Travel Lodging

Category: Industry Averages Base Ticker: 0184.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	4.49	4.19	4.07	4.30	4.24	3.28	4.77	4.05	3.12	3.22	3.08	2.52	2.26	2.36	1.67	1.85	1.51	1.79	2.28	1.17	1.10	0.68	0.56	1.92	1.82	1.86	2.08	1.83	0.98	0.50	0.39
Market Capitalization	897.07M	579.56M	509.47M	598.55M	532.74M	538.38M	724.70M	657.17M	600.66M	539.31M	547.50M	442.70M	436.29M	367.70M	281.17M	369.42M	268.58M	254.81M	432.90M	294.18M	227.03M	189.26M	177.71M	165.30M	197.46M	304.71M	244.58M	229.75M	243.95M	164.48M	127.78M
(-) Cash & Equivalents	55.71M	63.15M	68.36M	77.16M	81.61M	86.38M	70.03M	73.20M	63.06M	53.94M	52.44M	53.27M	38.22M	35.71M	29.55M	23.77M	19.95M	21.37M	19.91M	19.16M	17.19M	18.68M	17.86M	14.98M	19.12M	17.48M	11.84M	14.94M	15.55M	7.88M	5.98M
(+) Total Debt	308.17M	586.58M	619.02M	629.39M	559.86M	598.90M	503.60M	298.30M	243.99M	231.33M	202.46M	177.69M	151.84M	122.82M	90.69M	80.78M	66.10M	59.50M	62.52M	58.57M	74.47M	69.85M	93.13M	183.50M	102.74M	95.17M	91.89M	81.89M	38.48M	35.12M	30.24M
Enterprise Value	1,097.25M	1,164.51M	1,150.61M	1,243.29M	954.15M	1,066.95M	1,073.92M	998.77M	909.73M	758.85M	751.19M	649.81M	596.66M	491.21M	416.36M	448.57M	325.54M	288.49M	487.39M	345.06M	269.50M	233.33M	308.71M	333.82M	376.75M	463.32M	403.79M	392.42M	271.74M	180.52M	141.99M

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	383.653M	363.598M	327.173M	222.591M	175.268M	184.353M	284.128M	296.879M	262.848M	220.801M	191.207M	167.829M	177.308M	148.431M	113.896M	100.622M	79.493M	89.419M	109.063M	90.756M	102.037M	95.678M	68.838M	80.504M	98.316M	72.252M	67.884M	70.885M	42.961M	36.576M	18.731M
Cost of Revenue	198.414M	140.436M	186.773M	129.546M	111.226M	106.784M	134.391M	155.359M	111.765M	97.285M	91.081M	79.980M	89.267M	68.078M	46.438M	36.493M	33.148M	33.825M	32.634M	31.597M	36.252M	33.593M	26.287M	43.481M	47.902M	21.386M	25.049M	19.140M	7.280M	10.351M	5.031M
Gross Profit	185.239M	223.162M	140.400M	93.045M	64.042M	77.568M	149.737M	141.520M	151.083M	123.516M	100.125M	87.849M	88.041M	80.353M	67.458M	64.129M	46.345M	55.594M	76.428M	59.160M	65.785M	62.084M	42.551M	37.023M	50.414M	50.866M	42.835M	51.744M	35.681M	26.225M	13.700M
Gross Margin	48.28%	61.38%	42.91%	41.80%	36.54%	42.08%	52.70%	47.67%	57.48%	55.94%	52.37%	52.34%	49.65%	54.14%	59.23%	63.73%	58.30%	62.17%	70.08%	65.18%	64.47%	64.89%	61.81%	45.99%	51.28%	70.40%	63.10%	73.00%	83.06%	71.70%	73.14%
R&D Expenses	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	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	63.046M	50.037M	52.456M	47.935M	38.200M	45.088M	40.279M	40.080M	36.464M	34.831M	28.000M	22.011M	23.292M	17.673M	15.197M	13.333M	12.876M	14.012M	12.360M	8.186M	7.108M	7.968M	9.629M	10.229M	12.055M	8.954M	11.196M	13.015M	8.318M	7.271M	3.253M
Operating Expenses	63.046M	50.037M	52.456M	47.935M	38.200M	45.088M	40.279M	40.080M	36.464M	34.831M	28.000M	22.011M	23.292M	17.673M	15.197M	13.333M	12.876M	14.012M	12.360M	8.186M	7.108M	7.968M	9.629M	10.229M	12.055M	8.954M	11.196M	13.015M	8.318M	7.271M	3.253M
Operating Income	122.193M	173.125M	87.944M	45.110M	25.842M	32.480M	109.458M	101.441M	114.619M	88.685M	72.126M	65.838M	64.749M	62.680M	52.261M	50.796M	33.469M	41.582M	64.068M	50.974M	58.677M	54.116M	32.922M	26.794M	38.358M	41.912M	31.639M	38.729M	27.364M	18.954M	10.446M
Operating Margin	31.85%	47.61%	26.88%	20.27%	14.74%	17.62%	38.52%	34.17%	43.61%	40.17%	37.72%	39.23%	36.52%	42.23%	45.88%	50.48%	42.10%	46.50%	58.74%	56.17%	57.51%	56.56%	47.83%	33.28%	39.02%	58.01%	46.61%	54.64%	63.69%	51.82%	55.77%
Interest Income	1.404M	2.507M	2.324M	1.454M	1.020M	1.129M	1.476M	1.232M	1.232M	1.334M	1.213M	0.956M	0.771M	0.697M	0.591M	0.369M	0.358M	0.430M	0.271M	0.110M	0.181M	0.069M	0.046M	0.057M	0.106M	0.336M	0.000M	0.018M	0.035M	0.000M	0.000M
Interest Expense	16.223M	19.716M	22.531M	20.428M	16.064M	16.695M	17.278M	14.522M	10.904M	8.604M	7.243M	5.774M	5.545M	5.262M	2.887M	2.636M	1.986M	2.039M	1.915M	1.648M	1.958M	1.341M	1.639M	1.562M	1.831M	2.208M	1.076M	1.221M	0.949M	1.366M	0.831M
Net Interest Income	-14.819M	-17.209M	-20.207M	-18.974M	-15.044M	-15.566M	-15.802M	-13.290M	-9.671M	-7.270M	-6.029M	-4.818M	-4.774M	-4.565M	-2.296M	-2.267M	-1.628M	-1.609M	-1.644M	-1.538M	-1.777M	-1.272M	-1.593M	-1.505M	-1.725M	-1.872M	-1.076M	-1.203M	-0.914M	-1.366M	-0.831M
Other Income / Expense	-75.964M	-133.268M	-38.209M	-25.366M	-25.211M	-59.593M	-71.709M	-47.107M	-64.928M	-57.375M	-44.883M	-40.082M	-34.591M	-36.135M	-32.952M	-29.143M	-20.821M	-28.293M	-33.829M	-32.680M	-43.292M	-36.757M	-19.824M	-11.978M	-30.898M	-30.142M	-25.006M	-30.711M	-16.833M	-10.201M	-3.517M
Pre-Tax Income	31.410M	22.649M	29.527M	0.770M	-14.414M	-42.679M	21.948M	41.043M	40.020M	24.040M	21.214M	20.938M	25.383M	21.980M	17.012M	19.386M	11.020M	11.680M	28.596M	16.755M	13.607M	16.087M	11.505M	13.310M	5.735M	9.897M	5.557M	6.815M	9.616M	7.388M	6.098M
Pre-Tax Margin	8.19%	6.23%	9.02%	0.35%	-8.22%	-23.15%	7.72%	13.82%	15.23%	10.89%	11.09%	12.48%	14.32%	14.81%	14.94%	19.27%	13.86%	13.06%	26.22%	18.46%	13.34%	16.81%	16.71%	16.53%	5.83%	13.70%	8.19%	9.61%	22.38%	20.20%	32.56%
Income Tax Expense	10.313M	7.225M	6.904M	2.632M	1.455M	-0.469M	6.569M	9.893M	6.657M	4.974M	5.138M	4.044M	4.369M	3.286M	2.689M	3.177M	1.743M	2.765M	4.489M	3.144M	2.348M	2.121M	1.353M	1.748M	2.347M	2.198M	2.410M	3.069M	2.024M	1.024M	0.755M
Tax Rate	32.83%	31.90%	23.38%	35.00%	0.00%	1.10%	29.93%	24.10%	16.63%	20.69%	24.22%	19.31%	17.21%	14.95%	15.81%	16.39%	15.82%	23.68%	15.70%	18.76%	17.26%	13.18%	11.76%	13.13%	35.00%	22.21%	35.00%	35.00%	21.05%	13.87%	12.38%
Net Income	21.097M	15.423M	22.624M	-1.862M	-15.869M	-42.210M	15.379M	31.150M	33.363M	19.066M	16.075M	16.894M	21.014M	18.694M	14.323M	16.208M	9.277M	8.915M	24.107M	13.611M	11.259M	13.967M	10.152M	11.562M	3.388M	7.700M	3.146M	3.746M	7.592M	6.363M	5.343M
Net Margin	5.50%	4.24%	6.91%	-0.84%	-9.05%	-22.90%	5.41%	10.49%	12.69%	8.63%	8.41%	10.07%	11.85%	12.59%	12.58%	16.11%	11.67%	9.97%	22.10%	15.00%	11.03%	14.60%	14.75%	14.36%	3.45%	10.66%	4.63%	5.28%	17.67%	17.40%	28.53%
EBIT	122.193M	173.125M	87.944M	45.110M	25.842M	32.480M	109.458M	101.441M	114.619M	88.685M	72.126M	65.838M	64.749M	62.680M	52.261M	50.796M	33.469M	41.582M	64.068M	50.974M	58.677M	54.116M	32.922M	26.794M	38.358M	41.912M	31.639M	38.729M	27.364M	18.954M	10.446M
Depreciation & Amortization	20.730M	26.186M	27.576M	29.702M	25.292M	27.903M	28.127M	24.548M	23.129M	21.865M	14.059M	12.108M	12.014M	11.019M	8.611M	8.190M	7.101M	5.587M	6.575M	5.456M	5.587M	6.073M	5.076M	3.358M	4.777M	4.703M	3.835M	3.057M	0.364M	0.460M	-0.024M
EBITDA	142.923M	199.311M	115.520M	74.812M	51.133M	60.383M	137.586M	125.989M	137.748M	110.550M	86.185M	77.946M	76.762M	73.700M	60.872M	58.986M	40.570M	47.168M	70.643M	56.429M	64.264M	60.189M	37.998M	30.152M	43.135M	46.615M	35.474M	41.786M	27.728M	19.414M	10.423M
EBITDA Margin	37.25%	54.82%	35.31%	33.61%	29.17%	32.75%	48.42%	42.44%	52.41%	50.07%	45.07%	46.44%	43.29%	49.65%	53.45%	58.62%	51.04%	52.75%	64.77%	62.18%	62.98%	62.91%	55.20%	37.45%	43.87%	64.52%	52.26%	58.95%	64.54%	53.08%	55.64%
NOPAT	82.073M	117.897M	67.381M	29.322M	25.842M	32.123M	76.697M	76.990M	95.553M	70.336M	54.656M	53.123M	53.603M	53.309M	43.999M	42.470M	28.175M	31.737M	54.012M	41.409M	48.552M	46.982M	29.050M	23.275M	24.933M	32.605M	20.565M	25.174M	21.605M	16.326M	9.153M
NOPAT Margin	21.39%	32.43%	20.60%	13.17%	14.74%	17.42%	26.99%	25.93%	36.35%	31.85%	28.58%	31.65%	30.23%	35.91%	38.63%	42.21%	35.44%	35.49%	49.52%	45.63%	47.58%	49.10%	42.20%	28.91%	25.36%	45.13%	30.29%	35.51%	50.29%	44.64%	48.86%
Owner's Earnings	41.827M	41.610M	50.200M	27.840M	9.423M	-14.308M	43.506M	55.699M	56.492M	40.931M	30.134M	29.002M	33.028M	29.713M	22.934M	24.398M	16.378M	14.501M	30.682M	19.067M	16.846M	20.040M	15.228M	14.920M	8.165M	12.402M	6.982M	6.803M	7.956M	6.823M	5.319M
Owner's Earnings Margin	10.90%	11.44%	15.34%	12.51%	5.38%	-7.76%	15.31%	18.76%	21.49%	18.54%	15.76%	17.28%	18.63%	20.02%	20.14%	24.25%	20.60%	16.22%	28.13%	21.01%	16.51%	20.95%	22.12%	18.53%	8.30%	17.17%	10.28%	9.60%	18.52%	18.66%	28.40%
EPS	0.07	0.05	0.06	0.00	-0.04	-0.12	0.04	0.08	0.09	0.05	0.05	0.05	0.06	0.05	0.04	0.05	0.03	0.03	0.08	0.04	0.03	0.04	0.02	0.04	0.01	0.03	0.01	0.01	0.03	0.02	0.02
EPS (Diluted)	0.07	0.05	0.06	0.00	-0.04	-0.12	0.04	0.08	0.09	0.05	0.05	0.05	0.06	0.05	0.04	0.05	0.03	0.03	0.08	0.04	0.03	0.04	0.02	0.04	0.01	0.03	0.01	0.01	0.03	0.02	0.02
Shares (Diluted)	308,827,846	336,459,384	350,620,279	385,820,483	383,951,671	362,189,714	395,240,845	397,057,240	380,440,311	351,244,692	337,597,229	355,868,973	380,962,139	370,621,850	352,654,669	352,846,818	343,204,259	282,719,513	301,796,860	317,334,501	376,300,076	376,726,911	412,780,310	270,842,518	283,910,188	304,373,659	295,895,740	295,223,649	286,900,312	280,464,537	307,562,426

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	62.60M	63.15M	68.34M	77.16M	81.61M	86.38M	69.91M	73.88M	63.06M	53.94M	52.44M	53.77M	38.22M	35.71M	29.55M	24.28M	19.95M	21.66M	19.91M	19.16M	17.19M	20.72M	18.03M	14.98M	19.73M	18.14M	12.32M	15.54M	18.24M	8.35M	9.98M
Short-Term Investments	30.82M	24.28M	27.47M	24.79M	15.87M	11.09M	22.39M	7.17M	7.35M	6.03M	4.64M	4.16M	4.16M	4.77M	3.48M	5.84M	5.39M	4.03M	5.81M	6.47M	4.75M	6.23M	5.72M	8.44M	2.23M	11.40M	6.50M	2.46M	1.69M	2.48M	0.91M
Cash & Short-Term Investments	93.42M	87.42M	95.80M	101.95M	97.47M	97.47M	92.29M	81.05M	70.41M	59.97M	57.07M	57.93M	42.38M	40.48M	33.03M	30.12M	25.35M	25.69M	25.72M	25.63M	21.94M	26.95M	23.75M	23.42M	21.95M	29.54M	18.82M	18.00M	19.93M	10.83M	10.89M
Net Receivables	36.88M	43.98M	37.71M	35.30M	21.65M	21.04M	26.70M	24.60M	18.10M	18.23M	17.27M	14.65M	11.11M	9.40M	9.21M	7.02M	7.63M	7.74M	7.01M	7.30M	8.37M	6.82M	5.84M	9.74M	10.02M	9.61M	4.81M	6.93M	10.49M	5.23M	5.38M
Inventory	5.61M	9.05M	8.83M	8.74M	5.88M	5.81M	7.26M	10.61M	4.60M	10.01M	7.92M	5.59M	9.72M	6.90M	3.29M	3.38M	3.85M	4.46M	4.09M	3.25M	4.01M	5.11M	5.51M	1.44M	3.53M	5.09M	6.22M	3.54M	2.26M	1.80M	2.26M
Other Current Assets	7.34M	12.56M	13.73M	21.68M	16.69M	18.98M	18.05M	20.15M	22.10M	19.28M	17.93M	7.53M	7.20M	5.19M	3.92M	4.60M	5.15M	6.23M	11.13M	8.30M	7.05M	12.92M	12.48M	7.54M	7.91M	13.24M	21.39M	15.89M	8.68M	4.81M	4.05M
Total Current Assets	143.26M	153.02M	156.08M	167.67M	141.69M	143.29M	144.30M	136.42M	115.22M	107.49M	100.19M	85.70M	70.42M	61.97M	49.44M	45.12M	41.99M	44.11M	47.94M	44.49M	41.37M	51.80M	47.60M	42.15M	43.41M	57.48M	51.24M	44.35M	41.36M	22.68M	22.58M
Property, Plant & Equipment	372.94M	461.35M	505.59M	478.21M	408.02M	437.18M	432.28M	350.32M	309.05M	292.11M	292.72M	258.71M	230.03M	213.89M	183.18M	165.76M	145.54M	143.63M	153.01M	112.93M	116.60M	102.00M	162.00M	256.07M	107.83M	103.54M	93.00M	92.13M	60.54M	58.62M	47.09M
Goodwill	15.27M	10.62M	10.85M	8.71M	5.84M	14.55M	12.53M	12.40M	9.61M	9.28M	9.29M	8.51M	8.16M	1.91M	1.45M	0.99M	0.57M	0.52M	0.51M	0.29M	0.47M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	32.19M	27.59M	34.09M	28.31M	23.28M	30.60M	29.32M	25.82M	22.62M	22.02M	18.95M	16.06M	9.76M	13.78M	2.94M	3.13M	2.92M	3.47M	3.10M	2.30M	3.68M	3.68M	4.15M	2.68M	3.89M	6.54M	4.04M	3.69M	6.81M	2.11M	1.32M
Long-Term Investments	39.64M	23.90M	40.64M	47.44M	45.40M	45.35M	36.66M	36.90M	44.58M	36.10M	21.26M	17.13M	18.37M	17.82M	19.56M	11.87M	11.12M	7.99M	12.42M	6.62M	8.67M	5.37M	15.57M	15.35M	11.98M	18.46M	13.15M	17.41M	13.34M	0.00M	9.93M
Tax Assets	5.50M	7.97M	5.51M	8.44M	6.19M	7.09M	4.39M	8.62M	4.45M	6.13M	3.22M	2.80M	2.37M	2.18M	1.62M	1.58M	1.62M	1.44M	1.25M	0.57M	0.77M	1.01M	0.59M	0.26M	0.35M	0.26M	0.00M	-0.11M	0.01M	0.00M	0.01M
Other Non-Current Assets	32.84M	106.15M	81.83M	56.23M	51.79M	68.37M	53.94M	38.73M	29.91M	29.25M	27.61M	22.81M	25.67M	38.14M	22.19M	19.35M	19.09M	16.53M	17.92M	22.23M	17.76M	16.94M	16.72M	16.54M	32.60M	35.92M	28.55M	26.90M	7.88M	5.79M	4.28M
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	498.37M	637.59M	678.50M	627.34M	540.52M	603.14M	569.13M	472.79M	420.22M	394.88M	373.05M	326.02M	294.36M	287.71M	230.93M	202.69M	180.85M	173.57M	188.21M	144.95M	147.95M	129.00M	199.03M	290.89M	156.65M	164.71M	138.74M	140.03M	88.57M	66.52M	62.62M
Total Assets	641.63M	790.61M	834.59M	795.01M	682.20M	746.44M	713.43M	609.20M	535.44M	502.37M	473.24M	411.72M	364.78M	349.68M	280.38M	247.80M	222.83M	217.69M	236.16M	189.44M	189.32M	180.80M	246.63M	333.04M	200.05M	222.19M	189.97M	184.38M	129.93M	89.20M	85.20M
Accounts Payable	25.84M	25.97M	21.25M	26.66M	19.65M	17.17M	21.38M	22.47M	13.57M	14.14M	15.67M	14.78M	11.64M	13.78M	10.59M	8.85M	8.99M	6.95M	7.00M	7.31M	6.33M	6.35M	6.68M	8.31M	17.11M	21.40M	14.54M	14.17M	7.30M	3.99M	3.48M
Short-Term Debt	46.87M	46.08M	63.28M	60.01M	80.55M	62.58M	41.12M	44.04M	35.65M	41.30M	41.77M	33.42M	24.96M	22.69M	17.20M	13.92M	10.85M	12.05M	11.44M	12.82M	16.18M	16.56M	19.99M	29.13M	25.41M	21.10M	23.10M	17.50M	9.68M	9.38M	11.93M
Tax Payables	0.11M	4.12M	5.44M	6.45M	4.70M	4.36M	5.39M	6.57M	3.67M	3.98M	2.49M	2.61M	1.85M	1.87M	1.11M	1.31M	1.16M	1.33M	1.12M	1.18M	1.06M	1.45M	0.89M	1.49M	1.65M	1.13M	1.68M	1.29M	0.77M	0.47M	0.40M
Deferred Revenue	15.57M	1.09M	5.36M	10.58M	18.77M	17.32M	18.96M	5.52M	9.07M	8.53M	6.93M	6.77M	5.89M	6.12M	3.84M	2.79M	3.28M	3.89M	2.91M	3.42M	2.89M	4.50M	2.60M	5.69M	6.02M	5.35M	6.71M	8.55M	3.72M	4.17M	3.78M
Other Current Liabilities	45.20M	39.39M	32.36M	25.36M	18.67M	23.83M	23.56M	28.25M	31.32M	25.29M	22.32M	19.15M	18.84M	15.28M	13.52M	10.07M	11.94M	11.79M	13.11M	13.45M	12.51M	12.08M	12.41M	8.81M	9.68M	11.56M	5.54M	11.84M	5.96M	5.06M	3.58M
Total Current Liabilities	133.59M	116.65M	127.69M	129.06M	142.34M	125.25M	110.41M	106.85M	93.29M	93.24M	89.19M	76.74M	63.18M	59.74M	46.25M	36.94M	36.22M	36.00M	35.59M	38.19M	38.97M	40.94M	42.57M	53.43M	59.87M	60.54M	51.58M	53.35M	27.43M	23.07M	23.16M
Long-Term Debt	111.25M	230.02M	198.82M	224.88M	207.84M	253.37M	266.69M	269.11M	193.18M	162.91M	152.68M	142.62M	112.23M	79.35M	55.32M	56.49M	47.55M	47.84M	36.56M	37.09M	44.35M	51.08M	71.99M	77.59M	76.91M	55.58M	73.90M	64.79M	30.08M	12.87M	13.25M
Capital Lease Obligations	9.95M	79.90M	83.95M	90.78M	58.77M	56.42M	20.29M	0.28M	0.05M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	13.87M	19.91M	17.29M	24.66M	22.64M	16.12M	25.38M	21.42M	20.66M	16.42M	12.37M	7.90M	8.35M	7.33M	4.79M	4.02M	3.59M	3.07M	2.75M	1.42M	1.42M	1.47M	2.26M	2.23M	0.55M	0.03M	0.14M	0.16M	0.05M	0.23M	0.02M
Other Non-Current Liabilities	13.95M	14.93M	20.37M	17.64M	16.71M	18.66M	21.80M	16.47M	20.22M	14.62M	19.49M	14.71M	16.56M	8.39M	5.05M	4.63M	4.26M	5.06M	4.65M	2.80M	3.17M	5.73M	3.02M	3.38M	1.77M	0.64M	0.83M	1.35M	0.54M	0.36M	0.98M
Total Non-Current Liabilities	149.02M	344.77M	320.43M	357.96M	305.95M	344.57M	334.17M	307.27M	234.12M	193.96M	184.55M	165.24M	137.14M	95.07M	65.16M	65.15M	55.41M	55.97M	43.97M	41.31M	48.94M	58.28M	77.28M	83.20M	79.23M	56.24M	74.87M	66.30M	30.68M	13.46M	14.25M
Total Liabilities	282.61M	461.42M	448.12M	487.02M	448.28M	469.82M	444.57M	414.13M	327.40M	287.20M	273.74M	241.97M	200.32M	154.80M	111.41M	102.09M	91.63M	91.97M	79.56M	79.49M	87.91M	99.22M	119.85M	136.63M	139.11M	116.78M	126.45M	119.65M	58.11M	36.53M	37.42M
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	40.52M	52.77M	51.73M	58.14M	61.21M	60.13M	62.57M	60.15M	49.91M	46.70M	45.98M	46.57M	41.59M	41.22M	37.21M	31.75M	32.70M	29.09M	27.52M	23.28M	19.66M	21.58M	20.04M	21.71M	22.93M	20.72M	21.81M	22.15M	22.57M	21.15M	19.43M
Retained Earnings	124.62M	122.75M	117.27M	103.02M	91.84M	114.23M	151.19M	157.85M	149.58M	124.54M	96.74M	85.58M	70.68M	54.60M	40.02M	20.32M	20.60M	25.89M	36.95M	22.42M	9.06M	12.72M	9.63M	3.99M	4.46M	5.96M	3.26M	3.69M	4.29M	1.11M	0.16M
Accumulated OCI	17.34M	11.59M	15.92M	20.74M	19.29M	13.19M	16.40M	14.27M	20.07M	14.07M	21.08M	3.71M	5.33M	-2.29M	-1.85M	-1.18M	-1.08M	-0.37M	0.00M	0.05M	0.01M	0.00M	0.00M	0.00M	-0.19M	-0.33M	-0.06M	0.09M	0.16M	0.15M	0.13M
Minority Interest	9.66M	11.59M	9.43M	12.99M	15.71M	16.76M	15.69M	15.84M	15.55M	14.64M	8.99M	9.20M	9.81M	9.53M	8.32M	7.78M	7.16M	7.59M	7.57M	7.26M	9.25M	12.80M	8.73M	8.64M	9.20M	6.63M	3.48M	3.53M	0.75M	0.64M	0.90M
Total Shareholders’ Equity	182.48M	187.11M	184.93M	181.90M	172.34M	187.56M	230.16M	232.27M	219.56M	185.32M	163.81M	135.86M	117.59M	93.53M	75.38M	50.89M	52.22M	54.62M	64.46M	45.75M	28.73M	34.30M	29.67M	25.70M	27.20M	26.36M	25.01M	25.93M	27.02M	22.41M	19.72M
Total Equity	192.15M	198.70M	194.36M	194.89M	188.05M	204.32M	245.85M	248.11M	235.10M	199.96M	172.80M	145.06M	127.41M	103.06M	83.70M	58.67M	59.38M	62.20M	72.03M	53.01M	37.97M	47.10M	38.40M	34.34M	36.40M	32.99M	28.49M	29.46M	27.78M	23.05M	20.62M
Total Liabilities & Equity	474.75M	660.12M	642.48M	681.91M	636.33M	674.14M	690.42M	662.24M	562.50M	487.16M	446.54M	387.03M	327.73M	257.86M	195.11M	160.76M	151.00M	154.18M	151.59M	132.50M	125.88M	146.33M	158.25M	170.97M	175.51M	149.77M	154.93M	149.12M	85.89M	59.58M	58.04M
Tangible Assets	594.17M	752.39M	789.65M	757.99M	653.09M	701.28M	671.58M	570.99M	503.21M	471.07M	445.00M	387.15M	346.86M	333.99M	275.99M	243.69M	219.35M	213.70M	232.54M	186.85M	185.18M	177.12M	242.48M	330.36M	196.17M	215.66M	185.94M	180.69M	123.12M	87.09M	83.88M
Tangible Equity	144.68M	160.48M	149.42M	157.88M	158.93M	159.16M	204.00M	209.90M	202.87M	168.66M	144.56M	120.48M	109.49M	87.37M	79.31M	54.55M	55.89M	58.21M	68.42M	50.42M	33.83M	43.42M	34.25M	31.66M	32.51M	26.45M	24.45M	25.77M	20.97M	20.94M	19.30M
Tangible Book Value	144.68M	160.48M	149.42M	157.88M	158.93M	159.16M	204.00M	209.90M	202.87M	168.66M	144.56M	120.48M	109.49M	87.37M	79.31M	54.55M	55.89M	58.21M	68.42M	50.42M	33.83M	43.42M	34.25M	31.66M	32.51M	26.45M	24.45M	25.77M	20.97M	20.94M	19.30M
Total Investments	51.40M	40.65M	58.65M	60.31M	59.51M	54.96M	52.41M	46.57M	52.53M	39.67M	31.68M	21.03M	21.41M	28.07M	25.75M	22.08M	22.18M	18.20M	24.30M	23.56M	27.56M	23.09M	37.71M	47.93M	56.49M	78.12M	21.41M	27.13M	15.41M	2.77M	10.95M
Net Debt	95.52M	212.95M	193.76M	207.72M	206.77M	229.57M	237.90M	239.27M	165.77M	150.27M	142.01M	122.27M	98.97M	66.32M	42.97M	46.14M	38.45M	38.23M	28.10M	30.75M	43.34M	46.91M	73.96M	91.73M	82.60M	58.55M	84.69M	66.75M	21.53M	13.90M	15.20M

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	-33.47M	-28.34M	-47.43M	-51.77M	-35.63M	-52.67M	-4.50M	-11.99M	-0.15M	25.12M	18.55M	16.78M	9.47M	7.37M	8.21M	10.40M	15.08M	16.94M	12.25M	14.93M	5.10M	12.68M	3.29M	2.08M	19.40M	-25.39M	-0.66M	10.74M	8.71M	1.69M	4.92M
Total Capital	671.84M	935.52M	922.13M	928.88M	901.90M	928.10M	895.26M	691.46M	606.16M	560.39M	486.45M	436.75M	378.50M	338.45M	282.53M	254.22M	223.78M	208.81M	218.97M	193.56M	210.97M	219.01M	215.99M	299.48M	225.55M	247.21M	194.54M	217.13M	118.47M	91.21M	82.12M
Capital Employed	788.75M	959.33M	1,001.23M	1,010.39M	1,035.68M	1,016.07M	811.90M	769.18M	649.72M	609.13M	558.16M	533.17M	426.70M	376.34M	302.56M	279.21M	263.29M	250.51M	262.83M	214.31M	213.63M	224.08M	224.96M	350.64M	229.39M	192.05M	154.25M	153.81M	118.55M	88.16M	66.80M
Invested Capital	609.24M	872.37M	853.79M	851.72M	820.29M	841.72M	825.35M	617.58M	543.10M	506.45M	434.02M	382.98M	340.28M	302.74M	252.98M	229.95M	203.83M	187.15M	199.06M	174.40M	193.78M	198.29M	197.96M	284.50M	205.82M	229.07M	182.22M	201.58M	100.23M	82.86M	72.14M

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	16.16M	29.72M	29.30M	29.62M	25.63M	27.38M	23.62M	20.27M	18.14M	16.90M	14.12M	13.05M	12.39M	11.16M	8.67M	8.12M	6.38M	5.59M	6.86M	5.37M	5.55M	5.80M	4.18M	3.10M	3.73M	3.93M	3.64M	3.44M	32.49M	8.75M	22.34M
Deferred Income Tax	0.00M	0.00M	0.00M	-0.04M	-0.23M	-0.18M	-0.18M	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	0.00M	0.00M
Stock-Based Compensation	0.00M	0.00M	0.06M	0.01M	0.01M	0.03M	0.02M	0.02M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-2.69M	1.01M	4.90M	1.79M	1.55M	-1.10M	-1.38M	-0.05M	0.43M	-0.73M	-1.22M	-0.28M	-0.47M	-0.39M	-0.53M	1.02M	-1.29M	-0.47M	1.43M	1.03M	0.90M	0.04M	0.24M	-0.02M	-0.32M	1.67M	-0.84M	-3.75M	1.50M	2.28M	0.00M
Accounts Receivable	-0.03M	-2.70M	-1.46M	-2.24M	-2.27M	2.53M	-1.92M	-1.47M	-0.69M	-1.23M	-1.28M	-0.44M	-0.68M	-0.25M	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	-0.05M	0.00M	0.00M
Inventory	-0.05M	-0.07M	-0.20M	-0.20M	0.10M	0.17M	-0.18M	-0.10M	-0.07M	-0.01M	0.00M	-0.04M	-0.26M	-0.04M	-0.16M	-0.07M	0.00M	-0.23M	-0.08M	-0.04M	-0.04M	-0.10M	-0.03M	0.00M	0.00M	0.07M	-0.11M	-0.07M	-0.19M	-0.50M	0.00M
Accounts Payable	0.00M	0.51M	1.40M	2.15M	0.78M	-1.59M	1.15M	0.88M	1.00M	0.22M	0.27M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	0.07M	1.21M	1.83M	3.02M	1.29M	-1.39M	0.67M	-0.07M	1.09M	0.51M	0.58M	0.85M	0.59M	-0.48M	0.33M	1.63M	-0.50M	-0.49M	1.19M	0.86M	1.43M	0.84M	0.19M	0.12M	-0.36M	0.21M	-0.16M	-2.02M	0.53M	0.25M	0.00M
Other Non-Cash Items	12.67M	9.82M	8.04M	5.54M	7.94M	19.66M	3.75M	-1.51M	-1.51M	4.30M	1.29M	0.57M	0.76M	2.39M	1.21M	-0.86M	0.12M	1.14M	-4.55M	-0.48M	-1.30M	-1.11M	0.48M	3.34M	2.36M	-1.76M	-0.45M	0.36M	1.57M	-0.40M	0.59M
Net Cash from Operating Activities	57.22M	61.79M	55.91M	30.83M	10.37M	8.67M	38.45M	38.83M	34.35M	47.33M	32.67M	26.13M	24.12M	25.06M	19.28M	15.91M	13.72M	14.33M	23.89M	17.14M	17.84M	14.38M	13.30M	18.35M	10.18M	11.73M	8.41M	12.19M	83.19M	27.60M	56.60M
Capital Expenditures (PPE)	-24.69M	-18.91M	-17.23M	-19.96M	-20.94M	-30.89M	-49.54M	-34.70M	-27.01M	-21.25M	-20.44M	-18.53M	-22.61M	-21.09M	-16.32M	-15.40M	-13.23M	-12.66M	-14.95M	-8.58M	-8.96M	-12.98M	-6.48M	-6.20M	-9.66M	-8.98M	-9.86M	-11.45M	-132.82M	-28.23M	-14.40M
Acquisitions (Net)	0.02M	0.00M	0.07M	-0.56M	1.61M	-0.16M	-0.98M	-1.53M	-2.44M	-0.59M	-0.61M	-0.59M	-0.08M	-0.50M	-0.32M	0.13M	0.13M	-0.49M	0.02M	0.01M	0.01M	0.04M	0.05M	0.93M	0.33M	1.19M	0.89M	0.25M	-61.26M	0.00M	0.00M
Purchases of Investments	-3.18M	-2.85M	-5.48M	-8.88M	-6.79M	-8.43M	-8.36M	-8.13M	-7.16M	-4.81M	-6.19M	-2.10M	-2.10M	-1.46M	-0.34M	-0.41M	-1.00M	-1.45M	-1.63M	-1.75M	-1.38M	-2.56M	-2.00M	-5.48M	-4.49M	-4.61M	-1.54M	-4.61M	-2.39M	-2.12M	-0.17M
Sales / Maturities of Investments	3.12M	2.34M	3.20M	6.49M	8.96M	10.21M	4.16M	7.05M	4.56M	4.36M	2.83M	1.30M	1.52M	1.39M	0.35M	0.65M	0.52M	1.34M	1.38M	1.04M	1.08M	0.88M	1.74M	1.47M	3.54M	3.40M	1.98M	2.47M	0.51M	2.11M	69.31M
Other Investing Activities	1.01M	2.35M	-0.78M	2.36M	6.31M	1.50M	0.18M	3.38M	-0.87M	1.29M	0.03M	2.86M	0.59M	0.28M	1.05M	0.41M	0.35M	-0.68M	-0.78M	1.30M	0.27M	-1.04M	1.98M	4.80M	1.48M	-1.17M	-0.55M	-2.02M	28.81M	-0.17M	30.43M
Net Cash from Investing Activities	-29.56M	-23.12M	-22.75M	-21.87M	-8.93M	-24.13M	-42.94M	-38.71M	-40.21M	-34.74M	-24.11M	-21.39M	-22.88M	-20.07M	-18.57M	-14.71M	-15.70M	-18.35M	-17.14M	-8.12M	-9.08M	-12.56M	-6.71M	-6.93M	-6.73M	-12.20M	-8.57M	-22.71M	-185.70M	-33.11M	22.76M
Net Debt Issuance	-3.04M	-4.71M	-1.47M	-4.36M	-8.96M	19.71M	7.86M	13.56M	-1.08M	8.97M	7.01M	4.91M	3.16M	4.45M	5.29M	1.77M	2.13M	3.21M	6.75M	-0.09M	-0.76M	0.15M	1.02M	-0.67M	-1.17M	1.31M	4.07M	4.09M	41.47M	0.90M	2.77M
Long-Term Debt Issuance	-2.23M	-3.03M	1.80M	0.04M	-8.56M	23.75M	9.21M	13.27M	1.80M	10.73M	6.25M	7.37M	2.80M	3.78M	6.35M	3.23M	3.49M	1.50M	3.99M	-0.54M	-0.21M	1.76M	0.75M	-1.43M	-4.41M	-0.57M	2.69M	2.71M	41.47M	0.90M	2.77M
Short-Term Debt Issuance	-0.34M	-0.21M	-0.12M	-0.17M	-0.22M	0.27M	0.03M	0.00M	-0.03M	-0.03M	-0.05M	-0.10M	0.00M	0.00M	0.00M	0.00M	-0.08M	0.00M	0.00M	-0.01M	-0.01M	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	-0.01M	-0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.02M	0.00M	0.24M	0.01M	0.02M	0.00M	0.06M	0.00M	0.00M	0.06M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.73M	0.35M	2.34M
Common Stock Issuance	0.00M	0.00M	0.00M	0.15M	0.00M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.12M	0.44M	0.00M	0.65M	0.02M	0.06M	0.23M	1.72M	0.00M	0.15M	0.38M	0.00M	0.00M	0.00M	0.00M	0.03M	0.14M	1.77M	1.24M	2.34M
Common Stock Repurchased	0.00M	0.00M	-0.31M	-0.01M	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	0.00M	0.00M	0.00M	0.00M	-0.01M	-0.04M	-0.13M	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	-3.75M	-4.01M	-2.40M	-1.87M	-0.61M	-3.80M	-7.51M	-6.56M	-6.28M	-5.18M	-4.05M	-3.97M	-3.84M	-3.86M	-3.24M	-2.61M	-3.30M	-4.12M	-3.78M	-3.85M	-3.12M	-2.21M	-2.59M	-2.63M	-2.91M	-2.25M	-1.98M	-1.89M	0.00M	0.00M	0.00M
Common Dividends Paid	-3.27M	-4.01M	-2.42M	-1.92M	-0.59M	-3.67M	-8.11M	-6.76M	-6.21M	-4.83M	-3.35M	-3.91M	-3.78M	-3.39M	-3.12M	-2.91M	-3.32M	-4.36M	-3.68M	-3.59M	-3.06M	-1.79M	-2.33M	-2.63M	-2.91M	-1.80M	-1.98M	-1.89M	0.00M	0.00M	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	-10.48M	-13.32M	-10.48M	-9.06M	-6.21M	-6.61M	-5.88M	-6.56M	-3.22M	-2.99M	-3.24M	-2.89M	-2.54M	-1.98M	-0.58M	-0.48M	-1.02M	0.37M	1.84M	-0.01M	-1.27M	-2.70M	-0.71M	-1.66M	1.71M	4.15M	0.76M	5.27M	0.42M	-0.15M	0.05M
Net Cash from Financing Activities	-33.21M	-36.71M	-39.45M	-16.84M	-7.48M	25.78M	-6.78M	-10.54M	-8.67M	0.24M	-6.36M	0.94M	-4.42M	-7.59M	3.01M	3.70M	-0.29M	-2.37M	3.52M	-5.85M	-3.49M	-4.10M	-3.08M	-15.77M	-1.15M	9.15M	2.38M	5.82M	106.32M	6.49M	4.40M
Effect of FX on Cash	0.34M	-0.04M	0.14M	-0.12M	-0.03M	0.13M	0.03M	-0.08M	0.07M	-0.05M	-0.14M	-0.22M	0.06M	0.03M	0.02M	0.00M	0.00M	0.00M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.01M	0.00M	0.00M	0.00M	0.00M	-0.01M	0.05M
Net Change in Cash	-0.84M	-2.13M	-1.74M	-3.40M	-4.49M	7.17M	0.27M	1.82M	4.91M	5.61M	0.18M	6.99M	0.18M	2.22M	4.01M	2.37M	-1.85M	0.33M	6.47M	2.16M	-0.10M	1.35M	2.58M	-5.04M	-0.96M	3.10M	-1.70M	-4.51M	3.70M	-1.74M	65.75M
Cash at Beginning of Period	43.29M	71.33M	77.67M	81.12M	83.99M	65.82M	70.36M	64.18M	55.29M	49.83M	46.51M	37.11M	35.24M	32.52M	24.59M	19.06M	21.25M	23.84M	19.12M	13.72M	17.71M	14.30M	10.57M	15.66M	23.15M	14.92M	12.55M	17.66M	1.86M	4.23M	1.96M
Cash at End of Period	102.34M	66.67M	73.25M	76.92M	83.15M	82.10M	68.32M	69.61M	62.42M	52.93M	49.33M	46.20M	37.91M	36.63M	30.18M	23.84M	20.41M	22.41M	25.11M	19.15M	16.39M	16.24M	14.36M	10.77M	16.52M	21.78M	11.94M	12.82M	4.05M	3.72M	65.69M
Operating Cash Flow	57.50M	61.79M	56.22M	27.54M	10.03M	7.51M	38.45M	38.83M	34.35M	47.33M	32.67M	26.13M	24.12M	25.06M	19.28M	15.91M	13.72M	14.33M	23.89M	17.04M	17.84M	14.38M	13.30M	18.35M	10.18M	11.73M	8.41M	12.19M	83.19M	27.60M	56.60M
Capital Expenditure	-26.18M	-23.15M	-24.47M	-20.04M	-21.00M	-30.89M	-48.86M	-34.70M	-27.01M	-21.25M	-20.44M	-18.51M	-22.61M	-21.68M	-16.46M	-15.40M	-13.24M	-12.71M	-14.95M	-8.59M	-8.96M	-12.98M	-6.56M	-6.20M	-9.66M	-8.98M	-10.28M	-11.45M	-132.85M	-28.37M	-15.22M
Free Cash Flow	30.02M	35.35M	32.71M	11.09M	-3.11M	-14.65M	10.80M	12.95M	17.59M	19.64M	10.41M	8.16M	5.17M	4.69M	1.85M	0.65M	-0.84M	0.56M	4.25M	7.22M	7.38M	6.82M	4.79M	6.68M	-5.26M	-5.27M	-4.15M	-8.67M	-0.41M	-2.40M	-8.43M

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	73.10M	63.66M	70.07M	37.03M	23.12M	6.16M	61.79M	72.99M	67.11M	53.70M	42.75M	36.51M	38.24M	33.53M	27.62M	29.56M	20.34M	19.71M	35.66M	26.36M	24.09M	25.89M	18.68M	19.35M	12.78M	14.50M	8.02M	7.63M	7.05M	6.10M	4.67M
(-) Tax Adjustment	24.00M	20.31M	16.38M	74.07M	-2.33M	0.07M	18.49M	17.59M	11.16M	11.11M	10.35M	7.05M	6.58M	5.01M	4.37M	4.85M	3.22M	4.67M	5.60M	4.95M	4.16M	3.41M	2.20M	2.54M	5.23M	3.22M	3.48M	3.44M	1.48M	0.85M	0.58M
(-) Change In Working Capital	-2.69M	1.01M	4.90M	1.79M	1.55M	-1.10M	-1.38M	-0.05M	0.43M	-0.73M	-1.22M	-0.28M	-0.47M	-0.39M	-0.53M	1.02M	-1.29M	-0.47M	1.43M	1.03M	0.90M	0.04M	0.24M	-0.02M	-0.32M	1.67M	-0.84M	-3.75M	1.50M	2.28M	0.00M
(-) Capital Expenditure	26.18M	23.15M	24.47M	20.04M	21.00M	30.89M	48.86M	34.70M	27.01M	21.25M	20.44M	18.51M	22.61M	21.68M	16.46M	15.40M	13.24M	12.71M	14.95M	8.59M	8.96M	12.98M	6.56M	6.20M	9.66M	8.98M	10.28M	11.45M	132.85M	28.37M	15.22M
Unlevered Free Cash Flow	25.60M	19.19M	24.31M	-58.86M	2.91M	-23.70M	-4.19M	20.75M	28.51M	22.07M	13.17M	11.23M	9.52M	7.23M	7.33M	8.29M	5.17M	2.81M	13.69M	11.80M	10.08M	9.46M	9.68M	10.63M	-1.79M	0.62M	-4.90M	-3.51M	-128.78M	-25.40M	-11.13M
(-) Net Interest Income After Taxes	-9.95M	-11.72M	-15.48M	18.97M	-16.56M	-15.40M	-11.07M	-10.09M	-8.06M	-5.77M	-4.57M	-3.89M	-3.95M	-3.88M	-1.93M	-1.90M	-1.37M	-1.23M	-1.39M	-1.25M	-1.47M	-1.10M	-1.41M	-1.31M	-1.02M	-1.46M	-0.61M	-0.66M	-0.72M	-1.18M	-0.73M
Net Debt Issuance	-3.04M	-4.71M	-1.47M	-4.36M	-8.96M	19.71M	7.86M	13.56M	-1.08M	8.97M	7.01M	4.91M	3.16M	4.45M	5.29M	1.77M	2.13M	3.21M	6.75M	-0.09M	-0.76M	0.15M	1.02M	-0.67M	-1.17M	1.31M	4.07M	4.09M	41.47M	0.90M	2.77M
Levered Free Cash Flow	32.52M	26.19M	38.32M	-82.20M	10.51M	11.41M	14.75M	44.39M	35.49M	36.81M	24.75M	20.03M	16.64M	15.56M	14.55M	11.96M	8.68M	7.25M	21.83M	12.97M	10.79M	10.71M	12.11M	11.26M	-1.94M	3.38M	-0.22M	1.24M	-86.59M	-23.32M	-7.63M