Renewable Utilities

Category: Industry Averages Base Ticker: 1713.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	4.10	5.45	5.92	6.97	9.03	7.78	4.69	3.56	3.74	3.74	3.27	3.31	4.35	3.30	3.56	4.08	4.35	4.73	6.92	5.62	5.04	4.15	4.95	3.50	4.10	2.92	2.77	2.08	1.47	0.79	0.73
Market Capitalization	4,584.15M	3,705.93M	3,129.39M	3,765.60M	3,971.89M	3,055.09M	2,407.08M	2,101.85M	2,273.94M	2,066.62M	1,678.58M	1,476.00M	1,129.28M	1,048.36M	955.26M	1,016.31M	1,210.12M	1,099.20M	1,545.07M	1,106.35M	959.25M	440.38M	486.31M	573.13M	628.45M	708.67M	581.33M	459.97M	490.91M	461.89M	311.87M
(-) Cash & Equivalents	708.92M	476.47M	422.27M	484.24M	346.30M	261.99M	242.26M	234.35M	225.11M	199.07M	181.21M	135.72M	111.16M	98.35M	79.28M	65.75M	77.37M	55.04M	53.74M	40.58M	35.29M	27.05M	22.91M	27.57M	40.23M	28.69M	9.71M	11.33M	6.75M	4.23M	2.63M
(+) Total Debt	5,247.67M	4,088.65M	3,950.82M	3,605.53M	3,313.06M	2,835.17M	2,569.23M	2,239.64M	2,059.67M	1,636.80M	1,479.23M	1,470.21M	1,265.56M	735.74M	721.79M	611.98M	554.58M	421.33M	426.73M	318.85M	262.53M	145.00M	131.96M	131.71M	88.34M	73.38M	40.51M	16.57M	15.93M	13.58M	11.78M
Enterprise Value	9,742.55M	8,104.05M	7,946.45M	7,716.04M	7,870.99M	6,458.43M	5,343.36M	4,641.29M	4,362.13M	3,590.18M	2,913.88M	2,731.24M	2,360.84M	2,022.08M	1,773.80M	2,032.93M	2,205.34M	1,787.60M	2,573.12M	2,039.84M	1,820.84M	601.69M	577.56M	835.09M	726.66M	817.01M	617.10M	452.37M	497.20M	451.07M	325.64M

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	2,409.610M	2,018.990M	2,078.411M	1,941.456M	1,729.751M	1,395.575M	1,459.456M	1,236.582M	1,080.897M	918.391M	804.220M	777.875M	688.055M	519.584M	407.505M	415.282M	362.010M	325.890M	300.714M	278.527M	277.552M	134.082M	155.485M	127.837M	127.289M	99.250M	51.344M	47.374M	39.981M	41.288M	31.678M
Cost of Revenue	1,589.078M	1,325.761M	1,367.774M	1,295.637M	1,196.061M	868.632M	878.395M	799.848M	707.646M	511.276M	521.681M	437.936M	409.055M	313.945M	209.651M	223.465M	208.806M	181.975M	149.244M	122.868M	106.975M	75.542M	56.525M	64.838M	56.207M	44.176M	24.788M	17.906M	29.989M	33.002M	24.164M
Gross Profit	820.532M	693.228M	710.637M	645.819M	533.690M	526.943M	581.061M	436.734M	373.251M	407.114M	282.539M	339.939M	279.000M	205.639M	197.855M	191.818M	153.204M	143.915M	151.470M	155.658M	170.577M	58.540M	98.960M	62.999M	71.082M	55.074M	26.557M	29.468M	9.992M	8.285M	7.514M
Gross Margin	34.05%	34.34%	34.19%	33.26%	30.85%	37.76%	39.81%	35.32%	34.53%	44.33%	35.13%	43.70%	40.55%	39.58%	48.55%	46.19%	42.32%	44.16%	50.37%	55.89%	61.46%	43.66%	63.65%	49.28%	55.84%	55.49%	51.72%	62.20%	24.99%	20.07%	23.72%
R&D Expenses	1.894M	3.798M	3.703M	5.649M	4.593M	2.954M	1.968M	1.011M	0.778M	0.811M	0.579M	0.401M	0.429M	0.001M	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	60.136M	59.623M	76.626M	70.985M	72.507M	52.886M	48.825M	43.089M	39.202M	37.835M	20.211M	19.493M	17.735M	12.789M	7.951M	9.932M	8.196M	9.311M	9.673M	10.130M	8.600M	9.913M	9.058M	6.665M	4.964M	3.761M	2.868M	2.108M	1.963M	1.827M	1.876M
Operating Expenses	62.029M	63.421M	80.329M	76.634M	77.101M	55.840M	50.793M	44.099M	39.980M	38.646M	20.789M	19.895M	18.164M	12.791M	7.951M	9.932M	8.196M	9.311M	9.673M	10.130M	8.600M	9.913M	9.058M	6.665M	4.964M	3.761M	2.868M	2.108M	1.963M	1.827M	1.876M
Operating Income	758.503M	629.807M	630.308M	569.185M	456.590M	471.103M	530.268M	392.634M	333.271M	368.468M	261.750M	320.044M	260.836M	192.848M	189.903M	181.886M	145.008M	134.604M	141.797M	145.529M	161.977M	48.626M	89.902M	56.333M	66.118M	51.313M	23.689M	27.360M	8.029M	6.458M	5.637M
Operating Margin	31.48%	31.19%	30.33%	29.32%	26.40%	33.76%	36.33%	31.75%	30.83%	40.12%	32.55%	41.14%	37.91%	37.12%	46.60%	43.80%	40.06%	41.30%	47.15%	52.25%	58.36%	36.27%	57.82%	44.07%	51.94%	51.70%	46.14%	57.75%	20.08%	15.64%	17.80%
Interest Income	8.783M	13.280M	12.626M	11.596M	7.022M	5.011M	7.015M	5.967M	5.917M	4.711M	3.625M	3.927M	2.809M	2.625M	2.213M	2.259M	2.060M	1.782M	1.193M	0.531M	0.492M	0.315M	0.400M	0.258M	0.265M	0.259M	0.000M	0.000M	0.027M	0.000M	0.000M
Interest Expense	161.016M	140.817M	139.348M	126.752M	112.491M	108.164M	102.500M	89.851M	79.973M	71.993M	72.032M	64.683M	45.214M	31.445M	32.908M	32.246M	28.858M	25.880M	20.090M	13.940M	13.825M	5.203M	6.936M	4.103M	4.797M	2.744M	0.734M	0.541M	0.719M	0.752M	0.599M
Net Interest Income	-152.233M	-127.537M	-126.721M	-115.156M	-105.469M	-103.153M	-95.485M	-83.884M	-74.056M	-67.282M	-68.407M	-60.756M	-42.405M	-28.820M	-30.695M	-29.987M	-26.797M	-24.099M	-18.897M	-13.410M	-13.333M	-4.888M	-6.536M	-3.845M	-4.533M	-2.485M	-0.734M	-0.541M	-0.692M	-0.752M	-0.599M
Other Income / Expense	-326.389M	-257.514M	-351.735M	-283.753M	-218.149M	-192.111M	-267.850M	-166.441M	-131.247M	-198.936M	-130.720M	-189.808M	-167.912M	-129.740M	-118.090M	-90.847M	-88.269M	-67.930M	-74.791M	-85.851M	-110.857M	-23.732M	-73.386M	-41.051M	-52.947M	-31.353M	-12.703M	-17.644M	1.871M	1.812M	0.074M
Pre-Tax Income	279.881M	244.756M	151.852M	170.276M	132.972M	175.840M	166.933M	142.310M	127.969M	102.250M	62.623M	69.480M	50.519M	34.289M	41.118M	61.052M	29.942M	42.576M	48.109M	46.268M	37.787M	20.006M	9.979M	11.437M	8.639M	17.476M	10.252M	9.175M	9.207M	7.518M	5.112M
Pre-Tax Margin	11.62%	12.12%	7.31%	8.77%	7.69%	12.60%	11.44%	11.51%	11.84%	11.13%	7.79%	8.93%	7.34%	6.60%	10.09%	14.70%	8.27%	13.06%	16.00%	16.61%	13.61%	14.92%	6.42%	8.95%	6.79%	17.61%	19.97%	19.37%	23.03%	18.21%	16.14%
Income Tax Expense	57.466M	49.887M	35.756M	39.723M	32.878M	37.071M	36.254M	25.580M	25.179M	21.355M	20.360M	15.147M	14.544M	13.577M	11.843M	14.277M	7.013M	6.060M	7.876M	8.236M	11.660M	2.051M	2.393M	2.936M	2.385M	1.976M	1.012M	0.915M	1.559M	1.091M	0.648M
Tax Rate	20.53%	20.38%	23.55%	23.33%	24.73%	21.08%	21.72%	17.97%	19.68%	20.89%	32.51%	21.80%	28.79%	35.00%	28.80%	23.38%	23.42%	14.23%	16.37%	17.80%	30.86%	10.25%	23.98%	25.67%	27.61%	11.31%	9.87%	9.97%	16.94%	14.51%	12.68%
Net Income	222.415M	194.869M	116.096M	130.552M	100.094M	138.768M	130.679M	116.730M	102.790M	80.895M	42.263M	54.333M	35.975M	20.712M	29.275M	46.776M	22.930M	36.516M	40.234M	38.032M	26.127M	17.955M	7.586M	8.501M	6.254M	15.499M	9.240M	8.260M	7.648M	6.427M	4.464M
Net Margin	9.23%	9.65%	5.59%	6.72%	5.79%	9.94%	8.95%	9.44%	9.51%	8.81%	5.26%	6.98%	5.23%	3.99%	7.18%	11.26%	6.33%	11.20%	13.38%	13.65%	9.41%	13.39%	4.88%	6.65%	4.91%	15.62%	18.00%	17.44%	19.13%	15.57%	14.09%
EBIT	758.503M	629.807M	630.308M	569.185M	456.590M	471.103M	530.268M	392.634M	333.271M	368.468M	261.750M	320.044M	260.836M	192.848M	189.903M	181.886M	145.008M	134.604M	141.797M	145.529M	161.977M	48.626M	89.902M	56.333M	66.118M	51.313M	23.689M	27.360M	8.029M	6.458M	5.637M
Depreciation & Amortization	270.534M	283.421M	277.092M	266.634M	242.072M	204.729M	192.476M	177.314M	169.425M	147.160M	116.340M	115.841M	89.653M	74.665M	44.759M	48.620M	40.406M	43.366M	22.211M	20.909M	27.215M	17.663M	15.354M	11.039M	5.716M	5.024M	2.879M	1.630M	0.359M	0.026M	0.004M
EBITDA	1,029.037M	913.229M	907.400M	835.818M	698.662M	675.833M	722.744M	569.948M	502.696M	515.629M	378.090M	435.885M	350.489M	267.513M	234.663M	230.505M	185.414M	177.970M	164.008M	166.438M	189.192M	66.289M	105.256M	67.372M	71.835M	56.337M	26.568M	28.990M	8.388M	6.484M	5.641M
EBITDA Margin	42.71%	45.23%	43.66%	43.05%	40.39%	48.43%	49.52%	46.09%	46.51%	56.14%	47.01%	56.04%	50.94%	51.49%	57.59%	55.51%	51.22%	54.61%	54.54%	59.76%	68.16%	49.44%	67.70%	52.70%	56.43%	56.76%	51.74%	61.19%	20.98%	15.70%	17.81%
NOPAT	602.765M	501.438M	481.891M	436.400M	343.696M	371.783M	415.107M	322.059M	267.698M	291.513M	176.649M	250.271M	185.743M	125.351M	135.205M	139.353M	111.047M	115.445M	118.584M	119.625M	111.995M	43.641M	68.340M	41.872M	47.863M	45.510M	21.351M	24.632M	6.669M	5.521M	4.923M
NOPAT Margin	25.02%	24.84%	23.19%	22.48%	19.87%	26.64%	28.44%	26.04%	24.77%	31.74%	21.97%	32.17%	27.00%	24.13%	33.18%	33.56%	30.68%	35.42%	39.43%	42.95%	40.35%	32.55%	43.95%	32.75%	37.60%	45.85%	41.58%	51.99%	16.68%	13.37%	15.54%
Owner's Earnings	492.949M	478.291M	393.188M	397.186M	342.166M	343.498M	323.156M	294.044M	272.215M	228.055M	158.602M	170.174M	125.629M	95.376M	74.034M	95.395M	63.335M	79.881M	62.444M	58.942M	53.342M	35.617M	22.940M	19.540M	11.970M	20.524M	12.119M	9.890M	8.007M	6.452M	4.468M
Owner's Earnings Margin	20.46%	23.69%	18.92%	20.46%	19.78%	24.61%	22.14%	23.78%	25.18%	24.83%	19.72%	21.88%	18.26%	18.36%	18.17%	22.97%	17.50%	24.51%	20.77%	21.16%	19.22%	26.56%	14.75%	15.28%	9.40%	20.68%	23.60%	20.88%	20.03%	15.63%	14.10%
EPS	0.10	0.09	0.06	0.07	0.05	0.07	0.07	0.07	0.06	0.05	0.03	0.04	0.05	0.02	0.03	0.07	0.04	0.08	0.09	0.08	0.06	0.04	0.02	0.02	0.01	0.03	0.02	0.02	0.01	0.01	0.01
EPS (Diluted)	0.10	0.09	0.06	0.07	0.05	0.07	0.07	0.07	0.06	0.05	0.03	0.04	0.05	0.02	0.03	0.07	0.04	0.08	0.09	0.08	0.06	0.04	0.02	0.02	0.01	0.03	0.02	0.02	0.01	0.01	0.01
Shares (Diluted)	2,144,425,637	2,052,956,902	1,971,901,834	1,950,978,912	1,854,289,110	1,894,827,070	1,882,858,896	1,762,881,725	1,857,979,543	1,670,424,772	1,475,952,215	1,308,567,219	773,748,197	853,384,578	892,039,873	700,566,572	624,410,017	468,172,384	459,430,128	466,049,612	429,201,767	400,341,211	369,506,832	486,604,579	490,085,806	531,815,785	470,715,492	453,992,901	689,163,080	750,980,042	774,314,987

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	722.08M	476.47M	422.27M	482.17M	349.04M	263.91M	244.91M	236.37M	225.11M	200.75M	181.21M	136.95M	112.18M	99.30M	82.12M	69.38M	78.23M	55.69M	55.22M	41.16M	35.82M	27.57M	22.91M	27.57M	41.54M	28.69M	9.71M	11.83M	6.75M	4.23M	2.63M
Short-Term Investments	187.15M	76.83M	67.47M	63.95M	52.43M	38.75M	38.10M	45.27M	36.93M	22.30M	20.23M	26.09M	14.57M	10.01M	16.59M	9.05M	12.37M	8.32M	2.24M	4.65M	6.07M	7.50M	0.25M	3.20M	2.28M	1.69M	1.20M	4.04M	0.22M	0.91M	0.23M
Cash & Short-Term Investments	909.24M	553.30M	489.74M	546.12M	401.47M	302.66M	283.00M	281.64M	262.05M	223.04M	201.44M	163.04M	126.76M	109.31M	98.70M	78.42M	90.61M	64.01M	57.47M	45.81M	41.89M	35.07M	23.17M	30.76M	43.82M	30.37M	10.91M	15.88M	6.98M	5.15M	2.86M
Net Receivables	693.69M	703.87M	662.11M	577.17M	522.24M	440.74M	344.96M	315.41M	264.48M	200.34M	173.60M	147.36M	104.23M	101.44M	75.69M	62.20M	64.92M	74.48M	55.13M	28.94M	31.91M	32.11M	21.96M	14.39M	10.49M	1.62M	1.68M	1.24M	4.96M	0.94M	3.12M
Inventory	149.82M	98.33M	100.97M	88.29M	75.60M	61.56M	53.16M	51.06M	44.55M	39.59M	40.37M	47.30M	44.58M	35.66M	28.66M	24.84M	22.37M	31.40M	18.00M	13.93M	18.15M	9.75M	8.40M	13.79M	11.97M	10.06M	7.85M	6.95M	5.43M	7.57M	7.35M
Other Current Assets	244.36M	207.73M	210.24M	242.45M	200.00M	119.72M	139.92M	145.74M	119.55M	91.21M	74.74M	75.33M	59.91M	39.51M	21.54M	23.89M	16.95M	27.75M	21.53M	23.82M	15.81M	10.81M	27.06M	15.87M	15.16M	17.89M	16.89M	18.85M	7.35M	7.13M	4.09M
Total Current Assets	1,997.11M	1,563.23M	1,463.05M	1,454.04M	1,199.31M	924.68M	821.04M	793.85M	690.63M	554.18M	490.15M	433.04M	335.48M	285.92M	224.59M	189.36M	194.84M	197.64M	152.13M	112.49M	107.75M	87.74M	80.59M	74.81M	81.45M	59.94M	37.33M	42.92M	24.72M	20.79M	17.42M
Property, Plant & Equipment	6,400.00M	5,000.30M	4,437.00M	4,262.86M	3,970.48M	3,646.64M	3,227.50M	3,085.19M	2,908.43M	2,525.06M	2,178.51M	2,054.53M	1,908.03M	1,613.94M	1,224.72M	1,156.85M	795.92M	595.29M	665.64M	561.72M	434.83M	277.71M	249.16M	244.08M	277.46M	264.58M	87.21M	46.54M	32.89M	25.17M	22.12M
Goodwill	16.08M	35.03M	36.97M	38.33M	28.89M	20.87M	16.91M	14.93M	12.57M	7.61M	5.19M	6.36M	3.64M	3.43M	0.52M	0.45M	0.29M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	113.41M	194.02M	187.59M	184.82M	158.95M	132.69M	124.76M	137.60M	115.17M	62.91M	63.91M	56.88M	45.52M	37.28M	27.38M	41.47M	17.03M	14.44M	10.52M	7.84M	4.91M	5.63M	6.10M	7.78M	4.30M	2.01M	1.09M	1.45M	0.89M	0.60M	0.50M
Long-Term Investments	605.47M	374.07M	469.14M	494.90M	390.00M	285.95M	280.24M	217.35M	212.07M	164.38M	118.77M	107.22M	116.61M	43.29M	30.64M	19.10M	9.75M	4.94M	0.68M	4.00M	2.26M	0.92M	0.12M	6.26M	6.49M	0.45M	0.21M	0.05M	0.00M	0.00M	0.00M
Tax Assets	70.25M	47.23M	52.29M	61.93M	56.64M	35.75M	31.26M	28.32M	26.51M	23.40M	21.37M	11.69M	10.21M	7.69M	5.24M	8.13M	6.46M	3.00M	2.67M	2.46M	1.41M	0.31M	0.05M	0.10M	0.00M	0.35M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	573.50M	480.29M	416.77M	356.21M	314.91M	283.14M	197.11M	172.94M	133.21M	128.46M	102.47M	124.11M	69.16M	48.25M	46.02M	30.52M	30.56M	72.54M	52.68M	59.00M	45.71M	38.01M	19.80M	7.64M	3.74M	5.78M	4.73M	8.79M	8.02M	3.56M	2.81M
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	7,778.70M	6,130.95M	5,599.77M	5,399.05M	4,919.86M	4,405.04M	3,877.78M	3,656.33M	3,407.96M	2,911.81M	2,490.23M	2,360.78M	2,153.16M	1,753.90M	1,334.52M	1,256.52M	860.01M	690.22M	732.19M	635.02M	489.13M	322.59M	275.23M	265.86M	292.00M	273.17M	93.23M	56.82M	41.79M	29.33M	25.43M
Total Assets	9,775.81M	7,694.18M	7,062.82M	6,853.09M	6,119.17M	5,329.72M	4,698.82M	4,450.18M	4,098.59M	3,465.99M	2,980.38M	2,793.82M	2,488.64M	2,039.82M	1,559.11M	1,445.88M	1,054.85M	887.86M	884.32M	747.51M	596.88M	410.32M	355.82M	340.67M	373.44M	333.11M	130.56M	99.75M	66.51M	50.12M	42.85M
Accounts Payable	358.10M	279.54M	248.79M	279.37M	216.06M	197.10M	194.35M	171.91M	159.72M	138.27M	112.87M	96.72M	84.15M	66.15M	57.56M	53.90M	52.59M	56.29M	37.85M	40.48M	34.01M	23.87M	11.26M	12.49M	7.16M	6.43M	3.47M	3.34M	3.54M	5.71M	4.60M
Short-Term Debt	676.16M	555.30M	694.62M	558.04M	487.92M	494.79M	500.08M	401.82M	345.74M	274.30M	234.70M	154.44M	152.94M	119.54M	139.62M	114.89M	103.81M	60.53M	76.78M	85.47M	61.69M	32.39M	36.81M	31.44M	22.14M	14.08M	9.95M	9.82M	9.50M	8.81M	7.49M
Tax Payables	2.98M	25.28M	23.30M	29.85M	27.81M	22.78M	20.62M	18.17M	16.96M	14.95M	12.32M	9.34M	6.90M	5.25M	3.53M	5.59M	4.28M	3.45M	3.10M	4.86M	2.46M	0.76M	0.93M	0.92M	0.66M	0.80M	0.95M	0.89M	0.66M	0.48M	0.46M
Deferred Revenue	5.41M	0.02M	14.73M	24.32M	129.05M	77.73M	80.79M	37.25M	54.57M	54.12M	45.68M	36.26M	23.14M	31.23M	17.18M	13.93M	14.82M	10.44M	12.47M	16.30M	23.53M	5.60M	3.63M	7.93M	6.78M	5.70M	2.17M	1.77M	2.13M	3.52M	4.95M
Other Current Liabilities	670.35M	431.67M	369.61M	469.01M	324.44M	193.91M	260.30M	214.85M	147.50M	149.49M	129.80M	121.99M	98.87M	47.98M	58.85M	40.71M	38.05M	38.11M	36.20M	25.77M	26.58M	16.93M	5.88M	15.76M	2.41M	2.31M	1.87M	1.04M	1.38M	0.44M	0.73M
Total Current Liabilities	1,713.00M	1,291.80M	1,351.06M	1,360.59M	1,185.28M	986.32M	1,056.14M	843.99M	724.49M	631.12M	535.38M	418.76M	366.00M	270.17M	276.74M	229.02M	213.56M	168.81M	166.40M	172.89M	148.26M	79.55M	58.51M	68.53M	39.15M	29.32M	18.41M	16.85M	17.21M	18.95M	18.23M
Long-Term Debt	4,291.45M	3,204.28M	3,098.35M	2,722.64M	2,462.27M	2,154.19M	1,857.43M	1,861.47M	1,523.79M	1,462.68M	1,314.44M	1,322.23M	1,109.04M	746.96M	533.77M	467.37M	457.22M	283.28M	328.79M	192.78M	209.08M	89.26M	67.21M	86.81M	71.29M	48.20M	23.15M	6.22M	7.71M	4.60M	5.00M
Capital Lease Obligations	7.08M	96.14M	80.81M	75.48M	63.11M	67.44M	48.45M	18.90M	12.41M	7.82M	2.82M	0.29M	0.13M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	58.05M	82.53M	71.25M	64.43M	56.21M	48.66M	44.13M	25.95M	18.93M	12.01M	19.12M	16.52M	13.47M	9.50M	8.90M	12.32M	2.17M	1.74M	1.49M	0.42M	0.37M	0.58M	0.74M	0.35M	0.26M	0.28M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	564.79M	415.77M	427.24M	410.12M	341.52M	303.12M	212.17M	148.38M	146.64M	153.49M	63.92M	74.66M	58.81M	27.10M	34.67M	40.36M	49.00M	25.82M	19.48M	41.43M	14.23M	4.41M	2.55M	0.92M	0.45M	0.16M	0.07M	0.07M	0.03M	0.03M	0.01M
Total Non-Current Liabilities	4,921.37M	3,798.72M	3,677.65M	3,272.68M	2,923.10M	2,573.40M	2,162.18M	2,054.70M	1,701.77M	1,635.99M	1,400.30M	1,413.71M	1,181.45M	783.57M	577.33M	520.05M	508.40M	310.84M	349.77M	234.62M	223.67M	94.26M	70.50M	88.08M	72.00M	48.63M	23.22M	6.29M	7.74M	4.63M	5.01M
Total Liabilities	6,634.37M	5,090.53M	5,028.71M	4,633.27M	4,108.38M	3,559.72M	3,218.33M	2,898.69M	2,426.26M	2,267.12M	1,935.68M	1,832.47M	1,547.45M	1,053.74M	854.07M	749.07M	721.95M	479.65M	516.17M	407.51M	371.94M	173.81M	129.00M	156.61M	111.15M	77.96M	41.63M	23.14M	24.95M	23.57M	23.24M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	2.98M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	507.39M	477.76M	466.10M	453.80M	428.57M	420.04M	394.58M	382.98M	368.90M	343.69M	303.29M	292.45M	276.78M	220.77M	143.36M	175.19M	130.92M	139.83M	125.59M	124.60M	151.81M	82.93M	74.81M	70.33M	88.10M	68.82M	58.48M	31.43M	18.60M	13.70M	11.81M
Retained Earnings	647.25M	617.61M	582.89M	491.92M	446.26M	416.80M	374.88M	330.54M	263.87M	253.24M	190.01M	145.20M	135.08M	41.36M	60.59M	62.24M	35.86M	39.08M	39.32M	33.24M	27.91M	7.13M	8.86M	7.49M	6.37M	8.19M	7.96M	6.72M	5.87M	3.48M	0.65M
Accumulated OCI	405.40M	93.14M	80.35M	109.55M	62.53M	29.99M	33.11M	31.70M	34.08M	27.27M	31.65M	-0.87M	-4.74M	-2.61M	-0.96M	-0.28M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.01M	0.00M	0.00M	0.00M	0.00M
Minority Interest	332.80M	323.91M	275.26M	209.78M	187.77M	173.16M	152.53M	122.77M	116.35M	97.08M	65.91M	62.84M	41.52M	32.60M	26.85M	26.49M	24.38M	19.22M	11.25M	9.18M	6.94M	5.94M	8.68M	6.63M	3.69M	3.03M	0.26M	0.24M	0.02M	0.00M	0.00M
Total Shareholders’ Equity	1,560.04M	1,188.51M	1,129.34M	1,055.27M	937.35M	866.83M	805.55M	745.22M	666.86M	624.20M	524.96M	436.78M	407.13M	259.52M	202.99M	237.15M	166.78M	178.91M	164.91M	157.83M	179.72M	90.07M	83.68M	77.82M	94.46M	77.01M	66.44M	38.15M	24.47M	17.18M	12.46M
Total Equity	1,892.84M	1,512.42M	1,404.60M	1,265.04M	1,125.12M	1,040.00M	958.08M	867.99M	783.21M	721.28M	590.87M	499.61M	448.65M	292.12M	229.85M	263.63M	191.16M	198.13M	176.16M	167.01M	186.66M	96.01M	92.35M	84.44M	98.15M	80.04M	66.70M	38.38M	24.50M	17.18M	12.46M
Total Liabilities & Equity	8,527.22M	6,602.95M	6,433.31M	5,898.31M	5,233.50M	4,599.71M	4,176.41M	3,766.68M	3,209.47M	2,988.39M	2,526.55M	2,332.08M	1,996.10M	1,345.86M	1,083.92M	1,012.71M	913.11M	677.78M	692.33M	574.53M	558.60M	269.82M	221.36M	241.05M	209.30M	158.00M	108.33M	61.53M	49.45M	40.75M	35.70M
Tangible Assets	9,646.33M	7,465.12M	6,838.25M	6,629.94M	5,931.34M	5,176.16M	4,557.15M	4,297.65M	3,970.85M	3,395.48M	2,911.28M	2,730.57M	2,439.49M	1,999.10M	1,531.21M	1,403.96M	1,037.53M	873.42M	873.80M	739.67M	591.97M	404.69M	349.72M	332.89M	369.14M	331.11M	129.48M	98.30M	65.62M	49.52M	42.35M
Tangible Equity	1,763.36M	1,283.37M	1,180.04M	1,041.89M	937.29M	886.44M	816.41M	715.46M	655.47M	650.76M	521.77M	436.37M	399.50M	251.40M	201.94M	221.72M	173.84M	183.69M	165.64M	159.17M	181.75M	90.38M	86.25M	76.66M	93.85M	78.03M	65.61M	36.94M	23.61M	16.57M	11.96M
Tangible Book Value	1,763.36M	1,283.37M	1,180.04M	1,041.89M	937.29M	886.44M	816.41M	715.46M	655.47M	650.76M	521.77M	436.37M	399.50M	251.40M	201.94M	221.72M	173.84M	183.69M	165.64M	159.17M	181.75M	90.38M	86.25M	76.66M	93.85M	78.03M	65.61M	36.94M	23.61M	16.57M	11.96M
Total Investments	668.43M	414.25M	548.12M	539.17M	459.92M	357.53M	310.92M	253.89M	260.19M	202.95M	170.36M	150.65M	135.79M	108.30M	72.87M	66.52M	49.14M	50.94M	66.42M	72.98M	61.41M	18.41M	13.99M	14.06M	12.10M	5.72M	2.81M	6.35M	1.03M	0.16M	0.36M
Net Debt	4,245.53M	3,283.11M	3,370.71M	2,798.50M	2,601.15M	2,385.07M	2,112.60M	2,026.91M	1,644.42M	1,536.23M	1,367.92M	1,339.72M	1,149.80M	767.21M	591.27M	512.89M	482.80M	288.12M	350.35M	237.10M	234.95M	94.08M	81.10M	90.68M	51.89M	33.59M	23.39M	4.21M	10.46M	9.17M	9.86M

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	98.97M	-250.95M	-127.00M	-202.85M	-198.92M	-293.77M	-195.54M	-219.52M	-213.42M	-136.63M	-107.21M	-82.54M	-73.10M	-95.75M	-74.27M	-117.24M	-58.85M	-30.76M	-65.17M	-72.17M	18.79M	9.80M	6.40M	9.43M	29.41M	8.89M	12.63M	20.04M	6.26M	1.92M	0.00M
Total Capital	7,881.28M	6,307.01M	6,083.07M	5,727.35M	5,249.48M	4,513.20M	4,048.15M	3,648.81M	3,351.61M	2,837.13M	2,416.73M	2,325.13M	2,093.87M	1,463.33M	1,282.07M	1,167.03M	951.31M	780.49M	831.20M	642.65M	615.78M	327.47M	296.40M	288.06M	293.45M	274.04M	131.73M	88.76M	58.55M	41.94M	33.46M
Capital Employed	9,555.17M	7,896.88M	7,385.05M	7,081.80M	5,486.38M	4,454.70M	4,191.07M	3,968.08M	3,407.99M	3,092.35M	2,634.10M	2,624.75M	2,408.98M	2,054.45M	1,421.03M	1,313.49M	1,104.47M	910.28M	863.68M	702.92M	693.57M	417.77M	352.10M	258.49M	328.38M	321.15M	112.25M	81.81M	51.57M	37.32M	30.72M
Invested Capital	7,159.19M	5,830.54M	5,660.80M	5,245.18M	4,900.44M	4,249.29M	3,803.24M	3,412.44M	3,126.49M	2,636.38M	2,235.52M	2,188.18M	1,981.69M	1,364.03M	1,199.96M	1,097.65M	873.08M	724.81M	775.98M	601.50M	579.96M	299.90M	273.49M	260.50M	251.91M	245.35M	122.02M	76.92M	51.80M	37.71M	30.83M

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	92.60M	286.26M	271.39M	275.78M	240.29M	200.91M	192.87M	176.63M	165.54M	147.23M	114.18M	111.86M	90.62M	73.15M	50.07M	46.93M	41.33M	39.14M	19.17M	17.69M	24.79M	12.55M	7.01M	7.14M	3.84M	3.79M	2.05M	1.48M	0.00M	0.02M	0.02M
Deferred Income Tax	0.00M	0.00M	-0.40M	-1.15M	-1.11M	0.02M	0.59M	0.08M	0.35M	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	0.02M	0.01M
Stock-Based Compensation	0.00M	0.07M	0.07M	0.23M	0.13M	0.07M	0.18M	0.05M	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
Change in Working Capital	-14.81M	-24.27M	-79.25M	-0.13M	-84.31M	-12.24M	-44.03M	-43.27M	-38.89M	-22.35M	-10.36M	-13.76M	-1.07M	-8.98M	-7.78M	-5.87M	-3.95M	-5.39M	-2.52M	-8.35M	-5.23M	3.03M	-1.04M	-1.58M	-4.35M	-3.49M	-3.68M	-4.10M	-0.33M	0.22M	-0.31M
Accounts Receivable	-3.30M	-23.39M	-50.21M	-17.27M	-106.12M	-24.16M	-44.68M	-45.13M	-34.17M	-16.03M	-7.62M	-3.65M	-1.28M	-2.55M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-0.69M	-4.44M	-1.17M	-6.58M	-7.38M	-0.04M	-3.86M	-2.73M	-0.98M	-1.57M	1.18M	-1.65M	-0.72M	-0.64M	-3.17M	-1.02M	-0.57M	-6.15M	-2.81M	-1.06M	0.27M	-0.60M	-0.36M	0.07M	-0.90M	-0.68M	-1.11M	-1.38M	0.03M	0.60M	0.01M
Accounts Payable	0.00M	-0.33M	7.15M	41.32M	23.77M	21.36M	12.94M	8.60M	6.63M	3.70M	0.31M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	5.18M	9.19M	-22.57M	10.13M	-1.40M	-4.79M	-0.67M	-15.87M	-28.94M	-9.08M	8.32M	-5.28M	5.01M	-3.90M	-3.06M	-4.11M	-0.58M	1.48M	1.95M	-4.85M	-2.19M	2.83M	2.49M	-1.70M	-3.02M	-1.14M	-1.02M	-4.09M	-0.36M	0.31M	-0.34M
Other Non-Cash Items	141.76M	60.85M	63.03M	56.34M	43.96M	57.48M	63.12M	48.50M	30.88M	38.30M	36.02M	24.20M	22.33M	17.37M	16.14M	9.45M	7.38M	13.01M	5.12M	9.65M	9.16M	5.22M	7.82M	5.91M	3.52M	2.41M	2.13M	-0.28M	1.24M	24.78M	23.91M
Net Cash from Operating Activities	417.97M	469.80M	351.73M	363.57M	283.16M	360.64M	318.84M	309.57M	239.39M	245.92M	208.77M	149.07M	115.05M	110.44M	93.02M	93.84M	97.65M	74.14M	79.68M	63.47M	58.20M	32.11M	20.37M	28.39M	13.27M	13.28M	10.35M	5.18M	1.04M	43.66M	44.63M
Capital Expenditures (PPE)	-422.04M	-621.91M	-536.42M	-478.27M	-379.57M	-281.87M	-274.62M	-244.03M	-255.19M	-243.47M	-220.98M	-199.67M	-173.59M	-77.72M	-59.54M	-63.11M	-53.65M	-49.68M	-64.75M	-49.90M	-54.70M	-22.02M	-23.95M	-37.88M	-15.64M	-7.94M	-20.56M	-8.39M	-0.18M	-0.30M	-0.16M
Acquisitions (Net)	3.17M	2.33M	-11.38M	-18.65M	-33.57M	-12.65M	-6.60M	-8.89M	-4.07M	-3.60M	-6.83M	-4.19M	-1.67M	-0.47M	-0.63M	-0.18M	-1.25M	0.98M	0.03M	0.16M	0.06M	0.12M	0.02M	0.11M	0.06M	0.01M	0.00M	0.59M	0.00M	0.00M	0.00M
Purchases of Investments	-32.79M	-34.73M	-37.86M	-55.05M	-46.76M	-55.51M	-26.81M	-32.18M	-34.54M	-29.35M	-14.13M	-12.35M	-3.92M	-5.41M	-16.40M	-12.97M	-6.83M	-6.35M	-5.47M	-9.46M	-4.49M	-9.32M	-5.73M	-5.37M	-11.91M	-6.87M	-2.73M	-5.84M	-4.61M	-12.71M	-8.56M
Sales / Maturities of Investments	17.60M	34.26M	36.60M	45.33M	42.57M	29.75M	29.07M	29.07M	39.97M	19.51M	18.19M	8.62M	5.07M	6.48M	4.21M	7.27M	10.69M	6.10M	4.47M	4.60M	7.74M	1.37M	2.79M	4.54M	1.08M	1.00M	0.43M	1.80M	0.12M	0.58M	0.04M
Other Investing Activities	-3.35M	5.51M	13.43M	7.79M	10.42M	8.62M	14.10M	0.17M	7.81M	-4.19M	-3.70M	-9.08M	-2.04M	-3.17M	-0.20M	1.62M	-3.62M	-8.56M	0.57M	0.23M	2.24M	0.62M	4.49M	-0.77M	-0.71M	-1.29M	-0.42M	-1.26M	-1.74M	-0.18M	1.39M
Net Cash from Investing Activities	-464.98M	-621.19M	-580.04M	-521.42M	-418.93M	-357.36M	-307.69M	-294.73M	-285.37M	-370.77M	-236.66M	-258.47M	-192.03M	-157.71M	-149.12M	-104.28M	-168.26M	-122.09M	-126.24M	-101.98M	-62.86M	-55.32M	-37.14M	-55.86M	-25.74M	-22.53M	-22.11M	-18.00M	-14.72M	-11.79M	-8.73M
Net Debt Issuance	145.99M	273.30M	322.86M	185.69M	190.18M	84.04M	74.36M	78.19M	75.16M	90.08M	51.39M	97.78M	49.50M	41.49M	54.49M	24.88M	56.08M	41.13M	8.84M	9.72M	-2.15M	7.11M	6.66M	13.18M	1.48M	1.90M	7.41M	2.58M	0.44M	8.49M	12.95M
Long-Term Debt Issuance	88.31M	195.77M	351.30M	195.32M	167.12M	81.58M	96.48M	76.47M	72.98M	77.61M	58.91M	99.37M	54.32M	38.03M	57.33M	24.53M	46.20M	44.23M	10.52M	24.75M	0.26M	7.28M	6.64M	10.43M	-0.15M	3.39M	7.26M	2.58M	0.44M	8.49M	12.95M
Short-Term Debt Issuance	-3.79M	0.58M	-3.81M	-3.84M	-3.10M	-0.28M	-6.66M	-1.40M	0.00M	0.00M	0.00M	0.00M	-0.17M	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
Net Stock Issuance	0.00M	-0.38M	-0.05M	-0.02M	0.89M	0.00M	0.00M	0.00M	0.00M	0.00M	1.06M	1.04M	1.10M	0.24M	1.90M	1.91M	1.71M	1.06M	0.15M	0.00M	0.15M	0.01M	0.00M	0.26M	0.16M	0.16M	0.24M	0.01M	19.44M	4.10M	5.61M
Common Stock Issuance	0.00M	0.00M	0.51M	17.16M	20.33M	7.36M	5.22M	0.11M	0.08M	0.17M	2.69M	4.71M	2.07M	0.86M	2.19M	1.91M	1.81M	0.67M	0.15M	0.01M	0.33M	0.06M	0.00M	0.26M	0.17M	0.17M	0.24M	0.01M	19.44M	4.10M	5.61M
Common Stock Repurchased	0.00M	-0.62M	-1.70M	-0.89M	-0.11M	-0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	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	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	-54.52M	-77.02M	-84.06M	-72.20M	-55.90M	-57.18M	-51.83M	-54.96M	-50.13M	-42.05M	-35.54M	-31.56M	-29.37M	-28.22M	-25.25M	-23.08M	-23.07M	-22.00M	-24.53M	-21.78M	-21.69M	-10.41M	-14.68M	-12.39M	-7.27M	-6.59M	-4.07M	-2.74M	-0.63M	-0.26M	0.00M
Common Dividends Paid	-52.07M	-76.14M	-84.62M	-84.40M	-65.77M	-64.38M	-58.86M	-51.75M	-47.37M	-40.76M	-36.06M	-28.08M	-24.74M	-24.70M	-21.03M	-21.10M	-21.93M	-17.41M	-21.91M	-20.86M	-21.27M	-9.05M	-14.68M	-12.39M	-7.27M	-6.59M	-4.07M	-2.74M	-0.63M	-0.26M	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	-48.94M	-36.86M	-30.82M	-15.06M	-7.27M	-8.37M	-26.52M	4.03M	-4.35M	-8.17M	11.26M	-4.33M	-1.80M	-3.56M	-4.66M	-2.00M	-5.41M	-0.37M	-0.29M	2.66M	-0.05M	2.83M	1.01M	1.39M	0.76M	12.76M	0.28M	12.41M	-1.11M	-0.01M	0.67M
Net Cash from Financing Activities	61.58M	95.01M	165.79M	206.10M	140.26M	67.37M	-34.02M	25.23M	7.04M	24.06M	51.63M	53.66M	18.99M	10.53M	44.66M	3.77M	48.25M	31.26M	0.54M	12.41M	-13.38M	1.94M	3.23M	4.87M	4.43M	14.24M	1.94M	7.96M	18.46M	4.07M	5.40M
Effect of FX on Cash	1.43M	-0.16M	0.34M	0.90M	-0.07M	0.02M	-0.19M	0.12M	-0.25M	0.00M	-0.22M	-0.05M	0.05M	0.02M	-0.05M	-0.01M	-0.01M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.34M	0.18M	0.15M
Net Change in Cash	41.35M	3.06M	-14.47M	110.54M	61.06M	27.52M	3.71M	14.09M	6.43M	11.26M	17.22M	23.44M	18.65M	1.94M	10.99M	-2.00M	8.28M	2.82M	12.32M	2.35M	2.11M	4.73M	-4.95M	2.97M	11.16M	6.91M	1.30M	0.30M	17.18M	-1.70M	2.78M
Cash at Beginning of Period	290.61M	432.34M	473.20M	366.19M	281.30M	252.47M	238.79M	229.23M	201.66M	173.18M	125.97M	106.60M	96.37M	90.00M	62.70M	75.89M	53.05M	49.62M	39.16M	34.89M	31.88M	19.83M	26.40M	35.19M	21.70M	9.88M	11.22M	10.96M	-1.26M	6.91M	4.28M
Cash at End of Period	593.28M	438.71M	423.86M	477.91M	373.22M	268.93M	247.14M	234.13M	236.67M	198.20M	164.29M	137.89M	105.93M	100.31M	91.99M	68.10M	75.90M	57.29M	51.41M	38.84M	36.51M	22.36M	23.84M	27.79M	38.97M	22.71M	9.71M	16.25M	7.16M	5.36M	6.96M
Operating Cash Flow	417.68M	469.79M	351.20M	363.18M	283.16M	360.64M	318.84M	309.57M	239.34M	245.93M	208.77M	149.07M	115.05M	110.44M	93.02M	94.27M	98.02M	74.30M	70.39M	63.47M	58.20M	32.11M	20.37M	28.39M	13.27M	13.28M	10.35M	5.18M	1.04M	43.66M	44.63M
Capital Expenditure	-454.17M	-674.23M	-541.64M	-457.34M	-381.38M	-283.51M	-276.32M	-244.03M	-256.54M	-244.22M	-222.41M	-199.70M	-172.79M	-77.01M	-59.32M	-63.18M	-62.50M	-51.89M	-64.79M	-49.90M	-54.64M	-21.94M	-23.95M	-37.88M	-15.64M	-7.94M	-20.56M	-8.43M	-0.22M	-0.40M	-0.30M
Free Cash Flow	13.20M	-64.55M	-169.92M	-48.37M	-58.81M	9.39M	17.93M	54.41M	-1.61M	-6.06M	2.01M	-19.87M	-14.92M	-4.88M	-11.48M	-4.34M	1.27M	5.23M	7.02M	4.65M	11.75M	6.70M	-0.37M	3.45M	-1.54M	0.54M	-2.61M	1.20M	0.92M	23.09M	17.62M

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	721.98M	685.16M	544.58M	596.10M	482.49M	503.24M	450.71M	404.46M	359.84M	318.73M	257.18M	204.19M	174.21M	146.33M	121.33M	147.38M	109.55M	88.22M	85.40M	77.93M	80.86M	42.82M	28.63M	19.10M	34.06M	26.24M	12.58M	15.53M	8.51M	8.55M	5.98M
(-) Tax Adjustment	148.24M	139.65M	128.23M	139.06M	119.30M	106.10M	97.88M	72.70M	70.80M	66.57M	83.61M	44.52M	50.15M	57.94M	34.95M	34.46M	25.66M	12.56M	13.98M	13.87M	24.95M	4.39M	6.87M	4.90M	9.40M	2.97M	1.24M	1.55M	1.44M	1.24M	0.76M
(-) Change In Working Capital	-14.81M	-24.27M	-79.25M	-0.13M	-84.31M	-12.24M	-44.03M	-43.27M	-38.89M	-22.35M	-10.36M	-13.76M	-1.07M	-8.98M	-7.78M	-5.87M	-3.95M	-5.39M	-2.52M	-8.35M	-5.23M	3.03M	-1.04M	-1.58M	-4.35M	-3.49M	-3.68M	-4.10M	-0.33M	0.22M	-0.31M
(-) Capital Expenditure	454.17M	674.23M	541.64M	457.34M	381.38M	283.51M	276.32M	244.03M	256.54M	244.22M	222.41M	199.70M	172.79M	77.01M	59.32M	63.18M	62.50M	51.89M	64.79M	49.90M	54.64M	21.94M	23.95M	37.88M	15.64M	7.94M	20.56M	8.43M	0.22M	0.40M	0.30M
Unlevered Free Cash Flow	134.38M	-104.45M	-46.04M	-0.16M	66.12M	125.88M	120.54M	131.00M	71.39M	30.29M	-38.49M	-26.26M	-47.66M	20.35M	34.84M	55.60M	25.34M	29.16M	9.15M	22.51M	6.49M	13.46M	-1.15M	-22.11M	13.37M	18.83M	-5.55M	9.65M	7.17M	6.69M	5.23M
(-) Net Interest Income After Taxes	-120.98M	-101.54M	-96.88M	-88.29M	-79.39M	-81.41M	-74.75M	-68.81M	-59.48M	-53.23M	-46.17M	-47.51M	-30.20M	-17.41M	-21.85M	-22.97M	-20.52M	-20.67M	-15.80M	-11.02M	-9.22M	-4.39M	-4.97M	-2.86M	-3.28M	-2.20M	-0.66M	-0.49M	-0.58M	-0.64M	-0.52M
Net Debt Issuance	145.99M	273.30M	322.86M	185.69M	190.18M	84.04M	74.36M	78.19M	75.16M	90.08M	51.39M	97.78M	49.50M	41.49M	54.49M	24.88M	56.08M	41.13M	8.84M	9.72M	-2.15M	7.11M	6.66M	13.18M	1.48M	1.90M	7.41M	2.58M	0.44M	8.49M	12.95M
Levered Free Cash Flow	401.35M	270.39M	373.70M	273.81M	335.69M	291.32M	269.65M	278.00M	206.03M	173.60M	59.06M	119.03M	32.04M	79.25M	111.19M	103.46M	101.94M	90.96M	33.79M	43.25M	13.56M	24.95M	10.48M	-6.06M	18.13M	22.93M	2.52M	12.71M	8.18M	15.82M	18.70M