Engineering & Construction

Category: Industry Averages Base Ticker: 0830.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	21.63	22.10	17.69	14.35	16.35	12.14	13.76	12.29	14.27	14.75	12.32	11.95	13.12	11.94	10.89	13.52	13.16	11.20	21.34	13.09	10.48	8.13	4.19	2.31	2.54	2.83	2.99	4.13	3.20	2.54	1.18
Market Capitalization	5,815.81M	4,286.96M	3,495.93M	3,057.41M	3,263.70M	2,432.11M	2,435.67M	2,211.41M	2,594.48M	2,426.48M	2,193.41M	2,092.30M	1,998.59M	1,925.05M	1,639.44M	1,615.11M	1,309.18M	1,161.02M	1,930.64M	1,286.74M	834.54M	551.29M	335.44M	250.63M	266.11M	322.10M	277.71M	289.04M	211.83M	205.91M	141.71M
(-) Cash & Equivalents	1,176.87M	1,293.77M	1,185.38M	1,113.37M	923.20M	993.69M	819.34M	730.59M	705.08M	665.13M	625.76M	535.89M	506.21M	470.34M	442.88M	425.22M	426.11M	367.61M	326.40M	178.88M	164.70M	92.29M	44.16M	33.01M	21.14M	20.18M	18.34M	20.46M	13.50M	8.54M	7.20M
(+) Total Debt	2,896.73M	2,248.14M	2,144.38M	2,100.05M	1,761.49M	1,882.75M	1,700.68M	1,345.17M	1,216.72M	1,126.11M	1,099.75M	1,076.17M	1,074.84M	844.08M	660.02M	620.75M	606.48M	706.06M	396.71M	266.05M	245.48M	161.19M	58.34M	46.63M	32.28M	44.53M	32.28M	27.93M	22.36M	21.25M	23.55M
Enterprise Value	8,347.49M	5,664.31M	4,561.44M	4,185.08M	4,225.12M	3,265.78M	3,205.17M	2,673.50M	3,137.61M	2,916.57M	2,715.85M	2,760.46M	2,532.65M	2,288.94M	1,852.72M	1,905.61M	1,657.50M	1,506.06M	2,109.91M	1,320.31M	1,083.44M	607.73M	358.16M	269.69M	264.41M	325.02M	310.00M	307.93M	223.33M	212.18M	159.79M

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	9,027.041M	7,935.805M	7,858.691M	7,060.528M	6,467.256M	5,689.070M	5,836.748M	5,627.802M	4,878.236M	4,658.382M	4,652.064M	4,592.619M	4,312.720M	4,108.642M	3,660.224M	3,211.772M	2,938.632M	3,108.371M	2,746.569M	1,831.692M	1,546.406M	1,266.811M	684.722M	517.344M	384.639M	375.155M	329.628M	295.952M	228.369M	180.163M	140.349M
Cost of Revenue	7,559.715M	6,564.393M	6,495.563M	6,017.488M	5,224.594M	4,927.390M	4,978.060M	4,622.616M	4,122.332M	4,056.268M	3,858.185M	3,708.507M	3,599.360M	3,344.119M	2,761.115M	2,415.632M	2,424.093M	2,379.986M	1,885.870M	1,290.946M	1,040.697M	830.901M	515.768M	420.038M	237.918M	252.151M	217.161M	128.324M	71.204M	55.700M	51.753M
Gross Profit	1,467.327M	1,371.412M	1,363.127M	1,043.040M	1,242.662M	761.679M	858.688M	1,005.186M	755.903M	602.115M	793.879M	884.113M	713.360M	764.524M	899.108M	796.139M	514.539M	728.385M	860.700M	540.746M	505.709M	435.910M	168.955M	97.305M	146.722M	123.003M	112.467M	167.628M	157.165M	124.463M	88.596M
Gross Margin	16.25%	17.28%	17.35%	14.77%	19.21%	13.39%	14.71%	17.86%	15.50%	12.93%	17.07%	19.25%	16.54%	18.61%	24.56%	24.79%	17.51%	23.43%	31.34%	29.52%	32.70%	34.41%	24.67%	18.81%	38.15%	32.79%	34.12%	56.64%	68.82%	69.08%	63.13%
R&D Expenses	56.181M	45.521M	46.002M	38.596M	34.754M	25.373M	21.337M	17.355M	15.409M	14.470M	6.876M	10.875M	11.671M	10.300M	0.955M	0.582M	0.166M	0.021M	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	413.695M	308.639M	353.261M	316.161M	339.478M	312.270M	324.905M	315.824M	280.237M	281.553M	279.262M	272.552M	228.815M	200.075M	118.042M	148.144M	123.963M	160.043M	113.705M	70.475M	58.702M	59.951M	53.610M	48.550M	22.749M	19.106M	16.140M	11.263M	8.778M	7.043M	5.976M
Operating Expenses	469.877M	354.160M	399.263M	354.757M	374.232M	337.643M	346.242M	333.179M	295.646M	296.023M	286.138M	283.428M	240.485M	210.375M	118.997M	148.725M	124.129M	160.064M	113.705M	70.475M	58.702M	59.951M	53.610M	48.550M	22.749M	19.106M	16.140M	11.263M	8.778M	7.043M	5.976M
Operating Income	997.450M	1,017.252M	963.865M	688.283M	868.430M	424.036M	512.447M	672.007M	460.257M	306.092M	507.740M	600.685M	472.874M	554.149M	780.112M	647.414M	390.410M	568.321M	746.994M	470.271M	447.008M	375.960M	115.345M	48.755M	123.973M	103.897M	96.328M	156.365M	148.387M	117.420M	82.620M
Operating Margin	11.05%	12.82%	12.26%	9.75%	13.43%	7.45%	8.78%	11.94%	9.43%	6.57%	10.91%	13.08%	10.96%	13.49%	21.31%	20.16%	13.29%	18.28%	27.20%	25.67%	28.91%	29.68%	16.85%	9.42%	32.23%	27.69%	29.22%	52.83%	64.98%	65.17%	58.87%
Interest Income	43.140M	52.258M	38.925M	28.662M	17.277M	21.641M	19.436M	16.384M	16.425M	15.258M	16.810M	17.524M	16.301M	18.766M	15.266M	13.108M	11.713M	15.805M	12.266M	3.641M	2.454M	1.430M	0.169M	0.236M	0.311M	0.470M	0.054M	0.156M	0.117M	0.082M	0.097M
Interest Expense	106.334M	100.869M	86.586M	85.487M	77.364M	57.765M	65.978M	59.748M	53.625M	51.048M	58.918M	58.587M	49.571M	42.968M	38.409M	32.272M	33.451M	33.771M	23.274M	13.796M	12.040M	8.519M	2.956M	2.159M	1.482M	1.648M	0.744M	1.546M	0.726M	1.121M	0.996M
Net Interest Income	-63.194M	-48.611M	-47.661M	-56.824M	-60.087M	-36.124M	-46.542M	-43.363M	-37.200M	-35.790M	-42.108M	-41.063M	-33.270M	-24.202M	-23.143M	-19.164M	-21.738M	-17.967M	-11.007M	-10.154M	-9.586M	-7.089M	-2.786M	-1.923M	-1.171M	-1.178M	-0.690M	-1.390M	-0.609M	-1.039M	-0.900M
Other Income / Expense	-499.245M	-576.014M	-568.754M	-307.077M	-530.097M	-164.473M	-216.314M	-364.070M	-216.381M	-104.380M	-261.988M	-363.136M	-299.206M	-366.345M	-595.697M	-474.931M	-236.167M	-415.179M	-589.264M	-365.349M	-373.615M	-331.611M	-93.720M	-33.206M	-110.751M	-92.011M	-81.878M	-144.106M	-139.577M	-111.026M	-77.035M
Pre-Tax Income	435.011M	392.627M	347.449M	324.382M	278.245M	223.438M	249.590M	264.574M	206.676M	165.922M	203.644M	196.487M	140.398M	163.602M	161.272M	153.318M	132.505M	135.175M	146.724M	94.768M	63.806M	37.259M	18.839M	13.627M	12.051M	10.708M	13.760M	10.869M	8.201M	5.355M	4.686M
Pre-Tax Margin	4.82%	4.95%	4.42%	4.59%	4.30%	3.93%	4.28%	4.70%	4.24%	3.56%	4.38%	4.28%	3.26%	3.98%	4.41%	4.77%	4.51%	4.35%	5.34%	5.17%	4.13%	2.94%	2.75%	2.63%	3.13%	2.85%	4.17%	3.67%	3.59%	2.97%	3.34%
Income Tax Expense	104.249M	93.327M	87.370M	78.299M	70.038M	55.651M	69.360M	62.516M	46.532M	48.811M	51.673M	57.397M	46.191M	44.843M	40.526M	40.589M	36.329M	40.072M	35.654M	27.067M	16.662M	9.729M	3.898M	3.407M	3.058M	2.486M	3.559M	3.167M	2.140M	1.414M	1.031M
Tax Rate	23.96%	23.77%	25.15%	24.14%	25.17%	24.91%	27.79%	23.63%	22.51%	29.42%	25.37%	29.21%	32.90%	27.41%	25.13%	26.47%	27.42%	29.64%	24.30%	28.56%	26.11%	26.11%	20.69%	25.00%	25.37%	23.22%	25.87%	29.14%	26.09%	26.40%	22.00%
Net Income	330.762M	299.300M	260.079M	246.083M	208.208M	167.787M	180.230M	202.058M	160.144M	117.111M	151.971M	139.090M	94.207M	118.759M	120.746M	112.729M	96.176M	95.104M	111.070M	67.701M	47.144M	27.530M	14.940M	10.220M	8.993M	8.222M	10.200M	7.702M	6.062M	3.941M	3.655M
Net Margin	3.66%	3.77%	3.31%	3.49%	3.22%	2.95%	3.09%	3.59%	3.28%	2.51%	3.27%	3.03%	2.18%	2.89%	3.30%	3.51%	3.27%	3.06%	4.04%	3.70%	3.05%	2.17%	2.18%	1.98%	2.34%	2.19%	3.09%	2.60%	2.65%	2.19%	2.60%
EBIT	997.450M	1,017.252M	963.865M	688.283M	868.430M	424.036M	512.447M	672.007M	460.257M	306.092M	507.740M	600.685M	472.874M	554.149M	780.112M	647.414M	390.410M	568.321M	746.994M	470.271M	447.008M	375.960M	115.345M	48.755M	123.973M	103.897M	96.328M	156.365M	148.387M	117.420M	82.620M
Depreciation & Amortization	151.940M	172.307M	161.657M	146.060M	137.015M	126.700M	127.612M	103.546M	97.506M	90.385M	86.850M	83.678M	76.033M	70.814M	61.677M	62.481M	56.664M	51.922M	37.887M	27.011M	23.356M	20.246M	9.058M	6.731M	6.390M	5.246M	5.205M	4.399M	2.300M	2.306M	0.935M
EBITDA	1,149.390M	1,189.559M	1,125.522M	834.343M	1,005.445M	550.735M	640.059M	775.553M	557.763M	396.476M	594.591M	684.363M	548.908M	624.962M	841.789M	709.895M	447.075M	620.243M	784.881M	497.282M	470.363M	396.205M	124.402M	55.487M	130.363M	109.143M	101.533M	160.764M	150.688M	119.726M	83.555M
EBITDA Margin	12.73%	14.99%	14.32%	11.82%	15.55%	9.68%	10.97%	13.78%	11.43%	8.51%	12.78%	14.90%	12.73%	15.21%	23.00%	22.10%	15.21%	19.95%	28.58%	27.15%	30.42%	31.28%	18.17%	10.73%	33.89%	29.09%	30.80%	54.32%	65.98%	66.45%	59.53%
NOPAT	758.414M	775.453M	721.490M	522.146M	649.835M	318.422M	370.041M	513.219M	356.634M	216.046M	378.904M	425.216M	317.300M	402.257M	584.076M	476.018M	283.370M	399.848M	565.474M	335.953M	330.278M	277.791M	91.476M	36.565M	92.516M	79.774M	71.409M	110.807M	109.676M	86.422M	64.445M
NOPAT Margin	8.40%	9.77%	9.18%	7.40%	10.05%	5.60%	6.34%	9.12%	7.31%	4.64%	8.14%	9.26%	7.36%	9.79%	15.96%	14.82%	9.64%	12.86%	20.59%	18.34%	21.36%	21.93%	13.36%	7.07%	24.05%	21.26%	21.66%	37.44%	48.03%	47.97%	45.92%
Owner's Earnings	482.702M	471.608M	421.737M	392.142M	345.223M	294.487M	307.843M	305.604M	257.651M	207.496M	238.821M	222.768M	170.241M	189.572M	182.423M	175.210M	152.840M	147.025M	148.957M	94.711M	70.500M	47.776M	23.998M	16.951M	15.384M	13.468M	15.405M	12.102M	8.362M	6.247M	4.590M
Owner's Earnings Margin	5.35%	5.94%	5.37%	5.55%	5.34%	5.18%	5.27%	5.43%	5.28%	4.45%	5.13%	4.85%	3.95%	4.61%	4.98%	5.46%	5.20%	4.73%	5.42%	5.17%	4.56%	3.77%	3.50%	3.28%	4.00%	3.59%	4.67%	4.09%	3.66%	3.47%	3.27%
EPS	0.30	0.30	0.29	0.30	0.26	0.22	0.25	0.24	0.20	0.21	0.29	0.24	0.17	0.23	0.27	0.36	0.43	0.31	0.45	0.21	0.17	0.09	0.05	0.04	0.04	0.03	0.04	0.04	0.03	0.02	0.02
EPS (Diluted)	0.30	0.30	0.29	0.30	0.26	0.22	0.25	0.24	0.20	0.21	0.29	0.24	0.17	0.23	0.27	0.36	0.43	0.31	0.45	0.21	0.17	0.09	0.05	0.04	0.04	0.03	0.04	0.04	0.03	0.02	0.02
Shares (Diluted)	1,104,570,769	999,266,338	888,769,378	820,896,695	803,362,698	751,925,621	730,941,831	848,111,109	807,152,720	563,760,167	523,198,806	584,103,314	560,882,106	520,057,995	447,458,337	315,300,503	224,933,414	310,668,958	248,119,898	316,803,765	274,715,804	292,726,666	303,561,315	277,536,993	249,391,028	244,308,555	229,283,731	200,638,293	189,991,315	197,341,593	215,568,943

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	1,078.80M	1,293.77M	1,183.55M	1,112.30M	928.86M	989.93M	816.74M	727.41M	704.43M	669.91M	625.23M	535.09M	505.44M	467.70M	442.88M	425.22M	426.11M	367.61M	329.15M	182.19M	167.55M	93.86M	45.30M	33.01M	22.17M	20.18M	18.68M	20.79M	13.71M	10.04M	7.20M
Short-Term Investments	176.26M	234.68M	165.38M	177.66M	244.55M	144.86M	111.31M	152.43M	134.74M	110.60M	93.21M	96.23M	105.84M	97.54M	95.97M	102.62M	67.53M	48.61M	30.38M	39.73M	12.35M	13.45M	6.67M	4.77M	0.45M	0.99M	0.74M	1.23M	1.32M	3.03M	1.73M
Cash & Short-Term Investments	1,255.06M	1,528.45M	1,348.92M	1,289.96M	1,173.42M	1,134.79M	928.05M	879.84M	839.17M	780.51M	718.43M	631.32M	611.28M	565.23M	538.85M	527.84M	493.64M	416.22M	359.53M	221.93M	179.90M	107.31M	51.97M	37.77M	22.62M	21.17M	19.41M	22.02M	15.03M	13.07M	8.93M
Net Receivables	4,858.58M	4,032.43M	3,366.79M	3,229.38M	2,764.25M	2,254.02M	1,777.62M	1,725.49M	1,566.32M	1,548.36M	1,443.32M	1,315.07M	1,138.37M	1,075.44M	843.65M	528.81M	520.55M	560.37M	554.27M	358.36M	306.20M	174.71M	100.90M	68.60M	65.98M	66.66M	46.19M	40.20M	22.94M	22.15M	16.21M
Inventory	581.01M	581.24M	611.34M	590.24M	534.27M	472.88M	710.15M	549.03M	492.83M	452.73M	476.77M	454.57M	489.73M	482.12M	359.27M	298.86M	272.44M	287.00M	217.71M	162.68M	146.11M	83.89M	34.97M	22.64M	19.23M	18.97M	18.43M	17.58M	14.10M	14.26M	13.50M
Other Current Assets	285.30M	269.33M	508.54M	566.28M	463.32M	424.39M	466.09M	541.85M	562.45M	515.95M	424.64M	424.31M	340.90M	277.58M	306.74M	270.48M	181.66M	273.75M	218.27M	149.50M	97.55M	92.99M	61.52M	42.57M	26.84M	27.43M	25.21M	18.42M	12.67M	14.62M	13.14M
Total Current Assets	6,979.96M	6,411.45M	5,835.60M	5,675.86M	4,935.26M	4,286.08M	3,881.91M	3,696.21M	3,460.77M	3,297.55M	3,063.16M	2,825.27M	2,580.29M	2,400.38M	2,048.51M	1,625.99M	1,468.29M	1,537.34M	1,349.78M	892.47M	729.76M	458.90M	249.36M	171.58M	134.66M	134.23M	109.25M	98.21M	64.73M	64.10M	51.78M
Property, Plant & Equipment	765.94M	884.49M	886.98M	789.06M	698.59M	726.18M	675.02M	589.24M	585.75M	588.27M	536.26M	582.18M	523.29M	486.89M	431.77M	417.07M	449.08M	397.87M	329.50M	229.53M	209.33M	161.79M	95.64M	68.37M	46.16M	39.48M	41.56M	34.76M	28.63M	26.06M	23.06M
Goodwill	252.14M	331.15M	324.16M	304.61M	261.23M	266.98M	202.18M	197.11M	194.47M	202.93M	184.60M	154.40M	128.22M	137.07M	45.67M	53.62M	51.59M	55.24M	50.15M	33.23M	12.48M	6.66M	0.15M	0.08M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	403.17M	448.91M	349.15M	345.86M	258.26M	231.91M	215.46M	237.54M	251.44M	193.31M	193.79M	160.94M	161.11M	202.83M	168.10M	132.55M	122.68M	96.01M	69.20M	19.26M	35.13M	17.41M	16.75M	9.33M	6.45M	10.31M	5.84M	3.35M	2.05M	1.42M	0.62M
Long-Term Investments	1,325.04M	528.09M	798.23M	471.29M	365.12M	329.84M	318.69M	338.89M	387.09M	297.03M	208.52M	212.45M	162.27M	150.45M	102.62M	82.88M	87.23M	98.89M	71.12M	42.75M	32.18M	7.42M	1.90M	1.09M	0.10M	0.02M	0.22M	0.00M	0.00M	0.01M	0.07M
Tax Assets	125.13M	129.62M	105.84M	104.07M	111.59M	92.56M	90.82M	89.31M	91.75M	80.03M	81.48M	88.48M	68.38M	52.82M	52.94M	49.83M	40.20M	33.25M	22.21M	17.61M	12.82M	8.32M	0.95M	0.69M	0.44M	0.12M	0.45M	0.46M	0.23M	0.92M	0.48M
Other Non-Current Assets	327.26M	821.35M	436.28M	610.30M	640.54M	558.91M	494.60M	320.58M	263.28M	278.43M	270.11M	250.75M	234.80M	246.46M	256.38M	266.95M	184.74M	150.62M	113.59M	72.46M	67.10M	36.83M	14.49M	10.09M	5.37M	7.21M	5.86M	4.24M	3.78M	3.80M	3.04M
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	3,198.68M	3,143.61M	2,900.64M	2,625.19M	2,335.34M	2,206.39M	1,996.78M	1,772.67M	1,773.77M	1,640.01M	1,474.76M	1,449.20M	1,278.06M	1,276.51M	1,057.49M	1,002.91M	935.52M	831.88M	655.77M	414.85M	369.02M	238.43M	129.87M	89.65M	58.53M	57.14M	53.92M	42.81M	34.69M	32.21M	27.28M
Total Assets	10,178.64M	9,555.06M	8,736.24M	8,301.05M	7,270.60M	6,492.46M	5,878.69M	5,468.89M	5,234.54M	4,937.56M	4,537.92M	4,274.47M	3,858.35M	3,676.89M	3,106.00M	2,628.90M	2,403.81M	2,369.22M	2,005.55M	1,307.32M	1,098.79M	697.33M	379.24M	261.23M	193.19M	191.37M	163.17M	141.02M	99.42M	96.31M	79.06M
Accounts Payable	3,353.39M	2,951.59M	2,646.43M	2,047.52M	1,899.16M	1,517.40M	1,454.41M	1,250.42M	1,166.24M	1,103.60M	1,030.32M	929.56M	711.57M	755.99M	682.90M	545.13M	502.67M	554.38M	420.57M	305.04M	227.86M	172.83M	67.01M	51.71M	41.13M	35.50M	33.59M	28.91M	20.91M	22.99M	17.92M
Short-Term Debt	839.18M	573.66M	586.45M	562.60M	465.81M	453.81M	433.11M	412.60M	413.75M	338.09M	393.48M	378.27M	315.98M	277.06M	233.17M	205.94M	179.95M	205.72M	150.11M	90.86M	76.23M	47.15M	23.24M	11.78M	9.58M	11.13M	11.18M	9.41M	12.64M	10.57M	9.82M
Tax Payables	0.10M	81.79M	61.07M	89.31M	89.90M	84.76M	67.88M	62.20M	54.36M	52.26M	55.96M	53.84M	45.00M	41.62M	28.21M	25.92M	16.53M	21.74M	24.96M	15.42M	11.61M	8.60M	1.86M	1.37M	0.84M	1.12M	0.83M	0.84M	0.39M	0.47M	0.26M
Deferred Revenue	822.07M	87.52M	307.31M	660.12M	1,071.93M	950.49M	701.55M	203.25M	481.60M	432.93M	407.66M	296.65M	267.30M	286.08M	200.09M	204.07M	133.83M	154.98M	78.76M	48.41M	28.51M	20.72M	8.41M	9.93M	7.31M	4.14M	3.39M	3.56M	1.81M	1.60M	1.46M
Other Current Liabilities	926.86M	1,524.95M	1,324.71M	1,142.47M	937.83M	829.08M	865.36M	837.93M	689.14M	771.14M	720.53M	637.70M	740.74M	628.87M	526.10M	486.48M	414.32M	505.05M	399.52M	239.74M	208.85M	144.40M	62.64M	48.16M	31.11M	39.56M	25.58M	24.39M	15.92M	22.15M	14.85M
Total Current Liabilities	5,941.60M	5,219.51M	4,925.97M	4,502.02M	4,464.64M	3,835.55M	3,522.30M	2,766.41M	2,805.09M	2,698.02M	2,607.96M	2,296.02M	2,080.59M	1,989.63M	1,670.47M	1,467.54M	1,247.29M	1,441.87M	1,073.92M	699.46M	553.06M	393.71M	163.16M	122.94M	89.96M	91.45M	74.58M	67.11M	51.66M	57.77M	44.31M
Long-Term Debt	1,646.64M	1,336.54M	1,321.73M	1,387.40M	1,190.02M	1,189.08M	1,037.60M	853.55M	785.48M	711.27M	749.50M	652.81M	642.52M	572.50M	456.24M	403.01M	358.04M	378.89M	215.95M	146.14M	133.84M	88.89M	22.80M	16.78M	10.51M	21.16M	13.15M	9.62M	7.33M	6.91M	7.15M
Capital Lease Obligations	32.71M	163.03M	148.63M	127.71M	123.00M	120.04M	102.25M	9.82M	11.07M	12.88M	13.22M	10.62M	9.81M	4.44M	0.00M	0.00M	0.00M	0.00M	0.00M	0.01M	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	69.91M	97.93M	77.89M	73.13M	52.54M	54.37M	47.62M	47.73M	51.89M	58.11M	61.63M	49.97M	38.95M	35.25M	32.59M	29.19M	27.97M	24.08M	16.30M	13.69M	9.04M	5.59M	0.55M	0.66M	0.19M	0.06M	0.10M	0.20M	0.14M	0.06M	0.07M
Other Non-Current Liabilities	173.86M	182.84M	217.32M	192.18M	195.83M	205.33M	212.77M	218.79M	178.13M	202.87M	209.19M	196.07M	159.46M	113.50M	123.58M	115.06M	88.58M	84.72M	77.25M	48.86M	47.07M	27.91M	9.05M	6.86M	2.80M	1.96M	2.62M	3.46M	2.83M	2.41M	1.72M
Total Non-Current Liabilities	1,923.12M	1,780.35M	1,765.58M	1,780.42M	1,561.39M	1,568.82M	1,400.24M	1,129.89M	1,026.57M	985.14M	1,033.55M	909.47M	850.74M	725.68M	612.41M	547.26M	474.59M	487.68M	309.51M	208.69M	189.95M	122.39M	32.40M	24.30M	13.50M	23.18M	15.88M	13.27M	10.29M	9.37M	8.94M
Total Liabilities	7,864.72M	6,999.86M	6,691.54M	6,282.44M	6,026.03M	5,404.36M	4,922.54M	3,896.30M	3,831.66M	3,683.16M	3,641.51M	3,205.49M	2,931.33M	2,715.31M	2,282.87M	2,014.79M	1,721.88M	1,929.55M	1,383.43M	908.16M	743.01M	516.10M	195.56M	147.24M	103.46M	114.64M	90.45M	80.38M	61.96M	67.14M	53.26M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.02M	0.24M	0.09M	1.51M	0.77M	0.49M	0.93M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	263.02M	212.40M	194.67M	181.13M	182.13M	185.01M	172.61M	179.47M	176.69M	161.52M	149.59M	146.64M	143.58M	133.95M	114.23M	105.27M	95.70M	87.04M	69.11M	43.42M	38.14M	27.80M	18.53M	19.25M	15.95M	15.44M	13.99M	13.42M	10.04M	7.51M	7.92M
Retained Earnings	1,782.73M	1,570.43M	1,471.16M	1,309.69M	1,127.82M	965.71M	1,007.67M	919.00M	877.34M	797.48M	707.30M	567.77M	478.99M	503.37M	445.60M	392.97M	309.66M	234.26M	210.73M	121.33M	94.68M	53.19M	14.33M	13.69M	17.79M	17.35M	15.56M	11.30M	7.08M	5.36M	4.63M
Accumulated OCI	251.16M	118.44M	39.79M	169.87M	95.58M	64.55M	119.00M	85.18M	76.69M	49.41M	33.46M	1.88M	-9.49M	-13.13M	-6.00M	-11.67M	-0.04M	-0.03M	0.00M	0.00M	-0.04M	-0.34M	-0.03M	-0.06M	-0.39M	-0.89M	-1.11M	-4.19M	-4.43M	-2.77M	-2.75M
Minority Interest	144.32M	256.57M	298.07M	262.23M	189.24M	139.52M	128.13M	101.94M	95.26M	78.84M	73.06M	53.18M	46.40M	38.95M	34.62M	37.38M	37.55M	48.41M	22.34M	13.24M	10.57M	4.87M	3.02M	2.55M	1.19M	0.74M	0.70M	0.12M	0.09M	0.18M	0.02M
Total Shareholders’ Equity	2,296.91M	1,901.27M	1,705.62M	1,660.70M	1,405.53M	1,215.27M	1,299.30M	1,183.89M	1,130.81M	1,009.92M	891.11M	716.79M	614.01M	624.19M	553.84M	486.58M	405.32M	321.27M	279.84M	164.75M	132.77M	80.64M	32.83M	32.88M	33.34M	31.90M	28.44M	20.53M	12.69M	10.11M	9.80M
Total Equity	2,441.23M	2,157.85M	2,003.69M	1,922.93M	1,594.77M	1,354.80M	1,427.44M	1,285.83M	1,226.07M	1,088.77M	964.17M	769.97M	660.42M	663.14M	588.46M	523.96M	442.87M	369.68M	302.19M	177.99M	143.34M	85.51M	35.85M	35.44M	34.53M	32.63M	29.14M	20.65M	12.78M	10.29M	9.82M
Total Liabilities & Equity	10,305.94M	9,157.70M	8,695.23M	8,205.37M	7,620.79M	6,759.16M	6,349.98M	5,182.13M	5,057.73M	4,771.92M	4,605.68M	3,975.46M	3,591.75M	3,378.45M	2,871.33M	2,538.75M	2,164.75M	2,299.23M	1,685.62M	1,086.15M	886.35M	601.62M	231.41M	182.68M	137.99M	147.27M	119.60M	101.03M	74.74M	77.43M	63.08M
Tangible Assets	9,523.32M	8,775.01M	8,062.93M	7,650.58M	6,751.10M	5,993.57M	5,461.04M	5,034.23M	4,788.63M	4,541.32M	4,159.53M	3,959.14M	3,569.02M	3,336.99M	2,892.23M	2,442.73M	2,229.54M	2,217.96M	1,886.20M	1,254.83M	1,051.18M	673.26M	362.34M	251.82M	186.73M	181.06M	157.33M	137.67M	97.37M	94.89M	78.44M
Tangible Equity	1,785.91M	1,377.79M	1,330.38M	1,272.47M	1,075.27M	855.91M	1,009.79M	851.18M	780.17M	692.52M	585.78M	454.64M	371.09M	323.25M	374.69M	337.78M	268.60M	218.42M	182.83M	125.51M	95.73M	61.44M	18.95M	26.03M	28.08M	22.33M	23.30M	17.29M	10.73M	8.87M	9.20M
Tangible Book Value	1,785.91M	1,377.79M	1,330.38M	1,272.47M	1,075.27M	855.91M	1,009.79M	851.18M	780.17M	692.52M	585.78M	454.64M	371.09M	323.25M	374.69M	337.78M	268.60M	218.42M	182.83M	125.51M	95.73M	61.44M	18.95M	26.03M	28.08M	22.33M	23.30M	17.29M	10.73M	8.87M	9.20M
Total Investments	1,440.22M	700.03M	923.33M	579.45M	446.60M	429.05M	387.89M	438.67M	472.47M	384.69M	299.11M	262.06M	241.39M	210.19M	178.76M	173.30M	183.28M	183.03M	142.34M	77.79M	59.43M	35.04M	22.99M	9.61M	3.64M	3.52M	2.86M	2.42M	1.07M	0.63M	0.38M
Net Debt	1,407.02M	616.43M	724.63M	837.70M	726.97M	652.96M	653.97M	538.74M	494.80M	379.45M	517.76M	495.99M	453.06M	381.87M	246.53M	183.73M	111.88M	216.99M	36.92M	54.80M	42.52M	42.18M	0.74M	-4.44M	-2.09M	12.12M	5.66M	-1.76M	6.26M	7.44M	9.77M

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	1,174.32M	652.79M	483.83M	592.85M	811.02M	577.02M	567.34M	614.05M	536.60M	619.74M	551.85M	376.38M	522.85M	492.99M	555.98M	406.19M	389.24M	269.33M	349.72M	312.92M	212.71M	135.20M	82.76M	76.85M	62.24M	60.61M	62.38M	43.01M	45.36M	28.31M	19.56M
Total Capital	5,063.00M	4,991.97M	4,579.82M	4,443.29M	3,902.36M	3,769.15M	3,572.27M	3,121.21M	2,981.88M	2,702.05M	2,641.88M	2,480.98M	2,377.90M	2,024.38M	1,749.32M	1,635.39M	1,507.47M	1,495.41M	1,062.80M	668.91M	575.48M	405.93M	214.75M	191.15M	160.45M	139.24M	129.31M	105.65M	69.13M	63.74M	56.14M
Capital Employed	4,786.33M	5,062.98M	4,573.29M	4,562.74M	4,588.79M	3,929.35M	3,460.61M	3,299.07M	3,037.52M	2,900.82M	2,761.44M	2,421.19M	2,250.51M	2,067.13M	1,911.54M	1,804.48M	1,610.50M	1,529.82M	1,308.98M	905.05M	749.21M	493.63M	260.96M	230.55M	210.96M	171.96M	192.48M	158.05M	101.17M	88.93M	59.54M
Invested Capital	3,984.19M	3,698.19M	3,396.27M	3,330.99M	2,973.49M	2,779.22M	2,755.53M	2,393.80M	2,277.46M	2,032.14M	2,016.65M	1,945.89M	1,872.46M	1,556.68M	1,306.44M	1,210.17M	1,081.36M	1,127.79M	733.65M	486.72M	407.93M	312.07M	169.44M	158.14M	138.28M	119.06M	110.64M	84.86M	55.42M	53.70M	48.93M

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	79.36M	166.57M	164.13M	144.44M	137.49M	129.69M	126.54M	101.69M	98.52M	91.59M	85.41M	79.68M	74.85M	74.18M	61.30M	63.79M	54.95M	46.18M	37.75M	26.84M	23.00M	17.88M	8.42M	5.90M	7.04M	6.03M	4.98M	4.67M	3.49M	4.21M	3.50M
Deferred Income Tax	0.00M	0.00M	-2.35M	-9.64M	-13.47M	-9.81M	-13.49M	-1.94M	-3.92M	-3.99M	-2.39M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.15M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.02M	0.00M
Stock-Based Compensation	2.76M	3.53M	3.77M	3.21M	3.09M	2.18M	3.14M	1.85M	2.09M	2.26M	1.80M	1.21M	1.10M	0.25M	0.13M	0.19M	0.28M	0.31M	0.02M	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	-72.55M	-23.43M	-80.36M	-135.15M	-126.47M	-21.77M	-100.34M	-131.98M	-65.78M	6.15M	-28.40M	-100.93M	-89.03M	-91.27M	-81.83M	-48.50M	3.49M	-32.08M	20.69M	3.96M	0.16M	3.66M	-0.68M	-0.10M	-0.91M	-8.42M	-7.94M	-7.15M	-1.45M	1.02M	-1.67M
Accounts Receivable	-75.43M	-206.56M	-308.07M	-284.65M	-265.19M	-157.08M	-127.52M	-160.86M	-112.53M	-119.69M	-34.76M	-106.14M	-71.48M	-41.61M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-8.29M	2.50M	-3.76M	-29.13M	-13.97M	2.07M	-41.39M	-34.79M	-17.67M	-9.63M	-20.28M	-15.90M	-30.78M	-36.10M	-28.91M	-14.41M	-3.68M	-33.93M	-23.09M	-7.00M	-7.87M	-6.23M	-2.31M	-0.73M	-2.26M	-0.92M	-0.93M	-0.88M	0.03M	-1.02M	-0.58M
Accounts Payable	0.00M	138.34M	223.91M	184.61M	203.63M	71.13M	128.54M	92.74M	88.00M	78.05M	26.54M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	20.25M	100.35M	13.83M	24.80M	12.06M	36.91M	-1.67M	-32.84M	-13.40M	28.83M	-4.31M	-15.08M	-15.37M	-34.64M	-13.63M	-15.32M	1.76M	19.06M	46.68M	15.92M	13.22M	7.69M	1.18M	-0.13M	3.52M	-3.03M	-4.58M	-5.21M	-0.46M	0.97M	1.00M
Other Non-Cash Items	53.79M	64.63M	88.62M	41.78M	85.32M	76.35M	78.26M	53.99M	35.21M	31.15M	23.32M	28.57M	17.87M	15.40M	6.93M	8.01M	8.23M	24.40M	-26.54M	-1.37M	-5.69M	-4.15M	-0.18M	1.27M	1.51M	2.23M	1.86M	0.53M	0.11M	-1.00M	2.28M
Net Cash from Operating Activities	377.35M	476.88M	363.99M	252.32M	283.59M	352.39M	232.34M	225.96M	198.31M	225.24M	194.07M	150.86M	116.13M	109.66M	71.05M	137.60M	166.37M	118.71M	125.28M	83.30M	63.61M	40.97M	19.43M	18.89M	15.45M	8.07M	7.06M	5.30M	7.86M	7.51M	4.13M
Capital Expenditures (PPE)	-127.42M	-156.25M	-169.64M	-177.07M	-133.04M	-111.66M	-117.23M	-126.07M	-121.87M	-96.05M	-99.28M	-98.99M	-88.57M	-106.97M	-106.50M	-102.28M	-88.21M	-97.06M	-79.06M	-46.86M	-29.95M	-19.07M	-11.74M	-11.66M	-13.46M	-6.76M	-9.08M	-7.39M	-7.14M	-4.00M	-5.20M
Acquisitions (Net)	-10.05M	-17.97M	-5.19M	-16.81M	-0.64M	-14.24M	-8.96M	-7.73M	-3.99M	-4.84M	-8.29M	-20.82M	-12.83M	-16.55M	-12.04M	-14.12M	-0.55M	-11.19M	-9.13M	-4.33M	0.72M	0.86M	-0.59M	-0.78M	-0.36M	0.10M	0.12M	0.03M	0.00M	0.00M	0.00M
Purchases of Investments	-44.78M	-77.43M	-129.19M	-139.49M	-97.58M	-101.75M	-156.23M	-145.43M	-94.60M	-94.02M	-58.17M	-49.25M	-36.69M	-25.25M	-30.96M	-30.28M	-37.35M	-36.68M	-34.40M	-16.75M	-9.43M	-4.02M	-1.75M	-2.00M	-1.48M	-1.54M	-1.43M	-0.23M	0.00M	0.00M	-0.01M
Sales / Maturities of Investments	29.84M	76.72M	87.52M	77.68M	55.76M	100.72M	72.63M	93.77M	70.25M	44.15M	43.53M	36.07M	33.50M	26.10M	32.79M	38.88M	23.23M	27.03M	30.54M	10.46M	10.11M	2.24M	0.78M	1.43M	2.05M	1.25M	0.19M	0.14M	0.00M	0.00M	0.00M
Other Investing Activities	1.91M	13.86M	6.35M	27.74M	9.97M	12.45M	7.57M	11.20M	9.36M	13.14M	23.17M	19.54M	31.42M	16.85M	16.99M	10.93M	6.78M	2.99M	6.12M	8.65M	9.17M	2.78M	-0.11M	2.97M	-0.41M	-1.10M	-0.10M	-0.02M	-0.08M	0.37M	-0.14M
Net Cash from Investing Activities	-228.98M	-221.82M	-213.89M	-285.71M	-253.04M	-226.65M	-231.32M	-187.64M	-185.50M	-176.12M	-116.22M	-137.38M	-126.72M	-145.72M	-133.58M	-141.75M	-107.14M	-136.11M	-130.29M	-65.03M	-39.08M	-21.99M	-16.30M	-10.02M	-17.96M	-11.66M	-18.29M	-12.44M	-9.88M	-4.14M	-6.23M
Net Debt Issuance	91.28M	82.37M	80.93M	158.18M	45.72M	94.47M	84.10M	155.91M	67.51M	2.87M	23.76M	44.94M	60.20M	85.54M	79.38M	41.36M	6.51M	86.21M	47.25M	25.52M	8.93M	-1.25M	5.18M	1.45M	2.10M	4.43M	4.83M	3.41M	-0.02M	-1.78M	0.30M
Long-Term Debt Issuance	64.25M	125.40M	113.85M	142.46M	66.88M	141.80M	110.41M	156.94M	85.27M	9.71M	33.25M	59.69M	83.78M	102.31M	91.84M	72.69M	37.30M	75.37M	53.48M	27.63M	13.90M	2.53M	4.61M	1.79M	2.05M	4.43M	4.83M	3.69M	-0.01M	-1.78M	0.30M
Short-Term Debt Issuance	25.31M	0.00M	-1.21M	-3.98M	-6.66M	-2.03M	0.24M	-0.53M	-0.95M	-0.43M	0.00M	0.00M	0.00M	0.00M	-0.54M	-3.19M	-5.43M	0.05M	-1.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-10.12M	-15.90M	-3.63M	-15.21M	-5.20M	-2.23M	-0.92M	-3.29M	-1.76M	-1.27M	-1.74M	-0.58M	-0.11M	0.51M	-1.44M	-0.03M	0.91M	-2.34M	2.05M	1.86M	0.40M	0.38M	0.11M	0.04M	0.07M	0.10M	0.36M	0.30M	0.79M	0.25M	0.42M
Common Stock Issuance	0.00M	0.00M	0.08M	1.23M	2.90M	0.52M	1.19M	1.53M	0.91M	1.47M	2.22M	2.59M	3.69M	1.87M	0.48M	0.88M	2.40M	0.82M	3.85M	2.08M	1.47M	0.56M	0.28M	0.16M	0.29M	0.37M	0.56M	0.69M	1.06M	0.32M	0.68M
Common Stock Repurchased	-8.91M	-17.26M	-14.87M	-21.04M	-12.03M	-4.91M	-4.07M	-4.40M	-2.37M	-1.57M	-2.08M	-1.93M	-0.67M	-0.35M	-2.05M	-0.21M	-0.61M	-3.08M	-2.07M	-0.42M	-0.05M	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	-73.34M	-108.95M	-89.44M	-66.55M	-50.60M	-46.74M	-57.46M	-66.65M	-56.41M	-47.70M	-50.12M	-49.20M	-42.15M	-40.70M	-28.98M	-23.26M	-21.58M	-23.82M	-21.70M	-18.13M	-12.08M	-6.94M	-4.29M	-3.30M	-2.65M	-1.28M	-1.18M	-1.35M	-0.17M	0.00M	-0.13M
Common Dividends Paid	-73.34M	-108.95M	-99.33M	-86.94M	-75.84M	-69.55M	-67.32M	-66.87M	-55.45M	-44.64M	-46.28M	-41.82M	-33.97M	-32.44M	-29.19M	-19.67M	-19.56M	-25.06M	-24.93M	-15.41M	-11.87M	-6.86M	-4.01M	-3.43M	-2.65M	-1.57M	-1.18M	-1.58M	-0.38M	0.00M	-0.23M
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	-82.51M	-50.09M	-37.43M	26.61M	-2.18M	21.05M	14.73M	-15.95M	12.78M	-7.74M	-5.51M	-15.98M	-1.40M	-0.44M	-12.76M	-10.39M	-3.62M	5.35M	-0.54M	0.25M	1.13M	0.16M	-0.32M	-0.05M	1.23M	0.09M	0.45M	-0.02M	-0.12M	0.00M	-0.15M
Net Cash from Financing Activities	-97.84M	-110.84M	-48.97M	61.35M	7.29M	85.84M	51.59M	34.37M	-14.04M	-56.53M	-23.20M	-18.90M	50.43M	80.15M	29.79M	12.46M	-2.74M	44.24M	43.20M	19.05M	8.08M	-8.44M	4.40M	-0.58M	5.94M	12.28M	7.82M	7.95M	3.18M	-3.14M	1.14M
Effect of FX on Cash	2.12M	0.62M	2.99M	2.41M	0.06M	-5.83M	1.13M	1.98M	-5.22M	0.94M	1.88M	0.38M	-2.62M	0.01M	-1.14M	-0.70M	0.29M	-2.85M	0.01M	-0.01M	0.31M	-0.01M	-0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Change in Cash	129.45M	85.15M	55.04M	69.47M	0.82M	170.42M	65.85M	41.65M	5.79M	51.77M	89.68M	49.38M	28.33M	18.98M	19.14M	30.39M	79.08M	41.71M	56.43M	23.41M	22.78M	14.44M	4.85M	-0.50M	5.17M	2.57M	1.32M	5.42M	2.75M	1.74M	-0.06M
Cash at Beginning of Period	860.94M	1,135.40M	1,102.12M	928.00M	961.63M	798.53M	696.37M	678.48M	675.20M	630.52M	505.68M	504.06M	477.29M	458.64M	426.37M	429.99M	354.14M	312.04M	249.10M	157.07M	118.45M	61.40M	29.34M	26.68M	17.10M	19.73M	14.26M	11.06M	6.18M	7.45M	9.88M
Cash at End of Period	1,183.27M	1,232.78M	1,118.28M	1,052.36M	914.26M	978.33M	802.89M	711.96M	674.00M	661.70M	627.82M	528.71M	504.25M	478.05M	442.33M	427.18M	433.53M	331.80M	319.20M	176.95M	166.97M	83.28M	38.22M	26.48M	20.40M	20.93M	19.55M	19.74M	13.83M	16.35M	7.09M
Operating Cash Flow	372.49M	476.19M	363.11M	270.01M	284.57M	352.16M	232.34M	225.96M	198.31M	225.22M	194.07M	150.86M	116.13M	109.66M	71.05M	137.60M	166.34M	118.70M	125.28M	83.30M	63.61M	40.97M	17.73M	18.89M	15.45M	8.07M	7.06M	5.30M	7.86M	7.51M	4.13M
Capital Expenditure	-131.11M	-154.05M	-171.97M	-177.11M	-132.97M	-111.97M	-117.23M	-126.08M	-121.87M	-96.05M	-99.28M	-98.99M	-88.57M	-107.04M	-106.50M	-102.71M	-88.21M	-97.07M	-79.06M	-46.85M	-29.93M	-19.07M	-11.74M	-11.66M	-13.46M	-6.76M	-9.08M	-7.39M	-7.14M	-4.00M	-5.20M
Free Cash Flow	232.28M	224.75M	101.25M	50.07M	101.66M	151.34M	75.99M	32.67M	62.93M	114.42M	79.35M	34.97M	2.92M	-29.79M	-25.99M	33.90M	72.70M	12.66M	35.57M	28.18M	15.33M	12.68M	3.70M	5.60M	-0.94M	-3.51M	-8.33M	-4.30M	0.88M	4.18M	-0.43M

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	655.14M	628.32M	563.72M	491.85M	451.68M	388.69M	415.60M	373.59M	319.18M	290.69M	298.42M	299.01M	261.39M	268.33M	246.08M	258.45M	215.75M	224.29M	197.69M	133.81M	110.65M	75.16M	34.67M	26.20M	19.20M	22.22M	23.19M	18.27M	11.23M	9.37M	7.36M
(-) Tax Adjustment	157.00M	149.35M	141.75M	118.72M	113.69M	96.81M	115.49M	88.28M	71.86M	85.51M	75.72M	87.35M	86.00M	73.55M	61.84M	68.42M	59.15M	66.49M	48.04M	38.22M	28.90M	19.63M	7.18M	6.55M	4.87M	5.16M	6.00M	5.32M	2.93M	2.47M	1.62M
(-) Change In Working Capital	-72.55M	-23.43M	-80.36M	-135.15M	-126.47M	-21.77M	-100.34M	-131.98M	-65.78M	6.15M	-28.40M	-100.93M	-89.03M	-91.27M	-81.83M	-48.50M	3.49M	-32.08M	20.69M	3.96M	0.16M	3.66M	-0.68M	-0.10M	-0.91M	-8.42M	-7.94M	-7.15M	-1.45M	1.02M	-1.67M
(-) Capital Expenditure	131.11M	154.05M	171.97M	177.11M	132.97M	111.97M	117.23M	126.08M	121.87M	96.05M	99.28M	98.99M	88.57M	107.04M	106.50M	102.71M	88.21M	97.07M	79.06M	46.85M	29.93M	19.07M	11.74M	11.66M	13.46M	6.76M	9.08M	7.39M	7.14M	4.00M	5.20M
Unlevered Free Cash Flow	439.58M	348.35M	330.36M	331.17M	331.50M	201.68M	283.22M	291.22M	191.23M	102.97M	151.81M	213.60M	175.85M	179.00M	159.58M	135.82M	64.90M	92.82M	49.90M	44.79M	51.67M	32.80M	16.43M	8.10M	1.78M	18.73M	16.05M	12.72M	2.61M	1.88M	2.21M
(-) Net Interest Income After Taxes	-48.05M	-37.06M	-35.68M	-43.11M	-44.96M	-27.13M	-33.61M	-33.12M	-28.82M	-25.26M	-31.42M	-29.07M	-22.32M	-17.57M	-17.33M	-14.09M	-15.78M	-12.64M	-8.33M	-7.25M	-7.08M	-5.24M	-2.21M	-1.44M	-0.87M	-0.90M	-0.51M	-0.99M	-0.45M	-0.76M	-0.70M
Net Debt Issuance	91.28M	82.37M	80.93M	158.18M	45.72M	94.47M	84.10M	155.91M	67.51M	2.87M	23.76M	44.94M	60.20M	85.54M	79.38M	41.36M	6.51M	86.21M	47.25M	25.52M	8.93M	-1.25M	5.18M	1.45M	2.10M	4.43M	4.83M	3.41M	-0.02M	-1.78M	0.30M
Levered Free Cash Flow	578.91M	467.78M	446.96M	532.45M	422.18M	323.28M	400.92M	480.25M	287.56M	131.10M	206.99M	287.61M	258.38M	282.11M	256.28M	191.27M	87.19M	191.67M	105.48M	77.56M	67.68M	36.80M	23.82M	10.99M	4.76M	24.06M	21.40M	17.12M	3.04M	0.86M	3.21M