Franklin Financial Services Corporation (FRAF)

Industry: Banks - Regional Sector: Financial Services Currency Used: US Live Price: $53.15

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
Stock Price	46.00	34.63	38.69	28.54	29.36	32.89	32.00	25.44	37.04	34.39	33.72	24.66	23.59	20.32	16.27	14.33	15.79	17.31	16.27	21.60	26.18	26.14	25.23	26.86	25.13	20.92	17.65	13.33
Market Capitalization	206.91M	153.02M	172.19M	125.54M	128.40M	145.25M	141.42M	110.71M	162.05M	150.63M	146.24M	105.97M	100.18M	85.29M	67.30M	58.47M	62.52M	67.35M	62.48M	82.72M	100.63M	94.11M	84.74M	96.26M	90.03M	69.86M	59.10M	45.19M
(-) Cash & Equivalents	24.67M	208.79M	153.22M	202.86M	70.23M	174.18M	130.63M	72.99M	95.42M	42.32M	53.85M	44.36M	52.45M	59.74M	77.07M	89.88M	33.04M	27.24M	29.88M	20.12M	17.01M	18.85M	16.81M	15.03M	20.11M	23.29M	24.61M	14.56M
(+) Total Debt	3.97M	223.83M	150.59M	274.15M	114.87M	25.16M	24.62M	14.90M	5.62M	0.00M	0.00M	8.20M	0.88M	16.30M	43.91M	46.37M	78.93M	146.07M	167.30M	173.44M	119.48M	111.01M	104.60M	111.35M	110.10M	109.70M	88.17M	69.05M
Enterprise Value	186.20M	168.06M	169.56M	196.83M	173.05M	-3.76M	35.41M	52.62M	72.25M	108.31M	92.40M	69.81M	48.61M	41.85M	34.14M	14.96M	108.41M	186.19M	199.90M	236.04M	203.10M	186.27M	172.53M	192.58M	180.02M	156.27M	122.66M	99.68M

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	126M	112M	114M	90M	70M	64M	60M	63M	56M	51M	48M	46M	45M	45M	48M	52M	52M	53M	55M	60M	49M	37M	32M	33M	33M	37M	37M	34M	19M	17M	15M	15M
Cost of Revenue	49M	42M	46M	26M	6M	1M	9M	7M	14M	3M	6M	4M	4M	7M	12M	17M	16M	18M	17M	25M	20M	13M	10M	11M	13M	17M	19M	16M	14M	13M	12M	12M
Gross Profit	76M	70M	68M	65M	65M	63M	51M	56M	42M	48M	42M	43M	41M	38M	36M	35M	37M	35M	38M	35M	29M	24M	22M	22M	20M	20M	19M	18M	5M	4M	4M	3M
Gross Profit Margin	60.8%	62.5%	59.7%	71.4%	92.2%	98.7%	85.6%	88.3%	74.9%	93.8%	87.4%	92.1%	91.3%	83.9%	74.7%	67.7%	70.1%	65.6%	68.6%	58.4%	58.9%	65.7%	69.6%	67.0%	61.0%	53.4%	50.2%	53.4%	24.7%	24.7%	24.4%	22.8%
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	38M	35M	36M	32M	31M	27M	25M	24M	22M	20M	19M	19M	19M	19M	19M	18M	16M	17M	15M	13M	11M	10M	9M	8M	8M	7M	7M	7M	6M	6M	6M	6M
Operating Expenses	57M	53M	55M	49M	47M	40M	38M	37M	36M	42M	32M	30M	31M	31M	30M	28M	26M	26M	25M	23M	19M	17M	16M	15M	14M	13M	13M	12M	-2M	-1M	-2M	-2M
Operating Income (EBIT)	19M	17M	13M	16M	17M	23M	13M	19M	6M	6M	9M	12M	10M	8M	6M	7M	11M	9M	12M	12M	10M	7M	6M	7M	7M	7M	6M	6M	6M	6M	6M	6M
Operating Income Margin	15.4%	15.0%	11.7%	17.4%	24.9%	36.0%	21.8%	30.1%	10.5%	11.2%	19.7%	26.9%	23.0%	16.6%	12.3%	13.5%	20.1%	16.3%	22.3%	20.2%	19.7%	19.2%	19.5%	22.1%	20.3%	18.6%	16.3%	18.6%	33.4%	32.9%	35.6%	37.8%
Interest Income	111M	96M	101M	77M	56M	48M	46M	49M	45M	40M	37M	35M	35M	36M	39M	42M	43M	44M	46M	49M	41M	30M	25M	25M	27M	31M	32M	29M	27M	26M	25M	25M
Interest Expense	46M	40M	44M	23M	5M	3M	4M	7M	4M	2M	2M	2M	3M	4M	7M	9M	12M	15M	16M	24M	20M	12M	9M	9M	12M	16M	18M	15M	13M	12M	11M	11M
Net Interest Income	65M	56M	57M	54M	52M	45M	42M	42M	41M	37M	35M	32M	32M	32M	32M	33M	31M	29M	30M	26M	21M	18M	16M	16M	16M	16M	15M	14M	14M	14M	14M	14M
Unusual Items	-65M	-56M	-57M	-54M	-52M	-45M	-42M	-42M	-41M	-37M	-35M	-32M	-32M	-32M	-32M	-33M	-31M	-29M	-30M	-26M	-21M	-18M	-16M	-16M	-16M	-16M	-15M	-14M	-14M	-14M	-14M	-14M
EBT Excluding Unusual Items	85M	73M	70M	69M	69M	68M	55M	61M	47M	43M	44M	45M	42M	39M	38M	40M	41M	38M	42M	38M	31M	25M	22M	23M	22M	22M	21M	21M	21M	20M	19M	19M
Pre-Tax Income	19M	17M	13M	16M	17M	23M	13M	19M	6M	6M	9M	12M	10M	8M	6M	7M	11M	9M	12M	12M	10M	7M	6M	7M	7M	7M	6M	6M	6M	6M	6M	6M
Pre-Tax Margin	15.4%	15.0%	11.7%	17.4%	24.9%	36.0%	21.8%	30.1%	10.5%	11.2%	19.7%	26.9%	23.0%	16.6%	12.3%	13.5%	20.1%	16.3%	22.3%	20.2%	19.7%	19.2%	19.5%	22.1%	20.3%	18.6%	16.3%	18.6%	33.4%	32.9%	35.6%	37.8%
Income Tax Expense	4M	3M	2M	2M	3M	3M	0M	3M	0M	4M	1M	2M	2M	1M	1M	0M	3M	2M	4M	3M	2M	1M	1M	1M	1M	1M	1M	1M	2M	1M	1M	1M
Net Income	16M	14M	11M	14M	15M	20M	13M	16M	6M	2M	8M	10M	8M	6M	5M	7M	8M	7M	9M	9M	8M	6M	5M	6M	6M	6M	5M	5M	5M	4M	4M	4M
Net Income Margin	12.5%	12.5%	9.8%	15.0%	21.3%	30.7%	21.4%	25.6%	10.8%	4.3%	16.9%	22.0%	18.6%	13.7%	11.2%	12.7%	14.5%	12.5%	15.6%	15.5%	15.4%	16.7%	16.3%	17.9%	16.7%	15.1%	13.4%	15.0%	25.5%	25.0%	26.7%	28.0%
Depreciation & Amortization	2M	2M	2M	2M	1M	1M	1M	1M	1M	1M	1M	2M	2M	2M	2M	2M	2M	2M	2M	1M	2M	2M	2M	2M	2M	1M	1M	1M	1M	1M	1M	1M
EBITDA	21M	19M	15M	18M	19M	24M	14M	20M	7M	7M	11M	14M	12M	9M	8M	9M	12M	11M	15M	14M	11M	9M	8M	9M	8M	8M	7M	7M	7M	7M	6M	6M
EBITDA Margin	17.1%	16.8%	13.5%	19.7%	26.9%	37.8%	24.0%	32.3%	12.9%	13.9%	22.6%	30.2%	27.4%	20.9%	16.4%	17.6%	23.8%	20.2%	26.9%	22.7%	22.7%	23.6%	25.4%	28.4%	25.3%	21.3%	18.8%	21.5%	37.5%	37.4%	40.4%	42.0%
NOPAT	16M	14M	11M	14M	15M	20M	13M	16M	6M	2M	8M	10M	8M	6M	5M	7M	8M	7M	9M	9M	8M	6M	5M	6M	6M	6M	5M	5M	5M	4M	4M	4M
NOPAT Margin	12.5%	12.5%	9.8%	15.0%	21.3%	30.7%	21.4%	25.6%	10.8%	4.3%	16.9%	22.0%	18.6%	13.7%	11.2%	12.7%	14.5%	12.5%	15.6%	15.5%	15.4%	16.7%	16.3%	17.9%	16.7%	15.1%	13.4%	15.0%	25.5%	25.0%	26.7%	28.0%
Owner's Earnings	17M	14M	11M	15M	4M	12M	14M	16M	6M	2M	9M	11M	10M	8M	5M	8M	7M	7M	9M	9M	7M	7M	6M	7M	6M	4M	3M	5M	6M	5M	5M	5M
Owner's Earnings Margin	13.2%	12.4%	9.3%	16.7%	5.9%	18.8%	22.8%	25.1%	11.1%	4.8%	18.7%	23.1%	22.2%	16.9%	10.5%	15.3%	14.2%	13.5%	15.5%	14.5%	14.3%	19.8%	19.2%	21.3%	18.0%	9.6%	9.2%	15.9%	29.5%	29.4%	31.5%	32.2%
EPS (Basic)	3.50	3.22	2.51	3.11	3.38	4.44	2.94	3.68	1.40	0.50	1.88	2.40	1.99	1.49	1.31	1.63	1.94	1.71	2.24	2.41	2.11	1.82	1.54	1.74	1.66	1.67	1.48	1.49	1.41	1.27	1.17	1.16
EPS (Diluted)	3.53	3.17	2.51	3.10	3.36	4.42	2.93	3.67	1.39	0.50	1.88	2.40	1.99	1.49	1.31	1.63	1.94	1.71	2.24	2.40	2.10	1.81	1.54	1.74	1.66	1.64	1.45	1.47	1.39	1.26	1.17	1.16
Shares (Basic)	4M	4M	4M	4M	4M	4M	4M	4M	4M	4M	4M	4M	4M	4M	4M	4M	4M	4M	4M	4M	4M	3M	3M	3M	3M	3M	3M	3M	3M	3M	4M	4M
Shares (Diluted)	4M	4M	4M	4M	4M	4M	4M	4M	4M	4M	4M	4M	4M	4M	4M	4M	4M	4M	4M	4M	4M	3M	3M	3M	3M	3M	3M	3M	3M	3M	4M	4M

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
Asset Management Fees	10.29M	7.58M	7.76M	6.89M	6.50M	6.50M	5.60M	5.50M	5.10M
Commision	0.36M	0.32M	0.27M	0.33M	0.17M	0.16M	0.21M	0.23M	0.28M
Estate Management Services Fees	0.66M	0.44M	0.51M	0.30M	0.50M	0.45M	0.19M	0.37M	0.31M

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	189.14M	208.79M	205.11M	29.37M	78.87M	185.64M	69.89M	92.57M	52.96M	58.60M	36.67M	39.17M	48.59M	40.75M	77.83M	34.14M	22.11M	33.25M	16.71M	18.09M	22.15M	20.74M	10.21M	15.62M	14.57M	16.54M	17.77M	15.20M	24.41M	10.86M	10.27M	8.24M
Short-Term Investments	82.39M	119.76M	318.99M	472.50M	486.84M	529.81M	396.94M	187.43M	131.47M	126.97M	143.88M	159.47M	171.75M	159.67M	133.33M	125.30M	0.00M	0.00M	0.00M	0.00M	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	271.53M	328.55M	524.10M	501.87M	565.71M	715.45M	466.83M	280.01M	184.43M	185.57M	180.54M	198.64M	220.34M	200.42M	211.16M	159.45M	22.11M	33.25M	16.71M	18.09M	22.15M	20.74M	10.21M	15.62M	14.57M	16.54M	17.77M	15.20M	24.41M	10.86M	10.27M	8.24M
Net Receivables	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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
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	271.53M	328.55M	524.10M	501.87M	565.71M	715.45M	466.83M	280.01M	184.43M	185.57M	180.54M	198.64M	220.34M	200.42M	211.16M	159.45M	22.11M	33.25M	16.71M	18.09M	22.15M	20.74M	10.21M	15.62M	14.57M	16.54M	17.77M	15.20M	24.41M	10.86M	10.27M	8.24M
Property, Plant & Equipment	32.17M	32.38M	33.15M	33.22M	36.04M	23.95M	18.38M	18.98M	13.52M	13.74M	14.06M	14.76M	15.05M	16.15M	17.04M	16.04M	16.59M	15.74M	15.63M	13.86M	13.10M	8.90M	9.61M	9.56M	9.79M	9.34M	7.24M	5.50M	5.89M	5.91M	6.70M	5.65M
Goodwill	9.02M	9.02M	9.02M	9.02M	9.02M	9.02M	9.02M	9.02M	9.02M	9.02M	9.02M	9.02M	9.02M	9.02M	9.02M	9.02M	9.02M	9.16M	9.15M	0.00M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.18M	0.70M	1.12M	1.56M	2.00M	2.46M	2.93M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Investments	1,544.94M	1,501.52M	1,572.67M	1,241.57M	1,037.56M	987.05M	1,002.75M	925.09M	961.45M	932.72M	883.34M	772.39M	717.81M	714.06M	743.27M	756.69M	857.46M	873.91M	816.42M	733.80M	713.59M	560.36M	512.53M	495.69M	484.33M	450.47M	422.48M	413.90M	385.61M	328.34M	310.96M	287.41M
Tax Assets	8.25M	9.58M	10.83M	11.80M	15.63M	3.31M	2.40M	4.00M	5.99M	5.80M	5.84M	4.76M	4.33M	5.45M	5.46M	6.38M	0.00M	0.00M	0.00M	0.00M	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	431.18M	405.70M	48.07M	38.55M	35.63M	35.02M	35.67M	32.07M	35.18M	32.96M	34.65M	35.73M	34.72M	38.80M	40.30M	41.12M	44.71M	44.85M	41.62M	43.39M	38.31M	31.36M	30.92M	28.83M	23.67M	22.51M	18.50M	10.10M	9.10M	8.75M	8.20M	12.18M
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	2,025.55M	1,958.20M	1,673.74M	1,334.17M	1,133.87M	1,058.35M	1,068.21M	989.15M	1,025.16M	994.24M	946.90M	836.66M	781.10M	784.17M	816.20M	830.80M	929.78M	946.13M	885.75M	791.05M	765.00M	600.62M	553.06M	534.09M	517.79M	482.31M	448.22M	429.50M	400.59M	343.00M	325.86M	305.23M
Total Assets	2,297.08M	2,286.75M	2,197.84M	1,836.04M	1,699.58M	1,773.81M	1,535.04M	1,269.16M	1,209.59M	1,179.81M	1,127.44M	1,035.30M	1,001.45M	984.59M	1,027.36M	990.25M	951.89M	979.37M	902.46M	809.14M	787.15M	621.36M	563.27M	549.70M	532.36M	498.85M	465.99M	444.70M	425.00M	353.87M	336.12M	313.47M
Accounts Payable	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Short-Term Debt	0.00M	0.36M	0.68M	130.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	24.27M	0.00M	9.08M	23.83M	42.21M	53.10M	51.16M	55.86M	83.16M	68.16M	85.11M	56.07M	51.01M	63.51M	47.83M	44.36M	33.04M	39.70M	0.00M	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	1,902.90M	1,893.12M	1,814.97M	1,537.98M	1,551.45M	1,584.36M	1,354.57M	1,125.39M	1,082.63M	1,047.18M	982.12M	918.51M	881.18M	845.72M	874.44M	787.99M	734.33M	738.37M	627.34M	606.28M	595.30M	456.80M	399.90M	372.43M	371.89M	354.04M	357.21M	333.30M	326.58M	274.56M	268.20M	257.21M
Total Current Liabilities	1,902.90M	1,893.47M	1,815.65M	1,667.98M	1,551.45M	1,584.36M	1,354.57M	1,125.39M	1,082.63M	1,047.18M	1,006.39M	918.51M	890.26M	869.56M	916.65M	841.09M	785.50M	794.22M	710.50M	674.43M	680.41M	512.87M	450.90M	435.94M	419.72M	398.41M	390.25M	373.00M	326.58M	274.56M	268.20M	257.21M
Long-Term Debt	214.81M	223.83M	223.96M	24.48M	25.77M	24.45M	24.89M	5.16M	0.00M	0.00M	0.00M	0.00M	0.00M	12.40M	12.41M	48.34M	70.89M	94.69M	106.14M	59.71M	38.45M	48.55M	52.36M	56.47M	59.61M	50.36M	29.48M	29.70M	30.74M	21.43M	14.89M	5.65M
Capital Lease Obligations	3.97M	4.11M	4.26M	4.82M	6.14M	4.86M	5.33M	5.16M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	13.03M	12.08M	13.52M	11.45M	8.17M	7.94M	10.40M	11.08M	8.56M	17.49M	4.56M	5.41M	7.67M	7.24M	6.67M	13.64M	12.87M	11.70M	12.76M	8.58M	8.87M	4.27M	5.36M	5.44M	5.81M	4.81M	3.06M	2.70M	27.78M	21.57M	17.69M	15.66M
Total Non-Current Liabilities	231.81M	240.02M	241.74M	40.74M	40.08M	37.24M	40.62M	21.40M	8.56M	17.49M	4.56M	5.41M	7.67M	19.64M	19.08M	61.98M	83.76M	106.39M	118.90M	68.30M	47.31M	52.82M	57.72M	61.90M	65.41M	55.18M	32.54M	32.40M	58.52M	43.01M	32.58M	21.31M
Total Liabilities	2,134.70M	2,133.49M	2,057.39M	1,708.72M	1,591.53M	1,621.60M	1,395.19M	1,146.79M	1,091.19M	1,064.67M	1,010.95M	923.92M	897.93M	889.20M	935.73M	903.07M	869.25M	900.61M	829.40M	742.73M	727.72M	565.69M	508.63M	497.84M	485.13M	453.58M	422.78M	405.40M	385.10M	317.56M	300.78M	278.52M
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	0.00M	0.00M	0.00M	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	4.71M	4.71M	4.71M	4.71M	4.71M	4.71M	4.71M	4.71M	4.70M	4.69M	4.69M	4.66M	4.61M	4.56M	4.50M	4.42M	4.32M	4.30M	4.30M	4.30M	4.30M	3.81M	3.81M	3.05M	3.05M	3.05M	3.05M	3.00M	3.05M	3.05M	2.03M	2.03M
Retained Earnings	150.28M	146.40M	139.46M	133.99M	125.89M	116.61M	102.52M	94.95M	83.95M	82.22M	83.08M	78.52M	71.45M	65.90M	62.48M	60.28M	57.98M	54.57M	52.13M	47.95M	42.65M	38.64M	35.72M	34.25M	31.15M	28.77M	25.52M	22.60M	20.56M	17.09M	17.59M	14.97M
Accumulated OCI	-25.81M	-30.78M	-35.51M	-40.94M	-51.29M	-0.55M	3.19M	-5.99M	-6.38M	-6.03M	-4.22M	-3.72M	-3.10M	-4.70M	-4.05M	-5.13M	-5.64M	-5.14M	-7.76M	0.66M	0.24M	0.80M	2.18M	1.77M	0.53M	0.22M	0.34M	-1.30M	1.78M	1.94M	0.61M	0.00M
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	129.18M	120.33M	108.67M	97.76M	79.32M	120.78M	110.42M	93.67M	82.27M	80.88M	83.55M	79.45M	72.96M	65.76M	62.93M	59.57M	56.66M	53.73M	48.67M	52.91M	47.18M	43.25M	41.70M	39.06M	34.72M	32.04M	28.91M	24.30M	25.39M	22.07M	20.23M	17.00M
Total Equity	129.18M	120.33M	108.67M	97.76M	79.32M	120.78M	110.42M	93.67M	82.27M	80.88M	83.55M	79.45M	72.96M	65.76M	62.93M	59.57M	56.66M	53.73M	48.67M	52.91M	47.18M	43.25M	41.70M	39.06M	34.72M	32.04M	28.91M	24.30M	25.39M	22.07M	20.23M	17.00M
Total Liabilities & Equity	2,263.89M	2,253.82M	2,166.05M	1,806.48M	1,670.84M	1,742.37M	1,505.62M	1,240.46M	1,173.46M	1,145.55M	1,094.50M	1,003.37M	970.89M	954.96M	998.66M	962.63M	925.91M	954.33M	878.07M	795.64M	774.90M	608.93M	550.33M	536.91M	519.85M	485.62M	451.69M	429.70M	410.49M	339.63M	321.01M	295.51M
Tangible Assets	2,288.06M	2,277.73M	2,188.83M	1,827.02M	1,690.56M	1,764.79M	1,526.02M	1,260.14M	1,200.57M	1,170.80M	1,118.43M	1,026.28M	992.25M	974.87M	1,017.22M	979.67M	940.87M	967.75M	890.38M	809.14M	787.15M	621.36M	563.27M	549.70M	532.36M	498.85M	465.99M	444.70M	425.00M	353.87M	336.12M	313.47M
Tangible Equity	120.17M	111.31M	99.65M	88.75M	70.30M	111.76M	101.41M	84.65M	73.25M	71.86M	74.54M	70.44M	63.76M	56.05M	52.79M	48.99M	45.64M	42.11M	36.59M	52.91M	47.18M	43.25M	41.70M	39.06M	34.72M	32.04M	28.91M	24.30M	25.39M	22.07M	20.23M	17.00M
Tangible Book Value	120.17M	111.31M	99.65M	88.75M	70.30M	111.76M	101.41M	84.65M	73.25M	71.86M	74.54M	70.44M	63.76M	56.05M	52.79M	48.99M	45.64M	42.11M	36.59M	52.91M	47.18M	43.25M	41.70M	39.06M	34.72M	32.04M	28.91M	24.30M	25.39M	22.07M	20.23M	17.00M
Total Investments	1,627.32M	1,621.28M	1,891.66M	1,714.08M	1,524.40M	1,516.87M	1,399.69M	1,112.52M	1,092.92M	1,059.69M	1,027.21M	931.86M	889.56M	873.73M	876.60M	881.99M	857.46M	873.91M	816.42M	733.80M	713.59M	560.36M	512.53M	495.69M	484.33M	450.47M	422.48M	413.90M	385.61M	328.34M	310.96M	287.41M
Net Debt	25.67M	15.40M	19.53M	125.11M	-53.11M	-161.20M	-45.00M	-87.41M	-52.96M	-58.60M	-12.40M	-39.17M	-39.51M	-4.51M	-23.22M	67.30M	99.94M	117.30M	172.59M	109.78M	101.41M	83.88M	93.16M	104.36M	92.87M	78.19M	44.75M	54.20M	6.34M	10.57M	4.63M	-2.59M

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	-1,631.4M	-1,564.9M	-1,291.5M	-1,166.1M	-985.7M	-868.9M	-887.7M	-845.4M	-898.2M	-861.6M	-825.9M	-719.9M	-669.9M	-669.1M	-705.5M	-681.6M	-763.4M	-761.0M	-693.8M	-656.3M	-658.3M	-492.1M	-440.7M	-420.3M	-405.1M	-381.9M	-372.5M	-357.8M	-302.2M	-263.7M	-257.9M	-249.0M
Total Capital	381.2M	381.2M	368.7M	286.6M	140.0M	181.5M	170.1M	132.7M	118.4M	115.1M	140.8M	111.4M	112.6M	131.6M	146.3M	188.6M	204.7M	229.3M	262.4M	205.5M	195.2M	160.3M	158.0M	171.8M	154.7M	140.0M	105.7M	108.7M	70.6M	57.7M	50.2M	40.6M
Capital Employed	394.2M	393.3M	382.2M	168.1M	148.1M	189.4M	180.5M	143.8M	127.0M	132.6M	121.1M	116.8M	111.2M	115.0M	110.7M	149.2M	166.4M	185.2M	192.0M	145.9M	118.9M	108.5M	112.4M	113.8M	112.6M	100.4M	75.7M	71.7M	98.4M	79.3M	67.9M	56.3M
Invested Capital	192.0M	172.4M	163.6M	257.2M	61.1M	-4.1M	100.2M	40.1M	65.4M	56.5M	104.1M	72.2M	64.0M	90.9M	68.4M	154.5M	182.6M	196.1M	245.6M	187.4M	173.0M	139.5M	147.8M	156.2M	140.1M	123.5M	87.9M	93.5M	46.2M	46.9M	40.0M	32.4M

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	15.67M	14.08M	11.10M	13.60M	14.94M	19.62M	12.80M	16.12M	6.13M	2.18M	8.09M	10.20M	8.40M	6.23M	5.37M	6.57M	7.61M	6.59M	8.60M	9.26M	7.57M	6.11M	5.19M	5.84M	5.57M	5.59M	5.01M	5.10M	4.81M	4.36M	4.13M	4.18M
Depreciation & Amortization	2.13M	2.08M	2.09M	2.02M	1.44M	1.20M	1.33M	1.37M	1.33M	1.38M	1.40M	1.54M	1.98M	1.96M	1.97M	2.09M	1.92M	2.04M	2.48M	1.49M	1.50M	1.63M	1.91M	2.06M	1.65M	0.99M	0.94M	1.00M	0.76M	0.78M	0.74M	0.63M
Deferred Income Tax	0.00M	0.00M	-0.47M	1.14M	1.17M	0.09M	-1.95M	1.88M	0.00M	-0.83M	-0.83M	-0.11M	0.29M	0.35M	0.37M	-0.09M	-0.24M	-0.74M	0.25M	-0.06M	0.14M	-0.39M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	0.80M	0.58M	0.63M	0.48M	0.46M	0.20M	0.20M	0.00M	0.19M	0.16M	0.09M	0.07M	0.00M	0.00M	0.00M	0.00M	0.00M	0.03M	0.11M	0.00M	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	-1.22M	2.51M	1.69M	2.93M	-0.31M	1.81M	-4.90M	1.47M	-1.65M	0.72M	-0.45M	-0.87M	1.18M	2.08M	2.33M	-0.06M	-0.22M	-3.08M	-3.68M	3.63M	-26.07M	0.00M	0.24M	0.17M	-0.94M	1.52M	-1.06M	-0.40M	-0.36M	-0.52M	-0.02M	-0.66M
Accounts Receivable	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.66M	-0.14M	-0.08M	0.96M	-3.48M	-1.14M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.15M	-0.14M	-0.21M
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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.88M	3.84M	0.70M	-0.52M	0.40M	-1.89M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.17M
Other Working Capital	-1.22M	2.51M	1.69M	2.93M	-0.31M	1.81M	-4.90M	1.47M	-1.65M	0.72M	-0.45M	-0.87M	1.18M	-0.46M	-1.37M	-0.68M	-0.67M	0.00M	-0.66M	3.63M	-26.07M	0.00M	0.24M	0.17M	-0.94M	1.52M	-1.06M	-0.40M	-0.37M	-0.37M	0.12M	-0.62M
Other Non-Cash Items	9.09M	4.21M	6.71M	6.40M	7.55M	3.43M	-1.04M	-1.88M	3.31M	12.65M	6.56M	2.45M	2.51M	4.77M	0.52M	6.58M	3.29M	3.78M	3.30M	0.67M	23.58M	5.55M	5.62M	-7.69M	0.31M	0.79M	0.26M	0.30M	-0.22M	11.56M	14.64M	13.48M
Net Cash from Operating Activities	26.48M	23.46M	21.76M	26.57M	25.24M	26.35M	6.44M	18.97M	9.30M	16.25M	14.86M	13.29M	14.36M	15.40M	10.56M	15.09M	12.36M	8.62M	11.05M	14.99M	6.72M	12.90M	12.97M	0.38M	6.60M	8.89M	5.14M	6.00M	4.98M	16.17M	19.48M	17.63M
Capital Expenditures (PPE)	-1.27M	-2.20M	-2.57M	-0.50M	-12.22M	-8.81M	-0.48M	-1.65M	-1.16M	-1.12M	-0.58M	-1.04M	-0.35M	-0.53M	-2.30M	-0.74M	-2.12M	-1.52M	-2.57M	-2.08M	-2.05M	-0.47M	-0.98M	-0.95M	-1.24M	-3.02M	-2.48M	-0.70M	0.00M	0.00M	0.00M	0.00M
Acquisitions (Net)	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-1.10M	0.00M	-7.56M	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	-116.65M	-24.45M	-136.27M	-50.25M	-87.21M	-215.60M	-240.70M	-104.83M	-30.18M	-8.60M	-0.99M	-21.69M	-41.22M	-69.10M	-43.67M	-37.56M	-28.12M	-43.01M	-42.45M	-85.72M	-77.88M	-55.07M	-53.27M	-44.45M	-57.73M	-86.88M	-39.14M	-107.20M	-72.08M	-50.57M	-62.17M	-32.80M
Sales / Maturities of Investments	115.47M	43.68M	97.23M	72.41M	60.55M	71.25M	41.68M	49.52M	22.84M	23.63M	29.22M	31.50M	30.79M	37.37M	35.28M	31.49M	55.04M	49.13M	56.09M	108.89M	53.89M	51.00M	40.82M	53.55M	41.11M	64.90M	46.22M	101.00M	54.66M	23.97M	24.00M	24.81M
Other Investing Activities	-197.47M	-159.74M	-142.76M	-199.92M	-56.18M	19.21M	-77.82M	33.48M	-38.99M	-46.15M	-130.32M	-57.94M	-2.17M	28.70M	6.18M	-26.74M	-12.53M	-65.42M	-107.74M	-44.27M	-23.43M	-48.27M	-12.99M	-18.12M	-17.35M	-10.75M	-21.50M	-26.10M	-40.51M	-0.29M	-3.46M	-1.16M
Net Cash from Investing Activities	-199.92M	-142.72M	-184.37M	-178.27M	-95.06M	-133.94M	-277.31M	-23.48M	-47.49M	-32.24M	-102.67M	-49.17M	-12.94M	-3.56M	-4.51M	-33.56M	12.26M	-60.82M	-97.77M	-23.18M	-57.02M	-52.81M	-26.41M	-9.97M	-35.21M	-35.76M	-16.89M	-33.00M	-57.93M	-26.90M	-41.63M	-9.15M
Net Debt Issuance	-49.00M	180.00M	70.00M	130.00M	0.00M	0.00M	19.54M	0.00M	0.00M	-24.27M	24.27M	0.00M	-12.40M	-0.01M	-46.82M	-20.61M	-28.49M	-38.76M	61.43M	4.31M	18.94M	1.25M	-16.61M	12.54M	12.71M	32.21M	-6.87M	14.30M	52.02M	6.35M	10.99M	0.51M
Long-Term Debt Issuance	81.00M	160.00M	200.00M	0.00M	0.00M	0.00M	19.54M	0.00M	0.00M	0.00M	0.00M	0.00M	-12.40M	-0.01M	-35.93M	-22.55M	-23.80M	-11.45M	46.43M	21.27M	-10.10M	-3.81M	-4.11M	-3.14M	9.25M	20.89M	-0.22M	-1.00M	19.05M	-4.77M	2.04M	5.16M
Short-Term Debt Issuance	-130.00M	20.00M	-130.00M	130.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-24.27M	24.27M	0.00M	0.00M	-18.38M	-10.89M	1.94M	-4.69M	-27.31M	15.01M	-16.95M	29.04M	5.06M	-12.50M	15.68M	3.47M	11.33M	-6.65M	15.30M	32.97M	11.12M	8.95M	-4.64M
Net Stock Issuance	0.31M	1.12M	0.92M	-1.04M	-1.92M	1.20M	0.67M	-2.53M	-0.09M	0.00M	-0.80M	0.00M	0.00M	0.00M	0.00M	0.03M	0.96M	0.62M	-0.45M	0.20M	-0.19M	-0.51M	0.14M	0.29M	-0.72M	-1.06M	-0.52M	-0.30M	0.17M	-0.96M	-2.48M	-2.04M
Common Stock Issuance	1.28M	1.72M	1.75M	1.36M	1.42M	2.39M	1.84M	1.32M	1.42M	0.99M	1.67M	1.25M	0.92M	0.93M	1.17M	0.03M	0.96M	0.78M	0.75M	0.00M	0.00M	0.00M	0.14M	0.29M	0.00M	0.00M	0.00M	0.00M	0.17M	0.32M	0.20M	0.20M
Common Stock Repurchased	-0.97M	-0.60M	-0.83M	-2.39M	-3.33M	-1.19M	-1.17M	-3.85M	-0.09M	0.00M	-0.80M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.16M	-1.21M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-1.28M	-2.68M	-2.24M
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	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-5.78M	-5.61M	-5.63M	-5.60M	-5.66M	-5.52M	-5.23M	-5.12M	-4.60M	-4.03M	-3.52M	-3.14M	-2.85M	-2.81M	-3.17M	-4.27M	-4.19M	-4.15M	-4.10M	-3.96M	-3.56M	-3.20M	-2.95M	-2.74M	-3.19M	-2.35M	-2.11M	-3.00M	-3.60M	-1.57M	-1.50M	-1.42M
Common Dividends Paid	-5.78M	-5.61M	-5.63M	-5.60M	-5.66M	-5.52M	-5.23M	-5.12M	-4.60M	-4.03M	-3.52M	-3.14M	-2.85M	-2.81M	-3.17M	-4.27M	-4.19M	-4.15M	-4.10M	-3.96M	-3.56M	-3.20M	-2.95M	-2.74M	-3.19M	-2.35M	-2.11M	-3.00M	-3.60M	-1.57M	-1.50M	-1.42M
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	0.00M	0.00M	0.00M	0.00M	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	179.74M	106.12M	277.79M	-13.42M	-32.86M	229.92M	229.22M	43.03M	37.23M	66.23M	65.36M	29.59M	21.68M	-46.11M	87.63M	55.36M	-4.03M	111.02M	21.06M	10.98M	32.52M	56.90M	27.46M	0.54M	17.84M	-3.17M	23.90M	6.60M	17.65M	7.50M	10.75M	0.70M
Net Cash from Financing Activities	125.27M	281.62M	343.08M	109.94M	-40.44M	225.59M	244.20M	35.39M	32.54M	37.93M	85.31M	26.45M	6.43M	-48.93M	37.64M	30.51M	-35.76M	68.74M	77.95M	11.53M	47.72M	54.44M	8.04M	10.63M	26.65M	25.64M	14.41M	17.60M	66.25M	11.32M	17.76M	-2.25M
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	-48.17M	162.36M	180.47M	-41.76M	-110.25M	118.00M	-26.68M	30.87M	-5.65M	21.94M	-2.50M	-9.43M	7.85M	-37.09M	43.69M	12.04M	-11.14M	16.54M	-8.78M	3.34M	-2.59M	14.53M	-5.41M	1.04M	-1.97M	-1.23M	2.65M	-9.30M	13.30M	0.59M	-4.38M	6.23M
Cash at Beginning of Period	872.68M	459.39M	23.14M	64.90M	175.15M	57.15M	83.83M	52.96M	58.60M	36.67M	39.17M	48.59M	40.75M	77.83M	34.14M	22.11M	33.25M	16.71M	25.49M	22.15M	24.74M	10.21M	15.62M	14.57M	16.54M	17.77M	15.12M	24.40M	11.11M	10.52M	14.90M	8.67M
Cash at End of Period	824.50M	621.75M	203.61M	23.14M	64.90M	175.15M	57.15M	83.83M	52.96M	58.60M	36.67M	39.17M	48.59M	40.75M	77.83M	34.14M	22.11M	33.25M	16.71M	25.49M	22.15M	24.74M	10.21M	15.62M	14.57M	16.54M	17.77M	15.10M	24.41M	11.11M	10.52M	14.90M
Operating Cash Flow	26.48M	23.46M	21.76M	26.57M	25.24M	26.35M	6.44M	18.97M	9.30M	16.25M	14.86M	13.29M	14.36M	15.40M	10.56M	15.09M	12.36M	8.62M	11.05M	14.99M	6.72M	12.90M	12.97M	0.38M	6.60M	8.89M	5.14M	6.00M	4.98M	16.17M	19.48M	17.63M
Capital Expenditure	-1.27M	-2.20M	-2.57M	-0.50M	-12.22M	-8.81M	-0.48M	-1.65M	-1.16M	-1.12M	-0.58M	-1.04M	-0.35M	-0.53M	-2.30M	-0.74M	-2.12M	-1.52M	-2.57M	-2.08M	-2.05M	-0.47M	-0.98M	-0.95M	-1.24M	-3.02M	-2.48M	-0.70M	0.00M	0.00M	0.00M	0.00M
Free Cash Flow	25.21M	21.25M	19.19M	26.07M	13.03M	17.54M	5.95M	17.31M	8.14M	15.13M	14.28M	12.25M	14.01M	14.87M	8.26M	14.35M	10.24M	7.10M	8.48M	12.91M	4.67M	12.43M	11.98M	-0.57M	5.36M	5.88M	2.66M	5.30M	4.98M	16.17M	19.48M	17.63M

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	40.07M	36.96M	33.65M	34.81M	35.45M	37.33M	28.06M	33.05M	21.46M	29.04M	23.68M	25.37M	23.92M	21.08M	18.70M	19.46M	22.49M	19.70M	24.77M	23.47M	19.56M	16.02M	14.92M	15.72M	14.28M	13.43M	12.40M	12.20M	-0.20M	-1.35M	-1.89M	-2.07M
(-) Tax Adjustment	7.59M	6.04M	5.60M	4.76M	5.18M	5.51M	0.55M	5.01M	0.00M	10.16M	3.28M	4.62M	4.61M	3.63M	1.63M	1.15M	6.26M	4.61M	7.43M	5.39M	4.24M	2.13M	2.44M	2.99M	2.52M	2.51M	2.24M	2.32M	-0.05M	-0.33M	-0.47M	-0.53M
(-) Change In Working Capital	-1.22M	2.51M	1.69M	2.93M	-0.31M	1.81M	-4.90M	1.47M	-1.65M	0.72M	-0.45M	-0.87M	1.18M	2.08M	2.33M	-0.06M	-0.22M	-3.08M	-3.68M	3.63M	-26.07M	0.00M	0.24M	0.17M	-0.94M	1.52M	-1.06M	-0.40M	-0.36M	-0.52M	-0.02M	-0.66M
(-) Capital Expenditure	-1.27M	-2.20M	-2.57M	-0.50M	-12.22M	-8.81M	-0.48M	-1.65M	-1.16M	-1.12M	-0.58M	-1.04M	-0.35M	-0.53M	-2.30M	-0.74M	-2.12M	-1.52M	-2.57M	-2.08M	-2.05M	-0.47M	-0.98M	-0.95M	-1.24M	-3.02M	-2.48M	-0.70M	0.00M	0.00M	0.00M	0.00M
Unlevered Free Cash Flow	32.43M	26.21M	23.79M	26.62M	18.36M	21.21M	31.92M	24.92M	21.94M	17.04M	20.27M	20.58M	17.79M	14.85M	12.44M	17.63M	14.33M	16.65M	18.46M	12.37M	39.34M	13.42M	11.26M	11.62M	11.45M	6.38M	8.74M	9.58M	0.21M	-0.50M	-1.40M	-0.88M
(-) Net Interest Income After Taxes	52.95M	46.69M	47.37M	46.25M	44.03M	38.06M	41.12M	35.71M	40.63M	24.29M	29.90M	26.32M	25.44M	26.15M	29.37M	30.64M	22.22M	22.16M	20.89M	19.79M	16.40M	15.21M	13.38M	12.81M	12.83M	12.62M	11.90M	11.66M	10.90M	10.68M	10.28M	10.21M
Net Debt Issuance	-49.00M	180.00M	70.00M	130.00M	0.00M	0.00M	19.54M	0.00M	0.00M	-24.27M	24.27M	0.00M	-12.40M	-0.01M	-46.82M	-20.61M	-28.49M	-38.76M	61.43M	4.31M	18.94M	1.25M	-16.61M	12.54M	12.71M	32.21M	-6.87M	14.30M	52.02M	6.35M	10.99M	0.51M
Levered Free Cash Flow	-69.52M	159.52M	46.42M	110.37M	-25.66M	-16.85M	10.34M	-10.80M	-18.69M	-31.52M	14.64M	-5.74M	-20.05M	-11.31M	-63.75M	-33.62M	-36.38M	-44.27M	59.00M	-3.11M	41.89M	-0.54M	-18.73M	11.34M	11.33M	25.97M	-10.03M	12.22M	41.34M	-4.83M	-0.68M	-10.58M