Cash conversion efficiency remains inconsistent, as evidenced by free cash flow margins that fluctuated from a negative 15.7% in 2025Q1 to a peak of 20.5% in 2023Q4.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Jan'22 | Jan'21 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Jan'16 | Jan'15 | Dec'13 | Dec'12 | Dec'11 | Jan'11 | Jan'10 | Jan'09 | Dec'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 |
|---|
| Cash from Operations | 23.16M | 264.24M | 561.75M | -358.8M | 623.41M | 448.47M | 803.43M | 643.4M | 655.72M | 605.61M | 227.01M | 508.09M | 591.28M | 548.9M | 167.96M | 133.05M | 414.5M | 177.4M | 359.04M | 510.62M | 506.87M | 471.44M | 493.99M |
| Operating CF Margin % | - | 7.53% | 15.44% | -9.29% | 9.17% | 7.32% | 12.5% | 9.46% | 10.13% | 10.05% | 3.96% | 9.54% | 12.78% | 12.13% | 3.62% | 3.08% | 10.65% | 4.18% | 8.02% | 11.42% | 10.82% | 10.18% | 10.58% |
| Operating CF Growth % | -712.57% | -52.96% | 256.56% | -157.55% | 39.01% | -44.18% | 24.87% | -1.88% | 8.27% | 166.78% | -55.32% | -14.07% | 7.72% | 226.81% | 26.23% | -67.9% | 133.66% | -50.59% | -29.69% | 0.74% | 7.52% | -4.56% | - |
| Net Income | 330.01M | -320.43M | -17.73M | -127.2M | 77.22M | -32.29M | 600.72M | 553.08M | 61.89M | 539.38M | 428.86M | 404.52M | 330.49M | 164.68M | 266.69M | 211.29M | 51.28M | 127.17M | 126.13M | 322.49M | 218.51M | 449.55M | 428.44M |
| Depreciation & Amortization | 41.7M | 92.06M | 105.04M | 106.27M | 114.2M | 126.62M | 141.7M | 131.8M | 122.49M | 103.17M | 103.9M | 98.2M | 90.89M | 93.04M | 90.72M | 86.61M | 96.75M | 121.18M | 138.15M | 114.2M | 117.89M | 114.23M | 108.66M |
| Stock-Based Compensation | 0 | 25.84M | 20.55M | 23.46M | 16.63M | 0 | 9.28M | 21.42M | 23.58M | 31.78M | 29.62M | 30.59M | 24.18M | 20.5M | 16.17M | 19.53M | 37.7M | 31.45M | 33.63M | 0 | 0 | 0 | 0 |
| Deferred Taxes | -226.86M | -11.97M | -84.75M | 384.23M | 3.93M | -161.22M | 0 | 22.15M | 239.07M | -8.84M | 10.85M | -12.4M | 14.62M | -32.58M | 1.95M | 15.79M | -9.15M | -1.45M | 28.07M | -46.8M | 66.71M | 31.26M | 27.45M |
| Other Non-Cash Items | 116.68M | 333.51M | 21.66M | 11.65M | 529.37M | 631.74M | -20.54M | 8.14M | 43.74M | 43.74M | -1.62M | 7.97M | 8.76M | 81.73M | 26.62M | 43.61M | 57.85M | 2.88M | -30.43M | -4.22M | 4.01M | 12.17M | -17.46M |
| Working Capital Changes | -238.36M | 145.24M | 516.98M | -757.2M | -117.94M | -116.38M | 72.28M | -93.18M | 164.94M | -103.63M | -344.6M | -20.79M | 122.34M | 221.54M | -234.19M | -243.79M | 180.07M | -103.84M | 63.5M | 123.49M | 99.75M | -135.78M | -53.1M |
| Change in Receivables | 7.61M | -1.78M | 174.25M | 154.15M | -181.17M | -6.95M | 45.16M | 10.27M | -31.66M | -79.21M | -21.97M | 1.23M | 4.8M | -46.81M | 26.59M | -329K | -39.8M | 163.69M | -81.4M | 59.4M | 59.4M | 0 | 0 |
| Change in Inventory | -43.72M | 114.93M | 599.98M | -437.64M | -293.45M | -136.06M | 147.33M | -205.32M | 22.65M | 135.81M | -289.65M | -40.25M | 83.75M | 313.82M | -287.91M | -231.84M | 248.82M | -182.97M | 96.34M | 69.22M | 58.92M | -78.15M | -49.03M |
| Change in Payables | -57.24M | 17.65M | -194.6M | -241.56M | 368.75M | -32.64M | 0 | 165.79M | 71.81M | -60.99M | 74.61M | 71.9M | 30.9M | -40.58M | 39.71M | 29.93M | 3.52M | 34.05M | 67.04M | -673K | -673K | 0 | 0 |
| Cash from Investing | 847.16M | 813.03M | -23.48M | -216.43M | -52.45M | -41.08M | -109.66M | -418.65M | -104.51M | -966.64M | -276.8M | -358.31M | -597.39M | -27.87M | -85.63M | -284M | -88.84M | -177.25M | -101.08M | -110.66M | -60.08M | -61.26M | -77.3M |
| Capital Expenditures | -31.35M | -37.89M | -44.06M | -215.12M | -69.27M | -53.73M | -101.08M | -83.74M | -82.55M | -2.57M | -83.97M | -57.19M | -37.54M | -40.57M | -85.63M | -284M | -88.84M | -186.96M | -96.63M | -110.08M | -67.14M | -63.63M | -85.42M |
| CapEx % of Revenue | 0.91% | 1.08% | 1.21% | 5.57% | 1.02% | 0.88% | 1.57% | 1.23% | 1.28% | 0.04% | 1.47% | 1.07% | 0.81% | 0.9% | 1.85% | 6.56% | 2.28% | 4.4% | 2.16% | 2.46% | 1.43% | 1.37% | 1.83% |
| Acquisitions | 850.56M | 850.92M | 0 | 157K | 0 | 671K | -25.23M | -334.92M | -21.96M | -964.08M | -192.83M | -360.44M | -559.86M | 12.7M | -9.15M | -222.88M | 0 | -14.65M | -20.24M | -2.44M | -1.7M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 27.95M | 0 | 20.57M | -1.46M | 16.82M | 11.98M | 16.66M | 2.56M | 4.46M | 80.83M | 15.4M | -5.07M | 6.09M | 424K | 9.15M | 222.88M | 37.98M | 24.36M | 15.78M | 1.85M | 8.76M | 2.37M | 8.13M |
| Cash from Financing | -966.16M | -1.05B | -580.08M | 295.83M | -888.02M | 142.17M | -824.01M | -200.5M | -585.77M | 511.05M | 132.98M | -23.77M | 93.76M | -513.07M | -89.52M | 155.69M | -354.17M | -104.74M | -243. |