Education & Training Services

Category: Industry Averages Base Ticker: 0032.HK

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	11.34	4.75	4.69	4.39	5.64	5.39	5.07	4.20	3.49	2.44	2.58	2.17	2.26	2.30	2.89	4.50	5.71	5.22	8.66	7.95	11.27	12.25	13.41	11.10	13.73	11.49	8.36	12.85	11.46	7.24	45.33
Market Capitalization	802.05M	457.16M	515.90M	429.30M	529.59M	712.69M	687.29M	481.59M	426.37M	362.18M	334.50M	290.68M	243.15M	227.21M	178.39M	217.93M	195.01M	183.04M	279.76M	268.81M	396.44M	294.48M	383.84M	255.79M	258.86M	279.02M	276.87M	314.00M	271.41M	239.52M	212.80M
(-) Cash & Equivalents	80.01M	88.48M	87.46M	82.85M	104.48M	94.17M	73.00M	59.56M	41.53M	33.65M	28.20M	24.60M	27.47M	18.37M	17.95M	20.70M	18.34M	14.99M	25.73M	14.36M	24.20M	17.33M	18.01M	12.19M	13.97M	11.22M	12.37M	11.59M	12.34M	10.24M	4.29M
(+) Total Debt	115.09M	135.39M	148.84M	150.57M	138.71M	123.11M	93.03M	54.91M	34.44M	35.45M	28.37M	19.61M	16.74M	16.57M	14.89M	9.69M	9.61M	6.13M	5.62M	8.50M	10.35M	8.07M	15.18M	13.28M	12.45M	10.88M	20.61M	11.72M	13.61M	4.23M	14.81M
Enterprise Value	862.88M	497.55M	585.95M	567.13M	583.04M	780.13M	706.37M	544.04M	426.64M	373.65M	368.35M	303.07M	244.81M	229.13M	186.23M	226.68M	196.11M	184.46M	268.95M	346.58M	393.52M	286.41M	366.69M	272.37M	258.45M	284.75M	312.86M	313.74M	270.10M	239.95M	218.57M

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	424.118M	314.063M	302.118M	271.073M	241.628M	211.574M	204.320M	175.183M	141.705M	126.942M	114.079M	111.520M	126.407M	140.677M	137.631M	124.913M	96.125M	90.888M	115.389M	111.390M	121.148M	89.486M	114.629M	126.284M	168.240M	74.873M	100.886M	114.054M	91.090M	88.503M	67.142M
Cost of Revenue	195.848M	146.744M	146.895M	131.038M	124.027M	113.920M	97.461M	92.045M	76.017M	64.270M	60.009M	65.027M	61.629M	71.477M	63.060M	58.917M	57.239M	55.054M	56.620M	50.222M	51.005M	38.587M	45.358M	82.964M	87.277M	51.329M	73.453M	70.983M	61.353M	63.992M	55.056M
Gross Profit	228.271M	167.318M	155.224M	140.035M	117.601M	97.654M	106.859M	83.137M	65.689M	62.672M	54.070M	46.494M	64.778M	69.200M	74.571M	65.996M	38.885M	35.834M	58.769M	61.168M	70.143M	50.899M	69.270M	43.320M	80.963M	23.544M	27.434M	43.071M	29.737M	24.512M	12.085M
Gross Margin	53.82%	53.28%	51.38%	51.66%	48.67%	46.16%	52.30%	47.46%	46.36%	49.37%	47.40%	41.69%	51.25%	49.19%	54.18%	52.83%	40.45%	39.43%	50.93%	54.91%	57.90%	56.88%	60.43%	34.30%	48.12%	31.45%	27.19%	37.76%	32.65%	27.70%	18.00%
R&D Expenses	0.273M	0.528M	0.422M	0.530M	0.692M	0.657M	0.976M	0.142M	0.149M	0.041M	0.009M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
SG&A Expenses	119.333M	93.509M	89.076M	79.592M	73.227M	63.515M	59.582M	40.583M	32.339M	26.246M	23.799M	20.989M	21.699M	27.543M	21.060M	17.185M	15.192M	19.828M	32.022M	28.565M	31.823M	16.604M	19.967M	16.978M	46.067M	13.000M	27.147M	23.194M	15.509M	11.110M	9.349M
Operating Expenses	119.606M	94.037M	89.498M	80.122M	73.919M	64.172M	60.557M	40.724M	32.489M	26.286M	23.807M	20.989M	21.699M	27.543M	21.060M	17.185M	15.192M	19.828M	32.022M	28.565M	31.823M	16.604M	19.967M	16.978M	46.067M	13.000M	27.147M	23.194M	15.509M	11.110M	9.349M
Operating Income	108.665M	73.281M	65.726M	59.913M	43.682M	33.482M	46.302M	42.413M	33.200M	36.385M	30.262M	25.504M	43.079M	41.657M	53.511M	48.812M	23.693M	16.006M	26.747M	32.603M	38.320M	34.295M	49.304M	26.343M	34.896M	10.544M	0.287M	19.877M	14.228M	13.401M	2.737M
Operating Margin	25.62%	23.33%	21.75%	22.10%	18.08%	15.83%	22.66%	24.21%	23.43%	28.66%	26.53%	22.87%	34.08%	29.61%	38.88%	39.08%	24.65%	17.61%	23.18%	29.27%	31.63%	38.32%	43.01%	20.86%	20.74%	14.08%	0.28%	17.43%	15.62%	15.14%	4.08%
Interest Income	1.938M	1.758M	1.769M	1.562M	1.449M	1.188M	1.249M	0.909M	0.627M	0.603M	0.570M	0.291M	0.460M	0.283M	0.186M	0.213M	0.118M	0.235M	0.207M	0.085M	0.089M	0.037M	0.021M	0.004M	0.081M	0.015M	0.000M	0.000M	0.000M	0.000M	0.059M
Interest Expense	8.528M	6.356M	7.322M	9.025M	6.667M	4.562M	4.818M	2.684M	2.199M	1.875M	1.314M	1.146M	0.887M	0.951M	0.907M	0.954M	0.534M	0.405M	0.217M	0.178M	0.409M	0.160M	0.125M	0.153M	0.379M	0.254M	0.077M	0.258M	0.090M	0.173M	0.483M
Net Interest Income	-6.590M	-4.599M	-5.552M	-7.463M	-5.218M	-3.374M	-3.568M	-1.776M	-1.573M	-1.271M	-0.744M	-0.855M	-0.427M	-0.667M	-0.721M	-0.741M	-0.416M	-0.170M	-0.010M	-0.093M	-0.320M	-0.123M	-0.104M	-0.149M	-0.298M	-0.239M	-0.077M	-0.258M	-0.090M	-0.173M	-0.424M
Other Income / Expense	-58.523M	-38.424M	-30.946M	-29.994M	-24.269M	-12.942M	-21.681M	-20.530M	-15.337M	-19.801M	-19.298M	-14.721M	-34.792M	-33.562M	-43.176M	-35.026M	-15.067M	-9.553M	-15.365M	-23.853M	-27.067M	-26.812M	-40.704M	-19.745M	-16.802M	-1.247M	9.137M	-9.639M	-3.592M	-3.440M	0.440M
Pre-Tax Income	43.552M	30.258M	29.228M	22.457M	14.195M	17.165M	21.053M	20.107M	16.290M	15.313M	10.221M	9.928M	7.860M	7.427M	9.615M	13.045M	8.211M	6.284M	11.372M	8.657M	10.933M	7.360M	8.496M	6.449M	17.796M	9.059M	9.346M	9.980M	10.547M	9.788M	2.753M
Pre-Tax Margin	10.27%	9.63%	9.67%	8.28%	5.87%	8.11%	10.30%	11.48%	11.50%	12.06%	8.96%	8.90%	6.22%	5.28%	6.99%	10.44%	8.54%	6.91%	9.86%	7.77%	9.02%	8.23%	7.41%	5.11%	10.58%	12.10%	9.26%	8.75%	11.58%	11.06%	4.10%
Income Tax Expense	7.036M	5.489M	4.983M	4.068M	4.289M	2.500M	3.082M	2.285M	2.284M	2.183M	1.773M	1.496M	1.827M	2.180M	2.578M	2.660M	2.659M	1.961M	2.188M	1.459M	2.487M	1.851M	2.240M	1.595M	8.221M	4.984M	3.443M	3.900M	3.276M	2.775M	0.604M
Tax Rate	16.15%	18.14%	17.05%	18.12%	30.22%	14.56%	14.64%	11.36%	14.02%	14.25%	17.35%	15.07%	23.25%	29.35%	26.82%	20.39%	32.39%	31.20%	19.24%	16.85%	22.75%	25.15%	26.37%	24.73%	35.00%	35.00%	35.00%	35.00%	31.06%	28.35%	21.93%
Net Income	36.516M	24.769M	24.245M	18.389M	9.905M	14.665M	17.971M	17.822M	14.006M	13.130M	8.448M	8.432M	6.032M	5.247M	7.037M	10.385M	5.551M	4.323M	9.184M	7.198M	8.446M	5.509M	6.256M	4.854M	9.575M	4.075M	5.904M	6.080M	7.271M	7.013M	2.149M
Net Margin	8.61%	7.89%	8.03%	6.78%	4.10%	6.93%	8.80%	10.17%	9.88%	10.34%	7.41%	7.56%	4.77%	3.73%	5.11%	8.31%	5.78%	4.76%	7.96%	6.46%	6.97%	6.16%	5.46%	3.84%	5.69%	5.44%	5.85%	5.33%	7.98%	7.92%	3.20%
EBIT	108.665M	73.281M	65.726M	59.913M	43.682M	33.482M	46.302M	42.413M	33.200M	36.385M	30.262M	25.504M	43.079M	41.657M	53.511M	48.812M	23.693M	16.006M	26.747M	32.603M	38.320M	34.295M	49.304M	26.343M	34.896M	10.544M	0.287M	19.877M	14.228M	13.401M	2.737M
Depreciation & Amortization	25.309M	19.646M	20.509M	20.311M	17.448M	15.121M	13.200M	8.480M	6.653M	5.860M	4.874M	4.332M	4.714M	5.345M	4.397M	4.319M	3.452M	3.521M	4.741M	2.526M	3.367M	2.051M	2.075M	8.270M	8.658M	5.741M	5.731M	3.836M	2.668M	1.245M	0.110M
EBITDA	133.974M	92.927M	86.235M	80.224M	61.130M	48.603M	59.502M	50.893M	39.853M	42.246M	35.137M	29.836M	47.793M	47.002M	57.908M	53.130M	27.145M	19.527M	31.488M	35.129M	41.688M	36.346M	51.378M	34.612M	43.554M	16.286M	6.018M	23.713M	16.896M	14.647M	2.847M
EBITDA Margin	31.59%	29.59%	28.54%	29.60%	25.30%	22.97%	29.12%	29.05%	28.12%	33.28%	30.80%	26.75%	37.81%	33.41%	42.07%	42.53%	28.24%	21.48%	27.29%	31.54%	34.41%	40.62%	44.82%	27.41%	25.89%	21.75%	5.96%	20.79%	18.55%	16.55%	4.24%
NOPAT	91.110M	59.988M	54.521M	49.060M	30.482M	28.605M	39.525M	37.594M	28.545M	31.199M	25.013M	21.660M	33.063M	29.429M	39.162M	38.858M	16.019M	11.012M	21.601M	27.108M	29.603M	25.669M	36.304M	19.829M	22.682M	6.854M	0.187M	12.920M	9.809M	9.602M	2.137M
NOPAT Margin	21.48%	19.10%	18.05%	18.10%	12.62%	13.52%	19.34%	21.46%	20.14%	24.58%	21.93%	19.42%	26.16%	20.92%	28.45%	31.11%	16.67%	12.12%	18.72%	24.34%	24.44%	28.68%	31.67%	15.70%	13.48%	9.15%	0.18%	11.33%	10.77%	10.85%	3.18%
Owner's Earnings	61.825M	44.415M	44.754M	38.700M	27.354M	29.786M	31.171M	26.302M	20.659M	18.991M	13.322M	12.763M	10.746M	10.592M	11.433M	14.704M	9.003M	7.844M	13.925M	9.724M	11.814M	7.560M	8.330M	13.124M	18.233M	9.816M	11.634M	9.916M	9.940M	8.258M	2.259M
Owner's Earnings Margin	14.58%	14.14%	14.81%	14.28%	11.32%	14.08%	15.26%	15.01%	14.58%	14.96%	11.68%	11.44%	8.50%	7.53%	8.31%	11.77%	9.37%	8.63%	12.07%	8.73%	9.75%	8.45%	7.27%	10.39%	10.84%	13.11%	11.53%	8.69%	10.91%	9.33%	3.36%
EPS	0.20	0.07	0.06	0.04	0.03	0.04	0.04	0.05	0.04	0.03	0.02	0.04	0.05	0.05	0.09	0.13	0.08	0.06	0.12	0.13	0.15	0.09	0.15	0.13	0.27	0.12	0.15	0.14	0.17	0.16	0.03
EPS (Diluted)	0.20	0.07	0.06	0.04	0.03	0.04	0.04	0.05	0.04	0.03	0.02	0.04	0.05	0.05	0.09	0.13	0.08	0.06	0.12	0.13	0.15	0.09	0.15	0.13	0.27	0.12	0.15	0.14	0.17	0.16	0.03
Shares (Diluted)	186,160,515	375,522,216	423,949,856	416,408,698	382,948,051	385,231,344	457,858,129	380,792,119	372,187,359	423,731,143	391,874,030	194,651,637	124,433,794	98,945,158	82,321,944	77,864,762	68,280,913	69,214,412	74,236,892	56,340,049	55,242,786	63,508,089	41,619,536	38,663,755	35,030,092	34,287,257	40,023,193	44,682,668	43,950,196	44,309,368	63,658,263

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	86.48M	88.21M	87.46M	83.12M	104.48M	93.64M	72.41M	60.06M	42.32M	33.65M	28.44M	24.60M	27.79M	18.72M	18.18M	21.01M	18.34M	16.54M	25.73M	14.36M	24.88M	18.45M	24.81M	14.54M	15.72M	11.22M	12.37M	11.59M	12.34M	10.24M	4.29M
Short-Term Investments	34.39M	20.78M	26.67M	24.66M	31.64M	25.34M	18.28M	19.09M	19.99M	12.81M	11.57M	7.62M	6.97M	7.97M	5.38M	3.22M	5.98M	3.29M	11.30M	0.74M	8.46M	0.57M	1.94M	0.25M	2.48M	2.81M	4.23M	1.12M	1.10M	3.48M	0.63M
Cash & Short-Term Investments	120.87M	108.99M	114.12M	107.78M	136.12M	118.98M	90.70M	79.15M	62.31M	46.46M	40.01M	32.22M	34.76M	26.69M	23.56M	24.23M	24.33M	19.83M	37.03M	15.10M	33.33M	19.02M	26.74M	14.80M	18.20M	14.03M	16.60M	12.72M	13.44M	13.72M	4.92M
Net Receivables	54.52M	33.07M	28.54M	30.29M	26.67M	23.80M	20.42M	13.35M	14.67M	16.22M	10.51M	12.13M	8.82M	14.17M	7.10M	10.18M	6.79M	6.94M	10.37M	7.71M	13.20M	13.27M	19.47M	24.25M	14.62M	11.26M	15.63M	18.04M	16.40M	14.38M	14.65M
Inventory	2.71M	1.00M	1.16M	1.18M	1.30M	1.63M	1.74M	1.60M	1.30M	1.06M	0.96M	0.93M	0.99M	1.96M	1.32M	1.24M	1.08M	1.16M	1.80M	1.21M	1.58M	0.87M	1.95M	2.08M	5.25M	2.55M	5.30M	5.55M	6.83M	7.93M	10.64M
Other Current Assets	16.22M	11.42M	13.58M	13.70M	11.00M	10.49M	7.70M	9.00M	8.15M	7.73M	8.39M	5.79M	4.88M	3.92M	4.73M	4.14M	3.58M	2.88M	4.04M	2.64M	2.46M	2.67M	5.65M	1.75M	4.92M	8.09M	8.27M	10.38M	6.31M	8.88M	14.47M
Total Current Assets	194.31M	154.48M	157.41M	152.96M	175.08M	154.91M	120.56M	103.10M	86.44M	71.47M	59.86M	51.07M	49.45M	46.73M	36.71M	39.79M	35.78M	30.82M	53.25M	26.65M	50.57M	35.83M	53.81M	42.88M	42.99M	35.94M	45.80M	46.69M	42.98M	44.91M	44.68M
Property, Plant & Equipment	125.78M	177.90M	182.12M	185.03M	174.41M	156.39M	134.72M	85.79M	66.86M	61.40M	47.16M	39.27M	35.66M	34.25M	31.78M	29.46M	23.66M	23.04M	25.05M	19.13M	22.35M	14.52M	16.58M	43.57M	40.54M	25.10M	36.75M	33.32M	18.51M	10.89M	7.23M
Goodwill	90.00M	60.79M	74.13M	75.56M	62.01M	46.59M	33.77M	27.89M	16.20M	10.63M	9.99M	9.54M	9.30M	5.44M	6.44M	2.21M	1.97M	5.09M	5.10M	3.86M	0.18M	0.48M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	58.99M	44.51M	44.24M	51.69M	38.94M	24.76M	22.26M	15.99M	9.26M	8.50M	6.62M	6.17M	4.76M	3.08M	4.57M	3.65M	3.19M	2.43M	3.04M	1.85M	13.89M	2.98M	14.97M	14.81M	2.98M	15.28M	18.69M	15.44M	13.76M	11.04M	24.46M
Long-Term Investments	19.84M	5.58M	7.89M	7.90M	4.57M	9.02M	9.56M	5.91M	6.02M	4.95M	4.27M	2.96M	2.66M	1.60M	1.23M	0.72M	0.79M	0.46M	0.94M	0.06M	0.03M	0.01M	0.00M	0.20M	2.42M	0.00M	3.51M	2.50M	0.00M	0.00M	1.01M
Tax Assets	4.12M	3.17M	4.52M	3.71M	3.08M	3.07M	1.63M	1.91M	1.25M	1.04M	0.55M	0.55M	0.93M	0.69M	0.91M	0.90M	1.04M	1.08M	0.40M	0.93M	0.35M	0.31M	0.18M	0.40M	1.21M	0.09M	0.19M	0.45M	0.05M	0.05M	0.08M
Other Non-Current Assets	22.19M	25.88M	20.04M	23.06M	18.12M	17.09M	14.50M	9.76M	9.65M	8.28M	9.63M	6.51M	5.92M	5.51M	6.39M	5.04M	4.53M	6.09M	4.80M	2.39M	2.13M	2.36M	5.01M	5.95M	6.47M	14.71M	7.55M	12.04M	12.30M	8.13M	8.61M
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	320.91M	317.84M	332.94M	346.95M	301.12M	256.93M	216.43M	147.25M	109.25M	94.80M	78.23M	64.99M	59.23M	50.57M	51.32M	41.98M	35.19M	38.19M	39.32M	28.21M	38.94M	20.67M	36.74M	64.92M	53.62M	55.19M	66.70M	63.74M	44.61M	30.10M	41.38M
Total Assets	515.23M	472.32M	490.35M	499.90M	476.20M	411.83M	337.00M	250.35M	195.69M	166.27M	138.09M	116.06M	108.68M	97.30M	88.03M	81.78M	70.98M	69.01M	92.57M	54.86M	89.51M	56.50M	90.55M	107.80M	96.61M	91.12M	112.49M	110.43M	87.60M	75.01M	86.06M
Accounts Payable	18.50M	9.61M	9.16M	9.03M	8.49M	7.69M	6.49M	5.23M	4.75M	4.91M	4.90M	4.22M	4.85M	4.66M	5.89M	5.22M	5.96M	5.89M	6.20M	9.03M	8.62M	8.15M	10.85M	11.44M	6.57M	8.00M	8.90M	8.91M	9.84M	8.96M	8.30M
Short-Term Debt	26.13M	17.71M	26.30M	23.45M	17.36M	25.19M	13.40M	12.67M	8.93M	8.73M	9.62M	6.22M	3.45M	2.82M	4.62M	3.08M	2.77M	2.03M	2.27M	1.89M	2.84M	3.10M	8.29M	7.35M	9.61M	5.94M	10.45M	7.75M	6.42M	1.49M	9.15M
Tax Payables	0.62M	4.04M	4.44M	5.06M	4.04M	3.04M	2.95M	2.28M	2.47M	1.74M	1.38M	1.26M	0.78M	0.64M	0.50M	0.77M	0.93M	0.74M	0.42M	0.26M	0.10M	0.10M	0.07M	0.05M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.05M
Deferred Revenue	40.31M	6.22M	18.44M	19.83M	24.69M	16.40M	13.41M	8.50M	8.32M	8.86M	6.26M	7.33M	6.25M	6.50M	5.67M	4.87M	3.70M	4.29M	2.96M	1.92M	5.72M	2.36M	7.70M	7.15M	4.94M	0.70M	1.70M	0.30M	1.08M	0.15M	1.67M
Other Current Liabilities	47.59M	55.46M	49.93M	38.80M	31.89M	44.28M	43.44M	43.92M	28.98M	20.72M	19.17M	15.38M	11.43M	12.59M	7.54M	5.97M	6.45M	6.47M	10.05M	6.61M	5.64M	3.03M	2.73M	3.36M	5.88M	6.59M	14.29M	15.14M	9.10M	6.36M	3.80M
Total Current Liabilities	133.15M	93.04M	108.27M	96.16M	86.48M	96.61M	79.69M	72.60M	53.45M	44.96M	41.33M	34.41M	26.76M	27.21M	24.21M	19.92M	19.82M	19.43M	21.89M	19.70M	22.93M	16.74M	29.64M	29.34M	26.99M	21.24M	35.35M	32.10M	26.44M	16.95M	22.97M
Long-Term Debt	64.99M	58.31M	67.64M	72.89M	70.91M	61.39M	34.45M	20.74M	16.76M	16.00M	11.69M	10.20M	12.25M	9.28M	7.16M	3.55M	2.48M	2.10M	1.63M	2.64M	2.93M	2.80M	9.72M	5.85M	3.01M	3.99M	11.76M	6.90M	1.82M	0.52M	0.79M
Capital Lease Obligations	44.34M	36.99M	38.80M	33.83M	34.99M	33.64M	19.00M	0.53M	0.04M	0.03M	0.03M	0.04M	0.03M	0.01M	0.02M	0.01M	0.01M	0.00M	0.00M	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	5.50M	3.93M	5.55M	8.48M	3.23M	3.70M	2.88M	1.60M	1.09M	0.77M	0.28M	0.20M	0.48M	0.35M	0.61M	0.07M	0.10M	0.08M	0.11M	0.12M	0.17M	0.10M	0.06M	0.04M	0.03M	0.07M	1.05M	0.94M	0.90M	0.62M	0.23M
Other Non-Current Liabilities	15.23M	11.45M	12.55M	17.46M	14.67M	10.41M	9.28M	7.19M	4.48M	4.30M	3.70M	4.56M	3.42M	5.09M	4.66M	4.22M	3.93M	3.53M	5.12M	4.07M	1.82M	1.16M	3.63M	6.73M	3.67M	1.29M	2.52M	3.26M	3.42M	2.50M	0.47M
Total Non-Current Liabilities	130.05M	110.68M	124.55M	132.65M	123.80M	109.14M	65.60M	30.06M	22.36M	21.10M	15.69M	14.99M	16.18M	14.72M	12.44M	7.85M	6.52M	5.72M	6.86M	6.83M	4.92M	4.06M	13.42M	12.62M	6.72M	5.35M	15.32M	11.10M	6.14M	3.64M	1.49M
Total Liabilities	263.20M	203.72M	232.82M	228.81M	210.28M	205.74M	145.29M	102.66M	75.81M	66.05M	57.02M	49.40M	42.94M	41.93M	36.65M	27.77M	26.34M	25.14M	28.75M	26.53M	27.85M	20.80M	43.06M	41.96M	33.71M	26.58M	50.67M	43.20M	32.58M	20.60M	24.45M
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
Common Stock	26.04M	24.98M	25.75M	23.05M	23.80M	16.41M	14.06M	12.36M	12.56M	10.75M	11.61M	9.38M	9.06M	10.20M	9.54M	9.02M	7.69M	9.86M	9.34M	4.91M	4.94M	3.72M	5.08M	5.32M	3.42M	5.74M	6.00M	4.36M	4.34M	4.69M	4.48M
Retained Earnings	75.78M	105.13M	82.29M	85.06M	65.45M	66.03M	57.32M	41.61M	37.49M	30.26M	16.36M	15.45M	21.46M	15.23M	12.70M	13.19M	11.38M	11.42M	7.73M	4.63M	2.46M	1.26M	9.58M	26.93M	13.87M	15.72M	14.71M	18.38M	9.60M	2.57M	-1.58M
Accumulated OCI	4.42M	3.61M	3.86M	5.03M	4.97M	4.98M	6.31M	0.17M	-1.37M	-2.05M	-1.86M	-0.33M	-0.23M	-0.25M	-0.25M	-0.07M	-0.01M	-0.03M	0.03M	-0.01M	0.04M	0.07M	-0.04M	-0.13M	-2.32M	-0.11M	-0.32M	-4.09M	-3.85M	-3.53M	-8.35M
Minority Interest	1.69M	2.69M	1.34M	1.23M	1.40M	1.77M	2.21M	1.65M	1.11M	1.09M	1.26M	0.70M	0.22M	0.23M	0.09M	0.08M	0.07M	0.12M	0.02M	0.02M	0.00M	0.00M	0.07M	0.08M	0.69M	0.71M	0.65M	0.01M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	106.24M	133.71M	111.91M	113.15M	94.22M	87.41M	77.70M	54.15M	48.68M	38.95M	26.11M	24.50M	30.29M	25.18M	21.98M	22.14M	19.06M	21.25M	17.10M	9.53M	7.43M	5.05M	14.62M	32.12M	14.98M	21.35M	20.39M	18.65M	10.09M	3.72M	-5.45M
Total Equity	107.93M	136.40M	113.25M	114.38M	95.61M	89.18M	79.90M	55.80M	49.79M	40.04M	27.38M	25.19M	30.51M	25.41M	22.07M	22.21M	19.13M	21.37M	17.12M	9.55M	7.43M	5.05M	14.70M	32.20M	15.67M	22.05M	21.05M	18.66M	10.09M	3.72M	-5.45M
Total Liabilities & Equity	371.13M	340.12M	346.07M	343.19M	305.90M	294.93M	225.19M	158.46M	125.60M	106.10M	84.40M	74.59M	73.45M	67.34M	58.72M	49.98M	45.46M	46.51M	45.87M	36.08M	35.28M	25.85M	57.75M	74.16M	49.38M	48.63M	71.72M	61.86M	42.68M	24.32M	19.01M
Tangible Assets	366.24M	367.01M	371.98M	372.66M	375.26M	340.48M	280.97M	206.47M	170.23M	147.15M	121.47M	100.35M	94.63M	88.78M	77.03M	75.92M	65.81M	61.49M	84.43M	49.16M	75.43M	53.04M	75.58M	93.00M	93.63M	75.84M	93.80M	94.99M	73.84M	63.97M	61.61M
Tangible Equity	-41.06M	31.09M	-5.12M	-12.87M	-5.33M	17.83M	23.88M	11.92M	24.33M	20.92M	10.76M	9.48M	16.46M	16.89M	11.07M	16.35M	13.96M	13.84M	8.98M	3.85M	-6.65M	1.59M	-0.28M	17.40M	12.69M	6.77M	2.36M	3.21M	-3.67M	-7.32M	-29.90M
Tangible Book Value	-41.06M	31.09M	-5.12M	-12.87M	-5.33M	17.83M	23.88M	11.92M	24.33M	20.92M	10.76M	9.48M	16.46M	16.89M	11.07M	16.35M	13.96M	13.84M	8.98M	3.85M	-6.65M	1.59M	-0.28M	17.40M	12.69M	6.77M	2.36M	3.21M	-3.67M	-7.32M	-29.90M
Total Investments	48.89M	15.76M	25.18M	21.23M	20.11M	27.35M	29.06M	19.32M	26.30M	17.59M	10.38M	9.80M	9.23M	4.30M	3.03M	4.17M	6.70M	6.26M	6.09M	2.42M	8.41M	4.58M	4.61M	4.33M	4.06M	3.82M	6.51M	4.01M	1.70M	1.84M	1.08M
Net Debt	4.64M	-12.18M	6.48M	13.21M	-16.21M	-7.06M	-24.56M	-26.65M	-16.63M	-8.92M	-7.14M	-8.18M	-12.09M	-6.62M	-6.40M	-14.37M	-13.09M	-12.41M	-21.84M	-9.83M	-19.11M	-12.55M	-6.80M	-1.34M	-3.10M	-1.30M	9.84M	3.05M	-4.10M	-8.22M	5.65M

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	46.15M	24.41M	16.85M	21.90M	31.17M	42.54M	14.08M	23.18M	31.03M	16.03M	23.16M	26.56M	24.22M	12.56M	13.93M	15.25M	17.11M	11.74M	25.75M	23.36M	14.63M	14.25M	12.90M	2.92M	8.19M	6.58M	7.71M	12.24M	18.51M	14.77M	19.22M
Total Capital	496.68M	410.13M	437.07M	435.43M	395.43M	359.89M	313.19M	235.23M	177.39M	151.27M	118.60M	107.16M	115.11M	91.66M	81.23M	77.61M	74.77M	72.07M	90.89M	68.19M	94.38M	57.82M	101.32M	107.84M	97.10M	79.79M	87.35M	79.26M	72.66M	52.36M	71.06M
Capital Employed	532.17M	451.37M	475.64M	462.59M	446.30M	427.19M	332.57M	257.17M	205.44M	169.19M	144.74M	117.77M	125.34M	97.41M	105.94M	96.39M	70.87M	87.32M	102.56M	72.42M	67.32M	53.49M	129.69M	98.74M	96.49M	80.51M	75.38M	76.26M	72.85M	61.86M	56.47M
Invested Capital	410.20M	321.93M	349.61M	352.31M	290.95M	266.25M	240.77M	175.17M	135.08M	117.61M	90.16M	82.56M	87.31M	72.94M	63.06M	56.60M	56.42M	55.52M	65.15M	53.83M	69.50M	39.37M	76.51M	93.29M	81.37M	68.57M	74.98M	67.67M	60.32M	42.13M	66.77M

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	26.79M	21.83M	22.89M	21.33M	20.24M	16.46M	13.56M	7.72M	6.16M	5.56M	4.90M	3.94M	4.29M	5.12M	3.60M	4.05M	3.40M	3.76M	4.85M	4.34M	4.49M	3.04M	2.74M	7.46M	8.15M	6.09M	6.18M	5.37M	7.12M	4.82M	20.45M
Deferred Income Tax	0.04M	0.00M	-0.12M	-0.12M	0.33M	-0.38M	-0.43M	-0.28M	-0.10M	-0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.03M	0.00M	0.00M	-0.14M	0.00M	0.00M	0.05M	0.13M	0.03M	-0.85M	-0.14M	-0.03M	0.43M	0.39M	1.09M
Stock-Based Compensation	1.22M	1.28M	1.50M	1.61M	1.32M	1.51M	1.63M	0.84M	0.45M	0.12M	0.19M	0.16M	0.16M	0.30M	0.17M	0.33M	0.59M	0.21M	0.00M	0.25M	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	-9.63M	-6.14M	-4.85M	-6.49M	-6.13M	-4.02M	-0.64M	0.40M	1.45M	-1.29M	-2.64M	-0.30M	-1.78M	-2.81M	-1.50M	-1.31M	-0.91M	-3.18M	-2.20M	-2.00M	-0.55M	-0.62M	0.35M	1.34M	-0.74M	0.52M	-2.15M	-5.72M	-4.95M	-4.09M	-6.00M
Accounts Receivable	-5.60M	-2.22M	-3.85M	-3.64M	-3.14M	-3.52M	-4.35M	-1.30M	-1.33M	-1.12M	-1.21M	-0.45M	-0.96M	-1.74M	-0.16M	-0.05M	-0.07M	-0.01M	0.00M	-0.63M	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	-0.01M	-0.06M	-0.01M	-0.08M	-0.14M	-0.10M	-0.09M	-0.09M	0.00M	-0.05M	-0.02M	-0.02M	-0.19M	-0.08M	-0.07M	-0.05M	-0.34M	-0.12M	-0.14M	-0.09M	-0.03M	-0.03M	-0.09M	-0.77M	0.07M	-0.84M	-0.01M	-0.54M	-0.02M	-0.97M
Accounts Payable	1.20M	0.23M	0.36M	0.00M	0.59M	0.27M	0.69M	0.86M	0.80M	0.25M	0.32M	0.00M	0.00M	0.00M	0.00M	0.07M	0.03M	0.16M	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
Other Working Capital	-4.09M	-1.50M	1.66M	0.43M	0.28M	2.68M	0.67M	-0.23M	0.41M	-0.16M	-0.75M	0.52M	-0.13M	0.36M	-0.38M	-0.42M	-0.62M	0.65M	-1.60M	-1.54M	-0.52M	0.31M	-0.18M	1.12M	1.55M	-0.94M	-1.26M	-4.43M	-3.94M	-3.88M	0.64M
Other Non-Cash Items	19.94M	11.35M	9.49M	10.08M	10.31M	6.76M	6.42M	4.61M	3.75M	2.08M	3.69M	1.09M	1.68M	1.47M	2.06M	0.72M	0.78M	1.59M	1.23M	2.28M	2.30M	1.49M	1.47M	1.32M	1.15M	4.02M	2.56M	2.15M	5.34M	-0.76M	0.15M
Net Cash from Operating Activities	72.86M	64.88M	60.15M	45.73M	51.36M	43.04M	45.73M	33.55M	27.06M	23.13M	14.98M	13.73M	11.59M	11.63M	10.06M	13.86M	11.44M	10.26M	8.76M	9.51M	16.87M	12.88M	15.30M	21.26M	8.18M	11.06M	17.18M	14.88M	19.97M	12.28M	49.49M
Capital Expenditures (PPE)	-13.48M	-17.48M	-17.73M	-21.36M	-20.47M	-17.54M	-18.01M	-17.07M	-11.03M	-12.01M	-10.40M	-7.19M	-6.28M	-7.70M	-8.15M	-7.78M	-7.12M	-7.49M	-5.67M	-6.10M	-11.80M	-5.52M	-4.30M	-15.20M	-13.75M	-7.73M	-17.76M	-14.12M	-17.41M	-11.83M	-2.53M
Acquisitions (Net)	-0.07M	-0.35M	-1.83M	-5.40M	-6.37M	-2.07M	-5.06M	-4.33M	-0.99M	-0.60M	-1.25M	-0.96M	-0.59M	-0.45M	-0.78M	-0.09M	-0.20M	-1.07M	0.01M	-0.02M	-0.25M	-0.33M	0.01M	-0.01M	-0.04M	0.01M	0.00M	0.01M	0.00M	0.00M	6.54M
Purchases of Investments	-6.68M	-12.60M	-26.55M	-28.30M	-22.29M	-19.70M	-29.08M	-23.07M	-23.89M	-10.21M	-7.89M	-2.59M	-2.81M	-1.09M	-0.55M	-0.65M	-1.08M	-1.15M	-2.86M	-3.04M	-1.46M	0.00M	-1.03M	-4.93M	-1.07M	-4.33M	-3.16M	-5.44M	-27.36M	-9.89M	-22.96M
Sales / Maturities of Investments	7.45M	9.68M	25.37M	28.18M	18.99M	25.44M	24.40M	19.63M	14.17M	8.22M	5.65M	3.32M	0.81M	1.71M	0.68M	1.30M	0.66M	1.47M	0.46M	2.28M	1.39M	0.02M	0.91M	3.50M	4.43M	0.95M	2.54M	4.26M	2.82M	3.88M	26.85M
Other Investing Activities	-3.53M	-0.80M	0.70M	-0.18M	-1.95M	-1.52M	-3.55M	-2.31M	-0.04M	-0.47M	0.32M	0.42M	-0.40M	-1.50M	-0.89M	0.11M	0.08M	0.07M	0.28M	0.01M	-0.25M	0.51M	0.28M	0.30M	-0.36M	-0.64M	-0.92M	-1.42M	-0.25M	-3.57M	1.64M
Net Cash from Investing Activities	-35.09M	-27.20M	-26.71M	-37.67M	-45.01M	-33.57M	-33.95M	-29.03M	-23.36M	-14.23M	-14.04M	-13.35M	-11.91M	-14.52M	-13.39M	-10.35M	-9.50M	-10.20M	-5.41M	-9.29M	-15.55M	-6.09M	-6.90M	-17.26M	-1.63M	-14.03M	-17.98M	-15.58M	-37.53M	-17.20M	-18.08M
Net Debt Issuance	-7.03M	-3.72M	-7.07M	-0.37M	0.31M	2.46M	3.09M	-0.01M	-1.01M	-0.28M	0.96M	-0.36M	-0.63M	0.25M	1.05M	0.18M	0.03M	-0.26M	0.36M	-0.05M	-0.39M	-0.19M	-0.39M	-0.58M	-0.01M	-0.12M	7.81M	1.28M	8.88M	-0.50M	0.00M
Long-Term Debt Issuance	-5.80M	-3.80M	-5.53M	-1.58M	1.06M	1.30M	2.77M	-0.26M	-1.06M	-0.38M	0.82M	-0.38M	0.01M	0.31M	1.75M	-0.23M	-0.29M	-0.43M	-0.34M	0.07M	-0.30M	-0.40M	-0.39M	-0.58M	-0.01M	-0.12M	7.81M	1.28M	6.78M	-0.50M	0.00M
Short-Term Debt Issuance	0.00M	0.00M	-0.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-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
Net Stock Issuance	-0.16M	-1.25M	-0.68M	-0.88M	0.17M	0.24M	0.00M	0.10M	0.01M	0.03M	-0.04M	0.07M	0.19M	-0.03M	0.00M	-0.33M	-0.84M	0.02M	0.75M	0.05M	0.29M	1.47M	0.10M	1.36M	0.22M	0.33M	-3.80M	0.03M	9.31M	1.25M	0.00M
Common Stock Issuance	0.00M	0.00M	0.00M	0.04M	2.09M	5.43M	1.04M	2.63M	0.39M	0.55M	0.14M	0.17M	0.61M	0.12M	0.48M	0.30M	0.73M	0.32M	3.86M	1.35M	0.78M	3.15M	0.67M	1.56M	2.04M	1.07M	1.23M	1.95M	9.96M	4.53M	0.04M
Common Stock Repurchased	-0.17M	-1.21M	-0.77M	-1.02M	-1.00M	-0.19M	-0.30M	-1.02M	-0.04M	-0.10M	-0.51M	-0.14M	-0.05M	-0.16M	-0.38M	-0.38M	-1.11M	-0.83M	-0.12M	-0.89M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-4.17M	-0.38M	-0.64M	-0.05M	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	-2.39M	-5.25M	-4.42M	-5.06M	-4.05M	-4.78M	-4.25M	-3.87M	-3.14M	-1.55M	-2.20M	-1.65M	-1.67M	-1.55M	-1.28M	-1.18M	-1.09M	-1.30M	-0.97M	-0.58M	-0.97M	-0.59M	-0.85M	-0.54M	-0.56M	-0.30M	-0.61M	-0.28M	-0.66M	-6.15M	0.00M
Common Dividends Paid	-2.22M	-5.19M	-4.15M	-3.04M	-3.47M	-3.71M	-3.02M	-3.06M	-2.78M	-1.41M	-1.77M	-1.36M	-1.49M	-1.40M	-1.21M	-1.13M	-1.07M	-1.01M	-0.83M	-0.50M	-0.33M	-0.59M	-0.85M	-0.54M	-0.56M	-0.30M	-0.61M	-0.28M	-0.66M	-6.15M	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	-9.15M	-6.33M	-4.78M	-4.98M	-7.65M	-4.92M	-3.66M	0.02M	-0.33M	-0.14M	0.46M	-0.24M	0.05M	-0.30M	0.16M	0.26M	0.51M	0.11M	1.24M	0.62M	0.01M	-0.37M	0.24M	-0.08M	0.16M	0.97M	0.23M	0.05M	-2.54M	-0.28M	9.70M
Net Cash from Financing Activities	-31.21M	-25.92M	-30.70M	-15.16M	12.17M	14.35M	0.71M	5.61M	-0.91M	-2.34M	1.48M	-0.89M	-0.58M	-0.29M	1.19M	-1.75M	0.69M	-1.78M	2.60M	-2.12M	-2.61M	-0.70M	-0.91M	-1.29M	-1.96M	0.59M	1.21M	4.63M	11.08M	1.51M	6.47M
Effect of FX on Cash	0.00M	-0.01M	0.04M	0.12M	-0.06M	-0.07M	0.07M	0.01M	-0.02M	0.00M	0.03M	0.00M	0.04M	0.00M	0.00M	0.00M	0.00M	-0.01M	0.00M	0.00M	-0.01M	0.00M	0.01M	-0.02M	0.00M	-0.01M	0.00M	0.03M	-0.22M	-0.02M	0.02M
Net Change in Cash	10.50M	0.89M	2.67M	-10.62M	0.39M	18.98M	3.53M	11.41M	6.12M	5.53M	1.23M	1.87M	3.51M	-0.14M	1.74M	0.50M	4.15M	0.63M	7.62M	-1.81M	0.64M	3.78M	3.57M	-0.53M	1.58M	2.95M	1.53M	-0.51M	1.63M	3.34M	-1.28M
Cash at Beginning of Period	47.50M	81.13M	83.16M	91.76M	91.96M	72.53M	60.65M	40.06M	35.71M	26.10M	21.57M	20.25M	20.48M	19.55M	21.64M	20.68M	16.93M	15.77M	10.43M	19.18M	23.06M	15.71M	13.89M	11.95M	9.60M	7.84M	10.72M	12.02M	13.20M	9.67M	27.82M
Cash at End of Period	96.68M	84.06M	84.76M	79.30M	98.81M	90.00M	71.58M	57.85M	40.11M	32.12M	26.33M	21.03M	26.02M	21.89M	19.43M	22.61M	20.43M	18.17M	24.46M	16.44M	24.15M	18.55M	25.01M	14.07M	12.16M	12.56M	13.54M	14.04M	10.81M	13.04M	2.68M
Operating Cash Flow	72.62M	64.89M	60.15M	45.70M	51.36M	43.04M	45.73M	33.55M	27.06M	23.13M	14.98M	13.72M	11.59M	11.63M	10.05M	13.86M	11.44M	10.26M	8.76M	9.51M	16.86M	12.88M	15.30M	21.26M	8.18M	11.06M	17.18M	14.88M	19.97M	12.28M	49.49M
Capital Expenditure	-17.21M	-20.88M	-22.14M	-22.36M	-22.29M	-18.96M	-20.52M	-17.31M	-11.31M	-13.03M	-10.80M	-7.21M	-6.74M	-7.82M	-8.14M	-8.29M	-7.11M	-7.74M	-6.06M	-6.08M	-11.79M	-5.69M	-4.30M	-15.20M	-13.75M	-7.73M	-17.76M	-14.12M	-17.41M	-11.83M	-2.53M
Free Cash Flow	53.47M	34.15M	35.38M	20.23M	18.62M	17.75M	20.64M	14.54M	12.82M	8.00M	4.40M	5.86M	6.15M	3.34M	2.48M	4.54M	4.04M	2.83M	1.10M	3.14M	8.91M	5.93M	7.84M	4.56M	2.32M	7.14M	1.46M	-0.64M	9.05M	3.63M	24.35M

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	85.28M	67.48M	65.78M	60.05M	47.34M	37.27M	45.32M	30.92M	26.89M	20.83M	16.43M	14.85M	12.94M	14.46M	17.88M	18.71M	12.55M	9.53M	13.06M	14.40M	20.36M	11.15M	13.77M	23.02M	25.91M	11.01M	21.46M	21.06M	9.13M	13.92M	5.91M
(-) Tax Adjustment	13.78M	12.24M	11.21M	10.88M	14.31M	5.43M	6.63M	3.51M	3.77M	2.97M	2.85M	2.24M	3.01M	4.25M	4.79M	3.81M	4.07M	2.97M	2.51M	2.43M	4.63M	2.81M	3.63M	5.69M	11.97M	6.06M	7.90M	8.23M	2.84M	3.95M	1.30M
(-) Change In Working Capital	-9.63M	-6.14M	-4.85M	-6.49M	-6.13M	-4.02M	-0.64M	0.40M	1.45M	-1.29M	-2.64M	-0.30M	-1.78M	-2.81M	-1.50M	-1.31M	-0.91M	-3.18M	-2.20M	-2.00M	-0.55M	-0.62M	0.35M	1.34M	-0.74M	0.52M	-2.15M	-5.72M	-4.95M	-4.09M	-6.00M
(-) Capital Expenditure	17.21M	20.88M	22.14M	22.36M	22.29M	18.96M	20.52M	17.31M	11.31M	13.03M	10.80M	7.21M	6.74M	7.82M	8.14M	8.29M	7.11M	7.74M	6.06M	6.08M	11.79M	5.69M	4.30M	15.20M	13.75M	7.73M	17.76M	14.12M	17.41M	11.83M	2.53M
Unlevered Free Cash Flow	63.93M	40.50M	37.27M	33.30M	16.88M	16.90M	18.80M	9.70M	10.36M	6.12M	5.41M	5.70M	4.97M	5.21M	6.44M	7.91M	2.29M	1.99M	6.68M	7.90M	4.49M	3.28M	5.49M	0.79M	0.93M	-3.29M	-2.06M	4.43M	-6.17M	2.24M	8.08M
(-) Net Interest Income After Taxes	-5.53M	-3.76M	-4.61M	-6.11M	-3.64M	-2.88M	-3.05M	-1.57M	-1.35M	-1.09M	-0.61M	-0.73M	-0.33M	-0.47M	-0.53M	-0.59M	-0.28M	-0.12M	-0.01M	-0.08M	-0.25M	-0.09M	-0.08M	-0.11M	-0.16M	-0.11M	-0.05M	-0.16M	-0.06M	-0.12M	-0.33M
Net Debt Issuance	-7.03M	-3.72M	-7.07M	-0.37M	0.31M	2.46M	3.09M	-0.01M	-1.01M	-0.28M	0.96M	-0.36M	-0.63M	0.25M	1.05M	0.18M	0.03M	-0.26M	0.36M	-0.05M	-0.39M	-0.19M	-0.39M	-0.58M	-0.01M	-0.12M	7.81M	1.28M	8.88M	-0.50M	0.00M
Levered Free Cash Flow	62.42M	40.54M	34.80M	39.04M	20.83M	22.24M	24.94M	11.27M	10.70M	6.93M	6.99M	6.07M	4.67M	5.93M	8.02M	8.68M	2.61M	1.85M	7.05M	7.93M	4.35M	3.18M	5.17M	0.33M	1.08M	-3.31M	5.80M	5.87M	2.78M	1.87M	8.41M