Motorola Solutions, Inc. (0K3H.L)

Industry: Communication Equipment Sector: Technology Currency Used: US Live Price: $400.38

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	456.52	418.66	436.06	412.41	291.19	232.48	228.85	149.48	159.62	116.71	87.04	75.32	64.22	65.40	62.25	51.29	44.77	31.17	26.50	28.62	69.94	88.62	77.78	68.33	40.88	43.98	56.82	111.41	125.95	67.25	81.16	70.51	78.64
Market Capitalization	76,056.23M	69,832.49M	72,718.25M	68,822.58M	48,974.27M	38,930.33M	38,720.64M	25,398.63M	26,591.92M	18,960.11M	14,171.75M	12,755.92M	12,754.42M	16,090.32M	16,545.54M	14,916.57M	14,966.29M	10,290.29M	8,684.15M	9,250.44M	23,022.07M	30,843.92M	27,484.95M	22,933.60M	13,541.11M	14,285.05M	17,895.73M	34,398.68M	39,542.81M	17,265.32M	21,250.91M	18,438.98M	20,429.27M
(-) Cash & Equivalents	894.00M	3,206.00M	1,888.00M	1,599.75M	1,086.75M	935.50M	1,692.00M	1,318.50M	994.50M	939.50M	841.50M	1,550.50M	2,661.25M	3,204.00M	1,968.25M	1,684.75M	2,158.25M	3,534.25M	3,016.25M	2,872.00M	2,643.50M	3,457.00M	5,482.75M	9,575.00M	6,867.00M	6,265.50M	4,987.75M	3,104.00M	2,627.25M	1,349.00M	1,561.50M	1,120.25M	750.25M
(+) Total Debt	9,936.00M	8,332.00M	8,264.33M	6,712.75M	6,523.50M	6,368.25M	6,024.75M	6,059.75M	6,010.75M	5,548.25M	4,466.50M	4,876.25M	3,893.25M	2,930.25M	2,458.25M	1,780.50M	2,132.50M	3,384.25M	3,926.50M	4,181.25M	4,298.00M	4,294.25M	4,792.75M	6,613.00M	7,959.25M	8,926.00M	10,243.25M	8,449.00M	5,020.50M	5,124.00M	3,336.25M	3,597.75M	3,322.75M
Enterprise Value	85,098.23M	74,958.49M	79,094.58M	73,935.58M	54,411.02M	44,363.08M	43,053.39M	30,139.88M	31,608.17M	23,568.86M	17,796.75M	16,081.67M	13,986.42M	15,816.57M	17,035.54M	15,012.32M	14,940.54M	10,140.29M	9,594.40M	10,559.69M	24,676.57M	31,681.17M	26,794.95M	19,971.60M	14,633.36M	16,945.55M	23,151.23M	39,743.68M	41,936.06M	21,040.32M	23,025.66M	20,916.48M	23,001.77M

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	1996-12-31	1995-12-31	1994-12-31	1993-12-31	1992-12-31	1991-12-31	1990-12-31	1989-12-31
Revenue	11,313M	10,656M	10,817M	9,978M	9,112M	8,171M	7,414M	7,887M	7,343M	6,380M	6,038M	5,695M	5,881M	6,227M	6,269M	8,203M	7,617M	18,147M	30,146M	36,622M	42,879M	35,262M	29,663M	23,155M	27,279M	30,486M	37,346M	33,075M	31,340M	29,794M	27,973M	27,037M	22,245M	16,963M	13,303M	11,341M	10,885M	9,620M
Cost of Revenue	5,549M	5,237M	5,305M	5,008M	4,883M	4,131M	3,806M	3,956M	3,863M	3,356M	3,169M	2,976M	3,050M	3,118M	3,075M	4,057M	3,805M	12,406M	21,751M	26,670M	30,152M	23,833M	19,698M	15,652M	18,307M	23,121M	25,168M	20,631M	19,396M	19,993M	18,982M	17,533M	13,760M	10,351M	8,479M	7,245M	6,882M	5,905M
Gross Profit	5,764M	5,419M	5,512M	4,970M	4,229M	4,040M	3,608M	3,931M	3,480M	3,024M	2,869M	2,719M	2,831M	3,109M	3,194M	4,146M	3,812M	5,741M	8,395M	9,952M	12,727M	11,429M	9,965M	7,503M	8,972M	7,365M	12,178M	12,444M	11,944M	9,801M	8,991M	9,504M	8,485M	6,612M	4,824M	4,096M	4,003M	3,715M
Gross Profit Margin	51.0%	50.9%	51.0%	49.8%	46.4%	49.4%	48.7%	49.8%	47.4%	47.4%	47.5%	47.7%	48.1%	49.9%	50.9%	50.5%	50.0%	31.6%	27.8%	27.2%	29.7%	32.4%	33.6%	32.4%	32.9%	24.2%	32.6%	37.6%	38.1%	32.9%	32.1%	35.2%	38.1%	39.0%	36.3%	36.1%	36.8%	38.6%
R&D Expenses	947M	890M	917M	858M	779M	734M	686M	687M	637M	568M	553M	620M	681M	761M	790M	1,035M	1,037M	2,598M	4,109M	4,429M	4,106M	3,600M	3,316M	2,979M	3,716M	4,275M	4,437M	3,560M	3,118M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	1,856M	1,689M	1,752M	1,561M	1,450M	1,353M	1,293M	1,403M	1,254M	1,025M	1,044M	1,021M	1,184M	1,330M	1,472M	1,912M	1,874M	3,058M	4,330M	5,092M	4,504M	3,628M	3,508M	3,285M	4,472M	4,919M	5,733M	5,220M	5,807M	5,515M	4,715M	4,642M	4,381M	3,776M	2,838M	2,468M	2,414M	2,289M
Operating Expenses	2,894M	2,807M	2,824M	2,676M	2,568M	2,373M	2,225M	2,350M	2,225M	1,740M	1,821M	1,725M	3,837M	2,162M	2,274M	3,288M	3,061M	6,233M	10,786M	10,505M	8,635M	6,824M	6,973M	6,230M	10,785M	13,168M	11,283M	11,090M	11,289M	7,854M	7,031M	6,573M	5,906M	4,946M	3,867M	3,354M	3,204M	2,939M
Operating Income (EBIT)	2,870M	2,612M	2,688M	2,294M	1,661M	1,667M	1,383M	1,581M	1,255M	1,284M	1,048M	994M	-1,006M	947M	920M	858M	751M	-492M	-2,391M	-553M	4,092M	4,605M	2,992M	1,273M	-1,813M	-5,803M	895M	1,354M	655M	1,947M	1,960M	2,931M	2,579M	1,666M	957M	742M	799M	776M
Operating Income Margin	25.4%	24.5%	24.8%	23.0%	18.2%	20.4%	18.7%	20.0%	17.1%	20.1%	17.4%	17.5%	-17.1%	15.2%	14.7%	10.5%	9.9%	-2.7%	-7.9%	-1.5%	9.5%	13.1%	10.1%	5.5%	-6.6%	-19.0%	2.4%	4.1%	2.1%	6.5%	7.0%	10.8%	11.6%	9.8%	7.2%	6.5%	7.3%	8.1%
Interest Income	69M	61M	68M	33M	14M	7M	13M	17M	18M	14M	20M	13M	21M	19M	42M	58M	88M	79M	272M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Interest Expense	317M	284M	295M	249M	240M	215M	233M	237M	240M	215M	225M	186M	147M	132M	108M	132M	217M	211M	224M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Net Interest Income	-248M	-223M	-227M	-216M	-226M	-208M	-220M	-220M	-222M	-201M	-205M	-173M	-126M	-113M	-66M	-74M	-129M	-132M	48M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Unusual Items	118M	-496M	-489M	68M	80M	93M	11M	-360M	69M	-7M	1M	96M	-29M	46M	27M	-46M	42M	121M	-290M	163M	518M	1,807M	120M	103M	-1,633M	292M	1,336M	-71M	-1,935M	-131M	-185M	-149M	-142M	-141M	-157M	-129M	-133M	-130M
EBT Excluding Unusual Items	2,622M	2,389M	2,461M	2,078M	1,435M	1,459M	1,163M	1,361M	1,033M	1,083M	843M	821M	-1,132M	834M	854M	784M	622M	-624M	-2,343M	-553M	4,092M	4,605M	2,992M	1,273M	-1,813M	-5,803M	895M	1,354M	655M	1,947M	1,960M	2,931M	2,579M	1,666M	957M	742M	799M	776M
Pre-Tax Income	2,740M	1,893M	1,972M	2,146M	1,515M	1,552M	1,174M	1,001M	1,102M	1,076M	844M	917M	-1,161M	880M	881M	738M	664M	-503M	-2,633M	-390M	4,610M	6,412M	3,112M	1,376M	-3,446M	-5,511M	2,231M	1,283M	-1,280M	1,816M	1,775M	2,782M	2,437M	1,525M	800M	613M	666M	646M
Pre-Tax Margin	24.2%	17.8%	18.2%	21.5%	16.6%	19.0%	15.8%	12.7%	15.0%	16.9%	14.0%	16.1%	-19.7%	14.1%	14.1%	9.0%	8.7%	-2.8%	-8.7%	-1.1%	10.8%	18.2%	10.5%	5.9%	-12.6%	-18.1%	6.0%	3.9%	-4.1%	6.1%	6.3%	10.3%	11.0%	9.0%	6.0%	5.4%	6.1%	6.7%
Income Tax Expense	617M	326M	390M	432M	148M	302M	221M	130M	133M	1,227M	282M	274M	-465M	-59M	211M	-3M	403M	-159M	1,607M	-285M	1,349M	1,893M	1,013M	448M	-961M	-1,574M	913M	392M	-373M	636M	621M	1,001M	877M	503M	224M	159M	167M	148M
Net Income	2,116M	1,562M	1,577M	1,709M	1,363M	1,245M	949M	868M	966M	-155M	560M	610M	1,299M	1,099M	881M	1,158M	633M	-51M	-4,244M	-49M	3,661M	4,578M	1,532M	893M	-2,485M	-3,937M	1,318M	817M	-962M	1,180M	1,154M	1,781M	1,560M	1,022M	453M	454M	499M	498M
Net Income Margin	18.7%	14.7%	14.6%	17.1%	15.0%	15.2%	12.8%	11.0%	13.2%	-2.4%	9.3%	10.7%	22.1%	17.6%	14.1%	14.1%	8.3%	-0.3%	-14.1%	-0.1%	8.5%	13.0%	5.2%	3.9%	-9.1%	-12.9%	3.5%	2.5%	-3.1%	4.0%	4.1%	6.6%	7.0%	6.0%	3.4%	4.0%	4.6%	5.2%
Depreciation & Amortization	381M	335M	336M	356M	440M	438M	409M	394M	360M	343M	295M	150M	173M	158M	151M	366M	353M	642M	831M	903M	558M	540M	566M	818M	2,108M	2,552M	2,522M	2,360M	2,331M	2,339M	2,316M	1,931M	1,547M	1,196M	1,029M	886M	790M	650M
EBITDA	3,251M	2,947M	3,024M	2,650M	2,101M	2,105M	1,792M	1,975M	1,615M	1,627M	1,343M	1,144M	-833M	1,105M	1,071M	1,224M	1,104M	150M	-1,560M	350M	4,650M	5,145M	3,558M	2,091M	295M	-3,251M	3,417M	3,714M	2,986M	4,286M	4,276M	4,862M	4,126M	2,862M	1,986M	1,628M	1,589M	1,426M
EBITDA Margin	28.7%	27.7%	28.0%	26.6%	23.1%	25.8%	24.2%	25.0%	22.0%	25.5%	22.2%	20.1%	-14.2%	17.7%	17.1%	14.9%	14.5%	0.8%	-5.2%	1.0%	10.8%	14.6%	12.0%	9.0%	1.1%	-10.7%	9.1%	11.2%	9.5%	14.4%	15.3%	18.0%	18.5%	16.9%	14.9%	14.4%	14.6%	14.8%
NOPAT	2,224M	2,162M	2,156M	1,832M	1,499M	1,343M	1,123M	1,376M	1,104M	-180M	698M	697M	-795M	1,010M	700M	861M	295M	-389M	-1,889M	-437M	2,895M	3,245M	2,018M	859M	-1,432M	-4,584M	529M	940M	517M	1,265M	1,274M	1,876M	1,651M	1,116M	689M	550M	599M	598M
NOPAT Margin	19.7%	20.3%	19.9%	18.4%	16.4%	16.4%	15.1%	17.4%	15.0%	-2.8%	11.6%	12.2%	-13.5%	16.2%	11.2%	10.5%	3.9%	-2.1%	-6.3%	-1.2%	6.8%	9.2%	6.8%	3.7%	-5.3%	-15.0%	1.4%	2.8%	1.7%	4.2%	4.6%	6.9%	7.4%	6.6%	5.2%	4.8%	5.5%	6.2%
Owner's Earnings	2,260M	1,645M	1,656M	1,812M	1,547M	1,440M	1,141M	1,014M	1,129M	-39M	584M	585M	1,291M	1,066M	845M	1,338M	651M	316M	-3,917M	327M	3,570M	4,535M	1,604M	1,056M	-984M	-2,706M	-291M	493M	-1,852M	645M	497M	-513M	-213M	31M	96M	23M	33M	54M
Owner's Earnings Margin	20.0%	15.4%	15.3%	18.2%	17.0%	17.6%	15.4%	12.9%	15.4%	-0.6%	9.7%	10.3%	22.0%	17.1%	13.5%	16.3%	8.5%	1.7%	-13.0%	0.9%	8.3%	12.9%	5.4%	4.6%	-3.6%	-8.9%	-0.8%	1.5%	-5.9%	2.2%	1.8%	-1.9%	-1.0%	0.2%	0.7%	0.2%	0.3%	0.6%
EPS (Basic)	12.69	9.36	9.45	10.23	8.14	7.36	5.58	5.21	5.62	-0.95	3.30	3.06	5.29	4.13	3.01	3.47	1.90	-0.16	-13.11	-0.15	10.50	12.95	4.38	2.67	-7.65	-12.50	4.21	3.39	-3.75	4.62	4.55	8.12	6.18	4.13	1.96	2.03	2.24	2.24
EPS (Diluted)	12.48	9.20	9.23	9.93	7.93	7.17	5.45	4.94	5.62	-0.95	3.24	3.02	5.29	4.06	2.96	3.41	1.87	-0.16	-13.11	-0.15	10.23	12.68	4.34	2.66	-7.62	-12.45	4.09	2.60	-3.25	4.55	4.41	7.91	6.14	4.08	1.96	2.03	2.24	2.24
Shares (Basic)	167M	167M	167M	167M	168M	169M	170M	167M	172M	163M	170M	200M	245M	266M	292M	334M	333M	328M	324M	330M	349M	353M	336M	331M	325M	315M	309M	260M	257M	255M	254M	219M	253M	250M	231M	224M	223M	222M
Shares (Diluted)	170M	170M	171M	172M	172M	174M	174M	176M	172M	163M	173M	202M	246M	271M	297M	340M	338M	328M	324M	330M	358M	361M	353M	336M	326M	316M	322M	315M	296M	259M	262M	225M	254M	250M	231M	224M	223M	222M

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	1994-12-31	1993-12-31	1992-12-31	1991-12-31	1990-12-31	1989-12-31
Cash & Cash Equivalents	894.00M	3,206.00M	2,102.00M	1,705.00M	1,325.00M	1,874.00M	1,254.00M	1,001.00M	1,246.00M	1,205.00M	1,030.00M	1,980.00M	3,954.00M	3,225.00M	1,468.00M	1,881.00M	4,208.00M	2,869.00M	3,064.00M	2,752.00M	3,212.00M	3,774.00M	10,556.00M	7,877.00M	6,507.00M	6,082.00M	3,301.00M	3,345.00M	1,453.00M	1,445.00M	1,513.00M	725.00M	741.00M	886.00M	677.00M	302.00M	265.00M	231.00M
Short-Term 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	2.00M	2,135.00M	3,210.00M	4,655.00M	5,094.00M	225.00M	612.00M	12,428.00M	11,011.00M	152.00M	139.00M	59.00M	80.00M	354.00M	699.00M	171.00M	335.00M	298.00M	350.00M	0.00M	358.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	894.00M	3,206.00M	2,102.00M	1,705.00M	1,325.00M	1,874.00M	1,254.00M	1,001.00M	1,246.00M	1,205.00M	1,030.00M	1,980.00M	3,954.00M	3,227.00M	3,603.00M	5,091.00M	8,863.00M	7,963.00M	3,289.00M	3,364.00M	15,640.00M	14,785.00M	10,708.00M	8,016.00M	6,566.00M	6,162.00M	3,655.00M	4,044.00M	1,624.00M	1,780.00M	1,811.00M	1,075.00M	741.00M	1,244.00M	677.00M	302.00M	265.00M	231.00M
Net Receivables	3,612.00M	3,266.00M	3,182.00M	2,812.00M	2,492.00M	2,491.00M	2,323.00M	2,458.00M	2,305.00M	2,072.00M	1,886.00M	1,736.00M	1,826.00M	1,774.00M	1,774.00M	2,253.00M	3,268.00M	2,845.00M	3,493.00M	5,324.00M	7,509.00M	7,387.00M	4,492.00M	4,436.00M	4,437.00M	4,583.00M	7,092.00M	5,627.00M	5,057.00M	4,847.00M	4,035.00M	4,081.00M	3,739.00M	2,476.00M	2,289.00M	1,953.00M	1,857.00M	1,683.00M
Inventory	943.00M	861.00M	766.00M	827.00M	1,055.00M	788.00M	508.00M	447.00M	356.00M	327.00M	273.00M	296.00M	345.00M	522.00M	513.00M	512.00M	1,364.00M	1,308.00M	2,659.00M	2,836.00M	3,162.00M	2,522.00M	2,546.00M	2,792.00M	2,869.00M	2,756.00M	5,242.00M	3,422.00M	3,745.00M	4,096.00M	3,220.00M	3,528.00M	2,670.00M	1,864.00M	1,321.00M	1,242.00M	1,245.00M	1,173.00M
Other Current Assets	285.00M	343.00M	429.00M	381.00M	383.00M	259.00M	242.00M	272.00M	354.00M	346.00M	296.00M	169.00M	754.00M	1,674.00M	1,688.00M	1,299.00M	3,659.00M	4,127.00M	7,922.00M	10,698.00M	4,664.00M	3,173.00M	3,336.00M	2,663.00M	3,262.00M	3,648.00M	3,896.00M	4,015.00M	3,276.00M	2,848.00M	2,551.00M	2,176.00M	1,775.00M	1,129.00M	931.00M	990.00M	1,085.00M	828.00M
Total Current Assets	5,734.00M	7,676.00M	6,479.00M	5,725.00M	5,255.00M	5,412.00M	4,327.00M	4,178.00M	4,261.00M	3,950.00M	3,485.00M	4,181.00M	6,879.00M	7,197.00M	7,578.00M	9,155.00M	17,154.00M	16,243.00M	17,363.00M	22,222.00M	30,975.00M	27,867.00M	21,082.00M	17,907.00M	17,134.00M	17,149.00M	19,885.00M	17,108.00M	13,702.00M	13,571.00M	11,617.00M	10,860.00M	8,925.00M	6,713.00M	5,218.00M	4,487.00M	4,452.00M	3,915.00M
Property, Plant & Equipment	1,676.00M	1,660.00M	1,551.00M	1,459.00M	1,412.00M	1,424.00M	1,490.00M	1,546.00M	895.00M	856.00M	789.00M	487.00M	549.00M	810.00M	839.00M	896.00M	1,729.00M	2,154.00M	2,442.00M	2,480.00M	2,267.00M	2,271.00M	2,332.00M	5,164.00M	6,104.00M	8,913.00M	11,157.00M	9,246.00M	10,049.00M	9,856.00M	9,768.00M	9,356.00M	7,073.00M	5,547.00M	4,576.00M	4,194.00M	3,778.00M	3,337.00M
Goodwill	6,776.00M	3,840.00M	3,526.00M	3,401.00M	3,312.00M	2,565.00M	2,219.00M	2,067.00M	1,514.00M	938.00M	728.00M	420.00M	383.00M	361.00M	1,510.00M	1,428.00M	2,825.00M	2,823.00M	2,837.00M	4,499.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	3,131.00M	1,361.00M	1,249.00M	1,255.00M	1,342.00M	1,105.00M	1,234.00M	1,327.00M	1,230.00M	861.00M	821.00M	49.00M	23.00M	6.00M	109.00M	0.00M	679.00M	0.00M	0.00M	1,624.00M	0.00M	2,053.00M	0.00M	0.00M	0.00M	0.00M	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	192.00M	180.00M	135.00M	143.00M	147.00M	209.00M	158.00M	159.00M	169.00M	247.00M	238.00M	268.00M	316.00M	251.00M	144.00M	166.00M	380.00M	525.00M	517.00M	837.00M	895.00M	1,654.00M	3,241.00M	3,335.00M	0.00M	0.00M	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 Assets	767.00M	1,230.00M	1,280.00M	1,062.00M	1,036.00M	916.00M	966.00M	943.00M	985.00M	1,023.00M	2,219.00M	2,278.00M	2,151.00M	2,076.00M	2,416.00M	2,375.00M	1,619.00M	2,284.00M	2,428.00M	2,454.00M	1,325.00M	1,245.00M	2,353.00M	3,349.00M	3,112.00M	1,152.00M	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	446.00M	427.00M	375.00M	291.00M	310.00M	558.00M	482.00M	422.00M	344.00M	333.00M	1,021.00M	352.00M	145.00M	185.00M	369.00M	296.00M	1,191.00M	1,785.00M	2,282.00M	696.00M	4,026.00M	557.00M	5,122.00M	5,678.00M	4,802.00M	6,184.00M	11,301.00M	11,578.00M	5,148.00M	4,186.00M	2,989.00M	2,935.00M	1,538.00M	1,238.00M	835.00M	694.00M	512.00M	434.00M
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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	12,988.00M	8,698.00M	8,116.00M	7,611.00M	7,559.00M	6,777.00M	6,549.00M	6,464.00M	5,137.00M	4,258.00M	5,816.00M	3,854.00M	3,567.00M	3,689.00M	5,387.00M	5,161.00M	8,423.00M	9,571.00M	10,506.00M	12,590.00M	8,513.00M	7,780.00M	13,048.00M	17,526.00M	14,018.00M	16,249.00M	22,458.00M	20,824.00M	15,197.00M	14,042.00M	12,757.00M	12,291.00M	8,611.00M	6,785.00M	5,411.00M	4,888.00M	4,290.00M	3,771.00M
Total Assets	18,722.00M	16,374.00M	14,595.00M	13,336.00M	12,814.00M	12,189.00M	10,876.00M	10,642.00M	9,398.00M	8,208.00M	9,301.00M	8,035.00M	10,446.00M	10,886.00M	12,965.00M	14,316.00M	25,577.00M	25,814.00M	27,869.00M	34,812.00M	39,488.00M	35,647.00M	34,130.00M	35,433.00M	31,152.00M	33,398.00M	42,343.00M	37,932.00M	28,899.00M	27,613.00M	24,374.00M	23,151.00M	17,536.00M	13,498.00M	10,629.00M	9,375.00M	8,742.00M	7,686.00M
Accounts Payable	940.00M	1,081.00M	1,178.00M	881.00M	1,207.00M	851.00M	612.00M	779.00M	592.00M	593.00M	553.00M	518.00M	540.00M	799.00M	705.00M	677.00M	2,462.00M	1,998.00M	3,188.00M	4,167.00M	5,056.00M	4,295.00M	3,330.00M	2,789.00M	2,268.00M	2,434.00M	3,492.00M	3,285.00M	2,305.00M	2,297.00M	2,050.00M	2,018.00M	1,678.00M	1,338.00M	1,127.00M	897.00M	889.00M	789.00M
Short-Term Debt	1,056.00M	70.00M	322.00M	1,313.00M	1.00M	5.00M	12.00M	16.00M	31.00M	52.00M	4.00M	4.00M	4.00M	4.00M	4.00M	405.00M	605.00M	536.00M	92.00M	332.00M	1,693.00M	448.00M	717.00M	896.00M	1,629.00M	870.00M	6,391.00M	2,504.00M	2,909.00M	1,282.00M	1,382.00M	1,605.00M	916.00M	555.00M	437.00M	852.00M	995.00M	787.00M
Tax Payables	0.00M	161.00M	217.00M	231.00M	367.00M	183.00M	147.00M	95.00M	111.00M	107.00M	111.00M	48.00M	91.00M	95.00M	95.00M	126.00M	293.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	2,074.00M	2,016.00M	2,072.00M	2,037.00M	1,859.00M	1,650.00M	1,554.00M	1,449.00M	1,263.00M	1,041.00M	873.00M	727.00M	713.00M	1,073.00M	1,207.00M	774.00M	1,071.00M	0.00M	0.00M	1,235.00M	0.00M	387.00M	0.00M	0.00M	0.00M	0.00M	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	1,020.00M	394.00M	503.00M	439.00M	779.00M	890.00M	747.00M	347.00M	701.00M	821.00M	1,061.00M	846.00M	672.00M	1,524.00M	1,382.00M	1,488.00M	939.00M	4,349.00M	6,637.00M	7,229.00M	7,899.00M	6,405.00M	5,177.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1,771.00M	1,314.00M	1,164.00M	1,175.00M
Total Current Liabilities	5,090.00M	3,722.00M	4,292.00M	4,901.00M	4,213.00M	3,579.00M	3,072.00M	2,686.00M	2,698.00M	2,614.00M	2,602.00M	2,143.00M	2,020.00M	3,495.00M	3,393.00M	3,470.00M	5,370.00M	6,883.00M	9,917.00M	12,963.00M	14,648.00M	11,535.00M	9,224.00M	3,685.00M	3,897.00M	3,304.00M	9,883.00M	5,789.00M	5,214.00M	3,579.00M	3,432.00M	3,623.00M	2,594.00M	1,893.00M	3,335.00M	3,063.00M	3,048.00M	2,751.00M
Long-Term Debt	8,411.00M	7,661.00M	5,675.00M	4,705.00M	6,013.00M	5,688.00M	5,163.00M	5,113.00M	5,289.00M	4,419.00M	4,392.00M	4,345.00M	3,396.00M	2,457.00M	1,859.00M	1,130.00M	2,194.00M	3,365.00M	4,092.00M	3,991.00M	2,704.00M	3,806.00M	4,578.00M	6,675.00M	7,189.00M	8,372.00M	4,293.00M	3,089.00M	2,633.00M	2,144.00M	1,931.00M	1,949.00M	1,127.00M	1,360.00M	1,258.00M	954.00M	792.00M	755.00M
Capital Lease Obligations	469.00M	601.00M	554.00M	532.00M	537.00M	313.00M	402.00M	497.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	106.00M	91.00M	87.00M	55.00M	73.00M	183.00M	180.00M	184.00M	201.00M	115.00M	121.00M	-113.00M	-139.00M	-302.00M	-304.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1,504.00M	3,481.00M	1,188.00M	1,522.00M	1,108.00M	968.00M	509.00M	433.00M	230.00M	196.00M	203.00M	183.00M
Other Non-Current Liabilities	1,140.00M	1,124.00M	1,136.00M	1,270.00M	1,255.00M	1,659.00M	1,900.00M	1,818.00M	1,885.00M	2,301.00M	2,119.00M	1,779.00M	1,872.00M	2,183.00M	3,891.00M	3,710.00M	3,686.00M	4,094.00M	3,650.00M	2,874.00M	3,322.00M	2,682.00M	2,407.00M	3,301.00M	2,914.00M	1,152.00M	1,192.00M	1,513.00M	1,245.00M	1,285.00M	1,247.00M	1,043.00M	887.00M	907.00M	662.00M	532.00M	442.00M	194.00M
Total Non-Current Liabilities	10,126.00M	9,477.00M	7,452.00M	6,562.00M	7,878.00M	7,843.00M	7,645.00M	7,612.00M	7,375.00M	6,835.00M	6,632.00M	6,011.00M	5,129.00M	4,338.00M	5,446.00M	4,840.00M	5,880.00M	7,459.00M	7,742.00M	6,865.00M	6,026.00M	6,488.00M	6,985.00M	9,976.00M	10,103.00M	9,524.00M	6,989.00M	8,083.00M	5,066.00M	4,951.00M	4,286.00M	3,960.00M	2,523.00M	2,700.00M	2,150.00M	1,682.00M	1,437.00M	1,132.00M
Total Liabilities	15,216.00M	13,199.00M	11,744.00M	11,463.00M	12,091.00M	11,422.00M	10,717.00M	10,298.00M	10,073.00M	9,449.00M	9,234.00M	8,154.00M	7,149.00M	7,833.00M	8,839.00M	8,310.00M	11,250.00M	14,342.00M	17,659.00M	19,828.00M	20,674.00M	18,023.00M	16,209.00M	13,661.00M	14,000.00M	12,828.00M	16,872.00M	13,872.00M	10,280.00M	8,530.00M	7,718.00M	7,583.00M	5,117.00M	4,593.00M	5,485.00M	4,745.00M	4,485.00M	3,883.00M
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	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	2.00M	2.00M	2.00M	2.00M	2.00M	2.00M	2.00M	2.00M	2.00M	2.00M	2.00M	2.00M	2.00M	3.00M	3.00M	3.00M	3.00M	23.00M	6,831.00M	6,792.00M	7,197.00M	7,508.00M	7,343.00M	7,017.00M	6,947.00M	6,764.00M	6,574.00M	1,838.00M	0.00M	0.00M	0.00M	0.00M	1,764.00M	836.00M	0.00M	0.00M	0.00M	0.00M
Retained Earnings	2,594.00M	2,335.00M	2,300.00M	1,640.00M	1,343.00M	1,350.00M	1,127.00M	1,239.00M	1,051.00M	467.00M	1,148.00M	1,716.00M	3,410.00M	2,425.00M	1,625.00M	1,016.00M	4,460.00M	3,827.00M	3,878.00M	8,579.00M	9,086.00M	5,897.00M	1,722.00M	3,103.00M	2,582.00M	5,434.00M	9,727.00M	8,780.00M	8,254.00M	9,504.00M	8,343.00M	7,461.00M	5,917.00M	4,534.00M	3,634.00M	3,287.00M	2,933.00M	2,534.00M
Accumulated OCI	-2,417.00M	-2,412.00M	-2,539.00M	-2,540.00M	-2,535.00M	-2,379.00M	-2,446.00M	-2,440.00M	-2,765.00M	-2,562.00M	-2,317.00M	-1,866.00M	-1,855.00M	-2,287.00M	-3,300.00M	-2,876.00M	-2,222.00M	-2,286.00M	-2,205.00M	-706.00M	-1,650.00M	-1,423.00M	-55.00M	207.00M	-523.00M	-214.00M	1,123.00M	3,154.00M	-12,839.00M	-11,524.00M	-9,830.00M	-8,110.00M	-6,657.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	17.00M	16.00M	16.00M	15.00M	15.00M	17.00M	17.00M	17.00M	17.00M	15.00M	12.00M	10.00M	31.00M	30.00M	25.00M	60.00M	102.00M	108.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	485.00M	485.00M	484.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	179.00M	-75.00M	-237.00M	-898.00M	-1,190.00M	-1,027.00M	-1,317.00M	-1,199.00M	-1,712.00M	-2,093.00M	-1,167.00M	-148.00M	1,557.00M	141.00M	-1,672.00M	-1,857.00M	2,241.00M	1,564.00M	8,504.00M	14,665.00M	14,633.00M	11,982.00M	9,010.00M	10,327.00M	9,006.00M	11,984.00M	17,424.00M	13,772.00M	-4,585.00M	-2,020.00M	-1,487.00M	-649.00M	1,024.00M	5,370.00M	3,634.00M	3,287.00M	2,933.00M	2,534.00M
Total Equity	196.00M	-59.00M	-221.00M	-883.00M	-1,175.00M	-1,010.00M	-1,300.00M	-1,182.00M	-1,695.00M	-2,078.00M	-1,155.00M	-138.00M	1,588.00M	171.00M	-1,647.00M	-1,797.00M	2,343.00M	1,672.00M	8,504.00M	14,665.00M	14,633.00M	11,982.00M	9,010.00M	10,327.00M	9,006.00M	12,469.00M	17,909.00M	14,256.00M	-4,585.00M	-2,020.00M	-1,487.00M	-649.00M	1,024.00M	5,370.00M	3,634.00M	3,287.00M	2,933.00M	2,534.00M
Total Liabilities & Equity	15,412.00M	13,140.00M	11,523.00M	10,580.00M	10,916.00M	10,412.00M	9,417.00M	9,116.00M	8,378.00M	7,371.00M	8,079.00M	8,016.00M	8,737.00M	8,004.00M	7,192.00M	6,513.00M	13,593.00M	16,014.00M	26,163.00M	34,493.00M	35,307.00M	30,005.00M	25,219.00M	23,988.00M	23,006.00M	25,297.00M	34,781.00M	28,128.00M	5,695.00M	6,510.00M	6,231.00M	6,934.00M	6,141.00M	9,963.00M	9,119.00M	8,032.00M	7,418.00M	6,417.00M
Tangible Assets	8,815.00M	11,173.00M	9,820.00M	8,680.00M	8,160.00M	8,519.00M	7,423.00M	7,248.00M	6,654.00M	6,409.00M	7,752.00M	7,566.00M	10,040.00M	10,519.00M	11,346.00M	12,888.00M	22,073.00M	22,991.00M	25,032.00M	28,689.00M	39,488.00M	33,594.00M	34,130.00M	35,433.00M	31,152.00M	33,398.00M	42,343.00M	37,932.00M	28,899.00M	27,613.00M	24,374.00M	23,151.00M	17,536.00M	13,498.00M	10,629.00M	9,375.00M	8,742.00M	7,686.00M
Tangible Equity	-9,711.00M	-5,260.00M	-4,996.00M	-5,539.00M	-5,829.00M	-4,680.00M	-4,753.00M	-4,576.00M	-4,439.00M	-3,877.00M	-2,704.00M	-607.00M	1,182.00M	-196.00M	-3,266.00M	-3,225.00M	-1,161.00M	-1,151.00M	5,667.00M	8,542.00M	14,633.00M	9,929.00M	9,010.00M	10,327.00M	9,006.00M	12,469.00M	17,909.00M	14,256.00M	-4,585.00M	-2,020.00M	-1,487.00M	-649.00M	1,024.00M	5,370.00M	3,634.00M	3,287.00M	2,933.00M	2,534.00M
Tangible Book Value	-9,711.00M	-5,260.00M	-4,996.00M	-5,539.00M	-5,829.00M	-4,680.00M	-4,753.00M	-4,576.00M	-4,439.00M	-3,877.00M	-2,704.00M	-607.00M	1,182.00M	-196.00M	-3,266.00M	-3,225.00M	-1,161.00M	-1,151.00M	5,667.00M	8,542.00M	14,633.00M	9,929.00M	9,010.00M	10,327.00M	9,006.00M	12,469.00M	17,909.00M	14,256.00M	-4,585.00M	-2,020.00M	-1,487.00M	-649.00M	1,024.00M	5,370.00M	3,634.00M	3,287.00M	2,933.00M	2,534.00M
Total Investments	192.00M	180.00M	135.00M	143.00M	147.00M	209.00M	158.00M	159.00M	169.00M	247.00M	238.00M	268.00M	316.00M	253.00M	2,279.00M	3,376.00M	5,035.00M	5,619.00M	742.00M	1,449.00M	13,323.00M	1,798.00M	3,393.00M	3,474.00M	59.00M	80.00M	354.00M	699.00M	171.00M	335.00M	298.00M	350.00M	0.00M	358.00M	0.00M	0.00M	0.00M	0.00M
Net Debt	8,573.00M	4,525.00M	3,895.00M	4,313.00M	4,689.00M	3,819.00M	3,921.00M	4,128.00M	4,074.00M	3,266.00M	3,366.00M	2,369.00M	-554.00M	-764.00M	395.00M	-346.00M	-1,409.00M	1,032.00M	1,120.00M	1,571.00M	1,185.00M	480.00M	-5,261.00M	-306.00M	2,311.00M	3,160.00M	7,383.00M	2,248.00M	4,089.00M	1,981.00M	1,800.00M	2,829.00M	1,302.00M	1,029.00M	1,018.00M	1,504.00M	1,522.00M	1,311.00M

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	1994-12-31	1993-12-31	1992-12-31	1991-12-31	1990-12-31	1989-12-31
Working Capital	75.0M	3,250.0M	1,424.0M	-11.0M	695.0M	1,349.0M	838.0M	739.0M	1,176.0M	1,019.0M	800.0M	2,389.0M	4,629.0M	3,800.0M	4,066.0M	4,953.0M	8,444.0M	7,771.0M	6,743.0M	9,722.0M	15,550.0M	15,381.0M	10,509.0M	8,474.0M	7,324.0M	7,451.0M	3,628.0M	4,087.0M	2,091.0M	4,181.0M	3,324.0M	2,717.0M	3,008.0M	2,324.0M	1,883.0M	1,424.0M	1,404.0M	1,164.0M
Total Capital	12,263.0M	10,300.0M	8,254.0M	7,274.0M	6,667.0M	6,090.0M	5,145.0M	5,048.0M	4,027.0M	2,729.0M	3,432.0M	4,284.0M	6,135.0M	6,120.0M	5,128.0M	6,749.0M	13,684.0M	13,676.0M	13,691.0M	19,770.0M	21,539.0M	20,927.0M	18,626.0M	20,260.0M	20,057.0M	22,933.0M	29,296.0M	21,937.0M	17,764.0M	16,698.0M	15,108.0M	14,602.0M	11,139.0M	8,324.0M	6,839.0M	6,436.0M	6,044.0M	5,345.0M
Capital Employed	13,140.0M	11,948.0M	9,540.0M	7,600.0M	8,254.0M	8,126.0M	7,387.0M	7,203.0M	6,313.0M	5,277.0M	5,795.0M	6,194.0M	8,173.0M	8,631.0M	9,344.0M	10,114.0M	16,867.0M	17,342.0M	17,249.0M	22,312.0M	23,168.0M	23,161.0M	20,316.0M	22,665.0M	21,342.0M	23,700.0M	26,086.0M	24,911.0M	17,288.0M	18,223.0M	16,081.0M	15,008.0M	11,619.0M	9,109.0M	7,294.0M	6,312.0M	5,694.0M	4,935.0M
Invested Capital	11,369.0M	7,094.0M	6,152.0M	5,569.0M	5,342.0M	4,216.0M	3,891.0M	4,047.0M	2,781.0M	1,524.0M	2,402.0M	2,304.0M	2,181.0M	2,895.0M	3,660.0M	4,868.0M	9,476.0M	10,807.0M	10,627.0M	17,018.0M	18,327.0M	17,153.0M	8,070.0M	12,383.0M	13,550.0M	16,851.0M	25,995.0M	18,592.0M	16,311.0M	15,253.0M	13,595.0M	13,877.0M	10,398.0M	7,438.0M	6,162.0M	6,134.0M	5,779.0M	5,114.0M

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	1994-12-31	1993-12-31	1992-12-31	1991-12-31	1990-12-31	1989-12-31
Net Income	2,119.00M	1,562.00M	1,582.00M	1,709.00M	1,367.00M	1,250.00M	953.00M	871.00M	969.00M	-151.00M	562.00M	643.00M	-696.00M	1,105.00M	878.00M	741.00M	271.00M	-88.00M	-4,244.00M	-49.00M	3,661.00M	4,599.00M	2,191.00M	893.00M	-2,485.00M	-3,937.00M	1,318.00M	817.00M	-962.00M	1,180.00M	1,154.00M	1,781.00M	1,560.00M	1,022.00M	576.00M	454.00M	499.00M	498.00M
Depreciation & Amortization	369.00M	361.00M	336.00M	356.00M	440.00M	438.00M	409.00M	394.00M	360.00M	343.00M	295.00M	150.00M	173.00M	228.00M	208.00M	366.00M	572.00M	751.00M	831.00M	903.00M	558.00M	613.00M	659.00M	1,667.00M	2,108.00M	2,552.00M	2,522.00M	2,193.00M	2,208.00M	2,339.00M	2,316.00M	1,931.00M	1,547.00M	1,196.00M	1,029.00M	886.00M	790.00M	650.00M
Deferred Income Tax	78.00M	-200.00M	-215.00M	-32.00M	-334.00M	34.00M	-25.00M	-84.00M	9.00M	1,100.00M	213.00M	160.00M	-557.00M	-231.00M	242.00M	63.00M	346.00M	50.00M	1,698.00M	-747.00M	838.00M	1,000.00M	456.00M	1.00M	-1,570.00M	-2,273.00M	239.00M	-415.00M	-933.00M	-98.00M	-160.00M	-55.00M	-177.00M	50.00M	-23.00M	-5.00M	-62.00M	-31.00M
Stock-Based Compensation	276.00M	232.00M	243.00M	212.00M	172.00M	129.00M	129.00M	118.00M	73.00M	66.00M	68.00M	78.00M	94.00M	153.00M	184.00M	168.00M	273.00M	296.00M	280.00M	315.00M	276.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-133.00M	5.00M	-156.00M	-244.00M	-329.00M	-34.00M	102.00M	89.00M	-370.00M	-89.00M	-61.00M	61.00M	-1,593.00M	-259.00M	-422.00M	-584.00M	184.00M	-263.00M	-757.00M	256.00M	-1,442.00M	45.00M	69.00M	698.00M	-636.00M	1,527.00M	-5,488.00M	-1,526.00M	-1,126.00M	-709.00M	958.00M	-259.00M	-369.00M	55.00M	372.00M	18.00M	55.00M	94.00M
Accounts Receivable	-124.00M	-147.00M	-246.00M	-180.00M	-112.00M	3.00M	90.00M	-79.00M	62.00M	-60.00M	32.00M	21.00M	-62.00M	-66.00M	81.00M	-250.00M	-311.00M	-10.00M	1,891.00M	2,538.00M	-1,775.00M	-539.00M	-539.00M	-54.00M	0.00M	0.00M	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	-66.00M	127.00M	62.00M	200.00M	-242.00M	-284.00M	-14.00M	-74.00M	71.00M	-46.00M	6.00M	16.00M	-5.00M	-10.00M	-3.00M	-14.00M	-267.00M	1,349.00M	-54.00M	556.00M	-718.00M	23.00M	-433.00M	77.00M	-102.00M	1,838.00M	-2,305.00M	-661.00M	254.00M	-880.00M	308.00M	-856.00M	-806.00M	-539.00M	-77.00M	3.00M	-72.00M	-29.00M
Accounts Payable	147.00M	265.00M	302.00M	-144.00M	451.00M	578.00M	-116.00M	198.00M	271.00M	160.00M	203.00M	10.00M	-120.00M	-201.00M	-162.00M	-191.00M	-2,412.00M	-1,631.00M	-1,631.00M	-2,303.00M	1,654.00M	1,917.00M	1,917.00M	374.00M	0.00M	0.00M	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	-90.00M	-240.00M	-274.00M	-120.00M	-426.00M	-331.00M	142.00M	44.00M	-774.00M	-143.00M	-302.00M	14.00M	-1,406.00M	18.00M	-338.00M	-129.00M	3,174.00M	29.00M	-963.00M	-535.00M	-603.00M	-1,356.00M	-876.00M	301.00M	-534.00M	-311.00M	-3,183.00M	-865.00M	-1,380.00M	171.00M	650.00M	597.00M	437.00M	594.00M	449.00M	15.00M	127.00M	123.00M
Other Non-Cash Items	-58.00M	606.00M	601.00M	43.00M	507.00M	20.00M	45.00M	435.00M	34.00M	77.00M	88.00M	-87.00M	1,989.00M	-52.00M	-20.00M	120.00M	321.00M	-117.00M	2,434.00M	32.00M	-392.00M	-1,631.00M	350.00M	-488.00M	3,922.00M	4,107.00M	245.00M	859.00M	1,834.00M	-116.00M	-78.00M	-111.00M	-9.00M	-9.00M	-12.00M	5.00M	26.00M	0.00M
Net Cash from Operating Activities	2,651.00M	2,566.00M	2,391.00M	2,044.00M	1,823.00M	1,837.00M	1,613.00M	1,823.00M	1,075.00M	1,346.00M	1,165.00M	1,005.00M	-590.00M	944.00M	1,070.00M	874.00M	1,967.00M	629.00M	242.00M	710.00M	3,499.00M	4,605.00M	3,066.00M	2,771.00M	1,339.00M	1,976.00M	-1,164.00M	1,928.00M	1,021.00M	2,596.00M	4,190.00M	3,287.00M	2,552.00M	2,314.00M	1,942.00M	1,358.00M	1,308.00M	1,211.00M
Capital Expenditures (PPE)	-237.00M	-252.00M	-257.00M	-253.00M	-256.00M	-243.00M	-217.00M	-248.00M	-197.00M	-227.00M	-271.00M	-175.00M	-181.00M	-191.00M	-187.00M	-186.00M	-335.00M	-275.00M	-504.00M	-527.00M	-649.00M	-583.00M	-494.00M	-655.00M	-607.00M	-1,321.00M	-4,131.00M	-2,684.00M	-3,221.00M	-2,874.00M	-2,973.00M	-4,225.00M	-3,320.00M	-2,187.00M	-1,386.00M	-1,317.00M	-1,256.00M	-1,094.00M
Acquisitions (Net)	-22.00M	-280.00M	-290.00M	-180.00M	-1,177.00M	-521.00M	-287.00M	-709.00M	-1,164.00M	-404.00M	-1,474.00M	-586.00M	-47.00M	-65.00M	-109.00M	1,091.00M	106.00M	265.00M	133.00M	-4,568.00M	933.00M	-312.00M	-476.00M	-302.00M	-94.00M	-512.00M	-1,912.00M	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	-4,371.00M	-173.00M	0.00M	0.00M	1,174.00M	243.00M	217.00M	248.00M	197.00M	227.00M	271.00M	175.00M	84.00M	191.00M	-38.00M	1,514.00M	-6.00M	-922.00M	-282.00M	6,897.00M	-1,417.00M	-3,157.00M	-13.00M	-82.00M	143.00M	14.00M	174.00M	-496.00M	0.00M	-37.00M	0.00M	-32.00M	0.00M	-105.00M	-22.00M	0.00M	-110.00M	-57.00M
Sales / Maturities of Investments	14.00M	45.00M	40.00M	19.00M	46.00M	16.00M	11.00M	16.00M	95.00M	183.00M	670.00M	230.00M	3,403.00M	2,200.00M	1,037.00M	1,515.00M	452.00M	223.00M	1,334.00M	7,308.00M	1,960.00M	1,565.00M	682.00M	173.00M	23.00M	233.00M	345.00M	0.00M	164.00M	0.00M	52.00M	0.00M	40.00M	0.00M	0.00M	81.00M	0.00M	0.00M
Other Investing Activities	-463.00M	18.00M	0.00M	0.00M	-1,174.00M	-237.00M	-161.00M	-241.00M	-197.00M	-227.00M	-198.00M	-172.00M	-144.00M	-125.00M	94.00M	-1,516.00M	-29.00M	41.00M	113.00M	-6,731.00M	-1,875.00M	103.00M	138.00M	843.00M	96.00M	4,063.00M	1,433.00M	2,452.00M	92.00M	286.00M	15.00M	-322.00M	-688.00M	-215.00M	-86.00M	4.00M	-78.00M	-92.00M
Net Cash from Investing Activities	-5,079.00M	-642.00M	-507.00M	-414.00M	-1,387.00M	-742.00M	-437.00M	-934.00M	-1,266.00M	-448.00M	-1,002.00M	-528.00M	3,115.00M	2,010.00M	797.00M	2,418.00M	188.00M	-668.00M	794.00M	2,379.00M	-1,048.00M	-2,384.00M	-163.00M	-23.00M	-439.00M	2,477.00M	-4,091.00M	-728.00M	-2,965.00M	-2,625.00M	-2,906.00M	-4,579.00M	-3,968.00M	-2,507.00M	-1,494.00M	-1,232.00M	-1,444.00M	-1,243.00M
Net Debt Issuance	3,952.00M	-618.00M	-618.00M	-1.00M	310.00M	491.00M	-22.00M	-561.00M	598.00M	-11.00M	-13.00M	967.00M	910.00M	589.00M	334.00M	-1,219.00M	-1,016.00M	-218.00M	-268.00M	-213.00M	48.00M	-1,121.00M	-2,769.00M	-1,139.00M	-521.00M	-1,826.00M	5,069.00M	51.00M	2,107.00M	110.00M	-242.00M	1,463.00M	359.00M	409.00M	-140.00M	-8.00M	215.00M	138.00M
Long-Term Debt Issuance	3,029.00M	-618.00M	-618.00M	-1.00M	310.00M	491.00M	-22.00M	-561.00M	598.00M	-11.00M	-13.00M	967.00M	910.00M	589.00M	334.00M	-1,219.00M	-1,011.00M	-132.00M	-218.00M	29.00M	-18.00M	-1,132.00M	-2,750.00M	-1,139.00M	-521.00M	-1,826.00M	5,069.00M	51.00M	2,107.00M	110.00M	-242.00M	1,463.00M	359.00M	409.00M	-140.00M	-8.00M	215.00M	138.00M
Short-Term Debt Issuance	923.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-5.00M	-86.00M	-50.00M	-242.00M	66.00M	11.00M	-19.00M	0.00M	0.00M	0.00M	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	-717.00M	-228.00M	-172.00M	-700.00M	-836.00M	-528.00M	-612.00M	-315.00M	36.00M	-401.00M	-749.00M	-3,093.00M	-2,546.00M	-1,694.00M	-2,305.00M	-918.00M	179.00M	116.00M	7.00M	-2,595.00M	-2,908.00M	325.00M	1,680.00M	158.00M	401.00M	362.00M	383.00M	1,028.00M	53.00M	137.00M	7.00M	49.00M	1,061.00M	113.00M	167.00M	19.00M	55.00M	29.00M
Common Stock Issuance	53.00M	47.00M	75.00M	104.00M	156.00M	102.00M	108.00M	114.00M	168.00M	82.00M	93.00M	84.00M	135.00M	165.00M	133.00M	192.00M	179.00M	116.00M	145.00M	440.00M	918.00M	1,199.00M	1,680.00M	158.00M	401.00M	362.00M	383.00M	1,028.00M	53.00M	137.00M	7.00M	49.00M	1,061.00M	113.00M	167.00M	19.00M	55.00M	29.00M
Common Stock Repurchased	-770.00M	-275.00M	-247.00M	-804.00M	-836.00M	-528.00M	-612.00M	-315.00M	-132.00M	-483.00M	-842.00M	-3,177.00M	-2,546.00M	-1,694.00M	-2,438.00M	-1,110.00M	0.00M	0.00M	-138.00M	-3,035.00M	-3,826.00M	-874.00M	0.00M	0.00M	0.00M	0.00M	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 Stock Issuance	0.00M	0.00M	0.00M	0.00M	-156.00M	-102.00M	-108.00M	-114.00M	0.00M	0.00M	0.00M	0.00M	-87.00M	-165.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-710.00M	-636.00M	-654.00M	-589.00M	-530.00M	-482.00M	-436.00M	-379.00M	-337.00M	-307.00M	-280.00M	-277.00M	-318.00M	-292.00M	-270.00M	-72.00M	-114.00M	-114.00M	-453.00M	-468.00M	-443.00M	-394.00M	-378.00M	-372.00M	-364.00M	-356.00M	-333.00M	-291.00M	-288.00M	-286.00M	-261.00M	-236.00M	-149.00M	-120.00M	-100.00M	-100.00M	-100.00M	-99.00M
Common Dividends Paid	-710.00M	-636.00M	-654.00M	-589.00M	-530.00M	-482.00M	-436.00M	-379.00M	-337.00M	-307.00M	-280.00M	-277.00M	-318.00M	-292.00M	-270.00M	-72.00M	-114.00M	-114.00M	-453.00M	-468.00M	-443.00M	-394.00M	-378.00M	-372.00M	-364.00M	-356.00M	-333.00M	-291.00M	-288.00M	-286.00M	-261.00M	-236.00M	-149.00M	-120.00M	-100.00M	-100.00M	-100.00M	-99.00M
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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-628.00M	-4.00M	-4.00M	-5.00M	150.00M	90.00M	104.00M	111.00M	-77.00M	-3.00M	0.00M	5.00M	98.00M	190.00M	-53.00M	-3,383.00M	483.00M	6.00M	69.00M	-25.00M	142.00M	283.00M	1,230.00M	-113.00M	0.00M	0.00M	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 Cash from Financing Activities	1,897.00M	-1,486.00M	-1,448.00M	-1,295.00M	-906.00M	-429.00M	-966.00M	-1,144.00M	220.00M	-722.00M	-1,042.00M	-2,382.00M	-1,711.00M	-1,207.00M	-2,294.00M	-5,592.00M	-851.00M	-210.00M	-645.00M	-3,226.00M	-3,161.00M	-1,190.00M	-237.00M	-1,466.00M	-484.00M	-1,820.00M	5,119.00M	725.00M	1,918.00M	-39.00M	-496.00M	1,276.00M	1,271.00M	402.00M	-73.00M	-89.00M	170.00M	68.00M
Effect of FX on Cash	21.00M	56.00M	-39.00M	45.00M	-79.00M	-46.00M	43.00M	-1.00M	-40.00M	62.00M	-71.00M	-69.00M	-85.00M	10.00M	14.00M	-27.00M	27.00M	54.00M	-79.00M	73.00M	148.00M	-103.00M	100.00M	88.00M	9.00M	148.00M	-100.00M	-33.00M	34.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-448.00M	-126.00M	136.00M	32.00M
Net Change in Cash	-510.00M	494.00M	397.00M	380.00M	-549.00M	620.00M	253.00M	-256.00M	-11.00M	238.00M	-950.00M	-1,974.00M	729.00M	1,757.00M	-413.00M	-2,327.00M	1,339.00M	-195.00M	312.00M	-64.00M	-562.00M	928.00M	2,766.00M	1,370.00M	425.00M	2,781.00M	-236.00M	1,892.00M	8.00M	-68.00M	788.00M	-16.00M	-145.00M	209.00M	-73.00M	-89.00M	170.00M	68.00M
Cash at Beginning of Period	8,276.00M	5,508.00M	1,705.00M	1,325.00M	1,874.00M	1,254.00M	1,001.00M	1,257.00M	1,268.00M	1,030.00M	1,980.00M	3,954.00M	3,225.00M	1,468.00M	1,881.00M	4,208.00M	2,869.00M	3,064.00M	2,752.00M	2,816.00M	3,774.00M	2,846.00M	7,790.00M	6,507.00M	6,082.00M	3,301.00M	3,537.00M	1,453.00M	1,445.00M	1,513.00M	725.00M	741.00M	886.00M	677.00M	302.00M	265.00M	231.00M	195.00M
Cash at End of Period	7,766.00M	6,002.00M	2,102.00M	1,705.00M	1,325.00M	1,874.00M	1,254.00M	1,001.00M	1,257.00M	1,268.00M	1,030.00M	1,980.00M	3,954.00M	3,225.00M	1,468.00M	1,881.00M	4,208.00M	2,869.00M	3,064.00M	2,752.00M	3,212.00M	3,774.00M	10,556.00M	7,877.00M	6,507.00M	6,082.00M	3,301.00M	3,345.00M	1,453.00M	1,445.00M	1,513.00M	725.00M	741.00M	886.00M	229.00M	176.00M	401.00M	263.00M
Operating Cash Flow	2,651.00M	2,566.00M	2,391.00M	2,044.00M	1,823.00M	1,837.00M	1,613.00M	1,823.00M	1,075.00M	1,346.00M	1,165.00M	1,005.00M	-590.00M	944.00M	1,070.00M	874.00M	1,967.00M	629.00M	242.00M	710.00M	3,499.00M	4,605.00M	3,066.00M	2,771.00M	1,339.00M	1,976.00M	-1,164.00M	1,928.00M	1,021.00M	2,596.00M	4,190.00M	3,287.00M	2,552.00M	2,314.00M	1,942.00M	1,358.00M	1,308.00M	1,211.00M
Capital Expenditure	-237.00M	-252.00M	-257.00M	-253.00M	-256.00M	-243.00M	-217.00M	-248.00M	-197.00M	-227.00M	-271.00M	-175.00M	-181.00M	-191.00M	-187.00M	-186.00M	-335.00M	-275.00M	-504.00M	-527.00M	-649.00M	-583.00M	-494.00M	-655.00M	-607.00M	-1,321.00M	-4,131.00M	-2,684.00M	-3,221.00M	-2,874.00M	-2,973.00M	-4,225.00M	-3,320.00M	-2,187.00M	-1,386.00M	-1,317.00M	-1,256.00M	-1,094.00M
Free Cash Flow	2,414.00M	2,314.00M	2,134.00M	1,791.00M	1,567.00M	1,594.00M	1,396.00M	1,575.00M	878.00M	1,119.00M	894.00M	830.00M	-771.00M	753.00M	883.00M	688.00M	1,632.00M	354.00M	-262.00M	183.00M	2,850.00M	4,022.00M	2,572.00M	2,116.00M	732.00M	655.00M	-5,295.00M	-756.00M	-2,200.00M	-278.00M	1,217.00M	-938.00M	-768.00M	127.00M	556.00M	41.00M	52.00M	117.00M

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	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	1994-12-31	1993-12-31	1992-12-31	1991-12-31	1990-12-31	1989-12-31
EBITDA	3,342.00M	3,175.00M	3,179.00M	2,907.00M	2,440.00M	2,391.00M	2,038.00M	2,235.00M	1,949.00M	1,774.00M	1,567.00M	1,228.00M	1,139.00M	1,176.00M	1,083.00M	1,565.00M	1,254.00M	727.00M	787.00M	1,334.00M	4,675.00M	4,741.00M	3,707.00M	2,057.00M	2,892.00M	723.00M	4,530.00M	6,024.00M	5,350.00M	6,625.00M	6,592.00M	6,793.00M	5,651.00M	4,032.00M	3,015.00M	2,514.00M	2,379.00M	2,076.00M
(-) Tax Adjustment	752.56M	546.78M	628.71M	585.19M	238.36M	465.26M	383.64M	290.26M	235.22M	620.90M	523.57M	366.93M	398.65M	0.00M	259.38M	0.00M	438.90M	229.81M	0.00M	466.90M	1,368.02M	1,399.67M	1,206.68M	669.72M	806.50M	206.50M	1,585.50M	1,840.54M	1,559.02M	2,318.75M	2,306.27M	2,377.55M	1,977.85M	1,329.90M	844.20M	652.08M	596.54M	475.62M
(-) Change In Working Capital	-133.00M	5.00M	-156.00M	-244.00M	-329.00M	-34.00M	102.00M	89.00M	-370.00M	-89.00M	-61.00M	61.00M	-1,593.00M	-259.00M	-422.00M	-584.00M	184.00M	-263.00M	-757.00M	256.00M	-1,442.00M	45.00M	69.00M	698.00M	-636.00M	1,527.00M	-5,488.00M	-1,526.00M	-1,126.00M	-709.00M	958.00M	-259.00M	-369.00M	55.00M	372.00M	18.00M	55.00M	94.00M
(-) Capital Expenditure	-237.00M	-252.00M	-257.00M	-253.00M	-256.00M	-243.00M	-217.00M	-248.00M	-197.00M	-227.00M	-271.00M	-175.00M	-181.00M	-191.00M	-187.00M	-186.00M	-335.00M	-275.00M	-504.00M	-527.00M	-649.00M	-583.00M	-494.00M	-655.00M	-607.00M	-1,321.00M	-4,131.00M	-2,684.00M	-3,221.00M	-2,874.00M	-2,973.00M	-4,225.00M	-3,320.00M	-2,187.00M	-1,386.00M	-1,317.00M	-1,256.00M	-1,094.00M
Unlevered Free Cash Flow	2,485.44M	2,371.22M	2,449.29M	2,312.81M	2,274.64M	1,716.74M	1,335.36M	1,607.74M	1,886.78M	1,015.10M	833.43M	625.07M	2,152.35M	1,244.00M	1,058.62M	1,963.00M	296.10M	485.19M	1,040.00M	84.10M	4,099.98M	2,713.33M	1,937.32M	34.28M	2,114.50M	-2,331.50M	4,301.50M	3,025.46M	1,695.98M	2,141.25M	354.73M	449.45M	722.15M	460.10M	412.80M	526.92M	471.46M	412.38M
(-) Net Interest Income After Taxes	-192.15M	-184.60M	-182.11M	-172.52M	-203.92M	-167.53M	-178.59M	-191.43M	-195.21M	-130.65M	-136.50M	-121.31M	-81.90M	-113.00M	-50.19M	-74.00M	-83.85M	-90.27M	48.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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 Debt Issuance	3,952.00M	-618.00M	-618.00M	-1.00M	310.00M	491.00M	-22.00M	-561.00M	598.00M	-11.00M	-13.00M	967.00M	910.00M	589.00M	334.00M	-1,219.00M	-1,016.00M	-218.00M	-268.00M	-213.00M	48.00M	-1,121.00M	-2,769.00M	-1,139.00M	-521.00M	-1,826.00M	5,069.00M	51.00M	2,107.00M	110.00M	-242.00M	1,463.00M	359.00M	409.00M	-140.00M	-8.00M	215.00M	138.00M
Levered Free Cash Flow	6,629.59M	1,937.82M	2,013.40M	2,484.33M	2,788.56M	2,375.27M	1,491.94M	1,238.17M	2,679.98M	1,134.75M	956.93M	1,713.38M	3,144.25M	1,946.00M	1,442.81M	818.00M	-636.05M	357.47M	724.00M	-128.90M	4,147.98M	1,592.33M	-831.68M	-1,104.72M	1,593.50M	-4,157.50M	9,370.50M	3,076.46M	3,802.98M	2,251.25M	112.73M	1,912.45M	1,081.15M	869.10M	272.80M	518.92M	686.46M	550.38M