Motorola Solutions, Inc. (0K3H.L)

Analysis: Growth Rates Industry: Communication Equipment Sector: Technology Live Price: $400.38

Enterprise Value

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Stock Price
Avg YoY	34.56%	30.94%	25.20%	21.24%	15.05%	14.32%	14.96%
Slope	29.70%	21.21%	19.68%	16.40%	12.11%	9.37%	6.13%
CAGR	33.93%	28.40%	23.64%	19.93%	8.97%	7.88%	6.71%
LSR	33.93%	23.88%	23.16%	18.42%	12.08%	8.15%	4.56%
Market Capitalization
Avg YoY	34.78%	30.97%	24.88%	21.05%	14.92%	14.23%	14.30%
Slope	29.85%	21.21%	19.57%	16.30%	12.03%	9.33%	6.35%
CAGR	34.08%	28.40%	23.47%	19.85%	8.96%	7.96%	6.72%
LSR	34.08%	23.83%	22.89%	18.28%	11.97%	8.12%	4.71%
(-) Cash & Equivalents
Avg YoY	26.38%	18.51%	6.89%	9.51%	8.43%	9.65%	14.09%
Slope	23.05%	9.72%	4.61%	0.04%	-0.16%	-3.67%	-0.83%
CAGR	26.36%	14.33%	2.55%	-0.08%	0.86%	0.77%	4.73%
LSR	26.36%	10.36%	4.49%	0.70%	-0.19%	-2.98%	0.02%
(+) Total Debt
Avg YoY	0.32%	4.09%	6.64%	14.82%	9.41%	3.66%	6.74%
Slope	0.32%	3.82%	5.75%	11.22%	8.52%	3.32%	2.89%
CAGR	0.32%	4.02%	6.50%	11.57%	6.41%	0.61%	3.11%
LSR	0.32%	3.98%	6.23%	16.00%	9.33%	3.20%	2.43%
Enterprise Value
Avg YoY	30.87%	27.51%	23.11%	22.36%	14.38%	12.87%	12.60%
Slope	26.94%	19.54%	18.11%	16.45%	12.29%	9.46%	6.37%
CAGR	30.23%	25.64%	22.02%	21.40%	9.20%	6.97%	6.31%
LSR	30.23%	21.69%	20.98%	19.73%	12.60%	8.36%	4.72%

Income Statement

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Revenue
Avg YoY	8.96%	9.91%	7.54%	3.04%	-3.47%	-2.62%	-1.01%
Slope	8.55%	9.47%	6.87%	3.10%	-10.04%	-7.86%	-5.88%
CAGR	8.95%	9.90%	7.39%	2.54%	-6.03%	-5.03%	-3.11%
LSR	8.95%	10.02%	7.11%	2.95%	-6.92%	-7.34%	-6.47%
Cost of Revenue
Avg YoY	4.25%	8.81%	6.82%	2.90%	-3.96%	-2.99%	-1.13%
Slope	4.17%	8.38%	6.31%	3.18%	-12.46%	-9.26%	-6.61%
CAGR	4.23%	8.66%	6.63%	2.40%	-7.60%	-6.28%	-4.04%
LSR	4.23%	8.94%	6.53%	3.07%	-8.54%	-8.95%	-7.72%
Gross Profit
Avg YoY	14.21%	11.27%	8.42%	3.29%	-2.38%	-1.33%	-0.15%
Slope	13.08%	10.60%	7.46%	3.00%	-6.02%	-5.30%	-4.54%
CAGR	14.17%	11.18%	8.17%	2.67%	-3.77%	-3.25%	-1.86%
LSR	14.17%	11.12%	7.70%	2.82%	-4.32%	-4.78%	-4.60%
Gross Margin
Avg YoY	4.81%	1.27%	0.80%	0.18%	3.16%	2.87%	2.20%
Slope	4.63%	1.01%	0.56%	-0.12%	2.39%	2.52%	1.95%
CAGR	4.78%	1.16%	0.73%	0.13%	2.41%	1.88%	1.29%
LSR	4.78%	1.00%	0.56%	-0.13%	2.79%	2.76%	2.00%
R&D Expenses
Avg YoY	8.51%	7.54%	4.66%	-0.36%	-4.59%	-4.33%	-2.51%
Slope	8.10%	7.37%	5.30%	-0.87%	-11.64%	-9.13%	-4.40%
CAGR	8.50%	7.53%	4.44%	-0.87%	-6.94%	-6.36%	—
LSR	8.50%	7.64%	5.35%	-0.65%	-9.01%	-9.09%	—
SG&A Expenses
Avg YoY	9.95%	7.93%	6.50%	0.22%	-2.25%	-3.43%	-2.03%
Slope	9.51%	7.60%	5.76%	-0.43%	-7.62%	-6.87%	-5.82%
CAGR	9.92%	7.89%	6.18%	-0.48%	-3.76%	-4.82%	-3.30%
LSR	9.92%	7.79%	5.96%	-0.22%	-6.09%	-6.45%	-6.09%
Operating Expenses
Avg YoY	4.87%	6.15%	5.99%	3.43%	0.30%	-1.17%	1.18%
Slope	4.76%	5.93%	5.47%	-0.89%	-8.81%	-7.99%	-5.79%
CAGR	4.87%	6.14%	5.63%	-0.57%	-4.54%	-5.61%	-2.87%
LSR	4.87%	6.15%	5.74%	-0.58%	-7.00%	-7.54%	-6.32%
Operating Income (EBIT)
Avg YoY	27.64%	18.86%	12.73%	-19.00%	-20.55%	-49.53%	-41.93%
Slope	23.19%	16.70%	10.28%	10.91%	3.44%	11.08%	2.65%
CAGR	27.21%	18.07%	11.69%	9.54%	-2.79%	4.69%	-0.30%
LSR	27.21%	17.92%	10.48%	—	—	—	—
Operating Margin
Avg YoY	17.10%	8.23%	4.84%	-22.92%	-29.89%	-66.54%	-56.99%
Slope	15.03%	7.13%	3.23%	7.70%	9.73%	12.36%	8.51%
CAGR	16.76%	7.43%	4.00%	6.83%	3.44%	10.24%	2.90%
LSR	16.76%	7.18%	3.15%	—	—	—	—
Interest Income
Avg YoY	120.89%	73.91%	35.44%	12.50%	7.21%	7.21%	7.21%
Slope	70.43%	50.37%	15.33%	-5.97%	-5.99%	0.98%	4.01%
CAGR	120.39%	51.23%	20.18%	-1.82%	—	—	—
LSR	120.39%	62.58%	9.71%	-5.45%	—	—	—
Interest Expense
Avg YoY	11.11%	6.53%	5.70%	3.86%	3.20%	3.20%	3.20%
Slope	10.52%	6.41%	3.10%	4.56%	6.58%	9.02%	9.60%
CAGR	10.87%	6.08%	5.26%	2.22%	—	—	—
LSR	10.87%	6.38%	3.12%	5.06%	—	—	—
Net Interest Income
Avg YoY	0.33%	0.97%	3.33%	6.90%	-17.55%	-17.55%	-17.55%
Slope	-0.22%	-1.00%	-1.85%	-6.35%	-10.28%	-11.38%	-11.24%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Other Income / Expense
Avg YoY	78.46%	36.84%	29.96%	23.58%	-0.21%	23.94%	-4.53%
Slope	-51.01%	-21.99%	-6.76%	-9.03%	-38.16%	-33.96%	-8.55%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Unusual Items
Avg YoY	78.46%	36.84%	29.96%	23.58%	-0.21%	23.94%	-4.53%
Slope	51.01%	21.99%	6.76%	9.03%	38.16%	33.96%	8.55%
CAGR	59.22%	21.76%	15.89%	11.10%	—	—	6.57%
LSR	59.22%	18.47%	5.98%	9.83%	—	—	—
EBT excl. Unusual
Avg YoY	6.82%	17.90%	33.05%	-7.18%	34.54%	22.96%	9.77%
Slope	-4.32%	9.46%	12.03%	11.86%	-8.19%	2.44%	0.55%
CAGR	-5.12%	8.41%	4.94%	6.12%	-10.36%	-5.05%	-3.19%
LSR	-5.12%	10.71%	12.44%	—	—	—	—
Pre-Tax Income
Avg YoY	16.77%	15.84%	10.38%	-20.51%	-8.50%	-18.90%	-27.05%
Slope	12.17%	13.10%	10.17%	10.82%	-1.07%	7.47%	2.26%
CAGR	14.09%	13.84%	8.88%	8.09%	-6.02%	-0.51%	-1.18%
LSR	14.09%	14.58%	10.40%	—	—	—	—
Pre-Tax Margin
Avg YoY	7.06%	5.40%	3.04%	-23.85%	-13.01%	-28.22%	-35.43%
Slope	4.27%	4.01%	3.13%	7.67%	8.24%	11.61%	8.41%
CAGR	4.71%	3.58%	1.39%	5.41%	0.01%	4.76%	1.99%
LSR	4.71%	4.14%	3.07%	—	—	—	—
Income Tax Expense
Avg YoY	91.08%	41.96%	53.83%	-453.46%	-401.34%	-327.94%	-280.58%
Slope	37.42%	15.67%	-4.63%	7.78%	-8.44%	0.33%	-1.27%
CAGR	62.33%	15.26%	4.00%	-0.23%	-7.98%	-3.48%	-3.20%
LSR	62.33%	16.11%	-0.86%	—	—	—	—
Net Income
Avg YoY	8.83%	14.58%	-89.06%	-53.76%	328.80%	247.75%	193.38%
Slope	6.90%	12.57%	15.79%	4.64%	0.53%	9.87%	4.57%
CAGR	7.56%	13.54%	11.13%	6.74%	-5.45%	0.75%	-0.42%
LSR	7.56%	14.25%	—	—	—	—	—
Net Margin
Avg YoY	-0.19%	4.21%	-84.92%	-49.69%	338.70%	249.29%	194.02%
Slope	-1.22%	3.65%	9.62%	0.93%	6.22%	10.39%	8.57%
CAGR	-1.28%	3.31%	3.48%	4.10%	0.61%	6.09%	2.78%
LSR	-1.28%	3.84%	—	—	—	—	—
Depreciation & Amortization
Avg YoY	-12.35%	-4.29%	12.66%	0.50%	0.97%	-3.59%	-1.95%
Slope	-13.78%	-5.76%	4.88%	1.64%	-4.36%	-9.55%	-8.31%
CAGR	-12.61%	-4.80%	9.37%	-3.73%	-3.11%	-8.06%	-5.85%
LSR	-12.61%	-5.83%	6.53%	2.60%	-3.34%	-7.39%	-8.06%
EBITDA
Avg YoY	20.12%	14.38%	12.04%	-22.22%	-35.05%	-0.27%	-1.08%
Slope	17.81%	12.89%	9.30%	8.90%	1.33%	1.53%	-2.76%
CAGR	19.97%	13.98%	11.41%	6.08%	-2.83%	-0.51%	-1.62%
LSR	19.97%	13.62%	9.84%	—	—	—	—
EBITDA Margin
Avg YoY	10.22%	4.13%	4.28%	-26.21%	-7.21%	26.15%	19.76%
Slope	9.47%	3.28%	2.48%	5.79%	7.99%	8.01%	4.64%
CAGR	10.11%	3.70%	3.74%	3.46%	3.40%	4.76%	1.53%
LSR	10.11%	3.27%	2.55%	—	—	—	—
NOPAT
Avg YoY	27.64%	18.86%	12.73%	-19.00%	-20.55%	-49.53%	-41.93%
Slope	23.19%	16.70%	10.28%	10.91%	3.44%	11.08%	2.65%
CAGR	27.21%	18.07%	11.69%	9.54%	-2.79%	4.69%	-0.30%
LSR	27.21%	17.92%	10.48%	—	—	—	—
NOPAT Margin
Avg YoY	17.10%	8.23%	4.84%	-22.92%	-29.89%	-66.54%	-56.99%
Slope	15.03%	7.13%	3.23%	7.70%	9.73%	12.36%	8.51%
CAGR	16.76%	7.43%	4.00%	6.83%	3.44%	10.24%	2.90%
LSR	16.76%	7.18%	3.15%	—	—	—	—
Owner's Earnings
Avg YoY	4.26%	10.54%	-339.69%	-217.94%	-235.18%	-159.80%	-162.56%
Slope	3.26%	9.23%	15.18%	4.49%	0.18%	6.14%	8.79%
CAGR	3.46%	9.76%	12.26%	4.70%	-5.24%	—	—
LSR	3.46%	10.24%	—	—	—	—	—
Owner's Earnings Margin
Avg YoY	-4.37%	0.53%	-302.44%	-192.64%	-216.22%	-139.93%	-145.38%
Slope	-4.96%	0.22%	9.34%	1.00%	5.93%	8.77%	9.79%
CAGR	-5.04%	-0.13%	4.53%	2.11%	0.84%	—	—
LSR	-5.04%	0.20%	—	—	—	—	—
EPS (Basic)
Avg YoY	9.07%	15.14%	-83.45%	-47.04%	344.36%	259.54%	201.96%
Slope	7.10%	13.03%	16.71%	9.99%	7.14%	13.01%	6.89%
CAGR	7.79%	14.08%	13.37%	12.15%	-1.65%	3.37%	0.53%
LSR	7.79%	14.84%	—	—	—	—	—
EPS (Diluted)
Avg YoY	9.11%	15.09%	-83.78%	-47.18%	345.16%	259.81%	203.46%
Slope	7.22%	13.00%	16.61%	9.86%	7.18%	13.30%	7.02%
CAGR	7.91%	14.08%	13.21%	12.07%	-1.66%	3.45%	0.53%
LSR	7.91%	14.79%	—	—	—	—	—
Shares (Basic)
Avg YoY	-0.21%	-0.47%	-1.82%	-4.58%	-3.66%	-2.34%	-0.66%
Slope	-0.21%	-0.51%	-1.05%	-5.84%	-5.08%	-3.60%	-1.97%
CAGR	-0.21%	-0.47%	-1.97%	-4.82%	-3.87%	-2.54%	-0.94%
LSR	-0.21%	-0.51%	-0.97%	-5.23%	-4.99%	-3.81%	-2.22%
Shares (Diluted)
Avg YoY	-0.32%	-0.48%	-1.69%	-4.52%	-3.65%	-2.41%	-0.68%
Slope	-0.32%	-0.47%	-0.82%	-5.72%	-5.00%	-3.59%	-2.11%
CAGR	-0.32%	-0.48%	-1.84%	-4.76%	-3.86%	-2.61%	-0.95%
LSR	-0.32%	-0.47%	-0.76%	-5.11%	-4.89%	-3.78%	-2.36%

Balance Sheet

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Cash & Cash Equivalents
Avg YoY	26.38%	18.51%	6.89%	9.51%	8.43%	9.65%	14.09%
Slope	23.05%	9.72%	4.61%	0.04%	-0.16%	-3.67%	-0.83%
CAGR	26.36%	14.33%	2.55%	-0.08%	0.86%	0.77%	4.73%
LSR	26.36%	10.36%	4.49%	0.70%	-0.19%	-2.98%	0.02%
Short-Term Investments
Avg YoY	—	—	—	-63.82%	191.59%	624.14%	468.60%
Slope	—	—	—	-33.30%	-21.21%	-8.99%	-3.65%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Cash & Short-Term Investments
Avg YoY	26.38%	18.51%	6.89%	-0.40%	3.74%	9.46%	12.88%
Slope	23.05%	9.72%	4.61%	-6.09%	-8.28%	-5.21%	-1.62%
CAGR	26.36%	14.33%	2.55%	-5.26%	-6.13%	0.34%	3.32%
LSR	26.36%	10.36%	4.49%	-4.79%	-6.45%	-5.02%	-1.05%
Net Receivables
Avg YoY	13.36%	8.82%	9.31%	5.81%	1.03%	1.40%	2.03%
Slope	12.53%	8.14%	6.18%	6.99%	0.56%	-0.64%	-1.23%
CAGR	13.36%	8.70%	8.97%	4.80%	-0.49%	-0.69%	0.09%
LSR	13.36%	8.30%	6.64%	7.60%	1.10%	-0.46%	-1.23%
Inventory
Avg YoY	-14.19%	15.60%	15.32%	5.63%	2.52%	-0.81%	0.10%
Slope	-16.07%	7.43%	14.56%	7.78%	-4.17%	-6.30%	-6.46%
CAGR	-14.52%	11.34%	13.22%	0.76%	-2.31%	-5.23%	-4.22%
LSR	-14.52%	9.60%	17.02%	7.80%	-2.72%	-5.45%	-6.37%
Other Current Assets
Avg YoY	6.41%	17.37%	17.75%	2.10%	7.32%	4.70%	4.73%
Slope	6.12%	15.07%	5.77%	-12.03%	-14.14%	-8.35%	-5.58%
CAGR	6.18%	15.94%	12.98%	-9.91%	-6.38%	-6.34%	-4.54%
LSR	6.18%	17.09%	6.80%	-8.49%	-13.09%	-10.21%	-8.08%
Total Current Assets
Avg YoY	11.42%	11.59%	7.40%	-0.15%	-1.98%	-0.42%	0.66%
Slope	10.85%	8.95%	6.67%	-0.08%	-6.02%	-4.49%	-2.98%
CAGR	11.39%	11.15%	6.95%	-2.06%	-3.67%	-2.01%	-0.82%
LSR	11.39%	9.53%	6.80%	0.32%	-4.77%	-4.29%	-3.18%
Property, Plant & Equipment
Avg YoY	5.16%	1.58%	19.54%	8.80%	5.67%	-1.00%	-1.33%
Slope	5.04%	1.55%	9.78%	9.06%	2.51%	-6.12%	-8.07%
CAGR	5.14%	1.49%	15.86%	4.19%	1.95%	-5.42%	-5.11%
LSR	5.14%	1.53%	12.78%	10.18%	2.39%	-3.64%	-6.55%
Goodwill
Avg YoY	3.52%	13.34%	31.91%	16.78%	11.44%	11.44%	11.44%
Slope	3.46%	11.92%	18.33%	13.80%	8.88%	10.49%	10.62%
CAGR	3.51%	12.81%	29.04%	6.67%	—	—	—
LSR	3.51%	13.37%	26.78%	16.35%	—	—	—
Intangible Assets
Avg YoY	-3.16%	1.54%	211.74%	168.71%	132.88%	132.88%	132.88%
Slope	-3.31%	1.92%	9.09%	15.35%	10.13%	11.28%	11.17%
CAGR	-3.22%	0.78%	45.99%	9.67%	1.33%	—	—
LSR	-3.22%	2.00%	23.77%	—	—	—	—
Long-Term Investments
Avg YoY	-3.85%	-1.01%	-3.67%	3.08%	-3.56%	-5.96%	-5.96%
Slope	-3.92%	-6.62%	-6.40%	0.11%	-7.04%	-6.49%	-1.17%
CAGR	-3.86%	-3.40%	-5.60%	-2.48%	-8.83%	—	—
LSR	-3.86%	-6.27%	-6.14%	0.88%	-5.02%	—	—
Tax Assets
Avg YoY	11.92%	8.29%	-1.78%	5.98%	8.12%	10.40%	10.40%
Slope	11.18%	7.84%	-7.00%	-1.71%	0.64%	1.08%	4.09%
CAGR	11.51%	7.80%	-4.45%	3.25%	4.17%	—	—
LSR	11.51%	7.87%	-5.44%	-1.51%	1.01%	—	—
Other Non-Current Assets
Avg YoY	11.80%	-1.05%	22.42%	21.85%	54.24%	36.37%	35.05%
Slope	10.34%	-11.43%	-5.31%	2.05%	-5.39%	-12.06%	-9.08%
CAGR	10.34%	-5.63%	2.59%	-3.32%	1.87%	-10.90%	-5.96%
LSR	10.34%	-10.47%	-3.42%	4.72%	-2.46%	-9.15%	-9.43%
Total Non-Current Assets
Avg YoY	4.01%	6.11%	13.10%	7.95%	7.49%	2.10%	2.75%
Slope	3.92%	5.88%	7.58%	8.01%	3.63%	-0.94%	-2.05%
CAGR	3.95%	6.02%	10.66%	4.72%	4.25%	-1.58%	-0.48%
LSR	3.95%	6.10%	8.56%	8.80%	3.52%	-0.58%	-1.88%
Total Assets
Avg YoY	7.11%	8.20%	9.33%	2.48%	0.59%	-0.57%	0.53%
Slope	6.89%	7.19%	7.19%	4.03%	-1.82%	-2.91%	-2.55%
CAGR	7.07%	8.15%	8.86%	0.87%	-0.76%	-1.78%	-0.64%
LSR	7.07%	7.52%	7.66%	4.17%	-1.33%	-2.63%	-2.55%
Accounts Payable
Avg YoY	3.82%	22.58%	14.60%	6.68%	3.21%	3.40%	3.72%
Slope	-0.98%	12.71%	9.86%	4.79%	-5.61%	-4.35%	-3.34%
CAGR	-0.89%	18.35%	11.61%	-0.39%	-2.83%	-1.86%	-0.90%
LSR	-0.89%	14.93%	10.39%	5.62%	-3.66%	-4.01%	-3.60%
Short-Term Debt
Avg YoY	65,486.06%	32,708.53%	14,668.31%	9,423.16%	6,975.77%	5,517.74%	4,573.18%
Slope	29.61%	58.40%	40.19%	16.05%	0.35%	-10.61%	-8.90%
CAGR	1,700.20%	128.69%	65.88%	0.37%	2.23%	-9.34%	-4.48%
LSR	1,700.20%	238.61%	40.23%	7.18%	-10.56%	-16.41%	-16.86%
Tax Payables
Avg YoY	-21.24%	21.23%	32.79%	14.55%	14.55%	14.55%	14.55%
Slope	-27.31%	8.58%	14.96%	10.38%	13.35%	13.34%	12.60%
CAGR	-22.86%	10.75%	20.46%	2.77%	—	—	—
LSR	-22.86%	11.17%	18.54%	10.68%	—	—	—
Deferred Revenue
Avg YoY	5.97%	8.05%	14.93%	12.82%	-1.29%	-1.29%	-1.29%
Slope	5.68%	8.21%	11.10%	11.00%	11.97%	12.46%	11.99%
CAGR	5.91%	7.97%	14.44%	10.07%	13.62%	—	—
LSR	5.91%	8.69%	13.15%	12.54%	—	—	—
Other Current Liabilities
Avg YoY	-14.13%	-5.10%	6.06%	10.10%	2.33%	3.26%	3.26%
Slope	-23.74%	-13.54%	-4.95%	-1.25%	-11.30%	-3.53%	0.89%
CAGR	-19.39%	-8.98%	-3.85%	0.42%	-9.02%	—	—
LSR	-19.39%	-13.50%	-4.95%	-1.38%	-9.13%	—	—
Total Current Liabilities
Avg YoY	2.22%	10.04%	11.01%	5.79%	1.44%	5.33%	7.36%
Slope	1.19%	9.81%	9.11%	6.68%	-2.43%	-0.82%	0.14%
CAGR	1.26%	9.24%	10.04%	3.33%	-1.26%	-0.83%	1.55%
LSR	1.26%	10.85%	9.72%	6.68%	-1.48%	-0.23%	0.29%
Long-Term Debt
Avg YoY	-0.15%	4.23%	5.73%	17.43%	11.82%	10.14%	10.15%
Slope	-2.75%	0.54%	3.42%	10.32%	8.39%	4.33%	4.45%
CAGR	-2.54%	2.88%	4.94%	12.37%	6.23%	3.88%	4.75%
LSR	-2.54%	0.46%	3.64%	15.73%	9.74%	4.25%	4.29%
Capital Lease Obligations
Avg YoY	1.94%	13.81%	7.36%	7.36%	7.36%	7.36%	7.36%
Slope	1.90%	11.63%	26.36%	25.04%	21.58%	18.61%	16.25%
CAGR	1.90%	8.87%	—	—	—	—	—
LSR	1.90%	12.96%	—	—	—	—	—
Deferred Tax Liabilities
Avg YoY	17.32%	-5.78%	-21.45%	-19.52%	-19.52%	-25.71%	-11.72%
Slope	10.13%	-26.69%	4.93%	43.29%	31.82%	-1.75%	-12.06%
CAGR	9.52%	-16.22%	—	—	—	-8.82%	-7.09%
LSR	9.52%	-22.97%	—	—	—	—	—
Other Non-Current Liabilities
Avg YoY	-4.40%	-11.21%	-1.46%	-1.52%	1.32%	6.55%	4.83%
Slope	-4.57%	-12.80%	-5.63%	-2.24%	-0.71%	1.10%	2.19%
CAGR	-4.55%	-11.64%	-3.08%	-3.47%	-0.58%	2.48%	1.26%
LSR	-4.55%	-11.74%	-5.73%	-2.39%	-0.82%	1.57%	2.70%
Total Non-Current Liabilities
Avg YoY	-1.19%	0.49%	4.96%	8.25%	6.28%	4.77%	5.11%
Slope	-2.59%	-1.76%	2.20%	7.31%	5.90%	3.56%	3.24%
CAGR	-2.43%	-0.16%	4.33%	6.79%	4.78%	2.96%	3.18%
LSR	-2.43%	-1.81%	2.46%	9.01%	6.29%	3.40%	3.04%
Total Liabilities
Avg YoY	-1.04%	2.93%	6.50%	6.45%	3.00%	2.37%	3.69%
Slope	-1.15%	2.28%	4.37%	7.10%	2.52%	1.78%	1.96%
CAGR	-1.13%	2.80%	6.08%	5.32%	1.70%	1.14%	2.49%
LSR	-1.13%	2.36%	4.78%	8.08%	2.57%	1.62%	1.85%
Common Stock
Avg YoY	0.32%	0.48%	2.03%	2.65%	-7.81%	-6.09%	4.11%
Slope	0.32%	0.47%	0.70%	1.96%	-23.97%	-15.38%	-7.54%
CAGR	0.32%	0.48%	1.87%	2.00%	-32.55%	-26.72%	—
LSR	0.32%	0.47%	0.76%	2.08%	-30.98%	-34.25%	—
Retained Earnings
Avg YoY	31.64%	20.97%	13.94%	15.07%	11.86%	13.87%	11.32%
Slope	27.53%	17.46%	7.48%	1.00%	-5.44%	-4.14%	-5.73%
CAGR	31.29%	20.10%	5.24%	0.15%	-1.01%	-3.31%	-3.06%
LSR	31.29%	18.15%	7.76%	2.01%	-4.10%	-3.26%	-5.13%
Accumulated OCI
Avg YoY	0.40%	1.49%	6.44%	7.56%	14.98%	102.89%	79.36%
Slope	-0.40%	-1.86%	-2.08%	-4.89%	-6.50%	-9.25%	1.78%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Minority Interest
Avg YoY	3.68%	-0.81%	8.40%	-2.37%	-2.77%	-8.22%	-7.88%
Slope	3.59%	-2.02%	3.45%	-6.39%	0.56%	-11.28%	-6.72%
CAGR	3.61%	-1.03%	7.33%	-8.01%	—	-10.92%	—
LSR	3.61%	-1.97%	4.36%	-4.13%	—	—	—
Total Shareholders’ Equity
Avg YoY	-49.02%	-25.70%	84.87%	105.69%	75.14%	58.13%	43.76%
Slope	61.37%	24.16%	4.33%	-12.50%	-51.07%	-22.57%	-12.11%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Total Equity
Avg YoY	-49.86%	-26.08%	91.01%	96.30%	68.13%	52.50%	38.73%
Slope	62.69%	24.55%	4.44%	-13.02%	-49.92%	-22.36%	-11.99%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Total Liabilities & Equity
Avg YoY	3.28%	5.83%	6.24%	6.02%	1.52%	0.37%	12.19%
Slope	3.09%	4.61%	5.41%	6.58%	-1.75%	-2.53%	-0.36%
CAGR	3.07%	5.68%	6.06%	3.77%	-1.09%	-1.94%	2.74%
LSR	3.07%	4.78%	5.64%	7.44%	-0.66%	-2.11%	0.41%
Tangible Assets
Avg YoY	10.12%	8.02%	5.30%	0.37%	-1.30%	-2.32%	-0.92%
Slope	9.68%	6.29%	3.95%	0.92%	-4.27%	-4.94%	-4.06%
CAGR	10.05%	7.76%	4.87%	-0.90%	-2.50%	-3.38%	-1.98%
LSR	10.05%	6.45%	3.93%	1.08%	-3.43%	-4.47%	-4.06%
Tangible Equity
Avg YoY	-7.10%	2.58%	55.13%	-23.70%	-24.96%	-22.13%	-23.03%
Slope	7.33%	-3.05%	-10.12%	-14.00%	-43.45%	-368.93%	-163.41%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Tangible Book Value
Avg YoY	-7.10%	2.58%	55.13%	-23.70%	-24.96%	-22.13%	-23.03%
Slope	7.33%	-3.05%	-10.12%	-14.00%	-43.45%	-368.93%	-163.41%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Total Investments
Avg YoY	-3.85%	-1.01%	-3.67%	-9.73%	53.15%	269.36%	228.62%
Slope	-3.92%	-6.62%	-6.40%	-22.26%	-15.68%	-7.09%	-2.31%
CAGR	-3.86%	-3.40%	-5.60%	-18.92%	-9.23%	-1.36%	-2.31%
LSR	-3.86%	-6.27%	-6.14%	-15.62%	-14.81%	-5.21%	-1.50%
Net Debt
Avg YoY	-8.56%	1.14%	9.61%	-83.76%	-65.72%	-0.86%	6.84%
Slope	-8.93%	1.52%	4.70%	17.33%	14.47%	10.16%	6.00%
CAGR	-8.57%	0.31%	7.66%	—	16.13%	-0.02%	2.08%
LSR	-8.57%	1.57%	5.62%	—	—	—	—

Capital Structure

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Working Capital
Avg YoY	-6,622.78%	-3,308.02%	-1,474.72%	-951.47%	-703.21%	-549.28%	-452.98%
Slope	52.30%	-1.58%	-7.44%	-12.31%	-12.15%	-7.16%	-3.56%
CAGR	43.60%	14.72%	-3.82%	-7.54%	-8.23%	-1.24%	-1.27%
LSR	—	—	—	—	—	—	—
Total Capital
Avg YoY	11.66%	13.14%	10.65%	4.16%	1.47%	-0.50%	0.97%
Slope	11.06%	11.53%	10.90%	4.73%	-2.45%	-4.30%	-3.65%
CAGR	11.62%	13.08%	9.57%	1.27%	-0.95%	-2.60%	-1.01%
LSR	11.62%	12.41%	11.62%	4.70%	-1.85%	-3.81%	-3.67%
Capital Employed
Avg YoY	9.23%	7.84%	7.30%	2.07%	0.35%	-0.56%	0.48%
Slope	7.94%	5.10%	6.05%	2.93%	-1.73%	-2.80%	-2.45%
CAGR	7.85%	7.11%	6.88%	0.81%	-0.73%	-1.53%	-0.61%
LSR	7.85%	5.04%	6.29%	2.98%	-1.38%	-2.55%	-2.42%
Invested Capital
Avg YoY	7.72%	13.02%	17.04%	6.35%	2.44%	2.05%	2.90%
Slope	7.45%	12.12%	13.31%	6.89%	-3.27%	-4.55%	-4.51%
CAGR	7.66%	12.67%	13.62%	1.81%	-1.45%	-3.30%	-1.84%
LSR	7.66%	13.22%	15.28%	6.98%	-2.24%	-3.90%	-4.48%

Cash Flow

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Net Income
Avg YoY	9.07%	15.03%	71.07%	66.33%	-391.47%	-309.59%	-255.36%
Slope	7.24%	12.94%	16.37%	14.77%	8.77%	14.21%	6.97%
CAGR	7.92%	14.05%	12.59%	19.10%	-1.66%	3.47%	0.55%
LSR	7.92%	14.72%	—	—	—	—	—
Depreciation & Amortization
Avg YoY	-12.04%	-3.81%	16.54%	6.22%	5.85%	-0.01%	-0.23%
Slope	-13.47%	-5.31%	5.13%	6.80%	1.37%	-5.88%	-6.93%
CAGR	-12.33%	-4.34%	11.42%	1.08%	0.78%	-5.59%	-4.95%
LSR	-12.33%	-5.39%	7.35%	8.12%	1.63%	-3.75%	-5.84%
Deferred Income Tax
Avg YoY	-243.28%	-335.56%	-209.08%	-132.88%	-66.64%	1,715.97%	1,398.32%
Slope	30.30%	-39.16%	-85.92%	-34.39%	-19.67%	51.49%	49.82%
CAGR	-19.51%	72.07%	—	—	—	—	5.82%
LSR	-19.51%	—	—	—	—	—	—
Stock-Based Compensation
Avg YoY	19.30%	18.39%	16.85%	7.01%	5.90%	5.90%	5.90%
Slope	17.32%	18.02%	15.68%	6.78%	3.15%	6.82%	8.07%
CAGR	19.24%	17.72%	15.58%	4.13%	—	—	—
LSR	19.24%	19.84%	17.09%	5.92%	—	—	—
Change in Working Capital
Avg YoY	30.75%	-237.29%	-152.82%	-158.14%	-294.56%	-230.38%	-193.21%
Slope	35.36%	-54.74%	-19.18%	3.99%	2.49%	6.34%	3.82%
CAGR	-30.92%	—	—	—	—	-11.48%	-0.79%
LSR	-30.92%	—	—	—	—	—	—
Accounts Receivable
Avg YoY	-49.12%	-1,016.29%	-455.42%	-285.26%	-369.05%	-374.25%	-374.25%
Slope	-37.71%	-95.60%	-52.45%	-8.87%	-73.56%	-106.43%	-70.54%
CAGR	48.68%	—	—	3.25%	—	—	—
LSR	48.68%	—	—	—	—	—	—
Inventory
Avg YoY	56.89%	-451.67%	-294.74%	-158.17%	-154.98%	-134.38%	-135.93%
Slope	2,264.10%	115.22%	-3.37%	2.20%	-69.23%	14.08%	15.26%
CAGR	—	—	—	—	9.59%	—	—
LSR	—	—	—	—	—	—	—
Accounts Payable
Avg YoY	89.71%	189.48%	320.13%	220.31%	147.70%	151.98%	151.98%
Slope	-36.10%	5.65%	7.12%	307.20%	67.77%	91.78%	67.04%
CAGR	-17.91%	—	48.76%	—	—	—	—
LSR	—	—	—	—	—	—	—
Other Working Capital
Avg YoY	-29.10%	-105.49%	-340.96%	-847.71%	-67.06%	-63.51%	-90.67%
Slope	27.43%	-30.92%	-3.53%	-39.03%	-3.15%	4.74%	0.04%
CAGR	-19.54%	—	—	—	-4.38%	-7.29%	—
LSR	-19.54%	—	—	—	—	—	—
Other Non-Cash Items
Avg YoY	608.39%	905.36%	537.53%	619.82%	883.61%	745.44%	663.37%
Slope	12.71%	46.92%	25.65%	4.31%	9.82%	-6.03%	-2.78%
CAGR	9.23%	92.08%	—	9.81%	—	6.59%	—
LSR	9.23%	82.14%	—	—	—	—	—
Net Cash from Operating Activities
Avg YoY	14.93%	11.07%	14.80%	18.05%	23.47%	34.91%	22.87%
Slope	13.95%	9.55%	9.18%	11.21%	5.66%	4.58%	0.71%
CAGR	14.89%	10.87%	12.17%	6.47%	0.49%	—	-0.14%
LSR	14.89%	9.87%	10.18%	—	—	—	—
Capital Expenditures (PPE)
Avg YoY	-0.53%	-4.94%	-9.23%	-6.25%	-3.02%	3.06%	3.06%
Slope	-0.52%	-4.13%	-2.76%	-5.77%	-0.45%	7.49%	10.49%
CAGR	0.52%	4.82%	6.31%	3.03%	-0.37%	-8.54%	-8.33%
LSR	0.52%	4.35%	3.28%	6.69%	0.90%	-3.62%	-7.77%
Acquisitions (Net)
Avg YoY	11.19%	-46.95%	-42.62%	-66.65%	-53.85%	-45.59%	-45.59%
Slope	80.53%	6.52%	8.56%	-13.01%	-6.12%	-3.46%	-5.74%
CAGR	-50.20%	0.74%	-5.79%	—	3.62%	-5.08%	—
LSR	-50.20%	-9.47%	-10.21%	—	—	—	—
Purchases of Investments
Avg YoY	-100.00%	100.07%	45.44%	2,017.77%	1,482.51%	163.36%	157.36%
Slope	-150.00%	-20.54%	3.44%	3.62%	5.70%	7.57%	10.35%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Sales / Maturities of Investments
Avg YoY	26.69%	72.40%	32.58%	44.06%	46.25%	74.45%	61.03%
Slope	-8.19%	23.47%	-32.26%	-17.79%	-12.58%	-4.07%	0.36%
CAGR	-6.45%	38.75%	-16.12%	-11.70%	-14.24%	-6.13%	—
LSR	-6.45%	32.32%	-27.06%	-27.05%	-20.96%	-8.66%	—
Other Investing Activities
Avg YoY	100.00%	-115.96%	-46.66%	-437.53%	-446.93%	-317.93%	-110.44%
Slope	150.00%	17.63%	-4.72%	-3.70%	8.45%	-16.32%	-27.77%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Net Cash from Investing Activities
Avg YoY	23.40%	-28.07%	-29.79%	69.79%	66.15%	-21.19%	-28.44%
Slope	56.91%	2.35%	0.82%	-92.59%	-46.54%	-16.85%	8.07%
CAGR	-39.35%	4.28%	1.41%	—	-4.12%	-5.87%	-6.42%
LSR	-39.35%	-2.37%	-1.21%	—	—	—	—
Net Debt Issuance
Avg YoY	-31,135.35%	-14,992.17%	-6,100.81%	-3,900.14%	-2,917.84%	-2,320.27%	-1,537.06%
Slope	-446.67%	-557.03%	-67.49%	-0.61%	153.81%	47.88%	-15.20%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Long-Term Debt Issuance
Avg YoY	-31,135.35%	-14,992.17%	-6,100.81%	-3,900.19%	-2,931.57%	-2,331.10%	-1,546.03%
Slope	-446.67%	-557.03%	-67.49%	-0.70%	74.18%	100.29%	-14.16%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Short-Term Debt Issuance
Avg YoY	—	—	—	100.00%	35.33%	52.66%	52.66%
Slope	—	—	—	37.50%	19.49%	8.07%	2.26%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Net Stock Issuance
Avg YoY	45.80%	11.30%	-87.16%	-119.71%	-52.11%	-9.08%	109.10%
Slope	58.21%	12.10%	16.17%	4.86%	0.41%	-7.25%	-9.79%
CAGR	-54.50%	-26.84%	-26.10%	—	—	—	—
LSR	-54.50%	-19.82%	—	—	—	—	—
Common Stock Issuance
Avg YoY	-30.37%	-2.89%	7.47%	3.95%	-2.80%	32.08%	143.16%
Slope	-36.01%	-5.47%	1.46%	1.76%	-7.61%	-6.12%	-2.85%
CAGR	-30.44%	-8.28%	0.60%	-1.33%	-10.10%	-4.06%	2.45%
LSR	-30.44%	-6.41%	1.64%	1.56%	-3.94%	-4.29%	0.61%
Common Stock Repurchased
Avg YoY	36.49%	6.64%	-2.32%	-20.43%	-23.40%	-23.40%	-23.40%
Slope	46.68%	7.15%	15.54%	4.74%	2.22%	-3.39%	-5.69%
CAGR	-45.47%	-19.91%	-23.30%	—	-2.68%	—	—
LSR	-45.47%	-12.60%	-8.41%	—	—	—	—
Preferred Stock Issuance
Avg YoY	100.00%	16.94%	13.82%	32.87%	32.87%	32.87%	32.87%
Slope	150.00%	43.21%	-13.75%	-9.40%	-12.80%	-12.99%	-12.35%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Net Dividends Paid
Avg YoY	-11.44%	-11.20%	-12.14%	-31.81%	-20.73%	-16.66%	-13.81%
Slope	-10.83%	-10.55%	-10.72%	-12.60%	-8.46%	-6.14%	-4.84%
CAGR	11.44%	11.20%	12.07%	18.95%	6.83%	5.61%	4.57%
LSR	11.44%	11.16%	11.62%	18.14%	9.49%	5.63%	3.93%
Common Dividends Paid
Avg YoY	-11.44%	-11.20%	-12.14%	-31.81%	-20.73%	-16.66%	-13.81%
Slope	-10.83%	-10.55%	-10.72%	-12.60%	-8.46%	-6.14%	-4.84%
CAGR	11.44%	11.20%	12.07%	18.95%	6.83%	5.61%	4.57%
LSR	11.44%	11.16%	11.62%	18.14%	9.49%	5.63%	3.93%
Other Financing Activities
Avg YoY	-41.97%	-7.21%	-278.00%	-197.37%	292.44%	316.09%	316.09%
Slope	-163.88%	-46.21%	19.04%	54.05%	21.67%	-10.30%	-10.49%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Net Cash from Financing Activities
Avg YoY	-27.72%	-28.31%	-55.95%	-77.70%	-74.31%	-82.27%	100.67%
Slope	-22.61%	-18.63%	0.53%	3.06%	0.33%	-5.86%	-10.28%
CAGR	26.83%	11.18%	-3.61%	9.06%	5.10%	—	—
LSR	26.83%	21.67%	—	—	—	—	—
Effect of FX on Cash
Avg YoY	-15.22%	-77.79%	470.58%	224.17%	170.65%	168.98%	141.10%
Slope	81.34%	-47.72%	9.65%	-4.98%	-18.10%	-92.93%	-71.02%
CAGR	-29.51%	—	-4.39%	—	-1.17%	-1.27%	—
LSR	—	—	—	—	—	—	—
Net Change in Cash
Avg YoY	87.20%	32.69%	-198.11%	-135.17%	-40.20%	28.76%	933.15%
Slope	618.31%	2.98%	103.65%	56.23%	20.34%	-19.49%	-11.81%
CAGR	—	12.46%	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Cash at Beginning of Period
Avg YoY	0.14%	19.21%	-1.72%	11.32%	9.14%	8.37%	14.19%
Slope	-4.82%	10.76%	-5.94%	-1.49%	-0.42%	-2.53%	0.24%
CAGR	-4.31%	14.79%	-7.22%	1.17%	1.25%	-0.39%	3.90%
LSR	-4.31%	12.38%	-3.80%	-0.99%	-0.54%	-2.31%	1.12%
Cash at End of Period
Avg YoY	26.38%	18.51%	7.08%	9.63%	8.52%	9.73%	14.15%
Slope	23.05%	9.72%	4.43%	0.04%	-0.14%	-3.65%	-0.81%
CAGR	26.36%	14.33%	2.55%	-0.08%	0.86%	0.77%	4.73%
LSR	26.36%	10.36%	4.31%	0.70%	-0.17%	-2.96%	0.04%
Operating Cash Flow
Avg YoY	14.93%	11.07%	14.80%	18.05%	23.47%	34.91%	22.87%
Slope	13.95%	9.55%	9.18%	11.21%	5.66%	4.58%	0.71%
CAGR	14.89%	10.87%	12.17%	6.47%	0.49%	—	-0.14%
LSR	14.89%	9.87%	10.18%	—	—	—	—
Capital Expenditure
Avg YoY	-0.53%	-4.94%	-9.23%	-6.25%	-3.02%	3.06%	3.06%
Slope	-0.52%	-4.13%	-2.76%	-5.77%	-0.45%	7.49%	10.49%
CAGR	0.52%	4.82%	6.31%	3.03%	-0.37%	-8.54%	-8.33%
LSR	0.52%	4.35%	3.28%	6.69%	0.90%	-3.62%	-7.77%
Free Cash Flow
Avg YoY	17.11%	12.00%	16.22%	10.47%	18.91%	30.40%	-10.05%
Slope	15.83%	10.34%	10.27%	12.26%	6.83%	9.70%	12.75%
CAGR	17.07%	11.73%	13.14%	7.03%	0.60%	—	—
LSR	17.07%	10.65%	11.50%	—	—	—	—

Free Cash Flow

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
EBITDA
Avg YoY	14.59%	12.48%	14.15%	13.42%	7.21%	16.95%	11.78%
Slope	13.33%	11.26%	9.21%	11.19%	6.26%	3.52%	-2.12%
CAGR	14.51%	12.29%	13.23%	12.21%	1.85%	1.18%	-1.65%
LSR	14.51%	11.98%	10.35%	13.31%	7.49%	3.99%	-0.97%
(-) Tax Adjustment
Avg YoY	76.74%	31.71%	23.25%	1.77%	-3.62%	9.50%	5.33%
Slope	40.64%	13.76%	2.85%	9.32%	2.99%	-0.05%	-5.50%
CAGR	62.93%	13.69%	8.15%	7.73%	-0.27%	-1.20%	-3.57%
LSR	62.93%	13.48%	2.71%	—	—	—	—
Change In Working Capital
Avg YoY	30.75%	-237.29%	-152.82%	-158.14%	-294.56%	-230.38%	-193.21%
Slope	35.36%	-54.74%	-19.18%	3.99%	2.49%	6.34%	3.82%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Capital Expenditure
Avg YoY	-0.53%	-4.94%	-9.23%	-6.25%	-3.02%	3.06%	3.06%
Slope	-0.52%	-4.13%	-2.76%	-5.77%	-0.45%	7.49%	10.49%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Unlevered Free Cash Flow
Avg YoY	4.13%	17.75%	22.13%	55.41%	94.64%	293.53%	261.99%
Slope	4.05%	14.42%	12.52%	10.34%	6.77%	5.81%	4.01%
CAGR	4.10%	16.93%	18.56%	22.10%	3.46%	0.30%	7.04%
LSR	4.10%	16.86%	15.84%	14.07%	10.64%	—	—
Net Interest After Taxes
Avg YoY	4.57%	-1.97%	-8.05%	-17.52%	-32.56%	-32.56%	-32.56%
Slope	5.53%	-1.13%	-4.41%	-10.24%	-12.97%	-13.10%	-12.43%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Net Debt Issuance
Avg YoY	-31,135.35%	-14,992.17%	-6,100.81%	-3,900.14%	-2,917.84%	-2,320.27%	-1,537.06%
Slope	-446.67%	-557.03%	-67.49%	-0.61%	153.81%	47.88%	-15.20%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Levered Free Cash Flow
Avg YoY	-14.68%	12.22%	14.50%	39.46%	50.61%	45.91%	108.39%
Slope	-15.67%	5.56%	7.51%	9.82%	8.30%	6.86%	3.40%
CAGR	-14.75%	8.30%	3.71%	—	5.31%	-3.69%	1.14%
LSR	-14.75%	7.16%	8.66%	—	—	—	—