Oil & Gas Exploration & Production

Category: Industry Averages Base Ticker: 5199.KL

Methodology: Industry metrics are calculated using the Top 100 companies by revenue within the industry. Values shown represent averages, not aggregates, and are winsorized at the 80/20 percentile to reduce the impact of extreme outliers. All financials are USD-normalized and intended to reflect the core economic structure of the industry.

Industry Enterprise Value

Metric	MRQ	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Stock Price	25.71	18.12	17.78	19.95	14.71	8.04	12.43	12.29	17.37	17.46	14.87	24.12	29.15	26.38	28.69	27.16	21.42	16.70	21.54	21.80	20.91	16.75	13.86	12.58	9.86	11.60	8.64	7.81	10.26	9.19	7.19
Market Capitalization	4,165.22M	3,381.10M	3,183.80M	3,599.52M	2,357.76M	1,782.03M	2,466.89M	2,159.19M	2,786.30M	2,916.88M	2,115.39M	2,928.54M	3,288.30M	3,115.37M	3,015.79M	2,523.97M	1,873.96M	1,239.92M	1,858.62M	1,384.05M	1,060.84M	667.07M	629.33M	449.15M	294.03M	265.19M	202.51M	264.04M	429.43M	332.64M	311.15M
(-) Cash & Equivalents	152.73M	153.32M	181.46M	226.26M	157.33M	101.53M	99.22M	126.80M	140.93M	201.73M	113.72M	130.35M	129.14M	82.13M	117.73M	50.40M	44.78M	44.66M	25.85M	18.45M	21.94M	8.92M	9.27M	5.67M	4.13M	4.37M	4.46M	3.99M	6.01M	4.69M	3.16M
(+) Total Debt	1,427.37M	1,605.28M	1,629.63M	1,406.32M	1,465.73M	1,382.99M	1,671.15M	1,459.62M	1,318.43M	1,312.44M	1,534.96M	1,501.45M	1,185.37M	949.29M	760.62M	582.34M	402.56M	354.84M	256.17M	219.34M	145.31M	117.44M	87.38M	99.03M	85.93M	59.90M	70.38M	92.33M	69.43M	29.12M	25.31M
Enterprise Value	5,658.41M	4,818.17M	4,630.17M	4,812.43M	3,705.00M	3,232.23M	4,130.04M	3,954.78M	4,281.89M	4,100.68M	3,629.02M	4,254.15M	4,487.95M	4,163.71M	3,849.23M	3,106.42M	2,554.61M	1,978.21M	2,628.27M	1,879.11M	1,499.49M	964.38M	787.88M	596.04M	397.42M	328.36M	309.50M	360.28M	474.94M	367.66M	354.34M

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	2,264.267M	2,008.760M	1,970.029M	2,757.576M	1,634.091M	1,046.075M	1,460.988M	1,472.515M	1,055.875M	776.147M	903.451M	1,350.903M	1,203.381M	1,003.405M	848.655M	594.868M	529.133M	728.176M	523.323M	505.098M	404.336M	261.605M	154.939M	93.487M	104.439M	61.821M	42.661M	44.227M	44.485M	29.091M	21.912M
Cost of Revenue	1,131.545M	1,082.906M	1,019.257M	1,117.209M	902.626M	835.545M	931.450M	902.833M	641.428M	613.120M	728.657M	707.171M	642.617M	582.714M	238.107M	195.205M	148.556M	181.061M	189.482M	176.644M	147.720M	68.901M	50.622M	20.630M	17.384M	12.925M	8.497M	10.794M	7.306M	5.792M	5.107M
Gross Profit	1,132.722M	925.855M	950.772M	1,640.367M	731.465M	210.530M	529.537M	569.683M	414.447M	163.028M	174.793M	643.732M	560.764M	420.690M	610.548M	399.663M	380.577M	547.115M	333.841M	328.454M	256.616M	192.704M	104.317M	72.857M	87.055M	48.897M	34.165M	33.433M	37.180M	23.299M	16.805M
Gross Margin	50.03%	46.09%	48.26%	59.49%	44.76%	20.13%	36.25%	38.69%	39.25%	21.00%	19.35%	47.65%	46.60%	41.93%	71.94%	67.19%	71.92%	75.14%	63.79%	65.03%	63.47%	73.66%	67.33%	77.93%	83.36%	79.09%	80.08%	75.59%	83.58%	80.09%	76.69%
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	122.219M	118.908M	108.902M	104.524M	76.032M	80.348M	99.816M	81.293M	79.959M	86.574M	94.007M	116.657M	102.902M	82.376M	57.238M	48.382M	41.644M	37.285M	25.202M	26.440M	22.250M	12.087M	6.817M	4.258M	3.640M	2.667M	2.472M	2.115M	2.027M	1.814M	1.348M
Operating Expenses	122.219M	118.908M	108.902M	104.524M	76.032M	80.348M	99.816M	81.293M	79.959M	86.574M	94.007M	116.657M	102.902M	82.376M	57.238M	48.382M	41.644M	37.285M	25.202M	26.440M	22.250M	12.087M	6.817M	4.258M	3.640M	2.667M	2.472M	2.115M	2.027M	1.814M	1.348M
Operating Income	1,010.503M	806.947M	841.870M	1,535.843M	655.434M	130.181M	429.721M	488.390M	334.489M	76.454M	80.786M	527.075M	457.862M	338.314M	553.311M	351.281M	338.933M	509.830M	308.639M	302.013M	234.366M	180.617M	97.500M	68.599M	83.415M	46.229M	31.693M	31.319M	35.152M	21.485M	15.457M
Operating Margin	44.63%	40.17%	42.73%	55.70%	40.11%	12.44%	29.41%	33.17%	31.68%	9.85%	8.94%	39.02%	38.05%	33.72%	65.20%	59.05%	64.05%	70.01%	58.98%	59.79%	57.96%	69.04%	62.93%	73.38%	79.87%	74.78%	74.29%	70.81%	79.02%	73.86%	70.54%
Interest Income	3.383M	8.046M	4.482M	5.234M	2.139M	4.040M	4.321M	5.415M	3.355M	2.011M	1.610M	1.872M	1.197M	2.566M	1.435M	0.570M	0.485M	0.695M	0.383M	0.287M	0.141M	0.050M	0.030M	0.017M	0.031M	0.029M	0.000M	0.000M	0.000M	0.021M	0.003M
Interest Expense	111.805M	95.210M	82.983M	74.288M	72.132M	91.976M	83.174M	78.494M	69.866M	78.007M	81.976M	67.470M	53.808M	36.121M	27.587M	21.728M	19.744M	18.112M	7.382M	6.284M	4.405M	0.615M	1.203M	0.461M	0.220M	0.635M	0.011M	0.278M	0.010M	0.075M	0.071M
Net Interest Income	-108.421M	-87.164M	-78.500M	-69.053M	-69.993M	-87.936M	-78.854M	-73.078M	-66.511M	-75.996M	-80.366M	-65.597M	-52.610M	-33.556M	-26.152M	-21.159M	-19.260M	-17.417M	-6.999M	-5.997M	-4.264M	-0.565M	-1.172M	-0.444M	-0.189M	-0.606M	-0.011M	-0.277M	-0.010M	-0.054M	-0.069M
Other Income / Expense	-518.866M	-342.009M	-201.929M	-424.898M	-210.591M	-639.128M	-283.268M	-140.847M	-146.365M	-296.720M	-645.140M	-191.633M	-235.188M	-162.274M	-301.203M	-214.257M	-295.562M	-328.994M	-168.949M	-139.990M	-81.581M	-111.843M	-59.806M	-58.459M	-62.662M	-27.903M	-25.173M	-35.238M	-26.057M	-11.021M	-13.443M
Pre-Tax Income	383.216M	377.774M	561.440M	1,041.892M	374.850M	-596.883M	67.600M	274.465M	121.613M	-296.262M	-644.720M	269.845M	170.064M	142.485M	225.956M	115.865M	24.112M	163.419M	132.692M	156.026M	148.521M	68.209M	36.522M	9.696M	20.564M	17.720M	6.510M	-4.197M	9.085M	10.410M	1.945M
Pre-Tax Margin	16.92%	18.81%	28.50%	37.78%	22.94%	-57.06%	4.63%	18.64%	11.52%	-38.17%	-71.36%	19.98%	14.13%	14.20%	26.63%	19.48%	4.56%	22.44%	25.36%	30.89%	36.73%	26.07%	23.57%	10.37%	19.69%	28.66%	15.26%	-9.49%	20.42%	35.79%	8.88%
Income Tax Expense	110.870M	82.516M	128.489M	169.656M	64.905M	-36.603M	18.427M	44.639M	6.216M	-45.006M	-86.247M	96.899M	68.202M	44.753M	79.429M	40.271M	7.510M	51.743M	39.671M	37.271M	29.375M	23.428M	7.836M	4.563M	5.834M	5.647M	1.326M	-0.294M	3.655M	3.115M	1.593M
Tax Rate	28.93%	21.84%	22.89%	16.28%	17.31%	6.13%	27.26%	16.26%	5.11%	15.19%	13.38%	35.00%	35.00%	31.41%	35.00%	34.76%	31.15%	31.66%	29.90%	23.89%	19.78%	34.35%	21.46%	35.00%	28.37%	31.87%	20.37%	7.01%	35.00%	29.92%	35.00%
Net Income	272.346M	295.258M	432.952M	872.237M	309.945M	-560.280M	49.172M	229.826M	115.397M	-251.257M	-558.474M	172.947M	101.861M	97.732M	146.527M	75.595M	16.601M	111.677M	93.021M	118.755M	119.146M	44.781M	28.686M	5.134M	14.730M	12.073M	5.184M	-3.903M	5.430M	7.295M	0.352M
Net Margin	12.03%	14.70%	21.98%	31.63%	18.97%	-53.56%	3.37%	15.61%	10.93%	-32.37%	-61.82%	12.80%	8.46%	9.74%	17.27%	12.71%	3.14%	15.34%	17.78%	23.51%	29.47%	17.12%	18.51%	5.49%	14.10%	19.53%	12.15%	-8.82%	12.21%	25.08%	1.61%
EBIT	1,010.503M	806.947M	841.870M	1,535.843M	655.434M	130.181M	429.721M	488.390M	334.489M	76.454M	80.786M	527.075M	457.862M	338.314M	553.311M	351.281M	338.933M	509.830M	308.639M	302.013M	234.366M	180.617M	97.500M	68.599M	83.415M	46.229M	31.693M	31.319M	35.152M	21.485M	15.457M
Depreciation & Amortization	681.398M	632.422M	493.939M	430.885M	320.432M	466.823M	466.080M	348.263M	274.732M	308.453M	399.939M	320.469M	263.375M	229.244M	165.223M	141.533M	120.063M	125.397M	103.203M	83.778M	55.110M	42.987M	34.065M	27.745M	20.154M	12.857M	11.328M	15.299M	12.129M	8.585M	7.879M
EBITDA	1,691.901M	1,439.369M	1,335.809M	1,966.728M	975.866M	597.004M	895.801M	836.653M	609.220M	384.907M	480.725M	847.545M	721.237M	567.558M	718.533M	492.813M	458.996M	635.227M	411.842M	385.791M	289.477M	223.604M	131.565M	96.344M	103.570M	59.087M	43.021M	46.618M	47.282M	30.071M	23.335M
EBITDA Margin	74.72%	71.65%	67.81%	71.32%	59.72%	57.07%	61.31%	56.82%	57.70%	49.59%	53.21%	62.74%	59.93%	56.56%	84.67%	82.84%	86.74%	87.24%	78.70%	76.38%	71.59%	85.47%	84.91%	103.06%	99.17%	95.58%	100.84%	105.40%	106.29%	103.37%	106.50%
NOPAT	718.150M	630.688M	649.204M	1,285.755M	541.946M	122.198M	312.583M	408.958M	317.392M	64.840M	69.979M	342.599M	297.610M	232.054M	359.652M	229.188M	233.364M	348.405M	216.365M	229.869M	188.012M	118.581M	76.581M	44.590M	59.751M	31.498M	25.236M	29.124M	22.849M	15.056M	10.047M
NOPAT Margin	31.72%	31.40%	32.95%	46.63%	33.16%	11.68%	21.40%	27.77%	30.06%	8.35%	7.75%	25.36%	24.73%	23.13%	42.38%	38.53%	44.10%	47.85%	41.34%	45.51%	46.50%	45.33%	49.43%	47.70%	57.21%	50.95%	59.16%	65.85%	51.36%	51.76%	45.85%
Owner's Earnings	953.744M	927.679M	926.891M	1,303.122M	630.377M	-93.457M	515.252M	578.089M	390.129M	57.197M	-158.535M	493.416M	365.237M	326.975M	311.750M	217.127M	136.665M	237.074M	196.223M	202.533M	174.256M	87.768M	62.750M	32.878M	34.884M	24.931M	16.512M	11.396M	17.559M	15.880M	8.231M
Owner's Earnings Margin	42.12%	46.18%	47.05%	47.26%	38.58%	-8.93%	35.27%	39.26%	36.95%	7.37%	-17.55%	36.52%	30.35%	32.59%	36.73%	36.50%	25.83%	32.56%	37.50%	40.10%	43.10%	33.55%	40.50%	35.17%	33.40%	40.33%	38.70%	25.77%	39.47%	54.59%	37.56%
EPS	1.03	0.99	1.52	2.99	0.97	-1.98	0.18	0.97	0.49	-1.09	-2.74	0.90	0.55	0.55	0.83	0.46	0.10	0.85	0.76	1.16	1.55	0.51	0.53	0.11	0.32	0.28	0.11	-0.05	0.08	0.10	0.00
EPS (Diluted)	1.03	0.99	1.52	2.99	0.97	-1.98	0.18	0.97	0.49	-1.09	-2.74	0.90	0.55	0.55	0.83	0.46	0.10	0.85	0.76	1.16	1.55	0.51	0.53	0.11	0.32	0.28	0.11	-0.05	0.08	0.10	0.00
Shares (Diluted)	263,857,570	297,269,176	284,854,231	292,067,654	319,965,320	282,541,828	278,780,043	238,008,124	236,727,033	229,488,580	203,553,196	192,430,201	185,128,118	177,207,053	177,075,007	163,979,366	158,605,983	131,685,192	122,363,799	102,413,272	76,718,368	86,959,037	53,994,106	47,966,511	46,236,090	43,576,928	45,121,755	81,886,927	69,655,393	75,184,298	72,555,208

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	117.96M	153.32M	181.46M	226.26M	157.87M	101.48M	100.26M	128.03M	140.93M	203.83M	113.72M	131.62M	129.14M	83.79M	118.87M	50.86M	45.22M	45.61M	26.10M	18.43M	21.93M	9.20M	9.33M	5.67M	4.17M	4.38M	4.51M	3.99M	6.05M	4.76M	3.23M
Short-Term Investments	50.90M	25.24M	10.91M	20.10M	36.86M	9.22M	11.25M	31.84M	15.82M	17.81M	33.93M	6.80M	5.42M	3.71M	3.24M	5.62M	11.53M	6.28M	3.18M	2.08M	3.23M	5.34M	1.22M	0.22M	0.15M	1.17M	0.36M	0.89M	2.41M	0.38M	1.10M
Cash & Short-Term Investments	168.87M	178.56M	192.36M	246.36M	194.72M	110.70M	111.51M	159.87M	156.76M	221.64M	147.65M	138.42M	134.56M	87.50M	122.11M	56.49M	56.75M	51.89M	29.27M	20.51M	25.16M	14.55M	10.55M	5.89M	4.32M	5.55M	4.87M	4.89M	8.45M	5.14M	4.34M
Net Receivables	294.15M	391.13M	306.77M	310.61M	249.60M	173.38M	201.21M	195.76M	152.77M	115.67M	114.56M	162.36M	133.86M	133.26M	121.90M	89.70M	85.63M	85.52M	78.65M	72.73M	70.99M	42.21M	20.39M	18.87M	13.13M	14.20M	9.40M	13.40M	12.13M	11.04M	10.84M
Inventory	28.93M	52.49M	53.19M	41.45M	34.80M	25.24M	34.03M	38.65M	28.14M	33.37M	33.58M	40.49M	23.96M	26.01M	27.19M	19.85M	9.88M	15.95M	20.65M	9.98M	8.71M	5.89M	1.69M	0.78M	1.16M	1.37M	1.84M	1.41M	1.33M	0.58M	1.33M
Other Current Assets	71.75M	87.06M	118.18M	95.62M	54.11M	37.31M	56.12M	90.63M	62.04M	44.47M	93.14M	107.07M	49.76M	43.24M	41.22M	23.81M	26.67M	26.21M	18.91M	20.14M	11.95M	5.09M	2.10M	1.30M	2.85M	2.04M	2.96M	2.13M	2.21M	1.00M	0.71M
Total Current Assets	563.70M	709.23M	670.50M	694.04M	533.24M	346.64M	402.87M	484.91M	399.70M	415.15M	388.94M	448.34M	342.15M	290.01M	312.42M	189.84M	178.92M	179.57M	147.48M	123.35M	116.81M	67.74M	34.74M	26.85M	21.47M	23.16M	19.06M	21.83M	24.11M	17.75M	17.22M
Property, Plant & Equipment	3,806.29M	4,451.81M	4,287.13M	3,820.47M	3,206.60M	2,666.99M	3,828.19M	3,669.95M	3,541.05M	3,527.80M	3,384.41M	3,935.33M	3,152.99M	2,950.27M	2,010.01M	1,673.78M	1,205.53M	1,050.06M	1,032.05M	725.75M	575.02M	510.53M	275.23M	283.58M	206.21M	161.32M	157.24M	177.23M	178.11M	78.50M	75.13M
Goodwill	0.00M	43.71M	43.03M	34.39M	36.02M	36.99M	44.25M	47.10M	46.76M	38.60M	16.56M	43.58M	32.21M	17.34M	11.11M	8.15M	5.99M	3.24M	0.90M	0.20M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	0.00M	2.83M	1.52M	0.88M	4.39M	2.56M	5.68M	4.28M	5.76M	2.31M	2.43M	1.03M	4.12M	1.47M	4.64M	0.68M	1.99M	1.60M	0.31M	0.32M	0.25M	0.85M	0.38M	0.06M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Investments	36.42M	45.65M	63.00M	19.61M	31.98M	24.49M	36.63M	33.33M	21.07M	22.53M	28.58M	18.47M	19.59M	18.26M	12.58M	9.38M	14.54M	4.20M	1.00M	0.12M	0.04M	0.00M	0.00M	0.00M	0.00M	0.04M	0.00M	0.00M	0.02M	0.00M	0.00M
Tax Assets	5.71M	49.98M	33.70M	54.03M	43.04M	25.21M	40.30M	45.24M	15.68M	15.80M	26.88M	17.41M	16.22M	8.80M	21.11M	8.74M	8.33M	2.65M	3.79M	4.65M	4.44M	0.84M	0.16M	0.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	263.09M	136.71M	141.06M	90.05M	60.89M	66.54M	68.29M	104.31M	93.16M	83.84M	90.29M	91.73M	83.41M	42.63M	46.00M	37.86M	21.22M	33.90M	32.60M	11.76M	11.41M	4.95M	3.44M	2.94M	3.92M	4.93M	4.60M	4.10M	4.88M	2.91M	2.80M
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	4,111.50M	4,730.68M	4,569.45M	4,019.42M	3,382.92M	2,822.79M	4,023.33M	3,904.22M	3,723.48M	3,690.89M	3,549.15M	4,107.54M	3,308.54M	3,038.77M	2,105.45M	1,738.58M	1,257.59M	1,095.64M	1,070.64M	742.82M	591.16M	517.17M	279.20M	286.62M	210.14M	166.29M	161.85M	181.33M	183.01M	81.41M	77.93M
Total Assets	4,675.20M	5,439.91M	5,239.95M	4,713.47M	3,916.16M	3,169.42M	4,426.21M	4,389.13M	4,123.18M	4,106.04M	3,938.09M	4,555.88M	3,650.69M	3,328.78M	2,417.87M	1,928.43M	1,436.51M	1,275.22M	1,218.12M	866.17M	707.97M	584.91M	313.94M	313.47M	231.60M	189.45M	180.91M	203.16M	207.12M	99.17M	95.15M
Accounts Payable	158.00M	179.87M	166.38M	158.85M	117.95M	91.17M	136.20M	150.16M	115.83M	101.53M	114.61M	170.45M	142.49M	128.48M	113.50M	85.53M	76.04M	88.47M	73.73M	58.06M	52.81M	32.98M	22.80M	19.31M	16.83M	13.77M	9.84M	11.03M	15.96M	8.57M	8.15M
Short-Term Debt	59.35M	69.45M	69.00M	71.00M	63.39M	69.03M	57.00M	34.33M	51.28M	27.30M	77.51M	43.27M	23.64M	30.18M	13.14M	11.53M	14.51M	10.01M	7.58M	6.90M	3.94M	2.49M	1.58M	0.59M	0.31M	0.33M	0.52M	1.18M	0.51M	0.37M	1.49M
Tax Payables	0.00M	37.93M	30.02M	29.45M	23.50M	9.05M	14.78M	15.97M	8.99M	7.39M	6.21M	9.73M	12.50M	9.54M	3.97M	1.61M	1.74M	1.05M	0.16M	0.04M	0.07M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	7.28M	23.12M	13.71M	15.79M	6.80M	10.51M	6.95M	8.07M	9.23M	12.16M	7.64M	1.27M	0.18M	0.95M	0.40M	0.08M	0.03M	0.06M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	211.23M	218.25M	190.79M	238.61M	255.43M	140.43M	134.46M	117.35M	132.01M	116.16M	90.85M	129.94M	126.66M	94.65M	71.12M	67.57M	32.79M	43.38M	39.64M	25.20M	25.42M	17.94M	14.51M	6.51M	1.45M	1.55M	1.94M	3.56M	4.62M	4.65M	3.46M
Total Current Liabilities	428.58M	505.51M	456.19M	505.18M	483.38M	323.39M	358.23M	324.61M	318.62M	259.33M	297.26M	362.61M	317.46M	270.50M	203.00M	166.42M	126.02M	143.31M	121.19M	90.23M	82.31M	53.41M	38.89M	26.42M	18.59M	15.65M	12.30M	15.77M	21.10M	13.59M	13.11M
Long-Term Debt	1,283.15M	1,277.82M	1,297.63M	1,168.87M	1,210.50M	1,171.31M	1,418.85M	1,309.17M	1,227.79M	1,264.82M	1,314.79M	1,449.49M	1,136.55M	900.78M	736.55M	559.92M	381.73M	344.37M	238.53M	158.79M	126.65M	116.98M	84.03M	90.25M	78.96M	58.76M	73.27M	77.19M	61.52M	30.92M	42.09M
Capital Lease Obligations	13.73M	46.62M	51.70M	49.38M	35.33M	41.25M	49.47M	0.49M	0.11M	0.00M	0.16M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	254.39M	265.21M	153.62M	120.73M	98.99M	76.58M	122.80M	130.93M	107.85M	149.48M	173.62M	278.55M	243.60M	246.33M	204.74M	161.36M	144.94M	136.39M	106.47M	83.85M	48.23M	34.68M	30.96M	28.04M	6.13M	5.05M	2.47M	1.76M	6.69M	6.64M	7.31M
Other Non-Current Liabilities	432.60M	521.37M	395.16M	327.84M	291.80M	324.23M	250.16M	269.23M	219.54M	205.61M	261.17M	263.71M	164.93M	138.18M	122.46M	82.64M	77.19M	100.54M	71.96M	74.77M	30.77M	23.29M	14.27M	8.16M	4.18M	3.69M	3.29M	3.15M	2.56M	2.35M	2.79M
Total Non-Current Liabilities	1,983.87M	2,111.02M	1,898.12M	1,666.82M	1,636.63M	1,613.38M	1,841.27M	1,709.80M	1,555.29M	1,619.92M	1,749.74M	1,991.75M	1,545.09M	1,285.30M	1,063.75M	803.92M	603.87M	581.29M	416.96M	317.42M	205.65M	174.94M	129.26M	126.45M	89.27M	67.49M	79.03M	82.10M	70.78M	39.91M	52.19M
Total Liabilities	2,412.46M	2,616.52M	2,354.31M	2,172.01M	2,120.01M	1,936.77M	2,199.50M	2,034.42M	1,873.91M	1,879.25M	2,047.00M	2,354.36M	1,862.54M	1,555.79M	1,266.75M	970.33M	729.89M	724.60M	538.15M	407.64M	287.96M	228.36M	168.15M	152.87M	107.86M	83.14M	91.34M	97.87M	91.87M	53.50M	65.29M
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	222.25M	300.03M	315.85M	286.55M	280.15M	305.03M	314.85M	313.81M	312.74M	313.13M	244.32M	249.25M	212.36M	179.56M	34.56M	14.18M	14.32M	12.66M	8.97M	7.63M	8.51M	10.21M	9.35M	9.06M	8.24M	8.39M	7.75M	7.46M	5.60M	3.82M	3.97M
Retained Earnings	666.41M	621.29M	640.48M	276.02M	-132.62M	-442.06M	2.87M	32.05M	-62.71M	-225.92M	-116.72M	451.30M	478.97M	435.93M	368.58M	214.62M	233.97M	286.59M	248.17M	205.18M	197.25M	62.85M	25.83M	14.49M	-2.94M	-3.34M	-6.76M	-7.28M	3.74M	1.27M	3.77M
Accumulated OCI	1.00M	4.91M	7.00M	16.63M	5.04M	9.72M	10.17M	-50.37M	-90.13M	-140.44M	-232.65M	-176.48M	-87.86M	-74.67M	-64.77M	-41.68M	-21.07M	-6.95M	-19.05M	-5.70M	-20.30M	-7.27M	-7.52M	-6.66M	-7.59M	-6.42M	-6.01M	-18.25M	-18.59M	-11.67M	-7.96M
Minority Interest	36.84M	41.71M	34.41M	33.44M	11.33M	9.71M	8.52M	13.48M	18.59M	1.80M	1.67M	5.90M	2.43M	1.20M	0.09M	0.00M	0.00M	0.00M	0.00M	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 Shareholders’ Equity	889.65M	926.23M	963.32M	579.20M	152.56M	-127.31M	327.88M	295.49M	159.90M	-53.23M	-105.04M	524.07M	603.47M	540.82M	338.37M	187.11M	227.22M	292.29M	238.09M	207.11M	185.46M	65.79M	27.66M	16.88M	-2.29M	-1.37M	-5.02M	-18.07M	-9.25M	-6.57M	-0.22M
Total Equity	926.50M	967.94M	997.74M	612.63M	163.89M	-117.60M	336.41M	308.97M	178.49M	-51.43M	-103.37M	529.97M	605.90M	542.02M	338.46M	187.11M	227.22M	292.29M	238.09M	207.11M	185.46M	65.79M	27.66M	16.88M	-2.29M	-1.37M	-5.02M	-18.07M	-9.25M	-6.57M	-0.22M
Total Liabilities & Equity	3,338.95M	3,584.46M	3,352.04M	2,784.64M	2,283.90M	1,819.18M	2,535.91M	2,343.39M	2,052.40M	1,827.83M	1,943.62M	2,884.34M	2,468.45M	2,097.81M	1,605.21M	1,157.45M	957.11M	1,016.89M	776.24M	614.75M	473.42M	294.14M	195.81M	169.75M	105.57M	81.78M	86.32M	79.81M	82.63M	46.92M	65.07M
Tangible Assets	4,675.20M	5,393.38M	5,195.39M	4,678.20M	3,875.75M	3,129.87M	4,376.28M	4,337.75M	4,070.66M	4,065.12M	3,919.10M	4,511.28M	3,614.35M	3,309.97M	2,402.12M	1,919.60M	1,428.54M	1,270.38M	1,216.91M	865.64M	707.72M	584.06M	313.56M	313.42M	231.60M	189.45M	180.91M	203.16M	207.12M	99.17M	95.15M
Tangible Equity	926.50M	921.40M	953.18M	577.36M	123.48M	-157.15M	286.48M	257.59M	125.96M	-92.34M	-122.36M	485.37M	569.57M	523.21M	322.71M	178.29M	219.24M	287.46M	236.88M	206.58M	185.21M	64.94M	27.28M	16.83M	-2.29M	-1.37M	-5.02M	-18.07M	-9.25M	-6.57M	-0.22M
Tangible Book Value	926.50M	921.40M	953.18M	577.36M	123.48M	-157.15M	286.48M	257.59M	125.96M	-92.34M	-122.36M	485.37M	569.57M	523.21M	322.71M	178.29M	219.24M	287.46M	236.88M	206.58M	185.21M	64.94M	27.28M	16.83M	-2.29M	-1.37M	-5.02M	-18.07M	-9.25M	-6.57M	-0.22M
Total Investments	56.26M	73.72M	71.51M	47.35M	58.06M	38.10M	53.28M	42.75M	32.66M	44.58M	41.50M	22.90M	23.29M	33.91M	28.48M	19.83M	21.61M	12.64M	7.32M	3.39M	3.26M	1.19M	0.23M	0.29M	0.22M	0.27M	0.09M	0.09M	0.14M	0.07M	0.05M
Net Debt	1,224.54M	1,193.96M	1,185.17M	1,013.61M	1,116.02M	1,138.86M	1,375.59M	1,215.46M	1,138.14M	1,088.29M	1,278.58M	1,361.13M	1,031.05M	847.17M	630.82M	520.59M	351.02M	308.76M	220.01M	147.26M	108.66M	110.27M	76.27M	85.17M	75.10M	54.71M	69.29M	74.39M	55.99M	26.52M	40.35M

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	-55.91M	-62.09M	40.64M	-98.23M	-43.41M	-69.73M	-36.29M	97.98M	77.65M	142.19M	1.59M	23.89M	43.64M	49.40M	92.10M	42.32M	45.27M	24.79M	11.35M	-16.09M	11.60M	0.41M	-0.11M	-0.60M	4.49M	9.04M	-0.21M	2.71M	5.03M	4.36M	3.59M
Total Capital	4,670.89M	4,804.47M	4,271.32M	3,610.25M	3,005.89M	2,448.68M	3,544.43M	3,486.62M	3,184.67M	3,014.26M	3,122.50M	3,512.49M	3,064.08M	2,774.23M	2,201.20M	1,621.68M	1,313.66M	1,130.69M	899.05M	753.39M	578.65M	347.46M	226.87M	216.75M	186.89M	134.70M	144.03M	146.12M	162.44M	90.39M	89.43M
Capital Employed	5,706.18M	5,882.83M	5,282.46M	4,695.53M	3,715.50M	3,404.05M	4,958.37M	4,367.93M	4,103.67M	4,056.29M	4,075.11M	4,461.38M	3,896.88M	3,575.18M	2,958.02M	2,441.90M	1,687.47M	1,487.81M	1,180.57M	1,145.45M	829.18M	687.89M	285.23M	285.92M	218.59M	176.05M	127.97M	195.96M	217.98M	90.83M	92.23M
Invested Capital	4,552.92M	4,651.15M	4,089.86M	3,383.99M	2,848.02M	2,347.20M	3,444.17M	3,358.59M	3,043.74M	2,810.44M	3,008.78M	3,380.87M	2,934.94M	2,690.44M	2,082.32M	1,570.82M	1,268.44M	1,085.08M	872.95M	734.96M	556.73M	338.26M	217.54M	211.08M	182.72M	130.31M	139.53M	142.12M	156.39M	85.63M	86.19M

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	533.55M	448.74M	395.92M	365.19M	251.90M	432.63M	366.16M	262.75M	244.66M	299.11M	397.94M	266.30M	246.48M	220.40M	126.59M	94.86M	95.87M	119.75M	82.36M	63.90M	41.40M	36.29M	21.69M	19.08M	13.87M	11.79M	8.74M	13.91M	12.09M	5.97M	7.80M
Deferred Income Tax	22.67M	6.30M	28.73M	37.93M	11.94M	-29.84M	-1.43M	5.91M	-14.01M	-48.23M	-63.56M	59.12M	22.42M	15.90M	16.76M	4.85M	-6.09M	10.79M	7.34M	12.33M	2.07M	4.86M	1.89M	0.60M	0.32M	0.15M	0.21M	0.00M	0.50M	0.74M	0.07M
Stock-Based Compensation	9.69M	8.63M	10.54M	10.34M	7.31M	4.84M	6.95M	5.97M	6.87M	7.76M	5.92M	6.91M	6.13M	4.48M	3.56M	2.68M	1.72M	0.18M	0.03M	0.01M	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	-15.43M	-33.46M	-11.99M	-27.19M	-20.99M	8.75M	-16.55M	3.16M	-16.73M	-19.75M	1.24M	-1.07M	-3.33M	-10.55M	-6.18M	3.85M	-3.88M	2.48M	-2.33M	-3.11M	-5.27M	-0.80M	-0.03M	-0.36M	-0.04M	-0.73M	-0.26M	-0.21M	-0.28M	-0.37M	0.44M
Accounts Receivable	0.41M	-12.91M	9.46M	-33.33M	-62.06M	33.05M	0.81M	-14.47M	-20.87M	-5.44M	39.93M	1.83M	-14.54M	-7.37M	-8.43M	-4.00M	0.10M	0.18M	-0.08M	0.00M	-0.08M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	-0.30M	0.33M	-1.44M	-3.11M	-3.43M	-0.17M	-0.09M	-0.99M	0.10M	0.55M	1.63M	-1.35M	-2.17M	-1.66M	-0.60M	-1.01M	-1.80M	-3.10M	-0.14M	-0.50M	-0.78M	-0.89M	-0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Accounts Payable	-1.30M	1.95M	-2.89M	19.73M	22.01M	-18.58M	-5.20M	8.80M	10.24M	-4.16M	-21.49M	2.58M	1.32M	0.56M	2.44M	2.07M	-1.48M	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
Other Working Capital	-7.42M	-10.27M	-19.34M	-7.20M	15.87M	-4.08M	-9.15M	5.56M	-1.43M	-1.53M	-5.49M	-5.71M	-0.97M	-7.24M	14.86M	1.48M	2.22M	3.00M	0.47M	-0.62M	0.73M	0.20M	-0.10M	0.10M	0.02M	0.08M	-0.02M	-0.05M	0.00M	0.00M	0.47M
Other Non-Cash Items	151.90M	166.99M	2.54M	-26.02M	72.10M	418.97M	174.36M	34.42M	27.87M	189.33M	355.43M	6.95M	47.35M	28.76M	28.36M	20.63M	86.78M	45.11M	25.79M	0.79M	4.75M	1.42M	1.51M	1.42M	1.60M	0.49M	0.62M	0.63M	1.04M	0.60M	0.54M
Net Cash from Operating Activities	1,045.90M	890.50M	932.81M	1,225.80M	628.00M	416.22M	638.62M	670.39M	382.09M	265.94M	350.91M	571.27M	501.66M	446.98M	377.10M	280.76M	235.30M	323.41M	235.17M	210.56M	168.63M	99.65M	68.53M	47.71M	40.97M	34.61M	20.73M	18.40M	27.91M	21.20M	16.56M
Capital Expenditures (PPE)	-520.17M	-482.16M	-647.00M	-522.02M	-346.71M	-262.89M	-408.81M	-502.43M	-468.70M	-347.75M	-461.73M	-782.50M	-672.16M	-581.80M	-492.18M	-383.10M	-247.44M	-307.50M	-274.13M	-196.80M	-114.23M	-72.06M	-48.13M	-44.83M	-44.82M	-28.02M	-22.88M	-53.24M	-49.36M	-29.35M	-30.22M
Acquisitions (Net)	-0.78M	-10.76M	-9.64M	-34.42M	-7.67M	0.56M	-14.21M	-10.62M	3.77M	-2.72M	-2.27M	-13.79M	-3.42M	-8.48M	-0.65M	-0.93M	0.00M	-0.65M	-7.54M	-0.50M	-0.21M	-0.37M	-0.01M	-0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-1.00M	-0.29M	0.00M	-2.90M	0.00M	-0.24M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.46M	-0.11M	-0.97M	-0.29M	-1.04M	-1.74M	-1.75M	-0.40M	-0.77M	-0.07M	0.00M	0.00M	-0.01M	-0.05M	0.00M	0.00M	-0.01M	-0.01M	0.00M
Sales / Maturities of Investments	0.00M	0.00M	0.00M	2.67M	0.59M	0.00M	0.29M	2.15M	0.01M	2.13M	0.07M	0.36M	0.11M	0.88M	1.15M	1.88M	0.78M	0.50M	0.48M	0.02M	0.05M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Investing Activities	-43.98M	-17.78M	-6.91M	7.71M	13.54M	-1.34M	7.05M	30.03M	22.18M	18.41M	10.01M	49.28M	64.42M	33.04M	10.06M	15.80M	1.87M	18.05M	11.48M	1.77M	4.95M	2.25M	1.69M	2.27M	0.10M	0.01M	1.02M	2.24M	0.51M	1.72M	2.75M
Net Cash from Investing Activities	-775.26M	-746.37M	-815.75M	-674.82M	-390.94M	-309.48M	-513.44M	-547.99M	-431.43M	-343.66M	-437.87M	-741.80M	-633.12M	-629.00M	-458.47M	-332.36M	-275.82M	-421.87M	-332.13M	-262.36M	-133.77M	-113.15M	-55.46M	-48.22M	-55.92M	-36.98M	-16.17M	-48.73M	-42.61M	-27.83M	-28.98M
Net Debt Issuance	-21.69M	44.73M	7.16M	-111.64M	-96.34M	0.37M	51.83M	34.39M	19.93M	13.94M	29.70M	78.96M	47.88M	86.20M	42.38M	24.54M	12.15M	7.28M	26.08M	7.79M	0.39M	1.30M	0.01M	1.23M	0.09M	-0.11M	0.15M	0.19M	6.60M	1.90M	0.00M
Long-Term Debt Issuance	-19.48M	59.20M	18.64M	-106.72M	-87.33M	-1.53M	61.04M	49.03M	17.04M	22.05M	31.56M	70.27M	42.39M	83.33M	45.36M	22.38M	8.97M	5.11M	17.09M	4.38M	0.57M	0.61M	-0.02M	0.16M	0.03M	-0.09M	0.10M	0.09M	0.94M	0.58M	0.04M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-29.38M	-18.98M	-39.40M	-60.71M	-3.17M	-1.05M	-4.47M	-5.56M	0.00M	11.11M	1.49M	-0.74M	-0.87M	0.76M	1.45M	5.94M	2.93M	3.57M	5.34M	2.95M	4.46M	1.69M	0.79M	0.27M	0.15M	0.29M	0.71M	0.54M	1.13M	2.25M	0.68M
Common Stock Issuance	0.01M	1.73M	7.81M	1.36M	11.52M	0.00M	0.08M	0.24M	6.26M	100.91M	42.80M	10.47M	16.54M	9.94M	18.93M	22.39M	9.22M	19.81M	19.78M	11.70M	9.57M	7.67M	2.47M	1.17M	1.51M	1.35M	1.24M	1.47M	3.89M	3.09M	2.61M
Common Stock Repurchased	-35.86M	-30.13M	-61.30M	-84.13M	-8.19M	-3.00M	-10.76M	-13.04M	-2.27M	-0.44M	-1.02M	-2.49M	-2.53M	-0.79M	-0.45M	-0.11M	-0.32M	-1.39M	-0.45M	-1.41M	-0.14M	-0.17M	-0.02M	-0.01M	-0.05M	-0.02M	0.00M	-0.02M	0.00M	-0.02M	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	-117.65M	-133.18M	-127.40M	-81.21M	-30.01M	-26.56M	-35.11M	-30.58M	-41.02M	-14.11M	-34.90M	-51.47M	-52.11M	-40.64M	-28.80M	-31.75M	-27.25M	-29.26M	-20.10M	-20.58M	-21.75M	-12.28M	-6.76M	-2.64M	-0.27M	-0.53M	-0.49M	-1.39M	-1.53M	-1.83M	-1.49M
Common Dividends Paid	-112.44M	-131.69M	-126.29M	-82.23M	-29.86M	-26.37M	-34.32M	-29.51M	-37.89M	-14.00M	-34.12M	-50.80M	-51.49M	-39.17M	-31.60M	-32.87M	-24.15M	-29.08M	-19.72M	-20.56M	-14.11M	-10.62M	-2.79M	-1.15M	-0.22M	-0.59M	-0.49M	-1.47M	-1.52M	-1.85M	-1.48M
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	-34.34M	-38.10M	-39.78M	-35.31M	-37.62M	-27.85M	-25.63M	-26.99M	-4.84M	-17.17M	10.47M	25.25M	13.07M	22.35M	7.80M	6.36M	3.02M	10.03M	8.22M	8.35M	0.29M	0.96M	-0.01M	0.10M	0.32M	0.66M	-0.21M	2.37M	0.36M	-0.01M	0.22M
Net Cash from Financing Activities	-243.01M	-127.64M	-203.70M	-404.05M	-157.22M	-74.00M	-64.42M	-57.82M	-40.66M	61.63M	86.92M	119.10M	30.90M	170.87M	89.37M	79.81M	25.73M	31.63M	59.76M	22.95M	4.38M	8.89M	-13.05M	1.81M	0.95M	0.55M	0.52M	15.45M	9.04M	9.63M	2.09M
Effect of FX on Cash	0.00M	0.00M	0.01M	0.12M	-0.12M	-0.12M	-0.08M	0.37M	-0.07M	-0.09M	0.14M	0.06M	-0.09M	-0.07M	-0.01M	-0.05M	0.00M	-0.08M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.04M	0.02M
Net Change in Cash	-9.29M	-1.06M	-20.39M	50.19M	55.76M	-2.99M	-2.03M	1.59M	-17.41M	4.48M	-7.82M	3.89M	30.09M	-5.22M	24.93M	10.44M	4.38M	9.51M	9.35M	-2.11M	4.67M	2.65M	2.14M	0.11M	-0.26M	0.81M	0.63M	0.46M	0.48M	2.04M	2.36M
Cash at Beginning of Period	186.06M	188.54M	219.07M	162.63M	100.38M	103.69M	124.53M	148.90M	198.45M	112.98M	123.41M	159.44M	77.94M	125.85M	57.20M	45.79M	48.18M	27.25M	17.58M	24.06M	12.33M	11.93M	6.70M	4.50M	5.98M	5.57M	3.93M	4.33M	5.21M	3.19M	3.26M
Cash at End of Period	112.16M	158.76M	186.17M	244.76M	161.86M	104.70M	107.09M	129.40M	149.75M	196.19M	110.09M	127.57M	127.47M	86.72M	127.82M	51.16M	48.18M	48.75M	28.15M	19.68M	23.64M	10.53M	8.07M	6.41M	5.22M	6.24M	7.23M	5.82M	8.94M	9.89M	12.06M
Operating Cash Flow	1,046.82M	890.28M	933.62M	1,221.19M	610.31M	416.22M	638.62M	670.39M	382.09M	265.94M	350.91M	571.27M	501.66M	446.98M	377.10M	280.76M	235.30M	323.41M	235.17M	210.56M	168.63M	99.65M	68.53M	47.71M	40.97M	34.61M	20.73M	18.40M	27.91M	21.20M	16.56M
Capital Expenditure	-590.56M	-607.35M	-705.13M	-559.66M	-353.52M	-282.20M	-435.00M	-537.70M	-479.97M	-369.49M	-468.56M	-791.47M	-675.35M	-629.34M	-512.93M	-390.01M	-252.96M	-344.09M	-274.44M	-196.84M	-114.25M	-72.13M	-48.17M	-44.83M	-44.82M	-28.03M	-22.89M	-52.71M	-49.39M	-29.35M	-30.23M
Free Cash Flow	400.75M	222.28M	291.81M	663.78M	288.62M	91.13M	88.46M	28.33M	-14.51M	-37.81M	-133.12M	-190.69M	-127.84M	-182.43M	-101.26M	-62.96M	-21.72M	-14.39M	-24.54M	-8.89M	12.79M	6.81M	14.06M	1.09M	0.46M	12.64M	-0.18M	-27.14M	-18.39M	-5.72M	-4.81M

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	1,045.97M	962.27M	1,193.14M	1,545.00M	687.69M	-10.54M	483.86M	646.24M	446.88M	208.12M	-167.03M	592.54M	530.42M	436.09M	466.25M	296.69M	137.23M	282.02M	276.32M	260.97M	226.11M	124.73M	72.99M	58.54M	63.63M	47.12M	21.77M	40.10M	23.00M	22.56M	13.87M
(-) Tax Adjustment	302.61M	210.19M	273.06M	251.58M	119.07M	-0.65M	131.90M	105.10M	22.84M	31.62M	-22.34M	212.77M	212.72M	136.97M	163.90M	103.12M	42.74M	89.29M	82.61M	62.34M	44.72M	42.84M	15.66M	27.55M	18.05M	15.01M	4.44M	2.81M	9.25M	6.75M	11.37M
(-) Change In Working Capital	-15.43M	-33.46M	-11.99M	-27.19M	-20.99M	8.75M	-16.55M	3.16M	-16.73M	-19.75M	1.24M	-1.07M	-3.33M	-10.55M	-6.18M	3.85M	-3.88M	2.48M	-2.33M	-3.11M	-5.27M	-0.80M	-0.03M	-0.36M	-0.04M	-0.73M	-0.26M	-0.21M	-0.28M	-0.37M	0.44M
(-) Capital Expenditure	590.56M	607.35M	705.13M	559.66M	353.52M	282.20M	435.00M	537.70M	479.97M	369.49M	468.56M	791.47M	675.35M	629.34M	512.93M	390.01M	252.96M	344.09M	274.44M	196.84M	114.25M	72.13M	48.17M	44.83M	44.82M	28.03M	22.89M	52.71M	49.39M	29.35M	30.23M
Unlevered Free Cash Flow	168.22M	178.19M	226.95M	760.95M	236.08M	-300.84M	-66.49M	0.27M	-39.21M	-173.24M	-614.49M	-410.64M	-354.32M	-319.67M	-204.40M	-200.29M	-154.60M	-153.84M	-78.40M	4.89M	72.41M	10.56M	9.20M	-13.47M	0.81M	4.80M	-5.29M	-15.21M	-35.36M	-13.17M	-28.16M
(-) Net Interest Income After Taxes	-77.05M	-68.12M	-60.54M	-57.81M	-57.87M	-82.54M	-57.36M	-61.19M	-63.11M	-64.45M	-69.62M	-42.04M	-31.51M	-23.02M	-16.96M	-13.80M	-13.26M	-11.90M	-4.91M	-4.56M	-3.42M	-0.37M	-0.92M	-0.24M	-0.14M	-0.41M	-0.01M	-0.26M	-0.01M	-0.04M	-0.01M
Net Debt Issuance	-21.69M	44.73M	7.16M	-111.64M	-96.34M	0.37M	51.83M	34.39M	19.93M	13.94M	29.70M	78.96M	47.88M	86.20M	42.38M	24.54M	12.15M	7.28M	26.08M	7.79M	0.39M	1.30M	0.01M	1.23M	0.09M	-0.11M	0.15M	0.19M	6.60M	1.90M	0.00M
Levered Free Cash Flow	223.58M	291.04M	294.65M	707.12M	197.61M	-217.93M	42.70M	95.85M	43.83M	-94.85M	-515.17M	-289.63M	-274.92M	-210.46M	-145.06M	-161.95M	-129.19M	-134.66M	-47.41M	17.25M	76.22M	12.23M	10.13M	-12.01M	1.03M	5.10M	-5.13M	-14.76M	-28.76M	-11.23M	-28.15M