Choice Hotels International, Inc. (CHH)

Category: Company Returns Sector: Consumer Cyclical Industry: Travel Lodging Live Price: $107.95

Income Returns

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y 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	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31
Net Income	297M	251M	208M	177M	158M	137M	382M	253M	300M	259M	332M	289M	75M	223M	216M	115M	139M	128M	123M	113M	121M	110M	107M	98M	100M	111M	113M	88M	74M	72M	61M	14M	42M	57M	55M	27M	41M
Revenue	1,510M	1,275M	1,132M	982M	879M	771M	1,596M	1,553M	1,585M	1,544M	1,402M	1,069M	774M	1,115M	1,041M	1,007M	925M	860M	758M	724M	692M	639M	596M	564M	642M	615M	545M	477M	429M	386M	366M	341M	167M	162M	165M	101M	430M
Return on Revenue	19.78%	19.22%	17.82%	17.52%	17.65%	17.40%	23.93%	16.27%	18.91%	16.74%	23.69%	27.02%	9.74%	19.99%	20.78%	11.41%	15.07%	14.89%	16.25%	15.55%	17.45%	17.28%	18.02%	17.41%	15.62%	18.08%	20.71%	18.34%	17.34%	18.61%	16.64%	4.20%	25.34%	35.40%	33.43%	26.98%	9.51%
Cost of Revenue	799M	666M	604M	529M	471M	409M	775M	803M	841M	854M	702M	470M	463M	594M	534M	567M	526M	489M	413M	407M	388M	353M	332M	309M	340M	320M	281M	246M	224M	198M	193M	171M	0M	-6M	15M	92M	247M
Return on Cost of Revenue	37.75%	38.21%	34.21%	32.95%	33.30%	31.02%	49.30%	31.48%	35.65%	30.27%	47.32%	61.52%	16.29%	37.55%	40.50%	20.26%	26.51%	26.19%	29.85%	27.68%	31.08%	31.32%	32.32%	31.84%	29.48%	34.77%	40.11%	35.55%	33.16%	36.29%	31.51%	8.39%	0.00%	-1,003.51%	359.09%	29.58%	16.55%
Gross Profit	712M	609M	528M	453M	407M	362M	822M	750M	744M	690M	700M	600M	311M	521M	507M	440M	399M	371M	345M	318M	303M	286M	264M	256M	302M	295M	263M	231M	205M	188M	172M	171M	167M	167M	150M	9M	183M
Return on Gross Profit	41.72%	39.52%	37.85%	37.92%	37.94%	36.09%	46.51%	33.69%	40.27%	37.45%	47.45%	48.19%	24.23%	42.76%	42.67%	26.10%	34.94%	34.50%	35.66%	35.46%	39.80%	38.56%	40.75%	38.43%	33.21%	37.67%	42.81%	37.90%	36.34%	38.21%	35.28%	8.39%	25.34%	34.19%	36.87%	306.74%	22.36%
R&D Expenses	0M	0M	5M	4M	3M	3M	0M	0M	0M	0M	0M	0M	0M	10M	11M	12M	12M	10M	6M	4M	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%	772.62%	842.95%	632.21%	505.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2,297.71%	1,931.74%	981.99%	1,181.11%	1,333.64%	1,954.92%	2,963.18%	0.00%	0.00%	0.00%	0.00%	0.00%	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	201M	180M	168M	148M	135M	120M	300M	244M	220M	216M	168M	146M	149M	169M	170M	163M	149M	134M	121M	114M	102M	106M	95M	99M	119M	102M	87M	78M	70M	63M	55M	56M	58M	56M	51M	30M	55M
Return on SG&A Expenses	151.33%	140.61%	122.17%	117.21%	114.62%	108.93%	127.23%	103.55%	136.29%	119.63%	198.07%	198.43%	50.63%	132.01%	127.25%	70.32%	93.71%	95.36%	101.43%	99.15%	118.49%	103.75%	113.65%	99.01%	84.22%	109.56%	129.47%	111.90%	106.73%	114.32%	110.82%	25.55%	73.45%	102.33%	109.07%	92.54%	74.23%
Operating Expenses	272M	235M	203M	174M	174M	154M	355M	368M	280M	315M	221M	171M	189M	188M	184M	176M	160M	146M	131M	123M	110M	114M	103M	108M	467M	110M	97M	87M	80M	74M	66M	69M	69M	74M	63M	36M	85M
Return on Operating Expenses	112.95%	109.59%	102.41%	101.36%	97.55%	92.61%	107.52%	68.68%	106.87%	82.00%	149.99%	169.31%	39.78%	118.77%	117.36%	65.35%	86.87%	87.81%	94.17%	91.52%	109.64%	96.48%	104.43%	91.33%	21.45%	100.97%	116.50%	100.30%	93.40%	97.00%	91.97%	20.91%	61.15%	77.82%	87.50%	76.47%	48.17%
Operating Income (EBIT)	439M	374M	323M	278M	249M	220M	466M	382M	464M	375M	479M	429M	122M	319M	318M	264M	239M	225M	215M	194M	193M	172M	161M	148M	175M	185M	167M	144M	125M	114M	105M	74M	98M	94M	87M	-27M	98M
Return on Operating Income (EBIT)	67.65%	66.45%	62.88%	62.51%	62.50%	59.74%	81.96%	66.13%	64.61%	68.93%	69.40%	67.37%	61.96%	69.95%	67.93%	43.45%	58.34%	56.82%	57.40%	57.89%	62.49%	64.23%	66.83%	66.35%	57.40%	60.10%	67.69%	60.91%	59.48%	63.05%	58.11%	19.47%	43.28%	60.98%	63.71%	-101.87%	41.73%
Interest Income	8M	7M	6M	5M	4M	3M	7M	8M	9M	8M	7M	5M	8M	10M	7M	6M	4M	2M	2M	3M	2M	1M	3M	6M	0M	2M	0M	2M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Interest Income	3,784.34%	3,626.96%	3,725.42%	4,577.32%	5,633.70%	4,506.96%	5,842.91%	2,979.54%	3,465.94%	3,329.56%	4,557.52%	5,801.18%	980.58%	2,229.67%	2,903.31%	1,940.76%	3,942.60%	8,103.10%	6,993.75%	4,420.93%	7,836.82%	8,452.99%	3,701.03%	1,676.05%	0.00%	6,360.06%	30,648.64%	5,329.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Interest Expense	65M	58M	52M	43M	35M	31M	89M	83M	87M	64M	44M	47M	49M	47M	46M	45M	44M	43M	41M	43M	27M	13M	7M	4M	19M	11M	12M	13M	0M	5M	0M	0M	54M	0M	0M	0M	0M
Return on Interest Expense	502.54%	456.08%	409.54%	504.17%	648.44%	585.68%	431.54%	303.42%	343.92%	405.31%	758.39%	619.02%	153.76%	476.16%	471.28%	255.10%	313.57%	298.90%	296.87%	264.71%	443.88%	853.20%	1,608.40%	2,225.87%	536.12%	983.83%	964.90%	695.62%	0.00%	1,594.48%	0.00%	0.00%	78.59%	0.00%	0.00%	0.00%	0.00%
Net Interest Income	-57M	-51M	-45M	-38M	-31M	-27M	-82M	-75M	-78M	-56M	-37M	-42M	-41M	-37M	-38M	-39M	-41M	-41M	-40M	-40M	-26M	-12M	-4M	1M	-19M	-10M	-11M	-11M	0M	-5M	0M	0M	-54M	0M	0M	0M	0M
Return on Net Interest Income	-584.36%	-525.68%	-474.12%	-639.80%	-315.40%	-319.24%	-465.96%	-337.82%	-381.81%	-461.49%	-909.78%	-692.96%	-182.36%	-605.47%	-562.60%	-293.70%	-340.67%	-310.35%	-310.03%	-281.57%	-470.53%	-948.99%	-2,844.61%	6,785.22%	-536.12%	-1,163.87%	-996.26%	-800.05%	0.00%	-1,594.48%	0.00%	0.00%	-78.59%	0.00%	0.00%	0.00%	0.00%
Unusual Items	106M	105M	93M	78M	64M	56M	67M	128M	147M	94M	78M	94M	110M	86M	84M	80M	80M	83M	81M	78M	50M	25M	6M	-4M	36M	21M	23M	24M	10M	6M	9M	28M	82M	-1M	4M	-73M	26M
Return on Unusual Items	301.11%	255.76%	227.20%	329.68%	208.46%	273.91%	568.87%	198.26%	204.39%	274.75%	424.18%	306.94%	68.53%	260.60%	258.58%	144.42%	174.59%	155.02%	152.93%	145.17%	243.21%	433.96%	1,697.87%	-2,450.74%	278.60%	533.15%	497.56%	365.57%	709.67%	1,181.37%	685.03%	50.88%	51.45%	-8,171.43%	1,256.82%	-37.30%	158.53%
EBT Excluding Unusual Items	283M	215M	182M	159M	153M	134M	414M	202M	249M	243M	359M	282M	-57M	184M	190M	144M	120M	101M	93M	79M	120M	133M	152M	155M	121M	153M	133M	107M	104M	106M	87M	17M	-13M	95M	78M	120M	46M
Return on EBT Excluding Unusual Items	106.47%	57.90%	84.63%	91.68%	88.06%	68.97%	92.32%	125.09%	120.33%	106.44%	92.65%	102.34%	-132.27%	120.86%	114.12%	79.54%	115.99%	126.26%	132.11%	141.90%	100.96%	83.24%	70.74%	63.53%	82.58%	72.74%	85.05%	82.00%	71.45%	67.59%	69.99%	83.02%	-328.83%	60.08%	70.90%	22.83%	88.15%
Pre-Tax Income	390M	320M	275M	238M	217M	191M	481M	330M	396M	337M	437M	376M	53M	270M	273M	224M	200M	184M	174M	157M	169M	158M	158M	151M	157M	174M	155M	131M	115M	112M	96M	45M	70M	95M	82M	46M	72M
Return on Pre-Tax Income	76.17%	89.49%	79.98%	76.77%	74.20%	70.76%	79.43%	76.70%	75.74%	76.72%	76.04%	76.75%	142.22%	82.57%	79.18%	51.29%	69.69%	69.59%	70.88%	71.76%	71.34%	69.85%	67.91%	65.22%	63.70%	64.01%	72.64%	66.98%	64.92%	63.93%	63.50%	31.55%	61.00%	60.53%	67.11%	58.84%	56.65%
Income Tax Expense	93M	69M	67M	61M	59M	54M	99M	77M	96M	78M	105M	88M	-22M	47M	57M	109M	61M	56M	52M	44M	48M	48M	51M	52M	57M	63M	42M	43M	40M	41M	35M	31M	27M	37M	34M	19M	30M
Return on Income Tax Expense	319.71%	190.48%	237.04%	236.81%	228.07%	212.00%	386.20%	329.15%	312.22%	329.52%	317.38%	330.10%	-336.83%	473.69%	380.22%	105.31%	229.95%	228.80%	235.56%	254.08%	248.94%	231.63%	211.62%	187.56%	175.48%	177.84%	265.44%	202.80%	185.03%	177.25%	173.97%	46.08%	156.41%	153.35%	161.22%	142.93%	135.43%
Depreciation and Amortization	58M	55M	312M	211M	161M	131M	68M	72M	71M	40M	64M	50M	48M	781M	719M	652M	686M	12M	9M	9M	8M	8M	8M	8M	8M	9M	10M	9M	10M	11M	11M	12M	12M	18M	13M	6M	30M
Return on Depreciation and Amortization	531.47%	464.45%	352.81%	677.55%	799.23%	735.15%	562.81%	353.18%	422.90%	651.82%	519.69%	572.26%	155.58%	28.53%	30.11%	17.62%	20.31%	1,109.24%	1,315.11%	1,189.15%	1,467.14%	1,375.82%	1,287.95%	1,178.62%	1,224.47%	1,288.65%	1,162.15%	967.46%	747.41%	640.20%	540.79%	115.06%	350.67%	325.00%	442.40%	440.32%	137.25%
EBITDA	513M	433M	365M	309M	275M	243M	637M	485M	554M	440M	545M	474M	150M	336M	333M	322M	256M	238M	225M	209M	205M	179M	169M	156M	183M	194M	176M	153M	135M	125M	118M	92M	110M	111M	99M	-21M	128M
Return on EBITDA	57.94%	56.98%	56.02%	56.87%	57.47%	54.71%	59.94%	52.18%	54.13%	58.70%	61.00%	61.00%	50.09%	66.42%	64.87%	35.73%	54.50%	53.71%	54.83%	53.90%	58.99%	61.67%	63.54%	62.82%	54.83%	57.42%	63.96%	57.31%	55.09%	57.41%	51.75%	15.58%	38.53%	51.35%	55.63%	-132.52%	32.00%
NOPAT	334M	301M	248M	209M	184M	159M	370M	293M	351M	288M	364M	329M	173M	263M	252M	136M	166M	157M	150M	140M	138M	120M	109M	97M	111M	119M	121M	96M	81M	73M	66M	23M	60M	57M	51M	-16M	57M
Return on NOPAT	88.81%	79.55%	81.84%	83.94%	86.45%	85.74%	103.18%	86.22%	85.31%	89.85%	91.27%	87.77%	43.57%	84.71%	85.80%	84.71%	83.71%	81.66%	82.11%	80.68%	87.59%	91.97%	98.41%	101.73%	90.10%	93.89%	93.19%	90.95%	91.62%	98.62%	91.52%	61.73%	70.96%	100.75%	109.14%	-173.13%	71.74%
Owner's Earnings	249M	218M	182M	156M	142M	124M	391M	172M	225M	216M	306M	262M	84M	195M	201M	101M	123M	112M	112M	91M	113M	107M	91M	95M	96M	108M	115M	85M	77M	75M	60M	13M	38M	44M	56M	26M	-14M
Return on Owner's Earnings	120.53%	112.38%	112.49%	112.41%	109.90%	108.48%	97.77%	146.64%	133.38%	119.71%	108.51%	110.46%	89.86%	114.32%	107.74%	113.34%	113.03%	114.51%	110.38%	124.36%	106.36%	102.70%	117.53%	102.93%	104.62%	103.08%	98.26%	102.88%	96.01%	96.32%	101.64%	108.15%	111.82%	129.41%	99.64%	104.20%	-292.14%

Balance Sheet Returns

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y 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	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31
Net Income	297M	251M	208M	177M	158M	137M	300M	259M	332M	289M	75M	223M	216M	115M	139M	128M	123M	113M	121M	110M	107M	98M	100M	111M	113M	88M	74M	72M	61M	14M	42M	57M	55M	27M	41M
Cash & Cash Equivalents	36M	171M	155M	151M	124M	103M	40M	27M	42M	512M	235M	34M	27M	235M	202M	193M	215M	168M	134M	107M	91M	68M	53M	46M	36M	17M	28M	20M	12M	17M	20M	12M	2M	10M	6M
Return on Cash & Cash Equivalents	837.06%	519.96%	425.58%	312.73%	304.91%	300.99%	745.86%	966.24%	799.10%	56.48%	32.11%	660.07%	812.08%	48.82%	68.84%	66.19%	57.32%	67.11%	89.95%	103.12%	117.73%	144.76%	190.23%	239.99%	314.69%	517.49%	269.82%	358.76%	497.62%	84.92%	215.45%	480.67%	3,252.94%	265.05%	670.49%
Short-Term Investments	0M	0M	0M	1M	1M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	3M	12M	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%	2,168.34%	1,626.26%	1,301.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	28,150.25%	3,462.05%	912.82%	0.00%	0.00%	0.00%	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	36M	171M	155M	152M	125M	104M	40M	27M	42M	512M	235M	34M	27M	235M	202M	193M	215M	168M	138M	119M	91M	68M	53M	46M	36M	17M	28M	20M	12M	17M	20M	12M	2M	10M	6M
Return on Cash & Short-Term Investments	837.06%	519.96%	425.58%	311.87%	304.26%	300.47%	745.86%	966.24%	799.10%	56.48%	32.11%	660.07%	812.08%	48.82%	68.84%	66.19%	57.32%	66.95%	87.67%	92.65%	117.73%	144.76%	190.23%	239.99%	314.69%	517.49%	269.82%	358.76%	497.62%	84.92%	215.45%	480.67%	3,252.94%	265.05%	670.49%
Net Receivables	242M	225M	176M	143M	118M	101M	258M	196M	274M	220M	178M	178M	138M	126M	107M	89M	92M	82M	97M	68M	48M	42M	43M	43M	42M	37M	35M	34M	32M	26M	32M	30M	28M	53M	32M
Return on Net Receivables	123.20%	108.64%	118.95%	131.52%	160.37%	160.37%	116.33%	131.96%	121.29%	131.28%	42.32%	125.14%	156.76%	91.28%	129.85%	143.29%	134.34%	136.68%	124.92%	161.85%	225.54%	234.50%	232.29%	261.56%	270.51%	235.67%	214.80%	213.73%	187.49%	54.87%	131.06%	190.67%	196.80%	51.12%	126.23%
Inventory	0M	0M	3M	2M	3M	3M	0M	0M	0M	0M	0M	0M	25M	0M	0M	0M	0M	0M	0M	0M	0M	8M	8M	12M	9M	3M	2M	2M	0M	0M	0M	0M	0M	0M	1M
Return on Inventory	0.00%	0.00%	85.14%	1,726.39%	1,690.83%	1,631.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	851.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	25,044.52%	1,231.20%	1,218.67%	902.03%	1,221.43%	3,347.29%	3,301.29%	3,672.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6,816.67%
Other Current Assets	49M	40M	38M	37M	30M	25M	41M	74M	33M	30M	20M	25M	54M	39M	35M	28M	13M	56M	65M	23M	24M	10M	16M	5M	10M	6M	4M	3M	3M	0M	0M	0M	6M	3M	7M
Return on Other Current Assets	698.89%	687.79%	588.80%	541.30%	732.87%	826.49%	725.28%	349.90%	1,021.47%	964.96%	377.31%	901.35%	402.81%	292.92%	397.36%	454.65%	915.69%	199.67%	185.48%	487.77%	442.95%	971.43%	619.66%	2,377.21%	1,181.39%	1,388.16%	1,765.08%	2,422.89%	1,816.78%	0.00%	0.00%	0.00%	937.29%	802.94%	610.45%
Total Current Assets	328M	436M	372M	328M	271M	228M	339M	297M	348M	762M	433M	237M	244M	403M	345M	311M	351M	259M	233M	195M	164M	128M	120M	106M	87M	63M	69M	59M	48M	43M	52M	42M	36M	67M	46M
Return on Total Current Assets	90.34%	65.27%	61.94%	58.14%	70.29%	75.13%	88.37%	87.18%	95.47%	37.94%	17.41%	94.20%	88.75%	28.51%	40.41%	41.17%	35.05%	43.53%	51.69%	56.67%	65.68%	76.84%	83.36%	105.05%	129.52%	138.99%	108.33%	122.68%	126.69%	33.33%	81.49%	136.52%	154.90%	40.69%	89.30%
Property, Plant & Equipment	594M	518M	343M	261M	216M	185M	688M	579M	517M	432M	373M	405M	128M	103M	113M	98M	81M	76M	52M	135M	143M	134M	139M	44M	43M	46M	47M	54M	65M	70M	73M	58M	33M	37M	325M
Return on Property, Plant & Equipment	50.85%	47.93%	82.96%	101.30%	118.57%	113.32%	43.57%	44.68%	64.30%	66.91%	20.22%	54.99%	169.64%	111.92%	123.25%	130.16%	151.45%	147.79%	233.66%	81.62%	75.38%	73.32%	72.16%	253.61%	263.51%	189.20%	156.54%	132.46%	94.11%	20.33%	58.19%	98.11%	168.60%	73.78%	12.57%
Goodwill	220M	195M	154M	125M	110M	88M	220M	220M	219M	159M	159M	159M	169M	81M	79M	79M	66M	66M	66M	66M	66M	66M	66M	66M	66M	66M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Goodwill	135.14%	126.85%	138.26%	150.28%	151.46%	121.17%	136.10%	117.40%	151.91%	181.51%	47.35%	140.00%	128.02%	142.27%	176.63%	161.39%	187.14%	171.09%	183.38%	167.25%	162.69%	149.29%	152.27%	169.12%	171.37%	133.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Intangible Assets	812M	611M	366M	249M	194M	175M	884M	811M	742M	312M	304M	290M	271M	15M	16M	12M	9M	10M	13M	17M	21M	25M	28M	32M	36M	38M	93M	96M	97M	97M	102M	108M	112M	118M	119M
Return on Intangible Assets	36.84%	45.57%	312.46%	512.62%	467.24%	384.76%	33.90%	31.87%	44.75%	92.50%	24.82%	76.74%	79.78%	783.08%	885.57%	1,071.55%	1,381.96%	1,131.33%	895.77%	639.79%	515.92%	400.06%	360.95%	348.04%	317.63%	228.83%	80.18%	74.85%	62.75%	14.79%	41.68%	53.06%	49.51%	23.21%	34.46%
Long-Term Investments	112M	97M	100M	72M	61M	46M	48M	227M	62M	62M	87M	104M	128M	155M	112M	18M	18M	16M	13M	12M	23M	21M	25M	33M	32M	23M	-2M	-2M	-59M	0M	0M	0M	0M	0M	0M
Return on Long-Term Investments	425.58%	366.03%	313.68%	459.76%	441.57%	70.17%	629.51%	114.03%	533.22%	466.71%	86.67%	215.06%	168.48%	74.09%	124.65%	724.39%	702.21%	705.96%	946.19%	945.33%	459.84%	469.40%	395.15%	337.28%	352.46%	380.72%	-3,301.29%	-3,672.10%	-103.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Assets	95M	84M	58M	46M	39M	34M	108M	90M	88M	69M	68M	21M	31M	13M	53M	42M	21M	20M	15M	23M	24M	14M	20M	29M	22M	3M	2M	2M	59M	0M	0M	0M	0M	0M	0M
Return on Tax Assets	314.02%	294.86%	468.25%	503.11%	614.01%	774.29%	276.68%	288.72%	376.67%	420.96%	111.28%	1,074.27%	706.74%	861.59%	263.90%	301.71%	599.44%	555.18%	782.77%	487.08%	439.70%	694.69%	493.09%	381.10%	502.37%	2,662.36%	3,301.29%	3,672.10%	103.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Assets	181M	168M	137M	98M	70M	80M	244M	172M	126M	136M	164M	171M	168M	75M	51M	68M	24M	27M	67M	0M	-29M	-47M	-70M	19M	18M	25M	54M	58M	105M	111M	257M	257M	218M	155M	37M
Return on Other Non-Current Assets	178.69%	158.86%	166.74%	19,527.78%	14,707.46%	11,779.94%	123.05%	150.13%	262.90%	212.20%	46.00%	130.49%	128.91%	153.57%	272.31%	187.86%	504.40%	417.44%	181.37%	290,515.79%	-369.80%	-207.85%	-142.91%	600.04%	638.95%	344.27%	138.85%	122.97%	58.09%	12.92%	16.50%	22.28%	25.37%	17.66%	112.05%
Other Assets	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	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Non-Current Assets	2,015M	1,674M	1,185M	880M	713M	626M	2,191M	2,098M	1,754M	1,170M	1,154M	1,150M	895M	525M	508M	406M	296M	281M	277M	253M	248M	212M	208M	222M	216M	202M	194M	209M	266M	278M	432M	423M	363M	309M	481M
Return on Total Non-Current Assets	14.98%	15.23%	20.06%	27.52%	32.64%	30.53%	13.67%	12.32%	18.93%	24.69%	6.53%	19.38%	24.18%	21.90%	27.46%	31.53%	41.63%	40.04%	43.52%	43.65%	43.30%	46.31%	48.18%	50.04%	52.16%	43.33%	38.37%	34.43%	22.84%	5.15%	9.82%	13.53%	15.26%	8.83%	8.51%
Total Assets	2,343M	2,109M	1,557M	1,208M	985M	854M	2,531M	2,395M	2,102M	1,932M	1,587M	1,387M	1,138M	928M	852M	717M	647M	540M	511M	448M	412M	340M	328M	328M	303M	265M	262M	267M	314M	321M	484M	465M	398M	376M	526M
Return on Total Assets	12.81%	11.63%	13.98%	16.94%	20.88%	20.22%	11.84%	10.79%	15.80%	14.96%	4.75%	16.07%	19.01%	12.39%	16.35%	17.86%	19.03%	20.86%	23.63%	24.66%	26.10%	28.89%	30.53%	33.89%	37.19%	33.03%	28.33%	26.89%	19.35%	4.46%	8.77%	12.31%	13.89%	7.25%	7.77%
Accounts Payable	128M	110M	88M	73M	65M	57M	135M	131M	119M	81M	83M	73M	74M	68M	48M	64M	57M	42M	39M	38M	41M	34M	42M	55M	42M	35M	31M	30M	23M	25M	16M	21M	16M	27M	42M
Return on Accounts Payable	232.85%	229.00%	240.08%	249.80%	250.10%	242.89%	222.20%	196.91%	279.44%	355.99%	90.47%	303.45%	294.32%	169.36%	289.93%	198.71%	215.60%	270.27%	311.74%	287.57%	260.98%	290.17%	240.61%	201.31%	269.72%	253.20%	242.02%	241.64%	262.92%	57.95%	265.88%	267.29%	341.36%	103.02%	97.15%
Short-Term Debt	174M	152M	78M	54M	41M	38M	5M	504M	14M	228M	11M	18M	1M	1M	1M	2M	12M	10M	8M	1M	1M	0M	0M	0M	0M	0M	10M	24M	24M	14M	50M	45M	23M	15M	1M
Return on Short-Term Debt	2,690.04%	1,781.53%	5,878.24%	6,406.76%	11,666.44%	9,392.37%	5,583.47%	51.34%	2,435.31%	126.54%	711.00%	1,265.63%	19,722.42%	9,325.73%	11,662.85%	7,898.15%	997.33%	1,116.19%	1,472.69%	16,403.57%	17,329.19%	0.00%	0.00%	0.00%	77,251.37%	59,976.03%	732.75%	301.58%	255.69%	105.63%	84.81%	128.25%	244.69%	182.00%	6,816.67%
Tax Payables	8M	6M	6M	5M	4M	4M	10M	7M	6M	0M	7M	0M	26M	3M	1M	0M	0M	2M	0M	1M	6M	6M	1M	2M	5M	2M	1M	3M	9M	0M	0M	0M	0M	0M	0M
Return on Tax Payables	3,932.34%	48,806.66%	34,702.58%	33,911.82%	26,543.12%	21,674.14%	2,880.01%	3,717.39%	5,199.62%	231,165.60%	1,070.69%	0.00%	823.39%	4,138.80%	17,508.92%	80,521.38%	144,894.12%	4,934.31%	0.00%	9,963.54%	1,859.48%	1,557.05%	8,309.37%	6,708.92%	2,105.81%	3,504.00%	7,517.19%	2,788.63%	685.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Revenue	101M	87M	92M	84M	74M	66M	102M	108M	93M	82M	50M	72M	68M	141M	133M	72M	66M	61M	71M	69M	67M	52M	47M	49M	47M	32M	59M	45M	30M	30M	0M	0M	0M	0M	0M
Return on Deferred Revenue	296.82%	278.95%	239.09%	216.67%	219.67%	197.29%	293.46%	238.66%	358.33%	354.38%	149.90%	311.31%	319.99%	81.42%	104.62%	178.84%	185.53%	184.02%	169.61%	160.40%	159.59%	189.80%	213.20%	228.73%	239.12%	272.52%	125.50%	160.75%	204.96%	47.67%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Current Liabilities	202M	178M	143M	116M	98M	85M	210M	193M	204M	179M	105M	163M	150M	72M	80M	70M	64M	59M	58M	76M	50M	40M	45M	42M	45M	51M	36M	43M	30M	33M	28M	24M	20M	17M	19M
Return on Other Current Liabilities	146.50%	134.58%	146.97%	161.29%	178.72%	174.02%	142.72%	134.20%	162.57%	161.33%	72.08%	136.54%	144.29%	160.26%	173.37%	182.33%	191.96%	190.47%	207.82%	146.08%	213.30%	246.41%	221.66%	265.58%	248.94%	172.42%	206.92%	168.11%	204.96%	43.56%	152.58%	241.35%	280.71%	164.46%	216.40%
Total Current Liabilities	614M	533M	408M	332M	283M	244M	463M	943M	436M	570M	256M	326M	318M	294M	264M	208M	200M	174M	176M	185M	165M	132M	135M	148M	140M	120M	101M	101M	86M	71M	94M	90M	59M	58M	62M
Return on Total Current Liabilities	56.13%	49.70%	53.83%	57.18%	61.78%	60.67%	64.76%	27.42%	76.20%	50.67%	29.47%	68.39%	67.94%	39.01%	52.86%	61.55%	61.55%	64.59%	68.52%	59.81%	65.01%	74.54%	74.19%	75.45%	80.68%	72.88%	73.54%	71.26%	71.16%	20.13%	45.24%	63.77%	94.53%	46.99%	66.40%
Long-Term Debt	1,444M	1,257M	1,028M	880M	724M	633M	1,882M	1,178M	1,272M	880M	1,071M	865M	754M	725M	839M	813M	783M	783M	847M	252M	252M	278M	284M	272M	172M	274M	319M	223M	284M	268M	247M	263M	257M	268M	296M
Return on Long-Term Debt	21.33%	20.77%	20.65%	22.49%	27.31%	25.83%	15.92%	21.94%	26.12%	32.85%	7.04%	25.76%	28.71%	15.84%	16.60%	15.75%	15.72%	14.37%	14.25%	43.80%	42.71%	35.38%	35.24%	40.86%	65.43%	31.96%	23.34%	32.25%	21.42%	5.35%	17.17%	21.77%	21.55%	10.19%	13.84%
Capital Lease Obligations	105M	77M	42M	28M	21M	17M	119M	114M	82M	47M	23M	31M	0M	0M	0M	0M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Capital Lease Obligations	295.57%	363.63%	3,230.28%	2,868.11%	2,151.09%	1,720.87%	252.62%	227.32%	406.76%	608.46%	322.97%	710.50%	0.00%	0.00%	0.00%	29,774.19%	10,718.89%	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%
Deferred Tax Liabilities	0M	0M	0M	3M	2M	9M	0M	0M	0M	0M	0M	0M	0M	0M	0M	1M	0M	21M	19M	0M	0M	0M	0M	0M	0M	0M	7M	22M	59M	47M	53M	47M	27M	1M	2M
Return on Deferred Tax Liabilities	0.00%	0.00%	36,762.94%	24,586.93%	18,440.20%	14,816.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	294,597.44%	47,729.79%	25,302.17%	0.00%	538.92%	635.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1,066.03%	333.29%	103.68%	30.61%	80.05%	122.48%	207.12%	2,275.00%	2,272.22%
Other Non-Current Liabilities	103M	113M	105M	85M	76M	66M	99M	105M	106M	110M	143M	106M	140M	145M	45M	48M	93M	24M	16M	36M	53M	45M	46M	66M	54M	38M	39M	40M	59M	0M	0M	0M	0M	0M	0M
Return on Other Non-Current Liabilities	287.62%	235.51%	219.74%	271.24%	255.70%	223.52%	302.58%	246.72%	313.57%	262.10%	52.59%	209.75%	154.64%	79.05%	307.99%	268.43%	132.80%	472.95%	754.77%	307.85%	202.79%	219.59%	215.87%	169.79%	210.79%	229.47%	191.52%	178.66%	103.68%	0.00%	0.00%	-136,190.48%	-55,300.00%	-27,300.00%	-40,900.00%
Total Non-Current Liabilities	1,680M	1,495M	1,221M	1,026M	846M	741M	2,113M	1,417M	1,512M	1,096M	1,337M	1,084M	1,004M	845M	900M	905M	876M	830M	884M	289M	305M	322M	331M	338M	226M	312M	364M	285M	343M	315M	300M	309M	283M	269M	297M
Return on Total Non-Current Liabilities	18.13%	17.28%	17.18%	19.10%	22.91%	21.61%	14.18%	18.25%	21.97%	26.37%	5.64%	20.56%	21.56%	13.59%	15.48%	14.15%	14.06%	13.57%	13.66%	38.24%	35.28%	30.47%	30.29%	32.94%	49.93%	28.05%	20.40%	25.25%	17.76%	4.55%	14.14%	18.49%	19.53%	10.15%	13.76%
Total Liabilities	2,294M	2,028M	1,629M	1,358M	1,129M	985M	2,576M	2,359M	1,948M	1,666M	1,593M	1,410M	1,322M	1,140M	1,164M	1,113M	1,076M	1,004M	1,060M	473M	470M	454M	466M	485M	366M	432M	465M	385M	428M	386M	394M	399M	342M	327M	359M
Return on Total Liabilities	13.22%	12.34%	12.75%	13.85%	16.24%	15.53%	11.63%	10.96%	17.06%	17.34%	4.73%	15.80%	16.36%	10.08%	11.98%	11.50%	11.45%	11.21%	11.39%	23.33%	22.87%	21.63%	21.51%	22.93%	30.84%	20.26%	15.97%	18.64%	14.21%	3.71%	10.77%	14.33%	16.18%	8.35%	11.40%
Preferred Stock	0M	0M	123M	82M	62M	49M	0M	0M	0M	0M	0M	0M	0M	627M	608M	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%	4.13%	2.75%	2.06%	1.65%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	18.32%	22.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	1M	1M	1M	1M	1M	1M	1M	1M	1M	1M	1M	1M	1M	1M	1M	1M	1M	1M	1M	1M	1M	1M	1M	1M	1M	1M	0M	0M	0M	0M	1M	1M	0M	0M	0M
Return on Common Stock	31,206.59%	26,386.29%	21,831.69%	21,115.03%	19,904.32%	18,787.75%	31,510.52%	27,182.65%	34,926.60%	30,384.54%	7,927.13%	23,436.17%	22,750.26%	12,081.28%	14,655.21%	13,462.57%	21,493.89%	19,215.19%	20,736.60%	18,935.85%	18,027.01%	16,512.61%	16,509.23%	17,922.87%	16,985.99%	13,430.21%	23,017.03%	20,709.80%	16,400.00%	3,411.19%	8,069.39%	9,533.33%	0.00%	0.00%	0.00%
Retained Earnings	1,771M	1,523M	1,117M	916M	823M	708M	2,001M	1,756M	1,556M	1,275M	1,025M	969M	795M	674M	608M	515M	432M	342M	272M	795M	728M	664M	610M	554M	483M	407M	351M	305M	240M	179M	165M	122M	65M	9M	2M
Return on Retained Earnings	17.01%	16.21%	19.61%	22.04%	21.33%	21.22%	14.97%	14.72%	21.35%	22.66%	7.36%	23.00%	27.21%	17.05%	22.94%	24.86%	28.48%	32.96%	44.33%	13.89%	14.76%	14.79%	16.42%	20.10%	23.33%	21.49%	21.16%	23.56%	25.35%	8.00%	25.75%	47.00%	85.60%	293.55%	1,859.09%
Accumulated OCI	-6M	-5M	-6M	-6M	-5M	-5M	-6M	-6M	-5M	-5M	-5M	-5M	-5M	-5M	-9M	-9M	-7M	-6M	-4M	-7M	-7M	0M	-3M	0M	-1M	-12M	-7M	-2M	-3M	-3M	-1M	-1M	-12M	0M	0M
Return on Accumulated OCI	-5,257.08%	-4,742.25%	-3,812.14%	-3,178.60%	-212.97%	-620.24%	-4,838.77%	-4,558.40%	-6,374.05%	-6,317.38%	-1,622.62%	-4,898.42%	-3,972.73%	-2,445.05%	-1,635.43%	-1,458.52%	-1,766.75%	-1,811.18%	-2,862.59%	-1,623.23%	-1,493.90%	29,504.50%	-2,886.26%	32,167.92%	-14,609.72%	-756.89%	-1,120.67%	-4,781.30%	-1,763.59%	-446.18%	-3,134.79%	-8,171.43%	-464.71%	0.00%	0.00%
Minority Interest	0M	0M	113M	75M	56M	45M	0M	0M	0M	0M	0M	0M	0M	491M	638M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Minority Interest	0.00%	0.00%	4.52%	3.02%	2.26%	1.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	23.39%	21.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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 Shareholders’ Equity	48M	81M	-72M	-150M	-144M	-132M	-45M	36M	155M	266M	-6M	-24M	-184M	-212M	-311M	-396M	-429M	-464M	-549M	-26M	-58M	-114M	-138M	-157M	-62M	-167M	-203M	-118M	-114M	-65M	90M	66M	57M	49M	167M
Return on Total Shareholders’ Equity	93.00%	-184.59%	-211.99%	-187.45%	-163.73%	-136.02%	-661.94%	726.18%	214.76%	108.68%	-1,310.62%	-947.97%	-117.73%	-54.17%	-44.76%	-32.34%	-28.72%	-24.25%	-21.99%	-431.89%	-185.02%	-86.02%	-72.79%	-70.86%	-180.81%	-52.38%	-36.61%	-60.80%	-53.47%	-22.20%	47.11%	87.20%	97.88%	55.38%	24.43%
Total Equity	48M	81M	-77M	-153M	-147M	-134M	-45M	36M	155M	266M	-6M	-24M	-184M	-259M	-311M	-396M	-429M	-464M	-549M	-26M	-58M	-114M	-138M	-157M	-62M	-167M	-203M	-118M	-114M	-65M	90M	66M	57M	49M	167M
Return on Total Equity	93.00%	-184.59%	-211.02%	-186.80%	-163.25%	-135.64%	-661.94%	726.18%	214.76%	108.68%	-1,310.62%	-947.97%	-117.73%	-44.43%	-44.76%	-32.34%	-28.72%	-24.25%	-21.99%	-431.89%	-185.02%	-86.02%	-72.79%	-70.86%	-180.81%	-52.38%	-36.61%	-60.80%	-53.47%	-22.20%	47.11%	87.20%	97.88%	55.38%	24.43%
Total Liabilities & Equity	2,343M	2,109M	1,557M	1,208M	985M	854M	2,531M	2,395M	2,102M	1,932M	1,587M	1,387M	1,138M	928M	852M	717M	647M	540M	511M	448M	412M	340M	328M	328M	303M	265M	262M	267M	314M	321M	484M	465M	398M	376M	526M
Return on Total Liabilities & Equity	12.81%	11.63%	13.98%	16.94%	20.88%	20.22%	11.84%	10.79%	15.80%	14.96%	4.75%	16.07%	19.01%	12.39%	16.35%	17.86%	19.03%	20.86%	23.63%	24.66%	26.10%	28.89%	30.53%	33.89%	37.19%	33.03%	28.33%	26.89%	19.35%	4.46%	8.77%	12.31%	13.89%	7.25%	7.77%
Total Investments	112M	97M	100M	78M	65M	49M	48M	227M	62M	62M	87M	104M	128M	155M	112M	18M	18M	49M	44M	28M	23M	21M	25M	33M	32M	23M	-2M	-2M	-59M	0M	0M	0M	0M	0M	0M
Return on Total Investments	425.58%	366.03%	313.68%	346.63%	356.72%	2.30%	629.51%	114.03%	533.22%	466.71%	86.67%	215.06%	168.48%	74.09%	124.65%	724.39%	702.21%	231.66%	276.21%	392.73%	459.84%	469.40%	395.15%	337.28%	352.46%	380.72%	-3,301.29%	-3,672.10%	-103.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Debt	1,582M	1,238M	952M	783M	641M	567M	1,847M	1,655M	1,244M	596M	847M	849M	728M	491M	638M	621M	580M	626M	721M	146M	161M	210M	232M	226M	137M	257M	301M	227M	296M	264M	278M	295M	278M	273M	290M
Return on Net Debt	19.52%	23.18%	23.77%	29.08%	34.61%	31.59%	16.22%	15.62%	26.71%	48.45%	8.90%	26.25%	29.72%	23.39%	21.84%	20.63%	21.25%	17.99%	16.73%	75.80%	66.77%	46.82%	43.25%	49.25%	82.51%	34.05%	24.69%	31.71%	20.59%	5.42%	15.29%	19.36%	19.93%	10.02%	14.10%

Capital Returns

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y 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	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31
Net Income	297M	251M	208M	177M	158M	137M	300M	259M	332M	289M	75M	223M	216M	115M	139M	128M	123M	113M	121M	110M	107M	98M	100M	111M	113M	88M	74M	72M	61M	14M	42M	57M	55M	27M	41M
Working Capital	-286M	-98M	-36M	-4M	-11M	-16M	-124M	-646M	-88M	191M	177M	-89M	-75M	108M	81M	103M	151M	84M	57M	10M	-2M	-4M	-15M	-42M	-53M	-57M	-32M	-42M	-37M	-28M	-42M	-48M	-23M	9M	-16M
Return on Working Capital	-219.98%	-93.27%	-60.38%	-367.32%	-465.54%	-400.99%	-242.38%	-40.01%	-377.55%	151.00%	42.58%	-249.59%	-289.81%	105.95%	171.63%	124.38%	81.39%	133.56%	210.50%	1,079.03%	-6,410.56%	-2,491.13%	-674.78%	-267.78%	-213.98%	-153.23%	-229.02%	-170.00%	-162.35%	-50.82%	-101.68%	-119.67%	-242.54%	303.33%	-258.86%
Total Capital	1,666M	1,490M	1,034M	784M	620M	538M	1,842M	1,717M	1,440M	1,374M	1,076M	859M	571M	514M	529M	418M	366M	329M	306M	227M	194M	163M	147M	115M	110M	107M	126M	128M	194M	217M	387M	373M	336M	332M	464M
Return on Total Capital	18.13%	16.49%	22.55%	29.12%	42.30%	40.40%	16.27%	15.05%	23.07%	21.03%	7.00%	25.93%	37.90%	22.33%	26.33%	30.61%	33.68%	34.19%	39.38%	48.60%	55.35%	60.10%	68.30%	96.52%	102.39%	81.88%	59.17%	55.94%	31.36%	6.61%	10.96%	15.34%	16.47%	8.22%	8.82%
Capital Employed	1,729M	1,576M	1,149M	877M	702M	609M	2,068M	1,452M	1,666M	1,362M	1,331M	1,061M	820M	633M	589M	509M	447M	366M	335M	263M	246M	208M	193M	181M	164M	145M	161M	166M	229M	250M	390M	375M	340M	318M	465M
Return on Capital Employed	17.41%	15.82%	19.35%	24.90%	33.17%	31.84%	14.49%	17.80%	19.93%	21.22%	5.66%	21.01%	26.39%	18.15%	23.67%	25.15%	27.54%	30.80%	36.07%	41.96%	43.59%	47.18%	51.88%	61.54%	68.98%	60.41%	46.09%	43.18%	26.58%	5.73%	10.88%	15.25%	16.28%	8.58%	8.80%
Invested Capital	1,630M	1,319M	879M	633M	496M	435M	1,802M	1,691M	1,398M	862M	842M	826M	544M	279M	327M	225M	151M	162M	172M	120M	103M	96M	94M	69M	74M	90M	98M	108M	182M	200M	368M	361M	334M	322M	458M
Return on Invested Capital	18.56%	19.63%	30.57%	48.24%	67.17%	61.50%	16.63%	15.29%	23.75%	33.51%	8.96%	26.99%	39.76%	41.17%	42.65%	56.95%	81.70%	69.71%	70.06%	91.93%	104.47%	102.75%	106.55%	161.45%	151.77%	97.27%	75.79%	66.27%	33.47%	7.17%	11.55%	15.84%	16.56%	8.48%	8.94%

Cash Flow Returns

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y 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	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31
Net Income	297M	251M	208M	177M	158M	137M	382M	253M	300M	259M	332M	289M	75M	223M	216M	115M	139M	128M	123M	113M	121M	110M	107M	98M	100M	111M	113M	88M	74M	72M	61M	14M	42M	57M	55M	27M	41M
Depreciation & Amortization	70M	62M	42M	31M	25M	22M	66M	72M	71M	76M	64M	50M	48M	36M	34M	12M	12M	12M	9M	9M	8M	8M	8M	8M	8M	9M	10M	9M	10M	11M	11M	12M	12M	18M	13M	6M	30M
Return on Depreciation & Amortization	427.97%	402.35%	649.07%	875.06%	947.36%	853.65%	580.63%	353.18%	422.90%	341.33%	519.69%	572.26%	155.58%	617.01%	637.71%	924.25%	1,190.70%	1,109.24%	1,315.11%	1,189.15%	1,467.14%	1,375.82%	1,287.95%	1,178.62%	1,224.47%	1,288.65%	1,162.15%	967.46%	747.41%	640.20%	540.79%	115.06%	350.67%	325.00%	442.40%	440.32%	137.25%
Deferred Income Tax	-13M	-17M	-5M	-5M	-6M	-5M	-16M	-18M	-19M	-1M	-20M	-1M	-45M	10M	-4M	39M	-11M	1M	-23M	-8M	-1M	6M	-2M	6M	-8M	-8M	-17M	-13M	-15M	0M	13M	-6M	11M	10M	15M	-5M	6M
Return on Deferred Income Tax	-7,538.41%	-10,301.35%	-3,561.09%	-4,160.79%	-3,236.00%	-1,457.09%	-2,440.55%	-1,396.22%	-1,574.86%	-19,349.33%	-1,691.03%	-28,723.36%	-168.18%	2,271.95%	-6,163.96%	292.20%	-1,322.05%	20,817.72%	-537.84%	-1,403.30%	-22,349.44%	2,002.10%	-4,512.43%	1,769.31%	-1,310.12%	-1,454.72%	-655.21%	-657.49%	-499.53%	28,181.57%	472.35%	-246.72%	385.23%	560.78%	371.14%	-568.75%	649.21%
Stock-Based Compensation	44M	36M	26M	21M	19M	17M	38M	45M	43M	47M	43M	36M	10M	18M	16M	23M	15M	12M	10M	11M	12M	15M	9M	14M	11M	11M	11M	5M	4M	2M	2M	0M	36M	0M	0M	0M	0M
Return on Stock-Based Compensation	672.68%	720.95%	870.18%	924.04%	962.70%	1,088.16%	999.03%	567.05%	692.87%	552.26%	772.91%	808.70%	777.99%	1,265.27%	1,353.40%	492.26%	901.61%	1,084.53%	1,268.91%	999.03%	975.25%	760.77%	1,154.78%	713.97%	918.19%	1,045.67%	1,059.63%	1,655.92%	1,849.84%	3,228.35%	2,753.12%	0.00%	118.79%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	6M	11M	8M	13M	13M	15M	-21M	35M	17M	6M	-5M	23M	11M	-22M	-2M	58M	-8M	1M	59M	22M	15M	-3M	18M	-6M	-33M	22M	39M	45M	35M	36M	13M	42M	-1M	10M	-16M	6M	7M
Return on Change in Working Capital	-199.98%	260.01%	-119.36%	-160.72%	-174.53%	-321.21%	-1,835.10%	728.30%	1,722.61%	4,218.46%	-6,541.00%	1,243.36%	656.62%	-1,021.25%	-10,652.63%	197.78%	-1,776.33%	10,758.74%	207.97%	520.27%	780.64%	-3,320.18%	594.15%	-1,776.67%	-299.95%	517.51%	286.55%	192.82%	212.31%	201.85%	461.08%	33.73%	-5,448.65%	555.34%	-352.23%	478.95%	576.06%
Accounts Receivable	0M	0M	-4M	-4M	-3M	-2M	0M	0M	0M	0M	0M	0M	0M	0M	0M	-23M	-22M	0M	-14M	-7M	25M	-8M	-9M	-1M	1M	-3M	-3M	-2M	-1M	-1M	6M	0M	0M	0M	0M	0M	0M
Return on Accounts Receivable	0.00%	0.00%	3,079.48%	1,743.76%	611.25%	-202.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-496.81%	-635.85%	31,927.43%	-864.28%	-1,673.12%	481.32%	-1,418.06%	-1,164.17%	-12,342.96%	9,489.68%	-3,701.40%	-3,750.81%	-3,625.88%	-10,114.97%	-8,101.80%	941.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Inventory	0M	0M	-6M	-4M	-1M	-1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	-22M	-18M	-18M	-8M	-11M	-9M	7M	23M	-5M	-10M	17M	29M	0M	0M	0M	0M	0M	0M	0M	0M	0M	-2M
Return on Inventory	0.00%	0.00%	-201.05%	-259.00%	593.69%	-748.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-518.94%	-765.35%	-726.20%	-1,527.85%	-998.06%	-1,400.08%	1,584.10%	467.44%	-2,127.54%	-955.30%	659.01%	384.79%	17,797.76%	-30,594.65%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1,704.17%
Accounts Payable	0M	0M	1M	1M	1M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	12M	-14M	6M	10M	2M	0M	-2M	6M	-8M	-13M	7M	7M	2M	1M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Accounts Payable	0.00%	0.00%	187.61%	73,406.82%	55,347.99%	44,582.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	922.46%	-1,018.12%	1,971.80%	1,278.12%	4,887.20%	1,097,154.55%	-5,964.13%	1,870.49%	-1,186.74%	-762.76%	1,615.87%	1,637.44%	4,553.56%	7,601.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Working Capital	6M	11M	18M	19M	17M	18M	-21M	35M	17M	6M	-5M	23M	11M	-22M	-2M	91M	46M	12M	72M	37M	-1M	-1M	-1M	8M	-11M	1M	6M	45M	35M	36M	7M	42M	-1M	10M	-16M	0M	0M
Return on Other Working Capital	-199.98%	260.01%	-887.08%	-2,984.43%	-1,368.21%	-1,258.64%	-1,835.10%	728.30%	1,722.61%	4,218.46%	-6,541.00%	1,243.36%	656.62%	-1,021.25%	-10,652.63%	126.39%	303.16%	1,073.53%	171.31%	301.47%	-12,008.66%	-16,777.51%	-7,582.29%	1,203.60%	-924.71%	15,101.90%	1,828.58%	192.82%	212.31%	196.94%	903.94%	33.73%	-5,448.65%	555.34%	-352.23%	0.00%	0.00%
Other Non-Cash Items	-76M	-46M	-22M	-13M	-9M	-7M	-182M	-100M	-93M	-89M	-47M	-14M	15M	6M	-18M	9M	4M	7M	5M	5M	5M	0M	4M	-8M	26M	2M	-1M	-1M	-1M	-6M	-1M	3M	3M	0M	0M	0M	-1M
Return on Other Non-Cash Items	-438.50%	-582.88%	634.77%	-1,601.90%	-1,732.01%	-1,994.98%	-210.35%	-253.62%	-323.12%	-289.52%	-702.85%	-2,106.10%	507.21%	3,742.70%	-1,213.36%	1,235.54%	3,583.72%	1,913.45%	2,306.37%	2,216.56%	2,508.04%	-39,998.55%	2,591.44%	-1,204.93%	383.25%	6,558.69%	-8,329.91%	-8,018.77%	-11,508.51%	-1,263.86%	-4,523.72%	565.17%	1,496.65%	-57,200.00%	-55,300.00%	-27,300.00%	-4,090.00%
Net Cash from Operating Activities	328M	296M	256M	223M	200M	179M	268M	286M	319M	297M	367M	384M	115M	271M	243M	257M	152M	160M	184M	152M	161M	135M	145M	112M	104M	146M	154M	133M	108M	115M	99M	102M	68M	80M	44M	34M	87M
Return on Net Cash from Operating Activities	90.49%	82.46%	80.02%	78.14%	78.55%	73.62%	142.77%	88.43%	93.82%	87.17%	90.49%	75.31%	65.52%	82.38%	89.07%	44.64%	91.67%	80.08%	66.97%	74.06%	74.95%	81.87%	74.13%	87.55%	95.99%	76.16%	73.27%	65.88%	68.97%	62.23%	61.44%	14.09%	62.77%	71.95%	125.40%	81.25%	46.90%
Capital Expenditures (PPE)	-69M	-65M	-52M	-41M	-34M	-29M	-59M	-150M	0M	-116M	-90M	-78M	-40M	-64M	-49M	-26M	-28M	-28M	-21M	-32M	-15M	-11M	-24M	-11M	-13M	-12M	-8M	-12M	-7M	-8M	-12M	-14M	-17M	-31M	-12M	-7M	-85M
Return on Capital Expenditures (PPE)	-197.19%	-230.27%	-334.23%	-434.70%	-567.62%	-565.72%	-645.19%	-168.84%	0.00%	-222.32%	-369.25%	-371.09%	-188.69%	-348.02%	-437.29%	-442.68%	-501.86%	-461.12%	-587.99%	-357.19%	-781.50%	-1,010.58%	-440.91%	-882.35%	-794.63%	-930.38%	-1,463.44%	-761.17%	-1,083.90%	-847.44%	-497.38%	-105.87%	-255.85%	-186.93%	-449.59%	-373.97%	-48.29%
Acquisitions (Net)	-185M	-108M	-96M	-67M	-51M	-41M	-159M	-62M	0M	0M	-554M	13M	2M	-30M	-241M	-51M	-65M	-37M	-18M	-6M	-20M	0M	0M	0M	0M	0M	-1M	-7M	0M	-1M	0M	-14M	0M	0M	0M	0M	0M
Return on Acquisitions (Net)	-20.00%	1,201.44%	437.73%	-1,463.11%	-4,923.19%	-4,180.11%	-240.12%	-407.42%	0.00%	0.00%	-60.00%	2,261.72%	3,805.50%	-751.09%	-89.80%	-227.27%	-215.79%	-345.97%	-692.34%	-1,980.67%	-594.96%	0.00%	-23,056.01%	0.00%	-29,216.03%	-32,449.27%	-13,654.60%	-1,197.22%	0.00%	-5,934.19%	0.00%	-104.73%	0.00%	0.00%	0.00%	0.00%	0.00%
Purchases of Investments	-39M	-24M	-13M	-12M	-11M	-9M	-7M	-115M	0M	-117M	0M	-2M	-3M	-3M	-3M	-2M	-2M	-3M	-3M	-3M	-2M	-19M	-14M	-6M	-8M	-9M	-11M	-9M	-4M	-3M	0M	-4M	-4M	0M	0M	0M	0M
Return on Purchases of Investments	-73.89%	-4,022.36%	-5,166.71%	-4,583.13%	-3,752.29%	-3,231.57%	-5,574.38%	-219.00%	0.00%	-221.68%	0.00%	-16,947.62%	-2,942.51%	-7,019.78%	-7,473.40%	-4,695.26%	-8,390.79%	-3,976.06%	-4,408.02%	-4,207.81%	-7,111.79%	-569.99%	-782.30%	-1,679.77%	-1,284.43%	-1,281.38%	-1,072.63%	-980.68%	-1,788.43%	-2,688.48%	0.00%	-319.59%	-946.80%	0.00%	0.00%	0.00%	0.00%
Sales / Maturities of Investments	37M	23M	13M	10M	9M	9M	-2M	111M	108M	2M	0M	3M	2M	2M	3M	2M	2M	3M	1M	4M	11M	5M	2M	14M	8M	6M	4M	4M	0M	3M	0M	18M	18M	0M	0M	0M	0M
Return on Sales / Maturities of Investments	5,447.80%	6,092.21%	6,462.24%	5,982.39%	4,952.41%	4,065.08%	-17,509.99%	228.43%	277.09%	16,066.31%	0.00%	11,075.39%	3,042.25%	10,053.13%	7,658.58%	5,117.73%	7,293.09%	4,038.77%	12,775.93%	2,701.56%	1,075.35%	2,045.13%	6,515.52%	690.98%	1,281.63%	1,839.99%	3,025.40%	2,474.29%	0.00%	2,266.26%	0.00%	78.88%	233.69%	0.00%	0.00%	0.00%	0.00%
Other Investing Activities	-9M	-6M	-27M	-18M	-14M	-7M	28M	-9M	-193M	-34M	201M	-15M	9M	-156M	-31M	-13M	-6M	-35M	23M	8M	-32M	1M	5M	-1M	-7M	-6M	-2M	0M	-3M	37M	-2M	101M	-14M	-20M	-2M	-142M	-17M
Return on Other Investing Activities	-247.68%	-365.10%	-608.47%	522.33%	336.65%	56.61%	1,349.87%	-2,755.17%	-155.49%	-752.70%	165.17%	-1,960.49%	878.02%	-142.42%	-702.79%	-857.09%	-2,191.02%	-365.91%	537.37%	1,378.56%	-379.55%	10,128.07%	2,255.27%	-16,823.63%	-1,367.51%	-1,761.93%	-5,608.50%	24,459.50%	-2,753.52%	194.35%	-2,464.32%	14.15%	-308.20%	-287.44%	-2,910.53%	-19.17%	-246.39%
Net Cash from Investing Activities	-264M	-180M	-176M	-128M	-100M	-78M	-199M	-226M	-85M	-266M	-442M	-79M	-29M	-251M	-321M	-90M	-98M	-100M	-18M	-28M	-58M	-24M	-32M	-3M	-20M	-21M	-17M	-24M	-14M	28M	-15M	88M	-30M	-51M	-14M	-150M	-101M
Return on Net Cash from Investing Activities	-175.58%	-229.73%	-170.21%	-254.31%	-439.22%	-384.20%	-191.93%	-112.00%	-354.34%	-97.32%	-75.07%	-366.11%	-255.82%	-88.74%	-67.35%	-127.50%	-141.54%	-128.27%	-697.95%	-408.73%	-208.08%	-463.77%	-334.13%	-2,933.71%	-494.50%	-523.52%	-650.78%	-367.15%	-542.03%	258.65%	-413.85%	16.33%	-139.80%	-113.27%	-389.44%	-18.24%	-40.38%
Net Debt Issuance	239M	181M	97M	97M	71M	57M	106M	419M	205M	369M	143M	0M	191M	93M	29M	-116M	25M	29M	-10M	-62M	596M	0M	-30M	-7M	12M	100M	-102M	-55M	82M	-61M	26M	-19M	-10M	29M	11M	158M	-20M
Return on Net Debt Issuance	149.31%	97.50%	237.08%	-1,704.08%	-1,317.52%	-1,065.39%	361.36%	60.34%	146.13%	70.15%	231.65%	0.00%	39.57%	239.22%	745.18%	-99.33%	549.64%	448.56%	-1,249.34%	-182.07%	20.25%	-26,160.19%	-360.64%	-1,466.42%	835.09%	111.55%	-110.96%	-158.41%	90.68%	-117.42%	232.41%	-76.34%	-413.81%	195.89%	521.70%	17.32%	-202.48%
Long-Term Debt Issuance	283M	211M	117M	107M	78M	63M	106M	419M	205M	500M	143M	0M	209M	166M	8M	-116M	25M	29M	-10M	-62M	539M	0M	-30M	-7M	12M	100M	-102M	-55M	81M	-61M	26M	-19M	-10M	29M	11M	158M	-20M
Return on Long-Term Debt Issuance	143.16%	93.11%	406.43%	-1,591.04%	-1,232.73%	-997.52%	361.36%	60.34%	146.13%	51.70%	231.65%	0.00%	36.07%	134.61%	2,565.27%	-99.33%	549.64%	448.56%	-1,249.34%	-182.07%	22.39%	-26,160.19%	-360.64%	-1,466.42%	835.09%	111.55%	-110.96%	-158.41%	91.81%	-117.42%	232.41%	-76.34%	-413.81%	195.89%	521.70%	17.32%	-202.48%
Short-Term Debt Issuance	-44M	-30M	-2M	3M	2M	2M	0M	0M	0M	-132M	0M	0M	-18M	-72M	21M	0M	26M	159M	0M	0M	57M	0M	0M	0M	0M	0M	0M	0M	1M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Short-Term Debt Issuance	-65.53%	-120.90%	75.88%	64.70%	48.53%	333.26%	0.00%	0.00%	0.00%	-196.58%	0.00%	0.00%	-407.94%	-307.84%	1,050.27%	0.00%	540.30%	80.59%	0.00%	0.00%	211.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	7,360.89%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	-391M	-249M	-154M	-113M	-102M	-102M	-143M	-403M	-381M	-363M	-431M	-13M	-55M	-51M	-149M	-10M	-23M	-66M	-68M	-4M	-23M	-54M	-11M	-59M	-64M	-186M	7M	-35M	-140M	-74M	-115M	-174M	-19M	-48M	-49M	0M	-50M
Return on Net Stock Issuance	-75.68%	-505.01%	-508.34%	-653.55%	-442.79%	-371.54%	-266.89%	-62.78%	-78.71%	-71.26%	-77.07%	-2,162.04%	-135.95%	-440.14%	-145.52%	-1,171.54%	-606.62%	-194.52%	-181.45%	-2,839.87%	-534.34%	-205.90%	-958.27%	-166.16%	-157.24%	-59.86%	1,581.20%	-250.61%	-53.16%	-96.77%	-52.83%	-8.26%	-221.60%	-118.92%	-112.63%	-13,650.00%	-82.13%
Common Stock Issuance	1M	1M	0M	0M	2M	2M	2M	5M	0M	0M	4M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	6M	8M	14M	8M	0M	0M	12M	2M	5M	5M	0M	3M
Return on Common Stock Issuance	2,906.73%	1,744.04%	872.02%	581.35%	629.98%	641.56%	24,150.95%	5,443.88%	0.00%	0.00%	8,720.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1,936.01%	1,327.22%	616.09%	882.22%	0.00%	0.00%	116.54%	2,440.77%	1,121.57%	1,128.57%	0.00%	1,202.94%
Common Stock Repurchased	-393M	-249M	-157M	-116M	-105M	-106M	-145M	-407M	-381M	-363M	-435M	-13M	-55M	-51M	-149M	-10M	-36M	-73M	-78M	-4M	-23M	-54M	-11M	-59M	-64M	-186M	-1M	-49M	-148M	-80M	-121M	-186M	-21M	-53M	-54M	0M	-53M
Return on Common Stock Repurchased	-75.45%	-504.87%	-484.52%	-636.10%	-918.29%	-750.66%	-263.97%	-62.07%	-78.71%	-71.26%	-76.40%	-2,162.04%	-135.95%	-440.14%	-145.52%	-1,171.54%	-387.94%	-175.69%	-157.95%	-2,839.87%	-534.34%	-205.90%	-958.27%	-166.16%	-157.24%	-59.86%	-8,262.78%	-178.14%	-50.14%	-89.43%	-50.31%	-7.71%	-203.15%	-107.52%	-102.41%	-13,650.00%	-76.88%
Preferred Stock Issuance	0M	0M	2M	2M	2M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	13M	7M	10M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Preferred Stock Issuance	0.00%	0.00%	289.06%	274.02%	205.51%	164.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1,076.14%	1,814.47%	1,219.65%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Dividends Paid	-55M	-43M	-45M	-85M	-73M	-61M	-53M	-57M	-55M	-56M	-53M	-25M	-25M	-48M	-49M	-49M	-46M	-45M	-44M	-33M	-654M	-44M	-44M	-44M	-43M	-40M	-35M	-30M	-28M	-7M	0M	0M	-25M	0M	0M	0M	0M
Return on Net Dividends Paid	-543.33%	-616.41%	-481.08%	-396.87%	-364.64%	-350.90%	-718.13%	-444.53%	-539.97%	-457.88%	-632.13%	-1,153.80%	-298.28%	-463.47%	-444.12%	-236.16%	-301.79%	-283.16%	-282.94%	-343.31%	-18.45%	-252.35%	-245.25%	-221.91%	-232.28%	-277.29%	-318.73%	-289.56%	-268.49%	-1,041.64%	0.00%	0.00%	-169.48%	0.00%	0.00%	0.00%	0.00%
Common Dividends Paid	-55M	-43M	-45M	-85M	-73M	-60M	-53M	-57M	-55M	-56M	-53M	-25M	-25M	-48M	-49M	-49M	-46M	-45M	-44M	-33M	-654M	-44M	-44M	-44M	-43M	-40M	-35M	-30M	-28M	-7M	0M	0M	0M	0M	0M	0M	0M
Return on Common Dividends Paid	-543.33%	-616.41%	-481.08%	-396.87%	-364.64%	-344.12%	-718.13%	-444.53%	-539.97%	-457.88%	-632.13%	-1,153.80%	-298.28%	-463.47%	-444.12%	-236.16%	-301.79%	-283.16%	-282.94%	-343.31%	-18.45%	-252.35%	-245.25%	-221.91%	-232.28%	-277.29%	-318.73%	-289.56%	-268.49%	-1,041.64%	0.00%	0.00%	0.00%	0.00%	0.00%	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	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Financing Activities	-13M	-5M	5M	4M	6M	5M	14M	1M	9M	5M	-54M	11M	6M	-7M	39M	38M	0M	3M	4M	10M	4M	3M	-6M	15M	19M	12M	12M	0M	-1M	7M	0M	0M	0M	0M	0M	-35M	42M
Return on Other Financing Activities	2,649.62%	2,400.49%	-3,521.62%	-1,688.82%	-3,383.54%	-2,959.60%	2,699.75%	20,893.72%	3,169.05%	5,394.55%	-614.73%	2,703.31%	1,350.30%	-3,213.81%	555.57%	299.64%	-49,074.30%	4,214.25%	3,309.86%	1,090.67%	3,102.49%	4,064.65%	-1,683.76%	655.35%	522.99%	930.77%	922.82%	-45,370.47%	-7,360.89%	1,041.64%	0.00%	0.00%	0.00%	0.00%	0.00%	-77.56%	97.85%
Net Cash from Financing Activities	-221M	-115M	-98M	-96M	-98M	-100M	-76M	-39M	-222M	-46M	-394M	-28M	115M	-12M	-129M	-136M	-44M	-79M	-118M	-88M	-77M	-95M	-91M	-95M	-76M	-114M	-118M	-121M	-87M	-135M	-89M	-192M	-29M	-19M	-39M	122M	20M
Return on Net Cash from Financing Activities	-260.72%	-351.85%	-427.21%	-326.38%	-269.85%	-230.25%	-499.61%	-646.65%	-135.16%	-562.74%	-84.27%	-1,042.41%	65.33%	-1,783.74%	-167.18%	-84.62%	-316.15%	-161.14%	-104.78%	-127.54%	-157.33%	-116.12%	-117.82%	-103.30%	-132.36%	-97.34%	-95.84%	-72.58%	-85.89%	-53.05%	-68.38%	-7.45%	-144.32%	-302.65%	-143.64%	22.34%	200.49%
Effect of FX on Cash	0M	0M	0M	0M	0M	0M	2M	1M	0M	0M	-1M	0M	0M	0M	-1M	1M	0M	-2M	-2M	-3M	1M	0M	2M	1M	-2M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Effect of FX on Cash	55,634.31%	53,269.94%	31,160.64%	17,090.40%	12,924.04%	10,339.24%	19,724.73%	24,100.48%	99,556.48%	131,221.83%	-63,875.38%	-128,998.66%	228,445.45%	96,903.48%	-23,491.31%	8,259.74%	-30,166.88%	-6,248.37%	-7,597.78%	-4,349.21%	14,918.05%	-64,183.72%	5,962.32%	6,856.25%	-4,731.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	57,200.00%	0.00%	0.00%	0.00%
Net Change in Cash	-157M	1M	-17M	-2M	1M	1M	-6M	22M	13M	-15M	-470M	277M	201M	7M	-209M	33M	9M	-21M	47M	34M	27M	16M	23M	15M	6M	11M	19M	-12M	8M	8M	-5M	-3M	8M	10M	-9M	6M	6M
Return on Net Change in Cash	138.85%	111.69%	488.04%	472.01%	510.71%	433.90%	-6,386.96%	1,142.25%	2,232.47%	-1,745.25%	-70.66%	104.38%	37.50%	3,128.55%	-103.67%	349.51%	1,544.79%	-597.21%	261.58%	334.94%	445.01%	698.80%	459.37%	646.81%	1,589.89%	1,056.39%	596.13%	-755.07%	988.24%	920.85%	-1,310.16%	-506.25%	540.63%	560.78%	-643.02%	447.54%	649.21%
Cash at Beginning of Period	193M	170M	172M	153M	123M	102M	197M	166M	27M	42M	512M	235M	34M	27M	235M	202M	193M	215M	168M	134M	107M	91M	68M	53M	46M	36M	17M	29M	20M	12M	17M	20M	12M	2M	10M	4M	5M
Return on Cash at Beginning of Period	602.31%	430.65%	327.01%	254.63%	275.31%	290.27%	193.54%	152.57%	1,120.08%	621.92%	64.92%	123.08%	223.26%	836.57%	91.93%	56.75%	72.05%	59.58%	73.40%	83.92%	112.73%	120.97%	158.30%	186.50%	216.08%	310.54%	666.55%	307.05%	371.15%	587.74%	360.64%	72.72%	358.19%	3,364.71%	536.89%	650.00%	908.89%
Cash at End of Period	36M	171M	155M	151M	124M	103M	191M	188M	40M	27M	42M	512M	235M	34M	27M	235M	202M	193M	215M	168M	134M	107M	91M	68M	53M	46M	36M	17M	28M	20M	12M	17M	20M	12M	2M	10M	11M
Return on Cash at End of Period	837.06%	519.96%	425.58%	312.73%	304.91%	300.99%	199.59%	134.59%	745.86%	966.24%	799.10%	56.48%	32.11%	660.07%	812.08%	48.82%	68.84%	66.19%	57.32%	67.11%	89.95%	103.12%	117.73%	144.76%	190.23%	239.99%	314.69%	517.49%	269.82%	358.76%	497.62%	84.92%	215.45%	480.67%	3,252.94%	265.05%	378.70%
Operating Cash Flow	328M	296M	256M	223M	200M	179M	268M	286M	319M	297M	367M	384M	115M	271M	243M	257M	152M	160M	184M	152M	161M	135M	145M	112M	104M	146M	154M	133M	108M	115M	99M	102M	68M	80M	44M	34M	87M
Return on Operating Cash Flow	90.49%	82.46%	80.02%	78.14%	78.55%	73.62%	142.77%	88.43%	93.82%	87.17%	90.49%	75.31%	65.52%	82.38%	89.07%	44.64%	91.67%	80.08%	66.97%	74.06%	74.95%	81.87%	74.13%	87.55%	95.99%	76.16%	73.27%	65.88%	68.97%	62.23%	61.44%	14.09%	62.77%	71.95%	125.40%	81.25%	46.90%
Capital Expenditure	-118M	-94M	-67M	-51M	-41M	-35M	-57M	-152M	-146M	-118M	-90M	-78M	-40M	-64M	-49M	-26M	-28M	-28M	-21M	-32M	-15M	-11M	-24M	-11M	-13M	-12M	-8M	-12M	-7M	-8M	-12M	-14M	-17M	-31M	-12M	-7M	-85M
Return on Capital Expenditure	-264.41%	-270.60%	-354.40%	-448.14%	-577.71%	-573.78%	-669.30%	-166.34%	-205.46%	-218.53%	-369.25%	-371.09%	-188.69%	-348.02%	-437.29%	-442.68%	-501.86%	-461.12%	-587.99%	-357.19%	-781.50%	-1,010.58%	-440.91%	-882.35%	-794.63%	-930.38%	-1,463.44%	-761.17%	-1,083.90%	-847.44%	-497.38%	-105.87%	-255.85%	-186.93%	-449.59%	-373.97%	-48.29%
Free Cash Flow	210M	202M	190M	171M	158M	144M	211M	134M	174M	178M	277M	306M	75M	207M	193M	231M	124M	132M	163M	121M	146M	124M	121M	101M	92M	134M	146M	121M	101M	107M	87M	88M	51M	49M	32M	26M	3M
Return on Free Cash Flow	145.85%	126.48%	111.09%	102.74%	98.98%	91.60%	181.47%	188.78%	172.67%	145.01%	119.86%	94.48%	100.38%	107.92%	111.86%	49.65%	112.16%	96.91%	75.58%	93.43%	82.90%	89.09%	89.11%	97.20%	109.18%	82.95%	77.13%	72.13%	73.65%	67.16%	70.09%	16.25%	83.17%	116.97%	173.90%	103.80%	1,636.00%

Free Cash Flow Returns

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y 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	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31
Net Income	297M	251M	208M	177M	158M	137M	382M	253M	300M	259M	332M	289M	75M	223M	216M	115M	139M	128M	123M	113M	121M	110M	107M	98M	100M	111M	113M	88M	74M	72M	61M	14M	42M	57M	48M	27M	42M
EBITDA	513M	433M	365M	309M	275M	243M	637M	485M	554M	440M	545M	474M	150M	336M	333M	322M	256M	238M	225M	209M	205M	179M	169M	156M	183M	194M	176M	153M	135M	125M	118M	92M	110M	111M	99M	-21M	128M
Return on EBITDA	57.94%	56.98%	56.02%	56.87%	57.47%	54.71%	59.88%	52.18%	54.13%	58.70%	61.00%	61.00%	50.09%	66.42%	64.87%	35.73%	54.50%	53.71%	54.83%	53.90%	58.99%	61.67%	63.54%	62.82%	54.83%	57.42%	63.96%	57.31%	55.09%	57.41%	51.75%	15.58%	38.53%	51.35%	48.39%	-132.52%	32.86%
(-) Tax Adjustment	122M	83M	85M	76M	72M	67M	131M	113M	134M	103M	130M	110M	-64M	58M	69M	157M	78M	72M	68M	59M	59M	54M	54M	54M	66M	70M	48M	50M	47M	45M	43M	63M	43M	44M	41M	-8M	53M
Return on (-) Tax Adjustment	243.28%	174.72%	199.60%	198.49%	193.79%	178.21%	291.14%	223.92%	223.12%	252.12%	254.60%	262.38%	-118.64%	381.04%	311.54%	73.36%	179.82%	176.61%	182.23%	190.83%	205.84%	204.50%	197.99%	180.63%	151.03%	159.54%	233.75%	173.53%	157.03%	159.17%	141.79%	22.76%	98.79%	130.09%	116.25%	-321.94%	78.57%
(-) Change In Working Capital	6M	11M	8M	13M	13M	15M	-21M	35M	17M	6M	-5M	23M	11M	-22M	-2M	58M	-8M	1M	59M	22M	15M	-3M	18M	-6M	-33M	22M	39M	45M	35M	36M	13M	42M	-1M	10M	-16M	6M	7M
Return on (-) Change In Working Capital	-199.98%	260.01%	-119.36%	-160.72%	-174.53%	-321.21%	-1,833.25%	728.30%	1,722.61%	4,218.46%	-6,541.00%	1,243.36%	656.62%	-1,021.25%	-10,652.63%	197.78%	-1,776.33%	10,758.74%	207.97%	520.27%	780.64%	-3,320.18%	594.15%	-1,776.67%	-299.95%	517.51%	286.55%	192.82%	212.31%	201.85%	461.08%	33.73%	-5,448.65%	555.34%	-306.37%	478.95%	591.55%
(-) Capital Expenditure	-118M	-94M	-67M	-51M	-41M	-35M	-57M	-152M	-146M	-118M	-90M	-78M	-40M	-64M	-49M	-26M	-28M	-28M	-21M	-32M	-15M	-11M	-24M	-11M	-13M	-12M	-8M	-12M	-7M	-8M	-12M	-14M	-17M	-31M	-12M	-7M	-85M
Return on (-) Capital Expenditure	-264.41%	-270.60%	-354.40%	-448.14%	-577.71%	-573.78%	-668.62%	-166.34%	-205.46%	-218.53%	-369.25%	-371.09%	-188.69%	-348.02%	-437.29%	-442.68%	-501.86%	-461.12%	-587.99%	-357.19%	-781.50%	-1,010.58%	-440.91%	-882.35%	-794.63%	-930.38%	-1,463.44%	-761.17%	-1,083.90%	-847.44%	-497.38%	-105.87%	-255.85%	-186.93%	-391.06%	-373.97%	-49.59%
Unlevered Free Cash Flow	266M	245M	205M	169M	149M	125M	470M	185M	256M	213M	329M	262M	163M	235M	217M	81M	158M	137M	77M	97M	115M	117M	72M	96M	137M	91M	81M	45M	46M	36M	49M	-27M	51M	27M	61M	-25M	-17M
Return on Unlevered Free Cash Flow	113.01%	99.10%	101.39%	109.19%	113.38%	111.33%	81.20%	136.71%	117.02%	121.11%	100.90%	110.11%	46.36%	94.90%	99.89%	142.05%	88.04%	93.51%	160.24%	116.38%	104.90%	94.00%	148.42%	101.91%	73.03%	122.85%	139.22%	192.78%	162.58%	199.95%	123.60%	-53.07%	82.59%	215.61%	78.31%	-108.68%	-240.60%
(-) Net Interest Income After Taxes	-43M	-44M	-36M	-30M	-24M	-21M	-65M	-57M	-59M	-43M	-28M	-32M	-59M	-30M	-30M	-20M	-29M	-29M	-28M	-29M	-18M	-8M	-3M	1M	-12M	-6M	-8M	-7M	0M	-3M	0M	0M	-33M	0M	0M	0M	0M
Return on (-) Net Interest Income After Taxes	-767.36%	-666.63%	-628.44%	-888.49%	-407.53%	-430.94%	-586.02%	-440.45%	-504.10%	-601.54%	-1,196.43%	-902.88%	-128.22%	-733.28%	-710.57%	-572.60%	-488.82%	-445.99%	-443.48%	-392.39%	-659.55%	-1,358.70%	-4,188.80%	10,402.90%	-841.63%	-1,818.32%	-1,371.59%	-1,194.54%	0.00%	-2,494.05%	0.00%	0.00%	-128.84%	0.00%	0.00%	0.00%	0.00%
Net Debt Issuance	239M	181M	97M	97M	71M	57M	106M	419M	205M	369M	143M	0M	191M	93M	29M	-116M	25M	29M	-10M	-62M	596M	0M	-30M	-7M	12M	100M	-102M	-55M	82M	-61M	26M	-19M	-10M	29M	11M	158M	-20M
Return on Net Debt Issuance	149.31%	97.50%	237.08%	-1,704.08%	-1,317.52%	-1,065.39%	360.99%	60.34%	146.13%	70.15%	231.65%	0.00%	39.57%	239.22%	745.18%	-99.33%	549.64%	448.56%	-1,249.34%	-182.07%	20.25%	-26,160.19%	-360.64%	-1,466.42%	835.09%	111.55%	-110.96%	-158.41%	90.68%	-117.42%	232.41%	-76.34%	-413.81%	195.89%	453.77%	17.32%	-207.92%
Levered Free Cash Flow	549M	470M	338M	296M	243M	203M	641M	661M	521M	625M	500M	294M	412M	358M	276M	-15M	212M	194M	95M	64M	729M	125M	45M	89M	161M	196M	-12M	-3M	128M	-22M	75M	-46M	74M	56M	72M	132M	-38M
Return on Levered Free Cash Flow	55.10%	56.35%	-22.68%	28.19%	-186.12%	-155.14%	59.55%	38.23%	57.56%	41.37%	66.39%	98.14%	18.30%	62.18%	78.37%	-780.76%	65.69%	65.94%	129.96%	177.03%	16.55%	88.22%	237.91%	110.68%	62.19%	56.64%	-908.72%	-3,465.95%	58.21%	-321.08%	80.69%	-31.31%	57.30%	102.64%	66.78%	20.61%	-111.53%