ACNB Corporation (ACNB)

Industry: Banks - Regional Sector: Financial Services Currency Used: US Live Price: $49.40

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
Stock Price	44.04	42.84	42.68	38.87	35.52	33.62	29.12	25.50	37.03	34.81	29.15	26.33	20.60	19.71	17.09	15.25	14.80	14.50	11.70	14.21	16.60	18.47	20.40	23.32	22.87	18.59	15.90	15.92	17.32	23.16	18.59
Market Capitalization	458.88M	447.72M	436.74M	330.50M	303.34M	289.74M	253.54M	221.25M	261.31M	245.04M	190.42M	159.36M	124.13M	118.35M	102.16M	90.78M	87.87M	85.95M	69.44M	84.94M	100.72M	114.20M	121.95M	140.05M	137.00M	111.30M	97.57M	98.45M	111.09M	147.72M	107.67M
(-) Cash & Equivalents	0.00M	103.11M	75.56M	61.19M	82.03M	349.61M	633.13M	265.10M	92.51M	56.96M	31.68M	34.18M	30.07M	23.01M	30.46M	53.33M	39.48M	31.31M	27.60M	18.73M	17.85M	19.70M	21.07M	24.03M	27.23M	21.06M	34.44M	22.05M	0.00M	0.00M	0.00M
(+) Total Debt	340.53M	303.34M	316.40M	287.69M	156.48M	63.80M	87.70M	104.88M	111.63M	121.85M	126.77M	120.75M	112.94M	120.76M	109.05M	119.36M	128.85M	127.67M	144.65M	159.25M	198.72M	205.75M	181.92M	175.26M	137.50M	56.37M	39.14M	42.78M	24.50M	20.73M	16.20M
Enterprise Value	799.41M	647.95M	677.58M	557.00M	377.79M	3.93M	-291.90M	61.02M	280.43M	309.93M	285.51M	245.94M	206.99M	216.11M	180.75M	156.81M	177.24M	182.30M	186.49M	225.47M	281.59M	300.24M	282.80M	291.28M	247.26M	146.60M	102.26M	119.17M	135.59M	168.44M	123.87M

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	178M	125M	132M	115M	108M	101M	105M	88M	80M	66M	53M	52M	49M	49M	52M	54M	57M	57M	57M	62M	58M	51M	44M	46M	43M	43M	43M	41M	19M	17M	17M	16M
Cost of Revenue	41M	19M	21M	9M	4M	7M	21M	11M	9M	5M	4M	4M	4M	5M	11M	13M	16M	18M	24M	27M	24M	18M	13M	14M	14M	16M	17M	16M	17M	15M	15M	14M
Gross Profit	137M	106M	111M	106M	105M	94M	84M	77M	71M	61M	49M	48M	46M	44M	42M	41M	41M	39M	33M	35M	34M	33M	30M	32M	29M	26M	25M	25M	2M	2M	2M	2M
Gross Profit Margin	77.0%	84.9%	84.0%	92.0%	96.7%	93.1%	79.7%	87.8%	88.8%	91.8%	92.6%	92.6%	92.3%	89.0%	79.4%	75.9%	71.8%	67.9%	57.3%	56.3%	58.2%	65.0%	69.1%	69.2%	67.7%	61.8%	59.7%	60.5%	12.5%	11.3%	11.6%	10.1%
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	51M	45M	44M	42M	37M	38M	37M	31M	29M	26M	24M	23M	21M	21M	20M	19M	20M	19M	16M	14M	14M	13M	10M	10M	9M	8M	8M	8M	7M	7M	6M	6M
Operating Expenses	95M	69M	71M	66M	60M	59M	61M	48M	45M	44M	35M	33M	32M	32M	30M	30M	30M	30M	25M	25M	25M	24M	19M	18M	17M	14M	13M	13M	-9M	-9M	-9M	-8M
Operating Income (EBIT)	42M	37M	40M	40M	45M	35M	23M	29M	27M	16M	15M	15M	13M	12M	11M	11M	10M	9M	8M	10M	9M	9M	12M	14M	12M	12M	12M	12M	11M	11M	11M	10M
Operating Income Margin	23.3%	29.5%	30.6%	34.7%	41.5%	34.7%	21.5%	33.5%	33.2%	24.9%	27.5%	28.5%	27.0%	24.0%	21.4%	19.9%	18.4%	15.0%	13.6%	15.9%	15.8%	17.2%	26.5%	30.2%	28.0%	28.3%	28.7%	28.2%	59.7%	63.4%	61.8%	59.7%
Interest Income	147M	104M	106M	96M	87M	78M	85M	69M	64M	52M	40M	39M	37M	38M	40M	42M	45M	46M	48M	52M	48M	42M	38M	37M	38M	39M	40M	38M	39M	35M	34M	32M
Interest Expense	36M	21M	24M	8M	4M	7M	12M	10M	7M	5M	4M	4M	4M	4M	6M	7M	10M	14M	19M	27M	23M	17M	13M	14M	13M	16M	17M	16M	16M	15M	15M	14M
Net Interest Income	110M	83M	83M	88M	83M	71M	73M	59M	57M	46M	36M	35M	34M	34M	34M	34M	35M	32M	29M	25M	25M	25M	25M	23M	24M	23M	23M	22M	22M	20M	19M	18M
Unusual Items	-110M	-83M	-83M	-88M	-83M	-71M	-73M	-59M	-57M	-46M	-36M	-35M	-34M	-34M	-34M	-34M	-35M	-32M	-29M	-25M	-25M	-25M	-25M	-23M	-24M	-23M	-23M	-22M	-22M	-20M	-19M	-18M
EBT Excluding Unusual Items	152M	120M	123M	128M	128M	106M	95M	88M	84M	63M	51M	50M	47M	45M	46M	45M	45M	41M	37M	35M	34M	34M	36M	37M	36M	35M	35M	34M	34M	31M	29M	27M
Pre-Tax Income	42M	37M	40M	40M	45M	35M	23M	29M	27M	16M	15M	15M	13M	12M	11M	11M	10M	9M	8M	10M	9M	9M	12M	14M	12M	12M	12M	12M	11M	11M	11M	10M
Pre-Tax Margin	23.3%	29.5%	30.6%	34.7%	41.5%	34.7%	21.5%	33.5%	33.2%	24.9%	27.5%	28.5%	27.0%	24.0%	21.4%	19.9%	18.4%	15.0%	13.6%	15.9%	15.8%	17.2%	26.5%	30.2%	28.0%	28.3%	28.7%	28.2%	59.7%	63.4%	61.8%	59.7%
Income Tax Expense	9M	8M	9M	8M	9M	7M	4M	6M	5M	7M	4M	4M	3M	3M	2M	2M	2M	1M	1M	2M	2M	1M	2M	3M	3M	4M	4M	4M	4M	4M	3M	3M
Net Income	33M	29M	32M	32M	36M	28M	18M	24M	22M	10M	11M	11M	10M	9M	9M	9M	8M	7M	7M	8M	7M	7M	9M	11M	9M	8M	8M	8M	8M	7M	7M	6M
Net Income Margin	18.5%	23.4%	24.1%	27.6%	33.0%	27.6%	17.5%	27.0%	27.0%	14.8%	20.4%	21.2%	20.8%	18.9%	17.0%	15.9%	14.8%	12.7%	11.8%	12.8%	12.5%	14.4%	21.3%	23.3%	20.8%	19.5%	19.0%	19.0%	40.2%	42.4%	41.5%	40.2%
Depreciation & Amortization	6M	3M	3M	3M	4M	3M	4M	3M	3M	2M	2M	2M	2M	2M	2M	2M	2M	2M	2M	2M	3M	3M	3M	4M	1M	0M	0M	1M	1M	1M	1M	1M
EBITDA	47M	40M	43M	43M	49M	38M	26M	32M	30M	19M	16M	17M	15M	14M	13M	13M	13M	11M	10M	12M	12M	12M	15M	18M	13M	12M	13M	12M	12M	11M	11M	10M
EBITDA Margin	26.6%	31.9%	32.9%	37.7%	45.0%	38.1%	25.0%	36.5%	36.8%	28.4%	30.9%	31.9%	31.2%	28.1%	25.3%	24.0%	22.6%	19.0%	16.9%	19.2%	20.4%	23.3%	34.4%	38.9%	31.4%	29.0%	29.9%	29.7%	63.2%	67.2%	65.6%	63.4%
NOPAT	33M	29M	32M	32M	36M	28M	18M	24M	22M	10M	11M	11M	10M	9M	9M	9M	8M	7M	7M	8M	7M	7M	9M	11M	9M	8M	8M	8M	8M	7M	7M	6M
NOPAT Margin	18.5%	23.4%	24.1%	27.6%	33.0%	27.6%	17.5%	27.0%	27.0%	14.8%	20.4%	21.2%	20.8%	18.9%	17.0%	15.9%	14.8%	12.7%	11.8%	12.8%	12.5%	14.4%	21.3%	23.3%	20.8%	19.5%	19.0%	19.0%	40.2%	42.4%	41.5%	40.2%
Owner's Earnings	38M	31M	34M	34M	38M	30M	21M	25M	23M	10M	10M	11M	9M	9M	9M	9M	10M	8M	7M	9M	8M	6M	7M	14M	8M	7M	8M	8M	8M	8M	8M	7M
Owner's Earnings Margin	21.1%	24.7%	25.7%	29.5%	34.8%	29.4%	19.9%	28.5%	28.4%	15.7%	19.4%	21.3%	18.6%	18.4%	17.0%	16.4%	17.0%	13.2%	12.6%	14.7%	14.5%	12.6%	16.0%	30.7%	19.2%	16.8%	18.6%	19.8%	43.7%	46.3%	45.2%	43.9%
EPS (Basic)	3.28	3.45	3.75	3.72	4.15	3.19	2.13	3.36	3.09	1.50	1.80	1.83	1.71	1.56	1.49	1.43	1.42	1.22	1.13	1.32	1.22	1.17	1.55	1.80	1.49	1.39	1.31	1.22	1.21	1.25	1.22	1.11
EPS (Diluted)	3.34	3.44	3.73	3.71	4.20	3.19	2.13	3.36	3.09	1.50	1.80	1.83	1.71	1.56	1.49	1.43	1.42	1.22	1.13	1.32	1.22	1.17	1.55	1.80	1.49	1.39	1.31	1.22	1.21	1.25	1.22	1.11
Shares (Basic)	10M	9M	9M	9M	9M	9M	9M	7M	7M	7M	6M	6M	6M	6M	6M	6M	6M	6M	6M	6M	6M	6M	6M	6M	6M	6M	6M	6M	6M	6M	6M	6M
Shares (Diluted)	10M	9M	9M	9M	9M	9M	9M	7M	7M	7M	6M	6M	6M	6M	6M	6M	6M	6M	6M	6M	6M	6M	6M	6M	6M	6M	6M	6M	6M	6M	6M	6M

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
ATM Service Charges and Debit Card Transactions	4.22M	3.35M	3.30M	3.35M	3.32M	3.39M	2.95M	—	—
Deposit Account	5.43M	4.02M	4.14M	3.96M	4.07M	3.51M	3.36M	3.90M	3.35M
Fiduciary and Trust	5.41M	3.86M	4.23M	3.64M	3.16M	3.17M	2.67M	2.47M	2.36M
Financial Service, Other	—	—	—	—	—	—	—	2.44M	2.38M
Mortgage Banking	2.68M	0.11M	0.30M	0.06M	0.49M	3.39M	2.33M	—	—

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	0.00M	103.11M	47.26M	65.96M	168.16M	710.13M	399.35M	114.36M	40.91M	34.44M	18.93M	18.76M	19.67M	18.12M	51.39M	22.62M	24.17M	24.14M	16.93M	19.21M	20.66M	19.27M	22.70M	33.41M	18.09M	21.93M	18.60M	33.68M	20.80M	28.73M	22.08M	22.90M
Short-Term Investments	0.00M	455.32M	17.59M	451.69M	553.55M	437.10M	337.72M	190.84M	161.73M	159.05M	142.99M	125.69M	118.00M	129.98M	165.79M	209.23M	0.00M	0.00M	0.00M	0.00M	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	0.00M	558.43M	64.85M	517.65M	721.72M	1,147.23M	737.07M	305.19M	202.64M	193.49M	161.92M	144.45M	137.67M	148.10M	217.18M	231.85M	24.17M	24.14M	16.93M	19.21M	20.66M	19.27M	22.70M	33.41M	18.09M	21.93M	18.60M	33.68M	20.80M	28.73M	22.08M	22.90M
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	0.00M	558.43M	64.85M	517.65M	721.72M	1,147.23M	737.07M	305.19M	202.64M	193.49M	161.92M	144.45M	137.67M	148.10M	217.18M	231.85M	24.17M	24.14M	16.93M	19.21M	20.66M	19.27M	22.70M	33.41M	18.09M	21.93M	18.60M	33.68M	20.80M	28.73M	22.08M	22.90M
Property, Plant & Equipment	35.51M	36.24M	28.12M	28.90M	30.22M	34.25M	36.16M	29.23M	26.41M	26.77M	18.15M	18.04M	17.73M	15.99M	15.13M	14.48M	14.12M	14.76M	14.46M	14.53M	14.87M	14.70M	11.99M	7.05M	7.18M	5.70M	4.69M	4.52M	5.13M	5.35M	6.43M	6.46M
Goodwill	64.45M	64.45M	44.19M	44.19M	44.19M	42.11M	42.11M	19.58M	19.58M	19.58M	6.31M	6.31M	6.31M	6.31M	6.31M	6.31M	5.97M	5.97M	5.97M	0.00M	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	23.57M	24.69M	7.84M	9.08M	10.33M	6.10M	7.27M	4.43M	4.41M	2.57M	0.69M	1.03M	1.20M	1.85M	2.41M	3.05M	3.69M	4.36M	4.93M	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	0.00M	2,400.17M	2,108.81M	1,674.83M	1,592.09M	1,463.00M	1,642.44M	1,284.38M	1,320.04M	1,281.43M	954.21M	915.52M	864.48M	813.88M	757.84M	697.57M	858.01M	857.17M	888.57M	834.03M	872.24M	856.95M	843.09M	799.39M	685.06M	582.35M	529.36M	497.35M	348.76M	338.63M	321.74M	320.73M
Tax 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
Other Non-Current Assets	-123.52M	175.55M	141.02M	144.20M	126.97M	94.30M	90.33M	77.45M	74.65M	73.38M	65.04M	62.58M	62.43M	59.93M	51.13M	51.57M	62.71M	55.50M	45.82M	58.90M	56.99M	54.22M	46.42M	33.23M	24.31M	20.25M	14.68M	10.40M	169.57M	94.12M	122.19M	109.27M
Other Assets	3,250.84M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	3,250.84M	2,701.10M	2,329.98M	1,901.20M	1,803.79M	1,639.76M	1,818.29M	1,415.06M	1,445.09M	1,403.72M	1,044.40M	1,003.48M	952.14M	897.95M	832.82M	772.97M	944.49M	937.77M	959.75M	907.45M	944.10M	925.86M	901.49M	839.67M	716.56M	608.31M	548.73M	512.27M	523.46M	438.10M	450.37M	436.45M
Total Assets	3,250.84M	3,259.53M	2,394.83M	2,418.85M	2,525.51M	2,786.99M	2,555.36M	1,720.25M	1,647.72M	1,597.22M	1,206.32M	1,147.93M	1,089.81M	1,046.05M	1,050.00M	1,004.82M	968.67M	961.90M	976.68M	926.67M	964.76M	945.14M	924.19M	873.08M	734.64M	630.23M	567.33M	545.95M	544.26M	466.84M	472.45M	459.35M
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	80.47M	43.04M	15.83M	56.88M	41.95M	35.20M	38.46M	34.19M	34.65M	36.91M	34.59M	35.20M	45.70M	49.05M	47.30M	91.92M	39.09M	55.29M	83.45M	30.77M	59.98M	59.31M	64.97M	69.68M	76.45M	51.50M	48.96M	29.83M	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	-80.47M	2,524.54M	1,792.50M	1,861.81M	2,198.98M	2,426.39M	2,185.53M	1,412.26M	1,348.09M	1,298.49M	967.62M	912.98M	844.88M	800.64M	834.18M	782.80M	746.53M	728.52M	690.30M	670.64M	669.71M	679.38M	646.87M	639.39M	582.62M	509.24M	453.15M	452.63M	455.70M	395.57M	403.13M	392.24M
Total Current Liabilities	0.00M	2,567.58M	1,808.33M	1,918.70M	2,240.93M	2,461.59M	2,223.99M	1,446.45M	1,382.74M	1,335.40M	1,002.21M	948.18M	890.58M	849.70M	881.48M	874.72M	785.61M	783.81M	773.75M	701.41M	729.69M	738.69M	711.84M	709.06M	659.06M	560.74M	502.11M	482.46M	455.70M	395.57M	403.13M	392.24M
Long-Term Debt	260.06M	260.30M	258.10M	197.91M	24.16M	37.97M	56.88M	69.80M	83.52M	94.60M	74.25M	76.50M	80.94M	82.70M	59.95M	71.19M	81.50M	80.29M	106.95M	130.24M	145.52M	125.78M	132.00M	87.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Capital Lease Obligations	4.70M	4.95M	2.76M	2.62M	3.16M	3.27M	3.14M	3.50M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-260.06M	36.50M	25.13M	24.78M	15.37M	15.31M	16.52M	14.49M	13.33M	11.47M	9.80M	8.53M	8.27M	6.85M	7.30M	-38.56M	7.80M	9.49M	11.54M	9.88M	12.25M	6.66M	5.83M	4.28M	5.48M	6.81M	4.79M	3.63M	27.45M	18.65M	19.88M	15.65M
Total Non-Current Liabilities	4.70M	301.74M	285.99M	225.31M	42.70M	56.55M	76.54M	87.79M	96.85M	106.07M	84.05M	85.03M	89.21M	89.55M	67.25M	32.63M	89.30M	89.79M	118.49M	140.13M	157.77M	132.44M	137.83M	91.28M	5.48M	6.81M	4.79M	3.63M	27.45M	18.65M	19.88M	15.65M
Total Liabilities	4.70M	2,869.32M	2,094.32M	2,144.00M	2,283.63M	2,518.14M	2,300.53M	1,534.24M	1,479.59M	1,441.47M	1,086.26M	1,033.21M	979.79M	939.25M	948.73M	907.35M	874.91M	873.60M	892.24M	841.54M	887.45M	871.13M	849.67M	800.34M	664.54M	567.54M	506.89M	486.09M	483.15M	414.22M	423.01M	407.89M
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	27.56M	27.54M	22.36M	22.23M	22.09M	21.98M	21.92M	17.86M	17.77M	17.72M	15.32M	15.26M	15.20M	15.14M	15.07M	15.02M	14.98M	14.98M	14.98M	14.98M	14.27M	13.59M	13.59M	13.59M	13.59M	13.59M	13.60M	14.37M	14.46M	13.13M	13.20M	13.27M
Retained Earnings	250.41M	239.08M	234.62M	213.49M	193.87M	167.24M	148.37M	138.66M	121.86M	106.29M	100.56M	94.53M	88.33M	82.66M	77.89M	73.53M	69.54M	65.62M	62.92M	61.44M	62.85M	65.56M	63.13M	58.71M	52.78M	48.66M	46.26M	45.76M	42.85M	34.97M	31.89M	33.80M
Accumulated OCI	-28.58M	-32.85M	-41.67M	-44.91M	-58.01M	-9.55M	-5.64M	-5.85M	-9.22M	-7.09M	-6.02M	-4.73M	-2.72M	0.11M	-0.21M	0.66M	1.18M	-0.36M	-1.80M	-0.07M	-4.55M	-5.14M	-2.20M	0.44M	3.73M	0.44M	0.58M	-2.23M	1.33M	0.87M	0.36M	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	249.39M	233.77M	215.31M	190.81M	157.95M	179.67M	164.65M	150.67M	130.42M	116.92M	109.85M	105.06M	100.80M	97.90M	92.75M	89.20M	85.70M	80.24M	76.09M	76.34M	72.56M	74.01M	74.52M	72.74M	70.10M	62.69M	60.44M	57.90M	58.64M	48.97M	45.44M	47.07M
Total Equity	249.39M	233.77M	215.31M	190.81M	157.95M	179.67M	164.65M	150.67M	130.42M	116.92M	109.85M	105.06M	100.80M	97.90M	92.75M	89.20M	85.70M	80.24M	76.09M	76.34M	72.56M	74.01M	74.52M	72.74M	70.10M	62.69M	60.44M	57.90M	58.64M	48.97M	45.44M	47.07M
Total Liabilities & Equity	254.08M	3,103.09M	2,309.63M	2,334.81M	2,441.57M	2,697.81M	2,465.18M	1,684.90M	1,610.00M	1,558.38M	1,196.11M	1,138.27M	1,080.59M	1,037.15M	1,041.48M	996.55M	960.61M	953.85M	968.33M	917.88M	960.02M	945.14M	924.19M	873.08M	734.64M	630.23M	567.33M	543.99M	541.78M	463.19M	468.45M	454.96M
Tangible Assets	3,162.82M	3,170.39M	2,342.81M	2,365.58M	2,470.99M	2,738.78M	2,505.99M	1,696.25M	1,623.74M	1,575.07M	1,199.32M	1,140.58M	1,082.30M	1,037.89M	1,041.28M	995.47M	959.01M	951.57M	965.78M	926.67M	964.76M	945.14M	924.19M	873.08M	734.64M	630.23M	567.33M	545.95M	544.26M	466.84M	472.45M	459.35M
Tangible Equity	161.37M	144.62M	163.29M	137.55M	103.43M	131.46M	115.28M	126.66M	106.43M	94.77M	102.85M	97.72M	93.30M	89.75M	84.03M	79.85M	76.04M	69.91M	65.19M	76.34M	72.56M	74.01M	74.52M	72.74M	70.10M	62.69M	60.44M	57.90M	58.64M	48.97M	45.44M	47.07M
Tangible Book Value	161.37M	144.62M	163.29M	137.55M	103.43M	131.46M	115.28M	126.66M	106.43M	94.77M	102.85M	97.72M	93.30M	89.75M	84.03M	79.85M	76.04M	69.91M	65.19M	76.34M	72.56M	74.01M	74.52M	72.74M	70.10M	62.69M	60.44M	57.90M	58.64M	48.97M	45.44M	47.07M
Total Investments	0.00M	2,855.49M	2,126.41M	2,126.52M	2,145.64M	1,900.10M	1,980.15M	1,475.22M	1,481.77M	1,438.69M	1,097.20M	1,041.21M	982.48M	943.86M	923.63M	906.79M	858.01M	857.17M	888.57M	834.03M	872.24M	856.95M	843.09M	799.39M	685.06M	582.35M	529.36M	497.35M	348.76M	338.63M	321.74M	320.73M
Net Debt	340.53M	200.23M	226.66M	188.83M	-102.05M	-636.96M	-304.01M	-10.37M	77.26M	97.07M	89.91M	92.95M	106.96M	113.64M	55.87M	140.49M	96.41M	111.45M	173.48M	141.80M	184.85M	165.81M	174.27M	123.26M	58.36M	29.58M	30.36M	-3.85M	-20.80M	-28.73M	-22.08M	-22.90M

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	0.0M	-2,009.2M	-1,743.5M	-1,401.0M	-1,519.2M	-1,314.4M	-1,486.9M	-1,141.3M	-1,180.1M	-1,141.9M	-840.3M	-803.7M	-752.9M	-701.6M	-664.3M	-642.9M	-761.4M	-759.7M	-756.8M	-682.2M	-709.0M	-719.4M	-689.1M	-675.7M	-641.0M	-538.8M	-483.5M	-448.8M	-434.9M	-366.8M	-381.0M	-369.3M
Total Capital	749.2M	698.5M	577.2M	532.3M	311.2M	345.3M	353.3M	293.5M	286.3M	285.5M	228.9M	226.4M	236.7M	238.6M	208.5M	260.6M	214.3M	223.9M	274.8M	246.1M	282.8M	259.1M	271.5M	229.1M	146.5M	114.2M	109.4M	89.7M	61.1M	52.6M	49.4M	51.5M
Capital Employed	3,250.8M	691.9M	586.5M	500.2M	284.6M	325.4M	331.4M	273.8M	265.0M	260.0M	204.1M	199.7M	199.2M	196.4M	168.5M	130.1M	183.1M	178.1M	202.9M	225.3M	235.1M	206.4M	212.4M	163.7M	75.6M	69.5M	65.2M	63.5M	88.6M	71.3M	69.3M	67.1M
Invested Capital	749.2M	595.4M	529.9M	466.3M	143.0M	-364.8M	-46.0M	179.1M	245.4M	251.0M	210.0M	207.7M	217.0M	220.4M	157.1M	238.0M	190.2M	199.8M	257.9M	226.9M	262.2M	239.8M	248.8M	195.7M	128.5M	92.3M	90.8M	56.0M	40.3M	23.9M	27.4M	28.6M

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	25.18M	31.19M	31.85M	31.69M	35.75M	27.83M	18.39M	23.72M	21.75M	9.79M	10.87M	11.02M	10.29M	9.32M	8.89M	8.50M	8.42M	7.22M	6.74M	7.94M	7.29M	7.38M	9.31M	10.77M	8.90M	8.34M	8.10M	7.82M	7.73M	7.23M	7.11M	6.46M
Depreciation & Amortization	4.73M	3.15M	3.03M	3.36M	3.80M	3.44M	3.65M	2.70M	2.85M	2.29M	1.80M	1.76M	2.06M	1.99M	2.04M	2.22M	2.34M	2.28M	1.88M	2.06M	2.68M	3.16M	3.46M	4.04M	1.43M	0.32M	0.50M	0.60M	0.67M	0.66M	0.64M	0.59M
Deferred Income Tax	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-1.04M	0.12M	0.56M	1.71M	0.17M	0.39M	0.88M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.02M	-0.14M	0.35M	0.15M	-0.79M	-0.48M	-0.17M	-0.20M	-0.31M	0.07M	0.09M	0.09M
Stock-Based Compensation	1.38M	1.46M	1.26M	1.00M	0.73M	0.36M	0.43M	0.32M	0.19M	0.13M	0.06M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	3.49M	2.10M	6.89M	0.16M	-3.92M	1.98M	-1.19M	1.56M	2.20M	5.35M	0.45M	2.58M	-1.05M	-1.14M	0.61M	-0.74M	-4.50M	-4.05M	-0.73M	-4.69M	0.38M	0.84M	-0.16M	-2.23M	-6.01M	-14.81M	1.53M	-2.89M	-0.17M	0.80M	-0.97M	-0.12M
Accounts Receivable	0.22M	-1.78M	-0.11M	-1.17M	-1.40M	1.43M	-1.62M	0.18M	-0.88M	-0.51M	-0.14M	-0.07M	0.08M	0.33M	0.33M	-0.26M	0.24M	0.57M	0.79M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.13M	0.44M	-0.03M	0.41M
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	-0.91M	1.26M	0.76M	0.74M	-0.06M	-1.33M	-1.38M	1.31M	0.20M	0.33M	0.02M	0.04M	0.09M	-0.43M	-0.32M	-0.24M	-0.46M	-0.92M	-1.29M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.26M	0.00M	0.18M	0.56M
Other Working Capital	4.18M	2.62M	6.24M	0.59M	-2.47M	1.88M	1.81M	0.07M	2.87M	5.53M	0.57M	2.60M	-1.22M	-1.04M	0.60M	-0.25M	-4.29M	-3.69M	-0.23M	-4.69M	0.38M	0.84M	-0.16M	-2.23M	-6.01M	-14.81M	1.53M	-2.89M	-0.30M	0.35M	-1.12M	-1.09M
Other Non-Cash Items	2.18M	-1.25M	-3.25M	4.38M	2.85M	8.51M	5.23M	-2.69M	2.00M	-2.26M	-1.23M	-1.36M	-1.36M	7.82M	-2.23M	8.18M	2.65M	4.96M	4.54M	-0.80M	-0.42M	0.15M	-1.92M	0.01M	0.37M	0.24M	0.24M	0.25M	0.84M	-0.51M	1.26M	-0.35M
Net Cash from Operating Activities	36.95M	36.65M	39.78M	40.60M	39.20M	42.13M	25.47M	25.72M	29.54M	17.01M	12.12M	14.38M	10.82M	17.99M	9.30M	18.15M	8.91M	10.41M	12.43M	4.51M	9.95M	11.39M	11.03M	12.74M	3.90M	-6.39M	10.19M	5.58M	8.75M	8.24M	8.13M	6.67M
Capital Expenditures (PPE)	-1.25M	-1.43M	-0.96M	-1.17M	-1.81M	-1.58M	-1.05M	-1.42M	-1.74M	-1.76M	-2.34M	-1.74M	-3.15M	-2.21M	-2.05M	-1.94M	-1.09M	-1.95M	-1.38M	-0.92M	-1.51M	-4.09M	-5.78M	-0.68M	-2.11M	-1.47M	-0.65M	-0.29M	0.00M	0.00M	0.00M	0.00M
Acquisitions (Net)	36.21M	-0.17M	0.00M	-0.17M	-7.38M	0.00M	34.72M	-0.64M	-2.58M	6.44M	0.00M	-0.17M	0.00M	-0.08M	0.00M	-0.34M	-0.03M	-0.04M	-6.02M	-0.64M	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	-76.93M	-48.84M	0.00M	-48.84M	-306.75M	-216.79M	-218.03M	-45.34M	-39.13M	-30.14M	-50.44M	-44.48M	-22.25M	-60.81M	-64.49M	-71.83M	-55.36M	-41.47M	-82.13M	-147.85M	-6.69M	-34.81M	-424.87M	-371.57M	-222.68M	-110.77M	-30.38M	-26.00M	-81.16M	-60.29M	-73.82M	-46.44M
Sales / Maturities of Investments	153.77M	91.23M	59.77M	159.52M	66.48M	109.18M	105.41M	27.18M	51.05M	45.08M	46.43M	36.05M	54.74M	47.05M	64.99M	55.80M	74.00M	74.36M	124.79M	216.17M	24.14M	67.72M	402.29M	284.71M	134.67M	64.63M	14.25M	29.90M	35.51M	72.11M	59.93M	68.89M
Other Investing Activities	-12.30M	-110.27M	-56.38M	-93.91M	-82.26M	169.70M	-35.90M	28.24M	-61.21M	-71.59M	-53.08M	-53.81M	-73.47M	-22.08M	-16.25M	-29.98M	-24.90M	-12.71M	-94.03M	-24.59M	-30.67M	-59.31M	-36.27M	-43.05M	-11.13M	-1.56M	-14.40M	4.73M	0.05M	0.42M	-0.24M	-0.47M
Net Cash from Investing Activities	99.49M	-69.49M	2.43M	15.44M	-331.72M	60.52M	-114.85M	8.02M	-53.62M	-51.95M	-59.44M	-64.14M	-44.13M	-38.13M	-17.80M	-48.29M	-7.37M	18.19M	-58.78M	42.19M	-14.73M	-30.49M	-64.64M	-130.59M	-101.25M	-49.17M	-31.18M	8.34M	-45.60M	12.24M	-14.13M	21.97M
Net Debt Issuance	-46.12M	172.27M	18.94M	189.93M	-6.95M	-22.31M	-16.97M	-18.43M	-13.34M	17.67M	-2.86M	-14.93M	-5.12M	24.50M	-9.90M	-3.43M	-15.00M	-54.82M	29.39M	-44.49M	20.42M	-11.88M	40.29M	80.23M	24.94M	3.02M	19.13M	7.07M	17.92M	-9.27M	14.67M	-15.02M
Long-Term Debt Issuance	-40.19M	175.00M	60.00M	175.00M	-13.70M	-19.05M	-22.00M	-17.22M	-11.08M	15.35M	-2.25M	-4.44M	-1.77M	22.75M	-11.24M	-10.31M	1.21M	-26.66M	-23.29M	-15.28M	19.74M	-6.22M	45.00M	76.27M	2.71M	3.02M	2.83M	6.72M	10.28M	-9.99M	14.32M	14.78M
Short-Term Debt Issuance	-5.93M	-2.73M	-41.06M	14.93M	6.75M	-3.26M	5.03M	-1.21M	-2.26M	2.32M	-0.61M	-10.50M	-3.35M	1.75M	1.34M	6.88M	-16.21M	-28.16M	52.69M	-29.22M	0.68M	-5.66M	-4.71M	3.96M	22.24M	0.00M	16.30M	0.35M	7.64M	0.73M	0.35M	-29.79M
Net Stock Issuance	-5.56M	-1.85M	0.18M	-1.31M	-5.97M	-1.46M	0.82M	0.89M	0.54M	0.48M	0.56M	0.50M	0.38M	0.45M	0.30M	0.26M	0.00M	-0.29M	-0.44M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.08M	-5.46M	-1.23M	0.00M	-0.41M	-0.48M	-0.14M
Common Stock Issuance	0.27M	0.35M	0.42M	0.72M	0.71M	0.06M	0.82M	0.89M	0.54M	0.48M	0.56M	0.50M	0.38M	0.45M	0.30M	0.26M	0.00M	0.00M	0.00M	0.00M	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 Repurchased	-6.02M	-2.19M	-0.25M	-2.03M	-6.68M	-1.52M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.29M	-0.44M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.41M	-0.48M	-0.14M
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	-12.37M	-10.20M	-10.71M	-9.70M	-9.12M	-8.97M	-8.69M	-6.92M	-6.26M	-5.23M	-4.84M	-4.82M	-4.62M	-4.54M	-4.52M	-4.51M	-4.51M	-4.51M	-4.55M	-4.57M	-4.57M	-4.95M	-4.89M	-4.84M	-5.87M	-4.78M	-4.88M	-4.91M	-4.52M	-4.15M	-9.02M	-3.51M
Common Dividends Paid	-12.37M	-10.20M	-10.71M	-9.70M	-9.12M	-8.97M	-8.69M	-6.92M	-6.26M	-5.23M	-4.84M	-4.82M	-4.62M	-4.54M	-4.52M	-4.51M	-4.51M	-4.51M	-4.55M	-4.57M	-4.57M	-4.95M	-4.89M	-4.84M	-5.87M	-4.78M	-4.88M	-4.91M	-4.52M	-4.15M	-9.02M	-3.51M
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	-55.56M	-125.17M	-69.31M	-337.16M	-227.41M	240.86M	399.21M	64.17M	49.60M	37.54M	54.64M	68.10M	44.23M	-33.53M	51.38M	36.27M	18.00M	38.23M	19.66M	0.91M	-9.69M	32.51M	7.48M	56.77M	75.45M	55.61M	0.52M	-2.98M	14.01M	0.00M	0.00M	0.00M
Net Cash from Financing Activities	-119.60M	35.06M	-60.91M	-158.24M	-249.45M	208.13M	374.37M	39.71M	30.54M	50.46M	47.50M	48.85M	34.87M	-13.13M	37.26M	28.58M	-1.50M	-21.39M	44.06M	-48.14M	6.16M	15.68M	42.88M	132.17M	94.53M	53.77M	9.32M	-2.05M	27.41M	-13.83M	5.18M	-18.66M
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	16.84M	2.23M	-18.70M	-102.20M	-541.97M	310.78M	285.00M	73.45M	6.46M	15.51M	0.17M	-0.92M	1.56M	-33.27M	28.76M	-1.55M	0.04M	7.21M	-2.29M	-1.44M	1.38M	-3.42M	-10.72M	14.32M	-2.83M	-1.79M	-11.67M	11.87M	-9.44M	6.66M	-0.82M	9.98M
Cash at Beginning of Period	315.19M	267.18M	65.96M	168.16M	710.13M	399.35M	114.36M	40.91M	34.44M	18.93M	18.76M	19.67M	18.12M	51.39M	22.62M	24.17M	24.14M	16.93M	19.21M	20.66M	19.27M	22.70M	33.41M	19.10M	21.93M	23.72M	35.39M	23.52M	32.96M	22.18M	23.00M	13.02M
Cash at End of Period	332.03M	269.41M	47.26M	65.96M	168.16M	710.13M	399.35M	114.36M	40.91M	34.44M	18.93M	18.76M	19.67M	18.12M	51.39M	22.62M	24.17M	24.14M	16.93M	19.21M	20.66M	19.27M	22.70M	33.41M	19.10M	21.93M	23.72M	35.39M	23.52M	28.83M	22.18M	23.00M
Operating Cash Flow	36.95M	36.65M	39.78M	40.60M	39.20M	42.13M	25.47M	25.72M	29.54M	17.01M	12.12M	14.38M	10.82M	17.99M	9.30M	18.15M	8.91M	10.41M	12.43M	4.51M	9.95M	11.39M	11.03M	12.74M	3.90M	-6.39M	10.19M	5.58M	8.75M	8.24M	8.13M	6.67M
Capital Expenditure	-1.07M	-1.43M	-0.96M	-1.17M	-1.81M	-1.58M	-1.05M	-1.42M	-1.74M	-1.76M	-2.34M	-1.74M	-3.15M	-2.21M	-2.05M	-1.94M	-1.09M	-1.95M	-1.38M	-0.92M	-1.51M	-4.09M	-5.78M	-0.68M	-2.11M	-1.47M	-0.65M	-0.29M	0.00M	0.00M	0.00M	0.00M
Free Cash Flow	35.88M	35.23M	38.82M	39.43M	37.39M	40.55M	24.42M	24.30M	27.80M	15.25M	9.78M	12.64M	7.67M	15.77M	7.25M	16.21M	7.82M	8.46M	11.05M	3.59M	8.44M	7.30M	5.25M	12.07M	1.79M	-7.86M	9.55M	5.29M	8.75M	8.24M	8.13M	6.67M

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	78.81M	65.55M	69.78M	66.63M	71.50M	59.35M	50.47M	49.14M	45.52M	36.33M	27.09M	27.08M	26.24M	25.16M	23.18M	23.61M	23.19M	22.20M	18.60M	22.53M	22.98M	23.56M	23.71M	26.05M	20.97M	18.77M	18.37M	17.90M	-4.40M	-3.95M	-3.26M	-3.40M
(-) Tax Adjustment	16.82M	13.33M	14.80M	13.65M	14.63M	12.18M	9.58M	9.45M	8.47M	12.72M	6.97M	6.89M	6.05M	5.38M	4.80M	4.77M	4.55M	3.51M	2.56M	4.38M	4.80M	3.78M	4.62M	5.88M	5.42M	5.81M	6.23M	5.82M	-1.44M	-1.31M	-1.07M	-1.11M
(-) Change In Working Capital	3.49M	2.10M	6.89M	0.16M	-3.92M	1.98M	-1.19M	1.56M	2.20M	5.35M	0.45M	2.58M	-1.05M	-1.14M	0.61M	-0.74M	-4.50M	-4.05M	-0.73M	-4.69M	0.38M	0.84M	-0.16M	-2.23M	-6.01M	-14.81M	1.53M	-2.89M	-0.17M	0.80M	-0.97M	-0.12M
(-) Capital Expenditure	-1.07M	-1.43M	-0.96M	-1.17M	-1.81M	-1.58M	-1.05M	-1.42M	-1.74M	-1.76M	-2.34M	-1.74M	-3.15M	-2.21M	-2.05M	-1.94M	-1.09M	-1.95M	-1.38M	-0.92M	-1.51M	-4.09M	-5.78M	-0.68M	-2.11M	-1.47M	-0.65M	-0.29M	0.00M	0.00M	0.00M	0.00M
Unlevered Free Cash Flow	57.06M	48.69M	47.14M	51.65M	58.98M	43.61M	41.04M	36.72M	33.11M	16.51M	17.32M	15.87M	18.10M	18.71M	15.72M	17.64M	22.05M	20.78M	15.38M	21.92M	16.30M	14.84M	13.46M	21.72M	19.45M	26.30M	9.96M	14.69M	-2.80M	-3.44M	-1.21M	-2.17M
(-) Net Interest Income After Taxes	77.89M	66.97M	65.11M	69.97M	66.27M	56.44M	58.95M	47.73M	46.23M	29.97M	27.00M	26.32M	25.93M	26.40M	27.21M	27.41M	28.12M	27.12M	24.85M	20.15M	19.65M	20.90M	19.78M	17.61M	18.04M	15.96M	15.13M	15.00M	14.86M	13.49M	12.59M	11.97M
Net Debt Issuance	-46.12M	172.27M	18.94M	189.93M	-6.95M	-22.31M	-16.97M	-18.43M	-13.34M	17.67M	-2.86M	-14.93M	-5.12M	24.50M	-9.90M	-3.43M	-15.00M	-54.82M	29.39M	-44.49M	20.42M	-11.88M	40.29M	80.23M	24.94M	3.02M	19.13M	7.07M	17.92M	-9.27M	14.67M	-15.02M
Levered Free Cash Flow	-66.95M	153.99M	0.97M	171.61M	-14.24M	-35.14M	-34.89M	-29.45M	-26.46M	4.22M	-12.54M	-25.38M	-12.94M	16.80M	-21.39M	-13.21M	-21.07M	-61.15M	19.92M	-42.73M	17.06M	-17.94M	33.98M	84.34M	26.35M	13.37M	13.96M	6.76M	0.26M	-26.20M	0.86M	-29.15M