Oil & Gas Midstream

Category: Industry Averages Base Ticker: VPK.AS

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	24.59	21.17	18.07	17.22	14.33	10.71	16.77	15.61	18.67	20.54	19.98	28.22	28.15	23.00	21.84	25.39	20.71	17.63	24.75	24.17	24.17	21.70	21.09	14.62	16.61	15.75	11.90	13.80	12.13	11.19	6.31
Market Capitalization	14,033.81M	6,368.93M	3,562.40M	2,980.85M	2,282.31M	1,835.15M	2,520.27M	2,247.62M	2,423.67M	2,570.09M	2,343.13M	2,629.61M	1,961.88M	1,523.89M	1,562.41M	1,943.11M	1,595.97M	1,316.13M	1,721.00M	1,731.63M	1,440.22M	1,764.60M	1,024.56M	739.77M	770.28M	731.15M	618.47M	617.80M	1,228.77M	1,023.80M	1,060.51M
(-) Cash & Equivalents	272.53M	183.39M	172.67M	140.41M	90.36M	94.02M	91.70M	96.34M	90.60M	88.86M	85.82M	101.35M	79.28M	90.26M	54.69M	76.16M	61.78M	79.27M	56.40M	43.98M	38.30M	46.97M	22.81M	16.41M	15.64M	15.45M	16.60M	19.36M	16.90M	20.46M	28.86M
(+) Total Debt	7,129.40M	2,952.36M	2,882.19M	2,931.19M	1,916.56M	2,597.30M	2,616.14M	2,166.30M	2,001.26M	1,536.15M	1,899.89M	1,393.74M	1,242.44M	997.61M	1,062.72M	1,177.36M	1,076.53M	1,146.27M	1,019.10M	1,136.44M	669.12M	576.42M	505.42M	437.58M	449.48M	529.01M	353.58M	268.49M	640.84M	661.84M	612.40M
Enterprise Value	22,961.75M	9,450.63M	6,223.44M	5,893.98M	4,371.83M	3,919.86M	4,442.56M	4,242.26M	4,587.82M	4,132.20M	4,289.02M	4,402.93M	3,916.10M	2,941.15M	3,176.65M	3,381.67M	2,687.64M	2,610.67M	3,437.87M	3,192.11M	2,463.10M	2,446.03M	1,659.36M	1,276.37M	1,261.14M	1,289.89M	1,058.27M	1,539.76M	1,679.49M	1,491.85M	1,648.67M

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	4,359.337M	3,461.937M	3,116.957M	3,402.207M	1,942.343M	1,914.537M	2,321.119M	2,447.783M	1,872.900M	1,148.196M	1,474.491M	2,048.507M	1,683.793M	1,897.999M	2,099.859M	1,854.184M	1,618.902M	2,199.902M	1,501.202M	1,564.620M	1,148.894M	1,271.065M	958.467M	700.637M	1,129.010M	1,449.959M	794.410M	741.623M	2,333.092M	1,892.048M	966.426M
Cost of Revenue	2,191.696M	1,471.722M	1,537.622M	1,952.370M	1,474.287M	1,036.704M	1,201.792M	1,266.846M	1,116.044M	715.292M	852.174M	1,220.634M	1,186.002M	1,184.847M	1,197.106M	1,098.298M	1,031.283M	1,499.700M	962.514M	981.449M	891.730M	651.263M	449.655M	360.443M	564.088M	737.124M	223.236M	187.023M	286.602M	227.146M	150.334M
Gross Profit	2,167.641M	1,990.216M	1,579.335M	1,449.837M	468.055M	877.834M	1,119.327M	1,180.937M	756.856M	432.904M	622.317M	827.873M	497.791M	713.152M	902.753M	755.886M	587.618M	700.202M	538.688M	583.170M	257.165M	619.802M	508.812M	340.194M	564.922M	712.835M	571.173M	554.601M	2,046.489M	1,664.901M	816.092M
Gross Margin	49.72%	57.49%	50.67%	42.61%	24.10%	45.85%	48.22%	48.25%	40.41%	37.70%	42.21%	40.41%	29.56%	37.57%	42.99%	40.77%	36.30%	31.83%	35.88%	37.27%	22.38%	48.76%	53.09%	48.55%	50.04%	49.16%	71.90%	74.78%	87.72%	87.99%	84.44%
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	96.637M	78.680M	65.829M	52.800M	46.216M	52.394M	52.433M	55.038M	49.997M	48.112M	53.417M	50.282M	52.775M	42.814M	86.484M	80.653M	37.291M	39.335M	29.341M	23.590M	22.049M	25.224M	12.762M	14.391M	11.006M	11.607M	11.032M	102.025M	243.913M	104.010M	85.040M
Operating Expenses	96.637M	78.680M	65.829M	52.800M	46.216M	52.394M	52.433M	55.038M	49.997M	48.112M	53.417M	50.282M	52.775M	42.814M	86.484M	80.653M	37.291M	39.335M	29.341M	23.590M	22.049M	25.224M	12.762M	14.391M	11.006M	11.607M	11.032M	102.025M	243.913M	104.010M	85.040M
Operating Income	2,071.004M	1,911.536M	1,513.505M	1,397.037M	421.840M	825.440M	1,066.894M	1,125.899M	706.860M	384.792M	568.900M	777.591M	445.016M	670.338M	816.269M	675.233M	550.327M	660.867M	509.348M	559.580M	235.115M	594.578M	496.050M	325.802M	553.916M	701.228M	560.141M	452.576M	1,802.576M	1,560.892M	731.052M
Operating Margin	47.51%	55.22%	48.56%	41.06%	21.72%	43.11%	45.96%	46.00%	37.74%	33.51%	38.58%	37.96%	26.43%	35.32%	38.87%	36.42%	33.99%	30.04%	33.93%	35.76%	20.46%	46.78%	51.75%	46.50%	49.06%	48.36%	70.51%	61.02%	77.26%	82.50%	75.64%
Interest Income	7.091M	8.184M	5.784M	2.748M	1.163M	1.558M	1.601M	1.129M	0.694M	0.328M	0.491M	0.681M	0.994M	1.224M	1.057M	1.277M	3.733M	3.876M	3.757M	1.316M	0.820M	0.004M	0.074M	0.007M	0.017M	0.023M	0.000M	0.000M	0.000M	0.000M	0.020M
Interest Expense	226.987M	162.079M	147.290M	145.962M	95.749M	112.891M	95.599M	97.611M	77.164M	60.899M	55.140M	52.848M	46.747M	45.850M	61.030M	60.763M	73.889M	95.416M	35.677M	25.676M	14.443M	5.309M	4.781M	2.748M	1.115M	2.336M	0.139M	0.325M	0.269M	0.390M	1.356M
Net Interest Income	-219.896M	-153.895M	-141.506M	-143.215M	-94.586M	-111.333M	-93.998M	-96.482M	-76.469M	-60.571M	-54.649M	-52.168M	-45.752M	-44.625M	-59.973M	-59.486M	-70.156M	-91.540M	-31.920M	-24.360M	-13.624M	-5.305M	-4.707M	-2.741M	-1.098M	-2.313M	-0.139M	-0.325M	-0.269M	-0.390M	-1.336M
Other Income / Expense	-1,087.586M	-1,179.073M	-827.114M	-837.424M	-187.090M	-591.075M	-798.037M	-865.527M	-479.895M	-220.645M	-397.421M	-573.571M	-297.178M	-501.065M	-660.290M	-498.975M	-357.559M	-425.475M	-320.431M	-404.919M	-126.083M	-491.477M	-428.025M	-302.724M	-468.568M	-624.080M	-533.455M	-405.598M	-1,730.953M	-1,488.020M	-688.127M
Pre-Tax Income	763.521M	578.568M	544.885M	416.398M	140.164M	123.032M	174.859M	163.889M	150.495M	103.576M	116.831M	151.853M	102.086M	124.648M	96.006M	116.772M	122.612M	143.852M	156.997M	130.302M	95.409M	97.796M	63.318M	20.338M	84.250M	74.835M	26.547M	46.653M	71.354M	72.482M	41.589M
Pre-Tax Margin	17.51%	16.71%	17.48%	12.24%	7.22%	6.43%	7.53%	6.70%	8.04%	9.02%	7.92%	7.41%	6.06%	6.57%	4.57%	6.30%	7.57%	6.54%	10.46%	8.33%	8.30%	7.69%	6.61%	2.90%	7.46%	5.16%	3.34%	6.29%	3.06%	3.83%	4.30%
Income Tax Expense	50.790M	38.443M	30.383M	32.431M	8.561M	8.219M	8.181M	16.826M	5.369M	6.083M	7.297M	19.532M	12.220M	14.199M	13.251M	8.017M	7.593M	20.849M	7.643M	9.141M	2.871M	6.917M	8.074M	4.294M	14.059M	-3.803M	8.765M	16.493M	26.748M	25.882M	12.402M
Tax Rate	6.65%	6.64%	5.58%	7.79%	6.11%	6.68%	4.68%	10.27%	3.57%	5.87%	6.25%	12.86%	11.97%	11.39%	13.80%	6.87%	6.19%	14.49%	4.87%	7.02%	3.01%	7.07%	12.75%	21.12%	16.69%	0.00%	33.02%	35.00%	35.00%	35.00%	29.82%
Net Income	712.732M	540.125M	514.503M	383.968M	131.603M	114.813M	166.678M	147.063M	145.126M	97.492M	109.534M	132.321M	89.866M	110.449M	82.755M	108.755M	115.019M	123.003M	149.354M	121.161M	92.537M	90.879M	55.244M	16.044M	70.190M	78.638M	17.782M	30.160M	44.606M	46.600M	29.188M
Net Margin	16.35%	15.60%	16.51%	11.29%	6.78%	6.00%	7.18%	6.01%	7.75%	8.49%	7.43%	6.46%	5.34%	5.82%	3.94%	5.87%	7.10%	5.59%	9.95%	7.74%	8.05%	7.15%	5.76%	2.29%	6.22%	5.42%	2.24%	4.07%	1.91%	2.46%	3.02%
EBIT	2,071.004M	1,911.536M	1,513.505M	1,397.037M	421.840M	825.440M	1,066.894M	1,125.899M	706.860M	384.792M	568.900M	777.591M	445.016M	670.338M	816.269M	675.233M	550.327M	660.867M	509.348M	559.580M	235.115M	594.578M	496.050M	325.802M	553.916M	701.228M	560.141M	452.576M	1,802.576M	1,560.892M	731.052M
Depreciation & Amortization	372.440M	251.053M	243.987M	235.560M	177.743M	172.447M	166.760M	158.040M	149.359M	129.648M	119.336M	109.601M	96.211M	93.351M	96.004M	102.473M	101.076M	100.919M	80.519M	75.125M	61.972M	57.195M	42.458M	45.076M	39.802M	48.231M	16.765M	15.136M	16.408M	16.818M	8.717M
EBITDA	2,443.444M	2,162.589M	1,757.493M	1,632.597M	599.583M	997.887M	1,233.654M	1,283.938M	856.218M	514.440M	688.236M	887.192M	541.227M	763.689M	912.273M	777.706M	651.404M	761.786M	589.867M	634.705M	297.087M	651.773M	538.508M	370.878M	593.718M	749.459M	576.906M	467.711M	1,818.984M	1,577.710M	739.769M
EBITDA Margin	56.05%	62.47%	56.38%	47.99%	30.87%	52.12%	53.15%	52.45%	45.72%	44.80%	46.68%	43.31%	32.14%	40.24%	43.44%	41.94%	40.24%	34.63%	39.29%	40.57%	25.86%	51.28%	56.18%	52.93%	52.59%	51.69%	72.62%	63.07%	77.96%	83.39%	76.55%
NOPAT	1,933.240M	1,784.525M	1,429.112M	1,288.231M	396.075M	770.299M	1,016.980M	1,010.307M	681.641M	362.191M	533.371M	677.574M	391.746M	593.980M	703.605M	628.877M	516.249M	565.087M	484.551M	520.325M	228.040M	552.525M	432.792M	257.008M	461.479M	701.228M	375.205M	294.174M	1,171.674M	1,014.580M	513.056M
NOPAT Margin	44.35%	51.55%	45.85%	37.86%	20.39%	40.23%	43.81%	41.27%	36.39%	31.54%	36.17%	33.08%	23.27%	31.30%	33.51%	33.92%	31.89%	25.69%	32.28%	33.26%	19.85%	43.47%	45.15%	36.68%	40.87%	48.36%	47.23%	39.67%	50.22%	53.62%	53.09%
Owner's Earnings	1,085.172M	791.179M	758.490M	619.528M	309.346M	287.260M	333.438M	305.103M	294.484M	227.140M	228.870M	241.921M	186.077M	203.800M	178.759M	211.228M	216.096M	223.922M	229.873M	196.286M	154.509M	148.074M	97.702M	61.119M	109.992M	126.869M	34.547M	45.295M	61.014M	63.419M	37.905M
Owner's Earnings Margin	24.89%	22.85%	24.33%	18.21%	15.93%	15.00%	14.37%	12.46%	15.72%	19.78%	15.52%	11.81%	11.05%	10.74%	8.51%	11.39%	13.35%	10.18%	15.31%	12.55%	13.45%	11.65%	10.19%	8.72%	9.74%	8.75%	4.35%	6.11%	2.62%	3.35%	3.92%
EPS	1.36	1.07	1.34	1.04	0.39	0.42	0.58	0.53	0.58	0.52	0.56	0.77	0.60	0.76	0.59	0.93	0.65	0.70	1.10	0.70	0.53	0.52	0.39	0.17	0.76	0.56	0.12	0.22	0.34	0.30	0.12
EPS (Diluted)	1.36	1.07	1.34	1.04	0.39	0.42	0.58	0.53	0.58	0.52	0.56	0.77	0.60	0.76	0.59	0.93	0.65	0.70	1.10	0.70	0.53	0.52	0.39	0.17	0.76	0.56	0.12	0.22	0.34	0.30	0.12
Shares (Diluted)	525,928,376	505,252,452	384,081,674	370,121,495	336,384,506	271,046,900	286,179,143	277,758,804	249,452,898	185,900,911	194,035,295	171,716,110	149,095,192	144,638,779	139,462,088	117,052,504	176,119,400	176,462,480	136,227,781	173,107,949	174,412,880	173,298,200	142,613,046	95,015,656	91,765,383	140,782,241	153,777,776	136,564,196	130,693,242	154,907,344	234,851,530

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	282.56M	187.69M	175.26M	145.00M	106.78M	94.79M	92.07M	97.36M	90.60M	91.17M	87.04M	101.35M	80.30M	80.49M	55.63M	83.23M	63.05M	87.25M	61.87M	44.93M	39.32M	49.66M	23.44M	16.41M	16.20M	15.45M	19.76M	20.38M	18.28M	22.20M	32.69M
Short-Term Investments	21.05M	42.45M	10.27M	20.03M	-6.11M	3.24M	12.59M	1.44M	1.41M	14.81M	3.10M	2.17M	1.95M	10.80M	2.71M	3.14M	3.94M	32.70M	4.57M	0.88M	9.55M	4.56M	7.91M	4.08M	2.31M	3.78M	2.68M	0.00M	0.00M	0.06M	0.38M
Cash & Short-Term Investments	303.61M	230.14M	185.53M	165.03M	100.67M	98.03M	104.66M	98.80M	92.01M	105.98M	90.14M	103.52M	82.25M	91.28M	58.33M	86.37M	66.99M	119.95M	66.44M	45.81M	48.87M	54.22M	31.34M	20.48M	18.51M	19.23M	22.44M	20.38M	18.28M	22.26M	33.07M
Net Receivables	478.88M	297.95M	293.99M	359.32M	237.59M	171.84M	188.09M	187.22M	178.36M	149.41M	139.61M	172.54M	188.99M	161.91M	178.35M	149.09M	106.18M	100.53M	136.55M	107.97M	81.77M	88.96M	78.10M	77.77M	100.84M	142.94M	148.82M	59.04M	106.60M	131.75M	64.03M
Inventory	110.57M	73.87M	73.49M	66.60M	50.88M	36.64M	43.29M	41.34M	38.75M	38.63M	25.75M	34.29M	44.15M	40.13M	53.06M	61.75M	47.08M	56.23M	61.50M	65.72M	46.10M	18.63M	28.36M	22.39M	32.12M	26.58M	35.55M	33.84M	61.79M	60.65M	59.96M
Other Current Assets	100.83M	59.18M	64.88M	64.87M	37.53M	46.93M	51.15M	49.94M	25.06M	35.18M	39.22M	61.33M	42.27M	33.95M	19.76M	31.58M	26.10M	47.25M	28.12M	24.73M	37.16M	22.16M	16.11M	11.83M	18.03M	24.59M	24.98M	6.01M	4.21M	6.30M	5.60M
Total Current Assets	993.89M	661.14M	617.89M	655.83M	426.67M	353.44M	387.18M	377.30M	334.18M	329.21M	294.72M	371.68M	357.66M	327.28M	309.51M	328.80M	246.35M	323.95M	292.61M	244.23M	213.90M	183.98M	153.92M	132.47M	169.51M	213.35M	231.79M	119.27M	190.89M	220.96M	162.66M
Property, Plant & Equipment	11,308.16M	5,338.95M	5,089.96M	4,159.99M	3,081.61M	3,321.42M	3,831.59M	3,757.33M	3,604.62M	3,309.56M	3,314.70M	2,766.83M	2,246.27M	1,574.80M	1,493.98M	2,268.29M	1,513.65M	1,517.80M	1,558.39M	1,349.82M	966.09M	731.86M	815.25M	673.97M	638.29M	743.60M	606.04M	593.29M	1,072.46M	1,069.42M	1,064.82M
Goodwill	154.50M	75.87M	113.51M	85.31M	63.66M	63.63M	136.95M	171.92M	173.08M	93.39M	133.75M	151.95M	153.21M	137.83M	102.39M	101.42M	90.45M	89.66M	98.86M	75.11M	6.06M	1.20M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	447.18M	239.07M	194.91M	194.84M	198.91M	206.03M	222.90M	191.15M	171.22M	130.52M	134.80M	136.70M	121.28M	85.93M	39.71M	49.52M	43.44M	40.46M	59.51M	41.76M	66.46M	29.08M	7.46M	1.71M	10.84M	0.33M	12.32M	0.00M	0.00M	0.00M	0.00M
Long-Term Investments	930.40M	583.64M	475.78M	298.36M	358.24M	371.48M	493.56M	444.00M	341.33M	323.15M	296.86M	307.55M	179.01M	157.97M	124.51M	145.89M	112.96M	54.85M	52.38M	55.72M	14.36M	1.31M	0.19M	0.22M	0.07M	0.06M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	1.52M	1.76M	1.60M	3.47M	2.25M	2.31M	2.99M	2.13M	1.69M	2.40M	2.13M	2.18M	1.41M	1.36M	2.32M	0.41M	0.11M	0.14M	0.10M	0.00M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	183.24M	83.56M	100.79M	67.17M	56.05M	54.41M	81.94M	77.91M	63.34M	87.67M	82.20M	134.36M	151.51M	105.10M	86.06M	117.25M	68.61M	91.43M	188.29M	189.33M	44.94M	113.62M	115.87M	99.03M	85.94M	109.03M	74.18M	78.03M	126.27M	73.60M	80.45M
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	8.36M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	13,025.01M	6,322.86M	5,976.55M	4,809.13M	3,760.70M	4,019.28M	4,769.94M	4,644.45M	4,355.28M	3,946.70M	3,964.44M	3,499.58M	2,852.68M	2,062.99M	1,848.96M	2,682.79M	1,829.21M	1,794.33M	1,957.53M	1,711.74M	1,097.92M	877.07M	938.77M	783.29M	735.15M	853.02M	692.54M	671.32M	1,198.73M	1,143.01M	1,145.27M
Total Assets	14,018.90M	6,984.00M	6,594.44M	5,464.96M	4,187.38M	4,372.72M	5,157.12M	5,021.75M	4,689.46M	4,275.91M	4,259.16M	3,871.27M	3,210.35M	2,390.27M	2,158.47M	3,011.59M	2,075.56M	2,118.29M	2,250.14M	1,955.97M	1,311.82M	1,061.04M	1,092.69M	915.76M	904.66M	1,066.38M	924.33M	790.59M	1,389.62M	1,363.98M	1,307.93M
Accounts Payable	298.89M	201.09M	148.90M	126.09M	102.61M	75.02M	97.47M	99.62M	100.27M	76.72M	74.75M	96.46M	105.22M	112.84M	99.54M	135.31M	83.39M	75.16M	106.99M	81.57M	70.11M	56.50M	33.49M	32.73M	97.66M	105.30M	105.64M	55.48M	114.25M	131.52M	65.01M
Short-Term Debt	376.43M	165.64M	169.24M	165.73M	146.33M	141.55M	163.80M	157.77M	138.87M	135.63M	128.02M	134.62M	81.21M	101.84M	149.95M	96.60M	70.92M	79.23M	82.36M	55.96M	41.13M	48.23M	47.17M	36.65M	56.73M	53.07M	45.75M	61.08M	79.96M	80.10M	87.11M
Tax Payables	0.00M	4.49M	3.80M	5.33M	4.06M	2.66M	2.22M	4.60M	3.18M	2.55M	2.77M	2.23M	1.56M	0.88M	1.54M	0.48M	0.38M	1.01M	0.16M	0.25M	0.26M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Revenue	9.28M	3.58M	8.44M	9.42M	13.29M	12.40M	9.56M	7.58M	7.63M	8.04M	7.61M	6.93M	5.66M	5.69M	3.19M	4.87M	4.64M	4.77M	3.61M	7.02M	8.05M	2.11M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	239.25M	165.62M	179.13M	133.69M	128.63M	114.97M	110.88M	108.29M	96.80M	101.30M	80.10M	72.00M	105.84M	56.96M	44.35M	34.01M	39.62M	33.46M	43.09M	28.99M	11.73M	20.71M	6.65M	7.36M	4.29M	6.39M	9.41M	2.17M	65.06M	2.41M	1.33M
Total Current Liabilities	923.85M	540.43M	509.51M	440.26M	394.92M	346.60M	383.93M	377.86M	346.75M	324.25M	293.25M	312.25M	299.49M	278.20M	298.57M	271.27M	198.94M	193.62M	236.22M	173.79M	131.29M	127.54M	87.31M	76.74M	158.68M	164.75M	160.80M	118.74M	259.27M	214.03M	153.44M
Long-Term Debt	7,142.64M	2,469.51M	2,580.64M	2,562.91M	2,207.07M	2,138.94M	2,356.78M	1,939.52M	1,792.51M	1,664.48M	1,834.68M	1,290.41M	1,194.98M	999.61M	888.57M	1,361.93M	888.88M	911.95M	937.97M	963.77M	561.64M	427.63M	420.57M	272.09M	251.28M	354.60M	260.73M	230.76M	647.68M	625.17M	602.27M
Capital Lease Obligations	24.96M	94.42M	87.56M	82.12M	54.77M	84.90M	87.47M	7.02M	1.40M	0.23M	0.08M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	287.08M	158.42M	37.12M	12.71M	7.98M	5.72M	6.62M	8.44M	7.88M	6.58M	6.76M	6.91M	7.14M	8.63M	24.92M	23.81M	21.24M	19.10M	21.80M	21.32M	13.45M	7.33M	29.11M	24.50M	15.30M	29.19M	25.36M	58.10M	76.79M	82.79M	91.31M
Other Non-Current Liabilities	400.12M	115.84M	109.85M	94.04M	57.88M	83.40M	118.47M	80.31M	106.51M	109.70M	101.19M	78.71M	60.53M	79.93M	61.55M	65.42M	58.08M	46.10M	24.69M	20.00M	13.75M	16.29M	29.44M	1.87M	1.84M	2.92M	-0.06M	0.00M	-111.21M	-8.31M	-140.90M
Total Non-Current Liabilities	7,854.81M	2,838.20M	2,815.16M	2,751.78M	2,327.69M	2,312.95M	2,569.34M	2,035.29M	1,908.30M	1,780.99M	1,942.70M	1,376.04M	1,262.64M	1,088.17M	975.05M	1,451.17M	968.20M	977.15M	984.46M	1,005.10M	588.84M	451.25M	479.12M	298.46M	268.42M	386.72M	286.03M	288.86M	613.26M	699.65M	552.68M
Total Liabilities	8,778.66M	3,378.62M	3,324.67M	3,192.04M	2,722.61M	2,659.55M	2,953.27M	2,413.15M	2,255.05M	2,105.24M	2,235.95M	1,688.29M	1,562.14M	1,366.37M	1,273.62M	1,722.43M	1,167.14M	1,170.78M	1,220.68M	1,178.89M	720.13M	578.80M	566.43M	375.21M	427.10M	551.48M	446.83M	407.59M	872.53M	913.68M	706.12M
Preferred Stock	7.00M	0.00M	20.24M	17.90M	13.23M	4.60M	7.17M	7.60M	4.75M	1.74M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	2.25M
Common Stock	494.72M	455.12M	416.53M	410.67M	365.64M	358.26M	446.73M	476.24M	442.96M	457.43M	474.98M	389.02M	325.79M	240.03M	49.81M	49.20M	28.37M	36.13M	74.12M	52.65M	59.97M	67.16M	51.51M	48.01M	56.81M	58.57M	52.04M	26.77M	56.67M	47.30M	70.97M
Retained Earnings	124.37M	120.54M	75.29M	6.63M	-91.88M	-56.84M	-81.98M	-88.25M	-79.38M	-22.78M	19.77M	3.98M	2.43M	17.41M	25.20M	51.39M	86.26M	186.28M	144.25M	104.98M	37.95M	40.38M	5.88M	0.64M	43.42M	73.77M	64.20M	67.04M	85.07M	70.27M	136.35M
Accumulated OCI	47.09M	6.63M	2.47M	5.45M	-1.89M	-8.41M	-9.32M	-39.08M	-77.75M	-69.48M	-50.68M	-59.06M	-33.30M	-33.47M	-31.75M	-15.54M	-10.97M	-9.40M	-10.63M	7.81M	-16.56M	-7.91M	-8.68M	0.09M	2.50M	-8.15M	-5.69M	-58.79M	-13.88M	-5.96M	-0.58M
Minority Interest	349.42M	342.52M	196.63M	185.85M	151.77M	120.26M	199.98M	173.34M	136.15M	94.89M	95.18M	103.46M	91.85M	180.96M	105.39M	136.92M	56.33M	75.37M	63.60M	55.64M	17.84M	14.06M	3.68M	4.33M	1.61M	1.69M	7.47M	0.83M	0.94M	0.00M	0.24M
Total Shareholders’ Equity	673.18M	582.29M	514.52M	440.65M	285.11M	297.62M	362.60M	356.51M	290.58M	366.92M	444.07M	333.94M	294.93M	223.97M	43.26M	85.05M	103.66M	213.01M	207.74M	165.43M	81.37M	99.62M	48.71M	48.74M	102.73M	124.19M	110.54M	35.02M	127.86M	111.61M	208.99M
Total Equity	1,022.61M	924.81M	711.15M	626.49M	436.88M	417.88M	562.58M	529.86M	426.73M	461.81M	539.25M	437.40M	386.78M	404.93M	148.64M	221.97M	159.99M	288.38M	271.34M	221.08M	99.21M	113.69M	52.40M	53.07M	104.34M	125.89M	118.02M	35.84M	128.80M	111.61M	209.24M
Total Liabilities & Equity	9,801.27M	4,303.43M	4,035.82M	3,818.53M	3,159.49M	3,077.43M	3,515.86M	2,943.01M	2,681.78M	2,567.05M	2,775.20M	2,125.69M	1,948.92M	1,771.30M	1,422.26M	1,944.40M	1,327.13M	1,459.16M	1,492.02M	1,399.97M	819.34M	692.48M	618.82M	428.28M	531.43M	677.36M	564.85M	443.44M	1,001.33M	1,025.29M	915.36M
Tangible Assets	13,417.22M	6,669.05M	6,286.02M	5,184.81M	3,924.82M	4,103.06M	4,797.27M	4,658.67M	4,345.16M	4,052.00M	3,990.61M	3,582.61M	2,935.86M	2,166.51M	2,016.37M	2,860.65M	1,941.67M	1,988.17M	2,091.77M	1,839.10M	1,239.30M	1,030.76M	1,085.23M	914.05M	893.81M	1,066.05M	912.01M	790.59M	1,389.62M	1,363.98M	1,307.93M
Tangible Equity	420.93M	609.87M	402.73M	346.35M	174.32M	148.22M	202.74M	166.78M	82.43M	237.90M	270.70M	148.74M	112.29M	181.17M	6.55M	71.03M	26.11M	158.27M	112.97M	104.20M	26.69M	83.40M	44.94M	51.36M	93.49M	125.56M	105.70M	35.84M	128.80M	111.61M	209.24M
Tangible Book Value	420.93M	609.87M	402.73M	346.35M	174.32M	148.22M	202.74M	166.78M	82.43M	237.90M	270.70M	148.74M	112.29M	181.17M	6.55M	71.03M	26.11M	158.27M	112.97M	104.20M	26.69M	83.40M	44.94M	51.36M	93.49M	125.56M	105.70M	35.84M	128.80M	111.61M	209.24M
Total Investments	938.67M	601.29M	527.45M	399.83M	359.38M	450.89M	556.66M	477.81M	363.20M	362.40M	348.34M	329.23M	219.39M	180.89M	143.72M	171.10M	129.77M	79.22M	67.86M	58.75M	15.33M	1.92M	1.24M	1.23M	0.08M	0.97M	0.01M	0.00M	0.00M	0.15M	0.61M
Net Debt	7,236.52M	2,447.46M	2,574.61M	2,583.64M	2,246.62M	2,185.70M	2,428.51M	1,999.94M	1,840.78M	1,708.95M	1,875.66M	1,323.69M	1,195.89M	1,020.96M	982.90M	1,375.30M	896.74M	903.93M	958.46M	974.81M	563.45M	426.19M	444.31M	292.33M	291.81M	392.22M	286.72M	271.46M	709.35M	683.08M	656.69M

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	-145.53M	-122.92M	-26.92M	-135.44M	-113.24M	-107.05M	-103.17M	-133.97M	-27.53M	48.64M	6.80M	76.39M	46.63M	43.35M	23.46M	90.21M	91.85M	72.72M	41.79M	109.42M	127.64M	117.47M	-26.08M	-23.25M	27.35M	23.67M	14.45M	-21.23M	-91.58M	-52.17M	-33.09M
Total Capital	11,983.18M	4,861.64M	4,479.03M	4,198.48M	3,077.31M	3,651.27M	4,078.30M	3,369.15M	3,065.46M	2,658.38M	2,900.03M	2,220.20M	2,025.28M	1,935.06M	1,841.12M	2,582.92M	1,848.97M	1,914.75M	1,863.85M	1,820.61M	1,149.66M	895.08M	915.23M	803.30M	816.59M	906.78M	710.92M	679.93M	1,089.73M	1,082.42M	1,041.52M
Capital Employed	13,393.22M	7,445.98M	6,159.98M	4,783.47M	3,871.01M	4,410.39M	4,743.98M	4,670.05M	4,679.32M	4,204.46M	4,221.31M	3,555.84M	2,903.58M	2,189.59M	2,012.49M	2,998.72M	1,889.77M	1,837.99M	2,450.52M	1,930.00M	1,466.29M	1,061.64M	965.54M	846.71M	875.21M	883.64M	854.53M	687.82M	1,108.21M	1,090.91M	1,102.96M
Invested Capital	11,700.63M	4,673.95M	4,303.77M	4,053.48M	2,970.53M	3,556.48M	3,986.23M	3,271.79M	2,974.87M	2,567.21M	2,812.99M	2,118.85M	1,944.98M	1,854.57M	1,785.49M	2,499.69M	1,785.92M	1,827.51M	1,801.98M	1,775.68M	1,110.34M	845.42M	891.79M	786.90M	800.38M	891.33M	691.16M	659.54M	1,071.45M	1,060.22M	1,008.84M

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	320.96M	243.79M	224.73M	218.26M	179.65M	188.44M	188.62M	155.93M	141.44M	124.83M	116.78M	110.36M	97.01M	93.12M	79.69M	96.51M	89.94M	83.09M	75.24M	65.55M	33.21M	57.74M	42.86M	42.82M	34.91M	33.59M	13.69M	16.08M	1.82M	16.77M	-2.17M
Deferred Income Tax	36.50M	28.60M	10.40M	14.10M	6.43M	2.51M	6.45M	1.88M	0.23M	2.33M	1.00M	5.99M	1.34M	1.95M	0.81M	1.17M	1.09M	1.58M	0.11M	-0.02M	0.59M	1.02M	9.00M	0.01M	0.62M	0.00M	0.87M	0.00M	0.00M	6.32M	-3.59M
Stock-Based Compensation	1.35M	4.04M	5.79M	6.74M	4.48M	4.07M	4.38M	4.22M	4.82M	4.32M	2.23M	3.42M	3.38M	2.07M	0.26M	0.43M	0.17M	0.06M	0.00M	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	-13.00M	6.19M	19.09M	-29.77M	-10.18M	7.36M	-14.32M	-12.09M	-6.33M	1.22M	-2.27M	-19.58M	-6.78M	-5.42M	-9.55M	-18.33M	-6.24M	6.98M	-1.89M	4.85M	-7.02M	-7.00M	3.21M	3.30M	0.35M	-28.51M	-1.65M	-1.21M	-2.80M	6.60M	10.22M
Accounts Receivable	1.01M	14.12M	12.63M	-29.65M	-48.89M	15.42M	-9.49M	-7.22M	-25.94M	-16.64M	20.60M	5.36M	-20.55M	-2.04M	-5.67M	-9.64M	-0.10M	1.84M	-0.55M	1.05M	-0.25M	-3.50M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.57M	0.10M
Inventory	-0.02M	-1.47M	5.54M	-7.44M	-7.31M	0.38M	-1.49M	-2.69M	-4.24M	-3.06M	1.11M	-3.00M	0.15M	0.71M	-2.08M	-7.28M	-2.81M	3.17M	-1.80M	-0.96M	-3.38M	-5.08M	0.96M	-0.30M	-0.60M	-2.69M	-1.34M	-3.37M	-7.33M	0.43M	6.10M
Accounts Payable	9.20M	2.72M	-8.55M	3.77M	34.50M	-4.18M	5.67M	0.01M	23.82M	18.97M	-22.63M	-13.53M	5.04M	-2.24M	13.61M	2.10M	0.38M	-4.70M	4.32M	-1.02M	0.24M	0.00M	0.00M	0.91M	0.00M	0.00M	0.00M	0.00M	0.00M	0.06M	0.00M
Other Working Capital	-1.26M	-1.57M	0.45M	4.69M	-0.28M	-0.59M	-1.76M	-3.11M	3.31M	0.83M	-3.98M	2.56M	3.31M	-2.40M	-5.85M	-1.88M	-0.12M	2.69M	-0.93M	0.76M	-1.43M	-1.19M	0.29M	-1.03M	2.45M	-6.66M	2.31M	0.46M	0.68M	9.02M	4.90M
Other Non-Cash Items	62.23M	1.94M	10.22M	20.79M	51.63M	127.06M	54.15M	52.43M	32.95M	32.04M	69.15M	14.10M	23.18M	12.92M	27.19M	8.60M	-1.48M	15.43M	14.11M	13.08M	-0.27M	-12.39M	3.10M	5.20M	6.45M	-4.64M	10.80M	3.06M	21.83M	18.26M	23.50M
Net Cash from Operating Activities	1,308.28M	869.92M	707.84M	695.17M	399.10M	483.76M	462.72M	332.71M	320.90M	277.82M	271.26M	204.06M	160.42M	150.13M	106.67M	145.32M	131.92M	191.34M	124.63M	163.10M	102.71M	127.35M	101.61M	73.96M	90.59M	94.88M	24.71M	75.94M	117.66M	132.28M	154.21M
Capital Expenditures (PPE)	-551.13M	-337.31M	-296.17M	-190.23M	-174.20M	-236.32M	-378.34M	-347.97M	-291.06M	-290.80M	-393.20M	-535.24M	-363.57M	-227.96M	-145.33M	-199.30M	-177.78M	-233.34M	-275.74M	-177.39M	-186.91M	-91.36M	-73.65M	-64.33M	-62.60M	-84.98M	-69.86M	-113.00M	-145.46M	-142.90M	-120.47M
Acquisitions (Net)	-5.57M	-14.18M	-34.04M	-52.34M	-1.36M	-3.39M	-41.05M	-14.41M	-42.60M	-29.40M	-76.76M	-83.47M	-53.89M	-88.30M	-15.04M	-30.73M	-0.64M	-60.62M	-32.96M	-36.65M	-37.44M	-44.44M	-39.61M	-18.20M	-49.64M	-10.03M	0.00M	0.00M	0.00M	5.68M	0.00M
Purchases of Investments	-0.99M	-4.90M	-16.02M	-26.08M	-9.66M	-10.39M	-28.81M	-14.62M	-22.95M	-17.02M	-11.22M	-7.21M	-1.38M	-1.56M	-6.71M	-4.65M	-1.84M	-7.17M	-2.64M	-3.04M	-3.26M	0.00M	0.00M	0.00M	0.00M	-0.22M	0.00M	0.00M	0.00M	-1.20M	-21.78M
Sales / Maturities of Investments	0.19M	2.23M	0.79M	3.38M	2.13M	6.31M	12.16M	3.72M	5.70M	0.76M	8.51M	0.13M	1.02M	1.51M	2.69M	4.73M	2.69M	4.96M	2.85M	0.92M	0.74M	0.00M	0.64M	0.47M	0.00M	0.29M	0.00M	0.04M	0.00M	16.64M	59.33M
Other Investing Activities	5.42M	12.56M	22.54M	56.78M	30.66M	13.07M	17.96M	26.65M	33.52M	37.93M	12.14M	13.80M	17.47M	7.53M	7.25M	6.25M	6.22M	14.82M	-0.72M	17.89M	26.94M	12.66M	-1.47M	1.11M	-8.69M	11.33M	0.11M	4.55M	0.16M	-69.34M	-8.72M
Net Cash from Investing Activities	-751.47M	-462.31M	-370.50M	-219.75M	-134.83M	-277.08M	-525.30M	-313.60M	-347.88M	-318.18M	-496.51M	-537.67M	-394.29M	-264.68M	-201.06M	-242.94M	-137.53M	-363.59M	-226.74M	-373.30M	-240.39M	-114.21M	-98.76M	-77.54M	-80.90M	-89.77M	-54.10M	-91.50M	-234.45M	-202.46M	-15.03M
Net Debt Issuance	90.43M	59.04M	4.96M	-43.05M	-25.68M	29.87M	98.78M	67.83M	30.58M	54.45M	160.28M	195.72M	131.12M	91.59M	25.04M	75.45M	20.40M	103.33M	98.58M	139.28M	55.33M	17.08M	6.78M	2.91M	-0.67M	34.90M	50.51M	2.59M	8.52M	37.67M	-54.77M
Long-Term Debt Issuance	47.79M	67.27M	4.24M	-36.75M	-22.74M	24.15M	79.60M	83.13M	40.25M	64.31M	150.54M	184.22M	121.96M	89.70M	37.04M	76.00M	35.52M	80.62M	117.18M	183.73M	44.25M	2.09M	8.42M	-2.21M	-1.99M	11.94M	50.51M	2.59M	6.88M	37.67M	-54.77M
Short-Term Debt Issuance	-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	0.00M	-0.07M	0.00M	0.00M	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	-7.77M	-9.89M	-4.18M	-17.27M	-2.42M	-2.70M	0.13M	1.46M	34.87M	16.79M	26.21M	63.83M	32.84M	66.41M	48.44M	33.10M	8.86M	22.70M	18.86M	2.98M	10.06M	15.85M	6.02M	7.66M	1.56M	14.99M	7.33M	15.88M	1.45M	23.23M	49.24M
Common Stock Issuance	0.00M	0.42M	0.00M	0.00M	2.95M	1.81M	20.13M	19.53M	97.71M	77.11M	75.10M	155.48M	125.71M	144.39M	63.16M	68.61M	35.13M	75.45M	72.88M	14.78M	56.01M	31.15M	16.08M	12.96M	11.24M	16.07M	11.95M	19.14M	20.97M	48.96M	49.86M
Common Stock Repurchased	-3.55M	-10.21M	-16.04M	-32.54M	-4.27M	-6.80M	-0.76M	-0.18M	0.00M	-0.13M	0.00M	0.00M	0.00M	0.00M	-0.01M	-0.02M	-0.02M	-0.18M	-0.28M	-0.03M	0.00M	0.00M	-0.48M	0.00M	-0.01M	-0.01M	-0.08M	0.00M	-2.59M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-422.54M	-272.74M	-246.64M	-146.64M	-114.34M	-142.64M	-218.61M	-151.74M	-164.39M	-140.19M	-115.76M	-92.32M	-68.40M	-76.00M	-37.95M	-62.19M	-61.44M	-67.13M	-81.54M	-70.52M	-32.13M	-34.91M	-30.78M	-21.39M	-24.84M	-24.69M	-19.93M	-19.66M	-35.47M	-42.43M	-37.51M
Common Dividends Paid	-381.50M	-262.38M	-240.71M	-146.29M	-112.75M	-136.00M	-170.24M	-97.85M	-158.52M	-136.01M	-112.94M	-91.73M	-59.37M	-49.81M	-40.43M	-61.68M	-65.47M	-68.32M	-73.20M	-72.85M	-37.98M	-35.24M	-26.50M	-21.73M	-25.01M	-24.69M	-19.92M	-19.66M	-35.47M	-42.43M	-37.50M
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	-64.38M	-56.02M	-59.90M	-36.39M	-65.59M	-40.30M	7.70M	-12.87M	5.33M	7.69M	11.83M	49.38M	14.48M	10.67M	-8.79M	12.30M	20.06M	47.45M	66.78M	-3.89M	26.06M	1.95M	-7.85M	25.30M	2.17M	-3.35M	2.77M	12.70M	-4.33M	12.94M	-28.27M
Net Cash from Financing Activities	-455.73M	-327.80M	-368.52M	-406.92M	-251.23M	-212.77M	-40.30M	-17.95M	-13.38M	37.62M	152.55M	248.91M	151.51M	130.71M	22.04M	123.37M	42.11M	180.95M	137.00M	48.93M	90.06M	15.79M	-11.18M	12.17M	1.08M	23.36M	74.29M	6.09M	73.63M	64.19M	-47.54M
Effect of FX on Cash	-0.31M	-0.01M	0.01M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.01M	0.01M	0.00M	0.05M	0.00M	0.07M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	18.91M	0.03M
Net Change in Cash	-15.32M	7.89M	19.65M	23.83M	-9.03M	5.62M	0.22M	6.59M	4.49M	-0.66M	-11.67M	6.86M	5.47M	15.71M	-10.18M	0.43M	-14.46M	33.70M	6.67M	6.62M	4.79M	6.62M	-0.28M	0.69M	7.63M	4.68M	9.94M	-1.58M	-1.01M	29.44M	18.48M
Cash at Beginning of Period	249.60M	191.15M	167.79M	136.73M	105.55M	95.49M	91.19M	94.28M	91.06M	87.12M	102.11M	78.23M	89.83M	42.02M	68.70M	58.16M	75.61M	57.63M	37.11M	36.24M	40.76M	37.36M	26.29M	43.41M	18.08M	29.58M	19.17M	16.66M	24.27M	27.76M	16.00M
Cash at End of Period	306.57M	221.57M	177.83M	151.07M	113.26M	108.33M	98.14M	92.44M	86.09M	90.90M	88.02M	100.04M	82.03M	89.25M	52.97M	72.73M	63.74M	81.24M	59.60M	37.60M	39.32M	52.37M	33.28M	35.68M	32.83M	27.75M	19.67M	21.59M	29.50M	55.11M	28.19M
Operating Cash Flow	1,307.36M	869.92M	707.79M	696.14M	398.05M	483.80M	462.72M	332.71M	320.90M	282.87M	271.26M	204.06M	160.42M	150.13M	106.67M	145.32M	131.92M	191.34M	124.63M	163.10M	102.71M	127.35M	101.61M	73.96M	90.59M	94.88M	24.71M	75.94M	117.66M	132.28M	154.21M
Capital Expenditure	-565.92M	-349.55M	-297.43M	-190.30M	-174.20M	-236.51M	-378.61M	-347.97M	-291.06M	-290.69M	-394.82M	-537.02M	-363.49M	-227.91M	-145.28M	-199.30M	-177.78M	-233.34M	-275.74M	-177.39M	-186.91M	-91.36M	-73.65M	-64.33M	-91.86M	-84.98M	-69.86M	-113.00M	-145.46M	-142.90M	-120.47M
Free Cash Flow	580.58M	486.09M	340.35M	394.28M	235.98M	264.17M	84.54M	9.98M	4.83M	2.34M	-47.48M	-86.38M	-131.62M	-41.51M	-11.81M	-28.87M	-20.40M	-42.85M	-72.42M	10.82M	-35.15M	33.56M	25.76M	25.00M	21.99M	12.03M	-41.00M	-15.58M	-5.60M	-2.53M	23.01M

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	1,366.32M	1,008.88M	1,031.70M	905.62M	346.17M	359.07M	474.02M	460.57M	360.45M	283.37M	281.37M	272.88M	221.68M	227.01M	229.79M	257.07M	280.27M	301.96M	279.40M	249.52M	175.94M	211.07M	113.63M	88.44M	108.05M	155.73M	66.56M	131.81M	213.20M	243.51M	299.03M
(-) Tax Adjustment	90.89M	67.03M	57.53M	70.53M	21.14M	23.99M	22.18M	47.28M	12.86M	16.64M	17.57M	35.10M	26.54M	25.86M	31.72M	17.65M	17.36M	43.76M	13.60M	17.50M	5.29M	14.93M	14.49M	18.67M	18.03M	-7.91M	21.97M	46.60M	79.92M	86.95M	89.17M
(-) Change In Working Capital	-13.00M	6.19M	19.09M	-29.77M	-10.18M	7.36M	-14.32M	-12.09M	-6.33M	1.22M	-2.27M	-19.58M	-6.78M	-5.42M	-9.55M	-18.33M	-6.24M	6.98M	-1.89M	4.85M	-7.02M	-7.00M	3.21M	3.30M	0.35M	-28.51M	-1.65M	-1.21M	-2.80M	6.60M	10.22M
(-) Capital Expenditure	565.92M	349.55M	297.43M	190.30M	174.20M	236.51M	378.61M	347.97M	291.06M	290.69M	394.82M	537.02M	363.49M	227.91M	145.28M	199.30M	177.78M	233.34M	275.74M	177.39M	186.91M	91.36M	73.65M	64.33M	91.86M	84.98M	69.86M	113.00M	145.46M	142.90M	120.47M
Unlevered Free Cash Flow	722.51M	586.10M	657.65M	674.56M	161.01M	91.21M	87.56M	77.40M	62.86M	-25.18M	-128.75M	-279.66M	-161.56M	-21.33M	62.34M	58.45M	91.37M	17.87M	-8.05M	49.77M	-9.25M	111.79M	22.28M	2.13M	-2.19M	107.17M	-23.63M	-26.57M	-9.38M	7.06M	79.17M
(-) Net Interest Income After Taxes	-205.27M	-143.67M	-133.62M	-132.06M	-88.81M	-103.90M	-89.60M	-86.58M	-73.74M	-57.01M	-51.24M	-45.46M	-40.28M	-39.54M	-51.70M	-55.40M	-65.81M	-78.27M	-30.37M	-22.65M	-13.21M	-4.93M	-4.11M	-2.16M	-0.91M	-2.43M	-0.09M	-0.21M	-0.17M	-0.25M	-0.94M
Net Debt Issuance	90.43M	59.04M	4.96M	-43.05M	-25.68M	29.87M	98.78M	67.83M	30.58M	54.45M	160.28M	195.72M	131.12M	91.59M	25.04M	75.45M	20.40M	103.33M	98.58M	139.28M	55.33M	17.08M	6.78M	2.91M	-0.67M	34.90M	50.51M	2.59M	8.52M	37.67M	-54.77M
Levered Free Cash Flow	1,018.21M	788.81M	796.23M	763.57M	224.14M	224.97M	275.94M	231.80M	167.19M	86.28M	82.77M	-38.48M	9.84M	109.80M	139.08M	189.31M	177.58M	199.47M	120.90M	211.70M	59.29M	133.80M	33.17M	7.21M	-1.94M	144.50M	26.97M	-23.78M	-0.69M	44.98M	25.34M