Valmont Industries, Inc. (VMI)

Analysis: Growth Rates Industry: Conglomerates Sector: Industrials Live Price: $443.58

Enterprise Value

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Stock Price
Avg YoY	0.95%	19.27%	16.27%	12.64%	16.49%	16.13%	15.50%
Slope	-4.16%	9.50%	11.45%	8.28%	8.43%	9.22%	9.03%
CAGR	-3.72%	15.06%	12.52%	9.26%	12.36%	12.44%	11.70%
LSR	-3.72%	11.09%	12.30%	8.27%	9.44%	12.48%	12.12%
Market Capitalization
Avg YoY	1.23%	19.15%	16.19%	12.63%	16.72%	16.18%	15.46%
Slope	-3.85%	9.55%	11.41%	8.27%	8.48%	9.26%	9.05%
CAGR	-3.44%	15.01%	12.50%	9.30%	12.58%	12.52%	11.68%
LSR	-3.44%	11.10%	12.25%	8.28%	9.55%	12.57%	12.16%
(-) Cash & Equivalents
Avg YoY	-1.90%	-13.88%	-2.05%	0.94%	17.41%	17.71%	18.83%
Slope	-2.75%	-18.63%	-8.69%	-3.46%	3.57%	6.51%	7.62%
CAGR	-2.84%	-18.85%	-6.55%	-3.38%	8.10%	9.22%	9.28%
LSR	-2.84%	-14.10%	-9.13%	-4.12%	7.11%	12.80%	15.44%
(+) Total Debt
Avg YoY	-1.60%	5.09%	4.65%	8.26%	15.07%	13.08%	21.38%
Slope	-5.07%	3.09%	5.98%	7.77%	8.97%	8.31%	8.52%
CAGR	-5.48%	2.01%	3.13%	6.35%	8.33%	6.04%	12.34%
LSR	-5.48%	3.15%	6.09%	8.73%	11.05%	9.55%	11.70%
Enterprise Value
Avg YoY	-1.33%	18.10%	14.62%	12.07%	14.74%	13.53%	14.51%
Slope	-4.06%	9.51%	11.64%	9.08%	8.93%	9.28%	9.05%
CAGR	-3.72%	14.86%	11.93%	9.72%	11.97%	11.04%	11.84%
LSR	-3.72%	11.38%	12.53%	9.26%	9.87%	11.66%	11.69%

Income Statement

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Revenue
Avg YoY	-3.16%	9.68%	5.48%	6.09%	7.86%	7.46%	7.95%
Slope	-3.22%	7.98%	6.55%	3.57%	5.14%	6.03%	6.33%
CAGR	-3.16%	8.92%	5.04%	5.31%	7.09%	6.77%	7.19%
LSR	-3.16%	8.97%	6.61%	3.55%	5.86%	7.24%	7.74%
Cost of Revenue
Avg YoY	-6.14%	8.40%	4.53%	5.70%	7.52%	7.41%	7.91%
Slope	-6.43%	6.29%	5.71%	3.31%	5.03%	5.95%	6.30%
CAGR	-6.17%	7.40%	3.96%	4.87%	6.68%	6.65%	7.10%
LSR	-6.17%	7.11%	5.76%	3.34%	5.79%	7.19%	7.78%
Gross Profit
Avg YoY	5.08%	13.26%	8.32%	7.41%	9.11%	7.94%	8.24%
Slope	4.79%	12.41%	8.91%	4.29%	5.44%	6.25%	6.35%
CAGR	4.98%	12.84%	8.00%	6.42%	8.19%	7.05%	7.38%
LSR	4.98%	13.90%	8.94%	4.11%	6.04%	7.38%	7.47%
Gross Margin
Avg YoY	8.55%	3.82%	3.00%	1.29%	1.27%	0.54%	0.46%
Slope	7.92%	4.51%	2.23%	0.57%	0.19%	0.14%	-0.26%
CAGR	8.41%	3.60%	2.82%	1.05%	1.02%	0.26%	0.18%
LSR	8.41%	4.53%	2.18%	0.53%	0.17%	0.13%	-0.25%
R&D Expenses
Avg YoY	—	—	—	—	—	—	—
Slope	150.00%	100.00%	54.55%	37.50%	28.57%	23.08%	19.35%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
SG&A Expenses
Avg YoY	2.07%	8.61%	5.74%	5.80%	7.39%	7.19%	7.27%
Slope	1.63%	8.59%	7.59%	4.91%	5.76%	6.22%	6.32%
CAGR	1.69%	8.20%	5.37%	5.44%	7.08%	6.90%	6.91%
LSR	1.69%	9.35%	7.68%	4.76%	6.24%	7.06%	7.31%
Operating Expenses
Avg YoY	6.08%	9.72%	5.79%	6.50%	7.91%	6.84%	7.25%
Slope	1.51%	10.05%	8.14%	5.48%	6.16%	6.43%	6.30%
CAGR	1.69%	7.35%	4.33%	5.44%	7.08%	6.05%	6.50%
LSR	1.69%	10.81%	8.07%	5.22%	6.59%	7.13%	7.00%
Operating Income (EBIT)
Avg YoY	23.61%	31.30%	22.93%	16.81%	17.66%	15.19%	14.63%
Slope	10.97%	17.08%	10.46%	2.22%	4.21%	5.95%	6.43%
CAGR	10.04%	23.44%	16.60%	8.01%	10.20%	8.94%	9.11%
LSR	10.04%	18.54%	10.83%	2.30%	5.03%	7.82%	8.31%
Operating Margin
Avg YoY	27.18%	20.26%	17.27%	9.28%	8.42%	6.57%	5.73%
Slope	14.60%	9.75%	3.77%	-1.30%	-0.76%	0.55%	0.61%
CAGR	13.63%	13.33%	11.01%	2.56%	2.90%	2.03%	1.80%
LSR	13.63%	8.78%	3.95%	-1.21%	-0.79%	0.53%	0.53%
Interest Income
Avg YoY	112.24%	60.93%	25.97%	17.18%	26.63%	26.63%	26.63%
Slope	50.25%	38.58%	4.89%	-4.54%	3.82%	7.25%	8.37%
CAGR	88.81%	31.89%	9.04%	2.86%	—	—	—
LSR	88.81%	47.23%	1.84%	-5.38%	—	—	—
Interest Expense
Avg YoY	11.44%	9.54%	3.38%	5.14%	7.73%	10.26%	66.99%
Slope	10.29%	10.03%	2.92%	3.74%	5.66%	4.88%	5.34%
CAGR	11.15%	9.35%	3.10%	4.68%	5.77%	4.49%	11.82%
LSR	11.15%	10.54%	2.71%	3.79%	6.57%	5.39%	8.17%
Net Interest Income
Avg YoY	6.51%	7.48%	2.67%	5.56%	6.81%	9.54%	66.38%
Slope	-6.12%	-7.65%	-2.74%	-4.83%	-5.88%	-4.64%	-5.05%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Other Income / Expense
Avg YoY	-3.61%	13.81%	6.74%	10.44%	11.36%	12.86%	47.86%
Slope	3.81%	-11.34%	-4.51%	-4.71%	-6.03%	-5.25%	-5.66%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Unusual Items
Avg YoY	-3.61%	13.81%	6.74%	10.44%	11.36%	12.86%	47.86%
Slope	-3.81%	11.34%	4.51%	4.71%	6.03%	5.25%	5.66%
CAGR	-3.69%	10.19%	3.33%	5.39%	5.52%	4.28%	10.72%
LSR	-3.69%	12.92%	4.35%	5.04%	6.81%	5.64%	7.82%
EBT excl. Unusual
Avg YoY	67.07%	56.01%	153.26%	100.76%	87.20%	59.32%	26.90%
Slope	23.25%	20.22%	14.93%	0.62%	3.05%	6.28%	6.82%
CAGR	20.91%	32.03%	44.69%	9.50%	14.94%	16.59%	8.61%
LSR	20.91%	20.05%	23.41%	1.87%	4.24%	—	—
Pre-Tax Income
Avg YoY	32.08%	34.84%	30.38%	21.50%	22.13%	19.23%	17.63%
Slope	14.87%	17.45%	11.22%	1.85%	3.91%	5.96%	6.45%
CAGR	13.64%	25.03%	19.69%	8.33%	11.01%	9.92%	9.00%
LSR	13.64%	18.41%	12.10%	2.06%	4.80%	8.22%	8.53%
Pre-Tax Margin
Avg YoY	35.84%	24.07%	25.12%	13.94%	12.78%	10.69%	9.26%
Slope	18.53%	10.11%	4.56%	-1.65%	-1.01%	0.83%	0.78%
CAGR	17.34%	14.79%	13.95%	2.87%	3.66%	2.95%	1.69%
LSR	17.34%	8.66%	5.15%	-1.44%	-1.01%	0.91%	0.73%
Income Tax Expense
Avg YoY	6.91%	28.65%	23.43%	-201.33%	-142.66%	-111.05%	-90.00%
Slope	4.40%	19.33%	8.83%	1.88%	3.43%	5.39%	5.88%
CAGR	4.19%	24.18%	10.66%	5.60%	8.66%	8.15%	7.71%
LSR	4.19%	23.56%	9.35%	—	—	—	—
Net Income
Avg YoY	49.96%	41.80%	55.40%	39.27%	35.72%	29.96%	26.41%
Slope	19.67%	16.82%	12.99%	2.06%	4.19%	6.32%	6.75%
CAGR	17.82%	25.43%	27.14%	9.77%	12.20%	10.69%	9.54%
LSR	17.82%	16.21%	15.74%	2.34%	5.08%	8.90%	8.95%
Net Margin
Avg YoY	54.10%	31.63%	51.54%	31.32%	26.09%	21.15%	17.82%
Slope	23.42%	9.26%	6.47%	-1.55%	-0.69%	1.42%	1.23%
CAGR	21.67%	15.16%	21.05%	4.24%	4.77%	3.68%	2.19%
LSR	21.67%	6.64%	8.57%	-1.18%	-0.74%	1.55%	1.13%
Depreciation & Amortization
Avg YoY	-0.89%	3.72%	0.66%	3.77%	5.25%	5.41%	7.92%
Slope	-0.91%	3.34%	1.66%	2.35%	4.65%	4.92%	5.61%
CAGR	-0.92%	3.57%	0.51%	3.41%	4.71%	4.90%	7.29%
LSR	-0.92%	3.51%	1.64%	2.49%	5.51%	5.58%	7.00%
EBITDA
Avg YoY	16.22%	23.77%	15.34%	11.90%	12.97%	11.40%	11.81%
Slope	8.72%	14.20%	8.36%	2.25%	4.30%	5.72%	6.24%
CAGR	8.11%	19.03%	12.04%	7.08%	8.90%	8.01%	8.77%
LSR	8.11%	15.28%	8.35%	2.28%	5.10%	7.19%	7.98%
EBITDA Margin
Avg YoY	19.66%	13.39%	9.82%	4.87%	4.32%	3.30%	3.33%
Slope	12.27%	6.53%	1.67%	-1.24%	-0.67%	0.01%	0.27%
CAGR	11.64%	9.28%	6.67%	1.68%	1.69%	1.16%	1.47%
LSR	11.64%	5.79%	1.63%	-1.23%	-0.72%	-0.05%	0.23%
NOPAT
Avg YoY	23.61%	31.30%	22.93%	16.81%	17.66%	15.19%	14.63%
Slope	10.97%	17.08%	10.46%	2.22%	4.21%	5.95%	6.43%
CAGR	10.04%	23.44%	16.60%	8.01%	10.20%	8.94%	9.11%
LSR	10.04%	18.54%	10.83%	2.30%	5.03%	7.82%	8.31%
NOPAT Margin
Avg YoY	27.18%	20.26%	17.27%	9.28%	8.42%	6.57%	5.73%
Slope	14.60%	9.75%	3.77%	-1.30%	-0.76%	0.55%	0.61%
CAGR	13.63%	13.33%	11.01%	2.56%	2.90%	2.03%	1.80%
LSR	13.63%	8.78%	3.95%	-1.21%	-0.79%	0.53%	0.53%
Owner's Earnings
Avg YoY	53.77%	50.77%	32.59%	22.67%	23.75%	26.72%	-51.75%
Slope	21.48%	21.65%	10.16%	1.94%	4.34%	6.07%	7.46%
CAGR	19.57%	32.86%	17.43%	8.39%	11.80%	14.47%	18.91%
LSR	19.57%	22.84%	9.62%	1.35%	5.08%	8.37%	—
Owner's Earnings Margin
Avg YoY	58.00%	39.35%	27.31%	15.23%	14.55%	18.14%	-62.45%
Slope	25.23%	14.80%	3.06%	-1.87%	-0.55%	0.80%	3.60%
CAGR	23.47%	21.98%	11.80%	2.92%	4.39%	7.21%	10.94%
LSR	23.47%	12.73%	2.82%	-2.13%	-0.74%	1.05%	—
EPS (Basic)
Avg YoY	55.48%	44.58%	58.96%	41.66%	36.93%	30.72%	27.67%
Slope	23.11%	18.38%	14.29%	4.60%	5.80%	7.32%	7.54%
CAGR	21.25%	27.25%	29.22%	11.83%	13.32%	11.35%	10.72%
LSR	21.25%	17.69%	17.35%	4.52%	6.55%	9.70%	9.80%
EPS (Diluted)
Avg YoY	55.91%	44.54%	58.90%	41.68%	37.19%	30.79%	27.57%
Slope	23.45%	18.46%	14.27%	4.60%	5.84%	7.36%	7.57%
CAGR	21.60%	27.20%	29.20%	11.88%	13.54%	11.43%	10.69%
LSR	21.60%	17.70%	17.30%	4.52%	6.66%	9.79%	9.83%
Shares (Basic)
Avg YoY	-2.82%	-1.42%	-1.60%	-1.80%	-0.95%	-0.55%	-1.02%
Slope	-2.86%	-1.25%	-1.38%	-2.13%	-1.36%	-0.70%	-0.75%
CAGR	-2.83%	-1.43%	-1.61%	-1.84%	-0.99%	-0.59%	-1.07%
LSR	-2.83%	-1.26%	-1.37%	-2.09%	-1.37%	-0.73%	-0.77%
Shares (Diluted)
Avg YoY	-3.10%	-1.37%	-1.58%	-1.84%	-1.14%	-0.62%	-0.99%
Slope	-3.14%	-1.26%	-1.33%	-2.13%	-1.46%	-0.78%	-0.78%
CAGR	-3.10%	-1.39%	-1.59%	-1.88%	-1.18%	-0.66%	-1.04%
LSR	-3.10%	-1.27%	-1.32%	-2.09%	-1.47%	-0.81%	-0.80%

Product Segments

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Coatings Segment
Avg YoY	627.30%	627.30%	627.30%	627.30%	627.30%
Slope	151.65%	151.65%	151.65%	151.65%	151.65%
CAGR	627.30%	627.30%	627.30%	627.30%	627.30%
LSR	—	—	—	—	—
Irrigation Segment
Avg YoY	605,750.45%	605,750.45%	605,750.45%	605,750.45%	605,750.45%
Slope	199.93%	199.93%	199.93%	199.93%	199.93%
CAGR	605,750.45%	605,750.45%	605,750.45%	605,750.45%	605,750.45%
LSR	—	—	—	—	—
Utility Support Structures Segment
Avg YoY	17,887.13%	17,887.13%	17,887.13%	17,887.13%	17,887.13%
Slope	197.79%	197.79%	197.79%	197.79%	197.79%
CAGR	17,887.13%	17,887.13%	17,887.13%	17,887.13%	17,887.13%
LSR	—	—	—	—	—

Geographic Segments

Metric / Stat	3Y	5Y	10Y	15Y	20Y
AUSTRALIA
Avg YoY	5.25%	5.25%	5.25%	5.25%	5.25%
Slope	4.96%	4.96%	4.96%	4.96%	4.96%
CAGR	4.96%	4.96%	4.96%	4.96%	4.96%
LSR	4.96%	4.96%	4.96%	4.96%	4.96%
BRAZIL
Avg YoY	-39.62%	-39.62%	-39.62%	-39.62%	-39.62%
Slope	-49.42%	-49.42%	-49.42%	-49.42%	-49.42%
CAGR	-39.62%	-39.62%	-39.62%	-39.62%	-39.62%
LSR	—	—	—	—	—
Other Countries
Avg YoY	17.87%	26.07%	26.07%	26.07%	26.07%
Slope	16.42%	20.93%	20.93%	20.93%	20.93%
CAGR	17.87%	25.55%	25.55%	25.55%	25.55%
LSR	17.87%	24.63%	24.63%	24.63%	24.63%
UNITED STATES
Avg YoY	52.92%	52.92%	52.92%	52.92%	52.92%
Slope	31.80%	31.80%	31.80%	31.80%	31.80%
CAGR	44.39%	44.39%	44.39%	44.39%	44.39%
LSR	44.39%	44.39%	44.39%	44.39%	44.39%
DENMARK
Avg YoY	5.76%	5.76%	5.76%	5.76%	5.76%
Slope	5.60%	5.60%	5.60%	5.60%	5.60%
CAGR	5.76%	5.76%	5.76%	5.76%	5.76%
LSR	—	—	—	—	—

Balance Sheet

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Cash & Cash Equivalents
Avg YoY	-1.90%	-13.88%	-2.05%	0.94%	17.41%	17.71%	18.83%
Slope	-2.75%	-18.63%	-8.69%	-3.46%	3.57%	6.51%	7.62%
CAGR	-2.84%	-18.85%	-6.55%	-3.38%	8.10%	9.22%	9.28%
LSR	-2.84%	-14.10%	-9.13%	-4.12%	7.11%	12.80%	15.44%
Cash & Short-Term Investments
Avg YoY	-1.90%	-13.88%	-2.05%	0.94%	17.41%	17.71%	18.83%
Slope	-2.75%	-18.63%	-8.69%	-3.46%	3.57%	6.51%	7.62%
CAGR	-2.84%	-18.85%	-6.55%	-3.38%	8.10%	9.22%	9.28%
LSR	-2.84%	-14.10%	-9.13%	-4.12%	7.11%	12.80%	15.44%
Net Receivables
Avg YoY	7.31%	8.84%	8.66%	7.50%	10.24%	9.36%	10.45%
Slope	6.99%	8.20%	8.48%	6.75%	7.63%	7.83%	7.82%
CAGR	7.29%	8.80%	8.50%	7.28%	9.27%	8.46%	9.49%
LSR	7.29%	8.69%	9.10%	6.91%	8.70%	9.24%	9.65%
Inventory
Avg YoY	-7.12%	11.80%	9.77%	9.04%	10.53%	9.59%	10.99%
Slope	-7.40%	4.56%	9.72%	7.61%	7.64%	7.58%	7.58%
CAGR	-7.12%	8.59%	8.02%	7.48%	8.45%	7.19%	8.44%
LSR	-7.12%	5.90%	10.46%	7.64%	8.21%	8.46%	8.95%
Other Current Assets
Avg YoY	2.98%	-31.35%	-48.51%	-64.87%	-40.58%	-33.65%	-19.61%
Slope	2.83%	44.94%	34.17%	12.79%	9.49%	7.50%	6.15%
CAGR	2.91%	69.13%	17.00%	9.30%	—	7.31%	8.82%
LSR	2.91%	—	—	—	—	—	—
Total Current Assets
Avg YoY	0.37%	4.53%	6.00%	5.65%	10.01%	8.95%	10.04%
Slope	0.34%	4.45%	5.97%	4.78%	6.76%	7.45%	7.66%
CAGR	0.35%	4.44%	5.70%	5.26%	9.13%	7.97%	9.03%
LSR	0.35%	4.67%	6.27%	4.90%	8.27%	9.44%	10.01%
Property, Plant & Equipment
Avg YoY	2.68%	1.07%	2.86%	4.23%	7.88%	5.73%	7.58%
Slope	2.57%	1.30%	3.34%	3.82%	6.07%	6.06%	6.20%
CAGR	2.63%	1.03%	2.76%	4.07%	7.26%	5.12%	6.96%
LSR	2.63%	1.30%	3.42%	4.03%	7.44%	6.95%	7.28%
Goodwill
Avg YoY	-4.91%	14.58%	10.43%	8.14%	13.00%	5.39%	1.00%
Slope	-5.52%	6.20%	10.70%	8.42%	9.44%	9.73%	10.01%
CAGR	-5.23%	11.27%	8.82%	7.02%	11.05%	9.73%	—
LSR	-5.23%	7.87%	11.69%	8.46%	11.34%	—	—
Intangible Assets
Avg YoY	-10.03%	-3.80%	-0.40%	0.20%	8.37%	45.98%	51.18%
Slope	-10.72%	-4.50%	0.87%	1.05%	4.58%	5.64%	7.09%
CAGR	-10.08%	-4.04%	-1.04%	-0.42%	5.55%	3.63%	—
LSR	-10.08%	-4.55%	0.92%	1.05%	6.13%	—	—
Other Non-Current Assets
Avg YoY	9.89%	11.96%	15.11%	18.77%	18.58%	18.65%	8.05%
Slope	9.37%	10.12%	11.75%	10.57%	11.85%	11.66%	11.19%
CAGR	9.88%	11.74%	11.89%	14.81%	13.79%	—	13.87%
LSR	9.88%	10.96%	12.94%	11.87%	16.36%	—	—
Total Non-Current Assets
Avg YoY	-0.61%	6.10%	5.93%	5.93%	10.15%	8.59%	12.24%
Slope	-0.65%	4.00%	6.84%	5.92%	7.73%	7.86%	8.10%
CAGR	-0.64%	5.63%	5.59%	5.64%	9.10%	7.32%	10.51%
LSR	-0.64%	4.37%	7.21%	6.08%	9.46%	9.50%	10.76%
Total Assets
Avg YoY	-0.14%	5.22%	5.81%	5.60%	9.88%	8.59%	10.85%
Slope	-0.14%	4.22%	6.40%	5.33%	7.23%	7.65%	7.87%
CAGR	-0.14%	5.02%	5.65%	5.45%	9.12%	7.64%	9.69%
LSR	-0.14%	4.51%	6.71%	5.46%	8.83%	9.46%	10.34%
Accounts Payable
Avg YoY	4.95%	10.60%	11.16%	8.19%	10.16%	9.50%	9.65%
Slope	4.83%	7.72%	10.48%	7.52%	7.69%	7.88%	7.75%
CAGR	4.89%	10.07%	10.16%	7.35%	9.00%	8.40%	8.54%
LSR	4.89%	8.47%	11.29%	7.37%	8.20%	9.01%	9.12%
Short-Term Debt
Avg YoY	-40.16%	-48.46%	95.59%	60.10%	42.85%	34.39%	37.68%
Slope	-50.07%	-61.11%	5.10%	1.71%	-3.51%	-4.26%	-3.10%
CAGR	-40.23%	-49.34%	3.21%	-7.42%	-9.20%	-11.13%	-4.31%
LSR	-40.23%	-50.17%	13.46%	-1.41%	-6.02%	-6.21%	-5.08%
Tax Payables
Avg YoY	1,531.24%	987.49%	439.81%	439.81%	439.81%	439.81%	439.81%
Slope	107.36%	37.32%	11.85%	18.63%	17.98%	16.30%	14.65%
CAGR	155.80%	24.38%	—	—	—	—	—
LSR	155.80%	—	—	—	—	—	—
Deferred Revenue
Avg YoY	14.31%	14.89%	14.31%	14.31%	14.31%	14.31%	14.31%
Slope	-14.87%	-4.28%	23.86%	23.94%	20.96%	18.21%	15.98%
CAGR	-11.58%	0.80%	—	—	—	—	—
LSR	-11.58%	-5.53%	—	—	—	—	—
Other Current Liabilities
Avg YoY	10.73%	2.90%	11.74%	8.42%	2.11%	2.91%	-0.31%
Slope	10.23%	1.09%	9.79%	8.09%	11.90%	12.24%	8.36%
CAGR	10.68%	2.33%	9.95%	—	26.34%	21.66%	5.05%
LSR	10.68%	1.01%	10.83%	—	—	—	—
Total Current Liabilities
Avg YoY	4.77%	5.71%	14.57%	13.47%	13.21%	10.82%	9.77%
Slope	3.24%	2.69%	12.39%	9.74%	9.80%	9.33%	8.10%
CAGR	3.11%	4.84%	13.20%	11.53%	11.19%	8.45%	7.71%
LSR	3.11%	2.62%	14.62%	10.32%	11.06%	10.61%	8.37%
Long-Term Debt
Avg YoY	-0.73%	4.93%	2.78%	7.29%	15.59%	14.82%	27.83%
Slope	-5.05%	2.99%	3.81%	6.48%	8.35%	8.02%	8.46%
CAGR	-5.52%	1.46%	1.21%	5.19%	7.82%	6.20%	12.98%
LSR	-5.52%	2.93%	3.68%	7.33%	10.67%	9.59%	13.07%
Capital Lease Obligations
Avg YoY	-3.45%	20.38%	15.30%	15.30%	15.30%	15.30%	15.30%
Slope	-3.93%	10.28%	28.55%	26.01%	22.12%	18.95%	16.49%
CAGR	-4.00%	15.41%	—	—	—	—	—
LSR	-4.00%	13.41%	—	—	—	—	—
Deferred Tax Liabilities
Avg YoY	-58.06%	-29.05%	-8.62%	-10.15%	-2.38%	3.34%	5.08%
Slope	-74.13%	-30.37%	-4.71%	-7.38%	-1.73%	1.42%	3.46%
CAGR	-59.45%	-36.66%	-16.12%	-15.67%	-8.53%	-2.99%	-0.69%
LSR	-59.45%	-35.93%	-9.38%	-9.28%	-2.99%	1.49%	4.91%
Other Non-Current Liabilities
Avg YoY	15.09%	-19.67%	-9.42%	-1.24%	27.72%	23.71%	30.60%
Slope	14.05%	-41.33%	-16.17%	-4.26%	3.97%	6.53%	7.72%
CAGR	14.72%	-28.72%	-14.93%	-6.29%	5.41%	5.74%	11.41%
LSR	14.72%	-30.97%	-19.01%	-6.98%	7.99%	11.06%	15.66%
Total Non-Current Liabilities
Avg YoY	-2.52%	0.04%	1.26%	4.84%	14.56%	13.86%	22.96%
Slope	-5.47%	-0.85%	2.30%	5.02%	7.75%	7.91%	8.42%
CAGR	-5.85%	-2.27%	0.08%	3.61%	7.62%	6.60%	12.39%
LSR	-5.85%	-1.14%	2.22%	5.60%	10.37%	10.01%	13.20%
Total Liabilities
Avg YoY	-1.79%	1.06%	4.33%	6.42%	12.63%	11.16%	13.38%
Slope	-2.33%	0.41%	5.36%	6.41%	8.36%	8.33%	8.32%
CAGR	-2.39%	0.41%	3.81%	5.96%	8.85%	7.28%	9.70%
LSR	-2.39%	0.42%	5.63%	6.98%	10.61%	10.22%	10.71%
Common Stock
Avg YoY	3.21%	1.43%	1.63%	1.96%	1.23%	0.70%	4.51%
Slope	3.17%	1.29%	1.33%	2.09%	1.50%	0.84%	1.41%
CAGR	3.20%	1.41%	1.62%	1.91%	1.19%	0.66%	3.49%
LSR	3.20%	1.28%	1.34%	2.14%	1.49%	0.81%	1.68%
Retained Earnings
Avg YoY	10.08%	8.58%	7.86%	11.55%	13.29%	11.86%	12.52%
Slope	9.60%	7.77%	6.87%	8.52%	9.83%	9.87%	9.59%
CAGR	9.91%	8.49%	7.79%	11.36%	13.07%	11.65%	12.33%
LSR	9.91%	7.97%	7.11%	9.92%	12.89%	13.04%	13.05%
Accumulated OCI
Avg YoY	14.28%	4.32%	5.38%	8.66%	-146.32%	-148.22%	-123.50%
Slope	-13.14%	-3.35%	-1.22%	-14.55%	-15.98%	-14.70%	-13.55%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Minority Interest
Avg YoY	-4.55%	30.24%	13.68%	11.09%	31.95%	25.89%	27.60%
Slope	-5.00%	20.42%	3.32%	0.66%	5.82%	7.35%	7.95%
CAGR	-5.05%	20.58%	2.71%	-2.39%	12.09%	9.57%	12.66%
LSR	-5.05%	26.69%	3.03%	0.94%	9.54%	11.12%	12.66%
Total Shareholders’ Equity
Avg YoY	9.52%	9.22%	8.31%	9.82%	12.26%	10.95%	11.53%
Slope	9.11%	8.25%	7.62%	7.71%	9.02%	9.18%	9.00%
CAGR	9.40%	9.16%	8.26%	9.69%	12.07%	10.76%	11.35%
LSR	9.40%	8.57%	7.95%	8.42%	11.34%	11.75%	11.87%
Total Equity
Avg YoY	9.16%	9.39%	8.16%	9.17%	12.26%	10.93%	11.56%
Slope	8.78%	8.49%	7.53%	7.53%	8.94%	9.13%	8.97%
CAGR	9.05%	9.33%	8.12%	9.10%	12.07%	10.74%	11.37%
LSR	9.05%	8.85%	7.83%	8.12%	11.28%	11.74%	11.89%
Total Liabilities & Equity
Avg YoY	4.36%	5.64%	6.39%	7.87%	11.33%	9.92%	11.45%
Slope	4.22%	5.02%	6.58%	7.04%	8.69%	8.78%	8.68%
CAGR	4.34%	5.56%	6.31%	7.77%	10.64%	9.12%	10.66%
LSR	4.34%	5.24%	6.91%	7.64%	10.95%	11.00%	11.34%
Tangible Assets
Avg YoY	1.88%	4.36%	5.65%	5.80%	9.67%	8.30%	9.42%
Slope	1.83%	4.29%	5.84%	5.02%	6.98%	7.40%	7.52%
CAGR	1.86%	4.31%	5.47%	5.59%	8.99%	7.59%	8.72%
LSR	1.86%	4.46%	6.09%	5.18%	8.54%	9.07%	9.49%
Tangible Equity
Avg YoY	17.46%	10.55%	9.23%	12.13%	14.21%	13.98%	11.86%
Slope	16.12%	10.74%	7.16%	8.07%	9.36%	9.42%	8.88%
CAGR	17.43%	10.04%	8.96%	11.68%	13.46%	12.75%	10.10%
LSR	17.43%	10.90%	7.26%	9.13%	12.06%	12.28%	10.98%
Tangible Book Value
Avg YoY	17.46%	10.55%	9.23%	12.13%	14.21%	13.98%	11.86%
Slope	16.12%	10.74%	7.16%	8.07%	9.36%	9.42%	8.88%
CAGR	17.43%	10.04%	8.96%	11.68%	13.46%	12.75%	10.10%
LSR	17.43%	10.90%	7.26%	9.13%	12.06%	12.28%	10.98%
Net Debt
Avg YoY	-0.45%	25.38%	13.54%	-45.04%	-121.01%	-94.34%	-63.60%
Slope	-5.91%	9.00%	10.98%	14.50%	11.67%	8.46%	8.32%
CAGR	-6.54%	13.21%	5.37%	13.19%	7.18%	4.61%	12.84%
LSR	-6.54%	12.20%	11.61%	—	—	—	—

Capital Structure

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Working Capital
Avg YoY	-1.64%	1.46%	2.27%	3.61%	9.88%	10.16%	11.34%
Slope	-2.40%	2.12%	1.84%	2.40%	5.78%	7.11%	7.70%
CAGR	-2.48%	0.97%	1.77%	3.04%	8.56%	8.46%	9.68%
LSR	-2.48%	2.12%	1.88%	2.57%	7.89%	10.07%	11.53%
Total Capital
Avg YoY	-0.87%	6.31%	6.07%	6.27%	9.85%	8.93%	11.11%
Slope	-0.93%	4.90%	6.66%	5.60%	7.35%	7.75%	7.97%
CAGR	-0.93%	5.86%	5.79%	5.98%	9.21%	8.05%	10.12%
LSR	-0.93%	5.35%	7.00%	5.79%	8.95%	9.59%	10.58%
Capital Employed
Avg YoY	-1.23%	4.18%	4.23%	4.79%	9.84%	9.59%	11.35%
Slope	-1.28%	3.31%	4.84%	4.47%	6.93%	7.61%	7.97%
CAGR	-1.29%	3.90%	4.06%	4.63%	8.91%	8.46%	10.21%
LSR	-1.29%	3.54%	5.01%	4.63%	8.83%	9.88%	11.14%
Invested Capital
Avg YoY	-0.75%	11.22%	8.41%	8.30%	10.31%	9.22%	11.50%
Slope	-0.78%	7.30%	9.18%	7.40%	8.07%	7.97%	8.03%
CAGR	-0.79%	9.89%	7.71%	7.62%	9.30%	7.97%	10.19%
LSR	-0.79%	8.47%	9.80%	7.59%	9.20%	9.18%	10.02%

Cash Flow

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Net Income
Avg YoY	55.41%	44.38%	54.35%	38.39%	34.97%	29.03%	26.12%
Slope	23.06%	18.34%	13.61%	4.39%	5.84%	7.39%	7.60%
CAGR	21.20%	27.08%	27.55%	11.44%	13.58%	11.46%	10.72%
LSR	21.20%	17.61%	16.17%	4.27%	6.77%	9.96%	10.00%
Depreciation & Amortization
Avg YoY	2.27%	5.10%	2.23%	5.74%	6.48%	6.08%	9.09%
Slope	2.22%	4.62%	3.02%	4.35%	6.05%	5.82%	6.34%
CAGR	2.26%	5.03%	2.13%	5.39%	5.95%	5.60%	8.42%
LSR	2.26%	4.84%	3.01%	4.68%	7.09%	6.44%	7.86%
Deferred Income Tax
Avg YoY	-745.36%	-801.01%	-381.59%	-380.73%	-297.12%	-279.26%	-279.26%
Slope	-80.75%	-71.90%	-104.97%	5.96%	-0.96%	-4.60%	-6.53%
CAGR	363.00%	107.85%	—	—	15.66%	—	—
LSR	363.00%	—	—	—	—	—	—
Stock-Based Compensation
Avg YoY	-12.44%	28.18%	22.82%	15.93%	16.88%	16.88%	16.88%
Slope	-13.25%	14.23%	19.45%	16.47%	15.43%	14.67%	13.52%
CAGR	-12.81%	20.72%	18.94%	12.87%	—	—	—
LSR	-12.81%	20.12%	23.39%	18.03%	—	—	—
Change in Working Capital
Avg YoY	109.87%	-85.69%	-112.33%	-93.91%	-105.18%	-103.26%	-86.85%
Slope	17,244.32%	79.09%	-19.98%	2.83%	-6.36%	-4.74%	-5.02%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Accounts Receivable
Avg YoY	21.57%	-36.62%	-109.27%	325.32%	285.15%	285.15%	285.15%
Slope	27.35%	-3.18%	-47.62%	-11.09%	-13.44%	-13.40%	-12.64%
CAGR	-22.97%	15.67%	—	0.96%	—	—	—
LSR	-22.97%	8.09%	—	—	—	—	—
Inventory
Avg YoY	1,342.09%	390.63%	76.76%	23.60%	-9.87%	-18.01%	-34.93%
Slope	57.66%	146.98%	12.70%	1.06%	-6.57%	-5.14%	-4.95%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Accounts Payable
Avg YoY	108.48%	81.98%	4,104.22%	2,984.26%	2,598.62%	2,598.62%	2,598.62%
Slope	-30.12%	-32.51%	17.90%	16.54%	18.10%	16.38%	14.71%
CAGR	-15.49%	-5.61%	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Other Working Capital
Avg YoY	-223.09%	-143.04%	-135.80%	127.05%	95.22%	82.76%	-88.18%
Slope	746.57%	-38.00%	0.33%	50.98%	13.21%	57.46%	55.60%
CAGR	—	12.46%	18.35%	—	8.15%	—	17.04%
LSR	—	—	—	—	—	—	—
Other Non-Cash Items
Avg YoY	645.46%	295.97%	115.67%	69.09%	485.74%	387.01%	329.59%
Slope	3.39%	8.45%	41.69%	45.24%	29.89%	16.06%	14.57%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Net Cash from Operating Activities
Avg YoY	45.42%	101.11%	52.44%	44.24%	58.03%	159.55%	134.07%
Slope	34.07%	25.38%	10.55%	7.46%	7.11%	7.85%	7.99%
CAGR	36.73%	17.63%	10.37%	12.03%	9.24%	18.69%	12.06%
LSR	36.73%	33.00%	8.05%	6.08%	7.58%	11.05%	10.94%
Capital Expenditures (PPE)
Avg YoY	4.23%	5.39%	-9.76%	-13.01%	-11.50%	-10.33%	-10.64%
Slope	4.70%	5.61%	-7.67%	-4.75%	-5.80%	-6.32%	-5.15%
CAGR	-4.76%	-5.80%	8.12%	7.82%	5.63%	2.94%	3.97%
LSR	-4.76%	-5.54%	9.34%	5.53%	6.69%	7.70%	5.49%
Acquisitions (Net)
Avg YoY	65.85%	-411.17%	-451.54%	-450.33%	-424.26%	-348.24%	-348.24%
Slope	89.13%	40.28%	-6.44%	1.34%	-3.68%	-3.55%	-5.80%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Purchases of Investments
Avg YoY	—	100.00%	89.43%	89.43%	92.96%	39.74%	39.74%
Slope	—	100.00%	3.95%	-11.65%	-0.11%	-6.24%	-7.67%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Sales / Maturities of Investments
Avg YoY	—	-100.00%	-1.32%	-1.32%	-34.21%	-63.91%	-72.44%
Slope	—	-100.00%	1.98%	14.27%	9.91%	10.51%	3.31%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Other Investing Activities
Avg YoY	707.08%	317.16%	187.00%	198.07%	259.78%	130.16%	283.26%
Slope	1.91%	-24.07%	-14.56%	-1.83%	5.06%	10.19%	6.48%
CAGR	11.04%	-47.26%	-26.10%	-17.50%	-9.48%	—	-3.37%
LSR	11.04%	-33.91%	-23.94%	—	—	—	—
Net Cash from Investing Activities
Avg YoY	19.76%	-47.97%	-43.40%	-28.76%	-58.27%	-65.31%	-76.51%
Slope	21.61%	20.00%	-9.21%	-2.01%	-4.69%	-4.59%	-5.42%
CAGR	-20.25%	-5.37%	7.34%	-6.48%	6.41%	-0.71%	4.36%
LSR	-20.25%	-15.74%	12.51%	1.69%	5.95%	5.88%	6.95%
Net Debt Issuance
Avg YoY	46.02%	164.56%	202.81%	536.05%	678.64%	569.67%	607.77%
Slope	-182.96%	-397.77%	-174.47%	-44.23%	-15.32%	-9.50%	-4.74%
CAGR	111.96%	87.04%	94.55%	—	—	—	—
LSR	—	—	—	—	—	—	—
Long-Term Debt Issuance
Avg YoY	61.68%	189.64%	-71.64%	6,821.19%	6,416.89%	5,118.49%	4,372.31%
Slope	-195.98%	-642.92%	-195.12%	-41.69%	-13.25%	-8.78%	-4.21%
CAGR	121.06%	86.86%	94.47%	—	—	—	—
LSR	—	—	—	—	—	—	—
Short-Term Debt Issuance
Avg YoY	54.29%	57.10%	239.25%	143.52%	87.87%	88.61%	88.61%
Slope	71.82%	21.00%	-16.99%	-24.93%	-19.38%	-2.54%	-5.10%
CAGR	-54.31%	—	-20.05%	-3.25%	—	—	—
LSR	-54.31%	—	—	—	—	—	—
Net Stock Issuance
Avg YoY	-211.89%	-103.21%	-27.26%	-503.62%	-394.23%	-469.94%	-1,403.65%
Slope	-5.01%	-25.69%	-9.02%	-8.73%	-12.39%	-12.44%	-10.80%
CAGR	13.01%	1.08%	-7.90%	—	—	18.50%	—
LSR	13.01%	23.15%	—	—	—	—	—
Common Stock Issuance
Avg YoY	—	—	—	123.02%	30.48%	99.83%	93.45%
Slope	—	—	—	-33.12%	-20.87%	-10.44%	-4.94%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Common Stock Repurchased
Avg YoY	-345.63%	-172.94%	-59.04%	-28.10%	-27.07%	-84.03%	-139.66%
Slope	-10.97%	-32.83%	-8.61%	-8.23%	-10.59%	-10.91%	-9.64%
CAGR	35.79%	7.02%	-7.85%	22.48%	12.16%	13.46%	19.83%
LSR	35.79%	36.90%	—	—	—	—	—
Preferred Stock Issuance
Avg YoY	100.00%	22.90%	-7.25%	-6.55%	-6.55%	-6.55%	-6.55%
Slope	150.00%	46.89%	-15.66%	-20.30%	-18.91%	-16.90%	-15.07%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Net Dividends Paid
Avg YoY	-6.11%	-8.55%	-5.38%	-6.35%	-13.21%	-11.40%	-11.98%
Slope	-5.78%	-8.28%	-6.21%	-6.89%	-8.63%	-8.77%	-8.48%
CAGR	6.03%	8.48%	5.21%	5.54%	11.21%	9.77%	10.52%
LSR	6.03%	8.82%	6.18%	7.35%	10.91%	11.02%	10.60%
Common Dividends Paid
Avg YoY	-6.11%	-8.55%	-5.38%	-10.40%	-11.53%	-10.07%	-10.88%
Slope	-5.78%	-8.28%	-6.21%	-8.20%	-9.23%	-9.09%	-8.67%
CAGR	6.03%	8.48%	5.21%	10.01%	11.21%	9.77%	10.52%
LSR	6.03%	8.82%	6.18%	9.48%	11.49%	11.14%	10.57%
Preferred Dividends Paid
Avg YoY	—	—	—	—	100.00%	100.00%	100.00%
Slope	—	—	—	—	16.54%	5.77%	0.67%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Other Financing Activities
Avg YoY	-150.68%	-44.84%	-60.08%	-127.37%	-151.78%	-138.53%	-115.81%
Slope	-208.55%	-27.16%	-3.42%	0.44%	-15.03%	-13.20%	-12.02%
CAGR	—	-5.83%	8.36%	3.66%	—	—	9.82%
LSR	—	—	—	—	—	—	—
Net Cash from Financing Activities
Avg YoY	-104.13%	-66.85%	-66.66%	-81.56%	2,672.95%	2,130.43%	1,777.14%
Slope	-61.19%	-56.14%	-14.88%	-23.05%	-16.50%	-17.61%	-15.14%
CAGR	74.92%	33.54%	11.87%	—	10.76%	—	15.52%
LSR	74.92%	—	—	—	—	—	—
Effect of FX on Cash
Avg YoY	-172.77%	-120.72%	519.01%	307.29%	278.62%	222.67%	213.34%
Slope	-80.53%	-168.61%	23.54%	4.98%	-6.13%	-8.43%	-8.94%
CAGR	60.79%	—	-8.88%	—	24.99%	11.49%	—
LSR	—	—	—	—	—	—	—
Net Change in Cash
Avg YoY	-104.65%	-169.45%	-46.27%	-9.83%	18.27%	18.25%	21.29%
Slope	-491.35%	16.89%	-27.40%	-201.14%	-164.65%	-85.13%	-62.34%
CAGR	—	—	7.93%	—	—	—	—
LSR	—	—	—	—	—	—	—
Cash at Beginning of Period
Avg YoY	10.53%	-5.48%	-0.62%	8.82%	19.67%	20.34%	17.27%
Slope	10.05%	-18.38%	-6.32%	-0.86%	5.52%	7.79%	8.44%
CAGR	10.46%	-11.72%	-4.98%	2.76%	10.60%	12.23%	7.93%
LSR	10.46%	-16.08%	-7.15%	-0.85%	10.50%	14.96%	15.84%
Cash at End of Period
Avg YoY	-1.90%	-13.88%	-2.05%	0.94%	17.41%	17.71%	18.93%
Slope	-2.75%	-18.63%	-8.69%	-3.46%	3.57%	6.51%	7.63%
CAGR	-2.84%	-18.85%	-6.55%	-3.38%	8.10%	9.22%	9.30%
LSR	-2.84%	-14.10%	-9.13%	-4.12%	7.11%	12.80%	15.46%
Operating Cash Flow
Avg YoY	45.42%	101.11%	52.44%	44.24%	58.03%	159.55%	134.07%
Slope	34.07%	25.38%	10.55%	7.46%	7.11%	7.85%	7.99%
CAGR	36.73%	17.63%	10.37%	12.03%	9.24%	18.69%	12.06%
LSR	36.73%	33.00%	8.05%	6.08%	7.58%	11.05%	10.94%
Capital Expenditure
Avg YoY	4.23%	5.39%	-9.76%	-13.01%	-11.50%	-10.33%	-10.64%
Slope	4.70%	5.61%	-7.67%	-4.75%	-5.80%	-6.32%	-5.15%
CAGR	-4.76%	-5.80%	8.12%	7.82%	5.63%	2.94%	3.97%
LSR	-4.76%	-5.54%	9.34%	5.53%	6.69%	7.70%	5.49%
Free Cash Flow
Avg YoY	68.60%	167.93%	84.51%	74.26%	988.29%	828.56%	679.47%
Slope	45.09%	38.75%	11.80%	8.72%	7.72%	8.58%	9.52%
CAGR	50.16%	25.60%	10.78%	13.01%	10.13%	—	—
LSR	50.16%	—	—	—	—	—	—

Free Cash Flow

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
EBITDA
Avg YoY	6.17%	16.86%	11.25%	10.44%	11.64%	9.04%	11.54%
Slope	5.90%	15.07%	9.76%	5.04%	6.21%	6.84%	7.05%
CAGR	6.14%	16.19%	10.45%	8.35%	9.62%	7.06%	8.76%
LSR	6.14%	17.35%	9.87%	5.02%	7.14%	8.15%	8.68%
(-) Tax Adjustment
Avg YoY	0.83%	20.73%	13.77%	-0.45%	3.90%	2.87%	6.55%
Slope	-2.47%	17.55%	10.00%	5.34%	5.80%	6.23%	6.47%
CAGR	-2.69%	15.40%	6.48%	5.83%	7.73%	5.60%	7.53%
LSR	-2.69%	21.35%	9.91%	—	—	—	—
Change In Working Capital
Avg YoY	109.87%	-85.69%	-112.33%	-93.91%	-105.18%	-103.26%	-86.85%
Slope	17,244.32%	79.09%	-19.98%	2.83%	-6.36%	-4.74%	-5.02%
CAGR	—	26.90%	8.36%	—	6.02%	—	—
LSR	—	—	—	—	—	—	—
Capital Expenditure
Avg YoY	4.23%	5.39%	-9.76%	-13.01%	-11.50%	-10.33%	-10.64%
Slope	4.70%	5.61%	-7.67%	-4.75%	-5.80%	-6.32%	-5.15%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Unlevered Free Cash Flow
Avg YoY	-14.86%	102.98%	73.89%	51.79%	180.01%	218.71%	208.83%
Slope	-17.70%	5.82%	11.35%	3.97%	6.59%	7.08%	7.86%
CAGR	-17.81%	28.49%	18.11%	4.72%	—	4.31%	10.29%
LSR	-17.81%	18.87%	14.80%	3.16%	—	—	—
Net Interest After Taxes
Avg YoY	-13.83%	-9.49%	-6.72%	-11.14%	-10.50%	-12.20%	-69.19%
Slope	-12.94%	-7.83%	-4.21%	-6.57%	-7.46%	-5.97%	-6.24%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Net Debt Issuance
Avg YoY	46.02%	164.56%	202.81%	536.05%	678.64%	569.67%	607.77%
Slope	-182.96%	-397.77%	-174.47%	-44.23%	-15.32%	-9.50%	-4.74%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Levered Free Cash Flow
Avg YoY	2.92%	185.60%	95.54%	63.44%	84.35%	90.83%	365.69%
Slope	-80.78%	-16.41%	6.16%	-0.95%	5.18%	5.43%	6.40%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—