7Baggers

Avantor, Inc
(NYSE:AVTR) 

AVTR stock logo

Avantor, Inc. provides products and services to customers in biopharma, healthcare, education and government, advanced technologies, and applied materials industries in the Americas, Europe, Asia, the Middle East, and Africa. The company offers materials and consumables, such as purity chemicals and...

Founded: 1904
IPO Price: $14 (May 17, 2019)
Full Time Employees: 12,000
CEO: Michael Stubblefield  
Sector: Basic Materials
Industry: Specialty Chemicals
Technology
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At a glance:
Bull Thesis:
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Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 
                               
      net sales
    		1,663,600,000 1,623,800,000 1,683,400,000 1,581,400,000 1,686,600,000 1,714,400,000 1,702,800,000 1,679,800,000 1,722,800,000 1,720,200,000 1,743,900,000 1,780,300,000 1,795,000,000 1,856,500,000 1,910,500,000 1,950,400,000 1,907,600,000 1,834,300,000 1,858,600,000 1,785,600,000 1,790,900,000 1,605,000,000 1,478,700,000 1,519,000,000 1,524,000,000 1,503,800,000 1,532,400,000 
      yoy
    		-1.36% -5.28% -1.14% -5.86% -2.10% -0.34% -2.36% -5.65% -4.02% -7.34% -8.72% -8.72% -5.90% 1.21% 2.79% 9.23% 6.52% 14.29% 25.69% 17.55% 17.51% 6.73% -3.50%     
      qoq
    		2.45% -3.54% 6.45% -6.24% -1.62% 0.68% 1.37% -2.50% 0.15% -1.36% -2.04% -0.82% -3.31% -2.83% -2.05% 2.24% 4.00% -1.31% 4.09% -0.30% 11.58% 8.54% -2.65% -0.33% 1.34% -1.87%  
      cost of sales
    		1,139,700,000 1,097,300,000 1,129,300,000 1,046,500,000 1,123,700,000 1,150,000,000 1,121,300,000 1,109,300,000 1,152,400,000 1,141,600,000 1,153,900,000 1,155,500,000 1,180,500,000 1,205,800,000 1,262,800,000 1,260,500,000 1,260,100,000 1,218,400,000 1,232,100,000 1,172,800,000 1,209,300,000 1,098,600,000 988,100,000 1,017,100,000 1,043,600,000 1,029,800,000 1,041,300,000 
      gross profit
    		523,900,000 526,500,000 554,100,000 534,900,000 562,900,000 564,400,000 581,500,000 570,500,000 570,400,000 578,600,000 590,000,000 624,800,000 614,500,000 650,700,000 647,700,000 689,900,000 647,500,000 615,900,000 626,500,000 612,800,000 581,600,000 506,400,000 490,600,000 501,900,000 480,400,000 474,000,000 491,100,000 
      yoy
    		-6.93% -6.72% -4.71% -6.24% -1.31% -2.45% -1.44% -8.69% -7.18% -11.08% -8.91% -9.44% -5.10% 5.65% 3.38% 12.58% 11.33% 21.62% 27.70% 22.10% 21.07% 6.84% -0.10%     
      qoq
    		-0.49% -4.98% 3.59% -4.97% -0.27% -2.94% 1.93% 0.02% -1.42% -1.93% -5.57% 1.68% -5.56% 0.46% -6.12% 6.55% 5.13% -1.69% 2.24% 5.36% 14.85% 3.22% -2.25% 4.48% 1.35% -3.48%  
      gross margin %
    		31.49% 32.42% 32.92% 33.82% 33.37% 32.92% 34.15% 33.96% 33.11% 33.64% 33.83% 35.10% 34.23% 35.05% 33.90% 35.37% 33.94% 33.58% 33.71% 34.32% 32.48% 31.55% 33.18% 33.04% 31.52% 31.52% 32.05% 
      selling, general and administrative expenses
    		392,400,000 390,300,000 425,300,000 387,500,000 371,400,000 439,800,000 405,700,000 424,200,000 387,100,000 368,400,000 357,500,000 393,600,000 362,700,000 374,900,000 352,100,000 382,900,000 433,500,000 378,700,000 371,800,000 346,500,000 377,000,000 329,200,000 324,000,000 343,500,000 328,500,000 330,800,000 372,000,000 
      impairment charges
    		 785,000,000         160,800,000                 
      operating income
    		126,400,000 -648,800,000 128,800,000 147,400,000 638,100,000 124,600,000 175,800,000 146,300,000 183,300,000 210,200,000 71,700,000 231,200,000 251,800,000 275,800,000 295,600,000 307,000,000 214,000,000 237,200,000 254,700,000 266,300,000 204,600,000 177,200,000 166,600,000 158,400,000 151,900,000 143,200,000 119,100,000 
      yoy
    		-80.19% -620.71% -26.73% 0.75% 248.12% -40.72% 145.19% -36.72% -27.20% -23.79% -75.74% -24.69% 17.66% 16.27% 16.06% 15.28% 4.59% 33.86% 52.88% 68.12% 34.69% 23.74% 39.88%     
      qoq
    		-119.48% -603.73% -12.62% -76.90% 412.12% -29.12% 20.16% -20.19% -12.80% 193.17% -68.99% -8.18% -8.70% -6.70% -3.71% 43.46% -9.78% -6.87% -4.36% 30.16% 15.46% 6.36% 5.18% 4.28% 6.08% 20.24%  
      operating margin %
    		7.60% -39.96% 7.65% 9.32% 37.83% 7.27% 10.32% 8.71% 10.64% 12.22% 4.11% 12.99% 14.03% 14.86% 15.47% 15.74% 11.22% 12.93% 13.70% 14.91% 11.42% 11.04% 11.27% 10.43% 9.97% 9.52% 7.77% 
      interest expense
    		-40,000,000 -44,200,000 -43,400,000 -42,200,000 -44,900,000 -48,700,000 -60,900,000 -64,300,000 -65,300,000 -72,400,000 -73,400,000 -73,700,000 -69,800,000 -67,300,000 -63,900,000 -64,800,000 -60,800,000 -54,100,000 -51,000,000 -51,500,000 -55,800,000 -65,200,000 -92,100,000 -94,500,000 -98,000,000 -98,300,000 -115,100,000 
      loss on extinguishment of debt
    		-4,400,000 -200,000   -4,400,000 -2,100,000 -1,900,000 -2,500,000 -1,000,000 -2,000,000 -1,600,000 -2,300,000 -1,700,000 -2,900,000 -6,100,000 -1,800,000 -4,000,000  -3,200,000 -5,200,000 -120,400,000 -226,400,000   -3,500,000  -70,200,000 
      other income
    		-1,200,000 3,700,000 -3,700,000 -19,500,000 -4,600,000 700,000 1,600,000 1,100,000 2,500,000 700,000 2,000,000 600,000 -5,600,000 2,700,000 700,000 1,400,000 -9,200,000 3,400,000 14,600,000 1,800,000 -1,700,000 6,600,000 4,200,000 800,000 -400,000 -7,600,000 15,600,000 
      income before income taxes
    		80,800,000 -689,500,000 81,700,000 85,700,000 584,200,000 74,500,000 114,600,000 80,600,000 119,500,000 136,500,000 -1,300,000 155,800,000 174,700,000 208,300,000 226,300,000 241,800,000 140,000,000 186,500,000 215,100,000 211,400,000 26,700,000 -107,800,000 78,700,000 64,700,000 50,000,000 37,300,000 -50,600,000 
      income tax expense
    		-28,400,000 -22,300,000 -17,000,000 -21,200,000 -83,800,000 -16,700,000 -21,700,000 -20,200,000 -21,000,000 -28,100,000 -6,000,000 -34,300,000 -32,900,000 -41,300,000 -38,900,000 -51,400,000   -57,300,000 -47,400,000    -17,700,000    
      net income
    		52,400,000 -711,800,000 64,700,000 64,500,000 500,400,000 57,800,000 92,900,000 60,400,000 98,500,000 108,400,000 -7,300,000 121,500,000 141,700,000 167,000,000 187,400,000 190,400,000 94,000,000 156,800,000 157,800,000 164,000,000 51,600,000 -42,200,000 60,200,000 47,000,000 70,600,000 22,100,000 -48,700,000 
      yoy
    		-89.53% -1331.49% -30.36% 6.79% 408.02% -46.68% -1372.60% -50.29% -30.49% -35.09% -103.90% -36.19% 50.74% 6.51% 18.76% 16.10% 82.17% -471.56% 162.13% 248.94% -26.91% -290.95% -223.61%     
      qoq
    		-107.36% -1200.15% 0.31% -87.11% 765.74% -37.78% 53.81% -38.68% -9.13% -1584.93% -106.01% -14.26% -15.15% -10.89% -1.58% 102.55% -40.05% -0.63% -3.78% 217.83% -222.27% -170.10% 28.09% -33.43% 219.46% -145.38%  
      net income margin %
    		3.15% -43.84% 3.84% 4.08% 29.67% 3.37% 5.46% 3.60% 5.72% 6.30% -0.42% 6.82% 7.89% 9.00% 9.81% 9.76% 4.93% 8.55% 8.49% 9.18% 2.88% -2.63% 4.07% 3.09% 4.63% 1.47% -3.18% 
      earnings per share:
    		                           
      basic
    		0.08 -1.04 0.09 0.09 0.74 0.08 0.14 0.09 0.15 0.16 -0.01 0.18 0.21 0.25 0.28 0.29 0.12 0.24 0.24 0.25 0.06 -0.1 0.08 0.05    
      diluted
    		0.08 -1.04 0.09 0.09 0.73 0.08 0.14 0.09 0.14 0.16 -0.01 0.18 0.21 0.25 0.28 0.28 0.12 0.24 0.24 0.25 0.06 -0.1 0.08 0.05    
      weighted-average shares outstanding:
    		                           
      basic
    		680.6 681.7 681.5 681.1 679.6 680.3 679.4 678.1 675.6 676 675.3 674.7 650.9 674.1 644.2 610.1 590.5 588.5 582.6 581.1 576.3 577.2 575.6 573.7  570  
      diluted
    		680.6 681.7 681.8 682.4 681.9 683 682.6 681.4 678.4 678.5 675.3 678.1 679.4 679.3 680.2 681.3 599.6 598.1 591.1 589.1 583.4 577.2 582.1 581.3  580.7  
      accumulation of yield on preferred stock
    		              -8,100,000 -16,100,000 -16,200,000 -16,100,000 -16,200,000 -16,100,000 -16,200,000 -16,100,000 -16,200,000 -16,100,000 -16,100,000 -16,400,000 -48,200,000 
      net income available to common stockholders
    		        98,500,000 108,400,000 -7,300,000 121,500,000 141,700,000 167,000,000 179,300,000 174,300,000 77,800,000 140,700,000 141,600,000 147,900,000 35,400,000 -58,300,000 44,000,000 30,900,000 -97,400,000 5,700,000  
      income tax benefit
    		                -46,000,000 -29,700,000   24,900,000 65,600,000 -18,500,000  20,600,000 -15,200,000 1,900,000 
      accretion of make whole premium on series a preferred stock
    		                        -55,100,000  -220,400,000 
      earnings per share, basic and diluted
    		                        -0.283 0.01  
      net loss available to common stockholders
    		                          -317,300,000 
      loss per share information, basic and diluted:
    		                           
      loss per share
    		                          -0.98 
      weighted-average shares outstanding
    		                        401.2  323.4 
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 
                                 
        assets
      		                           
        current assets:
      		                           
        cash and cash equivalents
      		365,400,000 251,900,000 449,400,000 315,700,000 261,900,000 285,300,000 272,600,000 234,900,000 262,900,000 236,900,000 236,400,000 294,600,000 372,900,000 265,600,000 237,500,000 283,600,000 301,700,000 1,426,100,000 223,000,000 172,500,000 286,600,000 370,500,000 415,300,000 346,300,000 186,700,000 173,900,000 164,600,000 
        accounts receivable
      		1,074,600,000 1,077,700,000 1,149,400,000 1,096,300,000 1,034,500,000 1,087,700,000 1,129,000,000 1,129,700,000 1,150,200,000 1,150,300,000 1,216,000,000 1,277,200,000 1,218,400,000 1,231,400,000 1,269,600,000 1,345,400,000 1,222,100,000 1,184,700,000 1,268,800,000 1,201,500,000 1,113,300,000 1,036,900,000 983,700,000 1,041,100,000 988,800,000 983,300,000 1,001,900,000 
        inventory
      		818,200,000 795,500,000 779,800,000 750,100,000 731,500,000 779,600,000 795,600,000 810,600,000 828,100,000 850,300,000 890,400,000 904,000,000 913,500,000 905,000,000 922,500,000 896,000,000 872,000,000 844,000,000 840,900,000 777,700,000 739,600,000 729,800,000 737,800,000 686,100,000 711,200,000 714,500,000 727,700,000 
        other current assets
      		193,000,000 132,100,000 136,000,000 120,300,000 118,700,000 135,600,000 132,000,000 145,900,000 143,700,000 147,300,000 156,300,000 151,500,000 153,100,000 158,100,000 141,900,000 81,300,000 81,400,000 109,800,000 90,000,000 80,300,000 91,400,000 159,600,000 155,500,000 123,100,000 134,800,000 147,000,000 135,000,000 
        total current assets
      		2,451,200,000 2,257,200,000 2,514,600,000 2,282,400,000 2,146,600,000 2,504,700,000 2,329,200,000 2,321,100,000 2,384,900,000 2,384,800,000 2,499,100,000 2,627,300,000 2,657,900,000 2,560,100,000 2,571,500,000 2,606,300,000 2,477,200,000 3,564,600,000 2,422,700,000 2,232,000,000 2,230,900,000 2,296,800,000 2,292,300,000 2,196,600,000 2,021,500,000 2,018,700,000 2,029,200,000 
        property, plant and equipment
      		766,800,000    708,100,000    737,500,000                   
        other intangible assets
      		3,193,800,000 3,266,700,000 3,350,200,000 3,331,100,000 3,360,200,000 3,522,700,000 3,582,800,000 3,662,900,000 3,775,300,000 3,788,100,000 3,895,400,000 4,077,100,000 4,133,300,000 4,099,000,000 4,280,400,000 5,013,000,000 5,140,300,000 4,205,600,000 4,372,000,000 3,932,200,000 4,048,800,000 4,041,700,000 4,057,700,000 4,097,700,000 4,220,200,000   
        goodwill
      		4,986,900,000    5,539,200,000    5,716,700,000 5,637,700,000 5,693,900,000 5,682,500,000 5,652,600,000 5,511,400,000 5,626,100,000 5,265,200,000 5,341,100,000 3,506,300,000 3,557,800,000 2,820,100,000 2,860,200,000 2,808,800,000 2,761,200,000 2,736,400,000 2,769,400,000 2,736,000,000 2,779,800,000 
        other assets
      		396,000,000 405,700,000 390,900,000 367,500,000 360,400,000 419,800,000 368,100,000 367,700,000 358,300,000 289,200,000 276,700,000 272,500,000 293,500,000 244,600,000 254,800,000 252,000,000 233,100,000 240,000,000 244,600,000 217,100,000 216,700,000 238,600,000 204,000,000 199,500,000 205,200,000 200,800,000 228,300,000 
        total assets
      		11,794,700,000 11,675,900,000 12,776,900,000 12,326,400,000 12,114,500,000 12,840,600,000 12,693,500,000 12,763,400,000 12,972,700,000 12,798,100,000 13,063,300,000 13,395,900,000 13,464,300,000 13,113,300,000 13,430,900,000 13,836,400,000 13,897,200,000 12,199,200,000 11,249,700,000 9,738,800,000 9,906,500,000 9,938,400,000 9,867,000,000 9,786,200,000 9,773,300,000 9,763,100,000 10,017,700,000 
        liabilities and stockholders’ equity
      		                           
        current liabilities:
      		                           
        current portion of debt
      		30,800,000 219,800,000 1,254,300,000 827,500,000 821,100,000 229,700,000 258,400,000 299,100,000 259,900,000 335,600,000 314,000,000 325,200,000 364,200,000 280,600,000 246,400,000 44,700,000 45,200,000 37,000,000 39,500,000 26,500,000 26,400,000 14,400,000 14,300,000 14,300,000 93,500,000 41,400,000 195,700,000 
        accounts payable
      		741,700,000 691,600,000 708,800,000 680,100,000 662,800,000 673,500,000 657,400,000 573,400,000 625,900,000 655,800,000 686,600,000 765,700,000 758,200,000 768,900,000 798,600,000 818,200,000 755,100,000 698,800,000 755,300,000 706,400,000 678,900,000 625,300,000 581,000,000 610,900,000 560,200,000 556,300,000 578,400,000 
        employee-related liabilities
      		162,700,000 178,500,000 174,000,000 140,600,000 168,200,000 183,300,000 146,100,000 133,000,000 133,100,000 120,000,000 124,300,000 124,600,000 122,400,000 120,000,000 118,100,000 134,900,000 199,700,000 176,800,000 147,300,000 140,800,000 179,300,000 130,400,000 116,300,000 114,000,000 114,300,000 118,900,000 111,600,000 
        accrued interest
      		47,300,000 35,200,000 50,000,000 39,300,000 48,600,000 39,900,000 49,900,000 40,700,000 50,200,000 39,600,000 49,300,000 39,400,000 49,900,000 38,600,000 48,900,000 39,800,000 49,800,000 27,000,000 44,700,000 26,800,000 44,500,000 63,500,000 74,200,000 135,000,000 74,200,000 135,100,000 74,800,000 
        other current liabilities
      		396,400,000 391,400,000 388,600,000 346,900,000 306,800,000 401,700,000 352,800,000 395,700,000 411,200,000 337,100,000 375,900,000 414,600,000 364,100,000 343,800,000 359,300,000 409,500,000 401,000,000 380,500,000 390,900,000 340,200,000 313,600,000 302,400,000 267,900,000 252,400,000 232,300,000 227,000,000 225,400,000 
        total current liabilities
      		1,378,900,000 1,516,500,000 2,575,700,000 2,034,400,000 2,007,500,000 1,629,800,000 1,464,600,000 1,441,900,000 1,480,300,000 1,488,100,000 1,550,100,000 1,669,500,000 1,658,800,000 1,551,900,000 1,571,300,000 1,447,100,000 1,450,800,000 1,320,100,000 1,377,700,000 1,240,700,000 1,242,700,000 1,136,000,000 1,053,700,000 1,126,600,000 1,074,500,000 1,078,700,000 1,185,900,000 
        debt, net of current portion
      		3,915,500,000 3,638,100,000 2,988,200,000 3,279,200,000 3,234,700,000 4,691,400,000 4,856,600,000 5,023,900,000 5,276,700,000 5,290,500,000 5,570,300,000 5,736,000,000 5,923,300,000 5,907,500,000 6,292,700,000 6,815,800,000 6,978,000,000 5,549,800,000 5,611,500,000 4,606,300,000 4,867,500,000 5,056,500,000 5,063,800,000 5,040,400,000 5,023,000,000 5,088,700,000 5,126,700,000 
        deferred income tax liabilities
      		557,100,000 548,500,000 535,700,000 550,000,000 557,300,000 547,300,000 575,400,000 600,600,000 612,800,000 648,800,000 662,800,000 695,700,000 731,400,000 728,400,000 745,800,000 854,400,000 913,000,000 821,500,000 863,000,000 713,000,000 723,900,000 760,700,000 788,000,000 767,400,000 785,400,000 832,800,000 870,900,000 
        other liabilities
      		378,200,000 402,600,000 391,400,000 364,600,000 358,300,000 418,900,000 361,900,000 360,700,000 350,300,000 271,300,000 268,800,000 300,100,000 295,400,000 334,100,000 351,600,000 361,100,000 358,400,000 403,000,000 411,600,000 372,700,000 398,100,000 432,900,000 420,700,000 411,700,000 428,200,000 407,300,000 423,300,000 
        total liabilities
      		6,229,700,000 6,105,700,000 6,491,000,000 6,228,200,000 6,157,800,000 7,287,400,000 7,258,500,000 7,427,100,000 7,720,100,000 7,698,700,000 8,052,000,000 8,401,300,000 8,608,900,000 8,521,900,000 8,961,400,000 9,478,400,000 9,700,200,000 8,094,400,000 8,263,800,000 6,932,700,000 7,232,200,000 7,386,100,000 7,326,200,000 7,346,100,000 7,311,100,000 7,407,500,000 7,606,800,000 
        commitments and contingencies
      		                           
        stockholders’ equity:
      		                           
        common stock including paid-in capital, 682.0 and 680.8 shares issued and outstanding
      		3,984,800,000                           
        treasury stock
      		-75,700,000                           
        accumulated earnings
      		1,672,800,000 1,620,400,000 2,332,200,000 2,267,500,000 2,203,000,000 1,702,600,000 1,644,800,000 1,551,900,000 1,491,500,000 1,393,000,000 1,284,600,000 1,291,900,000 1,170,400,000 1,028,700,000 861,700,000 674,300,000 483,900,000 389,900,000 233,100,000 75,300,000        
        accumulated other comprehensive loss
      		-16,900,000 -23,600,000 -10,400,000 -117,700,000 -184,000,000 -73,900,000 -107,300,000 -97,000,000 -69,000,000 -111,100,000 -71,900,000 -89,700,000 -100,300,000 -211,800,000 -148,300,000 -69,300,000      -54,700,000 -108,800,000 -153,300,000 -85,900,000 -127,500,000 -64,700,000 
        total stockholders’ equity
      		5,565,000,000 5,570,200,000 6,285,900,000 6,098,200,000 5,956,700,000 5,553,200,000 5,435,000,000 5,336,300,000 5,252,600,000 5,099,400,000 5,011,300,000 4,994,600,000 4,855,400,000 4,591,400,000 4,469,500,000 4,358,000,000 4,197,000,000 4,104,800,000 2,985,900,000 2,806,100,000 2,674,300,000 2,552,300,000 2,540,800,000 2,440,100,000 2,462,200,000 2,355,600,000 2,410,900,000 
        total liabilities and stockholders’ equity
      		11,794,700,000 11,675,900,000 12,776,900,000 12,326,400,000 12,114,500,000 12,840,600,000 12,693,500,000 12,763,400,000 12,972,700,000 12,798,100,000 13,063,300,000 13,395,900,000 13,464,300,000 13,113,300,000 13,430,900,000 13,836,400,000 13,897,200,000 12,199,200,000 11,249,700,000 9,738,800,000 9,906,500,000 9,938,400,000 9,867,000,000 9,786,200,000    
        property, plant and equipment, net of accumulated depreciation
      		 761,600,000 759,000,000 736,300,000  722,800,000 753,800,000 739,700,000  698,300,000 698,200,000 736,500,000 727,000,000 698,200,000 698,100,000 699,900,000 705,500,000 682,700,000 652,600,000 537,400,000 549,900,000 552,500,000 551,800,000 556,000,000 557,000,000 559,400,000 576,500,000 
        goodwill, net of accumulated impairment losses of 823.8 and 38.8
      		 4,984,700,000                          
        common stock including paid-in capital, 681.9 and 680.8 shares issued and outstanding
      		 3,973,400,000                          
        goodwill, net of accumulated impairment losses of 38.8 and 38.8
      		  5,762,200,000 5,609,100,000  5,670,600,000 5,659,600,000 5,672,000,000                    
        common stock including paid-in capital, 681.6 and 680.8 shares issued and outstanding
      		  3,964,100,000                         
        common stock including paid-in capital, 681.5 and 680.8 shares issued and outstanding
      		   3,948,400,000                        
        common stock including paid-in capital, 680.8 and 676.6 shares issued and outstanding
      		    3,937,700,000                       
        assets held for sale
      		     216,500,000                      
        liabilities held for sale
      		     101,700,000                      
        common stock including paid-in capital, 680.6 and 676.6 shares issued and outstanding
      		     3,924,500,000                      
        common stock including paid-in capital, 679.6 and 676.6 shares issued and outstanding
      		      3,897,500,000                     
        common stock including paid-in capital, 679.2 and 676.6 shares issued and outstanding
      		       3,881,400,000                    
        common stock including paid-in capital, 676.6 and 674.3 shares issued and outstanding
      		        3,830,100,000                   
        common stock including paid-in capital, 676.3 and 674.3 shares issued and outstanding
      		         3,817,500,000                  
        common stock including paid-in capital, 675.7 and 674.3 shares issued and outstanding
      		          3,798,600,000                 
        common stock including paid-in capital, 675.1 and 674.3 shares issued and outstanding
      		           3,792,400,000                
        mcps including paid-in capital, 0.0 and 20.7 shares outstanding
      		                           
        common stock including paid-in capital, 674.3 and 609.7 shares issued and outstanding
      		            3,785,300,000               
        common stock including paid-in capital, 674.2 and 609.7 shares outstanding
      		             3,774,500,000              
        common stock including paid-in capital, 673.9 and 609.7 shares outstanding
      		              3,756,100,000             
        mcps including paid-in capital, 20.7 shares outstanding
      		               1,003,700,000 1,003,700,000 1,003,700,000 1,003,700,000 1,003,700,000 1,003,700,000 1,003,700,000 1,003,700,000 1,003,700,000    
        common stock including paid-in capital, 610.3 and 609.7 shares outstanding
      		               2,749,300,000            
        common stock including paid-in capital, 609.7 and 580.1 shares outstanding
      		                2,752,600,000           
        accumulated other comprehensive income
      		                -43,200,000 -38,100,000 1,400,000 -16,100,000 21,700,000       
        common stock including paid-in capital, 609.4 and 580.1 shares outstanding
      		                 2,749,300,000          
        common stock including paid-in capital, 583.7 and 580.1 shares outstanding
      		                  1,747,700,000         
        common stock including paid-in capital, 581.8 and 580.1 shares outstanding
      		                   1,743,200,000        
        common stock including paid-in capital, 580.1 and 572.8 shares outstanding
      		                    1,737,600,000       
        accumulated deficit
      		                    -88,700,000 -140,300,000 -98,100,000 -158,300,000 -203,700,000 -274,300,000 -296,400,000 
        common stock including paid-in capital, 578.0 and 572.8 shares outstanding
      		                     1,743,600,000      
        commitments and contingencies, see note 10
      		                           
        common stock including paid-in capital, 576.3 and 572.8 shares outstanding
      		                      1,744,000,000     
        common stock including paid-in capital, 574.9 and 572.8 shares outstanding
      		                       1,748,000,000    
        liabilities and equity
      		                           
        commitments and contingencies, see note 12
      		                           
        redeemable equity:
      		                           
        series a preferred stock at redemption value, zero and 2.3 shares outstanding
      		                           
        junior convertible preferred stock, zero and 1.7 shares outstanding
      		                           
        total redeemable equity
      		                           
        stockholders’ equity
      		                           
        mandatory convertible preferred stock including paid-in capital, 20.7 and 0.0 shares outstanding
      		                        1,003,700,000   
        common stock including paid-in capital, 572.8 and 132.8 shares outstanding
      		                        1,748,100,000   
        total liabilities and equity
      		                        9,773,300,000   
        customer relationships, net of accumulated amortization of 578.7 and 412.5
      		                         3,917,000,000  
        other intangible assets, net of accumulated amortization of 203.2 and 146.7
      		                         331,200,000  
        liabilities, redeemable equity and stockholders’ equity or deficit
      		                           
        mandatory convertible preferred stock including paid-in capital, 20.7 and zero shares outstanding
      		                         1,003,700,000 1,003,700,000 
        common stock including paid-in capital, 571.4 and 132.8 shares outstanding
      		                         1,753,700,000  
        total liabilities, redeemable equity and stockholders’ equity or deficit
      		                         9,763,100,000 10,017,700,000 
        customer relationships, net of accumulated amortization of 528.1 and 412.5
      		                          4,039,600,000 
        other intangible assets, net of accumulated amortization of 188.4 and 146.7
      		                          364,300,000 
        common stock including paid-in capital, 568.8 and 132.8 shares outstanding
      		                          1,768,300,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 
                                  
          cash flows from operating activities:
        		                          
          net income
        		52,400,000 -711,800,000 64,700,000 64,500,000 500,400,000 57,800,000 92,900,000 60,400,000 98,500,000 108,400,000 -7,300,000 121,500,000 141,700,000 167,000,000 187,400,000 190,400,000 94,000,000 156,800,000 157,800,000 164,000,000 51,600,000 -42,200,000 60,200,000 47,000,000   
          reconciling adjustments:
        		                          
          depreciation and amortization
        		103,300,000 104,500,000 102,700,000 99,700,000 100,900,000 102,400,000 102,600,000 99,600,000 100,600,000 98,000,000 102,600,000 101,100,000 100,700,000 100,600,000 89,700,000 114,500,000 104,100,000 100,000,000 86,100,000 89,000,000 102,000,000 99,100,000 97,800,000 96,500,000 97,300,000 100,300,000 
          impairment charges
        		0        0 0                 
          gain on sale of business
        		                          
          stock-based compensation expense
        		11,300,000 7,200,000 15,500,000 12,400,000 11,100,000 11,900,000 11,100,000 12,700,000 8,800,000 9,800,000 9,200,000 12,700,000 10,000,000 12,100,000 13,000,000 10,700,000 13,700,000 13,400,000 12,200,000 11,400,000 12,700,000 11,400,000 11,600,000 8,400,000   
          non-cash restructuring charges
        		    500,000                      
          provision for accounts receivable and inventory
        		20,300,000 16,500,000 14,900,000 12,000,000 19,300,000 16,300,000 15,500,000 24,000,000 22,000,000 19,400,000     12,300,000 15,900,000 11,400,000 9,400,000 16,200,000 7,900,000 38,000,000 8,200,000 9,700,000 13,600,000 12,200,000  
          deferred income tax expense
        		                          
          amortization of deferred financing costs
        		1,900,000 2,100,000 2,300,000 2,200,000 2,600,000 2,800,000 2,800,000 3,000,000 3,100,000 3,200,000 3,300,000 3,400,000 3,600,000 3,600,000 4,100,000 4,400,000 4,600,000 4,100,000 3,700,000 3,900,000 4,400,000 5,900,000 6,200,000 6,900,000 7,000,000 7,200,000 
          loss on extinguishment of debt
        		4,400,000    4,400,000 2,100,000 1,900,000 2,500,000 1,000,000 2,000,000 1,600,000 2,300,000 1,700,000 2,900,000 6,100,000 1,800,000 4,000,000 0 3,200,000 5,200,000 120,400,000    3,500,000 0 
          foreign currency remeasurement loss
        		1,000,000 -3,100,000 1,900,000 1,900,000 -3,300,000 -100,000 -2,200,000 5,300,000 500,000    5,100,000 5,500,000 1,200,000 -1,800,000 1,300,000 2,600,000 100,000 2,700,000 300,000 -5,300,000 -2,600,000 6,700,000   
          pension termination charges
        		0 0 0 18,100,000                       
          changes in assets and liabilities:
        		                          
          accounts receivable
        		3,100,000 66,200,000 -12,500,000 -43,200,000 11,700,000   2,700,000 21,900,000 47,200,000 60,100,000 -52,200,000 53,800,000 -800,000 39,100,000 -137,300,000 -45,300,000 55,500,000 -15,200,000 -106,800,000 -51,800,000 -34,500,000 64,000,000 -80,100,000 8,000,000 -3,800,000 
          inventory
        		-42,700,000 -33,400,000 -15,700,000 -17,600,000 3,000,000 -7,300,000 -3,200,000 -11,000,000 21,200,000 10,800,000 -8,800,000 7,100,000 1,600,000 -21,000,000 -46,700,000 -46,400,000 -12,000,000 -14,800,000 -48,700,000 -54,300,000 -36,200,000 12,900,000 -51,700,000 5,300,000 3,000,000 -2,900,000 
          accounts payable
        		46,800,000 -23,500,000 10,900,000 8,200,000 17,700,000 -4,000,000 89,500,000 -43,600,000 -43,800,000 -21,400,000 -75,000,000 600,000 -49,500,000 -7,300,000 -800,000 73,200,000 63,000,000 -61,200,000 32,800,000 30,300,000 42,800,000 36,700,000 -35,900,000 67,000,000 -2,800,000 -13,800,000 
          accrued interest
        		12,100,000 -14,800,000 10,700,000 -9,300,000 14,900,000 -16,200,000 9,200,000 -9,500,000 10,600,000 -9,700,000 9,900,000 -10,500,000 11,300,000 -10,300,000 9,100,000 -10,000,000 22,800,000 -17,700,000 17,900,000 -17,700,000 -19,000,000   60,800,000   
          other assets and liabilities
        		-116,800,000 25,500,000 -23,800,000 -29,100,000 -100,700,000 56,600,000 -2,900,000 9,300,000 87,100,000 -4,200,000 -78,400,000 44,100,000 -81,300,000 17,400,000 -69,200,000 -46,200,000 36,400,000 30,700,000 -4,300,000 -5,900,000 35,400,000 41,700,000 9,100,000 24,500,000 -73,900,000 71,200,000 
          other
        		-2,300,000 -1,300,000 400,000 1,900,000   1,400,000 4,100,000 -1,600,000 -400,000 -200,000 1,500,000 -6,900,000 -4,800,000 -600,000 5,300,000 -3,300,000 1,800,000 2,000,000 2,500,000 2,200,000 500,000 -500,000 700,000 -9,600,000 -9,800,000 
          net cash from operating activities
        		152,700,000 207,400,000 154,400,000 109,300,000 173,300,000 244,800,000 281,100,000 141,600,000 251,600,000 230,700,000 168,200,000 219,500,000 205,600,000 258,300,000 227,500,000 152,200,000 301,000,000 261,900,000 263,800,000 126,900,000 306,000,000 281,500,000 89,200,000 253,100,000 87,000,000 197,900,000 
          cash flows from investing activities:
        		                          
          capital expenditures
        		-35,500,000 -35,700,000 -29,600,000 -28,000,000 -27,500,000 -40,800,000 -45,800,000 -34,700,000 -50,600,000 -37,700,000 -30,100,000 -28,000,000 -33,600,000 -39,000,000 -36,300,000 -24,500,000 -40,000,000 -32,600,000 -23,400,000 -15,100,000 -20,200,000 -15,300,000 -13,500,000 -12,600,000 -12,100,000 -13,100,000 
          free cash flows
        		117,200,000 171,700,000 124,800,000 81,300,000 145,800,000 204,000,000 235,300,000 106,900,000 201,000,000 193,000,000 138,100,000 191,500,000 172,000,000 219,300,000 191,200,000 127,700,000 261,000,000 229,300,000 240,400,000 111,800,000 285,800,000 266,200,000 75,700,000 240,500,000 74,900,000 184,800,000 
          proceeds from sale of disposal group, net of cash sold
        		                          
          net cash from investing activities
        		-39,700,000 -33,300,000 -28,600,000 -28,900,000 558,500,000 -40,500,000 -44,900,000 -34,200,000 -50,000,000 -37,000,000 -29,400,000 -27,300,000 -33,100,000 4,100,000 -41,100,000 -39,500,000 -2,883,500,000 -34,300,000 -1,189,300,000 -14,600,000 -18,800,000 -15,900,000 -12,500,000 -11,900,000 -11,400,000 -10,400,000 
          cash flows from financing activities:
        		                          
          debt borrowings
        		1,039,900,000      -28,900,000 41,200,000     82,200,000 35,000,000   1,700,000,000 0   1,937,200,000      
          debt repayments
        		-949,000,000 -439,200,000 -6,800,000 -31,300,000 -756,800,000 -202,000,000 -172,700,000 -210,300,000 -188,100,000 -197,600,000 -190,800,000 -269,500,000 -164,000,000 -259,100,000 -412,000,000 -111,900,000 -210,800,000 -7,000,000 -107,500,000 -208,600,000 -2,190,000,000 -2,104,000,000 -3,700,000 -63,800,000 -53,200,000 -3,400,000 
          payments of debt refinancing fees
        		                          
          proceeds received from exercise of stock options
        		200,000 2,300,000 0 2,600,000 1,900,000 16,500,000 5,300,000 45,500,000 4,200,000 9,400,000 2,100,000 2,600,000 900,000 4,800,000 5,900,000 5,700,000 6,100,000 38,900,000 17,600,000 19,900,000 6,400,000 400,000     
          shares repurchased to satisfy employee tax obligations for vested stock-based awards
        		-200,000 -400,000 -100,000 -4,900,000 -400,000 -800,000 -800,000 -6,600,000 -200,000 -200,000 -5,200,000 -8,100,000 -100,000 -100,000 -8,100,000 -4,900,000 0 0 -9,600,000 -16,200,000       
          payments for repurchase of common stock
        		                          
          net cash from financing activities
        		700,000 -369,600,000 -6,900,000 -33,600,000 -755,300,000 -198,600,000 -197,100,000 -130,200,000 -184,100,000 -188,400,000 -196,200,000 -275,000,000 -81,600,000 -219,400,000 -220,500,000 -127,200,000 1,461,000,000 980,400,000 998,800,000 -221,000,000 -380,400,000 -316,100,000 -13,300,000 -73,100,000 -67,400,000 -172,600,000 
          effect of currency rate changes on cash and cash equivalents
        		-100,000 -2,000,000 14,800,000 7,000,000 -22,100,000 7,900,000 -1,600,000 -5,700,000                   
          net change in cash, cash equivalents and restricted cash
        		113,600,000 -197,500,000 133,700,000 53,800,000 -45,600,000 13,600,000 37,500,000 -28,500,000 27,000,000 -100,000 -58,100,000 -78,000,000 109,100,000 26,800,000 -47,400,000 -18,700,000           
          cash, cash equivalents and restricted cash, beginning of year
        		                          
          cash, cash equivalents and restricted cash, end of year
        		                          
          deferred income tax benefit
        		 -11,900,000 -17,600,000 -12,400,000 28,400,000 -22,600,000 -34,800,000 -17,900,000 -78,300,000 -29,400,000 -38,300,000 -26,400,000 -7,300,000    6,300,000 -18,700,000 0 -5,300,000  -68,600,000 -17,900,000 -4,200,000 -39,200,000 -7,200,000 
          cash, cash equivalents and restricted cash, beginning of period
        		 0 0 264,700,000  0 0 287,700,000  0 0 396,900,000  0 0 327,100,000  0 0 289,200,000  0 0 189,300,000   
          cash, cash equivalents and restricted cash, end of period
        		 -197,500,000 133,700,000 318,500,000  13,600,000 37,500,000 259,200,000  -100,000 -58,100,000 318,900,000  26,800,000 -47,400,000 308,400,000  1,202,500,000 74,200,000 175,100,000  -44,800,000 69,000,000 348,900,000   
          cash paid for acquisitions, net of cash acquired
        		            0 0 -4,900,000 -15,300,000 -2,845,200,000 -2,200,000         
          cash proceeds from settlement of cross currency swap
        		            0              
          payments of debt refinancing fees and premiums
        		        0 0           -117,800,000      
          payments of dividends on preferred stock
        		            0 0 -16,300,000 -16,100,000 -16,200,000 -16,100,000 -16,200,000 -16,100,000 -16,200,000 -16,100,000 -16,200,000 -16,100,000   
          proceeds from issuance of stock, net of issuance costs
        		                0        0 -100,000 
          effect of currency rate changes on cash
        		         -5,400,000 -700,000 4,800,000 18,200,000 -16,200,000 -13,300,000 -4,200,000 -3,200,000 -5,500,000 900,000 -5,400,000 9,300,000 5,700,000 5,600,000 -8,500,000   
          foreign currency remeasurement gain
        		          -1,900,000 1,800,000               
          benefit from accounts receivable and inventory
        		           12,500,000               
          deferred income tax
        		              -17,200,000 -22,300,000           
          payments of contingent consideration
        		                        0 0 
          redemption of series a preferred stock
        		                        0 0 
          payments of debt financing costs
        		                 -2,400,000         
          net change in cash and cash equivalents
        		                 1,202,500,000 74,200,000 -114,100,000 -83,900,000 -44,800,000 69,000,000 159,600,000   
          effect of one-time transition tax
        		                          
          other restructuring charges
        		                        400,000  
          cash paid for debt financing costs
        		                          
          payments of dividends on mcps
        		                          
          distributions
        		                          
          net loss
        		                         22,100,000 
          share-based compensation expense
        		                         1,700,000 
          dividend payment
        		                          
          effect of currency rate changes on cash, restricted cash and equivalents
        		                         -5,600,000 
          net change in cash, restricted cash and equivalents
        		                         9,300,000 
          cash, restricted cash and equivalents, beginning of period
        		                         0 
          cash, restricted cash and equivalents, end of period
        		                         9,300,000