Consumer Electronics

Category: Industry Averages Base Ticker: AAPL

Methodology: Industry metrics are calculated using the Top 100 companies by revenue within the industry. Values shown represent averages, not aggregates, and are winsorized at the 80/20 percentile to reduce the impact of extreme outliers. All financials are USD-normalized and intended to reflect the core economic structure of the industry.

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	4.50	3.63	3.61	3.46	5.18	3.49	3.71	4.37	4.78	3.87	5.09	3.62	3.43	3.76	2.55	3.63	2.57	3.26	5.41	4.59	4.90	6.01	3.13	3.66	3.08	3.46	4.95	3.03	3.43	3.39	3.07
Market Capitalization	1,379.81M	816.98M	718.45M	648.84M	930.37M	677.07M	704.05M	518.50M	762.01M	667.59M	655.57M	428.89M	361.86M	313.49M	307.05M	470.30M	391.63M	273.22M	444.04M	345.68M	680.17M	420.56M	638.31M	596.80M	345.74M	454.61M	474.31M	386.90M	482.24M	343.94M	299.62M
(-) Cash & Equivalents	148.68M	148.75M	137.80M	137.73M	128.39M	108.70M	92.21M	81.83M	73.76M	75.12M	77.50M	56.67M	61.29M	63.12M	69.31M	80.59M	82.37M	66.56M	54.29M	60.04M	63.03M	52.07M	52.30M	51.31M	57.81M	64.56M	72.81M	45.35M	36.99M	19.97M	13.34M
(+) Total Debt	213.19M	144.20M	144.19M	146.00M	137.26M	109.13M	107.81M	99.42M	91.82M	71.26M	62.92M	58.29M	61.63M	40.81M	64.21M	41.58M	36.82M	40.87M	43.96M	36.01M	43.41M	31.12M	37.75M	46.23M	55.62M	90.50M	100.16M	83.98M	65.02M	26.15M	38.46M
Enterprise Value	1,683.77M	835.10M	754.32M	667.66M	957.80M	666.51M	697.71M	573.99M	807.94M	672.82M	628.01M	426.27M	369.40M	325.26M	297.68M	453.68M	390.08M	268.61M	422.28M	329.39M	817.15M	418.29M	716.89M	622.18M	350.20M	469.69M	479.33M	403.91M	521.55M	354.41M	330.52M

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	968.039M	719.257M	706.390M	655.596M	625.456M	530.835M	482.092M	481.525M	531.278M	512.686M	533.537M	487.837M	532.697M	550.937M	370.846M	563.103M	520.240M	539.643M	616.549M	515.181M	723.967M	873.668M	641.831M	681.700M	473.500M	557.140M	481.035M	389.590M	363.197M	238.421M	203.009M
Cost of Revenue	723.456M	582.897M	534.447M	512.363M	469.523M	394.167M	390.615M	420.428M	411.548M	409.939M	397.880M	390.758M	370.451M	377.951M	303.609M	482.819M	412.793M	428.536M	528.746M	428.217M	450.820M	693.911M	534.333M	570.945M	414.315M	469.731M	378.816M	303.017M	311.230M	180.486M	137.654M
Gross Profit	244.583M	136.360M	171.943M	143.233M	155.933M	136.669M	91.477M	61.096M	119.730M	102.747M	135.656M	97.078M	162.246M	172.986M	67.237M	80.284M	107.447M	111.107M	87.803M	86.964M	273.146M	179.757M	107.498M	110.754M	59.185M	87.409M	102.220M	86.572M	51.967M	57.935M	65.356M
Gross Margin	25.27%	18.96%	24.34%	21.85%	24.93%	25.75%	18.98%	12.69%	22.54%	20.04%	25.43%	19.90%	30.46%	31.40%	18.13%	14.26%	20.65%	20.59%	14.24%	16.88%	37.73%	20.57%	16.75%	16.25%	12.50%	15.69%	21.25%	22.22%	14.31%	24.30%	32.19%
R&D Expenses	25.052M	23.069M	23.022M	21.314M	20.387M	18.783M	15.924M	14.486M	13.094M	10.754M	10.400M	7.650M	8.482M	5.320M	3.437M	2.440M	0.414M	0.660M	1.113M	1.005M	1.985M	1.384M	0.000M	0.000M	0.000M	2.090M	1.751M	1.689M	0.949M	0.000M	0.811M
SG&A Expenses	76.305M	61.806M	71.157M	65.378M	61.180M	57.386M	58.845M	55.168M	56.139M	55.901M	50.694M	52.191M	46.132M	40.359M	26.519M	26.351M	34.862M	36.662M	40.293M	34.981M	54.193M	58.111M	56.245M	51.717M	56.710M	52.663M	55.672M	40.269M	29.876M	24.659M	13.013M
Operating Expenses	101.358M	84.875M	94.178M	86.693M	81.567M	76.169M	74.769M	69.654M	69.233M	66.655M	61.095M	59.840M	54.614M	45.678M	29.955M	28.791M	35.276M	37.323M	41.405M	35.986M	56.178M	59.495M	56.245M	51.717M	56.710M	54.753M	57.423M	41.958M	30.825M	24.659M	13.825M
Operating Income	143.225M	51.484M	77.765M	56.540M	74.366M	60.499M	16.708M	-8.558M	50.497M	36.092M	74.562M	37.238M	107.632M	127.308M	37.282M	51.493M	72.171M	73.784M	46.398M	50.978M	216.969M	120.261M	51.253M	59.037M	2.475M	32.656M	44.796M	44.614M	21.143M	33.276M	51.531M
Operating Margin	14.80%	7.16%	11.01%	8.62%	11.89%	11.40%	3.47%	-1.78%	9.50%	7.04%	13.98%	7.63%	20.21%	23.11%	10.05%	9.14%	13.87%	13.67%	7.53%	9.90%	29.97%	13.77%	7.99%	8.66%	0.52%	5.86%	9.31%	11.45%	5.82%	13.96%	25.38%
Interest Income	3.925M	3.744M	3.820M	2.939M	2.391M	2.244M	1.948M	1.179M	1.319M	0.879M	1.118M	0.938M	0.612M	0.988M	1.290M	1.142M	0.798M	1.360M	0.482M	0.340M	0.277M	0.341M	0.134M	0.238M	0.326M	0.450M	0.228M	0.375M	0.455M	0.000M	0.531M
Interest Expense	6.466M	6.159M	7.488M	4.781M	3.730M	4.183M	4.323M	4.249M	3.270M	2.792M	2.520M	2.456M	2.271M	2.204M	2.611M	2.270M	2.571M	3.219M	3.607M	1.613M	1.425M	1.304M	0.835M	0.785M	1.565M	2.194M	2.156M	4.188M	2.066M	1.801M	2.135M
Net Interest Income	-2.541M	-2.414M	-3.668M	-1.842M	-1.339M	-1.939M	-2.376M	-3.070M	-1.951M	-1.913M	-1.402M	-1.517M	-1.658M	-1.216M	-1.321M	-1.128M	-1.773M	-1.859M	-3.125M	-1.273M	-1.149M	-0.963M	-0.700M	-0.547M	-1.239M	-1.744M	-1.928M	-3.812M	-1.611M	-1.801M	-1.604M
Other Income / Expense	-101.963M	-22.083M	-49.903M	-28.970M	-42.054M	-31.617M	8.666M	35.401M	-31.200M	-18.734M	-60.426M	-19.985M	-93.667M	-117.128M	-22.711M	-37.702M	-62.844M	-57.904M	-27.798M	-38.281M	-203.283M	-100.347M	-30.021M	-49.194M	8.631M	-2.142M	-23.012M	-14.680M	-0.451M	-16.214M	-31.803M
Pre-Tax Income	38.721M	26.987M	24.194M	25.728M	30.973M	26.944M	22.999M	23.773M	17.345M	15.446M	12.734M	15.736M	12.306M	8.965M	13.250M	12.664M	7.554M	14.021M	15.475M	11.424M	12.537M	18.951M	20.532M	9.296M	9.867M	28.771M	19.856M	26.122M	19.081M	15.261M	18.124M
Pre-Tax Margin	4.00%	3.75%	3.42%	3.92%	4.95%	5.08%	4.77%	4.94%	3.26%	3.01%	2.39%	3.23%	2.31%	1.63%	3.57%	2.25%	1.45%	2.60%	2.51%	2.22%	1.73%	2.17%	3.20%	1.36%	2.08%	5.16%	4.13%	6.70%	5.25%	6.40%	8.93%
Income Tax Expense	9.594M	6.621M	4.282M	4.012M	5.318M	5.402M	4.719M	5.032M	5.775M	3.188M	2.778M	4.125M	4.332M	3.071M	2.733M	3.246M	2.674M	3.861M	4.556M	4.974M	3.216M	3.271M	4.477M	3.959M	1.437M	5.581M	5.965M	5.644M	5.412M	2.285M	3.005M
Tax Rate	24.78%	24.53%	17.70%	15.60%	17.17%	20.05%	20.52%	21.16%	33.30%	20.64%	21.81%	26.22%	35.00%	34.25%	20.63%	25.63%	35.00%	27.54%	29.44%	35.00%	25.65%	17.26%	21.81%	35.00%	14.57%	19.40%	30.04%	21.61%	28.36%	14.97%	16.58%
Net Income	29.126M	20.367M	19.912M	21.716M	25.655M	21.541M	18.280M	18.742M	11.570M	12.258M	9.957M	11.610M	7.975M	5.894M	10.516M	9.418M	4.880M	10.160M	10.919M	6.450M	9.321M	15.681M	16.055M	5.338M	8.430M	23.190M	13.891M	20.478M	13.669M	12.976M	15.119M
Net Margin	3.01%	2.83%	2.82%	3.31%	4.10%	4.06%	3.79%	3.89%	2.18%	2.39%	1.87%	2.38%	1.50%	1.07%	2.84%	1.67%	0.94%	1.88%	1.77%	1.25%	1.29%	1.79%	2.50%	0.78%	1.78%	4.16%	2.89%	5.26%	3.76%	5.44%	7.45%
EBIT	143.225M	51.484M	77.765M	56.540M	74.366M	60.499M	16.708M	-8.558M	50.497M	36.092M	74.562M	37.238M	107.632M	127.308M	37.282M	51.493M	72.171M	73.784M	46.398M	50.978M	216.969M	120.261M	51.253M	59.037M	2.475M	32.656M	44.796M	44.614M	21.143M	33.276M	51.531M
Depreciation & Amortization	16.875M	21.322M	19.155M	17.743M	15.112M	14.421M	14.043M	11.728M	11.061M	11.655M	10.373M	9.373M	8.095M	8.348M	8.590M	8.618M	9.219M	7.791M	8.200M	7.858M	8.361M	8.770M	7.436M	8.790M	7.557M	6.920M	6.575M	4.880M	3.319M	3.217M	2.275M
EBITDA	160.100M	72.807M	96.920M	74.283M	89.478M	74.920M	30.751M	3.170M	61.557M	47.747M	84.935M	46.611M	115.727M	135.656M	45.872M	60.112M	81.390M	81.575M	54.598M	58.836M	225.329M	129.032M	58.689M	67.828M	10.032M	39.576M	51.371M	49.494M	24.462M	36.493M	53.806M
EBITDA Margin	16.54%	10.12%	13.72%	11.33%	14.31%	14.11%	6.38%	0.66%	11.59%	9.31%	15.92%	9.55%	21.72%	24.62%	12.37%	10.68%	15.64%	15.12%	8.86%	11.42%	31.12%	14.77%	9.14%	9.95%	2.12%	7.10%	10.68%	12.70%	6.74%	15.31%	26.50%
NOPAT	107.736M	38.854M	64.003M	47.723M	61.597M	48.369M	13.280M	-6.747M	33.683M	28.643M	58.298M	27.476M	69.961M	83.700M	29.590M	38.295M	46.911M	53.464M	32.738M	33.136M	161.311M	99.507M	40.077M	38.374M	2.115M	26.322M	31.338M	34.975M	15.146M	28.293M	42.988M
NOPAT Margin	11.13%	5.40%	9.06%	7.28%	9.85%	9.11%	2.75%	-1.40%	6.34%	5.59%	10.93%	5.63%	13.13%	15.19%	7.98%	6.80%	9.02%	9.91%	5.31%	6.43%	22.28%	11.39%	6.24%	5.63%	0.45%	4.72%	6.51%	8.98%	4.17%	11.87%	21.18%
Owner's Earnings	46.001M	41.689M	39.067M	39.459M	40.766M	35.962M	32.323M	30.470M	22.631M	23.913M	20.329M	20.983M	16.070M	14.242M	19.107M	18.036M	14.099M	17.951M	19.119M	14.308M	17.682M	24.451M	23.491M	14.128M	15.987M	30.110M	20.465M	25.358M	16.988M	16.193M	17.394M
Owner's Earnings Margin	4.75%	5.80%	5.53%	6.02%	6.52%	6.77%	6.70%	6.33%	4.26%	4.66%	3.81%	4.30%	3.02%	2.59%	5.15%	3.20%	2.71%	3.33%	3.10%	2.78%	2.44%	2.80%	3.66%	2.07%	3.38%	5.40%	4.25%	6.51%	4.68%	6.79%	8.57%
EPS	0.07	0.05	0.05	0.06	0.07	0.06	0.05	0.04	0.03	0.03	0.03	0.04	0.03	0.02	0.03	0.03	0.02	0.04	0.04	0.02	0.03	0.04	0.02	0.01	0.02	0.05	0.03	0.05	0.03	0.03	0.03
EPS (Diluted)	0.07	0.05	0.05	0.06	0.07	0.06	0.05	0.04	0.03	0.03	0.03	0.04	0.03	0.02	0.03	0.03	0.02	0.04	0.04	0.02	0.03	0.04	0.02	0.01	0.02	0.05	0.03	0.05	0.03	0.03	0.03
Shares (Diluted)	388,423,590	380,816,016	378,796,263	353,519,112	373,860,020	387,821,737	394,069,017	439,508,982	412,252,253	378,301,394	329,143,112	302,435,516	288,401,015	318,071,713	331,898,131	317,220,535	301,747,995	274,249,434	300,726,191	311,149,957	303,046,225	368,133,695	685,873,104	394,724,898	417,777,329	448,067,778	464,718,774	432,335,362	431,336,160	424,331,732	468,732,186

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	156.91M	148.75M	137.80M	137.73M	128.39M	108.70M	92.21M	82.59M	75.38M	75.12M	77.50M	56.67M	61.29M	69.72M	69.31M	82.26M	82.37M	66.56M	54.29M	60.04M	64.24M	55.76M	52.30M	51.31M	62.56M	67.34M	132.07M	47.98M	39.20M	21.29M	15.06M
Short-Term Investments	93.93M	47.45M	56.14M	43.88M	32.12M	34.57M	23.59M	5.38M	8.33M	3.55M	4.92M	15.72M	2.57M	1.50M	22.89M	5.22M	3.76M	14.25M	11.85M	5.53M	9.01M	8.64M	0.58M	0.71M	0.35M	0.16M	70.99M	0.12M	1.10M	7.61M	0.16M
Cash & Short-Term Investments	250.84M	196.21M	193.94M	181.62M	160.50M	143.27M	115.80M	87.97M	83.70M	78.67M	82.42M	72.39M	63.87M	71.22M	92.19M	87.49M	86.13M	80.81M	66.14M	65.57M	73.25M	64.39M	52.88M	52.03M	62.92M	67.51M	203.06M	48.10M	40.30M	28.90M	15.22M
Net Receivables	227.51M	172.44M	152.51M	144.88M	137.01M	141.80M	111.52M	104.96M	111.01M	100.71M	69.14M	99.54M	75.99M	79.16M	44.00M	48.38M	30.96M	51.03M	51.77M	73.04M	131.20M	53.09M	22.23M	48.63M	68.28M	36.62M	45.73M	30.33M	23.17M	11.59M	20.26M
Inventory	164.91M	111.10M	108.59M	114.43M	103.21M	80.17M	66.72M	66.82M	79.15M	74.67M	77.55M	59.33M	61.95M	71.31M	77.35M	74.71M	61.32M	67.16M	80.86M	83.56M	103.79M	94.63M	86.75M	98.60M	91.56M	102.07M	128.14M	48.04M	115.61M	39.15M	46.67M
Other Current Assets	25.92M	26.73M	27.34M	24.28M	21.74M	19.68M	22.62M	36.32M	39.26M	29.12M	21.12M	22.14M	25.47M	20.20M	19.62M	25.46M	14.96M	15.09M	23.90M	16.82M	32.51M	18.20M	44.83M	28.86M	51.81M	75.11M	63.63M	48.64M	43.69M	17.37M	11.80M
Total Current Assets	669.18M	506.47M	482.37M	465.20M	422.47M	384.93M	316.67M	296.07M	313.13M	283.17M	250.23M	253.40M	227.27M	241.89M	233.16M	236.04M	193.37M	214.09M	222.66M	238.99M	340.76M	230.31M	206.70M	228.11M	274.57M	281.31M	440.56M	175.11M	222.77M	97.02M	93.95M
Property, Plant & Equipment	221.18M	148.36M	128.72M	119.60M	107.37M	94.54M	87.35M	78.62M	82.10M	77.09M	74.04M	74.76M	70.65M	65.01M	62.98M	68.65M	61.89M	64.21M	68.91M	65.40M	70.06M	71.45M	59.13M	66.26M	150.80M	72.99M	91.54M	45.46M	39.64M	20.38M	24.83M
Goodwill	3.97M	12.06M	12.58M	11.97M	8.60M	9.86M	11.92M	12.39M	6.96M	8.40M	6.89M	1.22M	1.23M	1.05M	0.90M	0.63M	0.66M	0.16M	0.25M	0.00M	0.00M	0.00M	0.05M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	21.74M	23.41M	23.61M	26.48M	26.96M	22.85M	21.02M	20.54M	14.67M	14.40M	13.67M	11.95M	11.00M	14.80M	19.24M	13.43M	12.84M	10.24M	11.47M	7.39M	8.92M	6.05M	3.71M	4.08M	2.87M	2.39M	3.93M	1.61M	0.22M	0.35M	0.33M
Long-Term Investments	70.67M	25.28M	41.40M	39.25M	36.89M	28.27M	34.50M	20.79M	23.55M	18.83M	14.10M	8.73M	6.74M	4.74M	2.32M	2.13M	2.28M	3.74M	4.23M	2.24M	3.99M	2.49M	1.21M	2.39M	6.83M	3.33M	1.84M	0.00M	0.00M	0.00M	0.00M
Tax Assets	8.95M	8.18M	14.00M	10.48M	8.87M	6.18M	5.45M	4.47M	3.60M	2.95M	2.55M	1.85M	2.16M	2.04M	2.72M	3.45M	5.18M	4.16M	3.01M	1.85M	2.12M	2.61M	1.22M	3.40M	1.04M	0.52M	1.96M	0.00M	0.00M	0.00M	7.02M
Other Non-Current Assets	14.88M	61.63M	28.91M	31.58M	34.10M	21.65M	17.13M	14.68M	8.15M	5.99M	6.40M	6.30M	6.63M	5.98M	19.73M	11.29M	8.88M	8.64M	9.47M	9.49M	8.74M	14.83M	14.36M	14.04M	19.19M	9.16M	14.32M	10.32M	11.34M	6.52M	-1.11M
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
Total Non-Current Assets	341.39M	278.91M	249.20M	239.35M	222.78M	183.34M	177.38M	151.48M	139.03M	127.66M	117.65M	104.81M	98.42M	93.61M	107.90M	99.58M	91.73M	91.14M	97.35M	86.38M	93.83M	97.43M	79.67M	90.17M	180.73M	88.39M	113.60M	57.39M	51.20M	27.24M	31.07M
Total Assets	1,010.57M	785.38M	731.58M	704.55M	645.26M	568.27M	494.05M	447.55M	452.16M	410.83M	367.88M	358.21M	325.69M	335.50M	341.06M	335.62M	285.10M	305.23M	320.01M	325.38M	434.59M	327.74M	286.37M	318.28M	455.30M	369.70M	554.16M	232.50M	273.97M	124.26M	125.02M
Accounts Payable	191.78M	157.22M	150.07M	124.83M	138.00M	120.08M	108.66M	91.17M	97.45M	80.78M	75.16M	71.96M	74.19M	63.98M	61.56M	69.03M	62.17M	61.47M	78.10M	66.78M	141.06M	109.25M	111.00M	108.50M	94.73M	94.99M	136.11M	73.05M	70.05M	41.17M	21.55M
Short-Term Debt	172.60M	58.98M	59.07M	69.93M	52.54M	52.31M	66.49M	58.39M	52.03M	33.35M	34.51M	25.95M	26.22M	24.12M	34.53M	32.27M	27.07M	32.27M	31.21M	26.70M	26.12M	25.24M	21.44M	15.24M	42.44M	41.88M	75.40M	42.09M	19.62M	15.43M	13.08M
Tax Payables	0.03M	5.02M	4.09M	7.11M	5.62M	5.05M	4.55M	4.02M	4.46M	3.83M	3.55M	3.35M	2.30M	2.37M	3.11M	2.37M	2.17M	3.13M	2.33M	3.10M	3.28M	1.51M	0.98M	1.49M	1.46M	1.17M	1.49M	1.12M	2.71M	0.23M	3.96M
Deferred Revenue	9.50M	0.00M	2.44M	21.81M	37.59M	30.40M	24.14M	8.11M	19.83M	14.23M	11.04M	8.55M	8.26M	7.38M	5.96M	5.36M	6.07M	6.36M	5.51M	4.44M	8.63M	7.27M	15.17M	13.00M	39.78M	9.72M	3.62M	3.29M	1.66M	1.83M	2.59M
Other Current Liabilities	55.04M	59.58M	55.05M	35.68M	27.84M	29.26M	33.07M	44.08M	20.74M	29.12M	25.98M	22.14M	25.78M	45.31M	20.68M	43.30M	33.86M	24.33M	24.99M	21.59M	14.83M	13.94M	28.99M	22.22M	39.62M	27.33M	56.61M	9.43M	11.00M	10.23M	6.69M
Total Current Liabilities	428.95M	280.80M	270.73M	259.35M	261.59M	237.10M	236.90M	205.78M	194.50M	161.31M	150.24M	131.95M	136.75M	143.17M	125.85M	152.32M	131.34M	127.57M	142.13M	122.61M	193.92M	157.21M	177.58M	160.45M	218.03M	175.08M	273.23M	128.99M	105.05M	68.89M	47.87M
Long-Term Debt	52.95M	53.82M	52.86M	54.86M	44.04M	34.92M	28.93M	36.42M	27.90M	21.25M	15.29M	20.55M	17.55M	12.23M	14.62M	10.29M	10.15M	10.31M	15.55M	9.73M	9.92M	6.01M	10.39M	24.93M	68.44M	20.35M	75.24M	19.11M	14.41M	12.26M	20.27M
Capital Lease Obligations	0.08M	10.39M	8.93M	6.17M	6.90M	7.40M	2.42M	0.15M	0.01M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	2.47M	5.96M	5.00M	4.19M	3.54M	2.82M	2.67M	2.98M	1.71M	1.78M	1.13M	1.26M	1.01M	0.93M	0.85M	1.31M	0.79M	0.82M	0.96M	0.77M	0.65M	0.84M	0.53M	0.19M	0.10M	0.25M	0.63M	0.71M	0.68M	0.85M	0.88M
Other Non-Current Liabilities	16.88M	10.71M	13.39M	9.14M	4.05M	4.16M	4.01M	3.26M	3.86M	3.00M	2.84M	2.09M	2.36M	3.24M	1.74M	1.95M	3.07M	3.12M	2.03M	1.57M	3.43M	3.63M	2.76M	2.61M	2.33M	2.44M	3.37M	1.63M	1.94M	1.74M	1.83M
Total Non-Current Liabilities	72.38M	80.88M	80.17M	74.37M	58.54M	49.32M	38.04M	42.81M	33.48M	26.05M	19.26M	23.90M	20.91M	16.41M	17.21M	13.54M	14.01M	14.24M	18.54M	12.07M	14.00M	10.48M	13.67M	27.72M	70.88M	23.04M	79.23M	21.45M	17.04M	14.86M	22.98M
Total Liabilities	501.33M	361.68M	350.90M	333.72M	320.13M	286.41M	274.94M	248.58M	227.99M	187.36M	169.50M	155.85M	157.67M	159.58M	143.06M	165.87M	145.35M	141.81M	160.67M	134.68M	207.92M	167.69M	191.25M	188.17M	288.90M	198.12M	352.46M	150.44M	122.08M	83.75M	70.85M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.02M	0.00M	0.06M	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	0.22M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	68.61M	51.80M	51.10M	50.73M	50.00M	49.55M	49.45M	47.67M	43.88M	40.20M	35.47M	36.76M	36.55M	33.73M	39.33M	39.71M	32.81M	37.89M	32.36M	25.46M	26.30M	23.15M	25.89M	32.82M	70.43M	32.49M	70.27M	20.78M	15.81M	9.87M	13.52M
Retained Earnings	113.95M	102.09M	118.99M	116.24M	121.62M	116.33M	102.68M	93.49M	69.47M	64.85M	63.90M	65.85M	62.20M	54.20M	46.89M	55.25M	45.89M	44.28M	47.40M	32.16M	53.32M	42.03M	35.55M	48.21M	52.46M	31.00M	103.08M	29.64M	21.46M	19.21M	8.72M
Accumulated OCI	115.61M	23.92M	11.05M	17.72M	14.83M	11.24M	11.63M	10.14M	6.88M	6.56M	4.53M	0.43M	-5.60M	-0.51M	-0.56M	-1.42M	-0.02M	-0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.17M	-0.23M	-0.09M	0.00M	0.00M	-0.78M	-1.10M	0.00M
Minority Interest	18.02M	10.55M	10.02M	8.08M	9.05M	7.71M	5.64M	3.10M	3.31M	3.94M	3.53M	4.40M	2.76M	2.29M	3.62M	4.53M	3.54M	4.15M	4.31M	3.22M	5.50M	4.84M	4.88M	4.76M	5.12M	5.79M	5.37M	3.63M	1.63M	0.43M	1.44M
Total Shareholders’ Equity	298.17M	177.81M	181.14M	184.69M	186.46M	177.12M	163.76M	151.30M	120.24M	111.62M	103.91M	103.10M	93.22M	87.41M	85.66M	93.55M	78.68M	82.16M	79.76M	57.61M	79.62M	65.18M	61.44M	80.86M	122.66M	63.62M	173.35M	50.41M	36.49M	27.98M	22.24M
Total Equity	316.19M	188.36M	191.16M	192.77M	195.50M	184.83M	169.40M	154.40M	123.55M	115.56M	107.44M	107.50M	95.98M	89.70M	89.28M	98.08M	82.22M	86.31M	84.07M	60.83M	85.12M	70.02M	66.32M	85.61M	127.78M	69.41M	178.72M	54.05M	38.11M	28.42M	23.68M
Total Liabilities & Equity	817.52M	550.04M	542.06M	526.49M	515.64M	471.24M	444.34M	402.98M	351.54M	302.92M	276.94M	263.35M	253.64M	249.28M	232.34M	263.95M	227.57M	228.12M	244.74M	195.51M	293.04M	237.72M	257.58M	273.78M	416.68M	267.53M	531.18M	204.49M	160.19M	112.16M	94.53M
Tangible Assets	984.86M	749.91M	695.39M	666.10M	609.70M	535.56M	461.11M	414.62M	430.53M	388.03M	347.31M	345.03M	313.46M	319.65M	320.92M	321.56M	271.60M	294.84M	308.29M	317.98M	425.67M	321.69M	282.61M	314.20M	452.43M	367.32M	550.23M	230.89M	273.75M	123.92M	124.70M
Tangible Equity	290.49M	152.90M	154.97M	154.32M	159.95M	152.13M	136.46M	121.47M	101.92M	92.76M	86.88M	94.33M	83.75M	73.86M	69.14M	84.02M	68.72M	75.92M	72.35M	53.44M	76.20M	63.97M	62.57M	81.54M	124.90M	67.03M	174.80M	52.44M	37.89M	28.07M	23.35M
Tangible Book Value	290.49M	152.90M	154.97M	154.32M	159.95M	152.13M	136.46M	121.47M	101.92M	92.76M	86.88M	94.33M	83.75M	73.86M	69.14M	84.02M	68.72M	75.92M	72.35M	53.44M	76.20M	63.97M	62.57M	81.54M	124.90M	67.03M	174.80M	52.44M	37.89M	28.07M	23.35M
Total Investments	111.20M	43.30M	60.98M	63.28M	53.11M	47.38M	44.39M	30.66M	33.12M	28.46M	23.70M	19.36M	14.27M	11.40M	11.68M	9.59M	8.50M	9.73M	11.34M	8.79M	10.53M	9.91M	7.45M	19.80M	12.47M	14.92M	41.44M	4.54M	2.03M	0.00M	0.14M
Net Debt	68.63M	-35.96M	-25.86M	-12.94M	-31.80M	-21.46M	3.21M	12.22M	4.55M	-20.52M	-27.70M	-10.17M	-17.53M	-33.37M	-20.16M	-39.70M	-45.16M	-23.98M	-7.53M	-23.61M	-28.20M	-24.50M	-20.47M	-11.15M	48.32M	-5.11M	18.57M	13.22M	-5.17M	6.40M	18.29M

Industry Capital

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	208.14M	194.05M	198.05M	178.96M	168.42M	147.57M	118.48M	96.45M	129.15M	126.24M	145.36M	91.49M	74.05M	106.39M	75.20M	102.17M	109.74M	121.34M	147.44M	121.97M	158.38M	178.53M	143.06M	85.66M	92.62M	121.21M	220.00M	85.99M	67.20M	34.60M	59.13M
Total Capital	682.17M	488.16M	471.13M	463.77M	443.97M	390.46M	352.15M	345.09M	304.22M	251.94M	242.41M	231.50M	231.76M	200.87M	223.66M	223.49M	219.63M	205.07M	236.04M	197.92M	238.04M	210.53M	225.09M	232.44M	382.56M	289.73M	404.30M	206.49M	163.20M	86.65M	92.24M
Capital Employed	819.94M	545.72M	494.46M	468.22M	438.09M	388.56M	303.81M	283.63M	319.22M	324.67M	337.13M	281.53M	249.70M	229.99M	171.15M	220.62M	219.36M	193.94M	208.21M	201.77M	247.97M	241.98M	204.58M	200.46M	528.33M	211.94M	497.74M	145.18M	116.67M	53.73M	101.61M
Invested Capital	525.25M	339.40M	333.34M	326.04M	315.59M	281.77M	259.94M	262.50M	228.84M	176.82M	164.91M	174.83M	170.46M	131.15M	154.36M	141.23M	137.25M	138.51M	181.75M	137.89M	173.79M	154.77M	172.79M	181.13M	320.00M	222.39M	272.23M	158.51M	123.99M	65.36M	77.18M

Industry Cash Flow 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
Depreciation & Amortization	5.52M	22.09M	20.05M	18.96M	15.32M	14.28M	14.24M	11.45M	10.93M	11.35M	10.35M	9.34M	8.08M	8.35M	8.57M	8.46M	8.64M	9.18M	8.12M	7.85M	8.51M	8.95M	7.44M	8.79M	7.16M	7.31M	20.59M	5.34M	53.23M	28.62M	6.80M
Deferred Income Tax	0.00M	0.00M	0.00M	-0.49M	-1.30M	-0.45M	-0.83M	-0.43M	-0.18M	-0.25M	-0.17M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.13M	-1.73M
Stock-Based Compensation	0.00M	0.04M	0.15M	0.34M	0.46M	0.43M	0.48M	0.16M	0.22M	0.24M	0.08M	0.03M	0.05M	0.01M	0.02M	0.00M	0.05M	0.00M	0.00M	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	-15.70M	3.09M	1.39M	-9.44M	-18.62M	-4.77M	-2.48M	-7.14M	-10.80M	-1.01M	-1.48M	-4.42M	-2.70M	-5.29M	-9.62M	-5.70M	4.93M	-4.38M	-8.16M	-3.14M	-8.48M	-2.54M	-3.24M	5.21M	0.39M	11.52M	5.77M	5.47M	128.90M	4.87M	-13.95M
Accounts Receivable	-4.92M	-18.47M	-2.47M	-3.51M	-13.16M	-8.30M	-3.66M	-3.50M	-9.80M	-2.04M	-1.12M	-3.99M	-2.35M	-0.88M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.31M	0.00M
Inventory	-4.35M	-0.60M	2.13M	-6.38M	-16.05M	-8.99M	-2.00M	-2.52M	-11.34M	0.30M	-2.39M	0.05M	-1.15M	-1.69M	-4.73M	-8.65M	3.15M	-0.18M	-0.81M	-1.78M	-0.95M	-13.17M	-4.08M	-4.55M	-2.57M	-3.65M	13.66M	-1.80M	6.89M	6.18M	-9.73M
Accounts Payable	0.00M	6.24M	3.48M	-1.37M	16.65M	10.60M	0.07M	0.34M	13.28M	2.73M	1.25M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	-0.24M	-1.45M	-3.34M	-2.45M	-0.89M	-0.56M	-0.52M	-5.51M	1.43M	0.21M	2.37M	-2.95M	-1.22M	-2.58M	-4.64M	-0.37M	0.62M	-4.05M	-2.73M	-0.87M	-2.00M	8.11M	-2.02M	-1.59M	0.94M	16.36M	-4.67M	-4.35M	28.20M	0.49M	-4.22M
Other Non-Cash Items	21.48M	7.83M	2.86M	3.39M	4.39M	4.87M	3.59M	4.95M	3.06M	0.83M	4.24M	0.94M	3.04M	2.95M	1.43M	1.60M	4.49M	3.36M	2.35M	0.08M	3.90M	1.73M	0.85M	-6.87M	1.97M	-9.06M	1.55M	0.33M	60.69M	2.46M	-14.00M
Net Cash from Operating Activities	41.80M	47.73M	48.71M	37.35M	31.87M	34.10M	40.37M	27.27M	19.25M	24.59M	20.73M	15.72M	18.75M	16.64M	11.29M	14.39M	27.19M	18.65M	23.58M	21.50M	14.40M	26.98M	16.29M	25.78M	36.29M	21.86M	43.75M	48.17M	75.20M	101.68M	1.06M
Capital Expenditures (PPE)	-31.37M	-26.73M	-25.50M	-27.02M	-24.52M	-20.51M	-21.81M	-19.49M	-15.89M	-11.23M	-12.90M	-13.42M	-13.01M	-13.55M	-16.41M	-13.19M	-12.82M	-14.49M	-11.76M	-12.27M	-10.52M	-15.83M	-11.84M	-19.56M	-15.72M	-17.74M	-12.31M	-10.25M	-19.60M	-18.14M	-9.30M
Acquisitions (Net)	0.40M	0.00M	0.29M	-0.31M	1.03M	1.94M	1.62M	-2.83M	-0.41M	-0.97M	0.23M	-0.41M	0.05M	0.11M	0.17M	0.14M	-0.17M	-0.43M	0.24M	0.87M	0.27M	0.31M	0.35M	-0.32M	-0.16M	0.58M	3.12M	0.01M	-11.03M	8.94M	-68.91M
Purchases of Investments	-44.13M	-24.26M	-34.99M	-36.34M	-32.83M	-25.83M	-20.35M	-16.56M	-13.02M	-13.44M	-9.11M	-3.76M	-3.84M	-2.19M	-3.04M	-2.06M	-2.39M	-4.26M	-2.40M	-0.65M	-0.39M	-5.46M	-2.08M	-8.98M	-4.66M	-5.13M	-8.58M	-3.63M	-6.69M	-97.11M	0.00M
Sales / Maturities of Investments	46.58M	43.20M	41.38M	21.43M	25.00M	21.34M	21.77M	11.84M	12.73M	15.90M	7.36M	5.59M	3.63M	2.11M	1.62M	1.94M	2.58M	4.24M	3.33M	0.87M	2.92M	3.17M	4.47M	3.37M	0.94M	4.92M	3.86M	1.62M	198.57M	98.02M	5.83M
Other Investing Activities	2.26M	-0.90M	0.72M	1.99M	3.24M	0.68M	2.22M	0.24M	-0.37M	3.07M	1.25M	-0.22M	0.02M	-0.73M	0.12M	0.31M	0.45M	1.04M	0.81M	0.55M	-0.25M	0.22M	2.30M	5.54M	-3.60M	-1.62M	-0.04M	-4.24M	-1.21M	-3.34M	0.95M
Net Cash from Investing Activities	-35.34M	-23.88M	-25.31M	-29.02M	-29.99M	-24.87M	-20.98M	-29.60M	-23.27M	-17.14M	-14.91M	-14.55M	-13.20M	-15.94M	-18.46M	-21.97M	-11.07M	-14.83M	-12.95M	-8.95M	-10.19M	-21.60M	-7.19M	-32.06M	-19.14M	-19.33M	-20.02M	-18.31M	-57.22M	-3.30M	-71.42M
Net Debt Issuance	2.10M	9.25M	3.53M	4.20M	4.97M	11.30M	-3.04M	9.13M	13.79M	1.75M	-2.74M	0.22M	1.40M	-0.23M	6.17M	8.18M	0.55M	3.11M	-0.58M	-1.33M	1.37M	0.17M	3.60M	2.43M	-3.62M	-4.15M	-0.09M	-7.65M	-10.30M	-4.02M	26.27M
Long-Term Debt Issuance	-3.89M	8.67M	4.23M	2.29M	8.37M	7.77M	-3.19M	8.64M	11.90M	2.67M	-1.96M	1.68M	1.44M	1.35M	4.38M	2.34M	-0.46M	1.36M	3.10M	0.27M	0.85M	3.93M	3.98M	1.38M	-0.10M	-3.40M	3.60M	-7.64M	-10.31M	-4.02M	26.27M
Short-Term Debt Issuance	0.72M	-0.29M	-1.62M	-0.86M	-0.37M	-0.20M	-0.30M	-0.02M	0.00M	0.00M	-0.03M	0.01M	-0.01M	-0.20M	-0.14M	-0.26M	0.05M	0.01M	0.03M	-1.29M	-0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	0.03M	-1.59M	0.00M	-0.07M	-0.05M	-0.06M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.06M	0.01M	0.04M	0.21M	0.01M	0.05M	0.33M	0.00M	0.02M	0.20M	0.16M	0.00M	0.04M	0.03M	-0.80M	0.21M	2.98M	0.23M	29.74M
Common Stock Issuance	0.00M	0.00M	0.00M	0.42M	0.41M	0.01M	0.39M	0.02M	0.24M	0.05M	0.03M	0.01M	0.13M	0.12M	0.10M	0.32M	0.17M	0.17M	0.52M	0.01M	0.05M	0.24M	0.16M	0.04M	0.14M	0.35M	0.17M	1.03M	3.25M	0.27M	29.74M
Common Stock Repurchased	-0.13M	-1.56M	-0.34M	-0.30M	-0.14M	-0.10M	-0.19M	-0.05M	-0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.02M	-0.18M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.25M	-1.68M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-5.21M	-11.23M	-11.75M	-12.01M	-9.81M	-6.16M	-7.42M	-8.03M	-7.80M	-5.93M	-6.11M	-4.47M	-5.66M	-6.60M	-5.99M	-5.05M	-4.68M	-5.13M	-3.99M	-3.65M	-3.42M	-4.46M	-4.92M	-4.25M	-2.86M	-1.88M	-2.06M	-1.14M	0.00M	-3.19M	0.00M
Common Dividends Paid	-5.08M	-11.04M	-10.61M	-13.02M	-11.03M	-7.14M	-8.32M	-7.09M	-7.05M	-5.81M	-4.73M	-3.84M	-5.69M	-4.49M	-5.62M	-4.29M	-4.12M	-4.61M	-4.48M	-3.84M	-3.40M	-4.04M	-4.92M	-4.25M	-3.23M	-1.87M	-2.06M	-1.14M	0.00M	-3.19M	0.00M
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
Other Financing Activities	-7.08M	-4.54M	-4.87M	-2.90M	-2.52M	-0.66M	0.33M	1.34M	3.19M	1.38M	1.96M	0.66M	0.20M	-0.16M	0.85M	0.26M	-0.54M	-0.09M	0.25M	0.97M	0.42M	1.52M	-0.05M	2.55M	-0.16M	1.96M	12.75M	10.19M	0.06M	0.08M	-0.07M
Net Cash from Financing Activities	-20.97M	-19.61M	-11.61M	-7.81M	3.29M	6.83M	-7.33M	0.28M	14.06M	-3.03M	-8.43M	-2.59M	-1.93M	-4.48M	6.94M	2.89M	-2.36M	0.43M	-3.67M	-4.20M	-0.38M	1.67M	-1.27M	8.87M	-0.64M	-6.11M	12.81M	-0.82M	-10.12M	-2.79M	55.94M
Effect of FX on Cash	1.20M	0.75M	0.61M	1.37M	0.19M	-0.59M	0.07M	0.23M	-0.82M	-0.14M	0.23M	0.09M	0.03M	-0.08M	-0.03M	-0.15M	-0.13M	-0.07M	0.23M	0.02M	-0.02M	-0.07M	-0.02M	0.09M	0.00M	-0.09M	-0.01M	0.00M	0.98M	0.00M	8.47M
Net Change in Cash	-8.98M	-2.90M	12.01M	-6.07M	13.68M	10.30M	5.93M	1.40M	0.68M	7.27M	2.88M	2.55M	2.04M	-1.23M	2.84M	5.04M	5.42M	6.09M	4.97M	4.93M	2.64M	8.81M	-2.16M	-1.07M	1.32M	-8.62M	2.42M	0.82M	4.68M	181.41M	-5.95M
Cash at Beginning of Period	109.17M	131.91M	115.45M	111.62M	91.90M	78.97M	82.91M	67.83M	72.22M	74.42M	70.95M	70.49M	60.31M	53.87M	63.57M	66.47M	51.35M	45.33M	56.15M	49.35M	44.55M	49.27M	52.57M	61.13M	67.14M	75.07M	136.78M	44.59M	364.80M	171.99M	-8.36M
Cash at End of Period	159.34M	131.15M	132.12M	117.24M	112.30M	90.66M	80.11M	78.40M	65.64M	72.22M	74.97M	66.90M	72.92M	61.49M	55.47M	70.12M	82.26M	63.84M	59.14M	59.93M	52.27M	64.00M	50.88M	52.73M	76.65M	81.76M	131.80M	51.98M	301.06M	352.63M	-14.31M
Operating Cash Flow	43.04M	47.73M	51.54M	37.35M	31.87M	34.10M	40.37M	27.27M	19.25M	24.59M	20.73M	15.72M	18.75M	16.64M	11.29M	14.39M	27.19M	18.65M	23.58M	21.50M	14.40M	26.98M	16.29M	25.78M	36.29M	21.86M	43.75M	48.17M	75.20M	101.68M	1.06M
Capital Expenditure	-33.14M	-27.54M	-27.00M	-27.03M	-24.52M	-20.51M	-21.81M	-19.49M	-15.89M	-11.23M	-12.90M	-13.42M	-13.01M	-13.55M	-16.41M	-13.19M	-12.82M	-14.49M	-11.76M	-12.27M	-10.48M	-15.82M	-11.84M	-19.56M	-15.72M	-17.74M	-12.31M	-10.25M	-19.60M	-18.14M	-9.30M
Free Cash Flow	15.37M	19.21M	22.03M	8.99M	6.67M	11.15M	14.64M	4.60M	-1.40M	9.75M	9.70M	0.97M	4.90M	4.16M	-1.93M	2.37M	9.94M	6.79M	6.36M	9.88M	-2.41M	8.43M	5.45M	-4.22M	4.13M	14.79M	7.88M	33.82M	34.73M	7.82M	-8.24M

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	68.77M	50.27M	45.10M	46.93M	46.41M	46.20M	39.47M	34.91M	30.53M	25.99M	21.12M	22.53M	20.49M	18.76M	27.86M	23.38M	16.61M	25.17M	28.97M	21.15M	22.59M	36.85M	39.33M	38.89M	19.41M	31.73M	39.02M	33.86M	21.84M	18.76M	21.50M
(-) Tax Adjustment	17.04M	12.33M	7.98M	7.32M	7.97M	9.26M	8.10M	7.39M	10.16M	5.36M	4.61M	5.91M	7.21M	6.43M	5.75M	5.99M	5.88M	6.93M	8.53M	9.21M	5.79M	6.36M	8.58M	16.56M	2.83M	6.15M	11.72M	7.32M	6.20M	2.81M	3.56M
(-) Change In Working Capital	-15.70M	3.09M	1.39M	-9.44M	-18.62M	-4.77M	-2.48M	-7.14M	-10.80M	-1.01M	-1.48M	-4.42M	-2.70M	-5.29M	-9.62M	-5.70M	4.93M	-4.38M	-8.16M	-3.14M	-8.48M	-2.54M	-3.24M	5.21M	0.39M	11.52M	5.77M	5.47M	128.90M	4.87M	-13.95M
(-) Capital Expenditure	33.14M	27.54M	27.00M	27.03M	24.52M	20.51M	21.81M	19.49M	15.89M	11.23M	12.90M	13.42M	13.01M	13.55M	16.41M	13.19M	12.82M	14.49M	11.76M	12.27M	10.48M	15.82M	11.84M	19.56M	15.72M	17.74M	12.31M	10.25M	19.60M	18.14M	9.30M
Unlevered Free Cash Flow	34.29M	7.30M	8.72M	22.02M	32.54M	21.20M	12.04M	15.17M	15.27M	10.40M	5.09M	7.62M	2.97M	4.07M	15.32M	9.90M	-7.03M	8.13M	16.85M	2.81M	14.80M	17.21M	22.15M	-2.45M	0.47M	-3.69M	9.22M	10.83M	-132.85M	-7.06M	22.59M
(-) Net Interest Income After Taxes	-1.91M	-1.82M	-3.02M	-1.55M	-1.11M	-1.55M	-1.89M	-2.42M	-1.30M	-1.52M	-1.10M	-1.12M	-1.07M	-0.80M	-1.05M	-0.84M	-1.15M	-1.35M	-2.20M	-0.72M	-0.85M	-0.80M	-0.55M	-0.31M	-1.06M	-1.41M	-1.35M	-2.99M	-1.15M	-1.53M	-1.34M
Net Debt Issuance	2.10M	9.25M	3.53M	4.20M	4.97M	11.30M	-3.04M	9.13M	13.79M	1.75M	-2.74M	0.22M	1.40M	-0.23M	6.17M	8.18M	0.55M	3.11M	-0.58M	-1.33M	1.37M	0.17M	3.60M	2.43M	-3.62M	-4.15M	-0.09M	-7.65M	-10.30M	-4.02M	26.27M
Levered Free Cash Flow	38.30M	18.37M	15.27M	27.78M	38.61M	34.05M	10.88M	26.73M	30.36M	13.67M	3.45M	8.96M	5.45M	4.64M	22.54M	18.91M	-5.33M	12.59M	18.47M	2.20M	17.02M	18.18M	26.29M	0.30M	-2.09M	-6.44M	10.48M	6.17M	-142.00M	-9.55M	50.20M