Financial - Credit Services

Category: Industry Averages Base Ticker: 3360.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	25.11	20.80	14.98	13.22	20.31	13.70	13.69	10.44	11.88	11.39	12.05	12.31	11.78	10.70	8.67	7.60	7.06	6.07	8.73	9.70	9.15	10.31	9.02	6.77	8.96	9.86	11.31	8.47	8.67	7.97	5.98
Market Capitalization	4,516.47M	3,104.12M	2,501.39M	2,117.13M	2,820.52M	2,106.81M	2,391.08M	2,077.82M	2,177.08M	2,050.38M	1,868.92M	1,675.56M	1,371.91M	1,052.98M	856.37M	712.68M	544.76M	518.05M	675.36M	616.22M	682.39M	960.93M	708.59M	557.06M	980.98M	601.77M	660.79M	947.17M	709.47M	496.90M	574.87M
(-) Cash & Equivalents	807.12M	710.72M	711.45M	627.61M	707.34M	559.17M	422.76M	367.04M	352.46M	302.68M	330.91M	320.52M	310.95M	273.58M	196.46M	151.25M	164.37M	66.87M	62.28M	40.66M	64.30M	26.66M	59.49M	83.86M	35.97M	24.73M	19.77M	16.16M	16.40M	16.92M	224.56M
(+) Total Debt	7,625.09M	7,321.78M	7,018.74M	6,748.04M	6,000.85M	6,615.21M	5,328.19M	5,001.58M	4,140.09M	3,717.88M	2,602.34M	2,818.21M	2,388.56M	1,531.82M	1,289.66M	1,030.32M	861.10M	543.50M	435.42M	365.47M	316.79M	146.71M	242.34M	233.70M	759.02M	752.45M	674.98M	468.45M	610.36M	167.02M	894.64M
Enterprise Value	11,084.28M	11,285.23M	9,858.84M	9,102.08M	9,620.19M	8,723.23M	8,357.17M	7,506.68M	7,565.33M	6,283.43M	6,562.50M	4,816.54M	4,822.00M	3,526.19M	3,261.35M	2,374.63M	1,718.59M	1,466.05M	1,593.23M	1,238.66M	1,272.21M	1,314.94M	1,514.90M	1,007.46M	2,617.40M	1,266.25M	1,316.22M	1,408.60M	1,305.50M	892.43M	1,246.57M

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	2,125.193M	1,783.782M	1,505.474M	1,462.865M	1,258.647M	1,340.536M	1,243.599M	1,118.075M	1,052.956M	923.365M	882.114M	817.363M	709.173M	730.271M	575.214M	511.675M	463.456M	437.795M	495.611M	335.108M	300.130M	265.706M	377.138M	320.036M	328.722M	254.077M	308.471M	326.892M	316.866M	375.831M	317.641M
Cost of Revenue	825.937M	786.264M	593.728M	498.403M	384.775M	408.377M	409.097M	379.631M	355.341M	312.115M	288.831M	307.116M	263.058M	140.310M	117.078M	65.247M	60.954M	74.891M	68.087M	46.921M	50.889M	28.388M	36.137M	36.729M	45.321M	75.257M	106.756M	27.598M	24.595M	24.064M	83.971M
Gross Profit	1,299.257M	997.518M	911.745M	964.462M	873.872M	932.159M	834.502M	738.444M	697.614M	611.250M	593.283M	510.247M	446.115M	589.961M	458.136M	446.427M	402.503M	362.904M	427.524M	288.188M	249.240M	237.318M	341.001M	283.307M	283.401M	178.820M	201.715M	299.294M	292.271M	351.768M	233.669M
Gross Margin	61.14%	55.92%	60.56%	65.93%	69.43%	69.54%	67.10%	66.05%	66.25%	66.20%	67.26%	62.43%	62.91%	80.79%	79.65%	87.25%	86.85%	82.89%	86.26%	86.00%	83.04%	89.32%	90.42%	88.52%	86.21%	70.38%	65.39%	91.56%	92.24%	93.60%	73.56%
R&D Expenses	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
SG&A Expenses	310.666M	304.235M	306.999M	296.490M	238.115M	184.683M	223.886M	235.241M	190.504M	176.109M	148.865M	133.385M	123.028M	114.169M	98.332M	79.977M	65.212M	82.111M	65.021M	29.386M	40.565M	48.864M	30.850M	32.279M	26.141M	14.202M	28.224M	23.937M	21.370M	21.047M	22.067M
Operating Expenses	310.666M	304.235M	306.999M	296.490M	238.115M	184.683M	223.886M	235.241M	190.504M	176.109M	148.865M	133.385M	123.028M	114.169M	98.332M	79.977M	65.212M	82.111M	65.021M	29.386M	40.565M	48.864M	30.850M	32.279M	26.141M	14.202M	28.224M	23.937M	21.370M	21.047M	22.067M
Operating Income	988.591M	693.283M	604.747M	667.972M	635.757M	747.477M	610.617M	503.204M	507.110M	435.141M	444.418M	376.862M	323.086M	475.793M	359.804M	366.451M	337.291M	280.792M	362.503M	258.802M	208.675M	188.454M	310.151M	251.028M	257.260M	164.618M	173.491M	275.357M	270.901M	330.720M	211.602M
Operating Margin	46.52%	38.87%	40.17%	45.66%	50.51%	55.76%	49.10%	45.01%	48.16%	47.13%	50.38%	46.11%	45.56%	65.15%	62.55%	71.62%	72.78%	64.14%	73.14%	77.23%	69.53%	70.93%	82.24%	78.44%	78.26%	64.79%	56.24%	84.23%	85.49%	88.00%	66.62%
Interest Income	474.926M	501.775M	454.520M	381.620M	280.817M	299.968M	280.746M	255.394M	203.939M	182.367M	168.086M	173.841M	129.084M	87.574M	54.214M	35.020M	10.666M	11.103M	2.354M	1.333M	4.764M	9.689M	14.534M	11.859M	10.443M	15.679M	18.445M	8.463M	18.242M	8.994M	117.383M
Interest Expense	279.896M	282.379M	289.795M	201.104M	172.481M	191.581M	218.592M	178.662M	136.742M	107.995M	87.471M	89.613M	66.407M	48.663M	47.978M	29.432M	24.937M	15.118M	14.249M	4.430M	4.900M	4.189M	5.110M	5.885M	7.222M	7.546M	28.314M	24.848M	20.796M	9.029M	66.727M
Net Interest Income	195.030M	219.395M	164.725M	180.516M	108.336M	108.387M	62.154M	76.732M	67.196M	74.372M	80.616M	84.228M	62.677M	38.911M	6.236M	5.588M	-14.272M	-4.016M	-11.895M	-3.097M	-0.137M	5.500M	9.424M	5.974M	3.222M	8.133M	-9.869M	-16.385M	-2.554M	-0.034M	50.656M
Other Income / Expense	-798.262M	-584.847M	-458.672M	-553.169M	-375.344M	-577.172M	-380.771M	-335.583M	-346.191M	-319.642M	-350.160M	-270.505M	-222.174M	-371.173M	-273.807M	-289.014M	-272.514M	-243.044M	-320.637M	-206.128M	-142.866M	-114.437M	-264.003M	-215.383M	-200.385M	-133.697M	-100.590M	-187.322M	-188.575M	-288.880M	-196.028M
Pre-Tax Income	385.359M	327.832M	310.800M	295.319M	368.748M	278.692M	291.999M	244.353M	228.115M	189.871M	174.874M	190.585M	163.590M	143.531M	92.232M	83.025M	50.505M	33.732M	29.972M	49.577M	65.673M	79.517M	55.572M	41.619M	60.097M	39.054M	63.032M	71.649M	79.773M	41.806M	66.231M
Pre-Tax Margin	18.13%	18.38%	20.64%	20.19%	29.30%	20.79%	23.48%	21.85%	21.66%	20.56%	19.82%	23.32%	23.07%	19.65%	16.03%	16.23%	10.90%	7.71%	6.05%	14.79%	21.88%	29.93%	14.74%	13.00%	18.28%	15.37%	20.43%	21.92%	25.18%	11.12%	20.85%
Income Tax Expense	91.327M	73.750M	67.558M	70.113M	70.515M	69.817M	68.203M	53.846M	63.502M	49.392M	47.551M	52.137M	41.741M	32.808M	24.926M	20.627M	15.968M	10.845M	11.895M	15.032M	22.351M	18.650M	18.677M	18.448M	15.380M	11.461M	11.907M	15.871M	15.678M	13.864M	23.565M
Tax Rate	23.70%	22.50%	21.74%	23.74%	19.12%	25.05%	23.36%	22.04%	27.84%	26.01%	27.19%	27.36%	25.52%	22.86%	27.02%	24.84%	31.62%	32.15%	35.00%	30.32%	34.03%	23.45%	33.61%	35.00%	25.59%	29.35%	18.89%	22.15%	19.65%	33.16%	35.00%
Net Income	294.032M	254.082M	243.241M	225.206M	298.232M	208.875M	223.796M	190.507M	164.613M	140.479M	127.323M	138.448M	121.849M	110.723M	67.307M	62.398M	34.537M	22.887M	18.077M	34.545M	43.322M	60.867M	36.894M	23.171M	44.717M	27.593M	51.124M	55.778M	64.095M	27.942M	42.665M
Net Margin	13.84%	14.24%	16.16%	15.39%	23.69%	15.58%	18.00%	17.04%	15.63%	15.21%	14.43%	16.94%	17.18%	15.16%	11.70%	12.19%	7.45%	5.23%	3.65%	10.31%	14.43%	22.91%	9.78%	7.24%	13.60%	10.86%	16.57%	17.06%	20.23%	7.43%	13.43%
EBIT	988.591M	693.283M	604.747M	667.972M	635.757M	747.477M	610.617M	503.204M	507.110M	435.141M	444.418M	376.862M	323.086M	475.793M	359.804M	366.451M	337.291M	280.792M	362.503M	258.802M	208.675M	188.454M	310.151M	251.028M	257.260M	164.618M	173.491M	275.357M	270.901M	330.720M	211.602M
Depreciation & Amortization	58.098M	61.647M	57.614M	65.604M	55.129M	59.090M	51.536M	43.364M	41.882M	34.718M	23.594M	25.823M	21.189M	24.623M	16.664M	17.878M	16.518M	21.606M	14.796M	9.833M	9.487M	9.516M	8.197M	14.358M	16.563M	7.624M	4.158M	5.469M	2.986M	4.203M	5.535M
EBITDA	1,046.688M	754.931M	662.361M	733.576M	690.886M	806.567M	662.153M	546.568M	548.993M	469.858M	468.012M	402.685M	344.276M	500.416M	376.468M	384.329M	353.809M	302.398M	377.299M	268.635M	218.162M	197.970M	318.349M	265.387M	273.823M	172.242M	177.649M	280.826M	273.887M	334.924M	217.137M
EBITDA Margin	49.25%	42.32%	44.00%	50.15%	54.89%	60.17%	53.24%	48.88%	52.14%	50.89%	53.06%	49.27%	48.55%	68.52%	65.45%	75.11%	76.34%	69.07%	76.13%	80.16%	72.69%	74.51%	84.41%	82.92%	83.30%	67.79%	57.59%	85.91%	86.44%	89.12%	68.36%
NOPAT	754.303M	537.321M	473.293M	509.387M	514.181M	560.221M	467.993M	392.317M	365.943M	321.947M	323.573M	273.767M	240.649M	367.037M	262.568M	275.410M	230.653M	190.518M	235.627M	180.330M	137.654M	144.253M	205.912M	163.168M	191.421M	116.308M	140.716M	214.362M	217.661M	221.044M	137.541M
NOPAT Margin	35.49%	30.12%	31.44%	34.82%	40.85%	41.79%	37.63%	35.09%	34.75%	34.87%	36.68%	33.49%	33.93%	50.26%	45.65%	53.83%	49.77%	43.52%	47.54%	53.81%	45.86%	54.29%	54.60%	50.98%	58.23%	45.78%	45.62%	65.58%	68.69%	58.81%	43.30%
Owner's Earnings	352.130M	315.729M	300.855M	290.811M	353.362M	267.965M	275.332M	233.870M	206.496M	175.197M	150.917M	164.271M	143.038M	135.346M	83.971M	80.276M	51.055M	44.493M	32.873M	44.378M	52.808M	70.383M	45.092M	37.529M	61.279M	35.216M	55.282M	61.247M	67.081M	32.146M	48.200M
Owner's Earnings Margin	16.57%	17.70%	19.98%	19.88%	28.07%	19.99%	22.14%	20.92%	19.61%	18.97%	17.11%	20.10%	20.17%	18.53%	14.60%	15.69%	11.02%	10.16%	6.63%	13.24%	17.60%	26.49%	11.96%	11.73%	18.64%	13.86%	17.92%	18.74%	21.17%	8.55%	15.17%
EPS	0.51	0.37	0.36	0.38	0.51	0.37	0.38	0.31	0.26	0.23	0.26	0.30	0.27	0.26	0.15	0.15	0.10	0.09	0.09	0.22	0.18	0.19	0.12	0.09	0.29	0.22	0.63	0.37	0.43	0.42	0.57
EPS (Diluted)	0.51	0.37	0.36	0.38	0.51	0.37	0.38	0.31	0.26	0.23	0.26	0.30	0.27	0.26	0.15	0.15	0.10	0.09	0.09	0.22	0.18	0.19	0.12	0.09	0.29	0.22	0.63	0.37	0.43	0.42	0.57
Shares (Diluted)	582,208,964	683,899,125	683,680,944	588,534,426	587,004,343	564,596,700	594,841,681	621,760,727	622,482,820	617,141,000	495,764,093	456,513,718	444,916,425	426,745,160	449,297,262	403,245,750	347,476,500	256,939,085	199,912,234	155,381,872	243,464,845	320,909,838	312,550,089	251,375,575	155,148,523	123,655,530	81,564,783	149,578,998	147,473,476	66,612,000	75,011,205

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	804.77M	709.83M	712.27M	632.86M	707.42M	579.86M	424.17M	367.09M	359.19M	302.68M	334.09M	316.36M	311.64M	280.11M	202.87M	153.20M	167.71M	67.63M	65.10M	41.92M	67.99M	31.70M	61.67M	83.86M	48.60M	24.73M	20.54M	31.24M	16.40M	18.11M	244.98M
Short-Term Investments	241.03M	95.32M	264.14M	254.59M	203.16M	502.90M	201.99M	113.21M	162.73M	107.10M	54.22M	56.60M	24.74M	42.95M	45.28M	52.63M	10.37M	17.72M	11.08M	9.87M	13.17M	69.39M	65.47M	96.15M	44.42M	10.66M	43.50M	40.87M	30.02M	51.20M	31.92M
Cash & Short-Term Investments	1,045.80M	805.15M	976.41M	887.45M	910.57M	1,082.76M	626.16M	480.31M	521.92M	409.78M	388.31M	372.96M	336.38M	323.05M	248.15M	205.83M	178.09M	85.35M	76.19M	51.79M	81.16M	101.09M	127.14M	180.02M	93.02M	35.40M	64.04M	72.11M	46.42M	69.31M	276.89M
Net Receivables	1,304.73M	1,231.59M	1,129.78M	1,055.63M	932.04M	815.36M	512.39M	501.31M	467.76M	706.25M	533.33M	543.99M	493.04M	505.32M	342.02M	316.94M	309.05M	285.18M	230.50M	166.61M	209.20M	148.99M	71.52M	86.17M	109.23M	93.56M	50.49M	107.53M	25.74M	25.20M	181.99M
Inventory	0.00M	0.12M	61.67M	35.91M	1.29M	17.86M	40.86M	3.34M	3.75M	22.92M	2.28M	0.52M	0.55M	0.44M	0.34M	0.14M	0.69M	0.41M	0.06M	0.27M	0.04M	0.03M	0.04M	0.02M	0.12M	0.13M	0.00M	0.00M	0.14M	0.16M	0.15M
Other Current Assets	-93.01M	337.30M	77.61M	19.25M	33.65M	52.46M	54.42M	71.83M	139.57M	46.47M	54.65M	42.77M	40.87M	158.42M	166.41M	19.91M	16.57M	17.58M	9.47M	6.79M	5.79M	3.59M	2.20M	1.74M	1.21M	0.41M	0.12M	0.00M	0.18M	0.16M	0.14M
Total Current Assets	2,257.52M	2,374.17M	2,245.47M	1,998.24M	1,877.56M	1,968.44M	1,233.83M	1,056.79M	1,133.00M	1,185.40M	978.57M	960.25M	870.83M	987.23M	756.93M	542.82M	504.40M	388.52M	316.21M	225.46M	296.19M	253.70M	200.90M	267.94M	203.56M	129.50M	114.64M	179.64M	72.47M	94.83M	459.18M
Property, Plant & Equipment	166.78M	176.09M	193.18M	191.88M	178.21M	179.67M	140.75M	115.55M	95.42M	93.47M	90.77M	86.45M	79.37M	54.95M	49.76M	40.78M	33.22M	45.64M	28.97M	22.43M	32.06M	26.59M	12.67M	29.87M	26.88M	11.62M	10.56M	10.83M	11.70M	10.37M	12.07M
Goodwill	67.89M	81.15M	96.58M	124.24M	120.46M	92.98M	88.52M	81.76M	82.08M	74.08M	71.63M	64.35M	47.50M	29.45M	20.56M	15.53M	12.33M	12.94M	3.60M	2.56M	0.25M	0.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	60.73M	53.09M	69.74M	70.38M	57.82M	53.30M	49.77M	54.45M	43.01M	37.75M	39.38M	32.29M	26.17M	21.13M	14.44M	11.96M	13.50M	16.83M	5.52M	3.85M	4.96M	1.56M	1.87M	2.39M	1.96M	1.89M	2.11M	2.16M	2.86M	0.50M	0.36M
Long-Term Investments	1,763.65M	1,785.18M	1,547.21M	1,658.46M	1,301.20M	1,174.41M	1,140.88M	957.19M	681.00M	594.07M	514.22M	328.55M	340.47M	229.50M	156.05M	138.12M	46.19M	74.16M	56.75M	46.73M	20.51M	48.41M	5.53M	8.98M	79.98M	28.51M	122.04M	107.70M	265.49M	139.14M	844.26M
Tax Assets	22.79M	53.41M	39.76M	42.83M	39.30M	28.12M	24.04M	39.56M	41.24M	25.60M	11.06M	8.66M	6.67M	7.62M	5.68M	3.79M	3.93M	2.08M	2.46M	1.35M	0.73M	0.75M	0.50M	0.03M	0.04M	0.00M	0.27M	0.11M	0.10M	0.11M	0.00M
Other Non-Current Assets	574.88M	2,627.72M	2,178.82M	1,005.84M	1,006.36M	462.97M	547.95M	984.25M	509.99M	529.08M	505.63M	506.42M	261.64M	254.01M	111.14M	91.37M	63.59M	35.38M	67.29M	32.84M	25.69M	9.60M	6.80M	11.38M	5.64M	-0.52M	-6.81M	2.88M	9.19M	4.43M	206.05M
Other Assets	2,113.52M	0.00M	0.01M	973.27M	470.34M	299.11M	139.75M	214.97M	169.00M	4.87M	0.01M	0.03M	16.12M	15.23M	0.00M	0.00M	0.00M	0.00M	0.00M	0.48M	16.42M	24.19M	21.16M	13.60M	13.20M	14.44M	18.96M	53.66M	8.29M	4.42M	0.05M
Total Non-Current Assets	4,770.22M	4,776.65M	4,125.30M	4,066.90M	3,173.69M	2,290.55M	2,131.67M	2,447.72M	1,621.73M	1,358.91M	1,232.69M	1,026.75M	777.94M	611.89M	357.64M	301.55M	172.76M	187.04M	164.59M	110.24M	100.63M	111.15M	48.54M	66.25M	127.70M	55.93M	147.12M	177.35M	297.63M	158.98M	1,062.80M
Total Assets	7,027.75M	7,150.82M	6,370.77M	6,065.14M	5,051.24M	4,259.00M	3,365.50M	3,504.51M	2,754.73M	2,544.31M	2,211.26M	1,987.00M	1,648.78M	1,599.12M	1,114.57M	844.37M	677.16M	575.55M	480.79M	335.70M	396.82M	364.86M	249.44M	334.19M	331.27M	185.43M	261.76M	356.99M	370.11M	253.81M	1,521.97M
Accounts Payable	75.94M	105.23M	128.18M	107.77M	84.84M	104.41M	83.09M	85.22M	81.59M	114.34M	125.05M	108.26M	84.01M	62.13M	44.02M	33.06M	30.64M	30.38M	21.63M	27.98M	24.79M	12.54M	9.89M	9.14M	8.95M	5.85M	7.54M	5.52M	4.99M	5.21M	3.59M
Short-Term Debt	259.11M	1,017.67M	928.58M	1,088.27M	884.85M	483.75M	478.03M	458.52M	311.01M	288.12M	159.66M	173.58M	155.21M	219.25M	176.51M	126.54M	83.53M	81.74M	44.50M	13.97M	58.70M	49.71M	11.04M	16.28M	21.81M	13.28M	28.53M	299.10M	180.73M	65.12M	242.08M
Tax Payables	4.11M	12.59M	14.13M	18.65M	15.66M	14.68M	12.08M	8.98M	10.11M	8.72M	7.07M	7.18M	5.79M	3.96M	3.10M	1.90M	1.47M	1.26M	0.39M	0.24M	0.35M	0.25M	0.04M	0.15M	0.02M	0.00M	0.00M	0.15M	0.02M	0.04M	0.00M
Deferred Revenue	0.00M	0.00M	2.49M	1.58M	4.82M	0.67M	2.47M	1.07M	0.92M	1.57M	2.02M	0.42M	0.00M	1.66M	0.71M	0.24M	0.12M	0.23M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	689.01M	460.40M	351.76M	162.08M	215.85M	457.07M	164.52M	217.32M	287.75M	131.50M	118.70M	84.23M	51.46M	114.96M	83.45M	31.62M	45.78M	30.16M	13.11M	13.42M	9.43M	1.13M	2.91M	0.91M	6.33M	1.29M	4.90M	-0.69M	18.66M	5.47M	126.69M
Total Current Liabilities	1,028.17M	1,595.90M	1,425.14M	1,378.35M	1,206.03M	1,060.58M	740.19M	771.11M	691.38M	544.25M	412.50M	373.67M	296.47M	401.96M	307.79M	193.37M	161.54M	143.78M	79.64M	55.61M	93.27M	63.63M	23.89M	26.48M	37.11M	20.42M	40.97M	304.08M	204.39M	75.84M	372.36M
Long-Term Debt	7,397.67M	5,688.81M	5,370.63M	5,195.49M	4,707.48M	4,379.85M	3,441.80M	3,254.06M	2,740.00M	2,238.24M	1,795.68M	1,417.04M	1,195.00M	950.02M	986.97M	764.41M	658.03M	466.82M	405.86M	265.33M	285.59M	143.19M	235.35M	213.54M	1,138.32M	606.21M	627.99M	549.93M	546.33M	113.03M	733.46M
Capital Lease Obligations	4.95M	25.69M	30.73M	32.94M	32.54M	33.28M	20.80M	0.23M	0.12M	0.08M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	1.21M	8.11M	18.05M	25.53M	13.06M	13.46M	21.38M	18.98M	12.55M	7.31M	7.28M	3.05M	1.61M	2.26M	2.78M	1.31M	1.47M	1.49M	1.13M	1.43M	0.21M	0.16M	0.11M	0.04M	0.07M	0.00M	0.00M	0.04M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	-123.65M	1,117.90M	983.64M	505.48M	586.16M	338.94M	347.16M	329.86M	275.89M	242.82M	173.41M	172.29M	202.26M	66.26M	17.18M	23.34M	27.29M	9.75M	44.34M	14.47M	33.49M	41.61M	21.85M	6.46M	-1.93M	-0.07M	-5.99M	-4.40M	59.03M	1.63M	0.32M
Total Non-Current Liabilities	7,280.19M	6,840.51M	6,403.04M	5,759.45M	5,339.24M	4,765.54M	3,831.14M	3,603.13M	3,028.56M	2,488.45M	1,976.36M	1,592.38M	1,398.86M	1,018.54M	1,006.94M	789.05M	686.78M	478.05M	451.33M	281.23M	319.29M	184.95M	257.31M	220.04M	1,136.45M	606.14M	622.00M	545.58M	605.36M	114.67M	733.78M
Total Liabilities	8,308.36M	8,436.41M	7,828.19M	7,137.79M	6,545.27M	5,826.11M	4,571.33M	4,374.24M	3,719.94M	3,032.70M	2,388.86M	1,966.05M	1,695.33M	1,420.50M	1,314.73M	982.42M	848.32M	621.83M	530.97M	336.84M	412.56M	248.59M	281.20M	246.52M	1,173.57M	626.56M	662.97M	849.66M	809.75M	190.51M	1,106.15M
Preferred Stock	0.00M	0.00M	41.07M	52.87M	34.90M	45.13M	100.64M	61.84M	46.01M	4.02M	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	4.03M	0.00M	0.00M	0.24M
Common Stock	65.60M	112.66M	113.42M	131.24M	99.55M	92.85M	91.98M	95.58M	93.90M	90.20M	85.94M	82.74M	67.03M	37.37M	33.36M	20.15M	18.08M	17.00M	8.50M	5.27M	7.18M	5.58M	6.24M	4.70M	3.60M	3.22M	3.11M	1.09M	1.03M	0.69M	0.54M
Retained Earnings	716.29M	1,164.01M	1,086.24M	961.06M	860.32M	807.15M	777.04M	673.95M	620.46M	516.57M	420.07M	351.13M	287.40M	270.87M	233.21M	108.18M	119.41M	117.41M	75.44M	60.97M	93.55M	102.32M	87.81M	65.89M	159.43M	73.66M	257.12M	170.61M	85.14M	73.61M	93.35M
Accumulated OCI	-1.31M	27.52M	11.20M	2.64M	18.02M	-2.97M	2.69M	21.47M	9.62M	-4.98M	-11.32M	-2.38M	-3.28M	-1.96M	-1.03M	-1.53M	-1.44M	-3.94M	0.11M	0.92M	1.32M	0.47M	-0.27M	-0.42M	-0.29M	-0.32M	-0.13M	0.44M	0.23M	0.69M	1.36M
Minority Interest	13.35M	15.23M	36.74M	98.73M	25.68M	85.66M	101.44M	38.39M	48.35M	11.05M	3.09M	0.82M	2.16M	1.50M	1.31M	2.13M	0.60M	1.06M	0.87M	0.23M	1.01M	0.21M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	780.58M	1,304.19M	1,251.93M	1,147.81M	1,012.79M	942.16M	972.36M	852.84M	769.99M	605.81M	494.69M	431.50M	351.15M	306.29M	265.54M	126.79M	136.05M	130.47M	84.05M	67.16M	102.04M	108.36M	93.78M	70.18M	162.73M	76.56M	260.10M	176.18M	86.40M	74.99M	95.48M
Total Equity	793.93M	1,319.42M	1,288.67M	1,246.55M	1,038.47M	1,027.81M	1,073.80M	891.22M	818.34M	616.86M	497.78M	432.31M	353.32M	307.79M	266.85M	128.92M	136.66M	131.54M	84.92M	67.39M	103.05M	108.58M	93.78M	70.18M	162.73M	76.56M	260.10M	176.18M	86.40M	74.99M	95.48M
Total Liabilities & Equity	9,102.29M	9,755.83M	9,116.86M	8,384.34M	7,583.74M	6,853.93M	5,645.12M	5,265.46M	4,538.29M	3,649.56M	2,886.64M	2,398.36M	2,048.65M	1,728.28M	1,581.57M	1,111.34M	984.98M	753.36M	615.89M	404.24M	515.61M	357.16M	374.98M	316.70M	1,336.30M	703.13M	923.08M	1,025.83M	896.16M	265.50M	1,201.63M
Tangible Assets	6,899.13M	7,016.58M	6,204.45M	5,870.52M	4,872.96M	4,112.72M	3,227.20M	3,368.30M	2,629.64M	2,432.49M	2,100.26M	1,890.37M	1,575.11M	1,548.54M	1,079.56M	816.88M	651.33M	545.78M	471.67M	329.28M	391.61M	363.25M	247.56M	331.80M	329.30M	183.54M	259.65M	354.83M	367.25M	253.31M	1,521.62M
Tangible Equity	665.32M	1,185.18M	1,122.35M	1,051.93M	860.19M	881.54M	935.50M	755.02M	693.25M	505.04M	386.77M	335.68M	279.64M	257.21M	231.84M	101.43M	110.83M	101.76M	75.80M	60.98M	97.84M	106.97M	91.91M	67.79M	160.77M	74.68M	258.00M	174.02M	83.55M	74.49M	95.12M
Tangible Book Value	665.32M	1,185.18M	1,122.35M	1,051.93M	860.19M	881.54M	935.50M	755.02M	693.25M	505.04M	386.77M	335.68M	279.64M	257.21M	231.84M	101.43M	110.83M	101.76M	75.80M	60.98M	97.84M	106.97M	91.91M	67.79M	160.77M	74.68M	258.00M	174.02M	83.55M	74.49M	95.12M
Total Investments	2,161.00M	2,150.18M	1,967.61M	1,799.03M	1,542.78M	1,410.57M	1,255.32M	908.69M	745.27M	692.76M	585.28M	411.26M	413.17M	312.59M	230.01M	177.01M	83.23M	155.92M	98.00M	83.62M	63.18M	99.93M	82.24M	92.08M	81.67M	29.18M	125.59M	112.17M	269.27M	162.93M	876.13M
Net Debt	6,852.02M	5,996.65M	5,586.94M	5,650.90M	4,884.92M	4,283.74M	3,495.66M	3,345.48M	2,691.82M	2,223.68M	1,621.25M	1,274.25M	1,038.57M	889.17M	960.61M	737.75M	573.84M	480.93M	385.26M	237.38M	276.30M	161.20M	184.73M	145.96M	1,111.53M	594.76M	635.98M	817.79M	710.66M	160.04M	730.56M

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	284.96M	304.75M	627.70M	196.77M	1,353.22M	1,639.98M	1,132.89M	1,203.63M	1,506.59M	1,449.66M	1,560.14M	1,204.88M	1,167.18M	1,014.37M	1,022.61M	688.71M	402.90M	203.23M	296.71M	222.95M	200.97M	197.42M	107.66M	28.14M	-31.43M	10.98M	-224.98M	-40.30M	-108.37M	-3.13M	-122.60M
Total Capital	10,823.07M	9,596.99M	9,262.31M	8,762.91M	7,893.61M	8,265.37M	6,907.55M	6,527.38M	5,660.04M	4,969.82M	3,778.77M	3,506.04M	3,234.28M	2,312.54M	1,865.39M	1,398.26M	1,221.39M	816.00M	649.67M	558.64M	621.27M	402.87M	527.25M	553.20M	1,990.89M	963.88M	971.49M	853.29M	841.95M	304.04M	1,193.80M
Capital Employed	16,946.61M	11,848.73M	10,985.06M	10,569.22M	11,130.31M	11,094.79M	10,771.14M	9,849.14M	8,308.76M	7,678.98M	7,395.39M	6,436.10M	5,783.85M	4,311.86M	3,027.18M	2,200.78M	1,703.16M	1,321.09M	1,226.95M	869.82M	930.24M	863.21M	1,927.28M	960.20M	1,750.63M	988.20M	1,507.64M	1,424.49M	1,542.81M	246.99M	1,013.02M
Invested Capital	10,018.30M	8,887.15M	8,550.04M	8,130.05M	7,186.19M	7,685.51M	6,483.38M	6,160.29M	5,300.85M	4,667.14M	3,444.69M	3,189.68M	2,922.63M	2,032.44M	1,662.52M	1,245.06M	1,053.68M	748.36M	584.56M	516.72M	553.28M	371.17M	465.59M	469.33M	1,942.30M	939.14M	950.95M	822.05M	825.56M	285.92M	948.82M

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	42.04M	65.04M	67.28M	66.48M	58.69M	60.51M	54.34M	39.62M	27.76M	28.12M	32.39M	28.22M	25.82M	26.65M	21.86M	25.46M	20.37M	21.72M	15.00M	11.19M	12.60M	9.32M	7.96M	10.08M	17.95M	9.57M	6.98M	12.23M	4.75M	4.67M	6.12M
Deferred Income Tax	1.41M	0.00M	-3.16M	-0.80M	1.21M	-1.96M	-0.19M	0.56M	0.52M	-0.15M	-0.03M	-0.03M	0.49M	0.05M	0.10M	0.12M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.10M	0.12M	0.01M	0.26M	-0.08M	1.27M	0.02M	0.13M	0.00M
Stock-Based Compensation	5.11M	3.51M	5.58M	6.19M	5.61M	4.55M	3.95M	3.23M	2.38M	2.11M	3.10M	1.53M	0.99M	0.57M	0.51M	0.56M	0.21M	0.33M	0.00M	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	-110.13M	-307.60M	-292.56M	-344.15M	-255.25M	-235.15M	-168.08M	-293.01M	-208.00M	-204.34M	-118.78M	-173.79M	-105.74M	-55.12M	-36.78M	-34.95M	-21.46M	-25.43M	-26.18M	-23.19M	-15.53M	-11.61M	-3.57M	-0.02M	-5.07M	1.95M	9.80M	-0.44M	-16.96M	-0.58M	-18.60M
Accounts Receivable	-17.65M	-13.55M	-16.16M	-16.66M	-5.40M	-9.18M	-30.36M	-77.77M	-79.50M	-57.29M	-6.07M	-4.19M	-2.86M	-0.64M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.06M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	0.00M	0.00M	0.00M	0.00M	-2.11M	0.00M	-0.18M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.16M	0.00M	0.00M	-0.09M	0.00M	-0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.05M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Accounts Payable	2.75M	4.41M	4.57M	6.75M	2.16M	-1.57M	2.05M	2.98M	2.88M	2.06M	0.22M	0.00M	0.42M	-0.08M	0.22M	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
Other Working Capital	-73.78M	-174.16M	-147.68M	-136.36M	-119.29M	-81.20M	-49.88M	-121.10M	-119.68M	-147.67M	-96.17M	-108.16M	-119.51M	-11.99M	-17.59M	-9.94M	-0.78M	-3.15M	-0.01M	-15.50M	-2.33M	-2.66M	-0.69M	-1.38M	0.12M	1.23M	0.02M	-2.38M	-8.76M	-3.24M	0.53M
Other Non-Cash Items	123.00M	192.95M	161.41M	166.51M	74.75M	126.06M	96.08M	69.91M	105.61M	63.95M	36.73M	11.31M	16.52M	6.93M	4.38M	0.88M	7.07M	21.71M	7.48M	-0.24M	5.81M	10.22M	10.61M	44.34M	19.02M	-3.90M	9.72M	-6.15M	0.92M	1.44M	-1.25M
Net Cash from Operating Activities	375.11M	241.81M	133.15M	141.16M	272.29M	135.06M	181.95M	60.75M	33.29M	9.92M	71.19M	43.38M	137.12M	127.54M	75.27M	99.04M	42.28M	48.25M	21.39M	29.70M	25.29M	65.01M	56.14M	82.31M	64.25M	50.93M	110.18M	74.93M	20.73M	21.26M	48.36M
Capital Expenditures (PPE)	-16.63M	-28.67M	-28.74M	-30.53M	-26.67M	-28.05M	-27.97M	-24.65M	-27.46M	-21.00M	-20.66M	-22.73M	-18.23M	-11.92M	-10.66M	-7.01M	-5.91M	-7.61M	-10.84M	-8.64M	-11.28M	-4.77M	-7.22M	-7.14M	-9.97M	-5.02M	-8.73M	-5.63M	-4.17M	-2.54M	-5.90M
Acquisitions (Net)	0.00M	0.00M	-3.41M	-0.48M	-4.27M	1.81M	-3.38M	-3.88M	-3.02M	-0.86M	-3.63M	-4.09M	-0.94M	-0.70M	-0.73M	-0.74M	-0.07M	-2.07M	-1.06M	-0.61M	-0.36M	-2.65M	-2.13M	-2.21M	-0.30M	0.00M	0.97M	0.00M	0.02M	0.00M	0.00M
Purchases of Investments	-84.72M	-234.19M	-210.17M	-419.21M	-228.37M	-267.15M	-321.97M	-245.86M	-202.51M	-117.00M	-86.71M	-123.58M	-107.13M	-112.61M	-168.85M	-93.97M	-31.97M	-62.74M	-19.03M	-32.33M	-42.77M	-189.27M	-160.96M	-18.29M	-2.85M	-0.86M	-7.54M	-7.23M	-162.98M	-22.22M	-126.76M
Sales / Maturities of Investments	53.59M	249.16M	176.97M	389.23M	248.29M	144.56M	407.11M	287.74M	176.85M	207.74M	40.79M	91.61M	69.16M	67.75M	214.74M	100.69M	37.37M	68.81M	16.17M	19.71M	18.73M	94.89M	55.44M	42.46M	3.74M	36.41M	55.05M	153.68M	33.07M	15.72M	995.09M
Other Investing Activities	-222.42M	-106.49M	-107.91M	-151.90M	-94.26M	-0.89M	-116.56M	-101.18M	-47.24M	-44.29M	-64.86M	-16.26M	-6.45M	2.94M	-6.90M	-0.18M	0.25M	0.46M	-0.89M	-0.44M	0.23M	-3.99M	-8.61M	-31.49M	-35.06M	-45.50M	-98.89M	-79.58M	-35.76M	-6.22M	-15.97M
Net Cash from Investing Activities	-308.26M	-249.81M	-214.26M	-279.49M	-158.92M	-78.90M	-206.19M	-241.48M	-236.68M	-124.41M	-140.30M	-96.61M	-85.33M	-51.24M	-59.64M	-39.65M	-12.57M	-44.15M	-51.88M	-40.49M	-33.74M	-88.13M	-97.33M	-53.36M	-66.68M	-45.72M	-103.28M	-73.21M	-48.70M	-18.33M	-37.61M
Net Debt Issuance	203.01M	264.69M	307.14M	252.56M	168.79M	167.74M	310.62M	353.88M	305.49M	169.12M	140.72M	171.35M	59.63M	84.61M	39.72M	-47.13M	-10.55M	6.59M	35.85M	27.40M	34.41M	18.03M	9.09M	-2.30M	5.10M	5.99M	21.39M	79.06M	19.93M	12.18M	8.82M
Long-Term Debt Issuance	178.68M	289.83M	287.89M	248.11M	206.44M	178.96M	254.74M	345.97M	277.93M	158.14M	118.07M	163.22M	44.09M	73.12M	51.20M	13.50M	-14.03M	10.39M	36.62M	13.20M	57.23M	15.98M	6.84M	1.52M	16.01M	5.39M	24.72M	25.89M	-30.09M	3.21M	8.51M
Short-Term Debt Issuance	0.00M	0.00M	2.35M	0.00M	0.00M	0.00M	0.00M	2.86M	0.00M	2.20M	-0.50M	0.00M	0.06M	-0.08M	-1.75M	-1.29M	-0.30M	-0.10M	0.03M	0.00M	-0.67M	0.00M	0.00M	-0.26M	-0.15M	0.00M	0.00M	20.62M	10.04M	0.00M	0.00M
Net Stock Issuance	-23.82M	-15.21M	-10.63M	-40.12M	-24.33M	-12.34M	-9.82M	-8.25M	-1.79M	-3.36M	-1.12M	-0.13M	-2.53M	-0.31M	-0.06M	0.85M	0.43M	2.51M	1.69M	0.36M	0.30M	0.12M	0.99M	0.53M	1.88M	1.01M	-0.16M	1.12M	-8.77M	0.96M	0.42M
Common Stock Issuance	0.10M	1.15M	0.40M	0.50M	7.04M	3.24M	1.70M	1.21M	0.46M	0.78M	1.27M	0.56M	1.26M	0.73M	2.40M	0.95M	0.76M	4.54M	5.12M	1.52M	1.02M	0.85M	0.46M	0.86M	0.47M	0.03M	0.00M	0.02M	0.50M	0.06M	0.56M
Common Stock Repurchased	-30.23M	-14.15M	-27.72M	-40.95M	-32.66M	-20.22M	-20.63M	-20.15M	-7.47M	-7.96M	-4.07M	-2.86M	-4.71M	-5.38M	-1.70M	-0.35M	-0.17M	-0.26M	-1.87M	-0.06M	-0.03M	0.00M	0.00M	0.00M	-0.03M	-0.06M	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	-40.03M	-67.39M	-65.30M	-57.26M	-48.27M	-46.36M	-43.23M	-31.16M	-32.02M	-24.20M	-23.86M	-21.70M	-19.51M	-12.67M	-11.58M	-9.86M	-8.71M	-7.64M	-5.20M	-3.27M	-3.25M	-3.06M	-1.79M	-1.46M	-1.70M	-1.78M	-1.87M	-2.11M	-5.62M	-0.60M	-4.46M
Common Dividends Paid	-29.82M	-66.75M	-63.71M	-59.89M	-47.16M	-49.34M	-42.82M	-31.06M	-31.86M	-23.97M	-22.23M	-21.57M	-19.51M	-12.68M	-11.42M	-8.02M	-7.86M	-6.26M	-4.82M	-3.09M	-2.54M	-2.98M	-2.03M	-1.82M	-1.70M	-1.78M	-1.87M	-2.11M	-5.62M	-0.60M	-4.46M
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	-11.28M	-30.77M	-4.98M	33.17M	-9.95M	11.88M	6.88M	2.77M	31.83M	38.89M	38.91M	26.93M	9.57M	-0.16M	0.91M	-1.63M	0.87M	0.07M	0.94M	2.05M	-0.23M	-0.32M	3.59M	-0.03M	1.43M	0.31M	16.72M	14.97M	12.70M	0.03M	0.01M
Net Cash from Financing Activities	124.33M	210.53M	255.43M	241.48M	108.91M	134.21M	392.11M	408.45M	444.83M	301.63M	233.06M	194.56M	95.47M	35.09M	22.42M	-83.17M	-6.59M	24.59M	69.48M	40.31M	65.64M	12.01M	29.88M	18.71M	18.06M	32.42M	28.51M	71.84M	33.78M	-0.81M	4.09M
Effect of FX on Cash	-0.17M	-0.05M	0.54M	-0.28M	-0.22M	0.07M	0.05M	-0.08M	0.08M	-0.13M	-0.20M	-0.23M	0.15M	0.03M	0.00M	0.00M	0.01M	0.00M	0.08M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	2.13M	-0.02M	-0.02M	0.00M
Net Change in Cash	-0.13M	-1.08M	80.41M	21.13M	43.02M	141.94M	41.29M	62.13M	38.18M	17.28M	16.02M	21.33M	20.96M	27.62M	14.89M	-6.05M	21.43M	0.29M	12.72M	2.42M	1.79M	0.13M	5.39M	17.93M	1.87M	19.48M	3.94M	7.60M	4.29M	-7.17M	-17.58M
Cash at Beginning of Period	484.68M	775.35M	745.41M	816.16M	748.42M	543.51M	501.29M	422.07M	315.21M	328.94M	317.73M	299.34M	286.12M	223.72M	159.01M	155.24M	82.29M	80.83M	54.06M	40.24M	28.06M	37.51M	39.11M	33.93M	63.42M	19.78M	33.07M	44.95M	68.74M	12.94M	123.93M
Cash at End of Period	810.00M	754.92M	845.02M	777.75M	808.77M	778.59M	583.02M	437.58M	358.77M	291.64M	335.02M	319.60M	297.20M	275.31M	201.97M	134.52M	149.48M	82.97M	65.78M	43.87M	69.05M	41.11M	98.43M	85.22M	148.81M	68.36M	66.95M	24.39M	45.52M	0.09M	17.68M
Operating Cash Flow	376.53M	249.75M	168.30M	144.50M	272.29M	135.06M	181.80M	60.75M	33.29M	9.92M	71.19M	43.38M	137.12M	127.54M	75.27M	99.04M	42.28M	48.25M	21.39M	29.70M	25.29M	65.01M	56.14M	82.31M	63.11M	50.93M	110.18M	74.93M	20.73M	21.26M	48.36M
Capital Expenditure	-20.69M	-35.02M	-31.81M	-32.02M	-28.60M	-29.73M	-29.72M	-24.93M	-31.91M	-21.76M	-23.25M	-23.29M	-18.82M	-13.00M	-12.09M	-8.44M	-6.25M	-8.01M	-10.94M	-8.25M	-11.37M	-5.61M	-7.22M	-7.14M	-9.97M	-5.02M	-8.73M	-5.63M	-4.17M	-2.54M	-5.90M
Free Cash Flow	236.95M	161.59M	113.56M	93.08M	159.52M	84.58M	71.23M	-43.45M	-31.50M	-45.92M	32.28M	-32.28M	8.24M	64.77M	32.45M	81.56M	24.38M	24.54M	-4.47M	10.04M	7.02M	20.33M	30.13M	59.18M	29.08M	22.64M	57.39M	50.77M	17.75M	18.02M	35.53M

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	594.49M	462.69M	383.93M	490.10M	481.82M	386.98M	442.78M	336.12M	269.88M	259.28M	195.00M	245.81M	168.98M	143.73M	124.23M	121.62M	60.81M	51.90M	52.66M	71.11M	99.05M	96.14M	57.69M	32.87M	76.96M	58.56M	35.72M	70.59M	93.51M	86.90M	83.50M
(-) Tax Adjustment	140.89M	104.09M	83.45M	116.36M	92.14M	96.94M	103.42M	74.07M	75.13M	67.45M	53.02M	67.24M	43.12M	32.85M	33.57M	30.21M	19.23M	16.68M	20.90M	21.56M	33.71M	22.55M	19.39M	14.57M	19.70M	17.19M	6.75M	15.64M	18.38M	28.82M	29.71M
(-) Change In Working Capital	-110.13M	-307.60M	-292.56M	-344.15M	-255.25M	-235.15M	-168.08M	-293.01M	-208.00M	-204.34M	-118.78M	-173.79M	-105.74M	-55.12M	-36.78M	-34.95M	-21.46M	-25.43M	-26.18M	-23.19M	-15.53M	-11.61M	-3.57M	-0.02M	-5.07M	1.95M	9.80M	-0.44M	-16.96M	-0.58M	-18.60M
(-) Capital Expenditure	20.69M	35.02M	31.81M	32.02M	28.60M	29.73M	29.72M	24.93M	31.91M	21.76M	23.25M	23.29M	18.82M	13.00M	12.09M	8.44M	6.25M	8.01M	10.94M	8.25M	11.37M	5.61M	7.22M	7.14M	9.97M	5.02M	8.73M	5.63M	4.17M	2.54M	5.90M
Unlevered Free Cash Flow	543.04M	631.18M	561.22M	685.88M	616.33M	495.45M	477.72M	530.13M	370.85M	374.42M	237.50M	329.07M	212.78M	152.99M	115.34M	117.91M	56.80M	52.62M	47.00M	64.48M	69.50M	79.59M	34.65M	11.18M	52.37M	34.40M	10.44M	49.77M	87.92M	56.12M	66.48M
(-) Net Interest Income After Taxes	148.81M	170.04M	128.92M	137.66M	87.62M	81.23M	47.64M	59.82M	48.49M	55.03M	58.69M	61.19M	46.68M	30.02M	4.55M	4.20M	-9.76M	-2.72M	-7.17M	-2.16M	-0.09M	4.21M	6.26M	3.33M	2.40M	5.75M	-8.00M	-12.76M	-2.05M	-0.02M	32.63M
Net Debt Issuance	203.01M	264.69M	307.14M	252.56M	168.79M	167.74M	310.62M	353.88M	305.49M	169.12M	140.72M	171.35M	59.63M	84.61M	39.72M	-47.13M	-10.55M	6.59M	35.85M	27.40M	34.41M	18.03M	9.09M	-2.30M	5.10M	5.99M	21.39M	79.06M	19.93M	12.18M	8.82M
Levered Free Cash Flow	597.24M	725.84M	739.45M	800.78M	697.50M	581.96M	740.71M	824.19M	627.84M	488.51M	319.53M	439.24M	225.72M	207.59M	150.52M	66.58M	56.01M	61.94M	90.02M	94.04M	104.00M	93.41M	37.49M	5.55M	55.07M	34.65M	39.83M	141.59M	109.90M	68.32M	42.68M