Conglomerates

Category: Industry Averages Base Ticker: 0363.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	20.11	13.61	12.85	12.27	14.26	10.83	12.86	11.56	12.51	12.33	12.33	9.82	10.54	8.58	7.49	9.09	8.29	7.74	12.88	8.16	6.06	3.16	2.28	1.78	2.38	2.87	2.73	2.70	3.39	3.42	2.17
Market Capitalization	3,671.40M	3,745.28M	3,169.90M	2,969.57M	3,082.91M	2,599.60M	2,884.12M	2,671.03M	2,809.19M	2,680.05M	2,896.38M	2,223.63M	2,222.26M	1,966.92M	1,670.57M	1,969.44M	1,638.81M	1,307.55M	2,252.96M	1,667.73M	1,007.12M	490.84M	433.95M	400.78M	688.99M	722.11M	603.47M	558.32M	505.28M	346.26M	222.09M
(-) Cash & Equivalents	872.99M	1,031.88M	1,038.33M	1,009.48M	939.36M	824.93M	770.86M	651.46M	628.84M	580.13M	541.83M	443.89M	483.44M	347.80M	396.41M	450.70M	366.88M	322.89M	299.82M	176.30M	130.97M	67.54M	58.76M	53.81M	45.59M	47.88M	44.74M	13.22M	13.78M	16.64M	8.51M
(+) Total Debt	4,413.51M	4,155.59M	3,667.16M	3,506.86M	3,462.73M	3,399.03M	3,196.69M	2,949.27M	2,879.46M	2,878.85M	2,572.33M	2,319.67M	2,163.68M	1,926.25M	1,764.30M	1,611.77M	1,439.98M	1,335.81M	1,080.06M	562.04M	507.49M	173.35M	154.29M	163.61M	221.82M	176.48M	189.45M	149.64M	109.15M	49.81M	29.35M
Enterprise Value	7,844.34M	7,474.91M	6,106.62M	5,866.45M	5,914.53M	5,228.28M	5,500.36M	5,087.49M	5,125.00M	4,937.14M	5,101.12M	4,051.01M	4,321.72M	3,701.22M	3,140.50M	3,387.14M	3,055.73M	2,440.74M	3,125.35M	2,178.36M	1,411.36M	585.43M	582.47M	555.60M	789.19M	984.58M	727.37M	661.10M	564.19M	408.93M	245.95M

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	7,938.872M	6,991.266M	7,141.901M	7,467.988M	5,779.193M	5,178.681M	5,356.550M	5,070.506M	4,650.434M	4,481.190M	4,668.048M	4,160.942M	3,786.869M	3,607.468M	3,372.701M	3,197.219M	2,901.774M	2,939.138M	2,542.725M	1,781.398M	1,436.669M	738.427M	524.870M	564.154M	543.140M	375.321M	388.023M	308.466M	239.797M	184.202M	87.855M
Cost of Revenue	5,750.786M	4,965.904M	5,406.358M	5,812.326M	4,417.971M	3,849.224M	4,309.728M	4,037.599M	3,748.507M	3,295.970M	3,587.325M	3,195.404M	3,102.405M	2,969.726M	2,533.981M	2,317.088M	2,198.535M	2,237.424M	1,912.487M	1,267.565M	1,100.685M	443.854M	316.984M	311.487M	234.002M	247.056M	189.735M	131.052M	118.785M	69.631M	47.782M
Gross Profit	2,188.086M	2,025.361M	1,735.543M	1,655.662M	1,361.222M	1,329.457M	1,046.822M	1,032.907M	901.927M	1,185.220M	1,080.723M	965.538M	684.465M	637.741M	838.721M	880.131M	703.239M	701.714M	630.237M	513.833M	335.984M	294.573M	207.887M	252.667M	309.138M	128.265M	198.288M	177.414M	121.011M	114.572M	40.072M
Gross Margin	27.56%	28.97%	24.30%	22.17%	23.55%	25.67%	19.54%	20.37%	19.39%	26.45%	23.15%	23.20%	18.07%	17.68%	24.87%	27.53%	24.23%	23.87%	24.79%	28.84%	23.39%	39.89%	39.61%	44.79%	56.92%	34.17%	51.10%	57.51%	50.46%	62.20%	45.61%
R&D Expenses	11.158M	23.986M	16.014M	17.388M	15.255M	14.503M	12.935M	10.285M	10.815M	10.066M	9.301M	5.255M	5.234M	2.670M	0.366M	0.112M	0.000M	0.000M	0.022M	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	660.432M	565.337M	561.344M	542.205M	481.488M	443.885M	454.159M	437.309M	417.348M	402.002M	421.008M	310.750M	310.949M	174.943M	130.240M	171.232M	142.050M	131.244M	124.849M	72.278M	69.186M	44.375M	37.493M	35.105M	29.153M	34.794M	32.746M	17.213M	15.523M	10.226M	4.615M
Operating Expenses	671.590M	589.323M	577.358M	559.593M	496.743M	458.388M	467.094M	447.594M	428.163M	412.068M	430.309M	316.005M	316.182M	177.613M	130.606M	171.344M	142.050M	131.244M	124.871M	72.278M	69.186M	44.375M	37.493M	35.105M	29.153M	34.794M	32.746M	17.213M	15.523M	10.226M	4.615M
Operating Income	1,516.496M	1,436.038M	1,158.185M	1,096.069M	864.478M	871.069M	579.728M	585.314M	473.764M	773.153M	650.414M	649.534M	368.282M	460.128M	708.115M	708.786M	561.189M	570.470M	505.367M	441.555M	266.798M	250.198M	170.393M	217.562M	279.985M	93.470M	165.542M	160.201M	105.488M	104.346M	35.458M
Operating Margin	19.10%	20.54%	16.22%	14.68%	14.96%	16.82%	10.82%	11.54%	10.19%	17.25%	13.93%	15.61%	9.73%	12.75%	21.00%	22.17%	19.34%	19.41%	19.88%	24.79%	18.57%	33.88%	32.46%	38.56%	51.55%	24.90%	42.66%	51.93%	43.99%	56.65%	40.36%
Interest Income	48.057M	35.956M	31.264M	22.230M	17.338M	16.800M	20.456M	15.368M	13.540M	12.962M	14.953M	14.403M	12.539M	11.082M	10.128M	11.372M	9.772M	9.416M	6.220M	2.387M	1.809M	0.661M	0.522M	0.390M	0.307M	0.267M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	143.107M	143.764M	127.148M	95.257M	89.292M	100.528M	106.402M	84.956M	77.549M	76.851M	71.621M	60.085M	50.904M	53.808M	57.060M	50.808M	49.838M	52.636M	35.257M	15.547M	14.764M	6.554M	4.368M	3.872M	3.362M	2.190M	1.289M	1.047M	0.765M	0.708M	0.741M
Net Interest Income	-95.050M	-107.808M	-95.884M	-73.027M	-71.954M	-83.728M	-85.946M	-69.588M	-64.008M	-63.889M	-56.669M	-45.682M	-38.365M	-42.726M	-46.931M	-39.436M	-40.066M	-43.220M	-29.037M	-13.160M	-12.954M	-5.893M	-3.846M	-3.482M	-3.055M	-1.922M	-1.289M	-1.047M	-0.765M	-0.708M	-0.741M
Other Income / Expense	-925.165M	-917.928M	-642.955M	-532.800M	-296.530M	-552.160M	-190.436M	-144.213M	-55.083M	-441.171M	-363.320M	-394.321M	-96.059M	-204.556M	-452.687M	-465.049M	-359.714M	-378.275M	-233.027M	-308.036M	-171.388M	-195.215M	-136.677M	-193.216M	-248.202M	-58.145M	-135.742M	-129.436M	-73.188M	-86.605M	-24.039M
Pre-Tax Income	496.281M	410.303M	419.345M	490.241M	495.995M	235.180M	303.346M	371.513M	354.673M	268.094M	230.425M	209.530M	233.859M	212.845M	208.496M	204.301M	161.410M	148.974M	243.303M	120.359M	82.456M	49.090M	29.870M	20.863M	28.728M	33.403M	28.511M	29.718M	31.535M	17.034M	10.678M
Pre-Tax Margin	6.25%	5.87%	5.87%	6.56%	8.58%	4.54%	5.66%	7.33%	7.63%	5.98%	4.94%	5.04%	6.18%	5.90%	6.18%	6.39%	5.56%	5.07%	9.57%	6.76%	5.74%	6.65%	5.69%	3.70%	5.29%	8.90%	7.35%	9.63%	13.15%	9.25%	12.15%
Income Tax Expense	136.344M	130.422M	117.831M	103.428M	118.690M	90.336M	81.240M	85.667M	80.154M	68.272M	65.047M	59.364M	53.765M	48.798M	46.971M	47.686M	38.415M	38.759M	53.267M	30.408M	26.066M	11.376M	8.873M	7.549M	7.965M	9.162M	7.321M	6.258M	9.189M	4.760M	4.119M
Tax Rate	27.47%	31.79%	28.10%	21.10%	23.93%	35.00%	26.78%	23.06%	22.60%	25.47%	28.23%	28.33%	22.99%	22.93%	22.53%	23.34%	23.80%	26.02%	21.89%	25.26%	31.61%	23.17%	29.71%	35.00%	27.72%	27.43%	25.68%	21.06%	29.14%	27.94%	35.00%
Net Income	359.937M	279.881M	301.514M	386.813M	377.305M	144.844M	222.106M	285.845M	274.519M	199.821M	165.378M	150.166M	180.094M	164.048M	161.526M	156.616M	122.995M	110.215M	190.036M	89.951M	56.390M	37.714M	20.997M	13.314M	20.764M	24.240M	21.190M	23.460M	22.346M	12.274M	6.559M
Net Margin	4.53%	4.00%	4.22%	5.18%	6.53%	2.80%	4.15%	5.64%	5.90%	4.46%	3.54%	3.61%	4.76%	4.55%	4.79%	4.90%	4.24%	3.75%	7.47%	5.05%	3.93%	5.11%	4.00%	2.36%	3.82%	6.46%	5.46%	7.61%	9.32%	6.66%	7.47%
EBIT	1,516.496M	1,436.038M	1,158.185M	1,096.069M	864.478M	871.069M	579.728M	585.314M	473.764M	773.153M	650.414M	649.534M	368.282M	460.128M	708.115M	708.786M	561.189M	570.470M	505.367M	441.555M	266.798M	250.198M	170.393M	217.562M	279.985M	93.470M	165.542M	160.201M	105.488M	104.346M	35.458M
Depreciation & Amortization	268.185M	246.780M	251.859M	245.341M	236.905M	227.489M	221.283M	194.412M	179.044M	176.788M	196.514M	147.632M	132.429M	119.663M	112.929M	114.358M	118.313M	106.198M	84.045M	52.012M	40.254M	21.990M	18.613M	16.663M	16.407M	9.875M	7.184M	11.776M	2.420M	3.001M	1.315M
EBITDA	1,784.681M	1,682.819M	1,410.043M	1,341.409M	1,101.383M	1,098.557M	801.011M	779.726M	652.808M	949.941M	846.928M	797.165M	500.711M	579.791M	821.044M	823.144M	679.502M	676.668M	589.411M	493.568M	307.052M	272.188M	189.006M	234.224M	296.392M	103.345M	172.726M	171.977M	107.908M	107.347M	36.773M
EBITDA Margin	22.48%	24.07%	19.74%	17.96%	19.06%	21.21%	14.95%	15.38%	14.04%	21.20%	18.14%	19.16%	13.22%	16.07%	24.34%	25.75%	23.42%	23.02%	23.18%	27.71%	21.37%	36.86%	36.01%	41.52%	54.57%	27.54%	44.51%	55.75%	45.00%	58.28%	41.86%
NOPAT	1,099.868M	979.569M	832.749M	864.827M	657.611M	566.195M	424.470M	450.346M	366.696M	576.263M	466.808M	465.509M	283.612M	354.638M	548.589M	543.350M	427.629M	422.049M	394.725M	329.998M	182.458M	192.216M	119.775M	141.415M	202.362M	67.831M	123.036M	126.465M	74.750M	75.190M	23.048M
NOPAT Margin	13.85%	14.01%	11.66%	11.58%	11.38%	10.93%	7.92%	8.88%	7.89%	12.86%	10.00%	11.19%	7.49%	9.83%	16.27%	16.99%	14.74%	14.36%	15.52%	18.52%	12.70%	26.03%	22.82%	25.07%	37.26%	18.07%	31.71%	41.00%	31.17%	40.82%	26.23%
Owner's Earnings	628.123M	526.661M	553.373M	632.154M	614.209M	372.333M	443.389M	480.258M	453.563M	376.610M	361.892M	297.798M	312.523M	283.711M	274.455M	270.973M	241.308M	216.414M	274.080M	141.963M	96.644M	59.704M	39.609M	29.977M	37.170M	34.116M	28.374M	35.236M	24.766M	15.275M	7.874M
Owner's Earnings Margin	7.91%	7.53%	7.75%	8.46%	10.63%	7.19%	8.28%	9.47%	9.75%	8.40%	7.75%	7.16%	8.25%	7.86%	8.14%	8.48%	8.32%	7.36%	10.78%	7.97%	6.73%	8.09%	7.55%	5.31%	6.84%	9.09%	7.31%	11.42%	10.33%	8.29%	8.96%
EPS	0.51	0.39	0.39	0.53	0.51	0.20	0.32	0.41	0.40	0.27	0.23	0.23	0.31	0.25	0.25	0.25	0.20	0.20	0.31	0.14	0.11	0.07	0.04	0.03	0.03	0.04	0.04	0.04	0.04	0.02	0.02
EPS (Diluted)	0.51	0.39	0.39	0.53	0.51	0.20	0.32	0.41	0.40	0.27	0.23	0.23	0.31	0.25	0.25	0.25	0.20	0.20	0.31	0.14	0.11	0.07	0.04	0.03	0.03	0.04	0.04	0.04	0.04	0.02	0.02
Shares (Diluted)	707,995,025	722,335,395	780,677,322	734,047,243	736,688,209	723,413,971	703,328,223	689,340,027	694,401,099	727,480,578	713,045,769	662,472,368	581,022,768	650,998,328	648,482,478	627,805,440	629,330,069	543,020,557	613,779,846	655,278,775	530,296,590	512,210,040	498,817,612	500,706,420	633,506,277	641,502,366	601,642,038	656,113,285	600,040,446	539,094,723	414,276,720

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	869.12M	1,132.66M	1,059.26M	1,067.76M	999.26M	902.87M	772.58M	651.46M	628.84M	580.13M	541.83M	443.77M	483.44M	350.69M	396.41M	450.70M	366.88M	322.89M	299.82M	177.81M	132.12M	69.00M	59.48M	54.47M	46.35M	47.88M	44.74M	13.22M	13.78M	17.57M	8.51M
Short-Term Investments	341.60M	176.12M	189.12M	177.90M	226.13M	148.61M	169.93M	135.95M	116.66M	90.17M	86.09M	75.68M	49.78M	177.84M	34.28M	207.62M	98.85M	75.81M	136.43M	52.28M	43.27M	9.78M	7.58M	10.12M	31.63M	16.52M	6.21M	4.62M	1.11M	1.31M	2.66M
Cash & Short-Term Investments	1,210.71M	1,308.77M	1,248.37M	1,245.66M	1,225.38M	1,051.48M	942.51M	787.41M	745.49M	670.30M	627.92M	519.45M	533.22M	528.53M	430.69M	658.32M	465.73M	398.70M	436.24M	230.09M	175.39M	78.78M	67.06M	64.59M	77.98M	64.40M	50.95M	17.84M	14.89M	18.88M	11.17M
Net Receivables	1,392.41M	1,244.71M	1,096.99M	1,025.21M	972.88M	1,022.46M	950.83M	975.02M	742.33M	603.58M	738.20M	605.34M	568.04M	459.93M	457.96M	398.98M	387.99M	441.91M	398.10M	162.26M	147.46M	48.24M	35.35M	31.79M	36.01M	23.25M	21.96M	25.25M	16.35M	16.57M	16.61M
Inventory	959.44M	950.35M	911.85M	858.34M	893.44M	685.04M	863.98M	832.86M	800.05M	720.21M	693.92M	597.36M	588.77M	473.82M	389.43M	383.36M	353.05M	376.55M	334.45M	164.88M	135.70M	71.38M	55.39M	63.94M	49.04M	49.07M	44.82M	32.65M	30.13M	32.34M	15.52M
Other Current Assets	270.64M	288.10M	336.42M	450.01M	306.05M	283.28M	297.23M	395.56M	428.59M	454.46M	411.44M	316.66M	305.03M	247.84M	178.99M	197.16M	263.52M	194.59M	173.59M	91.77M	61.06M	32.66M	39.59M	35.78M	25.79M	36.77M	36.15M	56.28M	32.72M	33.93M	18.91M
Total Current Assets	3,833.20M	3,791.93M	3,593.63M	3,579.23M	3,397.75M	3,042.26M	3,054.54M	2,990.85M	2,716.47M	2,448.55M	2,471.48M	2,038.80M	1,995.06M	1,710.12M	1,457.07M	1,637.82M	1,470.28M	1,411.74M	1,342.39M	649.00M	519.62M	231.07M	197.39M	196.10M	188.82M	173.49M	153.88M	132.02M	94.09M	101.72M	62.20M
Property, Plant & Equipment	2,653.35M	2,965.19M	2,651.59M	2,390.20M	2,326.46M	2,297.12M	2,242.13M	2,089.42M	2,101.58M	2,080.54M	2,146.97M	2,013.40M	1,807.99M	1,607.96M	1,367.47M	1,468.29M	1,438.57M	1,339.27M	1,114.61M	811.26M	685.11M	197.90M	168.86M	198.35M	179.32M	184.42M	220.58M	152.65M	78.76M	61.86M	33.94M
Goodwill	115.05M	449.59M	398.27M	376.93M	346.80M	318.53M	304.30M	299.88M	302.65M	288.18M	274.46M	229.37M	159.58M	119.61M	82.78M	97.56M	84.55M	61.52M	54.59M	15.14M	8.88M	0.21M	0.09M	0.14M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	402.75M	435.11M	438.35M	434.25M	389.95M	368.39M	329.89M	301.62M	297.73M	267.65M	304.24M	183.09M	118.24M	90.24M	95.94M	88.41M	75.30M	70.02M	46.32M	35.46M	34.07M	19.48M	12.58M	8.68M	9.41M	13.10M	5.67M	2.74M	3.11M	1.54M	1.29M
Long-Term Investments	741.57M	986.84M	1,358.35M	1,182.29M	1,068.17M	713.30M	828.90M	731.80M	593.42M	634.78M	602.95M	517.25M	547.99M	439.14M	519.42M	329.93M	247.34M	278.79M	312.40M	156.68M	117.51M	22.68M	13.62M	21.88M	18.03M	10.73M	8.14M	1.41M	0.00M	0.00M	0.16M
Tax Assets	57.95M	61.21M	79.21M	87.01M	93.66M	86.05M	75.07M	72.39M	64.94M	65.88M	63.42M	36.98M	33.41M	33.10M	39.60M	39.49M	34.08M	31.89M	16.73M	7.08M	7.36M	2.55M	2.90M	1.90M	0.57M	0.35M	0.12M	0.22M	0.00M	0.00M	0.14M
Other Non-Current Assets	246.82M	825.85M	362.72M	556.41M	470.83M	495.89M	301.53M	257.20M	270.75M	259.46M	286.48M	215.86M	261.09M	277.15M	216.38M	292.54M	210.78M	174.17M	223.09M	141.91M	67.50M	45.13M	26.92M	43.74M	48.95M	35.54M	56.88M	23.54M	25.27M	15.01M	4.74M
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	4,217.49M	5,723.79M	5,288.48M	5,027.09M	4,695.87M	4,279.27M	4,081.83M	3,752.31M	3,631.07M	3,596.49M	3,678.52M	3,195.96M	2,928.29M	2,567.20M	2,321.61M	2,316.23M	2,090.61M	1,955.67M	1,767.75M	1,167.54M	920.44M	287.94M	224.97M	274.69M	256.28M	244.15M	291.38M	180.56M	107.14M	78.41M	40.28M
Total Assets	8,050.68M	9,515.71M	8,882.11M	8,606.32M	8,093.62M	7,321.53M	7,136.37M	6,743.15M	6,347.54M	6,045.04M	6,150.01M	5,234.76M	4,923.34M	4,277.32M	3,778.68M	3,954.05M	3,560.89M	3,367.41M	3,110.13M	1,816.53M	1,440.05M	519.01M	422.36M	470.78M	445.10M	417.64M	445.26M	312.58M	201.23M	180.14M	102.49M
Accounts Payable	656.08M	725.65M	689.27M	699.22M	670.36M	576.96M	552.68M	549.85M	460.74M	480.53M	489.50M	399.44M	388.37M	394.04M	369.36M	457.58M	388.31M	377.35M	352.65M	163.45M	154.88M	45.74M	29.46M	25.13M	21.69M	20.91M	21.83M	18.96M	17.81M	16.95M	17.23M
Short-Term Debt	1,136.35M	954.45M	1,045.41M	965.72M	1,084.26M	822.03M	776.30M	687.32M	687.27M	671.95M	635.39M	634.58M	586.11M	488.28M	455.08M	474.61M	414.46M	469.47M	377.35M	188.11M	150.17M	66.26M	51.66M	63.65M	66.46M	58.10M	74.96M	41.25M	23.53M	34.68M	15.90M
Tax Payables	28.60M	68.32M	69.25M	73.53M	69.09M	58.76M	55.17M	56.72M	46.76M	40.07M	33.41M	33.83M	24.91M	25.01M	13.61M	20.22M	15.72M	12.76M	12.42M	8.57M	7.50M	2.14M	0.84M	0.76M	0.70M	0.54M	0.69M	0.32M	0.24M	0.37M	0.39M
Deferred Revenue	8.55M	9.07M	47.03M	129.98M	291.16M	263.83M	193.39M	104.65M	140.43M	155.81M	128.44M	113.23M	97.21M	101.60M	95.38M	89.11M	87.63M	82.91M	44.51M	26.15M	19.37M	8.45M	6.84M	7.89M	7.45M	6.75M	2.54M	4.82M	2.97M	3.91M	5.33M
Other Current Liabilities	601.84M	937.49M	632.96M	589.16M	501.13M	394.06M	437.35M	570.53M	595.91M	511.53M	457.62M	500.55M	407.57M	342.50M	310.85M	284.75M	233.06M	243.20M	179.35M	159.80M	139.00M	39.29M	27.41M	24.51M	16.44M	33.76M	28.40M	23.99M	15.02M	15.79M	3.37M
Total Current Liabilities	2,431.43M	2,694.97M	2,483.92M	2,457.60M	2,616.00M	2,115.65M	2,014.89M	1,969.07M	1,931.11M	1,859.90M	1,744.37M	1,681.64M	1,504.17M	1,351.44M	1,244.28M	1,326.27M	1,139.18M	1,185.69M	966.28M	546.08M	470.92M	161.88M	116.22M	121.94M	112.74M	120.05M	128.41M	89.34M	59.57M	71.70M	42.22M
Long-Term Debt	2,225.18M	2,471.33M	2,408.44M	2,284.92M	2,257.91M	2,136.31M	1,973.48M	1,917.49M	1,790.20M	1,988.82M	1,818.96M	1,572.96M	1,383.85M	1,312.29M	1,053.16M	1,037.48M	799.87M	767.54M	598.78M	356.22M	337.84M	140.92M	85.53M	127.86M	140.05M	87.96M	107.93M	96.48M	83.56M	36.44M	11.07M
Capital Lease Obligations	48.53M	186.50M	172.72M	170.36M	178.69M	159.22M	129.76M	6.30M	3.83M	5.38M	3.05M	3.68M	3.02M	0.97M	0.11M	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
Deferred Tax Liabilities	113.64M	247.46M	193.76M	209.85M	188.23M	178.91M	197.84M	182.68M	178.11M	153.55M	168.04M	101.39M	107.60M	96.42M	93.66M	99.40M	79.33M	83.63M	73.50M	41.07M	25.22M	10.51M	4.19M	3.02M	4.29M	3.12M	2.53M	0.92M	0.10M	0.46M	0.43M
Other Non-Current Liabilities	411.02M	371.55M	335.66M	312.91M	246.20M	230.47M	187.16M	226.82M	222.72M	169.15M	147.03M	173.36M	126.30M	85.28M	91.03M	101.36M	113.68M	101.96M	88.76M	60.92M	45.17M	14.78M	12.88M	7.16M	5.18M	8.14M	8.49M	8.62M	1.12M	1.45M	0.24M
Total Non-Current Liabilities	2,798.37M	3,276.85M	3,110.58M	2,978.05M	2,871.04M	2,704.89M	2,488.24M	2,333.29M	2,194.87M	2,316.90M	2,137.09M	1,851.39M	1,620.78M	1,494.96M	1,237.96M	1,238.32M	992.87M	953.14M	761.04M	458.22M	408.23M	166.21M	102.61M	138.04M	149.53M	99.23M	118.94M	106.01M	84.78M	38.36M	11.74M
Total Liabilities	5,229.79M	5,971.82M	5,594.50M	5,435.65M	5,487.04M	4,820.54M	4,503.13M	4,302.37M	4,125.98M	4,176.80M	3,881.45M	3,533.03M	3,124.95M	2,846.41M	2,482.24M	2,564.59M	2,132.06M	2,138.82M	1,727.32M	1,004.30M	879.15M	328.09M	218.82M	259.99M	262.27M	219.28M	247.36M	195.35M	144.35M	110.06M	53.96M
Preferred Stock	0.00M	0.00M	0.00M	0.97M	0.21M	0.73M	80.41M	0.00M	0.00M	0.00M	0.00M	0.00M	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	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	239.63M	332.15M	358.01M	333.41M	358.59M	356.47M	325.46M	313.27M	283.14M	315.69M	317.77M	256.05M	207.57M	207.56M	166.33M	155.44M	150.31M	127.27M	129.10M	115.39M	94.81M	42.22M	39.34M	38.36M	36.95M	38.52M	46.92M	36.10M	33.29M	17.30M	15.98M
Retained Earnings	1,894.43M	2,438.03M	2,310.85M	2,102.53M	1,773.54M	1,710.53M	1,564.23M	1,561.22M	1,337.43M	1,282.48M	1,173.44M	1,038.55M	957.48M	665.70M	582.94M	415.89M	366.75M	412.19M	374.35M	255.40M	152.96M	81.25M	69.15M	59.40M	49.22M	54.85M	60.19M	36.48M	34.46M	44.18M	9.21M
Accumulated OCI	89.87M	96.00M	91.70M	80.56M	101.35M	48.04M	117.08M	69.60M	152.13M	146.58M	154.90M	17.37M	5.89M	-0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.02M	-0.15M	-0.07M	-1.07M	-3.59M	-3.34M	-0.18M
Minority Interest	378.05M	477.84M	543.29M	548.41M	426.33M	392.76M	407.43M	414.94M	391.27M	396.06M	385.30M	291.39M	214.56M	175.40M	153.47M	200.45M	172.13M	164.69M	143.08M	58.70M	44.65M	18.50M	14.35M	14.64M	18.87M	13.65M	8.10M	6.20M	3.11M	2.01M	0.75M
Total Shareholders’ Equity	2,223.94M	2,866.17M	2,760.57M	2,517.46M	2,233.70M	2,115.76M	2,087.19M	1,944.09M	1,772.70M	1,744.74M	1,646.12M	1,311.96M	1,171.17M	873.23M	749.27M	571.33M	517.07M	539.45M	503.45M	370.79M	247.77M	123.47M	108.49M	97.76M	86.15M	93.21M	107.04M	71.50M	64.16M	58.14M	25.01M
Total Equity	2,601.98M	3,344.01M	3,303.86M	3,065.87M	2,660.03M	2,508.52M	2,494.62M	2,359.03M	2,163.97M	2,140.80M	2,031.41M	1,603.35M	1,385.73M	1,048.63M	902.74M	771.78M	689.20M	704.15M	646.54M	429.48M	292.42M	141.97M	122.84M	112.40M	105.02M	106.86M	115.14M	77.70M	67.27M	60.15M	25.75M
Total Liabilities & Equity	7,831.78M	9,315.84M	8,898.36M	8,501.52M	8,147.08M	7,329.07M	6,997.75M	6,661.39M	6,289.95M	6,317.60M	5,912.86M	5,136.38M	4,510.68M	3,895.03M	3,384.98M	3,336.38M	2,821.25M	2,842.97M	2,373.85M	1,433.78M	1,171.57M	470.06M	341.67M	372.38M	367.29M	326.14M	362.50M	273.05M	211.62M	170.21M	79.71M
Tangible Assets	7,532.88M	8,631.02M	8,045.50M	7,795.14M	7,356.87M	6,634.62M	6,502.18M	6,141.65M	5,747.16M	5,489.21M	5,571.31M	4,822.30M	4,645.53M	4,067.47M	3,599.95M	3,768.07M	3,401.05M	3,235.87M	3,009.23M	1,765.94M	1,397.10M	499.32M	409.69M	461.96M	435.69M	404.54M	439.59M	309.85M	198.12M	178.60M	101.19M
Tangible Equity	2,084.18M	2,459.32M	2,467.25M	2,254.68M	1,923.28M	1,821.61M	1,860.43M	1,757.53M	1,563.60M	1,584.97M	1,452.71M	1,190.89M	1,107.91M	838.78M	724.01M	585.81M	529.35M	572.60M	545.63M	378.89M	249.47M	122.28M	110.17M	103.58M	95.61M	93.76M	109.48M	74.96M	64.16M	58.62M	24.46M
Tangible Book Value	2,084.18M	2,459.32M	2,467.25M	2,254.68M	1,923.28M	1,821.61M	1,860.43M	1,757.53M	1,563.60M	1,584.97M	1,452.71M	1,190.89M	1,107.91M	838.78M	724.01M	585.81M	529.35M	572.60M	545.63M	378.89M	249.47M	122.28M	110.17M	103.58M	95.61M	93.76M	109.48M	74.96M	64.16M	58.62M	24.46M
Total Investments	942.36M	1,447.82M	1,639.44M	1,370.71M	1,181.19M	901.48M	1,230.10M	941.88M	864.65M	796.27M	734.63M	595.76M	607.01M	529.10M	604.17M	514.96M	339.23M	335.20M	410.66M	282.76M	190.83M	78.27M	68.98M	78.57M	62.75M	35.99M	55.69M	24.95M	3.84M	2.02M	1.08M
Net Debt	2,492.42M	2,293.13M	2,394.60M	2,182.87M	2,342.92M	2,055.47M	1,977.20M	1,953.35M	1,848.64M	2,080.64M	1,912.52M	1,763.76M	1,486.52M	1,449.89M	1,111.83M	1,061.39M	847.44M	914.12M	676.31M	366.52M	355.89M	138.19M	77.72M	137.05M	160.17M	98.18M	138.15M	124.51M	93.31M	53.55M	18.46M

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	952.32M	859.08M	822.08M	1,116.37M	1,047.72M	775.02M	1,103.84M	707.98M	698.41M	610.41M	784.07M	239.12M	393.87M	218.89M	42.46M	26.50M	187.50M	127.31M	303.35M	305.17M	229.53M	132.19M	93.55M	82.96M	78.33M	95.20M	116.05M	122.01M	89.15M	44.48M	26.97M
Total Capital	6,468.65M	7,366.17M	6,874.68M	6,450.73M	6,078.94M	5,878.77M	5,799.31M	5,471.63M	5,087.08M	4,947.65M	4,569.74M	4,099.61M	3,925.47M	3,537.38M	3,266.29M	2,985.26M	2,678.98M	2,450.89M	2,260.53M	1,422.87M	1,103.59M	457.45M	495.31M	520.78M	592.61M	488.40M	489.15M	332.34M	263.35M	194.96M	92.59M
Capital Employed	8,472.13M	8,916.77M	7,773.92M	7,896.56M	7,426.21M	7,035.04M	7,208.43M	6,362.81M	6,209.19M	5,734.15M	5,455.00M	4,605.48M	4,566.54M	4,117.29M	3,643.59M	3,896.11M	3,558.48M	3,413.89M	3,146.77M	1,746.98M	1,357.45M	670.51M	524.15M	593.03M	692.38M	611.91M	469.96M	389.06M	317.96M	189.09M	78.00M
Invested Capital	5,599.53M	6,233.52M	5,815.42M	5,382.96M	5,079.69M	4,975.90M	5,026.73M	4,820.17M	4,458.25M	4,367.52M	4,027.91M	3,655.84M	3,442.03M	3,186.69M	2,869.88M	2,534.56M	2,312.10M	2,128.00M	1,960.72M	1,245.06M	971.47M	388.46M	435.84M	466.31M	546.26M	440.52M	444.41M	319.12M	249.57M	177.39M	84.08M

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	218.07M	232.21M	252.47M	236.95M	233.89M	224.00M	211.98M	182.59M	178.63M	175.74M	194.15M	144.62M	129.00M	113.83M	107.84M	113.42M	107.25M	103.03M	71.36M	48.17M	39.21M	15.23M	13.77M	16.64M	11.25M	6.53M	6.59M	6.33M	24.99M	113.73M	12.48M
Deferred Income Tax	0.10M	0.00M	0.00M	-2.73M	-0.67M	-0.41M	-0.64M	-1.59M	-0.31M	-1.62M	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	0.17M	0.11M	0.05M
Stock-Based Compensation	0.00M	0.32M	0.78M	1.43M	0.72M	0.52M	0.36M	0.55M	0.37M	0.29M	0.31M	0.22M	0.41M	0.15M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-39.69M	-65.70M	-34.50M	-191.06M	-100.42M	7.35M	-56.32M	-76.43M	-80.25M	-11.90M	-25.29M	-35.58M	-16.50M	-36.45M	-63.36M	-12.55M	6.51M	-44.98M	-24.52M	-22.76M	-7.26M	0.72M	-3.21M	1.71M	0.63M	-6.27M	-4.55M	-8.38M	-6.28M	-38.62M	-4.25M
Accounts Receivable	-63.66M	-39.14M	-21.18M	-86.38M	-74.00M	16.13M	-23.40M	-25.58M	-74.34M	-19.54M	-7.86M	-24.23M	-0.80M	-1.16M	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
Inventory	-4.84M	-8.55M	-11.33M	-98.92M	-97.15M	0.65M	-18.22M	-57.34M	-36.39M	6.09M	-2.57M	-19.81M	2.33M	-23.48M	-58.01M	-20.91M	8.70M	-32.24M	-22.75M	-11.84M	-5.86M	-4.87M	-0.96M	-0.08M	-1.46M	-2.61M	-0.26M	-2.61M	-6.81M	-21.88M	-10.33M
Accounts Payable	4.12M	-0.64M	4.03M	36.40M	71.87M	-0.58M	-4.79M	32.65M	37.40M	16.86M	7.13M	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 Working Capital	-2.29M	13.31M	-1.99M	-24.74M	9.07M	-0.90M	-10.78M	4.75M	-36.53M	-0.57M	-20.09M	-15.61M	-6.73M	-15.14M	-19.69M	0.46M	-3.21M	-6.19M	-4.40M	1.28M	0.50M	4.66M	1.95M	0.06M	2.41M	-2.17M	-3.55M	-5.77M	-1.34M	-7.59M	-0.45M
Other Non-Cash Items	105.99M	65.19M	-0.29M	15.18M	3.05M	34.05M	20.04M	-38.24M	25.52M	5.04M	20.73M	-5.89M	-17.46M	-15.11M	-18.75M	6.60M	-7.13M	17.65M	-29.30M	-7.96M	-1.46M	5.22M	4.20M	7.23M	2.79M	-3.17M	1.22M	-0.18M	-9.13M	-25.87M	-1.45M
Net Cash from Operating Activities	564.67M	584.26M	498.15M	397.30M	418.47M	507.69M	433.10M	383.45M	324.28M	455.54M	288.50M	226.19M	237.33M	226.39M	158.68M	219.01M	222.28M	186.87M	178.49M	122.19M	127.46M	61.07M	49.21M	51.77M	33.89M	30.72M	20.25M	37.56M	211.76M	239.49M	39.92M
Capital Expenditures (PPE)	-311.41M	-276.72M	-287.64M	-314.89M	-304.70M	-263.68M	-257.36M	-252.42M	-246.38M	-238.81M	-231.11M	-235.74M	-235.82M	-186.84M	-179.91M	-183.93M	-179.20M	-204.84M	-156.80M	-91.79M	-81.87M	-37.96M	-27.56M	-30.59M	-27.49M	-26.66M	-29.52M	-42.89M	-114.07M	-124.51M	-69.79M
Acquisitions (Net)	-0.96M	-10.87M	-11.65M	-19.99M	-9.28M	-3.21M	-7.95M	-43.86M	-30.70M	-62.95M	-31.62M	-22.88M	-20.02M	-29.36M	-31.24M	-29.96M	0.28M	-29.20M	-12.88M	-6.05M	-1.61M	-1.93M	-0.62M	-1.65M	-0.18M	-10.10M	0.32M	1.53M	-7.36M	-1.10M	-2.63M
Purchases of Investments	-258.46M	-135.40M	-159.40M	-230.01M	-180.46M	-258.29M	-167.85M	-179.59M	-130.87M	-125.45M	-126.40M	-133.53M	-75.98M	-67.94M	-86.46M	-81.03M	-66.89M	-50.81M	-45.77M	-14.68M	-8.96M	-14.93M	-6.67M	-5.96M	-11.51M	-11.80M	-14.64M	-9.05M	-111.56M	-75.43M	-1.06M
Sales / Maturities of Investments	225.18M	153.95M	146.00M	198.98M	176.25M	195.03M	170.22M	177.56M	131.16M	119.47M	152.10M	70.90M	54.96M	64.34M	73.42M	66.71M	72.20M	55.25M	27.19M	14.08M	17.94M	8.32M	6.20M	6.23M	16.71M	8.02M	12.47M	7.73M	62.68M	32.42M	0.48M
Other Investing Activities	-6.45M	11.75M	22.69M	17.58M	29.20M	21.53M	22.68M	17.34M	24.63M	20.06M	5.04M	26.69M	20.11M	7.87M	15.74M	14.59M	2.41M	15.10M	6.32M	16.05M	10.44M	6.85M	2.05M	3.93M	0.84M	0.71M	-0.34M	-2.88M	7.02M	-1.53M	4.26M
Net Cash from Investing Activities	-328.11M	-351.82M	-279.90M	-265.55M	-295.17M	-307.07M	-238.03M	-252.56M	-285.10M	-322.20M	-282.84M	-286.18M	-271.59M	-224.48M	-224.37M	-235.41M	-175.60M	-248.86M	-229.00M	-104.23M	-59.76M	-31.34M	-19.75M	-32.47M	-48.88M	-48.73M	-20.14M	-45.44M	-287.63M	-251.04M	-55.88M
Net Debt Issuance	118.15M	95.58M	59.65M	72.20M	68.76M	73.34M	50.90M	52.74M	101.54M	116.32M	78.04M	101.03M	99.43M	79.37M	77.25M	81.94M	19.74M	136.39M	97.13M	-10.17M	-8.67M	-0.01M	1.82M	-3.64M	-11.87M	8.11M	10.59M	7.23M	134.42M	22.88M	7.50M
Long-Term Debt Issuance	31.37M	139.08M	86.98M	96.96M	63.69M	65.86M	47.54M	69.08M	126.43M	126.73M	69.47M	162.73M	82.70M	73.90M	93.48M	127.65M	57.79M	127.64M	84.87M	-19.55M	-6.95M	1.43M	1.76M	-0.54M	-5.32M	7.59M	12.56M	6.94M	133.82M	22.04M	7.50M
Short-Term Debt Issuance	17.39M	-10.21M	-12.01M	-4.90M	-4.69M	4.00M	-0.37M	-3.04M	-5.17M	-3.85M	1.24M	-3.27M	-9.58M	1.04M	-1.96M	-18.43M	-7.76M	8.42M	0.93M	1.02M	-1.97M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-5.04M	-11.45M	-8.51M	-7.45M	-2.64M	-5.19M	-3.34M	-4.42M	-2.51M	-5.74M	-2.63M	-1.88M	0.56M	0.28M	-0.15M	1.34M	0.80M	-1.39M	2.99M	-0.57M	0.03M	0.00M	0.04M	0.04M	0.09M	0.02M	0.00M	0.00M	0.74M	-0.85M	0.16M
Common Stock Issuance	0.00M	0.01M	0.00M	0.00M	0.12M	0.35M	0.09M	0.04M	0.55M	0.40M	0.68M	0.58M	1.01M	0.48M	1.54M	3.36M	1.69M	1.75M	7.89M	2.65M	1.65M	0.13M	0.24M	0.35M	0.32M	0.60M	0.14M	0.76M	6.65M	5.78M	24.19M
Common Stock Repurchased	-4.31M	-13.45M	-8.39M	-11.77M	-3.19M	-6.00M	-5.40M	-4.91M	-2.72M	-6.59M	-3.72M	-3.19M	-0.15M	-0.37M	-1.16M	-0.23M	-0.84M	-3.38M	-1.13M	-0.96M	-0.41M	-0.01M	0.00M	0.00M	0.00M	-0.17M	0.00M	0.00M	-1.20M	-2.18M	-0.12M
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	-97.59M	-129.24M	-115.69M	-90.98M	-72.60M	-76.83M	-76.15M	-89.30M	-79.54M	-77.41M	-72.27M	-59.53M	-57.40M	-45.34M	-41.29M	-36.06M	-32.88M	-34.79M	-29.03M	-20.83M	-13.79M	-9.00M	-7.93M	-6.59M	-8.12M	-8.80M	-9.27M	-11.13M	-12.26M	-17.55M	-10.29M
Common Dividends Paid	-96.63M	-131.78M	-108.21M	-94.84M	-76.87M	-85.90M	-88.94M	-81.60M	-76.20M	-75.33M	-71.86M	-61.06M	-55.58M	-37.70M	-41.03M	-31.34M	-34.15M	-36.70M	-32.57M	-20.48M	-14.58M	-8.94M	-8.55M	-7.21M	-10.08M	-10.49M	-9.27M	-11.13M	-12.26M	-17.55M	-10.29M
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	-87.64M	-97.83M	-69.10M	-28.63M	-6.25M	-48.33M	-48.26M	-22.78M	-14.59M	-19.08M	3.35M	-2.67M	-7.28M	-15.96M	-12.25M	-12.81M	-12.78M	-8.48M	-2.75M	-4.94M	-0.58M	1.17M	-0.96M	0.65M	2.14M	5.74M	1.15M	3.93M	-2.44M	0.03M	-0.29M
Net Cash from Financing Activities	-192.37M	-123.84M	-202.86M	-75.84M	-47.70M	-73.84M	-99.22M	-61.06M	-24.45M	-13.86M	-39.75M	26.91M	3.60M	-5.19M	9.24M	22.33M	-27.43M	73.56M	42.31M	-35.48M	-19.83M	-11.34M	-14.55M	-9.98M	-16.17M	7.26M	6.10M	4.10M	82.11M	-0.81M	-11.61M
Effect of FX on Cash	9.20M	4.42M	3.84M	2.82M	3.16M	-2.32M	0.59M	-1.43M	-2.40M	-5.63M	1.89M	1.48M	3.46M	-0.76M	-0.30M	0.18M	-1.01M	1.52M	2.22M	2.16M	0.05M	0.01M	0.01M	0.02M	-0.01M	-0.01M	-0.02M	0.01M	0.23M	0.16M	0.00M
Net Change in Cash	110.13M	25.72M	-17.26M	-0.70M	58.55M	125.90M	-9.23M	6.91M	42.48M	44.35M	42.85M	9.63M	45.95M	26.25M	-4.54M	40.40M	44.49M	41.93M	26.29M	8.16M	10.60M	13.44M	6.29M	3.28M	0.06M	1.53M	12.03M	0.41M	-1.50M	7.24M	7.82M
Cash at Beginning of Period	981.34M	956.50M	978.06M	969.06M	862.07M	702.70M	636.62M	656.32M	551.35M	543.17M	469.85M	423.28M	417.77M	352.97M	352.73M	378.60M	312.29M	253.95M	204.21M	155.11M	126.36M	70.32M	64.81M	65.70M	50.39M	45.08M	43.84M	24.82M	158.91M	134.92M	14.97M
Cash at End of Period	1,400.31M	986.09M	948.70M	994.07M	948.82M	867.91M	739.95M	634.02M	634.51M	554.32M	539.92M	427.50M	465.19M	321.13M	391.64M	445.81M	329.94M	305.11M	270.82M	188.56M	154.04M	84.63M	68.15M	68.91M	47.69M	71.17M	56.98M	21.04M	96.04M	199.22M	45.82M
Operating Cash Flow	577.99M	581.64M	495.42M	396.67M	415.07M	504.57M	433.10M	383.45M	324.28M	455.54M	288.50M	226.19M	239.32M	226.39M	158.72M	219.01M	222.28M	186.87M	178.45M	122.19M	127.41M	61.07M	49.21M	51.77M	33.89M	30.72M	20.22M	37.56M	211.76M	239.49M	39.92M
Capital Expenditure	-339.30M	-350.26M	-299.12M	-314.89M	-303.80M	-256.25M	-256.94M	-251.72M	-246.38M	-239.13M	-227.53M	-233.01M	-235.27M	-186.33M	-178.93M	-183.55M	-178.80M	-204.55M	-156.31M	-91.34M	-81.53M	-37.96M	-27.56M	-30.59M	-27.49M	-26.66M	-29.52M	-42.89M	-112.21M	-124.51M	-69.79M
Free Cash Flow	247.18M	235.94M	134.65M	109.94M	178.76M	250.32M	168.28M	133.25M	60.96M	149.10M	98.77M	5.63M	41.61M	47.49M	21.61M	73.99M	70.95M	-5.47M	11.88M	28.43M	43.33M	24.06M	15.48M	17.55M	8.69M	4.43M	1.18M	-3.43M	77.70M	85.09M	3.27M

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	945.22M	801.18M	805.25M	801.31M	686.95M	550.93M	626.31M	556.81M	497.01M	460.31M	423.14M	414.05M	414.98M	403.58M	359.65M	378.15M	381.02M	322.90M	355.92M	249.18M	169.42M	87.13M	66.15M	46.76M	78.79M	50.42M	37.98M	42.69M	41.03M	24.07M	15.65M
(-) Tax Adjustment	259.68M	254.67M	226.26M	169.06M	164.38M	211.62M	167.73M	128.39M	112.32M	117.22M	119.45M	117.31M	95.41M	92.53M	81.02M	88.26M	90.68M	84.01M	77.92M	62.95M	53.56M	20.19M	19.65M	16.92M	21.84M	13.83M	9.75M	8.99M	11.95M	6.73M	6.04M
(-) Change In Working Capital	-39.69M	-65.70M	-34.50M	-191.06M	-100.42M	7.35M	-56.32M	-76.43M	-80.25M	-11.90M	-25.29M	-35.58M	-16.50M	-36.45M	-63.36M	-12.55M	6.51M	-44.98M	-24.52M	-22.76M	-7.26M	0.72M	-3.21M	1.71M	0.63M	-6.27M	-4.55M	-8.38M	-6.28M	-38.62M	-4.25M
(-) Capital Expenditure	339.30M	350.26M	299.12M	314.89M	303.80M	256.25M	256.94M	251.72M	246.38M	239.13M	227.53M	233.01M	235.27M	186.33M	178.93M	183.55M	178.80M	204.55M	156.31M	91.34M	81.53M	37.96M	27.56M	30.59M	27.49M	26.66M	29.52M	42.89M	112.21M	124.51M	69.79M
Unlevered Free Cash Flow	385.93M	261.95M	314.36M	508.43M	319.19M	75.71M	257.97M	253.12M	218.56M	115.86M	101.45M	99.31M	100.81M	161.17M	163.05M	118.88M	105.03M	79.32M	146.21M	117.64M	41.59M	28.27M	22.15M	-2.46M	28.83M	16.19M	3.26M	-0.81M	-76.85M	-68.54M	-55.93M
(-) Net Interest Income After Taxes	-68.94M	-73.54M	-68.94M	-57.62M	-54.74M	-51.57M	-62.93M	-53.54M	-49.54M	-47.62M	-40.67M	-32.74M	-29.54M	-32.93M	-36.36M	-30.23M	-30.53M	-31.98M	-22.68M	-9.84M	-8.86M	-4.53M	-2.70M	-2.22M	-2.21M	-1.40M	-0.96M	-0.83M	-0.54M	-0.51M	-0.46M
Net Debt Issuance	118.15M	95.58M	59.65M	72.20M	68.76M	73.34M	50.90M	52.74M	101.54M	116.32M	78.04M	101.03M	99.43M	79.37M	77.25M	81.94M	19.74M	136.39M	97.13M	-10.17M	-8.67M	-0.01M	1.82M	-3.64M	-11.87M	8.11M	10.59M	7.23M	134.42M	22.88M	7.50M
Levered Free Cash Flow	573.01M	431.07M	442.95M	638.25M	442.69M	200.62M	371.80M	359.41M	369.65M	279.80M	220.17M	233.08M	229.79M	273.47M	276.66M	231.05M	155.30M	247.69M	266.02M	117.30M	41.77M	32.79M	26.67M	-3.88M	19.17M	25.70M	14.81M	7.24M	58.11M	-45.15M	-47.97M