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Definitive Analysis

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Industry Analysis

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Industry Enterprise Value

Metric MRQ 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995
Stock Price 23.52 21.93 20.99 30.04 50.38 43.38 44.56 36.56 47.47 43.16 45.57 50.96 39.52 41.25 43.49 72.33 64.32 36.71 55.24 65.56 48.28 44.16 30.03 25.36 25.57 23.01 20.48 20.95 23.63 17.19 15.63
Market Capitalization 1,523.30M 927.69M 886.66M 1,016.05M 1,369.45M 1,287.80M 1,473.78M 1,338.45M 1,550.37M 1,408.95M 1,349.11M 1,441.16M 1,359.61M 1,174.92M 1,083.57M 1,126.62M 922.53M 855.76M 1,352.28M 1,592.18M 1,292.66M 1,135.85M 803.23M 672.76M 750.61M 598.99M 568.24M 613.38M 597.08M 270.28M 232.65M
(-) Cash & Equivalents 64.36M 61.03M 56.37M 52.02M 58.03M 53.97M 40.99M 39.59M 46.60M 45.33M 40.07M 30.05M 33.06M 31.50M 29.32M 39.47M 33.61M 23.70M 19.24M 23.18M 22.03M 21.07M 18.12M 11.05M 10.74M 26.10M 9.30M 7.90M 13.15M 10.82M 5.32M
(+) Total Debt 1,313.47M 1,161.60M 1,091.60M 1,040.24M 996.37M 979.00M 906.47M 910.99M 909.21M 903.86M 1,011.83M 990.55M 963.76M 1,003.61M 1,004.85M 980.72M 920.66M 954.64M 1,030.37M 894.56M 801.39M 542.87M 521.95M 495.88M 579.27M 648.64M 601.43M 516.44M 314.90M 146.68M 112.04M
Enterprise Value 3,037,579,266.10 2,076,651,461.54 1,936,249,002.61 2,047,338,346.29 2,259,400,562.07 2,160,918,000.85 2,319,200,210.13 2,166,422,819.91 2,325,215,152.74 2,246,608,704.33 2,311,883,599.36 2,387,056,052.52 2,311,784,758.52 2,191,637,736.28 2,172,885,761.49 2,200,310,977.11 1,954,915,202.05 1,913,066,475.89 2,732,884,045.37 2,657,163,484.44 2,284,999,859.73 1,679,322,763.46 1,497,967,551.10 1,249,518,873.59 1,385,278,178.68 1,204,739,058.67 1,143,247,813.45 1,170,184,831.59 928,834,132.69 430,889,796.92 321,620,615.57

Industry Income Statement

Metric TTM 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995
Revenue 349.07M 233.58M 229.31M 222.72M 206.56M 215.29M 209.29M 216.93M 217.95M 212.77M 241.48M 228.66M 215.54M 219.29M 217.78M 226.36M 234.55M 232.70M 223.79M 215.21M 191.91M 157.93M 163.65M 149.91M 186.12M 185.81M 178.54M 145.58M 87.12M 52.12M 45.15M
Cost of Revenue 125.76M 88.08M 94.41M 83.42M 76.01M 79.52M 80.94M 82.38M 83.97M 83.60M 89.14M 84.13M 76.16M 75.63M 72.69M 80.75M 77.33M 65.25M 40.41M 30.70M 15.57M 15.78M 13.58M 13.33M 3.08M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Gross Profit 223.32M 145.50M 134.91M 139.30M 130.55M 135.77M 128.36M 134.55M 133.98M 129.17M 152.34M 144.53M 139.38M 143.67M 145.09M 145.61M 157.22M 167.45M 183.38M 184.51M 176.34M 142.15M 150.07M 136.58M 183.04M 185.81M 178.54M 145.58M 87.12M 52.12M 45.15M
Gross Margin 64.0% 62.3% 58.8% 62.5% 63.2% 63.1% 61.3% 62.0% 61.5% 60.7% 63.1% 63.2% 64.7% 65.5% 66.6% 64.3% 67.0% 72.0% 81.9% 85.7% 91.9% 90.0% 91.7% 91.1% 98.3% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
R&D Expenses 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
SG&A Expenses 21.72M 18.59M 16.94M 18.39M 16.81M 17.31M 16.79M 17.44M 17.42M 17.45M 17.23M 16.83M 17.25M 16.42M 15.34M 14.97M 16.34M 17.96M 19.49M 15.70M 13.33M 12.69M 10.57M 8.34M 9.12M 8.34M 7.55M 6.30M 4.42M 2.33M 2.36M
Operating Expenses 21.72M 18.59M 16.94M 18.39M 16.81M 17.31M 16.79M 17.44M 17.42M 17.45M 17.23M 16.83M 17.25M 16.42M 15.34M 14.97M 16.34M 17.96M 19.49M 15.70M 13.33M 12.69M 10.57M 8.34M 9.12M 8.34M 7.55M 6.30M 4.42M 2.33M 2.36M
Operating Income 201.60M 126.91M 117.96M 120.91M 113.75M 118.46M 111.57M 117.11M 116.56M 111.72M 135.11M 127.70M 122.13M 127.25M 129.75M 130.64M 140.88M 149.49M 163.89M 168.81M 163.01M 129.46M 139.50M 128.24M 173.92M 177.47M 170.99M 139.28M 82.70M 49.79M 42.79M
Operating Margin 57.8% 54.3% 51.4% 54.3% 55.1% 55.0% 53.3% 54.0% 53.5% 52.5% 56.0% 55.8% 56.7% 58.0% 59.6% 57.7% 60.1% 64.2% 73.2% 78.4% 84.9% 82.0% 85.2% 85.5% 93.4% 95.5% 95.8% 95.7% 94.9% 95.5% 94.8%
Interest Income 0.87M 0.82M 0.97M 0.94M 0.78M 0.60M 1.48M 1.55M 0.89M 1.03M 0.96M 1.43M 1.27M 1.14M 0.87M 1.12M 1.46M 1.42M 1.55M 0.63M 0.67M 0.16M 0.12M 0.42M 0.54M 0.07M 0.05M 0.29M 0.01M 0.00M 0.08M
Interest Expense 48.79M 43.21M 30.18M 24.14M 20.14M 20.96M 21.87M 23.45M 25.97M 25.91M 27.13M 26.77M 31.33M 32.96M 37.59M 34.82M 36.11M 39.33M 41.50M 16.94M 14.61M 10.46M 10.50M 7.14M 11.90M 7.89M 3.92M 4.97M 2.00M 3.40M 2.95M
Net Interest Income -47.91M -42.39M -29.21M -23.20M -19.36M -20.36M -20.38M -21.91M -25.07M -24.89M -26.18M -25.34M -30.06M -31.82M -36.72M -33.70M -34.65M -37.91M -39.95M -16.30M -13.94M -10.30M -10.39M -6.72M -11.36M -7.82M -3.88M -4.69M -2.00M -3.40M -2.86M
Other Income / Expense -141.87M -78.01M -92.49M -49.99M -42.19M -55.07M -15.84M -32.58M -26.07M -36.02M -58.25M -53.21M -46.05M -48.43M -37.95M -58.87M -88.03M -78.82M -65.36M -87.69M -95.86M -83.26M -95.80M -86.90M -113.82M -142.79M -130.18M -115.85M -73.42M -41.54M -25.40M
Pre-Tax Income 11.81M 6.51M -3.74M 47.72M 52.19M 43.02M 75.34M 62.62M 65.42M 50.82M 50.69M 49.15M 46.02M 47.00M 55.07M 38.06M 18.20M 32.76M 58.58M 64.82M 53.21M 35.90M 33.31M 34.63M 48.73M 26.86M 36.93M 18.74M 7.28M 4.84M 14.53M
Pre-Tax Margin 3.4% 2.8% -1.6% 21.4% 25.3% 20.0% 36.0% 28.9% 30.0% 23.9% 21.0% 21.5% 21.3% 21.4% 25.3% 16.8% 7.8% 14.1% 26.2% 30.1% 27.7% 22.7% 20.4% 23.1% 26.2% 14.5% 20.7% 12.9% 8.4% 9.3% 32.2%
Income Tax Expense 0.44M 0.41M 0.24M 0.53M 1.00M 0.43M 1.52M 1.20M 1.37M 1.10M 0.78M 1.08M 0.34M 0.95M 0.50M 4.82M 1.89M 2.26M 2.39M 16.54M 11.79M 8.65M 6.95M 6.51M 26.72M 20.13M 20.43M 19.20M 5.27M 5.54M 6.77M
Tax Rate 3.7% 6.2% 0.0% 1.1% 1.9% 1.0% 2.0% 1.9% 2.1% 2.2% 1.5% 2.2% 0.7% 2.0% 0.9% 12.7% 10.4% 6.9% 4.1% 25.5% 22.2% 24.1% 20.9% 18.8% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%
Net Income 11.37M 6.11M -3.98M 47.20M 51.19M 42.59M 73.82M 61.42M 64.05M 49.72M 49.91M 48.07M 45.68M 46.05M 54.58M 33.24M 16.31M 30.50M 56.20M 48.28M 41.42M 27.25M 26.37M 28.12M 22.01M 6.73M 16.50M -0.46M 2.02M -0.69M 7.75M
Net Margin 3.3% 2.6% -1.7% 21.2% 24.8% 19.8% 35.3% 28.3% 29.4% 23.4% 20.7% 21.0% 21.2% 21.0% 25.1% 14.7% 7.0% 13.1% 25.1% 22.4% 21.6% 17.3% 16.1% 18.8% 11.8% 3.6% 9.2% -0.3% 2.3% -1.3% 17.2%
EBIT 201.60M 126.91M 117.96M 120.91M 113.75M 118.46M 111.57M 117.11M 116.56M 111.72M 135.11M 127.70M 122.13M 127.25M 129.75M 130.64M 140.88M 149.49M 163.89M 168.81M 163.01M 129.46M 139.50M 128.24M 173.92M 177.47M 170.99M 139.28M 82.70M 49.79M 42.79M
Depreciation & Amortization 82.43M 55.58M 54.97M 58.57M 56.29M 59.82M 51.84M 63.64M 81.43M 76.87M 59.59M 49.33M 52.35M 52.96M 53.91M 50.57M 54.18M 58.52M 47.10M 45.44M 45.64M 30.85M 32.03M 31.79M 32.41M 31.19M 29.05M 22.09M 12.89M 6.26M 5.04M
EBITDA 284.03M 182.49M 172.93M 179.48M 170.04M 178.28M 163.41M 180.75M 197.99M 188.60M 194.70M 177.03M 174.48M 180.21M 183.66M 181.21M 195.06M 208.01M 210.99M 214.25M 208.65M 160.31M 171.52M 160.04M 206.33M 208.66M 200.04M 161.36M 95.59M 56.04M 47.83M
EBITDA Margin 81.4% 78.1% 75.4% 80.6% 82.3% 82.8% 78.1% 83.3% 90.8% 88.6% 80.6% 77.4% 80.9% 82.2% 84.3% 80.1% 83.2% 89.4% 94.3% 99.6% 108.7% 101.5% 104.8% 106.8% 110.9% 112.3% 112.0% 110.8% 109.7% 107.5% 105.9%
NOPAT 194.10M 119.00M 117.96M 119.58M 111.58M 117.26M 109.31M 114.86M 114.12M 109.30M 133.04M 124.90M 121.23M 124.68M 128.58M 114.10M 126.24M 139.18M 157.21M 125.74M 126.90M 98.28M 110.40M 104.13M 113.05M 115.36M 111.14M 90.53M 53.75M 32.36M 27.81M
NOPAT Margin 55.6% 50.9% 51.4% 53.7% 54.0% 54.5% 52.2% 52.9% 52.4% 51.4% 55.1% 54.6% 56.2% 56.9% 59.0% 50.4% 53.8% 59.8% 70.3% 58.4% 66.1% 62.2% 67.5% 69.5% 60.7% 62.1% 62.3% 62.2% 61.7% 62.1% 61.6%
Owner's Earnings 93.80M 61.69M 50.99M 105.77M 107.48M 102.41M 125.66M 125.06M 145.48M 126.59M 109.50M 97.39M 98.03M 99.01M 108.49M 83.82M 70.49M 89.03M 103.29M 93.72M 87.06M 58.10M 58.39M 59.91M 54.42M 37.92M 45.55M 21.62M 14.91M 5.56M 12.79M
Owner's Earnings Margin 26.9% 26.4% 22.2% 47.5% 52.0% 47.6% 60.0% 57.7% 66.7% 59.5% 45.3% 42.6% 45.5% 45.1% 49.8% 37.0% 30.1% 38.3% 46.2% 43.6% 45.4% 36.8% 35.7% 40.0% 29.2% 20.4% 25.5% 14.9% 17.1% 10.7% 28.3%
EPS 0.07 0.03 -0.02 0.29 0.34 0.35 0.64 0.45 0.61 0.44 0.56 0.56 0.59 0.71 0.77 0.56 0.30 0.48 0.93 0.76 0.91 0.51 0.52 0.78 0.51 0.18 0.46 -0.01 0.08 -0.03 0.37
EPS (Diluted) 0.07 0.03 -0.02 0.29 0.34 0.35 0.64 0.45 0.61 0.44 0.56 0.56 0.59 0.71 0.77 0.56 0.30 0.48 0.93 0.76 0.91 0.51 0.52 0.78 0.51 0.18 0.46 -0.01 0.08 -0.03 0.37
Shares (Diluted) 172.17M 178.70M 166.80M 164.33M 150.53M 121.93M 115.40M 136.40M 104.44M 114.18M 89.00M 85.84M 77.10M 64.79M 70.51M 59.52M 54.44M 63.30M 60.19M 63.33M 45.71M 53.23M 50.56M 35.93M 43.15M 38.17M 35.96M 33.77M 24.65M 20.06M 21.21M

Industry Balance Sheet

Metric MRQ 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995
Cash & Cash Equivalents 64.68M 61.03M 56.37M 52.02M 58.64M 54.10M 41.65M 40.23M 47.62M 46.56M 41.77M 30.05M 34.69M 31.50M 31.40M 40.29M 34.30M 24.23M 19.24M 23.18M 22.03M 22.01M 18.83M 11.05M 10.74M 26.10M 9.30M 7.90M 13.15M 10.82M 5.32M
Short-Term Investments 6.44M 4.77M 0.44M 0.56M 5.42M 2.66M 7.42M 3.38M 2.41M 6.75M 1.65M 2.02M 6.89M 0.64M 1.26M 1.41M 1.08M 1.61M 7.12M 2.12M 6.62M 0.62M 1.09M 3.97M 7.53M 6.77M 5.05M 3.98M 0.06M 0.16M 0.31M
Cash & Short-Term Investments 71.11M 65.79M 56.80M 52.57M 64.06M 56.76M 49.07M 43.61M 50.03M 53.31M 43.42M 32.07M 41.58M 32.14M 32.66M 41.70M 35.38M 25.84M 26.36M 25.29M 28.65M 22.63M 19.91M 15.01M 18.26M 32.87M 14.36M 11.88M 13.20M 10.98M 5.63M
Net Receivables 106.89M 56.34M 51.66M 49.16M 34.21M 31.39M 32.49M 39.77M 34.06M 36.08M 38.79M 37.62M 36.75M 38.31M 43.40M 31.90M 27.61M 30.01M 28.65M 35.44M 27.13M 22.03M 26.08M 20.24M 27.36M 22.90M 23.21M 19.80M 12.38M 7.47M 4.94M
Inventory 0.00M 0.00M 0.00M 0.55M 0.08M 0.00M 4.38M 2.57M 3.63M 1.99M 4.73M 3.64M 6.14M 0.12M 0.00M 0.00M 0.01M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.42M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Current Assets 8.37M 23.26M 18.59M 12.98M 7.50M 13.15M 17.24M 16.20M 26.00M 25.54M 28.80M 19.85M 23.19M 28.43M 17.24M 16.83M 19.02M 10.79M 5.36M 1.89M -0.19M -1.84M 2.23M 0.16M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Total Current Assets 186.37M 145.39M 127.05M 115.25M 105.85M 101.30M 103.17M 102.16M 113.72M 116.92M 115.74M 93.18M 107.66M 99.00M 93.30M 90.43M 82.03M 66.64M 60.37M 62.62M 55.59M 42.82M 48.22M 35.42M 45.63M 56.19M 37.57M 31.67M 25.58M 18.45M 10.58M
Property, Plant & Equipment 162.94M 253.92M 367.90M 424.89M 400.95M 402.91M 353.05M 730.77M 721.80M 704.28M 712.98M 904.69M 931.36M 558.51M 1,441.76M 1,493.21M 1,504.48M 1,428.07M 1,471.67M 1,375.69M 1,195.31M 974.85M 1,200.70M 1,046.35M 1,197.90M 1,240.72M 1,189.40M 1,166.25M 708.02M 317.98M 252.13M
Goodwill 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Intangible Assets 11.65M 13.15M 11.38M 19.29M 16.63M 15.57M 16.48M 18.20M 20.65M 23.70M 26.91M 19.24M 21.69M 20.46M 20.44M 19.97M 9.08M 4.54M 8.80M 1.41M 8.60M 1.76M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Long-Term Investments 54.65M 33.48M 68.63M 59.74M 30.41M 31.79M 20.22M 42.29M 45.42M 48.87M 71.31M 46.15M 57.04M 44.12M 39.90M 29.64M 28.80M 26.79M 16.07M 20.78M 19.07M 19.28M 23.09M 19.04M 6.87M 8.34M 8.79M 7.73M 1.77M 0.65M 0.15M
Tax Assets 0.00M 0.00M 0.10M 36.66M 68.92M 74.84M 72.99M 161.00M 258.64M 259.06M 0.25M 0.00M 0.00M 0.13M 0.19M 0.13M 0.12M 0.00M 0.00M 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 2,142.01M 1,512.87M 957.05M 1,201.90M 1,007.23M 1,088.67M 1,020.58M 570.09M 763.03M 706.73M 1,017.58M 880.85M 1,233.17M 1,253.04M 321.38M 225.69M 178.08M 237.88M -481.69M -620.44M -813.91M -559.43M -583.11M -570.45M -656.90M -889.12M -904.57M -900.63M -452.52M -182.21M -150.37M
Other Assets 353.39M 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 0.00M 0.00M 0.00M 0.00M 37.93M 60.47M 325.88M 316.56M 264.86M 270.24M 294.62M 203.37M 178.44M 144.79M 65.11M 29.53M 20.98M
Total Non-Current Assets 2,724.65M 1,813.41M 1,405.05M 1,742.48M 1,524.14M 1,613.78M 1,483.32M 1,522.34M 1,809.54M 1,742.62M 1,829.03M 1,850.93M 2,243.26M 1,876.25M 1,823.67M 1,768.64M 1,720.57M 1,697.28M 1,052.79M 837.90M 734.96M 753.02M 905.53M 765.17M 842.48M 563.33M 472.07M 418.14M 322.38M 165.96M 122.89M
Total Assets 2,911.02M 1,958.80M 1,532.11M 1,857.73M 1,629.99M 1,715.08M 1,586.50M 1,624.51M 1,923.26M 1,859.54M 1,944.77M 1,944.11M 2,350.92M 1,975.25M 1,916.97M 1,859.07M 1,802.59M 1,763.92M 1,113.15M 900.53M 790.55M 795.84M 953.76M 800.59M 888.11M 619.51M 509.64M 449.81M 347.95M 184.41M 133.47M
Accounts Payable 23.91M 29.67M 15.25M 21.20M 19.45M 26.77M 22.02M 29.13M 33.30M 19.96M 26.98M 28.71M 26.96M 22.52M 31.44M 24.29M 26.23M 23.11M 27.37M 18.69M 15.40M 6.10M 8.14M 11.81M 13.53M 6.64M 10.33M 4.71M 5.64M 2.18M 0.56M
Short-Term Debt 104.18M 107.23M 84.57M 76.17M 56.31M 47.89M 68.85M 36.59M 50.19M 44.88M 37.61M 51.11M 67.99M 57.87M 93.60M 85.40M 72.96M 109.67M 142.68M 39.89M 25.83M 29.13M 11.89M 1.86M 0.45M 3.40M 1.61M 9.89M 0.61M 0.26M 0.08M
Tax Payables 0.00M 0.26M 0.51M 0.47M 0.50M 0.45M 0.38M 0.21M 0.76M 0.30M 0.83M 0.29M 0.25M 0.24M 0.16M 0.00M 0.17M 0.00M 0.07M 0.07M 0.40M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.13M
Deferred Revenue 9.77M 3.63M 3.16M 10.55M 11.98M 8.72M 8.57M 11.78M 13.36M 11.33M 10.69M 8.64M 8.34M 12.43M 7.40M 3.61M 6.48M 0.38M 0.17M 0.62M 0.04M 0.02M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Current Liabilities 26.20M 9.98M 12.52M 7.11M 5.98M 5.26M 7.19M 11.37M 11.03M 11.43M 12.13M 8.51M 5.18M 8.41M 9.94M 8.66M 14.70M 5.62M -16.71M -15.88M -23.89M -27.41M -3.80M 0.43M 32.57M 5.34M 9.22M 2.12M 2.27M 1.16M 2.33M
Total Current Liabilities 164.06M 150.78M 116.00M 115.49M 94.22M 89.09M 107.01M 89.08M 108.63M 87.90M 88.24M 97.26M 108.72M 101.48M 142.54M 121.97M 120.52M 138.78M 153.58M 43.39M 17.78M 7.84M 16.23M 14.09M 46.55M 15.38M 21.17M 16.72M 8.52M 3.61M 3.10M
Long-Term Debt 1,481.49M 1,024.00M 958.46M 934.43M 911.28M 893.91M 810.63M 872.54M 849.18M 847.94M 960.15M 922.45M 918.48M 898.05M 909.01M 811.39M 711.57M 733.07M 717.52M 755.91M 644.94M 524.97M 475.23M 433.31M 575.61M 642.10M 589.72M 491.68M 311.90M 145.41M 111.28M
Capital Lease Obligations 6.04M 13.33M 11.53M 11.18M 11.40M 10.99M 11.33M 7.68M 7.22M 8.36M 10.86M 1.94M 2.57M 3.44M 2.30M 1.02M 0.73M 0.65M 1.08M 0.00M 0.05M 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 0.38M 1.15M 0.90M 0.66M 1.10M 0.22M 0.34M -0.40M 0.32M 0.07M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 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 -0.86M 31.35M 36.93M 27.42M 27.85M 36.43M 24.59M 32.75M 40.91M 34.03M 28.89M 28.49M 38.47M 38.52M 49.22M 45.14M 57.62M 28.56M -56.04M -299.90M -270.77M -159.10M -213.56M -205.67M -197.64M -338.43M -304.71M -315.51M -81.54M -88.62M -32.02M
Total Non-Current Liabilities 1,486.67M 1,068.68M 1,007.31M 974.18M 951.44M 941.99M 847.66M 913.19M 897.66M 889.93M 1,000.22M 952.95M 959.52M 940.00M 960.53M 857.55M 769.92M 762.28M 662.56M 456.01M 374.21M 365.87M 261.66M 227.64M 377.98M 303.67M 285.01M 176.17M 230.36M 56.79M 79.26M
Total Liabilities 1,650.73M 1,219.46M 1,123.31M 1,089.67M 1,045.66M 1,031.08M 954.66M 1,002.26M 1,006.29M 977.83M 1,088.46M 1,050.21M 1,068.24M 1,041.48M 1,103.07M 979.51M 890.44M 901.06M 816.14M 499.40M 391.99M 373.71M 277.89M 241.74M 424.53M 319.05M 306.18M 192.88M 238.89M 60.39M 82.36M
Preferred Stock 0.00M 0.00M 0.00M 8.76M 0.57M 0.00M 0.58M 8.43M 8.96M 7.06M 2.22M 0.28M 5.85M 0.19M 18.16M 17.28M 17.31M 18.43M 27.43M 40.84M 49.41M 45.46M 27.48M 0.01M 7.72M 0.01M 0.01M 0.00M 0.00M 0.00M 0.00M
Common Stock 130.81M 301.83M 240.97M 311.49M 306.58M 211.67M 185.46M 208.33M 176.70M 232.85M 151.86M 124.16M 151.35M 164.06M 82.21M 79.71M 78.22M 59.80M 57.47M 43.49M 9.11M 13.14M 6.82M 6.88M 6.48M 1.34M 1.33M 1.13M 0.96M 0.88M 7.28M
Retained Earnings -258.08M -93.34M -109.23M -9.43M 25.35M 10.01M -2.93M -86.12M -83.49M -86.11M -60.15M -36.60M -39.21M -75.26M -72.83M -66.53M -56.09M -39.67M -2.13M -0.38M 0.58M -7.89M -4.38M -4.04M -0.28M -17.53M -17.83M -6.52M 2.88M 4.32M 5.51M
Accumulated OCI -0.92M 3.90M 1.50M 5.62M -1.99M -8.62M -2.68M 12.44M 14.03M 9.30M 0.90M -0.41M -0.15M -1.96M -1.25M -4.49M -9.44M -13.35M -1.30M -0.30M -1.09M -0.64M -2.33M -3.43M -3.14M -7.19M -19.57M -20.09M -14.67M -11.53M -2.03M
Minority Interest 63.91M 19.32M 16.97M 105.92M 104.90M 82.39M 121.46M 124.05M 110.51M 95.76M 23.38M 21.36M 23.42M 17.10M 17.88M 16.11M 11.27M 14.39M 27.11M 31.67M 31.51M 18.42M 19.92M 25.25M 37.75M 42.29M 42.84M 35.89M 15.82M 0.00M 0.00M
Total Shareholders’ Equity -128.18M 212.39M 133.24M 316.44M 330.52M 213.05M 180.43M 143.09M 116.20M 163.09M 94.82M 87.43M 117.83M 87.03M 26.30M 25.97M 30.00M 25.22M 81.47M 83.65M 58.01M 50.07M 27.60M -0.58M 10.78M -23.38M -36.06M -25.48M -10.83M -6.33M 10.76M
Total Equity -64.28M 231.71M 150.21M 422.36M 435.42M 295.44M 301.89M 267.14M 226.71M 258.86M 118.20M 108.79M 141.25M 104.13M 44.17M 42.08M 41.27M 39.60M 108.57M 115.32M 89.52M 68.50M 47.52M 24.68M 48.53M 18.91M 6.78M 10.41M 5.00M -6.33M 10.76M
Total Liabilities & Equity 1,586.46M 1,451.18M 1,273.53M 1,512.03M 1,481.08M 1,326.52M 1,256.55M 1,269.40M 1,233.00M 1,236.68M 1,206.66M 1,159.00M 1,209.49M 1,145.61M 1,147.25M 1,021.60M 931.71M 940.66M 924.72M 614.72M 481.51M 442.21M 325.41M 266.41M 473.06M 337.96M 312.96M 203.30M 243.88M 54.06M 93.12M
Tangible Assets 2,899.37M 1,945.65M 1,520.73M 1,838.44M 1,613.35M 1,699.51M 1,570.02M 1,606.31M 1,902.61M 1,835.84M 1,917.86M 1,924.87M 2,329.23M 1,954.79M 1,896.53M 1,839.09M 1,793.51M 1,759.38M 1,104.35M 899.12M 781.95M 794.08M 953.76M 800.59M 888.11M 619.51M 509.64M 449.81M 347.95M 184.41M 133.47M
Tangible Equity -75.93M 218.57M 138.83M 403.07M 418.79M 279.87M 285.41M 248.94M 206.06M 235.16M 91.29M 89.55M 119.56M 83.67M 23.74M 22.11M 32.18M 35.06M 99.77M 113.92M 80.92M 66.74M 47.52M 24.68M 48.53M 18.91M 6.78M 10.41M 5.00M -6.33M 10.76M
Tangible Book Value -75,929,329.33 218,566,235.80 138,834,580.92 403,073,641.96 418,791,774.67 279,870,415.67 285,409,586.30 248,940,633.90 206,055,944.75 235,159,486.06 91,292,530.71 89,549,859.04 119,561,305.54 83,668,252.24 23,738,878.94 22,110,915.12 32,184,736.26 35,063,314.70 99,772,962.83 113,917,308.42 80,918,560.37 66,739,432.36 47,519,322.98 24,675,683.07 48,530,319.72 18,905,155.60 6,779,913.00 10,414,789.20 4,995,373.33 -6,329,642.57 10,760,611.79
Total Investments 77.69M 48.46M 75.47M 60.65M 36.91M 51.94M 32.01M 50.73M 47.83M 51.95M 74.81M 49.74M 60.73M 51.64M 57.09M 39.95M 34.89M 42.87M 36.61M 41.56M 31.03M 19.99M 46.69M 20.75M 15.78M 27.36M 18.26M 9.46M 1.78M 0.73M 0.82M
Net Debt 1,521.00M 1,070.21M 986.66M 958.58M 908.96M 887.69M 837.84M 868.90M 851.75M 846.26M 955.99M 943.51M 951.78M 924.42M 971.21M 856.50M 750.23M 818.51M 840.96M 772.62M 648.74M 532.08M 468.29M 424.13M 565.33M 619.40M 582.03M 493.67M 299.37M 134.85M 106.04M

Industry Capital Metrics

Metric MRQ 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995
Working Capital -63.81M -45.53M -30.53M 5.62M 7.07M 64.77M 12.46M 4.93M 10.79M 4.88M 29.49M -6.31M -14.48M -35.02M -65.34M -34.96M -25.02M -63.13M -68.16M -46.16M -41.74M -17.44M -78.94M -46.13M -28.74M -14.96M -36.43M -37.49M -33.03M -5.71M -13.95M
Total Capital 3,167.95M 2,359.94M 2,277.80M 2,348.32M 2,296.76M 2,331.75M 2,228.91M 2,227.54M 2,244.03M 2,114.91M 2,248.14M 2,184.71M 2,207.05M 2,134.79M 2,348.48M 2,047.48M 1,889.58M 1,875.51M 1,982.21M 1,874.59M 1,532.04M 1,190.75M 1,197.79M 1,129.59M 1,257.82M 1,327.78M 1,254.62M 1,198.52M 824.98M 412.03M 286.65M
Capital Employed 3,426.24M 2,469.11M 2,410.98M 2,480.87M 2,419.70M 2,394.40M 2,314.33M 2,352.97M 2,286.56M 2,162.34M 2,424.20M 2,273.14M 2,263.37M 2,182.37M 2,251.45M 2,161.58M 2,008.87M 1,977.86M 2,037.53M 1,890.64M 1,548.40M 1,334.52M 1,426.54M 1,152.33M 1,414.99M 1,350.52M 1,265.84M 1,214.30M 818.66M 416.72M 280.15M
Invested Capital 3,103.27M 2,298.92M 2,221.43M 2,296.31M 2,238.13M 2,277.64M 2,187.26M 2,187.30M 2,196.42M 2,068.35M 2,206.36M 2,154.66M 2,172.36M 2,103.29M 2,317.09M 2,007.19M 1,855.27M 1,851.28M 1,962.97M 1,851.41M 1,510.01M 1,168.73M 1,178.96M 1,118.55M 1,247.08M 1,301.68M 1,245.31M 1,190.62M 811.83M 401.21M 281.32M

Industry Cash Flow

Metric TTM 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995
Depreciation & Amortization 80.99M 55.95M 55.46M 53.42M 51.41M 44.03M 43.72M 51.33M 53.39M 52.30M 61.69M 47.56M 51.36M 52.70M 53.64M 51.90M 53.51M 55.90M 42.60M 43.97M 43.05M 32.86M 35.04M 30.66M 33.91M 30.38M 28.35M 22.43M 12.54M 5.57M 4.59M
Deferred Income Tax 0.00M 0.00M 0.00M 0.00M -0.04M -0.18M -0.78M 0.00M -0.16M 0.00M -0.93M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -0.16M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Stock-Based Compensation 3.36M 1.86M 1.74M 2.78M 2.60M 2.52M 2.35M 2.07M 2.02M 1.88M 1.81M 1.66M 1.59M 0.97M 0.70M 0.44M 0.20M 0.06M 0.51M 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 6.68M 1.74M -2.15M 1.21M -2.22M -0.51M -1.45M -2.11M -3.67M -5.89M -2.51M -4.19M -1.41M -3.91M -5.43M -8.09M -4.80M 1.33M -2.85M -3.74M -10.76M -3.02M -7.73M -0.91M -5.18M -6.88M -5.35M -3.67M -1.42M 0.98M -0.05M
Accounts Receivable -0.29M 0.20M -0.36M -0.23M -0.45M -0.97M -1.05M -1.14M -0.71M -1.04M -0.45M -0.50M -0.50M -0.48M 0.00M 0.00M 0.00M 0.00M -2.75M -3.34M -5.35M -3.03M -4.00M -2.79M -2.47M -5.71M -4.09M -7.06M -2.17M -1.14M -0.73M
Inventory 0.00M 0.00M 0.00M 0.01M -0.08M -0.09M -0.08M 0.00M 0.00M 0.00M 0.00M -0.03M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.59M 0.65M -0.10M 0.00M -0.04M 0.09M
Accounts Payable 0.87M 0.31M 0.22M 1.17M 1.21M 0.50M 0.82M 0.40M 0.89M 0.86M 0.51M 0.42M 0.00M 0.48M 0.40M 0.13M 0.00M 0.05M 3.78M 2.68M 2.38M 2.04M -1.21M 1.10M 1.91M 0.39M 3.76M 5.18M 2.16M 1.88M 0.03M
Other Working Capital 4.06M 1.02M -1.47M 0.22M -2.08M -1.10M -0.29M 0.67M -1.20M -2.05M -1.55M -0.65M -1.18M -1.45M -2.94M -5.94M -4.31M -4.46M -0.66M -2.16M -5.25M -0.39M -1.69M -1.88M -1.93M -2.38M 1.09M -1.57M -0.02M -0.41M 0.88M
Other Non-Cash Items 33.84M 29.49M 45.07M 0.34M -2.13M 6.79M -9.48M -15.90M -10.98M -10.72M -8.55M -6.70M -15.06M -4.22M -14.06M 2.39M 21.14M 0.64M -26.36M -27.46M -9.47M -5.71M -4.71M -5.53M -3.32M -13.26M -4.54M -4.63M -1.90M -1.57M -0.40M
Net Cash from Operating Activities 122.78M 104.11M 104.75M 105.36M 99.01M 100.24M 94.50M 97.24M 93.17M 86.86M 100.90M 84.12M 83.53M 85.92M 91.12M 97.12M 95.75M 104.81M 88.59M 110.82M 77.13M 71.96M 69.82M 67.13M 70.39M 65.76M 68.65M 66.44M 35.62M 22.23M 19.60M
Capital Expenditures (PPE) -11.56M -24.61M -16.35M -38.47M -26.13M -23.51M -31.66M -25.83M -50.22M -83.26M -100.15M -55.70M -43.14M -32.03M -122.65M -130.34M -56.43M -113.57M -197.38M -269.19M -194.04M -115.37M -84.57M -72.47M -94.03M -111.72M -180.37M -375.66M -227.24M -64.74M -61.81M
Acquisitions (Net) 0.00M 0.00M 0.00M -0.83M -1.32M 1.23M -5.37M -1.59M -1.66M -2.71M -4.15M -9.78M -4.30M -1.40M -0.11M -0.02M -0.03M 0.00M -0.27M -0.01M -1.85M -9.25M -3.33M -1.57M -2.17M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Purchases of Investments -0.22M -2.02M -6.56M -38.22M -40.59M -28.22M -41.72M -73.82M -61.85M -56.29M -32.77M -0.74M -3.88M -0.63M -4.79M -2.79M -3.54M -7.80M -5.69M -21.67M -8.82M -3.70M -4.06M -2.54M -5.99M -8.67M -7.21M -10.89M -1.68M -0.27M -6.40M
Sales / Maturities of Investments 0.58M 2.11M 3.02M 32.15M 18.33M 20.15M 39.47M 23.28M 19.93M 37.13M 20.09M 3.04M 2.87M 0.00M 0.34M 1.00M 1.97M 2.68M 4.88M 14.79M 3.48M 5.52M 0.02M 0.02M 7.68M 0.95M 5.62M 4.68M 0.45M 0.28M 1.23M
Other Investing Activities -4.31M -32.67M -13.08M -10.90M -26.28M -4.05M 5.57M -26.10M -1.78M -2.14M -26.26M -37.61M -32.88M -27.22M 13.77M 12.69M 0.23M 13.77M 6.70M 8.03M 64.47M 26.54M 38.27M 31.09M 39.37M 33.82M 58.06M 20.70M 0.92M 2.29M 8.07M
Net Cash from Investing Activities -64.33M -88.46M -61.44M -74.71M -101.01M -53.79M -96.86M -131.03M -86.20M -88.87M -169.25M -143.10M -134.25M -104.74M -119.72M -141.96M -61.40M -93.52M -219.63M -231.56M -168.29M -163.29M -58.25M -54.90M -67.50M -51.96M -98.45M -387.45M -233.08M -54.11M -68.84M
Net Debt Issuance -6.71M 30.66M 32.04M 20.97M 48.67M 38.04M 13.65M 30.83M 5.23M 22.93M 61.01M 47.87M 35.90M 36.38M 45.48M 49.51M -27.95M 64.83M 144.39M 85.03M 79.61M 52.06M 20.90M 13.10M 22.64M 43.94M 52.15M 147.88M 0.76M 25.57M 13.26M
Long-Term Debt Issuance -9.06M 29.30M 26.74M 19.59M 56.00M 30.10M 18.79M 28.19M 2.99M 30.02M 61.50M 41.07M 50.52M 54.77M 54.60M 48.71M -3.19M 45.15M 145.47M 83.65M 70.42M 50.45M 20.90M 13.10M 22.64M 43.94M 52.15M 150.96M 0.76M 28.86M 13.26M
Short-Term Debt Issuance 0.00M 0.00M 0.03M 0.00M -0.72M 0.00M 0.00M 0.00M 0.00M 0.00M 0.85M 0.00M 0.00M 0.00M 0.00M 3.38M -0.03M -0.79M 8.36M 0.00M 0.23M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Stock Issuance -0.26M -0.25M -0.67M -0.61M 2.41M 10.44M 16.52M 9.97M 10.28M 17.21M 5.51M 28.79M 51.21M 46.01M 40.25M 62.25M 42.49M -0.38M 5.98M 69.67M 37.53M 62.23M 12.42M 0.28M 20.38M -3.18M 18.04M 125.12M 174.37M 12.82M 27.15M
Common Stock Issuance 0.00M 0.00M 0.12M 1.81M 10.02M 11.40M 37.37M 19.65M 25.97M 49.17M 30.10M 33.87M 63.02M 47.65M 48.79M 80.26M 64.46M 11.95M 39.53M 81.48M 42.75M 73.22M 21.97M 3.62M 15.77M 0.10M 4.77M 102.72M 133.79M 11.31M 15.90M
Common Stock Repurchased -0.22M -0.30M -1.39M -2.53M -2.16M -4.62M -1.31M -2.52M -1.21M -2.75M -0.72M -0.50M -0.59M -0.63M -0.25M -0.57M -0.01M -1.52M -10.01M -0.66M -0.79M -7.03M -1.32M -3.74M -6.53M -10.81M -6.41M -0.39M -0.01M 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 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 20.07M 0.00M 0.00M 0.00M
Net Dividends Paid -61.78M -52.17M -60.28M -61.91M -65.89M -59.34M -59.59M -66.30M -58.93M -56.58M -54.54M -56.87M -57.15M -56.29M -56.55M -50.71M -57.94M -62.01M -58.05M -59.76M -52.75M -54.50M -51.16M -36.07M -46.20M -50.48M -54.65M -48.08M -25.53M -13.10M -13.52M
Common Dividends Paid -43.86M -46.39M -53.67M -61.21M -64.27M -59.35M -61.77M -63.68M -58.07M -49.93M -53.22M -52.64M -56.07M -55.13M -57.85M -44.98M -49.92M -49.84M -50.38M -53.29M -45.74M -42.84M -41.62M -34.21M -41.53M -48.95M -51.17M -46.88M -25.49M -13.05M -13.46M
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 -0.17M 0.00M 0.00M -2.18M 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 -11.64M -11.10M -6.41M -5.12M -4.15M -5.68M 1.59M -6.51M -2.03M 10.66M 11.70M 9.31M 9.07M -3.07M 1.42M -5.06M 1.77M 3.12M -0.54M -18.11M -2.13M -2.60M 11.98M -2.80M -6.23M -2.58M -2.50M -1.89M -1.25M 0.10M -0.10M
Net Cash from Financing Activities -89.45M -39.54M -38.60M -46.58M -12.17M -10.24M 1.73M 0.46M -29.31M 37.63M 75.43M 53.37M 67.64M 42.46M 66.50M 57.16M -17.26M 36.69M 176.42M 157.10M 89.52M 93.08M -20.09M -31.27M -41.26M 12.79M 44.83M 316.54M 212.69M 42.96M 36.27M
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
Net Change in Cash -3.09M 1.23M 2.43M -8.31M -0.53M 16.10M 5.40M 1.21M 1.38M 5.42M 8.88M 3.47M 5.50M 5.05M 1.39M 9.76M 5.37M 4.91M -2.63M 4.92M 3.46M 2.37M 8.75M -9.52M 1.50M 2.20M -0.01M -2.57M 4.45M 5.18M -4.76M
Cash at Beginning of Period 56.35M 95.47M 90.73M 100.14M 94.80M 62.03M 58.91M 68.44M 72.15M 47.73M 50.46M 42.49M 37.10M 45.13M 37.75M 35.61M 30.39M 18.52M 27.15M 25.33M 15.98M 8.02M 8.11M 9.80M 24.32M 10.90M 7.86M 12.78M 10.22M 2.28M 8.80M
Cash at End of Period 70.07M 107.95M 90.93M 92.58M 104.75M 81.99M 59.36M 64.54M 72.59M 71.83M 51.48M 43.53M 46.98M 48.05M 46.93M 49.58M 43.50M 27.91M 19.99M 27.41M 26.49M 20.23M 16.60M 9.60M 11.13M 26.38M 10.36M 8.74M 12.25M 10.81M 6.92M
Operating Cash Flow 122.95M 104.21M 104.25M 105.36M 99.01M 100.24M 94.50M 97.27M 93.13M 86.86M 100.89M 84.24M 83.53M 85.92M 91.12M 97.12M 95.75M 104.81M 88.59M 110.82M 77.13M 71.96M 69.82M 67.13M 70.39M 65.76M 68.65M 66.44M 35.62M 22.23M 19.60M
Capital Expenditure -13.49M -33.69M -23.85M -38.98M -30.77M -23.59M -31.74M -34.61M -50.43M -83.27M -102.43M -55.70M -58.59M -36.71M -107.56M -123.96M -56.53M -113.62M -197.38M -269.19M -194.05M -115.24M -84.57M -72.47M -94.03M -111.72M -180.37M -375.66M -227.24M -64.74M -61.81M
Free Cash Flow 70.07M 55.86M 62.33M 48.86M 51.78M 46.72M 46.65M 40.94M 36.51M 0.69M 3.94M 11.24M 14.43M 38.86M -42.22M -28.55M 11.91M -28.86M -114.79M -166.98M -93.60M -55.11M -23.69M -14.25M -27.19M -52.27M -109.70M -300.43M -169.26M -44.52M -45.60M

Industry Free Cash Flow

Metric TTM 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995
EBITDA 151.24M 101.21M 88.97M 131.27M 116.70M 108.54M 140.86M 129.98M 138.33M 123.76M 126.78M 134.47M 139.51M 132.93M 153.61M 132.45M 104.21M 127.23M 125.53M 122.76M 119.80M 108.68M 108.86M 113.95M 115.81M 154.14M 96.22M 78.96M 50.69M 41.01M 36.95M
(-) Tax Adjustment 5.63M 6.30M -5.63M 1.45M 2.23M 1.09M 2.85M 2.50M 2.89M 2.68M 1.95M 2.95M 1.02M 2.69M 1.38M 16.76M 10.83M 8.77M 5.11M 31.32M 26.54M 26.18M 22.70M 21.42M 63.49M 115.50M 53.24M 80.90M 36.65M 46.88M 17.23M
(-) Change In Working Capital 6.68M 1.74M -2.15M 1.21M -2.22M -0.51M -1.45M -2.11M -3.67M -5.89M -2.51M -4.19M -1.41M -3.91M -5.43M -8.09M -4.80M 1.33M -2.85M -3.74M -10.76M -3.02M -7.73M -0.91M -5.18M -6.88M -5.35M -3.67M -1.42M 0.98M -0.05M
(-) Capital Expenditure 13.49M 33.69M 23.85M 38.98M 30.77M 23.59M 31.74M 34.61M 50.43M 83.27M 102.43M 55.70M 58.59M 36.71M 107.56M 123.96M 56.53M 113.62M 197.38M 269.19M 194.05M 115.24M 84.57M 72.47M 94.03M 111.72M 180.37M 375.66M 227.24M 64.74M 61.81M
Unlevered Free Cash Flow 125.43M 59.48M 72.89M 89.64M 85.93M 84.36M 107.72M 94.99M 88.68M 43.69M 24.91M 80.01M 81.30M 97.44M 50.09M -0.18M 41.65M 3.51M -74.11M -174.01M -90.02M -29.71M 9.32M 20.96M -36.53M -66.19M -132.05M -373.94M -211.78M -71.60M -42.04M
(-) Net Interest Income After Taxes -46.13M -39.75M -31.06M -22.94M -19.00M -20.16M -19.97M -21.49M -24.55M -24.35M -25.77M -24.79M -29.84M -31.18M -36.39M -29.44M -31.05M -35.29M -38.32M -12.14M -10.85M -7.82M -8.22M -5.46M -5.13M -1.96M -1.73M 0.12M -0.55M 0.49M -1.53M
Net Debt Issuance -6.71M 30.66M 32.04M 20.97M 48.67M 38.04M 13.65M 30.83M 5.23M 22.93M 61.01M 47.87M 35.90M 36.38M 45.48M 49.51M -27.95M 64.83M 144.39M 85.03M 79.61M 52.06M 20.90M 13.10M 22.64M 43.94M 52.15M 147.88M 0.76M 25.57M 13.26M
Levered Free Cash Flow 164.85M 129.89M 135.99M 133.55M 153.60M 142.56M 141.34M 147.30M 118.46M 90.97M 111.70M 152.66M 147.04M 165.00M 131.95M 78.76M 44.75M 103.63M 108.60M -76.84M 0.43M 30.17M 38.43M 39.51M -8.76M -20.29M -78.16M -226.17M -210.47M -46.51M -27.25M