Insurance - Diversified

Category: Industry Averages Base Ticker: 6963.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	25.09	22.32	18.88	20.48	22.77	17.52	18.48	16.84	21.31	20.38	19.30	19.11	19.29	18.05	10.82	14.64	17.45	16.71	38.52	40.43	44.35	39.50	36.93	36.40	35.39	37.71	187.17	40.19	157.46	108.37	93.77
Market Capitalization	4,415.92M	4,802.87M	3,834.60M	3,305.95M	3,248.86M	2,982.34M	3,267.95M	2,844.83M	3,252.37M	2,855.84M	2,814.48M	2,728.31M	2,487.96M	1,753.47M	1,815.13M	1,987.44M	1,980.28M	1,757.76M	4,203.01M	6,049.00M	7,186.67M	6,502.31M	7,769.34M	7,127.22M	15,597.30M	23,945.20M	30,355.50M	28,129.55M	21,606.85M	15,550.10M	13,277.23M
(-) Cash & Equivalents	487.74M	668.72M	720.42M	710.03M	768.84M	690.78M	694.32M	657.56M	665.83M	466.63M	641.05M	569.10M	536.89M	607.01M	504.76M	279.97M	446.00M	609.21M	659.64M	627.24M	2,195.20M	564.37M	771.97M	933.20M	1,543.02M	1,321.92M	789.44M	85.51M	227.79M	281.40M	324.82M
(+) Total Debt	985.36M	1,252.49M	1,164.39M	1,157.71M	1,131.88M	1,127.60M	991.14M	939.15M	939.68M	909.85M	928.42M	774.61M	759.36M	522.19M	506.43M	423.57M	597.60M	651.20M	805.24M	1,093.92M	2,053.92M	3,165.63M	1,710.20M	1,719.17M	2,975.58M	1,711.51M	3,030.91M	1,410.11M	3,459.17M	1,474.96M	931.53M
Enterprise Value	4,344.91M	5,200.48M	3,669.41M	3,433.19M	3,600.06M	3,368.12M	3,464.25M	2,968.20M	3,289.80M	3,019.21M	3,062.42M	2,975.00M	2,675.79M	1,856.39M	1,444.08M	1,657.52M	1,796.31M	1,742.81M	4,076.98M	5,788.68M	7,361.47M	8,410.62M	8,966.19M	8,427.95M	16,608.39M	24,077.86M	35,188.40M	29,869.99M	23,469.90M	16,267.52M	17,210.84M

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	4,459.407M	4,875.950M	3,952.932M	2,689.674M	4,116.085M	3,923.825M	3,693.983M	2,794.566M	3,060.585M	2,762.098M	3,457.139M	3,623.106M	3,399.269M	3,376.876M	3,411.780M	3,574.450M	4,487.304M	3,896.131M	5,129.473M	6,564.404M	9,480.689M	10,868.078M	11,100.569M	11,832.597M	12,719.100M	11,986.467M	15,852.279M	7,220.817M	9,144.635M	7,988.233M	4,476.699M
Cost of Revenue	608.817M	153.110M	165.373M	136.296M	137.292M	89.468M	64.282M	55.527M	84.408M	57.066M	85.095M	85.092M	91.025M	119.729M	272.830M	177.074M	483.836M	120.412M	229.975M	1,155.849M	1,370.474M	838.172M	1,458.280M	1,903.103M	1,212.395M	1,177.646M	1,729.187M	1,512.348M	1,800.397M	360.362M	966.330M
Gross Profit	3,850.590M	4,722.840M	3,787.560M	2,553.378M	3,978.793M	3,834.356M	3,629.701M	2,739.039M	2,976.177M	2,705.032M	3,372.044M	3,538.014M	3,308.244M	3,257.147M	3,138.949M	3,397.376M	4,003.469M	3,775.719M	4,899.498M	5,408.554M	8,110.215M	10,029.906M	9,642.290M	9,929.494M	11,506.705M	10,808.821M	14,123.092M	5,708.469M	7,344.238M	7,627.871M	3,510.369M
Gross Margin	86.35%	96.86%	95.82%	94.93%	96.66%	97.72%	98.26%	98.01%	97.24%	97.93%	97.54%	97.65%	97.32%	96.45%	92.00%	95.05%	89.22%	96.91%	95.52%	82.39%	85.54%	92.29%	86.86%	83.92%	90.47%	90.18%	89.09%	79.06%	80.31%	95.49%	78.41%
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	25.161M	39.545M	59.954M	104.304M	77.261M	69.230M	70.936M	113.674M	103.735M	137.030M	173.104M	175.970M	191.866M	135.006M	181.564M	248.613M	301.537M	206.185M	117.645M	116.485M	356.227M	353.945M	535.979M	586.050M	826.381M	669.566M	279.394M	26.711M	0.290M	0.468M	0.121M
Operating Expenses	25.161M	39.545M	59.954M	104.304M	77.261M	69.230M	70.936M	113.674M	103.735M	137.030M	173.104M	175.970M	191.866M	135.006M	181.564M	248.613M	301.537M	206.185M	117.645M	116.485M	356.227M	353.945M	535.979M	586.050M	826.381M	669.566M	279.394M	26.711M	0.290M	0.468M	0.121M
Operating Income	3,825.429M	4,683.295M	3,727.606M	2,449.074M	3,901.532M	3,765.126M	3,558.766M	2,625.365M	2,872.442M	2,568.002M	3,198.939M	3,362.044M	3,116.378M	3,122.141M	2,957.385M	3,148.763M	3,701.932M	3,569.534M	4,781.853M	5,292.070M	7,753.988M	9,675.961M	9,106.311M	9,343.444M	10,680.323M	10,139.255M	13,843.698M	5,681.758M	7,343.948M	7,627.403M	3,510.247M
Operating Margin	85.78%	96.05%	94.30%	91.05%	94.79%	95.96%	96.34%	93.95%	93.85%	92.97%	92.53%	92.79%	91.68%	92.46%	86.68%	88.09%	82.50%	91.62%	93.22%	80.62%	81.79%	89.03%	82.03%	78.96%	83.97%	84.59%	87.33%	78.69%	80.31%	95.48%	78.41%
Interest Income	3.615M	26.522M	22.616M	65.763M	40.413M	36.755M	21.021M	32.638M	28.416M	29.157M	28.468M	17.872M	16.801M	33.826M	11.657M	0.111M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	153.200M	135.600M	0.000M
Interest Expense	55.542M	58.456M	51.416M	37.188M	40.521M	30.889M	35.199M	28.589M	30.722M	24.381M	28.260M	28.173M	30.511M	31.604M	58.297M	38.554M	47.323M	63.192M	91.790M	96.166M	69.778M	72.721M	66.100M	52.477M	99.399M	37.882M	58.284M	34.850M	24.596M	22.247M	14.779M
Net Interest Income	-51.927M	-31.934M	-28.800M	28.575M	-0.108M	5.866M	-14.178M	4.049M	-2.306M	4.776M	0.208M	-10.300M	-13.710M	2.222M	-46.640M	-38.443M	-47.323M	-63.192M	-91.790M	-96.166M	-69.778M	-72.721M	-66.100M	-52.477M	-99.399M	-37.882M	-58.284M	-34.850M	128.604M	113.353M	-14.779M
Other Income / Expense	-3,265.965M	-4,129.634M	-3,358.757M	-2,225.921M	-3,525.404M	-3,553.614M	-3,151.395M	-2,366.118M	-2,553.255M	-2,280.893M	-2,914.772M	-3,022.598M	-2,809.162M	-2,919.129M	-2,781.674M	-2,842.268M	-3,456.312M	-3,408.686M	-4,228.284M	-4,606.591M	-6,986.632M	-8,866.193M	-8,098.022M	-9,048.910M	-9,864.895M	-8,284.348M	-12,228.783M	-4,032.712M	-5,585.442M	-6,342.958M	-2,479.428M
Pre-Tax Income	507.537M	521.727M	340.050M	251.728M	376.019M	217.377M	393.193M	263.295M	316.881M	291.885M	284.375M	329.145M	293.506M	205.234M	129.071M	268.052M	198.297M	97.656M	461.779M	589.314M	697.579M	737.046M	942.188M	242.057M	716.029M	1,817.024M	1,556.631M	1,614.196M	1,887.110M	1,397.798M	1,016.040M
Pre-Tax Margin	11.38%	10.70%	8.60%	9.36%	9.14%	5.54%	10.64%	9.42%	10.35%	10.57%	8.23%	9.08%	8.63%	6.08%	3.78%	7.50%	4.42%	2.51%	9.00%	8.98%	7.36%	6.78%	8.49%	2.05%	5.63%	15.16%	9.82%	22.35%	20.64%	17.50%	22.70%
Income Tax Expense	101.980M	97.336M	51.786M	38.362M	71.220M	43.817M	49.719M	41.704M	34.947M	59.859M	54.644M	71.332M	68.032M	43.231M	20.170M	45.005M	41.121M	4.717M	114.888M	127.535M	152.594M	135.305M	214.547M	100.593M	90.064M	324.867M	547.372M	460.415M	463.459M	292.667M	121.481M
Tax Rate	20.09%	18.66%	15.23%	15.24%	18.94%	20.16%	12.64%	15.84%	11.03%	20.51%	19.22%	21.67%	23.18%	21.06%	15.63%	16.79%	20.74%	4.83%	24.88%	21.64%	21.87%	18.36%	22.77%	35.00%	12.58%	17.88%	35.00%	28.52%	24.56%	20.94%	11.96%
Net Income	405.557M	424.391M	288.264M	213.366M	304.799M	173.561M	343.474M	221.591M	281.934M	232.025M	229.731M	257.813M	225.474M	162.003M	108.901M	223.047M	157.176M	92.940M	346.890M	461.779M	544.985M	601.741M	727.642M	141.464M	625.964M	1,492.156M	1,009.259M	1,153.781M	1,423.651M	1,105.131M	894.559M
Net Margin	9.09%	8.70%	7.29%	7.93%	7.41%	4.42%	9.30%	7.93%	9.21%	8.40%	6.65%	7.12%	6.63%	4.80%	3.19%	6.24%	3.50%	2.39%	6.76%	7.03%	5.75%	5.54%	6.55%	1.20%	4.92%	12.45%	6.37%	15.98%	15.57%	13.83%	19.98%
EBIT	3,825.429M	4,683.295M	3,727.606M	2,449.074M	3,901.532M	3,765.126M	3,558.766M	2,625.365M	2,872.442M	2,568.002M	3,198.939M	3,362.044M	3,116.378M	3,122.141M	2,957.385M	3,148.763M	3,701.932M	3,569.534M	4,781.853M	5,292.070M	7,753.988M	9,675.961M	9,106.311M	9,343.444M	10,680.323M	10,139.255M	13,843.698M	5,681.758M	7,343.948M	7,627.403M	3,510.247M
Depreciation & Amortization	17.106M	27.399M	30.360M	39.559M	40.029M	35.805M	26.168M	21.980M	25.208M	24.281M	12.189M	11.102M	8.311M	19.747M	22.470M	18.772M	37.041M	37.364M	61.794M	123.640M	124.143M	121.159M	240.719M	441.747M	339.185M	320.509M	368.926M	150.480M	284.253M	117.003M	114.465M
EBITDA	3,842.535M	4,710.695M	3,757.966M	2,488.633M	3,941.560M	3,800.930M	3,584.934M	2,647.345M	2,897.650M	2,592.283M	3,211.128M	3,373.145M	3,124.689M	3,141.888M	2,979.855M	3,167.535M	3,738.972M	3,606.898M	4,843.646M	5,415.710M	7,878.131M	9,797.120M	9,347.030M	9,785.191M	11,019.509M	10,459.764M	14,212.623M	5,832.239M	7,628.201M	7,744.406M	3,624.713M
EBITDA Margin	86.17%	96.61%	95.07%	92.53%	95.76%	96.87%	97.05%	94.73%	94.68%	93.85%	92.88%	93.10%	91.92%	93.04%	87.34%	88.62%	83.32%	92.58%	94.43%	82.50%	83.10%	90.15%	84.20%	82.70%	86.64%	87.26%	89.66%	80.77%	83.42%	96.95%	80.97%
NOPAT	3,056.781M	3,809.556M	3,159.935M	2,075.847M	3,162.562M	3,006.189M	3,108.763M	2,209.526M	2,555.656M	2,041.358M	2,584.245M	2,633.421M	2,394.028M	2,464.489M	2,495.224M	2,620.096M	2,934.257M	3,397.131M	3,592.151M	4,146.801M	6,057.823M	7,899.674M	7,032.703M	6,073.238M	9,336.916M	8,326.447M	8,998.403M	4,061.158M	5,540.333M	6,030.397M	3,090.552M
NOPAT Margin	68.55%	78.13%	79.94%	77.18%	76.83%	76.61%	84.16%	79.07%	83.50%	73.91%	74.75%	72.68%	70.43%	72.98%	73.14%	73.30%	65.39%	87.19%	70.03%	63.17%	63.90%	72.69%	63.35%	51.33%	73.41%	69.47%	56.76%	56.24%	60.59%	75.49%	69.04%
Owner's Earnings	422.662M	451.790M	318.624M	252.925M	344.828M	209.366M	369.643M	243.571M	307.142M	256.306M	241.920M	268.914M	233.785M	181.750M	131.371M	241.819M	194.216M	130.304M	408.684M	585.419M	669.129M	722.901M	968.361M	583.211M	965.149M	1,812.665M	1,378.185M	1,304.261M	1,707.903M	1,222.134M	1,009.024M
Owner's Earnings Margin	9.48%	9.27%	8.06%	9.40%	8.38%	5.34%	10.01%	8.72%	10.04%	9.28%	7.00%	7.42%	6.88%	5.38%	3.85%	6.77%	4.33%	3.34%	7.97%	8.92%	7.06%	6.65%	8.72%	4.93%	7.59%	15.12%	8.69%	18.06%	18.68%	15.30%	22.54%
EPS	0.66	0.66	0.46	0.37	0.59	0.34	0.67	0.44	0.61	0.45	0.42	0.52	0.43	0.28	0.20	0.59	0.69	0.41	1.80	2.11	2.50	2.84	3.19	0.69	3.26	7.99	2.68	2.80	3.10	2.48	1.50
EPS (Diluted)	0.66	0.66	0.46	0.37	0.59	0.34	0.67	0.44	0.61	0.45	0.42	0.52	0.43	0.28	0.20	0.59	0.69	0.41	1.80	2.11	2.50	2.84	3.19	0.69	3.26	7.99	2.68	2.80	3.10	2.48	1.50
Shares (Diluted)	613,295,356	643,276,017	631,595,542	580,925,895	519,709,216	510,628,508	511,877,892	506,539,518	462,887,585	515,693,130	548,046,251	491,639,521	525,390,399	576,993,335	558,394,649	375,046,005	226,945,925	224,323,503	192,729,956	218,751,148	217,905,059	212,188,867	228,046,251	204,787,171	191,906,624	186,784,585	376,964,634	412,575,416	458,789,242	445,436,824	598,270,522

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	527.22M	668.72M	707.05M	718.30M	768.84M	690.49M	582.63M	666.20M	665.83M	466.63M	641.05M	576.60M	544.80M	607.01M	513.82M	279.97M	446.00M	609.21M	746.93M	627.24M	2,195.20M	604.69M	771.97M	933.20M	1,633.78M	1,399.67M	855.22M	625.43M	253.10M	351.93M	464.03M
Short-Term Investments	2,170.97M	1,282.89M	1,434.82M	2,338.25M	2,882.27M	2,666.17M	2,361.50M	2,167.58M	2,250.09M	2,272.22M	2,729.13M	2,006.48M	1,634.82M	3,809.94M	403.73M	274.40M	327.34M	720.49M	914.99M	2,592.30M	2,708.71M	2,375.02M	3,419.60M	531.50M	1,311.92M	1,152.01M	1,610.60M	2,804.53M	364.26M	225.36M	482.27M
Cash & Short-Term Investments	2,698.19M	1,951.60M	2,141.87M	3,056.55M	3,651.11M	3,356.66M	2,944.13M	2,833.78M	2,915.93M	2,738.85M	3,370.18M	2,583.08M	2,179.61M	4,416.95M	917.55M	554.37M	773.35M	1,329.71M	1,661.92M	3,219.53M	4,903.91M	2,979.71M	4,191.56M	1,464.71M	2,945.70M	2,551.69M	2,465.82M	3,429.96M	617.36M	577.30M	946.30M
Net Receivables	693.04M	877.63M	217.96M	252.32M	228.08M	180.36M	62.59M	6.61M	2.65M	1.38M	2.64M	4.48M	0.93M	1.69M	4.60M	0.01M	68.97M	92.53M	180.88M	21.77M	107.68M	203.44M	335.41M	298.56M	213.80M	154.01M	1,443.64M	1,658.58M	609.58M	558.84M	410.71M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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 Assets	-2,294.86M	-259.14M	-13.62M	-8.87M	-5.88M	-13.87M	1.57M	4.56M	3.57M	0.07M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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 Current Assets	1,096.37M	2,570.09M	2,346.21M	3,300.00M	3,873.30M	3,523.15M	3,008.29M	2,844.95M	2,922.15M	2,740.30M	3,372.82M	2,587.56M	2,180.54M	4,418.63M	922.15M	554.38M	842.31M	1,422.24M	1,842.80M	3,241.30M	5,011.60M	3,183.15M	4,526.97M	1,763.26M	3,159.50M	2,705.70M	3,909.45M	5,088.54M	1,226.94M	1,136.13M	1,357.02M
Property, Plant & Equipment	37.91M	135.53M	167.04M	146.54M	164.45M	119.65M	132.90M	109.93M	98.22M	101.80M	89.84M	81.04M	79.08M	138.64M	133.65M	131.37M	149.51M	238.08M	353.35M	329.94M	513.87M	407.10M	763.88M	267.53M	1,181.21M	684.60M	1,613.79M	3,871.56M	1,135.84M	674.43M	582.86M
Goodwill	6.21M	207.62M	150.71M	143.03M	105.85M	109.41M	94.06M	99.42M	96.74M	95.70M	133.85M	86.48M	94.92M	91.53M	29.88M	56.68M	87.18M	35.22M	76.83M	102.96M	98.28M	255.84M	300.12M	250.08M	9.98M	326.10M	8.90M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	31.73M	166.53M	154.21M	176.65M	167.47M	111.11M	113.35M	127.18M	130.05M	130.53M	127.88M	121.74M	126.92M	126.11M	107.36M	112.97M	179.29M	259.25M	558.05M	447.39M	472.04M	216.81M	42.52M	40.09M	289.08M	235.08M	63.87M	67.68M	227.05M	0.00M	0.00M
Long-Term Investments	4,887.85M	14,545.26M	7,646.83M	6,499.59M	7,992.83M	7,580.61M	6,601.54M	5,806.17M	6,239.50M	5,783.14M	5,707.63M	6,945.73M	7,030.68M	7,825.35M	11,382.09M	7,495.92M	9,379.01M	10,798.73M	14,708.67M	16,360.48M	19,376.25M	22,643.30M	23,187.88M	12,449.24M	33,928.52M	40,129.43M	41,311.57M	29,032.71M	19,517.03M	19,332.09M	18,330.57M
Tax Assets	2.76M	6.56M	10.76M	86.46M	42.55M	26.49M	35.29M	42.33M	37.33M	27.04M	28.76M	9.35M	17.33M	24.44M	27.23M	18.85M	31.93M	34.36M	41.25M	30.89M	28.91M	92.28M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	-4,041.00M	1,763.87M	5,345.28M	-278.45M	-836.21M	-1,263.53M	-1,038.55M	-1,298.86M	-1,346.72M	-1,475.20M	-1,632.07M	-4,020.93M	-4,054.56M	-6,258.06M	-5,971.46M	-4,505.59M	-7,066.84M	-9,097.25M	-12,082.36M	-15,335.52M	-17,648.76M	-13,254.69M	-6,925.78M	-9,816.97M	-10,486.93M	-11,771.95M	-7,203.92M	-5,514.18M	-4,446.62M	-871.19M	-6,833.64M
Other Assets	14,475.74M	1,892.41M	1,515.83M	1,409.18M	815.66M	1,453.09M	635.76M	947.33M	2,381.79M	2,471.14M	3,784.31M	3,784.98M	3,707.02M	4,071.42M	4,778.44M	3,852.89M	5,844.30M	7,156.99M	24,835.62M	16,566.56M	16,981.35M	14,353.43M	37,921.11M	36,646.56M	29,717.86M	19,153.46M	11,846.50M	14,776.67M	1,687.82M	1,893.31M	8,751.94M
Total Non-Current Assets	15,401.21M	18,717.78M	14,990.66M	8,182.99M	8,452.60M	8,136.84M	6,574.34M	5,833.51M	7,636.93M	7,134.16M	8,240.21M	7,008.39M	7,001.40M	6,019.44M	10,487.18M	7,163.10M	8,604.37M	9,425.39M	28,491.41M	18,502.71M	19,821.95M	24,714.07M	55,289.72M	39,836.52M	54,639.72M	48,756.72M	47,640.71M	42,234.44M	18,121.13M	21,028.63M	20,831.72M
Total Assets	16,497.58M	21,287.88M	17,336.87M	11,482.99M	12,325.90M	11,660.00M	9,582.63M	8,678.46M	10,559.07M	9,874.46M	11,613.03M	9,595.95M	9,181.94M	10,438.07M	11,409.33M	7,717.48M	9,446.68M	10,847.63M	30,334.20M	21,744.00M	24,833.55M	27,897.22M	59,816.69M	41,599.79M	57,799.22M	51,462.42M	51,550.16M	47,322.98M	19,348.06M	22,164.77M	22,188.74M
Accounts Payable	0.00M	48.69M	114.19M	106.91M	83.58M	163.40M	164.31M	138.96M	143.40M	110.56M	138.06M	109.61M	161.85M	110.99M	70.63M	69.95M	218.15M	143.29M	212.91M	39.32M	140.41M	107.16M	18.99M	0.00M	65.09M	664.77M	25.89M	1.88M	0.00M	0.00M	296.89M
Short-Term Debt	0.49M	24.88M	3.70M	5.70M	1.21M	14.18M	2.75M	3.28M	3.38M	6.13M	1.87M	0.92M	0.53M	4.68M	3.44M	1.01M	0.00M	4.13M	9.15M	7.20M	57.40M	32.85M	360.64M	134.48M	448.41M	268.13M	1,112.18M	956.90M	772.27M	255.06M	343.69M
Tax Payables	0.70M	10.91M	15.79M	14.58M	24.26M	17.12M	14.95M	12.49M	5.23M	6.70M	7.34M	9.90M	10.30M	14.98M	5.94M	12.56M	16.60M	11.41M	13.31M	21.99M	22.36M	12.63M	0.00M	0.00M	0.01M	0.00M	0.00M	0.00M	0.96M	0.48M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	0.29M	0.59M	0.44M	0.67M	0.12M	0.01M	0.16M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-38.23M	76.01M	-6.10M	-160.68M	-70.60M	-205.87M	-191.51M	-94.31M	-133.10M	-84.69M	-126.55M	-67.51M	-101.26M	-93.38M	-73.82M	-21.30M	-154.35M	-55.23M	-91.47M	-61.38M	-114.80M	-74.68M	-319.30M	-145.74M	-2,756.14M	-1,556.00M	-3,063.07M	-1,252.16M	142.09M	1,102.88M	856.08M
Total Current Liabilities	-37.05M	160.49M	127.58M	-33.20M	39.04M	-10.73M	-8.85M	60.55M	18.93M	38.86M	20.71M	52.91M	71.42M	37.27M	6.19M	62.22M	80.40M	103.59M	143.91M	7.14M	105.38M	77.97M	60.34M	-11.27M	-2,242.63M	-623.10M	-1,925.00M	-293.38M	915.31M	1,358.42M	1,496.66M
Long-Term Debt	996.68M	1,209.68M	1,035.34M	1,152.90M	1,030.21M	962.03M	825.66M	817.28M	859.92M	827.99M	898.90M	719.98M	703.79M	712.54M	475.35M	413.48M	553.06M	701.12M	818.18M	1,065.81M	1,794.66M	1,914.44M	1,387.92M	692.58M	1,891.09M	1,577.55M	2,547.93M	2,936.34M	2,729.32M	1,049.31M	987.07M
Capital Lease Obligations	0.00M	15.32M	24.88M	21.56M	17.90M	17.27M	9.80M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	29.86M	32.10M	24.90M	18.60M	35.69M	22.25M	37.15M	31.29M	36.44M	33.35M	36.52M	33.97M	33.95M	51.86M	92.23M	87.42M	67.94M	108.39M	185.60M	198.27M	238.78M	10.26M	147.00M	71.83M	103.84M	83.14M	91.81M	79.07M	27.45M	18.70M	0.00M
Other Non-Current Liabilities	-512.28M	7,472.65M	9,524.22M	2,191.41M	1,315.63M	62.89M	37.63M	1.93M	873.68M	1,207.79M	-29.76M	-21.12M	327.58M	-197.95M	-225.02M	-184.36M	-271.64M	-299.56M	-522.82M	-354.40M	-662.33M	-204.29M	-1,108.21M	-244.29M	-447.78M	-244.27M	-525.13M	662.72M	310.59M	200.41M	-63.71M
Total Non-Current Liabilities	514.26M	8,729.74M	10,609.34M	3,384.46M	2,399.43M	1,064.44M	910.24M	850.50M	1,770.04M	2,069.12M	905.65M	732.82M	1,065.32M	566.45M	342.55M	316.54M	349.36M	509.95M	480.96M	909.68M	1,371.11M	1,720.42M	426.71M	520.11M	1,547.15M	1,416.42M	2,114.60M	3,678.14M	3,067.36M	1,268.41M	923.35M
Total Liabilities	477.22M	8,890.23M	10,736.92M	3,351.27M	2,438.47M	1,053.71M	901.40M	911.05M	1,788.97M	2,107.99M	926.36M	785.74M	1,136.75M	603.72M	348.74M	378.76M	429.76M	613.54M	624.86M	916.82M	1,476.49M	1,798.39M	487.05M	508.85M	-695.48M	793.31M	189.60M	3,384.75M	3,982.67M	2,626.83M	2,420.01M
Preferred Stock	0.00M	0.00M	0.00M	0.05M	0.02M	0.00M	0.00M	2.77M	0.04M	0.00M	0.00M	0.00M	0.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.02M	0.00M	0.00M	0.08M	0.00M	0.02M	0.00M	0.00M	0.24M	0.01M	0.00M	0.00M
Common Stock	96.63M	90.30M	98.37M	100.50M	102.82M	81.50M	89.57M	89.81M	91.16M	82.37M	95.36M	87.99M	90.07M	92.13M	85.83M	69.70M	77.22M	75.81M	90.50M	104.39M	134.28M	102.28M	297.87M	122.76M	101.86M	100.58M	228.30M	32.13M	23.74M	24.92M	17.79M
Retained Earnings	1,593.08M	1,760.98M	1,808.65M	1,715.29M	2,090.87M	1,783.36M	1,744.98M	1,581.02M	1,438.97M	1,327.43M	1,812.08M	1,406.35M	1,292.35M	1,206.16M	1,461.41M	1,075.14M	1,354.75M	1,307.36M	2,717.38M	2,414.84M	2,445.69M	1,525.63M	2,251.11M	1,837.80M	2,487.16M	3,198.66M	3,581.01M	3,642.48M	3,332.33M	2,969.45M	2,532.74M
Accumulated OCI	29.39M	2.64M	-62.52M	-280.15M	281.28M	239.08M	177.06M	32.99M	182.56M	137.57M	104.63M	225.16M	135.19M	6.28M	7.52M	52.54M	13.63M	-12.84M	34.92M	21.76M	34.56M	96.50M	108.81M	149.35M	0.28M	1.23M	2.63M	21.67M	32.69M	233.36M	20.09M
Minority Interest	18.06M	18.92M	38.11M	31.21M	28.16M	20.74M	10.85M	16.50M	19.75M	10.42M	10.27M	14.69M	13.03M	13.61M	19.20M	13.22M	30.96M	22.31M	28.32M	22.47M	63.57M	102.02M	205.75M	242.54M	312.31M	360.27M	511.68M	464.67M	229.95M	142.74M	153.20M
Total Shareholders’ Equity	1,719.10M	1,853.93M	1,844.50M	1,535.69M	2,474.98M	2,103.94M	2,011.61M	1,706.59M	1,712.74M	1,547.38M	2,012.08M	1,719.50M	1,517.65M	1,304.57M	1,554.76M	1,197.38M	1,445.61M	1,370.33M	2,842.80M	2,541.01M	2,614.54M	1,724.41M	2,657.87M	2,109.91M	2,589.32M	3,300.47M	3,811.94M	3,696.51M	3,388.77M	3,227.72M	2,570.61M
Total Equity	1,737.16M	1,872.85M	1,882.61M	1,566.90M	2,503.14M	2,124.68M	2,022.46M	1,723.09M	1,732.49M	1,557.80M	2,022.35M	1,734.18M	1,530.68M	1,318.18M	1,573.96M	1,210.59M	1,476.57M	1,392.64M	2,871.13M	2,563.49M	2,678.10M	1,826.44M	2,863.62M	2,352.45M	2,901.63M	3,660.74M	4,323.62M	4,161.19M	3,618.73M	3,370.46M	2,723.81M
Total Liabilities & Equity	2,214.37M	10,763.08M	12,619.53M	4,918.17M	4,941.61M	3,178.38M	2,923.86M	2,634.14M	3,521.46M	3,665.79M	2,948.71M	2,519.92M	2,667.42M	1,921.90M	1,922.70M	1,589.35M	1,906.32M	2,006.18M	3,495.99M	3,480.30M	4,154.59M	3,624.82M	3,350.67M	2,861.30M	2,206.15M	4,454.05M	4,513.22M	7,545.94M	7,601.40M	5,997.29M	5,143.82M
Tangible Assets	16,459.64M	20,913.74M	17,031.95M	11,163.31M	12,052.58M	11,439.47M	9,375.23M	8,451.86M	10,332.28M	9,648.22M	11,351.30M	9,387.73M	8,960.09M	10,220.43M	11,272.09M	7,547.82M	9,180.22M	10,553.16M	29,699.32M	21,193.65M	24,263.22M	27,424.57M	59,474.05M	41,309.62M	57,500.16M	50,901.24M	51,477.39M	47,255.30M	19,121.01M	22,164.77M	22,188.74M
Tangible Equity	1,699.21M	1,498.71M	1,577.69M	1,247.22M	2,229.82M	1,904.15M	1,815.05M	1,496.48M	1,505.70M	1,331.56M	1,760.62M	1,525.96M	1,308.83M	1,100.53M	1,436.72M	1,040.94M	1,210.11M	1,098.17M	2,236.25M	2,013.14M	2,107.78M	1,353.78M	2,520.98M	2,062.29M	2,602.57M	3,099.55M	4,250.85M	4,093.51M	3,391.67M	3,370.46M	2,723.81M
Tangible Book Value	1,699.21M	1,498.71M	1,577.69M	1,247.22M	2,229.82M	1,904.15M	1,815.05M	1,496.48M	1,505.70M	1,331.56M	1,760.62M	1,525.96M	1,308.83M	1,100.53M	1,436.72M	1,040.94M	1,210.11M	1,098.17M	2,236.25M	2,013.14M	2,107.78M	1,353.78M	2,520.98M	2,062.29M	2,602.57M	3,099.55M	4,250.85M	4,093.51M	3,391.67M	3,370.46M	2,723.81M
Total Investments	5,105.39M	15,325.07M	10,622.15M	8,245.17M	11,390.92M	8,533.05M	7,578.67M	7,274.46M	8,016.90M	7,271.57M	9,746.71M	11,318.07M	9,673.96M	10,908.71M	11,998.05M	7,713.89M	9,701.59M	8,886.59M	16,012.30M	16,656.31M	20,903.52M	26,520.22M	24,472.77M	16,044.02M	37,643.37M	40,743.72M	42,405.26M	34,380.88M	20,342.46M	19,921.23M	18,985.58M
Net Debt	469.95M	565.84M	331.99M	440.29M	262.59M	285.72M	245.77M	154.36M	197.47M	367.49M	259.72M	144.29M	159.53M	110.21M	-35.04M	134.53M	107.06M	96.04M	80.40M	445.78M	-343.13M	1,342.60M	976.59M	-106.15M	705.72M	446.00M	2,804.89M	3,267.81M	3,248.48M	952.43M	866.73M

Industry Capital

Metric	MRQ	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Working Capital	1.06M	598.19M	469.24M	1,136.20M	2,462.02M	1,384.71M	1,297.86M	2,161.59M	1,156.60M	1,078.88M	1,177.72M	923.84M	1,017.42M	1,550.84M	723.56M	462.58M	623.15M	611.59M	1,738.37M	744.34M	3,139.51M	2,616.64M	4,906.35M	774.14M	3,448.81M	5,543.65M	658.23M	18,292.66M	1,673.88M	1,835.95M	-89.64M
Total Capital	4,337.21M	4,455.12M	3,995.89M	3,605.60M	4,330.19M	4,035.95M	3,649.14M	3,452.80M	3,561.72M	3,268.29M	3,296.15M	3,202.14M	2,951.47M	2,738.31M	2,759.10M	2,395.87M	3,306.29M	3,054.95M	5,382.34M	5,846.06M	7,515.82M	8,057.43M	10,026.12M	8,086.78M	12,093.19M	10,499.84M	14,381.25M	13,673.59M	11,917.23M	9,102.88M	7,815.06M
Capital Employed	22,410.52M	24,734.79M	22,277.13M	20,494.27M	22,131.03M	19,600.30M	19,805.63M	19,764.00M	18,950.17M	18,299.32M	21,148.59M	19,759.43M	17,946.72M	19,860.70M	17,273.68M	16,087.75M	25,176.46M	28,052.58M	61,917.12M	64,297.09M	69,777.26M	54,663.62M	98,605.11M	86,246.04M	107,369.61M	102,717.47M	118,741.33M	88,475.64M	67,168.31M	38,604.56M	37,993.08M
Invested Capital	3,810.00M	3,786.40M	3,288.84M	2,887.30M	3,561.35M	3,345.45M	3,066.51M	2,786.60M	2,895.89M	2,801.66M	2,655.10M	2,625.54M	2,406.67M	2,131.30M	2,245.28M	2,115.91M	2,860.28M	2,445.74M	4,635.41M	5,218.82M	5,320.62M	7,452.74M	9,254.16M	7,153.58M	10,459.40M	9,100.17M	13,526.03M	13,048.16M	11,664.12M	8,750.95M	7,351.03M

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	23.25M	23.96M	39.25M	45.09M	40.25M	38.13M	33.60M	27.05M	28.18M	22.88M	24.32M	29.15M	26.39M	26.24M	26.09M	20.70M	26.23M	39.42M	136.80M	128.29M	112.78M	110.20M	206.96M	426.24M	405.22M	394.92M	368.93M	164.03M	284.28M	128.25M	127.18M
Deferred Income Tax	0.00M	0.00M	0.00M	0.00M	-0.07M	-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	0.16M	0.12M	0.39M	1.73M	-1.53M	0.00M	0.00M	-0.04M	-0.04M
Stock-Based Compensation	0.01M	0.09M	1.80M	2.65M	2.01M	0.46M	3.18M	2.40M	2.70M	2.47M	3.81M	2.16M	3.53M	0.40M	0.00M	0.00M	0.00M	0.00M	0.00M	0.04M	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	142.88M	154.58M	152.60M	-78.56M	168.74M	124.29M	176.23M	32.93M	142.69M	168.83M	85.07M	357.85M	169.97M	185.28M	25.57M	63.68M	236.92M	41.47M	266.37M	312.38M	660.30M	288.15M	480.08M	433.64M	470.81M	543.02M	1,195.82M	182.73M	4,441.47M	549.65M	660.84M
Accounts Receivable	4.11M	-3.82M	0.40M	-12.97M	0.36M	-3.35M	-4.53M	-2.44M	-4.51M	-4.24M	-2.37M	-2.02M	-2.02M	-0.83M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.05M	0.00M	-7.87M	-16.86M	-10.36M	-15.90M	-206.99M	-42.77M	-10.66M	-81.87M	82.48M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Accounts Payable	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	5.84M	1.08M	20.00M	176.38M	134.89M	241.40M	11.10M	76.11M	12.48M	1,212.55M	157.36M	82.30M
Other Working Capital	98.11M	211.73M	124.95M	-26.79M	116.38M	127.14M	117.13M	-36.25M	148.35M	122.44M	47.73M	228.66M	100.17M	0.46M	0.00M	0.00M	0.00M	0.00M	0.00M	-2.55M	-4.14M	0.05M	-54.69M	45.68M	-17.45M	-273.97M	-468.91M	-84.53M	154.35M	244.31M	326.07M
Other Non-Cash Items	-157.82M	-53.83M	-103.67M	53.43M	-103.86M	-46.49M	-167.02M	-25.20M	-148.66M	-90.28M	-77.47M	-295.60M	-115.00M	-104.78M	37.76M	-70.25M	19.94M	374.28M	-43.99M	-97.62M	-403.37M	-201.13M	158.30M	156.84M	-47.44M	114.96M	-296.15M	-212.37M	-559.79M	-189.08M	-106.49M
Net Cash from Operating Activities	516.07M	424.21M	336.78M	316.01M	419.51M	266.49M	454.26M	209.89M	203.21M	332.53M	241.34M	299.47M	252.90M	297.92M	295.02M	377.70M	446.67M	482.14M	545.10M	854.05M	1,549.01M	1,328.69M	3,456.14M	2,490.44M	1,238.27M	1,458.49M	3,643.35M	2,262.30M	3,026.60M	2,424.70M	1,911.09M
Capital Expenditures (PPE)	-20.27M	-22.64M	-20.88M	-24.07M	-23.92M	-26.17M	-22.11M	-14.73M	-14.36M	-15.32M	-14.19M	-20.63M	-14.15M	-14.73M	-17.97M	-17.60M	-23.01M	-46.61M	-70.93M	-44.95M	-74.68M	-67.77M	-32.81M	-55.53M	-418.11M	-101.26M	-214.15M	-220.84M	-80.67M	-66.67M	-21.53M
Acquisitions (Net)	0.00M	0.13M	-5.06M	2.13M	-11.18M	-4.67M	-1.58M	-19.48M	-6.32M	-5.37M	1.69M	-1.94M	-4.34M	0.57M	-12.07M	-15.38M	-5.34M	-17.78M	-42.10M	-7.31M	-19.73M	-6.18M	-4.17M	-111.50M	-168.28M	-2.28M	-6.10M	-33.72M	0.60M	-13.61M	-6.84M
Purchases of Investments	-655.64M	-579.48M	-858.55M	-1,213.43M	-1,070.70M	-1,027.86M	-573.09M	-688.98M	-976.53M	-751.08M	-855.87M	-710.41M	-499.96M	-378.04M	-732.32M	-871.40M	-1,415.60M	-1,401.11M	-1,960.82M	-2,199.68M	-3,874.32M	-5,033.18M	-20,925.41M	-20,464.62M	-33,532.53M	-21,514.39M	-30,183.75M	-10,833.51M	-14,388.80M	-7,921.46M	-5,926.66M
Sales / Maturities of Investments	658.70M	301.86M	773.63M	1,355.63M	683.83M	779.93M	445.74M	493.36M	704.19M	734.52M	730.69M	415.17M	414.15M	375.66M	680.85M	749.45M	881.14M	1,230.65M	2,157.67M	2,511.33M	3,812.63M	4,842.36M	20,713.21M	19,555.15M	33,670.64M	19,578.92M	22,533.81M	10,919.61M	13,423.84M	5,554.61M	3,721.31M
Other Investing Activities	2.41M	-31.80M	-5.70M	-0.57M	-4.04M	7.24M	-13.72M	-22.25M	-2.81M	-6.38M	1.08M	-5.03M	-18.65M	-8.69M	35.76M	1.28M	7.58M	11.63M	24.93M	-12.99M	-425.37M	-200.61M	-202.80M	198.28M	-65.47M	-522.31M	-516.65M	-50.02M	202.90M	33.14M	261.18M
Net Cash from Investing Activities	-190.50M	-164.82M	-209.93M	-114.92M	-300.66M	-217.28M	-191.73M	-120.70M	-127.27M	-179.95M	-101.79M	-81.69M	-100.08M	-80.41M	-86.18M	-154.85M	-295.01M	-177.38M	-523.46M	-672.00M	-1,093.41M	-853.12M	-1,271.80M	-1,292.98M	-3,512.89M	-2,430.10M	-7,712.94M	-3,597.79M	-2,666.90M	-2,710.05M	-2,240.12M
Net Debt Issuance	-0.13M	1.12M	-21.93M	9.50M	20.76M	26.33M	4.60M	3.12M	-8.42M	23.14M	19.47M	1.12M	-5.65M	5.40M	2.55M	-9.67M	47.95M	30.26M	198.91M	56.88M	93.33M	-47.66M	42.60M	-224.01M	687.90M	224.38M	248.41M	257.50M	6.20M	67.87M	134.45M
Long-Term Debt Issuance	-0.68M	-1.07M	-13.16M	9.29M	21.43M	16.58M	4.48M	4.47M	-10.83M	21.73M	18.22M	2.01M	-3.88M	5.48M	6.32M	-7.57M	66.61M	18.29M	202.09M	49.58M	85.47M	-23.25M	88.56M	-22.93M	680.64M	204.48M	246.18M	119.86M	-20.08M	67.87M	134.45M
Short-Term Debt 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	6.69M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-46.71M	-51.91M	-44.96M	-38.28M	-11.33M	-9.65M	-1.25M	-7.40M	-0.34M	-1.27M	-4.89M	-4.23M	-1.44M	-0.12M	-2.46M	3.69M	6.83M	-27.61M	-39.63M	-0.68M	6.20M	39.50M	1.30M	5.24M	223.70M	14.48M	72.50M	-33.49M	2.26M	-7.09M	49.28M
Common Stock Issuance	0.35M	0.50M	0.62M	1.46M	13.05M	1.38M	1.13M	4.44M	1.94M	0.08M	1.39M	0.17M	0.55M	1.46M	10.77M	5.62M	16.73M	9.73M	15.47M	38.45M	24.69M	75.80M	21.43M	9.58M	77.75M	43.52M	68.50M	8.90M	16.73M	25.49M	7.65M
Common Stock Repurchased	-48.64M	-53.42M	-45.81M	-45.81M	-22.25M	-18.80M	-16.54M	-27.60M	-9.36M	-10.53M	-16.71M	-17.38M	-9.45M	-0.98M	-4.54M	-1.24M	-0.98M	-40.77M	-98.46M	-36.06M	-18.05M	-4.20M	-0.21M	-3.78M	-6.27M	-5.36M	-44.13M	-37.35M	-3.99M	-12.18M	-0.53M
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	3.49M	0.00M	0.00M	-0.03M	3.22M
Net Dividends Paid	-98.14M	-140.97M	-118.07M	-109.62M	-110.18M	-71.20M	-85.55M	-94.30M	-66.81M	-62.12M	-84.30M	-64.84M	-61.79M	-43.59M	-36.40M	-38.28M	-32.17M	-70.63M	-96.24M	-84.33M	-65.43M	-49.46M	-85.96M	-147.01M	-245.95M	-99.63M	-218.90M	-100.34M	-92.28M	-51.54M	-45.53M
Common Dividends Paid	-93.11M	-139.91M	-119.74M	-103.34M	-102.82M	-70.06M	-82.85M	-93.54M	-66.24M	-61.96M	-74.74M	-64.27M	-61.87M	-42.59M	-41.65M	-40.38M	-41.52M	-61.47M	-95.14M	-87.22M	-73.71M	-48.55M	-85.96M	-147.06M	-245.95M	-99.62M	-218.90M	-100.32M	-92.11M	-50.70M	-44.65M
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	29.43M	-8.61M	-7.26M	-13.77M	-5.70M	-8.58M	1.10M	5.46M	-2.17M	-2.40M	-11.52M	-17.34M	-17.50M	-17.28M	-11.86M	-2.62M	-6.66M	4.22M	62.16M	37.52M	86.12M	212.05M	176.57M	98.56M	137.50M	348.21M	506.94M	-33.38M	371.68M	221.49M	175.34M
Net Cash from Financing Activities	-157.83M	-201.24M	-150.28M	-111.16M	-94.75M	-39.50M	-45.60M	-70.22M	-67.97M	-42.47M	-110.96M	-99.37M	-111.56M	-83.03M	-80.36M	-77.08M	30.56M	-112.07M	21.01M	139.31M	190.27M	144.66M	113.02M	62.74M	1,287.78M	1,189.09M	888.71M	-28.40M	239.38M	331.60M	173.72M
Effect of FX on Cash	1.68M	0.17M	-0.26M	-0.45M	-1.08M	0.34M	0.02M	-0.61M	0.49M	-2.40M	-2.08M	-0.85M	-1.23M	0.00M	0.49M	-0.11M	0.85M	-6.67M	2.26M	3.30M	-0.24M	0.07M	-55.60M	-0.83M	0.00M	0.17M	-22.15M	-47.97M	34.99M	-91.70M	-445.37M
Net Change in Cash	-2.92M	-22.91M	-18.56M	-24.74M	10.40M	39.19M	20.58M	9.20M	25.01M	-1.62M	4.32M	18.99M	14.64M	66.98M	28.39M	-12.67M	2.76M	132.01M	51.88M	40.80M	247.41M	562.72M	173.75M	311.20M	48.90M	264.71M	4.91M	74.07M	170.28M	31.43M	111.07M
Cash at Beginning of Period	622.76M	738.23M	764.20M	797.71M	723.98M	598.24M	545.19M	569.03M	467.34M	529.78M	559.77M	544.03M	401.56M	473.72M	396.33M	379.97M	578.11M	657.22M	575.56M	679.62M	877.69M	801.21M	1,117.50M	725.10M	685.89M	806.14M	1,684.36M	544.75M	470.97M	243.94M	114.17M
Cash at End of Period	561.25M	747.17M	726.13M	754.43M	819.23M	726.16M	599.80M	595.02M	584.05M	471.01M	588.17M	575.74M	540.98M	446.03M	513.70M	367.50M	652.95M	828.78M	749.56M	1,025.19M	1,203.51M	1,342.20M	1,052.00M	937.05M	1,109.59M	1,080.51M	1,500.04M	786.34M	609.66M	331.74M	200.22M
Operating Cash Flow	497.47M	424.21M	336.89M	314.06M	419.39M	266.69M	454.26M	209.89M	203.21M	332.53M	241.34M	299.47M	252.90M	297.92M	295.02M	377.70M	446.67M	482.14M	545.10M	854.05M	1,549.01M	1,328.69M	3,456.17M	2,490.44M	1,238.27M	1,458.49M	3,643.35M	2,262.30M	3,026.60M	2,424.66M	1,911.09M
Capital Expenditure	-24.47M	-29.25M	-29.39M	-23.80M	-24.62M	-26.93M	-23.11M	-19.18M	-17.63M	-17.43M	-14.83M	-22.09M	-15.22M	-17.46M	-19.64M	-17.58M	-24.03M	-47.53M	-70.98M	-44.79M	-74.68M	-67.77M	-32.81M	-55.53M	-418.11M	-101.26M	-214.15M	-220.84M	-80.67M	-66.67M	-21.53M
Free Cash Flow	450.60M	375.65M	303.00M	270.89M	378.27M	224.96M	414.23M	178.13M	175.78M	291.17M	232.85M	288.41M	241.79M	283.64M	280.27M	368.60M	422.21M	463.15M	516.51M	629.10M	1,495.22M	1,231.72M	3,394.85M	2,411.29M	580.67M	1,396.59M	2,652.25M	1,317.53M	2,607.67M	1,666.72M	1,098.46M

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	427.96M	477.15M	408.58M	280.69M	474.23M	286.95M	316.05M	279.48M	345.62M	347.84M	234.00M	241.58M	255.10M	286.02M	261.57M	312.74M	328.21M	167.90M	613.98M	619.34M	661.57M	754.42M	915.27M	202.60M	1,044.58M	1,957.64M	1,493.83M	1,109.31M	915.70M	1,145.93M	494.88M
(-) Tax Adjustment	85.99M	89.02M	62.22M	42.78M	89.82M	57.84M	39.96M	44.27M	38.12M	71.34M	44.96M	52.36M	59.13M	60.25M	40.88M	52.51M	68.06M	8.11M	152.76M	134.03M	144.72M	138.49M	208.42M	84.20M	131.39M	350.01M	525.29M	316.41M	224.89M	239.93M	59.17M
(-) Change In Working Capital	142.88M	154.58M	152.60M	-78.56M	168.74M	124.29M	176.23M	32.93M	142.69M	168.83M	85.07M	357.85M	169.97M	185.28M	25.57M	63.68M	236.92M	41.47M	266.37M	312.38M	660.30M	288.15M	480.08M	433.64M	470.81M	543.02M	1,195.82M	182.73M	4,441.47M	549.65M	660.84M
(-) Capital Expenditure	24.47M	29.25M	29.39M	23.80M	24.62M	26.93M	23.11M	19.18M	17.63M	17.43M	14.83M	22.09M	15.22M	17.46M	19.64M	17.58M	24.03M	47.53M	70.98M	44.79M	74.68M	67.77M	32.81M	55.53M	418.11M	101.26M	214.15M	220.84M	80.67M	66.67M	21.53M
Unlevered Free Cash Flow	174.63M	204.29M	164.38M	292.67M	191.05M	77.89M	76.75M	183.10M	147.17M	90.25M	89.15M	-190.71M	10.78M	23.03M	175.49M	178.98M	-0.81M	70.79M	123.87M	128.13M	-218.13M	260.01M	193.96M	-370.76M	24.27M	963.35M	-441.42M	389.34M	-3,831.33M	289.67M	-246.66M
(-) Net Interest Income After Taxes	-41.49M	-25.98M	-24.41M	24.22M	-0.09M	4.68M	-12.38M	3.41M	-2.05M	3.80M	0.17M	-8.07M	-10.53M	1.75M	-39.35M	-31.99M	-37.51M	-60.14M	-68.95M	-75.35M	-54.51M	-59.37M	-51.05M	-30.67M	-86.90M	-31.11M	-37.79M	-24.91M	97.02M	89.62M	-13.01M
Net Debt Issuance	-0.13M	1.12M	-21.93M	9.50M	20.76M	26.33M	4.60M	3.12M	-8.42M	23.14M	19.47M	1.12M	-5.65M	5.40M	2.55M	-9.67M	47.95M	30.26M	198.91M	56.88M	93.33M	-47.66M	42.60M	-224.01M	687.90M	224.38M	248.41M	257.50M	6.20M	67.87M	134.45M
Levered Free Cash Flow	215.99M	231.39M	166.86M	277.95M	211.90M	99.53M	93.73M	182.81M	140.80M	109.60M	108.45M	-181.52M	15.66M	26.67M	217.39M	201.30M	84.65M	161.19M	391.74M	260.37M	-70.29M	271.72M	287.61M	-564.11M	799.06M	1,218.83M	-155.22M	671.74M	-3,922.15M	267.92M	-99.19M