Choice Hotels International, Inc. (CHH)

Industry: Travel Lodging Sector: Consumer Cyclical Currency Used: US Live Price: $107.95

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
Stock Price	106.91	126.88	122.19	128.72	117.63	118.89	127.13	83.21	89.56	77.22	67.09	50.70	54.10	50.28	43.75	35.50	35.00	34.94	28.79	29.44	36.61	47.35	34.48	26.31	14.50	11.21	8.42	6.13	8.51	7.29	8.28	7.91
Market Capitalization	4,923.21M	5,854.37M	5,650.35M	6,132.58M	5,924.91M	6,482.85M	7,052.36M	4,734.37M	4,960.22M	4,344.69M	3,817.26M	2,839.78M	3,081.95M	2,909.31M	2,542.60M	2,067.32M	2,081.17M	2,074.96M	1,723.79M	1,819.14M	2,350.48M	3,094.85M	2,221.23M	1,739.55M	1,027.86M	879.63M	728.83M	626.41M	927.00M	844.56M	1,012.11M	1,001.17M
(-) Cash & Equivalents	52.58M	58.61M	50.42M	50.32M	32.76M	307.13M	364.41M	265.71M	32.89M	32.89M	214.90M	202.59M	205.97M	211.42M	153.24M	206.49M	99.79M	76.83M	62.68M	55.77M	44.11M	26.13M	28.94M	25.73M	17.17M	14.53M	9.92M	15.17M	7.78M	4.28M	5.80M	3.05M
(+) Total Debt	2,028.29M	2,011.36M	2,008.91M	1,898.06M	1,523.40M	1,174.74M	1,077.62M	1,163.87M	856.19M	782.59M	813.93M	875.79M	811.21M	794.30M	839.11M	646.30M	254.68M	273.92M	295.98M	265.57M	233.60M	210.97M	302.13M	302.27M	294.46M	307.81M	281.64M	315.26M	306.70M	280.75M	246.53M	148.10M
Enterprise Value	6,898.91M	7,807.12M	7,608.84M	7,980.33M	7,415.55M	7,350.47M	7,765.57M	5,632.53M	5,783.52M	5,094.40M	4,416.28M	3,512.98M	3,687.18M	3,492.18M	3,228.47M	2,507.13M	2,236.06M	2,272.05M	1,957.08M	2,028.95M	2,539.97M	3,279.69M	2,494.42M	2,016.09M	1,305.15M	1,172.91M	1,000.54M	926.51M	1,225.93M	1,121.04M	1,252.84M	1,146.22M

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
Revenue	1,596M	1,553M	1,585M	1,544M	1,402M	1,069M	774M	1,115M	1,041M	1,007M	925M	860M	758M	724M	692M	639M	596M	564M	642M	615M	545M	477M	429M	386M	366M	341M	167M	162M	165M	101M	430M
Cost of Revenue	775M	803M	841M	854M	702M	470M	463M	594M	534M	567M	526M	489M	413M	407M	388M	353M	332M	309M	340M	320M	281M	246M	224M	198M	193M	171M	0M	-6M	15M	92M	247M
Gross Profit	822M	750M	744M	690M	700M	600M	311M	521M	507M	440M	399M	371M	345M	318M	303M	286M	264M	256M	302M	295M	263M	231M	205M	188M	172M	171M	167M	167M	150M	9M	183M
Gross Profit Margin	51.5%	48.3%	47.0%	44.7%	49.9%	56.1%	40.2%	46.8%	48.7%	43.7%	43.1%	43.2%	45.6%	43.8%	43.8%	44.8%	44.2%	45.3%	47.0%	48.0%	48.4%	48.4%	47.7%	48.7%	47.2%	50.0%	100.0%	103.5%	90.7%	8.8%	42.5%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	10M	11M	12M	12M	10M	6M	4M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	300M	244M	220M	216M	168M	146M	149M	169M	170M	163M	149M	134M	121M	114M	102M	106M	95M	99M	119M	102M	87M	78M	70M	63M	55M	56M	58M	56M	51M	30M	55M
Operating Expenses	355M	368M	280M	315M	221M	171M	189M	188M	184M	176M	160M	146M	131M	123M	110M	114M	103M	108M	467M	110M	97M	87M	80M	74M	66M	69M	69M	74M	63M	36M	85M
Operating Income (EBIT)	466M	382M	464M	375M	479M	429M	122M	334M	323M	264M	238M	225M	215M	194M	193M	172M	161M	148M	-165M	185M	167M	144M	125M	114M	106M	102M	98M	94M	87M	-27M	98M
Operating Income Margin	29.2%	24.6%	29.3%	24.3%	34.1%	40.1%	15.7%	29.9%	31.0%	26.3%	25.8%	26.2%	28.3%	26.9%	27.9%	26.9%	27.0%	26.2%	-25.8%	30.1%	30.6%	30.1%	29.2%	29.5%	29.1%	29.9%	58.6%	58.0%	52.5%	-26.5%	22.8%
Interest Income	7M	8M	9M	8M	7M	5M	8M	10M	7M	6M	4M	2M	2M	3M	2M	1M	3M	6M	0M	2M	0M	2M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Interest Expense	89M	83M	87M	64M	44M	47M	49M	47M	46M	45M	44M	43M	41M	43M	27M	13M	7M	4M	19M	11M	12M	13M	0M	5M	0M	0M	54M	0M	0M	0M	0M
Net Interest Income	-82M	-75M	-78M	-56M	-37M	-42M	-41M	-37M	-38M	-39M	-41M	-41M	-40M	-40M	-26M	-12M	-4M	1M	-19M	-10M	-11M	-11M	0M	-5M	0M	0M	-54M	0M	0M	0M	0M
Unusual Items	97M	22M	10M	18M	-5M	-11M	-27M	-27M	-11M	-1M	2M	0M	-1M	2M	2M	-2M	1M	1M	341M	-2M	0M	-2M	-10M	3M	-10M	-57M	26M	1M	-4M	73M	-26M
EBT Excluding Unusual Items	384M	307M	385M	319M	442M	387M	80M	297M	284M	225M	198M	184M	175M	155M	167M	160M	157M	150M	-184M	176M	155M	133M	125M	109M	106M	102M	44M	94M	87M	-27M	98M
Pre-Tax Income	481M	330M	396M	337M	437M	376M	53M	270M	273M	224M	200M	184M	174M	157M	169M	158M	158M	151M	157M	174M	155M	131M	115M	112M	96M	45M	70M	95M	82M	46M	72M
Pre-Tax Margin	30.1%	21.2%	25.0%	21.8%	31.2%	35.2%	6.8%	24.2%	26.2%	22.2%	21.6%	21.4%	22.9%	21.7%	24.5%	24.7%	26.5%	26.7%	24.5%	28.3%	28.5%	27.4%	26.7%	29.1%	26.2%	13.3%	41.5%	58.5%	49.8%	45.8%	16.8%
Income Tax Expense	99M	77M	96M	78M	105M	88M	-22M	47M	57M	109M	61M	56M	52M	44M	48M	48M	51M	52M	57M	63M	42M	43M	40M	41M	35M	31M	27M	37M	34M	19M	30M
Net Income	382M	253M	300M	259M	332M	289M	75M	223M	216M	115M	139M	128M	123M	113M	121M	110M	107M	98M	100M	111M	113M	88M	74M	72M	61M	14M	42M	57M	55M	27M	41M
Net Income Margin	23.9%	16.3%	18.9%	16.7%	23.7%	27.0%	9.7%	20.0%	20.8%	11.4%	15.1%	14.9%	16.2%	15.5%	17.5%	17.3%	18.0%	17.4%	15.6%	18.1%	20.7%	18.3%	17.3%	18.6%	16.6%	4.2%	25.3%	35.4%	33.4%	27.0%	9.5%
Depreciation & Amortization	68M	72M	71M	40M	64M	50M	48M	781M	719M	652M	686M	12M	9M	9M	8M	8M	8M	8M	8M	9M	10M	9M	10M	11M	11M	12M	12M	18M	13M	6M	30M
EBITDA	534M	454M	535M	415M	543M	479M	170M	1,115M	1,041M	916M	925M	237M	224M	204M	201M	180M	169M	156M	-157M	194M	176M	153M	135M	125M	118M	115M	110M	111M	99M	-21M	128M
EBITDA Margin	33.5%	29.2%	33.7%	26.9%	38.7%	44.8%	22.0%	100.0%	100.0%	91.0%	100.0%	27.5%	29.5%	28.2%	29.1%	28.2%	28.4%	27.7%	-24.5%	31.5%	32.4%	32.0%	31.5%	32.4%	32.2%	33.6%	65.8%	68.9%	60.0%	-20.4%	29.7%
NOPAT	370M	293M	351M	288M	364M	329M	173M	275M	255M	136M	166M	157M	150M	140M	138M	120M	109M	97M	-105M	119M	121M	96M	81M	73M	68M	32M	60M	57M	51M	-16M	57M
NOPAT Margin	23.2%	18.9%	22.2%	18.6%	26.0%	30.8%	22.4%	24.7%	24.5%	13.5%	18.0%	18.2%	19.8%	19.3%	19.9%	18.8%	18.3%	17.1%	-16.4%	19.3%	22.2%	20.2%	18.9%	18.9%	18.5%	9.4%	35.7%	35.1%	30.6%	-15.6%	13.3%
Owner's Earnings	393M	172M	225M	180M	306M	262M	84M	940M	886M	741M	798M	112M	112M	91M	113M	107M	91M	95M	96M	108M	115M	85M	77M	75M	60M	13M	38M	44M	56M	26M	-14M
Owner's Earnings Margin	24.6%	11.1%	14.2%	11.6%	21.8%	24.5%	10.8%	84.3%	85.0%	73.5%	86.3%	13.0%	14.7%	12.5%	16.4%	16.8%	15.3%	16.9%	14.9%	17.5%	21.1%	17.8%	18.1%	19.3%	16.4%	3.9%	22.7%	27.4%	33.6%	25.9%	-3.3%
EPS (Basic)	8.21	5.27	6.26	5.11	6.05	5.20	1.36	4.00	3.83	2.03	2.48	2.24	2.11	1.92	2.08	1.86	1.80	1.64	1.62	1.73	1.72	1.36	1.12	1.01	0.78	0.16	0.40	0.52	0.47	0.23	0.28
EPS (Diluted)	8.14	5.20	6.35	5.10	6.03	5.17	1.36	4.00	3.80	2.02	2.46	2.22	2.10	1.91	2.07	1.85	1.80	1.63	1.60	1.70	1.68	1.32	1.08	0.98	0.76	0.16	0.40	0.51	0.46	0.23	0.32
Shares (Basic)	46M	48M	47M	50M	55M	55M	55M	55M	56M	57M	56M	57M	58M	59M	58M	59M	60M	60M	62M	64M	65M	64M	66M	71M	79M	90M	106M	110M	117M	119M	126M
Shares (Diluted)	47M	49M	47M	51M	55M	56M	56M	56M	57M	57M	57M	58M	59M	59M	58M	60M	60M	60M	63M	65M	67M	66M	69M	73M	80M	90M	107M	111M	119M	121M	126M

Product Segments

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31
Consolidated	—	—	—	—	—	—	—	—	—	—	—	—	—	—	691.51M	638.79M
Corporate And Other	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	4.36M
Corporate and Other	—	—	—	—	—	—	—	—	—	7.77M	6.88M	3.23M	—	4.77M	4.57M	—
Franchising	—	—	—	—	—	—	—	—	—	996.54M	915.83M	855.46M	757.37M	719.50M	686.94M	634.44M
Initial Franchise Fees	12.34M	26.01M	25.61M	27.79M	28.07M	26.34M	—	—	—	—	—	—	—	—	—	—
Initial Franchising and Relicensing Fees	—	—	—	—	—	—	—	—	104.29M	—	—	—	—	—	—	—
Intersegment Elimination	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.00M	0.00M
Intersegment Eliminations	—	—	—	—	—	—	—	—	—	—	0.00M	0.00M	0.00M	0.00M	—	—
Loyalty Programs	—	—	—	—	—	—	—	—	53.75M	—	—	—	—	—	—	—
Marketing and Reservation System	—	—	—	—	—	528.84M	402.57M	—	—	—	—	—	—	—	—	—
Other Revenue	—	—	—	—	—	—	—	40.04M	—	—	—	—	—	—	—	—
Other Revenue Topic 606 And Not Topic 606	66.25M	55.67M	61.80M	46.05M	64.97M	—	—	—	—	—	—	—	—	—	—	—
Other Revenues From Franchised And Managed Properties	413.78M	779.11M	793.65M	784.16M	702.75M	—	—	—	—	—	—	—	—	—	—	—
Owned Hotels	118.14M	103.21M	113.46M	97.64M	70.83M	37.83M	20.17M	20.28M	—	—	—	—	—	—	—	—
Platform and Procurement Services	33.87M	74.35M	75.75M	75.11M	—	—	—	—	—	—	—	—	—	—	—	—
Procurement Service Fees	—	—	—	—	—	—	—	—	7.87M	—	—	—	—	—	—	—
Procurement Services	—	—	—	—	—	50.39M	45.24M	—	—	—	—	—	—	—	—	—
Product and Service, Other	—	—	—	—	—	—	—	—	3.22M	—	—	—	—	—	—	—
Royalty Fees	—	—	—	—	—	397.22M	263.31M	—	—	—	—	—	—	—	—	—
Royalty, Licensing And Management Fees	267.29M	512.70M	514.57M	513.41M	471.76M	—	—	—	—	—	—	—	—	—	—	—
SkyTouch Technology	—	—	—	—	—	—	—	—	—	3.05M	1.93M	1.19M	0.60M	0.03M	—	—
System Implementation Fees	—	—	—	—	—	—	—	—	8.76M	—	—	—	—	—	—	—

Geographic Segments

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31
Foreign Operations	—	—	102.70M	103.20M	70.20M	46.80M	42.60M

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
Cash & Cash Equivalents	52.58M	58.61M	40.18M	26.75M	41.57M	511.61M	234.78M	33.77M	26.64M	235.34M	202.46M	193.44M	214.88M	167.80M	134.18M	107.06M	91.26M	67.87M	52.68M	46.38M	35.84M	16.92M	27.55M	20.03M	12.23M	16.87M	19.70M	11.90M	1.70M	10.30M	6.10M
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	0.40M	3.49M	12.09M	0.00M	0.00M	0.00M	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	52.58M	58.61M	40.18M	26.75M	41.57M	511.61M	234.78M	33.77M	26.64M	235.34M	202.46M	193.44M	214.88M	168.20M	137.66M	119.15M	91.26M	67.87M	52.68M	46.38M	35.84M	16.92M	27.55M	20.03M	12.23M	16.87M	19.70M	11.90M	1.70M	10.30M	6.10M
Net Receivables	352.39M	301.27M	257.59M	195.90M	273.84M	220.11M	178.16M	178.10M	138.02M	125.87M	107.34M	89.35M	91.68M	82.39M	96.62M	68.21M	47.64M	41.90M	43.14M	42.55M	41.69M	37.16M	34.61M	33.62M	32.45M	26.11M	32.39M	30.00M	28.10M	53.40M	32.40M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	25.41M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.43M	7.98M	8.22M	12.34M	9.23M	2.62M	2.25M	1.96M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.60M
Other Current Assets	45.37M	40.80M	41.32M	73.88M	32.52M	29.95M	19.98M	24.73M	53.71M	39.22M	35.07M	28.16M	13.45M	56.39M	65.07M	22.63M	24.26M	10.11M	16.17M	4.68M	9.55M	6.31M	4.21M	2.97M	3.35M	0.00M	0.00M	0.00M	5.90M	3.40M	6.70M
Total Current Assets	450.35M	400.68M	339.09M	296.53M	347.92M	761.66M	432.91M	236.59M	243.78M	400.43M	344.87M	310.95M	320.01M	306.97M	299.35M	209.99M	163.58M	127.86M	120.22M	105.95M	96.32M	63.00M	68.63M	58.58M	48.03M	42.98M	52.09M	41.90M	35.70M	67.10M	45.80M
Property, Plant & Equipment	707.29M	740.51M	687.80M	578.58M	516.59M	431.85M	372.89M	405.29M	127.54M	102.66M	113.08M	98.36M	81.32M	76.19M	51.65M	135.25M	142.53M	134.00M	138.87M	43.89M	42.80M	46.28M	47.49M	54.25M	64.65M	70.46M	72.95M	58.30M	32.80M	37.00M	325.30M
Goodwill	304.51M	220.19M	220.19M	220.19M	218.65M	159.20M	159.20M	159.20M	169.00M	80.76M	78.91M	79.33M	65.81M	65.81M	65.81M	66.01M	66.04M	65.81M	65.81M	65.81M	65.81M	65.83M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	1,045.51M	882.49M	884.01M	811.08M	742.19M	312.39M	303.73M	290.42M	271.19M	14.67M	15.74M	11.95M	8.91M	9.95M	13.47M	17.26M	20.83M	24.56M	27.76M	31.98M	35.51M	38.27M	92.72M	96.00M	96.96M	96.88M	101.83M	107.80M	111.70M	117.60M	118.70M
Long-Term Investments	134.42M	125.48M	47.60M	226.70M	62.29M	61.91M	86.98M	103.63M	128.41M	155.06M	111.81M	17.67M	17.54M	15.95M	12.76M	11.68M	23.37M	20.93M	25.36M	33.00M	32.00M	23.00M	-2.25M	-1.96M	-58.68M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	87.98M	107.66M	108.31M	89.54M	88.18M	68.64M	67.75M	20.75M	30.61M	13.34M	52.81M	42.43M	20.55M	20.28M	15.42M	22.67M	24.44M	14.14M	20.32M	29.21M	22.45M	3.29M	2.25M	1.96M	58.68M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	177.48M	187.76M	243.53M	172.19M	126.34M	136.17M	163.88M	170.80M	167.84M	74.81M	51.18M	68.15M	24.42M	26.97M	66.54M	0.04M	-29.05M	-47.27M	-70.12M	18.55M	17.65M	25.44M	53.55M	58.44M	104.75M	110.86M	257.26M	256.70M	218.00M	154.60M	36.50M
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
Total Non-Current Assets	2,457.19M	2,264.08M	2,191.44M	2,098.27M	1,754.25M	1,170.16M	1,154.42M	1,150.08M	894.59M	441.30M	423.53M	317.90M	218.55M	215.16M	225.65M	252.89M	248.14M	212.18M	208.00M	222.43M	216.23M	202.10M	193.76M	208.70M	266.36M	278.20M	432.03M	422.80M	362.50M	309.20M	480.50M
Total Assets	2,907.53M	2,664.76M	2,530.53M	2,394.80M	2,102.18M	1,931.82M	1,587.33M	1,386.67M	1,138.37M	841.73M	768.41M	628.85M	538.56M	522.14M	525.00M	462.89M	411.72M	340.04M	328.22M	328.38M	312.54M	265.10M	262.39M	267.27M	314.38M	321.18M	484.12M	464.70M	398.20M	376.30M	526.30M
Accounts Payable	154.22M	142.87M	134.87M	131.28M	118.86M	81.17M	83.33M	73.45M	73.51M	67.84M	48.07M	64.43M	57.12M	41.66M	38.71M	38.39M	41.17M	33.86M	41.65M	55.29M	41.82M	34.58M	30.72M	29.74M	23.14M	24.72M	15.96M	21.40M	16.20M	26.50M	42.10M
Short-Term Debt	0.00M	0.00M	5.37M	503.51M	13.64M	228.35M	10.60M	17.61M	1.10M	1.23M	1.20M	1.62M	12.35M	10.09M	8.20M	0.67M	0.62M	0.00M	0.00M	0.00M	0.15M	0.15M	10.15M	23.83M	23.80M	13.56M	50.05M	44.60M	22.60M	15.00M	0.60M
Tax Payables	0.00M	0.00M	10.41M	6.95M	6.39M	0.13M	7.04M	0.00M	26.28M	2.78M	0.80M	0.16M	0.09M	2.28M	0.00M	1.11M	5.78M	6.31M	1.21M	1.66M	5.36M	2.50M	0.99M	2.58M	8.88M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Revenue	109.45M	105.76M	102.11M	108.32M	92.70M	81.54M	50.29M	71.59M	67.61M	141.11M	133.22M	71.59M	66.38M	61.19M	71.15M	68.83M	67.32M	51.77M	47.00M	48.66M	47.17M	32.13M	59.24M	44.70M	29.69M	30.05M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	204.87M	203.30M	209.97M	192.63M	204.31M	179.11M	104.58M	163.24M	149.94M	71.69M	80.39M	70.22M	64.16M	59.12M	58.07M	75.57M	50.37M	39.87M	45.21M	41.91M	45.31M	50.79M	35.93M	42.75M	29.69M	32.89M	27.82M	23.70M	19.70M	16.60M	18.90M
Total Current Liabilities	468.54M	451.93M	462.72M	942.69M	435.90M	570.30M	255.85M	325.89M	318.44M	284.65M	263.67M	208.02M	200.10M	174.34M	176.14M	184.57M	165.26M	131.81M	135.07M	147.52M	139.79M	120.15M	137.02M	143.60M	115.19M	101.23M	93.83M	89.70M	58.50M	58.10M	61.60M
Long-Term Debt	2,028.29M	2,011.36M	1,881.78M	1,178.23M	1,271.54M	879.62M	1,071.48M	865.37M	753.51M	725.29M	839.41M	812.95M	783.23M	783.47M	847.15M	252.03M	251.55M	277.70M	284.40M	272.38M	172.39M	273.97M	318.56M	222.82M	284.00M	267.73M	247.18M	262.70M	256.60M	267.80M	295.60M
Capital Lease Obligations	109.78M	111.24M	118.62M	113.72M	81.66M	47.49M	23.34M	31.37M	0.00M	0.00M	0.00M	0.43M	1.15M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	22.91M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.04M	0.29M	0.51M	0.00M	20.89M	18.99M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	6.97M	21.56M	58.68M	46.81M	53.02M	46.70M	26.70M	1.20M	1.80M
Other Non-Current Liabilities	103.40M	99.10M	99.04M	104.78M	105.93M	110.25M	143.36M	106.26M	139.91M	145.35M	45.25M	47.70M	92.74M	23.81M	15.99M	35.86M	52.98M	44.74M	46.42M	65.55M	53.51M	38.16M	38.82M	40.22M	58.68M	0.00M	0.00M	-0.04M	-0.10M	-0.10M	-0.10M
Total Non-Current Liabilities	2,264.38M	2,221.69M	2,099.44M	1,396.73M	1,459.13M	1,037.35M	1,238.17M	1,003.00M	893.43M	870.68M	884.95M	861.58M	877.12M	828.17M	882.13M	287.89M	304.54M	322.44M	330.82M	337.93M	225.90M	312.13M	364.35M	284.61M	401.36M	314.54M	300.20M	309.36M	283.20M	268.90M	297.30M
Total Liabilities	2,732.92M	2,673.62M	2,562.16M	2,339.42M	1,895.02M	1,607.65M	1,494.02M	1,328.89M	1,211.86M	1,155.33M	1,148.62M	1,069.59M	1,077.22M	1,002.51M	1,058.27M	472.46M	469.79M	454.25M	465.89M	485.45M	365.69M	432.28M	501.37M	428.21M	516.55M	415.77M	394.03M	399.06M	341.70M	327.00M	358.90M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	627.27M	607.56M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	0.95M	0.95M	0.95M	0.95M	0.95M	0.95M	0.95M	0.95M	0.95M	0.95M	0.95M	0.95M	0.57M	0.59M	0.58M	0.58M	0.60M	0.60M	0.61M	0.62M	0.66M	0.65M	0.32M	0.35M	0.37M	0.42M	0.53M	0.60M	0.00M	0.00M	0.00M
Retained Earnings	2,267.57M	2,100.87M	2,001.30M	1,756.36M	1,555.72M	1,275.22M	1,024.50M	968.83M	795.18M	673.77M	607.56M	514.90M	432.40M	341.65M	272.26M	794.95M	728.06M	664.43M	610.24M	553.84M	483.35M	407.42M	351.27M	304.98M	240.02M	179.18M	164.85M	121.70M	64.60M	9.30M	2.20M
Accumulated OCI	-5.61M	-4.05M	-6.19M	-5.67M	-5.21M	-4.57M	-4.65M	-4.55M	-5.45M	-4.70M	-8.52M	-8.78M	-6.97M	-6.22M	-4.22M	-6.80M	-7.19M	0.33M	-3.47M	0.35M	-0.77M	-11.57M	-6.63M	-1.50M	-3.45M	-3.21M	-1.35M	-0.70M	-11.90M	0.00M	0.00M
Minority Interest	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	491.19M	638.14M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	2,262.91M	2,097.77M	1,996.06M	1,751.64M	1,551.46M	1,271.60M	1,020.81M	965.23M	790.68M	1,297.30M	1,207.55M	507.07M	426.00M	336.02M	268.63M	788.73M	721.46M	665.36M	607.38M	554.81M	483.24M	396.51M	344.96M	303.83M	236.94M	176.38M	164.02M	121.60M	52.70M	9.30M	2.20M
Total Equity	2,262.91M	2,097.77M	1,996.06M	1,751.64M	1,551.46M	1,271.60M	1,020.81M	965.23M	790.68M	1,788.48M	1,845.69M	507.07M	426.00M	336.02M	268.63M	788.73M	721.46M	665.36M	607.38M	554.81M	483.24M	396.51M	344.96M	303.83M	236.94M	176.38M	164.02M	121.60M	52.70M	9.30M	2.20M
Total Liabilities & Equity	4,995.83M	4,771.39M	4,558.22M	4,091.06M	3,446.49M	2,879.24M	2,514.83M	2,294.12M	2,002.55M	2,943.82M	2,994.31M	1,576.66M	1,503.22M	1,338.53M	1,326.89M	1,261.19M	1,191.25M	1,119.61M	1,073.26M	1,040.25M	848.93M	828.78M	846.33M	732.03M	753.49M	592.16M	558.05M	520.66M	394.40M	336.30M	361.10M
Tangible Assets	1,557.51M	1,562.09M	1,426.33M	1,363.54M	1,141.33M	1,460.24M	1,124.41M	937.06M	698.19M	746.30M	673.76M	537.58M	463.83M	446.37M	445.71M	379.63M	324.86M	249.67M	234.64M	230.59M	211.22M	161.01M	169.67M	171.27M	217.43M	224.30M	382.29M	356.90M	286.50M	258.70M	407.60M
Tangible Equity	912.89M	995.09M	891.86M	720.38M	590.62M	800.01M	557.88M	515.62M	350.50M	1,693.05M	1,751.05M	415.80M	351.28M	260.25M	189.34M	705.47M	634.60M	574.99M	513.80M	457.01M	381.92M	292.41M	252.23M	207.82M	139.98M	79.51M	62.19M	13.80M	-59.00M	-108.30M	-116.50M
Tangible Book Value	912.89M	995.09M	891.86M	720.38M	590.62M	800.01M	557.88M	515.62M	350.50M	1,693.05M	1,751.05M	415.80M	351.28M	260.25M	189.34M	705.47M	634.60M	574.99M	513.80M	457.01M	381.92M	292.41M	252.23M	207.82M	139.98M	79.51M	62.19M	13.80M	-59.00M	-108.30M	-116.50M
Total Investments	134.42M	125.48M	47.60M	226.70M	62.29M	61.91M	86.98M	103.63M	128.41M	155.06M	111.81M	17.67M	17.54M	48.61M	43.69M	28.11M	23.37M	20.93M	25.36M	33.00M	32.00M	23.00M	-2.25M	-1.96M	-58.68M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Debt	1,975.70M	1,952.75M	1,846.97M	1,654.99M	1,243.61M	596.36M	847.30M	849.22M	727.97M	491.19M	638.14M	621.13M	580.70M	625.76M	721.17M	145.65M	160.92M	209.83M	231.72M	226.00M	136.70M	257.20M	301.15M	226.62M	295.56M	264.43M	277.52M	295.40M	277.50M	272.50M	290.10M

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
Working Capital	-18.2M	-51.3M	-123.6M	-646.2M	-88.0M	191.4M	177.1M	-89.3M	-74.7M	108.4M	81.2M	102.9M	151.3M	84.3M	57.3M	10.2M	-1.7M	-3.9M	-14.9M	-41.6M	-52.7M	-57.1M	-32.5M	-42.3M	-37.5M	-28.2M	-41.7M	-47.8M	-22.8M	9.0M	-15.8M
Total Capital	2,178.1M	1,985.1M	1,841.9M	1,717.3M	1,439.8M	1,373.8M	1,076.3M	859.5M	570.8M	514.4M	529.3M	418.2M	365.6M	329.3M	306.4M	227.1M	194.1M	163.5M	146.7M	115.3M	110.2M	106.9M	125.7M	128.5M	194.0M	216.8M	387.3M	372.9M	335.7M	332.1M	463.6M
Capital Employed	2,439.0M	2,212.8M	2,067.8M	1,452.1M	1,666.3M	1,361.5M	1,331.5M	1,060.8M	819.9M	633.1M	588.8M	509.0M	447.2M	365.6M	334.6M	263.1M	246.5M	208.2M	193.2M	180.9M	163.5M	145.0M	161.3M	166.4M	228.9M	250.0M	390.3M	375.0M	339.7M	318.2M	464.7M
Invested Capital	2,125.5M	1,926.5M	1,801.7M	1,690.6M	1,398.3M	862.2M	841.5M	825.7M	544.2M	279.1M	326.8M	224.8M	150.8M	161.5M	172.3M	120.1M	102.8M	95.6M	94.1M	68.9M	74.3M	90.0M	98.1M	108.4M	181.8M	199.9M	367.6M	361.0M	334.0M	321.8M	457.5M

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
Net Income	381.68M	252.81M	299.67M	258.51M	332.15M	288.96M	75.39M	222.88M	216.36M	114.89M	139.37M	128.03M	123.16M	112.60M	120.69M	110.40M	107.44M	98.25M	100.21M	111.30M	112.79M	87.57M	74.35M	71.86M	60.84M	14.33M	42.45M	57.20M	48.10M	27.30M	42.00M
Depreciation & Amortization	65.80M	71.58M	70.86M	75.74M	63.91M	50.49M	48.46M	36.12M	33.93M	12.43M	11.71M	11.54M	9.37M	9.47M	8.23M	8.02M	8.34M	8.34M	8.18M	8.64M	9.71M	9.05M	9.95M	11.23M	11.25M	12.45M	12.10M	17.60M	12.50M	6.20M	29.80M
Deferred Income Tax	-15.66M	-18.11M	-19.03M	-1.34M	-19.64M	-1.01M	-44.83M	9.81M	-3.51M	39.32M	-10.54M	0.62M	-22.90M	-8.02M	-0.54M	5.51M	-2.38M	5.55M	-7.65M	-7.65M	-17.21M	-13.32M	-14.88M	0.26M	12.88M	-5.81M	11.02M	10.20M	14.90M	-4.80M	6.30M
Stock-Based Compensation	38.24M	44.58M	43.25M	46.81M	42.97M	35.73M	9.69M	17.62M	15.99M	23.34M	15.46M	11.81M	9.71M	11.27M	12.38M	14.51M	9.30M	13.76M	10.91M	10.64M	10.64M	5.29M	4.02M	2.23M	2.21M	0.00M	35.73M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-20.82M	34.71M	17.40M	6.13M	-5.08M	23.24M	11.48M	-21.82M	-2.03M	58.09M	-7.85M	1.19M	59.22M	21.64M	15.46M	-3.33M	18.08M	-5.53M	-33.41M	21.51M	39.36M	45.41M	35.02M	35.60M	13.20M	42.47M	-0.78M	10.30M	-15.70M	5.70M	7.10M
Accounts Receivable	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-23.13M	-21.92M	0.40M	-14.25M	-6.73M	25.07M	-7.79M	-9.23M	-0.80M	1.06M	-3.01M	-3.01M	-2.42M	-0.74M	-0.89M	6.47M	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	-22.14M	-18.21M	-17.63M	-8.06M	-11.28M	-8.62M	6.97M	22.99M	-4.62M	-10.49M	16.89M	29.31M	0.49M	-0.24M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-2.40M
Accounts Payable	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	12.46M	-13.69M	6.49M	9.64M	2.30M	0.01M	-1.85M	5.74M	-8.28M	-13.14M	6.89M	6.89M	1.92M	0.98M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	-20.82M	34.71M	17.40M	6.13M	-5.08M	23.24M	11.48M	-21.82M	-2.03M	90.90M	45.97M	11.93M	71.89M	37.35M	-1.01M	-0.66M	-1.42M	8.16M	-10.84M	0.74M	6.17M	45.41M	35.02M	36.49M	6.73M	42.47M	-0.78M	10.30M	-15.70M	0.00M	0.00M
Other Non-Cash Items	-181.63M	-99.68M	-92.74M	-89.29M	-47.26M	-13.72M	14.86M	5.96M	-17.83M	9.30M	3.89M	6.69M	5.34M	5.08M	4.81M	-0.28M	4.15M	-8.15M	26.15M	1.70M	-1.35M	-1.09M	-0.65M	-5.69M	-1.35M	2.54M	2.84M	-0.10M	-0.10M	-0.10M	-1.00M
Net Cash from Operating Activities	267.62M	285.90M	319.40M	296.55M	367.06M	383.70M	115.05M	270.56M	242.90M	257.37M	152.04M	159.87M	183.89M	152.04M	161.02M	134.84M	144.94M	112.22M	104.40M	146.14M	153.93M	132.91M	107.80M	115.49M	99.04M	101.71M	67.62M	79.50M	44.10M	33.60M	87.20M
Capital Expenditures (PPE)	-59.22M	-149.73M	0.00M	-116.28M	-89.95M	-77.87M	-39.95M	-64.04M	-49.48M	-25.95M	-27.77M	-27.77M	-20.95M	-31.52M	-15.44M	-10.92M	-24.37M	-11.14M	-12.61M	-11.96M	-7.71M	-11.50M	-6.86M	-8.48M	-12.23M	-13.53M	-16.59M	-30.60M	-12.30M	-7.30M	-84.70M
Acquisitions (Net)	-159.12M	-62.05M	0.00M	0.00M	-553.58M	12.78M	1.98M	-29.67M	-240.92M	-50.55M	-64.59M	-37.01M	-17.79M	-5.69M	-20.29M	0.00M	-0.47M	0.00M	-0.34M	-0.34M	-0.83M	-7.31M	0.00M	-1.21M	0.00M	-13.68M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-6.85M	-115.44M	0.00M	-116.61M	0.00M	-1.71M	-2.56M	-3.18M	-2.90M	-2.45M	-1.66M	-3.22M	-2.79M	-2.68M	-1.70M	-19.37M	-13.73M	-5.85M	-7.80M	-8.69M	-10.52M	-8.93M	-4.16M	-2.67M	0.00M	-4.48M	-4.48M	0.00M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	-2.18M	110.68M	108.15M	1.61M	0.00M	2.61M	2.48M	2.22M	2.83M	2.25M	1.91M	3.17M	0.96M	4.17M	11.22M	5.40M	1.65M	14.22M	7.82M	6.05M	3.73M	3.54M	0.00M	3.17M	0.00M	18.16M	18.16M	0.00M	0.00M	0.00M	0.00M
Other Investing Activities	28.30M	-9.18M	-192.72M	-34.34M	201.10M	-14.74M	8.59M	-156.49M	-30.79M	-13.41M	-6.36M	-34.99M	22.92M	8.17M	-31.80M	1.09M	4.76M	-0.58M	-7.33M	-6.32M	-2.01M	0.36M	-2.70M	36.98M	-2.47M	101.27M	-13.77M	-19.90M	-1.90M	-142.40M	-16.60M
Net Cash from Investing Activities	-199.07M	-225.72M	-84.57M	-265.63M	-442.43M	-78.93M	-29.47M	-251.17M	-321.25M	-90.12M	-98.47M	-99.81M	-17.65M	-27.55M	-58.00M	-23.80M	-32.16M	-3.35M	-20.27M	-21.26M	-17.33M	-23.85M	-13.72M	27.78M	-14.70M	87.74M	-30.36M	-50.50M	-14.20M	-149.70M	-101.30M
Net Debt Issuance	105.73M	418.97M	205.07M	368.50M	143.39M	0.00M	190.54M	93.17M	29.03M	-115.66M	25.36M	28.54M	-9.86M	-61.84M	596.08M	-0.42M	-29.79M	-6.70M	12.00M	99.78M	-101.65M	-55.28M	81.99M	-61.20M	26.18M	-18.77M	-10.26M	29.20M	10.60M	157.60M	-20.20M
Long-Term Debt Issuance	105.73M	418.97M	205.07M	500.00M	143.39M	0.00M	209.02M	165.57M	8.43M	-115.66M	25.36M	28.54M	-9.86M	-61.84M	539.08M	-0.42M	-29.79M	-6.70M	12.00M	99.78M	-101.65M	-55.28M	80.98M	-61.20M	26.18M	-18.77M	-10.26M	29.20M	10.60M	157.60M	-20.20M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	-131.50M	0.00M	0.00M	-18.48M	-72.40M	20.60M	0.00M	25.80M	158.87M	0.00M	0.00M	57.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-143.16M	-402.69M	-380.74M	-362.77M	-430.96M	-13.37M	-55.45M	-50.64M	-148.68M	-9.81M	-22.98M	-65.82M	-67.87M	-3.97M	-22.59M	-53.62M	-11.21M	-59.13M	-63.73M	-185.94M	7.13M	-34.94M	-139.85M	-74.26M	-115.16M	-173.51M	-19.15M	-48.10M	-49.10M	-0.20M	-49.80M
Common Stock Issuance	1.58M	4.64M	0.00M	0.00M	3.81M	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	5.75M	8.50M	14.21M	8.43M	0.00M	0.00M	12.29M	1.74M	5.10M	4.90M	0.00M	3.40M
Common Stock Repurchased	-144.74M	-407.34M	-380.74M	-362.77M	-434.77M	-13.37M	-55.45M	-50.64M	-148.68M	-9.81M	-35.93M	-72.87M	-77.97M	-3.97M	-22.59M	-53.62M	-11.21M	-59.13M	-63.73M	-185.94M	-1.37M	-49.15M	-148.27M	-80.36M	-120.93M	-185.81M	-20.89M	-53.20M	-54.00M	-0.20M	-53.20M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	12.95M	7.06M	10.10M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-53.20M	-56.87M	-55.50M	-56.46M	-52.55M	-25.04M	-25.27M	-48.09M	-48.72M	-48.65M	-46.18M	-45.21M	-43.53M	-32.80M	-654.09M	-43.75M	-43.81M	-44.27M	-43.14M	-40.14M	-35.39M	-30.24M	-27.69M	-6.90M	0.00M	0.00M	-25.04M	0.00M	0.00M	0.00M	0.00M
Common Dividends Paid	-53.20M	-56.87M	-55.50M	-56.46M	-52.55M	-25.04M	-25.27M	-48.09M	-48.72M	-48.65M	-46.18M	-45.21M	-43.53M	-32.80M	-654.09M	-43.75M	-43.81M	-44.27M	-43.14M	-40.14M	-35.39M	-30.24M	-27.69M	-6.90M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	14.15M	1.21M	9.46M	4.79M	-54.03M	10.69M	5.58M	-6.94M	38.94M	38.34M	-0.28M	3.04M	3.72M	10.32M	3.89M	2.72M	-6.38M	14.99M	19.16M	11.96M	12.22M	-0.19M	-1.01M	6.90M	0.00M	0.00M	0.00M	0.00M	0.00M	-35.20M	41.80M
Net Cash from Financing Activities	-76.47M	-39.10M	-221.71M	-45.94M	-394.15M	-27.72M	115.40M	-12.50M	-129.42M	-135.78M	-44.08M	-79.45M	-117.54M	-88.28M	-76.71M	-95.07M	-91.19M	-95.11M	-75.71M	-114.34M	-117.68M	-120.65M	-86.56M	-135.47M	-88.98M	-192.28M	-29.41M	-18.90M	-38.50M	122.20M	20.40M
Effect of FX on Cash	1.94M	1.05M	0.30M	0.20M	-0.52M	-0.22M	0.03M	0.23M	-0.92M	1.39M	-0.46M	-2.05M	-1.62M	-2.59M	0.81M	-0.17M	1.80M	1.43M	-2.12M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.10M	0.00M	0.00M	0.00M
Net Change in Cash	-5.98M	22.13M	13.42M	-14.81M	-470.04M	276.83M	201.01M	7.12M	-208.69M	32.87M	9.02M	-21.44M	47.08M	33.62M	27.12M	15.80M	23.39M	15.19M	6.30M	10.54M	18.92M	-11.60M	7.52M	7.80M	-4.64M	-2.83M	7.85M	10.20M	-8.60M	6.10M	6.30M
Cash at Beginning of Period	197.41M	165.71M	26.75M	41.57M	511.61M	234.78M	33.77M	26.64M	235.34M	202.46M	193.44M	214.88M	167.80M	134.18M	107.06M	91.26M	67.87M	52.68M	46.38M	35.84M	16.92M	28.52M	20.03M	12.23M	16.87M	19.70M	11.85M	1.70M	10.30M	4.20M	4.50M
Cash at End of Period	191.42M	187.84M	40.18M	26.75M	41.57M	511.61M	234.78M	33.77M	26.64M	235.34M	202.46M	193.44M	214.88M	167.80M	134.18M	107.06M	91.26M	67.87M	52.68M	46.38M	35.84M	16.92M	27.55M	20.03M	12.23M	16.87M	19.70M	11.90M	1.70M	10.30M	10.80M
Operating Cash Flow	267.62M	285.90M	319.40M	296.55M	367.06M	383.70M	115.05M	270.56M	242.90M	257.37M	152.04M	159.87M	183.89M	152.04M	161.02M	134.84M	144.94M	112.22M	104.40M	146.14M	153.93M	132.91M	107.80M	115.49M	99.04M	101.71M	67.62M	79.50M	44.10M	33.60M	87.20M
Capital Expenditure	-57.09M	-151.99M	-145.85M	-118.29M	-89.95M	-77.87M	-39.95M	-64.04M	-49.48M	-25.95M	-27.77M	-27.77M	-20.95M	-31.52M	-15.44M	-10.92M	-24.37M	-11.14M	-12.61M	-11.96M	-7.71M	-11.50M	-6.86M	-8.48M	-12.23M	-13.53M	-16.59M	-30.60M	-12.30M	-7.30M	-84.70M
Free Cash Flow	210.54M	133.92M	173.55M	178.26M	277.11M	305.83M	75.10M	206.52M	193.42M	231.42M	124.26M	132.11M	162.95M	120.52M	145.58M	123.92M	120.57M	101.08M	91.79M	134.17M	146.22M	121.40M	100.94M	107.01M	86.80M	88.18M	51.03M	48.90M	31.80M	26.30M	2.50M

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
EBITDA	589.09M	577.82M	595.15M	513.86M	596.27M	504.47M	210.71M	1,123.95M	1,044.43M	917.10M	924.55M	238.80M	227.00M	209.63M	209.59M	187.91M	177.45M	164.75M	190.96M	202.47M	186.04M	161.85M	144.89M	136.43M	128.82M	127.13M	121.79M	129.00M	111.80M	-14.40M	157.60M
(-) Tax Adjustment	121.16M	134.64M	144.38M	119.64M	142.86M	117.29M	0.00M	195.91M	217.49M	320.98M	280.21M	72.63M	68.31M	59.20M	60.07M	56.66M	56.94M	57.29M	66.84M	70.87M	50.91M	53.45M	50.71M	47.75M	45.09M	44.50M	42.63M	45.15M	39.13M	-5.04M	55.16M
(-) Change In Working Capital	-20.82M	34.71M	17.40M	6.13M	-5.08M	23.24M	11.48M	-21.82M	-2.03M	58.09M	-7.85M	1.19M	59.22M	21.64M	15.46M	-3.33M	18.08M	-5.53M	-33.41M	21.51M	39.36M	45.41M	35.02M	35.60M	13.20M	42.47M	-0.78M	10.30M	-15.70M	5.70M	7.10M
(-) Capital Expenditure	-57.09M	-151.99M	-145.85M	-118.29M	-89.95M	-77.87M	-39.95M	-64.04M	-49.48M	-25.95M	-27.77M	-27.77M	-20.95M	-31.52M	-15.44M	-10.92M	-24.37M	-11.14M	-12.61M	-11.96M	-7.71M	-11.50M	-6.86M	-8.48M	-12.23M	-13.53M	-16.59M	-30.60M	-12.30M	-7.30M	-84.70M
Unlevered Free Cash Flow	339.65M	256.48M	287.52M	269.81M	368.53M	286.07M	159.27M	885.82M	779.50M	512.07M	624.41M	137.22M	78.53M	97.26M	118.62M	123.65M	78.05M	101.85M	144.92M	98.14M	88.06M	51.48M	52.31M	44.60M	58.30M	26.63M	63.35M	42.95M	76.07M	-22.36M	10.64M
(-) Net Interest Income After Taxes	-65.13M	-57.40M	-59.45M	-42.97M	-27.76M	-32.00M	-41.34M	-30.39M	-30.45M	-25.43M	-28.51M	-28.71M	-27.77M	-28.70M	-18.30M	-8.13M	-2.56M	0.94M	-12.15M	-6.22M	-8.22M	-7.33M	0.00M	-2.93M	0.00M	0.00M	-35.11M	0.00M	0.00M	0.00M	0.00M
Net Debt Issuance	105.73M	418.97M	205.07M	368.50M	143.39M	0.00M	190.54M	93.17M	29.03M	-115.66M	25.36M	28.54M	-9.86M	-61.84M	596.08M	-0.42M	-29.79M	-6.70M	12.00M	99.78M	-101.65M	-55.28M	81.99M	-61.20M	26.18M	-18.77M	-10.26M	29.20M	10.60M	157.60M	-20.20M
Levered Free Cash Flow	510.52M	732.85M	552.04M	681.28M	539.68M	318.08M	391.15M	1,009.38M	838.98M	421.83M	678.28M	194.47M	96.44M	64.11M	733.00M	131.35M	50.83M	94.20M	169.07M	204.13M	-5.36M	3.54M	134.29M	-13.68M	84.48M	7.86M	88.20M	72.15M	86.67M	135.24M	-9.56M