	-118.9M	6,583.5M	6,513.4M	-759.6M	-839.6M	-712.9M	-573.7M	-596.8M	-483.5M	-209.3M	-198.6M	-197.0M	-77.9M	-131.1M	10.5M
Total Capital	2,532.3M	2,429.2M	2,536.2M	2,308.5M	2,481.3M	2,756.7M	4,271.5M	4,337.2M	5,422.3M	5,758.1M	6,169.5M	5,995.6M	6,092.1M	6,266.4M	6,074.4M	5,752.6M	1,300.3M	6,734.0M	6,889.4M	6,932.4M	5,649.4M	5,422.6M	4,425.8M	3,575.4M	3,143.3M	2,838.0M	1,859.2M	1,780.6M	1,624.0M	1,072.3M	863.1M	663.7M
Capital Employed	2,521.4M	2,417.3M	2,525.5M	2,219.4M	2,477.9M	2,761.6M	4,273.7M	4,394.9M	402.2M	439.1M	476.8M	6,135.6M	6,273.0M	6,456.1M	6,736.7M	6,415.9M	495.9M	7,480.8M	6,889.3M	6,789.8M	5,089.9M	4,813.1M	3,847.1M	3,019.2M	2,642.8M	2,407.0M	1,684.5M	1,609.9M	1,455.9M	948.3M	748.7M	700.5M
Invested Capital	2,479.7M	2,328.8M	2,495.4M	2,274.3M	2,436.6M	2,587.1M	4,209.7M	4,304.3M	5,397.2M	5,725.5M	6,150.6M	5,958.7M	6,054.2M	6,200.9M	5,996.1M	5,696.5M	1,249.4M	6,686.0M	6,838.1M	6,866.6M	5,620.7M	5,393.7M	4,400.1M	3,476.6M	3,129.9M	2,827.9M	1,854.0M	1,773.6M	1,618.2M	1,003.0M	858.8M	663.7M

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	1996-12-31	1995-12-31
Net Income	123.15M	32.05M	57.12M	3.20M	-99.52M	-622.17M	-404.09M	-131.72M	-78.57M	126.12M	172.44M	71.14M	219.15M	85.20M	131.60M	184.99M	98.17M	-7.07M	7.47M	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
Depreciation & Amortization	172.40M	167.56M	156.26M	211.93M	277.11M	208.08M	215.03M	255.94M	285.40M	299.09M	292.69M	-297.58M	291.64M	278.97M	254.20M	275.46M	290.39M	313.11M	332.09M	252.09M	237.86M	191.04M	150.48M	120.13M	99.74M	89.44M	61.91M	55.24M	45.36M	33.36M	27.04M	23.50M
Deferred Income Tax	-0.27M	-0.74M	-1.65M	-1.28M	1.13M	0.00M	0.00M	2.67M	-2.91M	4.53M	-0.91M	-0.15M	1.33M	1.82M	3.10M	-5.70M	2.03M	1.17M	-7.47M	-9.10M	-5.75M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	16.43M	14.36M	14.93M	12.98M	11.89M	0.00M	0.00M	4.78M	5.39M	5.79M	5.71M	5.22M	3.98M	2.73M	3.74M	1.78M	2.31M	3.16M	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
Change in Working Capital	5.75M	-0.24M	4.10M	-19.30M	-51.01M	71.82M	-49.72M	29.34M	14.54M	-2.43M	-9.74M	3.99M	-2.95M	-6.43M	-2.15M	-42.79M	-5.60M	-6,702.47M	70.12M	7,382.92M	60.20M	-138.90M	-73.10M	-65.90M	-117.00M	-278.40M	-18.20M	-6.80M	-58.60M	-10.00M	-162.80M	-10.80M
Accounts Receivable	4.82M	-3.65M	0.00M	-3.75M	-10.49M	21.13M	-75.11M	-10.89M	1.38M	-3.94M	-7.98M	-5.46M	-4.05M	-12.36M	-2.15M	0.00M	0.00M	0.00M	0.00M	-5.61M	-22.87M	-11.00M	-5.09M	-22.54M	-7.20M	-13.69M	-12.18M	-4.90M	-8.70M	-2.00M	-1.70M	-2.90M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-40.29M	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
Accounts Payable	7.68M	0.00M	-2.67M	0.00M	0.00M	49.20M	35.46M	40.29M	11.81M	8.17M	2.63M	7.64M	-19.53M	-19.53M	15.65M	0.88M	-5.60M	-6.69M	0.00M	73.31M	4.75M	16.50M	11.91M	1.35M	23.16M	18.21M	5.93M	6.90M	15.10M	1.10M	5.20M	-7.90M
Other Working Capital	-6.76M	3.40M	6.77M	-15.54M	-40.51M	1.49M	-10.07M	40.22M	1.34M	-6.66M	-4.39M	1.80M	1.10M	5.93M	-21.14M	-43.67M	5.60M	-6,695.79M	70.12M	7,315.23M	78.33M	-144.40M	-79.92M	-44.70M	-132.96M	-282.92M	-11.95M	-8.80M	-65.00M	-9.10M	-166.30M	10.80M
Other Non-Cash Items	-101.74M	-7.61M	-28.53M	-24.02M	68.63M	381.05M	169.41M	112.40M	571.23M	548.36M	583.05M	127.62M	-43.76M	104.28M	95.72M	28.08M	42.49M	6,823.73M	11.87M	-7,155.62M	96.60M	337.43M	261.81M	220.12M	291.18M	358.08M	74.10M	65.76M	102.37M	37.49M	190.55M	16.30M
Net Cash from Operating Activities	215.72M	205.38M	202.22M	183.52M	208.23M	38.77M	-69.37M	273.41M	234.99M	377.19M	447.72M	515.82M	468.06M	464.75M	481.52M	441.84M	429.79M	431.64M	419.09M	470.28M	388.91M	389.57M	339.20M	274.35M	273.92M	169.13M	117.81M	114.20M	89.12M	60.85M	54.79M	29.00M
Capital Expenditures (PPE)	0.00M	0.00M	0.00M	0.00M	0.00M	-4.82M	-1.26M	5.79M	-6.85M	-16.62M	-7.05M	-11.53M	-261.11M	-115.59M	-236.98M	-216.88M	0.00M	-229.73M	-437.77M	-564.72M	-452.38M	-787.82M	-806.55M	-500.63M	-574.99M	-442.30M	-335.01M	-467.49M	-1,253.44M	-368.89M	-495.62M	0.00M
Acquisitions (Net)	-8.75M	-8.29M	-9.49M	-10.93M	-3.27M	0.30M	0.69M	-5.79M	7.34M	-0.39M	-0.51M	-192.00M	-225.49M	-41.00M	-96.00M	-12.00M	0.00M	-66.82M	0.00M	-376.00M	0.00M	-427.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-282.27M	-339.58M	-360.82M	-312.78M	-741.04M	-1,270.48M	-299.66M	-5.79M	-145.55M	-306.39M	-291.21M	-426.37M	-34.06M	-34.06M	-8.81M	-35.50M	-9.61M	-91.03M	0.00M	-239.53M	-33.81M	-28.70M	-36.34M	-25.86M	-21.36M	-25.11M	-6.07M	-6.62M	-6.63M	-3.95M	-6.26M	0.00M
Sales / Maturities of Investments	154.25M	358.35M	379.61M	355.54M	600.70M	1,361.27M	8.91M	18.56M	89.47M	229.01M	200.86M	159.16M	15.88M	11.00M	-353.95M	-231.20M	0.00M	25.03M	0.00M	4.62M	2.73M	13.17M	17.59M	1.84M	2.14M	1.00M	1.45M	1.42M	3.40M	6.77M	3.19M	0.00M
Other Investing Activities	70.42M	30.71M	55.71M	-30.13M	-13.07M	1.06M	0.99M	11.81M	3.19M	-75.81M	9.99M	-1.49M	-234.86M	-125.69M	-246.67M	228.88M	4.05M	204.70M	437.77M	1,175.64M	483.46M	1,230.35M	825.29M	524.64M	594.22M	466.42M	339.62M	472.69M	1,256.67M	366.07M	498.69M	0.00M
Net Cash from Investing Activities	-66.34M	41.20M	65.01M	1.70M	-156.69M	87.33M	-290.33M	24.59M	-52.40M	-94.40M	-97.92M	-280.23M	-234.86M	-125.69M	-246.67M	-266.70M	-5.56M	-157.85M	-454.18M	-1,555.86M	-474.36M	-1,203.86M	-722.22M	-617.70M	-359.49M	-286.69M	-194.94M	-262.51M	-580.93M	-265.23M	-265.98M	-99.70M
Net Debt Issuance	-26.93M	-147.63M	-146.26M	-79.00M	-99.17M	-158.04M	210.00M	-206.98M	-149.82M	-56.82M	-211.68M	43.20M	11.28M	118.58M	-23.18M	-152.69M	0.00M	-472.56M	243.33M	1,049.16M	230.98M	593.02M	287.09M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Debt Issuance	-26.93M	-147.63M	-146.26M	-79.00M	-99.17M	-158.04M	210.00M	-206.98M	-149.82M	-56.82M	-211.68M	43.20M	11.28M	118.58M	-23.18M	-152.69M	0.00M	-472.56M	243.33M	1,049.16M	230.98M	593.02M	287.09M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Short-Term Debt Issuance	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	0.00M	0.00M
Net Stock Issuance	-16.68M	-24.22M	-36.46M	-1.11M	0.00M	0.00M	0.01M	0.04M	-0.29M	-0.39M	0.00M	0.00M	0.00M	0.00M	56.35M	-17.50M	0.00M	361.61M	-3.61M	-96.57M	2.58M	-38.04M	185.13M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.01M	0.04M	0.00M	0.00M	0.18M	0.19M	0.18M	209.55M	171.35M	-17.50M	0.00M	361.61M	-3.61M	0.32M	9.28M	10.25M	185.13M	77.48M	128.15M	11.16M	4.97M	2.71M	2.13M	75.64M	2.02M	80.80M
Common Stock Repurchased	-16.68M	-24.22M	-36.46M	-1.11M	0.00M	0.00M	0.00M	0.00M	-0.29M	-0.39M	0.00M	0.00M	0.00M	0.00M	-115.00M	0.00M	0.00M	0.00M	0.00M	-105.17M	-6.71M	-48.29M	0.00M	-129.39M	-10.19M	0.00M	0.00M	0.00M	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	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
Net Dividends Paid	-75.67M	-50.06M	-50.36M	-118.09M	-23.87M	0.00M	0.00M	-59.63M	-182.71M	-226.17M	-225.85M	-225.55M	-211.70M	-196.25M	-177.48M	0.00M	0.00M	0.00M	-21.82M	-26.15M	-30.57M	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	-75.67M	-50.06M	-50.36M	-118.09M	-23.87M	0.00M	0.00M	-25.96M	-182.71M	-226.17M	-225.85M	-225.55M	-211.70M	-196.25M	-177.48M	-165.42M	0.00M	-78.28M	-166.32M	-158.71M	-153.44M	-133.74M	-106.86M	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	-33.67M	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	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-9.59M	-2.89M	-3.43M	-5.89M	-22.75M	-0.37M	-1.00M	-29.88M	-34.96M	-68.10M	-47.55M	-54.29M	-60.35M	-274.13M	-68.38M	-73.39M	0.00M	-87.11M	-144.91M	-123.91M	-121.93M	-99.58M	-90.47M	-617.30M	-844.35M	-720.29M	-248.85M	-138.52M	-227.73M	-132.96M	-145.00M	-78.10M
Net Cash from Financing Activities	-128.88M	-224.79M	-236.50M	-204.09M	-145.80M	-158.41M	209.00M	-296.45M	-367.78M	-351.09M	-484.56M	-236.64M	-260.77M	-351.81M	-212.69M	-2,344.72M	0.00M	-963.10M	-1,697.84M	-684.55M	-1,048.88M	-620.82M	-537.19M	-617.30M	-844.35M	-720.29M	-248.85M	-138.52M	-227.73M	-132.96M	-145.00M	-78.10M
Effect of FX on Cash	0.00M	0.00M	0.00M	0.00M	0.00M	140.08M	179.66M	0.00M	672.88M	1,294.98M	1,241.86M	1,555.90M	1,070.75M	2,321.24M	2,156.40M	2,174.78M	0.00M	0.07M	-1.58M	1,807.26M	1,134.19M	1,438.18M	925.64M	967.63M	933.14M	842.81M	324.09M	288.09M	722.24M	336.15M	357.46M	0.00M
Net Change in Cash	20.50M	21.79M	30.73M	-18.87M	-94.25M	107.77M	28.97M	1.55M	-7.49M	13.68M	-52.63M	33.64M	-27.56M	-12.75M	22.16M	5.20M	424.23M	-3.17M	-14.60M	37.13M	-0.14M	3.07M	5.43M	6.98M	3.22M	4.95M	-1.89M	1.25M	2.70M	-1.17M	1.27M	-148.80M
Cash at Beginning of Period	622.92M	511.25M	123.08M	141.95M	236.20M	61.78M	32.82M	57.51M	32.63M	18.95M	71.58M	37.94M	65.50M	78.25M	56.09M	50.90M	0.00M	51.23M	65.83M	28.70M	28.84M	25.77M	20.33M	13.36M	10.14M	5.18M	7.07M	5.83M	3.12M	4.30M	3.03M	2.10M
Cash at End of Period	643.41M	533.04M	153.80M	123.08M	141.95M	169.55M	61.78M	59.06M	25.14M	32.63M	18.95M	71.58M	37.94M	65.50M	78.25M	56.09M	424.23M	48.06M	51.23M	65.83M	28.70M	28.84M	25.77M	20.33M	13.36M	10.14M	5.18M	7.07M	5.83M	3.12M	4.30M	-146.70M
Operating Cash Flow	215.72M	205.38M	202.22M	183.52M	208.23M	38.77M	-69.37M	273.41M	234.99M	377.19M	447.72M	515.82M	468.06M	464.75M	481.52M	441.84M	429.79M	431.64M	419.09M	470.28M	388.91M	389.57M	339.20M	274.35M	273.92M	169.13M	117.81M	114.20M	89.12M	60.85M	54.79M	29.00M
Capital Expenditure	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	5.79M	-6.85M	-16.62M	-7.05M	-11.53M	-261.11M	-115.59M	-236.98M	-216.88M	0.00M	-229.73M	-437.77M	-564.72M	-452.38M	-787.82M	-806.55M	-500.63M	-574.99M	-442.30M	-335.01M	-467.49M	-1,253.44M	-368.89M	-495.62M	0.00M
Free Cash Flow	215.72M	205.38M	202.22M	183.52M	208.23M	38.77M	-69.37M	279.19M	228.14M	360.57M	440.66M	504.29M	206.95M	349.16M	244.54M	224.96M	429.79M	201.91M	-18.67M	-94.44M	-63.47M	-398.25M	-467.35M	-226.28M	-301.07M	-273.18M	-217.19M	-353.30M	-1,164.32M	-308.04M	-440.83M	29.00M

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
EBITDA	458.08M	449.40M	429.42M	496.01M	581.17M	548.18M	549.59M	1,026.44M	1,144.75M	1,226.34M	1,341.28M	1,007.14M	1,008.21M	994.16M	937.47M	937.29M	968.96M	925.77M	1,072.17M	1,239.29M	888.41M	191.04M	150.48M
(-) Tax Adjustment	0.18M	5.12M	7.79M	108.21M	0.00M	4.09M	0.00M	0.00M	400.66M	0.00M	21.28M	0.00M	0.00M	11.12M	6.76M	0.00M	0.00M	0.00M	203.99M	70.04M	28.08M	0.00M	0.00M
(-) Change In Working Capital	5.75M	-0.24M	4.10M	-19.30M	-51.01M	71.82M	-49.72M	29.34M	14.54M	-2.43M	-9.74M	3.99M	-2.95M	-6.43M	-2.15M	-42.79M	-5.60M	-6,702.47M	70.12M	7,382.92M	60.20M	-138.90M	-73.10M
(-) Capital Expenditure	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	5.79M	-6.85M	-16.62M	-7.05M	-11.53M	-261.11M	-115.59M	-236.98M	-216.88M	0.00M	-229.73M	-437.77M	-564.72M	-452.38M	-787.82M	-806.55M
Unlevered Free Cash Flow	452.15M	444.53M	417.53M	407.10M	632.18M	472.27M	599.31M	991.32M	722.70M	1,212.16M	1,322.68M	991.62M	750.05M	873.88M	695.89M	763.21M	974.56M	7,398.51M	360.30M	-6,778.39M	347.74M	-457.88M	-582.96M
(-) Net Interest Income After Taxes	-159.08M	-142.69M	-136.26M	-124.87M	-212.40M	0.00M	-194.27M	-203.50M	0.00M	0.00M	0.00M	0.00M	0.00M	-226.71M	240.01M	0.00M	0.00M	0.00M	0.00M	271.61M	248.94M	0.00M	0.00M
Net Debt Issuance	-26.93M	-147.63M	-146.26M	-79.00M	-99.17M	-158.04M	210.00M	-206.98M	-149.82M	-56.82M	-211.68M	43.20M	11.28M	118.58M	-23.18M	-152.69M	0.00M	-472.56M	243.33M	1,049.16M	230.98M	593.02M	287.09M
Levered Free Cash Flow	584.30M	439.60M	407.53M	452.96M	745.41M	314.22M	1,003.57M	987.83M	572.87M	1,155.34M	1,111.01M	1,034.82M	761.33M	1,219.16M	432.69M	610.51M	974.56M	6,925.95M	603.62M	-6,000.84M	329.78M	135.14M	-295.87M