Azimut Holding S.p.A. (AZM.MI)

Category: Company Returns Sector: Financial Services Industry: Asset Management Live Price: $37.16

Income Returns

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31
Net Income	555M	565M	415M	322M	265M	579M	627M	677M	510M	477M	711M	448M	434M	143M	252M	203M	291M	108M	183M	189M	94M	111M	139M	49M	123M	100M	58M	20M	26M
Revenue	1,582M	1,544M	1,216M	949M	797M	1,460M	1,588M	1,565M	1,635M	1,546M	1,539M	1,435M	1,114M	823M	913M	796M	796M	621M	535M	501M	187M	223M	227M	156M	302M	353M	665M	25M	102M
Return on Revenue	35.11%	36.55%	32.87%	34.55%	34.44%	39.67%	39.51%	43.23%	31.22%	30.87%	46.18%	31.23%	39.01%	17.42%	27.61%	25.46%	36.48%	17.40%	34.22%	37.69%	50.50%	49.67%	61.15%	31.64%	40.72%	28.36%	8.66%	79.59%	25.49%
Cost of Revenue	674M	701M	645M	498M	384M	491M	555M	561M	624M	838M	847M	633M	652M	628M	629M	550M	490M	393M	322M	298M	0M	9M	8M	179M	6M	7M	8M	17M	30M
Return on Cost of Revenue	86.45%	82.82%	63.99%	134.36%	403.31%	118.05%	113.04%	120.67%	81.74%	56.94%	83.98%	70.77%	66.68%	22.86%	40.11%	36.86%	59.28%	27.49%	56.77%	63.26%	0.00%	1,228.06%	1,720.31%	27.51%	2,223.37%	1,338.14%	741.42%	116.02%	85.76%
Gross Profit	848M	821M	560M	443M	407M	970M	1,033M	1,004M	1,010M	528M	693M	869M	462M	196M	285M	246M	306M	228M	212M	202M	187M	214M	219M	-23M	296M	345M	657M	8M	72M
Return on Gross Profit	69.40%	72.47%	79.54%	74.97%	52.83%	59.74%	60.74%	67.37%	50.51%	90.32%	102.60%	51.56%	94.00%	73.27%	88.61%	82.32%	94.88%	47.42%	86.13%	93.26%	50.50%	51.77%	63.41%	-210.49%	41.48%	28.98%	8.77%	253.43%	36.28%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on R&D Expenses	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses	175M	162M	144M	113M	94M	139M	178M	174M	181M	169M	149M	137M	145M	139M	127M	119M	97M	69M	59M	45M	46M	43M	38M	40M	30M	27M	46M	49M	22M
Return on SG&A Expenses	317.74%	351.63%	282.81%	278.52%	278.16%	417.63%	352.90%	388.98%	282.02%	282.21%	478.47%	326.49%	299.23%	103.07%	198.82%	169.98%	298.81%	157.05%	307.56%	422.91%	204.77%	257.42%	365.04%	124.45%	405.23%	366.17%	124.45%	39.76%	116.08%
Operating Expenses	231M	232M	155M	114M	131M	300M	332M	288M	210M	195M	173M	293M	214M	172M	-6M	28M	-21M	10M	-2M	-10M	85M	84M	74M	-71M	138M	196M	571M	-12M	35M
Return on Operating Expenses	240.84%	257.36%	-350.25%	-891.72%	-655.34%	193.21%	188.70%	234.95%	243.14%	244.42%	411.15%	153.14%	202.83%	83.22%	-4,405.87%	714.02%	-1,383.55%	1,122.57%	-9,348.92%	-1,889.64%	111.58%	131.11%	187.75%	-69.15%	89.23%	51.18%	10.09%	-165.18%	74.97%
Operating Income (EBIT)	722M	718M	470M	372M	309M	670M	700M	716M	800M	649M	878M	549M	248M	23M	290M	218M	327M	218M	214M	212M	110M	129M	145M	48M	159M	150M	86M	20M	37M
Return on Operating Income (EBIT)	77.27%	78.89%	145.09%	123.05%	112.77%	86.49%	89.58%	94.46%	63.75%	73.58%	81.00%	81.66%	175.19%	612.57%	86.86%	93.05%	88.79%	49.51%	85.34%	88.88%	85.53%	85.55%	95.74%	102.99%	77.52%	66.80%	66.72%	100.00%	70.29%
Interest Income	14M	10M	5M	4M	4M	20M	23M	26M	13M	4M	4M	3M	1M	1M	0M	1M	0M	0M	0M	0M	5M	3M	2M	4M	6M	0M	9M	1M	1M
Return on Interest Income	6,346.88%	10,332.51%	30,433.04%	30,335.21%	171,941.77%	2,913.04%	2,733.27%	2,624.54%	4,039.10%	12,377.01%	17,224.95%	15,396.93%	37,224.45%	10,187.32%	72,808.81%	33,081.42%	99,365.86%	30,096.73%	71,775.58%	43,431.08%	1,737.83%	3,656.57%	8,251.01%	1,291.33%	2,001.20%	2,971,617.85%	645.84%	3,901.41%	1,988.72%
Interest Expense	13M	17M	10M	8M	16M	4M	14M	11M	12M	17M	23M	23M	8M	2M	1M	1M	0M	1M	1M	2M	7M	9M	8M	180M	6M	7M	8M	17M	30M
Return on Interest Expense	4,420.39%	3,662.31%	33,361.79%	24,388.24%	18,593.71%	15,221.32%	4,391.79%	6,180.04%	4,221.56%	2,859.58%	3,073.85%	1,976.54%	5,470.30%	7,855.05%	17,448.09%	18,488.76%	266,044.09%	8,267.15%	13,496.79%	7,877.21%	1,336.50%	1,228.06%	1,720.31%	27.40%	2,223.37%	1,338.14%	741.42%	116.02%	85.76%
Net Interest Income	1M	-7M	-4M	-4M	-12M	16M	9M	15M	0M	-12M	-19M	-20M	-7M	0M	-1M	0M	0M	-1M	-1M	-2M	-2M	-6M	-6M	-176M	1M	-7M	1M	-16M	-29M
Return on Net Interest Income	43,322.75%	24,791.81%	17,697.78%	8,748.04%	7,635.88%	3,602.48%	7,366.48%	4,561.88%	129,335.42%	-3,929.06%	-3,741.55%	-2,267.64%	-6,412.67%	-34,310.67%	-22,947.22%	-41,913.83%	158,603.21%	-11,398.02%	-16,622.52%	-9,622.46%	-6,265.11%	-1,849.08%	-2,173.47%	-28.00%	20,027.34%	-1,338.74%	5,009.70%	-119.58%	-89.62%
Unusual Items	-58M	-16M	-51M	-33M	-15M	-140M	-201M	-243M	66M	4M	42M	53M	-277M	-160M	1M	1M	0M	2M	1M	1M	9M	6M	6M	176M	-1M	7M	-1M	16M	29M
Return on Unusual Items	3,903.91%	2,850.30%	12,764.59%	11,350.67%	7,438.16%	-413.08%	-311.60%	-278.20%	774.10%	11,215.81%	1,689.57%	850.20%	-156.87%	-89.81%	22,752.75%	15,684.38%	75,203.95%	4,639.60%	12,957.82%	22,164.83%	1,002.79%	1,849.08%	2,173.47%	28.00%	-20,027.34%	1,338.74%	-5,009.70%	119.58%	89.62%
EBT Excluding Unusual Items	836M	757M	577M	442M	351M	934M	1,094M	1,188M	668M	653M	813M	463M	809M	343M	289M	216M	326M	215M	213M	213M	93M	123M	139M	-128M	159M	142M	87M	3M	8M
Return on EBT Excluding Unusual Items	68.81%	78.14%	75.64%	78.17%	72.38%	62.01%	57.33%	56.96%	76.38%	73.09%	87.49%	96.76%	53.73%	41.79%	87.20%	93.96%	89.05%	50.36%	86.03%	88.77%	101.32%	89.70%	100.15%	-38.45%	77.22%	70.31%	65.85%	610.80%	325.81%
Pre-Tax Income	779M	741M	526M	409M	336M	794M	893M	945M	734M	657M	855M	516M	532M	184M	290M	217M	327M	217M	214M	213M	103M	129M	145M	48M	159M	150M	86M	20M	37M
Return on Pre-Tax Income	71.26%	76.77%	81.29%	80.94%	81.20%	72.96%	70.25%	71.63%	69.52%	72.62%	83.18%	86.88%	81.71%	78.15%	86.86%	93.40%	88.94%	49.82%	85.47%	88.41%	92.02%	85.55%	95.74%	102.99%	77.52%	66.80%	66.72%	100.00%	70.29%
Income Tax Expense	201M	159M	96M	77M	63M	202M	232M	250M	196M	155M	136M	60M	76M	18M	25M	9M	33M	108M	31M	25M	8M	19M	6M	-1M	34M	50M	29M	4M	11M
Return on Income Tax Expense	279.39%	422.86%	764.21%	722.02%	525.08%	286.54%	270.95%	270.27%	260.14%	307.75%	523.00%	753.17%	570.10%	798.24%	1,005.41%	2,276.36%	877.63%	100.54%	590.85%	751.51%	1,153.48%	591.87%	2,248.28%	-3,345.10%	366.07%	201.19%	200.86%	508.41%	236.55%
Depreciation and Amortization	43M	40M	30M	21M	16M	2M	10M	34M	52M	42M	41M	33M	28M	17M	19M	19M	12M	7M	5M	2M	1M	2M	2M	2M	3M	2M	0M	52M	46M
Return on Depreciation and Amortization	1,373.33%	1,443.36%	1,440.47%	2,713.18%	2,994.23%	24,385.71%	6,234.30%	1,998.84%	990.44%	1,130.72%	1,731.71%	1,365.08%	1,541.33%	824.36%	1,354.43%	1,068.40%	2,399.35%	1,494.34%	3,640.79%	7,781.84%	7,346.48%	6,029.60%	6,771.88%	3,274.65%	4,462.85%	4,677.61%	0.00%	37.81%	56.15%
EBITDA	831M	798M	565M	437M	358M	800M	919M	989M	812M	691M	919M	582M	568M	203M	310M	237M	339M	226M	220M	218M	104M	140M	155M	49M	167M	159M	65M	88M	114M
Return on EBITDA	66.78%	70.95%	75.45%	76.09%	77.76%	72.41%	68.28%	68.38%	62.86%	69.09%	77.38%	77.05%	76.51%	70.74%	81.25%	85.49%	85.74%	47.94%	82.99%	86.46%	90.50%	78.93%	89.50%	99.85%	73.67%	62.77%	88.05%	22.19%	22.88%
NOPAT	536M	566M	383M	302M	250M	499M	519M	526M	587M	496M	738M	486M	212M	21M	265M	209M	294M	110M	183M	187M	102M	111M	139M	49M	125M	100M	58M	16M	26M
Return on NOPAT	103.94%	100.09%	167.49%	144.43%	133.23%	116.03%	120.93%	128.52%	87.00%	96.31%	96.32%	92.31%	204.50%	679.05%	95.07%	97.03%	98.80%	98.15%	99.77%	100.73%	92.95%	100.00%	100.00%	99.91%	98.35%	100.00%	99.91%	124.49%	100.00%
Owner's Earnings	573M	570M	406M	315M	260M	595M	601M	707M	550M	463M	692M	440M	360M	122M	249M	199M	283M	97M	178M	187M	94M	111M	139M	48M	124M	98M	50M	70M	72M
Return on Owner's Earnings	97.20%	99.24%	104.08%	103.71%	103.69%	97.44%	104.36%	95.68%	92.80%	103.12%	102.68%	101.90%	120.53%	118.00%	101.46%	102.03%	102.61%	111.47%	102.69%	100.82%	100.28%	99.60%	99.61%	102.65%	99.43%	101.73%	114.77%	27.84%	36.44%

Balance Sheet Returns

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31
Net Income	555M	565M	415M	322M	265M	677M	510M	477M	711M	448M	434M	143M	252M	203M	291M	108M	183M	189M	94M	111M	139M	49M	123M	100M	58M	20M	26M
Cash & Cash Equivalents	453M	380M	190M	127M	95M	464M	546M	350M	211M	328M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	41M
Return on Cash & Cash Equivalents	125.27%	169.74%	498,512.10%	560,927.95%	555,007.57%	145.94%	93.54%	136.33%	336.28%	136.58%	1,947,426.32%	531,069.57%	767,092.86%	822,309.52%	916,374.07%	279,078.79%	973,456.25%	845,763.16%	473,200.00%	857,300.00%	1,477,962.50%	524,762.50%	374,082.14%	160,803.77%	148,621.21%	127,846.15%	64.38%
Short-Term Investments	13M	29M	18M	12M	9M	1M	19M	19M	15M	93M	20M	6M	3M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Short-Term Investments	42,368.43%	26,493.12%	14,436.11%	9,624.07%	7,218.05%	121,810.78%	2,733.64%	2,560.87%	4,878.00%	482.29%	2,129.19%	2,455.69%	7,310.62%	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%
Cash & Short-Term Investments	460M	402M	204M	136M	102M	464M	564M	351M	212M	421M	20M	6M	3M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	41M
Return on Cash & Short-Term Investments	124.07%	162.88%	175,131.09%	345,340.60%	393,317.06%	145.76%	90.45%	136.01%	335.74%	106.44%	2,126.87%	2,444.39%	7,241.60%	822,309.52%	916,374.07%	279,078.79%	973,456.25%	845,763.16%	473,200.00%	857,300.00%	1,477,962.50%	524,762.50%	374,082.14%	160,803.77%	148,621.21%	127,846.15%	64.38%
Net Receivables	375M	456M	418M	421M	357M	350M	583M	193M	547M	607M	593M	448M	137M	382M	335M	418M	702M	464M	246M	313M	249M	137M	149M	171M	110M	0M	0M
Return on Net Receivables	175.95%	146.31%	116.02%	88.43%	80.57%	193.20%	87.57%	247.09%	129.88%	73.81%	73.22%	31.99%	183.48%	53.13%	86.82%	25.86%	26.04%	40.67%	38.32%	35.43%	55.85%	35.96%	82.49%	58.53%	52.16%	0.00%	0.00%
Inventory	374M	483M	242M	161M	121M	0M	0M	1,122M	1,295M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Inventory	14.18%	19.49%	9.74%	6.50%	4.87%	0.00%	0.00%	42.55%	54.89%	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 Current Assets	-182M	-286M	-98M	-49M	-37M	162M	-12M	-697M	-885M	3M	14M	26M	134M	115M	161M	100M	84M	14M	50M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Other Current Assets	-1,248.17%	2,112.44%	1,482.37%	1,113.23%	834.92%	417.47%	-4,093.51%	-68.49%	-80.36%	14,387.11%	3,159.52%	558.08%	187.78%	175.69%	180.43%	108.21%	217.01%	1,359.63%	189.82%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Current Assets	1,237M	1,230M	935M	798M	640M	1,207M	1,365M	1,140M	1,310M	1,126M	1,030M	732M	342M	561M	538M	561M	855M	556M	342M	313M	249M	137M	149M	171M	110M	0M	41M
Return on Total Current Assets	45.10%	45.88%	45.50%	39.51%	43.88%	56.05%	37.38%	41.86%	54.28%	39.81%	42.20%	19.60%	73.67%	36.17%	53.96%	19.26%	21.40%	33.93%	27.61%	35.43%	55.85%	35.96%	82.48%	58.51%	52.14%	127,846.15%	64.38%
Property, Plant & Equipment	48M	53M	36M	25M	19M	35M	54M	57M	61M	57M	57M	10M	10M	8M	7M	4M	3M	3M	4M	4M	4M	3M	3M	3M	3M	2M	2M
Return on Property, Plant & Equipment	1,246.55%	1,138.28%	1,692.65%	2,463.69%	2,617.65%	1,955.36%	947.18%	837.11%	1,163.56%	788.19%	758.89%	1,442.10%	2,650.70%	2,392.09%	3,991.31%	2,491.77%	5,261.93%	6,569.71%	2,618.62%	3,086.84%	3,470.41%	1,636.05%	4,726.67%	3,724.91%	1,839.65%	1,103.59%	1,290.01%
Goodwill	783M	751M	660M	542M	407M	597M	880M	873M	761M	646M	628M	618M	586M	542M	465M	405M	386M	378M	369M	0M	0M	0M	0M	0M	0M	179M	0M
Return on Goodwill	75.34%	77.76%	62.41%	51.58%	38.68%	113.42%	57.96%	54.66%	93.40%	69.38%	69.13%	23.22%	43.02%	37.42%	62.47%	26.68%	47.43%	49.86%	25.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	10.90%	0.00%
Intangible Assets	137M	135M	108M	110M	157M	86M	168M	158M	139M	125M	116M	90M	68M	66M	63M	58M	48M	44M	42M	374M	372M	374M	374M	374M	0M	191M	211M
Return on Intangible Assets	464.90%	452.50%	393.69%	345.93%	264.96%	788.61%	304.08%	302.02%	509.67%	358.12%	373.30%	159.94%	369.65%	308.93%	462.62%	185.34%	381.04%	430.62%	225.47%	29.59%	37.32%	13.20%	32.92%	26.74%	0.00%	10.23%	12.39%
Long-Term Investments	6,272M	5,631M	5,134M	4,092M	3,117M	9,928M	0M	8,888M	9,341M	0M	0M	0M	8,206M	7,897M	7,083M	5,005M	3,154M	1,884M	0M	0M	0M	846M	4M	2M	110M	40M	5M
Return on Long-Term Investments	4.06%	3.96%	2.95%	2,701.39%	4,759.99%	6.81%	0.00%	5.37%	7.61%	0.00%	0.00%	0.00%	3.07%	2.57%	4.10%	2.16%	5.80%	10.02%	0.00%	40,473.39%	46,186.33%	5.82%	3,114.57%	5,319.98%	52.16%	48.20%	522.68%
Tax Assets	17M	18M	32M	35M	34M	0M	23M	27M	24M	14M	29M	62M	59M	54M	33M	30M	45M	47M	46M	36M	49M	0M	60M	28M	8M	8M	0M
Return on Tax Assets	1,338.38%	2,026.11%	1,356.83%	1,015.89%	840.56%	0.00%	2,239.34%	1,775.79%	2,981.67%	3,133.74%	1,518.49%	230.50%	424.74%	374.82%	889.20%	356.08%	405.22%	397.71%	205.92%	305.18%	282.09%	0.00%	204.74%	357.78%	728.21%	232.51%	0.00%
Other Non-Current Assets	3,375M	3,625M	3,292M	2,330M	1,912M	904M	9,203M	19M	15M	7,982M	7,831M	6,809M	247M	-54M	-33M	-30M	-45M	-47M	1,039M	1,106M	955M	-1,223M	1,340M	1,380M	843M	379M	259M
Return on Other Non-Current Assets	844.57%	1,461.19%	615.17%	333.20%	251.59%	74.88%	5.54%	2,453.29%	4,766.63%	5.62%	5.55%	2.11%	102.14%	-374.82%	-889.20%	-366.48%	-406.01%	-400.30%	9.09%	10.01%	14.54%	-4.03%	9.18%	7.25%	6.83%	5.14%	10.07%
Other Assets	-247M	-148M	-74M	-49M	-31M	-740M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	115M	0M	0M	0M	0M	0M
Return on Other Assets	-936,897.15%	7,730,101.71%	5,615,765.97%	3,129,870.64%	2,347,405.14%	-91.44%	-43,456,700.00%	40,646,100.00%	60,545,700.00%	-19,084,500.00%	0.00%	0.00%	238,651.11%	17,268,500.00%	0.00%	-9,209,600.00%	0.00%	0.00%	0.00%	0.00%	0.00%	43.04%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Non-Current Assets	10,633M	10,213M	9,262M	7,134M	5,726M	11,549M	10,328M	10,023M	10,341M	8,824M	8,662M	7,589M	9,176M	8,513M	7,618M	5,473M	3,592M	2,309M	1,500M	1,520M	1,381M	1,223M	1,780M	1,787M	1,339M	800M	477M
Return on Total Non-Current Assets	5.19%	5.50%	4.34%	4.81%	5.15%	5.86%	4.94%	4.76%	6.87%	5.08%	5.02%	1.89%	2.75%	2.38%	3.81%	1.98%	5.09%	8.17%	6.30%	7.28%	10.06%	4.03%	6.91%	5.60%	4.30%	2.44%	5.47%
Total Assets	11,624M	11,295M	10,123M	7,884M	6,335M	12,016M	11,693M	11,163M	11,651M	9,950M	9,692M	8,320M	9,519M	9,074M	8,156M	6,035M	4,446M	2,865M	1,842M	1,833M	1,629M	1,475M	1,930M	1,958M	1,449M	800M	517M
Return on Total Assets	4.76%	4.98%	3.95%	4.21%	4.53%	5.63%	4.36%	4.28%	6.10%	4.50%	4.48%	1.72%	2.65%	2.23%	3.56%	1.79%	4.11%	6.59%	5.13%	6.04%	8.52%	3.34%	6.37%	5.11%	3.97%	2.44%	5.04%
Accounts Payable	181M	187M	166M	123M	123M	160M	190M	193M	219M	175M	170M	153M	153M	142M	109M	25M	20M	9M	8M	124M	129M	264M	30M	51M	129M	0M	0M
Return on Accounts Payable	312.63%	303.93%	244.29%	478.80%	398.09%	421.70%	268.32%	247.87%	325.00%	256.79%	255.43%	93.71%	164.72%	143.24%	266.17%	434.60%	894.62%	2,163.08%	1,157.80%	88.96%	107.69%	18.64%	412.02%	196.84%	44.63%	0.00%	0.00%
Short-Term Debt	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Short-Term Debt	32,030.02%	19,218.01%	9,609.01%	6,406.00%	4,804.50%	0.00%	0.00%	96,090.07%	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%
Tax Payables	143M	111M	64M	49M	42M	87M	184M	159M	103M	22M	27M	15M	17M	12M	14M	11M	45M	14M	15M	7M	1M	5M	29M	49M	23M	3M	0M
Return on Tax Payables	451.20%	825.40%	1,183.16%	1,127.04%	1,431.13%	776.60%	277.20%	299.81%	690.51%	2,082.89%	1,608.11%	952.70%	1,480.47%	1,646.03%	2,017.29%	944.48%	405.63%	1,385.42%	635.07%	1,703.45%	9,795.94%	1,048.74%	418.70%	205.57%	247.91%	621.31%	0.00%
Deferred Revenue	0M	1M	0M	0M	0M	0M	0M	1M	2M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Deferred Revenue	10,988.40%	13,724.45%	6,862.23%	4,574.82%	3,431.11%	0.00%	0.00%	32,965.21%	35,657.07%	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 Current Liabilities	1,286M	772M	387M	259M	194M	2,090M	1,768M	-1M	0M	1M	1M	5M	3M	3M	4M	3M	3M	2M	1M	0M	0M	-5M	1M	0M	0M	136M	293M
Return on Other Current Liabilities	-19,035.43%	29,302.93%	20,259.19%	15,316.08%	11,866.37%	32.38%	28.85%	-57,167.51%	172,987.71%	30,633.23%	30,082.20%	3,133.56%	8,636.35%	6,358.06%	7,867.12%	3,179.01%	5,509.48%	9,256.62%	9,204.12%	0.00%	0.00%	-1,048.74%	8,635.04%	0.00%	0.00%	14.32%	8.91%
Total Current Liabilities	1,798M	1,277M	759M	530M	428M	2,448M	2,336M	610M	582M	407M	307M	272M	229M	217M	179M	65M	83M	56M	40M	124M	129M	264M	31M	51M	129M	136M	293M
Return on Total Current Liabilities	42.59%	71.99%	92.02%	131.11%	136.38%	27.64%	21.85%	78.27%	122.16%	110.03%	141.60%	52.81%	110.27%	93.64%	161.94%	166.12%	220.73%	334.32%	236.31%	88.96%	107.69%	18.64%	393.25%	196.84%	44.63%	14.32%	8.91%
Long-Term Debt	389M	634M	570M	465M	389M	0M	584M	585M	1,002M	1,000M	1,071M	425M	430M	299M	301M	371M	393M	199M	230M	81M	230M	0M	112M	350M	127M	113M	27M
Return on Long-Term Debt	124,767.40%	74,883.60%	37,471.51%	25,004.22%	18,765.38%	374,133.12%	87.44%	81.65%	70.98%	44.81%	40.57%	33.72%	58.64%	67.77%	96.38%	29.17%	46.53%	94.87%	41.08%	136.60%	60.49%	0.00%	109.79%	28.59%	45.34%	17.33%	95.94%
Capital Lease Obligations	43M	46M	28M	19M	14M	32M	47M	49M	53M	49M	51M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Capital Lease Obligations	1,380.79%	1,281.36%	725.81%	483.88%	362.91%	2,082.20%	1,079.88%	980.30%	1,346.03%	918.41%	851.32%	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%
Deferred Tax Liabilities	87M	83M	78M	67M	54M	81M	90M	88M	82M	72M	75M	80M	72M	68M	69M	61M	58M	55M	49M	0M	0M	36M	0M	32M	13M	0M	0M
Return on Deferred Tax Liabilities	646.19%	684.61%	525.01%	418.28%	358.04%	831.77%	564.84%	541.96%	866.29%	618.20%	578.30%	179.23%	348.18%	297.95%	423.42%	176.14%	313.80%	343.01%	191.06%	0.00%	0.00%	137.70%	0.00%	313.98%	434.99%	0.00%	0.00%
Other Non-Current Liabilities	6,828M	7,319M	7,322M	5,676M	4,476M	7,167M	6,747M	6,572M	8,730M	7,379M	7,280M	6,806M	8,066M	7,729M	6,749M	4,778M	3,098M	1,859M	1,019M	1,166M	877M	-36M	1,405M	1,190M	932M	356M	192M
Return on Other Non-Current Liabilities	8.09%	7.70%	5.66%	6.25%	-0.24%	9.44%	7.56%	7.26%	8.14%	6.07%	5.97%	2.11%	3.13%	2.62%	4.30%	2.26%	5.90%	10.15%	9.27%	9.49%	15.83%	-137.70%	8.76%	8.41%	6.18%	5.48%	13.60%
Total Non-Current Liabilities	7,862M	8,341M	8,129M	6,315M	5,013M	7,281M	7,468M	8,836M	9,618M	8,502M	8,479M	7,316M	8,571M	8,100M	7,123M	5,214M	3,552M	2,115M	1,300M	1,247M	1,107M	264M	1,517M	1,572M	1,072M	468M	219M
Return on Total Non-Current Liabilities	7.18%	6.84%	5.08%	5.54%	6.71%	9.29%	6.83%	5.40%	7.39%	5.27%	5.12%	1.96%	2.94%	2.50%	4.08%	2.07%	5.15%	8.92%	7.27%	8.88%	12.55%	18.64%	8.11%	6.36%	5.37%	4.17%	11.91%
Total Liabilities	9,659M	9,618M	8,888M	6,845M	5,475M	9,729M	9,804M	9,446M	10,200M	8,909M	8,786M	7,587M	8,800M	8,316M	7,303M	5,279M	3,635M	2,172M	1,340M	1,372M	1,235M	1,217M	1,548M	1,623M	1,201M	605M	512M
Return on Total Liabilities	5.74%	5.84%	4.53%	5.08%	5.52%	6.95%	5.21%	5.05%	6.97%	5.03%	4.95%	1.89%	2.87%	2.44%	3.98%	2.05%	5.03%	8.69%	7.05%	8.07%	11.24%	4.05%	7.94%	6.17%	4.80%	3.23%	5.10%
Preferred Stock	34M	44M	22M	15M	11M	0M	0M	103M	117M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Preferred Stock	154.21%	213.95%	106.98%	71.32%	53.49%	0.00%	0.00%	462.63%	607.13%	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	38M	38M	38M	38M	38M	38M	38M	38M	38M	38M	38M	38M	38M	38M	38M	38M	38M	38M	38M	38M	38M	38M	38M	37M	37M	37M	26M
Return on Common Stock	1,461.45%	1,487.65%	1,092.50%	848.63%	698.78%	1,782.47%	1,344.41%	1,257.46%	1,873.09%	1,180.83%	1,144.69%	377.88%	664.48%	534.23%	765.44%	284.92%	481.85%	497.14%	248.87%	291.74%	365.79%	130.28%	327.95%	267.62%	154.41%	52.36%	100.97%
Retained Earnings	555M	565M	415M	322M	265M	677M	510M	477M	711M	448M	434M	143M	252M	203M	291M	108M	183M	189M	94M	111M	139M	49M	123M	99M	58M	20M	-54M
Return on Retained Earnings	100.00%	100.00%	100.00%	100.00%	100.05%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	101.02%	100.00%	100.00%	-48.39%
Accumulated OCI	415M	226M	113M	75M	71M	1,348M	0M	-103M	-117M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	296M	0M	0M	0M	0M	0M
Return on Accumulated OCI	-137.48%	-203.92%	-101.96%	-67.97%	-50.15%	50.18%	0.00%	-462.63%	-607.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	16.63%	0.00%	0.00%	0.00%	0.00%	0.00%
Minority Interest	54M	50M	36M	25M	19M	29M	69M	64M	62M	24M	28M	28M	23M	21M	12M	8M	6M	1M	0M	0M	0M	0M	0M	1M	0M	0M	0M
Return on Minority Interest	1,266.69%	1,367.18%	1,334.80%	180,845.09%	136,953.85%	2,318.48%	739.83%	741.77%	1,143.73%	1,892.08%	1,551.93%	512.23%	1,096.29%	960.70%	2,391.00%	1,359.95%	3,210.08%	13,291.56%	2,681,466.67%	0.00%	0.00%	0.00%	0.00%	7,609.46%	18,791.19%	0.00%	0.00%
Total Shareholders’ Equity	1,914M	1,630M	1,201M	1,014M	841M	2,258M	1,821M	1,664M	1,389M	1,017M	878M	705M	696M	736M	842M	748M	805M	692M	502M	461M	394M	258M	381M	334M	248M	195M	5M
Return on Total Shareholders’ Equity	28.89%	36.39%	35.01%	30.49%	29.86%	29.96%	28.03%	28.68%	51.20%	44.08%	49.49%	20.34%	36.24%	27.54%	34.51%	14.45%	22.72%	27.26%	18.81%	24.02%	35.26%	19.12%	32.24%	29.99%	23.24%	10.00%	483.75%
Total Equity	1,965M	1,677M	1,235M	1,039M	860M	2,287M	1,890M	1,717M	1,451M	1,040M	906M	733M	719M	757M	854M	756M	811M	694M	502M	461M	394M	258M	381M	335M	248M	195M	5M
Return on Total Equity	28.13%	35.29%	33.99%	29.78%	29.32%	29.58%	27.00%	27.80%	49.00%	43.08%	47.96%	19.56%	35.08%	26.77%	34.02%	14.30%	22.56%	27.20%	18.81%	24.02%	35.26%	19.12%	32.24%	29.87%	23.21%	10.00%	483.75%
Total Liabilities & Equity	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Total Liabilities & Equity	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Investments	9,339M	9,070M	8,358M	6,311M	4,782M	9,906M	9,203M	8,907M	9,355M	7,981M	7,860M	6,871M	8,512M	7,897M	7,083M	5,005M	3,154M	1,884M	1,053M	0M	0M	846M	4M	2M	110M	40M	5M
Return on Total Investments	5.91%	6.19%	4.82%	2,703.24%	4,761.37%	6.83%	5.54%	5.36%	7.60%	5.62%	5.53%	2.09%	2.96%	2.57%	4.10%	2.16%	5.80%	10.02%	8.97%	40,473.39%	46,186.33%	5.82%	3,114.57%	5,319.98%	52.16%	48.20%	522.68%
Net Debt	-21M	300M	408M	357M	309M	-431M	85M	284M	843M	721M	1,122M	425M	430M	299M	301M	371M	393M	199M	230M	81M	230M	0M	112M	350M	127M	113M	-13M
Return on Net Debt	203.14%	151.19%	105.12%	93.30%	-26,155.94%	-157.00%	598.14%	168.29%	84.37%	62.17%	38.73%	33.72%	58.64%	67.78%	96.39%	29.18%	46.53%	94.88%	41.09%	136.62%	60.49%	-524,762.50%	109.82%	28.59%	45.36%	17.33%	-195.67%

Capital Returns

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31
Net Income	555M	565M	415M	322M	265M	677M	510M	477M	711M	448M	434M	143M	252M	203M	291M	108M	183M	189M	94M	111M	139M	49M	123M	100M	58M	20M	26M
Working Capital	-560M	-47M	176M	268M	212M	-1,241M	-971M	531M	728M	719M	723M	460M	114M	344M	359M	496M	772M	500M	302M	188M	120M	-127M	118M	120M	-19M	-136M	-252M
Return on Working Capital	-5.71%	28.59%	59.60%	51.29%	36.22%	-54.53%	-52.57%	89.96%	97.69%	62.38%	60.12%	31.17%	221.93%	58.94%	80.92%	21.79%	23.70%	37.77%	31.26%	58.88%	116.01%	-38.72%	104.37%	83.25%	-309.86%	-14.32%	-10.34%
Total Capital	2,347M	2,310M	1,798M	1,498M	1,245M	2,291M	2,452M	2,298M	2,443M	2,066M	2,000M	1,131M	1,126M	1,036M	1,143M	1,119M	1,198M	891M	732M	542M	623M	258M	493M	684M	375M	308M	33M
Return on Total Capital	23.70%	24.38%	22.37%	20.21%	19.97%	29.53%	20.81%	20.77%	29.10%	21.70%	21.73%	12.69%	22.40%	19.58%	25.41%	9.67%	15.26%	21.17%	12.90%	20.43%	22.28%	19.12%	24.92%	14.63%	15.37%	6.34%	80.06%
Capital Employed	9,826M	10,018M	9,365M	7,353M	5,907M	9,568M	9,358M	10,553M	11,069M	9,542M	9,385M	8,049M	9,290M	8,857M	7,977M	5,970M	4,363M	2,809M	1,802M	1,708M	1,500M	1,210M	1,898M	1,907M	1,320M	664M	224M
Return on Capital Employed	5.68%	5.63%	4.32%	4.51%	4.85%	7.07%	5.45%	4.52%	6.42%	4.70%	4.63%	1.78%	2.71%	2.29%	3.64%	1.81%	4.19%	6.72%	5.24%	6.48%	9.25%	4.07%	6.48%	5.25%	4.36%	2.94%	11.63%
Invested Capital	1,894M	1,930M	1,609M	1,371M	1,150M	1,827M	1,906M	1,948M	2,231M	1,738M	2,000M	1,131M	1,126M	1,036M	1,143M	1,119M	1,198M	891M	732M	542M	623M	258M	493M	684M	375M	308M	-8M
Return on Invested Capital	29.43%	29.19%	24.78%	21.81%	21.18%	37.02%	26.77%	24.50%	31.86%	25.79%	21.73%	12.69%	22.40%	19.58%	25.41%	9.67%	15.26%	21.17%	12.90%	20.43%	22.28%	19.12%	24.93%	14.64%	15.37%	6.34%	-328.56%

Cash Flow Returns

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31
Net Income	555M	565M	415M	322M	265M	579M	627M	677M	510M	477M	711M	448M	434M	143M	252M	203M	291M	108M	183M	189M	94M	111M	139M	49M	123M	100M	58M	20M	26M
Depreciation & Amortization	43M	40M	30M	21M	16M	18M	22M	34M	52M	42M	41M	33M	28M	17M	19M	19M	12M	7M	5M	2M	1M	2M	2M	2M	3M	0M	0M	52M	46M
Return on Depreciation & Amortization	1,373.33%	1,443.36%	1,440.47%	2,713.18%	2,760.35%	3,156.06%	2,798.85%	1,998.84%	990.44%	1,130.72%	1,731.71%	1,365.08%	1,541.33%	824.36%	1,354.43%	1,068.40%	2,399.35%	1,494.34%	3,640.79%	7,781.84%	7,346.48%	6,029.60%	6,771.88%	3,274.65%	4,462.85%	0.00%	0.00%	37.81%	56.15%
Deferred Income Tax	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Deferred Income Tax	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Stock-Based Compensation	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Stock-Based Compensation	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	-696M	-420M	-137M	-80M	-59M	-1,208M	230M	-1,337M	-74M	-677M	110M	-120M	627M	-179M	111M	64M	109M	96M	178M	-46M	-45M	-19M	-63M	105M	-55M	28M	0M	-22M	-14M
Return on Change in Working Capital	-271.26%	-108.24%	25.84%	-49.41%	-39.23%	-47.97%	272.60%	-50.59%	-692.64%	-70.55%	644.74%	-372.19%	69.31%	-80.13%	227.07%	317.77%	265.58%	112.91%	102.53%	-413.83%	-212.13%	-588.99%	-221.16%	46.95%	-222.84%	353.49%	0.00%	-87.31%	-186.05%
Accounts Receivable	3M	0M	-4M	-3M	-2M	0M	-11M	0M	0M	10M	-31M	21M	-22M	0M	-14M	-5M	3M	0M	-2M	0M	0M	0M	0M	-1M	0M	3M	0M	0M	0M
Return on Accounts Receivable	-39,056.83%	-23,460.07%	-11,427.73%	-9,827.19%	-7,363.09%	0.00%	-5,582.20%	0.00%	-122,069.38%	4,898.89%	-2,268.65%	2,138.80%	-1,966.78%	0.00%	-1,781.13%	-4,444.92%	11,215.82%	-22,628.01%	-10,502.56%	0.00%	0.00%	0.00%	0.00%	-3,402.03%	0.00%	3,548.13%	0.00%	0.00%	0.00%
Inventory	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Inventory	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Accounts Payable	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Accounts Payable	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Working Capital	-699M	-419M	-133M	-70M	-46M	-1,208M	241M	-1,337M	-73M	-686M	142M	-141M	649M	-179M	125M	68M	107M	96M	180M	0M	0M	0M	0M	106M	0M	25M	0M	-22M	0M
Return on Other Working Capital	-272.24%	-126.34%	12.51%	22.60%	38.90%	-47.97%	259.91%	-50.59%	-696.59%	-69.55%	502.06%	-317.02%	66.95%	-80.13%	201.40%	296.57%	272.02%	112.35%	101.54%	0.00%	0.00%	0.00%	0.00%	46.31%	0.00%	392.60%	0.00%	-87.31%	0.00%
Other Non-Cash Items	165M	140M	62M	40M	40M	299M	185M	395M	62M	39M	225M	-22M	63M	13M	46M	-67M	-135M	-90M	5M	28M	10M	25M	42M	-9M	9M	115M	44M	-6M	56M
Return on Other Non-Cash Items	740.28%	100.88%	230.85%	506.26%	450.17%	193.49%	339.81%	171.30%	817.72%	1,231.81%	315.57%	-2,032.00%	691.21%	1,087.48%	543.20%	-302.19%	-215.59%	-120.63%	3,334.47%	684.65%	941.75%	445.08%	330.67%	-529.06%	1,389.53%	87.21%	131.12%	-305.96%	46.45%
Net Cash from Operating Activities	65M	324M	370M	303M	257M	-311M	1,064M	-232M	551M	-123M	1,088M	339M	1,152M	-5M	428M	218M	280M	123M	372M	173M	61M	119M	120M	146M	81M	143M	102M	42M	63M
Return on Net Cash from Operating Activities	-195.59%	-77.80%	-297.68%	-165.51%	-102.79%	-186.49%	58.93%	-291.76%	92.69%	-387.70%	65.37%	132.39%	37.70%	-2,880.80%	58.88%	92.82%	103.66%	88.03%	49.17%	109.30%	154.23%	93.33%	115.60%	33.65%	150.96%	69.95%	56.73%	46.02%	41.73%
Capital Expenditures (PPE)	-24M	-35M	-29M	-22M	-17M	2M	-20M	-3M	-12M	-57M	-60M	-41M	-102M	-3M	-4M	-4M	-5M	-18M	-10M	-4M	-2M	-1M	-2M	-1M	-2M	-1M	-7M	0M	-1M
Return on Capital Expenditures (PPE)	-8,530.35%	-5,574.19%	-5,037.85%	-4,775.08%	-5,103.69%	28,565.32%	-3,162.54%	-20,467.67%	-4,281.03%	-842.35%	-1,192.22%	-1,087.65%	-425.10%	-4,588.50%	-6,512.61%	-4,894.70%	-6,086.62%	-588.85%	-1,864.64%	-4,759.92%	-6,089.63%	-7,944.65%	-9,237.27%	-3,469.50%	-6,009.35%	-10,954.50%	-777.01%	-4,175.88%	-2,739.09%
Acquisitions (Net)	86M	25M	-8M	-7M	-5M	316M	-29M	378M	-7M	-112M	-115M	-17M	-11M	-31M	-44M	-71M	-46M	-19M	-7M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Acquisitions (Net)	-2,431.93%	-2,095.21%	-1,642.19%	-1,302.25%	-976.69%	183.48%	-2,139.95%	179.08%	-7,048.94%	-425.94%	-617.02%	-2,563.23%	-4,001.42%	-457.96%	-566.93%	-286.97%	-632.61%	-559.31%	-2,552.49%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Purchases of Investments	-37M	-74M	-37M	-28M	-21M	0M	-317M	0M	-42M	-70M	-222M	-35M	-1M	-2M	0M	-1M	-1M	-11M	-2M	-2M	-33M	-3M	0M	0M	-1M	0M	0M	-13M	-5M
Return on Purchases of Investments	-637.73%	-705.71%	-18,003.13%	-13,733.50%	-11,027.51%	0.00%	-198.09%	0.00%	-1,228.67%	-684.53%	-320.75%	-1,294.61%	-59,012.92%	-9,142.66%	-51,507.43%	-21,033.50%	-35,806.22%	-957.54%	-9,820.49%	-10,850.44%	-288.51%	-4,054.30%	0.00%	0.00%	-14,547.64%	0.00%	0.00%	-145.75%	-522.68%
Sales / Maturities of Investments	53M	52M	30M	20M	15M	3M	8M	0M	5M	154M	38M	62M	43M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	5M	0M	0M	0M	0M	17M
Return on Sales / Maturities of Investments	3,776.96%	2,779.40%	1,490.73%	26,086.24%	28,494.76%	19,748.72%	8,344.53%	0.00%	11,021.23%	309.65%	1,847.93%	718.20%	1,010.32%	0.00%	0.00%	0.00%	0.00%	122,794.67%	39,331.57%	214,260.00%	0.00%	0.00%	0.00%	1,047.43%	0.00%	177,554.17%	0.00%	0.00%	156.34%
Other Investing Activities	-65M	-59M	-43M	-28M	-21M	-125M	10M	-28M	-30M	-138M	-36M	-62M	-43M	-36M	-18M	-19M	-15M	0M	0M	0M	0M	0M	0M	-1M	0M	-1M	-1M	12M	0M
Return on Other Investing Activities	-1,490.69%	-1,429.33%	-1,297.30%	88,448.34%	64,981.62%	-464.75%	5,986.97%	-2,420.35%	-1,706.86%	-344.85%	-1,956.37%	-718.20%	-1,010.32%	-396.75%	-1,372.17%	-1,074.65%	-1,972.43%	122,794.67%	1,038,353.33%	178,550.00%	0.00%	0.00%	0.00%	-5,416.90%	0.00%	-12,758.38%	-8,917.27%	160.42%	0.00%
Net Cash from Investing Activities	13M	-90M	-86M	-65M	-49M	196M	-348M	347M	-86M	-223M	-394M	-93M	-114M	-72M	-67M	-95M	-66M	-49M	-18M	-6M	-34M	-4M	-2M	2M	-3M	-2M	-8M	-2M	11M
Return on Net Cash from Investing Activities	-204.24%	-254.66%	-288.19%	-698.95%	-1,435.50%	295.51%	-180.35%	195.23%	-593.65%	-214.31%	-180.27%	-480.31%	-381.79%	-198.75%	-375.15%	-214.27%	-438.60%	-221.12%	-996.50%	-3,424.87%	-275.46%	-2,684.40%	-9,237.27%	2,075.19%	-4,252.66%	-6,096.28%	-714.73%	-1,153.37%	242.83%
Net Debt Issuance	-348M	-215M	-108M	-72M	-48M	28M	8M	-594M	-2M	-449M	-27M	-5M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	222M	-20M	-86M	1M	-317M	0M
Return on Net Debt Issuance	-7,195.15%	-6,614.65%	-3,307.32%	-2,204.88%	-1,194.34%	2,048.60%	7,998.46%	-113.93%	-21,365.15%	-106.38%	-2,631.85%	-8,855.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	22.25%	-627.17%	-116.73%	9,908.08%	-6.15%	0.00%
Long-Term Debt Issuance	-348M	-215M	-108M	-72M	-48M	28M	8M	-594M	-2M	-449M	-27M	-5M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	222M	-20M	-86M	4M	83M	0M
Return on Long-Term Debt Issuance	-7,195.15%	-6,614.64%	-3,307.32%	-2,204.88%	-1,623.88%	2,048.60%	7,998.46%	-113.93%	-21,365.14%	-106.38%	-2,631.85%	-8,855.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	22.25%	-627.17%	-116.73%	1,317.35%	23.44%	0.00%
Short-Term Debt Issuance	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	-4M	-4M	-401M	0M
Return on Short-Term Debt Issuance	0.00%	0.00%	0.00%	0.00%	-213.61%	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%	-2,752.78%	-1,519.36%	-4.87%	0.00%
Net Stock Issuance	-182M	-113M	-67M	-43M	-37M	-246M	0M	-246M	-281M	-18M	32M	-52M	27M	-47M	-82M	-2M	2M	0M	59M	-3M	-14M	-12M	8M	-74M	-42M	2M	0M	0M	0M
Return on Net Stock Issuance	-1,017.91%	-340.95%	899.06%	-4,413.50%	-2,989.64%	-235.49%	0.00%	-275.03%	-181.65%	-2,597.03%	2,205.19%	-856.25%	1,635.48%	-304.83%	-308.10%	-9,641.82%	19,314.68%	-67,223.36%	311.97%	-6,695.63%	-687.67%	-898.47%	1,704.93%	-66.29%	-292.76%	5,063.93%	0.00%	0.00%	0.00%
Common Stock Issuance	0M	6M	6M	11M	9M	0M	0M	0M	0M	0M	32M	0M	27M	0M	0M	0M	2M	1M	59M	42M	0M	0M	8M	7M	3M	2M	0M	0M	0M
Return on Common Stock Issuance	0.00%	441.04%	1,993.83%	2,297.53%	2,333.50%	0.00%	0.00%	0.00%	0.00%	0.00%	2,205.19%	0.00%	1,635.48%	0.00%	0.00%	0.00%	16,097.66%	13,766.22%	311.97%	446.38%	0.00%	0.00%	1,704.93%	730.74%	4,707.55%	5,063.93%	0.00%	0.00%	0.00%
Common Stock Repurchased	-182M	-120M	-72M	-50M	-44M	-246M	0M	-246M	-281M	-18M	0M	-52M	0M	0M	-123M	-3M	0M	-1M	0M	-3M	-14M	-12M	0M	-74M	-45M	0M	0M	0M	0M
Return on Common Stock Repurchased	-1,017.91%	-781.99%	-10,827.53%	-8,532.23%	-6,416.26%	-235.49%	0.00%	-275.03%	-181.65%	-2,597.03%	0.00%	-856.25%	0.00%	0.00%	-205.21%	-7,511.31%	-96,648.83%	-11,426.30%	0.00%	-6,695.63%	-687.67%	-898.47%	0.00%	-66.29%	-275.62%	0.00%	0.00%	0.00%	0.00%
Preferred Stock Issuance	0M	0M	0M	-3M	-2M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	-42M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Preferred Stock Issuance	0.00%	0.00%	0.00%	-29.76%	-22.32%	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%	-446.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Dividends Paid	-282M	-260M	-242M	-184M	-143M	-412M	-223M	-246M	-281M	-320M	-228M	-225M	-242M	-269M	-186M	-280M	-139M	-137M	-113M	-40M	-40M	-9M	-15M	-23M	-34M	-17M	-8M	0M	0M
Return on Net Dividends Paid	-201.88%	-223.38%	-176.57%	-262.23%	-334.24%	-140.49%	-281.90%	-275.03%	-181.65%	-148.94%	-312.10%	-199.15%	-179.17%	-53.27%	-135.61%	-72.37%	-208.36%	-78.82%	-162.29%	-475.91%	-238.86%	-1,211.97%	-906.03%	-213.32%	-361.79%	-590.29%	-679.86%	0.00%	0.00%
Common Dividends Paid	-282M	-260M	-242M	-184M	-143M	-412M	-223M	-246M	-281M	-320M	-228M	-225M	-242M	-269M	-186M	-280M	-139M	-137M	-113M	-40M	-40M	-9M	-15M	-23M	-34M	-17M	-8M	0M	0M
Return on Common Dividends Paid	-201.88%	-223.38%	-176.57%	-262.23%	-334.24%	-140.49%	-281.90%	-275.03%	-181.65%	-148.94%	-312.10%	-199.15%	-179.17%	-53.27%	-135.61%	-72.37%	-208.36%	-78.82%	-162.29%	-475.91%	-238.86%	-1,211.97%	-906.03%	-213.32%	-361.79%	-590.29%	-679.86%	0.00%	0.00%
Preferred Dividends Paid	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Preferred Dividends Paid	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Financing Activities	534M	299M	154M	102M	62M	162M	-53M	807M	215M	581M	-78M	-31M	-46M	187M	-23M	-17M	-54M	-26M	-12M	50M	0M	-22M	4M	-297M	-8M	-4M	4M	242M	-55M
Return on Other Financing Activities	134.48%	-388.51%	-564.50%	-30,310.52%	-22,689.75%	356.64%	-1,190.91%	83.83%	237.47%	82.13%	-911.90%	-1,434.06%	-947.53%	76.58%	-1,097.53%	-1,195.47%	-538.49%	-414.94%	-1,561.12%	378.11%	-446,911.11%	-503.73%	3,269.83%	-16.60%	-1,509.92%	-2,230.46%	1,349.99%	8.05%	-47.21%
Net Cash from Financing Activities	-278M	-290M	-262M	-196M	-166M	-468M	-267M	-279M	-349M	-206M	-301M	-314M	-262M	-129M	-291M	-299M	-192M	-163M	-66M	7M	-53M	-43M	-3M	-173M	-104M	-105M	-4M	-75M	-55M
Return on Net Cash from Financing Activities	-206.68%	-199.90%	-158.25%	11.88%	-319.23%	-123.88%	-234.63%	-242.71%	-146.08%	-231.27%	-236.56%	-142.87%	-165.97%	-111.17%	-86.72%	-67.76%	-151.41%	-66.17%	-278.01%	2,537.02%	-177.21%	-254.89%	-4,731.37%	-28.51%	-118.53%	-95.13%	-1,589.27%	-26.03%	-47.21%
Effect of FX on Cash	0M	0M	0M	0M	0M	0M	-4M	0M	0M	0M	0M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Effect of FX on Cash	0.00%	10,232.98%	5,116.49%	3,410.99%	2,558.24%	0.00%	-15,293.93%	0.00%	0.00%	0.00%	0.00%	51,164.88%	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 Change in Cash	-200M	-55M	21M	42M	41M	-582M	445M	-164M	115M	-552M	393M	-68M	777M	-206M	70M	-175M	22M	-89M	288M	175M	-26M	71M	116M	-24M	-25M	36M	90M	-34M	18M
Return on Net Change in Cash	-18.65%	-107.59%	100.27%	56.72%	30.91%	-99.50%	140.92%	-412.26%	442.74%	-86.44%	181.06%	-663.05%	55.93%	-69.57%	358.85%	-115.60%	1,311.05%	-120.85%	63.55%	108.10%	-358.48%	155.79%	120.04%	-204.71%	-488.40%	276.31%	64.11%	-56.97%	145.00%
Cash at Beginning of Period	1,152M	1,140M	854M	709M	566M	4,738M	3,130M	1,044M	929M	1,481M	1,089M	1,156M	379M	586M	515M	691M	669M	758M	470M	296M	322M	251M	135M	159M	185M	148M	59M	93M	22M
Return on Cash at Beginning of Period	50.64%	51.20%	51.68%	47.15%	53.66%	12.23%	20.04%	64.78%	54.92%	32.22%	65.31%	38.76%	114.51%	24.49%	48.94%	29.36%	43.46%	14.27%	38.89%	63.82%	29.33%	44.13%	102.62%	30.93%	66.64%	67.46%	98.43%	21.04%	117.22%
Cash at End of Period	951M	1,085M	875M	751M	607M	4,155M	3,575M	880M	1,044M	929M	1,481M	1,089M	1,156M	379M	586M	515M	691M	669M	758M	470M	296M	322M	251M	135M	159M	185M	148M	59M	40M
Return on Cash at End of Period	59.03%	53.25%	46.61%	40.86%	43.74%	13.94%	17.54%	76.86%	48.86%	51.37%	47.99%	41.17%	37.58%	37.80%	43.07%	39.35%	42.06%	16.18%	24.13%	40.13%	31.95%	34.39%	55.32%	36.44%	77.17%	54.23%	38.82%	33.36%	64.82%
Operating Cash Flow	65M	324M	370M	303M	257M	-311M	1,064M	-232M	551M	-123M	1,088M	339M	1,152M	-5M	428M	218M	280M	123M	372M	173M	61M	119M	120M	146M	81M	143M	102M	42M	63M
Return on Operating Cash Flow	-195.59%	-77.80%	-297.68%	-165.51%	-102.79%	-186.49%	58.93%	-291.76%	92.69%	-387.70%	65.37%	132.39%	37.70%	-2,880.80%	58.88%	92.82%	103.66%	88.03%	49.17%	109.30%	154.23%	93.33%	115.60%	33.65%	150.96%	69.95%	56.73%	46.02%	41.73%
Capital Expenditure	-24M	-35M	-38M	-28M	-21M	-3M	-49M	-3M	-12M	-57M	-60M	-41M	-102M	-39M	-22M	-23M	-20M	-18M	-10M	-4M	-2M	-1M	-2M	-3M	-2M	-2M	-7M	-1M	-1M
Return on Capital Expenditure	-8,530.35%	-5,574.19%	-3,216.54%	-3,560.87%	-3,855.33%	-18,573.91%	-1,290.54%	-20,467.67%	-4,281.03%	-842.35%	-1,192.22%	-1,087.65%	-425.10%	-365.17%	-1,133.38%	-881.18%	-1,489.68%	-588.85%	-1,864.64%	-4,759.92%	-6,089.63%	-7,944.65%	-9,237.27%	-1,775.85%	-6,009.35%	-5,893.91%	-777.01%	-1,865.32%	-2,739.09%
Free Cash Flow	41M	290M	332M	275M	235M	-314M	999M	-235M	539M	-180M	1,028M	297M	1,050M	-44M	406M	195M	261M	104M	362M	169M	60M	117M	119M	144M	79M	141M	94M	41M	62M
Return on Free Cash Flow	-152.81%	-47.70%	-24.40%	18.30%	35.64%	-184.64%	62.81%	-287.66%	94.74%	-265.50%	69.16%	150.73%	41.37%	-324.09%	62.11%	103.75%	111.41%	103.50%	50.51%	111.87%	158.24%	94.44%	117.07%	34.30%	154.85%	70.79%	61.20%	47.19%	42.38%

Free Cash Flow Returns

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31
Net Income	553M	564M	414M	322M	260M	579M	627M	677M	510M	472M	711M	448M	434M	143M	252M	203M	294M	109M	183M	188M	94M	111M	139M	49M	125M	0M	58M	20M	-26M
EBITDA	831M	798M	565M	437M	358M	800M	919M	989M	812M	691M	919M	582M	568M	203M	310M	237M	339M	226M	220M	218M	104M	140M	155M	49M	167M	159M	65M	88M	114M
Return on EBITDA	66.55%	70.81%	75.47%	76.13%	74.71%	72.41%	68.28%	68.38%	62.86%	68.39%	77.38%	77.05%	76.51%	70.74%	81.25%	85.49%	86.63%	48.53%	83.06%	86.25%	90.50%	78.93%	89.50%	99.85%	74.91%	0.00%	88.05%	22.19%	-22.88%
(-) Tax Adjustment	214M	171M	103M	82M	67M	204M	238M	262M	217M	163M	146M	67M	81M	20M	27M	10M	34M	112M	32M	26M	8M	20M	7M	-2M	35M	53M	22M	17M	34M
Return on (-) Tax Adjustment	261.02%	387.51%	707.28%	677.24%	481.79%	284.38%	263.34%	258.03%	235.22%	289.82%	486.49%	667.99%	533.83%	722.55%	940.42%	2,083.68%	854.76%	97.93%	574.21%	733.15%	1,134.42%	546.08%	2,101.60%	-3,243.10%	353.74%	0.00%	265.06%	112.81%	-77.02%
(-) Change In Working Capital	-696M	-420M	-137M	-80M	-59M	-1,208M	230M	-1,337M	-74M	-677M	110M	-120M	627M	-179M	111M	64M	109M	96M	178M	-46M	-45M	-19M	-63M	105M	-55M	28M	0M	-22M	-14M
Return on (-) Change In Working Capital	-271.02%	-108.10%	26.18%	-49.01%	-56.80%	-47.97%	272.60%	-50.59%	-692.64%	-69.84%	644.74%	-372.19%	69.31%	-80.13%	227.07%	317.77%	268.33%	114.32%	102.61%	-412.84%	-212.13%	-588.99%	-221.16%	46.95%	-226.58%	0.00%	0.00%	-87.31%	186.05%
(-) Capital Expenditure	-24M	-35M	-38M	-28M	-21M	-3M	-49M	-3M	-12M	-57M	-60M	-41M	-102M	-39M	-22M	-23M	-20M	-18M	-10M	-4M	-2M	-1M	-2M	-3M	-2M	-2M	-7M	-1M	-1M
Return on (-) Capital Expenditure	-8,527.53%	-5,572.49%	-3,217.24%	-3,561.17%	-3,565.90%	-18,573.91%	-1,290.54%	-20,467.67%	-4,281.03%	-833.88%	-1,192.22%	-1,087.65%	-425.10%	-365.17%	-1,133.38%	-881.18%	-1,505.13%	-596.17%	-1,866.14%	-4,748.55%	-6,089.63%	-7,944.65%	-9,237.27%	-1,775.85%	-6,110.33%	0.00%	-777.01%	-1,865.32%	2,739.09%
Unlevered Free Cash Flow	1,288M	1,012M	561M	408M	328M	1,801M	402M	2,061M	657M	1,148M	603M	594M	-243M	323M	150M	141M	176M	0M	0M	234M	139M	137M	210M	-57M	185M	76M	36M	92M	93M
Return on Unlevered Free Cash Flow	50.57%	69.03%	68.97%	1,881.99%	1,421.79%	32.17%	156.12%	32.82%	77.72%	41.17%	117.95%	75.48%	-179.08%	44.46%	167.83%	144.19%	167.14%	-31,899.40%	59,210.67%	80.38%	67.94%	80.58%	66.18%	-86.67%	67.70%	0.00%	158.79%	21.22%	-27.99%
(-) Net Interest Income After Taxes	0M	-6M	-4M	-3M	-12M	12M	6M	11M	0M	-10M	-16M	-17M	-6M	0M	-1M	0M	0M	0M	-1M	-2M	-2M	-5M	-6M	-182M	0M	-5M	1M	-13M	-20M
Return on (-) Net Interest Income After Taxes	42,976.34%	24,383.30%	18,589.22%	8,282.39%	7,763.75%	4,833.13%	9,771.17%	6,206.79%	127,540.58%	-4,818.36%	-4,449.21%	-2,563.32%	-7,485.51%	-38,034.31%	-25,117.22%	-43,707.14%	178,319.87%	-22,876.98%	-19,449.31%	-10,879.41%	-6,289.06%	-2,161.49%	-2,270.15%	-27.16%	25,834.80%	0.00%	7,501.59%	-148.86%	127.51%
Net Debt Issuance	-348M	-215M	-108M	-72M	-48M	28M	8M	-594M	-2M	-449M	-27M	-5M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	222M	-20M	-86M	1M	-317M	0M
Return on Net Debt Issuance	-7,194.80%	-6,614.43%	-3,307.22%	-2,204.81%	-1,188.98%	2,048.60%	7,998.46%	-113.93%	-21,365.15%	-105.31%	-2,631.85%	-8,855.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	22.25%	-637.70%	0.00%	9,908.08%	-6.15%	0.00%
Levered Free Cash Flow	940M	803M	457M	339M	292M	1,817M	403M	1,456M	654M	709M	592M	606M	-237M	323M	151M	141M	175M	0M	1M	236M	141M	143M	216M	346M	165M	-4M	36M	-212M	114M
Return on Levered Free Cash Flow	63.72%	77.05%	72.39%	6,431.47%	4,839.31%	31.88%	155.57%	46.45%	78.05%	66.65%	120.15%	73.93%	-183.47%	44.40%	166.71%	143.72%	167.30%	80,883.19%	14,640.31%	79.79%	67.22%	77.68%	64.30%	14.24%	75.96%	0.00%	159.61%	-9.19%	-22.95%