Railroads

Category: Industry Averages Base Ticker: 0066.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	7.14	6.96	6.11	5.70	6.60	6.56	7.60	7.62	8.12	7.54	8.01	7.30	7.68	7.93	7.73	9.50	8.34	8.34	11.53	8.85	8.08	7.85	6.86	7.43	5.02	4.83	4.92	5.40	4.55	4.61	4.89
Market Capitalization	2,126.73M	1,764.75M	1,449.25M	1,536.41M	1,505.27M	1,547.24M	1,820.46M	1,671.69M	1,667.22M	1,575.79M	1,420.27M	1,124.70M	1,063.98M	1,191.61M	859.73M	1,222.06M	965.44M	810.54M	1,263.35M	1,248.74M	1,144.22M	1,216.82M	1,474.60M	1,317.35M	1,431.24M	2,072.54M	1,350.30M	1,341.70M	862.61M	616.63M	552.50M
(-) Cash & Equivalents	189.95M	209.74M	185.40M	146.89M	144.00M	125.44M	111.76M	113.40M	130.07M	100.80M	119.12M	94.93M	111.04M	112.18M	99.69M	103.56M	82.62M	76.98M	101.26M	103.45M	65.01M	71.38M	72.82M	82.29M	48.49M	43.15M	87.95M	22.93M	14.79M	10.99M	11.06M
(+) Total Debt	714.74M	804.18M	725.97M	718.91M	713.81M	689.05M	614.53M	593.20M	571.03M	521.25M	411.39M	336.77M	462.70M	458.56M	611.46M	622.09M	529.65M	575.05M	424.14M	507.42M	528.10M	219.09M	603.76M	986.73M	718.40M	818.34M	482.16M	296.37M	268.62M	188.29M	239.14M
Enterprise Value	2,887.05M	2,697.29M	2,062.05M	2,255.70M	2,170.45M	2,088.55M	2,467.97M	2,381.83M	2,254.22M	2,035.64M	1,827.08M	1,547.12M	1,421.99M	1,624.08M	1,450.03M	1,666.97M	1,599.52M	1,356.33M	1,641.74M	1,662.63M	2,308.24M	2,140.51M	2,404.83M	2,256.07M	2,248.85M	2,889.60M	1,893.03M	1,505.60M	1,192.66M	823.61M	748.96M

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	1,397.872M	1,273.347M	1,130.452M	997.258M	934.923M	995.713M	1,135.800M	1,016.754M	958.984M	988.291M	959.870M	873.922M	843.210M	893.212M	903.325M	893.544M	844.202M	893.074M	935.695M	916.082M	1,029.607M	754.093M	1,281.849M	1,401.876M	904.816M	1,250.807M	1,288.401M	955.092M	701.681M	412.464M	763.828M
Cost of Revenue	1,036.830M	939.534M	851.415M	728.545M	757.817M	783.110M	875.187M	757.129M	711.653M	718.009M	739.709M	668.377M	629.453M	662.978M	523.251M	525.076M	409.259M	449.802M	442.163M	402.258M	376.695M	204.265M	298.041M	295.678M	211.318M	198.722M	233.407M	222.637M	191.138M	190.813M	327.691M
Gross Profit	361.042M	333.813M	279.037M	268.713M	177.106M	212.603M	260.613M	259.624M	247.330M	270.282M	220.162M	205.545M	213.757M	230.234M	380.074M	368.469M	434.944M	443.272M	493.531M	513.824M	652.912M	549.828M	983.808M	1,106.198M	693.499M	1,052.085M	1,054.994M	732.455M	510.543M	221.652M	436.137M
Gross Margin	25.83%	26.22%	24.68%	26.95%	18.94%	21.35%	22.95%	25.53%	25.79%	27.35%	22.94%	23.52%	25.35%	25.78%	42.07%	41.24%	51.52%	49.63%	52.74%	56.09%	63.41%	72.91%	76.75%	78.91%	76.65%	84.11%	81.88%	76.69%	72.76%	53.74%	57.10%
R&D Expenses	2.980M	3.722M	3.530M	3.291M	3.130M	2.581M	2.461M	2.499M	1.924M	1.640M	0.960M	0.936M	0.977M	0.455M	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	63.674M	50.595M	52.041M	53.263M	53.805M	49.929M	63.672M	47.607M	48.432M	50.619M	50.115M	44.896M	51.379M	27.546M	41.536M	27.974M	32.877M	42.930M	45.201M	39.562M	45.830M	46.709M	117.339M	260.573M	64.026M	202.085M	228.458M	119.604M	43.785M	26.929M	34.667M
Operating Expenses	66.654M	54.317M	55.570M	56.554M	56.935M	52.510M	66.133M	50.106M	50.356M	52.259M	51.075M	45.833M	52.356M	28.001M	41.536M	27.974M	32.877M	42.930M	45.201M	39.562M	45.830M	46.709M	117.339M	260.573M	64.026M	202.085M	228.458M	119.604M	43.785M	26.929M	34.667M
Operating Income	294.387M	279.496M	223.467M	212.159M	120.171M	160.093M	194.480M	209.518M	196.974M	218.023M	169.087M	159.712M	161.401M	202.233M	338.538M	340.495M	402.067M	400.343M	448.330M	474.262M	607.082M	503.119M	866.470M	845.625M	629.473M	850.000M	826.536M	612.850M	466.758M	194.723M	401.469M
Operating Margin	21.06%	21.95%	19.77%	21.27%	12.85%	16.08%	17.12%	20.61%	20.54%	22.06%	17.62%	18.28%	19.14%	22.64%	37.48%	38.11%	47.63%	44.83%	47.91%	51.77%	58.96%	66.72%	67.60%	60.32%	69.57%	67.96%	64.15%	64.17%	66.52%	47.21%	52.56%
Interest Income	2.996M	3.458M	2.892M	2.206M	2.192M	1.939M	2.068M	1.684M	1.498M	1.396M	1.151M	1.019M	0.956M	0.953M	0.812M	0.747M	0.889M	0.862M	0.830M	0.321M	0.363M	0.572M	0.435M	1.070M	0.409M	1.033M	0.184M	0.000M	0.063M	0.000M	0.024M
Interest Expense	22.776M	26.721M	22.303M	18.564M	14.458M	19.966M	18.319M	18.005M	16.382M	15.982M	17.005M	14.447M	15.509M	15.444M	24.360M	18.435M	19.290M	21.988M	13.633M	10.019M	7.388M	5.146M	2.596M	6.592M	20.590M	5.840M	4.330M	2.286M	2.500M	1.604M	1.064M
Net Interest Income	-19.780M	-23.263M	-19.411M	-16.358M	-12.265M	-18.028M	-16.251M	-16.321M	-14.884M	-14.586M	-15.855M	-13.428M	-14.553M	-14.490M	-23.548M	-17.688M	-18.401M	-21.126M	-12.803M	-9.698M	-7.025M	-4.574M	-2.161M	-5.523M	-20.181M	-4.808M	-4.147M	-2.286M	-2.437M	-1.604M	-1.040M
Other Income / Expense	-121.626M	-130.952M	-114.339M	-149.780M	-80.614M	-59.203M	-55.724M	-74.266M	-70.599M	-103.300M	-40.478M	-60.814M	-69.212M	-90.853M	-239.811M	-244.683M	-325.083M	-299.665M	-310.274M	-357.441M	-546.249M	-431.068M	-765.344M	-696.952M	-511.323M	-709.176M	-715.050M	-527.500M	-398.564M	-120.782M	-349.431M
Pre-Tax Income	152.981M	125.281M	89.718M	46.022M	27.291M	82.862M	122.506M	118.931M	111.490M	100.137M	112.754M	85.470M	77.637M	96.890M	75.178M	78.124M	58.583M	79.552M	125.254M	107.123M	53.809M	67.477M	98.965M	143.151M	97.969M	136.016M	107.339M	83.064M	65.756M	72.336M	50.998M
Pre-Tax Margin	10.94%	9.84%	7.94%	4.61%	2.92%	8.32%	10.79%	11.70%	11.63%	10.13%	11.75%	9.78%	9.21%	10.85%	8.32%	8.74%	6.94%	8.91%	13.39%	11.69%	5.23%	8.95%	7.72%	10.21%	10.83%	10.87%	8.33%	8.70%	9.37%	17.54%	6.68%
Income Tax Expense	36.935M	30.782M	17.313M	14.349M	7.500M	19.880M	27.264M	24.415M	16.402M	27.638M	24.782M	22.301M	20.498M	24.285M	19.223M	21.514M	16.880M	21.602M	23.626M	27.968M	20.859M	29.559M	26.101M	20.758M	24.898M	39.391M	52.512M	23.422M	22.726M	14.095M	17.889M
Tax Rate	24.14%	24.57%	19.30%	31.18%	27.48%	23.99%	22.26%	20.53%	14.71%	27.60%	21.98%	26.09%	26.40%	25.06%	25.57%	27.54%	28.81%	27.16%	18.86%	26.11%	35.00%	35.00%	26.37%	14.50%	25.41%	28.96%	35.00%	28.20%	34.56%	19.49%	35.00%
Net Income	116.046M	94.499M	72.405M	31.673M	19.791M	62.983M	95.242M	94.517M	95.089M	72.499M	87.972M	63.169M	57.139M	72.605M	55.955M	56.610M	41.703M	57.949M	101.628M	79.155M	32.949M	37.918M	72.864M	122.392M	73.071M	96.626M	54.827M	59.642M	43.030M	58.240M	33.109M
Net Margin	8.30%	7.42%	6.40%	3.18%	2.12%	6.33%	8.39%	9.30%	9.92%	7.34%	9.17%	7.23%	6.78%	8.13%	6.19%	6.34%	4.94%	6.49%	10.86%	8.64%	3.20%	5.03%	5.68%	8.73%	8.08%	7.73%	4.26%	6.24%	6.13%	14.12%	4.33%
EBIT	294.387M	279.496M	223.467M	212.159M	120.171M	160.093M	194.480M	209.518M	196.974M	218.023M	169.087M	159.712M	161.401M	202.233M	338.538M	340.495M	402.067M	400.343M	448.330M	474.262M	607.082M	503.119M	866.470M	845.625M	629.473M	850.000M	826.536M	612.850M	466.758M	194.723M	401.469M
Depreciation & Amortization	77.353M	93.935M	87.825M	84.753M	85.684M	95.358M	89.571M	77.181M	70.822M	72.946M	54.028M	49.350M	47.673M	61.758M	62.943M	63.881M	59.993M	60.351M	59.201M	64.757M	66.583M	54.124M	88.571M	109.662M	31.319M	78.771M	31.695M	27.382M	25.654M	22.755M	25.897M
EBITDA	371.740M	373.431M	311.291M	296.913M	205.854M	255.451M	284.051M	286.699M	267.796M	290.969M	223.115M	209.062M	209.074M	263.991M	401.480M	404.376M	462.060M	460.694M	507.531M	539.019M	673.665M	557.243M	955.041M	955.287M	660.792M	928.771M	858.231M	640.233M	492.412M	217.477M	427.366M
EBITDA Margin	26.59%	29.33%	27.54%	29.77%	22.02%	25.66%	25.01%	28.20%	27.93%	29.44%	23.24%	23.92%	24.79%	29.56%	44.44%	45.26%	54.73%	51.59%	54.24%	58.84%	65.43%	73.90%	74.50%	68.14%	73.03%	74.25%	66.61%	67.03%	70.18%	52.73%	55.95%
NOPAT	223.312M	210.822M	180.344M	146.010M	87.147M	121.685M	151.198M	166.507M	167.997M	157.848M	131.924M	118.039M	118.788M	151.545M	251.973M	246.730M	286.215M	291.628M	363.765M	350.440M	394.603M	327.027M	637.946M	723.000M	469.497M	603.838M	537.248M	440.041M	305.440M	156.779M	260.955M
NOPAT Margin	15.98%	16.56%	15.95%	14.64%	9.32%	12.22%	13.31%	16.38%	17.52%	15.97%	13.74%	13.51%	14.09%	16.97%	27.89%	27.61%	33.90%	32.65%	38.88%	38.25%	38.33%	43.37%	49.77%	51.57%	51.89%	48.28%	41.70%	46.07%	43.53%	38.01%	34.16%
Owner's Earnings	193.399M	188.434M	160.229M	116.426M	105.475M	158.341M	184.812M	171.697M	165.911M	145.445M	142.001M	112.519M	104.812M	134.363M	118.898M	120.491M	101.696M	118.300M	160.828M	143.912M	99.532M	92.043M	161.435M	232.054M	104.390M	175.397M	86.523M	87.025M	68.684M	80.995M	59.006M
Owner's Earnings Margin	13.84%	14.80%	14.17%	11.67%	11.28%	15.90%	16.27%	16.89%	17.30%	14.72%	14.79%	12.88%	12.43%	15.04%	13.16%	13.48%	12.05%	13.25%	17.19%	15.71%	9.67%	12.21%	12.59%	16.55%	11.54%	14.02%	6.72%	9.11%	9.79%	19.64%	7.73%
EPS	0.22	0.17	0.14	0.06	0.04	0.13	0.19	0.18	0.19	0.15	0.21	0.16	0.16	0.19	0.15	0.15	0.12	0.19	0.32	0.21	0.08	0.08	0.15	0.26	0.14	0.18	0.11	0.12	0.09	0.13	0.09
EPS (Diluted)	0.22	0.17	0.14	0.06	0.04	0.13	0.19	0.18	0.19	0.15	0.21	0.16	0.16	0.19	0.15	0.15	0.12	0.19	0.32	0.21	0.08	0.08	0.15	0.26	0.14	0.18	0.11	0.12	0.09	0.13	0.09
Shares (Diluted)	518,909,131	562,493,660	513,749,879	521,611,555	498,285,455	488,780,648	493,300,989	511,161,987	504,137,562	475,696,750	419,282,785	384,202,622	367,953,564	381,362,949	372,537,244	372,417,128	352,593,775	309,924,074	318,839,163	375,364,402	393,932,266	466,956,249	481,400,865	476,105,500	516,001,744	546,310,744	501,785,380	505,803,953	494,294,663	453,816,225	380,102,108

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	192.60M	211.20M	186.71M	149.00M	144.63M	126.30M	114.59M	113.40M	130.07M	100.80M	119.12M	94.93M	111.04M	112.18M	99.69M	103.56M	82.62M	76.98M	101.26M	103.45M	67.62M	72.92M	74.89M	85.71M	48.49M	43.07M	87.78M	22.93M	14.79M	10.99M	11.06M
Short-Term Investments	23.13M	18.81M	19.80M	62.27M	33.77M	18.14M	20.82M	44.47M	20.46M	35.11M	5.83M	11.92M	11.31M	5.99M	10.72M	22.67M	28.77M	18.39M	17.38M	34.52M	18.54M	33.36M	5.47M	14.88M	32.53M	33.69M	0.83M	28.61M	1.11M	0.09M	0.19M
Cash & Short-Term Investments	215.73M	230.01M	206.51M	211.26M	178.40M	144.44M	135.40M	157.87M	150.53M	135.91M	124.96M	106.85M	122.35M	118.17M	110.41M	126.24M	111.38M	95.37M	118.64M	137.97M	86.16M	106.28M	80.36M	100.59M	81.02M	76.76M	88.61M	51.55M	15.90M	11.09M	11.25M
Net Receivables	340.80M	244.00M	194.45M	196.15M	176.21M	163.07M	164.42M	143.45M	130.60M	134.81M	115.27M	108.77M	100.03M	116.24M	74.54M	77.51M	68.49M	90.33M	86.62M	88.68M	109.27M	84.49M	76.50M	100.70M	98.92M	117.70M	133.56M	86.79M	78.21M	62.11M	88.74M
Inventory	93.45M	104.26M	103.52M	81.07M	81.80M	80.72M	76.07M	78.25M	74.11M	76.28M	68.02M	62.43M	69.30M	74.54M	62.93M	66.18M	51.58M	55.40M	52.33M	57.60M	48.32M	37.48M	37.51M	37.83M	40.79M	70.47M	73.78M	60.65M	44.07M	45.07M	50.54M
Other Current Assets	36.44M	31.72M	52.25M	41.44M	56.53M	62.59M	53.24M	69.18M	55.79M	67.04M	65.63M	60.18M	63.14M	35.41M	26.36M	30.51M	33.69M	34.13M	47.37M	60.16M	35.08M	18.32M	60.00M	71.40M	69.88M	78.31M	76.98M	63.69M	83.37M	56.96M	38.46M
Total Current Assets	686.43M	609.99M	556.73M	529.93M	492.94M	450.81M	429.13M	448.75M	411.03M	414.04M	373.88M	338.24M	354.81M	344.36M	274.25M	300.44M	265.15M	275.23M	304.97M	344.40M	278.84M	246.57M	254.37M	310.52M	290.60M	343.24M	372.93M	262.68M	221.55M	175.22M	188.99M
Property, Plant & Equipment	922.50M	1,238.81M	1,050.56M	1,073.15M	1,015.82M	1,079.14M	1,033.33M	956.54M	926.33M	720.37M	718.06M	675.52M	874.48M	975.27M	1,039.38M	1,142.55M	913.69M	897.36M	950.79M	1,107.35M	1,101.28M	1,479.55M	1,676.52M	1,810.43M	1,617.02M	2,624.78M	1,440.26M	726.19M	408.22M	324.22M	428.80M
Goodwill	10.03M	10.87M	8.60M	9.67M	10.35M	9.23M	11.87M	11.00M	11.93M	10.35M	9.79M	5.90M	3.92M	5.80M	2.91M	3.43M	2.35M	2.87M	3.10M	0.09M	0.04M	0.00M	0.00M	0.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	64.70M	63.67M	65.73M	56.87M	60.13M	56.46M	47.62M	45.67M	43.57M	44.15M	38.00M	33.97M	27.35M	26.20M	23.22M	21.47M	17.57M	16.43M	17.90M	15.87M	18.21M	16.25M	19.70M	4.10M	9.57M	10.47M	10.29M	1.18M	1.05M	0.24M	0.06M
Long-Term Investments	124.14M	97.97M	95.65M	72.33M	67.28M	89.40M	84.77M	60.25M	58.78M	51.54M	65.72M	29.66M	25.32M	30.94M	16.02M	17.48M	18.23M	20.27M	34.68M	31.50M	19.18M	5.13M	1.74M	3.44M	1.23M	1.20M	0.66M	0.00M	0.00M	0.00M	0.03M
Tax Assets	10.10M	11.02M	9.80M	11.86M	13.73M	13.23M	13.24M	9.94M	10.88M	10.13M	9.68M	6.94M	5.60M	6.48M	12.07M	8.85M	10.28M	6.61M	3.40M	7.93M	5.31M	2.00M	1.17M	2.16M	1.12M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	83.62M	94.23M	41.72M	51.87M	43.24M	62.06M	32.64M	46.62M	58.35M	50.96M	23.72M	34.53M	34.72M	34.47M	41.97M	42.25M	29.60M	30.91M	35.00M	42.15M	52.43M	55.51M	76.27M	119.58M	119.50M	113.24M	92.86M	86.58M	85.26M	66.91M	47.56M
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	1,215.08M	1,516.57M	1,272.06M	1,275.74M	1,210.56M	1,309.52M	1,223.48M	1,130.02M	1,109.83M	887.51M	864.98M	786.53M	971.39M	1,079.16M	1,135.56M	1,236.04M	991.72M	974.45M	1,044.87M	1,204.89M	1,196.45M	1,558.44M	1,775.41M	1,939.75M	1,748.45M	2,749.69M	1,544.08M	813.96M	494.53M	391.36M	476.46M
Total Assets	1,901.51M	2,126.56M	1,828.78M	1,805.68M	1,703.50M	1,760.33M	1,652.61M	1,578.77M	1,520.86M	1,301.55M	1,238.85M	1,124.77M	1,326.20M	1,423.52M	1,409.81M	1,536.47M	1,256.86M	1,249.68M	1,349.84M	1,549.30M	1,475.29M	1,805.01M	2,029.78M	2,250.28M	2,039.05M	3,092.93M	1,917.01M	1,076.64M	716.08M	566.58M	665.45M
Accounts Payable	114.01M	126.06M	119.28M	107.81M	91.26M	93.45M	99.76M	99.66M	96.11M	91.40M	92.09M	90.72M	89.42M	96.29M	84.01M	88.74M	82.29M	90.29M	115.15M	111.67M	120.72M	86.09M	110.43M	124.48M	100.05M	110.93M	156.91M	121.28M	100.56M	44.75M	57.46M
Short-Term Debt	123.78M	151.48M	139.36M	131.83M	124.71M	145.91M	101.90M	99.55M	92.24M	70.95M	78.86M	66.43M	82.39M	65.25M	65.07M	69.42M	62.48M	103.93M	69.33M	113.29M	164.40M	49.27M	32.42M	76.59M	67.54M	98.04M	64.34M	46.25M	28.35M	25.45M	38.92M
Tax Payables	0.58M	12.11M	9.05M	14.16M	12.35M	13.14M	15.05M	16.14M	11.92M	13.34M	12.00M	9.89M	10.02M	9.00M	5.99M	6.95M	5.60M	5.26M	5.05M	5.12M	4.82M	4.37M	1.97M	0.71M	0.97M	1.22M	1.49M	0.98M	0.55M	0.41M	0.34M
Deferred Revenue	9.58M	1.61M	12.59M	25.72M	55.84M	42.27M	52.38M	16.62M	28.65M	43.22M	28.72M	32.24M	22.15M	24.57M	21.07M	14.47M	19.81M	16.80M	13.71M	10.85M	11.13M	6.75M	6.56M	7.08M	3.70M	3.95M	2.14M	1.92M	5.21M	1.59M	1.28M
Other Current Liabilities	113.04M	148.31M	79.86M	64.81M	57.55M	60.79M	101.07M	100.62M	87.82M	73.97M	100.50M	71.57M	66.14M	119.23M	69.40M	102.54M	102.17M	64.86M	53.81M	95.96M	56.16M	59.53M	52.09M	129.76M	54.03M	174.26M	52.61M	42.41M	36.96M	53.47M	96.62M
Total Current Liabilities	360.99M	439.57M	360.14M	344.33M	341.70M	355.55M	370.16M	332.60M	316.74M	292.88M	312.16M	270.85M	270.13M	314.33M	245.54M	282.12M	272.35M	281.14M	257.05M	336.88M	357.24M	206.00M	203.48M	338.62M	226.29M	388.40M	277.48M	212.82M	171.64M	125.67M	194.63M
Long-Term Debt	496.31M	610.12M	513.01M	536.35M	526.12M	425.57M	403.35M	410.04M	423.20M	369.81M	274.78M	232.89M	246.27M	306.13M	402.50M	436.12M	261.19M	244.50M	211.76M	339.18M	432.44M	139.72M	163.22M	518.30M	525.53M	459.79M	347.93M	251.29M	221.43M	129.47M	211.38M
Capital Lease Obligations	1.87M	22.34M	23.86M	25.14M	26.29M	24.08M	16.75M	6.98M	6.30M	4.12M	0.68M	0.29M	0.84M	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
Deferred Tax Liabilities	18.74M	24.70M	21.16M	19.32M	21.76M	21.04M	21.81M	18.91M	19.81M	20.23M	17.50M	16.74M	14.09M	21.66M	15.00M	16.59M	9.10M	7.14M	5.62M	13.66M	13.80M	10.53M	14.61M	24.02M	8.27M	70.20M	96.79M	55.44M	5.57M	6.01M	11.48M
Other Non-Current Liabilities	72.16M	82.17M	60.81M	48.13M	48.62M	40.16M	46.90M	48.60M	47.06M	58.64M	65.65M	48.07M	52.18M	55.31M	57.85M	57.39M	42.44M	62.99M	75.35M	75.49M	96.97M	32.62M	103.22M	237.89M	109.00M	147.74M	148.99M	49.49M	38.00M	37.52M	34.25M
Total Non-Current Liabilities	589.07M	739.33M	618.84M	628.93M	622.79M	510.86M	488.81M	484.53M	496.38M	452.79M	358.62M	297.99M	313.39M	383.10M	475.36M	510.10M	312.73M	314.62M	292.73M	428.33M	543.21M	182.87M	281.05M	780.21M	642.80M	677.72M	593.70M	356.22M	264.99M	173.00M	257.11M
Total Liabilities	950.06M	1,178.90M	978.98M	973.26M	964.49M	866.41M	858.98M	817.13M	813.12M	745.67M	670.78M	568.85M	583.52M	697.43M	720.89M	792.22M	585.07M	595.77M	549.78M	765.22M	900.44M	388.88M	484.54M	1,118.83M	869.09M	1,066.13M	871.18M	569.05M	436.64M	298.68M	451.74M
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	253.17M	224.78M	222.97M	221.15M	185.37M	185.77M	179.61M	179.26M	174.94M	157.21M	149.97M	114.59M	133.23M	137.09M	133.61M	125.47M	133.98M	121.75M	122.01M	120.33M	82.78M	65.27M	104.61M	135.20M	158.97M	211.71M	180.14M	19.29M	17.32M	7.68M	5.58M
Retained Earnings	399.22M	420.76M	448.12M	356.10M	404.05M	461.55M	455.16M	414.37M	366.42M	348.18M	304.09M	265.50M	240.19M	236.25M	204.73M	221.21M	229.62M	200.50M	148.45M	132.20M	175.26M	147.43M	202.09M	232.57M	277.26M	314.22M	295.04M	244.70M	141.42M	47.51M	111.26M
Accumulated OCI	90.99M	54.47M	27.81M	37.87M	44.34M	31.49M	43.51M	38.91M	40.23M	31.91M	15.72M	-0.87M	4.25M	-0.30M	-0.50M	-1.59M	-2.25M	-0.16M	0.00M	0.00M	-0.20M	-0.22M	-2.00M	-2.26M	-2.70M	-3.64M	-4.79M	-7.23M	-6.82M	-18.81M	-8.33M
Minority Interest	32.67M	25.34M	18.73M	14.80M	14.25M	15.87M	15.85M	12.95M	13.45M	13.71M	11.23M	8.27M	8.79M	8.75M	7.56M	8.21M	7.09M	5.91M	5.29M	6.59M	7.82M	6.47M	7.65M	8.58M	0.71M	1.22M	3.12M	2.46M	0.18M	0.16M	0.17M
Total Shareholders’ Equity	743.38M	700.02M	698.89M	615.13M	633.76M	678.82M	678.28M	632.54M	581.59M	537.29M	469.79M	379.21M	377.67M	373.04M	337.84M	345.09M	361.35M	322.09M	270.46M	252.53M	257.85M	212.48M	304.70M	365.51M	433.53M	522.29M	470.40M	256.77M	151.92M	36.38M	108.52M
Total Equity	776.05M	725.35M	717.62M	629.93M	648.01M	694.69M	694.12M	645.49M	595.04M	551.00M	481.02M	387.48M	386.45M	381.79M	345.40M	353.30M	368.44M	328.00M	275.75M	259.12M	265.67M	218.94M	312.35M	374.08M	434.24M	523.50M	473.52M	259.23M	152.11M	36.55M	108.69M
Total Liabilities & Equity	1,726.10M	1,904.25M	1,696.60M	1,603.19M	1,612.50M	1,561.10M	1,553.10M	1,462.62M	1,408.16M	1,296.67M	1,151.80M	956.33M	969.97M	1,079.22M	1,066.29M	1,145.51M	953.52M	923.77M	825.54M	1,024.34M	1,166.11M	607.82M	796.89M	1,492.92M	1,303.33M	1,589.63M	1,344.70M	828.28M	588.74M	335.22M	560.44M
Tangible Assets	1,826.78M	2,052.02M	1,754.45M	1,739.14M	1,633.02M	1,694.64M	1,593.12M	1,522.10M	1,465.36M	1,247.05M	1,191.06M	1,084.89M	1,294.93M	1,391.52M	1,383.68M	1,511.57M	1,236.94M	1,230.38M	1,328.84M	1,533.34M	1,457.04M	1,788.76M	2,010.08M	2,246.14M	2,029.48M	3,082.46M	1,906.71M	1,075.46M	715.03M	566.35M	665.38M
Tangible Equity	701.32M	650.82M	643.30M	563.39M	577.53M	628.99M	634.63M	588.82M	539.54M	496.50M	433.23M	347.60M	355.18M	349.79M	319.27M	328.39M	348.52M	308.70M	254.75M	243.17M	247.42M	202.69M	292.65M	369.95M	424.67M	513.03M	463.23M	258.05M	151.06M	36.31M	108.63M
Tangible Book Value	701.32M	650.82M	643.30M	563.39M	577.53M	628.99M	634.63M	588.82M	539.54M	496.50M	433.23M	347.60M	355.18M	349.79M	319.27M	328.39M	348.52M	308.70M	254.75M	243.17M	247.42M	202.69M	292.65M	369.95M	424.67M	513.03M	463.23M	258.05M	151.06M	36.31M	108.63M
Total Investments	138.79M	125.42M	130.51M	113.64M	96.25M	93.06M	89.30M	65.46M	66.24M	55.70M	69.39M	32.57M	35.17M	41.54M	26.00M	35.87M	39.47M	55.41M	60.83M	63.15M	61.65M	21.76M	13.09M	23.88M	20.72M	47.82M	22.86M	3.45M	1.78M	0.07M	0.44M
Net Debt	427.48M	550.40M	465.66M	519.18M	506.20M	445.18M	390.67M	396.19M	385.38M	339.96M	234.52M	204.39M	217.62M	259.20M	367.89M	401.98M	241.05M	271.44M	179.82M	349.02M	529.22M	116.07M	120.75M	509.18M	544.58M	514.76M	324.49M	274.60M	235.00M	143.93M	239.24M

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	188.52M	140.04M	99.10M	69.14M	81.07M	2.73M	39.32M	77.24M	83.43M	7.70M	34.51M	20.44M	39.33M	28.40M	35.90M	20.67M	31.20M	-46.50M	-56.23M	-22.24M	-130.05M	52.05M	-100.11M	-273.31M	6.68M	-94.82M	13.59M	-29.03M	39.27M	47.16M	53.48M
Total Capital	1,712.02M	1,922.64M	1,713.24M	1,673.14M	1,645.32M	1,676.64M	1,665.63M	1,600.61M	1,535.57M	1,331.34M	1,114.01M	932.96M	1,031.07M	1,078.16M	1,234.76M	1,233.49M	1,045.79M	1,068.74M	1,025.69M	1,090.62M	1,203.57M	732.41M	1,461.61M	1,944.95M	1,545.27M	1,732.49M	1,212.80M	1,036.11M	664.55M	460.78M	501.48M
Capital Employed	2,335.61M	2,446.93M	2,081.84M	1,924.07M	1,881.68M	1,797.61M	1,840.84M	1,757.63M	1,668.02M	1,746.04M	1,572.14M	1,129.72M	1,219.88M	1,635.54M	1,582.65M	1,583.10M	1,382.21M	1,345.22M	1,359.96M	1,557.80M	1,942.05M	1,851.94M	2,814.85M	3,351.16M	3,173.56M	3,248.35M	2,818.09M	1,488.56M	629.99M	491.58M	548.69M
Invested Capital	1,519.42M	1,711.44M	1,526.53M	1,524.14M	1,500.69M	1,550.34M	1,551.04M	1,487.21M	1,405.51M	1,230.54M	994.89M	838.02M	920.03M	965.98M	1,135.07M	1,129.93M	963.17M	991.75M	924.43M	987.17M	1,135.95M	659.49M	1,386.72M	1,859.24M	1,496.78M	1,689.43M	1,125.03M	1,013.18M	649.77M	449.79M	490.42M

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	26.64M	90.51M	88.13M	87.03M	86.56M	90.75M	89.97M	76.26M	70.35M	73.39M	55.69M	52.98M	48.19M	64.88M	66.35M	66.05M	63.35M	63.71M	71.70M	81.24M	83.57M	79.29M	108.50M	116.22M	78.97M	81.96M	26.88M	25.63M	34.04M	28.82M	29.63M
Deferred Income Tax	0.00M	0.00M	0.00M	-0.06M	-0.24M	-0.07M	-0.03M	-0.05M	-0.21M	0.00M	-0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.01M	0.00M	0.47M	0.15M	0.00M	3.53M	2.35M	1.81M	35.87M	4.83M	24.43M
Stock-Based Compensation	0.00M	0.00M	0.00M	0.14M	0.12M	0.03M	0.02M	0.02M	0.03M	0.00M	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
Change in Working Capital	-15.23M	-12.66M	-28.26M	-19.70M	-12.27M	-15.84M	-27.60M	-13.55M	-19.90M	-10.37M	-11.92M	-6.29M	-6.70M	-12.61M	1.50M	-6.62M	1.21M	-8.09M	3.56M	9.45M	-2.52M	-4.74M	-0.35M	7.04M	-0.47M	-12.92M	-22.10M	-10.79M	-5.07M	3.69M	-91.02M
Accounts Receivable	-2.27M	-14.93M	-16.43M	-20.08M	-8.79M	0.71M	-16.18M	-13.30M	-14.93M	-6.28M	-5.31M	-7.43M	-5.70M	-1.45M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.48M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.05M	0.00M
Inventory	-1.85M	-3.80M	-7.50M	-2.29M	-2.31M	-0.08M	-3.92M	-5.76M	-2.73M	-0.42M	-0.64M	-2.36M	-1.84M	-2.26M	-2.61M	-2.22M	0.08M	-1.79M	-2.67M	-2.89M	1.19M	-3.92M	-0.51M	0.91M	3.70M	-2.84M	0.98M	1.47M	1.71M	4.21M	2.17M
Accounts Payable	0.00M	4.99M	6.45M	8.04M	9.45M	-2.70M	1.18M	5.89M	4.20M	-0.64M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.66M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.80M	0.00M
Other Working Capital	-0.54M	0.00M	1.09M	-4.56M	-4.50M	-3.44M	-3.76M	-1.46M	-11.63M	-4.51M	-6.54M	-2.36M	-4.47M	-4.47M	4.62M	-0.77M	-2.10M	-4.96M	6.59M	8.75M	2.58M	4.15M	2.97M	4.56M	-1.99M	-8.14M	-10.68M	-18.79M	-4.03M	9.13M	-65.95M
Other Non-Cash Items	-8.22M	6.14M	13.05M	-1.06M	2.92M	6.11M	0.16M	-0.47M	-1.68M	0.68M	-5.39M	-8.30M	-2.67M	-3.19M	1.37M	-7.87M	-4.80M	1.15M	-6.30M	-4.67M	0.87M	3.30M	-4.36M	-0.97M	-8.69M	3.53M	22.04M	23.35M	65.30M	19.09M	19.73M
Net Cash from Operating Activities	104.72M	170.17M	154.44M	102.82M	70.55M	138.97M	149.78M	157.61M	144.16M	138.33M	141.72M	128.66M	91.55M	118.69M	123.13M	127.49M	127.16M	143.56M	137.70M	141.86M	115.10M	124.22M	125.76M	207.39M	187.09M	188.24M	143.91M	153.58M	217.39M	152.57M	135.77M
Capital Expenditures (PPE)	-53.44M	-109.94M	-96.16M	-82.82M	-79.23M	-100.95M	-108.71M	-98.55M	-77.65M	-67.72M	-65.75M	-63.83M	-58.29M	-62.64M	-70.90M	-55.48M	-46.08M	-117.45M	-103.43M	-110.50M	-130.16M	-84.21M	-112.61M	-120.31M	-142.86M	-189.01M	-73.74M	-68.73M	-162.45M	-106.24M	-106.74M
Acquisitions (Net)	0.31M	0.00M	0.43M	1.12M	1.03M	2.54M	1.92M	1.29M	-0.67M	1.59M	-1.51M	-0.02M	-0.19M	-0.17M	-0.59M	-0.51M	-0.03M	-0.56M	-0.45M	-0.48M	0.09M	0.07M	3.69M	0.09M	2.44M	-0.80M	-0.30M	0.09M	0.00M	0.00M	0.00M
Purchases of Investments	-3.08M	-10.78M	-13.37M	-13.70M	-12.40M	-14.13M	-11.64M	-9.37M	-12.98M	-7.06M	-8.24M	-2.50M	-3.02M	-3.03M	-3.68M	-3.63M	-3.12M	-2.22M	-3.13M	-2.58M	-1.89M	-2.35M	-2.72M	-1.69M	-5.46M	-3.73M	-2.32M	-4.76M	0.00M	-11.91M	-23.63M
Sales / Maturities of Investments	5.68M	8.95M	7.54M	12.51M	14.10M	10.14M	11.10M	11.20M	8.54M	8.82M	8.46M	2.88M	1.72M	1.18M	0.95M	1.40M	1.94M	1.07M	2.86M	2.44M	1.40M	2.34M	3.18M	3.23M	2.79M	4.12M	0.83M	0.28M	0.00M	0.00M	0.00M
Other Investing Activities	-1.04M	7.54M	5.17M	5.26M	3.75M	6.38M	9.25M	7.51M	3.49M	-5.13M	2.51M	6.91M	0.62M	3.01M	1.20M	1.23M	4.74M	6.91M	10.79M	18.11M	10.78M	4.09M	19.85M	-0.50M	13.78M	15.67M	4.33M	-0.56M	26.08M	54.43M	88.18M
Net Cash from Investing Activities	-120.50M	-109.94M	-109.13M	-93.69M	-75.40M	-75.17M	-114.05M	-105.04M	-89.02M	-98.58M	-100.44M	-62.39M	-74.87M	-121.41M	-118.57M	-104.14M	-97.16M	-132.39M	-120.75M	-67.52M	-119.98M	-99.66M	-119.04M	-105.47M	-138.04M	-223.73M	-179.66M	-203.67M	-139.79M	-130.01M	-66.24M
Net Debt Issuance	26.90M	-16.63M	-2.85M	14.25M	31.26M	12.27M	10.89M	2.07M	10.21M	0.40M	11.51M	3.24M	-7.18M	4.91M	8.92M	5.60M	-0.42M	-5.03M	-14.95M	-2.51M	-10.96M	0.46M	-8.82M	-13.11M	-1.58M	3.97M	-5.39M	7.76M	3.73M	-55.94M	-150.48M
Long-Term Debt Issuance	-1.10M	-13.13M	4.46M	14.76M	29.14M	11.69M	11.87M	0.24M	12.49M	10.05M	11.09M	2.90M	-6.38M	11.96M	5.32M	9.85M	0.42M	-5.56M	-11.58M	-5.87M	-19.93M	2.72M	-5.31M	-37.39M	-1.58M	-21.07M	4.56M	23.21M	3.73M	-55.94M	-150.48M
Short-Term Debt Issuance	1.18M	0.00M	-0.14M	-1.36M	-0.33M	-0.06M	-0.15M	0.03M	0.00M	-0.14M	0.01M	0.00M	0.00M	-0.03M	0.28M	-0.12M	0.09M	0.14M	-0.44M	0.00M	0.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	0.00M	-0.33M	-0.01M	-0.01M	-0.02M	-0.02M	0.00M	-0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.33M	0.00M	0.00M	0.00M	0.00M	0.22M	0.99M	1.14M	0.45M	0.00M	0.00M	-0.05M	0.00M	0.00M	0.03M	2.07M	138.52M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.01M	0.00M	0.00M	0.00M	0.06M	0.00M	0.00M	0.00M	0.38M	0.06M	0.03M	0.19M	0.54M	1.26M	3.11M	1.85M	1.56M	0.26M	0.27M	0.06M	0.08M	0.77M	3.13M	8.39M	203.62M
Common Stock Repurchased	0.00M	-0.28M	-0.32M	-0.09M	-0.03M	-0.40M	-0.11M	-0.04M	0.00M	-0.02M	-0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.02M	0.00M	0.00M	-0.01M	0.00M	0.00M	0.00M	0.00M	-0.05M	-0.24M	0.00M	-0.13M	-0.48M	-65.01M
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	-7.69M	-25.83M	-19.14M	-16.89M	-13.40M	-24.34M	-27.19M	-26.41M	-21.24M	-18.33M	-18.83M	-16.10M	-14.94M	-17.95M	-16.42M	-18.64M	-16.87M	-19.04M	-12.95M	-12.95M	-14.70M	-9.10M	-19.63M	-22.83M	-31.65M	-31.87M	-27.65M	-26.15M	-25.01M	-14.92M	-10.67M
Common Dividends Paid	-6.24M	-26.57M	-19.01M	-17.14M	-15.36M	-24.23M	-27.68M	-26.35M	-21.20M	-18.21M	-18.35M	-16.23M	-14.90M	-17.66M	-17.46M	-19.23M	-14.63M	-14.93M	-20.56M	-16.34M	-19.09M	-16.92M	-19.67M	-19.49M	-31.65M	-32.99M	-28.95M	-27.62M	-27.45M	-14.92M	-10.67M
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	-21.64M	-7.65M	-10.75M	-9.28M	-6.93M	-9.87M	-6.94M	-8.52M	-3.51M	-6.24M	-1.69M	-4.31M	-0.46M	-0.92M	-2.73M	-6.56M	-1.01M	-1.46M	-5.06M	-0.53M	0.18M	8.07M	-1.52M	-13.06M	20.22M	5.13M	28.36M	3.33M	40.83M	-1.71M	-2.55M
Net Cash from Financing Activities	-42.45M	-55.33M	-42.61M	-28.76M	12.27M	-26.72M	-21.80M	-44.06M	-20.25M	-39.71M	-40.66M	-43.93M	-17.23M	-24.49M	-14.75M	-18.97M	-22.51M	-25.27M	-33.72M	-29.73M	-38.79M	1.12M	-51.29M	-56.90M	9.77M	-37.78M	-24.19M	-18.68M	-3.29M	-30.50M	-13.77M
Effect of FX on Cash	-0.01M	0.02M	0.11M	0.13M	-0.04M	-0.07M	-0.01M	0.01M	-0.01M	-0.02M	0.04M	0.00M	0.00M	-0.01M	0.01M	0.01M	0.00M	0.09M	0.02M	0.00M	0.00M	0.00M	0.00M	0.03M	0.00M	0.00M	0.00M	0.00M	-0.06M	0.15M	0.00M
Net Change in Cash	-23.67M	4.92M	1.71M	1.88M	24.39M	12.18M	1.32M	-4.39M	-0.34M	7.04M	3.54M	8.40M	16.90M	-0.34M	2.07M	6.11M	12.26M	0.56M	9.08M	23.42M	-8.90M	7.01M	1.54M	-5.83M	12.50M	-6.93M	14.28M	-16.87M	4.31M	-0.36M	5.63M
Cash at Beginning of Period	125.80M	193.67M	173.69M	162.73M	125.72M	126.85M	139.91M	138.09M	134.26M	118.86M	103.61M	102.02M	80.40M	94.59M	92.21M	81.80M	81.22M	87.92M	92.88M	59.07M	57.05M	38.34M	73.16M	62.40M	38.30M	60.76M	54.72M	72.23M	38.23M	35.10M	38.18M
Cash at End of Period	242.26M	199.62M	185.05M	175.03M	167.54M	126.58M	132.84M	142.23M	136.69M	133.23M	119.34M	95.10M	110.32M	108.22M	100.42M	113.24M	99.22M	87.06M	96.42M	108.48M	61.86M	67.09M	73.44M	78.20M	36.78M	42.65M	65.65M	53.16M	34.86M	56.20M	34.82M
Operating Cash Flow	107.52M	170.17M	154.74M	102.57M	70.21M	138.97M	149.78M	157.61M	144.16M	138.33M	141.72M	128.66M	91.55M	118.84M	123.13M	127.49M	127.16M	143.56M	137.70M	141.86M	115.10M	124.22M	125.76M	207.39M	187.09M	188.24M	143.91M	153.58M	198.29M	152.57M	135.77M
Capital Expenditure	-68.06M	-118.14M	-96.32M	-82.82M	-79.23M	-101.00M	-108.74M	-98.57M	-77.69M	-67.73M	-65.77M	-64.28M	-58.32M	-62.64M	-70.90M	-55.35M	-46.10M	-117.54M	-103.43M	-110.48M	-130.14M	-84.21M	-112.61M	-120.31M	-142.86M	-189.01M	-73.74M	-68.73M	-168.26M	-106.24M	-106.74M
Free Cash Flow	39.05M	31.86M	54.00M	23.85M	12.97M	25.42M	36.25M	44.50M	54.12M	47.59M	34.19M	50.78M	39.86M	27.20M	33.25M	36.42M	47.97M	32.48M	36.99M	32.67M	17.49M	24.84M	12.96M	100.60M	36.13M	37.20M	26.35M	30.35M	29.21M	41.84M	58.46M

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	263.01M	264.50M	193.54M	169.94M	98.90M	163.41M	228.80M	200.24M	187.97M	178.72M	154.26M	168.28M	148.60M	183.36M	178.25M	178.69M	145.77M	161.86M	208.97M	230.97M	151.76M	160.20M	250.10M	302.21M	293.86M	469.46M	272.34M	278.24M	180.52M	131.33M	205.69M
(-) Tax Adjustment	63.50M	64.99M	37.35M	52.99M	27.18M	39.21M	50.92M	41.11M	27.65M	49.33M	33.90M	43.91M	39.23M	45.96M	45.58M	49.21M	42.00M	43.95M	39.42M	60.30M	58.83M	70.18M	65.96M	43.82M	74.68M	135.96M	133.23M	78.46M	62.39M	25.59M	72.15M
(-) Change In Working Capital	-15.23M	-12.66M	-28.26M	-19.70M	-12.27M	-15.84M	-27.60M	-13.55M	-19.90M	-10.37M	-11.92M	-6.29M	-6.70M	-12.61M	1.50M	-6.62M	1.21M	-8.09M	3.56M	9.45M	-2.52M	-4.74M	-0.35M	7.04M	-0.47M	-12.92M	-22.10M	-10.79M	-5.07M	3.69M	-91.02M
(-) Capital Expenditure	68.06M	118.14M	96.32M	82.82M	79.23M	101.00M	108.74M	98.57M	77.69M	67.73M	65.77M	64.28M	58.32M	62.64M	70.90M	55.35M	46.10M	117.54M	103.43M	110.48M	130.14M	84.21M	112.61M	120.31M	142.86M	189.01M	73.74M	68.73M	168.26M	106.24M	106.74M
Unlevered Free Cash Flow	146.68M	94.03M	88.14M	53.83M	4.76M	39.05M	96.75M	74.11M	102.53M	72.03M	66.50M	66.38M	57.75M	87.38M	60.28M	80.75M	56.47M	8.46M	62.57M	50.73M	-34.69M	10.56M	71.88M	131.04M	76.78M	157.42M	87.47M	141.85M	-45.05M	-4.19M	117.82M
(-) Net Interest Income After Taxes	-15.00M	-17.55M	-15.66M	-11.26M	-8.89M	-13.70M	-12.63M	-12.97M	-12.69M	-10.56M	-12.37M	-9.92M	-10.71M	-10.86M	-17.53M	-12.82M	-13.10M	-15.39M	-10.39M	-7.17M	-4.30M	-2.57M	-1.59M	-4.72M	-15.05M	-3.42M	-2.12M	-1.64M	-1.60M	-1.29M	-0.68M
Net Debt Issuance	26.90M	-16.63M	-2.85M	14.25M	31.26M	12.27M	10.89M	2.07M	10.21M	0.40M	11.51M	3.24M	-7.18M	4.91M	8.92M	5.60M	-0.42M	-5.03M	-14.95M	-2.51M	-10.96M	0.46M	-8.82M	-13.11M	-1.58M	3.97M	-5.39M	7.76M	3.73M	-55.94M	-150.48M
Levered Free Cash Flow	188.59M	94.95M	100.95M	79.34M	44.92M	65.03M	120.27M	89.15M	125.43M	82.99M	90.38M	79.54M	61.28M	103.15M	86.72M	99.17M	69.15M	18.82M	58.00M	55.39M	-41.35M	13.58M	64.65M	122.65M	90.26M	164.81M	84.20M	151.25M	-39.73M	-58.84M	-31.99M