Asset Management

Category: Industry Averages Base Ticker: C-PN

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	51.78	34.64	35.27	32.42	40.14	34.33	31.22	25.93	29.49	26.91	24.32	26.44	25.84	21.77	15.99	21.44	15.56	17.39	25.26	20.97	18.48	14.15	13.64	10.76	13.07	13.80	10.31	9.35	7.93	7.16	4.45
Market Capitalization	10,710.04M	7,387.39M	16,072.94M	13,987.75M	19,614.07M	14,835.43M	13,241.06M	9,470.50M	11,565.54M	9,321.98M	9,658.43M	11,841.97M	9,636.41M	7,292.80M	2,259.43M	2,708.16M	2,043.51M	1,414.06M	2,668.37M	2,465.27M	2,220.50M	1,529.41M	1,016.07M	563.08M	482.23M	563.61M	467.26M	448.22M	398.45M	330.83M	250.90M
(-) Cash & Equivalents	1,146.63M	1,186.08M	4,890.32M	4,548.21M	6,177.11M	4,191.42M	3,910.17M	2,673.64M	6,835.20M	2,408.60M	2,556.05M	3,129.01M	2,750.25M	3,057.64M	484.61M	439.74M	312.64M	156.85M	273.47M	250.85M	150.59M	79.96M	29.32M	18.39M	20.25M	30.51M	16.66M	13.08M	10.83M	7.33M	11.33M
(+) Total Debt	3,418.55M	3,810.28M	14,831.00M	19,588.98M	17,671.66M	12,642.18M	13,292.09M	1,884.44M	1,819.56M	1,780.85M	1,666.13M	1,858.36M	1,461.71M	721.88M	842.52M	918.46M	477.07M	287.15M	362.35M	266.94M	166.28M	95.08M	70.10M	26.88M	18.52M	19.85M	14.57M	28.94M	24.95M	12.11M	30.10M
Enterprise Value	14,979.95M	9,201.80M	18,874.07M	14,633.95M	27,245.64M	23,563.58M	30,813.11M	12,346.92M	12,944.34M	12,637.80M	12,022.78M	15,816.17M	10,714.54M	8,500.55M	2,560.59M	2,821.47M	1,976.61M	1,643.40M	3,163.05M	3,474.74M	2,460.92M	1,917.01M	1,145.05M	703.20M	554.12M	747.54M	578.09M	554.68M	497.09M	457.11M	372.82M

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	3,383.196M	2,970.411M	21,660.150M	21,595.847M	23,389.805M	18,448.008M	19,977.560M	19,342.692M	18,809.948M	18,075.270M	18,974.375M	19,200.513M	18,890.581M	16,441.056M	1,081.618M	953.006M	817.336M	642.088M	807.750M	683.129M	469.524M	292.868M	198.522M	141.893M	51.137M	61.548M	29.250M	38.424M	30.943M	26.028M	49.313M
Cost of Revenue	1,056.966M	891.454M	2,464.015M	2,310.826M	2,226.799M	1,940.283M	1,943.014M	1,964.311M	1,877.237M	1,828.740M	1,695.205M	1,818.580M	1,586.361M	1,039.681M	304.906M	193.617M	120.038M	131.268M	124.767M	86.754M	62.748M	41.245M	15.548M	10.646M	6.017M	5.225M	4.011M	3.852M	5.041M	4.627M	10.883M
Gross Profit	2,326.231M	2,078.957M	19,196.134M	19,285.021M	21,163.006M	16,507.725M	18,034.545M	17,378.382M	16,932.711M	16,246.531M	17,279.170M	17,381.933M	17,304.219M	15,401.375M	776.712M	759.389M	697.298M	510.820M	682.983M	596.375M	406.776M	251.623M	182.974M	131.246M	45.120M	56.323M	25.239M	34.572M	25.903M	21.401M	38.431M
Gross Margin	68.76%	69.99%	88.62%	89.30%	90.48%	89.48%	90.27%	89.84%	90.02%	89.88%	91.07%	90.53%	91.60%	93.68%	71.81%	79.68%	85.31%	79.56%	84.55%	87.30%	86.64%	85.92%	92.17%	92.50%	88.23%	91.51%	86.29%	89.97%	83.71%	82.22%	77.93%
R&D Expenses	0.000M	0.000M	3.316M	2.799M	0.000M	0.000M	0.000M	2.420M	2.140M	5.030M	5.077M	4.753M	4.710M	1.552M	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	415.548M	261.309M	3,336.181M	2,990.322M	3,108.591M	3,118.738M	3,670.116M	2,983.866M	2,960.240M	3,442.839M	2,926.250M	3,300.673M	2,394.733M	2,714.478M	141.553M	106.094M	93.452M	70.634M	74.127M	58.639M	47.011M	33.774M	14.863M	10.078M	4.964M	3.968M	4.099M	3.914M	2.299M	2.345M	3.339M
Operating Expenses	415.548M	261.309M	3,339.497M	2,993.121M	3,108.591M	3,118.738M	3,670.116M	2,986.285M	2,962.381M	3,447.869M	2,931.327M	3,305.425M	2,399.443M	2,716.030M	141.553M	106.094M	93.452M	70.634M	74.127M	58.639M	47.011M	33.774M	14.863M	10.078M	4.964M	3.968M	4.099M	3.914M	2.299M	2.345M	3.339M
Operating Income	1,910.683M	1,817.648M	15,856.638M	16,291.900M	18,054.415M	13,388.986M	14,364.430M	14,392.096M	13,970.331M	12,798.662M	14,347.843M	14,076.507M	14,904.776M	12,685.345M	635.159M	653.295M	603.846M	440.185M	608.856M	537.736M	359.765M	217.849M	168.111M	121.169M	40.155M	52.355M	21.139M	30.657M	23.604M	19.056M	35.092M
Operating Margin	56.48%	61.19%	73.21%	75.44%	77.19%	72.58%	71.90%	74.41%	74.27%	70.81%	75.62%	73.31%	78.90%	77.16%	58.72%	68.55%	73.88%	68.56%	75.38%	78.72%	76.62%	74.38%	84.68%	85.39%	78.53%	85.06%	72.27%	79.79%	76.28%	73.21%	71.16%
Interest Income	174.045M	116.046M	147.896M	118.598M	127.539M	107.691M	124.600M	99.171M	95.047M	92.704M	82.077M	87.152M	86.296M	96.259M	13.417M	11.732M	17.711M	17.326M	12.212M	7.678M	2.585M	0.839M	0.223M	0.181M	0.117M	0.035M	0.000M	0.000M	0.007M	0.001M	0.206M
Interest Expense	189.316M	150.023M	84.206M	30.519M	45.562M	41.795M	31.510M	27.322M	37.596M	42.582M	40.597M	45.232M	42.127M	34.461M	56.735M	31.352M	19.973M	22.771M	20.066M	10.971M	8.002M	4.687M	4.074M	1.671M	0.777M	1.153M	3.049M	1.447M	7.098M	8.424M	5.810M
Net Interest Income	-15.271M	-33.977M	63.689M	88.079M	81.977M	65.896M	93.090M	71.849M	57.451M	50.122M	41.480M	41.920M	44.169M	61.799M	-43.318M	-19.620M	-2.262M	-5.444M	-7.854M	-3.293M	-5.418M	-3.848M	-3.850M	-1.490M	-0.660M	-1.118M	-3.049M	-1.447M	-7.091M	-8.423M	-5.603M
Other Income / Expense	-931.579M	-1,047.383M	-12,274.285M	-15,093.046M	-10,042.999M	-11,975.990M	-11,147.531M	-12,566.452M	-10,446.984M	-9,767.868M	-11,429.757M	-11,110.895M	-10,617.064M	-10,301.388M	-317.906M	-290.078M	-400.601M	-371.298M	-324.887M	-265.614M	-160.912M	-98.087M	-81.252M	-115.990M	-35.358M	-25.336M	14.522M	-10.086M	13.331M	14.426M	-8.106M
Pre-Tax Income	963.833M	736.288M	3,646.042M	1,286.933M	8,093.393M	1,478.892M	3,309.989M	1,897.494M	3,580.798M	3,080.916M	2,959.566M	3,007.532M	4,331.881M	2,445.756M	273.936M	343.598M	200.983M	63.443M	276.115M	268.829M	193.435M	115.914M	83.009M	3.688M	4.137M	25.901M	32.612M	19.125M	29.844M	25.059M	21.382M
Pre-Tax Margin	28.49%	24.79%	16.83%	5.96%	34.60%	8.02%	16.57%	9.81%	19.04%	17.04%	15.60%	15.66%	22.93%	14.88%	25.33%	36.05%	24.59%	9.88%	34.18%	39.35%	41.20%	39.58%	41.81%	2.60%	8.09%	42.08%	111.50%	49.77%	96.45%	96.28%	43.36%
Income Tax Expense	128.084M	99.033M	378.185M	613.274M	644.674M	340.948M	418.515M	373.810M	455.588M	637.682M	804.084M	348.753M	684.551M	281.292M	52.038M	41.756M	19.752M	21.478M	33.724M	30.306M	24.788M	15.245M	9.425M	9.351M	4.025M	8.658M	5.764M	4.140M	5.078M	4.188M	4.784M
Tax Rate	13.29%	13.45%	10.37%	35.00%	7.97%	23.05%	12.64%	19.70%	12.72%	20.70%	27.17%	11.60%	15.80%	11.50%	19.00%	12.15%	9.83%	33.85%	12.21%	11.27%	12.81%	13.15%	11.35%	35.00%	35.00%	33.43%	17.68%	21.65%	17.02%	16.71%	22.37%
Net Income	835.749M	637.256M	3,267.857M	673.659M	7,448.719M	1,137.945M	2,891.474M	1,523.684M	3,125.210M	2,443.234M	2,155.482M	2,658.778M	3,647.330M	2,164.464M	221.898M	301.842M	181.231M	41.964M	242.391M	238.523M	168.647M	100.669M	73.583M	-5.662M	0.112M	17.243M	26.848M	14.984M	24.766M	20.872M	16.598M
Net Margin	24.70%	21.45%	15.09%	3.12%	31.85%	6.17%	14.47%	7.88%	16.61%	13.52%	11.36%	13.85%	19.31%	13.16%	20.52%	31.67%	22.17%	6.54%	30.01%	34.92%	35.92%	34.37%	37.07%	-3.99%	0.22%	28.02%	91.79%	39.00%	80.04%	80.19%	33.66%
EBIT	1,910.683M	1,817.648M	15,856.638M	16,291.900M	18,054.415M	13,388.986M	14,364.430M	14,392.096M	13,970.331M	12,798.662M	14,347.843M	14,076.507M	14,904.776M	12,685.345M	635.159M	653.295M	603.846M	440.185M	608.856M	537.736M	359.765M	217.849M	168.111M	121.169M	40.155M	52.355M	21.139M	30.657M	23.604M	19.056M	35.092M
Depreciation & Amortization	64.204M	70.249M	664.553M	-99.684M	-523.896M	-234.978M	-83.927M	48.166M	-13.326M	29.971M	-152.068M	-146.512M	-239.920M	-168.340M	41.888M	25.961M	34.996M	20.025M	25.188M	20.318M	15.585M	12.258M	12.823M	8.049M	6.569M	5.939M	9.821M	8.392M	12.425M	13.897M	6.789M
EBITDA	1,974.886M	1,887.897M	16,521.191M	16,192.217M	17,530.519M	13,154.009M	14,280.503M	14,440.263M	13,957.004M	12,828.632M	14,195.775M	13,929.995M	14,664.857M	12,517.005M	677.047M	679.256M	638.843M	460.210M	634.044M	558.054M	375.350M	230.107M	180.934M	129.217M	46.724M	58.294M	30.960M	39.050M	36.029M	32.953M	41.881M
EBITDA Margin	58.37%	63.56%	76.27%	74.98%	74.95%	71.30%	71.48%	74.65%	74.20%	70.97%	74.82%	72.55%	77.63%	76.13%	62.60%	71.28%	78.16%	71.67%	78.50%	81.69%	79.94%	78.57%	91.14%	91.07%	91.37%	94.71%	105.85%	101.63%	116.44%	126.61%	84.93%
NOPAT	1,656.772M	1,573.170M	14,211.910M	10,589.735M	16,616.302M	10,302.254M	12,548.192M	11,556.825M	12,192.873M	10,149.621M	10,449.681M	12,444.196M	12,549.431M	11,226.374M	514.501M	573.902M	544.503M	291.162M	534.492M	477.115M	313.661M	189.197M	149.022M	78.760M	26.101M	34.854M	17.403M	24.020M	19.587M	15.872M	27.240M
NOPAT Margin	48.97%	52.96%	65.61%	49.04%	71.04%	55.84%	62.81%	59.75%	64.82%	56.15%	55.07%	64.81%	66.43%	68.28%	47.57%	60.22%	66.62%	45.35%	66.17%	69.84%	66.80%	64.60%	75.07%	55.51%	51.04%	56.63%	59.50%	62.51%	63.30%	60.98%	55.24%
Owner's Earnings	899.952M	707.504M	3,932.410M	573.975M	6,924.822M	902.967M	2,807.547M	1,571.850M	3,111.883M	2,473.205M	2,003.414M	2,512.266M	3,407.410M	1,996.124M	263.785M	327.802M	216.228M	61.990M	267.579M	258.841M	184.231M	112.927M	86.407M	2.386M	6.681M	23.181M	36.669M	23.377M	37.192M	34.769M	23.387M
Owner's Earnings Margin	26.60%	23.82%	18.16%	2.66%	29.61%	4.89%	14.05%	8.13%	16.54%	13.68%	10.56%	13.08%	18.04%	12.14%	24.39%	34.40%	26.46%	9.65%	33.13%	37.89%	39.24%	38.56%	43.52%	1.68%	13.07%	37.66%	125.37%	60.84%	120.19%	133.58%	47.43%
EPS	2.29	1.97	4.91	1.02	10.61	1.64	4.13	2.09	4.42	4.54	2.96	3.86	5.99	3.57	0.91	1.25	0.92	0.25	1.04	0.84	0.64	0.52	0.42	-0.05	0.00	0.16	0.28	0.13	0.21	0.20	0.12
EPS (Diluted)	2.29	1.97	4.91	1.02	10.61	1.64	4.13	2.09	4.42	4.54	2.96	3.86	5.99	3.57	0.91	1.25	0.92	0.25	1.04	0.84	0.64	0.52	0.42	-0.05	0.00	0.16	0.28	0.13	0.21	0.20	0.12
Shares (Diluted)	364,441,215	323,972,938	665,993,306	659,245,789	702,113,600	692,986,328	699,908,650	728,250,514	706,555,754	538,271,032	728,117,368	689,466,396	608,403,917	605,589,339	243,357,154	241,172,414	196,060,970	167,736,724	232,869,803	284,202,276	263,130,851	193,587,012	175,122,812	122,301,182	109,911,229	106,904,410	96,995,157	117,970,166	118,227,689	106,277,715	141,672,369

Industry Balance Sheet

Metric	MRQ	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Cash & Cash Equivalents	1,120.47M	1,239.52M	4,890.32M	4,637.99M	6,166.09M	4,197.78M	4,021.15M	2,758.15M	6,844.76M	2,408.60M	2,556.05M	3,129.01M	2,750.25M	3,057.64M	506.36M	420.95M	322.26M	153.06M	251.12M	255.93M	151.58M	106.65M	26.59M	18.58M	20.88M	26.86M	13.61M	13.08M	10.83M	7.44M	11.33M
Short-Term Investments	616.00M	309.17M	4,124.32M	4,915.81M	4,955.98M	5,178.57M	3,184.49M	4,214.66M	3,259.62M	1,134.25M	1,107.72M	2,800.50M	3,795.47M	3,851.77M	224.87M	302.68M	224.93M	102.12M	237.07M	130.34M	99.90M	68.70M	3.90M	3.88M	7.76M	7.65M	12.16M	13.38M	4.73M	1.87M	18.66M
Cash & Short-Term Investments	1,736.47M	1,548.69M	9,014.63M	9,553.79M	11,122.07M	9,376.35M	7,205.64M	6,972.80M	10,104.38M	3,542.85M	3,663.77M	5,929.50M	6,545.72M	6,909.41M	731.24M	723.63M	547.19M	255.19M	488.19M	386.27M	251.48M	175.35M	30.49M	22.46M	28.64M	34.52M	25.77M	26.46M	15.56M	9.31M	30.00M
Net Receivables	768.67M	535.94M	1,078.34M	1,275.17M	1,630.31M	1,004.02M	871.35M	883.25M	1,001.56M	992.03M	871.65M	647.06M	851.70M	848.49M	242.53M	209.47M	166.57M	67.24M	87.83M	103.90M	44.70M	31.83M	24.87M	14.56M	6.14M	9.75M	4.03M	6.32M	7.75M	4.73M	12.32M
Inventory	13.87M	11.74M	263.67M	267.62M	223.76M	199.13M	154.78M	164.93M	158.01M	137.63M	157.35M	121.15M	115.77M	116.02M	3.10M	2.37M	0.37M	1.75M	0.06M	0.60M	0.13M	0.07M	0.22M	0.11M	0.01M	0.00M	0.00M	0.03M	0.00M	0.00M	0.71M
Other Current Assets	23.81M	35.84M	608.31M	772.88M	619.48M	743.35M	300.90M	332.55M	336.51M	454.96M	357.25M	254.20M	175.24M	219.19M	21.99M	32.62M	7.55M	10.25M	9.00M	7.07M	2.72M	4.57M	1.72M	1.41M	0.93M	0.15M	0.35M	0.19M	0.09M	0.07M	0.55M
Total Current Assets	2,542.83M	2,132.21M	10,964.96M	11,869.48M	13,595.62M	11,322.84M	8,532.68M	8,353.54M	11,600.46M	5,127.46M	5,050.02M	6,951.92M	7,688.44M	8,093.10M	998.85M	968.08M	721.68M	334.42M	585.08M	497.84M	299.03M	211.82M	57.30M	38.53M	35.72M	44.41M	30.14M	32.99M	23.40M	14.11M	43.58M
Property, Plant & Equipment	451.98M	423.40M	7,064.75M	6,990.75M	6,427.69M	2,985.11M	2,096.49M	2,243.10M	1,701.70M	1,847.21M	1,916.66M	1,688.63M	1,844.93M	2,132.10M	129.64M	96.34M	69.16M	66.80M	65.25M	56.05M	38.63M	34.27M	33.76M	20.54M	10.30M	11.97M	8.83M	9.22M	8.05M	8.57M	14.14M
Goodwill	647.08M	758.84M	4,737.07M	5,122.12M	4,665.65M	4,316.90M	4,290.52M	4,037.08M	3,744.58M	3,622.63M	3,577.84M	2,684.78M	2,543.25M	2,539.68M	291.37M	160.52M	58.22M	28.84M	32.77M	32.23M	3.53M	0.78M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	320.83M	441.22M	1,918.06M	2,090.59M	2,087.78M	1,629.01M	1,655.94M	1,643.99M	1,617.12M	1,682.74M	1,661.29M	1,216.74M	1,164.80M	1,712.74M	118.65M	112.57M	72.90M	58.68M	41.92M	27.66M	11.03M	9.69M	3.30M	1.88M	0.66M	0.24M	0.08M	0.15M	0.08M	0.11M	0.08M
Long-Term Investments	2,154.23M	3,579.46M	2,595.89M	1,807.20M	5,150.28M	3,154.30M	2,268.81M	2,027.69M	2,090.91M	1,932.66M	1,485.30M	1,708.19M	1,555.03M	1,684.39M	1,489.69M	1,270.14M	631.29M	385.32M	605.66M	509.52M	282.50M	286.13M	122.67M	80.50M	57.10M	53.07M	43.68M	41.22M	64.51M	70.13M	34.50M
Tax Assets	17.74M	50.27M	6.77M	9.41M	10.35M	10.69M	6.66M	0.71M	5.12M	14.89M	15.06M	12.29M	8.39M	3.37M	17.53M	6.26M	5.25M	2.44M	2.90M	1.42M	0.16M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	1,695.51M	3,985.38M	34,441.95M	30,813.80M	31,817.33M	32,060.07M	29,957.77M	-7,389.96M	-7,110.78M	-7,684.04M	-9,672.09M	-8,118.97M	-7,859.29M	-10,262.02M	137.58M	76.69M	20.03M	162.16M	133.89M	-51.00M	38.85M	-102.12M	-43.68M	11.64M	-12.85M	-0.42M	-5.27M	-6.72M	-22.90M	-20.00M	4.93M
Other Assets	1,594.97M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	15,652.64M	21,270.07M	21,483.90M	18,225.08M	10,575.81M	5,875.76M	9,260.94M	0.00M	0.00M	0.05M	0.00M	1.90M	0.50M	1.24M	4.65M	1.49M	0.14M	0.00M	0.02M	0.00M	0.04M	0.03M	0.28M	7.17M
Total Non-Current Assets	6,882.35M	9,238.56M	50,764.48M	46,833.88M	50,159.07M	44,156.08M	40,276.19M	18,215.24M	23,318.74M	22,899.98M	17,209.14M	9,767.47M	5,132.86M	7,071.20M	2,184.46M	1,722.51M	856.90M	704.25M	884.30M	576.38M	375.94M	233.40M	117.55M	114.71M	55.21M	64.88M	47.33M	43.91M	49.76M	59.09M	60.82M
Total Assets	9,425.18M	11,370.77M	61,729.44M	58,703.35M	63,754.69M	55,478.92M	48,808.88M	26,568.78M	34,919.20M	28,027.44M	22,259.16M	16,719.39M	12,821.30M	15,164.30M	3,183.32M	2,690.59M	1,578.59M	1,038.67M	1,469.38M	1,074.22M	674.96M	445.22M	174.85M	153.24M	90.93M	109.29M	77.47M	76.90M	73.16M	73.21M	104.40M
Accounts Payable	114.08M	140.59M	333.14M	468.18M	573.42M	450.17M	413.77M	449.66M	455.39M	348.30M	482.92M	337.63M	259.39M	304.08M	99.70M	73.32M	43.29M	41.26M	48.83M	46.62M	34.04M	9.34M	9.95M	3.67M	2.57M	3.53M	1.41M	1.39M	1.58M	0.90M	1.69M
Short-Term Debt	92.19M	202.80M	371.34M	531.71M	818.71M	371.84M	391.04M	57.19M	58.18M	52.93M	67.17M	57.62M	70.32M	38.83M	95.48M	72.66M	31.35M	27.18M	30.64M	23.36M	16.34M	13.18M	6.18M	4.48M	2.63M	1.61M	1.05M	1.45M	2.16M	2.04M	3.43M
Tax Payables	0.00M	16.12M	7.06M	7.81M	14.69M	6.30M	3.98M	7.56M	4.36M	4.93M	10.35M	6.02M	4.35M	3.66M	6.41M	6.33M	3.61M	4.30M	5.02M	5.22M	2.51M	0.65M	0.07M	0.04M	0.01M	0.00M	0.04M	0.11M	0.03M	0.05M	0.06M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.24M	0.25M	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	0.00M
Other Current Liabilities	325.89M	154.49M	826.08M	585.30M	485.91M	691.67M	755.85M	904.19M	745.89M	739.15M	616.67M	389.92M	603.69M	458.87M	84.30M	97.49M	54.79M	39.03M	29.55M	23.16M	6.56M	4.95M	5.86M	3.79M	2.27M	2.38M	1.44M	0.86M	0.36M	0.77M	1.34M
Total Current Liabilities	532.16M	514.00M	1,537.62M	1,593.00M	1,892.72M	1,519.98M	1,564.65M	1,418.60M	1,263.83M	1,145.31M	1,177.11M	791.18M	937.74M	805.44M	286.13M	250.04M	133.27M	111.77M	114.04M	98.37M	59.46M	28.13M	22.06M	11.97M	7.47M	7.53M	3.94M	3.80M	4.13M	3.76M	6.52M
Long-Term Debt	3,413.69M	3,325.71M	10,941.52M	13,728.40M	21,757.86M	14,046.66M	14,259.25M	16,462.51M	16,967.88M	17,226.00M	12,669.18M	10,965.79M	10,197.53M	8,961.85M	827.91M	577.29M	342.65M	235.72M	263.46M	182.28M	133.15M	39.39M	17.57M	15.02M	10.40M	16.86M	10.76M	25.97M	19.26M	7.60M	27.36M
Capital Lease Obligations	29.00M	45.86M	164.90M	189.31M	179.34M	183.11M	148.85M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	23.76M	50.31M	25.35M	20.33M	26.94M	20.14M	25.79M	13.33M	15.30M	17.71M	20.38M	15.03M	16.27M	19.97M	25.11M	18.23M	2.53M	2.41M	3.01M	4.67M	3.14M	0.67M	0.00M	0.00M	0.00M	0.00M	0.00M	0.01M	0.03M	0.03M	0.11M
Other Non-Current Liabilities	1,369.17M	1,991.75M	33,946.54M	29,548.97M	30,492.63M	32,692.22M	28,855.46M	-2,975.22M	-1,953.33M	-2,453.13M	-2,709.05M	-1,429.15M	-1,507.45M	-3,555.86M	172.83M	150.54M	104.50M	45.26M	62.66M	10.14M	27.97M	17.07M	22.88M	24.10M	3.61M	1.74M	1.49M	1.96M	3.86M	1.93M	10.24M
Total Non-Current Liabilities	4,835.63M	5,413.62M	45,078.32M	43,487.00M	52,456.78M	46,942.12M	43,289.34M	13,500.63M	15,029.86M	14,790.58M	9,980.51M	9,551.67M	8,706.36M	5,425.96M	1,025.85M	746.06M	449.68M	283.39M	329.14M	197.09M	164.25M	57.13M	40.45M	39.12M	14.01M	18.59M	12.25M	27.94M	23.15M	9.56M	37.71M
Total Liabilities	5,367.79M	5,927.62M	46,615.94M	45,080.01M	54,349.50M	48,462.11M	44,853.99M	14,919.23M	16,293.68M	15,935.88M	11,157.62M	10,342.85M	9,644.10M	6,231.40M	1,311.98M	996.10M	582.95M	395.16M	443.18M	295.46M	223.71M	85.26M	62.51M	51.09M	21.48M	26.13M	16.19M	31.74M	27.28M	13.32M	44.23M
Preferred Stock	0.00M	0.00M	117.63M	381.24M	368.41M	280.53M	114.60M	82.43M	355.92M	425.82M	19.69M	23.74M	36.52M	124.41M	0.00M	0.00M	0.00M	0.00M	0.00M	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	77.32M	155.11M	459.87M	463.65M	968.73M	1,070.25M	1,043.12M	1,042.72M	1,044.66M	999.00M	1,001.09M	1,025.30M	980.11M	1,029.69M	94.14M	66.79M	79.62M	55.59M	74.56M	56.93M	60.58M	37.41M	30.96M	27.42M	11.85M	11.91M	15.22M	11.24M	9.58M	9.30M	7.37M
Retained Earnings	1,463.60M	2,501.12M	11,085.25M	10,538.55M	14,928.40M	12,284.68M	16,954.41M	16,939.75M	14,477.21M	10,738.24M	10,235.02M	9,297.23M	9,667.02M	7,363.72M	640.11M	587.95M	291.48M	395.52M	368.98M	277.53M	271.10M	138.48M	29.21M	28.85M	7.76M	20.99M	18.32M	14.99M	10.76M	10.53M	7.63M
Accumulated OCI	-37.49M	-50.76M	-925.43M	-1,542.13M	99.31M	615.70M	75.08M	-15.50M	-9.26M	-14.94M	-5.72M	-0.34M	1.00M	0.00M	-2.02M	-2.09M	-3.21M	-14.45M	-0.01M	0.00M	0.00M	0.22M	0.00M	-0.08M	1.05M	0.61M	0.65M	3.03M	7.92M	5.86M	3.54M
Minority Interest	568.64M	326.28M	385.60M	423.98M	508.53M	476.60M	451.23M	385.52M	350.89M	331.17M	309.02M	267.40M	171.00M	169.90M	55.94M	25.60M	14.28M	7.15M	8.66M	5.06M	3.54M	2.51M	0.80M	0.22M	0.01M	0.10M	0.01M	0.01M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	1,503.43M	2,605.46M	10,737.32M	9,841.31M	16,364.86M	14,251.16M	18,187.21M	18,049.40M	15,868.53M	12,148.12M	11,250.08M	10,345.94M	10,684.65M	8,517.82M	732.23M	652.66M	367.89M	436.66M	443.53M	334.46M	331.68M	176.11M	60.17M	56.20M	20.66M	33.52M	34.19M	29.26M	28.26M	25.70M	18.55M
Total Equity	2,072.07M	2,931.74M	11,122.92M	10,265.29M	16,873.39M	14,727.76M	18,638.44M	18,434.93M	16,219.42M	12,479.29M	11,559.09M	10,613.34M	10,855.65M	8,687.71M	788.16M	678.26M	382.18M	443.81M	452.18M	339.52M	335.22M	178.62M	60.97M	56.42M	20.67M	33.61M	34.21M	29.27M	28.26M	25.70M	18.55M
Total Liabilities & Equity	7,439.86M	8,859.36M	57,738.86M	55,345.30M	71,222.89M	63,189.87M	63,492.43M	33,354.16M	32,513.11M	28,415.17M	22,716.72M	20,956.19M	20,499.74M	14,919.12M	2,100.15M	1,674.36M	965.13M	838.96M	895.36M	634.99M	558.93M	263.88M	123.48M	107.51M	42.15M	59.74M	50.39M	61.01M	55.53M	39.02M	62.78M
Tangible Assets	8,457.27M	10,170.71M	55,074.31M	51,490.64M	57,001.26M	49,533.01M	42,862.41M	20,887.72M	29,557.49M	22,722.07M	17,020.03M	12,817.87M	9,113.25M	10,911.88M	2,773.30M	2,417.51M	1,447.46M	951.15M	1,394.68M	1,014.32M	660.40M	434.75M	171.55M	151.36M	90.27M	109.05M	77.39M	76.76M	73.09M	73.10M	104.32M
Tangible Equity	1,104.16M	1,731.69M	4,467.80M	3,052.58M	10,119.95M	8,781.85M	12,691.97M	12,753.86M	10,857.72M	7,173.92M	6,319.96M	6,711.82M	7,147.59M	4,435.30M	378.14M	405.17M	251.05M	356.28M	377.49M	279.63M	320.65M	168.15M	57.67M	54.54M	20.01M	33.38M	34.13M	29.12M	28.18M	25.59M	18.46M
Tangible Book Value	1,104.16M	1,731.69M	4,467.80M	3,052.58M	10,119.95M	8,781.85M	12,691.97M	12,753.86M	10,857.72M	7,173.92M	6,319.96M	6,711.82M	7,147.59M	4,435.30M	378.14M	405.17M	251.05M	356.28M	377.49M	279.63M	320.65M	168.15M	57.67M	54.54M	20.01M	33.38M	34.13M	29.12M	28.18M	25.59M	18.46M
Total Investments	3,612.43M	4,207.10M	5,613.46M	4,611.88M	6,772.58M	5,041.82M	5,242.34M	4,352.97M	4,973.59M	4,287.26M	3,693.26M	4,690.45M	4,012.40M	5,021.74M	1,954.97M	1,913.27M	942.23M	481.75M	788.96M	720.84M	511.36M	464.55M	167.99M	129.57M	68.03M	98.54M	71.53M	61.82M	75.40M	82.57M	53.34M
Net Debt	2,385.41M	2,289.00M	6,422.55M	9,622.12M	16,410.48M	10,220.72M	10,629.15M	13,761.56M	10,181.30M	14,870.33M	10,180.30M	7,894.40M	7,517.60M	5,943.04M	417.03M	229.00M	51.74M	109.84M	42.98M	-50.29M	-2.09M	-54.08M	-2.84M	0.92M	-7.86M	-8.40M	-1.80M	14.34M	10.59M	2.20M	19.46M

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	1,847.99M	1,913.91M	17,910.63M	5,333.57M	7,363.20M	539.68M	-593.99M	-1,107.15M	2,170.09M	-6,659.92M	-5,132.01M	-643.46M	307.90M	702.81M	720.64M	733.13M	738.52M	100.95M	286.63M	335.46M	326.25M	141.65M	37.08M	48.68M	41.33M	47.94M	32.35M	29.65M	20.67M	15.00M	44.57M
Total Capital	9,953.06M	9,809.84M	39,273.95M	48,567.51M	51,140.47M	41,402.25M	41,046.48M	28,327.58M	25,827.63M	25,965.01M	25,470.70M	26,349.18M	26,108.41M	25,143.77M	2,733.58M	2,710.85M	1,739.57M	1,166.25M	1,893.82M	1,587.29M	1,138.63M	1,032.69M	556.77M	376.23M	274.68M	286.54M	195.44M	195.67M	193.45M	172.87M	156.29M
Capital Employed	27,167.71M	23,276.93M	127,940.21M	125,473.69M	154,392.24M	151,088.56M	149,609.05M	143,593.32M	123,908.62M	119,676.90M	117,126.51M	97,379.75M	92,681.51M	90,179.91M	6,450.70M	5,690.84M	3,342.91M	1,790.84M	3,022.60M	2,697.35M	2,219.90M	1,856.85M	1,003.74M	642.42M	289.56M	384.00M	235.80M	226.92M	239.08M	209.73M	190.46M
Invested Capital	8,832.58M	8,570.32M	34,383.64M	43,929.52M	44,974.37M	37,204.47M	37,025.33M	25,569.43M	18,982.87M	23,556.41M	22,914.64M	23,220.18M	23,358.17M	22,086.13M	2,227.22M	2,289.90M	1,417.31M	1,013.19M	1,642.70M	1,331.36M	987.06M	926.04M	530.18M	357.66M	253.80M	259.67M	181.83M	182.59M	182.62M	165.43M	144.96M

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	77.22M	82.57M	1,233.22M	1,217.94M	1,141.63M	1,108.83M	1,066.79M	1,002.71M	961.28M	965.71M	921.94M	942.36M	887.53M	729.22M	38.56M	32.61M	34.65M	15.66M	26.76M	39.94M	35.74M	19.34M	9.67M	7.70M	4.76M	2.35M	3.28M	1.83M	4.00M	1.96M	3.84M
Deferred Income Tax	0.22M	0.00M	0.00M	61.32M	104.12M	-41.33M	-20.75M	52.96M	112.25M	36.15M	-26.49M	8.93M	26.96M	28.93M	0.00M	0.00M	0.00M	-0.61M	0.00M	0.08M	0.11M	0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	19.11M	16.91M	133.50M	114.34M	107.20M	84.64M	95.20M	9.47M	86.11M	75.43M	68.35M	63.39M	55.62M	51.85M	4.92M	5.31M	1.20M	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
Change in Working Capital	-17.25M	20.50M	89.71M	-31.73M	-474.43M	85.79M	-261.29M	-361.11M	-965.66M	-488.15M	-102.48M	-52.51M	-601.80M	-194.59M	-6.00M	-19.67M	4.13M	-5.66M	16.03M	-7.39M	16.99M	7.31M	0.79M	-0.30M	0.87M	-1.61M	0.12M	0.63M	2.85M	1.65M	-0.24M
Accounts Receivable	-7.74M	-0.31M	12.10M	-49.14M	-199.16M	-23.32M	-24.05M	-127.21M	-244.62M	-51.41M	-0.71M	-110.66M	-172.54M	-31.25M	-0.58M	-2.14M	0.00M	0.00M	0.00M	-1.86M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	0.00M	0.00M	-0.26M	-19.48M	-6.00M	0.00M	0.00M	-0.26M	-0.33M	0.00M	0.00M	-0.01M	0.00M	0.00M	-0.12M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.20M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Accounts Payable	0.01M	1.98M	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	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	-17.10M	19.00M	231.31M	10.93M	-168.09M	494.47M	-200.81M	65.85M	-168.95M	71.98M	-224.44M	77.19M	-16.29M	0.00M	-8.84M	-17.08M	-10.87M	-12.46M	1.50M	-6.50M	0.34M	-1.02M	-0.68M	-0.30M	-0.02M	-0.05M	-0.11M	-0.13M	0.07M	0.00M	0.00M
Other Non-Cash Items	-165.57M	-181.92M	-365.71M	3,984.49M	-41.58M	63.52M	515.97M	262.44M	25.70M	370.66M	976.23M	-137.15M	115.73M	-269.05M	-13.64M	-64.16M	-13.15M	5.02M	-93.13M	-183.14M	-43.48M	-27.72M	-0.81M	10.42M	4.95M	-2.54M	-2.32M	0.50M	-11.31M	-10.42M	-3.16M
Net Cash from Operating Activities	671.64M	581.23M	2,125.85M	3,125.41M	4,510.00M	1,574.22M	1,558.83M	4,351.23M	987.05M	4,549.80M	4,160.64M	3,741.33M	2,835.96M	1,273.48M	358.06M	250.00M	137.13M	108.22M	224.25M	158.87M	157.85M	98.34M	53.57M	21.05M	19.75M	10.31M	24.85M	18.14M	44.66M	29.04M	22.53M
Capital Expenditures (PPE)	-47.47M	-61.67M	-250.24M	-289.92M	-280.35M	-232.13M	-243.59M	-213.17M	-175.73M	-173.01M	-205.22M	-146.51M	-136.16M	-123.19M	-26.63M	-29.59M	-20.06M	-21.02M	-28.91M	-30.12M	-18.71M	-17.10M	-7.19M	-4.40M	-4.37M	-3.37M	-2.29M	-2.12M	-3.28M	-2.19M	-1.93M
Acquisitions (Net)	-0.85M	-5.96M	-82.34M	-96.15M	-93.33M	-57.08M	-56.78M	-40.94M	-30.78M	-74.06M	-30.49M	-18.88M	-25.20M	0.00M	-5.90M	-13.25M	-1.13M	-4.19M	-8.02M	-2.78M	-0.70M	-2.44M	-0.38M	-0.20M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-1,429.03M	-979.74M	-210.13M	-43.20M	-328.44M	-138.25M	-120.75M	-110.27M	-148.83M	-107.02M	-69.19M	-53.61M	-49.61M	-37.79M	-250.58M	-212.40M	-120.92M	-73.70M	-242.50M	-109.45M	-59.73M	-106.75M	-20.90M	-12.10M	-7.03M	-8.92M	-11.25M	-9.37M	-14.26M	-7.05M	-15.74M
Sales / Maturities of Investments	1,107.30M	1,048.51M	221.09M	98.99M	374.88M	149.75M	99.30M	101.15M	81.24M	128.91M	103.45M	100.71M	67.39M	74.09M	189.38M	277.81M	129.98M	56.08M	242.32M	138.43M	94.56M	57.63M	13.66M	8.22M	3.75M	9.99M	2.65M	5.06M	5.24M	2.78M	9.03M
Other Investing Activities	-15.96M	-46.02M	-347.14M	-539.75M	-781.98M	-612.16M	-513.40M	-1,910.55M	92.74M	-484.79M	-20.42M	-455.33M	-450.15M	-496.85M	1.67M	7.35M	13.71M	-2.39M	-1.65M	-3.28M	3.77M	-4.12M	-0.69M	1.61M	1.34M	-0.65M	-0.14M	-1.62M	0.15M	0.09M	-0.36M
Net Cash from Investing Activities	-633.02M	-279.77M	-1,741.05M	-3,930.62M	-3,814.21M	-4,039.56M	-4,026.11M	-4,583.32M	-2,116.65M	-5,796.11M	-859.65M	-2,320.20M	-3,728.36M	-3,173.29M	-61.96M	-100.64M	-47.59M	-40.88M	-116.65M	-51.33M	-54.02M	-96.13M	-18.58M	-14.46M	-9.16M	-5.90M	-13.30M	-10.56M	-18.52M	-3.29M	-12.48M
Net Debt Issuance	210.30M	221.62M	70.20M	97.61M	78.99M	109.47M	39.53M	23.03M	77.13M	0.00M	7.40M	40.22M	0.00M	0.00M	-17.62M	-0.05M	-22.50M	6.06M	60.03M	8.31M	25.13M	2.51M	-0.79M	3.35M	0.60M	0.86M	0.81M	0.34M	15.19M	0.13M	0.03M
Long-Term Debt Issuance	180.82M	249.25M	113.28M	113.38M	81.60M	118.04M	44.21M	46.50M	79.67M	33.23M	27.93M	23.36M	0.00M	0.00M	-29.41M	-7.99M	2.46M	2.86M	69.62M	6.73M	21.74M	-2.90M	-0.67M	2.07M	0.60M	1.54M	0.46M	0.35M	5.48M	0.13M	-0.04M
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	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-120.85M	-101.27M	-53.38M	-44.15M	-35.64M	-12.92M	-43.97M	-21.59M	-6.51M	-3.12M	-13.67M	-1.63M	-1.69M	-0.56M	-11.08M	-7.49M	0.53M	-1.83M	-15.15M	-5.05M	-3.60M	5.89M	1.08M	0.19M	0.08M	0.55M	0.58M	1.65M	1.21M	0.16M	0.39M
Common Stock Issuance	1.04M	4.22M	2.52M	6,989.48M	743.01M	251.15M	7,425.30M	9,640.59M	2,615.45M	2,562.31M	2,312.62M	1,858.95M	2,450.41M	4,697.43M	4.47M	10.94M	23.71M	7.05M	29.42M	28.47M	8.38M	19.79M	1.08M	1.11M	0.52M	0.90M	1.31M	2.62M	1.58M	0.31M	0.31M
Common Stock Repurchased	-138.37M	-99.28M	-411.93M	-534.93M	-460.63M	-348.17M	-559.39M	-348.79M	-246.64M	-234.08M	-334.64M	-539.40M	-318.64M	-160.51M	-18.37M	-12.03M	-7.20M	-8.39M	-25.96M	-19.76M	-17.98M	-20.76M	-0.04M	-0.03M	-0.04M	-0.02M	0.00M	-0.01M	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	-376.95M	-291.87M	-956.89M	-760.45M	-659.42M	-486.28M	-690.62M	-163.22M	-818.25M	-726.26M	-534.39M	-329.06M	-428.62M	-300.72M	-96.27M	-90.36M	-78.48M	-66.10M	-94.47M	-51.52M	-33.90M	-29.54M	-19.43M	-4.12M	-2.40M	-2.14M	-2.00M	-2.59M	-2.24M	-1.52M	-2.87M
Common Dividends Paid	-332.47M	-268.86M	-949.98M	-753.75M	-651.89M	-478.02M	-687.43M	-162.58M	-815.83M	-715.38M	-525.02M	-318.66M	-427.90M	-300.48M	-96.64M	-81.39M	-67.22M	-59.73M	-83.01M	-48.74M	-38.75M	-29.51M	-19.22M	-4.10M	-2.40M	-2.14M	-1.99M	-2.59M	-2.24M	-1.52M	-2.87M
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	87.42M	-9.30M	-56.46M	-389.27M	2,801.90M	1,019.02M	304.90M	96.87M	1,472.36M	766.67M	331.56M	480.03M	655.23M	1,006.27M	3.56M	21.25M	-10.40M	5.23M	36.11M	19.29M	2.85M	-5.53M	1.16M	-0.52M	1.06M	1.56M	0.09M	-1.52M	-0.56M	-1.00M	0.34M
Net Cash from Financing Activities	135.20M	-107.78M	-510.56M	-492.35M	764.01M	1,047.16M	426.88M	-7.20M	3,298.62M	886.83M	53.86M	384.70M	338.60M	572.49M	-127.70M	-77.57M	-89.00M	-25.52M	70.20M	63.57M	13.39M	-14.29M	-16.77M	-3.61M	-0.70M	5.03M	1.10M	5.01M	11.24M	-0.62M	7.67M
Effect of FX on Cash	-7.31M	-2.67M	10.45M	-34.41M	-22.77M	10.15M	1.08M	-16.00M	29.37M	-11.25M	-22.30M	-35.52M	-3.03M	94.41M	-0.26M	-0.21M	-0.02M	-0.02M	0.27M	-0.19M	0.21M	-0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Change in Cash	86.25M	94.28M	156.93M	-324.35M	516.03M	1,485.51M	215.80M	-408.94M	773.10M	469.16M	-166.34M	64.62M	-338.26M	315.12M	25.09M	15.49M	3.92M	12.60M	51.26M	41.93M	60.60M	9.51M	21.38M	-5.46M	-0.03M	10.42M	7.22M	3.08M	11.80M	14.07M	3.11M
Cash at Beginning of Period	1,009.48M	1,104.69M	5,828.26M	6,772.17M	5,606.60M	4,293.21M	4,325.03M	7,229.98M	4,648.76M	3,873.25M	3,649.26M	2,792.67M	3,902.77M	1,629.49M	435.37M	515.10M	464.27M	344.44M	357.14M	425.00M	326.83M	200.15M	71.01M	47.50M	25.77M	15.87M	13.96M	11.15M	6.74M	5.47M	6.32M
Cash at End of Period	877.66M	1,194.17M	6,119.05M	4,384.69M	7,125.90M	5,592.82M	4,287.80M	4,624.47M	7,015.45M	4,736.58M	3,842.03M	3,679.02M	2,801.69M	3,843.77M	485.11M	538.34M	669.49M	298.06M	476.18M	469.37M	407.03M	262.43M	107.63M	34.67M	32.39M	39.20M	28.51M	25.53M	26.31M	19.94M	7.02M
Operating Cash Flow	681.04M	562.23M	2,125.85M	3,125.41M	4,510.00M	1,574.22M	1,558.83M	4,351.23M	987.05M	4,549.80M	4,160.88M	3,741.85M	2,835.96M	1,273.48M	358.06M	250.00M	130.39M	117.47M	196.90M	125.60M	152.35M	98.21M	53.57M	21.05M	19.75M	10.31M	24.85M	18.14M	44.66M	29.04M	22.53M
Capital Expenditure	-47.54M	-71.69M	-251.61M	-284.01M	-280.60M	-232.32M	-243.59M	-214.26M	-176.09M	-173.48M	-205.89M	-146.97M	-136.66M	-123.57M	-26.65M	-29.60M	-20.06M	-20.66M	-33.61M	-29.22M	-18.79M	-17.60M	-7.19M	-4.40M	-4.37M	-3.37M	-2.29M	-2.14M	-3.28M	-2.19M	-1.93M
Free Cash Flow	498.51M	405.69M	1,734.34M	2,382.85M	3,110.36M	1,307.74M	1,419.63M	2,637.92M	699.59M	3,406.31M	2,460.86M	2,039.77M	1,315.90M	940.25M	286.87M	188.95M	91.20M	85.91M	149.71M	90.37M	105.34M	65.66M	43.82M	12.63M	2.55M	7.88M	20.81M	14.02M	27.71M	21.86M	15.13M

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	941.46M	752.31M	1,364.62M	1,212.02M	2,558.81M	1,180.95M	1,793.62M	947.04M	1,395.94M	1,266.79M	1,009.92M	1,531.85M	1,089.89M	1,103.17M	329.48M	354.65M	211.94M	92.78M	239.85M	246.52M	173.32M	119.55M	77.61M	25.37M	30.89M	45.43M	51.10M	30.02M	56.17M	53.72M	29.44M
(-) Tax Adjustment	125.11M	101.19M	141.54M	577.58M	203.82M	272.26M	226.78M	186.57M	177.61M	262.20M	274.39M	177.63M	172.23M	126.88M	62.59M	43.10M	20.83M	31.41M	29.29M	27.79M	22.21M	15.72M	8.81M	50.74M	30.05M	15.19M	9.03M	6.50M	9.56M	8.98M	6.59M
(-) Change In Working Capital	-17.25M	20.50M	89.71M	-31.73M	-474.43M	85.79M	-261.29M	-361.11M	-965.66M	-488.15M	-102.48M	-52.51M	-601.80M	-194.59M	-6.00M	-19.67M	4.13M	-5.66M	16.03M	-7.39M	16.99M	7.31M	0.79M	-0.30M	0.87M	-1.61M	0.12M	0.63M	2.85M	1.65M	-0.24M
(-) Capital Expenditure	47.54M	71.69M	251.61M	284.01M	280.60M	232.32M	243.59M	214.26M	176.09M	173.48M	205.89M	146.97M	136.66M	123.57M	26.65M	29.60M	20.06M	20.66M	33.61M	29.22M	18.79M	17.60M	7.19M	4.40M	4.37M	3.37M	2.29M	2.14M	3.28M	2.19M	1.93M
Unlevered Free Cash Flow	786.05M	558.93M	881.76M	382.17M	2,548.82M	590.58M	1,584.53M	907.31M	2,007.90M	1,319.26M	632.13M	1,259.75M	1,382.80M	1,047.31M	246.24M	301.62M	166.92M	46.38M	160.92M	196.90M	115.33M	78.92M	60.81M	-29.47M	-4.40M	28.48M	39.65M	20.74M	40.48M	40.90M	21.16M
(-) Net Interest Income After Taxes	-13.24M	-29.41M	57.08M	46.11M	75.45M	50.70M	81.32M	57.69M	50.14M	39.75M	30.21M	37.06M	37.19M	54.69M	-35.09M	-17.24M	-2.04M	-3.60M	-6.89M	-2.92M	-4.72M	-3.34M	-3.41M	1.49M	-0.02M	-0.74M	-2.51M	-1.13M	-5.88M	-7.02M	-4.35M
Net Debt Issuance	210.30M	221.62M	70.20M	97.61M	78.99M	109.47M	39.53M	23.03M	77.13M	0.00M	7.40M	40.22M	0.00M	0.00M	-17.62M	-0.05M	-22.50M	6.06M	60.03M	8.31M	25.13M	2.51M	-0.79M	3.35M	0.60M	0.86M	0.81M	0.34M	15.19M	0.13M	0.03M
Levered Free Cash Flow	1,009.59M	809.96M	894.87M	433.67M	2,552.36M	649.35M	1,542.74M	872.65M	2,034.88M	1,279.51M	609.32M	1,262.91M	1,345.61M	992.62M	263.70M	318.80M	146.46M	56.03M	227.84M	208.13M	145.18M	84.76M	63.44M	-27.60M	-3.78M	30.08M	42.97M	22.22M	61.56M	48.04M	25.54M