Keurig Dr Pepper Inc. (KDP)

Category: Company Returns Sector: Consumer Defensive Industry: Beverages - Non-Alcoholic Live Price: $27.41

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
Net Income	1,686M	1,706M	1,306M	1,076M	894M	1,582M	2,278M	1,441M	2,181M	1,436M	2,146M	1,325M	1,254M	586M	1,076M	847M	764M	703M	624M	629M	606M	528M	555M	-312M	497M	510M	477M	446M
Revenue	14,741M	13,705M	10,650M	9,077M	8,054M	16,174M	15,148M	15,351M	14,814M	14,057M	12,683M	11,618M	11,120M	7,442M	6,690M	6,440M	6,282M	6,121M	5,997M	5,995M	5,903M	5,636M	5,531M	5,710M	5,748M	4,735M	3,205M	3,065M
Return on Revenue	11.44%	12.53%	12.32%	11.68%	10.70%	9.78%	15.04%	9.39%	14.72%	10.22%	16.92%	11.40%	11.28%	7.87%	16.08%	13.15%	12.16%	11.49%	10.41%	10.49%	10.27%	9.37%	10.03%	-5.46%	8.65%	10.77%	14.88%	14.55%
Cost of Revenue	6,763M	6,226M	4,730M	3,968M	3,504M	7,317M	6,712M	6,822M	6,734M	6,734M	5,706M	5,132M	4,778M	3,560M	2,695M	2,582M	2,559M	2,491M	2,499M	2,500M	2,485M	2,243M	2,234M	2,590M	2,617M	1,994M	1,120M	1,051M
Return on Cost of Revenue	24.95%	27.65%	28.36%	27.32%	25.49%	21.62%	33.94%	21.12%	32.39%	21.32%	37.61%	25.82%	26.25%	16.46%	39.93%	32.80%	29.86%	28.22%	24.97%	25.16%	24.39%	23.54%	24.84%	-12.05%	18.99%	25.58%	42.59%	42.44%
Gross Profit	7,977M	7,479M	5,920M	5,109M	4,550M	8,857M	8,436M	8,529M	8,080M	7,323M	6,977M	6,486M	6,342M	3,882M	3,995M	3,858M	3,723M	3,630M	3,498M	3,495M	3,418M	3,393M	3,297M	3,120M	3,131M	2,741M	2,085M	2,014M
Return on Gross Profit	21.17%	22.94%	21.90%	20.50%	18.58%	17.86%	27.00%	16.90%	26.99%	19.61%	30.76%	20.43%	19.77%	15.10%	26.93%	21.95%	20.52%	19.37%	17.84%	18.00%	17.73%	15.56%	16.83%	-10.00%	15.87%	18.61%	22.88%	22.14%
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
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%
SG&A Expenses	4,857M	4,540M	3,650M	3,194M	2,849M	5,189M	4,974M	5,013M	4,912M	4,645M	4,153M	3,978M	3,962M	2,635M	2,556M	2,329M	2,313M	2,334M	2,328M	2,268M	2,257M	2,233M	2,135M	2,075M	2,018M	1,659M	1,179M	1,135M
Return on SG&A Expenses	34.69%	37.81%	35.44%	32.64%	29.82%	30.49%	45.80%	28.75%	44.40%	30.91%	51.67%	33.31%	31.65%	22.24%	42.10%	36.37%	33.03%	30.12%	26.80%	27.73%	26.85%	23.65%	26.00%	-15.04%	24.63%	30.74%	40.46%	39.30%
Operating Expenses	5,181M	4,727M	3,770M	3,318M	3,015M	6,099M	4,965M	5,938M	4,888M	4,718M	4,083M	4,006M	3,964M	2,645M	2,607M	2,425M	2,425M	2,450M	2,452M	2,403M	2,394M	2,368M	2,212M	3,288M	2,127M	1,723M	1,179M	1,180M
Return on Operating Expenses	33.11%	36.99%	34.65%	31.63%	29.17%	25.94%	45.88%	24.27%	44.62%	30.44%	52.56%	33.08%	31.63%	22.16%	41.27%	34.93%	31.51%	28.69%	25.45%	26.18%	25.31%	22.30%	25.09%	-9.49%	23.37%	29.60%	40.46%	37.80%
Operating Income (EBIT)	2,796M	2,752M	2,150M	1,791M	1,535M	2,757M	3,471M	2,591M	3,192M	2,605M	2,894M	2,480M	2,378M	1,237M	1,388M	1,433M	1,298M	1,180M	1,046M	1,092M	1,024M	1,025M	1,085M	-168M	1,004M	1,018M	906M	834M
Return on Operating Income (EBIT)	59.69%	61.33%	60.22%	59.32%	63.94%	57.38%	65.63%	55.62%	68.33%	55.12%	74.15%	53.43%	52.73%	47.37%	77.52%	59.11%	58.86%	59.58%	59.66%	57.60%	59.18%	51.51%	51.15%	185.71%	49.50%	50.10%	52.65%	53.48%
Interest Income	0M	0M	1M	1M	10M	0M	0M	0M	0M	0M	0M	0M	0M	0M	3M	3M	2M	2M	2M	2M	3M	3M	4M	32M	64M	46M	40M	0M
Return on Interest Income	0.00%	0.00%	10,230.00%	15,860.00%	12,693.89%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	35,866.67%	28,233.33%	38,200.00%	35,150.00%	31,200.00%	31,450.00%	20,200.00%	17,600.00%	13,875.00%	-975.00%	776.56%	1,108.70%	1,192.50%	0.00%
Interest Expense	583M	574M	440M	336M	311M	662M	650M	684M	596M	468M	525M	597M	647M	446M	168M	140M	126M	117M	125M	132M	125M	141M	197M	257M	253M	257M	210M	177M
Return on Interest Expense	294.48%	302.83%	369.12%	408.47%	345.47%	238.97%	350.46%	210.67%	365.94%	306.84%	408.76%	221.94%	193.82%	131.39%	640.48%	605.00%	606.35%	600.85%	499.20%	476.52%	484.80%	374.47%	281.73%	-121.40%	196.44%	198.44%	227.14%	251.98%
Net Interest Income	-583M	-574M	-439M	-334M	-300M	-662M	-650M	-684M	-596M	-468M	-525M	-597M	-647M	-446M	-165M	-137M	-124M	-115M	-123M	-130M	-122M	-138M	-193M	-225M	-189M	-211M	-170M	-177M
Return on Net Interest Income	-294.48%	-302.83%	-372.59%	-413.84%	-357.09%	-238.97%	-350.46%	-210.67%	-365.94%	-306.84%	-408.76%	-221.94%	-193.82%	-131.39%	-652.12%	-618.25%	-616.13%	-611.30%	-507.32%	-483.85%	-496.72%	-382.61%	-287.56%	138.67%	-262.96%	-241.71%	-280.59%	-251.98%
Unusual Items	1,249M	1,138M	882M	698M	619M	1,343M	1,154M	1,361M	1,031M	1,354M	621M	1,324M	1,331M	892M	382M	289M	238M	221M	626M	244M	220M	341M	408M	430M	374M	421M	268M	295M
Return on Unusual Items	141.16%	173.82%	192.48%	202.04%	176.31%	117.80%	197.40%	105.88%	211.54%	106.06%	345.57%	100.08%	94.21%	65.70%	281.68%	293.08%	321.01%	318.10%	99.68%	257.79%	275.45%	154.84%	136.03%	-72.56%	132.89%	121.14%	177.99%	151.19%
EBT Excluding Unusual Items	881M	1,050M	824M	729M	598M	733M	1,813M	553M	1,726M	365M	2,177M	429M	363M	-101M	789M	992M	946M	853M	-83M	734M	706M	481M	462M	-803M	445M	387M	540M	421M
Return on EBT Excluding Unusual Items	260.12%	237.56%	125.56%	57.83%	67.91%	215.83%	125.65%	260.58%	126.36%	393.42%	98.58%	308.86%	345.45%	-580.20%	136.38%	85.38%	80.76%	82.42%	-751.81%	85.69%	85.84%	109.77%	120.13%	38.85%	111.69%	131.78%	88.33%	105.94%
Pre-Tax Income	2,130M	2,188M	1,706M	1,427M	1,217M	2,076M	2,967M	1,914M	2,757M	1,719M	2,798M	1,753M	1,694M	791M	1,171M	1,281M	1,184M	1,074M	543M	978M	926M	822M	870M	-373M	819M	808M	808M	716M
Return on Pre-Tax Income	79.31%	78.04%	76.09%	75.68%	73.27%	76.20%	76.78%	75.29%	79.11%	83.54%	76.70%	75.58%	74.03%	74.08%	91.89%	66.12%	64.53%	65.46%	114.92%	64.31%	65.44%	64.23%	63.79%	83.65%	60.68%	63.12%	59.03%	62.29%
Income Tax Expense	444M	483M	401M	351M	323M	494M	689M	473M	576M	284M	653M	428M	440M	202M	95M	434M	420M	371M	-81M	349M	320M	294M	315M	-61M	322M	298M	321M	270M
Return on Income Tax Expense	396.31%	365.43%	391.19%	258.68%	252.10%	320.24%	330.62%	304.65%	378.65%	505.63%	328.64%	309.58%	285.00%	290.10%	1,132.63%	195.16%	181.90%	189.49%	-770.37%	180.23%	189.38%	179.59%	176.19%	511.48%	154.35%	171.14%	148.60%	165.19%
Depreciation and Amortization	721M	705M	530M	431M	363M	737M	732M	733M	720M	709M	708M	653M	658M	434M	229M	224M	227M	235M	234M	240M	232M	228M	207M	195M	169M	139M	79M	0M
Return on Depreciation and Amortization	234.01%	241.61%	271.82%	269.26%	270.59%	214.65%	311.20%	196.59%	302.92%	202.54%	303.11%	202.91%	190.58%	135.02%	469.87%	378.13%	336.56%	299.15%	266.67%	262.08%	261.21%	231.58%	268.12%	-160.00%	294.08%	366.91%	603.80%	0.00%
EBITDA	3,492M	3,498M	2,692M	2,202M	1,889M	3,576M	4,251M	3,382M	3,973M	3,121M	4,006M	3,010M	3,006M	1,677M	1,566M	1,654M	1,528M	1,417M	899M	1,343M	1,271M	1,177M	1,318M	77M	1,173M	1,184M	995M	870M
Return on EBITDA	47.84%	48.22%	48.77%	49.74%	25.82%	44.24%	53.59%	42.61%	54.90%	46.01%	53.57%	44.02%	41.72%	34.94%	68.71%	51.21%	50.00%	49.61%	69.41%	46.84%	47.68%	44.86%	42.11%	-405.19%	42.37%	43.07%	47.94%	51.26%
NOPAT	2,217M	2,149M	1,649M	1,366M	1,142M	2,101M	2,665M	1,951M	2,525M	2,175M	2,219M	1,875M	1,760M	921M	1,275M	948M	838M	772M	1,202M	702M	670M	658M	692M	-141M	609M	643M	546M	520M
Return on NOPAT	75.43%	78.74%	79.35%	79.78%	87.36%	75.30%	85.48%	73.87%	86.37%	66.03%	96.73%	70.69%	71.24%	63.62%	84.37%	89.39%	91.22%	91.02%	51.91%	89.56%	90.43%	80.20%	80.18%	222.02%	81.57%	79.37%	87.35%	85.85%
Owner's Earnings	1,932M	1,931M	1,491M	1,210M	981M	1,804M	2,408M	1,611M	2,420M	1,766M	2,399M	1,461M	1,587M	868M	1,097M	889M	811M	767M	674M	669M	620M	505M	445M	-408M	436M	491M	512M	375M
Return on Owner's Earnings	86.96%	88.21%	87.51%	90.38%	93.39%	87.69%	94.60%	89.45%	90.12%	81.31%	89.45%	90.69%	79.02%	67.51%	98.09%	95.28%	94.20%	91.66%	92.58%	94.02%	97.74%	104.55%	124.72%	76.47%	113.99%	103.87%	93.16%	118.93%

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
Net Income	1,686M	1,706M	1,306M	1,076M	894M	1,441M	2,181M	1,436M	2,146M	1,325M	1,254M	586M	1,076M	847M	764M	703M	624M	629M	606M	528M	555M	-312M	497M	510M	477M	446M
Cash & Cash Equivalents	437M	424M	504M	454M	372M	510M	267M	535M	567M	240M	75M	83M	61M	1,787M	911M	237M	153M	366M	701M	315M	280M	214M	67M	35M	28M	19M
Return on Cash & Cash Equivalents	455.94%	459.68%	657.16%	513.47%	582.85%	282.55%	816.85%	268.41%	378.48%	552.08%	1,672.00%	706.02%	1,763.93%	47.40%	83.86%	296.62%	407.84%	171.86%	86.45%	167.62%	198.21%	-145.79%	741.79%	1,457.14%	1,703.57%	2,347.37%
Short-Term Investments	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 Investments	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%
Cash & Short-Term Investments	437M	424M	504M	454M	372M	510M	267M	535M	567M	240M	75M	83M	61M	1,787M	911M	237M	153M	366M	701M	315M	280M	214M	67M	35M	28M	19M
Return on Cash & Short-Term Investments	455.94%	459.68%	657.16%	513.47%	582.85%	282.55%	816.85%	268.41%	378.48%	552.08%	1,672.00%	706.02%	1,763.93%	47.40%	83.86%	296.62%	407.84%	171.86%	86.45%	167.62%	198.21%	-145.79%	741.79%	1,457.14%	1,703.57%	2,347.37%
Net Receivables	1,637M	1,466M	1,172M	984M	961M	1,723M	1,519M	1,668M	1,274M	1,144M	1,184M	1,223M	710M	646M	628M	617M	622M	602M	635M	571M	572M	532M	2,190M	1,164M	0M	0M
Return on Net Receivables	104.44%	119.51%	115.57%	110.82%	88.36%	83.63%	143.58%	86.09%	168.45%	115.82%	105.91%	47.91%	151.55%	131.11%	121.66%	113.94%	100.32%	104.49%	95.43%	92.47%	97.03%	-58.65%	22.69%	43.81%	0.00%	0.00%
Inventory	1,252M	1,082M	733M	559M	477M	1,299M	1,142M	1,314M	894M	762M	654M	626M	229M	202M	209M	204M	200M	197M	212M	244M	262M	263M	325M	300M	0M	0M
Return on Inventory	137.07%	165.03%	236.52%	256.22%	212.97%	110.93%	190.98%	109.28%	240.04%	173.88%	191.74%	93.61%	469.87%	419.31%	365.55%	344.61%	312.00%	319.29%	285.85%	216.39%	211.83%	-118.63%	152.92%	170.00%	0.00%	0.00%
Other Current Assets	284M	277M	219M	175M	147M	403M	231M	219M	305M	227M	343M	198M	110M	83M	69M	153M	66M	66M	96M	57M	53M	144M	81M	61M	-28M	-19M
Return on Other Current Assets	652.48%	648.95%	701.22%	728.52%	575.22%	357.57%	944.16%	655.71%	703.61%	583.70%	365.60%	295.96%	978.18%	1,020.48%	1,107.25%	459.48%	945.45%	953.03%	631.25%	926.32%	1,047.17%	-216.67%	613.58%	836.07%	-1,703.57%	-2,347.37%
Total Current Assets	3,725M	3,324M	2,672M	2,230M	2,018M	3,997M	3,375M	3,804M	3,057M	2,388M	2,273M	2,159M	1,117M	2,736M	1,817M	1,211M	1,119M	1,335M	1,757M	1,309M	1,279M	1,237M	2,739M	1,632M	28M	19M
Return on Total Current Assets	46.14%	52.82%	51.58%	50.10%	126.13%	36.05%	64.62%	37.75%	70.20%	55.49%	55.17%	27.14%	96.33%	30.96%	42.05%	58.05%	55.76%	47.12%	34.49%	40.34%	43.39%	-25.22%	18.15%	31.25%	1,703.57%	2,347.37%
Property, Plant & Equipment	3,597M	3,363M	2,514M	2,065M	1,735M	3,844M	3,575M	3,372M	3,167M	2,857M	2,525M	2,310M	1,198M	1,138M	1,156M	1,141M	1,173M	1,202M	1,152M	1,168M	1,109M	990M	868M	755M	0M	0M
Return on Property, Plant & Equipment	47.03%	51.04%	56.06%	55.04%	48.44%	37.49%	61.01%	42.59%	67.76%	46.38%	49.66%	25.37%	89.82%	74.43%	66.09%	61.61%	53.20%	52.33%	52.60%	45.21%	50.05%	-31.52%	57.26%	67.55%	0.00%	0.00%
Goodwill	20,109M	20,139M	15,042M	11,023M	8,884M	20,053M	20,202M	20,072M	20,182M	20,184M	20,172M	20,011M	3,561M	2,993M	2,988M	2,990M	2,988M	2,983M	2,980M	2,984M	2,983M	2,983M	3,183M	3,180M	0M	0M
Return on Goodwill	8.38%	8.47%	13.56%	15.94%	13.94%	7.19%	10.80%	7.15%	10.63%	6.56%	6.22%	2.93%	30.22%	28.30%	25.57%	23.51%	20.88%	21.09%	20.34%	17.69%	18.61%	-10.46%	15.61%	16.04%	0.00%	0.00%
Intangible Assets	23,368M	23,586M	17,511M	12,569M	10,061M	23,634M	23,287M	23,183M	23,856M	23,968M	24,117M	23,967M	3,781M	2,656M	2,663M	2,684M	2,694M	2,684M	2,677M	2,691M	2,702M	2,712M	3,617M	3,651M	0M	0M
Return on Intangible Assets	7.22%	7.24%	13.29%	16.53%	14.23%	6.10%	9.37%	6.19%	9.00%	5.53%	5.20%	2.45%	28.46%	31.89%	28.69%	26.19%	23.16%	23.44%	22.64%	19.62%	20.54%	-11.50%	13.74%	13.97%	0.00%	0.00%
Long-Term Investments	1,379M	871M	500M	341M	257M	1,632M	1,456M	1,049M	89M	130M	192M	231M	73M	74M	71M	39M	36M	14M	13M	11M	9M	12M	0M	0M	0M	0M
Return on Long-Term Investments	124.99%	761.09%	840.69%	1,726.48%	1,473.19%	88.30%	149.79%	136.89%	2,411.24%	1,019.23%	653.13%	253.68%	1,473.97%	1,144.59%	1,076.06%	1,802.56%	1,733.33%	4,492.86%	4,661.54%	4,800.00%	6,166.67%	-2,600.00%	0.00%	0.00%	0.00%	0.00%
Tax Assets	35M	38M	44M	67M	65M	39M	31M	35M	42M	45M	29M	26M	62M	62M	64M	74M	85M	130M	131M	144M	151M	140M	8M	9M	0M	0M
Return on Tax Assets	4,944.40%	4,577.44%	3,376.05%	2,450.52%	2,439.08%	3,694.87%	7,035.48%	4,102.86%	5,109.52%	2,944.44%	4,324.14%	2,253.85%	1,735.48%	1,366.13%	1,193.75%	950.00%	734.12%	483.85%	462.60%	366.67%	367.55%	-222.86%	6,212.50%	5,666.67%	0.00%	0.00%
Other Non-Current Assets	252M	234M	207M	267M	267M	231M	204M	322M	205M	207M	210M	214M	230M	132M	110M	126M	106M	580M	573M	552M	543M	564M	113M	119M	0M	0M
Return on Other Non-Current Assets	712.96%	765.16%	650.08%	530.49%	443.63%	623.81%	1,069.12%	445.96%	1,046.83%	640.10%	597.14%	273.83%	467.83%	641.67%	694.55%	557.94%	588.68%	108.45%	105.76%	95.65%	102.21%	-55.32%	439.82%	428.57%	0.00%	0.00%
Other Assets	0M	0M	0M	0M	372M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	7,433M	7,625M
Return on Other Assets	0.00%	0.00%	0.00%	0.00%	0.32%	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%	0.00%	0.00%	0.00%	6.42%	5.85%
Total Non-Current Assets	48,740M	48,231M	35,817M	26,332M	21,269M	49,433M	48,755M	48,033M	47,541M	47,391M	47,245M	46,759M	8,905M	7,055M	7,052M	7,062M	7,082M	7,593M	7,526M	7,550M	7,497M	7,401M	7,789M	7,714M	0M	0M
Return on Total Non-Current Assets	3.46%	3.54%	5.65%	6.57%	5.74%	2.92%	4.47%	2.99%	4.51%	2.80%	2.65%	1.25%	12.08%	12.01%	10.83%	9.95%	8.81%	8.28%	8.05%	6.99%	7.40%	-4.22%	6.38%	6.61%	0.00%	0.00%
Total Assets	52,466M	51,555M	38,489M	28,562M	23,658M	53,430M	52,130M	51,837M	50,598M	49,779M	49,518M	48,918M	10,022M	9,791M	8,869M	8,273M	8,201M	8,928M	9,283M	8,859M	8,776M	8,638M	10,528M	9,346M	7,433M	7,625M
Return on Total Assets	3.22%	3.31%	4.83%	5.60%	5.16%	2.70%	4.18%	2.77%	4.24%	2.66%	2.53%	1.20%	10.74%	8.65%	8.61%	8.50%	7.61%	7.05%	6.53%	5.96%	6.32%	-3.61%	4.72%	5.46%	6.42%	5.85%
Accounts Payable	3,929M	3,969M	2,627M	1,845M	1,465M	2,985M	3,597M	5,206M	4,316M	3,740M	3,176M	2,300M	365M	303M	277M	289M	271M	283M	265M	298M	850M	234M	279M	268M	0M	0M
Return on Accounts Payable	45.50%	44.33%	113.67%	149.23%	126.94%	48.27%	60.63%	27.58%	49.72%	35.43%	39.48%	25.48%	294.79%	279.54%	275.81%	243.25%	230.26%	222.26%	228.68%	177.18%	65.29%	-133.33%	178.14%	190.30%	0.00%	0.00%
Short-Term Debt	2,261M	1,886M	1,305M	948M	753M	2,642M	3,246M	895M	304M	2,345M	1,593M	1,458M	66M	0M	500M	3M	66M	249M	452M	404M	0M	5M	126M	708M	0M	0M
Return on Short-Term Debt	94.06%	208.92%	294.66%	1,856.19%	1,103.46%	54.54%	67.19%	160.45%	705.92%	56.50%	78.72%	40.19%	1,630.30%	0.00%	152.80%	23,433.33%	945.45%	252.61%	134.07%	130.69%	0.00%	-6,240.00%	394.44%	72.03%	0.00%	0.00%
Tax Payables	61M	73M	54M	79M	59M	67M	29M	87M	144M	39M	75M	60M	11M	4M	27M	10M	33M	45M	530M	18M	4M	5M	0M	0M	0M	0M
Return on Tax Payables	3,774.00%	3,241.94%	5,264.48%	4,400.75%	3,682.31%	2,150.75%	7,520.69%	1,650.57%	1,490.28%	3,397.44%	1,672.00%	976.67%	9,781.82%	21,175.00%	2,829.63%	7,030.00%	1,890.91%	1,397.78%	114.34%	2,933.33%	13,875.00%	-6,240.00%	0.00%	0.00%	0.00%	0.00%
Deferred Revenue	0M	0M	19M	34M	26M	0M	0M	0M	0M	0M	0M	0M	64M	64M	64M	64M	65M	65M	65M	65M	0M	0M	0M	0M	0M	0M
Return on Deferred Revenue	0.00%	0.00%	419.84%	597.95%	448.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1,681.25%	1,323.44%	1,193.75%	1,098.44%	960.00%	967.69%	932.31%	812.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Current Liabilities	447M	390M	431M	455M	365M	495M	424M	421M	309M	299M	270M	362M	596M	549M	588M	564M	493M	492M	483M	481M	-150M	413M	22M	195M	0M	0M
Return on Other Current Liabilities	382.20%	456.85%	337.53%	265.97%	303.23%	291.11%	514.39%	341.09%	694.50%	443.14%	464.44%	161.88%	180.54%	154.28%	129.93%	124.65%	126.57%	127.85%	125.47%	109.77%	-370.00%	-75.54%	2,259.09%	261.54%	0.00%	0.00%
Total Current Liabilities	8,360M	7,852M	5,531M	4,124M	3,317M	8,087M	8,916M	8,076M	6,485M	7,694M	6,474M	5,702M	1,238M	1,051M	1,583M	1,038M	1,030M	1,232M	1,915M	1,338M	854M	801M	1,135M	1,691M	0M	0M
Return on Total Current Liabilities	20.02%	22.07%	35.58%	40.42%	35.31%	17.82%	24.46%	17.78%	33.09%	17.22%	19.37%	10.28%	86.91%	80.59%	48.26%	67.73%	60.58%	51.06%	31.64%	39.46%	64.99%	-38.95%	43.79%	30.16%	0.00%	0.00%
Long-Term Debt	11,310M	11,330M	9,498M	7,094M	6,088M	12,912M	9,945M	11,072M	11,578M	11,143M	12,827M	14,201M	4,230M	4,325M	2,746M	2,502M	2,508M	2,499M	2,249M	1,677M	2,960M	3,522M	2,912M	3,084M	2,858M	3,468M
Return on Long-Term Debt	15.35%	15.30%	16.32%	19.99%	18.00%	11.16%	21.93%	12.97%	18.54%	11.89%	9.78%	4.13%	25.44%	19.58%	27.82%	28.10%	24.88%	25.17%	26.95%	31.48%	18.75%	-8.86%	17.07%	16.54%	16.69%	12.86%
Capital Lease Obligations	1,656M	1,469M	896M	920M	690M	1,720M	1,633M	1,616M	1,384M	994M	806M	331M	183M	153M	136M	2,588M	56M	56M	452M	1,687M	0M	0M	0M	0M	0M	0M
Return on Capital Lease Obligations	102.07%	118.91%	263.05%	337.37%	253.03%	83.78%	133.56%	88.86%	155.06%	133.30%	155.58%	177.04%	587.98%	553.59%	561.76%	27.16%	1,114.29%	1,123.21%	134.07%	31.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Tax Liabilities	5,645M	5,783M	4,308M	3,129M	2,578M	5,435M	5,760M	5,739M	5,986M	5,993M	6,030M	5,923M	614M	812M	787M	801M	755M	630M	586M	1,083M	1,038M	981M	1,324M	1,292M	0M	0M
Return on Deferred Tax Liabilities	29.80%	29.47%	55.47%	65.14%	53.79%	26.51%	37.86%	25.02%	35.85%	22.11%	20.80%	9.89%	175.24%	104.31%	97.08%	87.77%	82.65%	99.84%	103.41%	48.75%	53.47%	-31.80%	37.54%	39.47%	0.00%	0.00%
Other Non-Current Liabilities	703M	540M	392M	461M	284M	1,286M	420M	404M	348M	241M	234M	254M	264M	209M	260M	302M	258M	846M	814M	777M	737M	727M	136M	29M	-2,858M	-3,468M
Return on Other Non-Current Liabilities	328.93%	430.65%	402.65%	314.53%	342.88%	112.05%	519.29%	355.45%	616.67%	549.79%	535.90%	230.71%	407.58%	405.26%	293.85%	232.78%	241.86%	74.35%	74.45%	67.95%	75.31%	-42.92%	365.44%	1,758.62%	-16.69%	-12.86%
Total Non-Current Liabilities	19,091M	18,934M	15,318M	11,906M	9,867M	21,100M	17,538M	18,636M	19,141M	18,255M	19,787M	20,683M	6,333M	6,606M	5,103M	4,933M	4,894M	5,416M	5,105M	5,062M	4,735M	5,230M	4,372M	4,405M	0M	0M
Return on Total Non-Current Liabilities	8.99%	9.09%	9.94%	10.69%	9.45%	6.83%	12.44%	7.71%	11.21%	7.26%	6.34%	2.83%	16.99%	12.82%	14.97%	14.25%	12.75%	11.61%	11.87%	10.43%	11.72%	-5.97%	11.37%	11.58%	0.00%	0.00%
Total Liabilities	27,451M	26,786M	20,849M	16,031M	13,434M	29,187M	26,454M	26,712M	25,626M	25,949M	26,261M	26,385M	7,571M	7,657M	6,686M	5,979M	5,924M	6,648M	7,020M	6,400M	5,589M	6,031M	5,507M	6,096M	5,007M	5,519M
Return on Total Liabilities	6.19%	6.41%	7.57%	8.29%	7.80%	4.94%	8.24%	5.38%	8.37%	5.11%	4.78%	2.22%	14.21%	11.06%	11.43%	11.76%	10.53%	9.46%	8.63%	8.25%	9.93%	-5.17%	9.02%	8.37%	9.53%	8.08%
Preferred Stock	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 Stock	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%
Common Stock	14M	14M	10M	8M	6M	14M	14M	14M	14M	14M	14M	14M	2M	2M	2M	2M	2M	2M	2M	2M	3M	3M	0M	0M	0M	0M
Return on Common Stock	12,042.86%	12,184.29%	20,841.43%	24,194.29%	18,550.71%	10,292.86%	15,578.57%	10,257.14%	15,328.57%	9,464.29%	8,957.14%	4,185.71%	53,800.00%	42,350.00%	38,200.00%	35,150.00%	31,200.00%	31,450.00%	30,300.00%	26,400.00%	18,500.00%	-10,400.00%	0.00%	0.00%	0.00%	0.00%
Retained Earnings	4,297M	3,630M	2,799M	2,225M	1,652M	4,793M	4,559M	3,539M	3,199M	2,061M	1,582M	1,178M	2,651M	2,266M	2,165M	1,771M	1,393M	1,080M	740M	400M	87M	-430M	0M	0M	0M	0M
Return on Retained Earnings	39.49%	49.97%	49.21%	56.58%	77.96%	30.06%	47.84%	40.58%	67.08%	64.29%	79.27%	49.75%	40.59%	37.38%	35.29%	39.70%	44.80%	58.24%	81.89%	132.00%	637.93%	72.56%	0.00%	0.00%	0.00%	0.00%
Accumulated OCI	56M	44M	-43M	-60M	110M	-276M	315M	129M	-26M	77M	104M	-130M	-202M	-229M	-195M	-137M	-88M	-110M	-110M	-28M	-59M	-106M	20M	3,250M	0M	0M
Return on Accumulated OCI	427.82%	-1,049.92%	-578.89%	-667.97%	-408.26%	-522.10%	692.38%	1,113.18%	-8,253.85%	1,720.78%	1,205.77%	-450.77%	-532.67%	-369.87%	-391.79%	-513.14%	-709.09%	-571.82%	-550.91%	-1,885.71%	-940.68%	294.34%	2,485.00%	15.69%	0.00%	0.00%
Minority Interest	0M	0M	0M	2M	2M	0M	0M	-1M	0M	1M	0M	0M	0M	0M	0M	12M	11M	10M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Minority Interest	-47,866.67%	-2,220.00%	-1,110.00%	436.78%	327.59%	0.00%	0.00%	-143,600.00%	0.00%	132,500.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5,651.13%	5,649.62%	6,350.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Shareholders’ Equity	25,015M	24,769M	17,640M	12,532M	10,223M	24,243M	25,676M	25,126M	24,972M	23,829M	23,257M	22,533M	2,451M	2,134M	2,183M	2,294M	2,277M	2,280M	2,263M	2,459M	3,187M	2,607M	5,021M	3,250M	2,426M	2,106M
Return on Total Shareholders’ Equity	6.72%	6.86%	16.09%	19.65%	17.27%	5.94%	8.49%	5.72%	8.59%	5.56%	5.39%	2.60%	43.90%	39.69%	35.00%	30.65%	27.40%	27.59%	26.78%	21.47%	17.41%	-11.97%	9.90%	15.69%	19.66%	21.18%
Total Equity	25,015M	24,769M	17,640M	12,534M	10,225M	24,243M	25,676M	25,125M	24,972M	23,830M	23,257M	22,533M	2,451M	2,134M	2,183M	2,306M	2,288M	2,290M	2,263M	2,459M	3,187M	2,607M	5,021M	3,250M	2,426M	2,106M
Return on Total Equity	6.72%	6.86%	16.09%	19.62%	17.25%	5.94%	8.49%	5.72%	8.59%	5.56%	5.39%	2.60%	43.90%	39.69%	35.00%	30.48%	27.27%	27.47%	26.78%	21.47%	17.41%	-11.97%	9.90%	15.69%	19.66%	21.18%
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
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%
Total Investments	1,379M	871M	500M	341M	257M	1,632M	1,456M	1,049M	89M	130M	192M	231M	73M	74M	71M	39M	36M	14M	13M	11M	9M	12M	0M	0M	0M	0M
Return on Total Investments	124.99%	761.09%	840.69%	1,726.48%	1,473.19%	88.30%	149.79%	136.89%	2,411.24%	1,019.23%	653.13%	253.68%	1,473.97%	1,144.59%	1,076.06%	1,802.56%	1,733.33%	4,492.86%	4,661.54%	4,800.00%	6,166.67%	-2,600.00%	0.00%	0.00%	0.00%	0.00%
Net Debt	14,790M	14,262M	11,195M	8,200M	6,927M	16,764M	14,557M	13,048M	12,699M	14,242M	15,151M	15,907M	4,418M	2,691M	2,471M	2,349M	2,477M	2,438M	2,007M	1,776M	2,680M	3,313M	2,971M	3,757M	2,830M	3,449M
Return on Net Debt	11.53%	12.16%	15.95%	20.02%	17.94%	8.60%	14.98%	11.01%	16.90%	9.30%	8.28%	3.68%	24.35%	31.48%	30.92%	29.93%	25.19%	25.80%	30.19%	29.73%	20.71%	-9.42%	16.73%	13.57%	16.86%	12.93%

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
Net Income	1,686M	1,706M	1,306M	1,076M	894M	1,441M	2,181M	1,436M	2,146M	1,325M	1,254M	586M	1,076M	847M	764M	703M	624M	629M	606M	528M	555M	-312M	497M	510M	477M	446M
Working Capital	-4,634M	-4,527M	-2,858M	-1,894M	-1,299M	-4,090M	-5,541M	-4,272M	-3,428M	-5,306M	-4,201M	-3,543M	-121M	1,685M	234M	173M	89M	103M	-158M	-29M	425M	436M	1,604M	-59M	28M	19M
Return on Working Capital	-36.07%	-39.16%	-75.47%	-82.72%	-15.58%	-35.23%	-39.36%	-33.61%	-62.60%	-24.97%	-29.85%	-16.54%	-889.26%	50.27%	326.50%	406.36%	701.12%	610.68%	-383.54%	-1,820.69%	130.59%	-71.56%	30.99%	-864.41%	1,703.57%	2,347.37%
Total Capital	40,242M	39,455M	29,339M	21,185M	17,522M	41,517M	40,500M	38,709M	38,238M	38,311M	38,483M	38,523M	6,930M	6,612M	5,565M	4,880M	4,907M	5,084M	4,971M	4,550M	6,147M	6,134M	8,059M	7,042M	5,284M	5,574M
Return on Total Capital	4.19%	4.33%	6.85%	8.78%	7.91%	3.47%	5.39%	3.71%	5.61%	3.46%	3.26%	1.52%	15.53%	12.81%	13.73%	14.41%	12.72%	12.37%	12.19%	11.60%	9.03%	-5.09%	6.17%	7.24%	9.03%	8.00%
Capital Employed	44,106M	43,703M	32,959M	24,438M	20,341M	45,343M	43,214M	43,761M	44,113M	42,085M	43,044M	43,216M	8,784M	8,740M	7,286M	7,235M	7,171M	7,696M	7,368M	7,521M	7,922M	7,837M	9,393M	7,655M	7,433M	7,625M
Return on Capital Employed	3.84%	3.90%	5.62%	6.54%	5.97%	3.18%	5.05%	3.28%	4.86%	3.15%	2.91%	1.36%	12.25%	9.69%	10.49%	9.72%	8.70%	8.17%	8.22%	7.02%	7.01%	-3.98%	5.29%	6.66%	6.42%	5.85%
Invested Capital	39,805M	39,031M	28,835M	20,731M	17,151M	41,007M	40,233M	38,174M	37,671M	38,071M	38,408M	38,440M	6,869M	4,825M	4,654M	4,643M	4,754M	4,718M	4,270M	4,235M	5,867M	5,920M	7,992M	7,007M	5,256M	5,555M
Return on Invested Capital	4.23%	4.37%	7.63%	9.64%	8.57%	3.51%	5.42%	3.76%	5.70%	3.48%	3.26%	1.52%	15.66%	17.55%	16.42%	15.14%	13.13%	13.33%	14.19%	12.47%	9.46%	-5.27%	6.22%	7.28%	9.08%	8.03%

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
Net Income	1,686M	1,706M	1,306M	1,076M	894M	1,582M	2,278M	1,441M	2,181M	1,436M	2,146M	1,325M	1,254M	586M	1,076M	847M	764M	703M	624M	629M	606M	528M	555M	-312M	497M	510M	477M	446M
Depreciation & Amortization	721M	705M	536M	435M	366M	737M	732M	733M	720M	709M	708M	653M	698M	462M	229M	224M	227M	235M	234M	240M	232M	223M	207M	208M	169M	139M	79M	0M
Return on Depreciation & Amortization	234.01%	241.61%	269.91%	268.33%	270.39%	214.65%	311.20%	196.59%	302.92%	202.54%	303.11%	202.91%	179.66%	126.84%	469.87%	378.13%	336.56%	299.15%	266.67%	262.08%	261.21%	236.77%	268.12%	-150.00%	294.08%	366.91%	603.80%	0.00%
Deferred Income Tax	-182M	-113M	-81M	-67M	-51M	-314M	39M	-254M	-4M	-289M	31M	-51M	-23M	-81M	-201M	29M	29M	43M	138M	91M	-498M	37M	103M	-241M	55M	14M	56M	0M
Return on Deferred Income Tax	-18,529.74%	-10,252.93%	-5,242.04%	-3,222.46%	-2,113.51%	-503.82%	5,841.03%	-567.32%	-54,525.00%	-496.89%	6,922.58%	-2,598.04%	-5,452.17%	-723.46%	-535.32%	2,920.69%	2,634.48%	1,634.88%	452.17%	691.21%	-121.69%	1,427.03%	538.83%	129.46%	903.64%	3,642.86%	851.79%	0.00%
Stock-Based Compensation	89M	88M	66M	56M	43M	92M	106M	98M	116M	52M	88M	85M	64M	35M	36M	45M	44M	48M	37M	35M	34M	29M	19M	0M	0M	0M	0M	0M
Return on Stock-Based Compensation	2,037.37%	2,021.92%	2,035.07%	1,926.80%	1,591.15%	1,719.57%	2,149.06%	1,470.41%	1,880.17%	2,761.54%	2,438.64%	1,558.82%	1,959.38%	1,674.29%	2,988.89%	1,882.22%	1,736.36%	1,464.58%	1,686.49%	1,797.14%	1,782.35%	1,820.69%	2,921.05%	0.00%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	-871M	-419M	-142M	6M	-6M	-571M	-1,474M	-591M	-1,747M	-275M	351M	166M	366M	457M	-45M	-98M	-6M	37M	-137M	-454M	427M	1,643M	-22M	-37M	-79M	-61M	-10M	0M
Return on Change in Working Capital	-296.95%	103.75%	-1,499.91%	-901.27%	-1,071.69%	-277.06%	-154.55%	-243.82%	-124.84%	-522.18%	611.40%	798.19%	342.62%	128.23%	-2,391.11%	-864.29%	-12,733.33%	1,900.00%	-455.47%	-138.55%	141.92%	32.14%	-2,522.73%	843.24%	-629.11%	-836.07%	-4,770.00%	0.00%
Accounts Receivable	-179M	-139M	-72M	-52M	-39M	-77M	-248M	-209M	70M	-398M	-152M	-5M	-7M	82M	-47M	-31M	-26M	-5M	-13M	36M	-73M	-2M	5M	-4M	0M	0M	0M	0M
Return on Accounts Receivable	688.48%	-5,169.28%	-5,100.61%	-6,356.60%	-3,822.45%	-2,054.55%	-918.55%	-689.47%	3,115.71%	-360.80%	-1,411.84%	-26,500.00%	-17,914.29%	714.63%	-2,289.36%	-2,732.26%	-2,938.46%	-14,060.00%	-4,800.00%	1,747.22%	-830.14%	-26,400.00%	11,100.00%	7,800.00%	0.00%	0.00%	0.00%	0.00%
Inventory	-112M	-115M	-43M	-25M	-15M	-390M	-7M	-92M	182M	-426M	-133M	-107M	-24M	185M	-3M	3M	-11M	-8M	-3M	17M	29M	19M	3M	57M	-14M	13M	18M	0M
Return on Inventory	-235.01%	-711.38%	-2,304.39%	-2,937.52%	-1,154.36%	-405.64%	-32,542.86%	-1,566.30%	1,198.35%	-337.09%	-1,613.53%	-1,238.32%	-5,225.00%	316.76%	-35,866.67%	28,233.33%	-6,945.45%	-8,787.50%	-20,800.00%	3,700.00%	2,089.66%	2,778.95%	18,500.00%	-547.37%	-3,550.00%	3,923.08%	2,650.00%	0.00%
Accounts Payable	-534M	-142M	-18M	-14M	-9M	-61M	-821M	-196M	-1,618M	213M	522M	369M	361M	119M	24M	32M	-9M	29M	-6M	10M	-30M	-26M	80M	-48M	0M	0M	0M	0M
Return on Accounts Payable	-65.27%	114.87%	5.55%	-378.74%	-216.87%	-2,593.44%	-277.47%	-735.20%	-134.80%	674.18%	411.11%	359.08%	347.37%	492.44%	4,483.33%	2,646.88%	-8,488.89%	2,424.14%	-10,400.00%	6,290.00%	-2,020.00%	-2,030.77%	693.75%	650.00%	0.00%	0.00%	0.00%	0.00%
Other Working Capital	-46M	-23M	-9M	97M	57M	-43M	-398M	-94M	-381M	336M	114M	-91M	36M	71M	-19M	-102M	40M	21M	-115M	-517M	501M	1,652M	-110M	-42M	-65M	-74M	-28M	0M
Return on Other Working Capital	-559.35%	-250.33%	-152.65%	87.32%	-80.46%	-3,679.07%	-572.36%	-1,532.98%	-572.44%	427.38%	1,882.46%	-1,456.04%	3,483.33%	825.35%	-5,663.16%	-830.39%	1,910.00%	3,347.62%	-542.61%	-121.66%	120.96%	31.96%	-504.55%	742.86%	-764.62%	-689.19%	-1,703.57%	0.00%
Other Non-Cash Items	686M	377M	192M	120M	146M	602M	-14M	792M	63M	1,204M	-450M	278M	115M	151M	-57M	-108M	-67M	-44M	-30M	-83M	-41M	75M	3M	1,074M	34M	20M	-19M	164M
Return on Other Non-Cash Items	1,254.37%	752.57%	142.91%	-252.03%	809.58%	262.79%	-16,271.43%	181.94%	3,461.90%	119.27%	-476.89%	476.62%	1,090.43%	388.08%	-1,887.72%	-784.26%	-1,140.30%	-1,597.73%	-2,080.00%	-757.83%	-1,478.05%	704.00%	18,500.00%	-29.05%	1,461.76%	2,550.00%	-2,510.53%	271.95%
Net Cash from Operating Activities	2,128M	2,343M	1,877M	1,627M	1,388M	2,128M	1,667M	2,219M	1,329M	2,837M	2,874M	2,456M	2,474M	1,613M	1,038M	939M	991M	1,022M	866M	458M	760M	2,535M	865M	709M	603M	581M	583M	610M
Return on Net Cash from Operating Activities	93.22%	81.66%	76.63%	76.33%	70.86%	74.34%	136.65%	64.94%	164.11%	50.62%	74.67%	53.95%	50.69%	36.33%	103.66%	90.20%	77.09%	68.79%	72.06%	137.34%	79.74%	20.83%	64.16%	-44.01%	82.42%	87.78%	81.82%	73.11%
Capital Expenditures (PPE)	-474M	-479M	-351M	-302M	-279M	-503M	-602M	-563M	-481M	-379M	-455M	-517M	-365M	-180M	-208M	-182M	-180M	-171M	-184M	-200M	-218M	-246M	-317M	-304M	-230M	-158M	-44M	-71M
Return on Capital Expenditures (PPE)	-362.76%	-363.24%	-389.25%	-363.32%	-357.26%	-314.51%	-378.41%	-255.95%	-453.43%	-378.89%	-471.65%	-256.29%	-343.56%	-325.56%	-517.31%	-465.38%	-424.44%	-411.11%	-339.13%	-314.50%	-277.98%	-214.63%	-175.08%	102.63%	-216.09%	-322.78%	-1,084.09%	-628.17%
Acquisitions (Net)	-743M	-331M	-2,224M	-1,485M	-1,137M	-1,030M	-92M	-1,000M	-316M	-912M	578M	-5M	-24M	-18,984M	-1,555M	-4M	-20M	-19M	-10M	0M	-2M	-1M	0M	0M	-30M	-435M	0M	0M
Return on Acquisitions (Net)	-330.58%	-5,424.09%	-5,741.27%	-10,030.18%	-7,611.33%	-153.59%	-2,476.09%	-144.10%	-690.19%	-157.46%	371.28%	-26,500.00%	-5,225.00%	-3.09%	-69.20%	-21,175.00%	-3,820.00%	-3,700.00%	-6,240.00%	0.00%	-30,300.00%	-52,800.00%	0.00%	0.00%	-1,656.67%	-117.24%	0.00%	0.00%
Purchases of Investments	-321M	-309M	-162M	-108M	-84M	0M	-15M	0M	0M	-962M	-578M	-5M	-16M	-39M	-3M	-1M	-15M	0M	0M	0M	-2M	0M	-8M	0M	-2M	-53M	0M	0M
Return on Purchases of Investments	-49.76%	-5,404.11%	-16,202.06%	-12,821.37%	-11,253.52%	0.00%	-15,186.67%	0.00%	0.00%	-149.27%	-371.28%	-26,500.00%	-7,837.50%	-1,502.56%	-35,866.67%	-84,700.00%	-5,093.33%	0.00%	0.00%	0.00%	-30,300.00%	0.00%	-6,937.50%	0.00%	-24,850.00%	-962.26%	0.00%	0.00%
Sales / Maturities of Investments	17M	127M	71M	47M	45M	0M	8M	0M	0M	50M	578M	5M	16M	35M	0M	4M	19M	0M	0M	0M	3M	0M	0M	0M	98M	53M	36M	0M
Return on Sales / Maturities of Investments	957.33%	5,948.66%	6,445.11%	5,643.41%	4,372.28%	0.00%	28,475.00%	0.00%	0.00%	2,872.00%	371.28%	26,500.00%	7,837.50%	1,674.29%	0.00%	21,175.00%	4,021.05%	0.00%	0.00%	0.00%	20,200.00%	0.00%	0.00%	0.00%	507.14%	962.26%	1,325.00%	0.00%
Other Investing Activities	343M	265M	159M	108M	127M	67M	2M	-51M	13M	1,068M	87M	206M	239M	33M	-3M	-6M	2M	5M	-1M	7M	2M	22M	74M	1,378M	-923M	91M	291M	255M
Return on Other Investing Activities	4,695.30%	3,439.15%	771.29%	70.57%	122.82%	2,361.19%	113,900.00%	-2,825.49%	16,776.92%	134.46%	2,466.67%	643.20%	524.69%	1,775.76%	-35,866.67%	-14,116.67%	38,200.00%	14,060.00%	-62,400.00%	8,985.71%	30,300.00%	2,400.00%	750.00%	-22.64%	-53.85%	560.44%	163.92%	174.90%
Net Cash from Investing Activities	-1,178M	-728M	-2,507M	-1,739M	-1,328M	-1,466M	-699M	-1,614M	-784M	-1,135M	210M	-316M	-150M	-19,131M	-1,763M	-189M	-194M	-185M	-195M	-193M	-217M	-225M	-251M	1,074M	-1,087M	-502M	283M	184M
Return on Net Cash from Investing Activities	-164.66%	21.72%	-163.34%	-211.55%	-170.11%	-107.91%	-325.89%	-89.28%	-278.19%	-126.52%	1,021.90%	-419.30%	-836.00%	-3.06%	-61.03%	-448.15%	-393.81%	-380.00%	-320.00%	-325.91%	-279.26%	-234.67%	-221.12%	-29.05%	-45.72%	-101.59%	168.55%	242.39%
Net Debt Issuance	1,041M	35M	866M	538M	362M	781M	2,040M	2,245M	1,084M	-205M	-1,775M	-1,173M	-1,525M	8,316M	-84M	1,031M	741M	-66M	-185M	50M	600M	-978M	-552M	456M	-610M	30M	-155M	0M
Return on Net Debt Issuance	-145.03%	-133.79%	-183.98%	-129.15%	-39.77%	202.56%	111.67%	64.19%	201.20%	-700.49%	-120.90%	-112.96%	-82.23%	7.05%	-1,280.95%	82.15%	103.10%	-1,065.15%	-337.30%	1,258.00%	101.00%	-53.99%	-100.54%	-68.42%	-81.48%	1,700.00%	-307.74%	0.00%
Long-Term Debt Issuance	1,124M	338M	906M	570M	386M	2,333M	1,246M	2,725M	1,102M	-455M	-1,924M	243M	-1,491M	7,236M	-150M	1,031M	741M	-1M	-185M	50M	600M	-978M	-550M	456M	-610M	30M	-155M	0M
Return on Long-Term Debt Issuance	-21.60%	73.78%	-23.92%	-4,638.10%	-3,421.50%	67.81%	182.83%	52.88%	197.91%	-315.60%	-111.54%	545.27%	-84.10%	8.10%	-717.33%	82.15%	103.10%	-70,300.00%	-337.30%	1,258.00%	101.00%	-53.99%	-100.91%	-68.42%	-81.48%	1,700.00%	-307.74%	0.00%
Short-Term Debt Issuance	-83M	-303M	-40M	-31M	-24M	-1,552M	794M	-480M	-18M	250M	149M	-1,416M	-34M	1,080M	66M	0M	0M	-65M	0M	0M	0M	0M	-2M	0M	0M	0M	0M	0M
Return on Short-Term Debt Issuance	-3,947.49%	-2,099.16%	-1,249.95%	-905.40%	-2,066.55%	-101.93%	286.90%	-300.21%	-12,116.67%	574.40%	1,440.27%	-93.57%	-3,688.24%	54.26%	1,630.30%	0.00%	0.00%	-1,081.54%	0.00%	0.00%	0.00%	0.00%	-27,750.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	-737M	-408M	558M	184M	138M	-14M	-1,412M	-1,110M	-706M	-394M	140M	29M	0M	9,000M	-379M	-505M	-491M	-400M	-385M	-400M	-522M	-1,113M	1M	0M	0M	0M	0M	0M
Return on Net Stock Issuance	-267.74%	1,059.72%	469.79%	269.29%	2,976.96%	-11,300.00%	-161.33%	-129.82%	-308.92%	-364.47%	1,532.86%	4,568.97%	0.00%	6.51%	-283.91%	-167.72%	-155.60%	-175.75%	-162.08%	-157.25%	-116.09%	-47.44%	55,500.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock Issuance	0M	34M	1,819M	1,213M	910M	0M	0M	0M	0M	0M	140M	29M	9,000M	9,000M	20M	0M	0M	0M	0M	0M	0M	0M	1M	0M	0M	0M	0M	0M
Return on Common Stock Issuance	0.00%	1,220.36%	1,150.23%	766.82%	3,350.11%	0.00%	0.00%	0.00%	0.00%	0.00%	1,532.86%	4,568.97%	13.93%	6.51%	5,380.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	55,500.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock Repurchased	-732M	-439M	-1,263M	-1,031M	-773M	-14M	-1,371M	-1,110M	-706M	-379M	0M	0M	-9,000M	0M	-399M	-519M	-521M	-400M	-400M	-400M	-522M	-1,113M	0M	0M	0M	0M	0M	0M
Return on Common Stock Repurchased	-272.55%	-163.53%	-141.11%	-137.57%	-103.18%	-11,300.00%	-166.16%	-129.82%	-308.92%	-378.89%	0.00%	0.00%	-13.93%	0.00%	-269.67%	-163.20%	-146.64%	-175.75%	-156.00%	-157.25%	-116.09%	-47.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Stock Issuance	-5M	-3M	3M	3M	2M	0M	-41M	0M	0M	-15M	0M	0M	0M	0M	0M	14M	30M	0M	15M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Preferred Stock Issuance	-3,191.11%	-1,914.67%	-97.67%	212.22%	159.17%	0.00%	-5,556.10%	0.00%	0.00%	-9,573.33%	0.00%	0.00%	0.00%	0.00%	0.00%	6,050.00%	2,546.67%	0.00%	4,160.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Dividends Paid	-1,139M	-1,043M	-745M	-586M	-558M	-1,248M	-1,183M	-1,194M	-1,142M	-1,080M	-955M	-846M	-844M	-232M	-414M	-386M	-355M	-317M	-302M	-284M	-251M	-194M	0M	-2,065M	-213M	-80M	0M	0M
Return on Net Dividends Paid	-148.21%	-165.19%	-192.17%	-205.68%	-197.04%	-126.76%	-192.56%	-120.69%	-190.98%	-132.96%	-224.71%	-156.62%	-148.58%	-252.59%	-259.90%	-219.43%	-215.21%	-221.77%	-206.62%	-221.48%	-241.43%	-272.16%	0.00%	15.11%	-233.33%	-637.50%	0.00%	0.00%
Common Dividends Paid	-1,139M	-1,043M	-745M	-586M	-558M	-1,248M	-1,183M	-1,194M	-1,142M	-1,080M	-955M	-846M	-844M	-232M	-414M	-386M	-355M	-317M	-302M	-284M	-251M	-194M	0M	-2,065M	-213M	-80M	0M	0M
Return on Common Dividends Paid	-148.21%	-165.19%	-192.17%	-205.68%	-197.04%	-126.76%	-192.56%	-120.69%	-190.98%	-132.96%	-224.71%	-156.62%	-148.58%	-252.59%	-259.90%	-219.43%	-215.21%	-221.77%	-206.62%	-221.48%	-241.43%	-272.16%	0.00%	15.11%	-233.33%	-637.50%	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
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%
Other Financing Activities	-94M	-91M	0M	5M	36M	-172M	-84M	-164M	-68M	-49M	-172M	0M	5M	493M	-30M	-10M	-9M	36M	-8M	31M	21M	5M	-3M	-16M	1,338M	-22M	-660M	-799M
Return on Other Financing Activities	-2,338.87%	-1,652.86%	-361.10%	401.10%	-644.34%	-919.77%	-2,711.90%	-878.66%	-3,207.35%	-2,930.61%	-1,247.67%	0.00%	25,080.00%	118.86%	-3,586.67%	-8,470.00%	-8,488.89%	1,952.78%	-7,800.00%	2,029.03%	2,885.71%	10,560.00%	-18,500.00%	1,950.00%	37.14%	-2,318.18%	-72.27%	-55.82%
Net Cash from Financing Activities	-928M	-1,507M	679M	142M	-21M	-653M	-639M	-223M	-832M	-1,728M	-2,762M	-1,990M	-2,364M	17,577M	-907M	130M	-114M	-747M	-880M	-603M	-152M	-2,280M	-554M	-1,625M	515M	-72M	-815M	-799M
Return on Net Cash from Financing Activities	-330.48%	-227.14%	-132.27%	-134.26%	-138.26%	-242.27%	-356.49%	-646.19%	-262.14%	-83.10%	-77.70%	-66.58%	-53.05%	3.33%	-118.63%	651.54%	-670.18%	-94.11%	-70.91%	-104.31%	-398.68%	-23.16%	-100.18%	19.20%	96.50%	-708.33%	-58.53%	-55.82%
Effect of FX on Cash	-10M	-9M	-6M	-4M	-6M	0M	-29M	-41M	19M	-7M	-9M	-6M	12M	-15M	3M	-4M	-9M	-6M	-4M	3M	-5M	5M	6M	-11M	1M	0M	-42M	0M
Return on Effect of FX on Cash	-4,183.32%	-11,695.55%	-4,573.16%	-3,576.11%	350.45%	0.00%	-7,855.17%	-3,514.63%	11,478.95%	-20,514.29%	-23,844.44%	-22,083.33%	10,450.00%	-3,906.67%	35,866.67%	-21,175.00%	-8,488.89%	-11,716.67%	-15,600.00%	20,966.67%	-12,120.00%	10,560.00%	9,250.00%	2,836.36%	49,700.00%	0.00%	-1,135.71%	0.00%
Net Change in Cash	13M	99M	43M	26M	33M	9M	300M	341M	-268M	-33M	313M	144M	-28M	44M	-1,629M	876M	674M	84M	-213M	-335M	386M	35M	66M	147M	32M	7M	9M	-5M
Return on Net Change in Cash	-1,580.91%	-627.40%	-613.97%	-274.53%	532.48%	17,577.78%	759.33%	422.58%	-813.81%	-4,351.52%	685.62%	920.14%	-4,478.57%	1,331.82%	-66.05%	96.69%	113.35%	836.90%	-292.96%	-187.76%	156.99%	1,508.57%	840.91%	-212.24%	1,553.13%	7,285.71%	5,300.00%	-8,920.00%
Cash at Beginning of Period	457M	347M	491M	448M	354M	2,484M	1,282M	267M	535M	568M	255M	111M	139M	95M	1,787M	911M	237M	153M	366M	701M	315M	280M	214M	67M	35M	28M	19M	0M
Return on Cash at Beginning of Period	400.06%	647.09%	523.00%	422.04%	593.81%	63.69%	177.69%	539.70%	407.66%	252.82%	841.57%	1,193.69%	902.16%	616.84%	60.21%	92.97%	322.36%	459.48%	170.49%	89.73%	192.38%	188.57%	259.35%	-465.67%	1,420.00%	1,821.43%	2,510.53%	0.00%
Cash at End of Period	470M	447M	534M	474M	387M	2,493M	1,582M	608M	267M	535M	568M	255M	111M	139M	158M	1,787M	911M	237M	153M	366M	701M	315M	280M	214M	67M	35M	28M	-5M
Return on Cash at End of Period	440.76%	443.94%	458.33%	380.91%	483.43%	63.46%	143.99%	237.01%	816.85%	268.41%	377.82%	519.61%	1,129.73%	421.58%	681.01%	47.40%	83.86%	296.62%	407.84%	171.86%	86.45%	167.62%	198.21%	-145.79%	741.79%	1,457.14%	1,703.57%	-8,920.00%
Operating Cash Flow	2,128M	2,343M	1,877M	1,627M	1,388M	2,128M	1,667M	2,219M	1,329M	2,837M	2,874M	2,456M	2,474M	1,613M	1,038M	939M	991M	1,022M	866M	458M	760M	2,535M	865M	709M	603M	581M	583M	610M
Return on Operating Cash Flow	93.22%	81.66%	76.63%	76.33%	70.86%	74.34%	136.65%	64.94%	164.11%	50.62%	74.67%	53.95%	50.69%	36.33%	103.66%	90.20%	77.09%	68.79%	72.06%	137.34%	79.74%	20.83%	64.16%	-44.01%	82.42%	87.78%	81.82%	73.11%
Capital Expenditure	-474M	-479M	-351M	-302M	-279M	-515M	-602M	-563M	-481M	-379M	-455M	-517M	-365M	-180M	-208M	-182M	-180M	-171M	-184M	-200M	-218M	-246M	-317M	-304M	-230M	-158M	-44M	-71M
Return on Capital Expenditure	-362.76%	-363.24%	-389.25%	-363.32%	-357.26%	-307.18%	-378.41%	-255.95%	-453.43%	-378.89%	-471.65%	-256.29%	-343.56%	-325.56%	-517.31%	-465.38%	-424.44%	-411.11%	-339.13%	-314.50%	-277.98%	-214.63%	-175.08%	102.63%	-216.09%	-322.78%	-1,084.09%	-628.17%
Free Cash Flow	1,654M	1,864M	1,526M	1,325M	1,109M	1,613M	1,065M	1,656M	848M	2,458M	2,419M	1,939M	2,109M	1,433M	830M	757M	811M	851M	682M	258M	542M	2,289M	548M	405M	373M	423M	539M	539M
Return on Free Cash Flow	134.21%	111.94%	99.58%	103.24%	95.75%	98.08%	213.90%	87.02%	257.19%	58.42%	88.71%	68.33%	59.46%	40.89%	129.64%	111.89%	94.20%	82.61%	91.50%	243.80%	111.81%	23.07%	101.28%	-77.04%	133.24%	120.57%	88.50%	82.75%

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
Net Income	1,686M	1,706M	1,306M	1,077M	894M	1,582M	2,278M	1,441M	2,181M	1,436M	2,146M	1,325M	1,254M	589M	1,076M	847M	764M	703M	624M	629M	606M	528M	555M	-312M	497M	510M	477M	446M
EBITDA	3,492M	3,498M	2,692M	2,202M	1,889M	3,576M	4,251M	3,382M	3,973M	3,121M	4,006M	3,010M	3,006M	1,677M	1,566M	1,654M	1,528M	1,417M	899M	1,343M	1,271M	1,177M	1,318M	77M	1,173M	1,184M	995M	870M
Return on EBITDA	47.84%	48.22%	48.79%	49.75%	25.83%	44.24%	53.59%	42.61%	54.90%	46.01%	53.57%	44.02%	41.72%	35.12%	68.71%	51.21%	50.00%	49.61%	69.41%	46.84%	47.68%	44.86%	42.11%	-405.19%	42.37%	43.07%	47.94%	51.26%
(-) Tax Adjustment	727M	770M	629M	532M	487M	851M	987M	836M	830M	516M	935M	735M	781M	428M	127M	560M	542M	489M	-134M	479M	439M	421M	477M	-13M	461M	437M	395M	328M
Return on (-) Tax Adjustment	237.89%	224.70%	256.07%	175.58%	278.64%	185.91%	230.76%	172.41%	262.76%	278.50%	229.54%	180.30%	160.61%	137.53%	846.94%	151.15%	140.95%	143.62%	-465.31%	131.25%	137.97%	125.42%	116.30%	2,477.67%	107.77%	116.79%	120.67%	135.95%
(-) Change In Working Capital	-871M	-419M	-142M	6M	-6M	-571M	-1,474M	-591M	-1,747M	-275M	351M	166M	366M	457M	-45M	-98M	-6M	37M	-137M	-454M	427M	1,643M	-22M	-37M	-79M	-61M	-10M	0M
Return on (-) Change In Working Capital	-296.95%	103.75%	-1,499.85%	-901.23%	-1,071.66%	-277.06%	-154.55%	-243.82%	-124.84%	-522.18%	611.40%	798.19%	342.62%	128.88%	-2,391.11%	-864.29%	-12,733.33%	1,900.00%	-455.47%	-138.55%	141.92%	32.14%	-2,522.73%	843.24%	-629.11%	-836.07%	-4,770.00%	0.00%
(-) Capital Expenditure	-474M	-479M	-351M	-302M	-279M	-515M	-602M	-563M	-481M	-379M	-455M	-517M	-365M	-180M	-208M	-182M	-180M	-171M	-184M	-200M	-218M	-246M	-317M	-304M	-230M	-158M	-44M	-71M
Return on (-) Capital Expenditure	-362.76%	-363.24%	-389.41%	-363.43%	-357.34%	-307.18%	-378.41%	-255.95%	-453.43%	-378.89%	-471.65%	-256.29%	-343.56%	-327.22%	-517.31%	-465.38%	-424.44%	-411.11%	-339.13%	-314.50%	-277.98%	-214.63%	-175.08%	102.63%	-216.09%	-322.78%	-1,084.09%	-628.17%
Unlevered Free Cash Flow	3,162M	2,668M	1,855M	1,361M	1,128M	2,781M	4,136M	2,574M	4,409M	2,501M	2,265M	1,592M	1,494M	612M	1,276M	1,010M	812M	720M	986M	1,118M	187M	-1,133M	546M	-177M	561M	650M	566M	471M
Return on Unlevered Free Cash Flow	54.28%	68.16%	78.33%	85.23%	90.37%	56.88%	55.08%	55.98%	49.47%	57.41%	94.74%	83.22%	83.92%	96.28%	84.33%	83.89%	94.09%	97.70%	63.28%	56.27%	324.45%	-46.60%	101.69%	175.87%	88.62%	78.42%	84.32%	94.71%
(-) Net Interest Income After Taxes	-459M	-446M	-336M	-256M	-228M	-504M	-499M	-515M	-471M	-391M	-402M	-451M	-479M	-332M	-152M	-91M	-80M	-75M	-141M	-84M	-80M	-89M	-123M	-262M	-115M	-133M	-102M	-110M
Return on (-) Net Interest Income After Taxes	-369.99%	-387.36%	-497.56%	-563.86%	-503.57%	-313.60%	-456.46%	-279.82%	-462.58%	-367.56%	-533.20%	-293.63%	-261.82%	-177.35%	-709.70%	-935.04%	-954.84%	-933.91%	-441.46%	-752.31%	-759.02%	-595.65%	-450.78%	119.18%	-433.33%	-382.94%	-465.53%	-404.52%
Net Debt Issuance	1,041M	35M	866M	538M	362M	781M	2,040M	2,245M	1,084M	-205M	-1,775M	-1,173M	-1,525M	8,316M	-84M	1,031M	741M	-66M	-185M	50M	600M	-978M	-552M	456M	-610M	30M	-155M	0M
Return on Net Debt Issuance	-145.03%	-133.79%	-183.98%	-129.15%	-39.77%	202.56%	111.67%	64.19%	201.20%	-700.49%	-120.90%	-112.96%	-82.23%	7.08%	-1,280.95%	82.15%	103.10%	-1,065.15%	-337.30%	1,258.00%	101.00%	-53.99%	-100.54%	-68.42%	-81.48%	1,700.00%	-307.74%	0.00%
Levered Free Cash Flow	4,662M	3,150M	3,056M	2,155M	1,719M	4,067M	6,675M	5,334M	5,964M	2,687M	893M	870M	448M	9,260M	1,344M	2,131M	1,633M	729M	942M	1,251M	867M	-2,022M	117M	540M	66M	814M	513M	581M
Return on Levered Free Cash Flow	39.01%	101.94%	96.25%	81.28%	127.52%	38.90%	34.13%	27.01%	36.57%	53.44%	240.43%	152.24%	279.81%	6.36%	80.09%	39.74%	46.79%	96.46%	66.21%	50.27%	69.93%	-26.11%	474.71%	-57.74%	758.63%	62.69%	92.95%	76.74%