American Funds Retirement Income Portfolio - Moderate Class F-1 (FBFWX)

Industry: Asset Management - Income Sector: Financial Services Currency Used: US Live Price: $13.89

Enterprise Value

Metric	MRQ	MRQ-1	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Stock Price	13.38	12.75	13.07	12.40	11.42	11.48	12.76	11.34	11.45	10.98	11.09	10.49	9.97	10.00	10.00
Market Capitalization	48,168.00M	50,592.25M	49,380.13M	0.00M	—	—	—	—	—	—	—	—	—	—	—
(-) Cash & Equivalents	14,551.00M	13,413.00M	13,982.00M	13,004.75M	14,438.50M	13,397.50M	11,004.25M	14,643.25M	8,998.75M	7,899.75M	9,025.00M	7,638.25M	6,090.75M	4,954.00M	5,520.75M
(+) Total Debt	22,845.00M	23,443.00M	23,144.00M	22,558.50M	21,172.50M	20,956.00M	25,413.75M	30,620.50M	15,618.25M	15,510.25M	16,278.00M	13,786.75M	13,186.75M	14,963.25M	15,832.25M
Enterprise Value	56,462.00M	60,622.25M	58,542.13M	9,553.75M	—	—	—	—	—	—	—	—	—	—	—

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
Revenue	185,250M	180,348M	184,992M	176,191M	158,057M	136,341M	127,144M	155,900M	160,338M	156,776M	151,800M	149,558M	144,077M	146,917M	122,279M
Cost of Revenue	171,838M	165,928M	169,444M	160,031M	140,842M	119,903M	121,135M	143,024M	145,503M	140,218M	134,933M	131,410M	131,526M	126,066M	108,328M
Gross Profit	13,412M	14,420M	15,548M	16,160M	17,215M	16,438M	6,009M	12,876M	14,835M	16,558M	16,867M	18,148M	12,551M	20,851M	13,951M
Gross Profit Margin	7.2%	8.0%	8.4%	9.2%	10.9%	12.1%	4.7%	8.3%	9.3%	10.6%	11.1%	12.1%	8.7%	14.2%	11.4%
R&D Expenses	8,000M	8,200M	8,000M	8,200M	7,800M	7,600M	7,100M	7,400M	8,200M	8,000M	7,300M	6,700M	6,700M	6,200M	5,035M
SG&A Expenses	10,325M	10,751M	10,348M	10,799M	9,143M	9,721M	10,124M	12,763M	9,781M	9,962M	12,504M	10,097M	11,842M	7,671M	8,277M
Operating Expenses	10,471M	10,539M	10,329M	10,702M	19,588M	11,915M	10,417M	12,970M	9,761M	7,552M	9,350M	7,356M	10,822M	5,814M	6,554M
Operating Income (EBIT)	2,941M	3,881M	5,219M	5,458M	-2,373M	4,523M	-4,408M	-94M	5,074M	9,006M	7,517M	10,792M	1,729M	15,037M	7,397M
Operating Income Margin	1.6%	2.2%	2.8%	3.1%	-1.5%	3.3%	-3.5%	-0.1%	3.2%	5.7%	5.0%	7.2%	1.2%	10.2%	6.0%
Interest Income	316M	365M	404M	249M	643M	1,542M	1,199M	546M	717M	825M	746M	541M	492M	593M	404M
Interest Expense	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Net Interest Income	316M	365M	404M	249M	643M	1,542M	1,199M	546M	717M	825M	746M	541M	492M	593M	404M
Unusual Items	1,088M	-676M	1,610M	-1,740M	-1,286M	11,715M	2,093M	-1,092M	-1,446M	-1,672M	-1,479M	-1,081M	-987M	-1,259M	-808M
EBT Excluding Unusual Items	3,257M	4,246M	5,623M	5,707M	-1,730M	6,065M	-3,209M	452M	5,791M	9,831M	8,263M	11,333M	2,221M	15,630M	7,800M
Pre-Tax Income	4,345M	3,570M	7,233M	3,967M	-3,016M	17,780M	-1,116M	-640M	4,345M	8,159M	6,784M	10,252M	1,234M	14,371M	6,993M
Pre-Tax Margin	2.3%	2.0%	3.9%	2.3%	-1.9%	13.0%	-0.9%	-0.4%	2.7%	5.2%	4.5%	6.9%	0.9%	9.8%	5.7%
Income Tax Expense	1,174M	477M	1,339M	-362M	-864M	-130M	160M	-724M	650M	402M	2,184M	2,881M	4M	2,425M	1,855M
Net Income	3,151M	3,836M	5,879M	4,347M	-1,981M	17,937M	-1,279M	47M	3,677M	7,731M	4,589M	7,373M	1,231M	11,953M	5,139M
Net Income Margin	1.7%	2.1%	3.2%	2.5%	-1.3%	13.2%	-1.0%	0.0%	2.3%	4.9%	3.0%	4.9%	0.9%	8.1%	4.2%
Depreciation & Amortization	5,662M	6,258M	5,867M	6,456M	6,461M	5,960M	7,312M	8,490M	8,413M	8,572M	8,717M	7,966M	7,423M	6,544M	4,852M
EBITDA	8,603M	10,139M	11,086M	11,914M	4,088M	10,483M	2,904M	8,396M	13,487M	17,578M	16,234M	18,758M	9,152M	21,581M	12,249M
EBITDA Margin	4.6%	5.6%	6.0%	6.8%	2.6%	7.7%	2.3%	5.4%	8.4%	11.2%	10.7%	12.5%	6.4%	14.7%	10.0%
NOPAT	2,146M	3,362M	4,253M	5,956M	-1,875M	4,556M	-3,482M	-74M	4,315M	8,562M	5,097M	7,759M	1,723M	12,500M	5,435M
NOPAT Margin	1.2%	1.9%	2.3%	3.4%	-1.2%	3.3%	-2.7%	0.0%	2.7%	5.5%	3.4%	5.2%	1.2%	8.5%	4.4%
Owner's Earnings	417M	1,393M	3,062M	2,567M	-2,386M	17,670M	291M	905M	4,305M	9,254M	6,314M	8,143M	1,191M	11,900M	4,967M
Owner's Earnings Margin	0.2%	0.8%	1.7%	1.5%	-1.5%	13.0%	0.2%	0.6%	2.7%	5.9%	4.2%	5.4%	0.8%	8.1%	4.1%
EPS (Basic)	0.78	0.96	1.46	1.08	-0.49	4.45	-0.32	0.01	0.92	1.93	1.15	1.84	0.31	2.94	1.29
EPS (Diluted)	1.58	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Shares (Basic)	1,892M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Shares (Diluted)	1,998M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M

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
Cash & Cash Equivalents	14,551.00M	13,413.00M	13,663.00M	14,204.00M	14,741.00M	9,577.00M	10,894.00M	8,437.00M	7,111.00M	8,934.00M	7,828.00M	5,386.00M	4,567.00M	4,959.00M	5,719.38M
Short-Term Investments	13,730.00M	13,581.00M	14,707.00M	14,520.00M	17,443.00M	26,880.00M	19,858.00M	13,851.00M	15,925.00M	17,554.00M	19,642.00M	18,181.00M	17,135.00M	20,157.00M	16,642.69M
Cash & Short-Term Investments	28,281.00M	26,994.00M	28,370.00M	28,724.00M	32,184.00M	36,457.00M	30,752.00M	22,288.00M	23,036.00M	26,488.00M	27,470.00M	23,567.00M	21,702.00M	25,116.00M	22,362.06M
Net Receivables	8,373.00M	6,572.00M	5,868.00M	5,771.00M	15,729.00M	11,370.00M	9,993.00M	9,237.00M	11,195.00M	10,599.00M	11,102.00M	11,042.00M	6,678.00M	6,493.00M	5,583.88M
Inventory	17,270.00M	17,895.00M	14,951.00M	15,651.00M	14,080.00M	12,065.00M	10,808.00M	10,786.00M	11,220.00M	11,176.00M	8,898.00M	8,319.00M	7,870.00M	7,708.00M	6,740.21M
Other Current Assets	72,688.00M	71,593.00M	75,285.00M	71,335.00M	54,483.00M	49,104.00M	65,191.00M	71,736.00M	69,198.00M	68,538.00M	60,991.00M	59,659.00M	96,106.00M	92,848.00M	80,451.25M
Total Current Assets	126,612.00M	123,054.00M	124,474.00M	121,481.00M	116,476.00M	108,996.00M	116,744.00M	114,047.00M	114,649.00M	116,801.00M	108,461.00M	102,587.00M	132,356.00M	132,165.00M	115,137.39M
Property, Plant & Equipment	45,527.00M	43,607.00M	42,903.00M	41,603.00M	39,663.00M	39,670.00M	39,674.00M	39,496.00M	37,883.00M	36,901.00M	33,692.00M	32,177.00M	31,494.00M	28,876.00M	24,012.78M
Goodwill	0.00M	0.00M	0.00M	683.00M	603.00M	619.00M	258.00M	278.00M	264.00M	75.00M	50.00M	6.00M	0.00M	0.00M	0.00M
Intangible Assets	0.00M	0.00M	0.00M	80.00M	86.00M	111.00M	144.00M	188.00M	178.00M	213.00M	198.00M	124.00M	133.00M	85.00M	79.65M
Long-Term Investments	4,896.00M	5,030.00M	6,691.00M	5,431.00M	3,182.00M	5,445.00M	6,601.00M	3,719.00M	2,959.00M	3,448.00M	3,523.00M	3,244.00M	3,216.00M	3,546.00M	2,849.16M
Tax 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
Other Non-Current Assets	115,690.00M	112,848.00M	111,128.00M	104,032.00M	95,874.00M	102,194.00M	103,840.00M	100,809.00M	100,607.00M	101,058.00M	92,027.00M	86,787.00M	41,416.00M	37,507.00M	-26,941.60M
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	31,329.78M
Total Non-Current Assets	166,113.00M	161,485.00M	160,722.00M	151,829.00M	139,408.00M	148,039.00M	150,517.00M	144,490.00M	141,891.00M	141,695.00M	129,490.00M	122,338.00M	76,259.00M	70,014.00M	31,329.78M
Total Assets	292,725.00M	284,539.00M	285,196.00M	273,310.00M	255,884.00M	257,035.00M	267,261.00M	258,537.00M	256,540.00M	258,496.00M	237,951.00M	224,925.00M	208,615.00M	202,179.00M	146,467.17M
Accounts Payable	26,795.00M	25,305.00M	23,167.00M	25,092.00M	25,605.00M	22,349.00M	22,204.00M	20,673.00M	21,520.00M	23,282.00M	21,296.00M	20,272.00M	18,876.00M	18,035.00M	16,059.49M
Short-Term Debt	3,472.00M	4,177.00M	1,662.00M	445.00M	644.00M	3,099.00M	1,328.00M	1,353.00M	2,314.00M	3,356.00M	2,685.00M	1,779.00M	2,501.00M	1,257.00M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	84,018.00M	78,561.00M	81,378.00M	75,481.00M	66,647.00M	61,749.00M	69,792.00M	72,145.00M	68,449.00M	64,667.00M	63,261.00M	57,280.00M	51,606.00M	50,661.00M	50,456.32M
Total Current Liabilities	114,285.00M	108,043.00M	106,207.00M	101,018.00M	92,896.00M	87,197.00M	93,324.00M	94,171.00M	92,283.00M	91,305.00M	87,242.00M	79,331.00M	72,983.00M	69,953.00M	66,515.81M
Long-Term Debt	15,991.00M	15,923.00M	18,187.00M	18,861.00M	18,712.00M	16,711.00M	22,265.00M	13,618.00M	11,833.00M	13,174.00M	13,222.00M	11,060.00M	11,323.00M	14,426.00M	11,783.00M
Capital Lease Obligations	3,382.00M	3,343.00M	3,145.00M	2,514.00M	2,079.00M	1,958.00M	1,728.00M	1,591.00M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	113,986.00M	112,570.00M	112,799.00M	108,119.00M	95,550.00M	99,438.00M	115,634.00M	112,425.00M	113,072.00M	115,018.00M	105,165.00M	102,778.00M	96,525.00M	88,642.00M	-11,783.00M
Total Non-Current Liabilities	133,359.00M	131,836.00M	134,131.00M	129,494.00M	116,341.00M	118,107.00M	139,627.00M	127,634.00M	124,905.00M	128,192.00M	118,387.00M	113,838.00M	107,848.00M	103,068.00M	0.00M
Total Liabilities	247,644.00M	239,879.00M	240,338.00M	230,512.00M	209,237.00M	205,304.00M	232,951.00M	221,805.00M	217,188.00M	219,497.00M	205,629.00M	193,169.00M	180,831.00M	173,021.00M	66,515.81M
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
Common Stock	42.00M	42.00M	42.00M	42.00M	42.00M	41.00M	41.00M	41.00M	41.00M	41.00M	41.00M	41.00M	40.00M	40.00M	36.62M
Retained Earnings	32,352.00M	32,999.00M	33,740.00M	31,029.00M	31,754.00M	35,769.00M	18,243.00M	20,320.00M	22,668.00M	21,906.00M	15,634.00M	14,414.00M	9,422.00M	23,386.00M	16,550.22M
Accumulated OCI	-8,242.00M	-9,158.00M	-9,639.00M	-9,042.00M	-9,339.00M	-8,339.00M	-8,294.00M	-7,728.00M	-7,366.00M	-6,959.00M	-7,013.00M	-6,257.00M	-5,265.00M	-18,230.00M	0.00M
Minority Interest	24.00M	25.00M	23.00M	25.00M	-75.00M	103.00M	121.00M	45.00M	134.00M	126.00M	113.00M	109.00M	369.00M	364.00M	333.26M
Total Shareholders’ Equity	24,152.00M	23,883.00M	24,143.00M	22,029.00M	22,457.00M	27,471.00M	9,990.00M	12,633.00M	15,343.00M	14,988.00M	8,662.00M	8,198.00M	4,197.00M	5,196.00M	16,586.84M
Total Equity	24,176.00M	23,908.00M	24,166.00M	22,054.00M	22,382.00M	27,574.00M	10,111.00M	12,678.00M	15,477.00M	15,114.00M	8,775.00M	8,307.00M	4,566.00M	5,560.00M	16,920.09M
Total Liabilities & Equity	271,820.00M	263,787.00M	264,504.00M	252,566.00M	231,619.00M	232,878.00M	243,062.00M	234,483.00M	232,665.00M	234,611.00M	214,404.00M	201,476.00M	185,397.00M	178,581.00M	83,435.91M
Tangible Assets	292,725.00M	284,539.00M	285,196.00M	272,547.00M	255,195.00M	256,305.00M	266,859.00M	258,071.00M	256,098.00M	258,208.00M	237,703.00M	224,795.00M	208,482.00M	202,094.00M	146,387.52M
Tangible Equity	24,176.00M	23,908.00M	24,166.00M	21,291.00M	21,693.00M	26,844.00M	9,709.00M	12,212.00M	15,035.00M	14,826.00M	8,527.00M	8,177.00M	4,433.00M	5,475.00M	16,840.44M
Tangible Book Value	24,176.00M	23,908.00M	24,166.00M	21,291.00M	21,693.00M	26,844.00M	9,709.00M	12,212.00M	15,035.00M	14,826.00M	8,527.00M	8,177.00M	4,433.00M	5,475.00M	16,840.44M
Total Investments	18,626.00M	18,611.00M	21,398.00M	19,951.00M	20,625.00M	32,325.00M	26,459.00M	17,570.00M	18,884.00M	21,002.00M	23,165.00M	21,425.00M	20,351.00M	23,703.00M	19,491.85M
Net Debt	4,912.00M	6,687.00M	6,186.00M	5,102.00M	4,615.00M	10,233.00M	12,699.00M	6,534.00M	7,036.00M	7,596.00M	8,079.00M	7,453.00M	9,257.00M	10,724.00M	6,063.62M

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
Working Capital	11,624.0M	14,322.0M	17,615.0M	19,950.0M	19,610.0M	18,269.0M	19,552.0M	15,915.0M	19,080.0M	22,201.0M	18,180.0M	20,251.0M	56,396.0M	59,530.0M	48,621.6M
Total Capital	67,902.0M	68,078.0M	67,829.0M	64,593.0M	64,677.0M	70,287.0M	56,011.0M	49,747.0M	50,079.0M	52,108.0M	45,077.0M	41,481.0M	38,262.0M	41,795.0M	14,600.1M
Capital Employed	177,737.0M	175,807.0M	178,337.0M	171,779.0M	159,018.0M	166,308.0M	170,069.0M	160,405.0M	160,971.0M	163,896.0M	147,670.0M	142,589.0M	132,655.0M	129,544.0M	106,893.0M
Invested Capital	53,351.0M	54,665.0M	54,166.0M	50,389.0M	49,936.0M	60,710.0M	45,117.0M	41,310.0M	42,968.0M	43,174.0M	37,249.0M	36,095.0M	33,695.0M	36,836.0M	8,880.7M

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
Net Income	3,151.00M	8,709.00M	5,879.00M	4,347.00M	1,289.00M	12,282.00M	-1,279.00M	47.00M	3,677.00M	7,731.00M	4,589.00M	7,373.00M	1,231.00M	11,953.00M	5,138.93M
Depreciation & Amortization	5,662.00M	6,325.00M	5,867.00M	6,456.00M	6,461.00M	5,960.00M	7,312.00M	8,490.00M	8,413.00M	8,572.00M	8,717.00M	7,966.00M	7,423.00M	6,544.00M	4,852.36M
Deferred Income Tax	0.00M	-1,693.72M	0.00M	0.00M	3,164.87M	2,386.58M	0.00M	369.63M	2,826.82M	2,943.45M	3,511.24M	4,524.47M	3,627.75M	1,951.09M	3,450.67M
Stock-Based Compensation	511.00M	385.00M	511.00M	460.00M	336.00M	303.00M	187.00M	228.00M	191.00M	246.00M	210.00M	199.00M	180.00M	159.00M	128.18M
Change in Working Capital	-3,505.00M	-7,359.00M	-6,769.00M	-8,666.00M	-14,319.00M	4,737.00M	12,189.00M	944.00M	-5,475.00M	-4,103.00M	-3,658.00M	-4,718.00M	-3,832.00M	-2,350.00M	-3,578.85M
Accounts Receivable	-4,394.00M	-2,430.00M	-2,497.00M	-2,620.00M	-1,183.00M	-1,141.00M	-63.00M	-816.00M	-2,239.00M	-2,297.00M	-2,855.00M	-3,563.00M	-2,896.00M	-1,913.00M	-2,296.17M
Inventory	396.00M	290.00M	27.00M	-1,219.00M	-2,576.00M	-1,778.00M	148.00M	206.00M	-828.00M	-970.00M	-803.00M	-1,155.00M	-936.00M	-437.00M	-1,282.67M
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	0.00M
Other Working Capital	493.00M	-5,219.00M	-4,299.00M	-4,827.00M	-10,560.00M	7,656.00M	12,104.00M	1,554.00M	-2,408.00M	-836.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Cash Items	12,707.00M	9,381.00M	9,935.00M	12,321.00M	9,921.13M	-9,881.58M	5,860.00M	7,560.37M	8,216.00M	5,650.00M	9,992.00M	5,406.00M	9,505.00M	-5,862.00M	-1,710.23M
Net Cash from Operating Activities	18,526.00M	13,976.00M	15,423.00M	14,918.00M	6,853.00M	15,787.00M	24,269.00M	17,639.00M	15,022.00M	18,096.00M	19,850.00M	16,226.00M	14,507.00M	10,444.00M	8,281.06M
Capital Expenditures (PPE)	-8,396.00M	-8,701.00M	-8,684.00M	-8,236.00M	-6,866.00M	-6,227.00M	-5,742.00M	-7,632.00M	-7,785.00M	-7,049.00M	-6,992.00M	-7,196.00M	-7,463.00M	-6,597.00M	-5,024.48M
Acquisitions (Net)	0.00M	0.00M	0.00M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	0.00M	0.00M	0.00M	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 Investing Activities	-7,064.00M	-14,691.00M	-15,686.00M	-9,392.00M	2,519.00M	8,972.00M	-12,873.00M	-6,089.00M	-8,476.00M	-12,311.00M	-18,310.00M	-18,966.00M	-13,661.00M	-13,134.00M	-8,058.58M
Net Cash from Investing Activities	-15,460.00M	-23,392.00M	-24,370.00M	-17,628.00M	-4,347.00M	2,745.00M	-18,615.00M	-13,721.00M	-16,261.00M	-19,360.00M	-25,302.00M	-26,162.00M	-21,124.00M	-19,731.00M	-13,083.07M
Net Debt Issuance	3,458.00M	8,746.00M	11,632.00M	9,694.00M	-185.00M	-26,263.00M	5,386.00M	1,107.00M	5,958.00M	5,031.00M	7,164.00M	15,502.00M	11,184.00M	12,590.00M	0.00M
Long-Term Debt Issuance	3,458.00M	8,746.00M	11,632.00M	9,694.00M	-185.00M	-26,263.00M	5,386.00M	1,107.00M	5,958.00M	5,031.00M	7,164.00M	15,502.00M	11,184.00M	12,590.00M	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
Net Stock Issuance	-182.00M	-579.00M	-426.00M	-335.00M	-484.00M	0.00M	0.00M	-237.00M	-164.00M	-131.00M	-145.00M	-129.00M	-1,964.00M	-213.00M	0.00M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	45,221.22M	43,577.85M	39,851.07M	39,656.20M	33,527.52M	30,618.34M	25,081.82M	26,857.37M
Common Stock Repurchased	-182.00M	-579.00M	-426.00M	-335.00M	-484.00M	0.00M	0.00M	-237.00M	-164.00M	-131.00M	-145.00M	-129.00M	-1,964.00M	-213.00M	-114.44M
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
Net Dividends Paid	-2,986.00M	-3,126.00M	-3,118.00M	-4,995.00M	-2,009.00M	-403.00M	-596.00M	-2,389.00M	-2,905.00M	-2,584.00M	-3,376.00M	-2,380.00M	-1,952.00M	-1,574.00M	-698.56M
Common Dividends Paid	-2,266.46M	-528.60M	-2,398.46M	-2,397.60M	-2,009.00M	-403.00M	-596.00M	-2,389.00M	-2,705.00M	-2,384.00M	-2,383.50M	-2,380.00M	-1,952.00M	-1,574.00M	-698.56M
Preferred Dividends Paid	-719.54M	-2,597.40M	-719.54M	-2,597.40M	0.00M	0.00M	0.00M	0.00M	-200.00M	-200.00M	-992.50M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-597.00M	-1,612.00M	-603.00M	-1,780.00M	5,189.00M	3,168.00M	-2,475.00M	-1,610.00M	-3,011.00M	1,078.00M	3,757.00M	1,273.00M	-3,845.00M	-2,670.00M	4,090.63M
Net Cash from Financing Activities	-307.00M	3,429.00M	7,485.00M	2,584.00M	2,511.00M	-23,498.00M	2,315.00M	-3,129.00M	-122.00M	3,394.00M	7,400.00M	14,266.00M	3,423.00M	8,133.00M	3,392.08M
Effect of FX on Cash	265.00M	-410.00M	-458.00M	-104.00M	-414.00M	-232.00M	225.00M	45.00M	-370.00M	489.00M	-265.00M	-815.00M	-517.00M	-37.00M	46.69M
Net Change in Cash	3,024.00M	-6,397.00M	-1,920.00M	-230.00M	4,603.00M	-5,198.00M	8,194.00M	834.00M	-1,731.00M	2,619.00M	1,747.00M	3,515.00M	-3,711.00M	131.56M	-1,363.24M
Cash at Beginning of Period	88,219.00M	98,353.00M	25,110.00M	25,340.00M	20,737.00M	25,935.00M	17,741.00M	16,907.00M	18,638.00M	16,019.00M	14,272.00M	10,757.00M	14,468.00M	14,336.44M	15,699.68M
Cash at End of Period	91,243.00M	91,956.00M	23,190.00M	25,110.00M	25,340.00M	20,737.00M	25,935.00M	17,741.00M	16,907.00M	18,638.00M	16,019.00M	14,272.00M	10,757.00M	14,468.00M	14,336.44M
Operating Cash Flow	18,526.00M	13,976.00M	15,423.00M	14,918.00M	6,853.00M	15,787.00M	24,269.00M	17,639.00M	15,022.00M	18,096.00M	19,850.00M	16,226.00M	14,507.00M	10,444.00M	8,281.06M
Capital Expenditure	-8,396.00M	-8,701.00M	-8,684.00M	-8,236.00M	-6,866.00M	-6,227.00M	-5,742.00M	-7,632.00M	-7,785.00M	-7,049.00M	-6,992.00M	-7,196.00M	-7,463.00M	-6,597.00M	-5,024.48M
Free Cash Flow	10,130.00M	5,275.00M	6,739.00M	6,682.00M	-13.00M	9,560.00M	18,527.00M	10,007.00M	7,237.00M	11,047.00M	12,858.00M	9,030.00M	7,044.00M	3,847.00M	3,256.58M

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
EBITDA	749.00M	1,727.00M	3,067.00M	3,617.00M	6,733.00M	5,077.00M	-3,903.00M	1,203.00M	5,267.00M	7,168.00M	5,780.00M	9,317.00M	1,432.00M	13,524.00M	5,490.49M
(-) Tax Adjustment	202.38M	230.75M	567.77M	0.00M	1,928.82M	0.00M	0.00M	421.05M	787.93M	353.17M	1,860.78M	2,618.25M	4.64M	2,282.08M	1,456.37M
(-) Change In Working Capital	-3,505.00M	-7,359.00M	-6,769.00M	-8,666.00M	-14,319.00M	4,737.00M	12,189.00M	944.00M	-5,475.00M	-4,103.00M	-3,658.00M	-4,718.00M	-3,832.00M	-2,350.00M	-3,578.85M
(-) Capital Expenditure	-8,396.00M	-8,701.00M	-8,684.00M	-8,236.00M	-6,866.00M	-6,227.00M	-5,742.00M	-7,632.00M	-7,785.00M	-7,049.00M	-6,992.00M	-7,196.00M	-7,463.00M	-6,597.00M	-5,024.48M
Unlevered Free Cash Flow	-4,344.38M	154.25M	584.23M	4,047.00M	12,257.18M	-5,887.00M	-21,834.00M	-7,794.05M	2,169.07M	3,868.83M	585.22M	4,220.75M	-2,203.64M	6,994.92M	2,588.49M
(-) Net Interest Income After Taxes	230.62M	316.23M	329.21M	249.00M	458.80M	1,542.00M	1,199.00M	354.90M	609.34M	784.60M	506.14M	388.72M	490.12M	493.00M	296.66M
Net Debt Issuance	3,458.00M	8,746.00M	11,632.00M	9,694.00M	-185.00M	-26,263.00M	5,386.00M	1,107.00M	5,958.00M	5,031.00M	7,164.00M	15,502.00M	11,184.00M	12,590.00M	0.00M
Levered Free Cash Flow	-1,116.99M	8,584.02M	11,887.02M	13,492.00M	11,613.38M	-33,692.00M	-17,647.00M	-7,041.95M	7,517.73M	8,115.23M	7,243.08M	19,334.03M	8,490.24M	19,091.93M	2,291.83M