General Transportation

Category: Industry Averages Base Ticker: 0K8M.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	84.90	48.50	46.94	36.12	42.40	42.59	34.61	33.44	41.43	37.69	33.55	33.77	29.48	25.02	25.59	28.24	23.10	22.03	30.61	31.31	29.59	28.79	21.26	18.01	18.61	17.37	18.73	17.13	20.80	16.60	14.54
Market Capitalization	23,605.29M	3,666.45M	2,654.46M	2,190.06M	2,695.23M	3,063.48M	2,282.93M	2,272.55M	3,046.23M	2,883.87M	2,630.37M	2,225.56M	1,579.47M	1,036.91M	1,966.10M	3,867.47M	2,966.28M	2,797.40M	3,575.71M	4,209.94M	4,013.76M	4,425.55M	4,775.94M	3,790.26M	5,454.80M	3,525.16M	5,771.56M	6,702.76M	6,597.45M	5,158.96M	5,988.83M
(-) Cash & Equivalents	597.88M	130.29M	140.12M	164.90M	171.66M	329.78M	172.32M	170.21M	146.93M	164.77M	154.31M	195.78M	165.34M	200.22M	223.01M	355.21M	344.78M	269.32M	208.71M	246.85M	197.93M	373.29M	368.19M	146.17M	752.41M	231.76M	531.20M	338.16M	229.77M	327.65M	221.42M
(+) Total Debt	8,463.22M	651.23M	1,260.76M	1,085.98M	1,273.96M	3,107.48M	1,916.16M	1,230.09M	1,248.04M	1,316.95M	1,404.06M	730.06M	758.67M	823.94M	1,147.31M	1,918.44M	1,820.16M	1,937.50M	1,985.92M	1,822.13M	2,007.50M	2,728.52M	3,353.84M	3,359.69M	4,035.62M	3,088.63M	3,956.55M	5,174.66M	4,541.35M	1,471.73M	1,307.43M
Enterprise Value	32,329.78M	4,495.16M	4,056.97M	2,572.76M	4,080.64M	5,318.11M	4,675.40M	4,084.89M	4,616.42M	4,498.15M	4,241.64M	3,448.34M	2,977.15M	2,871.22M	3,308.25M	4,555.04M	3,850.38M	3,581.65M	4,307.86M	4,986.19M	5,762.57M	7,605.44M	8,947.44M	8,507.52M	10,775.19M	7,817.19M	9,369.57M	12,487.38M	11,410.41M	6,293.57M	7,074.84M

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	5,314.545M	2,660.314M	3,550.506M	3,588.929M	2,869.465M	3,062.895M	3,654.053M	3,856.774M	3,474.488M	3,488.656M	3,286.488M	3,277.359M	3,225.846M	3,263.005M	3,807.921M	3,838.553M	3,362.953M	4,463.337M	4,300.733M	4,019.218M	3,841.081M	4,307.964M	5,066.695M	5,011.608M	5,687.553M	4,610.318M	6,175.835M	5,546.152M	5,558.468M	4,384.794M	4,772.363M
Cost of Revenue	4,022.602M	2,357.470M	2,523.021M	2,351.321M	1,999.928M	2,137.494M	2,381.906M	2,510.726M	2,389.871M	2,438.166M	2,468.863M	2,341.974M	2,350.658M	2,375.457M	2,856.472M	2,766.800M	2,248.151M	2,890.893M	2,682.741M	2,671.595M	2,570.794M	3,148.984M	2,388.458M	2,439.102M	2,785.099M	2,260.830M	2,503.060M	2,270.580M	2,158.360M	2,427.100M	2,271.950M
Gross Profit	1,291.943M	302.844M	1,027.485M	1,237.608M	869.538M	925.402M	1,272.147M	1,346.048M	1,084.617M	1,050.490M	817.625M	935.385M	875.188M	887.549M	951.449M	1,071.753M	1,114.802M	1,572.444M	1,617.992M	1,347.622M	1,270.287M	1,158.980M	2,678.237M	2,572.506M	2,902.454M	2,349.488M	3,672.775M	3,275.572M	3,400.108M	1,957.694M	2,500.413M
Gross Margin	24.31%	11.38%	28.94%	34.48%	30.30%	30.21%	34.81%	34.90%	31.22%	30.11%	24.88%	28.54%	27.13%	27.20%	24.99%	27.92%	33.15%	35.23%	37.62%	33.53%	33.07%	26.90%	52.86%	51.33%	51.03%	50.96%	59.47%	59.06%	61.17%	44.65%	52.39%
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	248.281M	39.486M	15.681M	16.521M	16.378M	47.452M	45.353M	106.623M	91.402M	14.863M	10.051M	9.588M	10.339M	10.363M	62.199M	236.294M	200.592M	219.593M	237.165M	254.811M	275.695M	660.265M	1,474.497M	1,483.979M	1,518.481M	1,476.466M	1,770.860M	2,226.768M	2,213.237M	1,799.400M	2,011.775M
Operating Expenses	248.281M	39.486M	15.681M	16.521M	16.378M	47.452M	45.353M	106.623M	91.402M	14.863M	10.051M	9.588M	10.339M	10.363M	62.199M	236.294M	200.592M	219.593M	237.165M	254.811M	275.695M	660.265M	1,474.497M	1,483.979M	1,518.481M	1,476.466M	1,770.860M	2,226.768M	2,213.237M	1,799.400M	2,011.775M
Operating Income	1,043.662M	263.358M	1,011.804M	1,221.088M	853.159M	877.949M	1,226.794M	1,239.425M	993.215M	1,035.627M	807.574M	925.798M	864.849M	877.186M	889.250M	835.459M	914.210M	1,352.851M	1,380.827M	1,092.812M	994.592M	498.715M	1,203.740M	1,088.527M	1,383.974M	873.023M	1,901.915M	1,048.804M	1,186.872M	158.294M	488.638M
Operating Margin	19.64%	9.90%	28.50%	34.02%	29.73%	28.66%	33.57%	32.14%	28.59%	29.69%	24.57%	28.25%	26.81%	26.88%	23.35%	21.76%	27.18%	30.31%	32.11%	27.19%	25.89%	11.58%	23.76%	21.72%	24.33%	18.94%	30.80%	18.91%	21.35%	3.61%	10.24%
Interest Income	1.997M	2.304M	1.727M	1.665M	1.186M	4.392M	8.831M	7.323M	3.046M	3.121M	2.523M	2.509M	2.902M	2.330M	2.831M	1.950M	2.684M	3.633M	19.047M	3.881M	3.109M	5.647M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	124.918M	36.332M	51.058M	39.817M	42.985M	77.486M	67.653M	24.131M	19.073M	21.343M	25.048M	27.952M	27.284M	41.501M	53.631M	47.022M	55.593M	53.220M	120.892M	22.523M	119.703M	61.267M	4.815M	2.614M	3.175M	4.562M	786.400M	292.280M	472.420M	1.740M	0.000M
Net Interest Income	-122.921M	-34.028M	-49.331M	-38.151M	-41.799M	-73.094M	-58.822M	-16.809M	-16.027M	-18.222M	-22.525M	-25.443M	-24.382M	-39.171M	-50.799M	-45.072M	-52.909M	-49.587M	-101.845M	-18.643M	-116.595M	-55.620M	-4.815M	-2.614M	-3.175M	-4.562M	-786.400M	-292.280M	-472.420M	-1.740M	0.000M
Other Income / Expense	-523.278M	-96.795M	-816.065M	-1,083.441M	-728.008M	-764.966M	-948.656M	-969.905M	-777.301M	-796.109M	-566.531M	-701.306M	-658.939M	-641.074M	-659.089M	-538.649M	-697.541M	-1,123.703M	-913.280M	-761.771M	-458.711M	-20.875M	-868.625M	-711.261M	-948.508M	-446.374M	-827.355M	-186.141M	-56.980M	520.858M	157.437M
Pre-Tax Income	397.463M	132.535M	146.409M	99.495M	83.352M	39.888M	219.315M	252.711M	199.887M	221.296M	218.518M	199.049M	181.529M	196.941M	179.362M	251.738M	163.761M	179.561M	365.701M	312.398M	419.286M	422.219M	330.300M	374.651M	432.291M	422.086M	288.160M	570.382M	657.471M	677.412M	646.075M
Pre-Tax Margin	7.48%	4.98%	4.12%	2.77%	2.90%	1.30%	6.00%	6.55%	5.75%	6.34%	6.65%	6.07%	5.63%	6.04%	4.71%	6.56%	4.87%	4.02%	8.50%	7.77%	10.92%	9.80%	6.52%	7.48%	7.60%	9.16%	4.67%	10.28%	11.83%	15.45%	13.54%
Income Tax Expense	89.420M	28.847M	32.003M	32.946M	47.563M	13.283M	36.657M	63.629M	-21.119M	69.837M	76.290M	72.058M	66.077M	55.460M	51.801M	88.538M	63.586M	68.347M	131.540M	98.225M	127.031M	136.854M	116.314M	139.030M	154.127M	146.672M	113.880M	186.336M	264.134M	245.505M	238.350M
Tax Rate	22.50%	21.77%	21.86%	33.11%	35.00%	33.30%	16.71%	25.18%	0.00%	31.56%	34.91%	35.00%	35.00%	28.16%	28.88%	35.00%	35.00%	35.00%	35.00%	31.44%	30.30%	32.41%	35.00%	35.00%	35.00%	34.75%	35.00%	32.67%	35.00%	35.00%	35.00%
Net Income	308.043M	103.689M	114.406M	66.550M	35.789M	26.606M	182.658M	189.082M	221.006M	151.459M	142.229M	126.990M	115.452M	141.481M	127.561M	163.200M	100.175M	111.214M	234.162M	214.173M	292.255M	285.365M	213.986M	235.622M	278.164M	275.414M	174.280M	384.046M	393.338M	431.907M	407.725M
Net Margin	5.80%	3.90%	3.22%	1.85%	1.25%	0.87%	5.00%	4.90%	6.36%	4.34%	4.33%	3.87%	3.58%	4.34%	3.35%	4.25%	2.98%	2.49%	5.44%	5.33%	7.61%	6.62%	4.22%	4.70%	4.89%	5.97%	2.82%	6.92%	7.08%	9.85%	8.54%
EBIT	1,043.662M	263.358M	1,011.804M	1,221.088M	853.159M	877.949M	1,226.794M	1,239.425M	993.215M	1,035.627M	807.574M	925.798M	864.849M	877.186M	889.250M	835.459M	914.210M	1,352.851M	1,380.827M	1,092.812M	994.592M	498.715M	1,203.740M	1,088.527M	1,383.974M	873.023M	1,901.915M	1,048.804M	1,186.872M	158.294M	488.638M
Depreciation & Amortization	400.019M	138.916M	150.909M	210.391M	252.547M	335.322M	330.739M	323.325M	297.379M	240.429M	163.396M	136.322M	115.638M	110.024M	214.481M	255.630M	255.413M	258.712M	274.265M	238.456M	276.087M	283.642M	338.930M	281.104M	418.947M	279.985M	439.840M	622.605M	701.487M	374.008M	310.625M
EBITDA	1,443.681M	402.274M	1,162.713M	1,431.478M	1,105.706M	1,213.271M	1,557.532M	1,562.750M	1,290.594M	1,276.057M	970.970M	1,062.120M	980.487M	987.210M	1,103.731M	1,091.090M	1,169.623M	1,611.563M	1,655.092M	1,331.268M	1,270.679M	782.357M	1,542.670M	1,369.630M	1,802.921M	1,153.008M	2,341.755M	1,671.408M	1,888.359M	532.302M	799.263M
EBITDA Margin	27.16%	15.12%	32.75%	39.89%	38.53%	39.61%	42.62%	40.52%	37.14%	36.58%	29.54%	32.41%	30.39%	30.25%	28.99%	28.42%	34.78%	36.11%	38.48%	33.12%	33.08%	18.16%	30.45%	27.33%	31.70%	25.01%	37.92%	30.14%	33.97%	12.14%	16.75%
NOPAT	808.863M	206.038M	790.640M	816.750M	554.554M	585.595M	1,021.743M	927.353M	993.215M	708.801M	525.632M	601.768M	562.152M	630.164M	632.429M	543.049M	594.237M	879.353M	897.538M	749.205M	693.260M	337.066M	782.431M	707.542M	899.583M	569.653M	1,236.245M	706.174M	771.467M	102.891M	317.615M
NOPAT Margin	15.22%	7.74%	22.27%	22.76%	19.33%	19.12%	27.96%	24.04%	28.59%	20.32%	15.99%	18.36%	17.43%	19.31%	16.61%	14.15%	17.67%	19.70%	20.87%	18.64%	18.05%	7.82%	15.44%	14.12%	15.82%	12.36%	20.02%	12.73%	13.88%	2.35%	6.66%
Owner's Earnings	708.063M	242.605M	265.315M	276.940M	288.336M	361.927M	513.397M	512.407M	518.385M	391.888M	305.624M	263.313M	231.090M	251.506M	342.041M	418.830M	355.588M	369.926M	508.426M	452.629M	568.342M	569.008M	552.917M	516.726M	697.111M	555.399M	614.120M	1,006.651M	1,094.825M	805.915M	718.350M
Owner's Earnings Margin	13.32%	9.12%	7.47%	7.72%	10.05%	11.82%	14.05%	13.29%	14.92%	11.23%	9.30%	8.03%	7.16%	7.71%	8.98%	10.91%	10.57%	8.29%	11.82%	11.26%	14.80%	13.21%	10.91%	10.31%	12.26%	12.05%	9.94%	18.15%	19.70%	18.38%	15.05%
EPS	1.62	0.60	0.69	0.39	0.21	0.21	1.33	1.36	1.64	1.50	1.40	1.25	1.55	2.48	1.57	1.32	0.82	0.84	1.59	1.42	1.81	1.11	0.65	0.61	0.70	0.72	0.16	0.36	0.37	0.40	0.33
EPS (Diluted)	1.62	0.60	0.69	0.39	0.21	0.21	1.33	1.36	1.64	1.50	1.40	1.25	1.55	2.48	1.57	1.32	0.82	0.84	1.59	1.42	1.81	1.11	0.65	0.61	0.70	0.72	0.16	0.36	0.37	0.40	0.33
Shares (Diluted)	189,802,945	172,589,042	165,977,737	169,326,910	169,283,156	127,771,105	137,011,920	138,894,147	134,473,923	100,705,880	101,640,637	101,738,136	74,649,835	56,945,112	81,401,393	123,340,740	121,978,441	132,358,810	147,328,754	150,944,295	161,281,862	257,084,301	328,916,152	385,727,254	394,773,284	381,184,721	1,069,403,565	1,073,634,493	1,067,273,220	1,076,594,130	1,243,831,214

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	516.53M	130.29M	140.12M	164.90M	171.66M	329.78M	172.32M	170.21M	146.93M	164.77M	154.31M	195.78M	172.79M	210.61M	237.39M	378.55M	368.33M	269.32M	208.71M	246.85M	197.93M	373.29M	368.19M	146.17M	752.41M	231.76M	531.20M	338.16M	229.77M	327.65M	221.42M
Short-Term Investments	0.67M	53.23M	1.58M	3.75M	-0.03M	7.22M	16.76M	5.61M	9.71M	5.03M	3.22M	2.06M	25.37M	3.02M	11.81M	82.40M	29.38M	2.17M	45.72M	119.18M	99.29M	42.77M	6.53M	6.46M	80.17M	97.50M	0.56M	85.60M	124.50M	113.80M	150.33M
Cash & Short-Term Investments	517.20M	183.52M	141.70M	168.65M	171.62M	336.99M	189.08M	175.81M	156.65M	169.80M	157.53M	197.85M	198.15M	213.63M	249.19M	460.95M	397.72M	271.49M	254.43M	366.03M	297.21M	416.06M	374.72M	152.63M	832.58M	329.27M	531.76M	423.76M	354.27M	441.45M	371.74M
Net Receivables	861.47M	373.67M	427.94M	366.06M	344.90M	331.70M	362.15M	343.28M	323.26M	318.27M	306.12M	250.79M	261.32M	214.12M	387.04M	385.28M	362.89M	339.18M	404.04M	351.29M	383.46M	610.50M	519.61M	406.81M	457.32M	420.35M	711.72M	679.00M	631.54M	418.32M	450.88M
Inventory	107.41M	30.94M	37.40M	13.03M	12.32M	24.15M	21.42M	19.62M	19.14M	21.88M	26.79M	58.24M	24.48M	30.44M	62.21M	63.38M	55.79M	65.46M	66.23M	60.69M	60.30M	61.18M	86.58M	80.19M	96.31M	44.07M	77.75M	68.21M	68.72M	70.74M	80.68M
Other Current Assets	245.60M	63.71M	87.36M	58.03M	45.86M	51.96M	77.66M	55.68M	70.28M	52.65M	61.31M	108.84M	71.29M	58.30M	67.47M	72.59M	69.07M	83.60M	98.99M	97.37M	226.85M	252.86M	234.74M	289.35M	182.12M	174.45M	608.36M	540.80M	408.62M	185.22M	219.60M
Total Current Assets	1,731.68M	651.83M	694.40M	605.77M	574.70M	744.80M	650.32M	594.39M	569.33M	562.59M	551.75M	615.72M	555.25M	516.49M	765.91M	982.19M	885.46M	759.73M	823.69M	875.38M	967.83M	1,340.61M	1,215.66M	928.98M	1,568.34M	968.14M	1,929.59M	1,711.77M	1,463.14M	1,115.73M	1,122.89M
Property, Plant & Equipment	5,274.93M	905.63M	1,160.16M	966.49M	904.86M	1,479.93M	1,567.78M	1,126.99M	1,175.76M	985.13M	1,017.14M	763.28M	704.36M	728.57M	2,478.29M	3,139.18M	3,091.26M	3,244.09M	3,463.37M	3,243.72M	3,366.81M	5,327.85M	4,848.81M	4,627.98M	5,162.44M	4,912.09M	6,183.03M	6,025.04M	5,158.02M	4,905.42M	5,842.55M
Goodwill	611.25M	136.37M	180.46M	158.32M	99.00M	229.18M	217.49M	225.45M	217.31M	224.21M	220.19M	192.52M	107.70M	67.01M	117.39M	65.26M	65.25M	69.18M	90.55M	77.50M	11.01M	219.76M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	196.56M	67.06M	79.29M	105.19M	104.08M	96.82M	62.00M	61.07M	56.05M	59.13M	47.91M	48.79M	50.05M	40.33M	22.75M	19.08M	9.28M	25.25M	29.71M	40.18M	27.54M	45.30M	52.51M	52.73M	49.38M	51.39M	1,099.32M	1,211.20M	852.36M	56.76M	48.93M
Long-Term Investments	720.60M	103.77M	56.26M	62.68M	18.89M	25.08M	16.56M	19.71M	20.12M	22.64M	33.81M	39.81M	41.58M	32.01M	243.28M	305.58M	299.08M	276.24M	296.45M	296.88M	363.09M	475.46M	1,347.22M	1,335.55M	1,551.67M	1,556.00M	2,159.00M	2,201.60M	2,093.00M	447.94M	57.93M
Tax Assets	60.74M	1.95M	4.24M	7.44M	15.32M	10.13M	10.00M	6.73M	6.27M	7.58M	25.86M	7.79M	8.57M	9.02M	10.85M	12.18M	15.66M	9.69M	10.02M	10.84M	13.71M	11.20M	9.00M	11.10M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	8,631.90M	14.99M	189.16M	68.72M	160.94M	128.20M	114.95M	84.35M	67.51M	48.08M	63.70M	33.60M	85.85M	56.66M	34.44M	149.86M	114.22M	146.94M	265.68M	140.60M	260.29M	472.97M	659.58M	562.50M	539.31M	547.52M	1,205.90M	1,977.97M	1,856.58M	246.64M	289.68M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.02M	0.05M	0.00M	0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	15,495.97M	1,229.76M	1,669.58M	1,368.84M	1,303.09M	1,969.33M	1,988.78M	1,524.30M	1,543.01M	1,346.78M	1,408.65M	1,085.84M	998.12M	933.63M	2,907.00M	3,691.14M	3,594.76M	3,771.38M	4,155.79M	3,809.71M	4,042.45M	6,552.54M	6,917.11M	6,589.85M	7,302.80M	7,066.99M	10,647.25M	11,415.81M	9,959.96M	5,656.76M	6,239.08M
Total Assets	17,227.66M	1,881.59M	2,363.98M	1,974.61M	1,877.79M	2,714.13M	2,639.10M	2,118.69M	2,112.34M	1,909.37M	1,960.40M	1,701.56M	1,553.37M	1,450.12M	3,672.91M	4,673.33M	4,480.22M	4,531.11M	4,979.48M	4,685.09M	5,010.28M	7,893.14M	8,132.76M	7,518.84M	8,871.14M	8,035.13M	12,576.84M	13,127.58M	11,423.10M	6,772.49M	7,361.97M
Accounts Payable	647.03M	209.84M	191.38M	183.72M	174.00M	189.89M	224.24M	251.14M	234.34M	199.42M	188.52M	159.42M	159.29M	173.43M	267.51M	384.17M	362.02M	370.87M	399.23M	383.20M	308.07M	440.90M	572.60M	556.43M	636.71M	644.93M	740.09M	743.96M	725.80M	455.61M	512.20M
Short-Term Debt	239.43M	137.58M	86.31M	156.24M	167.49M	145.80M	99.67M	84.67M	98.04M	113.90M	56.98M	65.06M	111.72M	81.88M	53.45M	141.55M	131.68M	80.93M	117.19M	203.83M	338.33M	293.61M	205.25M	125.29M	354.26M	117.13M	368.35M	88.00M	112.86M	109.67M	194.60M
Tax Payables	39.12M	39.89M	67.82M	48.18M	47.94M	37.95M	31.65M	47.91M	44.78M	45.62M	40.13M	41.11M	22.15M	30.27M	42.43M	24.99M	35.03M	29.58M	26.75M	56.30M	25.70M	59.01M	35.14M	41.14M	33.67M	83.67M	32.60M	30.20M	33.80M	35.74M	47.70M
Deferred Revenue	44.59M	0.00M	4.14M	10.42M	14.91M	11.04M	10.61M	9.86M	32.41M	29.80M	26.58M	31.21M	21.33M	15.23M	0.00M	0.00M	0.00M	0.00M	29.71M	27.85M	7.68M	2.70M	2.64M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	578.31M	152.03M	138.42M	143.70M	115.36M	122.87M	103.28M	113.73M	146.41M	75.74M	113.12M	102.51M	140.45M	138.58M	187.81M	156.86M	138.46M	213.03M	165.03M	133.05M	177.64M	280.36M	197.53M	192.64M	509.37M	200.84M	1,231.17M	616.66M	390.82M	308.62M	435.31M
Total Current Liabilities	1,548.49M	539.34M	488.07M	542.26M	519.71M	507.55M	469.45M	507.31M	555.98M	464.47M	425.33M	399.30M	454.94M	439.38M	551.19M	707.56M	667.19M	694.41M	737.91M	804.23M	857.42M	1,076.59M	1,013.16M	915.50M	1,534.01M	1,046.57M	2,372.21M	1,478.82M	1,263.28M	909.63M	1,189.81M
Long-Term Debt	5,360.78M	320.51M	872.37M	662.44M	891.60M	2,205.86M	1,171.89M	1,056.41M	1,120.57M	1,228.61M	1,303.66M	532.44M	606.92M	790.62M	1,029.29M	1,849.78M	1,785.58M	1,745.50M	1,779.48M	1,565.13M	1,575.44M	2,384.39M	3,134.19M	3,154.86M	3,536.69M	2,728.17M	3,588.20M	5,084.26M	4,404.22M	1,362.07M	1,112.83M
Capital Lease Obligations	453.01M	159.16M	177.80M	187.66M	172.73M	173.48M	188.45M	12.37M	9.59M	2.23M	7.09M	1.64M	1.99M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	2,346.15M	20.70M	81.13M	80.51M	63.90M	292.83M	500.78M	454.45M	381.61M	152.16M	225.90M	70.77M	68.27M	63.07M	257.32M	643.81M	576.34M	505.98M	701.19M	597.93M	591.52M	1,590.55M	1,283.17M	1,181.68M	1,279.44M	1,136.79M	1,445.27M	1,420.72M	1,316.52M	1,096.32M	1,285.16M
Other Non-Current Liabilities	493.56M	103.47M	123.85M	216.72M	133.88M	300.81M	105.17M	293.87M	293.74M	184.20M	211.74M	190.34M	147.97M	40.21M	283.97M	223.68M	330.76M	471.98M	415.03M	213.81M	227.78M	540.00M	933.95M	755.62M	675.85M	871.58M	1,281.36M	775.84M	884.45M	681.64M	865.81M
Total Non-Current Liabilities	8,653.50M	603.84M	1,255.15M	1,147.33M	1,262.11M	2,972.98M	1,966.30M	1,817.10M	1,805.51M	1,567.19M	1,748.39M	795.18M	825.16M	893.91M	1,570.59M	2,717.27M	2,692.68M	2,723.46M	2,895.70M	2,376.88M	2,394.74M	4,514.95M	5,351.32M	5,092.16M	5,491.98M	4,736.53M	6,314.83M	7,280.82M	6,605.19M	3,140.03M	3,263.80M
Total Liabilities	10,201.99M	1,143.18M	1,743.22M	1,689.59M	1,781.82M	3,480.52M	2,435.75M	2,324.41M	2,361.49M	2,031.66M	2,173.72M	1,194.49M	1,280.10M	1,333.29M	2,121.78M	3,424.83M	3,359.87M	3,417.87M	3,633.60M	3,181.11M	3,252.16M	5,591.54M	6,364.48M	6,007.66M	7,025.99M	5,783.10M	8,687.04M	8,759.64M	7,868.48M	4,049.66M	4,453.61M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.36M	0.54M	0.00M	0.59M	2.88M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	571.60M	0.00M	0.00M	0.00M
Common Stock	234.85M	38.91M	37.99M	36.92M	36.99M	51.18M	49.05M	53.52M	51.24M	53.44M	53.56M	51.95M	54.59M	57.89M	105.54M	130.39M	136.83M	136.28M	151.61M	156.30M	87.97M	124.72M	155.27M	153.66M	175.98M	174.82M	229.00M	190.78M	167.64M	98.90M	122.58M
Retained Earnings	4,974.37M	509.25M	445.75M	405.55M	318.12M	372.12M	372.40M	888.24M	831.48M	762.51M	710.88M	609.07M	594.88M	570.86M	741.73M	1,525.05M	1,369.15M	1,323.99M	1,422.73M	1,143.21M	2,017.90M	2,275.68M	2,686.18M	2,407.24M	2,516.64M	2,335.32M	2,891.37M	2,910.28M	2,706.82M	2,009.21M	2,115.35M
Accumulated OCI	-97.96M	-4.68M	-1.39M	1.33M	-0.56M	-23.60M	-5.53M	-40.83M	-6.61M	-64.64M	-55.20M	-46.51M	-3.41M	-31.15M	-235.96M	-246.74M	-284.62M	-329.06M	-74.95M	-82.79M	-28.83M	-10.61M	17.73M	-21.82M	-33.70M	-80.34M	-23.42M	-226.20M	58.83M	-492.80M	-1,345.00M
Minority Interest	1.18M	1.34M	1.90M	3.07M	3.27M	5.93M	4.48M	4.74M	4.39M	2.45M	1.84M	1.47M	1.43M	1.48M	2.05M	2.31M	2.30M	1.61M	1.68M	16.79M	0.15M	1.87M	2.24M	13.81M	15.00M	16.67M	305.60M	304.22M	9.80M	9.90M	13.05M
Total Shareholders’ Equity	5,111.26M	543.48M	482.36M	443.80M	354.55M	399.70M	415.92M	900.93M	876.46M	751.85M	709.25M	615.10M	648.94M	597.60M	611.31M	1,408.70M	1,221.36M	1,131.22M	1,499.39M	1,216.72M	2,077.04M	2,389.80M	2,859.18M	2,539.08M	2,658.92M	2,429.80M	3,096.95M	3,446.46M	2,933.29M	1,615.31M	892.93M
Total Equity	5,112.44M	544.81M	484.26M	446.87M	357.81M	405.62M	420.39M	905.67M	880.85M	754.31M	711.09M	616.58M	650.37M	599.08M	613.36M	1,411.01M	1,223.67M	1,132.82M	1,501.07M	1,233.51M	2,077.19M	2,391.67M	2,861.42M	2,552.89M	2,673.92M	2,446.47M	3,402.55M	3,750.68M	2,943.09M	1,625.21M	905.98M
Total Liabilities & Equity	15,314.42M	1,687.99M	2,227.48M	2,136.46M	2,139.63M	3,886.15M	2,856.14M	3,230.08M	3,242.34M	2,785.97M	2,884.81M	1,811.06M	1,930.46M	1,932.37M	2,735.14M	4,835.84M	4,583.53M	4,550.69M	5,134.67M	4,414.62M	5,329.35M	7,983.21M	9,225.90M	8,560.55M	9,699.90M	8,229.57M	12,089.59M	12,510.32M	10,811.57M	5,674.87M	5,359.59M
Tangible Assets	16,419.85M	1,678.16M	2,104.23M	1,711.10M	1,674.71M	2,388.13M	2,359.61M	1,832.17M	1,838.99M	1,626.03M	1,692.29M	1,460.24M	1,395.61M	1,342.78M	3,532.77M	4,588.99M	4,405.69M	4,436.68M	4,859.22M	4,567.42M	4,971.73M	7,628.09M	8,080.25M	7,466.11M	8,821.76M	7,983.74M	11,477.52M	11,916.38M	10,570.74M	6,715.73M	7,313.05M
Tangible Equity	4,304.63M	341.38M	224.51M	183.36M	154.73M	79.63M	140.91M	619.15M	607.49M	470.97M	442.98M	375.26M	492.61M	491.73M	473.22M	1,326.67M	1,149.13M	1,038.39M	1,380.81M	1,115.83M	2,038.63M	2,126.62M	2,808.91M	2,500.16M	2,624.54M	2,395.08M	2,303.23M	2,539.48M	2,090.73M	1,568.45M	857.06M
Tangible Book Value	4,304.63M	341.38M	224.51M	183.36M	154.73M	79.63M	140.91M	619.15M	607.49M	470.97M	442.98M	375.26M	492.61M	491.73M	473.22M	1,326.67M	1,149.13M	1,038.39M	1,380.81M	1,115.83M	2,038.63M	2,126.62M	2,808.91M	2,500.16M	2,624.54M	2,395.08M	2,303.23M	2,539.48M	2,090.73M	1,568.45M	857.06M
Total Investments	773.72M	157.06M	169.56M	157.95M	39.73M	98.28M	224.81M	299.56M	272.05M	255.97M	246.13M	204.90M	253.26M	247.02M	503.65M	645.98M	478.62M	336.93M	443.90M	387.55M	434.12M	518.10M	1,353.75M	1,342.02M	1,712.00M	1,676.67M	2,161.80M	2,302.80M	2,205.80M	549.58M	208.25M
Net Debt	5,083.67M	327.81M	818.56M	653.77M	887.43M	2,021.89M	1,099.24M	970.87M	1,071.68M	1,177.74M	1,206.33M	401.71M	545.85M	661.89M	845.35M	1,612.78M	1,548.92M	1,557.10M	1,687.96M	1,522.12M	1,715.85M	2,304.71M	2,971.25M	3,133.97M	3,138.54M	2,613.53M	3,425.35M	4,834.10M	4,287.32M	1,144.08M	1,086.01M

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	-67.99M	128.17M	25.12M	-126.24M	-170.67M	150.67M	66.08M	151.13M	29.75M	58.69M	164.20M	111.13M	55.45M	49.99M	78.47M	217.89M	255.04M	48.82M	24.31M	100.23M	-30.19M	-73.69M	39.36M	-72.07M	-451.73M	-167.82M	-627.98M	60.44M	37.26M	150.60M	-165.52M
Total Capital	11,808.84M	1,934.37M	1,806.80M	1,596.59M	1,787.84M	3,953.01M	2,758.73M	2,262.79M	2,261.85M	2,142.95M	2,229.35M	1,321.13M	1,263.67M	1,447.65M	2,123.32M	3,948.72M	3,563.62M	3,395.82M	4,199.65M	3,997.50M	4,982.61M	5,879.57M	7,253.27M	6,981.36M	7,878.23M	6,166.52M	7,743.71M	9,461.15M	8,482.66M	4,086.79M	4,042.83M
Capital Employed	16,240.04M	2,018.58M	1,770.53M	1,584.70M	2,030.25M	4,344.33M	5,320.66M	4,542.93M	4,089.68M	4,159.01M	4,229.32M	3,708.37M	3,802.68M	3,732.28M	3,854.69M	4,491.16M	4,253.90M	4,131.45M	5,220.40M	4,408.01M	7,100.81M	8,188.15M	9,759.19M	9,261.31M	9,917.65M	8,787.75M	10,699.81M	11,993.10M	10,674.14M	5,868.40M	6,073.54M
Invested Capital	11,292.31M	1,804.08M	1,666.69M	1,431.69M	1,616.18M	3,623.24M	2,586.40M	2,092.59M	2,114.91M	1,978.18M	2,075.04M	1,125.35M	1,090.88M	1,237.05M	1,885.93M	3,570.17M	3,195.29M	3,126.49M	3,990.94M	3,750.65M	4,784.68M	5,506.28M	6,885.08M	6,835.19M	7,125.82M	5,934.75M	7,212.50M	9,122.99M	8,252.89M	3,759.14M	3,821.41M

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	476.36M	137.94M	150.57M	143.48M	135.73M	309.11M	301.78M	294.62M	253.37M	184.63M	146.80M	134.98M	120.15M	115.73M	227.59M	273.34M	272.97M	257.85M	274.24M	238.43M	275.66M	283.28M	338.93M	334.01M	354.52M	279.99M	535.26M	622.60M	701.49M	374.01M	387.27M
Deferred Income Tax	48.25M	0.00M	0.00M	-1.34M	-0.19M	-1.98M	-1.10M	10.24M	-39.33M	3.13M	-0.02M	13.54M	8.49M	9.28M	8.77M	29.68M	15.54M	12.29M	26.76M	-2.36M	20.84M	86.72M	89.71M	99.75M	113.26M	50.83M	94.07M	99.95M	71.26M	72.59M	23.31M
Stock-Based Compensation	1.02M	0.07M	0.05M	6.50M	0.94M	2.14M	1.05M	3.09M	3.27M	1.47M	2.43M	3.57M	0.12M	1.33M	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	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-18.57M	-0.70M	1.77M	0.79M	6.61M	2.19M	21.73M	4.83M	-6.23M	-3.82M	-4.60M	-19.93M	-16.88M	-2.71M	-0.73M	17.91M	27.02M	-5.21M	15.95M	13.85M	31.79M	58.69M	59.38M	-106.21M	-86.63M	130.02M	-3.72M	-17.25M	24.82M	-45.82M	104.76M
Accounts Receivable	20.78M	1.97M	-11.98M	-23.42M	-42.20M	7.90M	4.96M	-5.66M	-18.43M	-12.20M	-1.99M	-14.42M	-5.27M	-3.86M	-7.29M	-7.95M	11.24M	18.79M	-1.38M	-1.18M	-2.25M	-0.90M	-3.43M	-40.03M	4.50M	117.00M	-125.72M	10.40M	-9.82M	0.94M	-14.50M
Inventory	1.30M	-0.05M	-0.69M	-0.28M	0.21M	-0.22M	-0.27M	0.02M	-0.03M	-0.06M	0.00M	0.02M	-0.03M	-1.00M	-0.12M	-1.15M	6.57M	-0.82M	-0.63M	-0.60M	-3.54M	-2.39M	-1.95M	-242.85M	-72.37M	3.00M	-12.25M	4.06M	1.44M	-0.10M	-8.14M
Accounts Payable	16.06M	-0.82M	3.86M	15.78M	17.30M	0.89M	0.84M	8.50M	13.96M	6.92M	-7.34M	0.21M	0.00M	0.00M	20.32M	14.56M	-0.86M	-8.79M	4.85M	0.56M	13.50M	21.60M	14.00M	-26.14M	70.67M	43.15M	114.86M	21.64M	9.56M	43.22M	64.73M
Other Working Capital	-18.31M	-1.23M	2.48M	1.13M	15.16M	27.28M	-4.11M	11.81M	-3.85M	-6.20M	6.35M	7.02M	-2.74M	-0.01M	-0.12M	-12.90M	-10.16M	-7.85M	5.69M	-3.19M	11.51M	49.89M	90.70M	13.14M	-69.49M	-234.92M	88.81M	-16.75M	46.10M	-78.81M	62.68M
Other Non-Cash Items	-16.48M	6.15M	-9.03M	-1.05M	-1.23M	-11.23M	-27.72M	-13.72M	-15.02M	-0.11M	-6.04M	-3.66M	12.94M	-6.86M	-5.97M	9.37M	0.78M	-2.26M	-75.53M	-36.72M	-37.22M	-22.30M	66.04M	4.31M	-36.54M	-77.56M	294.01M	-68.28M	-51.28M	1.33M	0.51M
Net Cash from Operating Activities	976.96M	206.03M	235.27M	408.41M	239.17M	257.48M	654.46M	619.44M	578.79M	366.43M	357.43M	254.06M	247.10M	297.68M	459.01M	560.25M	510.36M	462.33M	735.77M	441.82M	714.25M	665.73M	704.71M	552.64M	766.52M	806.88M	1,234.14M	803.35M	1,027.60M	701.59M	839.61M
Capital Expenditures (PPE)	-384.72M	-61.99M	-118.57M	-158.40M	-91.73M	-99.42M	-181.42M	-311.89M	-151.30M	-217.49M	-235.72M	-192.62M	-173.93M	-196.33M	-313.81M	-408.29M	-384.44M	-475.53M	-479.57M	-477.26M	-365.65M	-391.36M	-536.07M	-360.36M	-498.20M	-541.38M	-770.25M	-974.60M	-525.59M	-417.77M	-640.29M
Acquisitions (Net)	4.33M	0.00M	0.12M	5.06M	1.85M	1.45M	45.66M	41.15M	29.27M	32.13M	-0.87M	-0.90M	-14.73M	0.51M	-0.01M	-4.58M	-9.18M	-15.67M	-7.25M	-14.82M	-13.71M	13.94M	-2.88M	-13.40M	0.00M	1.33M	905.08M	274.36M	224.06M	43.02M	56.63M
Purchases of Investments	-31.68M	-24.43M	-28.05M	-33.60M	-3.39M	-22.64M	-38.78M	-28.48M	-18.76M	-11.26M	-24.81M	-1.39M	-8.50M	-6.69M	-108.89M	-115.06M	-45.55M	-45.63M	-205.30M	-378.73M	-180.89M	-83.52M	-47.33M	-32.60M	-41.50M	-41.17M	-51.92M	-60.58M	-142.86M	-32.80M	-47.35M
Sales / Maturities of Investments	61.58M	1.57M	38.51M	24.39M	22.68M	61.51M	26.57M	20.29M	14.83M	10.97M	10.87M	3.69M	5.30M	9.31M	88.93M	97.18M	32.58M	118.73M	267.89M	397.55M	144.49M	31.94M	49.11M	61.34M	12.00M	30.00M	253.80M	243.52M	189.72M	64.48M	50.25M
Other Investing Activities	3.95M	2.12M	4.88M	1.42M	-0.37M	-0.28M	3.40M	-4.76M	1.50M	1.55M	10.40M	3.16M	1.59M	6.13M	1.81M	21.21M	16.04M	19.79M	10.37M	21.42M	9.96M	0.88M	-186.59M	-49.32M	-247.74M	-245.58M	-47.50M	122.16M	-1,415.92M	-46.50M	-18.05M
Net Cash from Investing Activities	-421.70M	-119.15M	-309.84M	-119.18M	-108.27M	-81.11M	-113.28M	-128.38M	-75.76M	-205.60M	-547.30M	-268.97M	-166.94M	-122.47M	-339.84M	-462.75M	-368.04M	-400.85M	-517.71M	-211.14M	-396.44M	-548.89M	-573.58M	-449.46M	-598.02M	-539.25M	1.44M	-692.56M	-1,966.79M	-398.81M	-598.81M
Net Debt Issuance	-133.98M	-26.21M	1.74M	11.63M	4.83M	29.06M	66.20M	44.07M	-7.82M	-2.92M	138.06M	10.86M	19.29M	28.77M	98.68M	24.69M	45.76M	172.66M	89.64M	-93.35M	56.14M	68.63M	-62.67M	-112.57M	393.22M	-231.04M	193.70M	462.40M	1,407.40M	385.96M	-63.15M
Long-Term Debt Issuance	-111.83M	-20.42M	15.55M	23.65M	6.91M	30.30M	77.27M	132.81M	-7.98M	-4.24M	143.15M	6.47M	19.29M	-2.57M	98.68M	24.69M	45.76M	140.09M	92.72M	-88.54M	61.29M	58.38M	-62.67M	-152.57M	234.88M	-231.04M	193.70M	462.40M	1,407.40M	385.96M	-63.15M
Short-Term Debt Issuance	-0.21M	-0.03M	-1.61M	-0.49M	0.00M	-0.27M	0.00M	0.00M	0.00M	0.00M	-0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-1.38M	0.00M	-15.45M	19.80M	0.00M	0.00M	0.00M	0.00M	37.40M	12.20M	0.00M	37.40M	-13.25M
Net Stock Issuance	-57.86M	4.60M	-4.47M	-1.14M	-0.72M	-25.06M	-16.25M	-71.86M	-0.62M	-37.79M	-50.49M	-35.64M	-10.98M	-13.71M	-51.46M	-30.46M	7.42M	-44.87M	-210.27M	-127.74M	19.54M	34.50M	3.44M	10.42M	16.85M	-13.20M	-7.92M	-39.51M	8.21M	14.98M	-74.35M
Common Stock Issuance	6.24M	6.87M	0.00M	0.01M	0.11M	1.02M	0.29M	0.24M	5.93M	0.56M	3.15M	0.18M	0.23M	7.09M	2.43M	6.83M	8.71M	6.00M	13.68M	84.51M	42.77M	55.11M	5.16M	13.10M	16.85M	24.35M	41.66M	50.37M	39.35M	92.78M	10.15M
Common Stock Repurchased	-73.13M	-0.08M	-4.47M	-1.14M	-2.21M	-29.85M	-16.30M	-71.86M	-4.20M	-37.80M	-50.80M	-35.65M	-11.00M	-1.45M	-56.46M	-32.89M	-0.02M	-54.73M	-244.80M	-139.01M	-9.73M	-8.90M	-4.60M	-3.78M	-4.57M	-44.88M	-36.74M	-61.82M	-4.68M	-2.76M	-84.50M
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	-125.92M	-38.98M	-40.53M	-4.65M	-3.68M	-36.55M	-25.43M	-40.87M	-20.66M	-42.45M	-40.61M	-36.48M	-22.25M	-13.65M	-37.39M	-50.82M	-60.17M	-60.33M	-42.41M	-44.20M	-38.24M	-35.97M	-36.72M	-34.32M	-36.06M	-91.40M	-109.27M	-108.14M	-117.52M	-91.98M	-118.31M
Common Dividends Paid	-126.01M	-38.98M	-40.43M	-4.65M	-3.62M	-36.51M	-25.43M	-40.87M	-20.52M	-42.31M	-37.56M	-34.91M	-22.25M	-13.65M	-38.07M	-50.82M	-61.26M	-61.02M	-43.28M	-45.64M	-38.24M	-36.76M	-36.72M	-34.32M	-36.06M	-91.40M	-109.26M	-108.14M	-117.52M	-91.98M	-118.30M
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	-6.82M	-12.26M	-1.07M	-2.35M	-1.51M	-5.00M	-5.14M	-5.31M	2.95M	1.18M	-1.12M	0.50M	-3.72M	-1.97M	-1.97M	-17.10M	-6.24M	-7.07M	1.76M	6.27M	-2.53M	-6.71M	-33.64M	-20.62M	0.63M	1.83M	-20.41M	514.12M	293.60M	65.64M	83.03M
Net Cash from Financing Activities	-479.02M	-143.09M	-92.43M	-226.64M	-37.79M	-94.43M	-192.38M	-176.59M	-100.82M	-153.70M	-30.20M	-52.38M	-59.86M	-81.18M	-118.99M	-79.22M	-66.64M	-54.27M	-129.33M	-232.22M	-68.41M	9.51M	-117.46M	-189.12M	447.00M	-343.45M	60.61M	798.51M	1,579.08M	384.10M	-172.72M
Effect of FX on Cash	-1.07M	-0.21M	0.30M	0.01M	0.00M	-0.01M	0.02M	-1.62M	0.00M	-0.84M	-0.48M	-0.03M	-0.22M	0.01M	-0.12M	0.00M	-0.87M	0.02M	-0.57M	-2.78M	-13.05M	1.79M	-1.40M	31.89M	-0.67M	6.00M	79.80M	85.60M	90.88M	62.80M	85.00M
Net Change in Cash	26.86M	-22.38M	-12.74M	-3.32M	-0.23M	118.61M	14.87M	16.20M	6.60M	-1.42M	12.21M	-5.47M	-9.56M	23.03M	-97.08M	41.24M	63.74M	32.35M	-1.24M	53.49M	10.99M	74.61M	99.61M	-140.16M	439.11M	-42.30M	225.66M	240.50M	7.48M	178.00M	153.08M
Cash at Beginning of Period	279.96M	202.80M	158.07M	191.87M	248.74M	178.89M	164.87M	144.45M	178.15M	153.44M	191.86M	155.62M	198.14M	145.59M	298.93M	348.81M	248.45M	172.93M	220.16M	138.74M	199.79M	246.92M	115.17M	646.24M	248.65M	299.08M	338.22M	213.27M	399.55M	196.37M	153.36M
Cash at End of Period	606.76M	189.93M	195.77M	164.91M	191.88M	333.02M	171.07M	171.56M	142.70M	161.49M	151.48M	191.86M	169.80M	209.05M	213.91M	359.20M	350.37M	248.45M	188.31M	223.46M	150.18M	326.55M	368.19M	146.17M	832.58M	329.13M	531.20M	423.76M	317.57M	390.47M	306.44M
Operating Cash Flow	973.49M	206.14M	235.10M	408.30M	239.41M	257.31M	654.46M	619.44M	578.79M	366.43M	357.43M	254.06M	247.10M	297.68M	459.01M	560.25M	510.36M	462.33M	735.77M	441.82M	714.25M	665.73M	704.71M	552.64M	766.52M	806.88M	1,234.14M	803.35M	1,027.60M	701.59M	839.61M
Capital Expenditure	-427.35M	-122.55M	-152.76M	-158.36M	-91.73M	-99.42M	-181.42M	-311.90M	-151.31M	-217.49M	-235.72M	-192.62M	-173.93M	-196.33M	-313.81M	-408.29M	-384.44M	-475.53M	-479.57M	-477.26M	-365.65M	-391.36M	-536.07M	-360.36M	-498.20M	-541.38M	-770.25M	-974.60M	-525.59M	-417.77M	-640.29M
Free Cash Flow	220.75M	50.99M	91.26M	112.69M	116.23M	193.37M	199.86M	194.28M	148.01M	146.37M	105.88M	63.69M	95.71M	85.81M	116.72M	266.70M	143.72M	62.87M	132.75M	83.25M	291.51M	194.49M	138.10M	44.84M	143.39M	242.51M	311.24M	-203.85M	372.46M	177.70M	199.32M

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	940.50M	284.11M	350.09M	309.96M	366.81M	248.70M	967.30M	798.74M	654.67M	462.81M	395.41M	351.45M	327.82M	440.99M	427.03M	625.00M	571.40M	406.18M	634.76M	615.57M	650.73M	756.01M	577.99M	711.55M	470.81M	603.01M	345.42M	323.69M	527.18M	-312.62M	-1,256.75M
(-) Tax Adjustment	211.59M	61.84M	76.52M	102.64M	209.31M	82.82M	161.68M	201.11M	-69.17M	146.05M	138.05M	127.23M	119.33M	124.19M	123.33M	219.82M	221.87M	154.61M	228.32M	193.55M	197.15M	245.04M	203.54M	264.05M	167.86M	209.54M	136.51M	105.74M	211.79M	-113.30M	-463.64M
(-) Change In Working Capital	-18.57M	-0.70M	1.77M	0.79M	6.61M	2.19M	21.73M	4.83M	-6.23M	-3.82M	-4.60M	-19.93M	-16.88M	-2.71M	-0.73M	17.91M	27.02M	-5.21M	15.95M	13.85M	31.79M	58.69M	59.38M	-106.21M	-86.63M	130.02M	-3.72M	-17.25M	24.82M	-45.82M	104.76M
(-) Capital Expenditure	427.35M	122.55M	152.76M	158.36M	91.73M	99.42M	181.42M	311.90M	151.31M	217.49M	235.72M	192.62M	173.93M	196.33M	313.81M	408.29M	384.44M	475.53M	479.57M	477.26M	365.65M	391.36M	536.07M	360.36M	498.20M	541.38M	770.25M	974.60M	525.59M	417.77M	640.29M
Unlevered Free Cash Flow	320.13M	100.42M	119.04M	48.18M	59.16M	64.27M	602.46M	280.90M	578.76M	103.08M	26.24M	51.52M	51.44M	123.19M	-9.38M	-21.02M	-61.93M	-218.75M	-89.08M	-69.08M	56.14M	60.92M	-221.00M	193.35M	-108.62M	-277.93M	-557.62M	-739.40M	-235.01M	-571.27M	-1,538.16M
(-) Net Interest Income After Taxes	-95.27M	-26.62M	-38.55M	-25.52M	-17.95M	-48.75M	-48.99M	-12.58M	-17.72M	-12.47M	-14.66M	-16.23M	-15.51M	-28.14M	-36.13M	-29.22M	-32.37M	-30.71M	-65.21M	-12.78M	-81.27M	-37.59M	-3.12M	-1.64M	-2.04M	-2.98M	-475.62M	-196.80M	-282.63M	-1.11M	0.00M
Net Debt Issuance	-133.98M	-26.21M	1.74M	11.63M	4.83M	29.06M	66.20M	44.07M	-7.82M	-2.92M	138.06M	10.86M	19.29M	28.77M	98.68M	24.69M	45.76M	172.66M	89.64M	-93.35M	56.14M	68.63M	-62.67M	-112.57M	393.22M	-231.04M	193.70M	462.40M	1,407.40M	385.96M	-63.15M
Levered Free Cash Flow	281.42M	100.83M	159.32M	85.33M	81.94M	142.08M	717.65M	337.55M	588.66M	112.63M	178.96M	78.61M	86.24M	180.10M	125.43M	32.90M	16.19M	-15.37M	65.78M	-149.65M	193.55M	167.14M	-280.55M	82.42M	286.64M	-505.99M	111.70M	-80.21M	1,455.02M	-184.20M	-1,601.31M