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Definitive Analysis

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Page: Industry Financials

8102.TWO

Industry Analysis

Master Data Export

Industry Enterprise Value

Metric MRQ 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995
Stock Price 55.30 50.64 49.02 39.37 54.29 38.72 29.83 25.58 28.71 18.91 18.19 19.60 15.31 11.24 11.54 12.55 10.05 9.23 13.22 12.82 12.03 9.87 11.43 8.78 15.04 20.22 19.44 13.14 12.65 11.23 12.43
Market Capitalization 17,407.34M 14,795.09M 14,114.16M 13,927.44M 19,061.06M 11,562.15M 8,105.74M 6,230.83M 6,017.12M 4,455.40M 4,224.40M 3,908.02M 3,009.45M 2,448.57M 2,296.68M 2,346.65M 1,684.39M 1,521.76M 2,510.63M 2,175.65M 1,446.91M 1,271.94M 1,180.30M 997.43M 1,781.45M 2,412.64M 1,665.39M 1,109.25M 1,642.62M 1,125.62M 1,328.65M
(-) Cash & Equivalents 976.00M 1,025.66M 1,051.09M 998.45M 1,019.59M 826.04M 635.99M 612.64M 576.44M 511.95M 437.72M 435.07M 279.40M 283.41M 321.69M 258.04M 244.28M 249.41M 211.59M 188.76M 103.77M 76.67M 77.95M 83.11M 111.33M 86.53M 39.77M 55.96M 72.22M 36.33M 25.42M
(+) Total Debt 1,636.38M 1,785.38M 1,704.91M 1,720.36M 1,373.78M 1,339.75M 1,091.29M 794.74M 755.13M 696.95M 551.25M 438.91M 280.92M 241.70M 241.15M 149.93M 135.42M 207.13M 122.31M 96.27M 90.56M 59.76M 69.39M 72.51M 108.80M 65.86M 41.18M 88.39M 91.11M 28.96M 24.71M
Enterprise Value 17,792,019,488.76 14,864,218,690.79 16,764,812,464.03 15,460,751,945.63 19,696,871,617.92 12,153,106,583.48 9,090,213,912.75 6,343,082,719.06 6,347,444,312.01 4,738,139,020.55 4,380,242,789.58 3,876,785,782.81 3,019,903,307.02 2,451,404,401.52 2,293,632,683.55 2,319,121,951.18 1,712,668,540.24 1,743,860,148.74 2,665,885,083.00 2,108,739,818.25 1,530,347,199.69 1,385,289,398.20 1,374,240,301.00 1,143,907,182.09 1,853,548,444.40 2,433,239,831.49 1,814,845,631.38 1,123,072,972.17 1,671,446,582.72 1,200,000,959.72 1,306,313,495.48

Industry Income Statement

Metric TTM 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995
Revenue 4,099.39M 4,073.08M 5,202.55M 5,372.40M 4,183.82M 3,089.55M 2,618.93M 2,600.85M 2,242.46M 1,769.01M 1,736.90M 1,673.17M 1,263.49M 1,218.98M 1,286.28M 1,099.18M 835.47M 1,048.39M 940.90M 697.50M 594.02M 424.03M 323.52M 312.81M 477.39M 508.29M 339.93M 399.44M 435.02M 381.36M 324.40M
Cost of Revenue 2,542.19M 2,550.84M 2,826.94M 2,785.00M 2,412.05M 2,051.36M 1,714.82M 1,667.99M 1,468.26M 1,154.11M 1,167.53M 1,060.29M 808.94M 757.32M 780.77M 630.80M 569.32M 631.54M 541.25M 420.50M 341.16M 211.45M 156.88M 178.68M 272.34M 260.29M 185.73M 202.71M 232.56M 202.45M 162.61M
Gross Profit 1,557.20M 1,522.24M 2,375.61M 2,587.40M 1,771.77M 1,038.19M 904.11M 932.86M 774.20M 614.91M 569.37M 612.88M 454.55M 461.66M 505.51M 468.38M 266.15M 416.85M 399.65M 277.00M 252.86M 212.58M 166.64M 134.13M 205.05M 248.00M 154.20M 196.73M 202.46M 178.91M 161.79M
Gross Margin 38.0% 37.4% 45.7% 48.2% 42.3% 33.6% 34.5% 35.9% 34.5% 34.8% 32.8% 36.6% 36.0% 37.9% 39.3% 42.6% 31.9% 39.8% 42.5% 39.7% 42.6% 50.1% 51.5% 42.9% 43.0% 48.8% 45.4% 49.3% 46.5% 46.9% 49.9%
R&D Expenses 370.58M 425.73M 425.73M 457.94M 381.46M 351.71M 312.59M 309.95M 272.02M 227.91M 219.92M 206.53M 163.11M 143.79M 123.52M 99.06M 88.86M 100.37M 87.85M 65.44M 53.41M 43.15M 42.75M 39.35M 40.31M 38.66M 28.84M 49.13M 47.14M 43.11M 30.12M
SG&A Expenses 403.96M 371.21M 352.39M 379.48M 330.57M 287.37M 275.92M 258.21M 232.52M 206.31M 186.01M 175.47M 145.85M 135.45M 129.74M 104.01M 95.09M 111.99M 101.91M 81.47M 68.63M 51.48M 45.30M 53.26M 67.12M 64.47M 50.25M 60.78M 61.93M 59.73M 55.21M
Operating Expenses 774.54M 796.94M 778.12M 837.42M 712.02M 639.08M 588.51M 568.17M 504.54M 434.23M 405.93M 382.00M 308.96M 279.24M 253.27M 203.07M 183.95M 212.36M 189.76M 146.92M 122.04M 94.63M 88.04M 92.61M 107.43M 103.13M 79.09M 109.91M 109.08M 102.85M 85.33M
Operating Income 782.66M 725.30M 1,597.49M 1,749.97M 1,059.74M 399.11M 315.61M 364.69M 269.67M 180.68M 163.44M 230.88M 145.59M 182.42M 252.25M 265.31M 82.20M 204.49M 209.88M 130.08M 130.82M 117.95M 78.60M 41.52M 97.62M 144.87M 75.11M 86.82M 93.39M 76.07M 76.46M
Operating Margin 19.1% 17.8% 30.7% 32.6% 25.3% 12.9% 12.1% 14.0% 12.0% 10.2% 9.4% 13.8% 11.5% 15.0% 19.6% 24.1% 9.8% 19.5% 22.3% 18.6% 22.0% 27.8% 24.3% 13.3% 20.4% 28.5% 22.1% 21.7% 21.5% 19.9% 23.6%
Interest Income 22.01M 37.42M 35.62M 13.24M 6.40M 7.98M 9.97M 7.23M 4.65M 4.03M 3.20M 3.82M 3.16M 2.39M 3.14M 2.56M 4.16M 3.89M 1.28M 0.25M 0.13M 0.06M 0.02M 0.01M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Interest Expense 44.18M 63.69M 58.07M 49.31M 49.15M 46.04M 39.78M 35.10M 29.06M 22.87M 18.32M 14.41M 10.86M 11.86M 9.98M 7.74M 7.29M 7.11M 3.45M 1.52M 1.23M 0.59M 0.05M 0.04M 0.03M 0.04M 0.00M 0.02M 0.00M 0.00M 0.04M
Net Interest Income -22.17M -26.27M -22.45M -36.07M -42.75M -38.06M -29.81M -27.87M -24.41M -18.85M -15.12M -10.59M -7.70M -9.47M -6.84M -5.17M -3.13M -3.22M -2.17M -1.27M -1.10M -0.53M -0.03M -0.04M -0.03M -0.04M 0.00M -0.02M 0.00M 0.00M -0.04M
Other Income / Expense -278.17M -159.03M -1,150.07M -941.22M -470.51M -57.18M 10.30M -46.33M 7.65M -31.11M 81.34M -32.07M -22.48M -93.06M -96.92M -118.39M -71.66M -176.57M -127.06M -40.19M -87.96M -80.67M -77.98M -70.42M -92.67M -38.38M -47.19M -58.78M -40.40M -28.09M -27.11M
Pre-Tax Income 482.32M 540.00M 424.97M 772.68M 546.49M 303.88M 296.10M 290.50M 252.91M 130.72M 229.65M 188.22M 115.41M 79.90M 148.49M 141.74M 7.42M 24.70M 80.66M 88.63M 41.76M 36.75M 0.59M -28.94M 4.92M 106.45M 27.92M 28.02M 52.99M 47.97M 49.31M
Pre-Tax Margin 11.8% 13.3% 8.2% 14.4% 13.1% 9.8% 11.3% 11.2% 11.3% 7.4% 13.2% 11.2% 9.1% 6.6% 11.5% 12.9% 0.9% 2.4% 8.6% 12.7% 7.0% 8.7% 0.2% -9.3% 1.0% 20.9% 8.2% 7.0% 12.2% 12.6% 15.2%
Income Tax Expense 81.58M 86.55M 67.10M 80.47M 59.44M 26.62M 39.34M 54.45M 41.79M 21.65M 31.12M 26.92M 18.23M 16.87M 22.34M 17.68M 6.91M 15.97M 16.45M 17.07M 8.05M 7.70M 3.08M 2.16M 4.49M 26.57M 8.19M 9.27M 16.68M 16.47M 15.20M
Tax Rate 16.9% 16.0% 15.8% 10.4% 10.9% 8.8% 13.3% 18.7% 16.5% 16.6% 13.6% 14.3% 15.8% 21.1% 15.0% 12.5% 35.0% 35.0% 20.4% 19.3% 19.3% 21.0% 35.0% 0.0% 35.0% 25.0% 29.3% 33.1% 31.5% 34.3% 30.8%
Net Income 400.74M 453.45M 357.87M 692.21M 487.05M 277.26M 256.76M 236.05M 211.12M 109.07M 198.53M 161.30M 97.18M 63.02M 126.15M 124.06M 0.50M 8.73M 64.21M 71.55M 33.71M 29.04M -2.49M -31.10M 0.43M 79.87M 19.73M 18.74M 36.31M 31.51M 34.11M
Net Margin 9.8% 11.1% 6.9% 12.9% 11.6% 9.0% 9.8% 9.1% 9.4% 6.2% 11.4% 9.6% 7.7% 5.2% 9.8% 11.3% 0.1% 0.8% 6.8% 10.3% 5.7% 6.8% -0.8% -9.9% 0.1% 15.7% 5.8% 4.7% 8.3% 8.3% 10.5%
EBIT 782.66M 725.30M 1,597.49M 1,749.97M 1,059.74M 399.11M 315.61M 364.69M 269.67M 180.68M 163.44M 230.88M 145.59M 182.42M 252.25M 265.31M 82.20M 204.49M 209.88M 130.08M 130.82M 117.95M 78.60M 41.52M 97.62M 144.87M 75.11M 86.82M 93.39M 76.07M 76.46M
Depreciation & Amortization 285.03M 361.80M 358.33M 333.95M 307.12M 246.91M 201.61M 200.76M 167.66M 137.28M 110.15M 103.44M 86.26M 81.98M 72.58M 64.71M 66.42M 70.03M 58.38M 42.94M 38.63M 30.19M 26.67M 30.92M 32.90M 30.74M 22.23M 24.51M 26.51M 16.99M 13.06M
EBITDA 1,067.69M 1,087.10M 1,955.82M 2,083.92M 1,366.87M 646.02M 517.21M 565.45M 437.33M 317.96M 273.59M 334.32M 231.85M 264.41M 324.83M 330.01M 148.62M 274.52M 268.27M 173.02M 169.45M 148.14M 105.27M 72.44M 130.53M 175.62M 97.34M 111.33M 119.89M 93.05M 89.52M
EBITDA Margin 26.0% 26.7% 37.6% 38.8% 32.7% 20.9% 19.7% 21.7% 19.5% 18.0% 15.8% 20.0% 18.3% 21.7% 25.3% 30.0% 17.8% 26.2% 28.5% 24.8% 28.5% 34.9% 32.5% 23.2% 27.3% 34.6% 28.6% 27.9% 27.6% 24.4% 27.6%
NOPAT 650.28M 609.05M 1,345.25M 1,567.73M 944.47M 364.15M 273.67M 296.34M 225.11M 150.75M 141.29M 197.86M 122.59M 143.90M 214.29M 232.21M 53.43M 132.92M 167.08M 105.02M 105.60M 93.22M 51.09M 41.52M 63.45M 108.70M 53.08M 58.08M 63.99M 49.96M 52.89M
NOPAT Margin 15.9% 15.0% 25.9% 29.2% 22.6% 11.8% 10.4% 11.4% 10.0% 8.5% 8.1% 11.8% 9.7% 11.8% 16.7% 21.1% 6.4% 12.7% 17.8% 15.1% 17.8% 22.0% 15.8% 13.3% 13.3% 21.4% 15.6% 14.5% 14.7% 13.1% 16.3%
Owner's Earnings 685.77M 815.25M 716.20M 1,026.16M 794.17M 524.18M 458.37M 436.81M 378.78M 246.35M 308.68M 264.74M 183.44M 145.00M 198.72M 188.77M 66.92M 78.76M 122.59M 114.49M 72.34M 59.23M 24.18M -0.18M 33.33M 110.62M 41.96M 43.25M 62.81M 48.49M 47.16M
Owner's Earnings Margin 16.7% 20.0% 13.8% 19.1% 19.0% 17.0% 17.5% 16.8% 16.9% 13.9% 17.8% 15.8% 14.5% 11.9% 15.4% 17.2% 8.0% 7.5% 13.0% 16.4% 12.2% 14.0% 7.5% -0.1% 7.0% 21.8% 12.3% 10.8% 14.4% 12.7% 14.5%
EPS 0.72 0.83 0.63 1.25 0.92 0.58 0.63 0.58 0.54 0.28 0.62 0.55 0.34 0.20 0.41 0.45 0.00 0.04 0.25 0.27 0.13 0.10 -0.01 -0.15 0.00 0.34 0.09 0.08 0.15 0.13 0.13
EPS (Diluted) 0.72 0.83 0.63 1.25 0.92 0.58 0.63 0.58 0.54 0.28 0.62 0.55 0.34 0.20 0.41 0.45 0.00 0.04 0.25 0.27 0.13 0.10 -0.01 -0.15 0.00 0.34 0.09 0.08 0.15 0.13 0.13
Shares (Diluted) 553.74M 543.18M 570.07M 553.66M 530.30M 475.81M 409.37M 409.60M 387.96M 395.75M 320.74M 292.15M 282.19M 317.93M 306.73M 273.52M 238.44M 217.07M 254.83M 263.35M 252.30M 280.60M 237.74M 212.21M 240.15M 235.20M 219.18M 225.56M 249.72M 237.35M 261.65M

Industry Balance Sheet

Metric MRQ 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995
Cash & Cash Equivalents 982.26M 991.41M 1,040.39M 986.50M 984.66M 790.74M 604.31M 572.65M 538.82M 511.41M 433.90M 436.49M 277.84M 280.72M 304.20M 253.45M 237.82M 248.32M 206.41M 188.76M 104.65M 77.36M 79.53M 83.11M 112.58M 87.83M 39.95M 55.96M 72.22M 37.88M 27.15M
Short-Term Investments 270.94M 232.00M 282.14M 273.66M 280.81M 101.11M 198.38M 361.92M 387.63M 306.69M 291.26M 227.18M 238.67M 118.44M 106.17M 117.89M 83.84M 96.71M 82.21M 117.42M 119.58M 62.64M 45.37M 38.29M 59.05M 79.92M 57.52M 37.41M 13.22M 7.69M 11.13M
Cash & Short-Term Investments 1,253.20M 1,223.41M 1,322.53M 1,260.16M 1,265.47M 891.85M 802.69M 934.58M 926.45M 818.10M 725.16M 663.67M 516.52M 399.16M 410.37M 371.34M 321.66M 345.03M 288.61M 306.18M 224.23M 140.00M 124.90M 121.40M 171.63M 167.75M 97.47M 93.37M 85.44M 45.57M 38.28M
Net Receivables 846.21M 760.95M 696.60M 723.05M 619.42M 463.89M 426.12M 366.55M 343.61M 288.21M 278.24M 232.10M 196.80M 184.98M 184.88M 166.50M 130.18M 153.82M 158.71M 132.40M 114.07M 68.60M 46.82M 47.72M 63.88M 87.39M 72.69M 60.80M 86.50M 71.66M 65.43M
Inventory 898.07M 865.82M 945.03M 821.56M 586.98M 498.10M 424.44M 371.16M 337.49M 287.09M 257.89M 255.25M 182.20M 171.09M 166.45M 133.04M 119.65M 132.29M 108.58M 90.47M 74.63M 47.41M 40.89M 37.13M 53.58M 49.31M 56.13M 52.18M 71.97M 57.62M 55.20M
Other Current Assets 186.68M 100.45M 108.80M 116.69M 74.47M 81.18M 72.94M 75.24M 70.03M 59.22M 58.12M 56.15M 46.84M 36.72M 31.50M 29.10M 28.59M 35.10M 32.27M 23.62M 22.31M 16.00M 22.12M 17.65M 21.29M 29.42M 27.58M 23.43M 25.80M 20.18M 22.16M
Total Current Assets 3,184.16M 2,950.62M 3,072.96M 2,921.46M 2,546.35M 1,935.01M 1,726.18M 1,747.53M 1,677.59M 1,452.62M 1,319.42M 1,207.18M 942.36M 791.96M 793.20M 699.98M 600.08M 666.24M 588.17M 552.68M 435.25M 272.02M 234.73M 223.89M 310.38M 333.87M 253.87M 229.77M 269.71M 195.03M 181.07M
Property, Plant & Equipment 1,747.50M 1,714.71M 1,595.46M 1,382.07M 1,156.57M 1,056.93M 968.96M 777.67M 663.30M 530.80M 477.42M 436.96M 357.47M 343.36M 302.76M 293.23M 286.67M 289.21M 236.94M 185.17M 168.28M 133.56M 115.94M 131.69M 163.41M 136.62M 144.98M 122.75M 137.96M 90.43M 81.42M
Goodwill 522.47M 467.81M 485.96M 601.92M 485.35M 431.39M 329.96M 283.24M 261.64M 164.60M 151.54M 105.17M 101.42M 73.27M 55.29M 49.23M 47.63M 43.07M 59.80M 36.55M 6.10M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Intangible Assets 222.45M 241.41M 258.95M 288.47M 267.36M 228.52M 177.76M 167.41M 191.81M 114.22M 104.02M 104.85M 73.39M 58.93M 46.37M 38.31M 32.72M 41.49M 27.74M 23.53M 23.94M 20.09M 22.43M 16.78M 8.98M 8.30M 3.06M 0.69M 0.91M 0.57M 0.63M
Long-Term Investments 181.30M 132.00M 133.31M 97.40M 82.91M 44.81M 35.24M 31.04M 34.36M 26.02M 29.66M 30.39M 27.26M 22.45M 21.10M 25.60M 17.28M 11.66M 4.81M 3.52M 1.83M 0.27M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Tax Assets 93.21M 104.11M 94.56M 69.08M 89.07M 79.39M 47.39M 30.00M 23.79M 32.74M 19.86M 21.49M 17.69M 16.72M 17.45M 15.65M 12.85M 9.02M 14.35M 10.24M 9.88M 7.96M 7.57M 5.74M 2.39M 2.05M 0.96M 0.09M 0.00M 0.00M 0.00M
Other Non-Current Assets 222.35M 200.00M 175.12M 249.36M 174.10M 113.00M 93.84M 85.96M 59.21M 45.52M 46.78M 41.58M 34.54M 29.90M 28.18M 25.34M 23.59M 30.19M 34.75M 26.43M 21.65M 27.86M 25.12M 27.44M 47.19M 23.63M 18.59M 22.17M 22.34M 7.87M 8.56M
Other Assets 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Total Non-Current Assets 2,989.29M 2,860.04M 2,743.35M 2,688.30M 2,255.36M 1,954.05M 1,653.15M 1,375.31M 1,234.11M 913.90M 829.28M 740.43M 611.77M 544.63M 471.16M 447.36M 420.73M 424.63M 378.39M 285.44M 231.68M 189.74M 171.06M 181.65M 221.96M 170.60M 167.59M 145.70M 161.21M 98.86M 90.61M
Total Assets 6,173.44M 5,810.67M 5,816.31M 5,609.76M 4,801.70M 3,889.06M 3,379.34M 3,122.84M 2,911.70M 2,366.52M 2,148.70M 1,947.61M 1,554.13M 1,336.58M 1,264.36M 1,147.34M 1,020.81M 1,090.87M 966.56M 838.12M 666.93M 461.75M 405.79M 405.54M 532.34M 504.47M 421.46M 375.47M 430.91M 293.89M 271.68M
Accounts Payable 430.84M 407.13M 427.66M 385.86M 374.36M 292.91M 245.71M 230.05M 217.28M 197.96M 150.28M 135.48M 116.37M 113.36M 113.21M 109.36M 75.00M 78.19M 79.00M 65.68M 54.87M 36.60M 22.16M 21.07M 26.05M 38.91M 33.63M 21.61M 36.86M 28.88M 28.61M
Short-Term Debt 288.15M 247.44M 209.41M 140.27M 156.06M 157.57M 187.17M 128.51M 108.10M 110.10M 75.99M 70.21M 61.39M 58.96M 41.45M 33.63M 30.53M 35.98M 22.66M 27.54M 18.44M 11.24M 7.84M 6.73M 6.10M 4.83M 10.46M 7.15M 9.12M 10.14M 4.35M
Tax Payables 5.67M 33.45M 46.73M 52.20M 39.71M 26.38M 19.65M 21.04M 15.71M 11.53M 10.37M 10.41M 5.51M 3.96M 5.24M 6.15M 3.30M 3.53M 1.80M 2.95M 1.63M 0.61M 0.51M 0.09M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Deferred Revenue 39.43M 27.80M 46.60M 79.73M 156.97M 69.31M 51.18M 36.58M 53.24M 38.47M 36.17M 29.31M 20.41M 19.99M 30.16M 23.94M 14.59M 13.56M 17.74M 14.47M 10.48M 6.79M 5.24M 5.34M 4.45M 1.04M 1.98M 1.76M 3.52M 2.17M 1.30M
Other Current Liabilities 333.45M 337.00M 326.42M 242.66M 222.77M 191.22M 153.47M 142.78M 125.06M 96.30M 84.58M 71.65M 62.06M 54.21M 62.55M 41.94M 36.65M 40.99M 34.54M 43.11M 31.51M 15.98M 10.44M 18.07M 18.37M 37.69M 27.12M 24.17M 21.16M 17.36M 22.41M
Total Current Liabilities 1,097.54M 1,052.82M 1,056.81M 900.72M 949.87M 737.39M 657.19M 558.96M 519.39M 454.37M 357.39M 317.07M 265.74M 250.48M 252.61M 215.01M 160.08M 172.25M 155.75M 153.75M 116.92M 71.23M 46.19M 51.31M 54.97M 82.47M 73.19M 54.68M 70.66M 58.54M 56.67M
Long-Term Debt 1,313.53M 1,203.54M 1,010.39M 1,254.91M 1,010.10M 863.14M 607.46M 575.50M 507.99M 454.46M 413.39M 305.82M 153.80M 126.35M 122.20M 90.60M 68.89M 95.38M 77.71M 55.44M 64.90M 51.30M 63.59M 67.24M 87.94M 49.99M 28.02M 81.19M 61.29M 20.00M 22.70M
Capital Lease Obligations 12.69M 70.05M 88.89M 74.22M 71.02M 76.14M 30.01M 1.20M 1.27M 0.60M 0.12M 0.34M 0.20M 0.00M 0.09M 0.09M 0.05M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Deferred Tax Liabilities 23.65M 32.03M 27.97M 34.53M 21.22M 23.35M 26.00M 17.64M 23.10M 12.68M 16.01M 9.96M 9.55M 6.49M 5.01M 2.97M 2.85M 2.13M 1.73M 1.44M 0.74M 0.52M 0.65M 0.35M 1.49M 1.78M 1.47M 0.82M 1.62M 1.12M 1.00M
Other Non-Current Liabilities 165.33M 155.25M 176.09M 212.76M 212.33M 208.09M 123.89M 144.45M 122.38M 98.92M 77.15M 85.24M 67.21M 51.83M 48.96M 41.85M 37.74M 39.80M 21.79M 16.91M 20.97M 10.84M 4.88M 5.03M 2.21M 5.24M 6.11M 2.60M 7.03M 1.08M 1.79M
Total Non-Current Liabilities 1,515.20M 1,460.87M 1,303.34M 1,576.41M 1,314.67M 1,170.73M 787.36M 738.78M 654.74M 566.65M 506.67M 401.37M 230.75M 184.67M 176.27M 135.51M 109.53M 137.30M 101.23M 73.78M 86.62M 62.66M 69.13M 72.62M 91.64M 57.01M 35.60M 84.62M 69.94M 22.20M 25.49M
Total Liabilities 2,612.74M 2,513.69M 2,360.15M 2,477.12M 2,264.54M 1,908.12M 1,444.54M 1,297.74M 1,174.13M 1,021.01M 864.06M 718.44M 496.49M 435.15M 428.87M 350.52M 269.61M 309.55M 256.98M 227.53M 203.54M 133.89M 115.32M 123.93M 146.61M 139.48M 108.79M 139.30M 140.60M 80.74M 82.16M
Preferred Stock 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.01M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Common Stock 135.41M 131.66M 175.52M 154.61M 151.62M 131.04M 119.15M 120.83M 110.99M 101.13M 96.03M 93.96M 61.19M 62.42M 47.56M 39.80M 41.76M 34.31M 38.17M 41.56M 29.08M 17.80M 10.32M 9.58M 11.47M 11.32M 8.38M 3.00M 4.15M 3.35M 3.49M
Retained Earnings 1,633.64M 1,733.90M 1,469.82M 1,235.47M 995.85M 813.30M 695.34M 571.26M 507.80M 376.99M 463.06M 428.36M 262.17M 240.01M 218.21M 147.67M 82.47M 81.23M 145.08M 113.22M 69.97M 49.01M 35.38M 38.77M 78.14M 167.24M 78.39M 110.84M 113.97M 86.44M 63.98M
Accumulated OCI 228.82M 39.03M 14.40M 31.03M 12.43M 1.88M 5.42M 1.24M 5.76M 5.05M 11.97M -2.07M -3.98M 0.02M 0.57M -0.41M -0.45M 1.72M 1.33M -0.02M -0.59M 1.29M 0.47M -2.25M -4.32M -2.84M -1.82M -2.80M -3.80M -2.42M -1.57M
Minority Interest 54.07M 52.27M 28.11M 27.30M 18.42M 14.81M 11.98M 6.22M 4.47M 4.85M 2.62M 3.54M 2.09M 1.92M 1.82M 1.14M 1.30M 1.48M 1.32M 1.21M 1.07M 0.38M 0.33M 0.25M 0.29M 0.31M 0.21M 0.00M 0.04M 0.00M 0.00M
Total Shareholders’ Equity 1,997.87M 1,904.59M 1,659.74M 1,421.11M 1,159.90M 946.22M 819.90M 693.33M 624.55M 483.17M 571.06M 520.26M 319.39M 302.44M 266.34M 187.06M 123.78M 117.26M 184.58M 154.76M 98.47M 68.10M 46.18M 46.11M 85.30M 175.71M 84.95M 111.04M 114.32M 87.36M 65.90M
Total Equity 2,051.94M 1,956.86M 1,687.86M 1,448.41M 1,178.31M 961.03M 831.88M 699.55M 629.02M 488.02M 573.68M 523.80M 321.48M 304.36M 268.16M 188.20M 125.08M 118.74M 185.91M 155.97M 99.54M 68.48M 46.51M 46.36M 85.59M 176.02M 85.16M 111.04M 114.36M 87.36M 65.90M
Total Liabilities & Equity 4,664.68M 4,470.55M 4,048.01M 3,925.54M 3,442.86M 2,869.16M 2,276.42M 1,997.29M 1,803.15M 1,509.03M 1,437.74M 1,242.24M 817.97M 739.51M 697.04M 538.72M 394.69M 428.29M 442.88M 383.51M 303.08M 202.37M 161.83M 170.29M 232.20M 315.50M 193.95M 250.33M 254.97M 168.11M 148.06M
Tangible Assets 5,428.52M 5,101.45M 5,071.40M 4,719.37M 4,048.99M 3,229.15M 2,871.61M 2,672.19M 2,458.24M 2,087.70M 1,893.15M 1,737.59M 1,379.32M 1,204.39M 1,162.69M 1,059.80M 940.47M 1,006.31M 879.02M 778.04M 636.89M 441.67M 383.36M 388.76M 523.36M 496.17M 418.40M 374.78M 430.01M 293.33M 271.05M
Tangible Equity 1,307.02M 1,247.64M 942.95M 558.02M 425.60M 301.12M 324.16M 248.90M 175.57M 209.19M 318.13M 313.78M 146.68M 172.17M 166.50M 100.66M 44.74M 34.18M 98.36M 95.90M 69.49M 48.40M 24.08M 29.58M 76.61M 167.72M 82.10M 110.35M 113.46M 86.80M 65.27M
Tangible Book Value 1,307,018,500.70 1,247,643,072.16 942,952,542.40 558,023,799.76 425,600,203.71 301,118,846.37 324,159,326.87 248,900,716.14 175,566,925.53 209,194,969.33 318,127,009.38 313,781,806.21 146,676,354.50 172,165,666.98 166,502,523.76 100,664,071.55 44,736,872.22 34,182,898.47 98,364,927.58 95,899,990.49 69,494,276.74 48,395,509.45 24,076,240.77 29,580,109.74 76,606,803.07 167,716,892.98 82,096,127.29 110,348,594.22 113,455,509.96 86,795,781.12 65,269,422.21
Total Investments 399.03M 378.95M 427.69M 354.70M 279.95M 172.30M 109.86M 161.96M 160.67M 139.85M 282.15M 154.28M 111.01M 129.78M 84.99M 121.47M 75.85M 62.48M 99.48M 96.57M 71.28M 52.53M 22.83M 21.11M 27.39M 30.16M 17.44M 10.10M 4.72M 3.38M 4.02M
Net Debt 619.42M 459.57M 179.41M 408.67M 181.50M 229.98M 190.32M 131.35M 77.26M 53.15M 55.48M -60.46M -62.66M -95.41M -140.55M -129.22M -138.40M -116.96M -106.03M -105.78M -21.31M -14.82M -8.10M -9.14M -18.54M -33.02M -1.47M 32.38M -1.82M -7.74M -0.10M

Industry Capital Metrics

Metric MRQ 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995
Working Capital 1,963.08M 1,554.05M 1,810.72M 1,646.29M 1,291.19M 1,048.06M 838.02M 906.49M 887.78M 922.14M 990.73M 842.01M 585.78M 566.68M 618.92M 454.99M 383.96M 367.46M 400.09M 375.18M 284.93M 193.90M 182.31M 188.43M 242.93M 222.52M 150.64M 184.88M 174.84M 131.39M 112.35M
Total Capital 5,981.72M 5,907.07M 5,841.60M 5,548.09M 4,565.27M 3,673.47M 3,076.71M 2,525.38M 2,578.04M 2,171.68M 2,164.81M 1,634.80M 1,300.17M 1,158.75M 1,122.78M 851.65M 727.58M 769.24M 828.92M 726.22M 563.49M 428.81M 374.01M 405.57M 635.40M 488.79M 332.42M 390.99M 409.21M 299.37M 241.41M
Capital Employed 6,969.68M 6,725.26M 6,595.76M 6,271.42M 5,021.43M 4,063.55M 3,677.28M 2,545.17M 2,385.24M 2,214.18M 2,176.49M 1,809.38M 1,411.48M 1,379.51M 1,270.15M 1,081.93M 956.87M 938.82M 964.14M 755.47M 622.08M 525.52M 486.52M 533.41M 718.42M 603.13M 450.10M 360.88M 367.80M 280.84M 248.95M
Invested Capital 4,999.46M 4,915.66M 4,801.21M 4,561.59M 3,580.61M 2,882.73M 2,472.40M 1,952.72M 2,039.22M 1,660.28M 1,730.90M 1,198.31M 1,022.32M 878.03M 818.58M 598.20M 489.76M 520.92M 622.51M 537.46M 458.84M 351.45M 294.47M 322.47M 522.82M 400.96M 292.47M 335.02M 336.99M 261.49M 214.26M

Industry Cash Flow

Metric TTM 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995
Depreciation & Amortization 298.03M 372.46M 361.81M 357.12M 309.50M 246.70M 235.60M 210.25M 169.50M 140.19M 116.27M 105.52M 87.30M 82.38M 76.48M 70.05M 70.82M 70.47M 58.42M 43.04M 39.95M 34.00M 27.91M 35.03M 42.55M 32.86M 26.37M 38.71M 33.61M 21.74M 19.02M
Deferred Income Tax -2.49M -6.71M -17.47M -12.91M -5.72M -9.15M -4.01M -1.57M -2.31M -4.53M -3.57M 0.57M -0.76M 2.22M -0.47M -0.44M -0.35M -1.05M -1.09M -0.57M -0.47M -0.01M 0.08M 0.46M -3.54M -2.36M -0.50M -1.06M -1.05M -0.37M -0.06M
Stock-Based Compensation 33.79M 42.40M 44.07M 35.98M 37.78M 25.99M 25.26M 20.56M 22.37M 17.39M 17.02M 15.29M 14.71M 10.97M 10.21M 8.17M 4.06M 1.26M 0.48M 0.30M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Change in Working Capital -82.67M -76.72M -122.19M -212.42M -108.34M -48.60M -34.90M -55.95M -33.22M -28.71M -20.49M -20.72M -20.14M -22.71M -24.59M -5.95M 4.41M -1.55M -12.89M -6.34M -6.06M -3.64M -3.49M -1.29M -1.13M -11.36M -3.74M -3.86M -0.32M -6.55M -12.88M
Accounts Receivable -28.68M -40.62M -20.85M -75.73M -93.44M -22.75M -15.69M -32.38M -33.17M -12.08M -6.43M -16.17M -1.91M 0.77M 2.69M -17.54M 0.47M 8.64M 0.00M -0.07M -0.22M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Inventory -33.43M -27.77M -125.71M -246.57M -98.75M -34.56M -14.67M -44.59M -33.92M -10.76M -8.01M -16.75M -4.47M -4.89M -18.30M -16.16M 14.48M -4.25M -6.06M -9.71M -2.14M -9.00M -1.00M 0.57M 0.13M -21.38M -2.64M 0.43M -8.97M -8.85M -12.53M
Accounts Payable -0.51M 2.72M -10.62M 30.69M 69.15M 16.38M -9.57M 7.57M 20.94M 11.66M -7.89M -0.76M 1.03M 0.42M -1.83M 12.49M -0.26M -1.57M 0.00M 0.23M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Working Capital -15.11M 2.55M -25.95M 11.01M 17.65M 1.37M -8.04M 10.42M 5.93M -12.27M -3.58M 16.06M -4.52M -10.42M -0.19M 13.06M -1.28M -2.14M -3.03M 2.60M -1.64M 8.49M -2.24M -0.57M -4.78M 9.18M -0.64M -2.85M 10.17M 0.60M 3.15M
Other Non-Cash Items 78.55M 31.44M 22.42M 33.81M 25.73M 23.24M 19.11M 17.71M 20.97M 22.05M 8.86M 5.06M 5.98M 5.03M 9.01M 4.09M 5.39M 47.63M 13.83M 11.88M 8.79M 5.52M 6.01M 21.19M 32.70M -0.69M 3.16M 6.01M 2.23M -0.02M 4.43M
Net Cash from Operating Activities 840.61M 919.17M 751.61M 1,074.32M 902.54M 573.31M 582.57M 463.96M 414.55M 282.90M 299.91M 286.54M 221.17M 234.12M 226.07M 195.15M 102.39M 139.04M 171.31M 141.36M 91.17M 73.04M 26.75M 21.15M 69.83M 111.90M 65.18M 60.30M 78.96M 43.15M 41.37M
Capital Expenditures (PPE) -318.44M -350.91M -455.99M -374.60M -294.72M -201.30M -194.66M -234.62M -196.91M -119.76M -112.60M -99.09M -71.88M -73.88M -85.13M -59.83M -46.01M -63.97M -68.56M -43.75M -35.30M -29.78M -20.34M -24.20M -54.61M -61.51M -35.90M -43.32M -55.84M -47.77M -31.20M
Acquisitions (Net) 0.08M -8.04M -3.35M -9.00M -7.68M -31.36M -31.19M -11.79M -6.80M -15.38M -6.80M -4.94M -5.08M -10.36M -4.92M -1.49M -1.27M -8.16M -5.42M -1.85M -0.14M -0.87M 0.00M -1.93M -0.27M -1.37M 0.00M 0.00M 0.00M 0.00M 0.00M
Purchases of Investments -377.72M -326.19M -314.92M -300.03M -358.44M -267.15M -108.32M -258.10M -225.01M -155.75M -239.83M -174.43M -146.68M -101.50M -106.08M -128.23M -52.92M -67.27M -161.57M -119.80M -75.63M -64.98M -50.08M -42.99M -52.31M -73.29M -93.47M -72.00M -102.89M -77.44M -49.14M
Sales / Maturities of Investments 291.19M 375.97M 301.13M 283.73M 300.66M 190.41M 242.87M 254.80M 253.49M 272.36M 164.94M 214.55M 175.49M 103.47M 89.84M 80.41M 46.58M 101.50M 167.13M 99.54M 65.87M 52.28M 37.80M 24.07M 45.04M 35.04M 43.19M 78.67M 90.70M 78.50M 69.81M
Other Investing Activities -3.02M 1.27M 3.20M 3.27M -3.36M -2.12M 0.56M 5.65M 0.07M 7.29M 3.22M 1.37M 0.84M 1.21M 3.60M -0.37M 1.41M 3.53M 2.96M 0.39M 0.44M -0.16M -0.44M -0.54M -4.71M -0.05M -0.54M -2.67M -3.38M -1.87M -1.72M
Net Cash from Investing Activities -380.66M -448.77M -375.99M -497.19M -424.21M -287.63M -395.62M -240.80M -246.13M -203.17M -171.29M -156.61M -135.82M -148.51M -136.28M -119.98M -46.60M -69.27M -92.39M -53.77M -52.09M -57.03M -34.99M -40.18M -81.01M -101.88M -63.76M -68.44M -82.48M -89.28M -61.07M
Net Debt Issuance 14.51M 53.77M 43.30M 91.84M 8.82M 40.30M 33.82M 10.60M 12.68M 32.21M 29.04M 12.31M 5.97M 1.84M 8.69M -3.75M -5.71M 0.45M -2.56M 0.10M -5.49M -1.46M -0.52M 1.03M 22.55M -3.84M -2.06M 3.67M 10.50M 8.66M 0.86M
Long-Term Debt Issuance 11.20M 53.73M 40.60M 89.89M 31.07M 32.41M 28.20M 7.25M 7.37M 45.41M 13.28M 4.66M 7.18M 2.06M -0.92M 0.43M -3.78M -1.58M -2.99M -2.05M -3.83M -0.06M -0.10M 1.22M 3.54M -2.72M -2.08M 3.17M 11.04M 6.45M 0.87M
Short-Term Debt Issuance 1.69M 0.00M 0.26M -0.38M -0.42M 0.00M -0.08M 0.01M 0.00M 0.00M -0.06M 0.00M -0.03M 0.00M 0.65M -0.29M -0.74M -0.26M 0.06M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Stock Issuance -60.08M -75.94M -57.11M -89.91M -16.52M -10.60M -17.87M -33.50M -7.00M -5.70M -13.27M -5.00M -0.83M -0.32M -3.62M 0.98M 3.37M -7.77M 1.30M 2.49M 0.96M 4.92M 2.23M 1.84M 3.35M 31.64M 6.84M 3.57M 8.25M 6.40M 9.90M
Common Stock Issuance 0.30M 5.01M 2.30M 3.55M 12.58M 6.94M 3.73M 3.65M 5.99M 5.59M 9.79M 6.42M 5.46M 11.30M 7.95M 6.66M 9.60M 5.14M 11.81M 26.56M 9.35M 11.65M 7.83M 8.67M 15.78M 54.73M 16.23M 9.69M 15.39M 10.31M 27.27M
Common Stock Repurchased -64.09M -77.09M -64.39M -106.28M -24.69M -40.97M -35.93M -61.45M -14.84M -31.90M -44.71M -14.33M -9.81M -9.54M -18.38M -1.33M -1.35M -13.64M -7.84M -4.69M -0.42M -0.08M -0.01M -0.03M -0.27M -0.05M -1.52M -1.66M -0.02M -0.02M 0.00M
Preferred Stock Issuance 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Dividends Paid -95.15M -110.70M -98.26M -93.68M -62.96M -74.83M -59.45M -64.29M -41.04M -35.77M -35.24M -24.50M -12.72M -9.65M -8.98M -4.26M -4.50M -7.36M -5.54M -3.48M -2.52M -0.96M -0.30M 0.00M -0.15M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Common Dividends Paid -94.29M -110.70M -98.40M -96.06M -64.91M -76.59M -61.15M -62.77M -39.45M -35.52M -34.70M -20.60M -12.09M -8.98M -10.10M -4.37M -4.54M -8.37M -5.35M -3.45M -2.49M -0.90M -0.48M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Preferred Dividends Paid 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Financing Activities -26.68M -11.90M -3.52M -0.76M 0.22M 4.94M 5.69M -2.57M 4.32M 1.17M 7.09M 7.68M 3.64M 0.84M 0.89M 3.78M -1.18M 1.09M -0.03M 1.37M 0.24M 0.02M 0.68M 0.08M 0.97M 0.99M 1.41M -0.54M 0.29M 0.00M 0.79M
Net Cash from Financing Activities -271.04M -230.16M -296.24M -218.11M -41.14M -60.82M -63.77M -152.34M -19.32M -22.83M -14.65M -17.90M -19.30M -37.47M -12.50M -33.18M -22.60M -46.57M -44.89M -15.38M -14.07M 2.03M 5.05M 1.84M 31.90M 42.18M 13.96M 8.78M 23.12M 14.02M 12.93M
Effect of FX on Cash 4.79M 3.48M 0.75M 4.57M -0.55M -2.30M -0.63M -0.24M -1.57M -1.15M 0.77M 0.89M 0.86M -0.70M 0.17M -0.25M -1.05M -0.25M 0.39M 0.21M 0.22M 0.04M 0.03M 0.06M -0.06M 0.00M 0.02M 0.02M -0.01M 0.13M 0.02M
Net Change in Cash 44.02M 34.69M 60.84M 33.29M 191.07M 149.09M 10.61M 40.58M 79.79M 54.61M 33.99M 69.70M 14.75M -10.86M 11.11M 34.51M 22.04M -2.07M 12.78M 26.24M 12.13M 8.60M 7.80M -6.76M 10.56M 34.40M 8.38M 1.25M 19.80M 12.74M 8.54M
Cash at Beginning of Period 983.65M 1,010.24M 943.18M 953.97M 804.51M 635.47M 639.35M 609.69M 500.12M 428.22M 431.68M 311.66M 273.44M 316.25M 263.87M 246.61M 247.30M 210.13M 203.73M 120.28M 87.37M 79.82M 78.99M 96.24M 89.74M 45.71M 54.62M 62.72M 65.18M 42.29M 32.79M
Cash at End of Period 1,103.25M 1,016.52M 1,032.05M 975.84M 1,005.06M 819.69M 625.45M 643.89M 593.50M 505.88M 432.94M 430.01M 273.39M 279.72M 320.44M 260.88M 244.40M 247.86M 212.27M 188.96M 106.77M 83.89M 80.60M 92.03M 124.75M 93.63M 49.68M 71.06M 79.55M 58.93M 37.05M
Operating Cash Flow 840.03M 919.79M 751.18M 1,074.28M 902.54M 573.31M 582.57M 463.96M 414.55M 282.90M 299.91M 286.54M 221.17M 234.12M 226.07M 195.15M 102.39M 139.04M 171.31M 141.36M 91.17M 73.04M 26.75M 20.98M 69.83M 111.90M 65.18M 60.30M 78.96M 43.15M 41.37M
Capital Expenditure -299.58M -351.99M -459.97M -374.56M -294.61M -202.35M -194.81M -234.67M -197.02M -119.89M -112.83M -99.26M -72.22M -74.10M -85.37M -59.98M -46.07M -64.02M -68.41M -43.71M -34.70M -29.78M -20.37M -24.20M -54.61M -61.51M -35.82M -43.32M -55.84M -47.77M -31.20M
Free Cash Flow 371.54M 279.54M 282.27M 517.29M 552.69M 290.12M 244.45M 239.28M 257.12M 116.75M 175.00M 154.40M 126.21M 78.67M 62.70M 125.67M 43.10M 40.67M 43.86M 82.45M 33.10M 28.41M 4.17M 1.97M 3.57M 21.16M 6.83M 7.89M 17.16M -6.75M 2.89M

Industry Free Cash Flow

Metric TTM 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995
EBITDA 940.76M 955.60M 1,116.90M 1,311.91M 953.12M 691.87M 597.38M 570.67M 468.68M 319.16M 370.77M 313.43M 232.01M 215.87M 278.61M 218.92M 105.80M 150.97M 176.00M 153.35M 117.30M 81.77M 29.73M 17.41M 58.52M 181.29M 68.74M 66.82M 90.12M 70.61M 73.03M
(-) Tax Adjustment 159.12M 153.15M 176.36M 136.63M 103.68M 60.60M 79.37M 106.96M 77.44M 52.87M 50.25M 44.83M 36.65M 45.59M 41.92M 27.31M 98.65M 97.60M 35.89M 29.54M 22.62M 17.14M 59.47M -1.30M 53.42M 45.26M 20.16M 22.12M 28.37M 24.23M 22.52M
(-) Change In Working Capital -82.67M -76.72M -122.19M -212.42M -108.34M -48.60M -34.90M -55.95M -33.22M -28.71M -20.49M -20.72M -20.14M -22.71M -24.59M -5.95M 4.41M -1.55M -12.89M -6.34M -6.06M -3.64M -3.49M -1.29M -1.13M -11.36M -3.74M -3.86M -0.32M -6.55M -12.88M
(-) Capital Expenditure 299.58M 351.99M 459.97M 374.56M 294.61M 202.35M 194.81M 234.67M 197.02M 119.89M 112.83M 99.26M 72.22M 74.10M 85.37M 59.98M 46.07M 64.02M 68.41M 43.71M 34.70M 29.78M 20.37M 24.20M 54.61M 61.51M 35.82M 43.32M 55.84M 47.77M 31.20M
Unlevered Free Cash Flow 564.74M 527.18M 602.77M 1,013.15M 663.19M 477.53M 358.10M 284.98M 227.44M 175.11M 228.19M 190.06M 143.28M 118.89M 175.91M 137.59M -43.33M -9.10M 84.59M 86.44M 66.04M 38.49M -46.61M -4.20M -48.38M 85.88M 16.50M 5.25M 6.23M 5.16M 32.19M
(-) Net Interest Income After Taxes -18.42M -22.06M -18.91M -32.31M -38.10M -34.72M -25.85M -22.64M -20.37M -15.72M -13.08M -9.08M -6.48M -7.47M -5.81M -4.53M -0.21M -1.14M -1.73M -1.03M -0.89M -0.42M 0.03M -0.04M 0.00M -0.03M 0.00M -0.01M 0.00M 0.00M -0.03M
Net Debt Issuance 14.51M 53.77M 43.30M 91.84M 8.82M 40.30M 33.82M 10.60M 12.68M 32.21M 29.04M 12.31M 5.97M 1.84M 8.69M -3.75M -5.71M 0.45M -2.56M 0.10M -5.49M -1.46M -0.52M 1.03M 22.55M -3.84M -2.06M 3.67M 10.50M 8.66M 0.86M
Levered Free Cash Flow 597.67M 603.01M 664.97M 1,137.30M 710.10M 552.55M 417.76M 318.22M 260.49M 223.05M 270.30M 211.45M 155.73M 128.20M 190.42M 138.37M -48.83M -7.51M 83.76M 87.57M 61.44M 37.45M -47.17M -3.13M -25.82M 82.07M 14.43M 8.94M 16.73M 13.82M 33.08M