Integrated Freight & Logistics

Category: Industry Averages Base Ticker: 1292.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	12.30	12.15	14.19	12.27	13.34	10.24	10.50	10.32	9.90	9.21	9.59	9.02	7.26	5.77	6.04	6.46	5.23	5.72	7.55	8.57	7.63	9.72	6.25	5.14	5.79	7.72	6.62	5.28	2.63	3.22	2.03
Market Capitalization	2,123.79M	1,730.47M	1,496.77M	1,548.53M	1,785.00M	1,400.39M	1,373.00M	1,308.64M	1,282.98M	1,286.89M	1,172.58M	899.99M	743.21M	546.08M	407.66M	469.01M	392.26M	439.57M	603.72M	733.99M	786.09M	1,108.95M	994.68M	1,115.18M	1,754.79M	2,328.71M	1,990.73M	1,798.54M	384.86M	262.18M	213.04M
(-) Cash & Equivalents	319.41M	353.25M	330.60M	303.68M	349.99M	283.11M	197.88M	212.37M	180.45M	184.89M	151.82M	118.78M	151.57M	114.33M	74.29M	62.24M	54.10M	51.79M	43.70M	44.01M	50.48M	85.78M	97.85M	99.59M	79.35M	57.51M	71.84M	20.44M	11.31M	10.16M	2.63M
(+) Total Debt	730.68M	713.91M	680.28M	615.13M	570.30M	540.76M	433.10M	345.15M	328.70M	319.04M	286.81M	240.18M	245.03M	184.70M	142.55M	114.24M	120.69M	110.51M	90.98M	91.68M	90.19M	68.50M	66.48M	108.11M	144.07M	132.52M	102.05M	92.79M	30.80M	95.86M	38.09M
Enterprise Value	2,919.59M	2,276.32M	1,921.56M	1,818.66M	1,971.92M	1,793.44M	1,705.49M	1,555.16M	1,555.11M	1,560.27M	1,391.35M	1,113.57M	883.62M	582.16M	501.57M	547.45M	482.77M	458.00M	646.62M	809.45M	757.68M	1,105.68M	872.19M	1,098.96M	1,828.07M	2,989.04M	2,051.27M	1,792.11M	427.15M	347.13M	244.41M

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	3,477.207M	3,300.852M	3,162.172M	3,522.860M	3,102.265M	2,519.116M	2,325.592M	2,147.186M	1,700.116M	1,413.265M	1,407.177M	1,350.923M	1,405.190M	1,100.041M	970.738M	711.855M	631.824M	721.284M	666.979M	750.272M	834.760M	1,012.835M	958.649M	1,031.002M	1,228.618M	1,202.952M	1,148.682M	588.397M	398.852M	480.849M	398.649M
Cost of Revenue	3,100.864M	2,846.240M	2,780.560M	3,045.233M	2,706.547M	2,230.744M	2,103.297M	1,922.904M	1,458.231M	1,233.304M	1,193.361M	1,178.134M	1,123.637M	920.220M	781.053M	564.930M	507.261M	571.167M	464.200M	512.938M	640.604M	693.833M	493.745M	588.153M	492.381M	425.700M	443.629M	395.921M	317.165M	388.654M	211.191M
Gross Profit	376.343M	454.612M	381.612M	477.627M	395.717M	288.372M	222.295M	224.282M	241.885M	179.961M	213.817M	172.789M	281.554M	179.821M	189.685M	146.924M	124.563M	150.117M	202.779M	237.334M	194.156M	319.002M	464.904M	442.849M	736.238M	777.252M	705.053M	192.476M	81.687M	92.195M	187.457M
Gross Margin	10.82%	13.77%	12.07%	13.56%	12.76%	11.45%	9.56%	10.45%	14.23%	12.73%	15.19%	12.79%	20.04%	16.35%	19.54%	20.64%	19.71%	20.81%	30.40%	31.63%	23.26%	31.50%	48.50%	42.95%	59.92%	64.61%	61.38%	32.71%	20.48%	19.17%	47.02%
R&D Expenses	0.853M	0.903M	0.862M	0.802M	0.711M	0.364M	0.264M	0.122M	0.039M	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	149.937M	127.364M	128.599M	144.479M	121.333M	114.185M	114.136M	109.709M	79.443M	74.038M	67.588M	59.189M	49.817M	34.424M	22.455M	22.890M	20.706M	19.004M	19.571M	27.771M	31.060M	60.239M	70.640M	57.183M	102.286M	45.206M	82.146M	66.946M	39.320M	48.085M	38.981M
Operating Expenses	150.790M	128.267M	129.461M	145.281M	122.043M	114.550M	114.400M	109.831M	79.482M	74.038M	67.588M	59.189M	49.817M	34.424M	22.455M	22.890M	20.706M	19.004M	19.571M	27.771M	31.060M	60.239M	70.640M	57.183M	102.286M	45.206M	82.146M	66.946M	39.320M	48.085M	38.981M
Operating Income	225.553M	326.346M	252.150M	332.346M	273.674M	173.822M	107.895M	114.450M	162.403M	105.923M	146.229M	113.601M	231.737M	145.397M	167.230M	124.034M	103.858M	131.113M	183.208M	209.562M	163.096M	258.763M	394.263M	385.666M	633.952M	732.046M	622.907M	125.531M	42.367M	44.111M	148.476M
Operating Margin	6.49%	9.89%	7.97%	9.43%	8.82%	6.90%	4.64%	5.33%	9.55%	7.49%	10.39%	8.41%	16.49%	13.22%	17.23%	17.42%	16.44%	18.18%	27.47%	27.93%	19.54%	25.55%	41.13%	37.41%	51.60%	60.85%	54.23%	21.33%	10.62%	9.17%	37.24%
Interest Income	8.164M	7.733M	7.137M	4.192M	3.924M	3.082M	3.582M	3.322M	2.054M	1.807M	2.341M	1.932M	1.661M	1.924M	1.745M	1.033M	0.913M	1.202M	0.906M	0.668M	0.558M	0.424M	0.208M	0.136M	0.181M	0.039M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	22.666M	28.213M	20.098M	15.941M	14.822M	13.204M	13.136M	10.752M	9.494M	9.147M	10.492M	8.056M	5.729M	5.937M	5.376M	4.073M	4.153M	4.584M	3.878M	2.309M	1.881M	1.002M	0.727M	0.739M	0.607M	0.448M	0.201M	0.233M	0.316M	0.337M	0.300M
Net Interest Income	-14.502M	-20.480M	-12.961M	-11.749M	-10.898M	-10.122M	-9.554M	-7.430M	-7.440M	-7.340M	-8.151M	-6.124M	-4.067M	-4.013M	-3.632M	-3.040M	-3.240M	-3.382M	-2.972M	-1.640M	-1.323M	-0.578M	-0.518M	-0.604M	-0.425M	-0.409M	-0.201M	-0.233M	-0.316M	-0.337M	-0.300M
Other Income / Expense	-31.224M	-161.828M	-98.693M	-102.155M	-75.453M	-63.773M	10.105M	3.832M	-48.532M	-7.449M	-53.065M	-37.785M	-172.713M	-96.944M	-132.324M	-90.169M	-75.094M	-95.319M	-145.554M	-164.279M	-110.011M	-191.652M	-330.758M	-322.742M	-460.314M	-540.634M	-423.360M	-96.747M	-27.449M	-27.773M	-138.123M
Pre-Tax Income	179.828M	144.038M	140.496M	218.442M	187.323M	99.928M	108.446M	110.852M	106.431M	91.135M	85.013M	69.691M	54.957M	44.440M	31.274M	30.826M	25.524M	32.412M	34.682M	43.643M	51.762M	66.533M	62.987M	62.321M	173.213M	191.003M	199.346M	28.551M	14.602M	16.001M	10.054M
Pre-Tax Margin	5.17%	4.36%	4.44%	6.20%	6.04%	3.97%	4.66%	5.16%	6.26%	6.45%	6.04%	5.16%	3.91%	4.04%	3.22%	4.33%	4.04%	4.49%	5.20%	5.82%	6.20%	6.57%	6.57%	6.04%	14.10%	15.88%	17.35%	4.85%	3.66%	3.33%	2.52%
Income Tax Expense	45.575M	37.170M	37.131M	48.704M	42.910M	27.249M	27.502M	23.463M	24.726M	25.440M	23.470M	18.829M	14.956M	15.985M	12.472M	9.948M	8.785M	10.471M	10.636M	10.458M	9.663M	22.740M	22.014M	19.647M	56.605M	57.619M	13.047M	10.535M	5.451M	5.960M	3.804M
Tax Rate	25.34%	25.81%	26.43%	22.30%	22.91%	27.27%	25.36%	21.17%	23.23%	27.91%	27.61%	27.02%	27.21%	35.00%	35.00%	32.27%	34.42%	32.31%	30.67%	23.96%	18.67%	34.18%	34.95%	31.53%	32.68%	30.17%	6.55%	35.00%	35.00%	35.00%	35.00%
Net Income	134.253M	106.868M	103.365M	169.738M	144.413M	72.679M	80.944M	87.389M	81.705M	65.695M	61.543M	50.862M	40.000M	28.455M	18.802M	20.878M	16.739M	21.941M	24.046M	33.185M	42.099M	43.793M	40.973M	42.674M	116.608M	133.384M	186.299M	18.016M	9.152M	10.041M	6.250M
Net Margin	3.86%	3.24%	3.27%	4.82%	4.66%	2.89%	3.48%	4.07%	4.81%	4.65%	4.37%	3.76%	2.85%	2.59%	1.94%	2.93%	2.65%	3.04%	3.61%	4.42%	5.04%	4.32%	4.27%	4.14%	9.49%	11.09%	16.22%	3.06%	2.29%	2.09%	1.57%
EBIT	225.553M	326.346M	252.150M	332.346M	273.674M	173.822M	107.895M	114.450M	162.403M	105.923M	146.229M	113.601M	231.737M	145.397M	167.230M	124.034M	103.858M	131.113M	183.208M	209.562M	163.096M	258.763M	394.263M	385.666M	633.952M	732.046M	622.907M	125.531M	42.367M	44.111M	148.476M
Depreciation & Amortization	83.486M	98.770M	96.177M	89.866M	83.669M	79.318M	70.746M	52.857M	43.535M	41.370M	36.240M	31.964M	29.860M	21.909M	18.509M	19.631M	16.570M	15.353M	13.796M	15.696M	16.918M	11.974M	11.960M	14.139M	45.696M	39.745M	7.043M	2.937M	-0.963M	3.160M	-2.908M
EBITDA	309.039M	425.116M	348.327M	422.213M	357.343M	253.140M	178.642M	167.307M	205.938M	147.292M	182.469M	145.564M	261.597M	167.307M	185.739M	143.665M	120.428M	146.466M	197.004M	225.258M	180.014M	270.737M	406.224M	399.806M	679.648M	771.791M	629.950M	128.467M	41.404M	47.271M	145.568M
EBITDA Margin	8.89%	12.88%	11.02%	11.98%	11.52%	10.05%	7.68%	7.79%	12.11%	10.42%	12.97%	10.78%	18.62%	15.21%	19.13%	20.18%	19.06%	20.31%	29.54%	30.02%	21.56%	26.73%	42.37%	38.78%	55.32%	64.16%	54.84%	21.83%	10.38%	9.83%	36.52%
NOPAT	168.389M	242.131M	185.510M	258.246M	210.984M	126.424M	80.533M	90.226M	124.673M	76.355M	105.859M	82.908M	168.671M	94.508M	108.699M	84.007M	68.112M	88.755M	127.024M	159.345M	132.649M	170.322M	256.467M	264.082M	426.779M	511.214M	582.138M	81.595M	27.539M	28.672M	96.509M
NOPAT Margin	4.84%	7.34%	5.87%	7.33%	6.80%	5.02%	3.46%	4.20%	7.33%	5.40%	7.52%	6.14%	12.00%	8.59%	11.20%	11.80%	10.78%	12.31%	19.04%	21.24%	15.89%	16.82%	26.75%	25.61%	34.74%	42.50%	50.68%	13.87%	6.90%	5.96%	24.21%
Owner's Earnings	217.738M	205.639M	199.542M	259.604M	228.082M	151.997M	151.691M	140.246M	125.240M	107.064M	97.784M	82.826M	69.860M	50.364M	37.311M	40.509M	33.309M	37.294M	37.842M	48.881M	59.017M	55.768M	52.933M	56.813M	162.304M	173.129M	193.342M	20.952M	8.189M	13.201M	3.342M
Owner's Earnings Margin	6.26%	6.23%	6.31%	7.37%	7.35%	6.03%	6.52%	6.53%	7.37%	7.58%	6.95%	6.13%	4.97%	4.58%	3.84%	5.69%	5.27%	5.17%	5.67%	6.52%	7.07%	5.51%	5.52%	5.51%	13.21%	14.39%	16.83%	3.56%	2.05%	2.75%	0.84%
EPS	0.24	0.20	0.20	0.33	0.31	0.17	0.19	0.23	0.23	0.17	0.18	0.18	0.14	0.12	0.09	0.11	0.08	0.11	0.10	0.12	0.15	0.11	0.09	0.09	0.25	0.34	0.66	0.06	0.04	0.05	0.03
EPS (Diluted)	0.24	0.20	0.20	0.33	0.31	0.17	0.19	0.23	0.23	0.17	0.18	0.18	0.14	0.12	0.09	0.11	0.08	0.11	0.10	0.12	0.15	0.11	0.09	0.09	0.25	0.34	0.66	0.06	0.04	0.05	0.03
Shares (Diluted)	548,189,866	542,628,525	509,212,696	513,081,482	467,256,781	434,679,506	429,433,406	372,939,773	355,560,689	381,832,709	342,856,247	283,665,858	279,260,288	228,240,104	201,766,801	198,030,155	198,706,661	208,354,783	235,717,309	265,504,116	275,699,870	406,820,740	446,363,325	467,799,685	467,587,224	392,235,330	284,230,501	285,026,125	261,257,196	212,518,702	241,627,560

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	319.70M	353.25M	330.59M	303.68M	349.99M	283.11M	197.88M	214.25M	180.45M	184.89M	151.82M	118.78M	151.57M	114.33M	74.29M	62.24M	54.10M	52.00M	43.75M	44.01M	50.48M	87.94M	97.85M	99.59M	79.35M	57.51M	71.84M	20.44M	11.31M	10.16M	2.63M
Short-Term Investments	53.93M	38.82M	69.69M	106.27M	80.03M	30.11M	42.52M	42.84M	17.08M	28.13M	24.71M	45.07M	11.73M	17.80M	9.96M	11.98M	9.86M	6.26M	4.89M	5.85M	7.39M	5.97M	2.69M	3.41M	1.72M	2.79M	0.83M	0.09M	0.37M	0.21M	0.00M
Cash & Short-Term Investments	373.63M	392.07M	400.28M	409.95M	430.02M	313.22M	240.40M	257.10M	197.53M	213.02M	176.53M	163.85M	163.29M	132.13M	84.25M	74.22M	63.97M	58.27M	48.65M	49.86M	57.87M	93.91M	100.54M	103.01M	81.07M	60.30M	72.68M	20.53M	11.68M	10.37M	2.63M
Net Receivables	486.61M	514.90M	394.82M	443.14M	459.64M	367.44M	348.15M	305.23M	276.16M	253.27M	195.98M	184.79M	170.73M	143.38M	121.46M	84.28M	79.55M	90.02M	81.02M	71.22M	104.80M	135.27M	139.80M	78.53M	86.37M	70.67M	76.15M	60.90M	58.00M	73.66M	50.58M
Inventory	35.97M	24.90M	22.12M	20.18M	15.29M	16.35M	17.46M	15.51M	14.89M	14.95M	14.40M	15.41M	12.66M	11.10M	9.91M	6.95M	6.41M	7.07M	7.08M	7.62M	8.21M	10.50M	8.35M	8.25M	17.92M	20.35M	29.29M	13.28M	8.10M	5.33M	3.18M
Other Current Assets	70.82M	47.32M	84.31M	73.55M	67.86M	55.11M	62.68M	77.56M	60.25M	43.33M	40.03M	36.75M	36.60M	33.38M	20.66M	22.27M	23.02M	19.51M	25.34M	14.80M	11.96M	7.86M	20.77M	39.12M	49.44M	65.35M	49.82M	42.31M	10.72M	7.02M	5.87M
Total Current Assets	967.02M	979.19M	901.53M	946.82M	972.80M	752.11M	668.69M	655.40M	548.83M	524.57M	426.93M	400.80M	383.28M	319.99M	236.27M	187.72M	172.95M	174.87M	162.09M	143.50M	182.84M	247.54M	269.46M	228.92M	234.79M	216.67M	227.94M	137.02M	88.50M	96.39M	62.26M
Property, Plant & Equipment	1,075.00M	970.12M	950.34M	821.43M	774.62M	728.73M	702.12M	539.19M	430.69M	441.94M	366.59M	340.68M	320.24M	284.47M	260.07M	250.57M	231.87M	220.45M	196.94M	212.61M	221.35M	155.68M	169.50M	219.78M	288.36M	311.58M	366.96M	238.48M	43.31M	122.35M	45.20M
Goodwill	74.92M	146.26M	131.38M	116.06M	86.27M	90.69M	84.77M	57.35M	73.54M	59.59M	32.73M	29.93M	23.70M	16.34M	8.30M	4.78M	3.86M	1.83M	3.06M	1.85M	3.44M	4.02M	2.99M	1.19M	0.37M	0.07M	0.08M	0.05M	0.01M	0.38M	0.00M
Intangible Assets	103.14M	92.89M	91.82M	96.43M	95.82M	92.16M	89.38M	82.71M	56.70M	48.67M	38.75M	22.25M	18.22M	14.81M	14.95M	13.92M	15.64M	13.63M	12.00M	16.95M	12.82M	10.30M	3.88M	1.85M	1.05M	1.78M	1.03M	0.45M	0.06M	0.47M	0.61M
Long-Term Investments	165.65M	90.93M	126.27M	81.93M	93.15M	79.30M	83.80M	68.20M	57.47M	51.24M	46.27M	39.59M	28.19M	21.05M	18.32M	16.01M	14.35M	11.90M	6.56M	10.52M	10.59M	0.33M	0.09M	0.10M	1.74M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	15.57M	12.81M	12.85M	15.21M	13.90M	13.22M	13.52M	12.75M	10.68M	9.75M	7.12M	7.02M	8.26M	7.06M	7.00M	3.26M	3.18M	3.17M	3.87M	2.28M	5.02M	1.37M	1.55M	0.32M	3.19M	0.34M	0.60M	0.00M	0.00M	0.31M	0.00M
Other Non-Current Assets	61.42M	105.84M	58.08M	85.95M	85.88M	57.14M	47.28M	31.63M	27.97M	23.29M	25.83M	33.53M	27.39M	25.13M	24.21M	21.10M	22.85M	18.68M	17.59M	15.27M	12.59M	8.24M	7.62M	13.41M	11.18M	18.75M	120.43M	15.55M	6.61M	7.95M	5.06M
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	1,495.70M	1,418.86M	1,370.73M	1,217.03M	1,149.64M	1,061.24M	1,020.87M	791.84M	657.05M	634.48M	517.29M	473.01M	426.00M	368.85M	332.85M	309.64M	291.75M	269.66M	240.01M	259.47M	265.82M	179.96M	185.63M	236.66M	305.90M	332.52M	489.10M	254.54M	49.98M	131.46M	50.87M
Total Assets	2,462.72M	2,398.06M	2,272.26M	2,163.85M	2,122.44M	1,813.36M	1,689.56M	1,447.24M	1,205.88M	1,159.05M	944.23M	873.81M	809.28M	688.85M	569.12M	497.36M	464.70M	444.53M	402.11M	402.97M	448.66M	427.50M	455.09M	465.57M	540.69M	549.18M	717.04M	391.55M	138.48M	227.85M	113.13M
Accounts Payable	300.35M	274.86M	282.84M	258.86M	263.60M	240.00M	234.69M	198.57M	150.24M	148.37M	127.09M	105.81M	104.22M	101.33M	84.00M	72.85M	61.01M	67.25M	77.91M	83.30M	92.49M	90.17M	111.15M	113.01M	187.78M	75.99M	68.92M	54.23M	42.12M	38.70M	24.39M
Short-Term Debt	245.49M	150.43M	139.64M	110.82M	105.01M	125.42M	86.75M	89.22M	83.51M	78.31M	68.43M	60.95M	67.41M	51.34M	35.25M	34.87M	40.26M	34.42M	36.71M	35.52M	34.84M	23.98M	32.30M	21.22M	29.09M	27.27M	22.15M	17.65M	12.77M	13.27M	12.64M
Tax Payables	2.67M	16.57M	16.92M	18.63M	19.59M	14.52M	12.71M	14.47M	12.30M	12.01M	8.59M	7.33M	5.32M	4.80M	4.36M	3.81M	3.35M	4.39M	6.15M	4.96M	5.31M	3.24M	1.73M	0.80M	0.29M	0.29M	0.29M	0.61M	0.10M	0.30M	0.01M
Deferred Revenue	15.52M	0.06M	9.23M	33.73M	80.43M	64.08M	44.76M	14.12M	33.99M	31.98M	22.24M	15.88M	12.57M	10.89M	8.52M	5.62M	5.42M	6.43M	6.13M	5.63M	6.83M	4.49M	3.91M	4.68M	2.97M	2.55M	1.91M	2.21M	1.68M	0.44M	0.30M
Other Current Liabilities	133.03M	166.37M	133.93M	141.21M	86.64M	66.09M	113.81M	103.85M	74.64M	85.44M	80.96M	52.67M	52.76M	36.95M	30.17M	26.37M	20.03M	22.03M	18.04M	20.81M	24.25M	20.54M	29.10M	29.65M	22.79M	17.48M	19.97M	9.79M	9.50M	15.75M	12.07M
Total Current Liabilities	697.06M	608.28M	582.57M	563.25M	555.27M	510.11M	492.72M	420.23M	354.67M	356.11M	307.31M	242.64M	242.28M	205.31M	162.30M	143.52M	130.06M	134.52M	144.95M	150.22M	163.74M	142.42M	178.18M	169.36M	242.92M	123.57M	113.24M	84.49M	66.18M	68.46M	49.42M
Long-Term Debt	355.13M	294.20M	280.95M	275.75M	253.24M	258.33M	223.94M	213.24M	169.93M	170.96M	155.15M	134.72M	110.63M	90.75M	60.97M	65.29M	62.05M	52.49M	46.09M	46.86M	66.37M	27.77M	28.74M	62.72M	40.40M	33.45M	43.73M	43.74M	18.01M	78.34M	23.55M
Capital Lease Obligations	59.57M	143.98M	139.89M	131.67M	113.99M	106.59M	67.98M	14.93M	7.02M	6.09M	4.98M	4.66M	4.57M	1.94M	0.24M	0.23M	0.12M	0.00M	0.00M	0.00M	0.00M	0.01M	0.00M	0.02M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	26.32M	25.90M	25.35M	25.47M	20.58M	19.76M	22.76M	17.79M	16.96M	14.76M	15.47M	13.71M	12.28M	10.96M	9.50M	8.68M	9.74M	7.59M	9.24M	9.45M	6.95M	6.76M	5.64M	5.64M	35.85M	38.81M	40.78M	38.07M	2.95M	13.80M	1.93M
Other Non-Current Liabilities	57.53M	53.55M	57.64M	50.57M	51.56M	47.20M	50.21M	42.51M	31.38M	36.00M	22.34M	22.43M	27.50M	12.82M	8.47M	18.80M	10.85M	12.14M	10.65M	12.38M	15.13M	13.56M	8.41M	9.89M	76.37M	70.03M	78.52M	8.36M	4.78M	6.11M	3.53M
Total Non-Current Liabilities	498.55M	517.63M	503.84M	483.46M	439.38M	431.88M	364.90M	288.49M	225.29M	227.81M	197.93M	175.52M	154.98M	116.47M	79.18M	93.00M	82.77M	72.23M	65.98M	68.69M	88.44M	48.10M	42.79M	78.27M	152.64M	142.29M	163.03M	90.18M	25.74M	98.25M	29.02M
Total Liabilities	1,195.61M	1,125.91M	1,086.41M	1,046.71M	994.65M	941.99M	857.62M	708.72M	579.96M	583.92M	505.25M	418.16M	397.25M	321.79M	241.48M	236.52M	212.83M	206.75M	210.93M	218.91M	252.18M	190.52M	220.97M	247.64M	395.56M	265.86M	276.27M	174.67M	91.92M	166.72M	78.43M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.96M	0.00M	0.00M	0.00M	0.19M	0.00M	0.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	122.24M	90.03M	89.11M	81.85M	80.21M	79.08M	78.95M	70.42M	69.78M	68.07M	57.99M	53.25M	50.94M	46.72M	40.76M	33.73M	31.41M	31.65M	30.20M	33.73M	35.95M	26.26M	21.10M	22.65M	21.25M	22.72M	21.29M	13.00M	6.38M	5.24M	5.23M
Retained Earnings	810.37M	754.18M	713.11M	627.16M	570.65M	473.64M	442.26M	418.12M	337.32M	302.84M	240.81M	230.42M	218.89M	162.92M	117.43M	111.60M	98.26M	91.76M	77.94M	86.48M	117.54M	181.08M	158.86M	147.32M	117.55M	251.56M	104.46M	75.65M	42.64M	72.57M	32.65M
Accumulated OCI	151.27M	36.64M	12.71M	30.46M	21.30M	12.60M	24.73M	22.31M	8.78M	9.40M	21.18M	3.29M	0.08M	0.00M	0.00M	0.00M	0.00M	-0.01M	0.00M	0.00M	0.00M	0.03M	0.00M	-2.38M	-3.68M	-10.08M	-7.30M	-3.25M	-1.95M	-1.12M	-0.93M
Minority Interest	30.14M	26.02M	22.60M	20.52M	15.89M	14.01M	12.05M	10.64M	8.94M	7.95M	9.78M	8.09M	7.11M	6.89M	5.53M	4.30M	3.86M	3.14M	3.77M	4.16M	4.09M	4.49M	4.59M	4.20M	3.59M	2.69M	3.14M	0.95M	0.71M	0.00M	0.00M
Total Shareholders’ Equity	1,083.88M	880.85M	814.93M	739.47M	672.17M	566.29M	545.95M	510.86M	415.88M	380.50M	319.98M	287.00M	269.90M	209.64M	158.19M	145.33M	129.67M	123.40M	108.15M	120.22M	153.49M	207.37M	179.96M	167.59M	135.11M	264.20M	118.45M	85.40M	47.07M	76.69M	36.94M
Total Equity	1,114.03M	906.87M	837.53M	759.99M	688.06M	580.30M	558.00M	521.50M	424.82M	388.45M	329.76M	295.09M	277.01M	216.54M	163.72M	149.63M	133.53M	126.54M	111.92M	124.37M	157.58M	211.86M	184.55M	171.79M	138.70M	266.89M	121.59M	86.35M	47.78M	76.69M	36.94M
Total Liabilities & Equity	2,309.64M	2,032.78M	1,923.94M	1,806.70M	1,682.71M	1,522.29M	1,415.62M	1,230.22M	1,004.78M	972.37M	835.00M	713.24M	674.26M	538.32M	405.19M	386.15M	346.36M	333.29M	322.84M	343.29M	409.76M	402.38M	405.52M	419.43M	534.26M	532.75M	397.87M	261.02M	139.70M	243.40M	115.38M
Tangible Assets	2,284.66M	2,158.90M	2,049.07M	1,951.36M	1,940.35M	1,630.50M	1,515.41M	1,307.17M	1,075.64M	1,050.79M	872.74M	821.63M	767.36M	657.70M	545.88M	478.65M	445.19M	429.07M	387.05M	384.17M	432.40M	413.18M	448.21M	462.53M	539.27M	547.34M	715.93M	391.05M	138.42M	226.99M	112.53M
Tangible Equity	935.97M	667.71M	614.34M	547.49M	505.97M	397.45M	383.85M	381.43M	294.58M	280.19M	258.27M	242.90M	235.08M	185.39M	140.47M	130.92M	114.02M	111.07M	96.86M	105.58M	141.32M	197.54M	177.68M	168.75M	137.28M	265.04M	120.48M	85.85M	47.72M	75.83M	36.34M
Tangible Book Value	935.97M	667.71M	614.34M	547.49M	505.97M	397.45M	383.85M	381.43M	294.58M	280.19M	258.27M	242.90M	235.08M	185.39M	140.47M	130.92M	114.02M	111.07M	96.86M	105.58M	141.32M	197.54M	177.68M	168.75M	137.28M	265.04M	120.48M	85.85M	47.72M	75.83M	36.34M
Total Investments	237.51M	155.62M	174.92M	150.81M	135.41M	115.31M	115.26M	95.39M	88.53M	64.77M	58.47M	49.37M	43.85M	37.98M	28.63M	30.31M	27.48M	26.23M	26.35M	27.17M	24.02M	11.17M	9.04M	8.27M	7.12M	3.33M	1.75M	1.30M	0.60M	0.08M	0.00M
Net Debt	280.92M	91.38M	90.00M	82.89M	8.27M	100.64M	112.81M	88.21M	72.98M	64.38M	71.77M	76.89M	26.47M	27.76M	21.93M	37.92M	48.21M	34.91M	39.05M	38.37M	50.73M	-36.20M	-36.82M	-15.65M	-9.86M	3.21M	-5.96M	40.96M	19.47M	81.45M	33.57M

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	174.26M	253.61M	248.69M	212.89M	245.79M	150.12M	176.79M	190.05M	132.30M	238.44M	113.72M	90.83M	119.68M	81.58M	69.87M	52.45M	37.57M	42.14M	34.50M	22.28M	49.31M	118.98M	68.45M	76.57M	-56.70M	-20.84M	-25.88M	33.88M	20.00M	15.53M	21.34M
Total Capital	2,040.96M	1,937.00M	1,771.69M	1,685.00M	1,598.12M	1,388.20M	1,230.97M	1,084.23M	968.56M	875.42M	774.20M	656.51M	621.47M	496.62M	384.83M	341.02M	313.03M	288.52M	260.49M	294.28M	321.61M	358.48M	334.89M	350.15M	428.14M	500.55M	543.82M	224.61M	100.58M	201.76M	91.29M
Capital Employed	2,134.88M	1,959.26M	1,808.05M	1,703.87M	1,762.88M	1,456.97M	1,544.65M	1,169.23M	1,061.36M	1,022.51M	823.39M	818.31M	754.70M	671.49M	544.43M	453.42M	400.94M	336.02M	351.92M	438.24M	425.21M	334.31M	320.70M	331.27M	1,206.38M	1,220.07M	1,172.63M	282.61M	85.60M	216.39M	83.62M
Invested Capital	1,721.26M	1,583.76M	1,441.09M	1,381.32M	1,248.14M	1,105.09M	1,033.09M	869.98M	788.11M	690.53M	622.39M	537.73M	469.90M	382.29M	310.54M	278.78M	258.93M	236.52M	216.74M	250.27M	271.13M	270.54M	237.03M	250.56M	348.79M	443.05M	471.98M	204.17M	89.27M	191.59M	88.67M

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	45.21M	106.10M	103.93M	109.45M	98.16M	80.53M	73.50M	53.00M	43.63M	42.08M	33.81M	29.54M	27.16M	21.59M	18.36M	19.39M	16.12M	15.34M	14.37M	15.69M	17.16M	16.33M	14.06M	39.21M	35.44M	34.88M	7.04M	5.38M	8.08M	29.91M	36.23M
Deferred Income Tax	0.00M	0.00M	0.00M	0.17M	-0.92M	-0.79M	0.14M	0.03M	-0.42M	-0.08M	-0.08M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.12M	0.00M	1.18M	0.08M	0.69M	0.55M	5.45M	2.84M	7.74M	0.82M
Stock-Based Compensation	0.05M	1.17M	0.66M	1.36M	1.38M	1.09M	0.37M	0.78M	0.20M	0.16M	0.26M	0.15M	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
Change in Working Capital	-11.33M	-26.28M	0.28M	4.35M	-33.85M	-1.85M	-4.62M	-15.19M	-11.26M	-10.17M	0.50M	-4.30M	-6.27M	-11.08M	-6.05M	-5.23M	-1.05M	0.04M	-2.96M	-4.12M	-1.11M	-4.65M	-7.37M	1.03M	-8.34M	-16.74M	-15.72M	-8.18M	0.77M	-12.43M	-8.68M
Accounts Receivable	-5.40M	-29.75M	19.25M	-9.75M	-77.04M	-25.04M	-11.77M	-20.29M	-18.92M	-11.81M	-3.12M	-4.76M	-5.19M	-1.86M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-1.57M	-11.49M	-1.00M	0.00M	0.29M	-0.60M	-11.70M	-4.60M	-6.49M	-13.28M	-4.80M
Inventory	-0.11M	-0.01M	0.27M	-2.30M	-1.24M	-0.19M	-0.77M	-1.39M	-0.21M	-0.39M	1.18M	-1.01M	-0.71M	-0.21M	-0.56M	-0.25M	0.03M	-0.19M	-0.47M	-0.39M	-0.48M	-0.16M	0.20M	-0.96M	-0.49M	-4.70M	-3.10M	-3.89M	3.10M	0.06M	-2.56M
Accounts Payable	0.13M	4.76M	-14.32M	9.14M	45.29M	20.63M	4.13M	8.62M	12.59M	6.56M	1.26M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.90M	0.20M	0.00M	-0.21M	0.88M	4.04M	2.90M	8.61M	9.68M	7.26M
Other Working Capital	1.27M	2.53M	-7.21M	-1.09M	0.76M	2.70M	0.04M	-8.42M	-2.34M	-2.85M	3.72M	-3.09M	0.81M	-5.12M	-1.30M	0.23M	-1.86M	-0.44M	0.08M	-1.28M	0.56M	2.46M	-0.81M	3.93M	-15.96M	-6.33M	-5.15M	-0.70M	-0.94M	-2.90M	-4.14M
Other Non-Cash Items	35.15M	15.29M	1.04M	-1.40M	0.95M	7.10M	5.64M	0.45M	3.88M	-2.84M	-4.29M	-5.07M	-1.72M	-2.29M	0.20M	-2.91M	-4.51M	-2.87M	-3.70M	-6.53M	0.14M	2.39M	4.39M	-3.09M	11.09M	-0.52M	0.49M	8.19M	1.25M	1.12M	8.49M
Net Cash from Operating Activities	216.62M	222.57M	222.29M	297.91M	220.30M	192.12M	185.46M	134.51M	112.38M	104.24M	94.80M	73.74M	60.47M	42.36M	39.28M	34.36M	26.33M	40.99M	36.03M	26.50M	38.91M	58.99M	47.39M	64.88M	215.05M	172.33M	133.86M	176.96M	62.36M	162.44M	60.57M
Capital Expenditures (PPE)	-76.35M	-114.99M	-105.96M	-115.70M	-100.38M	-82.90M	-85.85M	-82.80M	-68.96M	-68.25M	-47.91M	-40.06M	-38.46M	-34.55M	-26.86M	-22.48M	-20.91M	-29.07M	-31.44M	-30.39M	-29.78M	-20.96M	-27.77M	-61.61M	-45.35M	-68.42M	-60.42M	-146.74M	-73.89M	-87.24M	-109.10M
Acquisitions (Net)	0.66M	-3.95M	-4.13M	-9.22M	1.89M	-2.88M	-4.39M	-1.60M	-4.65M	-3.83M	-5.92M	-3.49M	-1.54M	-1.04M	-1.31M	-0.36M	-0.16M	-0.38M	-0.63M	-0.43M	-0.33M	0.40M	-0.04M	-0.84M	-25.14M	-2.46M	0.00M	0.00M	0.00M	0.00M	-0.91M
Purchases of Investments	-21.68M	-23.38M	-24.98M	-43.80M	-32.21M	-26.43M	-20.92M	-21.67M	-17.87M	-23.65M	-15.31M	-8.38M	-6.40M	-6.26M	-3.12M	-2.75M	-2.73M	-3.76M	-3.17M	-2.56M	-1.66M	-3.16M	-4.22M	-2.98M	-3.39M	-0.64M	-0.56M	-0.42M	-0.11M	0.00M	-0.01M
Sales / Maturities of Investments	25.25M	35.87M	33.42M	56.97M	34.02M	16.40M	20.34M	17.71M	17.09M	16.79M	13.50M	9.36M	10.61M	4.43M	4.02M	2.48M	2.19M	2.62M	4.93M	2.38M	2.39M	2.11M	3.41M	0.97M	3.05M	0.30M	0.18M	0.05M	0.00M	0.02M	0.00M
Other Investing Activities	3.06M	2.07M	4.59M	7.10M	8.19M	4.59M	5.19M	5.25M	1.65M	3.49M	2.95M	4.55M	3.21M	4.31M	1.61M	1.28M	1.09M	1.22M	0.88M	1.95M	1.66M	3.34M	6.08M	8.84M	20.68M	27.55M	2.58M	9.31M	25.84M	12.52M	13.86M
Net Cash from Investing Activities	-90.65M	-121.16M	-119.47M	-118.73M	-86.85M	-107.09M	-88.24M	-92.84M	-83.60M	-92.17M	-55.34M	-49.36M	-38.03M	-39.22M	-26.87M	-22.52M	-26.79M	-31.49M	-30.39M	-26.72M	-37.30M	-24.90M	-16.91M	-49.70M	-184.76M	-34.34M	-35.48M	-64.81M	-23.37M	-49.03M	-57.95M
Net Debt Issuance	-4.47M	12.91M	-4.91M	-1.66M	-2.74M	13.83M	-10.60M	4.63M	5.18M	6.68M	2.66M	-1.14M	6.83M	8.49M	3.63M	4.13M	5.77M	1.74M	4.24M	3.82M	-2.26M	-5.94M	-2.08M	-11.89M	5.25M	10.24M	16.31M	-2.35M	-9.23M	4.94M	0.75M
Long-Term Debt Issuance	-3.02M	24.25M	0.51M	0.77M	2.07M	15.64M	2.68M	11.78M	11.76M	10.29M	7.31M	0.71M	9.42M	7.52M	2.34M	6.73M	7.47M	3.38M	5.18M	4.23M	-1.15M	2.80M	-5.17M	-12.01M	4.64M	9.28M	14.33M	-3.72M	-9.20M	4.62M	2.61M
Short-Term Debt Issuance	-1.80M	-1.65M	-2.04M	-2.31M	-1.40M	-0.23M	-4.06M	-0.27M	-0.04M	-0.59M	-0.95M	-1.67M	0.02M	-0.14M	-0.37M	-0.60M	-0.42M	-0.78M	0.01M	0.00M	-0.73M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.64M	-10.79M
Net Stock Issuance	-0.76M	-3.73M	-4.78M	-6.45M	-2.25M	-0.96M	-1.52M	-0.50M	-0.10M	-0.05M	-0.17M	0.00M	0.00M	0.00M	-0.05M	0.08M	0.00M	0.21M	1.34M	0.94M	0.66M	-0.03M	0.00M	0.00M	0.17M	-1.57M	0.14M	-0.54M	-5.43M	7.59M	-0.40M
Common Stock Issuance	0.00M	0.00M	0.00M	0.01M	0.15M	0.01M	0.07M	0.04M	0.00M	0.02M	0.51M	0.23M	0.04M	0.05M	0.04M	0.21M	0.05M	0.97M	2.68M	3.23M	3.23M	2.14M	2.35M	1.64M	2.46M	2.51M	2.06M	7.78M	8.92M	11.77M	1.03M
Common Stock Repurchased	-1.76M	-6.55M	-5.45M	-6.79M	-2.46M	-1.74M	-4.41M	-0.84M	-0.41M	-0.13M	-0.34M	-0.04M	0.00M	0.00M	-0.09M	0.00M	-0.06M	-0.44M	-0.27M	-0.25M	-0.15M	-2.28M	0.00M	-2.82M	-0.04M	-2.96M	-1.86M	-1.48M	-6.05M	-4.33M	-2.57M
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	-16.60M	-37.78M	-43.21M	-48.26M	-22.64M	-28.20M	-28.94M	-26.73M	-21.10M	-20.44M	-18.16M	-13.82M	-9.58M	-7.51M	-5.96M	-3.57M	-3.79M	-4.29M	-3.55M	-4.69M	-5.22M	-10.91M	-16.25M	-3.63M	-3.69M	-2.25M	-3.06M	-2.99M	-2.44M	-2.53M	-2.75M
Common Dividends Paid	-16.55M	-38.02M	-39.89M	-39.55M	-21.11M	-26.91M	-28.60M	-22.52M	-16.69M	-16.61M	-19.35M	-10.17M	-7.59M	-6.36M	-5.34M	-3.97M	-3.87M	-4.26M	-3.75M	-4.66M	-5.26M	-10.98M	-16.22M	-4.21M	-3.63M	-2.25M	-3.06M	-2.99M	-6.80M	-2.83M	-2.75M
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	-47.20M	-37.55M	-34.11M	-22.82M	-22.19M	-14.32M	-8.16M	-1.58M	-0.61M	-3.70M	3.17M	-1.24M	-3.86M	-1.78M	-2.05M	-0.87M	-0.40M	-0.54M	-0.02M	-0.80M	-0.89M	-0.40M	0.48M	-0.29M	-1.01M	10.92M	-0.23M	1.21M	-0.04M	-1.79M	0.01M
Net Cash from Financing Activities	-122.71M	-76.24M	-93.62M	-101.60M	-90.06M	-23.92M	-68.74M	-21.16M	-9.18M	-4.81M	-12.11M	-15.73M	-11.42M	-2.87M	-5.87M	-4.03M	1.39M	0.65M	3.82M	-6.03M	-14.56M	-16.35M	-29.18M	-32.35M	-14.03M	7.67M	14.02M	-11.96M	-17.66M	-8.20M	-3.54M
Effect of FX on Cash	-0.86M	0.89M	1.15M	1.72M	-0.18M	-1.06M	-0.14M	0.40M	-0.45M	-0.31M	0.43M	0.42M	0.27M	-0.13M	-0.24M	0.00M	-0.08M	-0.08M	-0.01M	0.04M	-0.03M	-0.01M	0.00M	0.00M	0.00M	-0.01M	-0.04M	-0.37M	0.00M	0.00M	0.13M
Net Change in Cash	12.66M	-3.02M	5.92M	41.37M	26.17M	46.37M	4.25M	1.34M	15.88M	9.84M	12.86M	4.21M	4.95M	7.67M	4.40M	5.18M	5.12M	4.18M	4.57M	2.10M	3.44M	1.84M	22.16M	11.33M	12.84M	5.37M	9.97M	10.51M	2.29M	2.69M	3.25M
Cash at Beginning of Period	220.67M	368.17M	322.77M	314.13M	252.67M	189.34M	201.36M	168.55M	135.27M	146.12M	98.64M	89.19M	82.14M	70.56M	61.73M	50.04M	49.18M	43.72M	40.72M	44.05M	39.57M	50.23M	70.60M	78.32M	73.78M	71.84M	40.43M	36.30M	12.93M	22.83M	10.19M
Cash at End of Period	454.58M	341.21M	368.56M	327.00M	339.88M	253.33M	187.49M	195.57M	165.40M	156.06M	131.87M	99.68M	88.46M	80.35M	65.06M	61.54M	56.84M	49.36M	46.79M	43.91M	57.25M	87.55M	97.54M	99.68M	89.47M	60.09M	71.84M	37.25M	16.08M	25.60M	13.41M
Operating Cash Flow	216.28M	222.56M	221.89M	298.13M	220.30M	192.19M	185.46M	134.51M	112.38M	104.69M	93.91M	73.74M	60.47M	42.36M	39.28M	34.36M	26.33M	40.99M	36.03M	26.50M	38.91M	58.99M	47.39M	64.88M	54.38M	172.33M	133.86M	176.96M	62.36M	162.44M	60.57M
Capital Expenditure	-82.27M	-121.57M	-107.35M	-115.83M	-100.47M	-83.02M	-85.85M	-82.86M	-68.96M	-68.27M	-47.91M	-40.06M	-38.55M	-34.55M	-26.83M	-22.47M	-20.82M	-29.07M	-31.43M	-30.39M	-29.77M	-20.96M	-27.77M	-61.61M	-45.35M	-68.42M	-60.42M	-146.74M	-73.90M	-87.56M	-109.10M
Free Cash Flow	114.98M	97.06M	104.10M	163.67M	81.56M	65.01M	74.26M	26.32M	35.45M	33.31M	37.59M	26.98M	20.28M	11.12M	15.03M	8.49M	5.32M	9.78M	-0.56M	1.39M	13.56M	18.53M	26.27M	37.94M	8.57M	7.75M	8.28M	5.72M	10.15M	4.35M	-3.26M

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	286.61M	283.47M	261.61M	310.87M	266.03M	208.25M	192.93M	175.23M	147.70M	136.06M	112.74M	97.01M	98.01M	78.81M	56.29M	59.88M	51.60M	57.18M	53.70M	65.25M	65.38M	61.95M	46.68M	229.17M	54.80M	-11.44M	263.23M	234.39M	5.35M	5.76M	22.96M
(-) Tax Adjustment	72.64M	73.15M	69.14M	69.31M	60.94M	56.79M	48.93M	37.09M	34.31M	37.98M	31.13M	26.21M	26.67M	28.35M	22.45M	19.32M	17.76M	18.47M	16.47M	15.63M	12.20M	21.17M	16.32M	72.25M	17.91M	-3.45M	17.23M	86.49M	2.00M	2.15M	8.69M
(-) Change In Working Capital	-11.33M	-26.28M	0.28M	4.35M	-33.85M	-1.85M	-4.62M	-15.19M	-11.26M	-10.17M	0.50M	-4.30M	-6.27M	-11.08M	-6.05M	-5.23M	-1.05M	0.04M	-2.96M	-4.12M	-1.11M	-4.65M	-7.37M	1.03M	-8.34M	-16.74M	-15.72M	-8.18M	0.77M	-12.43M	-8.68M
(-) Capital Expenditure	82.27M	121.57M	107.35M	115.83M	100.47M	83.02M	85.85M	82.86M	68.96M	68.27M	47.91M	40.06M	38.55M	34.55M	26.83M	22.47M	20.82M	29.07M	31.43M	30.39M	29.77M	20.96M	27.77M	61.61M	45.35M	68.42M	60.42M	146.74M	73.90M	87.56M	109.10M
Unlevered Free Cash Flow	143.03M	115.03M	84.84M	121.38M	138.46M	70.30M	62.77M	70.47M	55.69M	39.97M	33.21M	35.04M	39.06M	26.99M	13.06M	23.31M	14.06M	9.60M	8.76M	23.35M	24.52M	24.47M	9.97M	94.29M	-0.12M	-59.68M	201.30M	9.33M	-71.32M	-71.52M	-86.14M
(-) Net Interest Income After Taxes	-10.83M	-15.19M	-9.54M	-9.13M	-8.40M	-7.36M	-7.13M	-5.86M	-5.71M	-5.29M	-5.90M	-4.47M	-2.96M	-2.57M	-2.18M	-2.06M	-2.12M	-2.29M	-2.06M	-1.25M	-1.08M	-0.38M	-0.34M	-0.41M	-0.29M	-0.29M	-0.19M	-0.15M	-0.20M	-0.21M	-0.19M
Net Debt Issuance	-4.47M	12.91M	-4.91M	-1.66M	-2.74M	13.83M	-10.60M	4.63M	5.18M	6.68M	2.66M	-1.14M	6.83M	8.49M	3.63M	4.13M	5.77M	1.74M	4.24M	3.82M	-2.26M	-5.94M	-2.08M	-11.89M	5.25M	10.24M	16.31M	-2.35M	-9.23M	4.94M	0.75M
Levered Free Cash Flow	149.38M	143.13M	89.47M	128.85M	144.13M	91.49M	59.30M	80.95M	66.58M	51.94M	41.76M	38.37M	48.85M	38.04M	18.87M	29.50M	21.96M	13.63M	15.07M	28.41M	23.34M	18.91M	8.22M	82.82M	5.42M	-49.15M	217.80M	7.13M	-80.36M	-66.37M	-85.21M