Bentley Systems, Incorporated (BSY)

Category: Company Returns Sector: Technology Industry: Software - Application Live Price: $39.14

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	2018-12-31
Net Income	245M	191M	269M	364M	235M	327M	175M	93M	127M	103M	142M
Revenue	1,227M	1,089M	1,460M	1,314M	1,353M	1,228M	1,099M	965M	802M	737M	692M
Return on Revenue	19.95%	17.06%	18.45%	27.72%	17.35%	26.60%	15.90%	9.66%	15.78%	14.00%	20.55%
Cost of Revenue	271M	239M	275M	258M	258M	318M	237M	217M	167M	144M	131M
Return on Cost of Revenue	89.18%	77.25%	98.10%	141.38%	91.08%	102.71%	73.74%	43.04%	75.69%	71.52%	108.21%
Gross Profit	956M	850M	1,185M	1,056M	1,095M	910M	862M	749M	634M	593M	560M
Return on Gross Profit	25.87%	22.00%	22.72%	34.49%	21.44%	35.90%	20.27%	12.45%	19.94%	17.40%	25.36%
R&D Expenses	271M	244M	304M	275M	281M	275M	258M	221M	186M	184M	175M
Return on R&D Expenses	90.09%	76.13%	88.68%	132.28%	83.48%	119.00%	67.78%	42.18%	68.20%	56.17%	81.19%
SG&A Expenses	417M	383M	503M	468M	478M	419M	354M	407M	257M	253M	250M
Return on SG&A Expenses	58.83%	49.71%	53.50%	77.89%	49.13%	78.06%	49.31%	22.87%	49.18%	40.77%	56.85%
Operating Expenses	709M	653M	840M	778M	793M	680M	653M	654M	484M	451M	439M
Return on Operating Expenses	34.81%	28.96%	32.06%	46.84%	29.60%	48.08%	26.75%	14.25%	26.13%	22.88%	32.37%
Operating Income (EBIT)	247M	197M	346M	279M	302M	231M	209M	95M	150M	142M	121M
Return on Operating Income (EBIT)	101.08%	97.20%	77.94%	130.80%	77.71%	141.75%	83.78%	98.52%	84.26%	72.67%	117.07%
Interest Income	2M	1M	2M	2M	3M	2M	0M	0M	0M	2M	1M
Return on Interest Income	23,787.74%	26,154.06%	11,259.03%	15,065.30%	8,600.26%	21,247.53%	41,515.44%	30,454.90%	28,952.17%	6,729.50%	16,877.91%
Interest Expense	34M	24M	16M	28M	25M	41M	35M	12M	8M	10M	10M
Return on Interest Expense	745.65%	928.86%	1,651.54%	1,306.74%	947.72%	790.66%	498.57%	808.47%	1,598.90%	1,059.46%	1,479.25%
Net Interest Income	-32M	-23M	-14M	-25M	-22M	-40M	-35M	-11M	-7M	-8M	-9M
Return on Net Interest Income	-796.98%	-982.76%	-1,935.44%	-1,430.85%	-1,065.08%	-821.22%	-504.63%	-830.51%	-1,692.36%	-1,257.42%	-1,621.36%
Unusual Items	55M	34M	20M	61M	31M	87M	47M	12M	-8M	23M	17M
Return on Unusual Items	501.13%	113.52%	1,325.05%	597.06%	756.52%	376.45%	370.42%	746.67%	-1,682.46%	443.81%	821.74%
EBT Excluding Unusual Items	169M	152M	319M	182M	262M	97M	149M	81M	173M	104M	96M
Return on EBT Excluding Unusual Items	181.61%	146.68%	84.48%	200.21%	89.57%	337.87%	117.40%	115.27%	73.27%	99.51%	148.70%
Pre-Tax Income	224M	186M	339M	243M	293M	184M	196M	93M	165M	127M	113M
Return on Pre-Tax Income	115.76%	104.75%	79.42%	149.93%	80.09%	178.06%	89.14%	99.85%	76.61%	81.28%	125.92%
Income Tax Expense	-21M	-6M	70M	-121M	59M	-143M	21M	-3M	39M	24M	-29M
Return on Income Tax Expense	330.96%	-276.47%	383.38%	-300.44%	399.80%	-228.14%	821.22%	-2,702.78%	327.56%	434.31%	-485.85%
Depreciation and Amortization	67M	56M	66M	67M	65M	64M	72M	45M	36M	32M	26M
Return on Depreciation and Amortization	373.88%	335.86%	405.99%	539.90%	363.40%	513.92%	244.32%	207.36%	350.31%	320.57%	543.66%
EBITDA	325M	268M	425M	339M	382M	288M	305M	152M	211M	170M	149M
Return on EBITDA	77.34%	70.63%	63.33%	107.43%	61.39%	113.29%	57.33%	61.17%	59.98%	60.64%	95.63%
NOPAT	279M	210M	274M	418M	242M	410M	186M	98M	115M	115M	153M
Return on NOPAT	90.26%	95.15%	98.31%	87.25%	97.17%	79.61%	93.98%	95.01%	109.99%	89.40%	92.97%
Owner's Earnings	296M	232M	319M	418M	285M	374M	228M	128M	146M	119M	152M
Return on Owner's Earnings	82.16%	81.11%	84.38%	87.15%	82.28%	87.46%	76.73%	72.55%	86.54%	86.92%	93.61%

Balance Sheet Returns

Metric	3Y Avg	5Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31
Net Income	245M	191M	235M	327M	175M	93M	127M	103M	142M
Cash & Cash Equivalents	68M	131M	64M	68M	72M	329M	122M	121M	81M
Return on Cash & Cash Equivalents	362.77%	244.06%	366.80%	477.67%	243.82%	28.30%	103.70%	85.13%	175.05%
Short-Term Investments	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%
Cash & Short-Term Investments	68M	131M	64M	68M	72M	329M	122M	121M	81M
Return on Cash & Short-Term Investments	362.77%	244.06%	366.80%	477.67%	243.82%	28.30%	103.70%	85.13%	175.05%
Net Receivables	298M	264M	314M	294M	287M	235M	190M	205M	185M
Return on Net Receivables	82.29%	70.61%	74.66%	111.33%	60.88%	39.61%	66.58%	50.41%	77.00%
Inventory	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%
Other Current Assets	59M	52M	64M	58M	57M	51M	28M	28M	17M
Return on Other Current Assets	414.11%	374.49%	369.18%	567.25%	305.89%	181.92%	448.20%	368.78%	813.23%
Total Current Assets	426M	447M	442M	420M	416M	616M	340M	354M	283M
Return on Total Current Assets	57.67%	45.07%	53.11%	77.89%	42.03%	15.13%	37.18%	29.16%	50.18%
Property, Plant & Equipment	72M	75M	66M	79M	73M	83M	75M	30M	29M
Return on Property, Plant & Equipment	337.39%	258.93%	355.19%	415.89%	241.08%	112.77%	169.73%	347.92%	483.49%
Goodwill	2,291M	1,809M	2,367M	2,269M	2,237M	1,588M	581M	480M	446M
Return on Goodwill	10.71%	11.95%	9.92%	14.40%	7.81%	5.87%	21.77%	21.48%	31.84%
Intangible Assets	252M	209M	214M	249M	292M	246M	46M	46M	54M
Return on Intangible Assets	100.30%	123.22%	109.73%	131.35%	59.80%	37.91%	277.29%	222.61%	263.17%
Long-Term Investments	24M	17M	26M	23M	22M	6M	6M	2M	0M
Return on Long-Term Investments	1,029.30%	1,351.72%	911.30%	1,391.77%	784.82%	1,447.53%	2,223.18%	5,976.58%	0.00%
Tax Assets	155M	115M	198M	213M	53M	71M	39M	51M	81M
Return on Tax Assets	201.34%	211.43%	118.41%	153.54%	332.05%	130.56%	322.56%	201.88%	175.30%
Other Non-Current Assets	75M	63M	86M	67M	72M	49M	40M	32M	30M
Return on Other Non-Current Assets	333.07%	302.19%	271.60%	485.69%	241.91%	191.57%	320.15%	319.80%	480.19%
Other Assets	0M	0M	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%	0.00%	0.00%
Total Non-Current Assets	2,869M	2,287M	2,958M	2,900M	2,749M	2,043M	786M	641M	640M
Return on Total Non-Current Assets	8.52%	9.25%	7.94%	11.27%	6.36%	4.56%	16.10%	16.08%	22.19%
Total Assets	3,295M	2,734M	3,400M	3,320M	3,165M	2,659M	1,126M	995M	924M
Return on Total Assets	7.42%	7.40%	6.91%	9.84%	5.52%	3.50%	11.24%	10.37%	15.39%
Accounts Payable	17M	17M	16M	18M	15M	16M	16M	18M	9M
Return on Accounts Payable	1,460.83%	1,143.01%	1,424.76%	1,806.05%	1,151.69%	565.38%	767.17%	583.49%	1,658.83%
Short-Term Debt	18M	18M	12M	22M	20M	22M	17M	0M	0M
Return on Short-Term Debt	1,470.84%	1,117.75%	2,014.30%	1,509.76%	888.47%	414.52%	761.72%	0.00%	0.00%
Tax Payables	16M	14M	14M	20M	14M	14M	10M	8M	6M
Return on Tax Payables	1,513.30%	1,299.24%	1,698.65%	1,616.72%	1,224.55%	655.54%	1,300.72%	1,370.41%	2,269.80%
Deferred Revenue	258M	245M	263M	271M	241M	237M	212M	214M	296M
Return on Deferred Revenue	94.23%	76.32%	89.37%	120.72%	72.62%	39.25%	59.63%	48.19%	47.99%
Other Current Liabilities	426M	358M	510M	430M	339M	303M	211M	153M	125M
Return on Other Current Liabilities	57.91%	52.91%	46.07%	76.05%	51.62%	30.73%	60.09%	67.26%	113.90%
Total Current Liabilities	734M	652M	814M	760M	628M	594M	466M	392M	436M
Return on Total Current Liabilities	33.21%	28.50%	28.83%	42.98%	27.82%	15.69%	27.18%	26.27%	32.61%
Long-Term Debt	1,589M	1,302M	1,415M	1,549M	1,803M	1,466M	278M	234M	259M
Return on Long-Term Debt	15.79%	19.86%	16.59%	21.10%	9.69%	6.36%	45.55%	44.11%	54.92%
Capital Lease Obligations	41M	45M	39M	42M	42M	53M	48M	0M	0M
Return on Capital Lease Obligations	598.30%	446.62%	609.05%	773.08%	412.78%	176.65%	261.53%	0.00%	0.00%
Deferred Tax Liabilities	23M	29M	9M	10M	51M	65M	11M	8M	10M
Return on Deferred Tax Liabilities	2,143.37%	1,547.93%	2,726.28%	3,362.70%	341.13%	143.34%	1,166.20%	1,248.14%	1,357.33%
Other Non-Current Liabilities	99M	88M	104M	101M	92M	117M	23M	17M	21M
Return on Other Non-Current Liabilities	246.13%	272.48%	225.50%	323.88%	189.00%	79.73%	544.29%	592.40%	663.02%
Total Non-Current Liabilities	1,728M	1,432M	1,544M	1,676M	1,963M	1,656M	319M	268M	340M
Return on Total Non-Current Liabilities	14.54%	17.78%	15.20%	19.50%	8.90%	5.63%	39.68%	38.53%	41.75%
Total Liabilities	2,462M	2,084M	2,359M	2,436M	2,592M	2,250M	784M	660M	776M
Return on Total Liabilities	10.04%	10.08%	9.95%	13.42%	6.74%	4.14%	16.13%	15.62%	18.31%
Preferred Stock	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%
Common Stock	3M	3M	3M	3M	3M	3M	3M	3M	3M
Return on Common Stock	8,283.69%	6,559.60%	7,774.40%	11,028.92%	6,047.75%	3,298.83%	4,648.09%	4,046.15%	5,679.94%
Retained Earnings	-203M	-285M	-76M	-162M	-371M	-440M	-376M	-53M	-219M
Return on Retained Earnings	-186.03%	-122.59%	-309.17%	-201.81%	-47.13%	-21.20%	-33.65%	-195.74%	-65.02%
Accumulated OCI	-93M	-79M	-104M	-85M	-90M	-92M	-26M	-24M	-29M
Return on Accumulated OCI	-268.29%	-277.74%	-225.59%	-384.51%	-194.76%	-101.55%	-482.30%	-430.88%	-483.14%
Minority Interest	1M	0M	0M	1M	1M	0M	0M	0M	0M
Return on Minority Interest	82,592.30%	49,555.38%	176,531.58%	46,418.61%	24,826.70%	0.00%	0.00%	0.00%	0.00%
Total Shareholders’ Equity	832M	650M	1,041M	883M	573M	409M	342M	335M	147M
Return on Total Shareholders’ Equity	30.02%	29.98%	22.55%	37.00%	30.52%	22.77%	37.04%	30.81%	96.39%
Total Equity	833M	650M	1,041M	884M	573M	409M	342M	335M	147M
Return on Total Equity	30.00%	29.96%	22.55%	36.97%	30.48%	22.77%	37.04%	30.81%	96.39%
Total Liabilities & Equity	3,295M	2,734M	3,400M	3,320M	3,165M	2,659M	1,126M	995M	924M
Return on Total Liabilities & Equity	7.42%	7.40%	6.91%	9.84%	5.52%	3.50%	11.24%	10.37%	15.39%
Total Investments	24M	17M	26M	23M	22M	6M	6M	2M	0M
Return on Total Investments	1,029.30%	1,351.72%	911.30%	1,391.77%	784.82%	1,447.53%	2,223.18%	5,976.58%	0.00%
Net Debt	1,539M	1,190M	1,363M	1,502M	1,751M	1,159M	172M	113M	178M
Return on Net Debt	16.32%	26.08%	17.23%	21.75%	9.98%	8.04%	73.40%	91.52%	80.03%

Capital Returns

Metric	3Y Avg	5Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31
Net Income	245M	191M	235M	327M	175M	93M	127M	103M	142M
Working Capital	-309M	-206M	-372M	-341M	-212M	22M	-125M	-39M	-153M
Return on Working Capital	-80.41%	16.45%	-63.07%	-95.89%	-82.26%	424.43%	-100.98%	-265.34%	-93.18%
Total Capital	2,439M	1,970M	2,468M	2,454M	2,396M	1,898M	636M	568M	406M
Return on Total Capital	10.04%	10.99%	9.51%	13.32%	7.30%	4.91%	19.89%	18.14%	34.99%
Capital Employed	2,561M	2,081M	2,585M	2,559M	2,537M	2,065M	660M	602M	488M
Return on Capital Employed	9.58%	10.48%	9.08%	12.77%	6.89%	4.51%	19.16%	17.12%	29.13%
Invested Capital	2,371M	1,839M	2,404M	2,386M	2,324M	1,569M	514M	447M	325M
Return on Invested Capital	10.33%	12.31%	9.77%	13.70%	7.52%	5.94%	24.62%	23.05%	43.73%

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	2018-12-31
Net Income	245M	191M	269M	364M	235M	327M	175M	93M	127M	103M	142M
Depreciation & Amortization	69M	59M	68M	68M	65M	72M	72M	53M	36M	32M	29M
Return on Depreciation & Amortization	354.16%	317.86%	394.72%	533.36%	363.40%	454.75%	244.32%	176.52%	350.31%	320.57%	486.68%
Deferred Income Tax	-64M	-39M	29M	-177M	13M	-199M	-5M	-20M	16M	1M	-60M
Return on Deferred Income Tax	-568.77%	-279.90%	933.37%	-205.59%	1,867.69%	-164.32%	-3,409.68%	-471.98%	778.78%	14,084.15%	-236.62%
Stock-Based Compensation	74M	61M	79M	75M	74M	73M	75M	49M	32M	8M	8M
Return on Stock-Based Compensation	331.91%	315.94%	340.12%	487.42%	315.50%	447.83%	232.40%	190.01%	393.97%	1,274.21%	1,802.99%
Change in Working Capital	35M	57M	12M	21M	23M	97M	-15M	111M	71M	14M	36M
Return on Change in Working Capital	72.90%	96.20%	2,305.99%	1,730.71%	1,041.46%	335.34%	-1,158.10%	83.84%	178.46%	712.09%	395.32%
Accounts Receivable	-33M	-24M	-26M	-27M	-32M	-5M	-61M	-36M	12M	-21M	-42M
Return on Accounts Receivable	-2,442.56%	-1,313.75%	-1,042.28%	-1,366.54%	-732.24%	-6,308.63%	-286.82%	-262.37%	1,021.32%	-487.41%	-340.09%
Inventory	0M	3M	0M	0M	0M	0M	0M	14M	0M	-6M	19M
Return on Inventory	0.00%	130.70%	0.00%	0.00%	0.00%	0.00%	0.00%	653.52%	0.00%	-1,723.44%	738.63%
Accounts Payable	58M	55M	2M	-14M	75M	69M	29M	50M	51M	42M	37M
Return on Accounts Payable	462.55%	364.18%	16,696.59%	-2,548.65%	313.25%	475.44%	598.95%	186.10%	247.18%	246.17%	381.52%
Other Working Capital	10M	24M	36M	62M	-20M	34M	17M	82M	7M	0M	21M
Return on Other Working Capital	286.27%	539.99%	750.08%	587.57%	-1,154.03%	964.06%	1,048.78%	113.19%	1,727.96%	-38,468.66%	668.86%
Other Non-Cash Items	15M	5M	21M	90M	27M	47M	-27M	2M	-24M	12M	6M
Return on Other Non-Cash Items	311.21%	1,253.74%	1,258.90%	406.64%	878.73%	702.71%	-647.79%	5,872.21%	-537.18%	843.94%	2,226.76%
Net Cash from Operating Activities	375M	335M	479M	441M	435M	417M	274M	288M	258M	171M	161M
Return on Net Cash from Operating Activities	65.36%	55.48%	56.28%	82.66%	53.94%	78.42%	63.71%	32.36%	48.97%	60.37%	88.01%
Capital Expenditures (PPE)	-19M	-18M	-18M	-15M	-14M	-25M	-19M	-18M	-16M	-17M	-19M
Return on Capital Expenditures (PPE)	-1,307.00%	-1,044.32%	-1,465.03%	-2,495.92%	-1,671.56%	-1,307.04%	-942.41%	-531.34%	-769.26%	-619.60%	-729.04%
Acquisitions (Net)	-300M	-405M	-2M	-132M	-130M	-26M	-743M	-1,035M	-93M	-37M	-135M
Return on Acquisitions (Net)	-486.44%	-320.87%	-16,492.10%	-276.62%	-180.04%	-1,255.76%	-23.52%	-9.00%	-136.00%	-278.23%	-105.06%
Purchases of Investments	-8M	-6M	-2M	-1M	-1M	-12M	-11M	-4M	0M	-3M	0M
Return on Purchases of Investments	-6,924.56%	-4,611.45%	-17,197.70%	-34,463.48%	-16,361.46%	-2,816.64%	-1,595.58%	-2,283.56%	0.00%	-3,436.53%	0.00%
Sales / Maturities of Investments	4M	3M	0M	0M	0M	2M	11M	4M	0M	40M	0M
Return on Sales / Maturities of Investments	5,662.76%	3,854.37%	0.00%	0.00%	0.00%	15,392.70%	1,595.58%	2,283.56%	0.00%	257.39%	0.00%
Other Investing Activities	-2M	-4M	0M	2M	3M	0M	-9M	-4M	-8M	-37M	-1M
Return on Other Investing Activities	2,306.48%	604.99%	121,862.44%	15,178.29%	8,957.92%	0.00%	-2,038.49%	-2,283.56%	-1,610.91%	-278.23%	-16,204.33%
Net Cash from Investing Activities	-325M	-430M	-21M	-145M	-143M	-61M	-770M	-1,057M	-117M	-54M	-155M
Return on Net Cash from Investing Activities	-242.23%	-168.67%	-1,260.78%	-251.33%	-163.88%	-540.11%	-22.69%	-8.82%	-107.83%	-192.01%	-91.83%
Net Debt Issuance	-22M	225M	-177M	-177M	-147M	-259M	339M	1,181M	12M	-25M	-11M
Return on Net Debt Issuance	-78.27%	168.73%	-151.73%	-205.81%	-160.03%	-126.38%	51.62%	7.89%	1,070.58%	-412.38%	-1,263.22%
Long-Term Debt Issuance	-21M	-60M	-177M	-177M	-147M	-254M	339M	-252M	12M	-25M	-11M
Return on Long-Term Debt Issuance	-79.10%	159.25%	-151.73%	-205.81%	-160.03%	-128.87%	51.62%	-37.03%	1,070.58%	-412.38%	-1,263.22%
Short-Term Debt Issuance	-2M	286M	0M	0M	0M	-5M	0M	1,433M	0M	0M	0M
Return on Short-Term Debt Issuance	-2,178.58%	-1,305.85%	0.00%	0.00%	0.00%	-6,535.74%	0.00%	6.50%	0.00%	0.00%	0.00%
Net Stock Issuance	-69M	-67M	-113M	-58M	-77M	-59M	-72M	-111M	-16M	-20M	-30M
Return on Net Stock Issuance	-367.77%	-390.82%	-237.69%	-624.00%	-305.46%	-554.47%	-243.39%	-83.89%	-766.89%	-524.50%	-470.09%
Common Stock Issuance	0M	15M	-15M	0M	0M	0M	0M	9M	67M	5M	16M
Return on Common Stock Issuance	0.00%	234.71%	-1,755.30%	0.00%	0.00%	0.00%	0.00%	986.05%	187.50%	2,285.94%	876.15%
Common Stock Repurchased	-69M	-82M	-98M	-58M	-77M	-59M	-72M	-121M	-84M	-24M	-46M
Return on Common Stock Repurchased	-367.77%	-266.26%	-274.92%	-624.00%	-305.46%	-554.47%	-243.39%	-77.31%	-150.67%	-426.62%	-305.94%
Preferred Stock Issuance	0M	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%	0.00%
Net Dividends Paid	-55M	-124M	-82M	-69M	-72M	-59M	-34M	-33M	-423M	-25M	-20M
Return on Net Dividends Paid	-462.82%	-339.49%	-328.89%	-529.87%	-325.57%	-556.18%	-506.71%	-279.05%	-29.94%	-412.57%	-708.47%
Common Dividends Paid	-55M	-124M	-82M	-69M	-72M	-59M	-34M	-33M	-423M	-25M	-20M
Return on Common Dividends Paid	-462.82%	-339.49%	-328.89%	-529.87%	-325.57%	-556.18%	-506.71%	-279.05%	-29.94%	-412.57%	-708.47%
Preferred Dividends Paid	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%
Other Financing Activities	11M	54M	5M	12M	6M	17M	11M	-54M	291M	-7M	3M
Return on Other Financing Activities	2,516.19%	1,484.01%	5,551.76%	3,074.60%	4,019.64%	1,901.25%	1,627.68%	-172.03%	43.51%	-1,392.62%	5,184.68%
Net Cash from Financing Activities	-135M	88M	-368M	-292M	-290M	-359M	243M	983M	-137M	-77M	-59M
Return on Net Cash from Financing Activities	-33.37%	-36.66%	-73.22%	-124.64%	-81.00%	-91.01%	71.92%	9.48%	-92.68%	-133.81%	-241.69%
Effect of FX on Cash	-4M	-4M	4M	2M	-7M	0M	-5M	-7M	-4M	0M	-1M
Return on Effect of FX on Cash	-30,313.15%	-19,171.90%	6,856.31%	21,290.41%	-3,569.28%	-83,791.54%	-3,578.62%	-1,396.76%	-3,523.28%	-90,435.09%	-11,912.15%
Net Change in Cash	-88M	-11M	93M	5M	-4M	-3M	-258M	207M	1M	40M	-53M
Return on Net Change in Cash	-5,129.22%	-272.50%	288.85%	6,989.24%	-5,332.43%	-9,987.38%	-67.84%	44.95%	13,980.22%	258.27%	-266.71%
Cash at Beginning of Period	156M	143M	309M	328M	68M	72M	329M	122M	121M	81M	134M
Return on Cash at Beginning of Period	284.05%	206.60%	87.03%	110.97%	343.20%	455.87%	53.07%	76.38%	104.48%	126.99%	105.69%
Cash at End of Period	68M	131M	403M	333M	64M	68M	72M	329M	122M	121M	81M
Return on Cash at End of Period	362.77%	244.06%	66.88%	109.24%	366.80%	477.67%	243.82%	28.30%	103.70%	85.13%	175.05%
Operating Cash Flow	375M	335M	479M	441M	435M	417M	274M	288M	258M	171M	161M
Return on Operating Cash Flow	65.36%	55.48%	56.28%	82.66%	53.94%	78.42%	63.71%	32.36%	48.97%	60.37%	88.01%
Capital Expenditure	-19M	-18M	-18M	-15M	-14M	-25M	-19M	-18M	-16M	-17M	-19M
Return on Capital Expenditure	-1,307.00%	-1,044.32%	-1,465.03%	-2,495.92%	-1,671.56%	-1,307.04%	-942.41%	-531.34%	-769.26%	-619.60%	-729.04%
Free Cash Flow	356M	316M	460M	426M	421M	392M	256M	270M	242M	154M	142M
Return on Free Cash Flow	69.17%	58.85%	58.53%	85.49%	55.74%	83.43%	68.33%	34.45%	52.30%	66.89%	100.10%

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	2018-12-31
Net Income	245M	191M	269M	364M	234M	327M	175M	93M	127M	103M	142M
EBITDA	325M	268M	425M	339M	382M	288M	305M	152M	211M	170M	149M
Return on EBITDA	77.31%	70.61%	63.22%	107.42%	61.30%	113.29%	57.33%	61.17%	59.98%	60.64%	95.63%
(-) Tax Adjustment	-38M	-14M	88M	-169M	77M	-225M	33M	-6M	49M	32M	-39M
Return on (-) Tax Adjustment	229.66%	-142.08%	305.17%	-215.25%	306.01%	-145.16%	528.13%	-1,655.83%	256.43%	324.03%	-368.98%
(-) Change In Working Capital	35M	57M	12M	21M	23M	97M	-15M	111M	71M	14M	36M
Return on (-) Change In Working Capital	72.38%	95.89%	2,301.88%	1,730.51%	1,039.89%	335.34%	-1,158.10%	83.84%	178.46%	712.09%	395.32%
(-) Capital Expenditure	-19M	-18M	-18M	-15M	-14M	-25M	-19M	-18M	-16M	-17M	-19M
Return on (-) Capital Expenditure	-1,306.16%	-1,043.82%	-1,462.42%	-2,495.63%	-1,669.04%	-1,307.04%	-942.41%	-531.34%	-769.26%	-619.60%	-729.04%
Unlevered Free Cash Flow	310M	206M	307M	473M	269M	391M	268M	29M	74M	107M	132M
Return on Unlevered Free Cash Flow	78.59%	144.89%	87.54%	77.06%	87.07%	83.55%	65.14%	318.32%	170.35%	96.29%	107.92%
(-) Net Interest Income After Taxes	-40M	-27M	-11M	-38M	-18M	-71M	-31M	-12M	-6M	-7M	-11M
Return on (-) Net Interest Income After Taxes	-785.73%	-1,073.43%	-2,436.77%	-954.39%	-1,329.88%	-461.23%	-566.08%	-800.92%	-2,209.02%	-1,546.94%	-1,287.64%
Net Debt Issuance	-22M	225M	-177M	-177M	-147M	-259M	339M	1,181M	12M	-25M	-11M
Return on Net Debt Issuance	-78.18%	168.78%	-151.46%	-205.79%	-159.79%	-126.38%	51.62%	7.89%	1,070.58%	-412.38%	-1,263.22%
Levered Free Cash Flow	327M	459M	141M	334M	140M	203M	638M	1,222M	92M	89M	131M
Return on Levered Free Cash Flow	118.44%	100.15%	191.15%	109.11%	167.27%	160.66%	27.40%	7.63%	137.79%	116.19%	108.10%