Packaged Foods

Category: Industry Averages Base Ticker: LFVN

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	18.61	21.87	24.36	21.81	25.88	23.84	24.66	27.16	28.70	28.58	26.36	21.79	21.72	16.89	13.57	13.12	11.36	9.92	13.28	10.11	8.92	7.83	5.61	4.01	4.16	3.68	4.26	5.60	4.89	4.94	2.45
Market Capitalization	4,861.19M	5,468.83M	5,640.25M	5,724.41M	6,104.30M	5,816.75M	5,100.12M	4,746.53M	4,804.76M	3,873.61M	3,797.71M	3,521.20M	2,808.23M	2,092.89M	1,825.73M	1,822.27M	1,308.22M	979.84M	1,275.54M	1,118.64M	768.06M	605.50M	454.59M	369.48M	389.97M	337.69M	422.67M	440.67M	415.55M	415.26M	293.90M
(-) Cash & Equivalents	425.21M	495.41M	480.27M	482.30M	473.21M	472.71M	365.12M	321.27M	333.17M	332.01M	330.41M	250.65M	238.37M	224.26M	173.56M	179.30M	156.44M	94.90M	100.37M	78.00M	66.13M	40.92M	37.96M	37.17M	21.38M	22.04M	15.89M	14.14M	13.50M	13.28M	10.56M
(+) Total Debt	2,038.12M	1,964.96M	1,937.61M	1,951.58M	1,740.82M	1,570.46M	1,341.92M	1,214.55M	1,179.98M	1,075.09M	977.92M	777.48M	713.31M	577.89M	541.34M	499.34M	396.63M	371.47M	293.86M	238.43M	171.09M	129.98M	125.74M	130.48M	106.29M	95.98M	94.74M	85.39M	88.72M	88.32M	91.54M
Enterprise Value	7,098.45M	7,013.40M	7,539.27M	7,024.81M	7,550.85M	7,376.83M	6,260.65M	5,622.37M	5,466.43M	4,653.00M	4,517.60M	3,814.99M	3,147.52M	2,497.91M	2,245.35M	2,219.99M	1,819.04M	1,386.21M	1,595.75M	1,342.89M	955.54M	700.52M	555.78M	503.23M	518.76M	432.43M	536.51M	616.38M	551.34M	612.04M	606.92M

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	6,445.786M	6,096.742M	6,066.547M	5,462.847M	4,952.828M	4,641.616M	4,510.172M	4,092.581M	3,965.232M	3,885.838M	3,455.692M	3,095.504M	2,957.235M	2,741.707M	2,586.439M	2,263.132M	2,085.425M	1,911.265M	1,593.307M	1,330.599M	1,114.173M	850.226M	642.627M	535.060M	428.182M	440.594M	455.989M	506.619M	480.654M	533.335M	553.244M
Cost of Revenue	4,615.067M	4,156.835M	4,289.855M	4,091.169M	3,607.582M	3,289.231M	3,203.382M	2,855.712M	2,711.984M	2,671.565M	2,414.149M	2,174.590M	2,116.781M	1,995.181M	1,874.265M	1,585.788M	1,469.614M	1,319.354M	1,088.125M	845.598M	685.927M	502.928M	384.105M	323.090M	243.954M	245.744M	240.708M	242.065M	203.442M	192.524M	112.165M
Gross Profit	1,830.719M	1,939.906M	1,776.692M	1,371.677M	1,345.246M	1,352.385M	1,306.791M	1,236.869M	1,253.248M	1,214.273M	1,041.543M	920.915M	840.454M	746.525M	712.174M	677.344M	615.811M	591.911M	505.181M	485.001M	428.245M	347.298M	258.522M	211.969M	184.228M	194.851M	215.281M	264.554M	277.212M	340.811M	441.079M
Gross Margin	28.40%	31.82%	29.29%	25.11%	27.16%	29.14%	28.97%	30.22%	31.61%	31.25%	30.14%	29.75%	28.42%	27.23%	27.53%	29.93%	29.53%	30.97%	31.71%	36.45%	38.44%	40.85%	40.23%	39.62%	43.03%	44.22%	47.21%	52.22%	57.67%	63.90%	79.73%
R&D Expenses	5.361M	9.741M	10.339M	9.319M	9.689M	10.046M	8.103M	8.131M	7.816M	6.984M	6.193M	5.029M	4.600M	2.775M	0.313M	0.314M	0.012M	0.000M	0.148M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.042M
SG&A Expenses	770.761M	752.778M	718.959M	659.546M	648.004M	618.104M	619.975M	630.162M	565.674M	534.812M	471.081M	437.878M	402.388M	312.727M	248.919M	248.925M	237.542M	182.144M	183.341M	147.220M	116.592M	70.836M	77.738M	52.634M	43.552M	48.968M	46.791M	53.678M	40.731M	38.768M	11.463M
Operating Expenses	776.122M	762.518M	729.298M	668.864M	657.692M	628.150M	628.078M	638.293M	573.490M	541.796M	477.274M	442.907M	406.989M	315.503M	249.232M	249.239M	237.554M	182.144M	183.489M	147.220M	116.592M	70.836M	77.738M	52.634M	43.552M	48.968M	46.791M	53.678M	40.731M	38.768M	11.505M
Operating Income	1,054.597M	1,177.388M	1,047.394M	702.813M	687.553M	724.236M	678.713M	598.576M	679.758M	672.477M	564.269M	478.007M	433.465M	431.023M	462.942M	428.105M	378.257M	409.767M	321.692M	337.781M	311.654M	276.462M	180.784M	159.336M	140.676M	145.882M	168.490M	210.875M	236.481M	302.042M	429.574M
Operating Margin	16.36%	19.31%	17.27%	12.87%	13.88%	15.60%	15.05%	14.63%	17.14%	17.31%	16.33%	15.44%	14.66%	15.72%	17.90%	18.92%	18.14%	21.44%	20.19%	25.39%	27.97%	32.52%	28.13%	29.78%	32.85%	33.11%	36.95%	41.62%	49.20%	56.63%	77.65%
Interest Income	21.233M	26.846M	21.572M	16.053M	10.097M	11.257M	12.775M	9.284M	6.585M	5.932M	5.210M	6.223M	6.162M	5.536M	6.200M	4.960M	4.696M	4.315M	3.859M	1.841M	1.447M	0.672M	0.287M	0.106M	0.134M	0.098M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	102.149M	104.036M	91.324M	69.468M	59.035M	55.586M	55.333M	60.116M	47.491M	42.305M	33.145M	33.106M	29.753M	27.193M	24.925M	24.555M	25.210M	27.059M	16.029M	10.497M	7.765M	5.525M	5.034M	3.816M	2.076M	1.898M	0.750M	0.929M	1.811M	1.996M	1.477M
Net Interest Income	-80.916M	-77.190M	-69.752M	-53.415M	-48.939M	-44.328M	-42.558M	-50.832M	-40.906M	-36.373M	-27.935M	-26.883M	-23.590M	-21.657M	-18.726M	-19.595M	-20.514M	-22.744M	-12.170M	-8.656M	-6.319M	-4.853M	-4.747M	-3.710M	-1.943M	-1.800M	-0.750M	-0.929M	-1.811M	-1.996M	-1.477M
Other Income / Expense	-552.522M	-652.984M	-594.685M	-242.229M	-212.766M	-324.847M	-332.068M	-285.810M	-343.942M	-412.665M	-301.131M	-243.495M	-226.477M	-242.048M	-290.093M	-259.717M	-252.732M	-311.845M	-222.982M	-255.011M	-241.883M	-216.044M	-136.836M	-122.283M	-117.643M	-122.001M	-132.702M	-168.557M	-197.471M	-260.832M	-405.815M
Pre-Tax Income	421.159M	447.213M	382.957M	407.169M	425.848M	355.060M	304.086M	261.933M	294.910M	223.439M	235.203M	207.630M	183.398M	167.318M	154.124M	148.793M	105.011M	75.177M	86.540M	74.114M	63.452M	55.564M	39.200M	33.343M	21.090M	22.082M	35.039M	41.389M	37.199M	39.214M	22.283M
Pre-Tax Margin	6.53%	7.34%	6.31%	7.45%	8.60%	7.65%	6.74%	6.40%	7.44%	5.75%	6.81%	6.71%	6.20%	6.10%	5.96%	6.57%	5.04%	3.93%	5.43%	5.57%	5.69%	6.54%	6.10%	6.23%	4.93%	5.01%	7.68%	8.17%	7.74%	7.35%	4.03%
Income Tax Expense	95.113M	101.647M	90.481M	91.310M	94.135M	78.304M	73.359M	56.373M	58.798M	61.467M	62.844M	57.854M	47.772M	45.784M	39.383M	38.027M	29.568M	24.416M	25.488M	19.665M	19.984M	13.914M	10.400M	7.431M	6.762M	7.033M	10.428M	9.900M	7.716M	13.061M	6.656M
Tax Rate	22.58%	22.73%	23.63%	22.43%	22.11%	22.05%	24.12%	21.52%	19.94%	27.51%	26.72%	27.86%	26.05%	27.36%	25.55%	25.56%	28.16%	32.48%	29.45%	26.53%	31.49%	25.04%	26.53%	22.29%	32.06%	31.85%	29.76%	23.92%	20.74%	33.31%	29.87%
Net Income	326.046M	345.566M	292.476M	315.859M	331.713M	276.756M	230.727M	205.560M	236.113M	161.972M	172.359M	149.776M	135.626M	121.534M	114.741M	110.766M	75.443M	50.762M	61.052M	54.450M	43.468M	41.651M	28.800M	25.912M	14.329M	15.049M	24.611M	31.489M	29.483M	26.154M	15.627M
Net Margin	5.06%	5.67%	4.82%	5.78%	6.70%	5.96%	5.12%	5.02%	5.95%	4.17%	4.99%	4.84%	4.59%	4.43%	4.44%	4.89%	3.62%	2.66%	3.83%	4.09%	3.90%	4.90%	4.48%	4.84%	3.35%	3.42%	5.40%	6.22%	6.13%	4.90%	2.82%
EBIT	1,054.597M	1,177.388M	1,047.394M	702.813M	687.553M	724.236M	678.713M	598.576M	679.758M	672.477M	564.269M	478.007M	433.465M	431.023M	462.942M	428.105M	378.257M	409.767M	321.692M	337.781M	311.654M	276.462M	180.784M	159.336M	140.676M	145.882M	168.490M	210.875M	236.481M	302.042M	429.574M
Depreciation & Amortization	216.078M	225.068M	213.263M	204.602M	184.294M	180.380M	166.800M	142.433M	134.289M	129.446M	109.511M	86.134M	78.518M	72.149M	69.283M	67.471M	61.118M	53.128M	47.598M	40.455M	32.036M	27.729M	23.977M	21.093M	18.176M	18.524M	13.193M	17.913M	13.293M	12.691M	10.418M
EBITDA	1,270.675M	1,402.456M	1,260.657M	907.415M	871.847M	904.616M	845.513M	741.009M	814.047M	801.923M	673.780M	564.141M	511.983M	503.172M	532.225M	495.576M	439.375M	462.894M	369.290M	378.236M	343.690M	304.191M	204.760M	180.429M	158.851M	164.406M	181.683M	228.789M	249.774M	314.734M	439.993M
EBITDA Margin	19.71%	23.00%	20.78%	16.61%	17.60%	19.49%	18.75%	18.11%	20.53%	20.64%	19.50%	18.22%	17.31%	18.35%	20.58%	21.90%	21.07%	24.22%	23.18%	28.43%	30.85%	35.78%	31.86%	33.72%	37.10%	37.31%	39.84%	45.16%	51.97%	59.01%	79.53%
NOPAT	816.431M	909.780M	799.928M	545.202M	535.567M	564.514M	514.978M	469.750M	544.232M	487.482M	413.502M	344.815M	320.555M	313.079M	344.648M	318.695M	271.752M	276.685M	226.947M	248.157M	213.499M	207.235M	132.821M	123.825M	95.573M	99.421M	118.347M	160.433M	187.427M	201.445M	301.255M
NOPAT Margin	12.67%	14.92%	13.19%	9.98%	10.81%	12.16%	11.42%	11.48%	13.73%	12.55%	11.97%	11.14%	10.84%	11.42%	13.33%	14.08%	13.03%	14.48%	14.24%	18.65%	19.16%	24.37%	20.67%	23.14%	22.32%	22.57%	25.95%	31.67%	38.99%	37.77%	54.45%
Owner's Earnings	542.125M	570.634M	505.739M	520.461M	516.007M	457.136M	397.528M	347.993M	370.401M	291.418M	281.870M	235.910M	214.144M	193.683M	184.024M	178.238M	136.561M	103.889M	108.650M	94.905M	75.504M	69.380M	52.777M	47.005M	32.504M	33.573M	37.804M	49.402M	42.776M	38.845M	26.045M
Owner's Earnings Margin	8.41%	9.36%	8.34%	9.53%	10.42%	9.85%	8.81%	8.50%	9.34%	7.50%	8.16%	7.62%	7.24%	7.06%	7.11%	7.88%	6.55%	5.44%	6.82%	7.13%	6.78%	8.16%	8.21%	8.79%	7.59%	7.62%	8.29%	9.75%	8.90%	7.28%	4.71%
EPS	0.44	0.43	0.39	0.39	0.39	0.31	0.26	0.24	0.35	0.25	0.31	0.24	0.26	0.22	0.21	0.21	0.17	0.13	0.16	0.14	0.12	0.11	0.07	0.08	0.04	0.04	0.07	0.12	0.11	0.11	0.05
EPS (Diluted)	0.44	0.43	0.39	0.39	0.39	0.31	0.26	0.24	0.35	0.25	0.31	0.24	0.26	0.22	0.21	0.21	0.17	0.13	0.16	0.14	0.12	0.11	0.07	0.08	0.04	0.04	0.07	0.12	0.11	0.11	0.05
Shares (Diluted)	735,048,005	799,952,427	751,506,397	817,924,192	856,396,196	880,624,327	901,823,320	865,107,142	679,884,516	661,001,378	559,993,501	628,864,238	527,324,480	549,199,303	554,798,345	524,008,351	439,189,880	383,817,690	375,456,947	399,403,216	360,998,144	364,928,781	384,107,197	328,650,891	318,953,132	370,829,141	360,192,756	257,878,028	261,195,875	248,852,322	314,893,609

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	401.07M	499.46M	480.27M	486.30M	471.68M	472.71M	365.12M	321.27M	333.17M	332.01M	330.41M	250.65M	244.24M	227.70M	173.56M	180.63M	157.67M	94.90M	100.37M	78.00M	66.13M	41.84M	37.96M	37.17M	21.63M	22.30M	16.52M	14.58M	14.01M	13.52M	10.86M
Short-Term Investments	73.62M	131.68M	112.02M	92.94M	99.01M	127.82M	95.58M	101.46M	72.12M	51.53M	56.30M	43.71M	50.41M	41.86M	52.73M	45.45M	18.66M	17.34M	12.64M	12.49M	13.25M	10.16M	4.64M	3.77M	4.39M	3.28M	2.11M	0.10M	0.67M	0.17M	0.16M
Cash & Short-Term Investments	474.68M	631.14M	592.29M	579.24M	570.69M	600.54M	460.70M	422.73M	405.29M	383.54M	386.70M	294.36M	294.64M	269.56M	226.29M	226.08M	176.33M	112.24M	113.01M	90.49M	79.38M	52.00M	42.60M	40.94M	26.02M	25.58M	18.63M	14.68M	14.69M	13.69M	11.02M
Net Receivables	522.45M	504.04M	473.58M	498.67M	422.03M	382.92M	354.30M	368.39M	362.17M	327.27M	307.80M	290.63M	278.88M	254.64M	227.47M	180.48M	167.96M	169.68M	143.29M	133.05M	99.69M	56.57M	37.97M	30.20M	27.16M	24.90M	20.64M	26.43M	29.38M	32.47M	20.25M
Inventory	776.35M	824.22M	790.01M	815.82M	630.17M	531.86M	507.01M	460.31M	461.90M	442.18M	381.75M	361.73M	340.11M	316.27M	293.97M	225.93M	199.16M	202.19M	179.77M	146.46M	124.03M	87.65M	76.85M	69.01M	64.69M	67.46M	61.35M	70.45M	65.64M	75.64M	56.95M
Other Current Assets	118.67M	91.07M	91.98M	125.22M	114.23M	101.93M	114.30M	125.19M	98.92M	115.28M	123.99M	99.31M	92.39M	77.72M	56.50M	61.55M	55.49M	54.62M	43.54M	37.70M	23.19M	17.92M	18.16M	19.50M	10.91M	14.22M	13.28M	13.82M	10.69M	15.51M	10.64M
Total Current Assets	1,892.16M	2,050.48M	1,947.86M	2,018.95M	1,737.12M	1,617.24M	1,436.32M	1,376.61M	1,328.28M	1,268.27M	1,200.26M	1,046.03M	1,006.02M	918.19M	804.23M	694.04M	598.93M	538.73M	479.61M	407.70M	326.29M	214.15M	175.58M	159.65M	128.77M	132.17M	113.91M	125.39M	120.40M	137.32M	98.86M
Property, Plant & Equipment	1,634.70M	1,756.00M	1,691.18M	1,526.71M	1,388.75M	1,341.40M	1,307.63M	1,167.42M	1,097.02M	1,039.08M	973.56M	851.40M	739.91M	691.51M	640.83M	587.14M	501.68M	442.60M	430.19M	363.61M	311.91M	231.80M	179.70M	176.06M	141.91M	140.76M	131.86M	153.91M	151.99M	145.65M	132.85M
Goodwill	479.64M	587.19M	575.03M	573.97M	473.46M	539.82M	502.59M	503.35M	452.16M	425.61M	365.06M	302.29M	267.76M	157.90M	139.86M	67.75M	63.21M	51.06M	53.77M	52.57M	14.96M	1.46M	0.06M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	578.99M	384.31M	518.52M	580.68M	437.40M	426.80M	399.15M	361.03M	298.12M	273.81M	237.63M	184.77M	165.25M	160.62M	153.40M	149.72M	109.59M	99.56M	60.75M	48.98M	53.87M	23.36M	21.25M	10.55M	3.97M	4.32M	4.60M	9.51M	6.41M	7.02M	1.27M
Long-Term Investments	129.73M	109.25M	158.30M	112.52M	140.09M	117.04M	118.80M	119.98M	109.44M	85.47M	87.62M	80.27M	57.75M	34.48M	30.13M	27.78M	25.83M	25.48M	25.04M	14.81M	8.43M	1.82M	0.35M	0.13M	0.09M	0.05M	0.09M	0.00M	0.00M	0.00M	0.00M
Tax Assets	16.06M	37.82M	30.50M	37.55M	32.84M	32.69M	31.26M	25.55M	23.51M	21.31M	16.45M	18.73M	17.70M	18.17M	19.21M	17.01M	14.79M	10.27M	6.39M	4.46M	4.91M	1.92M	0.76M	1.35M	0.70M	0.48M	0.37M	0.34M	0.16M	0.37M	0.15M
Other Non-Current Assets	156.67M	234.60M	132.52M	169.04M	149.49M	123.74M	134.46M	123.39M	99.64M	96.04M	80.94M	73.08M	63.95M	67.40M	84.62M	74.39M	64.20M	58.90M	57.91M	38.13M	31.84M	26.59M	23.46M	15.58M	11.51M	11.97M	10.72M	7.75M	7.20M	5.84M	5.74M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	2,995.79M	3,109.17M	3,106.06M	3,000.46M	2,622.03M	2,581.50M	2,493.90M	2,300.72M	2,079.89M	1,941.32M	1,761.26M	1,510.53M	1,312.32M	1,130.08M	1,068.06M	923.79M	779.30M	687.87M	634.06M	522.56M	425.93M	286.94M	225.57M	203.67M	158.18M	157.58M	147.65M	171.51M	165.76M	158.89M	140.01M
Total Assets	4,887.95M	5,159.64M	5,053.92M	5,019.40M	4,359.15M	4,198.75M	3,930.22M	3,677.32M	3,408.17M	3,209.59M	2,961.52M	2,556.56M	2,318.34M	2,048.26M	1,872.29M	1,617.83M	1,378.23M	1,226.60M	1,113.67M	930.26M	752.22M	501.09M	401.14M	363.32M	286.96M	289.75M	261.56M	296.90M	286.17M	296.21M	238.86M
Accounts Payable	511.42M	639.80M	610.71M	583.07M	487.87M	419.88M	395.67M	360.26M	363.40M	334.37M	279.59M	256.87M	242.83M	229.29M	241.05M	202.46M	183.99M	180.20M	122.25M	102.60M	84.70M	62.19M	46.64M	39.89M	32.82M	29.07M	19.86M	30.06M	29.43M	37.93M	40.04M
Short-Term Debt	426.80M	411.12M	359.71M	347.78M	309.34M	308.58M	275.27M	265.09M	282.97M	246.91M	231.61M	194.18M	193.99M	161.73M	147.00M	124.26M	112.01M	130.55M	85.92M	71.18M	50.51M	37.30M	28.14M	26.78M	23.79M	18.95M	17.56M	9.12M	13.18M	15.99M	19.55M
Tax Payables	7.11M	46.98M	37.57M	42.28M	40.00M	39.12M	31.54M	31.24M	31.25M	28.06M	21.35M	20.76M	18.32M	14.21M	12.30M	12.77M	9.25M	4.59M	5.26M	4.09M	3.37M	1.32M	0.76M	0.38M	0.57M	0.45M	0.47M	0.36M	0.47M	0.27M	0.79M
Deferred Revenue	11.74M	0.00M	4.17M	12.23M	89.39M	69.10M	56.70M	25.90M	57.62M	58.39M	49.07M	46.90M	45.48M	34.19M	15.81M	14.62M	14.65M	5.73M	16.03M	14.51M	6.27M	3.31M	2.92M	2.37M	1.47M	0.64M	0.88M	0.63M	0.98M	0.33M	1.06M
Other Current Liabilities	275.17M	298.53M	290.99M	313.06M	196.45M	176.13M	214.52M	237.54M	181.80M	189.92M	159.76M	143.56M	143.36M	136.46M	129.48M	73.90M	66.11M	75.59M	67.41M	59.90M	55.24M	31.07M	25.21M	14.21M	8.08M	13.57M	15.23M	16.40M	18.34M	17.85M	14.46M
Total Current Liabilities	1,232.23M	1,396.43M	1,303.15M	1,298.41M	1,123.05M	1,012.82M	973.70M	920.03M	917.04M	857.65M	741.39M	662.26M	643.97M	575.88M	545.65M	428.02M	386.02M	396.66M	296.87M	252.27M	200.10M	135.19M	103.67M	83.64M	66.73M	62.68M	54.00M	56.57M	62.41M	72.38M	75.91M
Long-Term Debt	1,237.26M	1,241.36M	1,256.45M	1,215.39M	1,162.42M	1,003.89M	930.51M	914.37M	855.87M	727.90M	685.59M	545.62M	473.06M	396.80M	348.41M	342.70M	252.50M	225.09M	188.44M	155.32M	120.63M	80.28M	70.44M	62.14M	61.61M	58.39M	62.48M	64.58M	62.55M	60.76M	65.64M
Capital Lease Obligations	45.95M	117.81M	107.56M	107.26M	96.74M	97.46M	49.35M	5.97M	2.91M	2.27M	1.72M	0.57M	0.54M	0.31M	0.16M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	88.57M	137.42M	158.16M	146.11M	108.71M	108.20M	100.01M	95.09M	92.47M	87.88M	64.12M	58.59M	57.77M	53.95M	58.89M	51.87M	39.28M	25.32M	25.93M	22.01M	14.48M	9.75M	5.30M	4.74M	3.61M	2.58M	2.43M	2.41M	1.27M	2.17M	2.79M
Other Non-Current Liabilities	139.59M	129.83M	134.25M	132.73M	107.96M	166.96M	141.47M	155.04M	153.06M	139.48M	106.65M	83.24M	76.51M	51.74M	57.60M	49.11M	72.00M	46.84M	36.33M	27.99M	23.02M	16.47M	15.29M	14.83M	6.50M	10.14M	11.34M	8.84M	9.46M	10.39M	12.28M
Total Non-Current Liabilities	1,511.37M	1,626.41M	1,656.41M	1,601.50M	1,475.83M	1,376.50M	1,221.34M	1,170.47M	1,104.31M	957.53M	858.08M	688.02M	607.88M	502.80M	465.07M	443.68M	363.78M	297.25M	250.70M	205.32M	158.12M	106.50M	91.04M	81.71M	71.71M	71.10M	76.25M	75.83M	73.27M	73.32M	80.70M
Total Liabilities	2,743.60M	3,022.85M	2,959.56M	2,899.91M	2,598.88M	2,389.32M	2,195.04M	2,090.49M	2,021.35M	1,815.18M	1,599.47M	1,350.28M	1,251.86M	1,078.67M	1,010.72M	871.70M	749.80M	693.91M	547.58M	457.59M	358.22M	241.68M	194.71M	165.35M	138.44M	133.78M	130.25M	132.40M	135.69M	145.69M	156.61M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	79.50M	110.05M	116.74M	134.55M	110.33M	110.63M	96.20M	93.74M	105.26M	104.86M	93.03M	85.84M	74.99M	75.35M	69.13M	63.24M	58.18M	57.76M	57.30M	46.92M	40.94M	32.64M	26.71M	24.74M	21.89M	21.97M	21.32M	13.69M	9.46M	9.28M	10.54M
Retained Earnings	1,475.63M	1,754.32M	1,503.12M	1,447.06M	1,340.70M	1,251.73M	1,015.59M	965.85M	841.71M	788.83M	685.08M	627.08M	581.63M	536.68M	381.42M	365.35M	267.18M	215.18M	257.76M	224.89M	194.22M	97.26M	81.60M	76.75M	57.71M	71.78M	60.59M	77.66M	73.85M	106.45M	95.85M
Accumulated OCI	139.95M	56.02M	38.06M	70.07M	43.35M	-2.36M	18.46M	-4.19M	-30.47M	-26.39M	-11.68M	-44.50M	-38.69M	-29.32M	-19.31M	-8.40M	-15.64M	-6.70M	-0.43M	-0.41M	-0.50M	-0.53M	-0.36M	-0.42M	-0.42M	-2.49M	-2.12M	-1.71M	-3.66M	-3.08M	-2.51M
Minority Interest	80.32M	106.17M	98.19M	101.58M	87.19M	80.55M	70.04M	78.48M	60.84M	54.87M	41.69M	40.00M	35.39M	31.34M	25.14M	21.83M	20.90M	19.94M	16.23M	12.57M	11.80M	8.34M	6.77M	6.63M	3.05M	1.20M	0.83M	0.97M	0.29M	1.03M	0.72M
Total Shareholders’ Equity	1,695.07M	1,920.39M	1,657.92M	1,651.68M	1,494.38M	1,360.00M	1,130.25M	1,055.40M	916.50M	867.30M	766.42M	668.42M	617.92M	582.71M	431.25M	420.20M	309.72M	266.24M	314.62M	271.39M	234.65M	129.36M	107.94M	101.07M	79.19M	91.25M	79.79M	89.64M	79.64M	112.64M	103.87M
Total Equity	1,775.39M	2,026.56M	1,756.11M	1,753.26M	1,581.57M	1,440.55M	1,200.29M	1,133.88M	977.35M	922.17M	808.11M	708.42M	653.32M	614.05M	456.39M	442.03M	330.62M	286.18M	330.85M	283.96M	246.45M	137.71M	114.72M	107.70M	82.23M	92.45M	80.63M	90.60M	79.94M	113.67M	104.59M
Total Liabilities & Equity	4,518.99M	5,049.41M	4,715.67M	4,653.18M	4,180.45M	3,829.87M	3,395.33M	3,224.37M	2,998.69M	2,737.35M	2,407.58M	2,058.70M	1,905.17M	1,692.72M	1,467.11M	1,313.73M	1,080.42M	980.09M	878.43M	741.56M	604.67M	379.39M	309.42M	273.05M	220.67M	226.23M	210.88M	223.01M	215.62M	259.36M	261.20M
Tangible Assets	3,829.32M	4,188.15M	3,960.37M	3,864.75M	3,448.30M	3,232.12M	3,028.47M	2,812.95M	2,657.90M	2,510.17M	2,358.83M	2,069.50M	1,885.32M	1,729.74M	1,579.02M	1,400.36M	1,205.43M	1,075.98M	999.14M	828.71M	683.38M	476.27M	379.84M	352.77M	282.99M	285.43M	256.96M	287.39M	279.76M	289.18M	237.59M
Tangible Equity	716.76M	1,055.06M	662.55M	598.62M	670.72M	473.92M	298.54M	269.50M	227.07M	222.75M	205.42M	221.36M	220.30M	295.53M	163.13M	224.55M	157.82M	135.56M	216.32M	182.41M	177.61M	112.89M	93.41M	97.15M	78.26M	88.13M	76.03M	81.09M	73.53M	106.64M	103.32M
Tangible Book Value	716.76M	1,055.06M	662.55M	598.62M	670.72M	473.92M	298.54M	269.50M	227.07M	222.75M	205.42M	221.36M	220.30M	295.53M	163.13M	224.55M	157.82M	135.56M	216.32M	182.41M	177.61M	112.89M	93.41M	97.15M	78.26M	88.13M	76.03M	81.09M	73.53M	106.64M	103.32M
Total Investments	329.87M	224.79M	292.65M	233.91M	228.99M	202.67M	177.79M	165.20M	146.86M	137.66M	130.87M	109.91M	93.26M	62.21M	56.41M	64.84M	45.04M	50.03M	39.90M	38.39M	28.51M	18.03M	9.12M	9.54M	7.12M	5.11M	5.52M	2.48M	0.30M	0.82M	1.00M
Net Debt	1,262.99M	1,153.01M	1,135.88M	1,076.87M	1,000.07M	839.75M	840.66M	858.19M	805.68M	642.80M	586.79M	489.14M	422.81M	330.82M	321.86M	286.33M	206.85M	260.74M	174.00M	148.49M	105.01M	75.75M	60.62M	51.75M	63.77M	55.04M	63.52M	59.12M	61.72M	63.22M	74.33M

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	618.94M	656.01M	573.49M	522.44M	499.03M	508.14M	451.51M	354.37M	407.61M	342.32M	337.32M	379.16M	362.66M	293.61M	275.54M	275.62M	163.39M	132.86M	98.10M	115.97M	110.09M	63.22M	81.19M	61.99M	38.69M	37.81M	48.22M	57.46M	66.88M	57.13M	50.73M
Total Capital	4,575.16M	4,443.16M	4,297.56M	4,116.54M	3,739.75M	3,453.05M	3,180.08M	2,912.56M	2,736.11M	2,519.96M	2,337.40M	1,994.59M	1,831.94M	1,576.98M	1,454.74M	1,348.90M	1,073.92M	917.40M	847.82M	710.30M	583.37M	402.62M	350.26M	322.90M	273.39M	251.67M	265.03M	282.16M	228.22M	236.45M	238.73M
Capital Employed	4,868.22M	4,730.65M	4,445.52M	4,295.62M	3,972.47M	3,762.79M	3,413.12M	3,195.52M	3,044.39M	2,860.11M	2,511.66M	2,118.79M	1,938.10M	1,682.40M	1,566.14M	1,486.65M	1,193.76M	1,080.99M	884.45M	764.49M	640.97M	483.16M	385.88M	321.48M	275.38M	308.06M	317.22M	381.56M	286.47M	225.05M	287.41M
Invested Capital	4,174.09M	3,943.70M	3,817.29M	3,630.25M	3,268.07M	2,980.33M	2,814.96M	2,591.29M	2,402.94M	2,187.94M	2,006.99M	1,743.94M	1,587.70M	1,349.28M	1,281.18M	1,168.27M	916.25M	822.50M	747.45M	632.29M	517.24M	360.79M	312.30M	285.73M	251.76M	229.37M	248.51M	267.58M	214.21M	222.92M	227.87M

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	173.56M	220.85M	217.02M	204.65M	179.54M	169.77M	162.97M	140.32M	134.83M	127.72M	109.73M	88.00M	79.11M	72.69M	67.61M	62.45M	59.95M	52.14M	41.28M	39.89M	31.07M	23.00M	21.89M	20.30M	17.20M	13.09M	13.17M	19.44M	24.34M	22.49M	22.16M
Deferred Income Tax	0.70M	0.00M	-1.48M	0.16M	-0.91M	-0.35M	-2.09M	-3.12M	-0.50M	-1.17M	-0.83M	0.00M	0.00M	0.27M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.13M	-0.03M	-0.05M	0.26M
Stock-Based Compensation	4.38M	5.77M	6.66M	5.92M	5.65M	3.37M	4.37M	4.16M	4.32M	2.76M	2.80M	3.00M	2.58M	1.89M	0.79M	0.41M	0.34M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-54.40M	-14.98M	-12.36M	-128.66M	-61.00M	3.23M	-12.56M	-17.81M	-17.08M	0.38M	4.55M	-17.52M	-13.25M	-12.70M	-31.08M	-9.51M	12.46M	-24.12M	-12.86M	-10.39M	-8.97M	-5.66M	-2.92M	0.92M	-1.71M	-2.07M	-0.99M	-0.97M	-1.74M	-5.73M	-0.90M
Accounts Receivable	-0.39M	-7.94M	-4.60M	-33.50M	-26.50M	-3.25M	-5.02M	-8.76M	-10.74M	-9.59M	2.04M	-3.33M	-8.63M	-2.83M	0.00M	0.00M	0.00M	0.00M	-0.11M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	-30.83M	1.16M	6.31M	-109.70M	-66.37M	-11.06M	-27.75M	-22.90M	-13.00M	-15.60M	-2.53M	-11.92M	-10.27M	-17.20M	-27.15M	-13.59M	7.46M	-18.26M	-14.99M	-7.57M	-4.72M	-4.42M	-4.15M	-1.89M	-0.96M	-2.53M	-1.16M	-1.53M	0.51M	-7.34M	-2.26M
Accounts Payable	0.94M	6.66M	-1.48M	30.35M	35.73M	4.71M	18.74M	14.99M	4.09M	15.56M	4.47M	0.00M	0.58M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-5.91M	-16.65M	-8.67M	-5.01M	-3.18M	10.17M	-1.25M	-4.93M	-0.43M	0.65M	0.36M	-7.61M	-0.12M	2.64M	-1.87M	3.47M	-2.88M	0.11M	4.57M	0.79M	-0.16M	-1.82M	-0.13M	0.16M	-0.84M	0.64M	0.57M	0.10M	-1.92M	3.02M	2.15M
Other Non-Cash Items	152.37M	45.56M	43.61M	7.46M	31.02M	42.85M	36.85M	17.07M	3.95M	14.46M	4.49M	-0.82M	-0.95M	-0.18M	-4.38M	-2.61M	2.96M	-4.87M	-7.57M	-7.57M	1.04M	-0.46M	1.15M	3.57M	3.57M	1.31M	0.52M	0.28M	-0.20M	-7.19M	-1.10M
Net Cash from Operating Activities	595.42M	623.85M	553.36M	412.00M	439.46M	481.14M	400.01M	352.29M	347.44M	323.44M	304.75M	251.12M	237.64M	207.35M	155.57M	179.74M	162.89M	76.55M	102.21M	86.55M	78.00M	57.18M	55.74M	41.62M	39.93M	32.49M	35.11M	42.89M	65.16M	57.14M	40.91M
Capital Expenditures (PPE)	-230.86M	-240.32M	-242.07M	-216.23M	-198.00M	-184.63M	-197.13M	-178.79M	-154.04M	-146.58M	-140.73M	-134.26M	-110.74M	-107.24M	-93.99M	-79.64M	-62.75M	-69.75M	-65.40M	-52.41M	-37.37M	-29.78M	-26.48M	-23.72M	-21.75M	-15.76M	-18.40M	-28.83M	-28.96M	-30.63M	-37.52M
Acquisitions (Net)	0.44M	-4.20M	-0.56M	-3.74M	-23.04M	-10.67M	-5.13M	-24.97M	-9.34M	-35.79M	-31.08M	-5.70M	-14.16M	-6.55M	-5.45M	-9.05M	-3.51M	-5.38M	-12.81M	-11.51M	-4.31M	-2.24M	-1.04M	-0.33M	-1.40M	-1.13M	0.00M	0.00M	0.00M	-0.19M	-2.62M
Purchases of Investments	-46.98M	-91.64M	-71.64M	-82.57M	-75.19M	-28.38M	-39.42M	-58.52M	-29.06M	-26.34M	-20.00M	-25.07M	-25.14M	-7.16M	-17.44M	-16.60M	-10.13M	-14.54M	-12.56M	-7.63M	-5.13M	-1.50M	-1.27M	-1.70M	-1.22M	-1.63M	-1.23M	-0.43M	-0.02M	-0.99M	-0.05M
Sales / Maturities of Investments	30.22M	50.22M	33.60M	40.12M	68.79M	34.52M	44.10M	43.27M	42.29M	55.82M	31.52M	16.09M	22.24M	8.81M	15.15M	9.43M	8.36M	6.63M	11.91M	4.97M	4.90M	0.93M	0.52M	1.40M	0.79M	1.02M	0.10M	0.14M	0.00M	0.08M	0.07M
Other Investing Activities	-2.33M	10.44M	18.19M	17.18M	14.35M	9.73M	12.22M	6.05M	6.80M	4.90M	3.41M	2.24M	3.53M	1.98M	1.67M	2.67M	2.24M	3.37M	2.34M	1.24M	2.16M	0.48M	0.21M	1.24M	0.02M	-0.48M	0.08M	-0.19M	-1.72M	-3.17M	-1.39M
Net Cash from Investing Activities	-291.60M	-313.25M	-251.51M	-262.36M	-278.66M	-224.83M	-196.91M	-248.94M	-196.01M	-203.87M	-202.40M	-169.24M	-171.55M	-137.65M	-113.23M	-105.81M	-77.59M	-89.22M	-97.78M	-73.01M	-49.77M	-33.61M	-28.58M	-24.34M	-25.34M	-20.43M	-22.84M	-28.33M	-44.90M	-39.44M	-41.88M
Net Debt Issuance	-4.61M	-25.01M	-14.60M	39.03M	35.00M	-7.58M	14.40M	23.99M	29.91M	15.27M	8.12M	15.95M	22.10M	-0.91M	14.02M	-21.10M	-15.38M	54.66M	21.83M	14.57M	-4.47M	2.60M	-1.01M	-0.53M	1.39M	-1.42M	-0.01M	2.14M	0.52M	1.00M	10.10M
Long-Term Debt Issuance	-0.28M	-13.94M	37.64M	41.26M	32.07M	3.51M	6.77M	35.63M	41.27M	42.55M	8.08M	17.77M	22.72M	9.67M	1.18M	0.13M	5.53M	50.77M	18.54M	13.42M	-1.07M	2.34M	-0.80M	-0.83M	0.91M	0.77M	1.10M	1.97M	0.08M	1.55M	2.05M
Short-Term Debt Issuance	-22.58M	0.09M	-9.41M	6.09M	-6.15M	-4.63M	-4.51M	-1.04M	-1.38M	-4.44M	0.61M	1.98M	-0.39M	0.40M	5.48M	-6.44M	-6.26M	1.12M	-0.52M	-0.69M	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	-27.51M	-21.25M	-14.25M	-27.53M	-13.37M	-4.51M	-1.28M	-1.76M	-3.54M	-3.52M	-4.76M	-0.96M	-1.65M	-1.71M	-2.68M	3.52M	0.24M	-1.25M	-0.65M	0.16M	0.04M	-0.32M	0.14M	0.01M	0.07M	-0.57M	-1.46M	-0.90M	0.06M	0.17M	0.63M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.01M	0.08M	0.65M	0.31M	1.10M	0.28M	0.39M	0.73M	0.35M	1.12M	1.27M	12.99M	2.37M	1.53M	5.44M	1.08M	1.10M	1.90M	0.67M	0.51M	0.25M	0.33M	0.38M	1.29M	1.82M	1.84M	1.25M
Common Stock Repurchased	-27.71M	-30.27M	-16.51M	-33.34M	-13.16M	-4.69M	-2.11M	-4.71M	-4.34M	-4.21M	-5.98M	-4.05M	-2.43M	-2.42M	-3.43M	-1.47M	-0.78M	-1.90M	-2.91M	-0.42M	-0.32M	-0.46M	0.00M	-0.06M	-0.07M	-0.98M	-1.53M	-0.22M	-0.18M	-1.04M	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	-112.65M	-157.99M	-145.78M	-113.84M	-83.37M	-78.54M	-68.89M	-64.16M	-65.73M	-75.13M	-65.22M	-50.07M	-54.22M	-33.97M	-32.06M	-24.52M	-18.11M	-17.80M	-14.67M	-17.52M	-13.59M	-11.90M	-7.24M	-6.29M	-4.08M	-4.78M	-1.93M	-4.12M	-5.07M	-5.26M	-1.64M
Common Dividends Paid	-111.81M	-157.99M	-143.74M	-114.19M	-86.66M	-78.92M	-69.75M	-66.71M	-64.33M	-74.54M	-64.20M	-49.51M	-53.98M	-33.00M	-29.74M	-24.62M	-18.76M	-18.57M	-14.70M	-17.55M	-13.55M	-11.60M	-7.67M	-6.29M	-4.07M	-5.51M	-1.93M	-4.12M	-5.07M	-5.26M	-1.64M
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	-57.40M	-42.07M	-51.04M	-40.02M	-32.21M	-23.16M	-25.96M	-16.93M	-10.42M	-13.05M	-3.41M	-8.09M	-9.14M	-3.97M	-1.99M	-2.80M	-4.35M	-2.07M	1.20M	0.04M	0.23M	-2.07M	-0.18M	-0.58M	1.12M	0.00M	0.58M	2.18M	0.08M	0.13M	-0.10M
Net Cash from Financing Activities	-278.61M	-269.43M	-229.32M	-171.03M	-166.37M	-127.42M	-106.31M	-102.71M	-76.54M	-94.30M	-69.54M	-71.80M	-48.33M	-39.05M	-16.27M	-53.76M	-52.45M	18.81M	15.09M	-5.64M	-17.54M	-13.00M	-8.86M	-7.50M	-1.88M	-1.37M	-6.85M	2.68M	-12.19M	-5.54M	2.44M
Effect of FX on Cash	2.01M	3.54M	0.60M	1.40M	2.61M	-0.99M	-0.63M	0.33M	-0.58M	-1.79M	2.28M	1.19M	0.39M	-0.15M	0.63M	-0.22M	-1.50M	-0.25M	0.23M	0.22M	0.14M	-0.05M	-0.03M	0.00M	0.00M	0.00M	-0.02M	-0.05M	-0.04M	0.30M	0.47M
Net Change in Cash	46.18M	4.33M	63.38M	-19.86M	-4.77M	103.96M	14.05M	-40.65M	23.20M	15.73M	28.54M	13.82M	6.04M	25.03M	12.06M	27.05M	19.19M	2.50M	16.53M	2.13M	4.51M	3.00M	5.74M	3.02M	3.91M	3.14M	-0.63M	1.48M	-0.62M	2.14M	-0.89M
Cash at Beginning of Period	376.06M	448.34M	431.40M	393.20M	452.93M	309.65M	295.04M	350.08M	297.36M	323.69M	243.48M	209.73M	212.01M	185.41M	155.05M	128.91M	96.15M	93.53M	73.23M	70.90M	55.26M	39.92M	32.21M	21.69M	17.88M	15.45M	14.70M	12.94M	14.87M	9.23M	25.67M
Cash at End of Period	415.14M	457.74M	454.33M	427.79M	405.39M	459.18M	319.26M	284.85M	348.06M	303.12M	311.87M	236.84M	231.05M	213.38M	166.84M	153.64M	127.65M	89.29M	92.60M	73.40M	69.53M	42.33M	36.36M	34.95M	21.20M	20.39M	16.28M	18.61M	15.79M	15.11M	12.13M
Operating Cash Flow	593.82M	621.62M	553.36M	413.50M	439.46M	481.14M	400.01M	352.30M	347.44M	323.25M	304.83M	250.83M	237.64M	207.26M	155.57M	179.74M	162.89M	76.55M	102.21M	86.55M	78.00M	57.18M	55.74M	41.62M	39.93M	32.49M	35.11M	42.89M	65.20M	57.09M	40.91M
Capital Expenditure	-243.06M	-250.25M	-244.27M	-216.39M	-198.21M	-185.12M	-197.11M	-178.78M	-154.01M	-146.58M	-140.77M	-135.48M	-111.09M	-107.24M	-93.99M	-79.64M	-62.75M	-67.78M	-65.40M	-52.34M	-37.37M	-30.95M	-26.48M	-23.72M	-21.75M	-15.76M	-18.40M	-28.83M	-28.96M	-30.63M	-37.52M
Free Cash Flow	398.18M	350.52M	313.29M	182.84M	237.15M	272.86M	186.40M	145.34M	162.79M	179.90M	155.08M	110.00M	99.84M	90.27M	58.58M	108.31M	90.87M	9.41M	40.01M	29.81M	39.83M	24.91M	20.36M	16.61M	13.12M	9.60M	7.97M	7.97M	24.06M	14.92M	8.17M

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	745.21M	764.27M	688.26M	697.68M	651.52M	595.36M	541.49M	477.29M	452.75M	432.55M	391.22M	334.21M	294.07M	284.29M	254.38M	234.37M	200.22M	150.42M	151.51M	113.30M	109.15M	87.13M	71.68M	62.86M	51.51M	61.00M	62.49M	68.21M	53.62M	51.26M	51.11M
(-) Tax Adjustment	168.29M	173.71M	162.61M	156.46M	144.02M	131.30M	130.63M	102.72M	90.27M	118.99M	104.53M	93.13M	76.60M	77.79M	65.00M	59.90M	56.38M	48.85M	44.62M	30.06M	34.38M	21.82M	19.02M	14.01M	16.51M	19.43M	18.60M	16.32M	11.12M	17.07M	15.27M
(-) Change In Working Capital	-54.40M	-14.98M	-12.36M	-128.66M	-61.00M	3.23M	-12.56M	-17.81M	-17.08M	0.38M	4.55M	-17.52M	-13.25M	-12.70M	-31.08M	-9.51M	12.46M	-24.12M	-12.86M	-10.39M	-8.97M	-5.66M	-2.92M	0.92M	-1.71M	-2.07M	-0.99M	-0.97M	-1.74M	-5.73M	-0.90M
(-) Capital Expenditure	243.06M	250.25M	244.27M	216.39M	198.21M	185.12M	197.11M	178.78M	154.01M	146.58M	140.77M	135.48M	111.09M	107.24M	93.99M	79.64M	62.75M	67.78M	65.40M	52.34M	37.37M	30.95M	26.48M	23.72M	21.75M	15.76M	18.40M	28.83M	28.96M	30.63M	37.52M
Unlevered Free Cash Flow	388.26M	355.29M	293.74M	453.49M	370.29M	275.71M	226.31M	213.60M	225.55M	166.59M	141.37M	123.13M	119.62M	111.96M	126.48M	104.34M	68.64M	57.91M	54.35M	41.29M	46.37M	40.02M	29.11M	24.21M	14.95M	27.88M	26.48M	24.03M	15.28M	9.28M	-0.78M
(-) Net Interest Income After Taxes	-62.64M	-59.65M	-53.27M	-41.44M	-38.12M	-34.55M	-32.29M	-39.89M	-32.75M	-26.37M	-20.47M	-19.39M	-17.45M	-15.73M	-13.94M	-14.59M	-14.74M	-15.36M	-8.59M	-6.36M	-4.33M	-3.64M	-3.49M	-2.88M	-1.32M	-1.23M	-0.53M	-0.71M	-1.44M	-1.33M	-1.04M
Net Debt Issuance	-4.61M	-25.01M	-14.60M	39.03M	35.00M	-7.58M	14.40M	23.99M	29.91M	15.27M	8.12M	15.95M	22.10M	-0.91M	14.02M	-21.10M	-15.38M	54.66M	21.83M	14.57M	-4.47M	2.60M	-1.01M	-0.53M	1.39M	-1.42M	-0.01M	2.14M	0.52M	1.00M	10.10M
Levered Free Cash Flow	446.29M	389.93M	332.41M	533.95M	443.41M	302.68M	273.00M	277.48M	288.22M	208.23M	169.96M	158.47M	159.17M	126.78M	154.43M	97.82M	68.00M	127.93M	84.76M	62.22M	46.23M	46.26M	31.59M	26.57M	17.66M	27.68M	26.99M	26.87M	17.23M	11.61M	10.35M