I) CALCULATION OF ADJUSTED EBITDA | |||||||||
CONSOLIDATED: | Q4 2025 TTM | Q4 2025 YTD | Q4 2025 QTD | Q4 2024 YTD | Q4 2024 QTD | Q3 2025 QTD | Q2 2025 QTD | Q1 2025 QTD | |
NET EARNINGS | $ 295,992 | $ 295,992 | $ 40,156 | $ 418,733 | $ 69,783 | $ 75,542 | $ 100,871 | $ 79,423 | |
Interest and other | (28,340) | (28,340) | (1,394) | (47,913) | (11,560) | (9,663) | (8,854) | (8,429) | |
Taxes | 96,249 | 96,249 | 20,325 | 121,422 | 21,236 | 23,592 | 31,074 | 21,258 | |
Expense associated with share-based compensation arrangements | 37,792 | 37,792 | 9,886 | 38,163 | 10,818 | 7,536 | 8,809 | 11,561 | |
Net loss (gain) on sale or impairment of property, plant & equipment | 728 | 728 | (3,084) | 678 | (860) | 58 | 3,830 | (76) | |
Impairment of goodwill and other intangibles | 2,400 | 2,400 | - | 5,479 | 5,479 | 2,400 | - | - | |
Gain from reduction of estimated earnout liability | (2,312) | (2,312) | (457) | (2,460) | (605) | - | (1,511) | (344) | |
Depreciation expense | 138,360 | 138,360 | 36,786 | 124,641 | 32,511 | 34,633 | 34,000 | 32,941 | |
Amortization of intangibles | 22,691 | 22,691 | 5,025 | 23,521 | 5,900 | 5,921 | 5,928 | 5,817 | |
ADJUSTED EBITDA | $ 563,560 | $ 563,560 | $ 107,243 | $ 682,264 | $ 132,702 | $ 140,019 | $ 174,147 | $ 142,151 | |
Net sales | 6,320,343 | 6,320,343 | 1,329,823 | 6,652,309 | 1,462,001 | 1,559,627 | 1,835,374 | 1,595,519 | |
ADJUSTED EBITDA MARGIN | 8.9% | 8.9% | 8.1% | 10.3% | 9.1% | 9.0% | 9.5% | 8.9% | |
2025 | 2024 | 2023 | 2022 | 2019 | |||||
NET EARNINGS | $ 295,992 | $ 418,733 | $ 514,457 | $ 704,964 | $ 182,404 | ||||
Interest and other | (28,340) | (47,913) | (24,707) | 15,368 | 4,232 | ||||
Taxes | 96,249 | 121,422 | 156,784 | 229,852 | 58,270 | ||||
Expense associated with share-based compensation arrangements | 37,792 | 38,163 | 34,899 | 28,156 | 4,007 | ||||
Net loss (gain) on sale or impairment of property, plant & equipment | 728 | 678 | (260) | 1,285 | 1,565 | ||||
Impairment of goodwill and other intangibles | 2,400 | 5,479 | - | 4,261 | - | ||||
Gain from reduction of estimated earnout liability | (2,312) | (2,460) | (3,177) | - | - | ||||
Depreciation expense | 138,360 | 124,641 | 110,563 | 94,063 | 60,494 | ||||
Amortization of intangibles | 22,691 | 23,521 | 21,327 | 19,499 | 6,325 | ||||
ADJUSTED EBITDA | $ 563,560 | $ 682,264 | $ 809,886 | $ 1,097,448 | $ 317,297 | ||||
Net sales | 6,320,343 | 6,652,309 | 7,218,384 | 9,626,739 | 4,416,009 | ||||
ADJUSTED EBITDA MARGIN | 8.9% | 10.3% | 11.2% | 11.4% | 7.2% | ||||
RETAIL: | Q4 2025 TTM | Q4 2025 YTD | Q4 2025 QTD | Q4 2024 YTD | Q4 2024 QTD | Q3 2025 QTD | Q2 2025 QTD | Q1 2025 QTD | |
NET EARNINGS | $ 86,679 | $ 86,679 | $ 9,147 | $ 139,127 | $ 24,359 | $ 15,741 | $ 41,128 | $ 20,663 | |
Interest and other | (303) | (303) | (119) | (557) | (171) | (70) | (54) | (60) | |
Taxes | 28,724 | 28,724 | 5,714 | 40,534 | 7,341 | 5,074 | 12,405 | 5,531 | |
Expense associated with share-based compensation arrangements | 4,040 | 4,040 | 894 | 5,788 | 1,860 | 855 | 867 | 1,424 | |
Net loss on sale or impairment of property, plant & equipment | 8,739 | 8,739 | 49 | 1,817 | 940 | 7,583 | 1,083 | 24 | |
Impairment of intangibles | 2,400 | 2,400 | - | 1,250 | 1,250 | 2,400 | - | - | |
Depreciation expense | 30,438 | 30,438 | 8,013 | 28,877 | 7,550 | 7,523 | 7,592 | 7,310 | |
Amortization of intangibles | 3,630 | 3,630 | 837 | 3,992 | 998 | 879 | 957 | 957 | |
ADJUSTED EBITDA | $ 164,347 | $ 164,347 | $ 24,535 | $ 220,828 | $ 44,127 | $ 39,985 | $ 63,978 | $ 35,849 | |
Net sales | 2,433,556 | 2,433,556 | 443,964 | 2,597,994 | 524,591 | 593,985 | 788,224 | 607,383 | |
ADJUSTED EBITDA MARGIN | 6.8% | 6.8% | 5.5% | 8.5% | 8.4% | 6.7% | 8.1% | 5.9% | |
2025 | 2024 | 2023 | 2022 | 2019 | |||||
NET EARNINGS | $ 86,679 | $ 139,127 | $ 131,920 | $ 139,685 | $ 46,768 | ||||
Interest and other | (303) | (557) | (57) | 161 | - | ||||
Taxes | 28,724 | 40,534 | 40,304 | 46,876 | 14,940 | ||||
Expense associated with share-based compensation arrangements | 4,040 | 5,788 | 5,575 | 4,476 | 184 | ||||
Net loss on sale or impairment of property, plant & equipment | 8,739 | 1,817 | 801 | 785 | 269 | ||||
Impairment of intangibles | 2,400 | 1,250 | - | - | - | ||||
Gain from reduction of estimated earnout liability | - | - | (593) | - | - | ||||
Depreciation expense | 30,438 | 28,877 | 25,483 | 20,980 | 11,041 | ||||
Amortization of intangibles | 3,630 | 3,992 | 4,566 | 4,131 | 1,380 | ||||
ADJUSTED EBITDA | $ 164,347 | $ 220,828 | $ 207,999 | $ 217,094 | $ 74,582 | ||||
Net sales | 2,433,556 | 2,597,994 | 2,956,007 | 3,771,231 | 1,498,710 | ||||
ADJUSTED EBITDA MARGIN | 6.8% | 8.5% | 7.0% | 5.8% | 5.0% |
PACKAGING: | Q4 2025 TTM | Q4 2025 YTD | Q4 2025 QTD | Q4 2024 YTD | Q4 2024 QTD | Q3 2025 QTD | Q2 2025 QTD | Q1 2025 QTD | |
NET EARNINGS | $ 66,414 | $ 66,414 | $ 7,506 | $ 80,035 | $ 16,563 | $ 21,358 | $ 20,633 | $ 16,917 | |
Interest and other | (678) | (678) | 170 | (101) | (1,415) | (381) | (795) | 328 | |
Taxes | 22,008 | 22,008 | 4,526 | 23,023 | 5,182 | 6,583 | 6,371 | 4,528 | |
Expense associated with share-based compensation arrangements | 7,029 | 7,029 | 1,639 | 6,974 | 1,623 | 1,609 | 1,617 | 2,164 | |
Net (gain) loss on sale or impairment of property, plant & equipment | (2,887) | (2,887) | 1,826 | 2,316 | 861 | (5,970) | 1,225 | 32 | |
Impairment of intangibles | - | - | - | 4,229 | 4,229 | - | - | - | |
Gain from reduction of estimated earnout liability | (1,511) | (1,511) | - | (642) | (605) | - | (1,511) | - | |
Depreciation expense | 36,706 | 36,706 | 9,773 | 34,603 | 9,003 | 8,946 | 9,090 | 8,897 | |
Amortization of intangibles | 8,562 | 8,562 | 2,078 | 8,840 | 2,216 | 2,139 | 2,166 | 2,179 | |
ADJUSTED EBITDA | $ 135,643 | $ 135,643 | $ 27,518 | $ 159,277 | $ 37,657 | $ 34,284 | $ 38,796 | $ 35,045 | |
Net sales | 1,603,723 | 1,603,723 | 370,097 | 1,636,563 | 375,315 | 394,949 | 428,669 | 410,008 | |
ADJUSTED EBITDA MARGIN | 8.5% | 8.5% | 7.4% | 9.7% | 10.0% | 8.7% | 9.1% | 8.5% | |
2025 | 2024 | 2023 | 2022 | 2019 | |||||
NET EARNINGS | $ 66,414 | $ 80,035 | $ 148,269 | $ 251,187 | $ 62,839 | ||||
Interest and other | (678) | (101) | 2,368 | 2,158 | 108 | ||||
Taxes | 22,008 | 23,023 | 45,292 | 81,900 | 20,074 | ||||
Expense associated with share-based compensation arrangements | 7,029 | 6,974 | 7,595 | 5,125 | - | ||||
Net (gain) loss on sale or impairment of property, plant & equipment | (2,887) | 2,316 | 7 | 131 | 481 | ||||
Impairment of intangibles | - | 4,229 | - | - | - | ||||
Gain from reduction of estimated earnout liability | (1,511) | (642) | (1,784) | - | - | ||||
Depreciation expense | 36,706 | 34,603 | 32,996 | 28,191 | 14,340 | ||||
Amortization of intangibles | 8,562 | 8,840 | 8,849 | 6,925 | 3,034 | ||||
ADJUSTED EBITDA | $ 135,643 | $ 159,277 | $ 243,592 | $ 375,617 | $ 100,876 | ||||
Net sales | 1,603,723 | 1,636,563 | 1,838,200 | 2,394,681 | 1,085,635 | ||||
ADJUSTED EBITDA MARGIN | 8.5% | 9.7% | 13.3% | 15.7% | 9.3% |
CONSTRUCTION: | Q4 2025 TTM | Q4 2025 YTD | Q4 2025 QTD | Q4 2024 YTD | Q4 2024 QTD | Q3 2025 QTD | Q2 2025 QTD | Q1 2025 QTD | |
NET EARNINGS | $ 89,626 | $ 89,626 | $ 15,437 | $ 136,179 | $ 27,595 | $ 24,682 | $ 27,563 | $ 21,944 | |
Interest and other | (11) | (11) | (3) | 17 | 42 | (7) | - | (1) | |
Taxes | 29,699 | 29,699 | 7,682 | 39,488 | 8,294 | 7,647 | 8,497 | 5,873 | |
Expense associated with share-based compensation arrangements | 9,840 | 9,840 | 2,667 | 7,944 | 1,846 | 2,173 | 2,175 | 2,825 | |
Net loss (gain) on sale or impairment of property, plant & equipment | 259 | 259 | (13) | 673 | 451 | (59) | 211 | 120 | |
Gain from reduction of estimated earnout liability | (344) | (344) | - | (1,818) | - | - | - | (344) | |
Depreciation expense | 25,863 | 25,863 | 6,675 | 23,124 | 6,092 | 6,667 | 6,330 | 6,191 | |
Amortization of intangibles | 2,909 | 2,909 | 728 | 2,810 | 702 | 775 | 704 | 702 | |
ADJUSTED EBITDA | $ 157,841 | $ 157,841 | $ 33,173 | $ 208,417 | $ 45,022 | $ 41,878 | $ 45,480 | $ 37,310 | |
Net sales | 2,003,785 | 2,003,785 | 439,790 | 2,113,844 | 486,776 | 496,465 | 551,590 | 515,940 | |
ADJUSTED EBITDA MARGIN | 7.9% | 7.9% | 7.5% | 9.9% | 9.2% | 8.4% | 8.2% | 7.2% | |
2025 | 2024 | 2023 | 2022 | 2019 | |||||
NET EARNINGS | $ 89,626 | $ 136,179 | $ 186,603 | $ 299,721 | $ 62,455 | ||||
Interest and other | (11) | 17 | (10) | (12) | 16 | ||||
Taxes | 29,699 | 39,488 | 56,753 | 97,725 | 19,952 | ||||
Expense associated with share-based compensation arrangements | 9,840 | 7,944 | 7,190 | 4,882 | 22 | ||||
Net loss on sale or impairment of property, plant & equipment | 259 | 673 | 9 | 1,349 | 1,037 | ||||
Gain from reduction of estimated earnout liability | (344) | (1,818) | (800) | - | - | ||||
Depreciation expense | 25,863 | 23,124 | 19,546 | 15,364 | 11,465 | ||||
Amortization of intangibles | 2,909 | 2,810 | 2,904 | 3,358 | 1,164 | ||||
ADJUSTED EBITDA | $ 157,841 | $ 208,417 | $ 272,195 | $ 422,387 | $ 96,111 | ||||
Net sales | 2,003,785 | 2,113,844 | 2,161,059 | 3,143,868 | 1,637,156 | ||||
ADJUSTED EBITDA MARGIN | 7.9% | 9.9% | 12.6% | 13.4% | 5.9% |
All Other: | Q4 2025 TTM | Q4 2025 YTD | Q4 2025 QTD | Q4 2024 YTD | Q4 2024 QTD | Q3 2025 QTD | Q2 2025 QTD | Q1 2025 QTD | |
NET EARNINGS | $ 20,542 | $ 20,542 | $ 11,133 | $ 24,839 | $ 7,169 | $ 4,893 | $ 2,014 | $ 2,502 | |
Interest and other | (8,180) | (8,180) | (1,876) | (9,356) | (530) | (2,845) | (2,512) | (947) | |
Taxes | 4,973 | 4,973 | 2,194 | 5,793 | 721 | 1,691 | 419 | 669 | |
Expense associated with share-based compensation arrangements | 1,017 | 1,017 | 408 | 772 | 163 | 171 | 174 | 264 | |
Net loss on sale or impairment of property, plant & equipment | 3,167 | 3,167 | 488 | 28 | 18 | 63 | 2,616 | - | |
Gain from reduction of estimated earnout liability | (457) | (457) | (457) | - | - | - | - | - | |
Depreciation expense | 4,165 | 4,165 | 1,085 | 3,338 | 889 | 1,027 | 1,109 | 944 | |
Amortization of intangibles | 5,980 | 5,980 | 1,007 | 6,124 | 1,551 | 1,701 | 1,671 | 1,601 | |
ADJUSTED EBITDA | $ 31,207 | $ 31,207 | $ 13,982 | $ 31,538 | $ 9,981 | $ 6,701 | $ 5,491 | $ 5,033 | |
Net sales | 271,550 | 271,550 | 73,744 | 298,190 | 73,971 | 72,482 | 65,026 | 60,298 | |
ADJUSTED EBITDA MARGIN | 11.5% | 11.5% | 19.0% | 10.6% | 13.5% | 9.2% | 8.4% | 8.3% | |
2025 | 2024 | 2023 | 2022 | 2019 | |||||
NET EARNINGS | $ 20,542 | $ 24,839 | $ 25,582 | $ 16,404 | $ 16,692 | ||||
Interest and other | (8,180) | (9,356) | (8,767) | 1,818 | (4,371) | ||||
Taxes | 4,973 | 5,793 | 7,723 | 4,013 | 5,333 | ||||
Expense associated with share-based compensation arrangements | 1,017 | 772 | 935 | 614 | - | ||||
Net loss (gain) on sale or impairment of property, plant & equipment | 3,167 | 28 | (167) | 347 | - | ||||
Impairment of goodwill | - | - | - | 4,261 | - | ||||
Gain from reduction of estimated earnout liability | (457) | - | - | - | - | ||||
Depreciation expense | 4,165 | 3,338 | 2,454 | 1,910 | 1,532 | ||||
Amortization of intangibles | 5,980 | 6,124 | 3,488 | 4,571 | 747 | ||||
ADJUSTED EBITDA | $ 31,207 | $ 31,538 | $ 31,248 | $ 33,938 | $ 19,933 | ||||
Net sales | 271,550 | 298,190 | 259,392 | 311,019 | 193,785 | ||||
ADJUSTED EBITDA MARGIN | 11.5% | 10.6% | 12.0% | 10.9% | 10.3% |
Q4 2025 TTM | Q4 2025 YTD | Q4 2025 QTD | Q4 2024 YTD | Q4 2024 QTD | Q3 2025 QTD | Q2 2025 QTD | Q1 2025 QTD | ||
NET EARNINGS | $ 32,731 | $ 32,731 | $ (3,067) | $ 38,553 | $ (5,903) | $ 8,868 | $ 9,533 | $ 17,397 | |
Interest and other | (19,168) | (19,168) | 434 | (37,916) | (9,486) | (6,360) | (5,493) | (7,749) | |
Taxes | 10,845 | 10,845 | 209 | 12,584 | (302) | 2,597 | 3,382 | 4,657 | |
Expense associated with share-based compensation arrangements | 15,866 | 15,866 | 4,278 | 16,685 | 5,326 | 2,728 | 3,976 | 4,884 | |
Net gain on sale or impairment of property, plant & equipment | (8,550) | (8,550) | (5,434) | (4,156) | (3,130) | (1,559) | (1,305) | (252) | |
Depreciation expense | 41,188 | 41,188 | 11,240 | 34,699 | 8,977 | 10,470 | 9,879 | 9,599 | |
Amortization of intangibles | 1,610 | 1,610 | 375 | 1,755 | 433 | 427 | 430 | 378 | |
ADJUSTED EBITDA | $ 74,522 | $ 74,522 | $ 8,035 | $ 62,204 | $ (4,085) | $ 17,171 | $ 20,402 | $ 28,914 | |
Net sales | 7,729 | 7,729 | 2,228 | 5,718 | 1,348 | 1,746 | 1,865 | 1,890 | |
ADJUSTED EBITDA MARGIN | 964.2% | 964.2% | 360.6% | 1087.9% | -303.0% | 983.4% | 1093.9% | 1529.8% | |
2025 | 2024 | 2023 | 2022 | 2019 | |||||
NET EARNINGS | $ 32,731 | $ 38,553 | $ 22,083 | (2,033) | $ (6,350) | ||||
Interest and other | (19,168) | (37,916) | (18,241) | 11,243 | 8,479 | ||||
Taxes | 10,845 | 12,584 | 6,712 | (662) | (2,029) | ||||
Expense associated with share-based compensation arrangements | 15,866 | 16,685 | 13,604 | 13,059 | 3,801 | ||||
Net gain on sale or impairment of property, plant & equipment | (8,550) | (4,156) | (910) | (1,327) | (222) | ||||
Depreciation expense | 41,188 | 34,699 | 30,084 | 27,618 | 22,116 | ||||
Amortization of intangibles | 1,610 | 1,755 | 1,520 | 514 | - | ||||
ADJUSTED EBITDA | $ 74,522 | $ 62,204 | $ 54,852 | $ 48,412 | $ 25,795 | ||||
Net sales | 7,729 | 5,718 | 3,726 | 5,940 | 723 | ||||
ADJUSTED EBITDA MARGIN | 964.2% | 1087.9% | 1472.1% | 815.0% | 3567.8% |
Non-GAAP Financial Information: This presentation includes certain financial information not prepared in accordance with U.S. GAAP. Because not all companies calculate non-GAAP financial information identically (or at all), the presentations herein may not be comparable to other similarly titled measures used by other companies. Management uses Adjusted EBITDA, return on invested capital, net debt (cash surplus), liquidity, and free cash flow, non-GAAP financial measures, in order to evaluate historical and ongoing operations. Management believes that these non-GAAP financial measures are useful in order to enable investors to perform meaningful comparisons of historical and current performance. These non-GAAP financial measures are intended to supplement and should be read together with the financial results. These non-GAAP financial measures should not be considered an alternative or substitute for, and should not be considered superior to, the reported financial results. Accordingly, users of this financial information should not place undue reliance on the non-GAAP financial measures.
II) RETURN ON INVESTED CAPITAL CALCULATION | |||||
BEGINNING CAPITAL CALCULATION | 2025 | 2024 | 2023 | 2022 | 2019 |
Beginning interest bearing debt | $ 233,955 | $ 274,847 | $ 278,096 | $ 320,250 | $ 202,278 |
Beginning cash overdraft | - | - | - | 17,030 | - |
Beginning equity | 3,244,625 | 2,948,763 | 2,596,823 | 2,016,569 | 1,088,684 |
Less : Beginning cash | (1,171,828) | (957,092) | (559,397) | (168,336) | (27,316) |
Prorated capital employed for acquisitions | 6,980 | 1,243 | 15,412 | 74,527 | 12,614 |
TOTAL BEGINNING CAPITAL | $ 2,313,732 | $ 2,267,761 | $ 2,330,934 | $ 2,260,040 | $ 1,276,260 |
2025 | 2024 | 2023 | 2022 | 2019 | |
NET EARNINGS | $ 295,992 | $ 418,733 | $ 514,457 | $ 704,964 | $ 182,404 |
Add back : Expense associated with share-based compensation arrangements | 37,792 | 38,163 | 34,899 | 28,156 | 4,007 |
Less: Proforma tax for expense associated with share-based compensation arrangements | (9,273) | (9,262) | (8,152) | (6,926) | (970) |
Add back: Net loss (gain) on sale or impairment of property, plant & equipment | 728 | 678 | (260) | 1,285 | 1,565 |
Less: Proforma tax for net loss (gain) on sale or impairment of property, plant & equipment | (179) | (165) | 61 | (316) | (379) |
Add back: Impairment of goodwill and other intangibles | 2,400 | 5,479 | - | 4,261 | - |
Less: Proforma tax for impairment of goodwill and other intangibles | (589) | (1,330) | - | (1,048) | - |
Add back: Gain from reduction of estimated earnout liability | (2,312) | (2,460) | (3,177) | - | - |
Less: Proforma tax for gain from reduction of estimated earnout liability | 567 | 597 | 742 | - | - |
Add back: Interest and investment income | (38,548) | (60,533) | (39,916) | (725) | (4,468) |
Less: Proforma tax for interest and investment income | 9,459 | 14,692 | 9,324 | 178 | 1,081 |
Add back: Interest expense | 10,917 | 12,709 | 12,842 | 13,910 | 8,700 |
Less: Proforma tax for interest expense | (2,679) | (3,085) | (3,000) | (3,422) | (2,105) |
NET OPERATING PROFIT AFTER TAX | $ 304,275 | $ 414,216 | $ 517,820 | $ 740,317 | $ 189,835 |
RETURN ON INVESTED CAPITAL | 13.2% | 18.3% | 22.2% | 32.8% | 14.9% |
EFFECTIVE TAX RATE | 2025 | 2024 | 2023 | 2022 | 2019 |
Effective tax rate | 24.5% | 22.5% | 23.4% | 24.6% | 24.2% |
Adjustments to effective tax rate | 0.0% | 1.8% | 0.0% | 0.0% | 0.0% |
Adjusted effective tax rate | 24.5% | 24.3% | 23.4% | 24.6% | 24.2% |
Non-GAAP Financial Information: This presentation includes certain financial information not prepared in accordance with U.S. GAAP. Because not all companies calculate non-GAAP financial information identically (or at all), the presentations herein may not be comparable to other similarly titled measures used by other companies. Management uses Adjusted EBITDA, return on invested capital, net debt (cash surplus), liquidity, and free cash flow, non-GAAP financial measures, in order to evaluate historical and ongoing operations. Management believes that these non-GAAP financial measures are useful in order to enable investors to perform meaningful comparisons of historical and current performance. These non-GAAP financial measures are intended to supplement and should be read together with the financial results. These non-GAAP financial measures should not be considered an alternative or substitute for, and should not be considered superior to, the reported financial results. Accordingly, users of this financial information should not place undue reliance on the non-GAAP financial measures.
III) NET DEBT (CASH SURPLUS) | |||||
NET DEBT (CASH SURPLUS) CALCULATION | 2025 | 2024 | 2023 | 2022 | 2019 |
Cash and cash equivalents | $ (914,199) | $ (1,171,828) | $ (1,118,329) | $ (559,397) | $ (168,336) |
Cash overdraft | - | - | - | - | - |
Total cash surplus | (914,199) | (1,171,828) | (1,118,329) | (559,397) | (168,336) |
Current portion of long-term debt | 899 | 4,125 | 42,900 | 2,942 | 2,816 |
Long-term debt | 228,859 | 229,830 | 233,534 | 275,154 | 160,867 |
TOTAL NET (CASH SURPLUS) DEBT | $ (684,441) | $ (937,873) | $ (841,895) | $ (281,301) | $ (4,653) |
ENDING CAPITAL CALCULATION | 2025 | 2024 | 2023 | 2022 | 2019 |
Net (cash surplus) debt | $ (684,441) | $ (937,873) | $ (841,895) | $ (281,301) | $ (4,653) |
Shareholder's equity | 3,084,244 | 3,235,125 | 3,030,190 | 2,596,823 | 1,257,733 |
TOTAL ENDING CAPITAL | $ 2,399,803 | $ 2,297,252 | $ 2,188,295 | $ 2,315,522 | $ 1,253,080 |
NET DEBT TO TOTAL CAPITAL | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Adjusted EBITDA | $ 563,560 | $ 682,264 | $ 809,886 | $ 1,097,448 | $ 317,297 |
NET DEBT TO ADJUSTED EBITDA | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
IV) LIQUIDITY | |||||
2025 | 2024 | 2023 | 2022 | 2019 | |
Revolver capacity | $ 750,000 | $ 750,000 | $ 750,000 | $ 750,000 | $ 375,000 |
Shelf capacity | 800,000 | 800,000 | 800,000 | 800,000 | 150,000 |
Foreign subsidiary borrowings | - | - | (3,692) | (5,465) | (3,976) |
Outstanding letters of credit | (39,208) | (37,342) | (37,320) | (3,341) | (9,828) |
Senior notes | (225,000) | (225,000) | (265,000) | (265,000) | (150,000) |
Total remaining availability | $ 1,285,792 | $ 1,287,658 | $ 1,243,988 | $ 1,276,194 | $ 361,196 |
Cash surplus | 914,199 | 1,171,828 | 1,118,329 | 559,397 | 168,336 |
TOTAL LIQUIDITY | $ 2,199,991 | $ 2,459,486 | $ 2,362,317 | $ 1,835,591 | $ 529,532 |
V) FREE CASH FLOW | |||||
2025 | 2024 | 2023 | 2022 | 2019 | |
NET CASH FROM OPERATING ACTIVITIES | $ 545,737 | $ 642,571 | $ 959,890 | $ 831,567 | $ 349,291 |
Increase (decrease) in investment in net working capital | 3,189 | (50,504) | (287,722) | 12,323 | (89,843) |
Maintenance capital expenditures(1) | (105,703) | (124,511) | (110,566) | (103,072) | (54,243) |
Interest expense, net of taxes | 8,238 | 9,852 | 9,837 | 10,488 | 6,595 |
FREE CASH FLOW | $ 451,461 | $ 477,408 | $ 571,439 | $ 751,306 | $ 211,800 |
(1) Breakdown of capital expenditures from the condensed consolidated statements of cash flows: | |||||
Maintenance capital expenditures | $ 105,703 | $ 124,511 | $ 110,566 | $ 103,072 | $ 54,268 |
Expansionary and efficiency capital expenditures | 163,674 | 107,763 | 69,816 | 71,052 | 30,665 |
Total capital expenditures | $ 269,377 | $ 232,274 | $ 180,382 | $ 174,124 | $ 84,933 |