Independent Power Producers

Category: Industry Averages Base Ticker: 0836.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	3.29	2.38	1.98	2.00	2.01	1.48	1.17	1.10	1.37	1.20	1.08	1.59	1.44	1.63	0.95	1.01	0.94	0.91	1.42	0.94	2.28	1.11	1.10	0.58	0.50	0.48	0.40	0.87	1.18	0.59	0.38
Market Capitalization	4,159.80M	3,468.88M	2,630.95M	2,090.45M	2,374.86M	1,249.20M	1,473.02M	1,387.52M	1,326.72M	1,184.66M	1,303.90M	1,381.06M	1,187.55M	1,251.18M	1,296.94M	1,433.32M	951.31M	1,581.25M	1,808.33M	873.96M	1,922.36M	2,685.41M	721.79M	1,920.50M	1,012.88M	579.18M	352.30M	900.05M	919.79M	812.54M	430.54M
(-) Cash & Equivalents	386.67M	255.85M	229.80M	240.28M	171.30M	137.91M	140.41M	137.70M	158.56M	89.63M	103.07M	129.41M	166.02M	112.64M	117.46M	98.51M	59.27M	56.33M	59.61M	50.45M	47.51M	66.51M	78.91M	68.18M	20.84M	5.93M	19.73M	27.96M	16.97M	7.21M	2.59M
(+) Total Debt	3,361.43M	1,737.84M	1,636.04M	1,699.64M	1,578.08M	1,146.98M	1,199.99M	1,171.41M	1,213.21M	1,186.29M	1,136.66M	1,219.60M	1,416.79M	930.04M	908.03M	671.14M	493.79M	487.69M	490.13M	244.45M	391.11M	389.70M	345.12M	331.76M	33.03M	21.72M	27.45M	320.61M	351.75M	36.73M	24.63M
Enterprise Value	8,159.51M	4,984.09M	4,436.74M	3,614.58M	3,760.09M	2,758.04M	2,806.49M	2,518.69M	2,713.47M	2,513.73M	2,596.06M	2,810.17M	3,608.32M	2,030.01M	1,930.11M	1,825.71M	1,480.54M	2,335.73M	2,849.36M	1,056.98M	2,717.29M	3,229.20M	977.87M	2,049.18M	1,016.78M	565.27M	365.10M	1,186.43M	1,255.11M	827.96M	450.79M

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	2,206.272M	1,552.761M	1,431.090M	1,063.796M	1,034.440M	829.491M	924.534M	758.171M	752.017M	819.782M	793.053M	934.699M	935.664M	736.361M	738.423M	585.443M	417.272M	469.335M	406.859M	346.498M	356.208M	233.408M	200.806M	150.361M	103.876M	95.057M	75.447M	268.195M	228.383M	178.095M	32.780M
Cost of Revenue	1,351.107M	1,024.243M	1,116.939M	735.701M	788.448M	621.592M	645.077M	563.773M	561.599M	559.020M	529.963M	602.656M	596.935M	526.251M	436.432M	385.115M	272.923M	266.146M	255.727M	229.939M	212.061M	131.456M	111.060M	94.593M	65.487M	56.992M	56.452M	80.952M	77.758M	22.851M	24.145M
Gross Profit	855.165M	528.518M	314.151M	328.095M	245.991M	207.899M	279.457M	194.398M	190.419M	260.762M	263.091M	332.042M	338.730M	210.110M	301.991M	200.328M	144.349M	203.188M	151.132M	116.559M	144.146M	101.952M	89.747M	55.768M	38.389M	38.065M	18.995M	187.242M	150.625M	155.245M	8.635M
Gross Margin	38.76%	34.04%	21.95%	30.84%	23.78%	25.06%	30.23%	25.64%	25.32%	31.81%	33.17%	35.52%	36.20%	28.53%	40.90%	34.22%	34.59%	43.29%	37.15%	33.64%	40.47%	43.68%	44.69%	37.09%	36.96%	40.04%	25.18%	69.82%	65.95%	87.17%	26.34%
R&D Expenses	0.554M	0.241M	0.828M	0.455M	0.275M	0.332M	0.026M	0.005M	0.018M	0.016M	0.020M	0.239M	0.070M	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	61.999M	39.873M	43.499M	42.363M	37.858M	32.360M	37.167M	39.893M	33.755M	36.898M	29.579M	33.251M	35.830M	21.126M	13.485M	17.192M	10.013M	8.369M	15.210M	10.824M	14.713M	10.929M	9.271M	9.399M	3.849M	3.769M	3.497M	3.388M	1.889M	1.809M	0.993M
Operating Expenses	62.553M	40.114M	44.327M	42.818M	38.133M	32.692M	37.193M	39.898M	33.772M	36.914M	29.599M	33.490M	35.900M	21.126M	13.485M	17.192M	10.013M	8.369M	15.210M	10.824M	14.713M	10.929M	9.271M	9.399M	3.849M	3.769M	3.497M	3.388M	1.889M	1.809M	0.993M
Operating Income	792.612M	488.404M	269.824M	285.277M	207.858M	175.207M	242.264M	154.500M	156.646M	223.849M	233.491M	298.553M	302.830M	188.985M	288.507M	183.136M	134.336M	194.819M	135.922M	105.735M	129.433M	91.023M	80.476M	46.369M	34.540M	34.296M	15.498M	183.854M	148.736M	153.436M	7.642M
Operating Margin	35.93%	31.45%	18.85%	26.82%	20.09%	21.12%	26.20%	20.38%	20.83%	27.31%	29.44%	31.94%	32.37%	25.66%	39.07%	31.28%	32.19%	41.51%	33.41%	30.52%	36.34%	39.00%	40.08%	30.84%	33.25%	36.08%	20.54%	68.55%	65.13%	86.15%	23.31%
Interest Income	9.318M	10.170M	11.120M	8.154M	7.489M	6.055M	7.305M	7.120M	4.943M	5.047M	6.056M	7.698M	5.848M	6.300M	2.903M	0.835M	0.995M	0.858M	1.985M	1.213M	1.308M	1.295M	0.524M	0.713M	0.803M	0.502M	0.000M	4.066M	0.000M	0.000M	0.000M
Interest Expense	136.322M	93.194M	105.563M	80.863M	61.156M	75.736M	66.606M	68.223M	65.422M	63.957M	59.768M	62.452M	61.830M	46.679M	34.268M	28.393M	15.750M	25.008M	26.813M	14.594M	17.929M	14.520M	7.496M	21.150M	3.267M	3.430M	3.723M	18.154M	1.085M	1.912M	1.365M
Net Interest Income	-127.004M	-83.024M	-94.443M	-72.709M	-53.667M	-69.681M	-59.301M	-61.102M	-60.478M	-58.910M	-53.712M	-54.754M	-55.982M	-40.379M	-31.365M	-27.558M	-14.755M	-24.150M	-24.828M	-13.381M	-16.622M	-13.226M	-6.972M	-20.437M	-2.464M	-2.928M	-3.723M	-14.089M	-1.085M	-1.912M	-1.365M
Other Income / Expense	-320.180M	-140.588M	39.178M	-106.950M	-78.783M	3.422M	-89.706M	10.577M	-2.351M	-73.423M	-122.683M	-159.121M	-159.705M	-63.430M	-149.672M	-70.575M	-46.402M	-137.503M	-28.272M	-21.601M	-21.889M	-3.224M	17.515M	31.829M	-12.494M	-9.506M	-0.709M	-96.271M	-88.622M	-143.949M	1.301M
Pre-Tax Income	345.428M	264.792M	214.559M	105.618M	75.407M	108.948M	93.256M	103.975M	93.817M	91.515M	57.096M	84.678M	87.144M	85.177M	107.469M	85.002M	73.179M	33.166M	82.822M	70.753M	90.923M	74.573M	91.019M	57.762M	19.582M	21.862M	11.067M	73.494M	59.028M	7.574M	7.578M
Pre-Tax Margin	15.66%	17.05%	14.99%	9.93%	7.29%	13.13%	10.09%	13.71%	12.48%	11.16%	7.20%	9.06%	9.31%	11.57%	14.55%	14.52%	17.54%	7.07%	20.36%	20.42%	25.53%	31.95%	45.33%	38.42%	18.85%	23.00%	14.67%	27.40%	25.85%	4.25%	23.12%
Income Tax Expense	63.357M	36.273M	29.733M	21.991M	13.895M	20.463M	14.003M	11.702M	17.077M	15.262M	17.391M	21.288M	21.839M	18.169M	22.775M	14.182M	13.787M	5.919M	12.554M	11.990M	8.479M	10.884M	7.262M	8.940M	3.739M	4.105M	2.391M	31.436M	11.523M	1.322M	1.184M
Tax Rate	18.34%	13.70%	13.86%	20.82%	18.43%	18.78%	15.02%	11.25%	18.20%	16.68%	30.46%	25.14%	25.06%	21.33%	21.19%	16.68%	18.84%	17.85%	15.16%	16.95%	9.33%	14.59%	7.98%	15.48%	19.09%	18.78%	21.61%	35.00%	19.52%	17.45%	15.63%
Net Income	282.072M	228.519M	184.826M	83.627M	61.512M	88.485M	79.253M	92.273M	76.740M	76.253M	39.705M	63.390M	65.305M	67.008M	84.695M	70.820M	59.392M	27.247M	70.269M	58.763M	82.444M	63.690M	83.757M	48.821M	15.843M	17.757M	8.676M	42.058M	47.506M	6.253M	6.394M
Net Margin	12.78%	14.72%	12.92%	7.86%	5.95%	10.67%	8.57%	12.17%	10.20%	9.30%	5.01%	6.78%	6.98%	9.10%	11.47%	12.10%	14.23%	5.81%	17.27%	16.96%	23.14%	27.29%	41.71%	32.47%	15.25%	18.68%	11.50%	15.68%	20.80%	3.51%	19.51%
EBIT	792.612M	488.404M	269.824M	285.277M	207.858M	175.207M	242.264M	154.500M	156.646M	223.849M	233.491M	298.553M	302.830M	188.985M	288.507M	183.136M	134.336M	194.819M	135.922M	105.735M	129.433M	91.023M	80.476M	46.369M	34.540M	34.296M	15.498M	183.854M	148.736M	153.436M	7.642M
Depreciation & Amortization	125.949M	134.841M	120.703M	126.872M	123.898M	108.780M	106.490M	85.584M	80.503M	80.853M	81.258M	87.483M	93.047M	70.541M	57.862M	50.931M	41.115M	36.336M	39.475M	28.503M	33.870M	29.657M	28.518M	23.954M	12.301M	6.581M	9.398M	46.398M	34.787M	1.004M	0.617M
EBITDA	918.561M	623.244M	390.528M	412.149M	331.756M	283.987M	348.754M	240.084M	237.149M	304.702M	314.750M	386.036M	395.877M	259.526M	346.369M	234.067M	175.452M	231.155M	175.398M	134.238M	163.303M	120.680M	108.994M	70.323M	46.841M	40.877M	24.897M	230.252M	183.522M	154.439M	8.260M
EBITDA Margin	41.63%	40.14%	27.29%	38.74%	32.07%	34.24%	37.72%	31.67%	31.54%	37.17%	39.69%	41.30%	42.31%	35.24%	46.91%	39.98%	42.05%	49.25%	43.11%	38.74%	45.84%	51.70%	54.28%	46.77%	45.09%	43.00%	33.00%	85.85%	80.36%	86.72%	25.20%
NOPAT	647.235M	421.499M	232.433M	225.878M	169.556M	142.298M	205.886M	137.112M	128.133M	186.517M	162.371M	223.496M	226.938M	148.673M	227.367M	152.580M	109.027M	160.051M	115.320M	87.817M	117.363M	77.739M	74.055M	39.192M	27.945M	27.856M	12.149M	119.505M	119.702M	126.657M	6.448M
NOPAT Margin	29.34%	27.15%	16.24%	21.23%	16.39%	17.15%	22.27%	18.08%	17.04%	22.75%	20.47%	23.91%	24.25%	20.19%	30.79%	26.06%	26.13%	34.10%	28.34%	25.34%	32.95%	33.31%	36.88%	26.07%	26.90%	29.30%	16.10%	44.56%	52.41%	71.12%	19.67%
Owner's Earnings	408.020M	363.360M	305.529M	210.499M	185.410M	197.265M	185.743M	177.857M	157.242M	157.107M	120.963M	150.873M	158.352M	137.549M	142.557M	121.751M	100.507M	63.583M	109.744M	87.266M	116.313M	93.346M	112.275M	72.775M	28.144M	24.339M	18.074M	88.456M	82.293M	7.256M	7.011M
Owner's Earnings Margin	18.49%	23.40%	21.35%	19.79%	17.92%	23.78%	20.09%	23.46%	20.91%	19.16%	15.25%	16.14%	16.92%	18.68%	19.31%	20.80%	24.09%	13.55%	26.97%	25.19%	32.65%	39.99%	55.91%	48.40%	27.09%	25.60%	23.96%	32.98%	36.03%	4.07%	21.39%
EPS	0.10	0.10	0.08	0.04	0.03	0.04	0.04	0.04	0.04	0.04	0.02	0.03	0.03	0.03	0.03	0.03	0.03	0.01	0.03	0.02	0.02	0.04	0.05	0.01	0.01	0.01	0.01	0.03	0.03	0.00	0.00
EPS (Diluted)	0.10	0.10	0.08	0.04	0.03	0.04	0.04	0.04	0.04	0.04	0.02	0.03	0.03	0.03	0.03	0.03	0.03	0.01	0.03	0.02	0.02	0.04	0.05	0.01	0.01	0.01	0.01	0.03	0.03	0.00	0.00
Shares (Diluted)	2,915,519,374	2,348,276,632	2,224,486,574	2,184,690,786	2,254,413,062	2,275,357,918	2,146,142,115	2,158,263,386	2,088,310,720	2,003,672,531	2,050,547,355	1,873,367,469	2,118,863,482	1,965,001,126	2,524,320,073	2,444,531,726	1,754,702,800	2,479,305,121	2,368,150,977	3,207,842,766	4,474,232,300	1,533,599,465	1,754,560,088	3,572,052,275	1,812,301,723	1,803,967,996	1,523,256,650	1,367,849,558	1,363,404,558	1,488,883,827	1,900,532,350

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	383.29M	255.86M	229.80M	252.32M	171.30M	137.91M	140.41M	137.70M	158.56M	107.07M	108.50M	137.84M	166.02M	112.64M	117.46M	98.51M	59.27M	66.75M	61.35M	52.14M	49.23M	91.94M	78.91M	68.18M	37.78M	37.81M	21.90M	27.96M	16.97M	8.09M	2.59M
Short-Term Investments	187.09M	75.50M	99.11M	38.73M	46.47M	41.20M	54.85M	12.92M	16.09M	18.32M	21.08M	18.82M	13.21M	26.32M	59.06M	13.59M	23.29M	46.68M	42.41M	5.94M	7.35M	25.45M	58.40M	41.25M	0.61M	0.17M	0.00M	0.00M	0.00M	0.00M	0.04M
Cash & Short-Term Investments	570.38M	331.37M	328.91M	291.05M	217.77M	179.12M	195.26M	150.62M	174.65M	125.39M	129.57M	156.66M	179.23M	138.96M	176.51M	112.10M	82.56M	113.43M	103.76M	58.08M	56.57M	117.39M	137.31M	109.42M	38.39M	37.98M	21.90M	27.96M	16.97M	8.09M	2.64M
Net Receivables	552.32M	347.99M	345.50M	292.65M	259.67M	236.76M	189.70M	151.15M	164.67M	183.67M	161.80M	171.44M	148.56M	135.79M	107.16M	90.35M	45.36M	82.02M	45.12M	39.79M	32.90M	37.24M	30.86M	34.89M	18.02M	8.84M	4.94M	42.66M	56.00M	12.14M	9.48M
Inventory	152.30M	86.19M	71.97M	56.99M	62.77M	62.84M	49.54M	45.72M	46.18M	46.37M	53.89M	50.09M	58.64M	55.51M	48.25M	27.00M	20.67M	29.77M	22.85M	19.76M	17.17M	14.22M	9.14M	7.66M	11.21M	10.69M	8.94M	11.55M	12.85M	10.40M	12.36M
Other Current Assets	109.66M	59.60M	73.63M	73.40M	85.52M	48.13M	52.68M	57.76M	74.93M	64.52M	45.32M	78.49M	47.71M	58.26M	14.92M	20.29M	10.49M	19.54M	12.02M	4.61M	27.79M	28.00M	28.76M	17.14M	11.36M	22.23M	14.25M	48.45M	19.19M	23.65M	21.20M
Total Current Assets	1,384.65M	825.15M	820.01M	714.09M	625.74M	526.84M	487.17M	405.24M	460.42M	419.95M	390.59M	456.68M	434.13M	388.51M	346.84M	249.74M	159.08M	244.76M	183.74M	122.23M	134.43M	196.85M	206.07M	169.10M	78.99M	79.74M	50.02M	130.63M	105.02M	54.29M	45.68M
Property, Plant & Equipment	5,025.08M	2,068.53M	2,185.21M	1,697.19M	1,677.05M	1,667.00M	1,645.60M	1,577.84M	1,609.77M	1,680.21M	1,770.80M	1,811.30M	1,942.01M	1,537.96M	1,191.70M	974.03M	842.33M	896.10M	677.40M	447.73M	633.85M	607.33M	476.89M	441.77M	145.78M	141.09M	135.97M	669.04M	692.04M	93.92M	52.85M
Goodwill	20.63M	18.64M	28.32M	20.19M	23.30M	19.20M	17.58M	13.36M	15.43M	19.76M	12.31M	12.12M	9.60M	5.56M	1.83M	6.09M	1.82M	10.70M	1.43M	0.16M	2.97M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	233.79M	95.87M	84.85M	86.20M	76.64M	68.93M	56.52M	45.89M	42.57M	56.33M	48.95M	55.18M	47.36M	59.74M	39.70M	35.13M	15.71M	10.86M	13.75M	9.18M	7.91M	7.53M	3.90M	6.09M	3.17M	3.38M	3.56M	3.55M	1.14M	1.49M	1.36M
Long-Term Investments	922.22M	637.40M	580.52M	548.72M	486.27M	399.53M	428.34M	228.01M	264.65M	214.57M	241.66M	238.92M	234.09M	151.27M	26.93M	48.04M	38.71M	50.04M	18.46M	9.59M	18.36M	37.18M	4.12M	5.53M	5.85M	0.00M	0.00M	0.00M	0.00M	0.00M	0.10M
Tax Assets	23.90M	11.98M	34.59M	13.41M	27.04M	28.81M	14.64M	24.47M	25.12M	15.55M	8.39M	10.35M	9.85M	14.15M	6.28M	4.70M	2.23M	4.28M	1.29M	0.72M	1.00M	0.00M	0.00M	0.39M	1.15M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	350.14M	249.25M	149.92M	74.88M	76.61M	105.82M	85.25M	81.59M	82.82M	89.49M	114.23M	105.79M	112.17M	62.59M	71.91M	62.63M	49.24M	88.08M	55.91M	22.42M	26.30M	42.61M	24.30M	14.83M	9.36M	13.93M	13.27M	19.55M	20.26M	16.19M	5.79M
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	6,575.76M	3,081.67M	3,063.42M	2,440.58M	2,366.90M	2,289.30M	2,247.93M	1,971.16M	2,040.37M	2,075.91M	2,196.34M	2,233.65M	2,355.08M	1,831.27M	1,338.35M	1,130.60M	950.04M	1,060.05M	768.24M	489.81M	690.39M	694.65M	509.22M	468.61M	165.32M	158.40M	152.80M	692.13M	713.44M	111.61M	60.10M
Total Assets	7,960.41M	3,906.82M	3,883.44M	3,154.67M	2,992.64M	2,816.14M	2,735.10M	2,376.40M	2,500.79M	2,495.86M	2,586.93M	2,690.33M	2,789.21M	2,219.79M	1,685.20M	1,380.35M	1,109.12M	1,304.81M	951.98M	612.04M	824.83M	891.50M	715.29M	637.71M	244.31M	238.14M	202.82M	822.76M	818.46M	165.89M	105.78M
Accounts Payable	268.87M	135.00M	135.32M	143.39M	144.02M	136.29M	132.99M	128.18M	116.34M	160.16M	126.89M	140.51M	140.11M	106.08M	78.20M	74.32M	73.43M	60.48M	40.46M	35.17M	54.63M	40.84M	28.62M	20.50M	15.62M	9.99M	8.70M	11.57M	51.96M	10.96M	9.64M
Short-Term Debt	679.53M	289.83M	308.88M	293.59M	288.28M	241.81M	268.40M	247.14M	211.26M	209.96M	276.36M	253.56M	318.15M	218.77M	150.44M	111.22M	66.00M	132.18M	131.29M	87.14M	76.56M	88.66M	90.02M	46.05M	21.36M	17.72M	17.24M	40.19M	50.13M	14.48M	13.85M
Tax Payables	0.14M	10.96M	14.49M	18.12M	13.95M	14.88M	11.17M	9.33M	9.04M	8.43M	7.87M	6.31M	6.21M	6.30M	2.97M	3.35M	2.68M	5.26M	4.81M	3.95M	7.28M	7.50M	3.61M	5.35M	3.22M	4.19M	3.82M	2.01M	0.89M	1.03M	0.45M
Deferred Revenue	8.82M	0.02M	1.91M	15.23M	67.13M	49.45M	41.83M	26.69M	40.23M	39.56M	32.44M	28.85M	18.39M	24.07M	22.96M	11.70M	8.07M	6.67M	12.65M	11.29M	12.49M	18.13M	15.94M	17.31M	13.35M	8.49M	4.98M	7.85M	0.15M	0.54M	2.18M
Other Current Liabilities	254.69M	245.68M	166.40M	177.37M	174.76M	68.02M	82.06M	77.84M	96.57M	157.52M	85.61M	107.03M	86.32M	101.05M	86.66M	46.61M	32.30M	64.72M	30.19M	22.99M	17.51M	12.42M	11.19M	10.01M	2.70M	3.06M	8.03M	2.78M	0.54M	4.65M	2.93M
Total Current Liabilities	1,212.06M	681.49M	627.01M	647.69M	688.14M	510.44M	536.45M	489.18M	473.44M	575.63M	529.17M	536.26M	569.18M	456.27M	341.25M	247.21M	182.48M	269.32M	219.40M	160.54M	168.46M	167.55M	149.39M	99.22M	56.25M	43.45M	42.79M	64.39M	103.68M	31.66M	29.04M
Long-Term Debt	2,492.94M	1,348.04M	1,258.71M	1,224.46M	1,024.84M	906.57M	909.91M	829.82M	905.66M	1,009.20M	981.98M	1,128.54M	944.65M	883.11M	706.26M	541.58M	376.59M	461.73M	395.63M	202.96M	314.65M	326.03M	247.54M	269.50M	43.35M	25.56M	11.54M	266.42M	300.33M	31.50M	12.61M
Capital Lease Obligations	1.41M	17.78M	18.65M	8.72M	11.28M	17.13M	4.25M	0.09M	0.21M	0.43M	0.83M	0.38M	0.05M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.01M	0.02M	0.00M
Deferred Tax Liabilities	106.40M	55.51M	54.45M	40.47M	42.24M	43.32M	34.09M	29.42M	36.41M	44.07M	33.74M	29.56M	29.73M	26.28M	23.95M	19.25M	10.68M	9.47M	11.25M	5.08M	3.08M	0.07M	0.01M	0.04M	0.00M	0.04M	0.04M	0.51M	0.45M	0.19M	0.00M
Other Non-Current Liabilities	212.92M	106.01M	102.07M	74.09M	70.42M	53.03M	33.15M	46.45M	71.69M	62.85M	57.04M	86.58M	59.15M	43.66M	35.39M	14.55M	12.53M	18.94M	8.75M	1.72M	5.92M	1.41M	0.33M	0.77M	1.19M	0.98M	0.64M	4.06M	1.13M	1.00M	0.86M
Total Non-Current Liabilities	2,813.66M	1,527.34M	1,433.88M	1,347.74M	1,148.78M	1,020.06M	981.40M	905.79M	1,013.96M	1,116.55M	1,073.58M	1,245.06M	1,033.58M	953.04M	765.59M	575.38M	399.80M	490.14M	415.64M	209.75M	323.66M	327.51M	247.87M	270.31M	44.55M	26.58M	12.23M	270.99M	301.92M	32.71M	13.47M
Total Liabilities	4,025.72M	2,208.83M	2,060.89M	1,995.43M	1,836.93M	1,530.50M	1,517.85M	1,394.97M	1,487.40M	1,692.18M	1,602.75M	1,781.32M	1,602.76M	1,409.31M	1,106.84M	822.59M	582.27M	759.46M	635.04M	370.29M	492.12M	495.06M	397.26M	369.53M	100.80M	70.02M	55.01M	335.38M	405.60M	64.37M	42.51M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	516.73M	304.35M	314.06M	326.69M	325.04M	308.46M	301.99M	309.64M	348.91M	336.16M	296.18M	305.33M	253.23M	172.41M	150.51M	130.45M	118.59M	129.70M	106.52M	160.47M	160.00M	156.68M	115.49M	213.02M	72.29M	61.43M	52.59M	33.18M	20.04M	19.29M	16.11M
Retained Earnings	623.82M	462.19M	340.33M	232.10M	244.48M	220.88M	209.34M	231.64M	260.51M	197.14M	193.47M	205.29M	198.19M	136.72M	129.06M	88.35M	44.44M	34.42M	47.10M	73.36M	59.85M	85.61M	57.39M	47.10M	21.15M	17.44M	13.98M	109.89M	100.35M	5.04M	1.86M
Accumulated OCI	460.51M	79.60M	78.91M	119.56M	98.64M	62.16M	54.17M	27.30M	28.78M	62.55M	63.72M	11.95M	1.39M	-2.84M	-6.94M	-0.74M	-0.11M	-3.44M	-1.14M	-0.79M	-0.62M	0.07M	0.07M	0.83M	1.12M	0.57M	0.28M	15.35M	0.65M	0.25M	0.00M
Minority Interest	358.07M	143.15M	128.99M	104.90M	75.90M	55.03M	49.58M	41.84M	39.54M	71.40M	71.85M	85.15M	71.79M	49.17M	31.41M	21.33M	19.08M	19.44M	14.58M	14.85M	18.87M	30.34M	20.49M	26.90M	1.00M	0.66M	0.05M	0.41M	0.81M	0.78M	0.00M
Total Shareholders’ Equity	1,601.06M	846.15M	733.29M	678.35M	668.15M	591.50M	565.49M	568.59M	638.20M	595.85M	553.38M	522.56M	452.81M	306.29M	272.62M	218.06M	162.92M	160.67M	152.48M	233.04M	219.23M	242.36M	172.96M	260.95M	94.57M	79.44M	66.85M	158.42M	121.05M	24.58M	17.97M
Total Equity	1,959.13M	989.30M	862.28M	783.25M	744.05M	646.53M	615.08M	610.43M	677.74M	667.25M	625.22M	607.71M	524.60M	355.46M	304.04M	239.39M	182.00M	180.11M	167.05M	247.89M	238.10M	272.70M	193.44M	287.86M	95.57M	80.10M	66.89M	158.83M	121.86M	25.36M	17.97M
Total Liabilities & Equity	5,984.85M	3,198.13M	2,923.17M	2,778.68M	2,580.98M	2,177.03M	2,132.93M	2,005.40M	2,165.14M	2,359.43M	2,227.98M	2,389.03M	2,127.36M	1,764.77M	1,410.88M	1,061.98M	764.27M	939.57M	802.09M	618.18M	730.21M	767.76M	590.70M	657.39M	196.37M	150.12M	121.91M	494.21M	527.46M	89.73M	60.48M
Tangible Assets	7,705.99M	3,792.31M	3,770.26M	3,048.28M	2,892.71M	2,728.01M	2,661.00M	2,317.15M	2,442.79M	2,419.76M	2,525.67M	2,623.03M	2,732.25M	2,154.48M	1,643.66M	1,339.13M	1,091.59M	1,283.26M	936.79M	602.70M	813.95M	883.97M	711.39M	631.61M	241.13M	234.76M	199.26M	819.21M	817.33M	164.40M	104.42M
Tangible Equity	1,704.71M	874.79M	749.11M	676.86M	644.12M	558.40M	540.98M	551.18M	619.74M	591.15M	563.97M	540.41M	467.64M	290.16M	262.50M	198.17M	164.47M	158.55M	151.87M	238.55M	227.22M	265.17M	189.54M	281.76M	92.40M	76.71M	63.33M	155.28M	120.72M	23.87M	16.61M
Tangible Book Value	1,704.71M	874.79M	749.11M	676.86M	644.12M	558.40M	540.98M	551.18M	619.74M	591.15M	563.97M	540.41M	467.64M	290.16M	262.50M	198.17M	164.47M	158.55M	151.87M	238.55M	227.22M	265.17M	189.54M	281.76M	92.40M	76.71M	63.33M	155.28M	120.72M	23.87M	16.61M
Total Investments	1,016.37M	711.58M	655.21M	567.04M	497.53M	430.89M	446.57M	239.36M	278.97M	224.83M	256.60M	245.14M	244.20M	206.56M	136.52M	133.85M	113.48M	149.54M	95.65M	82.77M	80.82M	95.57M	40.96M	19.81M	16.16M	14.58M	12.21M	9.62M	0.00M	0.00M	0.10M
Net Debt	2,789.18M	1,382.01M	1,337.79M	1,265.73M	1,141.82M	1,010.47M	1,037.89M	939.27M	958.37M	1,112.10M	1,149.84M	1,244.26M	1,096.77M	989.23M	739.24M	554.28M	383.32M	527.16M	465.58M	237.96M	341.99M	322.76M	258.65M	247.37M	26.93M	5.47M	6.88M	278.65M	333.49M	37.89M	23.87M

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	-257.17M	137.30M	76.96M	18.89M	-25.48M	-58.18M	-193.97M	-84.19M	29.54M	-80.36M	-163.28M	-135.93M	-180.03M	-158.23M	48.92M	3.35M	-11.32M	39.40M	23.53M	-10.03M	-7.91M	43.73M	71.53M	74.74M	26.30M	31.00M	10.71M	1.09M	-37.52M	11.86M	8.09M
Total Capital	5,856.01M	3,453.21M	3,111.12M	2,983.12M	2,852.63M	2,308.96M	2,353.49M	2,261.39M	2,214.82M	2,235.72M	2,117.16M	2,352.68M	2,279.67M	1,708.01M	1,642.30M	1,325.80M	1,048.16M	1,220.19M	946.15M	588.40M	781.21M	882.36M	794.05M	744.24M	226.16M	211.76M	184.08M	654.93M	654.31M	132.38M	83.44M
Capital Employed	6,806.90M	4,187.79M	3,842.13M	3,563.98M	3,167.52M	2,838.87M	2,643.56M	2,600.11M	2,557.86M	2,326.63M	2,210.25M	2,350.75M	2,211.47M	1,840.64M	1,371.42M	1,216.79M	1,042.93M	1,166.58M	935.68M	586.60M	720.92M	828.74M	672.43M	616.23M	201.40M	186.96M	159.77M	748.99M	680.26M	123.07M	63.76M
Invested Capital	5,472.72M	3,197.34M	2,881.32M	2,730.79M	2,681.33M	2,171.05M	2,213.08M	2,123.69M	2,056.26M	2,128.65M	2,008.66M	2,214.84M	2,113.64M	1,595.37M	1,524.84M	1,227.28M	988.89M	1,153.44M	884.80M	536.26M	731.99M	790.43M	715.14M	676.06M	188.38M	173.96M	162.19M	626.98M	637.34M	124.28M	80.85M

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	16.23M	134.93M	122.80M	124.59M	121.99M	106.50M	98.74M	75.53M	78.46M	81.58M	85.96M	93.39M	92.36M	70.59M	55.87M	45.80M	27.19M	39.46M	40.69M	30.81M	35.09M	33.72M	34.43M	18.41M	13.42M	10.54M	10.36M	7.64M	37.32M	33.67M	46.67M
Deferred Income Tax	1.01M	0.00M	0.00M	0.02M	-0.02M	0.08M	-0.06M	0.00M	-0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.23M	0.00M	0.00M
Stock-Based Compensation	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	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	9.97M	0.85M	-21.62M	-5.39M	-5.95M	-1.40M	-17.32M	-6.72M	-5.61M	-11.81M	0.57M	2.14M	2.57M	-11.29M	-14.10M	-4.93M	-9.48M	-10.65M	-19.82M	-7.93M	-10.71M	-17.30M	-2.04M	-1.09M	0.99M	-2.78M	-19.76M	-2.18M	94.79M	-100.44M	-293.73M
Accounts Receivable	-2.81M	-6.59M	-11.25M	-13.62M	-18.29M	-10.39M	-16.26M	-15.55M	-13.91M	-11.36M	-1.95M	-3.20M	-7.48M	-3.22M	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	-49.66M	-80.04M
Inventory	-0.03M	-2.78M	-0.47M	-3.53M	-3.60M	-0.22M	-1.42M	-4.02M	-0.71M	-1.01M	0.87M	-0.90M	-1.87M	-2.71M	-5.33M	-2.74M	-0.36M	-2.13M	-1.53M	-2.81M	-4.93M	-3.72M	-0.75M	-0.03M	-0.60M	-1.18M	-0.85M	3.77M	4.02M	-9.41M	-0.83M
Accounts Payable	0.00M	5.89M	-2.23M	10.97M	15.34M	0.15M	-4.27M	6.63M	-1.16M	4.70M	-1.70M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	5.06M	0.53M	-3.62M	0.45M	-0.52M	9.82M	2.89M	4.25M	0.07M	-8.00M	2.81M	2.85M	10.55M	-5.44M	-7.78M	-0.55M	-4.93M	-3.95M	-12.46M	-4.98M	-4.11M	-11.49M	-2.20M	-2.88M	1.16M	-1.28M	3.04M	-6.96M	102.11M	-41.36M	-212.87M
Other Non-Cash Items	134.32M	62.51M	18.47M	55.80M	60.12M	55.93M	37.33M	33.44M	50.82M	62.55M	66.49M	26.45M	49.39M	26.03M	18.88M	11.66M	21.07M	22.27M	-0.06M	-4.88M	7.58M	20.69M	5.08M	3.17M	2.39M	0.94M	2.85M	17.26M	25.95M	0.71M	1.34M
Net Cash from Operating Activities	548.03M	302.47M	258.30M	227.74M	164.27M	221.97M	187.03M	173.90M	188.81M	152.49M	165.75M	159.43M	160.68M	98.55M	118.03M	106.10M	97.09M	94.92M	62.58M	67.92M	68.09M	84.54M	83.54M	28.86M	32.12M	12.92M	23.32M	71.23M	225.89M	-6.42M	-160.25M
Capital Expenditures (PPE)	-259.37M	-252.97M	-253.58M	-169.07M	-141.52M	-98.77M	-76.13M	-83.81M	-100.88M	-141.55M	-134.92M	-168.28M	-245.03M	-210.62M	-168.73M	-136.73M	-113.42M	-115.08M	-99.89M	-56.54M	-112.75M	-112.14M	-162.81M	-59.00M	-11.78M	-9.14M	-5.18M	-21.57M	-105.96M	-151.13M	-183.21M
Acquisitions (Net)	7.57M	-0.46M	1.10M	0.97M	-3.25M	-2.99M	-8.03M	-0.53M	-0.42M	0.58M	-4.32M	-3.07M	0.01M	-5.05M	-0.01M	-1.02M	-0.34M	2.13M	0.09M	0.07M	0.36M	0.12M	0.17M	-16.27M	0.02M	0.17M	0.00M	0.00M	-0.02M	0.00M	-0.03M
Purchases of Investments	-53.50M	-26.94M	-32.58M	-16.07M	-18.76M	-20.51M	-12.63M	-15.09M	-11.69M	-13.20M	-16.01M	-9.68M	-5.94M	-40.33M	-12.24M	-19.80M	-10.85M	-23.50M	-24.42M	-12.23M	-11.73M	-19.89M	-21.43M	-13.50M	-6.23M	-2.04M	-4.32M	0.00M	0.00M	-3.05M	-1.74M
Sales / Maturities of Investments	33.90M	25.79M	24.29M	19.27M	37.19M	31.44M	20.80M	9.61M	8.45M	12.32M	31.57M	25.39M	18.02M	16.70M	13.79M	12.51M	5.04M	20.64M	12.95M	2.72M	9.32M	6.77M	4.18M	3.86M	0.59M	5.45M	2.21M	27.25M	0.40M	0.10M	0.10M
Other Investing Activities	5.70M	9.20M	6.93M	13.53M	13.50M	0.89M	3.04M	-0.13M	-4.27M	8.40M	3.22M	10.53M	20.77M	11.08M	2.92M	5.09M	3.30M	1.57M	-10.89M	-1.15M	2.06M	9.72M	17.15M	1.89M	0.38M	-1.91M	0.46M	-1.16M	-6.62M	1.39M	-0.32M
Net Cash from Investing Activities	-282.71M	-227.75M	-241.48M	-172.38M	-172.75M	-155.14M	-134.69M	-100.50M	-140.99M	-175.27M	-189.14M	-192.28M	-157.29M	-251.19M	-232.06M	-220.74M	-163.62M	-132.59M	-169.61M	-60.61M	-44.74M	-139.66M	-160.41M	-45.40M	-20.51M	-8.52M	-8.35M	-16.56M	-109.98M	-152.68M	-185.20M
Net Debt Issuance	32.58M	35.57M	63.58M	84.94M	101.80M	-13.64M	-9.23M	-23.04M	33.08M	40.41M	39.73M	75.34M	52.34M	59.22M	127.29M	109.73M	64.25M	68.12M	43.26M	13.97M	45.33M	31.42M	120.56M	3.13M	0.81M	-8.57M	-2.44M	-1.04M	31.35M	132.91M	83.90M
Long-Term Debt Issuance	4.26M	43.02M	58.61M	69.96M	87.31M	-9.08M	-1.89M	-20.68M	65.13M	34.79M	26.61M	66.00M	54.45M	50.14M	126.15M	108.17M	63.73M	65.73M	42.57M	13.11M	45.68M	31.61M	120.56M	3.13M	0.81M	-8.57M	-2.44M	-1.04M	-3.25M	44.46M	7.59M
Short-Term Debt Issuance	12.75M	-0.08M	0.00M	-0.01M	-0.05M	-0.02M	-0.04M	0.00M	0.00M	-0.07M	0.48M	0.00M	-0.24M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.02M	0.27M	0.44M	1.00M	0.25M	10.13M	4.01M	0.40M	0.19M	0.04M	0.54M	0.77M	2.89M	0.24M	0.46M	31.94M	9.72M	12.48M	7.43M
Common Stock Issuance	0.00M	0.11M	0.00M	0.67M	0.49M	0.39M	0.13M	1.66M	0.19M	0.10M	0.21M	0.52M	0.04M	1.29M	1.17M	2.37M	1.40M	11.91M	9.05M	1.59M	0.33M	0.75M	2.27M	0.77M	2.89M	0.24M	0.46M	31.94M	9.72M	15.94M	7.43M
Common Stock Repurchased	0.00M	-0.02M	0.00M	-0.06M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-3.46M	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	-25.85M	-68.46M	-60.23M	-46.21M	-71.69M	-56.11M	-49.98M	-52.94M	-49.36M	-36.69M	-57.48M	-37.77M	-40.43M	-53.74M	-39.95M	-32.78M	-25.98M	-40.26M	-31.80M	-21.83M	-26.99M	-18.66M	-15.01M	-10.23M	-7.01M	-2.18M	-6.26M	-2.69M	0.00M	0.00M	0.00M
Common Dividends Paid	-24.05M	-68.46M	-60.60M	-46.52M	-73.60M	-57.98M	-54.16M	-50.71M	-39.89M	-34.61M	-44.26M	-37.24M	-32.50M	-40.74M	-37.22M	-28.51M	-24.80M	-29.29M	-29.67M	-16.44M	-26.61M	-16.26M	-15.01M	-10.23M	-7.01M	-2.18M	-6.26M	-2.72M	0.00M	0.00M	0.00M
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	-114.26M	-31.99M	-50.50M	-13.84M	-21.96M	-15.18M	-10.64M	-17.93M	-24.37M	-40.18M	-39.43M	-20.51M	-17.99M	1.37M	-4.37M	-6.53M	-4.84M	-1.05M	2.23M	0.33M	-7.04M	16.46M	8.74M	0.04M	0.02M	0.70M	7.15M	-0.07M	-0.93M	-1.38M	-0.25M
Net Cash from Financing Activities	-235.31M	-56.20M	-20.36M	-12.17M	27.73M	-72.69M	-66.02M	-98.75M	-41.57M	-54.27M	-46.04M	7.78M	5.30M	87.98M	90.62M	69.12M	73.99M	80.35M	63.46M	8.20M	13.85M	81.14M	185.11M	3.96M	2.44M	2.63M	-2.75M	-1.12M	42.33M	144.01M	86.84M
Effect of FX on Cash	-0.15M	0.12M	0.11M	0.11M	0.12M	0.02M	0.00M	0.10M	-0.13M	-0.04M	0.11M	-0.03M	0.05M	0.10M	0.01M	-0.01M	0.00M	0.16M	0.00M	-0.03M	0.02M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.02M	0.12M	0.00M
Net Change in Cash	32.68M	-4.71M	-12.44M	23.28M	30.26M	4.76M	-15.94M	5.01M	18.01M	-19.05M	-14.13M	26.09M	32.35M	-0.89M	-0.51M	28.59M	-2.22M	-0.69M	9.95M	7.42M	7.90M	-17.54M	41.30M	8.77M	9.77M	1.73M	10.62M	13.28M	-3.34M	-98.84M	-414.13M
Cash at Beginning of Period	211.38M	290.43M	282.01M	200.71M	147.86M	140.53M	183.29M	155.02M	88.41M	100.59M	139.83M	122.22M	108.40M	107.91M	97.64M	57.47M	37.19M	81.47M	50.34M	41.54M	61.48M	67.24M	63.82M	41.48M	37.80M	22.11M	9.39M	16.29M	61.12M	107.12M	414.91M
Cash at End of Period	564.32M	255.39M	280.07M	255.95M	195.91M	144.93M	140.86M	137.71M	159.34M	91.12M	111.04M	145.04M	128.38M	102.49M	102.95M	98.57M	50.46M	64.51M	54.80M	55.35M	48.21M	91.19M	140.71M	47.11M	37.78M	41.73M	21.85M	27.92M	10.81M	8.28M	0.78M
Operating Cash Flow	537.57M	302.47M	262.98M	227.60M	164.06M	221.97M	186.86M	173.90M	188.81M	152.49M	165.75M	159.43M	160.68M	98.55M	118.03M	106.10M	97.09M	94.92M	62.58M	67.92M	68.09M	84.54M	83.54M	28.86M	32.12M	12.92M	23.32M	71.23M	225.89M	-6.42M	-160.25M
Capital Expenditure	-261.06M	-261.89M	-266.24M	-168.97M	-142.66M	-98.79M	-83.81M	-87.09M	-118.75M	-145.48M	-144.45M	-173.89M	-244.77M	-210.71M	-168.82M	-136.89M	-113.51M	-115.07M	-99.59M	-56.46M	-112.69M	-112.14M	-162.81M	-59.00M	-11.78M	-9.14M	-5.18M	-21.57M	-105.96M	-151.13M	-183.21M
Free Cash Flow	178.61M	47.47M	23.09M	30.67M	53.36M	101.59M	78.88M	95.66M	72.01M	21.82M	42.36M	38.43M	-44.35M	-40.79M	-23.53M	-21.43M	-46.65M	-71.91M	-33.62M	-19.00M	-9.72M	-14.07M	-78.24M	10.40M	13.31M	4.34M	18.49M	6.71M	9.75M	-157.55M	-343.46M

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	557.25M	417.81M	363.77M	243.10M	213.96M	261.07M	224.66M	213.70M	231.94M	192.46M	166.04M	205.11M	240.20M	176.54M	185.36M	154.94M	115.55M	103.74M	121.98M	95.92M	127.33M	93.09M	121.91M	102.11M	36.37M	36.02M	18.97M	108.58M	78.80M	69.86M	7.39M
(-) Tax Adjustment	102.21M	57.23M	50.41M	50.62M	39.43M	49.04M	33.73M	24.05M	42.22M	32.10M	50.58M	51.57M	60.20M	37.66M	39.28M	25.85M	21.77M	18.51M	18.49M	16.25M	11.87M	13.59M	9.73M	15.80M	6.94M	6.76M	4.10M	46.44M	15.38M	12.19M	1.16M
(-) Change In Working Capital	9.97M	0.85M	-21.62M	-5.39M	-5.95M	-1.40M	-17.32M	-6.72M	-5.61M	-11.81M	0.57M	2.14M	2.57M	-11.29M	-14.10M	-4.93M	-9.48M	-10.65M	-19.82M	-7.93M	-10.71M	-17.30M	-2.04M	-1.09M	0.99M	-2.78M	-19.76M	-2.18M	94.79M	-100.44M	-293.73M
(-) Capital Expenditure	261.06M	261.89M	266.24M	168.97M	142.66M	98.79M	83.81M	87.09M	118.75M	145.48M	144.45M	173.89M	244.77M	210.71M	168.82M	136.89M	113.51M	115.07M	99.59M	56.46M	112.69M	112.14M	162.81M	59.00M	11.78M	9.14M	5.18M	21.57M	105.96M	151.13M	183.21M
Unlevered Free Cash Flow	184.02M	97.83M	68.74M	28.90M	37.82M	114.64M	124.43M	109.28M	76.58M	26.69M	-29.55M	-22.48M	-67.35M	-60.53M	-8.64M	-2.87M	-10.24M	-19.19M	23.72M	31.14M	13.48M	-15.33M	-48.59M	28.39M	16.65M	22.89M	29.44M	42.74M	-137.33M	6.98M	116.76M
(-) Net Interest Income After Taxes	-103.71M	-71.65M	-81.36M	-57.57M	-43.78M	-56.59M	-50.40M	-54.23M	-49.47M	-49.09M	-37.35M	-40.99M	-41.95M	-31.77M	-24.72M	-22.96M	-11.98M	-19.84M	-21.06M	-11.11M	-15.07M	-11.30M	-6.42M	-17.27M	-1.99M	-2.38M	-2.92M	-8.06M	-0.87M	-1.58M	-1.15M
Net Debt Issuance	32.58M	35.57M	63.58M	84.94M	101.80M	-13.64M	-9.23M	-23.04M	33.08M	40.41M	39.73M	75.34M	52.34M	59.22M	127.29M	109.73M	64.25M	68.12M	43.26M	13.97M	45.33M	31.42M	120.56M	3.13M	0.81M	-8.57M	-2.44M	-1.04M	31.35M	132.91M	83.90M
Levered Free Cash Flow	320.30M	205.05M	213.67M	171.41M	183.40M	157.60M	165.60M	140.46M	159.13M	116.19M	47.52M	93.86M	26.94M	30.45M	143.37M	129.82M	65.98M	68.77M	88.04M	56.23M	73.89M	27.38M	78.38M	48.79M	19.45M	16.70M	29.92M	49.76M	-105.11M	141.46M	201.82M