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Definitive Analysis

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Page: Company Financials

Citizens & Northern Corporation

Ticker: CZNC | Industry: Banks - Regional | Sector: Financial Services
$21.61 +0.61 (2.90%)
As of: 2026-01-15

Master Data Export

Enterprise Value

Metric MRQ MRQ-1 2025 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
Stock Price 19.81 18.94 19.62 18.41 20.17 23.90 24.92 19.18 26.70 25.43 23.78 22.07 20.31 19.72 19.88 19.46 16.30 12.78 15.85 19.42 18.90 22.66 27.26 24.69 24.10 18.79 14.28 13.95 18.80 22.27 18.31 14.12
Market Capitalization 304.51M 290.90M 301.34M 281.63M 307.44M 369.41M 392.66M 281.63M 355.18M 310.35M 288.75M 265.94M 248.05M 244.28M 245.57M 238.13M 198.26M 155.02M 149.74M 173.70M 164.21M 191.85M 231.74M 208.29M 224.34M 179.07M 120.73M 117.89M 157.79M 184.68M 155.45M 119.55M
(-) Cash & Equivalents 22.59M 99.62M 78.98M 114.31M 53.38M 75.66M 179.99M 96.66M 42.54M 41.04M 35.07M 33.70M 35.03M 53.13M 42.18M 52.04M 56.25M 65.09M 61.39M 27.72M 29.97M 28.02M 22.05M 15.68M 19.16M 15.38M 19.03M 13.29M 15.37M 15.13M 0.00M 0.00M
(+) Total Debt 0.00M 184.25M 126.34M 228.20M 204.36M 128.96M 84.16M 115.57M 85.52M 44.75M 54.07M 61.68M 81.72M 78.58M 86.53M 108.13M 147.61M 194.60M 256.06M 295.88M 232.60M 240.46M 291.99M 312.83M 258.65M 227.83M 166.82M 112.58M 115.72M 78.85M 87.43M 105.38M
Enterprise Value 281.92M 375.53M 348.70M 395.52M 458.43M 422.71M 296.83M 300.53M 398.16M 314.06M 307.75M 293.92M 294.75M 269.73M 289.92M 294.21M 289.63M 284.53M 344.41M 441.86M 366.84M 404.29M 501.68M 505.44M 463.83M 391.52M 268.52M 217.19M 258.14M 248.40M 242.88M 224.93M

Income Statement

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31 2013-12-31 2012-12-31 2011-12-31 2010-12-31 2009-12-31 2008-12-31 2007-12-31 2006-12-31 2005-12-31 2004-12-31 2003-12-31 2002-12-31 2001-12-31 2000-12-31 1999-12-31 1998-12-31 1997-12-31 1996-12-31 1995-12-31
Revenue 159M 151M 155M 136M 115M 109M 100M 83M 70M 61M 60M 62M 62M 66M 75M 77M 77M 83M 87M 81M 45M 72M 68M 67M 67M 63M 58M 58M 55M 28M 27M 30M
Cost of Revenue 52M 50M 51M 33M 17M 10M 14M 11M 5M 5M 5M 5M 6M 8M 9M 13M 20M 25M 32M 34M 31M 28M 24M 25M 27M 29M 31M 25M 23M 24M 24M 25M
Gross Profit 108M 100M 104M 103M 99M 99M 87M 72M 64M 56M 55M 56M 56M 58M 65M 64M 56M 57M 55M 46M 13M 45M 44M 42M 40M 34M 27M 33M 31M 4M 3M 4M
Gross Profit Margin 67.7% 66.5% 67.1% 75.6% 85.5% 90.6% 86.6% 86.6% 92.5% 92.3% 91.8% 91.2% 90.9% 88.2% 87.5% 82.8% 73.4% 69.5% 63.3% 57.4% 29.8% 61.7% 64.6% 63.0% 59.2% 53.8% 46.9% 56.3% 57.0% 14.9% 12.1% 15.1%
R&D Expenses 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M
SG&A Expenses 46M 47M 45M 44M 42M 38M 33M 28M 24M 22M 22M 21M 21M 20M 20M 20M 18M 18M 20M 19M 18M 16M 15M 13M 12M 11M 10M 9M 8M 8M 8M 7M
Operating Expenses 75M 72M 72M 72M 66M 61M 64M 48M 38M 36M 34M 35M 33M 33M 34M 32M 31M 119M 43M 33M -1M 29M 26M 22M 21M 19M 17M 18M 16M -9M -9M -6M
Operating Income (EBIT) 33M 28M 32M 30M 32M 38M 23M 23M 26M 21M 21M 22M 23M 25M 31M 32M 25M -62M 12M 13M 15M 16M 18M 20M 19M 15M 10M 15M 15M 13M 12M 10M
Operating Income Margin 20.9% 18.4% 20.5% 22.4% 28.0% 34.6% 23.1% 28.2% 37.7% 33.8% 35.4% 35.2% 37.0% 37.5% 41.8% 41.5% 32.4% -75.1% 14.2% 16.2% 32.9% 21.8% 26.2% 29.8% 28.0% 24.0% 17.7% 25.6% 26.8% 46.9% 45.2% 34.9%
Interest Income 131M 125M 128M 114M 93M 85M 77M 65M 50M 46M 44M 44M 46M 49M 56M 61M 62M 68M 73M 70M 64M 61M 58M 55M 57M 55M 52M 48M 45M 48M 48M 45M
Interest Expense 47M 47M 49M 33M 10M 7M 10M 10M 5M 4M 4M 5M 5M 6M 9M 14M 19M 24M 31M 34M 31M 26M 23M 24M 26M 28M 30M 25M 23M 23M 23M 24M
Net Interest Income 84M 78M 79M 80M 83M 78M 68M 54M 46M 42M 40M 40M 41M 43M 47M 47M 43M 44M 42M 36M 34M 35M 35M 32M 31M 26M 21M 24M 23M 25M 24M 21M
Unusual Items -84M -78M -79M -80M -83M -78M -68M -54M -46M -42M -40M -40M -41M -43M -47M -47M -43M -44M -42M -36M -34M -35M -35M -32M -31M -26M -21M -24M -23M -25M -24M -21M
EBT Excluding Unusual Items 117M 106M 111M 111M 115M 116M 91M 78M 72M 63M 61M 61M 63M 68M 78M 80M 67M -18M 55M 49M 48M 51M 53M 52M 50M 41M 32M 39M 37M 38M 37M 31M
Pre-Tax Income 33M 28M 32M 30M 32M 38M 23M 23M 26M 21M 21M 22M 23M 25M 31M 32M 25M -62M 12M 13M 15M 16M 18M 20M 19M 15M 10M 15M 15M 13M 12M 10M
Pre-Tax Margin 20.9% 18.4% 20.5% 22.4% 28.0% 34.6% 23.1% 28.2% 37.7% 33.8% 35.4% 35.2% 37.0% 37.5% 41.8% 41.5% 32.4% -75.1% 14.2% 16.2% 32.9% 21.8% 26.2% 29.8% 28.0% 24.0% 17.7% 25.6% 26.8% 46.9% 45.2% 34.9%
Income Tax Expense 6M 6M 6M 6M 6M 7M 4M 4M 4M 7M 5M 5M 6M 6M 8M 9M 6M -23M 2M 3M 3M 3M 3M 4M 4M 3M 2M 3M 4M 3M 3M 2M
Net Income 27M 22M 26M 24M 27M 31M 19M 20M 22M 13M 16M 16M 17M 19M 23M 23M 19M -39M 10M 10M 12M 13M 15M 16M 15M 12M 8M 11M 11M 10M 9M 8M
Net Income Margin 17.0% 14.6% 16.7% 17.7% 23.1% 28.0% 19.1% 23.5% 31.6% 22.0% 26.4% 26.6% 27.7% 28.1% 30.5% 30.2% 24.8% -47.7% 11.5% 12.9% 26.8% 17.9% 21.9% 24.4% 22.4% 19.2% 14.6% 19.8% 20.3% 35.7% 33.7% 26.5%
Depreciation & Amortization 2M 2M 2M 2M 2M 2M 2M 2M 2M 2M 2M 2M 2M 2M 2M 2M 3M 3M 3M 3M 3M 2M 2M 1M 1M 1M -1M -1M 0M 1M 1M 1M
EBITDA 36M 30M 34M 33M 35M 40M 25M 25M 28M 22M 23M 24M 25M 27M 33M 34M 27M -59M 16M 16M 17M 18M 19M 21M 20M 16M 9M 14M 15M 14M 13M 11M
EBITDA Margin 22.3% 19.8% 21.9% 24.0% 30.1% 36.5% 25.1% 30.3% 40.2% 36.4% 38.1% 38.3% 40.2% 40.6% 44.5% 44.4% 35.7% -71.3% 18.2% 20.2% 39.0% 25.2% 28.6% 31.8% 29.6% 26.1% 15.3% 24.1% 27.4% 49.4% 47.9% 37.4%
NOPAT 27M 22M 26M 24M 27M 31M 19M 20M 22M 13M 16M 16M 17M 19M 23M 23M 19M -49M 10M 10M 12M 13M 15M 16M 15M 12M 8M 11M 11M 10M 9M 8M
NOPAT Margin 17.0% 14.6% 16.7% 17.7% 23.1% 28.0% 19.1% 23.5% 31.6% 22.0% 26.4% 26.6% 27.7% 28.1% 30.5% 30.2% 24.8% -59.3% 11.5% 12.9% 26.8% 17.9% 21.9% 24.4% 22.4% 19.2% 14.6% 19.8% 20.3% 35.7% 33.7% 26.5%
Owner's Earnings 28M 22M 26M 24M 26M 31M 18M 18M 23M 13M 16M 17M 18M 20M 23M 25M 21M -37M 12M 11M 11M 9M 11M 14M 14M 11M 5M 9M 10M 10M 9M 8M
Owner's Earnings Margin 17.3% 14.5% 16.9% 17.6% 22.3% 28.3% 18.0% 22.2% 32.4% 21.9% 26.4% 28.0% 29.6% 30.1% 31.0% 31.9% 27.2% -45.4% 14.3% 14.0% 25.0% 12.1% 15.8% 21.3% 21.4% 18.2% 8.0% 15.7% 18.2% 35.3% 34.3% 26.8%
EPS (Basic) 1.76 1.44 1.69 1.57 1.71 1.92 1.30 1.46 1.80 1.10 1.30 1.35 1.38 1.51 1.86 1.92 1.45 -4.40 1.12 1.19 1.41 1.52 1.75 1.93 1.78 1.40 0.99 1.36 1.30 1.19 1.09 0.93
EPS (Diluted) 1.76 1.45 1.70 1.58 1.72 1.94 1.30 1.46 1.80 1.11 1.31 1.35 1.38 1.50 1.85 1.92 1.57 -4.24 1.12 1.19 1.41 1.51 1.74 1.92 1.77 1.40 0.99 1.35 1.29 1.19 1.09 0.93
Shares (Basic) 15M 15M 15M 15M 15M 16M 15M 13M 12M 12M 12M 12M 12M 12M 12M 12M 12M 9M 9M 9M 9M 9M 9M 8M 8M 9M 9M 8M 9M 8M 8M 8M
Shares (Diluted) 15M 15M 15M 15M 15M 16M 15M 13M 12M 12M 12M 12M 12M 12M 12M 12M 12M 9M 9M 9M 9M 9M 9M 8M 8M 9M 9M 8M 9M 9M 8M 8M

Product Segments

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Bank Servicing 0.76M 0.72M 0.65M 0.60M 0.96M 0.69M -0.06M 0.10M 0.35M
Debit Card 5.55M 5.35M 4.28M 4.16M 4.15M 3.86M 3.09M 2.75M 2.55M
Deposit Account 7.34M 7.23M 5.87M 5.57M 5.02M 4.63M 4.23M 5.36M 5.17M
Service Charges And Fees 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.30M 0.00M 0.00M
Service Charges and Fees 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.33M 0.34M
Trust And Asset Management 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 6.32M 0.00M 0.00M
Trust and Asset Management 0.00M 0.00M 0.00M 0.00M 0.00M 7.23M 0.00M 6.11M 5.84M

Balance Sheet

Metric MRQ MRQ-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31 2013-12-31 2012-12-31 2011-12-31 2010-12-31 2009-12-31 2008-12-31 2007-12-31 2006-12-31 2005-12-31 2004-12-31 2003-12-31 2002-12-31 2001-12-31 2000-12-31 1999-12-31 1998-12-31 1997-12-31 1996-12-31 1995-12-31
Cash & Cash Equivalents 123.09M 99.62M 126.17M 56.88M 55.05M 104.95M 101.86M 35.20M 37.49M 40.24M 32.11M 36.06M 36.05M 44.62M 59.84M 60.58M 46.30M 92.07M 24.03M 31.66M 27.16M 26.45M 18.95M 15.17M 14.90M 16.04M 13.82M 18.06M 16.10M 14.25M 14.98M 13.59M
Short-Term Investments 210.12M 243.65M 222.44M 415.76M 498.03M 517.68M 349.33M 346.72M 363.27M 355.94M 395.08M 420.29M 516.81M 482.66M 472.58M 481.69M 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
Cash & Short-Term Investments 333.21M 343.27M 348.61M 472.63M 553.08M 622.63M 451.19M 381.93M 400.76M 396.18M 427.19M 456.35M 552.85M 527.28M 532.41M 542.26M 46.30M 92.07M 24.03M 31.66M 27.16M 26.45M 18.95M 15.17M 14.90M 16.04M 13.82M 18.06M 16.10M 14.25M 14.98M 13.59M
Net Receivables 9.66M 8.72M 8.74M 9.14M 8.65M 7.24M 8.29M 5.00M 3.97M 4.05M 3.96M 3.77M 3.91M 4.15M 4.28M 4.80M 4.96M 5.61M 5.85M 5.71M 5.05M 5.50M 5.09M 5.63M 5.96M 4.87M 4.95M 5.07M 4.10M 4.81M 4.40M 4.06M
Inventory 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 0.00M
Other Current 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 0.00M
Total Current Assets 342.87M 351.98M 357.34M 481.77M 561.73M 629.86M 459.48M 386.93M 404.73M 400.23M 431.15M 460.12M 556.76M 531.42M 536.69M 547.06M 51.26M 97.68M 29.87M 37.38M 32.21M 31.95M 24.05M 20.80M 20.86M 20.91M 18.78M 23.13M 20.20M 19.06M 19.38M 17.65M
Property, Plant & Equipment 21.06M 21.20M 21.34M 21.63M 21.57M 20.68M 21.53M 17.17M 14.59M 15.43M 15.40M 15.41M 16.26M 17.43M 18.71M 19.03M 22.64M 24.32M 25.91M 27.80M 23.39M 22.61M 16.73M 12.48M 10.33M 9.97M 9.33M 7.99M 7.40M 6.72M 6.61M 6.79M
Goodwill 52.51M 52.51M 52.51M 52.51M 52.51M 52.51M 52.51M 28.39M 11.94M 11.94M 11.94M 11.94M 11.94M 11.94M 11.94M 11.94M 11.94M 11.94M 12.01M 12.03M 2.81M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Intangible Assets 1.76M 1.87M 2.08M 2.47M 2.88M 3.32M 3.85M 1.25M 0.01M 0.01M 0.02M 0.03M 0.05M 0.09M 0.14M 0.21M 0.33M 0.50M 0.83M 1.38M 0.34M 5.50M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Long-Term Investments 1,921.63M 1,897.56M 2,055.76M 1,828.93M 1,723.43M 1,551.31M 1,632.82M 1,174.13M 819.42M 808.59M 743.50M 697.27M 623.21M 635.69M 679.60M 701.55M 1,170.51M 1,109.93M 1,155.78M 1,163.23M 1,036.38M 1,072.66M 1,048.34M 1,002.39M 958.24M 817.51M 671.67M 666.57M 617.37M 588.70M 583.24M 560.70M
Tax Assets 16.76M 17.35M 19.10M 17.44M 20.88M 5.89M 2.71M 2.62M 4.11M 3.29M 5.12M 3.12M 1.67M 6.34M 1.73M 6.17M 16.05M 22.04M 16.39M 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 Non-Current Assets 307.45M 268.42M 102.53M 110.83M 71.31M 64.08M 66.21M 43.66M 36.10M 37.46M 35.17M 35.53M 32.07M 34.78M 38.10M 37.77M 43.86M 55.39M 40.84M 41.94M 32.25M 32.36M 33.89M 31.22M 29.34M 18.62M 19.55M 8.21M 1.28M 0.88M 0.96M 0.85M
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 0.00M
Total Non-Current Assets 2,321.17M 2,258.89M 2,253.31M 2,033.81M 1,892.57M 1,697.79M 1,779.62M 1,267.22M 886.17M 876.73M 811.14M 763.30M 685.20M 706.27M 750.21M 776.68M 1,265.33M 1,224.12M 1,251.76M 1,246.37M 1,095.16M 1,133.13M 1,098.96M 1,046.10M 997.91M 846.09M 700.56M 682.77M 626.05M 596.29M 590.81M 568.34M
Total Assets 2,664.03M 2,610.88M 2,610.65M 2,515.58M 2,454.31M 2,327.65M 2,239.10M 1,654.15M 1,290.89M 1,276.96M 1,242.29M 1,223.42M 1,241.96M 1,237.70M 1,286.91M 1,323.74M 1,316.59M 1,321.80M 1,281.64M 1,283.75M 1,127.37M 1,165.07M 1,123.00M 1,066.90M 1,018.77M 867.00M 719.34M 705.90M 646.25M 615.35M 610.19M 585.99M
Accounts Payable 0.00M 0.00M 0.00M 0.00M 25.61M 23.63M 27.69M 12.19M 10.99M 9.11M 7.81M 8.05M 7.02M 6.98M 8.64M 7.83M 0.00M 0.00M 7.93M 5.20M 6.72M 5.01M 8.00M 8.78M 9.19M 5.42M 4.75M 3.50M 5.97M 0.00M 0.00M 0.00M
Short-Term Debt 1.49M 0.53M 2.49M 33.87M 119.18M 1.80M 20.02M 86.22M 12.85M 61.77M 53.18M 80.50M 66.54M 84.39M 73.57M 94.90M 18.41M 39.23M 48.55M 40.68M 49.26M 34.73M 34.18M 37.76M 43.64M 58.06M 94.69M 89.04M 12.08M 0.00M 0.00M 0.00M
Tax Payables 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 0.00M
Deferred Revenue 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 0.00M
Other Current Liabilities 2,165.74M 2,109.78M 2,093.91M 2,014.81M 1,997.59M 1,925.06M 1,820.47M 1,252.66M 1,033.77M 1,008.45M 983.84M 935.62M 967.99M 954.52M 1,006.11M 1,018.21M 1,004.35M 926.79M 864.06M 838.50M 760.35M 757.07M 676.55M 658.07M 640.30M 576.27M 528.97M 500.47M 476.52M 442.26M 430.31M 429.55M
Total Current Liabilities 2,167.22M 2,110.31M 2,096.40M 2,048.68M 2,142.38M 1,950.49M 1,868.18M 1,351.07M 1,057.61M 1,079.33M 1,044.83M 1,024.16M 1,041.54M 1,045.89M 1,088.31M 1,120.94M 1,022.76M 966.02M 920.54M 884.38M 816.33M 796.81M 718.73M 704.61M 693.13M 639.76M 628.41M 593.01M 494.56M 442.26M 430.31M 429.55M
Long-Term Debt 172.77M 183.72M 205.18M 177.89M 62.60M 75.75M 71.16M 58.63M 35.92M 9.19M 11.45M 11.77M 12.06M 12.34M 15.81M 40.36M 148.50M 196.24M 236.93M 259.45M 179.18M 232.21M 270.83M 235.19M 208.21M 125.58M 0.61M 35.03M 60.04M 70.46M 104.25M 85.00M
Capital Lease Obligations 0.00M 0.00M 0.00M 2.95M 3.49M 3.21M 2.96M 1.37M 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
Deferred Tax Liabilities 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 0.00M
Other Non-Current Liabilities 30.09M 30.49M 33.79M 26.64M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -12.78M 0.00M 0.17M -5.79M 2.13M -4.75M 1.97M 1.86M 1.76M 1.59M 1.47M 1.35M 1.24M 1.12M 17.10M 4.04M 4.46M
Total Non-Current Liabilities 202.85M 214.21M 238.97M 207.47M 66.09M 78.96M 74.12M 60.00M 35.92M 9.19M 11.45M 11.77M 12.06M 12.34M 15.81M 27.58M 148.50M 196.41M 231.14M 261.59M 174.43M 234.18M 272.69M 236.95M 209.80M 127.05M 1.96M 36.26M 61.17M 87.56M 108.29M 89.46M
Total Liabilities 2,370.07M 2,324.52M 2,335.37M 2,256.15M 2,208.47M 2,029.45M 1,942.31M 1,411.07M 1,093.53M 1,088.52M 1,056.28M 1,035.93M 1,053.60M 1,058.22M 1,104.12M 1,148.52M 1,171.26M 1,162.43M 1,151.68M 1,145.97M 990.76M 1,030.99M 991.42M 941.56M 902.93M 766.81M 630.37M 629.28M 555.73M 529.82M 538.60M 519.01M
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 0.00M 0.00M 0.00M 0.00M 0.00M 25.75M 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 16.03M 16.03M 16.03M 16.03M 16.03M 16.03M 15.98M 13.94M 12.66M 12.66M 12.66M 12.66M 12.66M 12.60M 12.53M 12.46M 12.41M 12.37M 9.28M 9.19M 8.47M 8.39M 8.31M 8.23M 5.43M 5.38M 5.33M 5.27M 5.20M 5.17M 5.12M 5.07M
Retained Earnings 171.73M 169.52M 165.78M 157.03M 151.74M 142.61M 129.70M 126.48M 122.64M 113.61M 112.79M 109.45M 105.55M 101.22M 94.84M 82.30M 65.92M 53.03M 97.76M 96.63M 96.08M 93.73M 92.67M 84.94M 77.58M 70.35M 65.21M 62.89M 57.50M 52.52M 47.86M 43.37M
Accumulated OCI -26.03M -30.67M -36.76M -38.44M -49.88M 5.03M 11.80M 3.69M -4.17M -1.51M -0.90M 2.53M 5.36M -0.99M 11.00M 10.16M -1.60M -0.89M -23.21M -5.54M 0.61M 6.83M 10.49M 14.15M 13.74M 6.64M 1.10M -7.45M 13.90M 13.34M 5.77M 6.95M
Minority Interest 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 0.00M
Total Shareholders’ Equity 161.74M 154.88M 145.05M 134.62M 117.90M 163.67M 157.48M 144.11M 131.13M 124.76M 124.55M 124.64M 123.57M 112.82M 118.37M 104.92M 76.73M 90.26M 83.83M 100.28M 105.16M 108.95M 111.47M 107.31M 96.75M 82.37M 71.63M 60.71M 76.60M 71.02M 58.75M 55.39M
Total Equity 161.74M 154.88M 145.05M 134.62M 117.90M 163.67M 157.48M 144.11M 131.13M 124.76M 124.55M 124.64M 123.57M 112.82M 118.37M 104.92M 76.73M 90.26M 83.83M 100.28M 105.16M 108.95M 111.47M 107.31M 96.75M 82.37M 71.63M 60.71M 76.60M 71.02M 58.75M 55.39M
Total Liabilities & Equity 2,531.81M 2,479.40M 2,480.42M 2,390.77M 2,326.37M 2,193.12M 2,099.79M 1,555.17M 1,224.65M 1,213.27M 1,180.83M 1,160.57M 1,177.17M 1,171.04M 1,222.49M 1,253.44M 1,247.98M 1,252.69M 1,235.50M 1,246.24M 1,095.92M 1,139.93M 1,102.89M 1,048.87M 999.68M 849.18M 702.00M 689.99M 632.33M 600.84M 597.35M 574.40M
Tangible Assets 2,609.77M 2,556.50M 2,556.07M 2,460.61M 2,398.93M 2,271.83M 2,182.74M 1,624.51M 1,278.94M 1,265.01M 1,230.33M 1,211.45M 1,229.97M 1,225.67M 1,274.83M 1,311.58M 1,304.32M 1,309.35M 1,268.80M 1,270.34M 1,124.22M 1,159.57M 1,123.00M 1,066.90M 1,018.77M 867.00M 719.34M 705.90M 646.25M 615.35M 610.19M 585.99M
Tangible Equity 107.47M 100.50M 90.46M 79.65M 62.51M 107.85M 101.13M 114.47M 119.18M 112.80M 112.59M 112.67M 111.57M 100.79M 106.29M 92.77M 64.46M 77.82M 70.99M 86.87M 102.02M 103.45M 111.47M 107.31M 96.75M 82.37M 71.63M 60.71M 76.60M 71.02M 58.75M 55.39M
Tangible Book Value 107.47M 100.50M 90.46M 79.65M 62.51M 107.85M 101.13M 114.47M 119.18M 112.80M 112.59M 112.67M 111.57M 100.79M 106.29M 92.77M 64.46M 77.82M 70.99M 86.87M 102.02M 103.45M 111.47M 107.31M 96.75M 82.37M 71.63M 60.71M 76.60M 71.02M 58.75M 55.39M
Total Investments 2,131.75M 2,141.21M 2,278.19M 2,244.69M 2,221.46M 2,068.99M 1,982.16M 1,520.86M 1,182.69M 1,164.53M 1,138.58M 1,117.56M 1,140.02M 1,118.35M 1,152.18M 1,183.23M 1,170.51M 1,109.93M 1,155.78M 1,163.23M 1,036.38M 1,072.66M 1,048.34M 1,002.39M 958.24M 817.51M 671.67M 666.57M 617.37M 588.70M 583.24M 560.70M
Net Debt 51.16M 84.63M 81.50M 154.88M 126.73M -27.39M -10.67M 109.65M 11.28M 30.71M 32.52M 56.20M 42.55M 52.10M 29.54M 74.69M 120.61M 143.41M 261.45M 268.47M 201.28M 240.49M 286.05M 257.78M 236.95M 167.61M 81.47M 106.00M 56.02M 56.21M 89.28M 71.41M

Capital Metrics

Metric MRQ MRQ-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31 2013-12-31 2012-12-31 2011-12-31 2010-12-31 2009-12-31 2008-12-31 2007-12-31 2006-12-31 2005-12-31 2004-12-31 2003-12-31 2002-12-31 2001-12-31 2000-12-31 1999-12-31 1998-12-31 1997-12-31 1996-12-31 1995-12-31
Working Capital -1,824.4M -1,758.3M -1,739.1M -1,566.9M -1,580.6M -1,320.6M -1,408.7M -964.1M -652.9M -679.1M -613.7M -564.0M -484.8M -514.5M -551.6M -581.7M -977.9M -875.3M -898.6M -847.0M -790.8M -764.9M -694.7M -683.8M -672.3M -618.9M -609.6M -569.9M -474.4M -423.2M -410.9M -411.9M
Total Capital 468.2M 470.6M 483.0M 474.1M 431.1M 379.0M 390.9M 389.3M 246.1M 259.4M 250.6M 279.8M 267.0M 276.2M 272.2M 302.6M 305.9M 387.9M 407.5M 437.9M 358.3M 398.9M 436.6M 398.3M 367.7M 283.8M 184.3M 200.7M 162.7M 156.0M 175.8M 152.0M
Capital Employed 496.8M 500.6M 514.3M 466.9M 311.9M 377.2M 370.9M 303.1M 233.3M 197.6M 197.5M 199.3M 200.4M 191.8M 198.6M 195.0M 287.4M 348.8M 353.2M 399.4M 304.3M 366.1M 404.3M 362.3M 325.6M 227.2M 90.9M 112.9M 151.7M 173.1M 179.9M 156.4M
Invested Capital 345.1M 371.0M 356.8M 417.3M 376.1M 274.0M 289.1M 354.1M 208.6M 219.2M 218.5M 243.7M 230.9M 231.6M 212.3M 242.1M 259.6M 295.8M 383.5M 406.3M 331.2M 372.5M 417.6M 383.1M 352.8M 267.8M 170.4M 182.6M 146.6M 141.7M 160.9M 138.4M

Cash Flow Statement

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31 2013-12-31 2012-12-31 2011-12-31 2010-12-31 2009-12-31 2008-12-31 2007-12-31 2006-12-31 2005-12-31 2004-12-31 2003-12-31 2002-12-31 2001-12-31 2000-12-31 1999-12-31 1998-12-31 1997-12-31 1996-12-31 1995-12-31
Net Income 27.14M 22.02M 25.96M 24.15M 26.62M 30.55M 19.22M 19.50M 22.01M 13.43M 15.76M 16.47M 17.09M 18.59M 22.71M 23.37M 19.06M -39.34M 10.06M 10.42M 11.99M 12.98M 14.86M 16.26M 14.96M 12.05M 8.48M 11.49M 11.10M 10.11M 9.26M 7.87M
Depreciation & Amortization 2.23M 2.25M 2.18M 2.15M 2.39M 2.13M 1.98M 1.75M 1.75M 1.64M 1.60M 1.89M 1.98M 2.07M 2.01M 2.26M 2.53M 3.14M 3.44M 3.29M 2.74M 2.48M 1.67M 1.31M 1.05M 1.32M -1.41M -0.87M 0.35M 0.72M 0.76M 0.74M
Deferred Income Tax -0.85M -0.74M -1.50M 0.84M -0.40M -1.38M -0.36M 0.17M -0.19M 2.16M -0.16M 0.08M 1.25M 1.84M 3.76M 3.82M 6.37M -18.38M -2.15M -0.02M -0.31M -0.64M 0.10M -0.03M -0.28M -0.35M -0.06M 0.42M 0.06M 0.01M -0.22M -0.10M
Stock-Based Compensation 1.39M 1.56M 1.49M 1.47M 1.26M 1.21M 1.05M 0.80M 0.86M 0.63M 0.58M 0.61M 0.57M 0.70M 0.57M 0.42M 0.07M 0.29M 0.29M 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
Change in Working Capital -3.60M -1.90M 3.15M 0.06M -4.67M -0.11M -0.11M -0.95M 1.23M 0.51M -0.73M -0.73M 0.96M 2.09M -0.64M 4.16M 8.86M -16.09M -2.49M -0.88M 0.19M -0.66M -0.35M 0.32M -0.29M 0.45M 1.16M -0.28M 1.37M 0.00M 0.00M 0.00M
Accounts Receivable 1.03M -3.42M -3.01M -1.40M -3.53M 0.19M -2.65M 1.19M -0.41M -0.60M -0.41M -1.70M 1.40M 3.23M -1.04M 3.58M 9.62M -14.63M -3.07M 0.00M -0.08M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Inventory 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 0.00M
Accounts Payable -2.80M 4.91M 7.99M 4.16M -0.59M 0.21M 2.47M -2.07M 1.96M 1.31M -0.22M 1.20M -0.09M -0.68M 0.67M 1.09M -0.30M -1.08M 2.98M 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 Working Capital -1.83M -3.39M -1.83M -2.70M -0.55M -0.51M 0.06M -0.07M -0.31M -0.21M -0.10M -0.22M -0.35M -0.47M -0.27M -0.51M -0.47M -0.38M -2.40M -0.88M 0.26M -0.66M -0.35M 0.32M -0.29M 0.45M 1.16M -0.28M 1.37M 0.00M 0.00M 0.00M
Other Non-Cash Items 7.20M 5.52M 1.76M 4.88M 9.40M 2.44M 3.00M 1.19M 0.22M 1.01M 1.46M 1.37M 0.45M 5.28M -0.76M 3.43M -1.83M 83.35M 8.97M -2.87M -4.47M -0.05M -1.38M -3.28M -2.84M -4.18M -0.76M -2.24M -2.26M -0.02M 1.20M 0.59M
Net Cash from Operating Activities 33.50M 28.71M 33.04M 33.55M 34.60M 34.84M 24.78M 22.46M 25.89M 19.37M 18.51M 19.69M 22.28M 30.57M 27.65M 37.46M 35.05M 12.97M 18.12M 9.95M 10.13M 14.12M 14.91M 14.59M 12.60M 9.30M 7.41M 8.52M 10.60M 10.82M 11.00M 9.09M
Capital Expenditures (PPE) -1.81M -2.44M -1.91M -2.27M -3.29M -1.86M -3.14M -2.87M -1.17M -1.70M -1.58M -1.04M -0.80M -0.80M -1.62M -1.00M -0.71M -1.25M -1.00M -2.42M -3.52M -6.71M -5.83M -3.36M -1.71M -1.94M -2.43M -1.55M -1.50M -0.83M -0.58M -0.64M
Acquisitions (Net) 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 75.96M -1.78M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.12M 0.00M 0.00M 0.00M 29.94M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Purchases of Investments -50.00M -26.72M -25.79M -23.41M -113.72M -243.93M -105.35M -57.66M -90.02M -51.48M -91.90M -40.36M -158.89M -152.31M -127.36M -152.44M -267.08M -131.21M -96.43M -203.61M -159.84M -1,947.33M -200.80M -201.08M -251.77M -263.52M -18.06M -120.11M -233.42M -195.23M -74.51M -67.12M
Sales / Maturities of Investments 45.95M 79.31M 39.19M 113.14M 62.77M 63.71M 123.43M 177.35M 80.56M 87.80M 111.51M 133.66M 134.54M 122.79M 138.59M 133.73M 217.10M 109.80M 79.45M 141.08M 122.32M 246.64M 207.97M 232.39M 185.89M 180.31M 47.67M 63.84M 211.74M 199.68M 48.61M 45.54M
Other Investing Activities -49.89M -78.02M -32.43M -140.67M -180.46M 78.18M 5.69M -92.38M -11.03M -65.53M -47.43M -73.85M 15.67M 39.20M 25.03M 22.52M -7.19M 22.03M -9.29M 12.43M 76.85M 1,703.08M -55.81M -74.48M -72.17M -51.63M -33.57M -20.04M -6.83M 0.42M 0.31M 0.76M
Net Cash from Investing Activities -55.75M -27.86M -20.94M -53.20M -234.69M -103.90M 96.58M 22.67M -21.65M -30.91M -29.40M 18.41M -9.49M 8.88M 34.64M 2.92M -57.88M -0.63M -27.26M -22.57M 35.82M -4.32M -54.47M -46.53M -139.76M -136.78M -6.39M -77.86M -30.02M 4.03M -26.17M -21.47M
Net Debt Issuance -51.66M 37.55M -4.25M 29.85M 104.30M -13.15M -128.91M -27.98M -22.19M 6.33M -27.63M 11.09M -18.13M 6.32M -43.27M -36.60M -68.42M -49.76M -14.43M 47.66M -38.50M -38.07M 32.05M 21.10M 68.20M 88.35M -28.77M 51.94M -8.34M -6.99M 20.01M 21.79M
Long-Term Debt Issuance -41.72M 49.37M 27.14M 76.04M 26.05M 5.01M -28.94M 10.33M 26.73M -29.27M -0.31M -36.87M -0.28M -11.50M -43.88M -23.13M -47.61M -40.45M -22.30M 57.67M -53.02M -38.62M 35.64M 26.98M 82.63M 124.98M -34.42M -25.02M -5.42M -6.99M 20.01M 21.79M
Short-Term Debt Issuance -9.94M -11.83M -31.39M -46.19M 78.26M -18.15M -99.97M -38.31M -48.91M 35.59M -27.32M 47.96M -17.85M 17.82M 0.62M -13.46M -20.82M -9.32M 7.87M -10.01M 14.52M 0.56M -3.59M -5.87M -14.43M -36.63M 5.66M 76.96M -2.92M 0.00M 0.00M 0.00M
Net Stock Issuance -0.18M -0.72M -0.63M -6.78M -9.19M -7.37M -0.03M 0.01M 0.19M 0.13M -3.46M -4.03M -3.88M 0.18M 0.23M -0.95M -26.84M 51.02M -1.92M -0.86M -2.19M 0.60M -0.05M 0.02M -0.16M -0.52M 0.01M 0.02M -0.44M 0.01M 0.00M 0.00M
Common Stock Issuance 0.00M 0.00M 0.00M 0.00M 0.16M 0.21M 0.13M 0.20M 0.19M 0.13M 0.26M 0.38M 0.12M 0.18M 0.23M 0.07M 0.00M 24.62M 0.22M 0.00M 0.09M 0.66M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.01M 0.00M 0.00M
Common Stock Repurchased -0.18M -0.72M -0.63M -6.78M -9.35M -7.59M -0.16M -0.19M 0.00M 0.00M -3.72M -4.42M -4.00M 0.00M 0.00M -1.02M 0.00M 0.00M -2.14M 0.00M -2.27M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 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 -26.84M 26.41M 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 -15.64M -15.50M -15.53M -15.57M -15.87M -15.98M -14.47M -14.04M -11.75M -11.15M -11.11M -11.25M -11.39M -10.92M -9.06M -6.23M -5.25M -8.42M -7.68M -8.25M -7.95M -7.56M -7.14M -6.67M -6.04M -5.44M -4.99M -4.64M -4.19M -3.74M -3.46M -3.23M
Common Dividends Paid -15.64M -15.50M -15.53M -15.57M -15.87M -15.98M -14.47M -14.04M -11.75M -11.15M -11.11M -11.25M -11.39M -10.92M -9.06M -6.23M -4.30M -7.32M -7.68M -8.25M -7.95M -7.56M -7.14M -6.67M -6.04M -5.44M -4.99M -4.64M -4.19M -3.74M -3.46M -3.23M
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 -0.95M -1.10M 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 29.86M 110.89M 79.11M 17.23M 72.69M 105.38M 86.94M -4.82M 25.32M 24.73M 48.40M -32.22M 13.63M -51.47M -11.99M 13.91M 77.58M 62.85M 25.54M -21.42M 3.39M 42.73M 18.48M 17.76M 64.03M 47.31M 28.49M 23.96M 34.27M -4.85M 0.00M -5.00M
Net Cash from Financing Activities -37.63M 132.21M 58.70M 24.73M 151.94M 68.88M -56.47M -46.83M -8.42M 19.91M 6.20M -36.40M -19.77M -55.88M -64.09M -29.87M -22.93M 55.70M 1.51M 17.13M -45.24M -2.30M 43.35M 32.21M 126.03M 129.70M -5.25M 71.27M 21.30M -15.58M 16.56M 13.56M
Effect of FX on Cash 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 0.00M
Net Change in Cash -59.87M 133.06M 70.80M 5.08M -48.15M -0.17M 64.90M -1.71M -4.18M 8.38M -4.69M 1.69M -6.97M -16.43M -1.80M 10.51M -45.76M 68.04M -7.63M 4.50M 0.71M 7.49M 3.78M 0.27M -1.14M 2.21M -4.24M 1.94M 1.88M -0.72M 1.39M 1.18M
Cash at Beginning of Period 514.34M 240.00M 52.78M 47.70M 95.85M 96.02M 31.12M 32.83M 37.00M 28.62M 33.31M 31.62M 38.59M 55.02M 56.82M 46.30M 92.07M 24.03M 31.66M 27.16M 26.45M 18.95M 15.17M 14.90M 16.04M 13.82M 18.06M 16.13M 14.30M 14.98M 13.59M 12.41M
Cash at End of Period 454.47M 373.05M 123.57M 52.78M 47.70M 95.85M 96.02M 31.12M 32.83M 37.00M 28.62M 33.31M 31.62M 38.59M 55.02M 56.82M 46.30M 92.07M 24.03M 31.66M 27.16M 26.45M 18.95M 15.17M 14.90M 16.04M 13.82M 18.06M 16.10M 14.25M 14.98M 13.59M
Operating Cash Flow 33.50M 28.71M 33.04M 33.55M 34.60M 34.84M 24.78M 22.46M 25.89M 19.37M 18.51M 19.69M 22.28M 30.57M 27.65M 37.46M 35.05M 12.97M 18.12M 9.95M 10.13M 14.12M 14.91M 14.59M 12.60M 9.30M 7.41M 8.52M 10.60M 10.82M 11.00M 9.09M
Capital Expenditure -1.81M -2.44M -1.91M -2.27M -3.29M -1.86M -3.14M -2.87M -1.17M -1.70M -1.58M -1.04M -0.80M -0.80M -1.62M -1.00M -0.71M -1.25M -1.00M -2.42M -3.52M -6.71M -5.83M -3.36M -1.71M -1.94M -2.43M -1.55M -1.50M -0.83M -0.58M -0.64M
Free Cash Flow 31.69M 26.27M 31.13M 31.28M 31.31M 32.98M 21.65M 19.59M 24.73M 17.68M 16.93M 18.65M 21.48M 29.77M 26.03M 36.47M 34.34M 11.72M 17.12M 7.53M 6.61M 7.40M 9.08M 11.23M 10.88M 7.36M 4.98M 6.98M 9.10M 9.99M 10.42M 8.45M

Free Cash Flow

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31 2013-12-31 2012-12-31 2011-12-31 2010-12-31 2009-12-31 2008-12-31 2007-12-31 2006-12-31 2005-12-31 2004-12-31 2003-12-31 2002-12-31 2001-12-31 2000-12-31 1999-12-31 1998-12-31 1997-12-31 1996-12-31 1995-12-31
EBITDA 64.60M 55.70M 61.56M 60.91M 59.26M 63.25M 55.85M 45.69M 42.30M 35.46M 34.71M 37.73M 36.71M 40.53M 46.87M 46.47M 40.52M 42.56M 38.67M 31.14M -1.89M 31.08M 30.74M 30.28M 28.52M 24.36M 16.26M 22.95M 23.06M -2.74M -3.51M -1.80M
(-) Tax Adjustment 12.07M 11.33M 11.42M 12.66M 10.50M 11.97M 9.60M 7.62M 6.84M 12.33M 8.79M 9.23M 9.17M 10.11M 12.68M 12.62M 9.46M 14.90M 7.24M 6.30M -0.36M 5.50M 4.95M 5.50M 5.70M 4.88M 2.87M 5.19M 5.57M -0.65M -0.89M -0.43M
(-) Change In Working Capital -3.60M -1.90M 3.15M 0.06M -4.67M -0.11M -0.11M -0.95M 1.23M 0.51M -0.73M -0.73M 0.96M 2.09M -0.64M 4.16M 8.86M -16.09M -2.49M -0.88M 0.19M -0.66M -0.35M 0.32M -0.29M 0.45M 1.16M -0.28M 1.37M 0.00M 0.00M 0.00M
(-) Capital Expenditure -1.81M -2.44M -1.91M -2.27M -3.29M -1.86M -3.14M -2.87M -1.17M -1.70M -1.58M -1.04M -0.80M -0.80M -1.62M -1.00M -0.71M -1.25M -1.00M -2.42M -3.52M -6.71M -5.83M -3.36M -1.71M -1.94M -2.43M -1.55M -1.50M -0.83M -0.58M -0.64M
Unlevered Free Cash Flow 54.32M 43.83M 45.09M 45.92M 50.14M 49.53M 43.23M 36.15M 33.05M 20.93M 25.06M 28.18M 25.78M 27.52M 33.19M 28.69M 21.50M 42.50M 32.92M 23.30M -5.24M 19.53M 20.30M 21.10M 21.40M 17.09M 9.80M 16.49M 14.62M -2.92M -3.20M -2.00M
(-) Net Interest Income After Taxes 68.18M 62.33M 64.44M 63.69M 68.40M 63.19M 55.95M 45.38M 38.29M 27.36M 30.12M 29.93M 30.44M 32.16M 34.49M 34.55M 32.67M 28.29M 34.40M 28.97M 27.36M 29.15M 29.63M 25.93M 24.78M 21.03M 17.70M 18.45M 17.27M 19.00M 18.26M 15.72M
Net Debt Issuance -51.66M 37.55M -4.25M 29.85M 104.30M -13.15M -128.91M -27.98M -22.19M 6.33M -27.63M 11.09M -18.13M 6.32M -43.27M -36.60M -68.42M -49.76M -14.43M 47.66M -38.50M -38.07M 32.05M 21.10M 68.20M 88.35M -28.77M 51.94M -8.34M -6.99M 20.01M 21.79M
Levered Free Cash Flow -65.52M 19.05M -23.60M 12.09M 86.04M -26.81M -141.63M -37.21M -27.43M -0.09M -32.69M 9.34M -22.78M 1.68M -44.57M -42.46M -79.59M -35.55M -15.92M 41.99M -71.10M -47.69M 22.72M 16.27M 64.82M 84.41M -36.66M 49.98M -10.99M -28.91M -1.45M 4.07M