UL Solutions Inc. (ULS)

Category: Company Returns Sector: Industrials Industry: Specialty Business Services Live Price: $75.00

Income Returns

Metric	3Y Avg	5Y Avg	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
Net Income	293M	267M	339M	303M	326M	260M	293M	224M	231M	246M
Revenue	2,689M	2,577M	3,003M	2,815M	2,870M	2,678M	2,520M	2,517M	2,301M	2,315M
Return on Revenue	10.90%	10.33%	11.29%	10.76%	11.36%	9.71%	11.63%	8.90%	10.04%	10.63%
Cost of Revenue	1,405M	1,365M	1,541M	1,455M	1,490M	1,413M	1,313M	1,338M	1,270M	1,280M
Return on Cost of Revenue	20.87%	19.51%	22.00%	20.82%	21.88%	18.40%	22.32%	16.74%	18.19%	19.22%
Gross Profit	1,284M	1,212M	1,462M	1,360M	1,380M	1,265M	1,207M	1,179M	1,031M	1,035M
Return on Gross Profit	22.82%	21.97%	23.19%	22.28%	23.62%	20.55%	24.28%	19.00%	22.41%	23.77%
R&D Expenses	20M	12M	0M	0M	59M	0M	0M	0M	0M	52M
Return on R&D Expenses	184.18%	110.51%	0.00%	0.00%	552.54%	0.00%	0.00%	0.00%	0.00%	473.08%
SG&A Expenses	858M	827M	943M	926M	918M	860M	795M	892M	668M	723M
Return on SG&A Expenses	34.20%	32.46%	35.95%	32.72%	35.51%	30.23%	36.86%	25.11%	34.58%	34.02%
Operating Expenses	858M	827M	943M	926M	918M	860M	795M	892M	668M	715M
Return on Operating Expenses	34.20%	32.46%	35.95%	32.72%	35.51%	30.23%	36.86%	25.11%	34.58%	34.41%
Operating Income (EBIT)	426M	386M	519M	434M	462M	405M	412M	287M	363M	312M
Return on Operating Income (EBIT)	68.63%	69.51%	65.32%	69.82%	70.56%	64.20%	71.12%	78.05%	63.64%	78.85%
Interest Income	5M	3M	3M	2M	4M	12M	0M	0M	0M	1M
Return on Interest Income	3,438.89%	2,063.33%	11,300.00%	15,150.00%	8,150.00%	2,166.67%	0.00%	0.00%	0.00%	24,600.00%
Interest Expense	36M	22M	45M	54M	55M	35M	17M	1M	1M	0M
Return on Interest Expense	1,019.70%	9,711.82%	753.33%	561.11%	592.73%	742.86%	1,723.53%	22,400.00%	23,100.00%	0.00%
Net Interest Income	-30M	-19M	-42M	-52M	-51M	-23M	-17M	-1M	-1M	1M
Return on Net Interest Income	-1,164.39%	-9,798.64%	-807.14%	-582.69%	-639.22%	-1,130.43%	-1,723.53%	-22,400.00%	-23,100.00%	24,600.00%
Unusual Items	75M	54M	104M	84M	98M	82M	46M	14M	31M	-8M
Return on Unusual Items	428.89%	726.37%	325.96%	360.71%	332.65%	317.07%	636.96%	1,600.00%	745.16%	-3,075.00%
EBT Excluding Unusual Items	306M	296M	353M	318M	317M	264M	337M	260M	302M	327M
Return on EBT Excluding Unusual Items	96.09%	90.18%	96.03%	95.28%	102.84%	98.48%	86.94%	86.15%	76.49%	75.23%
Pre-Tax Income	381M	350M	457M	402M	415M	346M	383M	274M	333M	319M
Return on Pre-Tax Income	76.73%	76.26%	74.18%	75.37%	78.55%	75.14%	76.50%	81.75%	69.37%	77.12%
Income Tax Expense	71M	68M	98M	80M	70M	70M	74M	36M	90M	62M
Return on Income Tax Expense	411.03%	422.40%	345.92%	378.75%	465.71%	371.43%	395.95%	622.22%	256.67%	396.77%
Depreciation and Amortization	154M	150M	184M	168M	172M	154M	135M	142M	147M	96M
Return on Depreciation and Amortization	191.80%	178.06%	184.24%	180.36%	189.53%	168.83%	217.04%	157.75%	157.14%	256.25%
EBITDA	571M	522M	686M	624M	642M	535M	535M	417M	481M	408M
Return on EBITDA	51.38%	51.18%	49.42%	48.56%	50.78%	48.60%	54.77%	53.72%	48.02%	60.29%
NOPAT	347M	311M	408M	348M	384M	323M	332M	249M	265M	251M
Return on NOPAT	84.50%	86.11%	83.15%	87.16%	84.88%	80.48%	88.15%	89.85%	87.21%	97.87%
Owner's Earnings	241M	248M	326M	233M	261M	199M	264M	259M	259M	193M
Return on Owner's Earnings	122.18%	108.44%	103.99%	130.04%	124.90%	130.65%	110.98%	86.49%	89.19%	127.46%

Balance Sheet Returns

Metric	3Y Avg	5Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31
Net Income	293M	267M	326M	260M	293M	224M	231M
Cash & Cash Equivalents	312M	647M	298M	315M	322M	1,328M	971M
Return on Cash & Cash Equivalents	94.31%	64.72%	109.40%	82.54%	90.99%	16.87%	23.79%
Short-Term Investments	17M	20M	0M	0M	51M	47M	0M
Return on Short-Term Investments	191.50%	210.22%	0.00%	0.00%	574.51%	476.60%	0.00%
Cash & Short-Term Investments	329M	666M	298M	315M	373M	1,375M	971M
Return on Cash & Short-Term Investments	90.16%	62.11%	109.40%	82.54%	78.55%	16.29%	23.79%
Net Receivables	588M	577M	586M	590M	587M	557M	566M
Return on Net Receivables	49.87%	46.13%	55.63%	44.07%	49.91%	40.22%	40.81%
Inventory	0M	0M	0M	0M	0M	0M	0M
Return on Inventory	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Current Assets	7M	17M	4M	13M	5M	6M	57M
Return on Other Current Assets	5,336.67%	4,029.72%	8,150.00%	2,000.00%	5,860.00%	3,733.33%	405.26%
Total Current Assets	957M	1,293M	921M	953M	998M	1,999M	1,594M
Return on Total Current Assets	30.68%	23.55%	35.40%	27.28%	29.36%	11.21%	14.49%
Property, Plant & Equipment	720M	674M	817M	706M	637M	602M	609M
Return on Property, Plant & Equipment	40.91%	39.57%	39.90%	36.83%	46.00%	37.21%	37.93%
Goodwill	634M	623M	633M	623M	647M	621M	593M
Return on Goodwill	46.17%	42.71%	51.50%	41.73%	45.29%	36.07%	38.95%
Intangible Assets	199M	200M	185M	211M	200M	196M	209M
Return on Intangible Assets	148.65%	134.15%	176.22%	123.22%	146.50%	114.29%	110.53%
Long-Term Investments	61M	127M	58M	64M	62M	44M	409M
Return on Long-Term Investments	480.30%	401.29%	562.07%	406.25%	472.58%	509.09%	56.48%
Tax Assets	115M	102M	108M	110M	128M	166M	0M
Return on Tax Assets	255.71%	180.41%	301.85%	236.36%	228.91%	134.94%	0.00%
Other Non-Current Assets	65M	73M	78M	69M	48M	34M	137M
Return on Other Non-Current Assets	468.39%	446.52%	417.95%	376.81%	610.42%	658.82%	168.61%
Other Assets	0M	0M	0M	0M	0M	0M	0M
Return on Other Assets	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Non-Current Assets	1,795M	1,801M	1,879M	1,783M	1,722M	1,663M	1,957M
Return on Total Non-Current Assets	16.32%	14.84%	17.35%	14.58%	17.02%	13.47%	11.80%
Total Assets	2,752M	3,094M	2,800M	2,736M	2,720M	3,662M	3,551M
Return on Total Assets	10.64%	8.91%	11.64%	9.50%	10.77%	6.12%	6.51%
Accounts Payable	168M	163M	182M	169M	153M	179M	131M
Return on Accounts Payable	174.82%	165.19%	179.12%	153.85%	191.50%	125.14%	176.34%
Short-Term Debt	17M	11M	50M	0M	0M	0M	3M
Return on Short-Term Debt	217.33%	1,670.40%	652.00%	0.00%	0.00%	0.00%	7,700.00%
Tax Payables	0M	6M	0M	0M	0M	29M	0M
Return on Tax Payables	0.00%	154.48%	0.00%	0.00%	0.00%	772.41%	0.00%
Deferred Revenue	155M	120M	162M	162M	142M	135M	0M
Return on Deferred Revenue	189.36%	146.80%	201.23%	160.49%	206.34%	165.93%	0.00%
Other Current Liabilities	250M	268M	54M	339M	357M	413M	179M
Return on Other Current Liabilities	254.16%	189.15%	603.70%	76.70%	82.07%	54.24%	129.05%
Total Current Liabilities	714M	721M	740M	709M	694M	792M	670M
Return on Total Current Liabilities	40.98%	37.14%	44.05%	36.67%	42.22%	28.28%	34.48%
Long-Term Debt	698M	419M	692M	904M	499M	0M	0M
Return on Long-Term Debt	44.86%	26.92%	47.11%	28.76%	58.72%	0.00%	0.00%
Capital Lease Obligations	171M	165M	193M	159M	161M	154M	158M
Return on Capital Lease Obligations	171.47%	161.22%	168.91%	163.52%	181.99%	145.45%	146.20%
Deferred Tax Liabilities	0M	3M	0M	0M	0M	15M	0M
Return on Deferred Tax Liabilities	0.00%	298.67%	0.00%	0.00%	0.00%	1,493.33%	0.00%
Other Non-Current Liabilities	313M	367M	282M	325M	331M	405M	493M
Return on Other Non-Current Liabilities	94.71%	77.26%	115.60%	80.00%	88.52%	55.31%	46.86%
Total Non-Current Liabilities	1,142M	915M	1,129M	1,349M	949M	538M	609M
Return on Total Non-Current Liabilities	26.34%	31.72%	28.88%	19.27%	30.87%	41.64%	37.93%
Total Liabilities	1,857M	1,636M	1,869M	2,058M	1,643M	1,330M	1,279M
Return on Total Liabilities	15.97%	16.56%	17.44%	12.63%	17.83%	16.84%	18.06%
Preferred Stock	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%
Common Stock	0M	0M	0M	0M	0M	0M	0M
Return on Common Stock	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Retained Earnings	162M	699M	250M	24M	211M	1,518M	1,494M
Return on Retained Earnings	450.87%	276.56%	130.40%	1,083.33%	138.86%	14.76%	15.46%
Accumulated OCI	-160M	-189M	-167M	-146M	-166M	-216M	-251M
Return on Accumulated OCI	-183.27%	-149.11%	-195.21%	-178.08%	-176.51%	-103.70%	-92.03%
Minority Interest	25M	23M	27M	24M	23M	21M	20M
Return on Minority Interest	1,188.22%	1,157.26%	1,207.41%	1,083.33%	1,273.91%	1,066.67%	1,155.00%
Total Shareholders’ Equity	871M	1,435M	904M	654M	1,054M	2,311M	2,252M
Return on Total Shareholders’ Equity	34.54%	24.71%	36.06%	39.76%	27.80%	9.69%	10.26%
Total Equity	895M	1,458M	931M	678M	1,077M	2,332M	2,272M
Return on Total Equity	33.52%	24.07%	35.02%	38.35%	27.21%	9.61%	10.17%
Total Liabilities & Equity	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%
Total Investments	78M	147M	58M	64M	113M	91M	409M
Return on Total Investments	409.20%	306.05%	562.07%	406.25%	259.29%	246.15%	56.48%
Net Debt	574M	-52M	637M	748M	338M	-1,174M	-810M
Return on Net Debt	57.54%	25.00%	51.18%	34.76%	86.69%	-19.08%	-28.52%

Capital Returns

Metric	3Y Avg	5Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31
Net Income	293M	267M	326M	260M	293M	224M	231M
Working Capital	243M	572M	181M	244M	304M	1,207M	924M
Return on Working Capital	127.68%	85.32%	180.11%	106.56%	96.38%	18.56%	25.00%
Total Capital	1,757M	2,030M	1,839M	1,717M	1,714M	2,465M	2,413M
Return on Total Capital	16.65%	13.72%	17.73%	15.14%	17.09%	9.09%	9.57%
Capital Employed	2,038M	2,373M	2,060M	2,027M	2,026M	2,870M	2,881M
Return on Capital Employed	14.37%	11.79%	15.83%	12.83%	14.46%	7.80%	8.02%
Invested Capital	1,445M	1,383M	1,541M	1,402M	1,392M	1,137M	1,442M
Return on Invested Capital	20.25%	19.29%	21.16%	18.54%	21.05%	19.70%	16.02%

Cash Flow Returns

Metric	3Y Avg	5Y Avg	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
Net Income	293M	267M	339M	303M	326M	260M	293M	224M	231M	246M
Depreciation & Amortization	154M	150M	184M	168M	172M	154M	135M	142M	147M	96M
Return on Depreciation & Amortization	191.80%	178.06%	184.24%	180.36%	189.53%	168.83%	217.04%	157.75%	157.14%	256.25%
Deferred Income Tax	7M	-10M	10M	-8M	0M	11M	10M	-70M	0M	0M
Return on Deferred Income Tax	1,764.55%	994.73%	3,390.00%	-3,787.50%	0.00%	2,363.64%	2,930.00%	-320.00%	0.00%	0.00%
Stock-Based Compensation	18M	40M	43M	26M	54M	0M	-1M	135M	12M	22M
Return on Stock-Based Compensation	-9,565.43%	-5,321.07%	788.37%	1,165.38%	603.70%	0.00%	-29,300.00%	165.93%	1,925.00%	1,118.18%
Change in Working Capital	-48M	5M	-28M	25M	-17M	-18M	-108M	101M	66M	-54M
Return on Change in Working Capital	-1,211.13%	-612.32%	-1,210.71%	1,212.00%	-1,917.65%	-1,444.44%	-271.30%	221.78%	350.00%	-455.56%
Accounts Receivable	-12M	-10M	8M	-27M	-28M	6M	-15M	-1M	-10M	-76M
Return on Accounts Receivable	405.24%	-4,698.86%	4,237.50%	-1,122.22%	-1,164.29%	4,333.33%	-1,953.33%	-22,400.00%	-2,310.00%	-323.68%
Inventory	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%
Accounts Payable	-1M	7M	9M	1M	13M	1M	-18M	30M	8M	0M
Return on Accounts Payable	8,959.97%	6,102.82%	3,766.67%	30,300.00%	2,507.69%	26,000.00%	-1,627.78%	746.67%	2,887.50%	0.00%
Other Working Capital	-34M	8M	-45M	51M	-2M	-25M	-75M	72M	68M	22M
Return on Other Working Capital	-5,910.22%	-3,415.97%	-753.33%	594.12%	-16,300.00%	-1,040.00%	-390.67%	311.11%	339.71%	1,118.18%
Other Non-Cash Items	31M	2M	18M	-9M	-11M	60M	43M	-111M	31M	76M
Return on Other Non-Cash Items	-616.30%	-261.11%	1,883.33%	-3,366.67%	-2,963.64%	433.33%	681.40%	-201.80%	745.16%	323.68%
Net Cash from Operating Activities	454M	454M	586M	520M	524M	467M	372M	421M	487M	386M
Return on Net Cash from Operating Activities	65.55%	59.46%	57.85%	58.27%	62.21%	55.67%	78.76%	53.21%	47.43%	63.73%
Capital Expenditures (PPE)	-205M	-168M	-197M	-238M	-237M	-215M	-164M	-107M	-119M	-149M
Return on Capital Expenditures (PPE)	-145.71%	-168.12%	-172.08%	-127.31%	-137.55%	-120.93%	-178.66%	-209.35%	-194.12%	-165.10%
Acquisitions (Net)	-36M	-30M	-2M	-26M	-26M	-18M	-65M	-39M	0M	-38M
Return on Acquisitions (Net)	-1,049.69%	-744.68%	-16,950.00%	-1,165.38%	-1,253.85%	-1,444.44%	-450.77%	-574.36%	0.00%	-647.37%
Purchases of Investments	-35M	-81M	-58M	0M	0M	-95M	-10M	-47M	-253M	0M
Return on Purchases of Investments	-1,067.89%	-754.32%	-584.48%	0.00%	0.00%	-273.68%	-2,930.00%	-476.60%	-91.30%	0.00%
Sales / Maturities of Investments	48M	109M	15M	0M	0M	144M	1M	371M	28M	0M
Return on Sales / Maturities of Investments	9,826.85%	6,073.19%	2,260.00%	0.00%	0.00%	180.56%	29,300.00%	60.38%	825.00%	0.00%
Other Investing Activities	13M	8M	0M	32M	29M	9M	0M	0M	0M	23M
Return on Other Investing Activities	1,337.68%	802.61%	0.00%	946.88%	1,124.14%	2,888.89%	0.00%	0.00%	0.00%	1,069.57%
Net Cash from Investing Activities	-216M	-163M	-242M	-232M	-234M	-175M	-238M	178M	-344M	-164M
Return on Net Cash from Investing Activities	-137.00%	-70.46%	-140.08%	-130.60%	-139.32%	-148.57%	-123.11%	125.84%	-67.15%	-150.00%
Net Debt Issuance	248M	149M	-255M	300M	-165M	410M	500M	0M	0M	0M
Return on Net Debt Issuance	-25.19%	-15.11%	-132.94%	101.00%	-197.58%	63.41%	58.60%	0.00%	0.00%	0.00%
Long-Term Debt Issuance	248M	149M	-255M	300M	-165M	410M	500M	0M	0M	0M
Return on Long-Term Debt Issuance	-25.19%	-15.11%	-132.94%	101.00%	-197.58%	63.41%	58.60%	0.00%	0.00%	0.00%
Short-Term Debt Issuance	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Short-Term Debt Issuance	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Net Stock Issuance	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock Issuance	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Common Stock Issuance	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock Repurchased	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Common Stock Repurchased	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Stock Issuance	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Preferred Stock Issuance	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Dividends Paid	-793M	-518M	-103M	-695M	-100M	-680M	-1,600M	-200M	-9M	-7M
Return on Net Dividends Paid	-127.52%	-612.24%	-329.13%	-43.60%	-326.00%	-38.24%	-18.31%	-112.00%	-2,566.67%	-3,514.29%
Common Dividends Paid	-793M	-518M	-103M	-695M	-100M	-680M	-1,600M	-200M	-9M	-7M
Return on Common Dividends Paid	-127.52%	-612.24%	-329.13%	-43.60%	-326.00%	-38.24%	-18.31%	-112.00%	-2,566.67%	-3,514.29%
Preferred Dividends Paid	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%
Other Financing Activities	-20M	-20M	-38M	-26M	-19M	-24M	-16M	-28M	-11M	-15M
Return on Other Financing Activities	-1,543.46%	-1,506.07%	-892.11%	-1,165.38%	-1,715.79%	-1,083.33%	-1,831.25%	-800.00%	-2,100.00%	-1,640.00%
Net Cash from Financing Activities	-565M	-388M	-396M	-421M	-284M	-294M	-1,116M	-228M	-20M	-22M
Return on Net Cash from Financing Activities	-76.49%	-296.54%	-85.61%	-71.97%	-114.79%	-88.44%	-26.25%	-98.25%	-1,155.00%	-1,118.18%
Effect of FX on Cash	-17M	-12M	-20M	3M	-23M	-5M	-24M	-14M	4M	-9M
Return on Effect of FX on Cash	-2,612.74%	-732.64%	-1,695.00%	10,100.00%	-1,417.39%	-5,200.00%	-1,220.83%	-1,600.00%	5,775.00%	-2,733.33%
Net Change in Cash	-343M	-109M	-72M	-130M	-17M	-7M	-1,006M	357M	127M	191M
Return on Net Change in Cash	-1,887.02%	-1,083.28%	-470.83%	-233.08%	-1,917.65%	-3,714.29%	-29.13%	62.75%	181.89%	128.80%
Cash at Beginning of Period	655M	756M	1,164M	1,411M	315M	322M	1,328M	971M	844M	653M
Return on Cash at Beginning of Period	68.77%	51.35%	29.12%	21.47%	103.49%	80.75%	22.06%	23.07%	27.37%	37.67%
Cash at End of Period	312M	647M	1,092M	1,281M	298M	315M	322M	1,328M	971M	844M
Return on Cash at End of Period	94.31%	64.72%	31.04%	23.65%	109.40%	82.54%	90.99%	16.87%	23.79%	29.15%
Operating Cash Flow	454M	454M	586M	520M	524M	467M	372M	421M	487M	386M
Return on Operating Cash Flow	65.55%	59.46%	57.85%	58.27%	62.21%	55.67%	78.76%	53.21%	47.43%	63.73%
Capital Expenditure	-205M	-168M	-197M	-238M	-237M	-215M	-164M	-107M	-119M	-149M
Return on Capital Expenditure	-145.71%	-168.12%	-172.08%	-127.31%	-137.55%	-120.93%	-178.66%	-209.35%	-194.12%	-165.10%
Free Cash Flow	249M	286M	389M	282M	287M	252M	208M	314M	368M	237M
Return on Free Cash Flow	119.21%	98.35%	87.15%	107.45%	113.59%	103.17%	140.87%	71.34%	62.77%	103.80%

Free Cash Flow Returns

Metric	3Y Avg	5Y Avg	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
Net Income	293M	267M	359M	318M	326M	260M	293M	224M	231M	246M
EBITDA	571M	522M	686M	624M	642M	535M	535M	417M	481M	408M
Return on EBITDA	51.38%	51.18%	52.33%	50.96%	50.78%	48.60%	54.77%	53.72%	48.02%	60.29%
(-) Tax Adjustment	107M	101M	147M	124M	108M	108M	103M	55M	130M	79M
Return on (-) Tax Adjustment	274.90%	282.25%	244.04%	256.08%	301.05%	240.21%	283.45%	408.85%	177.69%	310.22%
(-) Change In Working Capital	-48M	5M	-28M	25M	-17M	-18M	-108M	101M	66M	-54M
Return on (-) Change In Working Capital	-1,211.13%	-612.32%	-1,282.14%	1,272.00%	-1,917.65%	-1,444.44%	-271.30%	221.78%	350.00%	-455.56%
(-) Capital Expenditure	-205M	-168M	-197M	-238M	-237M	-215M	-164M	-107M	-119M	-149M
Return on (-) Capital Expenditure	-145.71%	-168.12%	-182.23%	-133.61%	-137.55%	-120.93%	-178.66%	-209.35%	-194.12%	-165.10%
Unlevered Free Cash Flow	306M	248M	370M	237M	314M	230M	376M	154M	166M	234M
Return on Unlevered Free Cash Flow	98.36%	115.90%	97.06%	134.28%	103.92%	113.16%	78.00%	145.25%	139.16%	105.26%
(-) Net Interest Income After Taxes	-25M	-15M	-33M	-42M	-42M	-18M	-14M	-1M	-1M	1M
Return on (-) Net Interest Income After Taxes	-1,440.78%	-12,353.23%	-1,088.10%	-763.47%	-768.91%	-1,417.14%	-2,136.28%	-25,788.24%	-31,655.56%	30,534.63%
Net Debt Issuance	248M	149M	-255M	300M	-165M	410M	500M	0M	0M	0M
Return on Net Debt Issuance	-25.19%	-15.11%	-140.78%	106.00%	-197.58%	63.41%	58.60%	0.00%	0.00%	0.00%
Levered Free Cash Flow	580M	412M	148M	578M	191M	658M	889M	155M	167M	233M
Return on Levered Free Cash Flow	81.01%	105.21%	242.75%	54.97%	170.58%	39.51%	32.95%	144.44%	138.55%	105.63%