Colony Capital, Inc. (CLNY)

Industry: REIT - Diversified Sector: Real Estate Currency Used: US Live Price: $8.50

Enterprise Value

Metric	MRQ	MRQ-1	2025	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Stock Price	8.50	8.50	8.50	7.49	2.92	5.32	5.88	6.50	6.50	6.50	6.50	6.50	6.50	6.50	6.50	6.50
Market Capitalization	1,514.56M	1,471.00M	1,481.61M	3,577.16M	1,382.09M	2,559.43M	3,147.97M	3,500.84M	1,069.18M	1,057.21M	875.55M	630.51M	342.45M	273.48M	139.39M	1.77M
(-) Cash & Equivalents	358.42M	340.70M	349.68M	897.28M	955.81M	583.93M	460.94M	758.22M	303.67M	188.53M	140.63M	48.48M	76.26M	26.05M	62.74M	136.61M
(+) Total Debt	0.00M	0.00M	0.00M	5,632.65M	8,651.98M	9,409.47M	10,099.37M	10,572.08M	4,040.18M	4,027.50M	1,551.12M	603.04M	153.74M	42.65M	8.50M	0.00M
Enterprise Value	1,156.14M	1,130.30M	1,131.94M	8,312.53M	9,078.26M	11,384.97M	12,786.39M	13,314.70M	4,805.68M	4,896.18M	2,286.04M	1,185.07M	419.93M	290.08M	85.15M	-134.84M

Income Statement

Metric	TTM	TTM-1	2024-12-31	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
Revenue	-239M	1,208M	607M	1,237M	2,326M	2,665M	2,797M	938M	842M	301M	180M	107M	65M	27M
Cost of Revenue	352M	491M	0M	486M	1,169M	1,301M	1,181M	142M	156M	55M	30M	22M	0M	0M
Gross Profit	-591M	717M	607M	750M	1,157M	1,364M	1,616M	796M	686M	246M	151M	85M	65M	27M
Gross Profit Margin	247.6%	59.4%	100.0%	60.7%	49.7%	51.2%	57.8%	84.9%	81.5%	81.9%	83.5%	79.5%	100.0%	100.0%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	301M	379M	0M	349M	322M	334M	460M	164M	123M	11M	8M	6M	0M	9M
Operating Expenses	301M	944M	0M	780M	847M	950M	1,098M	370M	301M	21M	8M	6M	17M	9M
Operating Income (EBIT)	-892M	-227M	607M	-30M	310M	415M	518M	426M	385M	226M	143M	79M	48M	18M
Operating Income Margin	373.7%	-18.8%	100.0%	-2.4%	13.3%	15.6%	18.5%	45.4%	45.7%	75.0%	79.2%	73.6%	74.0%	66.0%
Interest Income	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Interest Expense	182M	279M	145M	310M	536M	596M	575M	170M	133M	48M	19M	8M	3M	1M
Net Interest Income	-182M	-279M	-145M	-310M	-536M	-596M	-575M	-170M	-133M	-48M	-19M	-8M	-3M	-1M
Unusual Items	1,781M	-297M	-294M	-2,346M	-809M	-374M	-120M	40M	-5M	-20M	3M	0M	-1M	0M
EBT Excluding Unusual Items	-1,074M	-505M	462M	-340M	-226M	-181M	-57M	256M	252M	177M	124M	71M	45M	18M
Pre-Tax Income	707M	-803M	169M	-2,686M	-1,035M	-555M	-177M	296M	247M	157M	127M	70M	45M	18M
Pre-Tax Margin	-296.2%	-66.4%	27.8%	-217.2%	-44.5%	-20.8%	-6.3%	31.5%	29.3%	52.3%	70.2%	65.7%	68.1%	65.6%
Income Tax Expense	111M	-124M	-3M	-10M	14M	-60M	-98M	5M	-9M	-2M	1M	2M	1M	0M
Net Income	686M	-678M	172M	-2,676M	-1,049M	-520M	-198M	115M	150M	123M	102M	62M	42M	18M
Net Income Margin	-287.7%	-56.1%	28.3%	-216.4%	-45.1%	-19.5%	-7.1%	12.3%	17.8%	41.0%	56.5%	57.9%	64.5%	64.7%
Depreciation & Amortization	-411M	634M	34M	578M	596M	572M	618M	172M	141M	9M	0M	-6M	-2M	0M
EBITDA	-1,303M	407M	641M	548M	906M	987M	1,136M	598M	526M	235M	143M	72M	46M	19M
EBITDA Margin	545.8%	33.7%	105.6%	44.4%	38.9%	37.0%	40.6%	63.7%	62.4%	78.1%	79.3%	67.6%	71.0%	67.6%
NOPAT	-752M	-179M	618M	-24M	245M	327M	409M	419M	399M	229M	142M	76M	47M	18M
NOPAT Margin	315.2%	-14.8%	101.7%	-1.9%	10.5%	12.3%	14.6%	44.7%	47.4%	76.2%	78.8%	71.3%	72.0%	65.1%
Owner's Earnings	271M	-45M	202M	-2,097M	-453M	53M	-905M	-214M	-1,143M	-1,486M	-21M	56M	40M	18M
Owner's Earnings Margin	-113.4%	-3.7%	33.3%	-169.6%	-19.5%	2.0%	-32.4%	-22.8%	-135.7%	-494.2%	-11.5%	51.9%	61.6%	66.2%
EPS (Basic)	1.29	-1.44	0.07	-5.65	-2.19	-1.05	-0.36	0.70	0.92	0.87	1.05	1.18	1.00	0.82
EPS (Diluted)	3.97	-1.43	1.02	-5.65	-2.19	-1.05	-0.36	0.70	0.92	0.87	1.05	1.18	0.99	0.81
Shares (Basic)	173M	475M	168M	474M	480M	497M	549M	165M	163M	142M	97M	53M	42M	22M
Shares (Diluted)	173M	475M	169M	474M	480M	497M	549M	165M	163M	142M	97M	53M	43M	22M

Product Segments

Metric	TTM	TTM-1	2024-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
Investment Management	21.11M	73.37M	—	63.90M	—	—	—
Light Industrial Platform	49.49M	181.64M	—	162.54M	—	—	—
Light Industrial Portfolio and Operating Platform	—	—	—	—	5.37M	—	—
Management Service	268.70M	—	329.69M	—	—	—	—
Management Service, Base	267.44M	—	311.21M	—	—	—	—
Management Service, Other	0.66M	—	1.94M	—	—	—	—
Operating Segments	—	—	—	—	—	—	107.16M
Other Real Estate Equity Investments	47.79M	232.82M	—	152.39M	18.83M	19.96M	—
Real Estate Debt Investments	108.11M	501.40M	—	473.79M	291.46M	168.01M	109.11M
Single Family Residential Rentals	-0.46M	-17.89M	—	-14.79M	-15.90M	-8.01M	-2.13M
Unallocated Amount to Segment	—	—	—	—	—	—	0.17M

Geographic Segments

Metric	TTM	TTM-1	2024-12-31
Europe	76.83M	—	57.38M
Other Geographical	2.46M	—	0.09M
UNITED STATES	187.13M	—	537.67M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	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
Cash & Cash Equivalents	358.42M	340.70M	302.15M	703.54M	1,205.19M	461.91M	921.82M	376.01M	185.85M	141.94M	43.17M	170.20M	3.87M	66.25M	157.33M
Short-Term Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1,076.44M	0.00M	0.00M	30.83M	32.06M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	358.42M	340.70M	302.15M	703.54M	1,205.19M	461.91M	921.82M	1,452.45M	185.85M	141.94M	74.00M	202.25M	3.87M	66.25M	157.33M
Net Receivables	0.00M	0.00M	0.00M	1,524.75M	1,802.87M	1,933.22M	3,470.87M	3,529.99M	4,137.39M	2,143.92M	1,036.93M	333.57M	232.62M	69.93M	0.00M
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
Other Current Assets	0.00M	0.00M	0.00M	4,374.77M	1,187.08M	1,406.66M	1,377.03M	-701.25M	283.53M	84.67M	7.90M	0.00M	0.00M	0.00M	0.00M
Total Current Assets	358.42M	340.70M	302.15M	6,603.07M	4,195.14M	3,801.80M	5,769.72M	4,281.18M	4,606.78M	2,370.52M	1,118.83M	535.82M	236.49M	136.17M	157.33M
Property, Plant & Equipment	0.00M	0.00M	0.00M	627.00M	265.33M	47.93M	53.63M	45.46M	48.46M	1,644.00M	112.47M	0.00M	0.00M	0.00M	0.00M
Goodwill	465.60M	465.60M	465.60M	842.93M	1,452.89M	1,534.56M	1,534.56M	680.13M	678.27M	20.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	54.26M	61.10M	72.46M	0.00M	0.00M	540.26M	852.87M	299.98M	325.51M	106.06M	7.77M	0.00M	0.00M	0.00M	0.00M
Long-Term Investments	0.00M	0.00M	0.00M	1,737.48M	2,313.81M	2,543.17M	2,039.18M	1,076.44M	924.47M	1,646.98M	1,369.53M	877.08M	443.50M	248.75M	129.09M
Tax Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	6.71M	2.39M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	0.00M	0.00M	0.00M	10,390.08M	11,605.02M	13,747.52M	14,535.69M	3,377.81M	3,455.82M	77.58M	17.56M	22.66M	47.53M	5.53M	1.11M
Other Assets	2,612.25M	2,541.18M	2,673.10M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	3,132.11M	3,067.88M	3,211.16M	13,597.49M	15,637.05M	18,413.45M	19,015.93M	5,479.81M	5,432.53M	3,501.33M	1,509.72M	899.74M	491.03M	254.28M	130.20M
Total Assets	3,490.53M	3,408.58M	3,513.32M	20,200.56M	19,832.18M	22,215.25M	24,785.65M	9,760.99M	10,039.31M	5,871.85M	2,628.55M	1,435.57M	727.52M	390.46M	287.53M
Accounts Payable	0.00M	0.00M	0.00M	177.85M	143.85M	94.32M	98.86M	82.59M	67.57M	0.00M	0.00M	0.00M	0.00M	2.21M	0.00M
Short-Term Debt	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	164.00M	138.50M	108.17M	69.00M	20.00M	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
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	42.46M	29.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	0.00M	0.00M	0.00M	3,777.81M	917.14M	366.81M	669.61M	97.85M	136.75M	23.89M	-80.28M	-63.80M	31.18M	20.96M	14.11M
Total Current Liabilities	0.00M	0.00M	0.00M	3,955.65M	1,060.99M	461.13M	810.92M	209.46M	204.32M	187.89M	58.22M	44.37M	100.18M	43.18M	14.11M
Long-Term Debt	0.00M	0.00M	0.00M	8,341.77M	9,165.21M	10,039.96M	10,827.81M	3,715.62M	4,178.80M	2,748.16M	616.11M	108.17M	13.85M	14.00M	0.00M
Capital Lease Obligations	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	168.38M	222.21M	93.17M	166.28M	41.46M	44.95M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	0.00M	0.00M	0.00M	712.72M	425.05M	434.46M	588.79M	148.50M	153.32M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Liabilities	0.00M	0.00M	0.00M	9,222.86M	9,812.46M	10,567.60M	11,582.88M	3,905.58M	4,377.08M	2,748.16M	616.11M	108.17M	13.85M	14.00M	0.00M
Total Liabilities	0.00M	0.00M	0.00M	13,178.52M	10,873.45M	11,028.72M	12,393.80M	4,115.04M	4,581.40M	2,936.06M	674.33M	152.54M	114.03M	57.18M	14.11M
Preferred Stock	794.67M	794.67M	794.67M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	0.00M	0.00M	0.00M	4.84M	4.88M	4.84M	5.43M	1.14M	1.12M	1.10M	0.77M	0.53M	0.33M	0.17M	0.15M
Retained Earnings	-6,810.07M	-6,824.99M	-6,837.50M	-6,195.46M	-3,389.59M	-2,018.30M	-1,165.41M	-246.06M	-131.28M	-68.00M	-20.42M	-5.17M	5.51M	1.15M	-1.42M
Accumulated OCI	5.87M	6.73M	0.51M	0.00M	0.00M	0.00M	-578.30M	-7.96M	-3.25M	-6.42M	-0.22M	0.00M	0.00M	0.00M	0.00M
Minority Interest	27.03M	25.03M	24.36M	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	-6,009.53M	-6,023.60M	-6,042.33M	-6,190.62M	-3,384.71M	-2,013.46M	-1,738.28M	-252.88M	-133.41M	-73.33M	-19.88M	-4.64M	5.84M	1.33M	-1.28M
Total Equity	-5,982.50M	-5,998.57M	-6,017.97M	-6,190.62M	-3,384.71M	-2,013.46M	-1,738.28M	-252.88M	-133.41M	-73.33M	-19.88M	-4.64M	5.84M	1.33M	-1.28M
Total Liabilities & Equity	-5,982.50M	-5,998.57M	-6,017.97M	6,987.90M	7,488.74M	9,015.26M	10,655.53M	3,862.16M	4,447.99M	2,862.73M	654.45M	147.90M	119.87M	58.50M	12.83M
Tangible Assets	2,970.67M	2,881.88M	2,975.26M	19,357.63M	18,379.29M	20,140.42M	22,398.22M	8,780.89M	9,035.53M	5,745.79M	2,620.78M	1,435.57M	727.52M	390.46M	287.53M
Tangible Equity	-6,502.37M	-6,525.27M	-6,556.03M	-7,033.54M	-4,837.61M	-4,088.29M	-4,125.71M	-1,232.99M	-1,137.19M	-199.39M	-27.65M	-4.64M	5.84M	1.33M	-1.28M
Tangible Book Value	-6,502.37M	-6,525.27M	-6,556.03M	-7,033.54M	-4,837.61M	-4,088.29M	-4,125.71M	-1,232.99M	-1,137.19M	-199.39M	-27.65M	-4.64M	5.84M	1.33M	-1.28M
Total Investments	0.00M	0.00M	0.00M	1,737.48M	2,313.81M	2,543.17M	2,039.18M	2,152.88M	924.47M	1,646.98M	1,400.36M	909.14M	443.50M	248.75M	129.09M
Net Debt	-358.42M	-340.70M	-302.15M	7,638.22M	7,960.02M	9,578.05M	9,905.99M	3,339.61M	3,992.95M	2,770.23M	711.44M	46.14M	78.97M	-32.25M	-157.33M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	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
Working Capital	358.4M	340.7M	302.2M	2,647.4M	3,134.1M	3,340.7M	4,958.8M	4,071.7M	4,402.5M	2,182.6M	1,060.6M	491.5M	136.3M	93.0M	143.2M
Total Capital	2,052.1M	2,018.5M	1,958.6M	15,326.4M	18,091.6M	21,186.3M	23,177.2M	9,332.5M	9,595.0M	5,848.0M	2,708.8M	1,499.4M	696.3M	367.3M	273.4M
Capital Employed	3,490.5M	3,408.6M	3,513.3M	16,244.9M	18,771.2M	21,754.1M	23,974.7M	9,551.5M	9,835.0M	5,684.0M	2,570.3M	1,391.2M	627.3M	347.3M	273.4M
Invested Capital	1,693.7M	1,677.8M	1,656.4M	14,622.8M	16,886.4M	20,724.4M	22,255.4M	8,956.5M	9,409.2M	5,706.0M	2,665.7M	1,329.2M	692.5M	301.0M	116.1M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	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
Net Income	654.07M	-2,579.89M	147.01M	-2,675.76M	-1,048.81M	-519.61M	-197.89M	115.32M	149.98M	123.15M	101.77M	62.01M	42.26M	17.73M
Depreciation & Amortization	-438.90M	631.10M	33.71M	578.28M	596.26M	572.41M	617.78M	171.68M	140.98M	9.18M	0.31M	0.00M	0.00M	0.00M
Deferred Income Tax	54.88M	-50.43M	-3.16M	-25.09M	-9.60M	-69.43M	-138.46M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	25.80M	46.03M	34.72M	34.96M	39.57M	41.88M	154.43M	13.64M	13.71M	11.27M	4.28M	7.33M	0.20M	0.00M
Change in Working Capital	-20.79M	79.79M	0.00M	31.16M	-3.95M	-40.59M	-95.78M	42.99M	15.15M	17.45M	4.13M	0.43M	1.53M	1.45M
Accounts Receivable	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
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
Accounts Payable	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 Working Capital	-20.79M	79.79M	0.00M	31.16M	-3.95M	-40.59M	-95.78M	42.99M	15.15M	17.45M	4.13M	0.43M	1.53M	1.45M
Other Non-Cash Items	19.44M	1,999.03M	-152.15M	2,146.34M	597.39M	522.31M	209.54M	64.73M	53.31M	-28.29M	14.80M	1.26M	-19.58M	-9.32M
Net Cash from Operating Activities	294.48M	125.63M	60.12M	89.89M	170.87M	506.97M	549.62M	408.36M	373.13M	132.76M	125.29M	71.03M	24.42M	9.86M
Capital Expenditures (PPE)	-4.88M	0.00M	-3.59M	0.00M	0.00M	0.00M	-1,325.12M	-501.22M	-1,433.68M	-1,618.07M	-122.75M	0.00M	0.00M	0.00M
Acquisitions (Net)	-32.01M	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
Purchases of Investments	-465.79M	-8.07M	-170.19M	-11.66M	-14.93M	-34.31M	-0.48M	-91.02M	-1,120.03M	-1,653.20M	0.00M	0.00M	-187.31M	0.00M
Sales / Maturities of Investments	202.71M	43.88M	106.40M	32.82M	57.67M	43.63M	272.96M	0.00M	0.00M	28.00M	180.94M	78.24M	0.00M	4.12M
Other Investing Activities	2,256.83M	-2,142.62M	56.16M	-1,953.14M	4,156.20M	-277.52M	2,384.19M	844.05M	1,094.90M	368.50M	-1,371.41M	-504.22M	-179.12M	-182.78M
Net Cash from Investing Activities	1,956.86M	-2,106.80M	-11.22M	-1,931.98M	4,198.94M	-268.21M	1,331.54M	251.81M	-1,458.81M	-2,874.77M	-1,313.22M	-425.98M	-366.43M	-178.66M
Net 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
Long-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
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
Net 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
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	717.87M	475.19M	371.00M	272.26M	55.61M
Common Stock Repurchased	5.44M	0.00M	0.00M	-427.60M	-10.73M	-543.14M	-935.96M	-20.00M	0.00M	0.00M	0.00M	0.00M	-8.65M	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
Net Dividends Paid	-92.16M	-126.92M	0.00M	-185.84M	-322.70M	-431.22M	-612.34M	-229.54M	-203.80M	-155.32M	-111.34M	-57.69M	-32.89M	-10.10M
Common Dividends Paid	18.93M	-126.92M	0.00M	-185.84M	-322.70M	-431.22M	-612.34M	-229.54M	-203.80M	-155.32M	-111.34M	-57.69M	-32.89M	-10.10M
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
Other Financing Activities	-1,848.98M	1,594.23M	0.00M	1,558.87M	-3,456.89M	-357.18M	-734.17M	-236.41M	1,264.48M	2,997.08M	1,172.07M	578.97M	312.54M	87.81M
Net Cash from Financing Activities	-1,941.14M	1,467.32M	0.00M	1,373.03M	-3,779.59M	-788.40M	-1,346.51M	-465.96M	1,060.67M	2,841.76M	1,060.74M	521.28M	279.65M	77.72M
Effect of FX on Cash	-22.96M	15.07M	0.00M	7.37M	1.75M	-11.54M	11.16M	-4.07M	-6.48M	-0.98M	0.16M	0.00M	0.00M	0.00M
Net Change in Cash	-622.63M	-498.79M	0.00M	-461.69M	591.97M	-561.19M	545.82M	190.15M	43.92M	98.77M	-127.03M	166.33M	-62.37M	-91.09M
Cash at Beginning of Period	2,720.10M	4,645.19M	0.00M	1,424.70M	832.73M	1,393.92M	376.01M	185.85M	141.94M	43.17M	170.20M	3.87M	66.25M	157.33M
Cash at End of Period	1,063.08M	4,146.40M	0.00M	963.01M	1,424.70M	832.73M	921.82M	376.01M	185.85M	141.94M	43.17M	170.20M	3.87M	66.25M
Operating Cash Flow	294.48M	125.63M	60.12M	89.89M	170.87M	506.97M	549.62M	408.36M	373.13M	132.76M	125.29M	71.03M	24.42M	9.86M
Capital Expenditure	-5.19M	0.00M	-3.59M	0.00M	0.00M	0.00M	-1,325.12M	-501.22M	-1,433.68M	-1,618.07M	-122.75M	0.00M	0.00M	0.00M
Free Cash Flow	289.30M	125.63M	56.53M	89.89M	170.87M	506.97M	-775.51M	-92.86M	-1,060.55M	-1,485.31M	2.54M	71.03M	24.42M	9.86M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	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
EBITDA	-1,302.55M	983.56M	640.73M	979.92M	1,431.70M	1,602.38M	1,773.07M	804.25M	704.07M	243.91M	143.31M	72.42M	63.51M	18.53M
(-) Tax Adjustment	-203.77M	15.50M	0.00M	3.66M	0.00M	172.64M	620.57M	13.01M	0.00M	0.00M	0.75M	2.23M	1.70M	0.25M
(-) Change In Working Capital	-20.79M	79.79M	0.00M	31.16M	-3.95M	-40.59M	-95.78M	42.99M	15.15M	17.45M	4.13M	0.43M	1.53M	1.45M
(-) Capital Expenditure	-5.19M	0.00M	-3.59M	0.00M	0.00M	0.00M	-1,325.12M	-501.22M	-1,433.68M	-1,618.07M	-122.75M	0.00M	0.00M	0.00M
Unlevered Free Cash Flow	-1,083.17M	888.27M	637.15M	945.10M	1,435.66M	1,470.33M	-76.85M	247.03M	-744.76M	-1,391.61M	15.68M	69.77M	60.28M	16.83M
(-) Net Interest Income After Taxes	-153.49M	-342.15M	-144.65M	-309.29M	-535.54M	-531.39M	-373.63M	-167.33M	-133.09M	-48.37M	-18.74M	-7.99M	-2.93M	-0.55M
Net 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
Levered Free Cash Flow	-929.68M	1,230.42M	781.80M	1,254.40M	1,971.19M	2,001.72M	296.79M	414.36M	-611.67M	-1,343.25M	34.42M	77.76M	63.21M	17.38M