Somnigroup International Inc (SGI)

Analysis: Margins & Ratios Industry: Household & Personal Products Sector: Consumer Defensive Live Price: $94.00

Income Statement Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2016-06-24	2015-06-26	2014-06-27	2013-06-28	2012-06-29	2011-06-24	2008-12-31	2007-12-31	2006-12-31	2005-12-31
Revenue	4,925,833,333	4,677,040,000	2,648,954,900	1,886,337,533	6,816,000,000	4,893,500,000	4,930,900,000	4,925,400,000	4,921,200,000	4,930,800,000	3,676,900,000	532,930,000	521,259,000	529,946,000	767,227,000	752,987,000	629,568,000	247,430,000	353,155,000	360,376,000	214,985,000
Cost of Revenue	2,806,366,667	2,645,940,000	1,553,359,000	1,116,730,733	3,932,100,000	2,724,000,000	2,750,800,000	2,796,700,000	2,871,600,000	2,772,100,000	2,038,500,000	388,385,000	386,621,000	391,539,000	578,175,000	559,170,000	459,756,000	1,120,000	304,183,000	286,983,000	165,329,000
Cost of Revenue Margin	56.97%	56.52%	65.31%	64.62%	57.69%	55.67%	55.79%	56.78%	58.35%	56.22%	55.44%	72.88%	74.17%	73.88%	75.36%	74.26%	73.03%	0.45%	86.13%	79.63%	76.90%
Gross Profit	2,119,466,667	2,031,100,000	1,095,595,900	769,606,800	2,883,900,000	2,169,500,000	2,180,100,000	2,128,700,000	2,049,600,000	2,158,700,000	1,638,400,000	144,545,000	134,638,000	138,407,000	189,052,000	193,817,000	169,812,000	246,310,000	48,972,000	73,393,000	49,656,000
Gross Profit Margin	43.03%	43.48%	34.69%	35.38%	42.31%	44.33%	44.21%	43.22%	41.65%	43.78%	44.56%	27.12%	25.83%	26.12%	24.64%	25.74%	26.97%	99.55%	13.87%	20.37%	23.10%
R&D Expenses	0	0	29,039,600	25,896,467	0	0	0	0	0	0	0	50,697,000	53,206,000	63,526,000	60,611,000	62,356,000	54,067,000	1,811,000	26,281,000	13,645,000	2,247,000
R&D Expenses Margin	0.00%	0.00%	4.79%	4.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	9.51%	10.21%	11.99%	7.90%	8.28%	8.59%	0.73%	7.44%	3.79%	1.05%
SG&A Expenses	1,499,800,000	1,379,820,000	717,295,500	486,441,400	2,253,900,000	1,561,100,000	1,564,800,000	1,544,500,000	1,390,100,000	1,277,000,000	1,122,700,000	47,860,000	53,861,000	55,796,000	54,317,000	62,021,000	52,578,000	4,653,000	36,152,000	21,893,000	8,390,000
SG&A Expenses Margin	30.45%	29.55%	19.29%	14.89%	33.07%	31.90%	31.73%	31.36%	28.25%	25.90%	30.53%	8.98%	10.33%	10.53%	7.08%	8.24%	8.35%	1.88%	10.24%	6.08%	3.90%
Operating Expenses	1,478,800,000	1,357,820,000	771,912,900	541,865,333	2,251,600,000	1,541,000,000	1,545,900,000	1,521,500,000	1,369,000,000	1,246,400,000	1,106,300,000	150,082,000	168,727,000	193,254,000	202,706,000	215,260,000	188,801,000	8,032,000	120,550,000	65,429,000	26,039,000
Operating Expenses Margin	30.02%	29.09%	29.74%	26.34%	33.03%	31.49%	31.35%	30.89%	27.82%	25.28%	30.09%	28.16%	32.37%	36.47%	26.42%	28.59%	29.99%	3.25%	34.14%	18.16%	12.11%
Operating Income (EBIT)	640,666,667	673,280,000	324,125,500	210,120,200	632,300,000	628,500,000	634,200,000	607,200,000	680,600,000	912,300,000	532,100,000	-1,112,000	-34,089,000	-54,847,000	-13,654,000	-21,443,000	-18,989,000	-34,049,000	-71,578,000	11,547,000	23,617,000
Operating Income (EBIT) Margin	13.01%	14.40%	5.03%	1.83%	9.28%	12.84%	12.86%	12.33%	13.83%	18.50%	14.47%	-0.21%	-6.54%	-10.35%	-1.78%	-2.85%	-3.02%	-13.76%	-20.27%	3.20%	10.99%
Interest Income	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Income Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Interest Expense	122,566,667	102,200,000	51,100,000	34,170,533	240,000,000	129,400,000	134,800,000	129,900,000	103,000,000	66,300,000	77,000,000	0	0	0	0	0	0	0	8,000	13,000	1,537,000
Interest Expense Margin	2.49%	2.18%	1.09%	0.77%	3.52%	2.64%	2.73%	2.64%	2.09%	1.34%	2.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.71%
Net Interest Income	-122,566,667	-102,200,000	-51,100,000	-34,066,667	-240,000,000	-129,400,000	-134,800,000	-129,900,000	-103,000,000	-66,300,000	-77,000,000	0	0	0	0	0	0	0	0	0	0
Net Interest Income Margin	-2.49%	-2.18%	-1.09%	-0.73%	-3.52%	-2.64%	-2.73%	-2.64%	-2.09%	-1.34%	-2.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Unusual Items	244,700,000	209,080,000	106,246,900	71,542,933	489,300,000	261,700,000	264,700,000	263,000,000	206,400,000	154,600,000	156,700,000	10,692,000	4,616,000	-2,045,000	1,789,000	2,017,000	1,002,000	19,803,000	-8,580,000	-8,284,000	6,734,000
Unusual Items Margin	4.97%	4.46%	2.53%	2.12%	7.18%	5.35%	5.37%	5.34%	4.19%	3.14%	4.26%	2.01%	0.89%	-0.39%	0.23%	0.27%	0.16%	8.00%	-2.43%	-2.30%	3.13%
EBT Excluding Unusual Items	273,833,333	357,320,000	162,731,700	101,204,867	-106,300,000	234,500,000	239,600,000	211,100,000	370,800,000	669,400,000	295,700,000	-22,496,000	-43,321,000	-50,757,000	-17,232,000	-25,477,000	-20,993,000	-73,655,000	-54,410,000	28,128,000	11,686,000
EBT Excluding Unusual Items Margin	5.56%	7.66%	1.06%	-1.65%	-1.56%	4.79%	4.86%	4.29%	7.53%	13.58%	8.04%	-4.22%	-8.31%	-9.58%	-2.25%	-3.38%	-3.33%	-29.77%	-15.41%	7.81%	5.44%
Pre-Tax Income	518,533,333	566,400,000	268,978,600	172,747,800	383,000,000	496,200,000	504,300,000	474,100,000	577,200,000	824,000,000	452,400,000	-11,804,000	-38,705,000	-52,802,000	-15,443,000	-23,460,000	-19,991,000	-53,852,000	-62,990,000	19,844,000	18,420,000
Pre-Tax Income Margin	10.53%	12.12%	3.59%	0.48%	5.62%	10.14%	10.23%	9.63%	11.73%	16.71%	12.30%	-2.21%	-7.43%	-9.96%	-2.01%	-3.12%	-3.18%	-21.76%	-17.84%	5.51%	8.57%
Income Tax Expense	113,666,667	128,380,000	63,010,400	43,771,267	66,000,000	105,400,000	118,600,000	103,400,000	119,000,000	198,300,000	102,600,000	-626,000	440,000	12,000	-12,623,000	1,001,000	1,242,000	376,000	6,567,000	8,372,000	9,908,000
Income Tax Expense Margin	2.31%	2.75%	1.22%	1.42%	0.97%	2.15%	2.41%	2.10%	2.42%	4.02%	2.79%	-0.12%	0.08%	0.00%	-1.65%	0.13%	0.20%	0.15%	1.86%	2.32%	4.61%
Net Income	402,700,000	436,280,000	205,098,200	128,396,533	315,200,000	389,500,000	384,300,000	368,100,000	455,700,000	624,500,000	348,800,000	-11,178,000	-39,145,000	-52,814,000	-2,820,000	-24,461,000	-21,233,000	-54,228,000	-69,557,000	11,472,000	8,512,000
Net Income Margin	8.18%	9.34%	2.35%	-0.96%	4.62%	7.96%	7.79%	7.47%	9.26%	12.67%	9.49%	-2.10%	-7.51%	-9.97%	-0.37%	-3.25%	-3.37%	-21.92%	-19.70%	3.18%	3.96%
Depreciation and Amortization	142,500,000	127,740,000	70,434,500	49,517,067	234,900,000	157,600,000	165,100,000	135,300,000	127,100,000	113,200,000	98,000,000	11,062,000	11,191,000	14,549,000	14,269,000	14,574,000	17,799,000	5,647,000	7,473,000	3,566,000	3,926,000
Depreciation and Amortization Margin	2.89%	2.73%	2.44%	2.30%	3.45%	3.22%	3.35%	2.75%	2.58%	2.30%	2.67%	2.08%	2.15%	2.75%	1.86%	1.94%	2.83%	2.28%	2.12%	0.99%	1.83%
EBITDA	783,600,000	796,340,000	390,513,100	253,122,467	857,900,000	783,200,000	804,200,000	739,300,000	807,300,000	1,003,500,000	627,400,000	-742,000	-27,514,000	-38,253,000	-1,174,000	-8,886,000	-2,192,000	-48,205,000	-68,643,000	6,679,000	4,067,000
EBITDA Margin	15.91%	17.03%	7.12%	2.38%	12.59%	16.00%	16.31%	15.01%	16.40%	20.35%	17.06%	-0.14%	-5.28%	-7.22%	-0.15%	-1.18%	-0.35%	-19.48%	-19.44%	1.85%	1.89%
NOPAT	500,034,645	520,855,774	248,903,860	158,208,785	523,339,687	494,997,582	485,050,446	474,771,230	540,282,259	692,750,133	411,424,801	-1,053,027	-34,476,525	-54,859,465	-2,493,316	-22,357,938	-20,168,748	-34,286,733	-79,040,339	6,675,428	10,913,567
NOPAT Margin	10.15%	11.14%	3.52%	0.18%	7.68%	10.12%	9.84%	9.64%	10.98%	14.05%	11.19%	-0.20%	-6.61%	-10.35%	-0.32%	-2.97%	-3.20%	-13.86%	-22.38%	1.85%	5.08%
Owner's Earnings	348,800,000	399,260,000	193,108,200	119,983,533	420,600,000	438,600,000	452,100,000	318,000,000	276,300,000	614,400,000	335,500,000	-678,000	-33,645,000	-24,014,000	31,780,000	-38,661,000	-16,433,000	-22,865,000	-45,718,000	21,000	-46,334,000
Owner's Earnings Margin	7.08%	8.56%	3.07%	-1.04%	6.17%	8.96%	9.17%	6.46%	5.61%	12.46%	9.12%	-0.13%	-6.45%	-4.53%	4.14%	-5.13%	-2.61%	-9.24%	-12.95%	0.01%	-21.55%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2016-06-24	2015-06-26	2014-06-27	2013-06-28	2012-06-29	2011-06-24	2008-12-31	2007-12-31	2006-12-31	2005-12-31
Revenue	4,925,833,333	4,677,040,000	2,648,954,900	1,886,337,533	4,930,900,000	4,925,400,000	4,921,200,000	4,930,800,000	3,676,900,000	532,930,000	521,259,000	529,946,000	767,227,000	752,987,000	629,568,000	247,430,000	353,155,000	360,376,000	214,985,000
Cash & Cash Equivalents	87,233,333	125,480,000	117,686,600	106,542,000	117,400,000	74,900,000	69,400,000	300,700,000	65,000,000	92,946,000	67,191,000	109,297,000	175,181,000	104,851,000	139,868,000	171,954,000	49,897,000	30,446,000	29,099,000
Cash & Cash Equivalents Margin	1.77%	2.64%	10.09%	15.25%	2.38%	1.52%	1.41%	6.10%	1.77%	17.44%	12.89%	20.62%	22.83%	13.92%	22.22%	69.50%	14.13%	8.45%	13.54%
Short-Term Investments	0	0	0	20,797,933	0	0	0	0	0	0	0	0	0	0	0	8,664,000	148,215,000	130,025,000	25,065,000
Short-Term Investments Margin	0.00%	0.00%	0.00%	6.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.50%	41.97%	36.08%	11.66%
Cash & Short-Term Investments	87,233,333	125,480,000	117,686,600	127,339,933	117,400,000	74,900,000	69,400,000	300,700,000	65,000,000	92,946,000	67,191,000	109,297,000	175,181,000	104,851,000	139,868,000	180,618,000	198,112,000	160,471,000	54,164,000
Cash & Short-Term Investments Margin	1.77%	2.64%	10.09%	21.46%	2.38%	1.52%	1.41%	6.10%	1.77%	17.44%	12.89%	20.62%	22.83%	13.92%	22.22%	73.00%	56.10%	44.53%	25.19%
Net Receivables	419,500,000	412,340,000	249,596,400	189,076,533	404,500,000	431,400,000	422,600,000	419,500,000	383,700,000	85,834,000	118,219,000	72,076,000	59,842,000	98,293,000	108,675,000	27,782,000	49,957,000	104,070,000	49,700,000
Net Receivables Margin	8.52%	8.90%	11.77%	14.16%	8.20%	8.76%	8.59%	8.51%	10.44%	16.11%	22.68%	13.60%	7.80%	13.05%	17.26%	11.23%	14.15%	28.88%	23.12%
Inventory	495,033,333	452,220,000	263,235,800	194,979,200	447,000,000	483,100,000	555,000,000	463,900,000	312,100,000	55,911,000	82,832,000	47,354,000	61,770,000	123,391,000	80,965,000	50,051,000	52,528,000	68,137,000	40,649,000
Inventory Margin	10.05%	9.61%	10.78%	12.91%	9.07%	9.81%	11.28%	9.41%	8.49%	10.49%	15.89%	8.94%	8.05%	16.39%	12.86%	20.23%	14.87%	18.91%	18.91%
Other Current Assets	119,500,000	71,700,000	55,843,800	47,049,400	96,500,000	113,800,000	148,200,000	0	0	29,260,000	31,764,000	34,255,000	35,829,000	68,830,000	78,191,000	7,160,000	19,955,000	22,717,000	19,280,000
Other Current Assets Margin	2.43%	1.46%	3.91%	5.02%	1.96%	2.31%	3.01%	0.00%	0.00%	5.49%	6.09%	6.46%	4.67%	9.14%	12.42%	2.89%	5.65%	6.30%	8.97%
Total Current Assets	1,121,266,667	1,121,560,000	716,272,600	578,385,067	1,065,400,000	1,103,200,000	1,195,200,000	1,275,600,000	968,400,000	263,951,000	300,006,000	262,982,000	332,622,000	395,365,000	407,699,000	265,611,000	320,552,000	355,395,000	163,793,000
Total Current Assets Margin	22.76%	24.10%	37.31%	54.05%	21.61%	22.40%	24.29%	25.87%	26.34%	49.53%	57.55%	49.62%	43.35%	52.51%	64.76%	107.35%	90.77%	98.62%	76.19%
Property, Plant & Equipment	1,407,533,333	1,219,780,000	626,606,400	421,254,867	1,409,900,000	1,514,800,000	1,297,900,000	1,064,100,000	812,200,000	40,526,000	38,480,000	34,584,000	26,170,000	27,404,000	29,573,000	6,941,000	8,285,000	5,372,000	2,588,000
Property, Plant & Equipment Margin	28.57%	25.88%	15.80%	11.37%	28.59%	30.75%	26.37%	21.58%	22.09%	7.60%	7.38%	6.53%	3.41%	3.64%	4.70%	2.81%	2.35%	1.49%	1.20%
Goodwill	1,070,766,667	1,017,200,000	508,600,000	340,591,400	1,066,700,000	1,083,300,000	1,062,300,000	1,107,400,000	766,300,000	0	0	0	0	0	0	0	0	22,871,000	0
Goodwill Margin	21.74%	21.70%	10.85%	7.66%	21.63%	21.99%	21.59%	22.46%	20.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6.35%	0.00%
Intangible Assets	710,366,667	702,420,000	352,541,800	239,223,600	700,500,000	714,800,000	715,800,000	750,900,000	630,100,000	0	0	0	4,643,000	8,675,000	13,289,000	3,487,000	22,732,000	14,007,000	9,421,000
Intangible Assets Margin	14.42%	15.13%	7.74%	6.37%	14.21%	14.51%	14.55%	15.23%	17.14%	0.00%	0.00%	0.00%	0.61%	1.15%	2.11%	1.41%	6.44%	3.89%	4.38%
Long-Term Investments	530,766,667	318,460,000	162,970,000	108,646,667	1,592,300,000	0	0	0	0	7,100,000	7,000,000	8,200,000	7,800,000	7,300,000	0	0	0	0	0
Long-Term Investments Margin	10.76%	6.46%	3.85%	2.57%	32.29%	0.00%	0.00%	0.00%	0.00%	1.33%	1.34%	1.55%	1.02%	0.97%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Assets	14,066,667	13,860,000	10,869,800	7,246,533	15,300,000	15,600,000	11,300,000	13,600,000	13,500,000	1,488,000	45,000	16,663,000	5,764,000	15,438,000	0	0	0	0	0
Tax Assets Margin	0.29%	0.30%	0.77%	0.52%	0.31%	0.32%	0.23%	0.28%	0.37%	0.28%	0.01%	3.14%	0.75%	2.05%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Assets	109,933,333	111,940,000	76,087,800	50,725,200	130,300,000	122,200,000	77,300,000	111,800,000	118,100,000	43,064,000	42,053,000	42,509,000	30,854,000	42,698,000	0	0	0	0	0
Other Non-Current Assets Margin	2.23%	2.43%	4.60%	3.07%	2.64%	2.48%	1.57%	2.27%	3.21%	8.08%	8.07%	8.02%	4.02%	5.67%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Non-Current Assets	3,843,433,333	3,383,660,000	1,737,675,800	1,167,688,267	4,915,000,000	3,450,700,000	3,164,600,000	3,047,800,000	2,340,200,000	92,178,000	87,578,000	101,956,000	75,231,000	101,515,000	42,862,000	10,428,000	31,017,000	42,250,000	12,009,000
Total Non-Current Assets Margin	78.01%	71.90%	43.61%	31.55%	99.68%	70.06%	64.31%	61.81%	63.65%	17.30%	16.80%	19.24%	9.81%	13.48%	6.81%	4.21%	8.78%	11.72%	5.59%
Total Assets	4,964,700,000	4,505,220,000	2,453,948,400	1,746,073,333	5,980,400,000	4,553,900,000	4,359,800,000	4,323,400,000	3,308,600,000	356,129,000	387,584,000	364,938,000	407,853,000	496,880,000	450,561,000	276,039,000	351,569,000	397,645,000	175,802,000
Total Assets Margin	100.78%	96.00%	80.92%	85.60%	121.28%	92.46%	88.59%	87.68%	89.98%	66.82%	74.36%	68.86%	53.16%	65.99%	71.57%	111.56%	99.55%	110.34%	81.77%
Accounts Payable	343,866,667	357,540,000	279,240,000	202,788,867	360,500,000	311,300,000	359,800,000	432,000,000	324,100,000	235,000,000	266,300,000	226,400,000	191,200,000	85,800,000	69,936,000	41,355,000	56,206,000	48,297,000	33,639,000
Accounts Payable Margin	6.98%	7.70%	21.27%	19.04%	7.31%	6.32%	7.31%	8.76%	8.81%	44.10%	51.09%	42.72%	24.92%	11.39%	11.11%	16.71%	15.92%	13.40%	15.65%
Short-Term Debt	61,600,000	56,340,000	42,618,300	30,092,733	69,500,000	44,900,000	70,400,000	53,000,000	43,900,000	3,776,000	3,096,000	53,660,000	35,364,000	48,587,000	24,104,000	0	0	247,000	857,000
Short-Term Debt Margin	1.25%	1.20%	2.85%	2.19%	1.41%	0.91%	1.43%	1.07%	1.19%	0.71%	0.59%	10.13%	4.61%	6.45%	3.83%	0.00%	0.00%	0.07%	0.40%
Tax Payables	37,866,667	62,120,000	32,476,100	23,331,267	28,000,000	20,700,000	64,900,000	24,900,000	172,100,000	5,256,000	6,295,000	379,000	491,000	1,740,000	24,104,000	0	0	247,000	857,000
Tax Payables Margin	0.77%	1.50%	1.01%	0.96%	0.57%	0.42%	1.32%	0.50%	4.68%	0.99%	1.21%	0.07%	0.06%	0.23%	3.83%	0.00%	0.00%	0.07%	0.40%
Deferred Revenue	52,866,667	42,020,000	66,092,100	49,706,000	56,800,000	53,300,000	48,500,000	51,500,000	0	64,392,000	96,473,000	78,675,000	86,357,000	124,924,000	59,306,000	10,952,000	499,000	7,408,000	6,504,000
Deferred Revenue Margin	1.07%	0.85%	7.75%	6.44%	1.15%	1.08%	0.99%	1.04%	0.00%	12.08%	18.51%	14.85%	11.26%	16.59%	9.42%	4.43%	0.14%	2.06%	3.03%
Other Current Liabilities	186,866,667	153,280,000	94,883,000	75,997,733	177,700,000	193,700,000	189,200,000	205,800,000	0	43,454,000	50,977,000	20,049,000	28,504,000	39,446,000	119,020,000	16,705,000	21,073,000	18,458,000	15,880,000
Other Current Liabilities Margin	3.79%	3.11%	4.62%	6.02%	3.60%	3.93%	3.84%	4.17%	0.00%	8.15%	9.78%	3.78%	3.72%	5.24%	18.91%	6.75%	5.97%	5.12%	7.39%
Total Current Liabilities	949,900,000	975,580,000	593,417,900	431,015,867	960,300,000	908,200,000	981,200,000	1,053,400,000	974,800,000	167,383,000	199,223,000	205,512,000	201,756,000	282,405,000	273,729,000	49,296,000	69,352,000	87,215,000	51,467,000
Total Current Liabilities Margin	19.28%	21.15%	27.79%	27.27%	19.48%	18.44%	19.94%	21.36%	26.51%	31.41%	38.22%	38.78%	26.30%	37.50%	43.48%	19.92%	19.64%	24.20%	23.94%
Long-Term Debt	3,002,433,333	2,521,760,000	1,274,083,200	853,028,533	3,740,400,000	2,527,000,000	2,739,900,000	2,278,500,000	1,323,000,000	57,907,000	67,813,000	6,312,000	0	0	0	10,886,000	16,382,000	19,894,000	7,434,000
Long-Term Debt Margin	60.95%	53.01%	29.01%	20.54%	75.86%	51.31%	55.68%	46.21%	35.98%	10.87%	13.01%	1.19%	0.00%	0.00%	0.00%	4.40%	4.64%	5.52%	3.46%
Capital Lease Obligations	637,433,333	555,420,000	277,710,000	185,140,000	658,900,000	694,400,000	559,000,000	528,700,000	336,100,000	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations Margin	12.94%	11.74%	5.87%	3.91%	13.36%	14.10%	11.36%	10.72%	9.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Tax Liabilities	116,733,333	113,960,000	62,658,000	41,772,000	108,300,000	127,900,000	114,000,000	129,200,000	90,400,000	7,529,000	8,420,000	10,114,000	10,149,000	20,568,000	0	0	0	0	0
Deferred Tax Liabilities Margin	2.37%	2.44%	2.12%	1.41%	2.20%	2.60%	2.32%	2.62%	2.46%	1.41%	1.62%	1.91%	1.32%	2.73%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Liabilities	79,033,333	101,840,000	54,430,000	36,914,333	71,000,000	82,600,000	83,500,000	140,300,000	131,800,000	7,818,000	7,871,000	8,807,000	3,790,000	6,814,000	8,175,000	1,240,000	0	0	0
Other Non-Current Liabilities Margin	1.60%	2.25%	1.73%	1.27%	1.44%	1.68%	1.70%	2.85%	3.58%	1.47%	1.51%	1.66%	0.49%	0.90%	1.30%	0.50%	0.00%	0.00%	0.00%
Total Non-Current Liabilities	3,718,333,333	3,190,060,000	1,642,511,300	1,102,289,533	4,451,800,000	3,312,300,000	3,390,900,000	2,975,000,000	1,820,300,000	119,873,000	127,885,000	70,655,000	64,301,000	92,099,000	53,394,000	12,126,000	16,382,000	19,894,000	7,434,000
Total Non-Current Liabilities Margin	75.48%	67.26%	41.73%	29.62%	90.28%	67.25%	68.90%	60.34%	49.51%	22.49%	24.53%	13.33%	8.38%	12.23%	8.48%	4.90%	4.64%	5.52%	3.46%
Total Liabilities	4,668,233,333	4,165,640,000	2,240,971,800	1,539,909,533	5,412,100,000	4,220,500,000	4,372,100,000	4,028,400,000	2,795,100,000	300,939,000	334,206,000	282,786,000	277,599,000	385,988,000	414,723,000	54,004,000	76,340,000	91,081,000	52,777,000
Total Liabilities Margin	94.76%	88.40%	70.34%	57.50%	109.76%	85.69%	88.84%	81.70%	76.02%	56.47%	64.12%	53.36%	36.18%	51.26%	65.87%	21.83%	21.62%	25.27%	24.55%
Preferred Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock	2,800,000	2,800,000	1,418,000	954,733	2,800,000	2,800,000	2,800,000	2,800,000	2,800,000	39,000	37,000	36,000	35,000	33,000	31,000	30,000	29,000	28,000	23,000
Common Stock Margin	0.06%	0.06%	0.03%	0.03%	0.06%	0.06%	0.06%	0.06%	0.08%	0.01%	0.01%	0.01%	0.00%	0.00%	0.00%	0.01%	0.01%	0.01%	0.01%
Retained Earnings	3,279,833,333	2,898,000,000	1,239,476,000	826,317,333	3,571,800,000	3,279,200,000	2,988,500,000	2,604,900,000	2,045,600,000	-473,167,000	-461,989,000	-422,844,000	-370,030,000	-367,210,000	0	0	0	0	0
Retained Earnings Margin	66.58%	61.64%	-4.60%	-3.07%	72.44%	66.58%	60.73%	52.83%	55.63%	-88.79%	-88.63%	-79.79%	-48.23%	-48.77%	0.00%	0.00%	0.00%	0.00%	0.00%
Accumulated OCI	-166,800,000	-133,020,000	-68,412,500	-45,589,467	-186,800,000	-136,700,000	-176,900,000	-99,200,000	-65,500,000	-6,237,000	-5,269,000	-3,888,000	-2,151,000	-1,480,000	573,000	-277,000	-11,000	-3,000	1,000
Accumulated OCI Margin	-3.39%	-2.79%	-1.73%	-1.16%	-3.79%	-2.78%	-3.59%	-2.01%	-1.78%	-1.17%	-1.01%	-0.73%	-0.28%	-0.20%	0.09%	-0.11%	0.00%	0.00%	0.00%
Minority Interest	9,700,000	9,640,000	4,820,000	3,213,333	9,300,000	10,000,000	9,800,000	9,200,000	9,900,000	0	0	0	0	0	0	0	0	0	0
Minority Interest Margin	0.20%	0.21%	0.10%	0.07%	0.19%	0.20%	0.20%	0.19%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Shareholders’ Equity	286,766,667	329,940,000	208,156,600	210,094,200	559,000,000	323,400,000	-22,100,000	285,800,000	503,600,000	55,190,000	53,378,000	82,152,000	130,254,000	110,892,000	123,286,000	231,489,000	276,118,000	315,689,000	123,265,000
Total Shareholders’ Equity Margin	5.82%	7.39%	10.47%	29.40%	11.34%	6.57%	-0.45%	5.80%	13.70%	10.36%	10.24%	15.50%	16.98%	14.73%	19.58%	93.56%	78.19%	87.60%	57.34%
Total Equity	296,466,667	339,580,000	212,976,600	213,307,533	568,300,000	333,400,000	-12,300,000	295,000,000	513,500,000	55,190,000	53,378,000	82,152,000	130,254,000	110,892,000	123,286,000	231,489,000	276,118,000	315,689,000	123,265,000
Total Equity Margin	6.01%	7.60%	10.58%	29.47%	11.53%	6.77%	-0.25%	5.98%	13.97%	10.36%	10.24%	15.50%	16.98%	14.73%	19.58%	93.56%	78.19%	87.60%	57.34%
Total Liabilities & Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Liabilities & Equity Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Investments	530,766,667	318,460,000	162,970,000	129,444,600	1,592,300,000	0	0	0	0	7,100,000	7,000,000	8,200,000	7,800,000	7,300,000	0	8,664,000	148,215,000	130,025,000	25,065,000
Total Investments Margin	10.76%	6.46%	3.85%	8.78%	32.29%	0.00%	0.00%	0.00%	0.00%	1.33%	1.34%	1.55%	1.02%	0.97%	0.00%	3.50%	41.97%	36.08%	11.66%
Net Debt	3,614,233,333	3,008,040,000	1,476,724,900	960,038,733	4,351,400,000	3,191,400,000	3,299,900,000	2,559,500,000	1,638,000,000	-31,263,000	3,718,000	-49,325,000	-139,817,000	-56,264,000	-139,868,000	-161,068,000	-33,515,000	-10,552,000	-21,665,000
Net Debt Margin	73.37%	63.31%	27.64%	11.11%	88.25%	64.79%	67.05%	51.91%	44.55%	-5.87%	0.71%	-9.31%	-18.22%	-7.47%	-22.22%	-65.10%	-9.49%	-2.93%	-10.08%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2016-06-24	2015-06-26	2014-06-27	2013-06-28	2012-06-29	2011-06-24	2008-12-31	2007-12-31	2006-12-31	2005-12-31
Revenue	4,925,833,333	4,677,040,000	2,648,954,900	1,886,337,533	4,930,900,000	4,925,400,000	4,921,200,000	4,930,800,000	3,676,900,000	532,930,000	521,259,000	529,946,000	767,227,000	752,987,000	629,568,000	247,430,000	353,155,000	360,376,000	214,985,000
Working Capital	171,366,667	145,980,000	122,854,700	147,369,200	105,100,000	195,000,000	214,000,000	222,200,000	-6,400,000	96,568,000	100,783,000	57,470,000	130,866,000	112,960,000	133,970,000	216,315,000	251,200,000	268,180,000	112,326,000
Working Capital Margin	3.48%	2.95%	9.51%	26.78%	2.13%	3.96%	4.35%	4.51%	-0.17%	18.12%	19.33%	10.84%	17.06%	15.00%	21.28%	87.42%	71.13%	74.42%	52.25%
Total Capital	3,988,233,333	3,463,460,000	1,802,568,100	1,278,281,867	5,027,800,000	3,589,700,000	3,347,200,000	3,146,000,000	2,206,600,000	116,873,000	124,287,000	142,124,000	165,618,000	159,479,000	147,390,000	242,375,000	292,500,000	335,583,000	130,699,000
Total Capital Margin	80.95%	73.34%	48.20%	56.01%	101.97%	72.88%	68.02%	63.80%	60.01%	21.93%	23.84%	26.82%	21.59%	21.18%	23.41%	97.96%	82.82%	93.12%	60.79%
Capital Employed	4,014,800,000	3,529,640,000	1,860,530,500	1,315,057,467	5,020,100,000	3,645,700,000	3,378,600,000	3,270,000,000	2,333,800,000	188,746,000	188,361,000	159,426,000	206,097,000	214,475,000	176,832,000	226,743,000	282,217,000	310,430,000	124,335,000
Capital Employed Margin	81.49%	74.85%	53.13%	58.32%	101.81%	74.02%	68.65%	66.32%	63.47%	35.42%	36.14%	30.08%	26.86%	28.48%	28.09%	91.64%	79.91%	86.14%	57.83%
Invested Capital	3,901,000,000	3,337,980,000	1,684,881,500	1,171,739,867	4,910,400,000	3,514,800,000	3,277,800,000	2,845,300,000	2,141,600,000	23,927,000	57,096,000	32,827,000	-9,563,000	54,628,000	7,522,000	70,421,000	242,603,000	305,137,000	101,600,000
Invested Capital Margin	79.18%	70.70%	38.11%	40.76%	99.58%	71.36%	66.61%	57.70%	58.24%	4.49%	10.95%	6.19%	-1.25%	7.25%	1.19%	28.46%	68.70%	84.67%	47.26%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2016-06-24	2015-06-26	2014-06-27	2013-06-28	2012-06-29	2011-06-24	2008-12-31	2007-12-31	2006-12-31	2005-12-31
Revenue	4,925,833,333	4,677,040,000	2,648,954,900	1,886,337,533	4,930,900,000	4,925,400,000	4,921,200,000	4,930,800,000	3,676,900,000	532,930,000	521,259,000	529,946,000	767,227,000	752,987,000	629,568,000	247,430,000	353,155,000	360,376,000	214,985,000
Net Income	404,166,667	437,300,000	274,520,000	225,118,533	385,700,000	370,700,000	456,100,000	625,200,000	348,800,000	197,300,000	65,700,000	110,000,000	78,900,000	106,800,000	219,600,000	58,868,000	141,459,000	112,322,000	99,329,000
Net Income Margin	8.21%	9.36%	14.16%	21.18%	7.82%	7.53%	9.27%	12.68%	9.49%	37.02%	12.60%	20.76%	10.28%	14.18%	34.88%	23.79%	40.06%	31.17%	46.20%
Depreciation & Amortization	142,500,000	127,740,000	96,970,000	76,242,200	165,100,000	135,300,000	127,100,000	113,200,000	98,000,000	72,400,000	71,400,000	76,300,000	74,600,000	36,300,000	34,300,000	41,857,000	41,045,000	26,696,000	30,035,000
Depreciation & Amortization Margin	2.89%	2.73%	6.99%	8.35%	3.35%	2.75%	2.58%	2.30%	2.67%	13.59%	13.70%	14.40%	9.72%	4.82%	5.45%	16.92%	11.62%	7.41%	13.97%
Deferred Income Tax	-7,133,333	-3,780,000	-10,920,000	-8,059,000	-19,200,000	8,300,000	-10,500,000	11,100,000	-8,600,000	-31,100,000	-21,300,000	-27,200,000	-49,100,000	38,400,000	-8,500,000	2,423,000	-8,961,000	-1,304,000	4,657,000
Deferred Income Tax Margin	-0.14%	-0.09%	-1.68%	-1.19%	-0.39%	0.17%	-0.21%	0.23%	-0.23%	-5.84%	-4.09%	-5.13%	-6.40%	5.10%	-1.35%	0.98%	-2.54%	-0.36%	2.17%
Stock-Based Compensation	28,033,333	16,820,000	15,880,000	11,700,000	36,400,000	47,700,000	0	0	0	16,200,000	22,500,000	13,400,000	16,900,000	5,700,000	16,700,000	0	0	0	0
Stock-Based Compensation Margin	0.57%	0.34%	1.46%	1.15%	0.74%	0.97%	0.00%	0.00%	0.00%	3.04%	4.32%	2.53%	2.20%	0.76%	2.65%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	-66,300,000	-44,100,000	-34,070,000	-22,943,067	64,600,000	-1,700,000	-261,800,000	-90,600,000	69,000,000	-143,800,000	58,200,000	7,600,000	-38,900,000	-3,300,000	-17,200,000	87,653,000	-42,979,000	9,539,000	-40,459,000
Change in Working Capital Margin	-1.35%	-0.80%	-2.39%	-1.30%	1.31%	-0.03%	-5.32%	-1.84%	1.88%	-26.98%	11.17%	1.43%	-5.07%	-0.44%	-2.73%	35.43%	-12.17%	2.65%	-18.82%
Accounts Receivable	-11,200,000	-25,940,000	-23,020,000	-18,972,400	-7,300,000	-11,500,000	-14,800,000	-40,400,000	-55,700,000	21,500,000	-38,400,000	-58,800,000	-30,100,000	5,300,000	-30,200,000	51,231,000	-20,536,000	-27,608,000	-27,273,000
Accounts Receivable Margin	-0.23%	-0.60%	-2.07%	-2.06%	-0.15%	-0.23%	-0.30%	-0.82%	-1.51%	4.03%	-7.37%	-11.10%	-3.92%	0.70%	-4.80%	20.71%	-5.82%	-7.66%	-12.69%
Inventory	233,333	-29,640,000	-20,520,000	-14,221,467	26,800,000	75,800,000	-101,900,000	-106,400,000	-42,500,000	700,000	10,700,000	-34,000,000	-34,500,000	100,000	-18,500,000	45,758,000	-38,216,000	21,284,000	-18,448,000
Inventory Margin	0.00%	-0.66%	-1.20%	-0.66%	0.54%	1.54%	-2.07%	-2.16%	-1.16%	0.13%	2.05%	-6.42%	-4.50%	0.01%	-2.94%	18.49%	-10.82%	5.91%	-8.58%
Accounts Payable	-16,033,333	13,080,000	16,010,000	11,074,933	58,300,000	-46,900,000	-59,500,000	50,500,000	63,000,000	-48,300,000	52,800,000	47,800,000	28,100,000	14,300,000	21,700,000	-15,676,000	0	0	0
Accounts Payable Margin	-0.33%	0.35%	1.74%	0.97%	1.18%	-0.95%	-1.21%	1.02%	1.71%	-9.06%	10.13%	9.02%	3.66%	1.90%	3.45%	-6.34%	0.00%	0.00%	0.00%
Other Working Capital	-39,300,000	-1,600,000	-6,540,000	-824,133	-13,200,000	-19,100,000	-85,600,000	5,700,000	104,200,000	-117,700,000	33,100,000	52,600,000	-2,400,000	-23,000,000	9,800,000	6,340,000	15,773,000	15,863,000	5,262,000
Other Working Capital Margin	-0.80%	0.11%	-0.86%	0.45%	-0.27%	-0.39%	-1.74%	0.12%	2.83%	-22.09%	6.35%	9.93%	-0.31%	-3.05%	1.56%	2.56%	4.47%	4.40%	2.45%
Other Non-Cash Items	37,266,667	64,700,000	48,290,000	34,489,267	33,900,000	10,000,000	67,900,000	64,200,000	147,500,000	54,500,000	37,700,000	45,100,000	16,100,000	6,000,000	3,800,000	7,593,000	-4,203,000	18,562,000	8,687,000
Other Non-Cash Items Margin	0.76%	1.52%	3.64%	3.21%	0.69%	0.20%	1.38%	1.30%	4.01%	10.23%	7.23%	8.51%	2.10%	0.80%	0.60%	3.07%	-1.19%	5.15%	4.04%
Net Cash from Operating Activities	538,533,333	598,680,000	390,670,000	316,547,933	666,500,000	570,300,000	378,800,000	723,100,000	654,700,000	165,500,000	234,200,000	225,200,000	98,500,000	189,900,000	248,700,000	198,394,000	126,361,000	165,815,000	102,249,000
Net Cash from Operating Activities Margin	10.93%	13.05%	22.18%	31.39%	13.52%	11.58%	7.70%	14.66%	17.81%	31.05%	44.93%	42.49%	12.84%	25.22%	39.50%	80.18%	35.78%	46.01%	47.56%
Capital Expenditures (PPE)	-196,400,000	-164,760,000	-108,960,000	-84,655,200	-97,300,000	-185,400,000	-306,500,000	-123,300,000	-111,300,000	-61,900,000	-65,900,000	-47,500,000	-40,000,000	-50,500,000	-29,500,000	-10,494,000	-17,206,000	-38,147,000	-84,881,000
Capital Expenditures (PPE) Margin	-3.99%	-3.50%	-6.26%	-8.43%	-1.97%	-3.76%	-6.23%	-2.50%	-3.03%	-11.62%	-12.64%	-8.96%	-5.21%	-6.71%	-4.69%	-4.24%	-4.87%	-10.59%	-39.48%
Acquisitions (Net)	0	-94,800,000	-160,920,000	-108,075,600	0	0	0	-432,800,000	-41,200,000	0	7,200,000	35,000,000	-1,172,900,000	-4,500,000	-4,600,000	-1,529,000	-5,805,000	0	0
Acquisitions (Net) Margin	0.00%	-1.98%	-15.54%	-10.56%	0.00%	0.00%	0.00%	-8.78%	-1.12%	0.00%	1.38%	6.60%	-152.88%	-0.60%	-0.73%	-0.62%	-1.64%	0.00%	0.00%
Purchases of Investments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Purchases of Investments Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Sales / Maturities of Investments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Sales / Maturities of Investments Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Investing Activities	-3,633,333	-860,000	-380,000	-28,133	600,000	-2,400,000	-9,100,000	400,000	6,200,000	-500,000	-1,000,000	2,100,000	-100,000	0	-2,000,000	6,655,000	140,000	286,000	-1,703,000
Other Investing Activities Margin	-0.07%	-0.01%	0.01%	0.12%	0.01%	-0.05%	-0.18%	0.01%	0.17%	-0.09%	-0.19%	0.40%	-0.01%	0.00%	-0.32%	2.69%	0.04%	0.08%	-0.79%
Net Cash from Investing Activities	-200,033,333	-260,420,000	-270,260,000	-192,758,933	-96,700,000	-187,800,000	-315,600,000	-555,700,000	-146,300,000	-62,400,000	-59,700,000	-10,400,000	-1,213,000,000	-55,000,000	-36,100,000	-5,368,000	-22,871,000	-37,861,000	-86,584,000
Net Cash from Investing Activities Margin	-4.06%	-5.49%	-21.80%	-18.88%	-1.96%	-3.81%	-6.41%	-11.27%	-3.98%	-11.71%	-11.45%	-1.96%	-158.10%	-7.30%	-5.73%	-2.17%	-6.48%	-10.51%	-40.27%
Net Debt Issuance	472,800,000	437,400,000	328,910,000	235,028,133	1,227,100,000	-267,000,000	458,300,000	954,400,000	-185,800,000	342,000,000	-124,800,000	-239,400,000	1,059,300,000	65,000,000	178,000,000	-183,297,000	238,386,000	1,063,000	2,170,000
Net Debt Issuance Margin	9.59%	8.62%	18.48%	13.86%	24.89%	-5.42%	9.31%	19.36%	-5.05%	64.17%	-23.94%	-45.17%	138.07%	8.63%	28.27%	-74.08%	67.50%	0.29%	1.01%
Long-Term Debt Issuance	472,800,000	437,400,000	328,910,000	218,920,200	1,227,100,000	-267,000,000	458,300,000	954,400,000	-185,800,000	342,000,000	-124,800,000	-239,400,000	1,059,300,000	65,000,000	178,000,000	-183,297,000	0	0	0
Long-Term Debt Issuance Margin	9.59%	8.62%	18.48%	9.27%	24.89%	-5.42%	9.31%	19.36%	-5.05%	64.17%	-23.94%	-45.17%	138.07%	8.63%	28.27%	-74.08%	0.00%	0.00%	0.00%
Short-Term Debt Issuance	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short-Term Debt Issuance Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	-248,900,000	-374,600,000	-256,610,000	-230,427,867	-43,800,000	-36,000,000	-666,900,000	-801,400,000	-324,900,000	-535,000,000	3,700,000	-2,200,000	-7,000,000	-152,600,000	-365,900,000	695,000	-311,709,000	-139,955,000	-73,449,000
Net Stock Issuance Margin	-5.06%	-8.05%	-16.15%	-25.38%	-0.89%	-0.73%	-13.55%	-16.25%	-8.84%	-100.39%	0.71%	-0.42%	-0.91%	-20.27%	-58.12%	0.28%	-88.26%	-38.84%	-34.16%
Common Stock Issuance	166,667	4,460,000	3,870,000	5,361,467	0	0	500,000	14,900,000	6,900,000	0	5,000,000	0	0	11,400,000	26,256,000	695,000	8,175,000	4,045,000	2,551,000
Common Stock Issuance Margin	0.00%	0.10%	0.30%	0.80%	0.00%	0.00%	0.01%	0.30%	0.19%	0.00%	0.96%	0.00%	0.00%	1.51%	4.17%	0.28%	2.31%	1.12%	1.19%
Common Stock Repurchased	-249,066,667	-379,060,000	-259,340,000	-233,278,933	-43,800,000	-36,000,000	-667,400,000	-816,300,000	-331,800,000	-535,000,000	-1,300,000	-2,200,000	-7,000,000	-152,600,000	-365,900,000	0	-319,884,000	-144,000,000	-76,000,000
Common Stock Repurchased Margin	-5.06%	-8.15%	-16.30%	-25.80%	-0.89%	-0.73%	-13.56%	-16.56%	-9.02%	-100.39%	-0.25%	-0.42%	-0.91%	-20.27%	-58.12%	0.00%	-90.58%	-39.96%	-35.35%
Preferred Stock Issuance	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Issuance Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Dividends Paid	-80,300,000	-60,800,000	-30,400,000	-23,049,600	-92,700,000	-77,700,000	-70,500,000	-63,100,000	0	0	0	0	0	0	0	-17,933,000	-23,811,000	0	0
Net Dividends Paid Margin	-1.63%	-1.23%	-0.62%	-1.34%	-1.88%	-1.58%	-1.43%	-1.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-7.25%	-6.74%	0.00%	0.00%
Common Dividends Paid	-80,300,000	-60,800,000	-30,400,000	-23,049,600	-92,700,000	-77,700,000	-70,500,000	-63,100,000	0	0	0	0	0	0	0	-17,933,000	-23,811,000	0	0
Common Dividends Paid Margin	-1.63%	-1.23%	-0.62%	-1.34%	-1.88%	-1.58%	-1.43%	-1.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-7.25%	-6.74%	0.00%	0.00%
Preferred Dividends Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Dividends Paid Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Financing Activities	-5,600,000	-8,420,000	-2,240,000	5,614,467	-13,200,000	-3,600,000	0	-13,400,000	-11,900,000	7,900,000	30,400,000	3,500,000	-38,900,000	16,800,000	39,000,000	385,000	9,492,000	6,416,000	51,324,000
Other Financing Activities Margin	-0.11%	-0.19%	0.42%	2.59%	-0.27%	-0.07%	0.00%	-0.27%	-0.32%	1.48%	5.83%	0.66%	-5.07%	2.23%	6.19%	0.16%	2.69%	1.78%	23.87%
Net Cash from Financing Activities	138,000,000	-6,420,000	39,660,000	-12,834,867	1,077,400,000	-384,300,000	-279,100,000	76,500,000	-522,600,000	-185,100,000	-90,700,000	-238,100,000	1,013,400,000	-70,800,000	-148,900,000	-200,150,000	-87,642,000	-132,476,000	-19,955,000
Net Cash from Financing Activities Margin	2.79%	-0.86%	2.13%	-10.27%	21.85%	-7.80%	-5.67%	1.55%	-14.21%	-34.73%	-17.40%	-44.93%	132.09%	-9.40%	-23.65%	-80.89%	-24.82%	-36.76%	-9.28%
Effect of FX on Cash	-6,833,333	-2,880,000	-160,000	-1,359,667	-12,400,000	7,300,000	-15,400,000	-8,200,000	14,300,000	-6,200,000	7,600,000	4,800,000	2,800,000	3,800,000	-5,900,000	-10,806,000	1,679,000	2,455,000	-6,223,000
Effect of FX on Cash Margin	-0.14%	-0.04%	0.19%	-0.34%	-0.25%	0.15%	-0.31%	-0.17%	0.39%	-1.16%	1.46%	0.91%	0.36%	0.50%	-0.94%	-4.37%	0.48%	0.68%	-2.89%
Net Change in Cash	469,666,667	328,960,000	159,910,000	109,594,467	1,634,800,000	5,500,000	-231,300,000	235,700,000	100,000	-88,200,000	91,400,000	-18,500,000	-98,300,000	67,900,000	57,800,000	-17,930,000	17,527,000	-2,067,000	-10,513,000
Net Change in Cash Margin	9.52%	6.67%	2.70%	1.90%	33.15%	0.11%	-4.70%	4.78%	0.00%	-16.55%	17.53%	-3.49%	-12.81%	9.02%	9.18%	-7.25%	4.96%	-0.57%	-4.89%
Cash at Beginning of Period	148,333,333	114,980,000	116,300,000	87,461,733	74,900,000	69,400,000	300,700,000	65,000,000	64,900,000	153,900,000	62,500,000	81,000,000	179,300,000	111,400,000	53,600,000	33,315,000	15,788,000	17,855,000	28,368,000
Cash at Beginning of Period Margin	3.01%	2.42%	10.64%	10.07%	1.52%	1.41%	6.11%	1.32%	1.77%	28.88%	11.99%	15.28%	23.37%	14.79%	8.51%	13.46%	4.47%	4.95%	13.20%
Cash at End of Period	618,000,000	443,940,000	276,210,000	197,056,200	1,709,700,000	74,900,000	69,400,000	300,700,000	65,000,000	65,700,000	153,900,000	62,500,000	81,000,000	179,300,000	111,400,000	15,385,000	33,315,000	15,788,000	17,855,000
Cash at End of Period Margin	12.53%	9.09%	13.35%	11.97%	34.67%	1.52%	1.41%	6.10%	1.77%	12.33%	29.52%	11.79%	10.56%	23.81%	17.69%	6.22%	9.43%	4.38%	8.31%
Operating Cash Flow	538,533,333	598,680,000	390,670,000	316,547,933	666,500,000	570,300,000	378,800,000	723,100,000	654,700,000	165,500,000	234,200,000	225,200,000	98,500,000	189,900,000	248,700,000	198,394,000	126,361,000	165,815,000	102,249,000
Operating Cash Flow Margin	10.93%	13.05%	22.18%	31.39%	13.52%	11.58%	7.70%	14.66%	17.81%	31.05%	44.93%	42.49%	12.84%	25.22%	39.50%	80.18%	35.78%	46.01%	47.56%
Capital Expenditure	-196,400,000	-164,760,000	-108,960,000	-84,655,200	-97,300,000	-185,400,000	-306,500,000	-123,300,000	-111,300,000	-61,900,000	-65,900,000	-47,500,000	-40,000,000	-50,500,000	-29,500,000	-10,494,000	-17,206,000	-38,147,000	-84,881,000
Capital Expenditure Margin	-3.99%	-3.50%	-6.26%	-8.43%	-1.97%	-3.76%	-6.23%	-2.50%	-3.03%	-11.62%	-12.64%	-8.96%	-5.21%	-6.71%	-4.69%	-4.24%	-4.87%	-10.59%	-39.48%
Free Cash Flow	342,133,333	433,920,000	281,710,000	231,892,733	569,200,000	384,900,000	72,300,000	599,800,000	543,400,000	103,600,000	168,300,000	177,700,000	58,500,000	139,400,000	219,200,000	187,900,000	109,155,000	127,668,000	17,368,000
Free Cash Flow Margin	6.94%	9.55%	15.92%	22.96%	11.54%	7.81%	1.47%	12.16%	14.78%	19.44%	32.29%	33.53%	7.62%	18.51%	34.82%	75.94%	30.91%	35.43%	8.08%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2016-06-24	2015-06-26	2014-06-27	2013-06-28	2012-06-29	2011-06-24	2008-12-31	2007-12-31	2006-12-31	2005-12-31
Revenue	4,925,833,333	4,677,040,000	2,648,954,900	1,886,337,533	4,930,900,000	4,925,400,000	4,921,200,000	4,930,800,000	3,676,900,000	532,930,000	521,259,000	529,946,000	767,227,000	752,987,000	629,568,000	247,430,000	353,155,000	360,376,000	214,985,000
EBITDA	783,600,000	796,340,000	390,513,100	253,122,467	804,200,000	739,300,000	807,300,000	1,003,500,000	627,400,000	-742,000	-27,514,000	-38,253,000	-1,174,000	-8,886,000	-2,192,000	-48,205,000	-68,643,000	6,679,000	4,067,000
EBITDA Margin	15.91%	17.03%	7.12%	2.38%	16.31%	15.01%	16.40%	20.35%	17.06%	-0.14%	-5.28%	-7.22%	-0.15%	-1.18%	-0.35%	-19.48%	-19.44%	1.85%	1.89%
(-) Tax Adjustment	172,269,452	180,118,864	90,089,266	59,884,598	189,129,724	161,239,443	166,439,189	241,497,633	142,288,329	39,350	-312,780	-8,694	959,619	-379,151	-136,184	-336,572	-7,156,352	2,817,808	2,187,613
(-) Tax Adjustment Margin	3.50%	3.85%	1.93%	1.26%	3.84%	3.27%	3.38%	4.90%	3.87%	0.01%	-0.06%	0.00%	0.13%	-0.05%	-0.02%	-0.14%	-2.03%	0.78%	1.02%
(-) Change In Working Capital	-66,300,000	-44,100,000	-34,070,000	-22,943,067	64,600,000	-1,700,000	-261,800,000	-90,600,000	69,000,000	-143,800,000	58,200,000	7,600,000	-38,900,000	-3,300,000	-17,200,000	87,653,000	-42,979,000	9,539,000	-40,459,000
(-) Change In Working Capital Margin	-1.35%	-0.80%	-2.39%	-1.30%	1.31%	-0.03%	-5.32%	-1.84%	1.88%	-26.98%	11.17%	1.43%	-5.07%	-0.44%	-2.73%	35.43%	-12.17%	2.65%	-18.82%
(-) Capital Expenditure	-196,400,000	-164,760,000	-108,960,000	-84,655,200	-97,300,000	-185,400,000	-306,500,000	-123,300,000	-111,300,000	-61,900,000	-65,900,000	-47,500,000	-40,000,000	-50,500,000	-29,500,000	-10,494,000	-17,206,000	-38,147,000	-84,881,000
(-) Capital Expenditure Margin	-3.99%	-3.50%	-6.26%	-8.43%	-1.97%	-3.76%	-6.23%	-2.50%	-3.03%	-11.62%	-12.64%	-8.96%	-5.21%	-6.71%	-4.69%	-4.24%	-4.87%	-10.59%	-39.48%
Unlevered Free Cash Flow	481,230,548	495,561,136	225,533,834	131,525,735	453,170,276	394,360,557	596,160,811	729,302,367	304,811,671	81,118,650	-151,301,220	-93,344,306	-3,233,619	-55,706,849	-14,355,816	-146,015,428	-35,713,648	-43,824,808	-42,542,613
Unlevered Free Cash Flow Margin	9.77%	10.48%	1.32%	-6.01%	9.19%	8.01%	12.11%	14.79%	8.29%	15.22%	-29.03%	-17.61%	-0.42%	-7.40%	-2.28%	-59.01%	-10.11%	-12.16%	-19.79%
(-) Net Interest Income After Taxes	-95,477,315	-79,262,726	-39,631,363	-26,469,238	-103,098,077	-101,569,142	-81,764,726	-50,344,551	-59,537,135	0	0	0	0	0	0	0	-7,166	-7,515	-710,258
(-) Net Interest Income After Taxes Margin	-1.94%	-1.69%	-0.85%	-0.59%	-2.09%	-2.06%	-1.66%	-1.02%	-1.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.33%
Net Debt Issuance	472,800,000	437,400,000	328,910,000	235,028,133	1,227,100,000	-267,000,000	458,300,000	954,400,000	-185,800,000	342,000,000	-124,800,000	-239,400,000	1,059,300,000	65,000,000	178,000,000	-183,297,000	238,386,000	1,063,000	2,170,000
Net Debt Issuance Margin	9.59%	8.62%	18.48%	13.86%	24.89%	-5.42%	9.31%	19.36%	-5.05%	64.17%	-23.94%	-45.17%	138.07%	8.63%	28.27%	-74.08%	67.50%	0.29%	1.01%
Levered Free Cash Flow	1,049,507,863	1,012,223,862	594,075,197	393,023,106	1,783,368,352	228,929,698	1,136,225,537	1,734,046,917	178,548,806	423,118,650	-276,101,220	-332,744,306	1,056,066,381	9,293,151	163,644,184	-329,312,428	202,679,517	-42,754,293	-39,662,356
Levered Free Cash Flow Margin	21.30%	20.79%	20.64%	8.43%	36.17%	4.65%	23.09%	35.17%	4.86%	79.39%	-52.97%	-62.79%	137.65%	1.23%	25.99%	-133.09%	57.39%	-11.86%	-18.45%