Information Technology Services

Category: Industry Averages Base Ticker: 023590.KS

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	30.01	31.08	34.71	31.44	38.72	30.65	27.00	23.15	21.96	17.35	15.70	14.07	13.54	9.05	7.54	8.25	7.04	5.52	7.83	7.68	6.91	6.35	6.10	5.38	7.98	6.47	9.84	10.02	9.93	8.24	6.37
Market Capitalization	6,510.72M	4,700.05M	4,000.06M	3,785.12M	4,363.91M	3,872.62M	3,353.62M	2,841.72M	2,594.86M	2,298.68M	2,289.10M	1,794.84M	1,532.93M	1,048.38M	912.75M	966.13M	687.53M	625.91M	861.26M	731.39M	613.28M	495.97M	363.82M	283.92M	529.34M	480.97M	439.54M	445.99M	506.13M	536.18M	445.34M
(-) Cash & Equivalents	383.67M	470.17M	413.40M	388.94M	432.24M	409.10M	288.41M	212.37M	222.28M	199.56M	154.90M	155.70M	167.74M	119.94M	93.37M	104.95M	102.94M	81.34M	81.78M	62.32M	49.94M	29.95M	24.05M	22.72M	26.06M	23.29M	18.23M	19.66M	23.52M	28.38M	19.85M
(+) Total Debt	1,124.50M	1,046.27M	1,006.64M	990.52M	1,085.93M	993.31M	725.36M	681.66M	602.13M	438.89M	272.36M	264.00M	222.93M	168.22M	127.82M	99.24M	99.98M	93.09M	89.01M	51.73M	51.51M	39.55M	21.92M	11.79M	26.97M	28.05M	26.24M	24.56M	28.30M	22.83M	91.83M
Enterprise Value	7,304.46M	5,544.05M	5,118.09M	5,072.86M	5,459.41M	4,608.65M	4,117.20M	3,207.82M	2,922.84M	2,686.99M	2,499.88M	2,213.16M	2,081.63M	1,166.69M	925.60M	993.77M	708.15M	655.64M	890.62M	731.35M	606.77M	501.68M	354.40M	278.76M	510.57M	490.61M	432.48M	377.98M	407.48M	501.01M	515.86M

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	4,247.932M	3,804.168M	3,423.702M	3,296.797M	3,089.148M	2,894.506M	2,684.046M	2,475.846M	2,304.964M	2,084.154M	1,628.017M	1,469.390M	1,527.453M	1,036.308M	892.895M	988.099M	837.162M	833.890M	704.841M	493.265M	407.030M	250.191M	191.532M	144.124M	219.917M	251.333M	234.362M	216.921M	278.548M	265.862M	218.151M
Cost of Revenue	3,169.640M	2,805.739M	2,720.112M	2,545.478M	2,340.072M	2,173.759M	1,971.291M	1,798.514M	1,663.315M	1,501.885M	1,269.423M	1,147.241M	1,092.098M	720.971M	592.996M	632.808M	543.776M	559.095M	406.991M	325.833M	264.582M	160.363M	121.974M	82.533M	151.922M	118.788M	101.307M	114.059M	100.875M	91.621M	150.301M
Gross Profit	1,078.292M	998.429M	703.590M	751.319M	749.076M	720.747M	712.756M	677.333M	641.649M	582.269M	358.593M	322.149M	435.355M	315.337M	299.899M	355.291M	293.386M	274.795M	297.851M	167.433M	142.448M	89.828M	69.558M	61.591M	67.995M	132.545M	133.054M	102.862M	177.673M	174.241M	67.850M
Gross Margin	25.38%	26.25%	20.55%	22.79%	24.25%	24.90%	26.56%	27.36%	27.84%	27.94%	22.03%	21.92%	28.50%	30.43%	33.59%	35.96%	35.05%	32.95%	42.26%	33.94%	35.00%	35.90%	36.32%	42.73%	30.92%	52.74%	56.77%	47.42%	63.79%	65.54%	31.10%
R&D Expenses	10.827M	14.334M	11.911M	13.887M	12.193M	14.597M	12.128M	12.716M	11.567M	10.944M	13.634M	8.366M	7.297M	2.602M	0.718M	0.944M	0.033M	0.187M	0.697M	0.430M	0.198M	0.466M	0.075M	0.144M	0.397M	0.227M	0.194M	0.379M	0.430M	0.178M	0.000M
SG&A Expenses	392.736M	350.580M	332.945M	341.755M	321.679M	303.810M	284.980M	276.552M	247.853M	203.240M	187.777M	184.668M	188.211M	117.268M	109.653M	109.406M	81.223M	79.581M	62.203M	51.463M	42.170M	33.966M	26.880M	21.683M	32.321M	42.003M	39.744M	35.545M	48.917M	43.612M	78.180M
Operating Expenses	403.563M	364.914M	344.856M	355.643M	333.873M	318.407M	297.107M	289.268M	259.420M	214.183M	201.411M	193.034M	195.508M	119.870M	110.371M	110.350M	81.256M	79.768M	62.899M	51.894M	42.368M	34.432M	26.954M	21.828M	32.717M	42.230M	39.939M	35.924M	49.347M	43.790M	78.180M
Operating Income	674.729M	633.515M	358.734M	395.676M	415.204M	402.340M	415.648M	388.065M	382.229M	368.086M	157.183M	129.114M	239.847M	195.466M	189.529M	244.941M	212.130M	195.026M	234.952M	115.539M	100.080M	55.396M	42.604M	39.763M	35.278M	90.315M	93.116M	66.938M	128.326M	130.451M	-10.329M
Operating Margin	15.88%	16.65%	10.48%	12.00%	13.44%	13.90%	15.49%	15.67%	16.58%	17.66%	9.65%	8.79%	15.70%	18.86%	21.23%	24.79%	25.34%	23.39%	33.33%	23.42%	24.59%	22.14%	22.24%	27.59%	16.04%	35.93%	39.73%	30.86%	46.07%	49.07%	-4.73%
Interest Income	7.722M	11.493M	8.864M	4.531M	2.898M	3.100M	4.604M	3.608M	2.705M	2.581M	2.323M	2.061M	2.454M	1.923M	1.632M	1.487M	1.631M	1.969M	0.901M	0.314M	0.219M	0.145M	0.070M	0.063M	0.075M	0.060M	0.000M	0.000M	0.000M	0.000M	0.002M
Interest Expense	48.651M	46.801M	42.546M	31.716M	29.343M	31.527M	26.970M	21.990M	17.685M	13.310M	10.848M	11.769M	9.990M	8.325M	7.137M	6.001M	5.588M	6.139M	2.997M	1.513M	1.538M	0.806M	0.612M	0.381M	0.431M	0.459M	0.228M	0.259M	0.123M	0.231M	0.173M
Net Interest Income	-40.930M	-35.307M	-33.682M	-27.185M	-26.445M	-28.427M	-22.366M	-18.382M	-14.980M	-10.729M	-8.526M	-9.708M	-7.535M	-6.402M	-5.505M	-4.514M	-3.957M	-4.170M	-2.096M	-1.199M	-1.320M	-0.661M	-0.541M	-0.318M	-0.356M	-0.400M	-0.228M	-0.259M	-0.123M	-0.231M	-0.171M
Other Income / Expense	-344.985M	-345.261M	-122.951M	-115.796M	-155.457M	-229.195M	-220.847M	-217.428M	-225.493M	-220.296M	-36.505M	-14.018M	-129.245M	-109.851M	-116.708M	-179.242M	-162.783M	-141.161M	-180.128M	-66.602M	-66.884M	-35.402M	-30.861M	-29.311M	-18.899M	-66.645M	-67.663M	-36.134M	-113.003M	-108.223M	19.232M
Pre-Tax Income	288.814M	252.947M	202.101M	252.695M	233.301M	144.717M	172.435M	152.256M	141.756M	137.061M	112.152M	105.389M	103.067M	79.213M	67.315M	61.185M	45.390M	49.696M	52.728M	47.738M	31.876M	19.333M	11.201M	10.135M	16.024M	23.271M	25.225M	30.545M	15.200M	21.997M	8.731M
Pre-Tax Margin	6.80%	6.65%	5.90%	7.66%	7.55%	5.00%	6.42%	6.15%	6.15%	6.58%	6.89%	7.17%	6.75%	7.64%	7.54%	6.19%	5.42%	5.96%	7.48%	9.68%	7.83%	7.73%	5.85%	7.03%	7.29%	9.26%	10.76%	14.08%	5.46%	8.27%	4.00%
Income Tax Expense	79.751M	56.186M	61.840M	54.682M	55.916M	40.724M	40.262M	33.937M	36.711M	29.349M	29.272M	27.362M	32.116M	28.064M	17.742M	17.354M	11.926M	16.532M	15.602M	10.174M	8.133M	2.896M	3.680M	1.446M	2.713M	8.296M	6.171M	11.443M	10.057M	11.635M	3.159M
Tax Rate	27.61%	22.21%	30.60%	21.64%	23.97%	28.14%	23.35%	22.29%	25.90%	21.41%	26.10%	25.96%	31.16%	35.00%	26.36%	28.36%	26.27%	33.27%	29.59%	21.31%	25.51%	14.98%	32.85%	14.27%	16.93%	35.00%	24.46%	35.00%	35.00%	35.00%	35.00%
Net Income	209.064M	196.761M	140.261M	198.014M	177.385M	103.993M	132.173M	118.319M	105.045M	107.712M	82.880M	78.026M	70.951M	51.149M	49.573M	43.831M	33.464M	33.164M	37.126M	37.564M	23.743M	16.436M	7.521M	8.688M	13.311M	14.975M	19.055M	19.102M	5.143M	10.362M	5.572M
Net Margin	4.92%	5.17%	4.10%	6.01%	5.74%	3.59%	4.92%	4.78%	4.56%	5.17%	5.09%	5.31%	4.65%	4.94%	5.55%	4.44%	4.00%	3.98%	5.27%	7.62%	5.83%	6.57%	3.93%	6.03%	6.05%	5.96%	8.13%	8.81%	1.85%	3.90%	2.55%
EBIT	674.729M	633.515M	358.734M	395.676M	415.204M	402.340M	415.648M	388.065M	382.229M	368.086M	157.183M	129.114M	239.847M	195.466M	189.529M	244.941M	212.130M	195.026M	234.952M	115.539M	100.080M	55.396M	42.604M	39.763M	35.278M	90.315M	93.116M	66.938M	128.326M	130.451M	-10.329M
Depreciation & Amortization	141.881M	129.004M	123.113M	125.614M	121.122M	115.530M	94.979M	87.878M	77.956M	58.397M	49.597M	45.443M	43.384M	38.734M	32.684M	34.177M	29.809M	27.962M	23.473M	15.517M	13.426M	10.034M	8.742M	8.163M	10.423M	10.826M	10.118M	8.651M	8.712M	8.413M	14.915M
EBITDA	816.610M	762.518M	481.847M	521.290M	536.326M	517.870M	510.627M	475.943M	460.185M	426.483M	206.780M	174.558M	283.232M	234.201M	222.212M	279.118M	241.939M	222.988M	258.424M	131.056M	113.506M	65.430M	51.346M	47.926M	45.701M	101.141M	103.234M	75.589M	137.038M	138.864M	4.586M
EBITDA Margin	19.22%	20.04%	14.07%	15.81%	17.36%	17.89%	19.02%	19.22%	19.96%	20.46%	12.70%	11.88%	18.54%	22.60%	24.89%	28.25%	28.90%	26.74%	36.66%	26.57%	27.89%	26.15%	26.81%	33.25%	20.78%	40.24%	44.05%	34.85%	49.20%	52.23%	2.10%
NOPAT	488.416M	492.795M	248.966M	310.055M	315.690M	289.119M	318.597M	301.568M	283.241M	289.266M	116.158M	95.592M	165.109M	127.053M	139.574M	175.469M	156.393M	130.147M	165.431M	90.915M	74.546M	47.097M	28.607M	34.089M	29.305M	58.705M	70.338M	43.510M	83.412M	84.793M	-6.714M
NOPAT Margin	11.50%	12.95%	7.27%	9.40%	10.22%	9.99%	11.87%	12.18%	12.29%	13.88%	7.13%	6.51%	10.81%	12.26%	15.63%	17.76%	18.68%	15.61%	23.47%	18.43%	18.31%	18.82%	14.94%	23.65%	13.33%	23.36%	30.01%	20.06%	29.95%	31.89%	-3.08%
Owner's Earnings	350.945M	325.765M	263.374M	323.628M	298.507M	219.522M	227.152M	206.197M	183.001M	166.109M	132.477M	123.470M	114.335M	89.884M	82.257M	78.008M	63.273M	61.125M	60.599M	53.081M	37.169M	26.471M	16.264M	16.851M	23.734M	25.801M	29.172M	27.752M	13.854M	18.775M	20.487M
Owner's Earnings Margin	8.26%	8.56%	7.69%	9.82%	9.66%	7.58%	8.46%	8.33%	7.94%	7.97%	8.14%	8.40%	7.49%	8.67%	9.21%	7.89%	7.56%	7.33%	8.60%	10.76%	9.13%	10.58%	8.49%	11.69%	10.79%	10.27%	12.45%	12.79%	4.97%	7.06%	9.39%
EPS	0.77	0.71	0.54	0.77	0.69	0.40	0.52	0.49	0.41	0.41	0.37	0.33	0.33	0.25	0.25	0.23	0.18	0.22	0.21	0.21	0.13	0.09	0.05	0.07	0.08	0.07	0.11	0.14	0.03	0.07	0.03
EPS (Diluted)	0.77	0.71	0.54	0.77	0.69	0.40	0.52	0.49	0.41	0.41	0.37	0.33	0.33	0.25	0.25	0.23	0.18	0.22	0.21	0.21	0.13	0.09	0.05	0.07	0.08	0.07	0.11	0.14	0.03	0.07	0.03
Shares (Diluted)	273,151,975	276,341,837	258,041,435	256,226,909	258,729,663	260,067,528	255,642,973	243,228,032	257,487,692	261,502,924	224,267,522	239,695,709	216,892,317	206,662,669	195,916,622	194,084,403	182,596,182	154,048,895	177,888,101	177,977,634	178,971,632	175,103,569	153,363,024	126,487,621	164,712,603	202,758,842	168,506,383	141,249,250	163,030,115	148,666,497	197,342,686

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	440.53M	470.14M	413.37M	386.07M	432.24M	418.49M	288.41M	215.77M	223.97M	199.56M	154.90M	155.70M	169.04M	121.88M	93.37M	105.78M	102.94M	82.04M	81.78M	62.32M	49.94M	30.23M	24.28M	23.25M	26.63M	21.39M	18.23M	19.66M	24.11M	30.89M	19.85M
Short-Term Investments	84.80M	47.20M	82.18M	53.11M	146.33M	131.73M	84.22M	73.62M	56.99M	34.05M	57.27M	57.06M	53.17M	66.81M	48.30M	38.58M	25.49M	21.34M	25.14M	10.56M	8.41M	16.75M	6.07M	1.53M	2.78M	5.86M	2.48M	4.08M	0.06M	1.88M	0.13M
Cash & Short-Term Investments	525.32M	517.33M	495.54M	439.18M	578.57M	550.22M	372.63M	289.39M	280.96M	233.60M	212.17M	212.76M	222.22M	188.69M	141.66M	144.36M	128.44M	103.38M	106.92M	72.88M	58.34M	46.97M	30.35M	24.78M	29.41M	27.25M	20.71M	23.75M	24.17M	32.77M	19.98M
Net Receivables	848.31M	751.83M	734.69M	670.48M	616.80M	601.71M	572.73M	581.01M	516.81M	445.14M	375.12M	346.08M	299.74M	242.34M	197.29M	182.77M	184.76M	167.36M	141.56M	116.51M	90.83M	40.20M	31.01M	36.35M	50.55M	38.68M	39.66M	41.49M	56.29M	49.26M	44.47M
Inventory	63.99M	60.24M	69.54M	99.53M	76.23M	43.24M	53.11M	51.81M	60.15M	52.37M	30.59M	33.64M	33.77M	34.32M	23.21M	25.95M	22.40M	25.68M	22.01M	13.25M	10.09M	7.52M	5.34M	4.05M	6.92M	6.41M	6.67M	6.05M	12.40M	14.25M	21.71M
Other Current Assets	183.31M	114.49M	150.79M	120.04M	133.48M	124.13M	116.63M	142.13M	106.79M	87.39M	63.64M	52.27M	49.54M	48.51M	53.25M	52.28M	38.45M	34.59M	35.30M	17.31M	11.99M	13.28M	13.00M	7.19M	7.82M	10.19M	20.10M	14.84M	26.24M	24.60M	22.20M
Total Current Assets	1,620.94M	1,443.88M	1,450.56M	1,329.23M	1,405.09M	1,319.29M	1,115.10M	1,064.34M	964.72M	818.50M	681.52M	644.74M	605.26M	513.87M	415.40M	405.35M	374.04M	331.01M	305.79M	219.95M	171.25M	107.98M	79.70M	72.37M	94.70M	82.53M	87.13M	86.13M	119.10M	120.87M	108.36M
Property, Plant & Equipment	330.55M	303.50M	307.46M	310.53M	342.85M	306.30M	254.36M	168.10M	151.76M	148.53M	134.31M	135.92M	112.55M	103.13M	83.54M	81.22M	77.93M	71.44M	68.81M	55.36M	46.96M	34.06M	28.71M	23.40M	30.23M	31.72M	37.31M	35.76M	61.26M	69.52M	56.37M
Goodwill	831.51M	717.22M	709.20M	684.55M	633.49M	610.97M	530.31M	486.32M	353.28M	289.01M	205.97M	189.61M	175.28M	153.66M	145.28M	83.76M	74.67M	58.76M	45.02M	23.51M	11.12M	1.30M	0.22M	0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	365.22M	252.72M	248.14M	263.12M	254.01M	210.11M	209.49M	174.37M	137.54M	112.11M	107.26M	90.71M	88.99M	40.38M	38.15M	23.60M	26.55M	28.50M	28.64M	15.45M	16.11M	13.24M	14.63M	9.21M	7.38M	4.43M	15.66M	9.36M	7.50M	20.07M	12.47M
Long-Term Investments	74.07M	45.23M	50.56M	37.06M	46.49M	44.00M	45.46M	35.32M	24.32M	21.26M	19.68M	23.03M	18.34M	9.50M	8.24M	7.14M	5.16M	3.44M	3.52M	1.88M	3.03M	0.39M	0.00M	0.05M	0.00M	0.05M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	35.59M	45.35M	31.25M	29.03M	31.41M	35.83M	30.57M	25.02M	23.56M	27.19M	16.04M	13.54M	12.17M	13.60M	15.53M	12.54M	9.69M	7.99M	7.14M	5.57M	3.10M	1.25M	1.19M	0.30M	0.60M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	212.33M	194.94M	158.00M	160.97M	174.93M	163.55M	84.84M	115.53M	90.62M	81.87M	81.04M	81.67M	73.00M	61.43M	45.28M	50.28M	41.13M	37.62M	34.72M	20.88M	14.90M	7.10M	9.14M	7.37M	16.72M	21.48M	17.74M	13.59M	11.68M	80.64M	17.44M
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	1,849.26M	1,558.97M	1,504.61M	1,485.27M	1,483.17M	1,370.74M	1,155.02M	1,004.67M	781.09M	679.97M	564.30M	534.48M	480.34M	381.70M	336.01M	258.53M	235.13M	207.75M	187.84M	122.64M	95.22M	57.35M	53.88M	40.35M	54.93M	57.68M	70.71M	58.72M	80.44M	170.23M	86.29M
Total Assets	3,470.21M	3,002.85M	2,955.17M	2,814.50M	2,888.26M	2,690.04M	2,270.11M	2,069.01M	1,745.80M	1,498.47M	1,245.82M	1,179.22M	1,085.61M	895.57M	751.41M	663.88M	609.17M	538.76M	493.63M	342.59M	266.47M	165.32M	133.58M	112.72M	149.64M	140.20M	157.84M	144.85M	199.54M	291.10M	194.65M
Accounts Payable	305.76M	291.66M	279.47M	267.30M	275.53M	251.34M	221.46M	200.33M	177.38M	141.47M	118.58M	103.59M	106.20M	80.58M	71.56M	75.70M	75.74M	71.49M	56.91M	40.20M	31.36M	20.16M	15.30M	10.18M	15.45M	12.43M	19.88M	21.03M	25.32M	22.17M	22.39M
Short-Term Debt	213.68M	100.75M	119.34M	82.96M	93.29M	100.86M	98.36M	84.90M	61.29M	62.17M	46.65M	48.30M	56.94M	38.67M	30.01M	20.34M	20.02M	30.57M	19.53M	11.13M	11.08M	10.96M	5.19M	5.49M	12.78M	12.19M	11.14M	11.16M	10.15M	7.24M	11.75M
Tax Payables	2.64M	39.90M	32.86M	37.64M	36.76M	36.90M	22.25M	23.96M	20.42M	18.34M	11.63M	10.39M	8.84M	6.74M	5.54M	3.99M	3.47M	2.76M	3.89M	3.03M	3.17M	1.43M	0.15M	0.09M	0.09M	0.25M	0.32M	0.08M	0.11M	0.15M	0.15M
Deferred Revenue	72.03M	36.62M	82.50M	113.93M	155.90M	170.38M	108.64M	66.45M	125.57M	92.91M	84.25M	86.44M	64.37M	61.71M	33.60M	28.12M	22.64M	13.26M	16.47M	12.68M	9.00M	7.36M	2.96M	2.13M	4.52M	0.71M	0.46M	0.41M	0.45M	1.19M	0.65M
Other Current Liabilities	300.64M	303.98M	226.64M	230.10M	199.13M	181.53M	191.71M	186.06M	142.36M	119.13M	107.23M	85.38M	100.29M	87.32M	64.89M	56.28M	39.25M	49.77M	52.75M	32.29M	26.51M	20.48M	16.91M	9.37M	16.11M	17.70M	19.15M	20.43M	67.65M	115.97M	223.87M
Total Current Liabilities	894.76M	772.90M	740.82M	731.92M	760.61M	741.02M	642.42M	561.70M	527.03M	434.02M	368.33M	334.10M	336.64M	275.02M	205.59M	184.43M	161.11M	167.85M	149.55M	99.33M	81.12M	60.38M	40.53M	27.26M	48.95M	43.27M	50.95M	53.10M	103.68M	146.73M	258.81M
Long-Term Debt	763.68M	572.04M	647.28M	599.81M	614.77M	526.44M	445.32M	344.90M	340.63M	244.73M	155.52M	122.52M	85.55M	106.13M	56.44M	68.25M	55.64M	35.01M	35.46M	17.61M	20.48M	6.03M	5.37M	3.83M	6.25M	7.28M	11.54M	7.94M	11.04M	11.96M	76.16M
Capital Lease Obligations	77.18M	113.84M	121.46M	121.86M	135.90M	128.62M	58.26M	3.42M	1.81M	1.35M	1.41M	1.14M	0.66M	0.42M	0.39M	0.00M	0.10M	0.00M	0.00M	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	35.35M	34.45M	39.95M	39.27M	36.25M	44.69M	30.63M	34.65M	29.60M	22.07M	14.38M	11.95M	8.07M	5.80M	4.92M	4.37M	2.68M	2.44M	2.02M	2.12M	0.66M	0.14M	0.06M	0.03M	0.03M	0.00M	0.00M	0.00M	0.15M	0.21M	0.03M
Other Non-Current Liabilities	241.89M	114.60M	108.56M	90.44M	98.52M	96.56M	79.95M	81.98M	57.54M	56.46M	45.47M	43.67M	36.78M	21.62M	31.71M	32.56M	25.98M	20.29M	19.65M	15.59M	9.92M	5.49M	4.85M	2.69M	6.22M	2.62M	2.85M	3.04M	3.14M	3.60M	3.12M
Total Non-Current Liabilities	1,118.11M	834.94M	917.25M	851.37M	885.45M	796.32M	614.15M	464.95M	429.59M	324.61M	216.78M	179.27M	131.06M	133.97M	93.46M	105.18M	84.40M	57.74M	57.13M	35.33M	31.06M	11.66M	10.28M	6.54M	12.50M	9.91M	14.39M	10.98M	14.33M	15.76M	79.31M
Total Liabilities	2,012.87M	1,607.84M	1,658.07M	1,583.29M	1,646.06M	1,537.33M	1,256.57M	1,026.65M	956.61M	758.64M	585.11M	513.37M	467.70M	408.99M	299.05M	289.62M	245.51M	225.59M	206.68M	134.66M	112.18M	72.03M	50.80M	33.80M	61.45M	53.18M	65.34M	64.08M	118.01M	162.49M	338.12M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.23M	0.00M	0.00M	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
Common Stock	50.78M	40.76M	41.44M	41.28M	47.67M	49.75M	49.93M	46.73M	47.95M	48.48M	44.04M	39.50M	33.66M	30.09M	29.72M	30.10M	36.78M	23.75M	22.05M	19.01M	16.29M	10.53M	9.33M	8.17M	11.26M	8.29M	5.06M	4.94M	4.18M	4.38M	4.15M
Retained Earnings	830.74M	744.72M	801.61M	748.25M	655.46M	656.37M	612.80M	543.91M	355.67M	336.85M	353.97M	404.61M	370.30M	204.80M	209.08M	179.07M	149.16M	124.93M	106.50M	75.27M	54.28M	21.60M	11.71M	13.80M	34.67M	37.61M	29.87M	26.59M	22.85M	19.55M	12.28M
Accumulated OCI	39.87M	-8.53M	-6.25M	-10.49M	0.29M	-24.20M	-12.91M	-13.14M	-13.91M	-15.14M	-9.67M	-14.60M	-8.34M	-7.86M	-4.88M	-8.40M	-8.11M	-4.38M	-0.36M	-0.68M	-0.94M	-0.38M	-0.47M	-0.68M	-1.13M	-1.00M	-0.37M	-0.79M	-2.07M	-0.68M	0.00M
Minority Interest	22.63M	18.59M	21.38M	20.99M	23.51M	18.80M	14.73M	14.51M	15.04M	10.91M	8.50M	7.01M	5.90M	5.63M	4.75M	5.22M	4.23M	4.02M	3.62M	3.21M	2.80M	1.82M	0.55M	0.37M	0.30M	0.39M	0.19M	0.04M	0.08M	0.08M	0.10M
Total Shareholders’ Equity	921.39M	776.96M	836.79M	779.04M	703.42M	682.16M	649.82M	577.50M	389.71M	370.21M	388.34M	429.51M	395.62M	227.03M	233.92M	200.78M	177.83M	144.30M	128.19M	93.60M	69.64M	31.75M	20.57M	21.29M	44.81M	44.91M	34.56M	30.74M	24.96M	23.26M	16.43M
Total Equity	944.03M	795.55M	858.17M	800.03M	726.93M	700.95M	664.54M	592.01M	404.75M	381.12M	396.83M	436.52M	401.51M	232.66M	238.67M	206.00M	182.06M	148.32M	131.80M	96.80M	72.45M	33.57M	21.11M	21.67M	45.11M	45.30M	34.75M	30.79M	25.05M	23.34M	16.53M
Total Liabilities & Equity	2,956.89M	2,403.38M	2,516.24M	2,383.32M	2,372.99M	2,238.29M	1,921.11M	1,618.67M	1,361.36M	1,139.75M	981.94M	949.89M	869.22M	641.65M	537.71M	495.61M	427.58M	373.92M	338.49M	231.46M	184.63M	105.61M	71.92M	55.47M	106.56M	98.48M	100.09M	94.86M	143.06M	185.83M	354.65M
Tangible Assets	2,273.48M	2,032.91M	1,997.83M	1,866.83M	2,000.76M	1,868.96M	1,530.32M	1,408.32M	1,254.98M	1,097.35M	932.60M	898.90M	821.33M	701.53M	567.98M	556.53M	507.95M	451.50M	419.98M	303.63M	239.25M	150.78M	118.74M	103.48M	142.25M	135.77M	142.17M	135.48M	192.04M	271.03M	182.18M
Tangible Equity	-252.70M	-174.39M	-99.17M	-147.65M	-160.57M	-120.12M	-75.25M	-68.68M	-86.07M	-20.00M	83.61M	156.20M	137.24M	38.62M	55.24M	98.65M	80.85M	61.06M	58.15M	57.84M	45.22M	19.03M	6.27M	12.43M	37.72M	40.87M	19.09M	21.42M	17.54M	3.27M	4.06M
Tangible Book Value	-252.70M	-174.39M	-99.17M	-147.65M	-160.57M	-120.12M	-75.25M	-68.68M	-86.07M	-20.00M	83.61M	156.20M	137.24M	38.62M	55.24M	98.65M	80.85M	61.06M	58.15M	57.84M	45.22M	19.03M	6.27M	12.43M	37.72M	40.87M	19.09M	21.42M	17.54M	3.27M	4.06M
Total Investments	163.94M	122.24M	109.78M	96.75M	95.48M	79.49M	87.52M	64.07M	72.58M	52.47M	44.20M	53.26M	52.63M	25.94M	22.85M	18.24M	16.27M	12.71M	13.58M	13.41M	8.84M	4.36M	2.01M	1.53M	1.68M	3.78M	2.72M	0.38M	0.00M	0.12M	0.00M
Net Debt	536.83M	202.65M	353.26M	296.70M	275.82M	208.82M	255.27M	214.03M	177.96M	107.35M	47.26M	15.12M	-26.55M	22.92M	-6.92M	-17.19M	-27.28M	-16.46M	-26.79M	-33.57M	-18.37M	-13.24M	-13.72M	-13.94M	-7.59M	-1.91M	4.45M	-0.56M	-2.92M	-11.69M	68.06M

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	467.92M	722.74M	483.21M	499.44M	480.68M	509.62M	356.43M	338.19M	385.89M	315.56M	295.21M	359.72M	203.35M	174.93M	174.70M	185.76M	167.06M	141.78M	139.71M	118.25M	84.13M	67.44M	50.24M	38.61M	49.49M	34.97M	27.75M	31.18M	20.83M	-71.47M	58.97M
Total Capital	2,903.85M	2,492.56M	2,382.01M	2,321.75M	2,330.99M	2,294.42M	1,745.07M	1,656.85M	1,445.11M	1,227.17M	919.50M	951.63M	897.41M	661.74M	548.19M	473.39M	419.04M	362.87M	399.95M	307.18M	258.99M	184.38M	142.81M	97.10M	142.16M	136.46M	125.33M	142.54M	157.50M	178.14M	202.64M
Capital Employed	3,597.45M	3,280.11M	3,145.43M	3,153.18M	3,002.81M	2,668.62M	2,031.93M	2,000.09M	1,964.77M	1,656.32M	1,154.07M	1,071.54M	955.62M	716.18M	639.92M	593.93M	548.16M	439.44M	434.61M	307.54M	277.49M	173.48M	145.15M	117.63M	130.11M	141.82M	137.22M	138.35M	154.86M	292.97M	216.05M
Invested Capital	2,463.32M	2,022.42M	1,968.64M	1,935.68M	1,898.75M	1,875.93M	1,456.66M	1,441.08M	1,221.15M	1,027.61M	764.59M	795.93M	728.36M	539.86M	454.82M	367.61M	316.10M	280.84M	318.17M	244.86M	209.05M	154.16M	118.54M	73.85M	115.53M	115.08M	107.09M	122.88M	133.39M	147.25M	182.79M

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	126.55M	134.95M	125.97M	122.47M	125.27M	116.28M	101.01M	86.55M	77.14M	57.11M	49.65M	45.63M	41.59M	38.64M	32.25M	34.13M	29.87M	30.08M	23.58M	15.63M	13.09M	9.38M	8.80M	8.15M	13.01M	10.99M	10.31M	11.02M	74.90M	64.01M	88.65M
Deferred Income Tax	2.20M	-1.11M	-13.27M	-5.68M	-8.26M	-5.23M	-2.92M	-1.67M	-2.19M	0.60M	0.39M	0.46M	0.66M	-0.49M	-0.20M	-0.69M	0.00M	-1.47M	0.00M	-0.11M	0.00M	0.00M	0.00M	0.00M	0.00M	0.12M	-0.04M	-0.18M	0.64M	0.30M	-0.05M
Stock-Based Compensation	12.91M	17.55M	15.63M	14.92M	14.22M	8.82M	7.38M	7.83M	7.35M	5.64M	5.74M	4.52M	3.78M	2.97M	2.93M	2.37M	1.13M	0.42M	0.00M	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	-45.12M	-32.91M	-49.54M	-76.99M	-41.25M	20.34M	-23.74M	-26.27M	-23.14M	-13.49M	-12.50M	-34.79M	-15.86M	-11.92M	-14.08M	-0.26M	0.75M	-9.80M	-7.66M	-7.45M	-1.87M	-1.79M	0.08M	-0.55M	-0.26M	-4.60M	-1.69M	-3.71M	-15.59M	-9.29M	-3.35M
Accounts Receivable	-35.67M	-37.09M	-24.37M	-73.19M	-34.74M	-4.49M	-28.78M	-30.12M	-27.90M	-21.20M	-5.42M	-16.47M	-12.89M	-5.83M	-1.60M	-2.91M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.38M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	-0.64M	1.14M	2.48M	-9.75M	-5.00M	-3.02M	-8.28M	-2.03M	-2.98M	-2.80M	-1.63M	-1.86M	-0.98M	-1.94M	-1.16M	-0.22M	0.86M	-2.42M	-0.53M	-0.03M	-0.29M	-0.19M	0.29M	0.15M	-0.08M	0.04M	0.12M	-0.05M	0.01M	0.25M	-2.40M
Accounts Payable	4.27M	0.65M	5.66M	23.54M	17.60M	10.79M	9.15M	5.93M	10.46M	3.72M	1.26M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-30.03M	-8.40M	-19.17M	-22.05M	1.70M	6.98M	-3.33M	-12.13M	-6.52M	-1.64M	-2.44M	-4.93M	1.19M	-3.95M	-5.84M	1.37M	-3.77M	-2.69M	-2.77M	-2.26M	0.44M	0.79M	-0.52M	-0.64M	-0.88M	-2.04M	-1.07M	-0.89M	-1.40M	-2.63M	-0.25M
Other Non-Cash Items	18.75M	24.26M	45.23M	12.83M	-1.66M	20.26M	11.14M	4.74M	0.96M	1.04M	6.63M	2.86M	-3.48M	0.98M	-1.20M	0.32M	-1.84M	0.89M	-2.57M	-0.85M	-1.36M	1.05M	0.58M	2.65M	1.26M	-3.23M	0.18M	0.48M	1.03M	-2.84M	15.61M
Net Cash from Operating Activities	323.54M	287.57M	294.43M	255.70M	250.46M	291.66M	220.49M	205.35M	143.38M	165.94M	142.89M	113.93M	125.00M	99.72M	80.49M	98.60M	67.82M	67.57M	58.48M	38.30M	35.95M	19.65M	15.51M	21.95M	22.77M	16.00M	23.76M	10.57M	67.60M	45.94M	20.13M
Capital Expenditures (PPE)	-62.00M	-51.47M	-71.89M	-64.84M	-57.46M	-61.94M	-66.01M	-61.76M	-51.41M	-44.96M	-49.13M	-39.19M	-30.60M	-29.15M	-26.34M	-29.15M	-25.27M	-23.50M	-22.47M	-19.15M	-14.05M	-10.27M	-7.33M	-5.64M	-15.79M	-12.19M	-21.59M	-22.49M	-47.34M	-45.69M	-56.62M
Acquisitions (Net)	-2.24M	-18.37M	-18.14M	-32.94M	-70.19M	-20.54M	-27.50M	-33.87M	-22.76M	-18.43M	-12.96M	-16.28M	-10.74M	-10.79M	-9.45M	-10.00M	-5.86M	-4.18M	-6.58M	-4.52M	-2.52M	-1.55M	-0.71M	-0.60M	-0.40M	-3.35M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-3.41M	-48.18M	-55.86M	-24.50M	-25.96M	-14.91M	-24.97M	-24.39M	-25.95M	-34.44M	-15.01M	-14.21M	-8.81M	-4.47M	-4.39M	-7.43M	-11.28M	-6.90M	-11.19M	-8.95M	-4.42M	-2.35M	-0.19M	-0.58M	-5.21M	-2.00M	-2.94M	-3.00M	-40.28M	-36.59M	-46.92M
Sales / Maturities of Investments	2.57M	54.39M	53.61M	34.88M	23.61M	24.98M	26.70M	23.23M	33.74M	36.18M	16.65M	17.22M	8.97M	6.75M	4.41M	12.63M	8.95M	7.16M	9.05M	9.96M	5.61M	0.73M	0.12M	0.23M	1.51M	2.74M	0.24M	2.29M	21.13M	22.52M	63.82M
Other Investing Activities	-8.75M	-6.47M	2.70M	-2.55M	2.13M	1.09M	-1.62M	-1.77M	1.10M	-0.68M	1.14M	1.79M	-0.75M	-0.64M	0.49M	1.43M	0.60M	0.48M	-1.65M	0.49M	0.53M	1.08M	0.29M	-0.68M	-1.58M	0.02M	-0.04M	-2.33M	-11.59M	-3.68M	0.11M
Net Cash from Investing Activities	-127.04M	-118.88M	-126.43M	-145.62M	-161.53M	-104.92M	-100.59M	-99.96M	-85.89M	-112.23M	-76.55M	-76.06M	-54.60M	-47.32M	-53.08M	-47.46M	-45.48M	-35.86M	-57.00M	-24.74M	-23.96M	-11.77M	-8.93M	-12.89M	-24.46M	-17.40M	-22.79M	-39.53M	-83.38M	-68.89M	-26.62M
Net Debt Issuance	-13.22M	-14.94M	-13.44M	5.59M	45.44M	-6.09M	12.70M	12.71M	8.78M	10.54M	-0.21M	7.21M	-6.47M	-0.89M	2.80M	-5.14M	-1.90M	1.86M	4.20M	0.27M	0.91M	-0.92M	0.24M	-0.40M	1.56M	-0.44M	0.86M	0.50M	0.94M	-0.15M	-0.23M
Long-Term Debt Issuance	-20.47M	-37.68M	-5.04M	-0.19M	18.15M	-5.21M	0.75M	10.50M	2.70M	8.54M	3.86M	6.32M	-5.07M	-0.14M	2.80M	-3.34M	-3.31M	0.15M	1.25M	-0.69M	0.41M	-0.70M	0.25M	-0.06M	0.28M	-0.43M	1.06M	0.49M	0.94M	-0.15M	-0.09M
Short-Term Debt Issuance	0.00M	0.56M	-3.48M	2.86M	0.42M	0.47M	3.87M	0.00M	1.62M	-0.03M	1.26M	-0.30M	0.12M	-0.49M	0.00M	-0.66M	0.09M	0.42M	0.07M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-24.49M	-42.33M	-33.26M	-33.91M	-12.54M	-9.90M	-10.03M	-9.54M	-4.68M	-1.72M	-3.22M	-1.79M	-2.33M	0.03M	-0.13M	0.23M	-0.30M	-2.58M	-0.81M	0.25M	0.06M	0.12M	0.03M	0.01M	1.10M	2.61M	0.67M	0.87M	3.15M	0.56M	0.17M
Common Stock Issuance	0.32M	0.69M	0.32M	1.07M	4.53M	5.70M	1.84M	1.37M	2.05M	1.56M	1.47M	1.13M	2.03M	2.39M	0.63M	2.95M	1.47M	0.86M	4.66M	5.08M	1.67M	1.49M	0.70M	0.96M	2.91M	3.50M	3.18M	2.08M	6.18M	3.27M	0.80M
Common Stock Repurchased	-28.31M	-45.01M	-34.89M	-32.87M	-28.88M	-17.53M	-11.49M	-16.03M	-8.29M	-8.61M	-7.68M	-3.38M	-3.29M	-1.11M	-0.91M	-0.74M	-1.11M	-5.04M	-4.27M	-2.33M	-0.49M	-0.01M	0.00M	-0.02M	-0.04M	0.00M	0.00M	-0.04M	-0.11M	-0.01M	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	-31.28M	-40.95M	-40.42M	-40.03M	-31.38M	-32.23M	-29.11M	-33.67M	-25.69M	-19.26M	-17.46M	-15.27M	-11.39M	-8.19M	-6.93M	-4.50M	-4.46M	-5.16M	-4.20M	-3.76M	-2.78M	-1.40M	-0.95M	-0.50M	-0.28M	-0.35M	-1.09M	-0.77M	-0.77M	-0.21M	-0.19M
Common Dividends Paid	-31.01M	-40.19M	-38.94M	-44.13M	-31.89M	-32.44M	-29.08M	-33.51M	-25.60M	-19.17M	-17.46M	-15.10M	-11.02M	-7.76M	-6.82M	-4.37M	-4.40M	-4.01M	-3.37M	-2.83M	-2.16M	-1.14M	-0.99M	-0.50M	-0.28M	-0.35M	-1.08M	-0.77M	-0.80M	-0.22M	-0.19M
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	-27.87M	-23.16M	-24.17M	-15.86M	-15.62M	-15.56M	-10.43M	-3.78M	-2.86M	-1.05M	-1.84M	-1.75M	0.59M	-0.74M	0.23M	-1.90M	-1.63M	-0.43M	1.02M	0.77M	0.11M	0.08M	-0.48M	0.37M	0.95M	1.21M	-0.13M	0.52M	3.12M	6.77M	5.16M
Net Cash from Financing Activities	-158.87M	-155.32M	-167.67M	-107.15M	-47.50M	-87.59M	-33.66M	-53.87M	-39.21M	-23.69M	-42.28M	-31.52M	-41.94M	-20.41M	-10.66M	-24.87M	-13.51M	-10.56M	-3.41M	-10.79M	-6.50M	-2.35M	-2.86M	0.95M	4.28M	5.45M	2.81M	3.97M	12.05M	21.09M	10.38M
Effect of FX on Cash	0.21M	-1.95M	2.09M	-3.12M	-2.34M	-0.71M	0.25M	-1.61M	0.36M	-1.31M	-0.94M	-0.34M	0.04M	-0.06M	-0.25M	-0.15M	0.17M	-0.51M	0.14M	0.44M	-0.07M	0.06M	0.07M	0.01M	-0.08M	-0.11M	-0.11M	0.15M	-1.68M	-1.40M	-0.11M
Net Change in Cash	32.95M	5.91M	24.15M	-18.72M	49.06M	104.60M	30.71M	15.85M	13.53M	18.79M	9.36M	-9.02M	22.81M	11.30M	0.06M	8.97M	9.24M	-2.75M	8.18M	9.57M	1.82M	3.20M	1.40M	0.24M	4.68M	4.24M	2.87M	-0.14M	-5.67M	10.13M	2.57M
Cash at Beginning of Period	394.26M	480.33M	460.60M	435.22M	406.32M	312.15M	255.56M	226.69M	214.07M	169.18M	157.01M	178.19M	161.87M	118.65M	119.80M	111.13M	86.33M	100.08M	71.92M	58.80M	53.95M	28.40M	23.01M	20.80M	23.58M	17.54M	20.20M	21.33M	36.61M	40.56M	18.14M
Cash at End of Period	518.52M	509.94M	467.33M	436.69M	459.30M	421.86M	313.32M	245.88M	229.07M	210.05M	161.90M	167.31M	190.53M	144.60M	117.15M	134.92M	101.60M	87.65M	98.36M	70.05M	58.96M	33.78M	23.40M	23.04M	28.60M	25.47M	18.99M	23.78M	43.16M	40.46M	41.28M
Operating Cash Flow	323.48M	287.57M	294.64M	255.59M	250.46M	291.42M	220.49M	205.35M	143.38M	165.94M	142.89M	114.81M	124.23M	99.72M	80.56M	98.60M	67.82M	67.57M	58.48M	38.30M	35.95M	19.65M	15.51M	21.95M	22.77M	16.00M	23.76M	10.57M	67.60M	45.93M	20.13M
Capital Expenditure	-62.12M	-57.02M	-73.71M	-64.13M	-63.46M	-68.67M	-65.26M	-62.69M	-46.39M	-44.80M	-48.98M	-39.86M	-28.71M	-28.98M	-25.88M	-27.58M	-25.47M	-23.32M	-22.28M	-18.92M	-14.01M	-10.27M	-7.33M	-5.10M	-15.26M	-12.21M	-21.59M	-22.52M	-47.34M	-45.69M	-56.62M
Free Cash Flow	255.56M	206.19M	198.65M	165.26M	173.84M	207.87M	134.23M	125.39M	101.55M	110.24M	94.74M	56.91M	82.91M	62.79M	55.45M	60.82M	39.57M	29.85M	35.69M	27.49M	20.32M	9.37M	7.00M	8.41M	5.15M	4.83M	7.94M	-1.89M	6.70M	6.43M	3.49M

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	515.17M	397.89M	374.30M	395.71M	367.50M	297.56M	329.55M	289.17M	234.06M	207.38M	177.34M	160.35M	184.19M	135.77M	114.34M	101.44M	82.39M	103.84M	74.74M	63.09M	54.45M	33.05M	25.69M	21.68M	33.53M	40.38M	46.02M	34.76M	39.54M	33.15M	9.03M
(-) Tax Adjustment	142.25M	88.38M	114.53M	85.63M	88.08M	83.73M	76.95M	64.45M	60.62M	44.41M	46.28M	41.63M	57.39M	48.10M	30.14M	28.77M	21.65M	34.54M	22.11M	13.45M	13.89M	4.95M	8.44M	3.09M	5.68M	14.39M	11.26M	13.02M	26.16M	17.53M	3.27M
(-) Change In Working Capital	-45.12M	-32.91M	-49.54M	-76.99M	-41.25M	20.34M	-23.74M	-26.27M	-23.14M	-13.49M	-12.50M	-34.79M	-15.86M	-11.92M	-14.08M	-0.26M	0.75M	-9.80M	-7.66M	-7.45M	-1.87M	-1.79M	0.08M	-0.55M	-0.26M	-4.60M	-1.69M	-3.71M	-15.59M	-9.29M	-3.35M
(-) Capital Expenditure	62.12M	57.02M	73.71M	64.13M	63.46M	68.67M	65.26M	62.69M	46.39M	44.80M	48.98M	39.86M	28.71M	28.98M	25.88M	27.58M	25.47M	23.32M	22.28M	18.92M	14.01M	10.27M	7.33M	5.10M	15.26M	12.21M	21.59M	22.52M	47.34M	45.69M	56.62M
Unlevered Free Cash Flow	355.91M	285.40M	235.60M	322.95M	257.22M	124.81M	211.08M	188.29M	150.20M	131.66M	94.57M	113.65M	113.95M	70.61M	72.41M	45.36M	34.52M	55.77M	38.00M	38.18M	28.42M	19.62M	9.85M	14.04M	12.85M	18.37M	14.87M	2.93M	-18.37M	-20.78M	-47.51M
(-) Net Interest Income After Taxes	-29.63M	-27.46M	-23.38M	-21.30M	-20.11M	-20.43M	-17.14M	-14.28M	-11.10M	-8.43M	-6.30M	-7.19M	-5.19M	-4.13M	-4.05M	-3.23M	-2.92M	-2.78M	-1.48M	-0.94M	-0.98M	-0.56M	-0.36M	-0.27M	-0.30M	-0.26M	-0.17M	-0.16M	-0.04M	-0.11M	-0.11M
Net Debt Issuance	-13.22M	-14.94M	-13.44M	5.59M	45.44M	-6.09M	12.70M	12.71M	8.78M	10.54M	-0.21M	7.21M	-6.47M	-0.89M	2.80M	-5.14M	-1.90M	1.86M	4.20M	0.27M	0.91M	-0.92M	0.24M	-0.40M	1.56M	-0.44M	0.86M	0.50M	0.94M	-0.15M	-0.23M
Levered Free Cash Flow	372.32M	297.92M	245.54M	349.83M	322.76M	139.15M	240.93M	215.29M	170.08M	150.64M	100.66M	128.04M	112.66M	73.85M	79.26M	43.45M	35.53M	60.42M	43.68M	39.38M	30.30M	19.27M	10.45M	13.91M	14.70M	18.19M	15.90M	3.58M	-17.40M	-20.82M	-47.63M