Telecommunications Services

Category: Industry Averages Base Ticker: 0315.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	15.99	10.14	9.50	9.41	12.71	12.89	12.76	11.96	13.75	13.42	14.38	14.03	12.44	11.60	10.54	10.59	10.09	9.70	12.96	11.38	11.02	11.69	10.73	9.20	11.69	13.26	13.60	13.01	14.46	12.35	15.19
Market Capitalization	17,004.39M	10,319.20M	9,772.61M	10,224.93M	11,254.44M	10,639.48M	12,515.15M	12,091.28M	12,966.57M	13,963.07M	12,639.19M	12,437.47M	11,309.29M	9,854.37M	8,693.27M	8,350.59M	8,372.71M	8,626.92M	11,305.23M	10,201.83M	7,417.19M	6,809.80M	5,927.41M	4,565.52M	5,475.68M	6,902.95M	7,563.04M	11,585.37M	14,804.27M	10,316.69M	12,484.48M
(-) Cash & Equivalents	1,391.34M	1,163.02M	915.74M	1,077.06M	1,049.96M	1,142.89M	918.39M	787.64M	851.41M	990.99M	1,045.63M	938.42M	1,002.90M	875.21M	705.37M	562.61M	619.31M	504.66M	457.15M	422.61M	330.28M	247.58M	213.69M	228.72M	276.17M	247.89M	242.26M	113.06M	110.27M	106.26M	76.26M
(+) Total Debt	9,765.76M	8,402.96M	9,600.96M	7,968.36M	7,906.96M	7,682.02M	6,856.15M	5,954.53M	5,795.53M	6,410.37M	5,450.90M	5,233.59M	5,167.92M	4,560.75M	3,947.26M	2,998.32M	2,952.01M	2,396.08M	1,925.05M	1,838.75M	1,774.85M	1,773.63M	1,633.68M	2,075.65M	2,176.09M	2,141.36M	1,471.92M	1,653.97M	1,499.23M	1,613.85M	2,081.55M
Enterprise Value	27,330.72M	18,727.39M	20,749.05M	18,484.51M	19,139.70M	20,022.39M	19,734.07M	19,560.17M	19,535.56M	18,935.61M	17,140.05M	17,372.36M	16,800.35M	14,826.16M	12,726.70M	11,230.70M	11,655.15M	10,695.72M	13,768.57M	11,474.17M	8,567.27M	8,159.63M	7,418.63M	6,368.10M	7,515.32M	8,887.93M	9,139.04M	14,794.03M	19,326.42M	14,247.94M	14,728.23M

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	9,034.361M	8,911.040M	8,727.164M	8,657.901M	9,477.810M	8,725.429M	8,933.542M	9,185.398M	8,224.271M	8,215.882M	8,954.208M	9,249.249M	8,246.558M	8,076.695M	7,463.785M	5,732.030M	5,174.380M	5,166.100M	4,818.351M	4,329.132M	3,662.915M	3,254.724M	2,795.686M	2,400.471M	2,706.949M	2,618.444M	2,418.002M	2,526.375M	4,364.957M	3,803.391M	3,884.661M
Cost of Revenue	4,231.554M	4,539.845M	4,858.139M	4,350.681M	4,355.501M	4,294.831M	4,199.161M	4,186.419M	4,086.203M	3,931.078M	3,799.705M	3,676.939M	3,612.544M	3,362.578M	3,144.381M	2,292.967M	1,986.805M	1,868.542M	1,941.960M	1,963.382M	1,620.734M	1,456.908M	904.825M	1,062.662M	815.476M	943.178M	934.970M	1,000.712M	1,182.799M	1,030.127M	1,164.863M
Gross Profit	4,802.807M	4,371.195M	3,869.025M	4,307.220M	5,122.309M	4,430.598M	4,734.380M	4,998.979M	4,138.068M	4,284.804M	5,154.503M	5,572.310M	4,634.013M	4,714.117M	4,319.404M	3,439.063M	3,187.575M	3,297.558M	2,876.391M	2,365.750M	2,042.180M	1,797.816M	1,890.860M	1,337.809M	1,891.473M	1,675.266M	1,483.031M	1,525.663M	3,182.157M	2,773.264M	2,719.799M
Gross Margin	53.16%	49.05%	44.33%	49.75%	54.05%	50.78%	53.00%	54.42%	50.32%	52.15%	57.57%	60.25%	56.19%	58.37%	57.87%	60.00%	61.60%	63.83%	59.70%	54.65%	55.75%	55.24%	67.63%	55.73%	69.87%	63.98%	61.33%	60.39%	72.90%	72.92%	70.01%
R&D Expenses	0.000M	0.890M	1.914M	5.382M	4.136M	5.199M	3.528M	2.639M	5.111M	6.000M	4.017M	0.421M	0.559M	0.427M	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	1,184.228M	926.595M	1,178.769M	1,259.848M	1,185.632M	1,163.449M	1,117.329M	1,416.002M	1,416.797M	1,437.171M	1,597.184M	1,378.161M	1,464.855M	1,376.833M	1,256.355M	1,154.242M	1,082.913M	1,151.567M	943.629M	826.013M	693.667M	617.843M	424.422M	343.069M	377.005M	311.297M	326.902M	236.586M	582.562M	924.112M	986.699M
Operating Expenses	1,184.228M	927.486M	1,180.683M	1,265.230M	1,189.768M	1,168.649M	1,120.857M	1,418.640M	1,421.909M	1,443.170M	1,601.201M	1,378.582M	1,465.414M	1,377.259M	1,256.355M	1,154.242M	1,082.913M	1,151.567M	943.629M	826.013M	693.667M	617.843M	424.422M	343.069M	377.005M	311.297M	326.902M	236.586M	582.562M	924.112M	986.699M
Operating Income	3,618.579M	3,443.710M	2,688.343M	3,041.990M	3,932.541M	3,261.949M	3,613.523M	3,580.338M	2,716.160M	2,841.634M	3,553.302M	4,193.729M	3,168.600M	3,336.858M	3,063.049M	2,284.821M	2,104.662M	2,145.991M	1,932.762M	1,539.737M	1,348.514M	1,179.973M	1,466.438M	994.741M	1,514.468M	1,363.970M	1,156.129M	1,289.077M	2,599.595M	1,849.152M	1,733.100M
Operating Margin	40.05%	38.65%	30.80%	35.14%	41.49%	37.38%	40.45%	38.98%	33.03%	34.59%	39.68%	45.34%	38.42%	41.31%	41.04%	39.86%	40.67%	41.54%	40.11%	35.57%	36.82%	36.25%	52.45%	41.44%	55.95%	52.09%	47.81%	51.02%	59.56%	48.62%	44.61%
Interest Income	47.224M	52.541M	42.245M	38.216M	19.239M	29.233M	30.799M	28.808M	36.936M	34.345M	34.366M	28.856M	30.077M	35.079M	27.538M	22.585M	19.012M	29.438M	17.236M	17.496M	11.425M	9.200M	6.271M	6.941M	1.727M	2.165M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	510.135M	350.058M	395.179M	339.717M	386.207M	380.490M	375.213M	291.226M	301.914M	283.327M	271.305M	256.037M	237.677M	240.414M	217.151M	182.950M	153.039M	149.396M	109.738M	70.542M	78.012M	54.408M	61.079M	40.693M	42.017M	40.055M	0.007M	4.583M	0.007M	0.973M	1.071M
Net Interest Income	-462.911M	-297.517M	-352.934M	-301.501M	-366.968M	-351.257M	-344.414M	-262.418M	-264.977M	-248.982M	-236.938M	-227.181M	-207.599M	-205.334M	-189.613M	-160.365M	-134.026M	-119.958M	-92.502M	-53.045M	-66.586M	-45.208M	-54.808M	-33.753M	-40.290M	-37.890M	-0.007M	-4.583M	-0.007M	-0.973M	-1.071M
Other Income / Expense	-2,053.423M	-2,384.861M	-1,603.515M	-1,779.366M	-2,287.940M	-2,058.845M	-2,366.452M	-2,346.301M	-1,603.380M	-1,831.471M	-2,526.625M	-3,119.899M	-2,223.153M	-2,374.161M	-2,017.697M	-1,235.894M	-1,341.144M	-1,453.588M	-1,192.445M	-956.347M	-719.060M	-697.230M	-1,149.598M	-910.815M	-1,349.563M	-1,034.926M	-889.769M	-928.700M	-2,058.532M	-1,349.080M	-1,343.722M
Pre-Tax Income	1,102.245M	761.332M	731.894M	961.123M	1,277.633M	851.847M	902.657M	971.619M	847.803M	761.181M	789.739M	846.648M	737.847M	757.362M	855.739M	888.562M	629.491M	572.446M	647.815M	530.345M	562.867M	437.535M	262.032M	50.173M	124.614M	291.154M	266.353M	355.794M	541.056M	499.099M	388.307M
Pre-Tax Margin	12.20%	8.54%	8.39%	11.10%	13.48%	9.76%	10.10%	10.58%	10.31%	9.26%	8.82%	9.15%	8.95%	9.38%	11.47%	15.50%	12.17%	11.08%	13.44%	12.25%	15.37%	13.44%	9.37%	2.09%	4.60%	11.12%	11.02%	14.08%	12.40%	13.12%	10.00%
Income Tax Expense	220.819M	177.530M	201.208M	274.585M	303.669M	266.983M	236.304M	216.886M	158.694M	241.945M	215.840M	199.025M	199.053M	171.580M	173.516M	157.041M	140.318M	148.076M	177.239M	131.402M	124.380M	132.745M	73.505M	64.888M	70.602M	111.869M	74.840M	133.273M	211.838M	221.546M	165.155M
Tax Rate	20.03%	23.32%	27.49%	28.57%	23.77%	31.34%	26.18%	22.32%	18.72%	31.79%	27.33%	23.51%	26.98%	22.65%	20.28%	17.67%	22.29%	25.87%	27.36%	24.78%	22.10%	30.34%	28.05%	35.00%	35.00%	35.00%	28.10%	35.00%	35.00%	35.00%	35.00%
Net Income	881.426M	583.801M	530.686M	686.538M	973.964M	584.864M	666.353M	754.734M	689.109M	519.235M	573.899M	647.623M	538.794M	585.783M	682.223M	731.521M	489.173M	424.370M	470.576M	398.943M	438.487M	304.790M	188.527M	-14.715M	54.013M	179.285M	191.512M	222.520M	329.218M	277.553M	223.152M
Net Margin	9.76%	6.55%	6.08%	7.93%	10.28%	6.70%	7.46%	8.22%	8.38%	6.32%	6.41%	7.00%	6.53%	7.25%	9.14%	12.76%	9.45%	8.21%	9.77%	9.22%	11.97%	9.36%	6.74%	-0.61%	2.00%	6.85%	7.92%	8.81%	7.54%	7.30%	5.74%
EBIT	3,618.579M	3,443.710M	2,688.343M	3,041.990M	3,932.541M	3,261.949M	3,613.523M	3,580.338M	2,716.160M	2,841.634M	3,553.302M	4,193.729M	3,168.600M	3,336.858M	3,063.049M	2,284.821M	2,104.662M	2,145.991M	1,932.762M	1,539.737M	1,348.514M	1,179.973M	1,466.438M	994.741M	1,514.468M	1,363.970M	1,156.129M	1,289.077M	2,599.595M	1,849.152M	1,733.100M
Depreciation & Amortization	1,697.301M	1,673.764M	1,734.488M	1,963.090M	1,962.032M	1,980.768M	1,871.432M	1,735.108M	1,753.188M	1,543.121M	1,367.985M	1,547.602M	1,341.625M	1,228.714M	1,092.936M	893.696M	772.190M	797.937M	631.131M	588.866M	539.409M	599.402M	560.173M	490.434M	403.118M	410.186M	332.364M	487.970M	496.537M	674.682M	696.409M
EBITDA	5,315.880M	5,117.474M	4,422.831M	5,005.080M	5,894.573M	5,242.717M	5,484.956M	5,315.446M	4,469.348M	4,384.755M	4,921.287M	5,741.331M	4,510.224M	4,565.571M	4,155.985M	3,178.517M	2,876.852M	2,943.929M	2,563.893M	2,128.603M	1,887.922M	1,779.375M	2,026.611M	1,485.174M	1,917.585M	1,774.156M	1,488.493M	1,777.047M	3,096.132M	2,523.834M	2,429.509M
EBITDA Margin	58.84%	57.43%	50.68%	57.81%	62.19%	60.09%	61.40%	57.87%	54.34%	53.37%	54.96%	62.07%	54.69%	56.53%	55.68%	55.45%	55.60%	56.99%	53.21%	49.17%	51.54%	54.67%	72.49%	61.87%	70.84%	67.76%	61.56%	70.34%	70.93%	66.36%	62.54%
NOPAT	2,893.647M	2,640.693M	1,949.278M	2,172.918M	2,997.850M	2,239.599M	2,667.549M	2,781.132M	2,207.742M	1,938.405M	2,582.167M	3,207.892M	2,313.789M	2,580.896M	2,441.962M	1,881.011M	1,635.518M	1,590.882M	1,403.968M	1,158.241M	1,050.525M	821.977M	1,055.072M	646.581M	984.404M	886.580M	831.278M	837.900M	1,689.737M	1,201.949M	1,126.515M
NOPAT Margin	32.03%	29.63%	22.34%	25.10%	31.63%	25.67%	29.86%	30.28%	26.84%	23.59%	28.84%	34.68%	28.06%	31.95%	32.72%	32.82%	31.61%	30.79%	29.14%	26.75%	28.68%	25.25%	37.74%	26.94%	36.37%	33.86%	34.38%	33.17%	38.71%	31.60%	29.00%
Owner's Earnings	2,578.726M	2,257.565M	2,265.174M	2,649.628M	2,935.996M	2,565.632M	2,537.785M	2,489.842M	2,442.296M	2,062.356M	1,941.884M	2,195.225M	1,880.419M	1,814.496M	1,775.159M	1,625.217M	1,261.363M	1,222.307M	1,101.706M	987.810M	977.895M	904.192M	748.700M	475.718M	457.130M	589.471M	523.876M	710.491M	825.756M	952.235M	919.561M
Owner's Earnings Margin	28.54%	25.33%	25.96%	30.60%	30.98%	29.40%	28.41%	27.11%	29.70%	25.10%	21.69%	23.73%	22.80%	22.47%	23.78%	28.35%	24.38%	23.66%	22.86%	22.82%	26.70%	27.78%	26.78%	19.82%	16.89%	22.51%	21.67%	28.12%	18.92%	25.04%	23.67%
EPS	0.31	0.19	0.17	0.22	0.33	0.20	0.22	0.26	0.24	0.18	0.20	0.24	0.19	0.22	0.26	0.29	0.21	0.19	0.21	0.17	0.22	0.18	0.12	-0.01	0.04	0.16	0.17	0.20	0.27	0.24	0.21
EPS (Diluted)	0.31	0.19	0.17	0.22	0.33	0.20	0.22	0.26	0.24	0.18	0.20	0.24	0.19	0.22	0.26	0.29	0.21	0.19	0.21	0.17	0.22	0.18	0.12	-0.01	0.04	0.16	0.17	0.20	0.27	0.24	0.21
Shares (Diluted)	2,838,893,452	3,074,780,891	3,099,469,543	3,097,809,094	2,952,384,109	2,988,633,949	2,971,758,008	2,941,276,939	2,922,309,372	2,963,003,834	2,869,919,711	2,657,982,574	2,765,781,256	2,701,334,871	2,674,694,119	2,545,071,578	2,275,633,769	2,293,844,848	2,250,304,113	2,397,236,184	1,999,875,958	1,690,508,811	1,573,869,841	1,380,639,153	1,345,736,909	1,153,488,393	1,131,875,947	1,094,112,651	1,211,716,193	1,171,804,951	1,069,097,115

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	1,234.71M	1,169.74M	921.58M	1,082.78M	1,053.83M	1,154.84M	920.44M	795.86M	870.40M	1,002.88M	1,058.74M	956.03M	1,012.03M	900.84M	718.39M	560.87M	617.01M	508.77M	456.42M	430.57M	339.66M	257.75M	218.37M	231.26M	280.02M	251.58M	245.98M	125.76M	118.96M	102.96M	76.26M
Short-Term Investments	505.20M	215.15M	355.67M	325.07M	532.06M	502.78M	269.31M	237.31M	357.26M	205.55M	250.73M	272.65M	117.30M	107.46M	121.59M	100.41M	89.76M	56.31M	140.49M	203.35M	133.70M	155.21M	117.90M	282.29M	139.47M	212.44M	72.85M	59.62M	36.24M	23.60M	34.77M
Cash & Short-Term Investments	1,739.91M	1,384.89M	1,277.25M	1,407.85M	1,585.88M	1,657.61M	1,189.74M	1,033.17M	1,227.65M	1,208.43M	1,309.48M	1,228.68M	1,129.33M	1,008.30M	839.98M	661.29M	706.78M	565.08M	596.91M	633.92M	473.36M	412.96M	336.27M	513.55M	419.49M	464.02M	318.83M	185.38M	155.20M	126.57M	111.03M
Net Receivables	1,545.45M	1,781.64M	1,980.13M	1,784.72M	1,750.71M	1,579.67M	1,652.18M	1,578.37M	1,484.92M	1,563.43M	1,283.27M	1,199.19M	1,129.41M	1,214.40M	1,057.24M	861.97M	792.87M	759.26M	525.68M	445.95M	449.22M	376.15M	261.69M	289.36M	263.14M	463.02M	308.07M	163.70M	301.59M	684.41M	710.89M
Inventory	126.41M	177.13M	187.71M	176.39M	166.13M	160.04M	157.03M	147.71M	138.38M	138.45M	136.13M	133.65M	137.92M	127.49M	132.48M	111.66M	87.86M	72.15M	73.51M	60.41M	63.98M	66.00M	49.58M	55.03M	48.10M	65.42M	56.39M	64.44M	122.29M	119.43M	81.76M
Other Current Assets	803.38M	461.93M	512.55M	695.07M	718.34M	673.12M	604.44M	563.70M	360.82M	398.61M	397.02M	391.82M	276.34M	180.65M	129.57M	122.53M	142.21M	113.10M	105.31M	107.56M	115.44M	95.21M	75.65M	110.85M	90.90M	85.42M	130.21M	141.11M	267.35M	131.35M	118.85M
Total Current Assets	4,215.15M	3,805.61M	3,957.63M	4,064.03M	4,221.07M	4,070.44M	3,603.39M	3,322.95M	3,211.77M	3,308.92M	3,125.90M	2,953.34M	2,673.01M	2,530.84M	2,159.27M	1,757.44M	1,729.71M	1,509.58M	1,301.41M	1,247.84M	1,102.00M	950.32M	723.20M	968.80M	821.64M	1,077.88M	813.49M	554.62M	846.43M	1,061.75M	1,022.53M
Property, Plant & Equipment	8,996.24M	8,164.80M	8,494.78M	8,376.54M	8,577.44M	8,527.43M	8,693.72M	7,228.10M	7,293.62M	6,846.59M	6,598.89M	6,188.20M	5,785.49M	5,834.07M	4,655.52M	3,776.95M	3,798.05M	3,183.92M	3,281.69M	2,788.65M	2,358.16M	2,038.72M	1,915.52M	3,080.31M	3,231.79M	2,813.71M	2,191.46M	2,765.52M	4,028.18M	4,639.75M	4,364.10M
Goodwill	2,618.19M	2,596.62M	2,707.54M	2,842.53M	2,936.86M	2,963.68M	2,214.61M	2,250.27M	2,021.70M	2,134.70M	1,521.07M	1,687.05M	1,505.89M	1,551.81M	1,234.09M	829.39M	778.90M	722.43M	634.81M	445.65M	111.19M	10.22M	0.95M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	3,227.35M	2,986.26M	3,390.14M	3,772.84M	3,734.55M	3,556.50M	3,476.02M	3,084.84M	2,730.01M	2,886.80M	2,228.33M	2,138.85M	1,538.25M	1,631.61M	1,342.74M	1,015.43M	965.01M	927.84M	664.83M	550.40M	585.59M	562.55M	465.98M	474.79M	662.85M	793.29M	368.35M	319.78M	408.90M	360.68M	341.11M
Long-Term Investments	445.72M	755.74M	794.98M	942.98M	758.16M	631.18M	891.00M	788.19M	632.19M	614.24M	470.53M	414.77M	714.44M	580.14M	412.19M	289.95M	129.21M	70.05M	21.22M	37.27M	14.79M	13.56M	3.66M	0.26M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.66M
Tax Assets	56.56M	69.30M	153.46M	124.94M	200.05M	203.69M	267.60M	264.79M	273.15M	237.45M	222.83M	217.79M	185.17M	201.35M	178.20M	157.05M	136.18M	133.44M	64.27M	84.92M	33.78M	15.75M	17.35M	18.70M	25.38M	2.84M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	810.04M	1,025.63M	819.35M	812.64M	808.19M	663.50M	560.21M	577.59M	510.30M	480.49M	507.76M	364.50M	376.74M	297.12M	510.70M	455.63M	355.30M	402.78M	368.73M	281.54M	336.49M	353.03M	343.02M	446.66M	624.38M	745.94M	511.48M	511.48M	591.77M	525.49M	313.83M
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	16,154.10M	15,598.35M	16,360.26M	16,872.46M	17,015.25M	16,545.98M	16,103.17M	14,193.79M	13,460.98M	13,200.27M	11,549.40M	11,011.15M	10,105.96M	10,096.10M	8,333.45M	6,524.41M	6,162.66M	5,440.46M	5,035.56M	4,188.43M	3,440.00M	2,993.82M	2,746.49M	4,020.71M	4,544.40M	4,355.78M	3,071.30M	3,596.77M	5,028.85M	5,525.92M	5,019.70M
Total Assets	20,369.25M	19,403.95M	20,317.89M	20,936.49M	21,236.32M	20,616.43M	19,706.57M	17,516.74M	16,672.75M	16,509.19M	14,675.31M	13,964.49M	12,778.97M	12,626.94M	10,492.72M	8,281.85M	7,892.37M	6,950.04M	6,336.97M	5,436.26M	4,541.99M	3,944.14M	3,469.69M	4,989.51M	5,366.04M	5,433.65M	3,884.79M	4,151.39M	5,875.28M	6,587.67M	6,042.22M
Accounts Payable	1,082.95M	1,322.91M	1,234.99M	1,262.15M	1,370.25M	1,340.29M	1,299.35M	1,168.93M	1,134.76M	1,055.74M	872.01M	771.54M	736.47M	740.01M	662.65M	618.36M	601.18M	626.04M	567.04M	500.58M	484.00M	482.84M	354.22M	367.05M	491.28M	410.25M	330.45M	328.80M	372.52M	735.69M	455.80M
Short-Term Debt	1,476.38M	989.56M	1,021.86M	1,056.02M	944.68M	1,309.49M	902.68M	932.09M	862.08M	754.22M	747.24M	713.90M	592.64M	574.12M	661.92M	456.06M	377.75M	488.43M	353.21M	439.55M	312.12M	281.53M	362.01M	367.69M	353.66M	554.26M	228.61M	360.76M	220.18M	348.61M	365.05M
Tax Payables	23.61M	113.01M	120.25M	142.88M	211.68M	214.38M	155.09M	128.47M	139.57M	118.60M	131.02M	108.86M	120.91M	106.85M	91.46M	76.71M	46.08M	50.65M	18.37M	14.91M	9.34M	2.86M	0.80M	0.28M	0.00M	0.00M	0.00M	0.00M	0.00M	0.03M	0.02M
Deferred Revenue	100.33M	103.03M	183.52M	279.13M	535.97M	530.85M	484.91M	276.55M	439.65M	416.11M	411.43M	406.57M	315.89M	412.13M	221.34M	199.76M	124.88M	106.60M	131.02M	105.56M	96.58M	85.20M	50.95M	77.05M	42.76M	13.68M	0.05M	0.00M	0.06M	0.50M	0.24M
Other Current Liabilities	1,352.02M	1,141.72M	1,069.03M	1,204.88M	1,126.58M	881.05M	750.03M	789.61M	790.31M	782.79M	917.31M	875.32M	759.23M	675.86M	669.85M	352.18M	275.55M	460.90M	422.41M	309.50M	241.62M	149.11M	144.58M	168.69M	205.11M	213.94M	205.33M	287.91M	171.44M	149.59M	87.12M
Total Current Liabilities	4,035.30M	3,670.24M	3,629.64M	3,945.05M	4,189.16M	4,276.05M	3,592.06M	3,295.65M	3,366.36M	3,127.46M	3,079.01M	2,876.19M	2,525.14M	2,508.97M	2,307.23M	1,703.07M	1,425.44M	1,732.62M	1,492.05M	1,370.10M	1,143.66M	1,001.54M	912.54M	980.77M	1,092.81M	1,192.13M	764.44M	977.47M	764.20M	1,234.42M	908.22M
Long-Term Debt	7,827.85M	5,865.16M	6,764.56M	6,999.51M	6,743.96M	5,792.69M	6,045.66M	4,969.26M	4,316.46M	4,682.75M	4,469.72M	4,253.54M	4,104.12M	3,862.95M	2,900.71M	2,398.57M	2,437.31M	2,051.25M	1,663.06M	1,535.55M	1,404.56M	1,468.90M	1,479.49M	1,657.65M	1,831.38M	1,465.44M	1,282.54M	1,378.16M	1,437.37M	1,778.85M	1,682.88M
Capital Lease Obligations	542.31M	1,442.29M	1,660.46M	1,517.71M	1,339.10M	1,424.74M	913.42M	136.46M	80.21M	63.11M	47.19M	46.33M	38.38M	12.75M	3.03M	0.84M	1.58M	1.00M	0.45M	1.18M	0.39M	0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	495.88M	503.35M	443.03M	492.51M	712.76M	705.41M	572.37M	500.76M	336.24M	361.84M	305.34M	337.20M	278.16M	314.84M	302.30M	196.50M	161.74M	154.76M	167.37M	108.75M	102.73M	90.58M	56.41M	105.14M	53.36M	49.15M	51.11M	34.72M	62.44M	102.70M	142.65M
Other Non-Current Liabilities	659.65M	780.67M	871.12M	743.05M	798.82M	906.87M	532.10M	639.49M	648.97M	728.88M	637.04M	534.95M	499.67M	387.70M	471.95M	335.92M	294.68M	221.42M	270.04M	257.12M	273.20M	297.40M	327.29M	329.72M	214.76M	248.91M	207.49M	320.62M	341.71M	538.17M	299.76M
Total Non-Current Liabilities	9,525.68M	8,591.47M	9,739.17M	9,752.79M	9,594.64M	8,829.71M	8,063.54M	6,245.96M	5,381.87M	5,836.58M	5,459.29M	5,172.03M	4,920.34M	4,578.25M	3,677.98M	2,931.83M	2,895.31M	2,428.43M	2,100.92M	1,902.60M	1,780.88M	1,856.92M	1,863.19M	2,092.51M	2,099.50M	1,763.50M	1,541.14M	1,733.50M	1,841.51M	2,419.72M	2,125.28M
Total Liabilities	13,560.98M	12,261.71M	13,368.81M	13,697.84M	13,783.80M	13,105.76M	11,655.60M	9,541.62M	8,748.23M	8,964.03M	8,538.30M	8,048.22M	7,445.48M	7,087.21M	5,985.21M	4,634.89M	4,320.75M	4,161.05M	3,592.97M	3,272.70M	2,924.54M	2,858.46M	2,775.73M	3,073.28M	3,192.31M	2,955.63M	2,305.58M	2,710.97M	2,605.71M	3,654.13M	3,033.50M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.10M	0.10M	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	0.00M	0.00M	0.00M	3.00M	0.20M
Common Stock	1,971.20M	1,749.50M	1,784.88M	1,789.94M	1,733.26M	1,623.80M	1,375.36M	1,214.81M	1,204.09M	1,001.70M	978.91M	809.96M	660.11M	684.48M	458.22M	424.23M	398.73M	300.45M	246.69M	148.82M	256.13M	206.14M	168.02M	242.26M	248.89M	258.77M	107.90M	69.93M	22.15M	17.70M	3.92M
Retained Earnings	1,915.95M	2,375.79M	2,545.35M	2,585.95M	3,217.95M	3,202.36M	2,903.08M	2,364.18M	2,186.75M	2,068.14M	1,975.61M	1,663.99M	1,519.63M	1,496.01M	1,390.32M	1,116.43M	820.46M	737.42M	652.57M	556.44M	494.05M	438.23M	434.59M	256.20M	476.75M	471.02M	426.67M	356.39M	371.60M	480.58M	520.51M
Accumulated OCI	45.03M	115.52M	-7.51M	74.87M	94.16M	-103.33M	80.92M	-19.46M	-16.66M	1.56M	81.79M	8.64M	21.43M	-25.31M	-2.59M	30.35M	-12.04M	-25.10M	7.17M	9.88M	4.75M	0.69M	-1.93M	0.00M	-30.04M	-25.42M	-7.23M	-193.34M	-134.64M	-130.02M	-36.51M
Minority Interest	368.84M	354.54M	282.84M	289.01M	334.62M	298.34M	284.85M	231.68M	221.84M	212.79M	190.67M	183.51M	153.51M	180.71M	178.12M	117.90M	98.63M	77.64M	80.61M	32.69M	43.02M	44.96M	57.24M	85.00M	95.04M	170.68M	95.31M	84.59M	119.45M	151.70M	43.13M
Total Shareholders’ Equity	3,932.18M	4,240.82M	4,322.72M	4,450.75M	5,045.37M	4,722.83M	4,359.46M	3,559.62M	3,374.19M	3,071.40M	3,036.32M	2,482.59M	2,201.18M	2,155.18M	1,845.95M	1,571.00M	1,207.15M	1,012.77M	906.43M	715.14M	754.93M	645.06M	600.68M	498.46M	695.59M	704.36M	527.34M	232.98M	259.11M	371.27M	488.11M
Total Equity	4,301.02M	4,595.35M	4,605.56M	4,739.76M	5,379.98M	5,021.17M	4,644.31M	3,791.30M	3,596.03M	3,284.19M	3,226.98M	2,666.10M	2,354.69M	2,335.89M	2,024.06M	1,688.90M	1,305.78M	1,090.41M	987.04M	747.82M	797.94M	690.02M	657.92M	583.46M	790.63M	875.04M	622.64M	317.58M	378.56M	522.96M	531.24M
Total Liabilities & Equity	17,862.00M	16,857.06M	17,974.37M	18,437.59M	19,163.78M	18,126.93M	16,299.91M	13,332.92M	12,344.26M	12,248.22M	11,765.28M	10,714.32M	9,800.17M	9,423.10M	8,009.28M	6,323.80M	5,626.53M	5,251.46M	4,580.01M	4,020.52M	3,722.49M	3,548.47M	3,433.65M	3,656.73M	3,982.94M	3,830.67M	2,928.23M	3,028.54M	2,984.27M	4,177.09M	3,564.74M
Tangible Assets	14,523.71M	13,821.07M	14,220.21M	14,321.12M	14,564.91M	14,096.25M	14,015.93M	12,181.63M	11,921.03M	11,487.69M	10,925.91M	10,138.60M	9,734.84M	9,443.52M	7,915.89M	6,437.03M	6,148.46M	5,299.77M	5,037.33M	4,440.21M	3,845.22M	3,371.38M	3,002.75M	4,514.73M	4,703.19M	4,640.37M	3,516.44M	3,831.62M	5,466.38M	6,227.00M	5,701.12M
Tangible Equity	-1,544.52M	-987.53M	-1,492.12M	-1,875.61M	-1,291.43M	-1,499.01M	-1,046.33M	-1,543.82M	-1,155.68M	-1,737.31M	-522.41M	-1,159.79M	-689.44M	-847.54M	-552.77M	-155.92M	-438.12M	-559.86M	-312.60M	-248.22M	101.17M	117.25M	190.99M	108.67M	127.79M	81.75M	254.29M	-2.20M	-30.33M	162.29M	190.14M
Tangible Book Value	-1,544.52M	-987.53M	-1,492.12M	-1,875.61M	-1,291.43M	-1,499.01M	-1,046.33M	-1,543.82M	-1,155.68M	-1,737.31M	-522.41M	-1,159.79M	-689.44M	-847.54M	-552.77M	-155.92M	-438.12M	-559.86M	-312.60M	-248.22M	101.17M	117.25M	190.99M	108.67M	127.79M	81.75M	254.29M	-2.20M	-30.33M	162.29M	190.14M
Total Investments	784.14M	1,075.27M	1,192.59M	1,226.32M	1,100.36M	1,054.07M	1,066.81M	977.41M	1,091.06M	966.58M	840.50M	520.20M	893.15M	785.05M	699.64M	392.12M	277.15M	183.59M	202.94M	193.18M	177.26M	146.82M	190.74M	156.31M	152.89M	109.53M	68.00M	10.31M	6.05M	0.94M	1.07M
Net Debt	8,069.52M	5,684.98M	6,864.83M	6,972.75M	6,634.81M	5,947.34M	6,027.90M	5,105.49M	4,308.14M	4,434.08M	4,158.21M	4,011.41M	3,684.73M	3,536.23M	2,844.24M	2,293.76M	2,198.05M	2,030.91M	1,559.86M	1,544.53M	1,377.03M	1,492.68M	1,623.13M	1,794.07M	1,905.02M	1,768.12M	1,265.18M	1,613.16M	1,538.59M	2,024.50M	1,971.67M

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	-1,650.02M	-388.00M	-495.56M	-361.25M	-919.84M	-1,056.82M	-505.56M	-539.30M	-797.05M	-69.35M	226.54M	-51.32M	32.29M	-218.22M	-323.43M	-9.46M	-38.42M	-410.59M	-228.10M	-36.78M	-156.11M	-189.54M	-169.13M	-121.00M	44.44M	-51.81M	-73.28M	-325.96M	96.04M	-506.26M	-313.69M
Total Capital	17,508.34M	15,847.73M	17,437.94M	16,532.48M	17,015.21M	15,284.02M	14,432.60M	12,984.92M	12,411.64M	12,678.85M	11,153.57M	10,461.04M	9,966.39M	9,013.94M	8,567.85M	7,271.03M	6,388.68M	5,112.87M	4,565.97M	4,128.73M	3,755.33M	3,577.01M	3,348.52M	3,825.44M	4,163.96M	4,549.73M	2,927.68M	3,730.02M	4,490.90M	4,959.84M	4,138.74M
Capital Employed	18,499.30M	16,655.31M	17,770.74M	19,496.05M	19,303.62M	19,710.02M	19,445.26M	15,477.03M	14,550.01M	14,857.72M	12,979.89M	11,470.27M	10,916.28M	10,525.84M	9,379.98M	8,719.78M	7,863.81M	7,255.57M	5,711.77M	4,966.26M	4,624.46M	4,503.58M	4,543.40M	5,065.73M	5,410.90M	4,283.19M	3,122.75M	3,512.89M	5,756.72M	6,599.22M	5,461.45M
Invested Capital	16,273.63M	14,677.99M	16,516.35M	15,449.70M	15,961.39M	14,129.18M	13,512.16M	12,189.05M	11,541.24M	11,675.97M	10,094.82M	9,505.01M	8,954.36M	8,113.10M	7,849.46M	6,710.15M	5,771.67M	4,604.10M	4,109.55M	3,698.16M	3,415.67M	3,319.26M	3,130.16M	3,594.17M	3,883.94M	4,298.15M	2,681.70M	3,604.26M	4,371.93M	4,856.88M	4,062.49M

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	1,359.88M	1,696.06M	1,854.02M	1,821.80M	1,975.31M	2,007.28M	1,902.90M	1,747.72M	1,744.62M	1,569.38M	1,370.40M	1,529.38M	1,334.41M	1,223.38M	924.44M	880.75M	785.59M	790.79M	609.23M	552.78M	505.42M	550.98M	570.22M	522.87M	412.30M	396.55M	314.48M	501.02M	526.42M	730.86M	656.52M
Deferred Income Tax	0.00M	0.00M	10.91M	5.42M	21.84M	27.65M	26.49M	24.15M	-41.80M	24.36M	10.13M	6.14M	5.55M	11.72M	5.34M	1.11M	4.12M	3.01M	-0.31M	-2.06M	0.23M	2.74M	0.13M	0.00M	0.00M	3.72M	0.00M	3.84M	3.87M	10.81M	-1.37M
Stock-Based Compensation	5.74M	9.42M	9.77M	20.41M	14.81M	10.44M	11.99M	9.51M	7.96M	6.50M	6.99M	8.52M	6.45M	6.37M	1.46M	1.71M	0.84M	0.23M	0.00M	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	-113.48M	-102.48M	-171.39M	-133.71M	-112.03M	-49.96M	-192.76M	-151.67M	-163.25M	-104.42M	-69.93M	-80.86M	-26.90M	-28.07M	-85.04M	-35.81M	-31.12M	-63.96M	-23.95M	-18.08M	-2.03M	-10.39M	14.80M	7.56M	-25.37M	-11.12M	-30.80M	-4.98M	2.63M	27.76M	-30.90M
Accounts Receivable	-80.83M	-100.18M	-117.02M	-102.51M	-84.11M	-15.19M	-66.44M	-93.20M	-68.79M	-98.81M	-65.22M	-51.35M	-71.09M	-25.64M	-14.79M	-14.39M	-15.15M	-14.33M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	4.18M	-1.43M	-1.00M	-13.25M	-10.63M	4.38M	-5.69M	-24.26M	-2.93M	13.31M	-9.03M	-0.31M	-5.44M	-2.30M	-12.95M	-5.01M	0.20M	-9.73M	-5.85M	-3.09M	-2.02M	-4.10M	0.22M	3.65M	-1.86M	-3.33M	-1.78M	-1.04M	-13.07M	-1.86M	-8.07M
Accounts Payable	13.25M	8.50M	5.54M	32.40M	41.21M	28.38M	-13.11M	23.75M	6.90M	14.29M	3.34M	2.74M	1.55M	3.77M	0.16M	4.45M	-1.18M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	-64.87M	-35.45M	-36.91M	-14.37M	-29.98M	-27.85M	-75.43M	-44.65M	-43.31M	-51.62M	-33.65M	-46.05M	2.30M	-10.86M	-33.78M	-21.03M	-6.97M	-22.84M	-6.21M	-2.81M	7.53M	-4.09M	15.78M	-9.52M	-21.10M	15.08M	-12.43M	11.70M	14.17M	36.19M	-9.88M
Other Non-Cash Items	373.40M	347.67M	374.30M	159.05M	83.02M	475.66M	208.30M	243.88M	218.02M	167.43M	80.61M	3.46M	44.35M	-45.89M	42.89M	54.09M	73.45M	122.44M	39.82M	30.92M	-3.38M	24.81M	-1.05M	55.34M	43.28M	5.43M	11.50M	3.08M	26.85M	5.93M	-58.71M
Net Cash from Operating Activities	2,571.10M	2,368.03M	2,491.47M	2,824.31M	2,614.44M	3,068.76M	2,629.91M	2,250.75M	2,215.94M	2,266.46M	2,200.42M	2,079.18M	2,085.00M	1,896.01M	1,778.36M	1,644.32M	1,488.16M	1,438.93M	1,344.08M	1,265.62M	1,084.17M	887.32M	757.83M	757.49M	595.56M	582.74M	463.91M	555.15M	794.97M	1,255.75M	524.42M
Capital Expenditures (PPE)	-1,327.04M	-1,360.69M	-1,606.03M	-1,795.81M	-1,746.70M	-1,662.39M	-1,573.17M	-1,370.65M	-1,670.59M	-1,425.09M	-1,473.58M	-1,400.35M	-1,351.79M	-1,190.38M	-1,008.25M	-872.43M	-775.21M	-908.11M	-629.10M	-699.91M	-483.20M	-380.88M	-333.77M	-495.02M	-780.85M	-770.60M	-589.32M	-788.06M	-810.25M	-838.52M	-727.09M
Acquisitions (Net)	1.23M	-8.13M	-27.38M	13.82M	-12.94M	-8.48M	-35.31M	-60.65M	-21.68M	-37.67M	-48.73M	-65.72M	-44.11M	-13.95M	-72.92M	-36.65M	-25.68M	-81.00M	-32.01M	-10.16M	-15.80M	-18.13M	-1.04M	-12.81M	-23.23M	-195.09M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-22.93M	-73.45M	-158.31M	-171.88M	-161.62M	-128.99M	-112.77M	-85.86M	-99.39M	-74.60M	-85.91M	-97.19M	-85.39M	-38.89M	-84.85M	-171.02M	-58.82M	-66.46M	-114.95M	-72.55M	-48.56M	-32.01M	-33.99M	-19.04M	-76.28M	-65.22M	-34.00M	-17.92M	-71.77M	-34.27M	-81.05M
Sales / Maturities of Investments	12.86M	104.28M	129.50M	195.49M	78.75M	148.16M	122.22M	113.26M	76.97M	154.12M	92.36M	90.34M	32.22M	32.71M	60.51M	54.73M	54.13M	63.02M	109.31M	77.35M	51.17M	49.65M	47.55M	34.24M	97.48M	37.31M	28.41M	15.27M	21.63M	10.31M	42.10M
Other Investing Activities	-40.42M	-44.84M	-4.33M	44.17M	-1.73M	27.28M	62.36M	55.12M	-4.97M	-43.50M	-38.18M	-8.84M	13.86M	37.21M	-14.34M	-5.41M	-12.18M	-18.77M	5.83M	12.89M	2.53M	10.17M	12.64M	30.91M	-27.06M	-8.40M	-33.18M	-50.99M	-36.83M	-73.69M	-7.65M
Net Cash from Investing Activities	-1,561.91M	-1,377.44M	-1,762.89M	-1,812.02M	-2,014.11M	-2,082.54M	-1,643.19M	-1,416.23M	-1,992.67M	-2,365.52M	-1,756.25M	-1,568.78M	-1,615.13M	-1,166.57M	-1,213.86M	-990.12M	-901.35M	-1,037.62M	-855.97M	-715.93M	-592.87M	-459.92M	-369.19M	-499.65M	-671.88M	-1,277.95M	-617.36M	-1,029.48M	-913.70M	-992.73M	-689.19M
Net Debt Issuance	-112.75M	-172.00M	-87.90M	-286.99M	-33.33M	-96.29M	-110.85M	-140.23M	-34.74M	-52.48M	74.95M	130.64M	145.34M	39.07M	260.30M	-57.73M	41.31M	206.16M	-10.97M	13.82M	-42.81M	-110.67M	-142.42M	-58.17M	78.12M	463.80M	-42.44M	119.68M	265.62M	-29.18M	-4.56M
Long-Term Debt Issuance	-58.96M	-144.19M	-10.97M	-226.00M	11.10M	68.43M	-90.25M	-126.99M	-16.96M	-49.05M	75.60M	175.70M	182.92M	50.58M	239.47M	-8.22M	47.13M	150.03M	4.04M	-8.13M	-32.94M	-107.57M	-142.98M	-30.02M	57.63M	259.16M	-41.81M	23.77M	267.04M	-20.91M	-26.76M
Short-Term Debt Issuance	-0.64M	0.00M	-32.73M	-19.05M	-15.44M	-35.95M	-24.76M	-2.40M	-2.72M	0.00M	-0.21M	-6.14M	-0.33M	-1.42M	-0.55M	-23.79M	-4.80M	8.56M	-0.81M	-0.67M	-0.47M	-0.06M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-17.73M	-14.06M	-12.59M	-24.81M	-20.64M	-8.78M	-7.49M	-3.66M	-4.31M	-2.36M	-0.86M	-4.04M	-2.85M	-0.28M	-1.42M	1.20M	-7.52M	-28.34M	-25.14M	-21.22M	-22.07M	1.58M	2.97M	0.80M	9.38M	25.81M	6.07M	2.03M	6.93M	55.95M	42.69M
Common Stock Issuance	0.00M	0.00M	0.00M	0.82M	1.44M	1.46M	1.51M	0.21M	1.07M	3.54M	9.26M	13.76M	16.23M	1.75M	5.23M	2.76M	1.31M	3.57M	14.01M	7.45M	13.54M	9.20M	8.57M	8.50M	19.03M	113.08M	68.76M	25.15M	71.62M	55.97M	71.41M
Common Stock Repurchased	-18.34M	-15.27M	-12.51M	-33.70M	-38.95M	-22.78M	-19.46M	-18.32M	-12.27M	-5.42M	-2.93M	-7.77M	-6.47M	-6.76M	-13.26M	-5.18M	-8.75M	-32.67M	-44.28M	-38.60M	-49.35M	-3.22M	0.00M	0.00M	0.00M	-0.12M	-0.77M	-0.13M	-1.31M	-1.95M	-2.58M
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	-489.85M	-404.19M	-411.31M	-370.59M	-369.90M	-388.46M	-373.42M	-353.51M	-352.96M	-327.50M	-317.91M	-312.42M	-359.06M	-386.47M	-356.12M	-308.44M	-292.72M	-255.44M	-240.08M	-180.98M	-153.27M	-137.21M	-43.19M	-26.78M	-19.98M	-43.93M	-57.53M	-54.78M	-125.05M	-202.38M	-233.77M
Common Dividends Paid	-499.00M	-403.96M	-402.89M	-370.59M	-344.63M	-386.48M	-364.93M	-391.79M	-356.51M	-324.80M	-317.24M	-312.75M	-360.13M	-386.41M	-356.69M	-323.35M	-292.82M	-252.38M	-266.13M	-192.88M	-166.91M	-140.09M	-46.73M	-27.19M	-20.37M	-43.93M	-57.56M	-74.42M	-125.05M	-202.38M	-233.77M
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	-347.85M	-276.93M	-288.02M	-312.71M	-307.49M	-184.36M	-170.98M	-99.79M	-142.92M	-84.95M	-74.62M	-144.80M	-78.98M	-81.43M	-117.99M	-92.28M	-44.29M	-46.43M	-26.00M	-49.47M	-22.20M	-46.46M	-11.86M	-17.95M	-10.14M	77.31M	29.70M	4.02M	30.11M	33.93M	32.96M
Net Cash from Financing Activities	-1,386.44M	-1,104.35M	-820.09M	-1,310.06M	-662.12M	-734.09M	-791.03M	-885.27M	-546.96M	-445.17M	-327.37M	-444.57M	-357.75M	-551.95M	-401.45M	-585.28M	-323.88M	-172.50M	-436.60M	-452.03M	-285.43M	-336.74M	-232.03M	-91.39M	63.29M	392.64M	91.54M	76.16M	130.96M	78.00M	-106.43M
Effect of FX on Cash	-0.23M	-0.75M	-0.80M	1.13M	-1.29M	-2.66M	-0.16M	-0.05M	-1.84M	-0.09M	1.77M	0.40M	0.22M	-0.06M	-0.83M	-0.61M	-0.48M	-1.62M	0.11M	-0.17M	0.05M	-0.01M	0.00M	0.00M	0.02M	0.00M	0.00M	0.00M	-0.28M	-0.08M	-4.46M
Net Change in Cash	180.39M	63.48M	-34.55M	-41.50M	-70.08M	231.47M	147.23M	-74.70M	-29.32M	-20.64M	-11.47M	78.01M	45.14M	58.40M	81.71M	-72.36M	68.53M	39.99M	-13.87M	40.82M	12.93M	32.72M	7.00M	14.46M	-7.51M	28.44M	32.42M	21.36M	24.78M	1.72M	-56.96M
Cash at Beginning of Period	876.10M	1,028.42M	1,273.68M	1,268.65M	1,249.33M	968.75M	823.78M	934.33M	1,006.96M	1,203.42M	1,068.55M	1,005.04M	853.70M	784.32M	552.57M	641.86M	465.60M	462.91M	458.48M	334.81M	333.31M	252.37M	246.23M	298.35M	234.36M	228.19M	177.60M	147.02M	121.67M	108.15M	95.85M
Cash at End of Period	1,291.60M	1,197.81M	1,047.51M	1,286.39M	1,137.07M	1,248.85M	979.95M	809.62M	906.95M	1,023.86M	1,097.07M	1,056.82M	1,030.67M	918.71M	714.07M	553.77M	619.27M	476.55M	469.77M	441.37M	324.52M	320.01M	246.20M	365.32M	314.92M	227.34M	267.59M	175.31M	184.68M	98.09M	112.07M
Operating Cash Flow	2,565.16M	2,365.28M	2,493.75M	2,823.40M	2,614.44M	3,067.75M	2,629.91M	2,250.20M	2,215.95M	2,266.46M	2,200.42M	2,079.19M	2,091.22M	1,896.01M	1,778.36M	1,644.32M	1,487.55M	1,438.93M	1,344.08M	1,265.62M	1,084.16M	887.32M	757.83M	757.49M	595.56M	582.74M	463.91M	555.15M	794.97M	1,255.75M	524.42M
Capital Expenditure	-1,316.91M	-1,429.05M	-1,477.44M	-1,666.45M	-1,747.92M	-1,527.21M	-1,430.65M	-1,356.28M	-1,641.17M	-1,359.30M	-1,438.02M	-1,364.53M	-1,345.19M	-1,183.83M	-982.30M	-866.69M	-775.21M	-907.98M	-629.25M	-699.07M	-483.15M	-380.80M	-333.77M	-495.02M	-780.85M	-770.60M	-589.32M	-788.06M	-810.25M	-838.52M	-727.09M
Free Cash Flow	1,161.37M	949.37M	853.53M	974.61M	898.19M	1,091.23M	855.02M	690.36M	577.99M	495.83M	429.58M	638.92M	755.52M	642.57M	619.59M	598.04M	494.57M	440.63M	574.93M	489.76M	480.42M	399.32M	242.67M	167.96M	-27.88M	-56.13M	-8.75M	8.62M	136.81M	228.58M	-27.93M

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	3,343.21M	3,075.21M	2,995.91M	2,974.59M	3,484.77M	3,388.95M	3,196.84M	2,832.75M	2,701.78M	2,943.75M	2,785.67M	2,627.00M	2,407.02M	2,495.15M	2,177.84M	2,073.76M	1,729.85M	1,850.92M	1,554.98M	1,385.40M	1,322.42M	1,210.17M	1,073.34M	919.90M	850.47M	775.81M	705.65M	816.83M	1,153.54M	1,436.97M	1,696.94M
(-) Tax Adjustment	669.77M	717.09M	823.62M	849.82M	828.26M	1,062.15M	836.89M	632.33M	505.73M	935.69M	761.34M	617.54M	649.36M	565.27M	441.60M	366.51M	385.59M	478.78M	425.43M	343.26M	292.22M	367.16M	301.09M	1,189.70M	481.85M	298.09M	198.27M	305.97M	451.64M	637.86M	721.74M
(-) Change In Working Capital	-113.48M	-102.48M	-171.39M	-133.71M	-112.03M	-49.96M	-192.76M	-151.67M	-163.25M	-104.42M	-69.93M	-80.86M	-26.90M	-28.07M	-85.04M	-35.81M	-31.12M	-63.96M	-23.95M	-18.08M	-2.03M	-10.39M	14.80M	7.56M	-25.37M	-11.12M	-30.80M	-4.98M	2.63M	27.76M	-30.90M
(-) Capital Expenditure	1,316.91M	1,429.05M	1,477.44M	1,666.45M	1,747.92M	1,527.21M	1,430.65M	1,356.28M	1,641.17M	1,359.30M	1,438.02M	1,364.53M	1,345.19M	1,183.83M	982.30M	866.69M	775.21M	907.98M	629.25M	699.07M	483.15M	380.80M	333.77M	495.02M	780.85M	770.60M	589.32M	788.06M	810.25M	838.52M	727.09M
Unlevered Free Cash Flow	1,470.01M	1,031.56M	866.24M	592.03M	1,020.62M	849.55M	1,122.06M	995.81M	718.13M	753.19M	656.25M	725.79M	439.38M	774.12M	838.98M	876.37M	600.16M	528.12M	524.24M	361.15M	549.07M	472.60M	423.68M	-772.38M	-386.85M	-281.76M	-51.15M	-272.22M	-110.99M	-67.16M	279.00M
(-) Net Interest Income After Taxes	-370.17M	-228.14M	-255.91M	-215.36M	-279.75M	-241.17M	-254.25M	-203.84M	-215.38M	-169.84M	-172.18M	-173.78M	-151.59M	-158.82M	-151.17M	-132.02M	-104.15M	-88.93M	-67.19M	-39.90M	-51.87M	-31.49M	-39.43M	9.90M	-17.46M	-23.33M	-0.01M	-2.87M	0.00M	-0.54M	-0.62M
Net Debt Issuance	-112.75M	-172.00M	-87.90M	-286.99M	-33.33M	-96.29M	-110.85M	-140.23M	-34.74M	-52.48M	74.95M	130.64M	145.34M	39.07M	260.30M	-57.73M	41.31M	206.16M	-10.97M	13.82M	-42.81M	-110.67M	-142.42M	-58.17M	78.12M	463.80M	-42.44M	119.68M	265.62M	-29.18M	-4.56M
Levered Free Cash Flow	1,727.44M	1,087.70M	1,034.25M	520.40M	1,267.03M	994.43M	1,265.46M	1,059.42M	898.77M	870.55M	903.38M	1,030.21M	736.32M	972.01M	1,250.45M	950.66M	745.63M	823.21M	580.47M	414.87M	558.13M	393.42M	320.70M	-840.45M	-291.27M	205.38M	-93.58M	-149.67M	154.64M	-95.80M	275.06M