Semiconductors

Category: Industry Averages Base Ticker: AVGO

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	55.30	50.64	49.02	39.37	54.29	38.72	29.83	25.58	28.71	18.91	18.19	19.60	15.31	11.24	11.54	12.55	10.05	9.23	13.22	12.82	12.03	9.87	11.43	8.78	15.04	20.22	19.44	13.14	12.65	11.23	12.43
Market Capitalization	17,407.34M	14,795.09M	14,114.16M	13,927.44M	19,061.06M	11,562.15M	8,105.74M	6,230.83M	6,017.12M	4,455.40M	4,224.40M	3,908.02M	3,009.45M	2,448.57M	2,296.68M	2,346.65M	1,684.39M	1,521.76M	2,510.63M	2,175.65M	1,446.91M	1,271.94M	1,180.30M	997.43M	1,781.45M	2,412.64M	1,665.39M	1,109.25M	1,642.62M	1,125.62M	1,328.65M
(-) Cash & Equivalents	976.00M	1,025.66M	1,051.09M	998.45M	1,019.59M	826.04M	635.99M	612.64M	576.44M	511.95M	437.72M	435.07M	279.40M	283.41M	321.69M	258.04M	244.28M	249.41M	211.59M	188.76M	103.77M	76.67M	77.95M	83.11M	111.33M	86.53M	39.77M	55.96M	72.22M	36.33M	25.42M
(+) Total Debt	1,636.38M	1,785.38M	1,704.91M	1,720.36M	1,373.78M	1,339.75M	1,091.29M	794.74M	755.13M	696.95M	551.25M	438.91M	280.92M	241.70M	241.15M	149.93M	135.42M	207.13M	122.31M	96.27M	90.56M	59.76M	69.39M	72.51M	108.80M	65.86M	41.18M	88.39M	91.11M	28.96M	24.71M
Enterprise Value	17,792.02M	14,864.22M	16,764.81M	15,460.75M	19,696.87M	12,153.11M	9,090.21M	6,343.08M	6,347.44M	4,738.14M	4,380.24M	3,876.79M	3,019.90M	2,451.40M	2,293.63M	2,319.12M	1,712.67M	1,743.86M	2,665.89M	2,108.74M	1,530.35M	1,385.29M	1,374.24M	1,143.91M	1,853.55M	2,433.24M	1,814.85M	1,123.07M	1,671.45M	1,200.00M	1,306.31M

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	4,099.391M	4,073.084M	5,202.552M	5,372.399M	4,183.821M	3,089.553M	2,618.931M	2,600.852M	2,242.463M	1,769.013M	1,736.901M	1,673.172M	1,263.494M	1,218.984M	1,286.285M	1,099.179M	835.469M	1,048.392M	940.897M	697.501M	594.020M	424.032M	323.520M	312.810M	477.387M	508.287M	339.933M	399.441M	435.018M	381.358M	324.403M
Cost of Revenue	2,542.194M	2,550.845M	2,826.937M	2,785.003M	2,412.055M	2,051.360M	1,714.819M	1,667.992M	1,468.259M	1,154.105M	1,167.527M	1,060.292M	808.939M	757.320M	780.772M	630.799M	569.317M	631.542M	541.249M	420.503M	341.160M	211.449M	156.877M	178.682M	272.336M	260.286M	185.730M	202.714M	232.555M	202.447M	162.611M
Gross Profit	1,557.197M	1,522.239M	2,375.615M	2,587.396M	1,771.767M	1,038.193M	904.112M	932.860M	774.204M	614.908M	569.374M	612.880M	454.554M	461.664M	505.513M	468.379M	266.152M	416.850M	399.648M	276.999M	252.860M	212.583M	166.643M	134.128M	205.051M	248.001M	154.203M	196.728M	202.462M	178.911M	161.792M
Gross Margin	37.99%	37.37%	45.66%	48.16%	42.35%	33.60%	34.52%	35.87%	34.52%	34.76%	32.78%	36.63%	35.98%	37.87%	39.30%	42.61%	31.86%	39.76%	42.48%	39.71%	42.57%	50.13%	51.51%	42.88%	42.95%	48.79%	45.36%	49.25%	46.54%	46.91%	49.87%
R&D Expenses	370.577M	425.729M	425.729M	457.940M	381.458M	351.714M	312.586M	309.954M	272.020M	227.912M	219.924M	206.527M	163.115M	143.794M	123.523M	99.063M	88.859M	100.371M	87.850M	65.444M	53.407M	43.152M	42.746M	39.352M	40.307M	38.659M	28.841M	49.130M	47.143M	43.113M	30.120M
SG&A Expenses	403.962M	371.214M	352.393M	379.483M	330.566M	287.368M	275.920M	258.212M	232.516M	206.315M	186.006M	175.471M	145.849M	135.446M	129.743M	104.010M	95.089M	111.986M	101.913M	81.472M	68.633M	51.482M	45.298M	53.261M	67.123M	64.470M	50.250M	60.777M	61.933M	59.732M	55.209M
Operating Expenses	774.539M	796.943M	778.122M	837.423M	712.024M	639.083M	588.507M	568.166M	504.537M	434.227M	405.930M	381.997M	308.964M	279.239M	253.266M	203.073M	183.948M	212.357M	189.763M	146.916M	122.040M	94.634M	88.043M	92.613M	107.429M	103.129M	79.090M	109.907M	109.076M	102.845M	85.329M
Operating Income	782.657M	725.296M	1,597.493M	1,749.973M	1,059.743M	399.110M	315.606M	364.694M	269.667M	180.681M	163.444M	230.883M	145.590M	182.424M	252.247M	265.306M	82.204M	204.493M	209.885M	130.082M	130.821M	117.948M	78.600M	41.515M	97.622M	144.871M	75.113M	86.821M	93.386M	76.066M	76.463M
Operating Margin	19.09%	17.81%	30.71%	32.57%	25.33%	12.92%	12.05%	14.02%	12.03%	10.21%	9.41%	13.80%	11.52%	14.97%	19.61%	24.14%	9.84%	19.51%	22.31%	18.65%	22.02%	27.82%	24.30%	13.27%	20.45%	28.50%	22.10%	21.74%	21.47%	19.95%	23.57%
Interest Income	22.013M	37.422M	35.617M	13.239M	6.400M	7.984M	9.969M	7.232M	4.653M	4.028M	3.199M	3.817M	3.163M	2.386M	3.140M	2.563M	4.156M	3.886M	1.282M	0.250M	0.134M	0.059M	0.018M	0.007M	0.002M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	44.180M	63.690M	58.070M	49.310M	49.147M	46.039M	39.775M	35.100M	29.060M	22.875M	18.324M	14.409M	10.863M	11.857M	9.984M	7.737M	7.286M	7.109M	3.450M	1.519M	1.235M	0.594M	0.052M	0.045M	0.031M	0.043M	0.000M	0.021M	0.000M	0.000M	0.044M
Net Interest Income	-22.168M	-26.268M	-22.453M	-36.071M	-42.747M	-38.055M	-29.807M	-27.868M	-24.408M	-18.847M	-15.125M	-10.592M	-7.700M	-9.471M	-6.844M	-5.174M	-3.129M	-3.224M	-2.168M	-1.270M	-1.101M	-0.534M	-0.035M	-0.038M	-0.028M	-0.043M	0.000M	-0.021M	0.000M	0.000M	-0.044M
Other Income / Expense	-278.175M	-159.032M	-1,150.071M	-941.224M	-470.507M	-57.177M	10.302M	-46.330M	7.654M	-31.112M	81.336M	-32.074M	-22.480M	-93.057M	-96.915M	-118.394M	-71.659M	-176.568M	-127.058M	-40.187M	-87.962M	-80.667M	-77.980M	-70.422M	-92.672M	-38.382M	-47.189M	-58.781M	-40.399M	-28.094M	-27.109M
Pre-Tax Income	482.315M	539.995M	424.968M	772.678M	546.489M	303.878M	296.101M	290.496M	252.914M	130.722M	229.654M	188.217M	115.410M	79.897M	148.488M	141.739M	7.415M	24.701M	80.659M	88.626M	41.758M	36.747M	0.586M	-28.945M	4.921M	106.446M	27.924M	28.018M	52.988M	47.972M	49.310M
Pre-Tax Margin	11.77%	13.26%	8.17%	14.38%	13.06%	9.84%	11.31%	11.17%	11.28%	7.39%	13.22%	11.25%	9.13%	6.55%	11.54%	12.89%	0.89%	2.36%	8.57%	12.71%	7.03%	8.67%	0.18%	-9.25%	1.03%	20.94%	8.21%	7.01%	12.18%	12.58%	15.20%
Income Tax Expense	81.579M	86.545M	67.103M	80.469M	59.444M	26.616M	39.341M	54.445M	41.791M	21.655M	31.123M	26.919M	18.231M	16.874M	22.342M	17.679M	6.914M	15.969M	16.448M	17.074M	8.050M	7.703M	3.075M	2.156M	4.492M	26.574M	8.192M	9.274M	16.682M	16.465M	15.203M
Tax Rate	16.91%	16.03%	15.79%	10.41%	10.88%	8.76%	13.29%	18.74%	16.52%	16.57%	13.55%	14.30%	15.80%	21.12%	15.05%	12.47%	35.00%	35.00%	20.39%	19.27%	19.28%	20.96%	35.00%	0.00%	35.00%	24.97%	29.33%	33.10%	31.48%	34.32%	30.83%
Net Income	400.737M	453.450M	357.865M	692.209M	487.045M	277.262M	256.760M	236.051M	211.123M	109.067M	198.532M	161.297M	97.180M	63.023M	126.146M	124.059M	0.501M	8.732M	64.210M	71.551M	33.707M	29.044M	-2.489M	-31.101M	0.429M	79.872M	19.733M	18.744M	36.306M	31.507M	34.107M
Net Margin	9.78%	11.13%	6.88%	12.88%	11.64%	8.97%	9.80%	9.08%	9.41%	6.17%	11.43%	9.64%	7.69%	5.17%	9.81%	11.29%	0.06%	0.83%	6.82%	10.26%	5.67%	6.85%	-0.77%	-9.94%	0.09%	15.71%	5.80%	4.69%	8.35%	8.26%	10.51%
EBIT	782.657M	725.296M	1,597.493M	1,749.973M	1,059.743M	399.110M	315.606M	364.694M	269.667M	180.681M	163.444M	230.883M	145.590M	182.424M	252.247M	265.306M	82.204M	204.493M	209.885M	130.082M	130.821M	117.948M	78.600M	41.515M	97.622M	144.871M	75.113M	86.821M	93.386M	76.066M	76.463M
Depreciation & Amortization	285.034M	361.800M	358.330M	333.948M	307.124M	246.915M	201.607M	200.757M	167.658M	137.282M	110.149M	103.442M	86.261M	81.981M	72.579M	64.706M	66.416M	70.032M	58.383M	42.939M	38.633M	30.190M	26.672M	30.920M	32.904M	30.744M	22.227M	24.509M	26.507M	16.985M	13.056M
EBITDA	1,067.692M	1,087.096M	1,955.823M	2,083.921M	1,366.867M	646.025M	517.213M	565.451M	437.325M	317.963M	273.593M	334.325M	231.851M	264.405M	324.826M	330.013M	148.619M	274.525M	268.268M	173.021M	169.454M	148.138M	105.272M	72.435M	130.525M	175.615M	97.340M	111.330M	119.893M	93.051M	89.518M
EBITDA Margin	26.05%	26.69%	37.59%	38.79%	32.67%	20.91%	19.75%	21.74%	19.50%	17.97%	15.75%	19.98%	18.35%	21.69%	25.25%	30.02%	17.79%	26.19%	28.51%	24.81%	28.53%	34.94%	32.54%	23.16%	27.34%	34.55%	28.64%	27.87%	27.56%	24.40%	27.59%
NOPAT	650.279M	609.052M	1,345.246M	1,567.725M	944.471M	364.153M	273.673M	296.342M	225.108M	150.750M	141.294M	197.861M	122.592M	143.897M	214.294M	232.214M	53.432M	132.920M	167.084M	105.021M	105.600M	93.224M	51.090M	41.515M	63.454M	108.704M	53.079M	58.083M	63.986M	49.958M	52.888M
NOPAT Margin	15.86%	14.95%	25.86%	29.18%	22.57%	11.79%	10.45%	11.39%	10.04%	8.52%	8.13%	11.83%	9.70%	11.80%	16.66%	21.13%	6.40%	12.68%	17.76%	15.06%	17.78%	21.99%	15.79%	13.27%	13.29%	21.39%	15.61%	14.54%	14.71%	13.10%	16.30%
Owner's Earnings	685.771M	815.250M	716.196M	1,026.156M	794.169M	524.176M	458.367M	436.808M	378.781M	246.349M	308.681M	264.739M	183.440M	145.004M	198.725M	188.766M	66.917M	78.764M	122.593M	114.490M	72.341M	59.234M	24.183M	-0.181M	33.332M	110.615M	41.959M	43.254M	62.812M	48.492M	47.163M
Owner's Earnings Margin	16.73%	20.02%	13.77%	19.10%	18.98%	16.97%	17.50%	16.79%	16.89%	13.93%	17.77%	15.82%	14.52%	11.90%	15.45%	17.17%	8.01%	7.51%	13.03%	16.41%	12.18%	13.97%	7.47%	-0.06%	6.98%	21.76%	12.34%	10.83%	14.44%	12.72%	14.54%
EPS	0.72	0.83	0.63	1.25	0.92	0.58	0.63	0.58	0.54	0.28	0.62	0.55	0.34	0.20	0.41	0.45	0.00	0.04	0.25	0.27	0.13	0.10	-0.01	-0.15	0.00	0.34	0.09	0.08	0.15	0.13	0.13
EPS (Diluted)	0.72	0.83	0.63	1.25	0.92	0.58	0.63	0.58	0.54	0.28	0.62	0.55	0.34	0.20	0.41	0.45	0.00	0.04	0.25	0.27	0.13	0.10	-0.01	-0.15	0.00	0.34	0.09	0.08	0.15	0.13	0.13
Shares (Diluted)	553,735,290	543,176,802	570,066,467	553,663,452	530,299,842	475,805,787	409,370,574	409,598,225	387,955,042	395,752,310	320,743,273	292,145,989	282,188,518	317,925,225	306,729,697	273,523,810	238,437,925	217,067,007	254,829,751	263,346,263	252,300,280	280,596,290	237,737,081	212,205,230	240,148,245	235,195,285	219,178,023	225,562,672	249,716,240	237,353,666	261,651,104

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	982.26M	991.41M	1,040.39M	986.50M	984.66M	790.74M	604.31M	572.65M	538.82M	511.41M	433.90M	436.49M	277.84M	280.72M	304.20M	253.45M	237.82M	248.32M	206.41M	188.76M	104.65M	77.36M	79.53M	83.11M	112.58M	87.83M	39.95M	55.96M	72.22M	37.88M	27.15M
Short-Term Investments	270.94M	232.00M	282.14M	273.66M	280.81M	101.11M	198.38M	361.92M	387.63M	306.69M	291.26M	227.18M	238.67M	118.44M	106.17M	117.89M	83.84M	96.71M	82.21M	117.42M	119.58M	62.64M	45.37M	38.29M	59.05M	79.92M	57.52M	37.41M	13.22M	7.69M	11.13M
Cash & Short-Term Investments	1,253.20M	1,223.41M	1,322.53M	1,260.16M	1,265.47M	891.85M	802.69M	934.58M	926.45M	818.10M	725.16M	663.67M	516.52M	399.16M	410.37M	371.34M	321.66M	345.03M	288.61M	306.18M	224.23M	140.00M	124.90M	121.40M	171.63M	167.75M	97.47M	93.37M	85.44M	45.57M	38.28M
Net Receivables	846.21M	760.95M	696.60M	723.05M	619.42M	463.89M	426.12M	366.55M	343.61M	288.21M	278.24M	232.10M	196.80M	184.98M	184.88M	166.50M	130.18M	153.82M	158.71M	132.40M	114.07M	68.60M	46.82M	47.72M	63.88M	87.39M	72.69M	60.80M	86.50M	71.66M	65.43M
Inventory	898.07M	865.82M	945.03M	821.56M	586.98M	498.10M	424.44M	371.16M	337.49M	287.09M	257.89M	255.25M	182.20M	171.09M	166.45M	133.04M	119.65M	132.29M	108.58M	90.47M	74.63M	47.41M	40.89M	37.13M	53.58M	49.31M	56.13M	52.18M	71.97M	57.62M	55.20M
Other Current Assets	186.68M	100.45M	108.80M	116.69M	74.47M	81.18M	72.94M	75.24M	70.03M	59.22M	58.12M	56.15M	46.84M	36.72M	31.50M	29.10M	28.59M	35.10M	32.27M	23.62M	22.31M	16.00M	22.12M	17.65M	21.29M	29.42M	27.58M	23.43M	25.80M	20.18M	22.16M
Total Current Assets	3,184.16M	2,950.62M	3,072.96M	2,921.46M	2,546.35M	1,935.01M	1,726.18M	1,747.53M	1,677.59M	1,452.62M	1,319.42M	1,207.18M	942.36M	791.96M	793.20M	699.98M	600.08M	666.24M	588.17M	552.68M	435.25M	272.02M	234.73M	223.89M	310.38M	333.87M	253.87M	229.77M	269.71M	195.03M	181.07M
Property, Plant & Equipment	1,747.50M	1,714.71M	1,595.46M	1,382.07M	1,156.57M	1,056.93M	968.96M	777.67M	663.30M	530.80M	477.42M	436.96M	357.47M	343.36M	302.76M	293.23M	286.67M	289.21M	236.94M	185.17M	168.28M	133.56M	115.94M	131.69M	163.41M	136.62M	144.98M	122.75M	137.96M	90.43M	81.42M
Goodwill	522.47M	467.81M	485.96M	601.92M	485.35M	431.39M	329.96M	283.24M	261.64M	164.60M	151.54M	105.17M	101.42M	73.27M	55.29M	49.23M	47.63M	43.07M	59.80M	36.55M	6.10M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	222.45M	241.41M	258.95M	288.47M	267.36M	228.52M	177.76M	167.41M	191.81M	114.22M	104.02M	104.85M	73.39M	58.93M	46.37M	38.31M	32.72M	41.49M	27.74M	23.53M	23.94M	20.09M	22.43M	16.78M	8.98M	8.30M	3.06M	0.69M	0.91M	0.57M	0.63M
Long-Term Investments	181.30M	132.00M	133.31M	97.40M	82.91M	44.81M	35.24M	31.04M	34.36M	26.02M	29.66M	30.39M	27.26M	22.45M	21.10M	25.60M	17.28M	11.66M	4.81M	3.52M	1.83M	0.27M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	93.21M	104.11M	94.56M	69.08M	89.07M	79.39M	47.39M	30.00M	23.79M	32.74M	19.86M	21.49M	17.69M	16.72M	17.45M	15.65M	12.85M	9.02M	14.35M	10.24M	9.88M	7.96M	7.57M	5.74M	2.39M	2.05M	0.96M	0.09M	0.00M	0.00M	0.00M
Other Non-Current Assets	222.35M	200.00M	175.12M	249.36M	174.10M	113.00M	93.84M	85.96M	59.21M	45.52M	46.78M	41.58M	34.54M	29.90M	28.18M	25.34M	23.59M	30.19M	34.75M	26.43M	21.65M	27.86M	25.12M	27.44M	47.19M	23.63M	18.59M	22.17M	22.34M	7.87M	8.56M
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	2,989.29M	2,860.04M	2,743.35M	2,688.30M	2,255.36M	1,954.05M	1,653.15M	1,375.31M	1,234.11M	913.90M	829.28M	740.43M	611.77M	544.63M	471.16M	447.36M	420.73M	424.63M	378.39M	285.44M	231.68M	189.74M	171.06M	181.65M	221.96M	170.60M	167.59M	145.70M	161.21M	98.86M	90.61M
Total Assets	6,173.44M	5,810.67M	5,816.31M	5,609.76M	4,801.70M	3,889.06M	3,379.34M	3,122.84M	2,911.70M	2,366.52M	2,148.70M	1,947.61M	1,554.13M	1,336.58M	1,264.36M	1,147.34M	1,020.81M	1,090.87M	966.56M	838.12M	666.93M	461.75M	405.79M	405.54M	532.34M	504.47M	421.46M	375.47M	430.91M	293.89M	271.68M
Accounts Payable	430.84M	407.13M	427.66M	385.86M	374.36M	292.91M	245.71M	230.05M	217.28M	197.96M	150.28M	135.48M	116.37M	113.36M	113.21M	109.36M	75.00M	78.19M	79.00M	65.68M	54.87M	36.60M	22.16M	21.07M	26.05M	38.91M	33.63M	21.61M	36.86M	28.88M	28.61M
Short-Term Debt	288.15M	247.44M	209.41M	140.27M	156.06M	157.57M	187.17M	128.51M	108.10M	110.10M	75.99M	70.21M	61.39M	58.96M	41.45M	33.63M	30.53M	35.98M	22.66M	27.54M	18.44M	11.24M	7.84M	6.73M	6.10M	4.83M	10.46M	7.15M	9.12M	10.14M	4.35M
Tax Payables	5.67M	33.45M	46.73M	52.20M	39.71M	26.38M	19.65M	21.04M	15.71M	11.53M	10.37M	10.41M	5.51M	3.96M	5.24M	6.15M	3.30M	3.53M	1.80M	2.95M	1.63M	0.61M	0.51M	0.09M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Revenue	39.43M	27.80M	46.60M	79.73M	156.97M	69.31M	51.18M	36.58M	53.24M	38.47M	36.17M	29.31M	20.41M	19.99M	30.16M	23.94M	14.59M	13.56M	17.74M	14.47M	10.48M	6.79M	5.24M	5.34M	4.45M	1.04M	1.98M	1.76M	3.52M	2.17M	1.30M
Other Current Liabilities	333.45M	337.00M	326.42M	242.66M	222.77M	191.22M	153.47M	142.78M	125.06M	96.30M	84.58M	71.65M	62.06M	54.21M	62.55M	41.94M	36.65M	40.99M	34.54M	43.11M	31.51M	15.98M	10.44M	18.07M	18.37M	37.69M	27.12M	24.17M	21.16M	17.36M	22.41M
Total Current Liabilities	1,097.54M	1,052.82M	1,056.81M	900.72M	949.87M	737.39M	657.19M	558.96M	519.39M	454.37M	357.39M	317.07M	265.74M	250.48M	252.61M	215.01M	160.08M	172.25M	155.75M	153.75M	116.92M	71.23M	46.19M	51.31M	54.97M	82.47M	73.19M	54.68M	70.66M	58.54M	56.67M
Long-Term Debt	1,313.53M	1,203.54M	1,010.39M	1,254.91M	1,010.10M	863.14M	607.46M	575.50M	507.99M	454.46M	413.39M	305.82M	153.80M	126.35M	122.20M	90.60M	68.89M	95.38M	77.71M	55.44M	64.90M	51.30M	63.59M	67.24M	87.94M	49.99M	28.02M	81.19M	61.29M	20.00M	22.70M
Capital Lease Obligations	12.69M	70.05M	88.89M	74.22M	71.02M	76.14M	30.01M	1.20M	1.27M	0.60M	0.12M	0.34M	0.20M	0.00M	0.09M	0.09M	0.05M	0.00M	0.00M	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	23.65M	32.03M	27.97M	34.53M	21.22M	23.35M	26.00M	17.64M	23.10M	12.68M	16.01M	9.96M	9.55M	6.49M	5.01M	2.97M	2.85M	2.13M	1.73M	1.44M	0.74M	0.52M	0.65M	0.35M	1.49M	1.78M	1.47M	0.82M	1.62M	1.12M	1.00M
Other Non-Current Liabilities	165.33M	155.25M	176.09M	212.76M	212.33M	208.09M	123.89M	144.45M	122.38M	98.92M	77.15M	85.24M	67.21M	51.83M	48.96M	41.85M	37.74M	39.80M	21.79M	16.91M	20.97M	10.84M	4.88M	5.03M	2.21M	5.24M	6.11M	2.60M	7.03M	1.08M	1.79M
Total Non-Current Liabilities	1,515.20M	1,460.87M	1,303.34M	1,576.41M	1,314.67M	1,170.73M	787.36M	738.78M	654.74M	566.65M	506.67M	401.37M	230.75M	184.67M	176.27M	135.51M	109.53M	137.30M	101.23M	73.78M	86.62M	62.66M	69.13M	72.62M	91.64M	57.01M	35.60M	84.62M	69.94M	22.20M	25.49M
Total Liabilities	2,612.74M	2,513.69M	2,360.15M	2,477.12M	2,264.54M	1,908.12M	1,444.54M	1,297.74M	1,174.13M	1,021.01M	864.06M	718.44M	496.49M	435.15M	428.87M	350.52M	269.61M	309.55M	256.98M	227.53M	203.54M	133.89M	115.32M	123.93M	146.61M	139.48M	108.79M	139.30M	140.60M	80.74M	82.16M
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	0.01M	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
Common Stock	135.41M	131.66M	175.52M	154.61M	151.62M	131.04M	119.15M	120.83M	110.99M	101.13M	96.03M	93.96M	61.19M	62.42M	47.56M	39.80M	41.76M	34.31M	38.17M	41.56M	29.08M	17.80M	10.32M	9.58M	11.47M	11.32M	8.38M	3.00M	4.15M	3.35M	3.49M
Retained Earnings	1,633.64M	1,733.90M	1,469.82M	1,235.47M	995.85M	813.30M	695.34M	571.26M	507.80M	376.99M	463.06M	428.36M	262.17M	240.01M	218.21M	147.67M	82.47M	81.23M	145.08M	113.22M	69.97M	49.01M	35.38M	38.77M	78.14M	167.24M	78.39M	110.84M	113.97M	86.44M	63.98M
Accumulated OCI	228.82M	39.03M	14.40M	31.03M	12.43M	1.88M	5.42M	1.24M	5.76M	5.05M	11.97M	-2.07M	-3.98M	0.02M	0.57M	-0.41M	-0.45M	1.72M	1.33M	-0.02M	-0.59M	1.29M	0.47M	-2.25M	-4.32M	-2.84M	-1.82M	-2.80M	-3.80M	-2.42M	-1.57M
Minority Interest	54.07M	52.27M	28.11M	27.30M	18.42M	14.81M	11.98M	6.22M	4.47M	4.85M	2.62M	3.54M	2.09M	1.92M	1.82M	1.14M	1.30M	1.48M	1.32M	1.21M	1.07M	0.38M	0.33M	0.25M	0.29M	0.31M	0.21M	0.00M	0.04M	0.00M	0.00M
Total Shareholders’ Equity	1,997.87M	1,904.59M	1,659.74M	1,421.11M	1,159.90M	946.22M	819.90M	693.33M	624.55M	483.17M	571.06M	520.26M	319.39M	302.44M	266.34M	187.06M	123.78M	117.26M	184.58M	154.76M	98.47M	68.10M	46.18M	46.11M	85.30M	175.71M	84.95M	111.04M	114.32M	87.36M	65.90M
Total Equity	2,051.94M	1,956.86M	1,687.86M	1,448.41M	1,178.31M	961.03M	831.88M	699.55M	629.02M	488.02M	573.68M	523.80M	321.48M	304.36M	268.16M	188.20M	125.08M	118.74M	185.91M	155.97M	99.54M	68.48M	46.51M	46.36M	85.59M	176.02M	85.16M	111.04M	114.36M	87.36M	65.90M
Total Liabilities & Equity	4,664.68M	4,470.55M	4,048.01M	3,925.54M	3,442.86M	2,869.16M	2,276.42M	1,997.29M	1,803.15M	1,509.03M	1,437.74M	1,242.24M	817.97M	739.51M	697.04M	538.72M	394.69M	428.29M	442.88M	383.51M	303.08M	202.37M	161.83M	170.29M	232.20M	315.50M	193.95M	250.33M	254.97M	168.11M	148.06M
Tangible Assets	5,428.52M	5,101.45M	5,071.40M	4,719.37M	4,048.99M	3,229.15M	2,871.61M	2,672.19M	2,458.24M	2,087.70M	1,893.15M	1,737.59M	1,379.32M	1,204.39M	1,162.69M	1,059.80M	940.47M	1,006.31M	879.02M	778.04M	636.89M	441.67M	383.36M	388.76M	523.36M	496.17M	418.40M	374.78M	430.01M	293.33M	271.05M
Tangible Equity	1,307.02M	1,247.64M	942.95M	558.02M	425.60M	301.12M	324.16M	248.90M	175.57M	209.19M	318.13M	313.78M	146.68M	172.17M	166.50M	100.66M	44.74M	34.18M	98.36M	95.90M	69.49M	48.40M	24.08M	29.58M	76.61M	167.72M	82.10M	110.35M	113.46M	86.80M	65.27M
Tangible Book Value	1,307.02M	1,247.64M	942.95M	558.02M	425.60M	301.12M	324.16M	248.90M	175.57M	209.19M	318.13M	313.78M	146.68M	172.17M	166.50M	100.66M	44.74M	34.18M	98.36M	95.90M	69.49M	48.40M	24.08M	29.58M	76.61M	167.72M	82.10M	110.35M	113.46M	86.80M	65.27M
Total Investments	399.03M	378.95M	427.69M	354.70M	279.95M	172.30M	109.86M	161.96M	160.67M	139.85M	282.15M	154.28M	111.01M	129.78M	84.99M	121.47M	75.85M	62.48M	99.48M	96.57M	71.28M	52.53M	22.83M	21.11M	27.39M	30.16M	17.44M	10.10M	4.72M	3.38M	4.02M
Net Debt	619.42M	459.57M	179.41M	408.67M	181.50M	229.98M	190.32M	131.35M	77.26M	53.15M	55.48M	-60.46M	-62.66M	-95.41M	-140.55M	-129.22M	-138.40M	-116.96M	-106.03M	-105.78M	-21.31M	-14.82M	-8.10M	-9.14M	-18.54M	-33.02M	-1.47M	32.38M	-1.82M	-7.74M	-0.10M

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	1,963.08M	1,554.05M	1,810.72M	1,646.29M	1,291.19M	1,048.06M	838.02M	906.49M	887.78M	922.14M	990.73M	842.01M	585.78M	566.68M	618.92M	454.99M	383.96M	367.46M	400.09M	375.18M	284.93M	193.90M	182.31M	188.43M	242.93M	222.52M	150.64M	184.88M	174.84M	131.39M	112.35M
Total Capital	5,981.72M	5,907.07M	5,841.60M	5,548.09M	4,565.27M	3,673.47M	3,076.71M	2,525.38M	2,578.04M	2,171.68M	2,164.81M	1,634.80M	1,300.17M	1,158.75M	1,122.78M	851.65M	727.58M	769.24M	828.92M	726.22M	563.49M	428.81M	374.01M	405.57M	635.40M	488.79M	332.42M	390.99M	409.21M	299.37M	241.41M
Capital Employed	6,969.68M	6,725.26M	6,595.76M	6,271.42M	5,021.43M	4,063.55M	3,677.28M	2,545.17M	2,385.24M	2,214.18M	2,176.49M	1,809.38M	1,411.48M	1,379.51M	1,270.15M	1,081.93M	956.87M	938.82M	964.14M	755.47M	622.08M	525.52M	486.52M	533.41M	718.42M	603.13M	450.10M	360.88M	367.80M	280.84M	248.95M
Invested Capital	4,999.46M	4,915.66M	4,801.21M	4,561.59M	3,580.61M	2,882.73M	2,472.40M	1,952.72M	2,039.22M	1,660.28M	1,730.90M	1,198.31M	1,022.32M	878.03M	818.58M	598.20M	489.76M	520.92M	622.51M	537.46M	458.84M	351.45M	294.47M	322.47M	522.82M	400.96M	292.47M	335.02M	336.99M	261.49M	214.26M

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	298.03M	372.46M	361.81M	357.12M	309.50M	246.70M	235.60M	210.25M	169.50M	140.19M	116.27M	105.52M	87.30M	82.38M	76.48M	70.05M	70.82M	70.47M	58.42M	43.04M	39.95M	34.00M	27.91M	35.03M	42.55M	32.86M	26.37M	38.71M	33.61M	21.74M	19.02M
Deferred Income Tax	-2.49M	-6.71M	-17.47M	-12.91M	-5.72M	-9.15M	-4.01M	-1.57M	-2.31M	-4.53M	-3.57M	0.57M	-0.76M	2.22M	-0.47M	-0.44M	-0.35M	-1.05M	-1.09M	-0.57M	-0.47M	-0.01M	0.08M	0.46M	-3.54M	-2.36M	-0.50M	-1.06M	-1.05M	-0.37M	-0.06M
Stock-Based Compensation	33.79M	42.40M	44.07M	35.98M	37.78M	25.99M	25.26M	20.56M	22.37M	17.39M	17.02M	15.29M	14.71M	10.97M	10.21M	8.17M	4.06M	1.26M	0.48M	0.30M	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	-82.67M	-76.72M	-122.19M	-212.42M	-108.34M	-48.60M	-34.90M	-55.95M	-33.22M	-28.71M	-20.49M	-20.72M	-20.14M	-22.71M	-24.59M	-5.95M	4.41M	-1.55M	-12.89M	-6.34M	-6.06M	-3.64M	-3.49M	-1.29M	-1.13M	-11.36M	-3.74M	-3.86M	-0.32M	-6.55M	-12.88M
Accounts Receivable	-28.68M	-40.62M	-20.85M	-75.73M	-93.44M	-22.75M	-15.69M	-32.38M	-33.17M	-12.08M	-6.43M	-16.17M	-1.91M	0.77M	2.69M	-17.54M	0.47M	8.64M	0.00M	-0.07M	-0.22M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	-33.43M	-27.77M	-125.71M	-246.57M	-98.75M	-34.56M	-14.67M	-44.59M	-33.92M	-10.76M	-8.01M	-16.75M	-4.47M	-4.89M	-18.30M	-16.16M	14.48M	-4.25M	-6.06M	-9.71M	-2.14M	-9.00M	-1.00M	0.57M	0.13M	-21.38M	-2.64M	0.43M	-8.97M	-8.85M	-12.53M
Accounts Payable	-0.51M	2.72M	-10.62M	30.69M	69.15M	16.38M	-9.57M	7.57M	20.94M	11.66M	-7.89M	-0.76M	1.03M	0.42M	-1.83M	12.49M	-0.26M	-1.57M	0.00M	0.23M	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	-15.11M	2.55M	-25.95M	11.01M	17.65M	1.37M	-8.04M	10.42M	5.93M	-12.27M	-3.58M	16.06M	-4.52M	-10.42M	-0.19M	13.06M	-1.28M	-2.14M	-3.03M	2.60M	-1.64M	8.49M	-2.24M	-0.57M	-4.78M	9.18M	-0.64M	-2.85M	10.17M	0.60M	3.15M
Other Non-Cash Items	78.55M	31.44M	22.42M	33.81M	25.73M	23.24M	19.11M	17.71M	20.97M	22.05M	8.86M	5.06M	5.98M	5.03M	9.01M	4.09M	5.39M	47.63M	13.83M	11.88M	8.79M	5.52M	6.01M	21.19M	32.70M	-0.69M	3.16M	6.01M	2.23M	-0.02M	4.43M
Net Cash from Operating Activities	840.61M	919.17M	751.61M	1,074.32M	902.54M	573.31M	582.57M	463.96M	414.55M	282.90M	299.91M	286.54M	221.17M	234.12M	226.07M	195.15M	102.39M	139.04M	171.31M	141.36M	91.17M	73.04M	26.75M	21.15M	69.83M	111.90M	65.18M	60.30M	78.96M	43.15M	41.37M
Capital Expenditures (PPE)	-318.44M	-350.91M	-455.99M	-374.60M	-294.72M	-201.30M	-194.66M	-234.62M	-196.91M	-119.76M	-112.60M	-99.09M	-71.88M	-73.88M	-85.13M	-59.83M	-46.01M	-63.97M	-68.56M	-43.75M	-35.30M	-29.78M	-20.34M	-24.20M	-54.61M	-61.51M	-35.90M	-43.32M	-55.84M	-47.77M	-31.20M
Acquisitions (Net)	0.08M	-8.04M	-3.35M	-9.00M	-7.68M	-31.36M	-31.19M	-11.79M	-6.80M	-15.38M	-6.80M	-4.94M	-5.08M	-10.36M	-4.92M	-1.49M	-1.27M	-8.16M	-5.42M	-1.85M	-0.14M	-0.87M	0.00M	-1.93M	-0.27M	-1.37M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-377.72M	-326.19M	-314.92M	-300.03M	-358.44M	-267.15M	-108.32M	-258.10M	-225.01M	-155.75M	-239.83M	-174.43M	-146.68M	-101.50M	-106.08M	-128.23M	-52.92M	-67.27M	-161.57M	-119.80M	-75.63M	-64.98M	-50.08M	-42.99M	-52.31M	-73.29M	-93.47M	-72.00M	-102.89M	-77.44M	-49.14M
Sales / Maturities of Investments	291.19M	375.97M	301.13M	283.73M	300.66M	190.41M	242.87M	254.80M	253.49M	272.36M	164.94M	214.55M	175.49M	103.47M	89.84M	80.41M	46.58M	101.50M	167.13M	99.54M	65.87M	52.28M	37.80M	24.07M	45.04M	35.04M	43.19M	78.67M	90.70M	78.50M	69.81M
Other Investing Activities	-3.02M	1.27M	3.20M	3.27M	-3.36M	-2.12M	0.56M	5.65M	0.07M	7.29M	3.22M	1.37M	0.84M	1.21M	3.60M	-0.37M	1.41M	3.53M	2.96M	0.39M	0.44M	-0.16M	-0.44M	-0.54M	-4.71M	-0.05M	-0.54M	-2.67M	-3.38M	-1.87M	-1.72M
Net Cash from Investing Activities	-380.66M	-448.77M	-375.99M	-497.19M	-424.21M	-287.63M	-395.62M	-240.80M	-246.13M	-203.17M	-171.29M	-156.61M	-135.82M	-148.51M	-136.28M	-119.98M	-46.60M	-69.27M	-92.39M	-53.77M	-52.09M	-57.03M	-34.99M	-40.18M	-81.01M	-101.88M	-63.76M	-68.44M	-82.48M	-89.28M	-61.07M
Net Debt Issuance	14.51M	53.77M	43.30M	91.84M	8.82M	40.30M	33.82M	10.60M	12.68M	32.21M	29.04M	12.31M	5.97M	1.84M	8.69M	-3.75M	-5.71M	0.45M	-2.56M	0.10M	-5.49M	-1.46M	-0.52M	1.03M	22.55M	-3.84M	-2.06M	3.67M	10.50M	8.66M	0.86M
Long-Term Debt Issuance	11.20M	53.73M	40.60M	89.89M	31.07M	32.41M	28.20M	7.25M	7.37M	45.41M	13.28M	4.66M	7.18M	2.06M	-0.92M	0.43M	-3.78M	-1.58M	-2.99M	-2.05M	-3.83M	-0.06M	-0.10M	1.22M	3.54M	-2.72M	-2.08M	3.17M	11.04M	6.45M	0.87M
Short-Term Debt Issuance	1.69M	0.00M	0.26M	-0.38M	-0.42M	0.00M	-0.08M	0.01M	0.00M	0.00M	-0.06M	0.00M	-0.03M	0.00M	0.65M	-0.29M	-0.74M	-0.26M	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
Net Stock Issuance	-60.08M	-75.94M	-57.11M	-89.91M	-16.52M	-10.60M	-17.87M	-33.50M	-7.00M	-5.70M	-13.27M	-5.00M	-0.83M	-0.32M	-3.62M	0.98M	3.37M	-7.77M	1.30M	2.49M	0.96M	4.92M	2.23M	1.84M	3.35M	31.64M	6.84M	3.57M	8.25M	6.40M	9.90M
Common Stock Issuance	0.30M	5.01M	2.30M	3.55M	12.58M	6.94M	3.73M	3.65M	5.99M	5.59M	9.79M	6.42M	5.46M	11.30M	7.95M	6.66M	9.60M	5.14M	11.81M	26.56M	9.35M	11.65M	7.83M	8.67M	15.78M	54.73M	16.23M	9.69M	15.39M	10.31M	27.27M
Common Stock Repurchased	-64.09M	-77.09M	-64.39M	-106.28M	-24.69M	-40.97M	-35.93M	-61.45M	-14.84M	-31.90M	-44.71M	-14.33M	-9.81M	-9.54M	-18.38M	-1.33M	-1.35M	-13.64M	-7.84M	-4.69M	-0.42M	-0.08M	-0.01M	-0.03M	-0.27M	-0.05M	-1.52M	-1.66M	-0.02M	-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	-95.15M	-110.70M	-98.26M	-93.68M	-62.96M	-74.83M	-59.45M	-64.29M	-41.04M	-35.77M	-35.24M	-24.50M	-12.72M	-9.65M	-8.98M	-4.26M	-4.50M	-7.36M	-5.54M	-3.48M	-2.52M	-0.96M	-0.30M	0.00M	-0.15M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Dividends Paid	-94.29M	-110.70M	-98.40M	-96.06M	-64.91M	-76.59M	-61.15M	-62.77M	-39.45M	-35.52M	-34.70M	-20.60M	-12.09M	-8.98M	-10.10M	-4.37M	-4.54M	-8.37M	-5.35M	-3.45M	-2.49M	-0.90M	-0.48M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
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	-26.68M	-11.90M	-3.52M	-0.76M	0.22M	4.94M	5.69M	-2.57M	4.32M	1.17M	7.09M	7.68M	3.64M	0.84M	0.89M	3.78M	-1.18M	1.09M	-0.03M	1.37M	0.24M	0.02M	0.68M	0.08M	0.97M	0.99M	1.41M	-0.54M	0.29M	0.00M	0.79M
Net Cash from Financing Activities	-271.04M	-230.16M	-296.24M	-218.11M	-41.14M	-60.82M	-63.77M	-152.34M	-19.32M	-22.83M	-14.65M	-17.90M	-19.30M	-37.47M	-12.50M	-33.18M	-22.60M	-46.57M	-44.89M	-15.38M	-14.07M	2.03M	5.05M	1.84M	31.90M	42.18M	13.96M	8.78M	23.12M	14.02M	12.93M
Effect of FX on Cash	4.79M	3.48M	0.75M	4.57M	-0.55M	-2.30M	-0.63M	-0.24M	-1.57M	-1.15M	0.77M	0.89M	0.86M	-0.70M	0.17M	-0.25M	-1.05M	-0.25M	0.39M	0.21M	0.22M	0.04M	0.03M	0.06M	-0.06M	0.00M	0.02M	0.02M	-0.01M	0.13M	0.02M
Net Change in Cash	44.02M	34.69M	60.84M	33.29M	191.07M	149.09M	10.61M	40.58M	79.79M	54.61M	33.99M	69.70M	14.75M	-10.86M	11.11M	34.51M	22.04M	-2.07M	12.78M	26.24M	12.13M	8.60M	7.80M	-6.76M	10.56M	34.40M	8.38M	1.25M	19.80M	12.74M	8.54M
Cash at Beginning of Period	983.65M	1,010.24M	943.18M	953.97M	804.51M	635.47M	639.35M	609.69M	500.12M	428.22M	431.68M	311.66M	273.44M	316.25M	263.87M	246.61M	247.30M	210.13M	203.73M	120.28M	87.37M	79.82M	78.99M	96.24M	89.74M	45.71M	54.62M	62.72M	65.18M	42.29M	32.79M
Cash at End of Period	1,103.25M	1,016.52M	1,032.05M	975.84M	1,005.06M	819.69M	625.45M	643.89M	593.50M	505.88M	432.94M	430.01M	273.39M	279.72M	320.44M	260.88M	244.40M	247.86M	212.27M	188.96M	106.77M	83.89M	80.60M	92.03M	124.75M	93.63M	49.68M	71.06M	79.55M	58.93M	37.05M
Operating Cash Flow	840.03M	919.79M	751.18M	1,074.28M	902.54M	573.31M	582.57M	463.96M	414.55M	282.90M	299.91M	286.54M	221.17M	234.12M	226.07M	195.15M	102.39M	139.04M	171.31M	141.36M	91.17M	73.04M	26.75M	20.98M	69.83M	111.90M	65.18M	60.30M	78.96M	43.15M	41.37M
Capital Expenditure	-299.58M	-351.99M	-459.97M	-374.56M	-294.61M	-202.35M	-194.81M	-234.67M	-197.02M	-119.89M	-112.83M	-99.26M	-72.22M	-74.10M	-85.37M	-59.98M	-46.07M	-64.02M	-68.41M	-43.71M	-34.70M	-29.78M	-20.37M	-24.20M	-54.61M	-61.51M	-35.82M	-43.32M	-55.84M	-47.77M	-31.20M
Free Cash Flow	371.54M	279.54M	282.27M	517.29M	552.69M	290.12M	244.45M	239.28M	257.12M	116.75M	175.00M	154.40M	126.21M	78.67M	62.70M	125.67M	43.10M	40.67M	43.86M	82.45M	33.10M	28.41M	4.17M	1.97M	3.57M	21.16M	6.83M	7.89M	17.16M	-6.75M	2.89M

Industry Free Cash Flow

Metric	TTM	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
EBITDA	940.76M	955.60M	1,116.90M	1,311.91M	953.12M	691.87M	597.38M	570.67M	468.68M	319.16M	370.77M	313.43M	232.01M	215.87M	278.61M	218.92M	105.80M	150.97M	176.00M	153.35M	117.30M	81.77M	29.73M	17.41M	58.52M	181.29M	68.74M	66.82M	90.12M	70.61M	73.03M
(-) Tax Adjustment	159.12M	153.15M	176.36M	136.63M	103.68M	60.60M	79.37M	106.96M	77.44M	52.87M	50.25M	44.83M	36.65M	45.59M	41.92M	27.31M	98.65M	97.60M	35.89M	29.54M	22.62M	17.14M	59.47M	-1.30M	53.42M	45.26M	20.16M	22.12M	28.37M	24.23M	22.52M
(-) Change In Working Capital	-82.67M	-76.72M	-122.19M	-212.42M	-108.34M	-48.60M	-34.90M	-55.95M	-33.22M	-28.71M	-20.49M	-20.72M	-20.14M	-22.71M	-24.59M	-5.95M	4.41M	-1.55M	-12.89M	-6.34M	-6.06M	-3.64M	-3.49M	-1.29M	-1.13M	-11.36M	-3.74M	-3.86M	-0.32M	-6.55M	-12.88M
(-) Capital Expenditure	299.58M	351.99M	459.97M	374.56M	294.61M	202.35M	194.81M	234.67M	197.02M	119.89M	112.83M	99.26M	72.22M	74.10M	85.37M	59.98M	46.07M	64.02M	68.41M	43.71M	34.70M	29.78M	20.37M	24.20M	54.61M	61.51M	35.82M	43.32M	55.84M	47.77M	31.20M
Unlevered Free Cash Flow	564.74M	527.18M	602.77M	1,013.15M	663.19M	477.53M	358.10M	284.98M	227.44M	175.11M	228.19M	190.06M	143.28M	118.89M	175.91M	137.59M	-43.33M	-9.10M	84.59M	86.44M	66.04M	38.49M	-46.61M	-4.20M	-48.38M	85.88M	16.50M	5.25M	6.23M	5.16M	32.19M
(-) Net Interest Income After Taxes	-18.42M	-22.06M	-18.91M	-32.31M	-38.10M	-34.72M	-25.85M	-22.64M	-20.37M	-15.72M	-13.08M	-9.08M	-6.48M	-7.47M	-5.81M	-4.53M	-0.21M	-1.14M	-1.73M	-1.03M	-0.89M	-0.42M	0.03M	-0.04M	0.00M	-0.03M	0.00M	-0.01M	0.00M	0.00M	-0.03M
Net Debt Issuance	14.51M	53.77M	43.30M	91.84M	8.82M	40.30M	33.82M	10.60M	12.68M	32.21M	29.04M	12.31M	5.97M	1.84M	8.69M	-3.75M	-5.71M	0.45M	-2.56M	0.10M	-5.49M	-1.46M	-0.52M	1.03M	22.55M	-3.84M	-2.06M	3.67M	10.50M	8.66M	0.86M
Levered Free Cash Flow	597.67M	603.01M	664.97M	1,137.30M	710.10M	552.55M	417.76M	318.22M	260.49M	223.05M	270.30M	211.45M	155.73M	128.20M	190.42M	138.37M	-48.83M	-7.51M	83.76M	87.57M	61.44M	37.45M	-47.17M	-3.13M	-25.82M	82.07M	14.43M	8.94M	16.73M	13.82M	33.08M