Badger Meter, Inc. (BMI)

Industry: Hardware, Equipment & Parts Sector: Technology Currency Used: US Live Price: $171.68

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	178.58	244.95	204.59	193.75	141.91	95.51	99.72	68.99	58.19	48.36	43.35	35.06	30.01	27.20	24.91	19.45	17.07	20.24	18.55	21.22	16.63	13.55	9.15	5.85	3.96	3.68	3.28	3.51	4.06	4.26	4.46	1.95
Market Capitalization	5,254.54M	7,200.75M	6,014.85M	5,687.90M	4,155.49M	2,790.14M	2,906.21M	2,004.09M	1,689.07M	1,400.90M	1,254.01M	1,012.72M	862.86M	777.59M	713.12M	556.75M	509.81M	603.77M	549.26M	616.98M	474.04M	376.28M	247.58M	154.85M	102.50M	93.36M	83.32M	92.42M	115.61M	125.30M	130.03M	57.03M
(-) Cash & Equivalents	201.69M	165.21M	166.09M	244.95M	156.21M	110.57M	65.74M	80.44M	31.38M	12.34M	12.43M	8.82M	8.32M	7.55M	4.60M	6.45M	4.34M	5.34M	9.17M	5.71M	5.25M	4.14M	3.00M	2.12M	2.79M	4.61M	2.37M	1.92M	1.63M	1.13M	0.60M	0.48M
(+) Total Debt	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	2.22M	6.10M	36.15M	43.31M	50.61M	71.92M	70.04M	66.33M	69.93M	6.15M	8.43M	14.43M	27.22M	19.24M	29.69M	32.17M	36.10M	39.63M	35.70M	26.89M	30.38M	21.03M	12.75M	7.05M	4.78M
Enterprise Value	5,052.85M	7,035.54M	5,848.76M	5,442.95M	3,999.27M	2,679.58M	2,840.46M	1,925.87M	1,663.78M	1,424.71M	1,284.89M	1,054.50M	926.46M	840.08M	774.85M	620.23M	511.62M	606.87M	554.52M	638.49M	488.03M	401.83M	276.75M	188.83M	139.34M	124.45M	107.84M	120.87M	135.01M	136.93M	136.48M	61.33M

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	901M	804M	827M	704M	566M	505M	426M	425M	434M	402M	394M	378M	365M	334M	320M	263M	277M	250M	280M	235M	230M	217M	205M	184M	167M	139M	146M	151M	144M	131M	116M	109M
Cost of Revenue	529M	486M	497M	427M	346M	300M	257M	261M	271M	247M	243M	242M	234M	217M	197M	173M	174M	153M	181M	153M	153M	143M	138M	123M	111M	94M	87M	86M	82M	78M	69M	65M
Gross Profit	372M	318M	329M	276M	220M	205M	168M	164M	162M	156M	151M	136M	131M	117M	122M	90M	103M	97M	98M	81M	77M	74M	67M	61M	56M	44M	59M	65M	62M	53M	47M	44M
Gross Profit Margin	41.3%	39.5%	39.8%	39.3%	38.9%	40.7%	39.5%	38.5%	37.4%	38.7%	38.2%	35.9%	36.0%	35.0%	38.2%	34.2%	37.2%	38.8%	35.2%	34.7%	33.4%	34.1%	32.9%	32.9%	33.5%	32.1%	40.4%	43.0%	43.1%	40.4%	40.2%	40.1%
R&D Expenses	0M	19M	19M	19M	16M	15M	12M	12M	11M	11M	11M	11M	9M	11M	10M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	8M	6M	7M
SG&A Expenses	185M	167M	171M	139M	133M	127M	103M	102M	125M	100M	100M	93M	85M	78M	78M	62M	58M	55M	58M	51M	48M	50M	47M	46M	43M	38M	42M	43M	43M	30M	27M	26M
Operating Expenses	192M	167M	171M	158M	133M	127M	103M	102M	125M	100M	100M	93M	85M	78M	78M	62M	58M	55M	58M	51M	48M	50M	47M	46M	43M	38M	48M	48M	48M	42M	38M	37M
Operating Income (EBIT)	180M	151M	158M	118M	87M	79M	65M	62M	37M	56M	51M	42M	46M	39M	44M	28M	45M	42M	41M	31M	29M	24M	20M	14M	13M	6M	11M	17M	14M	11M	9M	7M
Operating Income Margin	19.9%	18.8%	19.1%	16.8%	15.4%	15.6%	15.3%	14.6%	8.5%	13.8%	12.9%	11.2%	12.6%	11.7%	13.9%	10.5%	16.2%	16.9%	14.6%	13.0%	12.5%	11.1%	9.9%	7.7%	7.9%	4.4%	7.5%	11.1%	9.7%	8.4%	7.6%	6.4%
Interest Income	6M	7M	9M	4M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	1M	0M	3M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Interest Expense	0M	0M	0M	0M	0M	0M	0M	0M	1M	1M	1M	1M	1M	1M	1M	0M	0M	0M	1M	1M	1M	2M	2M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Net Interest Income	6M	7M	9M	4M	1M	0M	0M	0M	-1M	-1M	-1M	-1M	-1M	-1M	-1M	0M	0M	0M	1M	-1M	-1M	-2M	-2M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Unusual Items	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	-1M	0M	-3M	0M	0M	0M	-1M	-1M	-2M	-1M	0M	-1M	-1M	-1M	-1M	-1M
EBT Excluding Unusual Items	186M	158M	167M	122M	88M	79M	65M	62M	36M	55M	50M	41M	45M	38M	43M	27M	45M	42M	42M	29M	27M	22M	19M	14M	13M	6M	11M	17M	14M	11M	9M	7M
Pre-Tax Income	186M	158M	167M	122M	88M	79M	65M	62M	36M	55M	50M	41M	45M	38M	43M	27M	44M	42M	40M	29M	27M	23M	18M	13M	11M	5M	11M	16M	13M	10M	8M	6M
Pre-Tax Margin	20.7%	19.6%	20.1%	17.3%	15.5%	15.6%	15.3%	14.5%	8.3%	13.6%	12.7%	10.9%	12.3%	11.4%	13.6%	10.4%	16.1%	16.9%	14.1%	12.5%	12.0%	10.5%	8.8%	7.3%	6.8%	3.6%	7.3%	10.4%	9.2%	7.8%	7.0%	5.4%
Income Tax Expense	47M	39M	42M	29M	21M	18M	16M	14M	8M	20M	18M	15M	15M	13M	15M	8M	16M	16M	14M	11M	11M	10M	8M	6M	4M	2M	4M	6M	5M	4M	3M	2M
Net Income	139M	119M	125M	93M	66M	61M	49M	47M	28M	35M	32M	26M	30M	25M	28M	19M	29M	34M	25M	16M	8M	13M	10M	8M	7M	3M	7M	10M	8M	7M	5M	4M
Net Income Margin	15.4%	14.8%	15.1%	13.2%	11.8%	12.1%	11.6%	11.1%	6.4%	8.6%	8.2%	6.9%	8.1%	7.4%	8.8%	7.3%	10.4%	13.6%	9.0%	7.0%	3.3%	6.1%	4.7%	4.1%	4.3%	2.4%	4.7%	6.4%	5.7%	5.0%	4.4%	3.4%
Depreciation & Amortization	26M	31M	32M	28M	26M	28M	25M	24M	24M	24M	22M	21M	16M	13M	12M	9M	8M	8M	7M	6M	7M	6M	7M	8M	8M	7M	6M	6M	5M	4M	4M	4M
EBITDA	205M	182M	190M	146M	113M	106M	90M	86M	61M	80M	73M	63M	62M	53M	57M	37M	53M	50M	48M	37M	36M	30M	27M	22M	21M	13M	17M	22M	19M	15M	13M	11M
EBITDA Margin	22.8%	22.7%	23.0%	20.8%	20.1%	21.1%	21.2%	20.3%	14.1%	19.9%	18.6%	16.7%	16.9%	15.7%	17.7%	14.1%	19.3%	20.1%	17.2%	15.8%	15.6%	14.0%	13.4%	11.9%	12.7%	9.3%	11.7%	14.8%	13.0%	11.5%	11.1%	10.5%
NOPAT	134M	114M	119M	90M	66M	61M	49M	47M	29M	35M	33M	27M	30M	25M	29M	19M	29M	27M	26M	19M	17M	14M	11M	8M	8M	4M	7M	10M	9M	7M	6M	4M
NOPAT Margin	14.9%	14.1%	14.3%	12.7%	11.7%	12.0%	11.6%	11.2%	6.6%	8.7%	8.4%	7.1%	8.3%	7.6%	9.0%	7.3%	10.5%	10.7%	9.3%	8.2%	7.6%	6.4%	5.3%	4.3%	5.0%	2.9%	4.9%	6.8%	6.0%	5.4%	4.8%	4.0%
Owner's Earnings	150M	140M	144M	109M	87M	82M	66M	64M	43M	44M	44M	27M	33M	24M	32M	23M	20M	35M	-7M	7M	3M	11M	11M	8M	9M	5M	7M	5M	-5M	2M	4M	4M
Owner's Earnings Margin	16.6%	17.4%	17.5%	15.5%	15.4%	16.2%	15.4%	15.0%	10.0%	10.9%	11.2%	7.1%	9.0%	7.1%	10.0%	8.9%	7.2%	13.8%	-2.4%	3.0%	1.5%	4.9%	5.5%	4.5%	5.6%	3.7%	4.5%	3.6%	-3.5%	1.7%	3.3%	3.3%
EPS (Basic)	4.73	4.05	4.26	3.16	2.28	2.09	1.70	1.63	0.96	1.20	1.12	0.90	1.03	0.86	0.98	0.64	0.96	1.16	0.86	0.58	0.27	0.49	0.37	0.30	0.29	0.13	0.26	0.35	0.28	0.23	0.18	0.13
EPS (Diluted)	4.70	4.03	4.23	3.14	2.26	2.08	1.69	1.61	0.95	1.19	1.11	0.90	1.03	0.85	0.97	0.64	0.96	1.14	0.85	0.56	0.26	0.47	0.36	0.29	0.28	0.13	0.25	0.32	0.27	0.21	0.17	0.13
Shares (Basic)	29M	29M	29M	29M	29M	29M	29M	29M	29M	29M	29M	29M	29M	29M	29M	30M	30M	30M	29M	28M	28M	27M	26M	26M	25M	25M	26M	28M	29M	28M	28M	28M
Shares (Diluted)	30M	30M	30M	29M	29M	29M	29M	29M	29M	29M	29M	29M	29M	29M	29M	30M	30M	30M	30M	29M	29M	28M	27M	26M	26M	26M	28M	30M	31M	32M	29M	28M

Geographic 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	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
Asia	13.43M	12.23M	11.24M	13.55M	15.00M	16.74M	6.44M	9.11M	9.08M	9.13M	6.54M	8.30M	10.65M	—	—
CANADA	14.84M	11.22M	10.45M	12.96M	12.77M	11.87M	10.41M	13.57M	11.89M	10.41M	12.59M	9.10M	12.09M	—	—
Europe	41.20M	39.69M	37.29M	39.11M	28.72M	30.36M	18.26M	15.78M	20.15M	15.72M	15.30M	17.04M	19.45M	—	—
MEXICO	2.84M	4.66M	3.62M	4.26M	3.93M	5.11M	4.89M	5.79M	3.60M	3.60M	3.46M	8.89M	3.94M	—	—
Middle East	12.74M	15.98M	16.78M	10.38M	9.29M	7.18M	6.11M	7.87M	11.32M	4.90M	5.52M	9.67M	6.22M	—	—
Other Geographical Areas	3.14M	1.94M	1.99M	2.18M	4.19M	1.76M	3.02M	3.34M	3.04M	2.91M	2.50M	2.17M	2.77M	—	—
Segment Geographical Groups of Countries Group Five	—	—	—	—	—	—	—	—	—	—	—	—	—	8.51M	8.75M
Segment Geographical Groups of Cuontries Group Four Member	—	—	—	—	—	—	—	—	—	—	—	—	—	8.09M	10.08M
Segment, Geographical, Groups of Countries, Group One	—	—	—	—	—	—	—	—	—	—	—	—	—	15.68M	16.00M
Segment, Geographical, Groups of Countries, Group Two	—	—	—	—	—	—	—	—	—	—	—	—	—	4.23M	6.64M
Segment, Geographicla, Groups of Countries, Group Three	—	—	—	—	—	—	—	—	—	—	—	—	—	7.60M	7.15M
UNITED STATES	812.95M	718.10M	745.19M	621.17M	491.68M	432.19M	376.43M	369.16M	374.65M	355.77M	347.85M	322.54M	309.65M	290.02M	271.05M

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	201.69M	165.21M	295.31M	191.78M	138.05M	87.17M	72.27M	48.87M	13.09M	11.16M	7.34M	8.16M	6.66M	7.26M	6.55M	4.98M	3.09M	13.33M	6.22M	8.67M	3.00M	4.40M	2.83M	2.09M	3.78M	3.41M	4.24M	3.80M	2.40M	1.10M	1.10M	1.20M
Short-Term Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	201.69M	165.21M	295.31M	191.78M	138.05M	87.17M	72.27M	48.87M	13.09M	11.16M	7.34M	8.16M	6.66M	7.26M	6.55M	4.98M	3.09M	13.33M	6.22M	8.67M	3.00M	4.40M	2.83M	2.09M	3.78M	3.41M	4.24M	3.80M	2.40M	1.10M	1.10M	1.20M
Net Receivables	115.06M	117.67M	84.33M	83.51M	76.65M	65.87M	61.69M	61.37M	66.30M	58.21M	59.82M	56.64M	53.97M	50.13M	45.58M	41.17M	40.43M	35.81M	35.77M	30.64M	29.28M	27.06M	26.88M	26.30M	22.14M	18.70M	19.01M	24.30M	19.80M	19.20M	15.50M	13.70M
Inventory	152.63M	147.26M	143.41M	153.67M	119.86M	99.61M	81.59M	81.95M	80.80M	85.17M	77.70M	76.00M	71.77M	60.94M	61.00M	49.44M	48.32M	32.48M	39.32M	34.09M	33.29M	31.97M	35.65M	29.65M	25.18M	21.49M	20.32M	19.00M	22.40M	21.60M	17.50M	15.80M
Other Current Assets	25.21M	18.14M	17.08M	13.21M	13.27M	8.71M	8.14M	7.91M	8.94M	8.15M	12.31M	9.85M	12.05M	12.02M	8.24M	5.62M	5.50M	5.06M	5.23M	6.53M	13.79M	14.94M	6.02M	4.95M	4.28M	3.36M	0.95M	0.90M	1.10M	0.60M	0.90M	0.70M
Total Current Assets	494.59M	448.28M	540.12M	442.18M	347.83M	261.36M	223.69M	200.09M	169.13M	162.70M	157.17M	150.65M	144.44M	130.36M	121.37M	101.20M	97.34M	86.68M	86.53M	79.93M	79.36M	78.37M	71.38M	63.00M	55.38M	46.95M	44.52M	48.00M	45.70M	42.50M	35.00M	31.40M
Property, Plant & Equipment	78.36M	77.94M	74.26M	73.88M	73.54M	78.05M	82.71M	85.76M	90.32M	93.60M	90.19M	90.92M	81.81M	76.42M	70.48M	66.10M	66.09M	62.87M	61.82M	54.58M	44.71M	40.34M	42.02M	42.84M	43.47M	41.12M	42.59M	42.10M	37.40M	24.00M	19.40M	17.40M
Goodwill	236.65M	235.70M	111.77M	113.16M	101.26M	104.31M	88.71M	71.26M	71.26M	67.42M	49.31M	47.98M	47.72M	44.70M	35.93M	9.37M	9.16M	6.96M	6.96M	6.96M	6.96M	6.58M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	122.06M	126.11M	48.87M	57.44M	53.61M	69.78M	59.60M	53.86M	60.62M	65.33M	51.87M	57.35M	66.57M	60.12M	58.35M	33.68M	34.17M	23.60M	25.03M	0.48M	0.64M	0.66M	8.26M	8.43M	6.81M	0.77M	1.10M	1.10M	1.50M	0.70M	0.90M	1.20M
Long-Term Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	32.65M	32.69M	32.53M	22.72M	12.76M	7.53M	5.09M	0.74M	2.16M	2.86M	0.70M	1.42M	0.00M	0.00M	0.00M	2.31M	1.66M	5.06M	9.31M	3.44M	3.51M	0.00M	0.00M	0.00M	0.00M	0.05M	1.40M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	13.95M	15.71M	8.88M	7.55M	14.05M	9.79M	11.43M	10.18M	3.67M	3.90M	6.61M	8.49M	3.95M	7.67M	4.31M	6.26M	7.45M	5.85M	5.71M	4.92M	4.21M	25.73M	21.30M	19.59M	20.81M	12.48M	9.11M	11.90M	12.30M	15.10M	10.80M	10.50M
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	483.68M	488.15M	276.30M	274.74M	255.22M	269.46M	247.53M	221.80M	228.03M	233.10M	198.69M	206.15M	200.05M	188.90M	169.08M	117.72M	118.53M	104.34M	108.83M	70.37M	60.02M	73.30M	71.58M	70.85M	71.08M	54.42M	54.19M	55.10M	51.20M	39.80M	31.10M	29.10M
Total Assets	978.27M	936.42M	816.41M	716.92M	603.05M	530.82M	471.22M	421.89M	397.16M	395.80M	355.85M	356.81M	344.50M	319.25M	290.45M	218.91M	215.86M	191.02M	195.36M	150.30M	139.38M	151.68M	142.96M	133.85M	126.46M	101.38M	98.71M	103.10M	96.90M	82.30M	66.10M	60.50M
Accounts Payable	69.79M	74.13M	55.66M	81.81M	71.44M	41.86M	34.92M	31.52M	22.47M	28.60M	18.35M	19.16M	16.06M	18.55M	15.55M	11.37M	11.16M	10.77M	13.23M	11.36M	10.60M	9.83M	11.40M	14.90M	11.04M	8.89M	6.50M	10.50M	10.20M	7.20M	7.10M	4.90M
Short-Term Debt	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	4.48M	18.06M	44.55M	37.95M	71.36M	75.93M	70.05M	66.73M	1.79M	12.88M	8.00M	19.67M	13.58M	17.04M	13.33M	22.89M	9.19M	26.33M	8.26M	23.02M	16.60M	14.30M	11.20M	2.60M	5.50M
Tax Payables	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.51M	1.08M	2.90M	1.23M	1.45M	1.22M	1.10M	0.93M	0.61M	0.51M	7.85M	8.36M	0.62M	1.78M	0.98M	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	83.64M	64.59M	62.55M	50.14M	38.87M	40.29M	33.11M	21.24M	17.97M	18.88M	16.64M	12.80M	13.64M	8.22M	10.70M	8.33M	8.03M	6.98M	10.04M	7.91M	17.46M	16.35M	9.98M	12.97M	11.18M	6.63M	7.49M	9.70M	10.40M	10.30M	7.70M	4.80M
Total Current Liabilities	153.42M	138.71M	118.21M	131.95M	110.31M	82.15M	68.04M	57.25M	60.02M	93.11M	75.84M	104.54M	107.08M	98.04M	94.08M	22.41M	32.68M	26.26M	50.79M	41.21M	45.71M	41.29M	45.25M	37.05M	48.56M	23.78M	37.01M	36.80M	34.90M	28.70M	17.40M	15.20M
Long-Term Debt	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	5.50M	3.13M	5.93M	15.36M	14.82M	24.45M	13.05M	20.50M	5.94M	11.50M	2.60M	0.90M	1.10M	1.00M
Capital Lease Obligations	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	24.07M	24.11M	3.65M	5.06M	4.65M	5.39M	5.70M	0.88M	3.33M	3.43M	1.90M	0.77M	6.40M	9.79M	8.69M	0.00M	0.00M	0.00M	0.13M	0.24M	0.20M	6.58M	7.44M	5.70M	4.71M	2.54M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	29.09M	27.46M	24.17M	13.67M	13.43M	40.22M	36.23M	32.70M	25.84M	17.73M	15.75M	17.89M	13.35M	11.66M	16.43M	17.22M	14.80M	20.29M	27.91M	13.75M	15.73M	10.87M	11.39M	11.48M	12.06M	11.55M	11.75M	11.80M	11.60M	11.20M	11.00M	12.10M
Total Non-Current Liabilities	53.16M	51.57M	27.82M	18.73M	18.07M	45.60M	41.92M	33.58M	29.17M	21.17M	17.65M	18.66M	19.75M	21.45M	25.13M	17.22M	14.80M	20.29M	33.55M	17.12M	21.85M	32.81M	33.65M	41.63M	29.81M	34.59M	17.70M	23.30M	14.20M	12.10M	12.10M	13.10M
Total Liabilities	206.58M	190.28M	146.03M	150.67M	128.39M	127.75M	109.96M	90.83M	89.19M	114.28M	93.49M	123.21M	126.83M	119.50M	119.21M	39.63M	47.48M	46.56M	84.34M	58.33M	67.56M	74.10M	78.90M	78.68M	78.37M	58.37M	54.70M	60.10M	49.10M	40.80M	29.50M	28.30M
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	37.22M	37.22M	37.22M	37.22M	37.22M	37.22M	37.22M	37.20M	37.20M	37.17M	37.12M	20.55M	20.52M	20.50M	20.44M	21.29M	21.26M	21.21M	21.07M	20.90M	20.55M	10.06M	9.87M	4.85M	4.76M	4.68M	4.61M	4.50M	3.40M	0.00M	0.00M	0.00M
Retained Earnings	624.05M	600.76M	547.80M	458.72M	395.16M	353.54M	314.85M	285.88M	257.31M	244.22M	223.88M	204.04M	189.37M	170.32M	155.69M	166.27M	156.10M	135.23M	107.89M	89.06M	77.48M	74.26M	64.93M	58.93M	54.78M	50.74M	50.54M	46.40M	39.20M	33.10M	28.20M	24.60M
Accumulated OCI	5.12M	5.53M	-7.91M	-1.65M	-5.98M	0.14M	1.31M	0.43M	0.58M	-10.89M	-11.64M	-12.78M	-11.86M	-7.52M	-13.95M	-14.57M	-13.14M	-14.59M	-16.67M	-9.87M	-12.79M	-1.36M	0.96M	-0.01M	-1.54M	-1.90M	-2.30M	-2.60M	-2.60M	0.00M	0.00M	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	666.39M	643.51M	577.11M	494.29M	426.39M	390.89M	353.38M	323.50M	295.09M	270.50M	249.36M	211.82M	198.03M	183.30M	162.19M	173.00M	164.22M	141.85M	112.29M	100.09M	85.25M	82.96M	75.76M	63.77M	58.00M	53.51M	52.85M	48.30M	40.00M	33.10M	28.20M	24.60M
Total Equity	666.39M	643.51M	577.11M	494.29M	426.39M	390.89M	353.38M	323.50M	295.09M	270.50M	249.36M	211.82M	198.03M	183.30M	162.19M	173.00M	164.22M	141.85M	112.29M	100.09M	85.25M	82.96M	75.76M	63.77M	58.00M	53.51M	52.85M	48.30M	40.00M	33.10M	28.20M	24.60M
Total Liabilities & Equity	872.97M	833.80M	723.14M	644.97M	554.78M	518.64M	463.34M	414.33M	384.28M	384.77M	342.85M	335.02M	324.86M	302.79M	281.39M	212.63M	211.70M	188.41M	196.62M	158.42M	152.81M	157.06M	154.65M	142.45M	136.37M	111.89M	107.55M	108.40M	89.10M	73.90M	57.70M	52.90M
Tangible Assets	619.56M	574.61M	655.78M	546.32M	448.18M	356.73M	322.91M	296.77M	265.28M	263.05M	254.67M	251.48M	230.20M	214.44M	196.17M	175.87M	172.53M	160.46M	163.37M	142.87M	131.79M	144.44M	134.70M	125.43M	119.65M	100.60M	97.61M	102.00M	95.40M	81.60M	65.20M	59.30M
Tangible Equity	307.68M	281.71M	416.48M	323.69M	271.53M	216.80M	205.08M	198.38M	163.22M	137.75M	148.18M	106.49M	83.74M	78.49M	67.91M	129.95M	120.89M	111.29M	80.30M	92.66M	77.65M	75.72M	67.50M	55.34M	51.19M	52.74M	51.75M	47.20M	38.50M	32.40M	27.30M	23.40M
Tangible Book Value	307.68M	281.71M	416.48M	323.69M	271.53M	216.80M	205.08M	198.38M	163.22M	137.75M	148.18M	106.49M	83.74M	78.49M	67.91M	129.95M	120.89M	111.29M	80.30M	92.66M	77.65M	75.72M	67.50M	55.34M	51.19M	52.74M	51.75M	47.20M	38.50M	32.40M	27.30M	23.40M
Total Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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 Debt	-201.69M	-165.21M	-295.31M	-191.78M	-138.05M	-87.17M	-72.27M	-44.39M	4.97M	33.39M	30.61M	63.20M	69.27M	62.78M	60.18M	-3.19M	9.79M	-5.33M	18.96M	8.04M	19.96M	24.29M	34.87M	31.55M	35.60M	25.35M	24.72M	24.30M	14.50M	11.00M	2.60M	5.30M

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	341.2M	309.6M	421.9M	310.2M	237.5M	179.2M	155.7M	142.8M	104.6M	65.5M	75.2M	42.2M	34.0M	29.1M	27.3M	78.8M	64.7M	60.4M	35.7M	38.7M	33.6M	32.9M	26.1M	25.9M	6.8M	20.6M	7.5M	11.2M	10.8M	13.8M	17.6M	16.2M
Total Capital	702.5M	677.6M	606.2M	516.5M	442.4M	403.1M	361.3M	335.5M	321.6M	322.0M	294.2M	303.6M	290.3M	266.6M	238.0M	181.1M	181.3M	152.5M	136.2M	108.7M	94.8M	102.1M	101.8M	88.8M	87.5M	71.8M	72.3M	71.1M	64.7M	53.6M	40.3M	38.7M
Capital Employed	824.8M	797.7M	698.2M	585.0M	492.7M	448.7M	403.2M	364.6M	332.7M	298.6M	274.2M	248.3M	234.1M	218.0M	196.4M	196.5M	183.2M	164.8M	144.6M	109.1M	93.7M	106.2M	97.7M	96.8M	77.9M	75.1M	61.7M	66.3M	62.0M	53.6M	48.7M	45.3M
Invested Capital	500.8M	512.4M	310.9M	324.7M	304.4M	315.9M	289.0M	286.7M	308.5M	310.8M	286.8M	295.5M	283.6M	259.3M	231.4M	176.1M	178.2M	139.1M	130.0M	100.0M	91.8M	97.7M	98.9M	86.7M	83.7M	68.4M	68.0M	67.3M	62.3M	52.5M	39.2M	37.5M

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	138.78M	118.95M	124.94M	92.60M	66.50M	60.88M	49.34M	47.18M	27.79M	34.57M	32.30M	25.94M	29.68M	24.62M	28.03M	19.16M	28.66M	34.17M	25.08M	16.46M	7.55M	13.25M	9.63M	7.58M	7.27M	3.36M	6.94M	9.70M	8.20M	6.50M	5.10M	3.70M
Depreciation & Amortization	22.49M	31.31M	32.19M	28.11M	26.24M	27.86M	25.22M	24.15M	24.32M	24.40M	22.44M	20.60M	15.66M	13.49M	12.05M	9.49M	8.46M	8.16M	7.05M	6.47M	7.01M	6.36M	7.25M	7.83M	7.98M	6.80M	6.07M	5.70M	4.70M	4.00M	4.10M	4.40M
Deferred Income Tax	-11.07M	-34.15M	-11.07M	-9.65M	-5.62M	-3.03M	-3.08M	-1.52M	-5.27M	-4.10M	0.71M	-3.02M	-1.33M	1.46M	-0.55M	-0.80M	1.98M	5.17M	-1.49M	-1.15M	-2.08M	-0.32M	1.48M	0.32M	1.99M	1.35M	0.82M	0.70M	-0.70M	-1.00M	0.30M	-0.20M
Stock-Based Compensation	8.03M	5.82M	6.18M	5.19M	3.15M	2.33M	1.42M	1.21M	4.17M	1.73M	1.54M	1.54M	1.45M	1.39M	1.27M	1.47M	1.37M	1.17M	1.27M	1.20M	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	6.41M	-5.84M	2.95M	-5.79M	-7.17M	-0.28M	16.48M	9.74M	-8.16M	-6.73M	-0.46M	-10.49M	-14.14M	-7.54M	-5.02M	-2.71M	-18.90M	2.95M	-7.27M	2.63M	-1.24M	-3.33M	-14.00M	-4.25M	2.87M	0.17M	-1.62M	-1.30M	1.30M	-4.90M	1.20M	4.10M
Accounts Receivable	-14.43M	-4.31M	-1.44M	-6.35M	-11.33M	-1.24M	3.04M	-8.00M	-8.00M	-0.97M	-3.56M	-5.51M	-1.00M	-3.99M	0.81M	-3.78M	-3.78M	-6.03M	-6.03M	0.30M	-4.34M	-4.34M	-3.85M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	11.95M	-8.21M	10.32M	-32.47M	-21.02M	-13.63M	5.13M	-1.22M	4.86M	-6.17M	0.96M	-7.12M	-6.94M	0.25M	-4.74M	0.04M	-14.89M	7.02M	-5.58M	0.24M	-1.53M	2.69M	-5.62M	-4.15M	-0.34M	-1.85M	-1.32M	3.40M	-0.80M	-4.10M	-1.70M	2.60M
Accounts Payable	-11.28M	-9.02M	-12.16M	8.51M	28.01M	7.01M	-0.39M	8.00M	8.00M	-65.11M	-73.03M	-42.64M	2.62M	-32.91M	-28.39M	2.31M	-64.89M	-58.46M	-31.41M	-36.64M	-29.02M	-34.66M	-30.67M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	20.18M	15.70M	6.24M	24.52M	-2.83M	7.59M	8.71M	10.96M	-13.02M	65.51M	75.17M	44.78M	-8.82M	29.12M	27.29M	-1.29M	64.66M	60.42M	35.74M	38.73M	33.65M	32.98M	26.14M	-0.10M	3.21M	2.02M	-0.30M	-4.70M	2.10M	-0.80M	2.90M	1.50M
Other Non-Cash Items	16.32M	24.82M	-0.15M	-0.34M	-0.65M	-0.23M	0.21M	-0.04M	17.50M	-0.11M	-0.34M	1.26M	4.42M	1.39M	-0.98M	4.70M	-3.17M	-15.03M	2.40M	2.67M	5.52M	2.40M	1.14M	2.60M	-7.87M	-3.09M	1.04M	0.60M	0.10M	0.60M	0.10M	0.00M
Net Cash from Operating Activities	180.96M	140.91M	155.03M	110.12M	82.45M	87.51M	89.58M	80.71M	60.35M	49.75M	56.19M	35.83M	35.74M	34.82M	34.80M	31.32M	18.40M	36.59M	27.05M	28.28M	16.75M	18.36M	5.50M	14.08M	12.23M	8.59M	13.25M	15.40M	14.70M	5.20M	9.90M	12.00M
Capital Expenditures (PPE)	-11.70M	-10.20M	-12.82M	-12.00M	-5.89M	-6.75M	-9.06M	-7.50M	-8.64M	-15.07M	-10.60M	-19.77M	-12.33M	-14.31M	-8.20M	-5.34M	-17.27M	-7.75M	-38.89M	-15.97M	-11.06M	-9.09M	-5.57M	-7.05M	-5.91M	-5.01M	-6.40M	-10.00M	-17.90M	-8.30M	-5.40M	-4.50M
Acquisitions (Net)	-184.02M	-3.00M	-3.00M	-17.13M	-45.27M	-45.27M	-29.13M	-8.05M	-8.05M	-20.38M	-1.80M	-1.91M	-20.83M	-15.40M	-51.52M	-3.95M	-7.28M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-8.56M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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 Investing Activities	-2.97M	0.00M	0.00M	0.00M	45.27M	0.60M	0.00M	8.05M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-51.52M	-9.53M	-1.50M	-24.02M	0.72M	2.85M	-0.52M	-0.27M	-0.66M	-0.30M	-0.17M	0.11M	0.08M	-0.70M	1.90M	-3.70M	-0.50M	-0.60M
Net Cash from Investing Activities	-198.69M	-13.20M	-15.82M	-29.13M	-5.89M	-51.42M	-38.19M	-7.50M	-16.69M	-35.45M	-12.40M	-21.67M	-33.16M	-29.71M	-59.72M	-9.29M	-26.05M	-7.75M	-38.16M	-13.12M	-11.58M	-9.36M	-6.23M	-7.35M	-14.65M	-4.90M	-6.33M	-10.70M	-16.00M	-12.00M	-5.90M	-5.10M
Net Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-4.60M	-13.50M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	65.14M	-11.89M	5.03M	-17.19M	8.56M	-9.90M	-5.95M	2.62M	4.05M	10.27M	5.57M	-0.20M	0.88M	11.20M	2.80M	8.50M	-2.90M	-4.90M
Long-Term Debt 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	-5.43M	-9.75M	9.31M	-1.94M	-14.92M	2.62M	-9.94M	10.27M	5.57M	-0.20M	0.88M	11.20M	2.80M	8.50M	-2.90M	-4.90M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-4.60M	-13.50M	-21.01M	6.38M	-33.10M	-3.96M	6.65M	3.21M	65.14M	-11.89M	10.46M	-7.44M	-0.76M	-7.96M	8.97M	0.00M	14.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	0.00M	0.75M	0.75M	0.97M	-0.43M	-0.46M	-1.88M	-5.21M	-4.27M	-3.80M	0.52M	0.47M	0.47M	0.50M	-29.52M	0.49M	-0.85M	0.18M	0.18M	1.69M	3.64M	0.40M	1.05M	0.75M	0.44M	-1.15M	-4.47M	-12.10M	1.90M	-0.20M	0.40M	0.10M
Common Stock Issuance	0.00M	0.75M	0.75M	0.97M	0.00M	0.07M	0.18M	0.19M	0.52M	0.60M	0.52M	0.47M	0.47M	0.50M	0.48M	0.49M	0.15M	0.18M	0.18M	1.69M	3.64M	3.72M	2.77M	1.81M	2.04M	1.29M	1.02M	1.70M	4.60M	1.60M	0.60M	0.10M
Common Stock Repurchased	0.00M	0.00M	0.00M	0.00M	-0.43M	-0.46M	-3.12M	-5.21M	-4.80M	-4.40M	0.00M	0.00M	0.00M	0.00M	-30.00M	0.00M	-1.00M	0.00M	0.00M	0.00M	0.00M	-3.32M	-1.71M	-1.07M	-1.60M	-2.44M	-5.49M	-13.80M	-2.70M	-1.80M	-0.20M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	-0.07M	1.06M	-0.19M	0.52M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-41.78M	-33.78M	-35.85M	-29.05M	-24.88M	-22.16M	-20.34M	-18.60M	-16.27M	-14.22M	-12.46M	-11.26M	-10.63M	-10.00M	-9.51M	-9.02M	-7.78M	-6.83M	-5.85M	-4.87M	-4.33M	-3.92M	-3.63M	-3.43M	-3.23M	-3.16M	-2.85M	-2.50M	-2.10M	-1.70M	-1.50M	-1.30M
Common Dividends Paid	-41.78M	-33.78M	-35.85M	-29.05M	-24.88M	-22.16M	-20.34M	-18.60M	-16.27M	-14.22M	-12.46M	-11.26M	-10.63M	-10.00M	-9.51M	-9.02M	-7.78M	-6.83M	-5.85M	-4.87M	-4.33M	-3.92M	-3.63M	-3.43M	-3.23M	-3.16M	-2.85M	-2.50M	-2.10M	-1.70M	-1.50M	-1.30M
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	0.55M	0.00M	0.00M	0.00M	0.70M	2.11M	-1.00M	-0.41M	-21.60M	7.59M	-32.53M	-2.18M	7.42M	5.23M	0.68M	0.43M	0.89M	2.34M	6.03M	2.00M	2.94M	-8.23M	0.00M	-16.01M	0.00M	0.00M	0.00M	0.00M	0.10M	0.10M	0.00M	0.00M
Net Cash from Financing Activities	-41.22M	-33.03M	-35.10M	-28.09M	-24.61M	-20.51M	-27.82M	-37.71M	-42.14M	-10.43M	-44.47M	-12.97M	-2.74M	-4.28M	26.78M	-20.00M	-2.72M	-21.49M	8.92M	-11.08M	-3.70M	-9.13M	1.47M	-8.42M	2.78M	-4.51M	-6.44M	-3.40M	2.70M	6.70M	-4.00M	-6.10M
Effect of FX on Cash	1.68M	1.37M	-0.60M	0.83M	-1.08M	-0.68M	-0.16M	0.28M	0.40M	-0.05M	-0.14M	0.32M	-0.44M	-0.12M	-0.28M	-0.14M	0.13M	-0.23M	-0.26M	-0.45M	-0.83M	1.70M	0.00M	0.00M	0.00M	0.00M	0.00M	0.10M	0.00M	0.00M	0.00M	0.00M
Net Change in Cash	-57.26M	96.05M	103.52M	53.73M	50.88M	14.90M	23.40M	35.79M	1.92M	3.83M	-0.83M	1.51M	-0.61M	0.71M	1.58M	1.89M	-10.24M	7.11M	-2.45M	3.62M	0.65M	1.57M	0.75M	-1.69M	0.37M	-0.83M	0.49M	1.40M	1.40M	-0.10M	0.00M	0.80M
Cash at Beginning of Period	850.83M	780.21M	191.78M	138.05M	87.17M	72.27M	48.87M	13.09M	11.16M	7.34M	8.16M	6.66M	7.26M	6.55M	4.98M	3.09M	13.33M	6.22M	8.67M	5.05M	4.40M	2.83M	2.09M	3.78M	3.41M	4.24M	3.75M	2.40M	1.10M	1.10M	1.20M	0.40M
Cash at End of Period	793.56M	876.26M	295.31M	191.78M	138.05M	87.17M	72.27M	48.87M	13.09M	11.16M	7.34M	8.16M	6.66M	7.26M	6.55M	4.98M	3.09M	13.33M	6.22M	8.67M	5.05M	4.40M	2.83M	2.09M	3.78M	3.41M	4.24M	3.80M	2.50M	1.00M	1.20M	1.20M
Operating Cash Flow	180.96M	140.91M	155.03M	110.12M	82.45M	87.51M	89.58M	80.71M	60.35M	49.75M	56.19M	35.83M	35.74M	34.82M	34.80M	31.32M	18.40M	36.59M	27.05M	28.28M	16.75M	18.36M	5.50M	14.08M	12.23M	8.59M	13.25M	15.40M	14.70M	5.20M	9.90M	12.00M
Capital Expenditure	-14.66M	-10.20M	-12.82M	-12.00M	-5.89M	-6.75M	-9.06M	-7.50M	-8.64M	-15.07M	-10.60M	-19.77M	-12.33M	-14.31M	-8.20M	-5.34M	-17.27M	-7.75M	-38.89M	-15.97M	-11.06M	-9.09M	-5.57M	-7.05M	-5.91M	-5.01M	-6.40M	-10.00M	-17.90M	-8.30M	-5.40M	-4.50M
Free Cash Flow	166.30M	130.71M	142.22M	98.11M	76.56M	80.76M	80.52M	73.22M	51.71M	34.68M	45.59M	16.07M	23.40M	20.51M	26.60M	25.98M	1.13M	28.84M	-11.84M	12.30M	5.69M	9.27M	-0.07M	7.03M	6.32M	3.58M	6.85M	5.40M	-3.20M	-3.10M	4.50M	7.50M

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	212.31M	163.10M	170.92M	146.16M	97.61M	91.77M	78.63M	74.11M	50.22M	69.42M	62.61M	52.32M	52.22M	42.10M	46.96M	37.03M	53.28M	50.40M	47.95M	37.08M	35.80M	30.31M	27.44M	21.93M	21.18M	12.87M	23.17M	28.10M	23.40M	19.00M	17.00M	15.80M
(-) Tax Adjustment	54.03M	40.17M	42.66M	35.19M	23.61M	20.70M	18.92M	17.36M	11.29M	24.30M	21.91M	18.31M	17.71M	14.73M	16.43M	11.08M	18.65M	17.64M	16.78M	12.98M	12.53M	10.61M	9.60M	7.68M	7.41M	4.23M	8.11M	9.84M	8.19M	6.65M	5.95M	5.53M
(-) Change In Working Capital	6.41M	-5.84M	2.95M	-5.79M	-7.17M	-0.28M	16.48M	9.74M	-8.16M	-6.73M	-0.46M	-10.49M	-14.14M	-7.54M	-5.02M	-2.71M	-18.90M	2.95M	-7.27M	2.63M	-1.24M	-3.33M	-14.00M	-4.25M	2.87M	0.17M	-1.62M	-1.30M	1.30M	-4.90M	1.20M	4.10M
(-) Capital Expenditure	-14.66M	-10.20M	-12.82M	-12.00M	-5.89M	-6.75M	-9.06M	-7.50M	-8.64M	-15.07M	-10.60M	-19.77M	-12.33M	-14.31M	-8.20M	-5.34M	-17.27M	-7.75M	-38.89M	-15.97M	-11.06M	-9.09M	-5.57M	-7.05M	-5.91M	-5.01M	-6.40M	-10.00M	-17.90M	-8.30M	-5.40M	-4.50M
Unlevered Free Cash Flow	137.21M	118.57M	112.49M	104.75M	75.27M	64.59M	34.17M	39.51M	38.45M	36.79M	30.56M	24.73M	36.31M	20.59M	27.34M	23.31M	36.26M	22.06M	-0.45M	5.51M	13.45M	13.94M	26.27M	11.46M	4.98M	3.47M	10.27M	9.57M	-3.99M	8.95M	4.45M	1.67M
(-) Net Interest Income After Taxes	4.83M	5.34M	6.46M	3.07M	0.42M	0.02M	-0.02M	-0.19M	-0.90M	-0.51M	-0.60M	-0.79M	-0.75M	-0.71M	-0.65M	-0.13M	0.25M	-0.06M	0.88M	-0.84M	-0.84M	-1.05M	-1.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-4.60M	-13.50M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	65.14M	-11.89M	5.03M	-17.19M	8.56M	-9.90M	-5.95M	2.62M	4.05M	10.27M	5.57M	-0.20M	0.88M	11.20M	2.80M	8.50M	-2.90M	-4.90M
Levered Free Cash Flow	132.37M	113.22M	106.03M	101.68M	74.85M	64.58M	29.59M	26.21M	39.35M	37.30M	31.16M	25.52M	37.06M	21.30M	93.13M	11.55M	41.04M	4.93M	7.23M	-3.55M	8.34M	17.61M	31.37M	21.72M	10.55M	3.27M	11.15M	20.77M	-1.19M	17.45M	1.55M	-3.23M