Real Estate - Development

Category: Industry Averages Base Ticker: 0688.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	1.87	1.27	0.88	0.98	1.13	1.27	1.65	1.35	1.57	1.24	1.30	1.18	1.10	1.21	0.80	1.04	1.12	0.81	1.81	1.23	0.69	0.50	0.39	0.41	0.51	0.62	0.47	0.43	0.43	0.37	0.24
Market Capitalization	2,997.59M	2,467.38M	2,058.56M	2,345.53M	3,199.90M	3,643.04M	3,998.58M	3,558.37M	4,193.42M	3,495.65M	3,359.16M	2,917.27M	2,228.96M	2,352.73M	1,534.88M	2,037.55M	2,136.96M	1,356.67M	2,572.81M	1,356.37M	538.08M	430.46M	341.54M	280.65M	321.30M	402.69M	276.30M	254.70M	261.89M	233.99M	154.38M
(-) Cash & Equivalents	1,335.51M	1,308.26M	1,356.29M	1,568.03M	2,376.65M	3,136.03M	2,798.19M	2,460.77M	1,940.94M	1,547.45M	1,188.31M	968.35M	878.66M	678.08M	495.95M	517.10M	429.99M	201.45M	190.64M	132.51M	97.15M	49.89M	41.97M	43.52M	32.38M	24.80M	16.38M	8.57M	6.94M	5.27M	3.88M
(+) Total Debt	5,719.67M	6,928.65M	7,271.06M	8,251.23M	8,859.56M	8,707.53M	7,644.42M	6,791.22M	5,821.28M	4,571.92M	3,832.65M	3,253.80M	2,588.92M	2,169.10M	1,811.42M	1,450.83M	1,081.16M	817.44M	553.61M	371.90M	252.66M	162.83M	117.53M	91.36M	76.02M	60.28M	42.68M	34.40M	22.76M	17.59M	15.06M
Enterprise Value	8,116.59M	8,180.67M	7,999.53M	9,055.64M	9,590.39M	9,445.89M	9,213.54M	8,084.60M	8,370.33M	6,820.55M	6,078.88M	5,492.03M	4,286.40M	4,248.68M	2,908.71M	3,190.92M	2,776.50M	1,954.56M	2,994.38M	1,546.66M	733.47M	562.32M	445.95M	353.29M	372.82M	461.55M	306.04M	281.28M	287.05M	261.67M	172.60M

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	3,449.914M	3,488.068M	4,386.247M	4,276.002M	5,491.306M	5,260.161M	4,693.208M	3,800.488M	3,069.045M	2,581.790M	2,008.555M	1,862.822M	1,628.678M	1,342.067M	1,011.997M	879.750M	713.311M	559.427M	514.492M	371.047M	269.670M	251.669M	175.970M	144.296M	92.708M	89.003M	63.910M	57.947M	51.434M	44.085M	36.677M
Cost of Revenue	2,851.699M	2,849.677M	3,698.296M	3,599.773M	4,354.710M	3,747.879M	3,154.671M	2,381.613M	2,071.155M	1,842.598M	1,454.238M	1,251.794M	1,057.117M	860.543M	625.215M	543.410M	453.223M	371.320M	326.571M	241.940M	168.269M	163.915M	118.884M	88.995M	57.479M	55.620M	37.224M	28.116M	29.939M	25.113M	22.998M
Gross Profit	598.215M	638.391M	687.952M	676.229M	1,136.597M	1,512.281M	1,538.538M	1,418.875M	997.891M	739.192M	554.318M	611.028M	571.562M	481.524M	386.782M	336.340M	260.088M	188.107M	187.921M	129.108M	101.401M	87.754M	57.086M	55.301M	35.229M	33.383M	26.686M	29.831M	21.495M	18.972M	13.679M
Gross Margin	17.34%	18.30%	15.68%	15.81%	20.70%	28.75%	32.78%	37.33%	32.51%	28.63%	27.60%	32.80%	35.09%	35.88%	38.22%	38.23%	36.46%	33.62%	36.53%	34.80%	37.60%	34.87%	32.44%	38.32%	38.00%	37.51%	41.76%	51.48%	41.79%	43.04%	37.30%
R&D Expenses	0.026M	0.000M	0.000M	0.000M	0.185M	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	235.627M	267.316M	285.167M	378.140M	429.833M	385.320M	343.029M	283.449M	231.180M	182.859M	163.937M	147.478M	129.638M	103.897M	89.158M	62.774M	61.419M	46.183M	36.316M	28.164M	23.113M	21.391M	17.447M	14.204M	11.846M	9.147M	5.865M	4.468M	3.498M	3.164M	3.150M
Operating Expenses	235.652M	267.316M	285.167M	378.140M	430.019M	385.320M	343.029M	283.449M	231.180M	182.859M	163.937M	147.478M	129.638M	103.897M	89.158M	62.774M	61.419M	46.183M	36.316M	28.164M	23.113M	21.391M	17.447M	14.204M	11.846M	9.147M	5.865M	4.468M	3.498M	3.164M	3.150M
Operating Income	362.563M	371.075M	402.785M	298.089M	706.578M	1,126.962M	1,195.508M	1,135.427M	766.711M	556.333M	390.381M	463.551M	441.923M	377.627M	297.625M	273.566M	198.668M	141.924M	151.605M	100.944M	78.288M	66.362M	39.639M	41.097M	23.383M	24.235M	20.821M	25.363M	17.996M	15.807M	10.529M
Operating Margin	10.51%	10.64%	9.18%	6.97%	12.87%	21.42%	25.47%	29.88%	24.98%	21.55%	19.44%	24.88%	27.13%	28.14%	29.41%	31.10%	27.85%	25.37%	29.47%	27.21%	29.03%	26.37%	22.53%	28.48%	25.22%	27.23%	32.58%	43.77%	34.99%	35.86%	28.71%
Interest Income	22.460M	32.689M	41.843M	47.913M	60.165M	57.486M	54.346M	41.142M	32.169M	23.934M	16.604M	14.508M	10.736M	8.473M	8.082M	3.664M	2.583M	3.042M	2.473M	0.945M	0.551M	0.430M	0.330M	0.295M	0.256M	0.208M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	159.112M	187.749M	176.789M	151.953M	137.013M	111.793M	125.944M	107.401M	85.997M	67.600M	51.123M	50.939M	42.486M	34.778M	30.563M	21.983M	19.698M	16.858M	12.643M	6.271M	4.766M	3.698M	2.387M	3.615M	2.654M	2.482M	1.876M	1.676M	1.134M	0.947M	0.744M
Net Interest Income	-136.652M	-155.060M	-134.946M	-104.040M	-76.848M	-54.307M	-71.597M	-66.259M	-53.828M	-43.666M	-34.520M	-36.430M	-31.751M	-26.306M	-22.481M	-18.319M	-17.115M	-13.816M	-10.171M	-5.326M	-4.215M	-3.268M	-2.056M	-3.320M	-2.398M	-2.274M	-1.876M	-1.676M	-1.134M	-0.947M	-0.744M
Other Income / Expense	-361.103M	-392.374M	-203.814M	-50.602M	137.086M	-41.732M	-12.778M	-43.701M	134.500M	83.011M	166.199M	100.040M	123.003M	93.953M	122.171M	78.040M	50.282M	7.986M	49.792M	2.627M	-18.048M	-30.799M	-19.269M	-24.358M	-10.203M	-10.365M	-10.132M	-13.710M	-8.269M	-8.404M	-4.050M
Pre-Tax Income	-135.192M	-176.359M	64.025M	143.447M	766.816M	1,030.922M	1,111.133M	1,025.466M	847.382M	595.678M	522.060M	527.160M	533.175M	445.274M	397.315M	333.287M	231.836M	136.093M	191.227M	98.245M	56.025M	32.296M	18.313M	13.419M	10.782M	11.596M	8.813M	9.977M	8.593M	6.457M	5.735M
Pre-Tax Margin	-3.92%	-5.06%	1.46%	3.35%	13.96%	19.60%	23.68%	26.98%	27.61%	23.07%	25.99%	28.30%	32.74%	33.18%	39.26%	37.88%	32.50%	24.33%	37.17%	26.48%	20.78%	12.83%	10.41%	9.30%	11.63%	13.03%	13.79%	17.22%	16.71%	14.65%	15.64%
Income Tax Expense	134.866M	131.686M	161.445M	180.732M	304.387M	366.868M	394.877M	326.366M	259.881M	181.618M	143.334M	139.628M	140.556M	114.512M	106.495M	84.132M	64.098M	40.687M	38.042M	19.528M	14.806M	8.860M	5.287M	4.040M	2.624M	2.422M	1.830M	2.136M	1.448M	1.196M	1.045M
Tax Rate	0.00%	0.00%	35.00%	35.00%	35.00%	35.00%	35.00%	31.83%	30.67%	30.49%	27.46%	26.49%	26.36%	25.72%	26.80%	25.24%	27.65%	29.90%	19.89%	19.88%	26.43%	27.43%	28.87%	30.11%	24.34%	20.88%	20.77%	21.41%	16.85%	18.52%	18.22%
Net Income	-270.058M	-308.045M	-97.420M	-37.284M	462.429M	664.054M	716.256M	699.101M	587.501M	414.060M	378.727M	387.532M	392.619M	330.762M	290.820M	249.155M	167.737M	95.406M	153.185M	78.716M	41.220M	23.435M	13.026M	9.379M	8.158M	9.175M	6.983M	7.842M	7.145M	5.261M	4.690M
Net Margin	-7.83%	-8.83%	-2.22%	-0.87%	8.42%	12.62%	15.26%	18.40%	19.14%	16.04%	18.86%	20.80%	24.11%	24.65%	28.74%	28.32%	23.52%	17.05%	29.77%	21.21%	15.29%	9.31%	7.40%	6.50%	8.80%	10.31%	10.93%	13.53%	13.89%	11.93%	12.79%
EBIT	362.563M	371.075M	402.785M	298.089M	706.578M	1,126.962M	1,195.508M	1,135.427M	766.711M	556.333M	390.381M	463.551M	441.923M	377.627M	297.625M	273.566M	198.668M	141.924M	151.605M	100.944M	78.288M	66.362M	39.639M	41.097M	23.383M	24.235M	20.821M	25.363M	17.996M	15.807M	10.529M
Depreciation & Amortization	30.082M	41.590M	46.525M	57.917M	59.846M	58.995M	54.378M	42.893M	34.948M	26.304M	19.868M	18.553M	14.066M	15.100M	11.055M	8.733M	6.251M	6.769M	4.799M	3.480M	4.072M	3.315M	3.231M	2.979M	1.934M	1.753M	1.444M	1.400M	-0.155M	0.124M	0.044M
EBITDA	392.645M	412.665M	449.310M	356.007M	766.424M	1,185.957M	1,249.887M	1,178.320M	801.658M	582.637M	410.249M	482.103M	455.989M	392.726M	308.680M	282.299M	204.919M	148.692M	156.404M	104.424M	82.360M	69.677M	42.870M	44.076M	25.317M	25.988M	22.265M	26.763M	17.841M	15.932M	10.573M
EBITDA Margin	11.38%	11.83%	10.24%	8.33%	13.96%	22.55%	26.63%	31.00%	26.12%	22.57%	20.43%	25.88%	28.00%	29.26%	30.50%	32.09%	28.73%	26.58%	30.40%	28.14%	30.54%	27.69%	24.36%	30.55%	27.31%	29.20%	34.84%	46.18%	34.69%	36.14%	28.83%
NOPAT	362.563M	371.075M	261.810M	193.758M	459.276M	732.525M	777.080M	774.065M	531.570M	386.711M	283.200M	340.770M	325.423M	280.512M	217.850M	204.509M	143.740M	99.493M	121.446M	80.879M	57.599M	48.156M	28.194M	28.724M	17.692M	19.174M	16.497M	19.934M	14.964M	12.880M	8.611M
NOPAT Margin	10.51%	10.64%	5.97%	4.53%	8.36%	13.93%	16.56%	20.37%	17.32%	14.98%	14.10%	18.29%	19.98%	20.90%	21.53%	23.25%	20.15%	17.78%	23.60%	21.80%	21.36%	19.13%	16.02%	19.91%	19.08%	21.54%	25.81%	34.40%	29.09%	29.22%	23.48%
Owner's Earnings	-239.976M	-266.455M	-50.895M	20.633M	522.276M	723.049M	770.634M	741.994M	622.448M	440.365M	398.595M	406.085M	406.685M	345.862M	301.875M	257.888M	173.989M	102.175M	157.984M	82.196M	45.292M	26.751M	16.257M	12.358M	10.092M	10.928M	8.427M	9.241M	6.991M	5.386M	4.734M
Owner's Earnings Margin	-6.96%	-7.64%	-1.16%	0.48%	9.51%	13.75%	16.42%	19.52%	20.28%	17.06%	19.84%	21.80%	24.97%	25.77%	29.83%	29.31%	24.39%	18.26%	30.71%	22.15%	16.80%	10.63%	9.24%	8.56%	10.89%	12.28%	13.19%	15.95%	13.59%	12.22%	12.91%
EPS	-0.10	-0.09	-0.03	-0.01	0.13	0.20	0.21	0.19	0.16	0.13	0.12	0.12	0.13	0.11	0.11	0.10	0.08	0.05	0.09	0.06	0.03	0.02	0.02	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
EPS (Diluted)	-0.10	-0.09	-0.03	-0.01	0.13	0.20	0.21	0.19	0.16	0.13	0.12	0.12	0.13	0.11	0.11	0.10	0.08	0.05	0.09	0.06	0.03	0.02	0.02	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Shares (Diluted)	2,814,407,160	3,415,872,273	3,302,898,571	3,622,332,480	3,653,795,751	3,390,290,293	3,481,674,696	3,610,046,817	3,580,663,750	3,309,257,667	3,197,326,465	3,153,831,554	3,088,338,422	2,877,342,566	2,715,502,407	2,440,870,728	2,183,356,192	2,103,124,796	1,632,489,832	1,402,986,543	1,183,402,143	1,133,494,485	857,165,822	800,314,795	810,731,774	778,367,193	685,503,327	753,659,487	701,140,108	675,900,178	676,049,610

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	1,211.81M	1,265.97M	1,350.24M	1,565.26M	2,374.18M	3,137.58M	2,798.19M	2,460.77M	1,940.94M	1,547.45M	1,188.31M	968.35M	878.66M	678.08M	495.95M	517.10M	429.99M	201.45M	190.64M	132.51M	97.97M	50.29M	41.97M	43.52M	32.38M	25.02M	16.53M	8.67M	7.02M	5.34M	4.30M
Short-Term Investments	110.00M	263.51M	261.92M	432.13M	396.82M	128.29M	146.56M	145.92M	233.05M	243.38M	26.69M	26.38M	29.56M	61.78M	57.78M	59.32M	35.77M	33.40M	24.15M	22.03M	7.62M	15.27M	7.06M	3.38M	2.70M	4.82M	4.22M	3.16M	1.45M	1.16M	0.46M
Cash & Short-Term Investments	1,321.81M	1,529.48M	1,612.16M	1,997.39M	2,771.00M	3,265.86M	2,944.75M	2,606.69M	2,173.99M	1,790.83M	1,214.99M	994.73M	908.23M	739.86M	553.73M	576.42M	465.76M	234.85M	214.79M	154.54M	105.58M	65.56M	49.03M	46.90M	35.08M	29.84M	20.75M	11.83M	8.47M	6.50M	4.76M
Net Receivables	1,366.00M	1,392.30M	994.39M	1,190.08M	1,038.87M	787.97M	1,055.95M	828.44M	661.07M	366.50M	283.32M	302.26M	256.53M	209.33M	140.71M	103.17M	72.66M	58.77M	65.60M	31.57M	22.08M	21.35M	12.26M	12.50M	17.69M	2.52M	2.86M	3.55M	3.79M	3.28M	2.83M
Inventory	3,211.96M	7,610.17M	9,339.12M	12,542.66M	13,175.65M	12,518.72M	11,680.75M	9,762.93M	7,702.42M	5,886.30M	5,063.70M	4,524.44M	3,713.72M	2,951.93M	1,053.49M	811.80M	621.75M	427.82M	281.30M	191.61M	147.64M	110.02M	95.29M	62.17M	44.10M	34.07M	29.35M	28.13M	18.49M	19.34M	20.36M
Other Current Assets	59.59M	810.28M	1,881.83M	1,639.61M	2,078.18M	1,832.90M	1,550.90M	1,446.46M	1,289.86M	996.21M	695.11M	473.16M	428.34M	202.54M	162.96M	471.88M	344.97M	296.32M	193.26M	97.43M	59.67M	39.36M	39.43M	34.54M	22.08M	43.74M	29.25M	23.69M	19.07M	12.00M	10.52M
Total Current Assets	5,959.37M	11,342.22M	13,827.49M	17,369.74M	19,063.70M	18,405.46M	17,232.34M	14,644.51M	11,827.33M	9,039.85M	7,257.13M	6,294.59M	5,306.82M	4,103.65M	1,910.89M	1,963.27M	1,505.15M	1,017.76M	754.95M	475.14M	334.97M	236.28M	196.01M	156.11M	118.95M	110.17M	82.20M	67.20M	49.82M	41.12M	38.47M
Property, Plant & Equipment	495.89M	604.50M	609.69M	738.48M	685.09M	611.92M	618.57M	491.35M	413.29M	338.58M	283.44M	303.21M	224.41M	185.12M	151.37M	128.89M	103.93M	85.31M	202.09M	154.07M	134.17M	142.01M	131.35M	115.90M	84.51M	65.87M	33.62M	28.46M	19.63M	15.92M	14.58M
Goodwill	10.40M	27.13M	31.48M	31.74M	30.79M	22.36M	16.83M	12.28M	10.81M	10.67M	6.98M	4.98M	2.25M	2.00M	0.26M	0.26M	0.09M	0.71M	1.70M	0.24M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	10.83M	29.40M	28.15M	69.14M	63.03M	50.66M	56.43M	55.14M	49.88M	35.17M	26.08M	33.08M	29.74M	19.51M	27.87M	11.96M	11.92M	16.54M	22.24M	6.82M	4.00M	3.13M	2.22M	2.45M	2.36M	1.73M	1.25M	1.22M	0.81M	0.78M	0.80M
Long-Term Investments	1,569.58M	1,666.66M	2,114.39M	2,236.78M	2,571.89M	2,138.51M	1,698.74M	1,162.16M	1,045.15M	722.19M	634.05M	405.75M	339.52M	269.82M	262.33M	196.72M	102.65M	72.34M	26.63M	15.00M	13.48M	15.42M	18.83M	12.29M	11.96M	5.21M	2.54M	0.39M	0.00M	0.00M	0.00M
Tax Assets	185.41M	47.28M	98.48M	239.13M	249.45M	223.62M	202.54M	170.24M	137.67M	99.69M	80.35M	65.08M	40.60M	47.73M	33.96M	22.19M	14.62M	10.31M	5.55M	1.97M	1.24M	0.31M	0.26M	0.31M	0.09M	0.01M	0.02M	0.31M	0.00M	0.00M	0.00M
Other Non-Current Assets	-98.68M	4,282.26M	2,797.04M	1,596.79M	1,168.99M	1,122.41M	880.84M	1,124.49M	578.07M	548.02M	388.17M	549.66M	889.84M	822.92M	718.29M	367.56M	359.18M	190.56M	145.96M	91.67M	111.95M	48.94M	29.09M	19.93M	18.41M	24.74M	14.36M	10.05M	8.36M	7.98M	4.34M
Other Assets	4,004.33M	0.00M	0.00M	659.71M	845.02M	634.79M	640.86M	503.51M	539.80M	279.66M	237.25M	172.51M	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	6,177.75M	6,657.23M	5,679.23M	5,571.76M	5,614.27M	4,804.27M	4,114.82M	3,519.16M	2,774.66M	2,033.98M	1,656.32M	1,534.27M	1,526.36M	1,347.11M	1,194.07M	727.57M	592.39M	375.76M	404.17M	269.78M	264.84M	209.82M	181.74M	150.88M	117.33M	97.56M	51.79M	40.43M	28.81M	24.69M	19.73M
Total Assets	12,137.13M	17,999.45M	19,506.72M	22,941.50M	24,677.96M	23,209.73M	21,347.16M	18,163.68M	14,602.00M	11,073.83M	8,913.44M	7,828.86M	6,833.17M	5,450.76M	3,104.97M	2,690.84M	2,097.53M	1,393.53M	1,159.12M	744.93M	599.81M	446.10M	377.76M	306.99M	236.28M	207.73M	134.00M	107.63M	78.63M	65.81M	58.19M
Accounts Payable	378.10M	1,381.68M	1,611.27M	1,816.94M	2,038.31M	1,972.00M	1,485.64M	1,082.90M	763.62M	745.60M	682.14M	585.59M	444.36M	334.02M	255.22M	304.82M	242.04M	193.34M	117.27M	71.29M	58.19M	40.77M	37.63M	28.12M	16.31M	11.91M	9.84M	6.53M	5.46M	4.41M	4.61M
Short-Term Debt	2,007.67M	1,933.59M	2,289.51M	2,234.86M	2,362.91M	2,000.88M	2,061.58M	1,692.14M	1,448.69M	986.14M	852.61M	885.42M	731.68M	581.87M	541.21M	382.59M	260.45M	252.07M	154.82M	123.97M	100.54M	86.87M	57.55M	47.54M	47.81M	40.95M	36.09M	24.00M	15.11M	12.29M	12.67M
Tax Payables	0.00M	208.97M	586.67M	778.96M	900.90M	786.73M	651.29M	488.82M	351.63M	255.82M	201.98M	215.33M	127.28M	145.91M	104.76M	86.05M	55.25M	32.82M	19.89M	8.89M	5.96M	4.10M	3.16M	2.71M	1.96M	2.50M	1.97M	1.62M	1.03M	0.81M	0.87M
Deferred Revenue	734.36M	0.00M	24.79M	493.61M	1,130.20M	1,433.27M	712.46M	-60.39M	411.04M	372.41M	174.11M	102.59M	209.19M	280.40M	191.93M	100.72M	78.83M	60.15M	34.14M	26.53M	22.95M	16.59M	12.79M	10.94M	11.33M	14.39M	8.72M	9.46M	6.58M	6.52M	8.15M
Other Current Liabilities	2,811.66M	3,988.11M	5,311.19M	7,355.91M	7,076.09M	5,655.84M	6,504.79M	5,757.25M	3,767.07M	2,341.07M	1,810.58M	1,653.18M	1,346.42M	1,039.68M	792.86M	410.23M	274.87M	175.22M	167.98M	86.50M	56.72M	39.69M	24.92M	18.10M	12.86M	12.64M	10.60M	9.01M	4.56M	2.54M	2.63M
Total Current Liabilities	5,931.79M	7,512.34M	9,823.43M	12,680.29M	13,508.41M	11,848.72M	11,415.76M	8,960.72M	6,742.05M	4,701.04M	3,721.41M	3,442.12M	2,858.93M	2,381.88M	1,885.98M	1,284.40M	911.45M	713.60M	494.10M	317.17M	244.36M	188.03M	136.05M	107.42M	90.28M	82.39M	67.22M	50.63M	32.75M	26.56M	28.93M
Long-Term Debt	5,045.83M	3,937.24M	4,122.77M	4,633.81M	5,421.94M	6,383.26M	5,478.99M	5,058.84M	4,311.71M	3,576.45M	2,780.34M	2,087.61M	1,878.38M	1,397.71M	1,188.76M	1,085.42M	801.40M	491.45M	403.65M	221.99M	124.72M	67.78M	43.58M	36.22M	18.25M	11.50M	5.61M	3.48M	2.93M	2.49M	2.48M
Capital Lease Obligations	0.00M	50.91M	51.48M	58.94M	65.46M	53.57M	39.87M	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
Deferred Tax Liabilities	84.23M	236.40M	325.62M	334.61M	376.45M	357.37M	387.31M	357.29M	324.47M	264.35M	225.61M	177.29M	114.09M	127.53M	96.18M	71.79M	51.94M	41.53M	35.03M	11.75M	10.89M	2.12M	0.51M	0.05M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	-1,312.57M	185.10M	279.71M	82.26M	129.20M	132.52M	39.15M	74.25M	78.60M	93.64M	67.23M	83.19M	80.79M	31.54M	36.03M	33.69M	14.76M	10.68M	6.51M	4.81M	5.37M	4.26M	4.05M	3.73M	1.22M	0.98M	0.40M	0.47M	0.28M	0.33M	0.42M
Total Non-Current Liabilities	3,817.50M	4,409.65M	4,779.57M	5,109.61M	5,993.04M	6,926.71M	5,945.32M	5,490.38M	4,714.77M	3,934.44M	3,073.17M	2,348.10M	2,073.26M	1,556.78M	1,320.98M	1,190.91M	868.09M	543.67M	445.19M	238.55M	140.98M	74.17M	48.14M	40.00M	19.49M	12.48M	6.01M	3.95M	3.22M	2.82M	2.90M
Total Liabilities	9,749.29M	11,921.99M	14,603.00M	17,789.90M	19,501.45M	18,775.43M	17,361.08M	14,451.10M	11,456.82M	8,635.48M	6,794.59M	5,790.22M	4,932.19M	3,938.65M	3,206.96M	2,475.31M	1,779.54M	1,257.27M	939.29M	555.72M	385.34M	262.19M	184.19M	147.42M	109.77M	94.87M	73.22M	54.58M	35.96M	29.38M	31.83M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.53M	0.00M	12.57M	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
Common Stock	461.61M	457.39M	431.37M	394.20M	398.33M	282.41M	315.58M	372.95M	407.20M	297.14M	253.55M	309.40M	155.52M	176.08M	178.94M	192.43M	151.20M	119.34M	72.54M	49.53M	37.05M	32.35M	27.82M	26.53M	24.87M	23.67M	21.95M	22.35M	19.60M	17.04M	15.58M
Retained Earnings	1,281.44M	2,212.32M	2,219.71M	2,506.03M	3,267.74M	2,959.34M	2,788.59M	2,476.19M	2,220.54M	1,915.71M	1,661.64M	1,473.86M	1,370.59M	621.34M	450.61M	257.54M	175.34M	117.48M	91.72M	45.44M	33.15M	22.18M	16.53M	9.78M	5.92M	4.18M	3.64M	4.55M	3.88M	2.38M	0.49M
Accumulated OCI	628.36M	108.88M	66.67M	220.31M	324.67M	237.37M	235.22M	287.14M	354.84M	237.84M	130.32M	74.52M	34.80M	-7.16M	-3.50M	-3.11M	-1.32M	-1.45M	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
Minority Interest	1,632.33M	1,538.21M	1,760.38M	1,922.31M	2,219.20M	2,018.45M	1,499.40M	1,123.06M	879.11M	574.37M	400.93M	332.52M	254.09M	197.03M	153.68M	88.36M	56.54M	48.27M	49.29M	25.08M	21.94M	13.62M	9.12M	8.57M	6.94M	4.83M	2.88M	2.72M	1.22M	0.53M	0.36M
Total Shareholders’ Equity	2,371.41M	2,778.59M	2,717.75M	3,120.54M	3,990.74M	3,479.11M	3,339.39M	3,137.82M	2,982.58M	2,463.27M	2,045.51M	1,857.78M	1,560.91M	790.26M	626.05M	446.86M	325.22M	235.38M	164.26M	94.97M	70.20M	54.52M	44.35M	36.31M	30.79M	27.85M	25.59M	26.90M	23.48M	19.42M	16.07M
Total Equity	4,003.74M	4,316.80M	4,478.13M	5,042.84M	6,209.94M	5,497.56M	4,838.79M	4,260.88M	3,861.69M	3,037.64M	2,446.44M	2,190.30M	1,814.99M	987.29M	779.73M	535.22M	381.77M	283.65M	213.55M	120.04M	92.14M	68.14M	53.47M	44.88M	37.73M	32.68M	28.47M	29.62M	24.70M	19.95M	16.43M
Total Liabilities & Equity	13,753.02M	16,238.80M	19,081.13M	22,832.74M	25,711.39M	24,273.00M	22,199.87M	18,711.98M	15,318.51M	11,673.12M	9,241.02M	7,980.51M	6,747.19M	4,925.94M	3,986.68M	3,010.53M	2,161.31M	1,540.92M	1,152.84M	675.76M	477.48M	330.34M	237.66M	192.30M	147.50M	127.55M	101.69M	84.19M	60.66M	49.33M	48.26M
Tangible Assets	12,115.90M	17,942.92M	19,447.10M	22,840.62M	24,584.15M	23,136.71M	21,273.90M	18,096.26M	14,541.30M	11,027.99M	8,880.38M	7,790.80M	6,801.18M	5,429.24M	3,076.83M	2,678.62M	2,085.52M	1,376.28M	1,135.18M	737.86M	595.81M	442.96M	375.54M	304.54M	233.92M	205.99M	132.75M	106.41M	77.82M	65.03M	57.39M
Tangible Equity	3,982.51M	4,260.27M	4,418.51M	4,941.96M	6,116.12M	5,424.54M	4,765.53M	4,193.46M	3,801.00M	2,991.80M	2,413.38M	2,152.24M	1,783.00M	965.77M	751.59M	523.00M	369.76M	266.41M	189.61M	112.97M	88.14M	65.01M	51.25M	42.43M	35.37M	30.95M	27.22M	28.39M	23.89M	19.16M	15.62M
Tangible Book Value	3,982.51M	4,260.27M	4,418.51M	4,941.96M	6,116.12M	5,424.54M	4,765.53M	4,193.46M	3,801.00M	2,991.80M	2,413.38M	2,152.24M	1,783.00M	965.77M	751.59M	523.00M	369.76M	266.41M	189.61M	112.97M	88.14M	65.01M	51.25M	42.43M	35.37M	30.95M	27.22M	28.39M	23.89M	19.16M	15.62M
Total Investments	1,672.39M	1,879.01M	2,302.61M	2,366.78M	2,715.65M	2,271.66M	1,817.88M	1,409.01M	1,517.46M	1,038.72M	751.40M	479.32M	401.85M	418.91M	369.99M	309.06M	188.95M	132.39M	99.28M	57.67M	42.27M	46.76M	38.12M	27.61M	25.47M	18.23M	11.38M	8.41M	1.73M	1.04M	1.60M
Net Debt	5,841.69M	4,604.86M	5,062.03M	5,303.41M	5,410.67M	5,246.57M	4,742.37M	4,290.21M	3,819.46M	3,015.14M	2,444.64M	2,004.69M	1,731.40M	1,301.50M	1,234.02M	950.92M	631.86M	542.07M	367.83M	213.45M	127.29M	104.37M	59.16M	40.23M	33.68M	27.43M	25.17M	18.81M	11.02M	9.44M	10.85M

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	-1,918.30M	1,875.77M	2,963.68M	3,544.87M	5,618.02M	6,441.58M	5,759.63M	4,989.67M	4,734.10M	4,171.52M	2,965.36M	2,638.74M	2,346.62M	1,765.80M	1,268.12M	1,166.85M	972.46M	573.79M	523.50M	337.26M	202.51M	147.68M	96.40M	88.19M	61.00M	52.72M	33.44M	34.54M	28.19M	23.40M	14.49M
Total Capital	10,438.10M	10,838.40M	11,219.77M	12,841.16M	14,035.55M	13,682.94M	12,333.15M	11,185.22M	9,810.29M	7,937.86M	6,919.18M	6,104.61M	5,075.04M	4,361.05M	3,646.33M	2,936.53M	2,325.43M	1,715.66M	1,334.69M	853.56M	585.85M	427.91M	348.40M	286.49M	226.06M	194.60M	142.31M	115.79M	77.29M	57.59M	48.89M
Capital Employed	9,885.71M	11,623.95M	13,293.08M	14,431.02M	15,011.74M	14,864.89M	12,956.71M	11,777.10M	10,084.35M	9,301.35M	6,796.76M	6,254.05M	5,715.97M	4,866.31M	4,274.05M	3,374.56M	2,677.51M	1,694.81M	1,568.84M	902.28M	636.11M	462.46M	406.55M	337.72M	225.44M	187.48M	132.91M	113.60M	67.48M	52.76M	39.76M
Invested Capital	9,226.29M	9,572.43M	9,869.53M	11,275.90M	11,661.37M	10,545.37M	9,534.96M	8,724.45M	7,869.34M	6,390.41M	5,730.88M	5,136.26M	4,196.38M	3,682.97M	3,150.38M	2,419.44M	1,895.44M	1,514.21M	1,144.05M	721.05M	487.88M	377.62M	306.43M	242.97M	193.67M	169.59M	125.78M	107.12M	70.27M	52.25M	44.59M

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	9.54M	44.82M	55.60M	55.12M	55.35M	46.70M	44.22M	30.03M	24.69M	24.17M	20.17M	17.73M	13.03M	13.24M	9.99M	8.57M	6.21M	6.21M	4.27M	3.13M	3.42M	2.75M	2.95M	2.68M	1.67M	1.74M	1.27M	1.33M	0.47M	0.00M	0.00M
Deferred Income Tax	0.00M	0.00M	0.00M	-25.22M	-38.39M	-24.84M	-6.82M	-19.91M	-22.23M	-19.58M	-4.06M	0.00M	-4.56M	-39.82M	-10.35M	-3.67M	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
Stock-Based Compensation	0.00M	0.04M	0.19M	0.39M	0.38M	0.72M	0.83M	0.84M	0.74M	0.38M	0.35M	0.46M	0.65M	0.36M	0.04M	0.03M	0.04M	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	619.82M	186.31M	258.32M	491.75M	-269.06M	-357.86M	-633.91M	-612.66M	-478.39M	55.89M	-65.23M	-384.30M	-268.05M	-85.73M	-295.71M	-236.29M	-10.87M	-146.13M	-67.16M	-35.62M	-8.43M	-3.39M	-5.65M	-3.46M	-5.89M	-4.08M	-6.08M	-5.96M	0.00M	0.00M	0.00M
Accounts Receivable	10.75M	3.94M	60.52M	56.04M	-108.38M	-121.32M	-123.75M	-127.29M	-73.86M	-153.85M	-41.52M	-33.87M	-36.02M	-9.04M	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	650.34M	1,293.51M	1,275.76M	833.96M	-142.42M	-950.89M	-1,264.84M	-1,172.68M	-731.08M	-42.80M	-200.52M	-475.60M	-431.84M	-293.60M	-190.19M	-75.55M	-32.96M	-39.84M	-41.79M	-21.24M	-9.51M	-10.66M	-7.35M	-2.94M	-4.26M	-2.17M	-2.56M	-2.17M	0.00M	0.00M	0.00M
Accounts Payable	0.00M	-23.78M	-126.93M	-125.34M	78.39M	157.30M	233.30M	219.55M	148.60M	130.82M	44.22M	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	8.60M	-603.63M	-404.13M	-99.81M	-6.73M	195.43M	129.00M	485.15M	116.28M	129.05M	184.96M	153.95M	171.82M	235.39M	45.29M	-5.79M	50.99M	-18.80M	14.35M	13.48M	9.90M	6.47M	4.40M	2.18M	-1.51M	-0.97M	-2.17M	-2.85M	0.00M	0.00M	0.00M
Other Non-Cash Items	-169.55M	351.41M	300.60M	174.94M	120.60M	34.63M	-36.77M	7.58M	-158.54M	-76.00M	-113.29M	-80.42M	-45.27M	-45.22M	-49.53M	-27.72M	-17.48M	-21.41M	-45.86M	-16.21M	-14.58M	1.40M	4.17M	5.83M	6.31M	0.57M	1.23M	1.20M	-1.32M	-0.79M	0.08M
Net Cash from Operating Activities	376.37M	388.88M	522.34M	492.18M	532.54M	482.98M	433.30M	454.15M	37.74M	429.59M	216.89M	-81.04M	-46.10M	131.98M	-111.08M	-56.89M	124.13M	-53.20M	-35.98M	-4.33M	22.86M	34.44M	8.53M	15.40M	8.07M	6.79M	1.34M	1.84M	1.57M	-0.18M	-0.03M
Capital Expenditures (PPE)	-18.00M	-31.22M	-35.27M	-68.21M	-98.10M	-106.44M	-87.31M	-83.66M	-79.33M	-62.87M	-41.49M	-54.91M	-50.34M	-55.24M	-46.42M	-46.11M	-36.38M	-34.19M	-23.80M	-17.61M	-12.85M	-10.44M	-9.95M	-7.99M	-8.47M	-6.37M	-3.04M	-3.33M	-2.77M	-1.64M	-0.66M
Acquisitions (Net)	7.23M	8.15M	10.08M	-0.98M	-53.99M	-135.16M	-174.01M	-139.98M	-179.99M	-113.34M	-42.40M	-18.69M	-24.86M	-4.25M	-19.00M	-18.72M	-18.42M	-18.32M	-10.01M	-1.29M	0.10M	0.69M	0.42M	0.23M	0.22M	0.16M	0.11M	0.07M	0.03M	0.00M	0.00M
Purchases of Investments	-69.43M	-54.48M	-29.14M	-130.78M	-251.58M	-314.04M	-313.68M	-301.45M	-330.27M	-186.70M	-64.07M	-78.94M	-28.69M	-18.14M	-34.02M	-13.43M	-15.50M	-9.46M	-11.14M	-11.95M	-6.28M	-4.21M	-3.91M	-2.65M	-3.00M	-3.79M	-2.59M	-2.55M	-1.98M	-0.23M	0.00M
Sales / Maturities of Investments	16.26M	41.74M	43.67M	104.40M	204.30M	158.54M	178.53M	135.60M	133.52M	79.82M	67.52M	55.27M	18.70M	17.59M	12.77M	7.84M	8.47M	6.35M	6.28M	5.54M	4.70M	2.66M	2.59M	2.85M	4.90M	1.83M	1.50M	1.65M	3.49M	0.04M	0.00M
Other Investing Activities	11.11M	19.06M	92.80M	29.25M	-148.87M	-0.27M	-68.24M	-189.67M	-150.26M	-22.59M	-31.03M	-64.18M	-22.57M	-0.60M	-16.80M	-1.91M	-0.21M	3.74M	-15.38M	-2.24M	-6.38M	-2.46M	0.69M	-1.46M	-1.29M	-0.16M	-0.61M	-1.23M	0.20M	0.00M	0.01M
Net Cash from Investing Activities	-111.07M	-50.76M	35.16M	-111.72M	-656.99M	-490.09M	-656.31M	-744.87M	-709.52M	-444.22M	-199.63M	-215.61M	-191.56M	-104.76M	-126.56M	-115.39M	-104.87M	-100.53M	-86.36M	-44.89M	-26.00M	-20.38M	-8.40M	-12.85M	-11.86M	-9.62M	-4.24M	-6.08M	-5.69M	-7.61M	-0.91M
Net Debt Issuance	-42.11M	-154.76M	-314.36M	-398.60M	5.57M	646.68M	661.14M	880.44M	1,075.85M	398.27M	238.46M	442.73M	424.92M	201.71M	241.79M	269.10M	139.67M	134.82M	149.98M	55.01M	15.13M	16.72M	11.00M	4.33M	9.01M	7.14M	5.92M	3.72M	86.02M	0.08M	1.10M
Long-Term Debt Issuance	-31.61M	-158.72M	-291.68M	-392.15M	43.44M	649.73M	646.29M	886.12M	1,052.33M	400.60M	216.46M	446.41M	426.23M	210.04M	231.15M	265.53M	138.19M	122.56M	135.95M	53.66M	20.20M	16.31M	12.38M	4.03M	8.90M	5.80M	5.74M	3.51M	86.02M	0.08M	1.10M
Short-Term Debt Issuance	-13.70M	0.00M	-1.58M	-3.46M	-7.14M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.52M	0.24M	0.06M	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 Stock Issuance	0.00M	0.00M	0.00M	-0.39M	-1.61M	2.84M	0.48M	0.89M	0.72M	0.12M	1.41M	0.97M	1.14M	0.63M	0.18M	0.68M	16.43M	0.78M	6.79M	7.30M	0.05M	0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.71M	8.47M	0.15M
Common Stock Issuance	0.00M	0.00M	0.00M	0.42M	5.16M	8.49M	9.92M	8.15M	3.69M	0.81M	16.69M	4.54M	1.58M	0.89M	1.77M	0.74M	22.07M	1.03M	14.83M	5.44M	0.06M	0.39M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.71M	8.47M	0.35M
Common Stock Repurchased	0.00M	0.00M	-0.02M	-1.76M	-6.79M	-0.30M	0.00M	-0.53M	0.00M	-0.64M	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
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	-77.23M	-93.90M	-94.84M	-92.44M	-221.79M	-240.61M	-218.35M	-289.77M	-249.71M	-210.94M	-182.30M	-165.63M	-120.18M	-74.08M	-68.74M	-45.20M	-32.65M	-37.31M	-29.28M	-17.84M	-17.00M	-10.15M	-7.11M	-5.94M	-6.12M	-4.07M	-3.07M	-2.86M	-1.69M	-0.08M	-0.13M
Common Dividends Paid	-76.20M	-93.66M	-94.23M	-159.73M	-288.68M	-328.94M	-290.37M	-277.97M	-228.47M	-182.72M	-164.37M	-151.19M	-112.70M	-64.56M	-60.52M	-38.11M	-27.44M	-35.83M	-26.58M	-18.45M	-16.94M	-9.46M	-7.27M	-6.16M	-7.02M	-4.41M	-3.07M	-3.36M	-1.69M	-0.08M	-0.13M
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	-214.04M	-93.43M	-195.89M	-177.04M	19.85M	150.97M	116.34M	211.00M	121.17M	120.45M	44.64M	95.38M	33.53M	1.08M	7.42M	1.54M	-8.71M	8.13M	25.22M	9.33M	2.21M	1.06M	0.58M	1.34M	5.13M	2.72M	2.78M	4.14M	3.19M	-0.65M	-0.01M
Net Cash from Financing Activities	-376.48M	-410.79M	-644.39M	-795.33M	-306.22M	468.11M	476.88M	730.18M	1,171.80M	396.58M	170.29M	486.45M	355.07M	136.77M	230.47M	262.18M	158.82M	153.58M	216.14M	88.52M	16.89M	14.02M	3.61M	3.54M	8.54M	8.36M	10.87M	6.78M	47.72M	6.85M	1.54M
Effect of FX on Cash	-3.99M	-2.56M	-0.06M	-0.17M	-0.44M	-8.64M	3.02M	4.68M	-1.72M	0.53M	-0.80M	-0.20M	1.41M	-0.05M	2.34M	0.41M	-0.01M	0.32M	0.15M	0.12M	-0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Change in Cash	-168.46M	-91.03M	-185.36M	-588.16M	-365.82M	483.96M	267.96M	367.25M	307.53M	448.59M	176.39M	72.06M	155.50M	131.98M	-25.09M	80.35M	182.54M	-7.40M	52.51M	22.94M	11.12M	16.84M	0.28M	4.19M	3.69M	3.07M	5.95M	0.63M	-0.77M	0.67M	0.26M
Cash at Beginning of Period	1,004.70M	1,259.98M	1,408.12M	2,151.20M	3,078.57M	2,624.56M	2,360.13M	1,935.55M	1,559.53M	1,147.28M	914.77M	813.42M	685.31M	508.40M	489.17M	394.08M	204.86M	207.53M	139.28M	101.99M	79.11M	50.49M	47.61M	36.28M	28.24M	22.51M	12.51M	9.47M	22.01M	1.59M	0.48M
Cash at End of Period	1,271.64M	1,269.66M	1,252.73M	1,498.60M	2,297.49M	2,975.30M	2,663.55M	2,360.37M	1,954.55M	1,505.95M	1,142.45M	922.49M	794.76M	695.05M	467.41M	449.53M	395.51M	199.61M	200.71M	130.73M	103.79M	63.84M	43.79M	45.59M	35.28M	26.47M	18.63M	11.86M	23.47M	1.70M	0.75M
Operating Cash Flow	380.03M	387.06M	520.79M	437.41M	539.85M	462.07M	433.30M	454.15M	37.74M	429.59M	216.50M	-81.04M	-46.10M	131.98M	-111.08M	-56.65M	124.13M	-53.20M	-33.09M	-4.33M	22.86M	34.57M	8.53M	15.40M	8.07M	6.79M	1.34M	1.84M	1.57M	-0.18M	-0.03M
Capital Expenditure	-28.75M	-37.55M	-40.70M	-68.31M	-98.10M	-104.92M	-87.31M	-83.67M	-79.33M	-62.87M	-41.49M	-55.51M	-48.19M	-55.50M	-46.42M	-46.02M	-36.35M	-34.12M	-23.80M	-17.61M	-12.85M	-10.41M	-10.07M	-7.99M	-8.47M	-6.37M	-3.04M	-3.33M	-2.83M	-1.64M	-0.66M
Free Cash Flow	257.25M	277.26M	336.82M	290.26M	394.36M	274.12M	273.96M	290.90M	-78.76M	378.90M	172.32M	-203.29M	-126.58M	38.52M	-194.42M	-110.14M	74.24M	-113.24M	-69.10M	-36.44M	0.39M	18.60M	-6.67M	3.53M	-2.83M	-3.31M	-2.61M	-2.12M	-4.95M	-0.76M	-1.25M

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	297.79M	146.98M	299.78M	354.00M	814.18M	1,076.21M	1,171.91M	929.34M	834.41M	618.42M	493.47M	525.64M	483.76M	427.09M	434.78M	352.18M	253.21M	156.28M	161.67M	101.09M	66.76M	44.35M	30.12M	24.14M	15.80M	15.93M	10.40M	9.86M	6.72M	6.37M	5.18M
(-) Tax Adjustment	-297.07M	-109.75M	599.55M	446.01M	323.19M	382.98M	416.48M	295.77M	255.90M	188.55M	135.48M	139.23M	127.53M	109.84M	116.54M	88.90M	70.01M	46.72M	32.16M	20.09M	17.64M	12.17M	8.70M	7.27M	3.85M	3.33M	2.16M	2.11M	1.13M	1.18M	0.94M
(-) Change In Working Capital	619.82M	186.31M	258.32M	491.75M	-269.06M	-357.86M	-633.91M	-612.66M	-478.39M	55.89M	-65.23M	-384.30M	-268.05M	-85.73M	-295.71M	-236.29M	-10.87M	-146.13M	-67.16M	-35.62M	-8.43M	-3.39M	-5.65M	-3.46M	-5.89M	-4.08M	-6.08M	-5.96M	0.00M	0.00M	0.00M
(-) Capital Expenditure	28.75M	37.55M	40.70M	68.31M	98.10M	104.92M	87.31M	83.67M	79.33M	62.87M	41.49M	55.51M	48.19M	55.50M	46.42M	46.02M	36.35M	34.12M	23.80M	17.61M	12.85M	10.41M	10.07M	7.99M	8.47M	6.37M	3.04M	3.33M	2.83M	1.64M	0.66M
Unlevered Free Cash Flow	-53.71M	32.87M	-598.80M	-652.06M	661.95M	946.16M	1,302.03M	1,162.56M	977.56M	311.11M	381.72M	715.20M	576.09M	347.49M	567.53M	453.55M	157.72M	221.57M	172.88M	99.01M	44.69M	25.16M	17.00M	12.34M	9.38M	10.31M	11.29M	10.38M	2.76M	3.55M	3.58M
(-) Net Interest Income After Taxes	-272.97M	-270.84M	134.95M	27.04M	-46.34M	-34.98M	-46.15M	-45.17M	-37.32M	-30.35M	-25.04M	-26.78M	-23.38M	-19.54M	-16.45M	-13.69M	-12.38M	-9.69M	-8.15M	-4.27M	-3.10M	-2.37M	-1.46M	-2.32M	-1.81M	-1.80M	-1.49M	-1.32M	-0.94M	-0.77M	-0.61M
Net Debt Issuance	-42.11M	-154.76M	-314.36M	-398.60M	5.57M	646.68M	661.14M	880.44M	1,075.85M	398.27M	238.46M	442.73M	424.92M	201.71M	241.79M	269.10M	139.67M	134.82M	149.98M	55.01M	15.13M	16.72M	11.00M	4.33M	9.01M	7.14M	5.92M	3.72M	86.02M	0.08M	1.10M
Levered Free Cash Flow	177.15M	148.96M	-1,048.10M	-1,077.71M	713.86M	1,627.83M	2,009.32M	2,088.17M	2,090.74M	739.74M	645.22M	1,184.72M	1,024.39M	568.75M	825.78M	736.35M	309.77M	366.08M	331.00M	158.28M	62.92M	44.25M	29.46M	18.99M	20.20M	19.25M	18.70M	15.42M	89.73M	4.40M	5.28M