Hardware, Equipment & Parts

Category: Industry Averages Base Ticker: BMI

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	47.82	40.86	40.60	34.25	45.07	33.41	30.86	23.37	24.82	21.08	18.04	15.35	14.13	12.62	11.01	11.55	8.58	9.68	14.12	12.21	10.96	7.86	6.56	6.08	6.55	9.80	8.42	5.64	6.04	5.09	3.68
Market Capitalization	10,235.80M	8,443.18M	6,709.77M	6,745.98M	8,235.07M	6,626.12M	5,950.65M	3,895.32M	4,767.40M	3,501.67M	3,320.10M	2,812.12M	2,289.84M	1,809.04M	1,535.22M	1,730.42M	1,101.64M	1,249.18M	1,738.98M	1,148.78M	773.91M	549.54M	523.12M	400.80M	426.90M	449.07M	321.98M	200.65M	218.21M	164.73M	174.16M
(-) Cash & Equivalents	895.76M	957.47M	995.22M	1,045.64M	885.13M	853.52M	664.95M	578.27M	577.63M	469.73M	441.16M	430.84M	333.83M	279.52M	233.25M	235.18M	210.58M	179.10M	156.49M	116.96M	93.71M	46.74M	37.93M	35.60M	28.37M	20.17M	15.32M	10.27M	9.40M	8.78M	8.70M
(+) Total Debt	1,364.44M	1,306.11M	1,350.45M	1,312.78M	1,106.30M	1,117.16M	1,039.49M	828.43M	780.23M	579.55M	483.39M	472.81M	379.61M	339.00M	316.32M	258.87M	288.63M	224.81M	199.64M	127.70M	88.77M	54.16M	41.37M	34.34M	34.82M	25.31M	22.51M	17.83M	13.84M	13.58M	11.17M
Enterprise Value	11,149.81M	8,820.76M	7,232.58M	7,665.29M	9,169.59M	7,811.45M	6,830.79M	4,440.31M	4,957.16M	3,654.57M	3,406.82M	3,027.51M	2,455.32M	2,241.02M	1,744.29M	1,730.78M	1,200.77M	1,331.53M	1,953.49M	1,231.38M	854.36M	622.29M	553.25M	388.27M	429.79M	472.99M	333.07M	228.04M	237.68M	176.72M	182.17M

Industry Income Statement

Metric	TTM	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Revenue	5,504.894M	5,482.385M	5,590.787M	5,589.799M	5,078.041M	4,580.333M	4,336.389M	3,718.362M	3,302.244M	2,940.969M	2,723.291M	2,468.381M	2,090.723M	1,997.838M	1,622.764M	1,413.425M	1,261.320M	1,394.711M	1,311.459M	932.583M	711.511M	499.390M	369.809M	282.475M	253.982M	178.008M	122.544M	111.157M	101.852M	97.933M	71.344M
Cost of Revenue	4,199.805M	4,068.491M	4,077.132M	4,101.991M	3,906.938M	3,531.566M	3,324.977M	2,777.088M	2,472.777M	2,228.667M	2,064.130M	1,860.906M	1,609.017M	1,440.882M	1,213.843M	1,064.993M	925.688M	1,080.126M	961.972M	662.381M	517.652M	368.793M	240.559M	190.794M	144.240M	111.618M	75.685M	58.612M	47.469M	49.462M	36.066M
Gross Profit	1,305.089M	1,413.894M	1,513.655M	1,487.808M	1,171.103M	1,048.767M	1,011.412M	941.274M	829.467M	712.302M	659.161M	607.475M	481.706M	556.956M	408.920M	348.431M	335.632M	314.585M	349.487M	270.202M	193.860M	130.597M	129.250M	91.681M	109.742M	66.391M	46.859M	52.546M	54.383M	48.471M	35.277M
Gross Margin	23.71%	25.79%	27.07%	26.62%	23.06%	22.90%	23.32%	25.31%	25.12%	24.22%	24.20%	24.61%	23.04%	27.88%	25.20%	24.65%	26.61%	22.56%	26.65%	28.97%	27.25%	26.15%	34.95%	32.46%	43.21%	37.30%	38.24%	47.27%	53.39%	49.49%	49.45%
R&D Expenses	221.159M	226.241M	257.607M	230.597M	187.296M	163.929M	140.107M	123.236M	95.510M	85.712M	78.750M	75.952M	63.265M	31.269M	19.440M	17.664M	15.367M	13.837M	14.286M	10.719M	8.291M	7.297M	4.254M	3.237M	2.542M	2.065M	1.363M	1.089M	0.999M	0.606M	0.624M
SG&A Expenses	493.492M	433.905M	475.238M	458.143M	434.305M	390.290M	396.885M	341.307M	306.602M	295.390M	274.569M	258.009M	227.334M	177.197M	114.318M	94.690M	85.637M	115.565M	114.171M	77.051M	70.687M	47.261M	34.447M	31.405M	24.692M	21.443M	17.195M	15.348M	11.465M	10.480M	8.170M
Operating Expenses	714.651M	660.146M	732.846M	688.740M	621.602M	554.218M	536.992M	464.543M	402.112M	381.101M	353.319M	333.961M	290.599M	208.465M	133.758M	112.354M	101.005M	129.402M	128.457M	87.770M	78.979M	54.558M	38.701M	34.641M	27.234M	23.508M	18.558M	16.437M	12.463M	11.086M	8.793M
Operating Income	590.438M	753.748M	780.809M	799.069M	549.502M	494.549M	474.420M	476.731M	427.355M	331.201M	305.842M	273.514M	191.107M	348.491M	275.163M	236.077M	234.627M	185.183M	221.031M	182.432M	114.881M	76.039M	90.549M	57.039M	82.508M	42.883M	28.301M	36.109M	41.920M	37.385M	26.484M
Operating Margin	10.73%	13.75%	13.97%	14.30%	10.82%	10.80%	10.94%	12.82%	12.94%	11.26%	11.23%	11.08%	9.14%	17.44%	16.96%	16.70%	18.60%	13.28%	16.85%	19.56%	16.15%	15.23%	24.49%	20.19%	32.49%	24.09%	23.09%	32.48%	41.16%	38.17%	37.12%
Interest Income	25.215M	22.741M	23.632M	9.958M	7.391M	8.044M	10.359M	6.026M	5.120M	4.036M	4.097M	4.816M	2.766M	3.270M	2.846M	1.653M	2.195M	3.233M	2.127M	0.730M	0.385M	0.235M	0.249M	0.159M	0.167M	0.183M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	44.713M	46.028M	51.336M	38.275M	33.344M	39.452M	43.774M	33.261M	24.949M	17.498M	15.203M	15.580M	11.238M	11.298M	8.542M	7.859M	7.280M	8.641M	7.600M	3.390M	2.104M	1.899M	1.256M	1.127M	1.154M	0.658M	0.327M	0.315M	0.166M	0.390M	0.510M
Net Interest Income	-19.498M	-23.286M	-27.704M	-28.318M	-25.953M	-31.407M	-33.415M	-27.234M	-19.829M	-13.463M	-11.106M	-10.764M	-8.472M	-8.028M	-5.696M	-6.206M	-5.085M	-5.408M	-5.473M	-2.661M	-1.719M	-1.664M	-1.007M	-0.968M	-0.987M	-0.475M	-0.327M	-0.315M	-0.166M	-0.390M	-0.510M
Other Income / Expense	-144.091M	-381.355M	-417.978M	-349.579M	-48.217M	-190.627M	-160.538M	-184.368M	-160.062M	-123.670M	-115.426M	-90.569M	-42.891M	-237.643M	-168.566M	-147.466M	-203.255M	-110.626M	-121.184M	-118.695M	-70.661M	-48.783M	-74.487M	-49.165M	-73.583M	-22.548M	-15.011M	-27.890M	-33.554M	-29.692M	-16.800M
Pre-Tax Income	426.848M	349.106M	335.127M	421.172M	475.331M	272.514M	280.467M	265.128M	247.464M	194.068M	179.310M	172.181M	139.744M	102.820M	100.901M	82.405M	26.287M	69.149M	94.374M	61.076M	42.500M	25.593M	15.055M	6.906M	7.938M	19.860M	12.963M	7.903M	8.201M	7.303M	9.174M
Pre-Tax Margin	7.75%	6.37%	5.99%	7.53%	9.36%	5.95%	6.47%	7.13%	7.49%	6.60%	6.58%	6.98%	6.68%	5.15%	6.22%	5.83%	2.08%	4.96%	7.20%	6.55%	5.97%	5.12%	4.07%	2.44%	3.13%	11.16%	10.58%	7.11%	8.05%	7.46%	12.86%
Income Tax Expense	83.173M	70.679M	53.146M	68.836M	81.948M	57.286M	54.375M	59.280M	54.814M	36.505M	31.450M	32.086M	21.417M	27.588M	22.466M	16.701M	10.344M	23.687M	24.638M	17.469M	11.790M	6.797M	3.704M	1.992M	2.640M	6.003M	3.813M	2.709M	1.867M	1.979M	1.717M
Tax Rate	19.49%	20.25%	15.86%	16.34%	17.24%	21.02%	19.39%	22.36%	22.15%	18.81%	17.54%	18.64%	15.33%	26.83%	22.27%	20.27%	35.00%	34.25%	26.11%	28.60%	27.74%	26.56%	24.60%	28.84%	33.26%	30.23%	29.41%	34.28%	22.77%	27.09%	18.72%
Net Income	343.676M	278.428M	281.981M	352.336M	393.383M	215.228M	226.092M	205.848M	192.650M	157.564M	147.861M	140.095M	118.327M	75.232M	78.435M	65.704M	15.943M	45.462M	69.736M	43.607M	30.711M	18.796M	11.351M	4.915M	5.298M	13.856M	9.150M	5.194M	6.333M	5.325M	7.457M
Net Margin	6.24%	5.08%	5.04%	6.30%	7.75%	4.70%	5.21%	5.54%	5.83%	5.36%	5.43%	5.68%	5.66%	3.77%	4.83%	4.65%	1.26%	3.26%	5.32%	4.68%	4.32%	3.76%	3.07%	1.74%	2.09%	7.78%	7.47%	4.67%	6.22%	5.44%	10.45%
EBIT	590.438M	753.748M	780.809M	799.069M	549.502M	494.549M	474.420M	476.731M	427.355M	331.201M	305.842M	273.514M	191.107M	348.491M	275.163M	236.077M	234.627M	185.183M	221.031M	182.432M	114.881M	76.039M	90.549M	57.039M	82.508M	42.883M	28.301M	36.109M	41.920M	37.385M	26.484M
Depreciation & Amortization	243.889M	277.848M	280.699M	243.473M	219.316M	202.180M	184.878M	144.600M	127.161M	128.342M	123.504M	112.934M	100.153M	93.593M	73.208M	67.368M	72.123M	66.773M	57.278M	37.332M	26.774M	18.609M	14.384M	12.978M	10.621M	7.672M	5.638M	4.285M	3.803M	3.148M	2.755M
EBITDA	834.327M	1,031.596M	1,061.508M	1,042.541M	768.818M	696.728M	659.298M	621.330M	554.517M	459.543M	429.347M	386.448M	291.259M	442.084M	348.371M	303.445M	306.750M	251.956M	278.308M	219.763M	141.655M	94.649M	104.933M	70.017M	93.129M	50.555M	33.939M	40.394M	45.723M	40.533M	29.239M
EBITDA Margin	15.16%	18.82%	18.99%	18.65%	15.14%	15.21%	15.20%	16.71%	16.79%	15.63%	15.77%	15.66%	13.93%	22.13%	21.47%	21.47%	24.32%	18.07%	21.22%	23.57%	19.91%	18.95%	28.37%	24.79%	36.67%	28.40%	27.70%	36.34%	44.89%	41.39%	40.98%
NOPAT	475.389M	601.147M	656.985M	668.469M	454.766M	390.588M	382.443M	370.138M	332.695M	268.901M	252.200M	222.544M	161.818M	254.986M	213.897M	188.230M	152.508M	121.749M	163.327M	130.252M	83.013M	55.844M	68.272M	40.591M	55.064M	29.920M	19.976M	23.732M	32.374M	27.256M	21.527M
NOPAT Margin	8.64%	10.97%	11.75%	11.96%	8.96%	8.53%	8.82%	9.95%	10.07%	9.14%	9.26%	9.02%	7.74%	12.76%	13.18%	13.32%	12.09%	8.73%	12.45%	13.97%	11.67%	11.18%	18.46%	14.37%	21.68%	16.81%	16.30%	21.35%	31.79%	27.83%	30.17%
Owner's Earnings	587.565M	556.276M	562.680M	595.809M	612.699M	417.408M	410.970M	350.447M	319.812M	285.906M	271.365M	253.029M	218.479M	168.825M	151.643M	133.071M	88.066M	112.236M	127.014M	80.938M	57.484M	37.405M	25.735M	17.893M	15.919M	21.529M	14.789M	9.479M	10.136M	8.473M	10.212M
Owner's Earnings Margin	10.67%	10.15%	10.06%	10.66%	12.07%	9.11%	9.48%	9.42%	9.68%	9.72%	9.96%	10.25%	10.45%	8.45%	9.34%	9.41%	6.98%	8.05%	9.68%	8.68%	8.08%	7.49%	6.96%	6.33%	6.27%	12.09%	12.07%	8.53%	9.95%	8.65%	14.31%
EPS	0.44	0.36	0.42	0.50	0.54	0.32	0.34	0.28	0.25	0.27	0.29	0.28	0.24	0.16	0.19	0.20	0.06	0.19	0.32	0.20	0.18	0.08	0.05	0.02	0.03	0.10	0.07	0.05	0.05	0.05	0.05
EPS (Diluted)	0.44	0.36	0.42	0.50	0.54	0.32	0.34	0.28	0.25	0.27	0.29	0.28	0.24	0.16	0.19	0.20	0.06	0.19	0.32	0.20	0.18	0.08	0.05	0.02	0.03	0.10	0.07	0.05	0.05	0.05	0.05
Shares (Diluted)	784,186,895	783,313,930	678,607,245	702,137,811	726,115,129	664,382,246	667,505,534	742,903,314	755,496,246	577,789,245	515,735,991	506,342,357	500,066,932	480,976,605	413,035,309	326,166,623	266,386,792	243,816,154	216,548,350	213,704,090	171,511,761	246,649,177	243,440,229	199,407,385	172,477,087	143,088,408	126,189,369	107,873,685	122,901,958	101,343,963	139,694,887

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	895.76M	957.47M	995.22M	1,045.64M	885.13M	853.81M	664.79M	578.27M	577.63M	478.58M	441.16M	430.84M	336.35M	283.89M	237.92M	235.18M	210.58M	179.10M	156.49M	116.96M	93.71M	46.74M	38.25M	35.60M	28.37M	20.16M	15.31M	10.27M	10.65M	8.78M	8.49M
Short-Term Investments	51.28M	133.71M	125.66M	96.59M	66.07M	50.18M	64.32M	33.13M	57.62M	59.20M	85.57M	80.25M	65.48M	64.34M	42.56M	33.73M	58.32M	42.57M	59.50M	49.77M	34.35M	17.47M	9.47M	8.72M	4.84M	2.52M	2.20M	0.94M	0.24M	0.14M	0.49M
Cash & Short-Term Investments	947.04M	1,091.18M	1,120.88M	1,142.23M	951.20M	903.99M	729.11M	611.39M	635.25M	537.78M	526.73M	511.09M	401.83M	348.23M	280.48M	268.91M	268.91M	221.66M	215.99M	166.73M	128.05M	64.21M	47.72M	44.32M	33.21M	22.68M	17.51M	11.22M	10.89M	8.93M	8.98M
Net Receivables	1,105.73M	1,082.48M	1,005.22M	1,010.57M	1,021.40M	974.18M	896.37M	740.84M	705.91M	591.20M	530.80M	469.02M	393.16M	353.03M	293.19M	271.07M	219.03M	250.36M	247.13M	182.86M	130.22M	70.01M	52.45M	37.42M	34.94M	29.02M	19.93M	15.14M	16.46M	15.21M	12.70M
Inventory	874.65M	866.99M	834.55M	840.11M	745.92M	587.39M	574.86M	501.83M	473.94M	412.64M	384.23M	332.01M	272.10M	242.64M	214.86M	195.13M	162.04M	169.61M	177.54M	124.99M	100.49M	66.55M	51.56M	38.23M	28.52M	26.36M	20.12M	18.73M	18.51M	16.59M	13.29M
Other Current Assets	164.00M	111.20M	163.43M	148.40M	131.32M	113.07M	104.98M	131.52M	143.95M	91.82M	103.18M	115.35M	81.99M	81.77M	59.56M	48.74M	44.24M	49.59M	33.55M	32.28M	21.47M	16.67M	19.40M	15.03M	8.66M	9.66M	10.12M	8.80M	9.07M	5.63M	7.03M
Total Current Assets	3,091.42M	3,151.85M	3,124.07M	3,141.31M	2,849.84M	2,578.63M	2,305.32M	1,985.58M	1,959.05M	1,633.43M	1,544.95M	1,427.46M	1,149.07M	1,025.67M	848.09M	783.85M	694.22M	691.22M	674.20M	506.86M	380.24M	217.44M	171.13M	134.99M	105.33M	87.72M	67.68M	53.88M	54.93M	46.36M	42.01M
Property, Plant & Equipment	1,580.90M	1,619.37M	1,548.93M	1,473.58M	1,320.27M	1,248.44M	1,036.48M	884.50M	937.81M	729.76M	660.66M	658.60M	503.10M	460.44M	380.06M	342.36M	336.56M	332.39M	292.53M	196.30M	148.24M	96.05M	77.96M	72.75M	53.41M	40.91M	30.77M	27.62M	23.35M	21.39M	20.68M
Goodwill	517.77M	329.49M	328.38M	354.78M	283.57M	325.04M	268.49M	199.46M	141.82M	132.50M	103.46M	65.13M	65.70M	46.50M	40.72M	31.14M	21.62M	30.71M	47.46M	28.81M	13.48M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	171.85M	183.36M	207.02M	208.44M	211.73M	205.43M	172.72M	145.16M	121.78M	92.45M	83.21M	57.21M	48.07M	44.01M	34.58M	36.11M	30.83M	34.76M	27.41M	23.06M	18.80M	20.32M	17.66M	15.77M	10.93M	8.82M	2.55M	1.18M	0.92M	0.91M	1.05M
Long-Term Investments	146.13M	154.46M	141.09M	104.87M	91.31M	84.06M	85.57M	53.75M	76.80M	48.05M	50.77M	47.35M	33.57M	23.32M	18.24M	24.23M	20.28M	19.41M	25.95M	14.88M	10.15M	0.85M	0.21M	0.77M	0.85M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	68.78M	85.09M	70.84M	70.59M	64.46M	57.11M	61.76M	54.94M	29.24M	28.41M	27.85M	25.41M	18.68M	17.35M	17.32M	13.69M	16.83M	15.32M	13.12M	9.56M	8.00M	6.38M	4.70M	4.22M	1.01M	0.12M	0.00M	0.00M	0.00M	0.00M	0.05M
Other Non-Current Assets	140.63M	156.02M	127.70M	148.59M	122.77M	112.28M	101.23M	103.82M	81.83M	66.22M	62.93M	59.20M	34.68M	29.42M	29.77M	27.21M	21.87M	29.20M	29.24M	19.08M	15.06M	11.08M	10.49M	8.02M	7.56M	7.12M	5.76M	4.34M	4.78M	3.67M	2.41M
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	2,626.06M	2,527.79M	2,423.96M	2,360.85M	2,094.11M	2,032.37M	1,726.25M	1,441.64M	1,389.28M	1,097.40M	988.89M	912.89M	703.80M	621.03M	520.70M	474.75M	447.99M	461.78M	435.72M	291.70M	213.73M	134.68M	111.02M	101.52M	73.76M	56.97M	39.08M	33.14M	29.05M	25.97M	24.19M
Total Assets	5,717.48M	5,679.65M	5,548.03M	5,502.15M	4,943.95M	4,611.00M	4,031.57M	3,427.22M	3,348.33M	2,730.83M	2,533.84M	2,340.35M	1,852.87M	1,646.70M	1,368.79M	1,258.60M	1,142.21M	1,153.00M	1,109.92M	798.56M	593.97M	352.12M	282.15M	236.52M	179.09M	144.69M	106.76M	87.02M	83.98M	72.33M	66.20M
Accounts Payable	775.89M	861.72M	774.13M	804.16M	806.46M	703.11M	646.46M	598.32M	533.10M	462.87M	386.40M	310.77M	249.12M	209.12M	182.47M	160.02M	137.28M	174.26M	177.05M	120.48M	78.72M	45.49M	34.65M	26.26M	15.30M	13.99M	11.23M	8.75M	10.07M	9.48M	7.14M
Short-Term Debt	510.55M	266.08M	338.46M	367.58M	283.44M	290.66M	313.73M	307.06M	247.07M	181.40M	186.64M	174.38M	163.71M	117.16M	80.55M	73.67M	78.46M	71.94M	64.49M	46.12M	30.47M	24.83M	16.61M	14.69M	13.01M	9.73M	7.35M	5.79M	4.40M	4.10M	4.42M
Tax Payables	14.45M	40.21M	38.54M	51.70M	48.19M	38.50M	30.84M	34.86M	22.91M	19.19M	19.91M	17.78M	11.04M	7.40M	8.82M	7.24M	4.85M	6.89M	8.78M	6.75M	4.41M	1.59M	0.85M	0.69M	0.39M	0.25M	0.21M	0.15M	0.11M	0.07M	0.19M
Deferred Revenue	40.24M	6.69M	36.08M	57.92M	193.36M	140.43M	130.93M	47.13M	100.84M	72.72M	75.16M	67.71M	41.68M	28.29M	26.23M	18.61M	15.11M	17.42M	26.64M	13.82M	6.43M	4.82M	3.71M	3.39M	3.13M	1.64M	0.83M	0.00M	0.52M	0.17M	1.01M
Other Current Liabilities	239.47M	354.52M	362.93M	325.84M	253.31M	246.85M	267.74M	214.13M	197.85M	157.51M	162.83M	105.86M	86.86M	94.42M	85.40M	77.72M	56.58M	67.86M	56.14M	45.99M	27.66M	18.95M	9.70M	9.79M	6.58M	8.32M	8.43M	7.45M	5.47M	4.80M	4.54M
Total Current Liabilities	1,580.60M	1,529.22M	1,550.14M	1,607.19M	1,584.75M	1,419.55M	1,389.70M	1,201.50M	1,101.76M	893.69M	830.95M	676.51M	552.43M	456.39M	383.48M	337.26M	292.29M	338.38M	333.11M	233.16M	147.68M	95.69M	65.53M	54.83M	38.41M	33.93M	28.05M	22.14M	20.57M	18.61M	17.31M
Long-Term Debt	858.91M	858.94M	876.27M	766.99M	541.24M	573.31M	469.68M	432.65M	341.43M	292.68M	242.75M	232.66M	205.48M	176.55M	156.80M	141.46M	128.70M	122.67M	86.48M	62.12M	41.78M	22.96M	17.21M	14.53M	17.06M	10.14M	9.68M	5.79M	8.05M	4.84M	4.23M
Capital Lease Obligations	35.68M	72.94M	68.93M	61.36M	64.51M	67.00M	36.87M	1.77M	2.57M	0.58M	0.17M	0.67M	1.01M	0.05M	0.34M	0.25M	0.23M	0.00M	0.00M	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	45.30M	49.19M	49.94M	50.26M	45.26M	36.11M	27.18M	19.82M	17.28M	13.91M	13.07M	10.82M	5.40M	3.77M	6.37M	6.36M	5.45M	7.07M	6.50M	2.71M	2.23M	1.24M	1.18M	1.19M	0.98M	0.93M	0.32M	0.27M	0.33M	0.31M	0.42M
Other Non-Current Liabilities	142.16M	108.01M	120.99M	118.44M	104.15M	123.97M	104.37M	85.37M	91.74M	69.81M	63.34M	64.60M	54.62M	41.31M	32.30M	26.61M	28.44M	33.30M	20.65M	14.95M	10.71M	10.50M	6.51M	6.99M	3.24M	1.37M	1.06M	0.76M	0.50M	0.76M	0.62M
Total Non-Current Liabilities	1,082.06M	1,089.09M	1,116.14M	997.05M	755.17M	800.38M	638.11M	539.62M	453.02M	376.97M	319.34M	308.74M	266.51M	221.68M	195.82M	174.68M	162.82M	163.04M	113.62M	79.78M	54.71M	34.69M	24.89M	22.71M	21.28M	12.44M	11.05M	6.82M	8.88M	5.91M	5.27M
Total Liabilities	2,662.67M	2,618.31M	2,666.28M	2,604.24M	2,339.92M	2,219.93M	2,027.81M	1,741.12M	1,554.78M	1,270.67M	1,150.29M	985.25M	818.93M	678.08M	579.30M	511.94M	455.10M	501.42M	446.73M	312.94M	202.40M	130.38M	90.42M	77.54M	59.69M	46.37M	39.10M	28.96M	29.45M	24.52M	22.58M
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	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	234.32M	280.94M	325.04M	314.05M	331.66M	319.28M	316.01M	268.03M	270.19M	234.03M	243.32M	215.45M	174.23M	169.00M	111.99M	139.48M	98.67M	91.67M	85.78M	60.78M	45.86M	27.06M	22.24M	19.97M	20.59M	17.30M	14.11M	5.73M	5.43M	4.20M	5.85M
Retained Earnings	1,313.70M	1,653.53M	1,721.98M	1,366.94M	1,231.16M	999.54M	911.84M	821.17M	695.31M	680.96M	560.51M	491.06M	415.94M	323.99M	287.35M	272.71M	231.45M	265.54M	225.52M	155.17M	121.81M	61.92M	48.02M	41.73M	34.92M	35.32M	21.79M	15.28M	14.84M	13.18M	11.38M
Accumulated OCI	402.10M	87.92M	67.10M	73.28M	63.10M	33.25M	29.28M	34.16M	23.68M	5.61M	26.86M	9.07M	7.37M	0.00M	0.00M	-0.72M	0.00M	0.00M	1.36M	0.02M	0.00M	0.36M	0.01M	-1.12M	-1.64M	-1.05M	-0.72M	-2.80M	-3.44M	-5.36M	-2.48M
Minority Interest	57.55M	51.68M	50.03M	45.94M	38.66M	31.60M	26.64M	18.96M	20.81M	18.18M	18.77M	16.76M	11.60M	11.31M	7.28M	9.33M	6.44M	6.56M	7.10M	5.90M	2.69M	1.44M	1.46M	1.05M	0.90M	0.38M	0.31M	0.32M	0.21M	0.07M	0.05M
Total Shareholders’ Equity	1,950.12M	2,022.39M	2,114.12M	1,754.28M	1,625.91M	1,352.07M	1,257.14M	1,123.35M	989.18M	920.61M	830.69M	715.58M	597.56M	493.00M	399.34M	411.47M	330.12M	357.21M	312.66M	215.98M	167.67M	89.34M	70.27M	60.58M	53.87M	51.57M	35.19M	18.21M	16.83M	12.02M	14.74M
Total Equity	2,007.67M	2,074.07M	2,164.15M	1,800.22M	1,664.58M	1,383.67M	1,283.77M	1,142.31M	1,009.99M	938.79M	849.45M	732.34M	609.16M	504.30M	406.62M	420.80M	336.55M	363.77M	319.76M	221.87M	170.36M	90.78M	71.73M	61.62M	54.77M	51.95M	35.50M	18.53M	17.05M	12.09M	14.80M
Total Liabilities & Equity	4,670.33M	4,692.38M	4,830.43M	4,404.46M	4,004.50M	3,603.60M	3,311.58M	2,883.43M	2,564.77M	2,209.45M	1,999.74M	1,717.59M	1,428.09M	1,182.38M	985.92M	932.74M	791.66M	865.19M	766.49M	534.82M	372.76M	221.16M	162.15M	139.16M	114.46M	98.32M	74.60M	47.49M	46.49M	36.61M	37.37M
Tangible Assets	5,027.86M	5,166.79M	5,012.63M	4,938.94M	4,448.65M	4,080.52M	3,590.37M	3,082.60M	3,084.73M	2,505.87M	2,347.17M	2,218.02M	1,739.10M	1,556.19M	1,293.49M	1,191.35M	1,089.76M	1,087.53M	1,035.06M	746.69M	561.69M	331.79M	264.48M	220.75M	168.17M	135.87M	104.21M	85.84M	83.05M	71.42M	65.15M
Tangible Equity	1,318.05M	1,561.22M	1,628.75M	1,237.00M	1,169.28M	853.19M	842.57M	797.69M	746.39M	713.83M	662.79M	610.01M	495.39M	413.79M	331.32M	353.55M	284.11M	298.30M	244.89M	170.01M	138.08M	70.46M	54.07M	45.86M	43.85M	43.13M	32.95M	17.35M	16.13M	11.18M	13.74M
Tangible Book Value	1,318.05M	1,561.22M	1,628.75M	1,237.00M	1,169.28M	853.19M	842.57M	797.69M	746.39M	713.83M	662.79M	610.01M	495.39M	413.79M	331.32M	353.55M	284.11M	298.30M	244.89M	170.01M	138.08M	70.46M	54.07M	45.86M	43.85M	43.13M	32.95M	17.35M	16.13M	11.18M	13.74M
Total Investments	202.30M	260.91M	197.29M	169.01M	142.21M	133.17M	126.80M	117.63M	138.43M	110.93M	110.30M	93.50M	74.13M	53.87M	56.42M	55.74M	50.58M	46.16M	51.83M	35.93M	25.84M	13.60M	10.65M	9.58M	6.68M	3.67M	2.84M	1.40M	0.18M	0.15M	0.04M
Net Debt	473.71M	167.55M	219.51M	88.93M	-60.45M	10.16M	118.63M	161.45M	10.86M	-4.50M	-11.77M	-23.80M	32.85M	9.82M	-0.56M	-20.05M	-3.42M	15.51M	-5.52M	-8.72M	-21.46M	1.05M	-4.43M	-6.38M	1.70M	-0.29M	1.72M	1.30M	1.79M	0.15M	0.16M

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	1,295.51M	1,805.69M	1,733.75M	1,627.42M	1,354.31M	1,136.97M	822.43M	899.65M	865.36M	941.64M	841.51M	774.91M	688.77M	484.78M	488.49M	419.57M	331.95M	326.13M	255.33M	243.07M	214.27M	144.34M	102.89M	72.63M	73.55M	63.93M	46.18M	31.51M	37.11M	30.07M	22.93M
Total Capital	4,327.67M	4,655.19M	4,582.87M	4,210.54M	3,577.03M	3,288.64M	3,141.54M	2,531.26M	2,469.72M	2,108.85M	1,916.20M	1,786.04M	1,511.34M	1,237.25M	1,120.41M	993.96M	944.64M	863.31M	861.02M	604.35M	453.77M	284.19M	229.82M	199.67M	170.33M	143.71M	92.09M	73.14M	66.70M	59.54M	49.75M
Capital Employed	4,778.41M	5,159.19M	5,217.60M	4,899.09M	4,208.16M	3,683.39M	3,268.87M	2,977.16M	2,522.09M	2,310.00M	2,085.69M	1,896.63M	1,549.99M	1,391.90M	1,263.05M	1,152.50M	1,009.91M	1,023.56M	977.04M	683.82M	529.32M	305.01M	278.42M	237.32M	188.80M	156.45M	100.98M	78.02M	75.17M	61.98M	55.22M
Invested Capital	3,431.91M	3,697.72M	3,587.65M	3,164.90M	2,691.90M	2,434.84M	2,476.75M	1,952.99M	1,892.09M	1,630.27M	1,475.04M	1,355.20M	1,174.99M	953.36M	882.49M	758.78M	734.06M	684.22M	704.54M	487.40M	360.07M	237.45M	191.57M	164.07M	141.96M	123.56M	76.77M	62.87M	56.05M	50.76M	41.26M

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	202.84M	285.53M	282.59M	247.10M	221.27M	209.85M	178.90M	144.48M	126.93M	128.43M	124.33M	113.85M	101.24M	94.35M	74.12M	68.20M	73.03M	66.86M	57.76M	37.56M	25.35M	18.38M	13.82M	12.60M	10.71M	7.82M	5.92M	4.67M	5.21M	4.69M	3.83M
Deferred Income Tax	0.00M	-0.36M	-2.22M	-3.65M	-3.36M	-3.16M	-1.78M	-2.55M	-3.02M	-1.16M	-0.95M	-1.03M	0.00M	-0.60M	-0.49M	0.06M	-0.27M	-0.32M	-0.09M	-0.22M	-0.07M	-0.33M	-0.02M	0.00M	-0.16M	-0.02M	0.00M	0.00M	-0.12M	0.02M	0.02M
Stock-Based Compensation	6.05M	10.29M	11.22M	9.53M	9.35M	7.67M	6.20M	6.81M	6.30M	3.81M	3.36M	3.04M	3.12M	2.33M	2.13M	1.30M	1.12M	0.61M	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
Change in Working Capital	-33.67M	-67.55M	-24.37M	-111.58M	-121.46M	-21.94M	-49.87M	-85.49M	-78.57M	-37.25M	-16.63M	-24.11M	-18.82M	-15.62M	-24.15M	-27.78M	24.64M	-5.29M	-14.84M	-12.32M	-5.51M	-6.89M	-3.51M	3.20M	0.07M	-7.54M	-3.48M	-1.90M	-1.74M	-2.11M	-3.41M
Accounts Receivable	-32.15M	-64.41M	-19.93M	-9.31M	-97.99M	-44.86M	-29.13M	-69.24M	-68.49M	-38.85M	-8.06M	-19.84M	-12.67M	-7.04M	0.00M	-3.86M	2.53M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	-47.79M	-32.82M	34.09M	-112.15M	-122.77M	-33.33M	-14.85M	-62.65M	-59.14M	-20.70M	-22.46M	-15.38M	-10.10M	-9.66M	-24.25M	-18.95M	12.97M	-0.93M	-8.65M	-12.28M	-5.49M	-7.77M	-1.07M	1.86M	0.68M	-5.06M	-1.15M	-0.76M	-1.14M	-1.27M	-1.64M
Accounts Payable	7.93M	43.11M	-10.06M	15.64M	82.30M	19.62M	-5.19M	29.19M	39.44M	22.62M	1.98M	1.07M	0.42M	0.00M	0.00M	2.39M	-0.24M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	5.67M	-4.09M	-2.37M	-2.18M	12.05M	10.25M	-4.52M	-15.18M	-16.62M	2.48M	-0.39M	9.12M	-2.54M	-5.46M	-1.63M	-7.43M	4.56M	-3.11M	-1.25M	1.69M	0.67M	1.40M	0.71M	1.07M	-0.22M	-0.93M	-1.71M	-1.34M	-0.89M	-0.98M	-1.08M
Other Non-Cash Items	89.92M	39.67M	16.66M	20.20M	34.96M	37.47M	40.55M	13.73M	16.65M	12.31M	0.39M	4.32M	6.01M	3.12M	3.46M	2.49M	2.01M	2.83M	2.51M	2.29M	3.39M	1.87M	2.31M	3.08M	0.90M	0.28M	0.64M	0.37M	-0.27M	0.06M	-0.09M
Net Cash from Operating Activities	562.33M	556.94M	602.96M	567.10M	498.33M	497.44M	400.41M	335.45M	300.93M	306.50M	246.92M	243.96M	210.63M	161.73M	137.40M	112.40M	133.96M	136.88M	134.10M	76.38M	58.74M	33.28M	22.95M	22.06M	16.58M	12.17M	11.92M	9.68M	8.94M	9.58M	9.78M
Capital Expenditures (PPE)	-303.98M	-247.36M	-305.37M	-344.92M	-250.27M	-246.12M	-229.58M	-215.53M	-185.30M	-130.03M	-120.64M	-120.87M	-113.55M	-109.85M	-74.94M	-50.02M	-47.93M	-74.88M	-75.95M	-42.81M	-29.04M	-17.63M	-16.76M	-15.11M	-15.46M	-12.17M	-9.37M	-9.23M	-7.98M	-6.69M	-6.28M
Acquisitions (Net)	0.34M	-2.44M	-21.15M	-12.26M	-19.07M	-7.26M	-19.06M	-28.45M	-24.51M	-29.55M	-17.13M	-13.06M	-6.33M	-7.64M	-4.23M	-4.58M	-2.39M	-4.40M	-1.38M	-5.66M	-1.24M	-0.96M	-0.69M	-1.29M	-0.46M	-0.50M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-56.61M	-136.20M	-75.06M	-111.41M	-82.80M	-70.04M	-51.66M	-65.43M	-97.84M	-67.53M	-39.92M	-34.64M	-13.31M	-8.80M	-8.28M	-14.99M	-10.90M	-14.81M	-10.58M	-9.03M	-5.17M	-4.75M	-4.95M	-5.30M	-2.27M	-1.63M	-1.91M	-1.24M	-0.49M	0.00M	-0.01M
Sales / Maturities of Investments	55.78M	61.80M	76.51M	70.13M	56.79M	81.90M	62.54M	100.79M	74.08M	48.88M	50.63M	27.06M	14.59M	8.74M	5.52M	11.48M	8.05M	8.36M	9.04M	8.23M	3.14M	3.73M	2.21M	2.66M	2.29M	2.17M	1.11M	0.84M	0.05M	0.13M	0.74M
Other Investing Activities	3.51M	5.58M	15.70M	16.16M	26.27M	9.45M	10.92M	3.04M	2.92M	3.54M	1.14M	2.52M	0.86M	2.77M	2.10M	2.96M	0.96M	2.67M	-0.54M	1.15M	1.23M	0.18M	0.09M	0.75M	0.48M	0.04M	-0.05M	-0.70M	-0.61M	-0.55M	-0.56M
Net Cash from Investing Activities	-359.91M	-346.37M	-407.29M	-404.74M	-333.59M	-260.91M	-310.47M	-331.78M	-260.73M	-208.62M	-176.28M	-171.46M	-144.59M	-133.92M	-157.63M	-72.58M	-73.58M	-90.36M	-103.47M	-66.31M	-47.96M	-36.07M	-23.60M	-19.96M	-20.01M	-25.39M	-13.79M	-10.21M	-11.87M	-8.92M	-9.72M
Net Debt Issuance	19.45M	-16.77M	8.23M	61.35M	0.67M	41.51M	23.44M	75.40M	78.36M	17.91M	-9.91M	8.53M	24.59M	16.25M	23.51M	-5.71M	-1.46M	5.47M	-7.78M	1.54M	2.05M	3.13M	0.58M	-4.51M	-1.30M	0.87M	1.63M	0.44M	0.95M	-0.16M	-0.55M
Long-Term Debt Issuance	5.12M	-11.64M	9.00M	58.22M	-19.70M	45.67M	30.82M	52.09M	64.33M	16.77M	4.93M	14.96M	11.58M	2.88M	19.04M	0.95M	-3.59M	5.18M	-5.77M	-0.24M	1.32M	2.86M	0.94M	-2.78M	-1.08M	0.30M	1.83M	0.48M	0.70M	-0.16M	-0.53M
Short-Term Debt Issuance	15.76M	0.00M	1.58M	1.03M	-1.85M	-8.00M	-5.90M	1.78M	6.66M	0.13M	-5.86M	-6.63M	2.20M	-0.29M	3.15M	-7.07M	1.11M	2.76M	-1.67M	0.25M	-0.48M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-12.16M	-17.92M	-17.18M	-19.09M	-6.25M	-8.45M	-8.57M	-14.70M	-0.96M	-5.77M	-4.99M	-5.02M	-0.72M	-0.83M	-0.24M	2.91M	-1.12M	-2.21M	0.25M	1.22M	1.57M	1.21M	0.86M	0.50M	0.75M	2.08M	0.75M	0.47M	0.91M	1.20M	0.93M
Common Stock Issuance	0.00M	0.00M	0.20M	0.06M	1.78M	0.56M	1.34M	0.97M	1.64M	1.10M	0.32M	0.38M	0.89M	0.15M	0.76M	4.28M	0.19M	1.33M	2.08M	2.86M	2.48M	2.10M	0.99M	1.09M	0.80M	2.86M	0.87M	0.77M	1.30M	1.85M	1.34M
Common Stock Repurchased	-12.36M	-21.79M	-18.92M	-19.53M	-8.52M	-9.99M	-8.99M	-18.01M	-0.74M	-7.38M	-5.23M	-5.23M	-1.75M	-1.15M	-0.49M	-0.01M	-1.40M	-3.05M	-0.93M	-0.22M	-0.16M	-0.01M	0.00M	0.00M	0.00M	0.00M	-0.04M	-0.05M	-0.02M	-0.02M	-0.26M
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	-46.97M	-89.18M	-95.83M	-96.39M	-67.97M	-60.69M	-57.54M	-58.10M	-47.72M	-34.45M	-25.95M	-25.32M	-17.10M	-15.40M	-15.90M	-12.37M	-11.24M	-13.16M	-10.75M	-7.90M	-5.29M	-3.66M	-3.04M	-2.09M	-1.51M	-1.05M	-0.63M	-0.62M	0.00M	0.00M	0.00M
Common Dividends Paid	-46.20M	-89.18M	-98.44M	-98.93M	-70.42M	-62.94M	-60.19M	-57.01M	-46.88M	-33.98M	-25.61M	-25.32M	-17.10M	-14.75M	-14.91M	-11.82M	-11.06M	-13.09M	-10.79M	-6.93M	-5.22M	-3.35M	-3.04M	-1.89M	-1.56M	-1.05M	-0.65M	-0.62M	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	-30.28M	-16.39M	-22.64M	-12.83M	-15.60M	-11.39M	-9.85M	-1.85M	5.79M	2.36M	-1.56M	3.39M	-0.81M	-1.16M	-0.49M	0.21M	-0.84M	-0.22M	2.14M	0.62M	-0.22M	0.46M	0.13M	-0.32M	0.04M	0.04M	0.03M	0.03M	-0.06M	-0.06M	-0.03M
Net Cash from Financing Activities	-156.00M	-168.06M	-149.05M	-77.07M	-111.06M	-64.44M	-88.96M	-44.17M	45.91M	-35.35M	-60.26M	-32.76M	4.26M	-18.05M	2.62M	-15.81M	-15.44M	-25.38M	-22.79M	-8.74M	-3.29M	0.74M	1.04M	-2.15M	3.38M	8.60M	3.59M	1.15M	2.32M	0.39M	0.16M
Effect of FX on Cash	8.77M	9.41M	1.61M	6.85M	1.69M	-4.42M	-1.35M	-1.46M	-2.95M	-3.86M	1.07M	3.09M	2.83M	-1.04M	0.52M	-1.34M	-1.96M	-1.65M	1.32M	1.01M	0.21M	0.36M	0.03M	0.06M	-0.02M	-0.02M	0.01M	0.01M	0.35M	0.04M	-0.04M
Net Change in Cash	22.54M	52.26M	27.21M	81.48M	38.85M	140.02M	33.23M	-13.78M	57.03M	22.85M	9.19M	39.36M	36.44M	10.50M	15.76M	15.65M	25.19M	17.55M	2.69M	3.96M	12.86M	3.00M	1.50M	4.21M	1.43M	2.55M	3.97M	-0.62M	0.49M	0.55M	0.71M
Cash at Beginning of Period	833.93M	970.48M	1,007.47M	808.40M	815.50M	646.52M	583.85M	566.11M	451.32M	438.20M	401.69M	338.93M	274.46M	264.31M	223.54M	232.20M	182.94M	156.38M	147.92M	106.14M	78.15M	39.98M	35.62M	30.63M	21.95M	16.50M	10.36M	10.34M	8.87M	8.14M	7.15M
Cash at End of Period	928.04M	942.62M	975.28M	1,018.48M	794.47M	822.81M	636.49M	554.35M	570.42M	461.99M	426.78M	406.45M	320.47M	282.47M	241.98M	230.17M	230.63M	180.25M	157.13M	116.51M	97.20M	51.94M	36.41M	34.67M	27.63M	17.81M	17.12M	10.61M	11.84M	10.33M	7.80M
Operating Cash Flow	597.36M	556.94M	600.62M	566.50M	497.50M	498.25M	400.27M	335.45M	300.93M	306.50M	246.92M	243.96M	210.63M	161.73M	137.40M	112.40M	133.96M	136.88M	134.10M	76.38M	58.74M	33.28M	22.95M	22.06M	16.58M	12.17M	11.92M	9.68M	8.94M	9.58M	9.78M
Capital Expenditure	-309.54M	-273.56M	-308.20M	-344.93M	-250.29M	-246.13M	-230.34M	-215.90M	-186.07M	-130.30M	-119.99M	-120.59M	-113.47M	-110.96M	-74.94M	-50.02M	-47.93M	-74.88M	-75.95M	-42.81M	-29.04M	-17.63M	-16.76M	-15.11M	-15.46M	-12.17M	-9.37M	-9.23M	-7.85M	-6.40M	-6.28M
Free Cash Flow	303.21M	319.40M	226.39M	211.39M	205.22M	207.97M	153.90M	84.68M	84.85M	127.91M	112.41M	124.69M	57.13M	44.94M	62.01M	48.52M	64.63M	45.55M	50.03M	28.26M	26.01M	13.59M	7.38M	7.70M	1.46M	0.28M	1.84M	-1.27M	1.28M	2.11M	2.38M

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	714.51M	633.07M	676.74M	706.19M	701.66M	599.48M	509.34M	480.29M	410.10M	360.07M	361.15M	311.47M	279.20M	243.26M	243.12M	184.55M	99.90M	155.28M	177.68M	113.89M	77.64M	50.33M	38.86M	22.80M	20.87M	32.63M	18.17M	13.20M	11.63M	11.44M	11.23M
(-) Tax Adjustment	139.23M	128.17M	107.32M	115.42M	120.97M	126.02M	98.75M	107.39M	90.84M	67.73M	63.34M	58.04M	42.79M	65.27M	54.13M	37.40M	39.31M	53.19M	46.39M	32.57M	21.54M	13.37M	9.56M	6.57M	6.94M	9.86M	5.34M	4.52M	2.65M	3.10M	2.10M
(-) Change In Working Capital	-33.67M	-67.55M	-24.37M	-111.58M	-121.46M	-21.94M	-49.87M	-85.49M	-78.57M	-37.25M	-16.63M	-24.11M	-18.82M	-15.62M	-24.15M	-27.78M	24.64M	-5.29M	-14.84M	-12.32M	-5.51M	-6.89M	-3.51M	3.20M	0.07M	-7.54M	-3.48M	-1.90M	-1.74M	-2.11M	-3.41M
(-) Capital Expenditure	309.54M	273.56M	308.20M	344.93M	250.29M	246.13M	230.34M	215.90M	186.07M	130.30M	119.99M	120.59M	113.47M	110.96M	74.94M	50.02M	47.93M	74.88M	75.95M	42.81M	29.04M	17.63M	16.76M	15.11M	15.46M	12.17M	9.37M	9.23M	7.85M	6.40M	6.28M
Unlevered Free Cash Flow	299.42M	298.89M	285.59M	357.42M	451.86M	249.28M	230.13M	242.48M	211.76M	199.29M	194.45M	156.95M	141.75M	82.66M	138.20M	124.91M	-11.98M	32.51M	70.19M	50.82M	32.58M	26.23M	16.05M	-2.09M	-1.60M	18.14M	6.94M	1.34M	2.87M	4.05M	6.26M
(-) Net Interest Income After Taxes	-15.70M	-18.57M	-23.31M	-23.69M	-21.48M	-24.81M	-26.94M	-21.14M	-15.44M	-10.93M	-9.16M	-8.76M	-7.17M	-5.87M	-4.43M	-4.95M	-3.08M	-3.56M	-4.04M	-1.90M	-1.24M	-1.22M	-0.76M	-0.69M	-0.66M	-0.33M	-0.23M	-0.21M	-0.13M	-0.28M	-0.41M
Net Debt Issuance	19.45M	-16.77M	8.23M	61.35M	0.67M	41.51M	23.44M	75.40M	78.36M	17.91M	-9.91M	8.53M	24.59M	16.25M	23.51M	-5.71M	-1.46M	5.47M	-7.78M	1.54M	2.05M	3.13M	0.58M	-4.51M	-1.30M	0.87M	1.63M	0.44M	0.95M	-0.16M	-0.55M
Levered Free Cash Flow	334.57M	300.69M	317.13M	442.45M	474.01M	315.59M	280.51M	339.02M	305.56M	228.12M	193.70M	174.23M	173.51M	104.79M	166.13M	124.14M	-10.36M	41.54M	66.45M	54.26M	35.88M	30.58M	17.39M	-5.91M	-2.25M	19.34M	8.80M	1.99M	3.95M	4.17M	6.12M