Airlines, Airports & Air Services

Category: Industry Averages Base Ticker: 0293.HK

Methodology: Industry metrics are calculated using the Top 100 companies by revenue within the industry. Values shown represent averages, not aggregates, and are winsorized at the 80/20 percentile to reduce the impact of extreme outliers. All financials are USD-normalized and intended to reflect the core economic structure of the industry.

Industry Enterprise Value

Metric	MRQ	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	8.72	8.60	8.11	7.70	9.00	8.57	9.84	9.85	9.36	8.19	8.36	6.66	5.32	4.83	4.37	5.12	4.02	4.95	6.06	5.78	5.93	6.62	6.53	5.31	7.24	5.16	5.66	5.20	7.37	8.45	8.65
Market Capitalization	2,799.88M	3,105.71M	2,752.72M	2,683.43M	2,705.24M	2,136.66M	2,523.16M	2,221.60M	2,731.70M	2,144.56M	2,278.67M	1,821.79M	1,534.54M	1,327.64M	1,172.30M	1,337.60M	1,156.99M	1,151.34M	2,547.81M	1,671.19M	1,508.14M	1,570.09M	1,669.37M	1,523.96M	1,630.17M	2,247.05M	1,980.93M	1,861.65M	1,567.96M	1,890.69M	1,684.85M
(-) Cash & Equivalents	408.60M	452.54M	413.91M	465.23M	501.35M	432.26M	295.48M	292.46M	248.50M	254.39M	249.21M	187.07M	196.77M	183.31M	193.84M	185.30M	193.31M	169.81M	260.69M	181.63M	144.99M	163.99M	174.13M	190.10M	149.97M	138.13M	73.98M	76.90M	106.19M	78.43M	72.77M
(+) Total Debt	2,384.53M	2,451.34M	2,448.75M	2,451.83M	2,346.89M	2,195.14M	1,532.54M	1,007.51M	911.98M	1,004.01M	964.05M	884.81M	827.70M	881.92M	796.06M	899.68M	1,121.41M	1,059.51M	983.75M	896.54M	910.85M	871.58M	1,033.35M	828.83M	892.60M	933.77M	834.30M	987.64M	973.27M	797.15M	1,115.42M
Enterprise Value	4,603.86M	4,776.90M	4,492.93M	4,349.29M	4,629.14M	3,938.88M	3,958.34M	3,638.29M	3,663.89M	3,296.46M	3,119.69M	2,571.22M	2,289.98M	2,066.16M	1,761.95M	1,989.19M	2,049.03M	2,008.70M	3,646.02M	2,701.82M	2,502.09M	2,780.78M	2,940.49M	2,263.93M	2,487.80M	3,309.63M	2,748.24M	2,854.60M	2,381.08M	2,600.70M	2,523.64M

Industry Income Statement

Metric	TTM	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
Revenue	2,835.659M	3,158.245M	2,829.232M	1,947.824M	1,246.788M	1,361.530M	2,359.783M	2,350.227M	2,215.867M	2,031.747M	1,855.844M	1,592.207M	1,652.147M	1,664.689M	1,521.128M	1,396.203M	1,323.705M	1,429.648M	1,928.955M	1,662.567M	1,664.924M	1,643.931M	1,536.299M	1,465.711M	1,333.337M	1,288.135M	825.375M	1,243.918M	1,802.967M	1,879.031M	2,637.837M
Cost of Revenue	1,690.182M	2,124.794M	2,140.962M	1,700.768M	1,219.631M	1,366.708M	1,963.299M	1,816.348M	1,584.142M	1,297.210M	1,282.537M	1,279.901M	1,233.706M	1,183.743M	915.211M	680.218M	759.458M	738.496M	742.745M	436.243M	379.364M	319.866M	260.716M	198.992M	187.313M	250.979M	114.927M	140.727M	304.052M	370.450M	383.032M
Gross Profit	1,145.477M	1,033.451M	688.270M	247.056M	27.157M	-5.177M	396.484M	533.879M	631.725M	734.537M	573.307M	312.306M	418.441M	480.946M	605.917M	715.986M	564.248M	691.152M	1,186.210M	1,226.323M	1,285.560M	1,324.066M	1,275.583M	1,266.719M	1,146.024M	1,037.157M	710.448M	1,103.192M	1,498.915M	1,508.580M	2,254.805M
Gross Margin	40.40%	32.72%	24.33%	12.68%	2.18%	-0.38%	16.80%	22.72%	28.51%	36.15%	30.89%	19.61%	25.33%	28.89%	39.83%	51.28%	42.63%	48.34%	61.49%	73.76%	77.21%	80.54%	83.03%	86.42%	85.95%	80.52%	86.08%	88.69%	83.14%	80.29%	85.48%
R&D Expenses	0.090M	0.020M	0.000M	0.000M	0.004M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
SG&A Expenses	157.789M	118.111M	138.088M	127.879M	93.783M	107.844M	140.862M	130.655M	116.448M	101.519M	97.728M	88.400M	82.162M	70.549M	96.614M	133.535M	189.602M	99.683M	174.408M	86.802M	94.493M	121.774M	113.070M	129.701M	114.020M	100.814M	61.226M	87.281M	123.797M	60.087M	215.410M
Operating Expenses	157.879M	118.130M	138.088M	127.879M	93.787M	107.844M	140.862M	130.655M	116.448M	101.519M	97.728M	88.400M	82.162M	70.549M	96.614M	133.535M	189.602M	99.683M	174.408M	86.802M	94.493M	121.774M	113.070M	129.701M	114.020M	100.814M	61.226M	87.281M	123.797M	60.087M	215.410M
Operating Income	987.598M	915.321M	550.181M	119.177M	-66.630M	-113.021M	255.622M	403.224M	515.278M	633.018M	475.579M	223.906M	336.279M	410.397M	509.303M	582.451M	374.646M	591.469M	1,011.802M	1,139.522M	1,191.067M	1,202.291M	1,162.513M	1,137.018M	1,032.004M	936.343M	649.222M	1,015.910M	1,375.118M	1,448.493M	2,039.395M
Operating Margin	34.83%	28.98%	19.45%	6.12%	-5.34%	-8.30%	10.83%	17.16%	23.25%	31.16%	25.63%	14.06%	20.35%	24.65%	33.48%	41.72%	28.30%	41.37%	52.45%	68.54%	71.54%	73.14%	75.67%	77.57%	77.40%	72.69%	78.66%	81.67%	76.27%	77.09%	77.31%
Interest Income	16.399M	21.714M	21.953M	9.426M	6.481M	9.260M	11.237M	10.289M	9.074M	8.311M	7.520M	5.601M	6.312M	5.333M	6.472M	4.763M	6.518M	9.394M	10.112M	3.436M	2.509M	1.363M	0.835M	0.350M	0.324M	0.593M	0.000M	0.200M	0.019M	0.003M	0.002M
Interest Expense	93.320M	116.798M	103.862M	90.253M	79.748M	69.972M	60.069M	47.440M	43.175M	43.476M	41.099M	39.121M	38.896M	42.001M	48.423M	42.902M	45.049M	47.292M	43.455M	25.817M	11.096M	9.180M	6.810M	4.410M	2.952M	2.814M	6.285M	5.108M	1.794M	2.148M	0.568M
Net Interest Income	-76.921M	-95.085M	-81.909M	-80.827M	-73.266M	-60.712M	-48.833M	-37.151M	-34.101M	-35.165M	-33.580M	-33.520M	-32.584M	-36.667M	-41.952M	-38.139M	-38.530M	-37.898M	-33.342M	-22.381M	-8.587M	-7.817M	-5.975M	-4.059M	-2.628M	-2.220M	-6.285M	-4.908M	-1.775M	-2.145M	-0.566M
Other Income / Expense	-743.437M	-621.925M	-371.287M	-198.012M	-95.218M	-151.096M	-34.140M	-210.287M	-269.857M	-397.155M	-263.858M	-70.254M	-197.268M	-266.951M	-381.463M	-449.345M	-295.299M	-529.029M	-861.430M	-1,030.857M	-1,096.101M	-1,115.649M	-1,103.041M	-1,078.524M	-975.907M	-862.211M	-559.167M	-965.047M	-1,281.682M	-1,355.483M	-1,947.640M
Pre-Tax Income	167.240M	198.311M	96.986M	-159.663M	-235.114M	-324.829M	172.649M	155.786M	211.320M	200.698M	178.142M	120.132M	106.427M	106.779M	85.888M	94.966M	40.817M	24.542M	117.029M	86.283M	86.379M	78.825M	53.497M	54.434M	53.469M	71.912M	83.770M	45.956M	91.661M	90.865M	91.189M
Pre-Tax Margin	5.90%	6.28%	3.43%	-8.20%	-18.86%	-23.86%	7.32%	6.63%	9.54%	9.88%	9.60%	7.55%	6.44%	6.41%	5.65%	6.80%	3.08%	1.72%	6.07%	5.19%	5.19%	4.79%	3.48%	3.71%	4.01%	5.58%	10.15%	3.69%	5.08%	4.84%	3.46%
Income Tax Expense	39.496M	41.386M	26.120M	-10.014M	-26.155M	-27.277M	40.070M	36.142M	40.067M	46.562M	38.609M	24.957M	20.986M	20.292M	17.714M	14.931M	7.596M	8.190M	27.979M	15.957M	19.814M	19.039M	12.650M	14.711M	10.416M	14.250M	19.282M	23.804M	66.058M	60.035M	57.925M
Tax Rate	23.62%	20.87%	26.93%	6.27%	11.12%	8.40%	23.21%	23.20%	18.96%	23.20%	21.67%	20.77%	19.72%	19.00%	20.62%	15.72%	18.61%	33.37%	23.91%	18.49%	22.94%	24.15%	23.65%	27.03%	19.48%	19.82%	23.02%	35.00%	35.00%	35.00%	35.00%
Net Income	127.744M	156.925M	70.866M	-149.649M	-208.959M	-297.552M	132.579M	119.644M	171.253M	154.136M	139.532M	95.175M	85.441M	86.486M	68.174M	80.035M	33.221M	16.352M	89.051M	70.327M	66.565M	59.787M	40.847M	39.723M	43.053M	57.661M	64.489M	22.152M	25.603M	30.830M	33.264M
Net Margin	4.50%	4.97%	2.50%	-7.68%	-16.76%	-21.85%	5.62%	5.09%	7.73%	7.59%	7.52%	5.98%	5.17%	5.20%	4.48%	5.73%	2.51%	1.14%	4.62%	4.23%	4.00%	3.64%	2.66%	2.71%	3.23%	4.48%	7.81%	1.78%	1.42%	1.64%	1.26%
EBIT	987.598M	915.321M	550.181M	119.177M	-66.630M	-113.021M	255.622M	403.224M	515.278M	633.018M	475.579M	223.906M	336.279M	410.397M	509.303M	582.451M	374.646M	591.469M	1,011.802M	1,139.522M	1,191.067M	1,202.291M	1,162.513M	1,137.018M	1,032.004M	936.343M	649.222M	1,015.910M	1,375.118M	1,448.493M	2,039.395M
Depreciation & Amortization	182.798M	257.857M	261.384M	266.250M	235.775M	283.004M	237.656M	158.403M	138.988M	121.417M	112.020M	104.666M	99.768M	95.889M	98.380M	96.013M	99.812M	97.231M	126.756M	81.649M	75.414M	92.060M	112.881M	88.472M	72.828M	83.872M	37.305M	62.697M	80.823M	95.030M	75.672M
EBITDA	1,170.396M	1,173.178M	811.565M	385.426M	169.145M	169.983M	493.278M	561.626M	654.266M	754.435M	587.599M	328.573M	436.047M	506.285M	607.683M	678.464M	474.458M	688.700M	1,138.558M	1,221.171M	1,266.481M	1,294.351M	1,275.394M	1,225.490M	1,104.832M	1,020.215M	686.526M	1,078.608M	1,455.940M	1,543.523M	2,115.067M
EBITDA Margin	41.27%	37.15%	28.68%	19.79%	13.57%	12.48%	20.90%	23.90%	29.53%	37.13%	31.66%	20.64%	26.39%	30.41%	39.95%	48.59%	35.84%	48.17%	59.02%	73.45%	76.07%	78.74%	83.02%	83.61%	82.86%	79.20%	83.18%	86.71%	80.75%	82.14%	80.18%
NOPAT	754.366M	724.299M	402.006M	111.702M	-59.218M	-103.530M	196.295M	309.678M	417.580M	486.157M	372.506M	177.391M	269.969M	332.405M	404.264M	490.873M	304.924M	394.087M	769.906M	928.785M	917.849M	911.899M	887.628M	829.730M	830.968M	750.795M	499.790M	660.342M	893.827M	941.521M	1,325.607M
NOPAT Margin	26.60%	22.93%	14.21%	5.73%	-4.75%	-7.60%	8.32%	13.18%	18.84%	23.93%	20.07%	11.14%	16.34%	19.97%	26.58%	35.16%	23.04%	27.57%	39.91%	55.86%	55.13%	55.47%	57.78%	56.61%	62.32%	58.29%	60.55%	53.09%	49.58%	50.11%	50.25%
Owner's Earnings	310.542M	414.782M	332.250M	116.601M	26.816M	-14.548M	370.235M	278.047M	310.241M	275.553M	251.552M	199.842M	185.208M	182.375M	166.554M	176.048M	133.033M	113.583M	215.807M	151.976M	141.979M	151.846M	153.728M	128.195M	115.881M	141.534M	101.793M	84.849M	106.426M	125.859M	108.935M
Owner's Earnings Margin	10.95%	13.13%	11.74%	5.99%	2.15%	-1.07%	15.69%	11.83%	14.00%	13.56%	13.55%	12.55%	11.21%	10.96%	10.95%	12.61%	10.05%	7.94%	11.19%	9.14%	8.53%	9.24%	10.01%	8.75%	8.69%	10.99%	12.33%	6.82%	5.90%	6.70%	4.13%
EPS	0.18	0.19	0.09	-0.19	-0.27	-0.41	0.18	0.17	0.23	0.21	0.20	0.15	0.12	0.12	0.08	0.10	0.04	0.02	0.12	0.09	0.06	0.07	0.03	0.05	0.03	0.04	0.05	0.01	0.02	0.04	0.03
EPS (Diluted)	0.18	0.19	0.09	-0.19	-0.27	-0.41	0.18	0.17	0.23	0.21	0.20	0.15	0.12	0.12	0.08	0.10	0.04	0.02	0.12	0.09	0.06	0.07	0.03	0.05	0.03	0.04	0.05	0.01	0.02	0.04	0.03
Shares (Diluted)	726,271,671	813,760,070	793,098,211	780,279,143	764,892,708	732,858,359	728,605,592	687,175,247	747,791,843	735,511,706	690,699,101	645,760,291	736,818,284	749,101,116	843,986,584	817,527,681	823,226,905	809,121,621	770,573,778	793,043,531	1,033,075,774	817,762,013	1,216,028,830	759,919,959	1,298,239,624	1,389,119,251	1,432,299,924	1,532,516,878	1,408,060,567	779,317,623	1,123,442,650

Industry Balance Sheet

Metric	MRQ	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
Cash & Cash Equivalents	410.70M	452.71M	414.07M	465.20M	501.70M	440.49M	295.63M	295.16M	250.83M	254.39M	251.58M	191.11M	198.86M	185.21M	204.71M	190.41M	198.43M	169.81M	260.69M	181.63M	144.99M	211.66M	174.13M	190.10M	169.32M	143.93M	77.47M	121.82M	111.82M	78.43M	76.89M
Short-Term Investments	303.83M	273.76M	293.51M	223.18M	212.62M	165.01M	172.53M	161.72M	177.76M	113.58M	102.13M	117.23M	133.42M	88.15M	83.20M	114.92M	74.06M	68.45M	66.07M	151.13M	50.61M	59.78M	57.52M	36.02M	50.19M	30.94M	24.38M	62.51M	130.02M	5.16M	115.25M
Cash & Short-Term Investments	714.54M	726.47M	707.58M	688.38M	714.32M	605.51M	468.15M	456.87M	428.60M	367.97M	353.71M	308.34M	332.28M	273.36M	287.90M	305.34M	272.49M	238.26M	326.76M	332.76M	195.60M	271.44M	231.66M	226.12M	219.51M	174.87M	101.84M	184.34M	241.84M	83.59M	192.14M
Net Receivables	214.09M	236.05M	217.80M	187.65M	163.82M	156.79M	165.11M	162.17M	150.48M	142.34M	116.81M	111.04M	99.85M	105.18M	114.29M	127.37M	110.71M	90.91M	149.22M	69.63M	87.56M	83.09M	75.48M	41.43M	40.66M	42.78M	43.38M	287.40M	315.03M	295.01M	342.10M
Inventory	57.80M	65.17M	56.96M	48.68M	39.11M	36.80M	32.57M	30.22M	30.67M	30.22M	27.66M	26.00M	25.64M	27.25M	25.83M	23.20M	26.93M	23.11M	33.07M	29.31M	34.94M	42.93M	45.59M	48.19M	50.40M	55.89M	41.42M	47.24M	83.92M	107.89M	110.05M
Other Current Assets	87.93M	71.52M	79.57M	60.19M	67.50M	82.85M	72.65M	119.96M	89.37M	100.89M	72.61M	75.77M	78.26M	52.09M	43.70M	42.44M	53.85M	57.61M	49.94M	63.52M	36.66M	90.67M	103.21M	64.05M	51.28M	102.49M	70.17M	86.05M	57.14M	68.48M	125.25M
Total Current Assets	1,074.35M	1,099.21M	1,061.91M	984.90M	984.75M	881.94M	738.48M	769.23M	699.11M	641.42M	570.79M	521.16M	536.04M	457.88M	471.73M	498.35M	463.98M	409.89M	558.99M	495.21M	354.75M	488.13M	455.94M	379.78M	361.85M	376.04M	256.81M	605.03M	697.92M	554.97M	769.54M
Property, Plant & Equipment	2,162.10M	2,906.73M	2,950.03M	2,768.34M	2,687.86M	2,657.24M	2,541.93M	2,014.45M	1,632.89M	1,528.75M	1,476.17M	1,494.31M	1,403.54M	1,335.45M	1,460.44M	1,512.90M	1,613.80M	1,536.43M	1,797.95M	1,315.33M	1,275.54M	1,454.97M	1,511.54M	1,346.03M	1,541.37M	1,611.50M	1,232.90M	1,987.20M	1,378.00M	1,224.82M	2,052.02M
Goodwill	30.14M	41.36M	44.53M	43.07M	43.64M	45.01M	43.04M	40.63M	31.34M	30.48M	29.41M	27.08M	26.86M	25.30M	23.23M	19.42M	12.90M	10.35M	11.61M	4.88M	1.72M	0.01M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	95.55M	135.62M	122.68M	121.26M	144.16M	141.21M	114.21M	103.60M	98.08M	107.53M	94.46M	71.66M	73.55M	70.85M	79.11M	88.72M	92.23M	43.84M	50.37M	29.24M	18.90M	20.08M	13.77M	19.14M	20.34M	14.99M	9.99M	21.40M	19.07M	22.74M	23.59M
Long-Term Investments	105.40M	145.31M	113.48M	132.71M	114.50M	125.89M	152.13M	69.60M	65.50M	82.31M	86.19M	51.29M	38.18M	38.06M	23.55M	16.66M	22.93M	51.55M	31.45M	9.53M	11.48M	5.18M	12.36M	3.40M	28.05M	6.80M	4.71M	34.10M	4.10M	3.63M	0.23M
Tax Assets	27.96M	50.43M	88.61M	126.83M	89.69M	61.42M	45.29M	37.64M	30.12M	34.55M	20.53M	16.97M	17.55M	18.13M	21.49M	27.31M	18.26M	15.45M	4.97M	3.51M	2.59M	1.25M	0.88M	5.04M	5.51M	4.69M	0.00M	10.08M	0.00M	4.28M	4.63M
Other Non-Current Assets	129.09M	193.40M	216.68M	168.54M	178.89M	178.98M	127.12M	159.66M	119.42M	105.92M	115.95M	100.66M	123.08M	86.62M	133.82M	142.70M	131.34M	117.01M	114.15M	107.68M	108.23M	100.95M	131.39M	130.04M	187.69M	164.61M	146.68M	243.60M	279.26M	197.25M	299.54M
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	2,550.26M	3,472.86M	3,536.02M	3,360.76M	3,258.74M	3,209.76M	3,023.73M	2,425.59M	1,977.35M	1,889.53M	1,822.70M	1,761.97M	1,682.77M	1,574.41M	1,741.64M	1,807.71M	1,891.45M	1,774.63M	2,010.50M	1,470.17M	1,418.46M	1,582.44M	1,669.95M	1,503.64M	1,782.95M	1,802.60M	1,394.29M	2,296.38M	1,680.43M	1,452.71M	2,380.01M
Total Assets	3,624.61M	4,572.07M	4,597.92M	4,345.66M	4,243.49M	4,091.70M	3,762.21M	3,194.82M	2,676.46M	2,530.95M	2,393.49M	2,283.13M	2,218.81M	2,032.28M	2,213.37M	2,306.05M	2,355.43M	2,184.52M	2,569.49M	1,965.38M	1,773.21M	2,070.58M	2,125.89M	1,883.42M	2,144.80M	2,178.63M	1,651.10M	2,901.41M	2,378.35M	2,007.68M	3,149.55M
Accounts Payable	219.95M	177.95M	169.27M	163.72M	148.34M	144.69M	149.08M	128.15M	113.23M	96.18M	91.14M	83.86M	79.63M	79.64M	85.92M	89.28M	80.51M	92.88M	87.97M	98.96M	142.78M	119.93M	151.71M	138.94M	149.23M	188.22M	201.88M	196.30M	88.88M	282.22M	294.46M
Short-Term Debt	333.25M	237.01M	276.40M	287.47M	261.37M	321.60M	200.01M	148.04M	114.38M	142.98M	155.28M	142.87M	136.00M	126.85M	134.50M	70.86M	136.20M	128.80M	141.75M	90.80M	97.83M	212.20M	214.34M	153.16M	127.91M	77.70M	72.02M	88.33M	96.05M	60.64M	51.33M
Tax Payables	0.76M	15.87M	12.08M	12.71M	16.53M	10.69M	21.30M	15.90M	15.23M	16.01M	14.05M	11.67M	12.29M	10.20M	7.00M	6.54M	4.80M	6.55M	9.81M	9.42M	9.04M	7.17M	5.72M	5.04M	2.42M	0.89M	0.67M	0.95M	0.62M	1.21M	0.38M
Deferred Revenue	55.18M	24.06M	166.68M	212.95M	247.02M	200.25M	253.58M	140.25M	230.07M	160.51M	103.20M	72.93M	55.93M	100.10M	58.43M	74.26M	53.03M	58.48M	60.26M	23.00M	30.42M	42.77M	43.27M	37.23M	74.04M	24.10M	10.21M	8.93M	8.92M	36.06M	25.40M
Other Current Liabilities	287.68M	402.23M	321.90M	228.49M	241.41M	183.83M	219.34M	293.69M	206.58M	196.73M	169.98M	135.90M	124.56M	148.67M	161.20M	159.14M	180.40M	170.18M	207.98M	151.44M	162.36M	198.12M	162.63M	150.80M	168.92M	179.66M	185.73M	362.73M	346.71M	202.49M	344.19M
Total Current Liabilities	896.82M	857.12M	946.32M	905.34M	914.68M	861.07M	843.31M	726.04M	679.50M	612.40M	533.66M	447.23M	408.40M	465.46M	447.05M	400.08M	454.94M	456.89M	507.77M	373.63M	442.42M	580.19M	577.68M	485.18M	522.53M	470.56M	470.51M	657.23M	541.18M	582.61M	715.76M
Long-Term Debt	669.66M	1,008.12M	1,107.49M	1,150.06M	1,267.27M	1,040.71M	721.14M	743.74M	751.35M	681.19M	659.45M	701.74M	660.11M	742.11M	616.47M	746.30M	741.63M	639.55M	592.05M	587.97M	597.45M	508.74M	560.98M	370.03M	650.19M	557.32M	556.27M	837.59M	490.21M	451.58M	609.36M
Capital Lease Obligations	132.00M	896.76M	908.44M	880.92M	795.75M	756.04M	407.70M	102.26M	86.70M	75.49M	104.18M	83.37M	68.62M	43.85M	14.15M	5.75M	11.53M	12.52M	28.24M	3.79M	0.10M	0.11M	0.11M	0.00M	0.09M	0.01M	0.00M	0.00M	0.00M	0.00M	106.93M
Deferred Tax Liabilities	17.57M	28.03M	47.63M	47.98M	42.61M	40.07M	72.87M	59.31M	57.57M	54.49M	54.78M	37.95M	31.54M	31.10M	50.91M	45.23M	44.70M	39.03M	48.84M	31.52M	33.33M	40.55M	34.44M	34.42M	39.96M	57.46M	43.64M	109.99M	35.78M	15.55M	49.35M
Other Non-Current Liabilities	282.75M	358.33M	334.76M	279.51M	260.56M	212.91M	219.69M	181.15M	141.49M	153.97M	135.17M	120.34M	93.02M	81.10M	96.34M	101.32M	90.10M	83.63M	87.55M	90.72M	66.33M	72.38M	69.94M	107.65M	133.70M	141.53M	82.55M	142.47M	205.10M	233.32M	397.03M
Total Non-Current Liabilities	1,101.98M	2,291.25M	2,398.31M	2,358.47M	2,366.19M	2,049.73M	1,421.41M	1,086.46M	1,037.11M	965.15M	953.58M	943.40M	853.29M	898.16M	777.87M	898.60M	887.95M	774.72M	756.67M	713.99M	697.20M	621.77M	665.46M	512.11M	823.95M	756.32M	682.46M	1,090.06M	731.09M	700.45M	1,162.67M
Total Liabilities	1,998.80M	3,148.36M	3,344.64M	3,263.81M	3,280.87M	2,910.80M	2,264.72M	1,812.50M	1,716.61M	1,577.54M	1,487.24M	1,390.63M	1,261.69M	1,363.62M	1,224.92M	1,298.68M	1,342.89M	1,231.61M	1,264.44M	1,087.62M	1,139.63M	1,201.97M	1,243.15M	997.28M	1,346.48M	1,226.88M	1,152.98M	1,747.29M	1,272.27M	1,283.07M	1,878.43M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.08M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	238.80M	249.85M	249.46M	237.26M	247.44M	231.50M	224.06M	215.21M	217.10M	194.20M	194.46M	193.98M	153.76M	155.50M	187.94M	185.95M	178.27M	145.17M	139.05M	123.58M	124.47M	145.43M	148.89M	116.75M	153.92M	113.29M	95.83M	169.39M	149.07M	77.92M	54.20M
Retained Earnings	354.69M	171.76M	140.96M	117.88M	174.81M	293.57M	683.65M	596.62M	671.63M	531.17M	387.89M	303.81M	277.70M	239.70M	185.33M	227.98M	123.09M	112.79M	193.75M	149.21M	162.03M	143.59M	130.84M	98.29M	117.16M	132.14M	137.39M	280.58M	108.29M	44.70M	4.80M
Accumulated OCI	114.04M	46.99M	81.06M	87.33M	74.76M	24.34M	64.68M	45.23M	39.03M	28.95M	19.73M	-0.50M	9.75M	-0.17M	-0.16M	0.00M	0.00M	-0.40M	2.64M	-0.94M	-0.26M	0.00M	-0.03M	-0.64M	0.00M	0.00M	-0.35M	-0.33M	-23.05M	-22.57M	2.03M
Minority Interest	10.81M	9.24M	6.56M	7.79M	8.20M	10.50M	14.37M	13.70M	11.27M	9.69M	8.94M	6.94M	4.80M	6.23M	4.30M	5.93M	5.81M	5.11M	5.70M	5.01M	6.64M	4.45M	4.60M	4.80M	8.50M	3.50M	2.78M	3.07M	1.71M	0.51M	2.66M
Total Shareholders’ Equity	707.53M	468.60M	471.48M	442.47M	497.01M	549.41M	972.40M	857.06M	927.76M	754.32M	602.08M	497.37M	441.22M	395.03M	373.11M	413.93M	301.36M	257.56M	335.45M	271.85M	286.24M	289.01M	279.70M	214.39M	271.08M	245.44M	232.87M	449.65M	234.32M	100.05M	61.02M
Total Equity	718.34M	477.84M	478.04M	450.26M	505.21M	559.91M	986.76M	870.76M	939.03M	764.01M	611.02M	504.31M	446.02M	401.26M	377.41M	419.87M	307.17M	262.67M	341.15M	276.86M	292.87M	293.46M	284.30M	219.19M	279.57M	248.94M	235.65M	452.71M	236.03M	100.57M	63.68M
Total Liabilities & Equity	2,717.14M	3,626.20M	3,822.67M	3,714.07M	3,786.08M	3,470.72M	3,251.48M	2,683.26M	2,655.64M	2,341.55M	2,098.25M	1,894.94M	1,707.71M	1,764.88M	1,602.33M	1,718.55M	1,650.06M	1,494.28M	1,605.59M	1,364.48M	1,432.50M	1,495.43M	1,527.45M	1,216.47M	1,626.05M	1,475.82M	1,388.63M	2,200.01M	1,508.30M	1,383.63M	1,942.10M
Tangible Assets	3,498.91M	4,395.09M	4,430.71M	4,181.32M	4,055.70M	3,905.48M	3,604.96M	3,050.59M	2,547.04M	2,392.95M	2,269.63M	2,184.39M	2,118.40M	1,936.13M	2,111.03M	2,197.91M	2,250.31M	2,130.33M	2,507.51M	1,931.26M	1,752.59M	2,050.48M	2,112.11M	1,864.28M	2,124.45M	2,163.64M	1,641.10M	2,880.01M	2,359.28M	1,984.94M	3,125.96M
Tangible Equity	592.65M	300.85M	310.83M	285.93M	317.42M	373.69M	829.51M	726.52M	809.61M	626.01M	487.15M	405.58M	345.61M	305.11M	275.07M	311.72M	202.05M	208.48M	279.16M	242.74M	272.25M	273.37M	270.51M	200.05M	259.23M	233.95M	225.66M	431.31M	216.97M	77.83M	40.09M
Tangible Book Value	592.65M	300.85M	310.83M	285.93M	317.42M	373.69M	829.51M	726.52M	809.61M	626.01M	487.15M	405.58M	345.61M	305.11M	275.07M	311.72M	202.05M	208.48M	279.16M	242.74M	272.25M	273.37M	270.51M	200.05M	259.23M	233.95M	225.66M	431.31M	216.97M	77.83M	40.09M
Total Investments	297.46M	362.95M	352.25M	311.15M	296.38M	288.73M	327.13M	185.42M	192.47M	168.05M	174.42M	142.98M	121.79M	108.52M	103.05M	113.32M	89.57M	169.73M	153.11M	93.89M	90.61M	120.63M	81.57M	98.94M	95.78M	94.46M	57.29M	102.69M	28.27M	121.20M	100.64M
Net Debt	592.20M	792.42M	969.82M	972.33M	1,026.95M	921.82M	625.52M	596.63M	614.90M	569.78M	563.15M	653.51M	597.25M	683.75M	546.27M	626.75M	679.39M	598.54M	473.11M	497.14M	550.29M	509.28M	601.19M	333.10M	608.78M	491.09M	550.83M	804.10M	474.44M	433.79M	583.80M

Industry Capital

Metric	MRQ	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
Working Capital	-424.41M	-385.92M	-385.18M	-249.10M	-317.26M	-266.66M	-214.71M	-126.72M	-5.80M	-52.92M	-123.67M	-132.67M	-112.53M	-47.05M	-65.34M	20.47M	-197.70M	-241.35M	-104.05M	-49.62M	-170.06M	-80.52M	-56.53M	-71.87M	-107.29M	-134.76M	46.93M	-9.99M	-205.54M	-287.51M	-242.76M
Total Capital	2,989.79M	3,533.50M	3,564.64M	3,526.33M	3,442.81M	3,159.78M	2,672.34M	2,136.84M	2,029.60M	2,028.95M	1,913.94M	1,714.29M	1,697.62M	1,615.98M	1,589.34M	1,737.69M	1,794.46M	1,669.73M	1,831.02M	1,517.61M	1,514.71M	1,470.69M	1,578.02M	1,353.60M	1,606.31M	1,583.93M	1,461.52M	1,875.02M	1,722.82M	1,370.87M	1,766.16M
Capital Employed	3,305.29M	3,826.58M	3,706.17M	3,712.66M	3,758.39M	3,481.11M	3,250.18M	2,778.62M	2,439.43M	2,334.51M	1,946.26M	2,010.13M	1,969.95M	1,979.43M	2,141.50M	2,359.39M	2,248.45M	1,965.46M	2,473.37M	2,048.84M	1,961.17M	2,150.97M	1,990.20M	1,908.79M	2,043.24M	2,017.25M	1,951.77M	2,316.50M	1,818.20M	1,819.50M	2,645.80M
Invested Capital	2,579.09M	3,080.79M	3,150.58M	3,061.12M	2,941.12M	2,719.28M	2,376.72M	1,841.68M	1,778.76M	1,774.56M	1,662.35M	1,523.18M	1,498.76M	1,430.77M	1,384.64M	1,547.28M	1,596.02M	1,499.92M	1,570.32M	1,335.98M	1,369.72M	1,259.03M	1,403.89M	1,163.50M	1,436.99M	1,440.00M	1,384.05M	1,753.20M	1,611.00M	1,292.44M	1,689.26M

Industry Cash Flow Statement

Metric	TTM	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
Depreciation & Amortization	145.70M	320.58M	318.24M	270.06M	268.06M	285.47M	240.33M	157.79M	139.13M	123.29M	115.64M	108.39M	106.96M	102.82M	100.70M	95.08M	98.52M	94.93M	112.93M	78.76M	71.89M	63.22M	93.20M	79.19M	72.01M	48.40M	17.86M	85.11M	177.18M	234.63M	194.93M
Deferred Income Tax	0.00M	0.00M	0.00M	-1.81M	-4.89M	-3.45M	3.14M	4.30M	0.04M	1.66M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.65M	0.00M	2.46M	1.18M	5.58M	42.53M	3.75M	40.86M
Stock-Based Compensation	0.17M	1.35M	2.93M	2.50M	1.80M	1.33M	1.38M	1.03M	1.47M	1.28M	0.65M	0.45M	0.57M	0.44M	0.45M	0.41M	0.30M	0.32M	0.00M	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	-6.56M	12.78M	6.06M	30.84M	-4.27M	-35.38M	20.11M	10.07M	5.13M	10.12M	8.38M	-7.98M	11.85M	6.08M	12.16M	14.11M	-14.81M	12.11M	20.11M	2.07M	8.94M	13.50M	22.80M	-10.04M	21.93M	9.82M	-9.08M	6.19M	-3.95M	0.69M	10.49M
Accounts Receivable	-4.11M	-21.79M	-15.42M	-21.59M	-13.46M	28.84M	-5.22M	-8.26M	-13.07M	-8.19M	-1.28M	-2.80M	-0.92M	-0.23M	0.00M	-0.07M	0.00M	0.00M	-0.42M	-0.22M	0.00M	-0.62M	-0.69M	0.00M	0.00M	-0.06M	0.00M	0.00M	-0.62M	0.00M	0.00M
Inventory	-1.34M	-3.61M	-6.68M	-4.30M	-1.67M	-1.33M	-2.78M	-2.47M	-1.14M	-1.64M	-1.12M	-0.38M	-0.59M	-0.63M	-2.08M	-0.73M	-0.38M	-0.44M	-0.74M	-0.57M	-0.76M	0.11M	-0.49M	-0.88M	-0.98M	-0.28M	-1.15M	-0.17M	-3.07M	-0.81M	1.41M
Accounts Payable	0.00M	12.45M	23.82M	22.60M	10.89M	-15.30M	4.80M	6.86M	7.55M	8.47M	1.54M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.23M	0.02M	0.62M	0.09M	0.00M	0.00M	0.03M	0.00M	0.00M	0.17M	0.00M	2.50M
Other Working Capital	-2.77M	19.95M	14.70M	22.55M	4.95M	-26.34M	14.97M	11.04M	4.52M	11.47M	9.53M	-1.79M	12.13M	7.50M	2.30M	7.71M	-13.38M	7.61M	12.11M	1.18M	4.86M	14.78M	8.60M	-1.22M	15.89M	2.41M	0.00M	5.53M	-4.16M	0.98M	8.88M
Other Non-Cash Items	121.07M	97.91M	79.05M	85.39M	100.77M	109.69M	38.27M	56.85M	2.43M	12.90M	27.06M	19.75M	19.57M	10.12M	11.51M	9.14M	-4.35M	19.31M	9.78M	0.97M	12.19M	30.50M	27.04M	31.37M	61.49M	60.62M	25.78M	166.42M	120.58M	4.17M	63.63M
Net Cash from Operating Activities	490.18M	659.09M	508.15M	185.72M	162.96M	14.15M	482.17M	395.69M	331.05M	331.43M	320.15M	239.98M	290.87M	249.73M	222.93M	215.80M	134.25M	122.81M	274.51M	176.97M	194.05M	176.40M	207.18M	128.79M	156.04M	221.77M	174.94M	269.28M	317.99M	268.97M	426.35M
Capital Expenditures (PPE)	-238.52M	-310.53M	-289.62M	-222.27M	-154.14M	-209.33M	-277.59M	-277.79M	-275.66M	-253.92M	-242.35M	-200.35M	-189.09M	-185.79M	-180.34M	-155.40M	-182.00M	-229.79M	-227.40M	-157.74M	-180.36M	-180.36M	-201.72M	-151.77M	-176.07M	-179.82M	-160.65M	-251.26M	-260.04M	-274.12M	-174.13M
Acquisitions (Net)	0.21M	0.00M	1.53M	0.80M	1.56M	9.34M	8.36M	1.89M	0.02M	-0.18M	0.50M	-0.11M	-0.01M	0.02M	-1.15M	-0.41M	-0.64M	-0.88M	-1.70M	-0.25M	-0.35M	1.02M	0.12M	-0.41M	0.00M	0.03M	0.31M	0.01M	0.00M	0.00M	0.00M
Purchases of Investments	-37.92M	-67.80M	-98.77M	-83.85M	-64.86M	-120.74M	-90.55M	-63.39M	-79.28M	-54.75M	-52.66M	-51.67M	-22.86M	-29.38M	-50.85M	-41.11M	-28.71M	-18.88M	-47.51M	-16.02M	-13.77M	-20.11M	-14.66M	-16.07M	-15.15M	-6.07M	-1.95M	-3.93M	-6.36M	0.00M	-38.12M
Sales / Maturities of Investments	58.44M	68.98M	87.09M	92.08M	80.30M	97.31M	78.84M	89.19M	69.41M	66.77M	61.54M	33.42M	34.53M	27.87M	31.11M	27.96M	28.05M	26.07M	27.98M	19.93M	8.56M	14.08M	15.83M	11.20M	22.76M	24.95M	5.84M	10.20M	1.36M	11.91M	4.70M
Other Investing Activities	16.18M	29.42M	24.90M	25.25M	22.44M	5.90M	22.89M	32.58M	26.70M	11.76M	20.54M	20.55M	4.74M	7.00M	9.19M	9.31M	6.36M	14.37M	15.53M	32.69M	18.03M	17.90M	7.71M	12.61M	8.90M	1.53M	28.84M	27.13M	58.96M	26.60M	79.57M
Net Cash from Investing Activities	-206.92M	-272.70M	-232.94M	-175.92M	-169.15M	-199.88M	-293.67M	-272.24M	-281.03M	-247.09M	-209.55M	-185.28M	-209.15M	-204.84M	-175.99M	-173.24M	-160.87M	-194.27M	-233.64M	-154.72M	-214.21M	-173.04M	-199.69M	-172.83M	-173.66M	-129.63M	-98.50M	-196.57M	-192.74M	-132.18M	-212.15M
Net Debt Issuance	-25.39M	-61.20M	-43.70M	-15.03M	72.42M	274.32M	1.43M	-38.20M	18.07M	-20.62M	-8.29M	-18.17M	-14.96M	7.20M	17.64M	-24.30M	35.83M	60.21M	40.35M	43.12M	49.84M	23.87M	37.67M	98.44M	72.22M	54.30M	5.93M	38.60M	-110.69M	-143.95M	-101.22M
Long-Term Debt Issuance	-25.86M	-50.24M	-55.09M	-4.91M	70.65M	231.38M	0.33M	-28.27M	22.15M	-12.36M	-5.38M	-19.38M	-13.37M	9.91M	22.12M	3.37M	38.98M	81.61M	40.61M	50.61M	49.84M	34.94M	40.72M	100.93M	67.40M	58.13M	24.24M	4.53M	-110.69M	-99.31M	-120.01M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	-0.15M	0.03M	0.04M	-0.20M	0.00M	-0.01M	-0.05M	0.00M	0.00M	0.00M	0.00M	-0.29M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	8.18M
Net Stock Issuance	-0.01M	-0.27M	-0.17M	0.12M	17.29M	1.14M	-1.07M	-1.67M	-0.41M	-0.28M	-0.66M	-0.36M	0.06M	0.11M	0.02M	0.24M	1.45M	-0.11M	6.51M	1.64M	1.73M	1.99M	0.15M	0.70M	0.79M	0.00M	0.00M	1.12M	27.35M	-27.43M	-0.42M
Common Stock Issuance	0.00M	0.00M	0.06M	0.13M	39.11M	14.39M	0.01M	0.37M	0.15M	0.97M	0.28M	0.18M	0.95M	1.49M	1.63M	2.02M	3.49M	3.94M	8.14M	5.27M	2.24M	3.28M	0.86M	2.29M	2.72M	0.10M	0.33M	5.55M	94.28M	11.02M	1.28M
Common Stock Repurchased	-0.02M	-0.56M	-0.29M	-0.06M	0.00M	-0.51M	-1.44M	-1.97M	-2.52M	-1.21M	-3.98M	-0.62M	-0.26M	-0.24M	-0.40M	0.00M	-0.01M	-1.50M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.01M	0.00M	-1.25M	0.00M	0.00M	-53.61M	-27.89M	-20.22M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-27.18M	-42.21M	-13.87M	-2.53M	-3.43M	-19.50M	-55.55M	-61.67M	-58.48M	-51.22M	-47.97M	-37.99M	-26.93M	-21.98M	-19.12M	-13.00M	-11.77M	-17.93M	-20.45M	-20.22M	-16.57M	-13.16M	-14.46M	-14.10M	-25.78M	-32.53M	-12.93M	-7.15M	-2.62M	-6.03M	-1.90M
Common Dividends Paid	-26.39M	-42.21M	-11.16M	-2.58M	-3.72M	-19.70M	-55.24M	-61.08M	-57.80M	-50.34M	-39.30M	-37.78M	-26.88M	-20.68M	-18.34M	-12.71M	-16.42M	-17.96M	-26.13M	-18.59M	-17.27M	-11.69M	-20.58M	-14.10M	-26.87M	-32.53M	-13.07M	-8.82M	-7.01M	-10.60M	-15.62M
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	-76.13M	-69.12M	-76.58M	-68.45M	-32.30M	-13.58M	-28.23M	-15.47M	-13.05M	-10.18M	-4.01M	-6.87M	-2.00M	-5.24M	-4.43M	-7.09M	-14.54M	-6.02M	-1.21M	0.02M	-0.74M	-5.06M	-2.72M	-4.08M	1.26M	-4.62M	0.44M	-1.40M	-0.26M	-0.04M	0.49M
Net Cash from Financing Activities	-239.49M	-224.33M	-259.18M	-63.16M	43.77M	315.46M	-141.81M	-144.54M	-107.85M	-114.14M	-87.50M	-55.74M	-50.07M	-38.80M	-10.83M	-59.59M	61.18M	10.54M	13.56M	28.67M	46.52M	1.30M	39.46M	111.24M	45.32M	50.51M	-67.29M	-39.68M	-119.36M	-208.95M	-132.89M
Effect of FX on Cash	0.07M	0.71M	0.05M	0.32M	0.14M	-0.35M	0.43M	0.08M	-0.37M	-0.01M	0.89M	-0.08M	-0.10M	0.03M	-0.04M	-0.01M	-0.01M	-0.36M	0.00M	-0.03M	-0.03M	0.12M	-0.41M	0.61M	0.00M	-0.69M	0.00M	0.02M	-0.13M	0.00M	0.05M
Net Change in Cash	55.22M	47.45M	-9.99M	-18.89M	67.99M	69.85M	21.13M	13.92M	10.72M	12.23M	15.53M	10.65M	17.03M	21.84M	20.77M	17.30M	18.84M	-12.19M	34.11M	42.15M	13.47M	8.11M	-6.12M	28.96M	22.78M	-6.55M	16.91M	-2.15M	21.22M	22.29M	8.74M
Cash at Beginning of Period	333.54M	377.18M	496.13M	442.65M	421.91M	337.56M	325.27M	302.13M	263.67M	258.95M	227.90M	194.00M	173.82M	176.23M	176.17M	169.54M	186.46M	256.95M	207.21M	177.73M	179.55M	172.00M	259.21M	158.89M	203.45M	166.59M	112.68M	194.23M	157.87M	116.30M	275.03M
Cash at End of Period	329.19M	423.53M	392.45M	500.53M	459.93M	420.64M	313.73M	324.98M	295.68M	267.00M	261.81M	225.50M	213.04M	191.14M	201.50M	203.64M	178.61M	194.72M	274.76M	213.08M	193.45M	240.22M	259.06M	224.60M	209.64M	183.66M	118.00M	172.65M	221.42M	140.59M	277.55M
Operating Cash Flow	475.41M	659.09M	509.04M	185.72M	155.83M	13.70M	482.17M	395.70M	331.05M	331.43M	320.15M	239.98M	290.87M	249.73M	223.06M	215.80M	134.25M	122.81M	274.51M	177.02M	194.05M	179.82M	207.18M	128.79M	156.04M	221.77M	174.94M	269.28M	317.99M	268.97M	426.35M
Capital Expenditure	-271.26M	-310.26M	-297.66M	-222.46M	-157.86M	-211.81M	-278.17M	-278.03M	-275.79M	-256.10M	-242.85M	-200.36M	-189.09M	-185.80M	-180.20M	-155.40M	-182.01M	-229.57M	-227.68M	-157.74M	-180.36M	-180.36M	-201.72M	-151.77M	-176.07M	-179.82M	-160.65M	-251.26M	-260.04M	-274.12M	-296.48M
Free Cash Flow	215.77M	267.69M	228.84M	-14.50M	-30.52M	-195.25M	127.23M	64.86M	92.43M	133.59M	107.31M	28.50M	53.89M	35.25M	13.13M	70.19M	-42.09M	-54.68M	29.35M	30.66M	2.08M	-20.24M	-70.78M	-58.73M	10.63M	-4.82M	-12.64M	56.20M	6.73M	85.79M	141.01M

Industry Free Cash Flow

Metric	TTM	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
EBITDA	457.60M	536.20M	465.03M	194.56M	47.20M	-5.22M	473.68M	380.69M	389.26M	385.27M	340.24M	247.69M	267.43M	292.13M	231.26M	225.09M	196.97M	103.60M	329.09M	210.75M	173.31M	139.54M	152.08M	151.52M	119.69M	227.11M	162.68M	184.56M	243.18M	235.51M	312.62M
(-) Tax Adjustment	108.07M	111.90M	125.24M	12.20M	5.25M	-0.44M	109.94M	88.32M	73.80M	89.38M	73.74M	51.46M	52.73M	55.52M	47.70M	35.39M	36.66M	34.57M	78.68M	38.98M	39.76M	33.70M	35.96M	40.95M	23.31M	45.00M	37.44M	95.60M	175.25M	155.60M	198.59M
(-) Change In Working Capital	-6.56M	12.78M	6.06M	30.84M	-4.27M	-35.38M	20.11M	10.07M	5.13M	10.12M	8.38M	-7.98M	11.85M	6.08M	12.16M	14.11M	-14.81M	12.11M	20.11M	2.07M	8.94M	13.50M	22.80M	-10.04M	21.93M	9.82M	-9.08M	6.19M	-3.95M	0.69M	10.49M
(-) Capital Expenditure	271.26M	310.26M	297.66M	222.46M	157.86M	211.81M	278.17M	278.03M	275.79M	256.10M	242.85M	200.36M	189.09M	185.80M	180.20M	155.40M	182.01M	229.57M	227.68M	157.74M	180.36M	180.36M	201.72M	151.77M	176.07M	179.82M	160.65M	251.26M	260.04M	274.12M	296.48M
Unlevered Free Cash Flow	84.84M	101.27M	36.06M	-70.95M	-111.64M	-181.22M	65.45M	4.27M	34.54M	29.66M	15.27M	3.86M	13.76M	44.73M	-8.79M	20.19M	-6.88M	-172.65M	2.62M	11.97M	-55.75M	-88.02M	-108.40M	-31.16M	-101.62M	-7.53M	-26.34M	-168.48M	-188.16M	-194.91M	-192.93M
(-) Net Interest Income After Taxes	-58.75M	-75.24M	-59.85M	-75.76M	-65.12M	-55.61M	-37.50M	-28.53M	-27.64M	-27.01M	-26.30M	-26.56M	-26.16M	-29.70M	-33.30M	-32.14M	-31.36M	-25.25M	-25.37M	-18.24M	-6.62M	-5.93M	-4.56M	-2.96M	-2.12M	-1.78M	-4.84M	-2.37M	-0.50M	-0.73M	-0.21M
Net Debt Issuance	-25.39M	-61.20M	-43.70M	-15.03M	72.42M	274.32M	1.43M	-38.20M	18.07M	-20.62M	-8.29M	-18.17M	-14.96M	7.20M	17.64M	-24.30M	35.83M	60.21M	40.35M	43.12M	49.84M	23.87M	37.67M	98.44M	72.22M	54.30M	5.93M	38.60M	-110.69M	-143.95M	-101.22M
Levered Free Cash Flow	118.20M	115.31M	52.21M	-10.22M	25.89M	148.71M	104.38M	-5.40M	80.25M	36.05M	33.28M	12.24M	24.96M	81.63M	42.14M	28.03M	60.31M	-87.20M	68.34M	73.32M	0.71M	-58.22M	-66.17M	70.25M	-27.28M	48.56M	-15.58M	-127.52M	-298.36M	-338.13M	-293.94M