Real Estate - General

Category: Industry Averages Base Ticker: 0HM0.L

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	58.27	58.70	53.65	54.13	67.39	63.42	66.26	52.01	54.43	51.56	47.79	47.83	41.68	41.31	40.26	39.51	34.21	26.19	43.08	58.69	44.80	35.30	24.43	19.70	18.04	27.34	21.69	22.05	25.73	24.11	17.90
Market Capitalization	10,683.31M	2,974.72M	2,963.04M	2,892.69M	4,127.59M	3,741.11M	3,970.12M	2,740.63M	2,741.02M	2,254.79M	2,032.67M	3,173.75M	2,760.67M	2,559.90M	3,342.13M	2,389.24M	1,687.98M	1,439.42M	3,125.68M	4,595.90M	3,325.26M	2,659.34M	1,556.97M	1,056.96M	1,476.42M	1,958.63M	1,405.25M	1,167.92M	898.86M	1,079.93M	732.67M
(-) Cash & Equivalents	241.09M	125.87M	108.96M	161.36M	179.82M	160.66M	104.44M	103.50M	74.34M	86.36M	87.63M	66.33M	57.94M	105.59M	55.99M	97.96M	112.12M	68.06M	74.87M	144.73M	89.57M	163.46M	79.76M	59.74M	212.36M	160.41M	89.87M	97.94M	27.14M	180.93M	50.25M
(+) Total Debt	5,652.21M	2,713.44M	2,327.66M	1,998.09M	1,941.99M	2,198.03M	1,813.54M	1,507.64M	1,454.93M	1,287.92M	1,483.77M	1,157.18M	1,068.55M	1,159.19M	1,565.52M	1,309.78M	1,424.79M	2,092.30M	1,790.53M	1,896.47M	1,878.96M	2,204.54M	1,615.60M	1,542.85M	2,282.16M	2,004.85M	1,710.98M	1,423.41M	776.81M	984.91M	766.28M
Enterprise Value	15,730.22M	6,536.58M	6,576.50M	5,901.93M	6,414.68M	5,457.54M	6,125.42M	4,429.04M	4,401.47M	3,682.08M	3,427.52M	4,085.82M	4,216.78M	4,139.39M	5,203.65M	3,468.94M	2,919.43M	3,234.99M	4,797.56M	6,228.96M	4,864.34M	5,309.21M	2,927.17M	2,448.88M	3,687.55M	4,266.71M	3,329.69M	2,536.75M	1,663.43M	1,883.91M	1,448.69M

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	1,139.622M	852.343M	554.202M	821.536M	729.947M	553.533M	423.970M	617.108M	551.061M	530.181M	480.769M	422.190M	448.195M	382.661M	351.310M	347.447M	373.602M	514.895M	589.694M	645.153M	742.234M	1,023.081M	642.251M	606.681M	837.901M	544.165M	418.050M	281.189M	182.967M	558.646M	170.275M
Cost of Revenue	384.833M	293.178M	219.543M	292.577M	232.745M	192.665M	181.812M	199.326M	171.474M	214.745M	202.419M	183.072M	162.431M	198.810M	182.964M	122.397M	170.812M	185.749M	173.028M	264.437M	285.272M	426.607M	219.958M	146.743M	307.523M	112.175M	38.857M	53.340M	32.042M	390.500M	62.000M
Gross Profit	754.790M	559.164M	334.658M	528.959M	497.202M	360.869M	242.159M	417.782M	379.587M	315.436M	278.351M	239.118M	285.763M	183.851M	168.346M	225.051M	202.789M	329.146M	416.666M	380.716M	456.963M	596.474M	422.293M	459.938M	530.379M	431.990M	379.193M	227.849M	150.925M	168.146M	108.275M
Gross Margin	66.23%	65.60%	60.39%	64.39%	68.11%	65.19%	57.12%	67.70%	68.88%	59.50%	57.90%	56.64%	63.76%	48.05%	47.92%	64.77%	54.28%	63.92%	70.66%	59.01%	61.57%	58.30%	65.75%	75.81%	63.30%	79.39%	90.71%	81.03%	82.49%	30.10%	63.59%
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	59.342M	39.001M	39.986M	50.340M	46.402M	38.072M	21.457M	22.439M	22.556M	21.989M	32.027M	25.910M	25.635M	21.841M	23.394M	20.349M	25.761M	21.731M	44.817M	32.518M	36.081M	80.196M	75.355M	64.945M	38.938M	14.705M	20.475M	15.125M	7.039M	12.318M	10.125M
Operating Expenses	59.342M	39.001M	39.986M	50.340M	46.402M	38.072M	21.457M	22.439M	22.556M	21.989M	32.027M	25.910M	25.635M	21.841M	23.394M	20.349M	25.761M	21.731M	44.817M	32.518M	36.081M	80.196M	75.355M	64.945M	38.938M	14.705M	20.475M	15.125M	7.039M	12.318M	10.125M
Operating Income	695.448M	520.163M	294.672M	478.619M	450.800M	322.797M	220.702M	395.343M	357.031M	293.447M	246.323M	213.208M	260.129M	162.010M	144.951M	204.702M	177.028M	307.415M	371.850M	348.198M	420.882M	516.278M	346.938M	394.993M	491.441M	417.285M	358.718M	212.724M	143.886M	155.827M	98.150M
Operating Margin	61.02%	61.03%	53.17%	58.26%	61.76%	58.32%	52.06%	64.06%	64.79%	55.35%	51.24%	50.50%	58.04%	42.34%	41.26%	58.92%	47.38%	59.70%	63.06%	53.97%	56.70%	50.46%	54.02%	65.11%	58.65%	76.68%	85.81%	75.65%	78.64%	27.89%	57.64%
Interest Income	6.607M	5.460M	4.569M	3.990M	2.371M	3.198M	3.602M	6.238M	6.470M	6.191M	5.485M	5.371M	2.946M	3.190M	1.907M	2.034M	1.643M	3.950M	4.274M	1.519M	0.873M	1.173M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	81.949M	66.897M	63.657M	36.271M	34.028M	24.060M	48.350M	34.038M	26.953M	25.905M	21.368M	21.378M	21.494M	37.396M	61.475M	72.299M	70.547M	88.917M	48.561M	24.993M	27.271M	48.157M	44.230M	39.406M	6.064M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
Net Interest Income	-75.342M	-61.437M	-59.088M	-32.282M	-31.657M	-20.862M	-44.747M	-27.800M	-20.484M	-19.715M	-15.883M	-16.007M	-18.548M	-34.206M	-59.568M	-70.265M	-68.903M	-84.967M	-44.287M	-23.474M	-26.398M	-46.984M	-44.230M	-39.406M	-6.064M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
Other Income / Expense	-296.464M	-321.635M	-235.101M	-217.977M	-125.417M	-151.692M	73.451M	-136.582M	-140.764M	-114.758M	-112.192M	-76.744M	-156.198M	-34.126M	-2.426M	-85.831M	-93.518M	-186.473M	-186.390M	-190.438M	-292.342M	-398.696M	-309.415M	-318.461M	-452.445M	-399.562M	-316.918M	-154.770M	-116.219M	-149.680M	-116.900M
Pre-Tax Income	323.641M	137.092M	0.483M	228.361M	293.726M	150.243M	249.406M	230.961M	195.784M	158.975M	118.248M	120.458M	85.383M	93.678M	82.957M	48.605M	14.606M	35.975M	141.173M	134.286M	102.142M	70.598M	-6.707M	37.126M	32.932M	17.723M	41.800M	57.954M	27.667M	6.148M	-18.750M
Pre-Tax Margin	28.40%	16.08%	0.09%	27.80%	40.24%	27.14%	58.83%	37.43%	35.53%	29.98%	24.60%	28.53%	19.05%	24.48%	23.61%	13.99%	3.91%	6.99%	23.94%	20.81%	13.76%	6.90%	-1.04%	6.12%	3.93%	3.26%	10.00%	20.61%	15.12%	1.10%	-11.01%
Income Tax Expense	23.617M	13.606M	7.013M	18.224M	18.325M	10.859M	16.758M	30.932M	26.103M	22.578M	5.644M	10.526M	7.191M	7.259M	6.913M	8.597M	7.228M	12.932M	12.902M	15.104M	40.848M	64.175M	3.974M	20.941M	12.878M	9.497M	11.646M	45.374M	35.564M	2.055M	12.325M
Tax Rate	7.30%	9.92%	35.00%	7.98%	6.24%	7.23%	6.72%	13.39%	13.33%	14.20%	4.77%	8.74%	8.42%	7.75%	8.33%	17.69%	35.00%	35.00%	9.14%	11.25%	35.00%	35.00%	0.00%	35.00%	35.00%	35.00%	27.86%	35.00%	35.00%	33.43%	0.00%
Net Income	300.024M	123.486M	-6.530M	210.137M	275.401M	139.384M	232.648M	200.029M	169.681M	136.397M	112.604M	109.931M	78.192M	86.419M	76.044M	40.008M	7.379M	23.044M	128.271M	119.182M	61.294M	6.423M	-10.681M	16.186M	20.053M	8.226M	30.154M	12.580M	-7.898M	4.093M	-31.075M
Net Margin	26.33%	14.49%	-1.18%	25.58%	37.73%	25.18%	54.87%	32.41%	30.79%	25.73%	23.42%	26.04%	17.45%	22.58%	21.65%	11.51%	1.97%	4.48%	21.75%	18.47%	8.26%	0.63%	-1.66%	2.67%	2.39%	1.51%	7.21%	4.47%	-4.32%	0.73%	-18.25%
EBIT	695.448M	520.163M	294.672M	478.619M	450.800M	322.797M	220.702M	395.343M	357.031M	293.447M	246.323M	213.208M	260.129M	162.010M	144.951M	204.702M	177.028M	307.415M	371.850M	348.198M	420.882M	516.278M	346.938M	394.993M	491.441M	417.285M	358.718M	212.724M	143.886M	155.827M	98.150M
Depreciation & Amortization	174.636M	103.771M	88.160M	195.086M	204.898M	151.066M	144.099M	150.180M	134.590M	124.169M	76.508M	64.782M	47.275M	59.415M	75.405M	79.650M	80.714M	86.252M	87.558M	104.478M	107.792M	143.853M	101.813M	96.094M	142.862M	134.277M	104.624M	55.445M	22.695M	-25.635M	-19.200M
EBITDA	870.083M	623.934M	382.833M	673.705M	655.698M	473.863M	364.801M	545.523M	491.621M	417.615M	322.832M	277.990M	307.404M	221.425M	220.356M	284.352M	257.742M	393.667M	459.407M	452.676M	528.673M	660.130M	448.751M	491.087M	634.303M	551.562M	463.342M	268.169M	166.581M	130.193M	78.950M
EBITDA Margin	76.35%	73.20%	69.08%	82.01%	89.83%	85.61%	86.04%	88.40%	89.21%	78.77%	67.15%	65.84%	68.59%	57.86%	62.72%	81.84%	68.99%	76.46%	77.91%	70.17%	71.23%	64.52%	69.87%	80.95%	75.70%	101.36%	110.83%	95.37%	91.04%	23.31%	46.37%
NOPAT	644.698M	468.539M	191.537M	440.424M	422.674M	299.466M	205.873M	342.396M	309.430M	251.771M	234.567M	194.577M	238.221M	149.456M	132.872M	168.495M	115.068M	199.820M	337.865M	309.034M	273.573M	335.580M	346.938M	256.746M	319.436M	271.235M	258.775M	138.271M	93.526M	103.739M	98.150M
NOPAT Margin	56.57%	54.97%	34.56%	53.61%	57.90%	54.10%	48.56%	55.48%	56.15%	47.49%	48.79%	46.09%	53.15%	39.06%	37.82%	48.50%	30.80%	38.81%	57.29%	47.90%	36.86%	32.80%	54.02%	42.32%	38.12%	49.84%	61.90%	49.17%	51.12%	18.57%	57.64%
Owner's Earnings	474.659M	227.257M	81.630M	405.223M	480.298M	290.450M	376.747M	350.209M	304.271M	260.566M	189.113M	174.713M	125.467M	145.834M	151.449M	119.659M	88.093M	109.295M	215.828M	223.660M	169.085M	150.276M	91.132M	112.280M	162.916M	142.503M	134.778M	68.025M	14.798M	-21.542M	-50.275M
Owner's Earnings Margin	41.65%	26.66%	14.73%	49.33%	65.80%	52.47%	88.86%	56.75%	55.22%	49.15%	39.34%	41.38%	27.99%	38.11%	43.11%	34.44%	23.58%	21.23%	36.60%	34.67%	22.78%	14.69%	14.19%	18.51%	19.44%	26.19%	32.24%	24.19%	8.09%	-3.86%	-29.53%
EPS	2.67	1.56	-0.08	2.63	3.69	1.98	3.28	2.85	2.49	2.03	1.81	1.85	1.16	1.46	1.06	0.65	0.14	0.40	2.12	1.31	0.57	0.06	-0.11	0.17	0.16	0.07	0.41	0.28	-0.24	0.07	-0.59
EPS (Diluted)	2.67	1.56	-0.08	2.63	3.69	1.98	3.28	2.85	2.49	2.03	1.81	1.85	1.16	1.46	1.06	0.65	0.14	0.40	2.12	1.31	0.57	0.06	-0.11	0.17	0.16	0.07	0.41	0.28	-0.24	0.07	-0.59
Shares (Diluted)	112,450,398	79,366,694	78,159,277	79,921,775	74,693,898	70,375,130	71,036,915	70,285,242	68,105,830	67,210,064	62,162,706	59,429,065	67,544,840	59,039,403	71,860,820	61,801,423	52,041,735	57,053,557	60,607,017	90,694,250	107,814,239	111,014,420	100,592,530	96,754,590	125,270,618	110,894,518	73,296,226	45,216,062	32,461,013	59,517,742	52,721,129

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	218.22M	125.87M	108.96M	161.36M	179.82M	160.66M	104.44M	103.50M	74.34M	86.36M	87.63M	66.33M	57.94M	109.27M	55.99M	97.96M	112.12M	68.06M	78.84M	144.73M	89.57M	163.46M	79.76M	59.74M	212.36M	160.41M	89.87M	97.94M	27.14M	180.93M	50.25M
Short-Term Investments	0.04M	10.21M	11.71M	2.63M	0.03M	0.09M	0.75M	1.48M	0.40M	0.73M	14.61M	1.88M	1.09M	1.71M	2.63M	4.04M	7.56M	18.04M	5.67M	62.75M	6.35M	6.26M	6.24M	5.24M	43.32M	52.88M	3.24M	13.45M	107.71M	67.45M	57.10M
Cash & Short-Term Investments	218.26M	136.08M	120.67M	163.98M	179.86M	160.75M	105.19M	104.98M	74.75M	87.08M	102.24M	68.21M	59.04M	110.98M	58.62M	102.00M	119.68M	86.10M	84.51M	207.48M	95.93M	169.72M	86.00M	64.98M	255.69M	213.29M	93.11M	111.39M	134.85M	248.38M	107.35M
Net Receivables	275.34M	181.29M	73.11M	151.92M	122.67M	72.74M	57.79M	69.88M	62.97M	36.21M	43.73M	42.00M	29.77M	44.29M	29.25M	27.37M	16.99M	40.96M	48.74M	58.48M	71.44M	33.57M	52.91M	62.58M	115.04M	119.39M	65.28M	72.25M	55.79M	142.30M	71.03M
Inventory	0.00M	14.85M	19.05M	34.29M	28.28M	33.76M	15.13M	46.03M	40.85M	30.29M	37.69M	34.26M	29.81M	40.71M	5.76M	3.90M	10.39M	12.76M	18.41M	5.82M	43.84M	73.56M	10.14M	26.44M	0.00M	0.00M	0.00M	0.00M	0.43M	0.00M	0.00M
Other Current Assets	80.97M	91.33M	66.26M	67.49M	81.75M	43.88M	45.09M	84.66M	78.23M	51.13M	40.04M	30.02M	17.28M	37.45M	29.56M	67.59M	60.91M	72.47M	96.48M	65.08M	49.73M	90.20M	106.24M	72.78M	-35.29M	-26.92M	2.26M	0.74M	0.23M	-0.23M	0.00M
Total Current Assets	574.57M	423.55M	279.09M	417.69M	412.56M	311.13M	223.20M	305.54M	256.80M	204.72M	223.69M	174.48M	135.89M	233.43M	123.18M	200.87M	207.98M	212.29M	248.13M	336.85M	260.93M	367.05M	255.29M	226.78M	335.44M	305.75M	160.65M	184.38M	191.32M	390.44M	178.38M
Property, Plant & Equipment	805.44M	109.49M	592.47M	86.65M	57.94M	113.60M	93.61M	853.61M	832.52M	804.88M	776.41M	911.93M	560.66M	478.27M	1,144.86M	1,592.62M	1,698.05M	2,112.81M	2,372.15M	2,188.17M	2,084.71M	3,007.47M	2,311.40M	2,405.01M	3,300.23M	3,220.86M	2,870.23M	2,403.79M	1,164.62M	1,523.30M	1,038.10M
Goodwill	8.83M	1.46M	1.58M	0.00M	8.38M	7.95M	8.31M	0.00M	0.00M	0.00M	0.00M	0.16M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.25M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	101.79M	28.06M	3.00M	37.68M	34.06M	43.07M	32.80M	58.71M	66.31M	58.90M	56.33M	32.24M	10.83M	29.46M	3.16M	1.59M	0.16M	4.38M	3.07M	48.43M	7.62M	84.60M	2.62M	2.41M	121.26M	104.87M	9.83M	1.97M	0.00M	0.00M	0.00M
Long-Term Investments	65.15M	71.91M	75.06M	147.14M	159.12M	208.60M	160.25M	136.24M	162.93M	148.32M	176.07M	90.12M	91.07M	106.15M	50.61M	27.26M	17.55M	49.67M	25.80M	33.64M	39.75M	171.67M	28.18M	33.51M	48.90M	44.76M	20.36M	19.40M	1.05M	27.24M	0.00M
Tax Assets	3.48M	2.97M	2.76M	59.94M	37.18M	23.74M	220.27M	336.62M	314.94M	350.79M	2.90M	0.04M	0.04M	0.02M	2.03M	0.28M	0.23M	0.68M	4.52M	4.30M	14.25M	1.47M	1.98M	2.87M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	4,342.18M	3,315.37M	1,590.69M	1,696.56M	1,450.39M	743.24M	435.68M	321.89M	183.80M	482.42M	501.36M	571.28M	629.74M	945.40M	578.79M	360.83M	334.47M	219.28M	72.67M	107.89M	-1,133.69M	-1,034.38M	-67.54M	-96.97M	-2,331.38M	-2,347.41M	-2,473.98M	-1,509.83M	-515.57M	-535.05M	-269.60M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.65M	0.00M	0.00M	0.87M	2.41M	1.01M	0.25M	0.06M	0.00M	0.13M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	141.21M	92.98M	56.10M	46.45M	1,153.95M	1,220.24M	187.62M	173.38M	20.53M	49.86M	313.88M
Total Non-Current Assets	5,326.87M	3,529.27M	2,265.56M	2,027.96M	1,747.72M	1,140.19M	950.92M	1,707.94M	1,562.91M	1,846.32M	1,513.33M	1,605.83M	1,292.33M	1,559.45M	1,779.45M	1,982.58M	2,050.45M	2,386.81M	2,478.21M	2,382.44M	1,154.11M	2,323.80M	2,332.74M	2,393.29M	2,292.96M	2,243.33M	614.06M	1,088.71M	670.62M	1,065.36M	1,082.38M
Total Assets	5,901.44M	3,952.82M	2,544.65M	2,445.65M	2,160.28M	1,451.32M	1,174.12M	2,013.48M	1,819.70M	2,051.04M	1,737.02M	1,780.31M	1,428.22M	1,792.87M	1,902.63M	2,183.45M	2,258.43M	2,599.10M	2,726.34M	2,719.29M	1,415.03M	2,690.84M	2,588.04M	2,620.07M	2,628.40M	2,549.08M	774.71M	1,273.08M	861.94M	1,455.81M	1,260.75M
Accounts Payable	82.69M	58.85M	44.10M	60.25M	47.43M	38.04M	39.12M	34.79M	31.80M	53.50M	25.78M	37.89M	31.13M	22.81M	35.23M	17.26M	20.06M	36.04M	46.90M	47.24M	49.43M	35.69M	17.60M	26.74M	58.85M	48.58M	29.41M	38.68M	22.87M	34.63M	13.00M
Short-Term Debt	417.68M	353.46M	272.57M	216.96M	168.48M	119.25M	173.11M	174.32M	75.04M	56.23M	74.46M	37.34M	57.46M	38.98M	110.32M	21.23M	67.59M	124.63M	37.55M	39.63M	82.23M	40.42M	77.39M	32.97M	53.68M	67.66M	54.56M	18.63M	0.00M	3.51M	0.00M
Tax Payables	0.00M	2.62M	2.51M	2.07M	2.85M	2.90M	3.68M	2.85M	2.92M	2.59M	1.97M	0.68M	1.12M	1.46M	1.43M	0.22M	0.22M	0.12M	1.73M	0.89M	5.59M	0.00M	0.00M	0.61M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	8.47M	19.00M	16.15M	17.46M	11.50M	15.71M	4.43M	11.09M	0.64M	2.57M	7.97M	1.68M	4.93M	9.08M	2.91M	3.94M	6.24M	3.07M	4.90M	2.60M	2.79M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	123.19M	39.15M	35.08M	44.73M	59.28M	27.56M	28.28M	42.99M	81.37M	25.18M	28.81M	26.21M	15.11M	37.66M	16.21M	26.47M	15.24M	33.37M	16.12M	160.01M	27.65M	-15.29M	16.03M	-34.79M	-14.88M	-43.65M	-62.31M	-27.41M	-23.75M	-29.90M	0.00M
Total Current Liabilities	623.56M	454.07M	354.26M	332.49M	297.04M	203.91M	261.65M	266.45M	206.84M	141.94M	142.12M	102.77M	107.39M	108.88M	164.86M	70.11M	112.18M	197.07M	106.24M	254.00M	167.97M	65.72M	113.61M	28.33M	97.65M	72.58M	21.65M	29.90M	-0.88M	8.24M	13.00M
Long-Term Debt	4,167.67M	2,198.16M	1,887.60M	1,584.51M	1,719.14M	1,642.66M	1,396.04M	1,225.30M	1,301.10M	1,155.13M	1,290.10M	1,105.24M	1,032.69M	1,055.46M	1,362.82M	1,170.13M	1,433.29M	1,339.39M	1,748.29M	1,824.02M	1,759.58M	1,467.83M	1,488.78M	1,455.86M	2,155.36M	1,900.40M	1,685.43M	1,373.66M	772.27M	981.40M	766.28M
Capital Lease Obligations	215.97M	53.58M	49.42M	45.67M	44.29M	47.04M	32.07M	2.26M	0.57M	0.70M	0.21M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	2.37M	54.14M	30.47M	45.20M	44.12M	23.92M	45.80M	47.66M	46.41M	26.10M	26.84M	12.21M	15.29M	14.36M	26.97M	23.42M	19.99M	10.57M	30.56M	24.84M	11.90M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.97M	0.00M	116.00M	126.00M
Other Non-Current Liabilities	221.73M	64.46M	83.68M	56.20M	58.34M	50.53M	70.01M	107.93M	60.61M	64.28M	52.53M	58.33M	49.48M	7.28M	59.95M	88.85M	49.00M	321.07M	39.78M	-26.56M	-1,188.74M	-815.35M	-791.10M	-759.72M	-1,567.50M	-1,536.27M	-1,412.31M	-613.84M	-192.17M	-247.15M	-184.78M
Total Non-Current Liabilities	4,607.73M	2,370.34M	2,051.17M	1,731.58M	1,865.90M	1,764.15M	1,543.92M	1,383.15M	1,408.69M	1,246.21M	1,369.67M	1,175.78M	1,097.47M	1,077.10M	1,449.74M	1,282.40M	1,502.29M	1,671.02M	1,818.63M	1,822.31M	582.74M	652.48M	697.67M	696.14M	587.86M	364.13M	273.13M	760.79M	580.10M	850.25M	707.50M
Total Liabilities	5,231.29M	2,824.42M	2,405.43M	2,064.08M	2,162.94M	1,968.06M	1,805.57M	1,649.59M	1,615.53M	1,388.14M	1,511.79M	1,278.55M	1,204.86M	1,185.98M	1,614.60M	1,352.51M	1,614.47M	1,868.10M	1,924.87M	2,076.31M	750.70M	718.19M	811.28M	724.47M	685.51M	436.71M	294.78M	790.69M	579.22M	858.49M	720.50M
Preferred Stock	0.00M	0.00M	0.00M	0.67M	0.00M	3.04M	8.79M	19.93M	17.27M	14.70M	0.02M	0.11M	0.86M	0.00M	0.00M	0.00M	0.00M	0.00M	20.89M	20.79M	49.23M	54.64M	47.29M	0.02M	47.83M	41.40M	47.31M	85.93M	42.35M	0.01M	0.00M
Common Stock	8.24M	38.31M	38.73M	50.10M	52.22M	45.01M	42.39M	43.00M	42.86M	40.31M	38.96M	29.95M	28.94M	37.18M	24.78M	30.48M	27.64M	29.22M	36.98M	23.58M	86.92M	95.38M	37.04M	36.18M	1.19M	1.06M	0.78M	0.36M	0.17M	0.16M	0.00M
Retained Earnings	-1,226.18M	128.45M	76.53M	411.62M	262.11M	293.80M	284.11M	385.30M	314.95M	268.30M	108.11M	154.16M	111.28M	113.17M	-93.10M	-88.29M	-59.12M	7.65M	46.70M	27.89M	-131.96M	-320.05M	-188.41M	-121.89M	-204.27M	-138.50M	-82.01M	-41.11M	-6.47M	-8.94M	0.58M
Accumulated OCI	-11.35M	99.79M	89.52M	70.30M	55.38M	20.76M	38.85M	190.03M	172.64M	200.44M	17.30M	3.42M	-6.11M	-0.25M	-3.45M	-1.46M	-5.52M	-0.93M	-1.03M	-0.55M	0.94M	-4.23M	-4.96M	-5.88M	-13.23M	-19.35M	-63.11M	-76.07M	-60.04M	-13.14M	0.00M
Minority Interest	59.53M	25.46M	25.16M	220.40M	202.75M	169.46M	187.42M	208.83M	177.37M	182.67M	11.08M	7.53M	10.06M	15.69M	27.88M	27.04M	21.61M	42.42M	39.38M	62.47M	51.83M	94.75M	94.01M	92.02M	152.03M	233.94M	183.44M	184.00M	36.86M	32.44M	24.20M
Total Shareholders’ Equity	-1,229.30M	266.55M	204.79M	532.69M	369.71M	362.61M	374.13M	638.26M	547.72M	523.75M	164.40M	187.63M	134.97M	150.10M	-71.76M	-59.27M	-37.00M	35.94M	103.55M	71.70M	5.13M	-174.26M	-109.04M	-91.57M	-168.47M	-115.39M	-97.03M	-30.89M	-23.99M	-21.91M	0.58M
Total Equity	-1,169.77M	292.01M	229.94M	753.10M	572.46M	532.08M	561.55M	847.09M	725.09M	706.42M	175.48M	195.17M	145.02M	165.79M	-43.89M	-32.24M	-15.40M	78.36M	142.93M	134.18M	56.96M	-79.51M	-15.03M	0.44M	-16.44M	118.55M	86.41M	153.10M	12.88M	10.54M	24.78M
Total Liabilities & Equity	4,061.52M	3,116.42M	2,635.37M	2,817.18M	2,735.41M	2,500.14M	2,367.12M	2,496.68M	2,340.62M	2,094.56M	1,687.27M	1,473.72M	1,349.88M	1,351.77M	1,570.72M	1,320.28M	1,599.07M	1,946.45M	2,067.80M	2,210.48M	807.66M	638.68M	796.26M	724.92M	669.07M	555.26M	381.19M	943.80M	592.09M	869.03M	745.28M
Tangible Assets	5,790.82M	3,923.29M	2,540.07M	2,407.97M	2,117.84M	1,400.31M	1,133.01M	1,954.77M	1,753.40M	1,992.14M	1,680.69M	1,747.91M	1,417.39M	1,763.41M	1,899.48M	2,181.85M	2,258.27M	2,594.73M	2,723.26M	2,670.86M	1,407.16M	2,606.24M	2,585.41M	2,617.66M	2,507.14M	2,444.21M	764.89M	1,271.11M	861.94M	1,455.81M	1,260.75M
Tangible Equity	-1,280.39M	262.48M	225.37M	715.42M	530.03M	481.06M	520.44M	788.38M	658.78M	647.52M	119.15M	162.77M	134.19M	136.33M	-47.04M	-33.83M	-15.56M	73.98M	139.86M	85.74M	49.09M	-164.11M	-17.65M	-1.97M	-137.70M	13.68M	76.58M	151.13M	12.88M	10.54M	24.78M
Tangible Book Value	-1,280.39M	262.48M	225.37M	715.42M	530.03M	481.06M	520.44M	788.38M	658.78M	647.52M	119.15M	162.77M	134.19M	136.33M	-47.04M	-33.83M	-15.56M	73.98M	139.86M	85.74M	49.09M	-164.11M	-17.65M	-1.97M	-137.70M	13.68M	76.58M	151.13M	12.88M	10.54M	24.78M
Total Investments	84.97M	79.28M	82.98M	154.67M	159.52M	238.67M	162.32M	124.93M	188.69M	89.60M	268.43M	92.58M	95.42M	114.49M	79.88M	47.48M	23.08M	54.63M	59.45M	58.29M	48.48M	184.50M	66.09M	70.79M	87.76M	100.16M	22.39M	41.45M	3.18M	94.69M	57.10M
Net Debt	4,367.13M	2,425.76M	2,051.22M	1,640.12M	1,707.80M	1,601.26M	1,464.72M	1,296.11M	1,301.80M	1,125.01M	1,276.93M	1,076.25M	1,032.21M	985.16M	1,417.15M	1,093.40M	1,388.76M	1,395.95M	1,707.00M	1,718.92M	1,752.24M	1,344.79M	1,486.40M	1,429.10M	1,996.67M	1,807.65M	1,650.12M	1,294.35M	745.12M	803.98M	716.03M

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	-305.97M	-126.82M	43.89M	156.42M	157.86M	121.64M	106.64M	101.81M	156.96M	54.60M	-0.52M	57.08M	-6.62M	81.74M	61.09M	87.66M	122.32M	-55.46M	80.33M	-29.79M	-38.42M	174.23M	100.89M	172.70M	-114.99M	-106.72M	-155.18M	88.45M	223.63M	371.19M	165.38M
Total Capital	8,431.61M	4,822.70M	4,684.18M	4,509.84M	4,286.92M	4,402.86M	3,944.83M	3,527.21M	3,283.60M	2,925.21M	2,858.22M	2,362.56M	2,175.28M	2,394.66M	2,740.82M	2,446.91M	2,559.19M	3,269.09M	3,489.22M	3,446.81M	3,198.97M	3,685.86M	2,765.61M	2,655.35M	3,510.28M	3,337.52M	2,833.10M	2,433.32M	1,208.94M	1,612.77M	1,076.65M
Capital Employed	10,270.34M	5,408.43M	5,069.27M	5,199.75M	5,009.45M	4,818.60M	4,391.61M	3,868.50M	3,939.90M	3,476.89M	3,351.64M	3,139.21M	2,785.62M	3,166.12M	3,213.25M	3,053.39M	3,059.39M	3,344.30M	3,947.53M	3,760.89M	3,450.90M	3,964.87M	3,369.66M	3,620.33M	3,979.88M	3,776.54M	2,891.43M	2,738.28M	1,219.87M	1,861.40M	1,275.70M
Invested Capital	8,213.40M	4,696.83M	4,575.22M	4,348.48M	4,107.09M	4,242.20M	3,840.39M	3,423.70M	3,209.26M	2,838.86M	2,770.59M	2,296.23M	2,117.33M	2,285.39M	2,684.83M	2,348.95M	2,447.07M	3,201.03M	3,410.38M	3,302.08M	3,109.40M	3,522.40M	2,685.84M	2,595.61M	3,297.92M	3,177.12M	2,743.23M	2,335.38M	1,181.80M	1,431.84M	1,026.40M

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	189.20M	103.88M	89.15M	109.89M	90.43M	90.22M	53.78M	84.88M	85.05M	83.05M	76.07M	64.92M	47.24M	63.85M	76.39M	79.81M	78.27M	90.48M	91.44M	105.50M	107.83M	142.38M	102.91M	95.86M	143.71M	134.28M	104.62M	55.33M	22.01M	-25.63M	-19.20M
Deferred Income Tax	0.00M	0.00M	0.00M	0.90M	-6.73M	-9.03M	-0.56M	0.34M	2.88M	-0.64M	0.19M	-1.22M	-0.15M	-0.75M	-0.35M	-1.19M	-0.06M	-0.02M	0.00M	0.00M	0.00M	0.00M	-0.62M	0.00M	-0.13M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	6.65M	2.97M	3.91M	5.15M	4.38M	3.99M	3.51M	3.75M	2.85M	2.72M	3.03M	1.99M	1.55M	1.79M	0.35M	0.00M	0.08M	0.27M	0.00M	0.00M	0.00M	0.00M	0.62M	0.30M	0.80M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-29.97M	-2.67M	-8.21M	-20.26M	-4.36M	-2.45M	-2.03M	-9.10M	-8.28M	-1.14M	-1.41M	-1.00M	-3.38M	-8.24M	-9.97M	-4.87M	3.86M	-14.65M	-3.22M	-8.41M	7.84M	1.28M	5.93M	-0.15M	39.18M	1.37M	6.76M	-2.91M	-1.18M	14.60M	-2.30M
Accounts Receivable	-5.83M	0.61M	-0.82M	-1.74M	-2.05M	-0.94M	-1.13M	-1.54M	-2.96M	-0.42M	-2.55M	-0.56M	-0.34M	-1.70M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.80M	1.23M	-18.19M	2.62M	6.13M	13.50M	-7.42M	-10.80M	-9.91M	-3.73M	-2.35M	-1.13M
Inventory	0.00M	0.00M	0.42M	0.00M	1.33M	-1.58M	-0.23M	-1.45M	-1.05M	0.00M	-1.15M	0.00M	-0.01M	-0.47M	0.00M	0.00M	0.00M	0.00M	0.00M	2.07M	0.02M	-6.65M	4.89M	19.06M	37.28M	32.11M	64.28M	4.15M	9.93M	5.76M	0.00M
Accounts Payable	7.19M	2.95M	-0.46M	0.03M	1.63M	1.63M	0.81M	-0.31M	0.76M	0.74M	0.89M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.06M	0.00M	2.18M	2.51M	0.12M	-0.26M	1.05M	-0.15M	0.36M	3.66M	7.59M	2.83M	7.00M	1.35M
Other Working Capital	-23.44M	-11.34M	0.31M	-3.34M	-0.95M	-1.27M	0.89M	-2.82M	-0.26M	-1.91M	1.70M	-2.53M	-0.57M	-5.21M	-2.72M	-4.94M	0.81M	-1.58M	-4.02M	-3.68M	9.96M	27.24M	-9.59M	-34.28M	-23.29M	-61.15M	-56.58M	-31.54M	-11.52M	-6.06M	0.23M
Other Non-Cash Items	-35.34M	10.71M	81.61M	-24.58M	-63.82M	-9.75M	-39.59M	-27.16M	-15.99M	-18.92M	-14.55M	-15.39M	-15.19M	-8.59M	-27.19M	-6.41M	20.26M	10.87M	-61.42M	-82.22M	-43.82M	-36.96M	3.86M	5.84M	-60.80M	16.00M	3.65M	6.56M	4.91M	87.67M	84.40M
Net Cash from Operating Activities	355.09M	210.68M	198.48M	250.17M	168.87M	166.42M	153.55M	167.97M	150.48M	154.46M	158.47M	136.30M	139.09M	127.14M	126.93M	129.83M	102.11M	130.56M	181.66M	176.41M	182.92M	170.18M	129.64M	137.31M	176.02M	174.87M	172.93M	122.69M	61.22M	88.86M	58.43M
Capital Expenditures (PPE)	-52.82M	-11.88M	-2.56M	-51.21M	-37.93M	-37.53M	-46.35M	-49.20M	-57.09M	-46.54M	-37.94M	-16.00M	-19.79M	-26.49M	-92.95M	-80.06M	-73.55M	-172.56M	-97.93M	-215.83M	-127.66M	-192.50M	-123.31M	-183.24M	-281.75M	-261.08M	-469.86M	-602.07M	-311.14M	-232.35M	-90.95M
Acquisitions (Net)	-16.47M	-1.83M	-4.64M	-19.50M	-22.19M	-0.26M	-27.40M	-23.53M	-24.52M	-3.65M	-15.05M	-36.99M	-1.41M	-1.44M	-5.70M	-7.35M	-0.62M	-23.25M	-2.32M	-170.51M	-30.75M	-33.20M	-68.45M	-45.06M	-174.45M	-282.28M	-3.10M	-12.47M	0.00M	0.00M	0.00M
Purchases of Investments	-25.32M	-26.96M	-19.30M	-105.01M	-65.19M	-68.63M	-84.30M	-84.63M	-45.77M	-47.15M	-83.57M	-0.10M	-0.23M	-0.23M	-3.62M	-9.58M	-2.48M	-19.75M	-57.98M	-18.73M	-13.30M	-16.67M	-3.28M	-15.35M	-63.26M	-56.64M	-6.80M	-38.35M	-2.59M	0.00M	0.00M
Sales / Maturities of Investments	16.21M	10.08M	4.02M	63.74M	29.40M	29.49M	45.47M	26.61M	18.72M	22.37M	12.79M	0.17M	1.01M	0.69M	3.92M	5.26M	2.98M	10.05M	3.11M	44.06M	53.76M	42.18M	0.10M	6.49M	84.96M	46.32M	10.44M	9.32M	0.34M	21.68M	9.18M
Other Investing Activities	-96.82M	-33.34M	-48.86M	-18.40M	-51.82M	-41.17M	-13.13M	-51.86M	-56.70M	-24.07M	-42.65M	-57.17M	-31.06M	-68.12M	1.28M	19.80M	32.46M	-1.63M	8.97M	138.58M	-15.73M	77.45M	154.78M	26.43M	43.93M	9.51M	81.01M	50.55M	3.18M	-67.29M	-41.20M
Net Cash from Investing Activities	-204.47M	-198.23M	-136.95M	-204.02M	-348.86M	-167.80M	-236.67M	-163.36M	-201.24M	-141.29M	-218.64M	-222.43M	-109.83M	-289.74M	-131.97M	-105.61M	-59.40M	-221.52M	-179.22M	-335.16M	-111.24M	-134.16M	11.31M	-301.45M	-343.13M	-488.05M	-341.24M	-467.42M	-370.59M	-277.97M	-122.98M
Net Debt Issuance	71.04M	52.19M	-0.99M	56.58M	122.81M	110.08M	137.56M	46.37M	102.06M	37.84M	121.36M	48.88M	11.50M	58.33M	90.00M	-23.34M	11.72M	149.92M	140.85M	329.07M	-3.57M	-19.84M	2.77M	134.73M	290.42M	300.50M	263.42M	300.72M	103.06M	-10.02M	81.08M
Long-Term Debt Issuance	10.52M	1.24M	2.58M	53.82M	118.27M	107.36M	140.72M	60.92M	89.08M	39.03M	116.51M	47.14M	14.64M	49.43M	61.60M	-22.99M	49.86M	143.38M	138.72M	297.88M	-4.18M	-19.84M	2.77M	134.73M	316.53M	323.18M	285.19M	290.85M	93.11M	-14.65M	81.08M
Short-Term Debt Issuance	1.70M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.35M	0.00M	0.00M	0.00M	-0.15M	-0.93M	-15.37M	0.00M	0.14M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.35M	-0.29M	0.00M	0.00M	4.63M	0.00M
Net Stock Issuance	-1.20M	1.37M	-0.48M	-4.57M	31.87M	1.63M	0.28M	1.19M	-0.84M	5.89M	1.35M	0.67M	0.03M	69.64M	31.33M	17.80M	29.58M	-13.81M	-19.06M	-2.56M	16.08M	66.29M	17.12M	-3.37M	29.85M	121.93M	49.10M	230.36M	128.38M	322.87M	17.40M
Common Stock Issuance	0.36M	2.24M	1.70M	1.35M	50.02M	18.06M	2.68M	18.07M	13.82M	20.97M	20.53M	16.78M	11.05M	79.44M	37.29M	23.03M	33.18M	3.57M	22.92M	43.44M	40.72M	60.71M	41.32M	2.66M	28.24M	124.43M	35.41M	202.62M	108.46M	323.33M	17.40M
Common Stock Repurchased	-1.14M	-0.88M	-0.83M	-7.68M	-1.05M	-1.68M	-0.21M	-1.60M	-0.92M	-0.79M	-2.71M	-0.39M	-0.48M	-0.21M	-11.68M	-10.42M	-0.48M	-24.49M	-81.94M	-13.66M	-8.16M	-14.84M	-56.94M	-0.58M	-9.66M	-1.99M	-10.37M	-0.26M	0.00M	-0.46M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-4.94M	0.00M	0.00M	10.74M	0.00M	0.00M	0.00M
Net Dividends Paid	-167.57M	-123.08M	-114.68M	-120.98M	-83.74M	-96.86M	-83.57M	-90.62M	-70.72M	-67.98M	-67.12M	-52.01M	-41.02M	-37.72M	-29.41M	-25.36M	-25.97M	-76.14M	-91.09M	-97.01M	-77.47M	-75.81M	-56.62M	-41.29M	-100.75M	-95.91M	-104.46M	-53.26M	-25.44M	-26.83M	-9.75M
Common Dividends Paid	-160.05M	-122.97M	-114.68M	-120.98M	-83.74M	-89.18M	-81.69M	-90.67M	-70.72M	-67.98M	-65.63M	-52.01M	-41.02M	-40.04M	-36.55M	-44.56M	-34.48M	-80.75M	-92.27M	-100.48M	-80.54M	-76.47M	-50.00M	-33.27M	-92.29M	-87.65M	-101.38M	-55.30M	-25.44M	-26.83M	-9.75M
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	-0.44M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-4.38M	-4.74M	-0.57M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-13.44M	-16.53M	-10.02M	-13.56M	-11.13M	-9.05M	-11.22M	-8.97M	-4.95M	-5.78M	-6.17M	28.72M	23.41M	-6.65M	-7.52M	-2.78M	8.51M	0.69M	-6.47M	-3.98M	6.23M	-6.18M	-53.95M	-10.17M	0.85M	13.43M	-28.34M	-51.39M	-12.83M	29.10M	8.28M
Net Cash from Financing Activities	-215.67M	-101.54M	-108.56M	-140.10M	-21.87M	55.91M	55.71M	-61.75M	16.35M	-37.71M	56.36M	27.76M	2.01M	91.41M	86.87M	-47.15M	38.04M	31.76M	26.16M	203.62M	-114.39M	-92.95M	-117.77M	142.29M	211.77M	420.11M	140.62M	388.92M	311.01M	315.12M	97.00M
Effect of FX on Cash	-0.28M	-0.21M	0.00M	-0.29M	-0.01M	0.00M	0.00M	-0.07M	0.01M	0.00M	-0.11M	0.00M	0.63M	0.29M	-0.04M	0.01M	0.00M	-0.87M	0.44M	1.09M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.11M	0.00M	75.75M	54.48M
Net Change in Cash	44.73M	9.63M	-19.75M	-29.48M	31.52M	43.24M	20.19M	13.84M	1.01M	2.18M	-1.69M	7.48M	4.20M	16.67M	10.04M	-28.15M	45.00M	-19.29M	25.54M	123.25M	-16.68M	-109.41M	20.78M	-17.01M	14.01M	17.24M	-2.40M	42.00M	21.42M	201.76M	86.93M
Cash at Beginning of Period	187.48M	137.26M	167.41M	204.34M	172.30M	129.68M	96.08M	86.22M	104.63M	81.86M	65.17M	55.76M	55.46M	39.34M	91.14M	70.44M	40.14M	64.49M	128.43M	70.20M	99.02M	222.79M	65.38M	121.95M	142.10M	77.82M	96.40M	24.14M	8.98M	54.92M	22.45M
Cash at End of Period	255.03M	178.99M	125.45M	169.74M	198.79M	171.79M	129.27M	111.12M	84.47M	87.43M	87.79M	67.27M	58.41M	107.49M	55.19M	99.03M	70.34M	56.94M	82.73M	162.34M	87.26M	161.64M	96.77M	61.56M	206.81M	158.32M	88.62M	115.07M	28.86M	256.68M	109.38M
Operating Cash Flow	355.04M	210.68M	198.75M	250.23M	168.87M	166.42M	153.55M	167.97M	150.48M	154.46M	158.47M	136.30M	139.09M	127.14M	126.93M	129.83M	102.11M	130.56M	181.66M	176.41M	182.92M	170.18M	133.74M	140.90M	176.02M	174.87M	172.93M	122.69M	61.22M	88.86M	58.43M
Capital Expenditure	-55.17M	-50.30M	-13.69M	-52.50M	-43.09M	-40.37M	-46.35M	-49.20M	-57.09M	-46.54M	-37.94M	-16.00M	-20.22M	-26.49M	-92.95M	-80.06M	-73.55M	-172.56M	-97.93M	-215.83M	-127.66M	-192.50M	-123.31M	-183.24M	-281.09M	-261.07M	-469.86M	-602.07M	-311.14M	-232.35M	-90.95M
Free Cash Flow	284.68M	197.12M	150.47M	150.49M	139.61M	83.07M	127.42M	129.15M	126.09M	89.87M	61.40M	88.62M	75.41M	83.17M	21.53M	14.48M	51.78M	-22.20M	27.27M	11.44M	54.89M	24.74M	20.19M	-90.15M	-142.97M	-115.64M	-257.65M	-450.67M	-235.37M	-143.49M	-32.53M

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	605.66M	274.78M	143.92M	408.61M	303.37M	186.39M	271.62M	256.07M	339.99M	305.87M	268.89M	277.05M	219.73M	184.06M	210.43M	214.48M	188.87M	163.14M	330.12M	312.99M	266.68M	242.97M	165.73M	364.20M	534.77M	399.04M	275.88M	186.32M	178.18M	132.34M	132.75M
(-) Tax Adjustment	44.20M	27.27M	287.84M	32.61M	18.93M	13.47M	18.25M	34.30M	45.33M	43.44M	12.83M	24.21M	18.50M	14.26M	17.54M	37.94M	93.46M	58.64M	30.17M	35.20M	106.65M	220.86M	-98.21M	205.42M	209.13M	213.82M	76.86M	145.88M	229.05M	44.24M	-87.26M
(-) Change In Working Capital	-29.97M	-2.67M	-8.21M	-20.26M	-4.36M	-2.45M	-2.03M	-9.10M	-8.28M	-1.14M	-1.41M	-1.00M	-3.38M	-8.24M	-9.97M	-4.87M	3.86M	-14.65M	-3.22M	-8.41M	7.84M	1.28M	5.93M	-0.15M	39.18M	1.37M	6.76M	-2.91M	-1.18M	14.60M	-2.30M
(-) Capital Expenditure	55.17M	50.30M	13.69M	52.50M	43.09M	40.37M	46.35M	49.20M	57.09M	46.54M	37.94M	16.00M	20.22M	26.49M	92.95M	80.06M	73.55M	172.56M	97.93M	215.83M	127.66M	192.50M	123.31M	183.24M	281.09M	261.07M	469.86M	602.07M	311.14M	232.35M	90.95M
Unlevered Free Cash Flow	536.27M	199.88M	-149.39M	343.77M	245.71M	135.00M	209.06M	181.68M	245.85M	217.04M	219.52M	237.84M	184.39M	151.55M	109.91M	101.35M	18.00M	-53.42M	205.23M	70.37M	24.53M	-171.68M	134.69M	-24.31M	5.37M	-77.21M	-277.61M	-558.72M	-360.82M	-158.85M	131.36M
(-) Net Interest Income After Taxes	-69.84M	-55.34M	59.09M	-29.71M	-29.68M	-19.35M	-41.74M	-24.08M	-17.75M	-16.91M	-15.13M	-14.61M	-16.99M	-31.56M	-54.60M	-57.84M	-34.81M	-54.42M	-40.24M	-20.83M	-15.84M	-4.27M	-70.44M	-17.18M	-3.69M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Debt Issuance	71.04M	52.19M	-0.99M	56.58M	122.81M	110.08M	137.56M	46.37M	102.06M	37.84M	121.36M	48.88M	11.50M	58.33M	90.00M	-23.34M	11.72M	149.92M	140.85M	329.07M	-3.57M	-19.84M	2.77M	134.73M	290.42M	300.50M	263.42M	300.72M	103.06M	-10.02M	81.08M
Levered Free Cash Flow	677.14M	307.41M	-209.47M	430.06M	398.20M	264.43M	388.36M	252.12M	365.66M	271.79M	356.00M	301.34M	212.87M	241.44M	254.51M	135.85M	64.53M	150.93M	386.32M	420.27M	36.80M	-187.24M	207.91M	127.60M	299.48M	223.29M	-14.18M	-258.00M	-257.76M	-168.87M	212.44M