Staffing & Employment Services

Category: Industry Averages Base Ticker: 2180.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	12.00	7.47	8.22	9.49	12.05	8.09	9.84	9.39	9.55	8.08	7.84	8.46	8.22	6.39	7.35	7.09	5.75	5.03	11.64	16.72	15.50	16.61	15.12	13.37	18.78	22.90	21.31	20.18	23.63	21.39	14.20
Market Capitalization	359.17M	249.37M	296.43M	333.97M	414.03M	328.39M	348.75M	331.46M	322.56M	257.27M	274.05M	215.14M	221.83M	189.69M	188.02M	234.52M	186.76M	217.74M	423.44M	469.51M	412.33M	385.75M	937.00M	646.20M	790.50M	1,390.23M	1,005.93M	1,223.38M	1,408.31M	1,104.56M	690.13M
(-) Cash & Equivalents	41.68M	45.28M	45.48M	57.44M	51.08M	45.37M	33.02M	33.39M	25.35M	25.88M	22.01M	27.29M	31.58M	24.18M	27.77M	28.38M	38.95M	42.12M	43.10M	45.80M	42.82M	63.73M	45.81M	80.73M	44.93M	64.07M	52.32M	52.37M	58.38M	54.03M	42.33M
(+) Total Debt	19.74M	32.50M	35.40M	32.64M	33.33M	28.86M	25.77M	12.49M	14.77M	12.56M	7.83M	11.75M	10.01M	7.32M	5.94M	5.26M	5.23M	11.25M	15.04M	14.42M	9.61M	11.13M	13.15M	14.91M	13.23M	58.50M	58.83M	41.87M	60.97M	35.75M	27.41M
Enterprise Value	321.07M	219.17M	297.09M	316.99M	386.67M	311.49M	345.60M	324.63M	289.82M	259.14M	266.75M	212.85M	197.08M	175.71M	172.37M	212.37M	164.80M	170.19M	402.44M	438.95M	376.10M	357.41M	909.79M	634.30M	920.56M	1,373.58M	1,064.81M	1,195.42M	1,389.30M	1,090.97M	678.10M

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	517.031M	406.684M	409.377M	418.313M	382.288M	319.925M	347.814M	318.338M	296.295M	297.536M	267.439M	338.812M	300.600M	348.017M	370.045M	333.933M	334.791M	413.279M	564.444M	503.674M	454.417M	634.966M	695.281M	705.281M	986.303M	1,569.652M	1,426.376M	1,292.361M	1,380.066M	1,205.652M	947.375M
Cost of Revenue	378.467M	285.743M	295.459M	289.517M	266.635M	229.083M	240.358M	214.874M	179.625M	219.226M	196.671M	214.234M	188.964M	212.856M	216.674M	212.085M	213.474M	241.959M	291.262M	265.908M	247.502M	460.713M	472.652M	435.533M	632.404M	889.039M	816.287M	720.312M	951.093M	818.964M	742.869M
Gross Profit	138.565M	120.941M	113.918M	128.795M	115.653M	90.842M	107.457M	103.464M	116.670M	78.310M	70.768M	124.578M	111.636M	135.161M	153.371M	121.848M	121.317M	171.321M	273.182M	237.766M	206.915M	174.253M	222.629M	269.748M	353.899M	680.614M	610.089M	572.049M	428.973M	386.688M	204.506M
Gross Margin	26.80%	29.74%	27.83%	30.79%	30.25%	28.39%	30.89%	32.50%	39.38%	26.32%	26.46%	36.77%	37.14%	38.84%	41.45%	36.49%	36.24%	41.45%	48.40%	47.21%	45.53%	27.44%	32.02%	38.25%	35.88%	43.36%	42.77%	44.26%	31.08%	32.07%	21.59%
R&D Expenses	0.000M	0.000M	0.051M	0.084M	0.004M	0.013M	0.024M	0.016M	0.000M	0.002M	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	76.970M	69.716M	70.788M	70.700M	60.889M	57.371M	55.237M	49.778M	43.623M	52.214M	48.174M	66.134M	68.598M	70.952M	82.681M	77.283M	81.538M	85.125M	137.214M	107.326M	118.349M	174.785M	224.524M	222.565M	245.581M	343.790M	252.316M	200.326M	298.720M	214.176M	161.488M
Operating Expenses	76.970M	69.716M	70.839M	70.784M	60.893M	57.384M	55.261M	49.795M	43.623M	52.216M	48.174M	66.134M	68.598M	70.952M	82.681M	77.283M	81.538M	85.125M	137.214M	107.326M	118.349M	174.785M	224.524M	222.565M	245.581M	343.790M	252.316M	200.326M	298.720M	214.176M	161.488M
Operating Income	61.594M	51.225M	43.078M	58.011M	54.760M	33.458M	52.196M	53.670M	73.047M	26.094M	22.594M	58.444M	43.037M	64.209M	70.690M	44.565M	39.779M	86.196M	135.968M	130.439M	88.566M	-0.533M	-1.895M	47.183M	108.317M	336.824M	357.773M	371.723M	130.253M	172.511M	43.018M
Operating Margin	11.91%	12.60%	10.52%	13.87%	14.32%	10.46%	15.01%	16.86%	24.65%	8.77%	8.45%	17.25%	14.32%	18.45%	19.10%	13.35%	11.88%	20.86%	24.09%	25.90%	19.49%	-0.08%	-0.27%	6.69%	10.98%	21.46%	25.08%	28.76%	9.44%	14.31%	4.54%
Interest Income	0.231M	0.395M	0.380M	0.395M	0.167M	0.266M	0.280M	0.144M	0.163M	0.082M	0.085M	0.122M	0.119M	0.211M	0.198M	0.169M	0.145M	0.374M	0.142M	0.037M	0.038M	0.061M	0.016M	0.050M	0.000M	0.104M	0.000M	0.015M	0.000M	0.000M	0.000M
Interest Expense	0.980M	0.965M	1.157M	0.852M	0.791M	0.777M	0.943M	0.736M	0.591M	0.527M	0.550M	0.676M	0.618M	0.475M	0.438M	0.461M	0.540M	0.696M	0.647M	0.323M	0.229M	0.278M	0.091M	0.404M	0.089M	0.258M	0.129M	0.085M	0.005M	0.004M	0.021M
Net Interest Income	-0.749M	-0.570M	-0.776M	-0.458M	-0.624M	-0.512M	-0.663M	-0.592M	-0.428M	-0.446M	-0.465M	-0.554M	-0.499M	-0.264M	-0.241M	-0.292M	-0.395M	-0.322M	-0.505M	-0.286M	-0.191M	-0.216M	-0.075M	-0.354M	-0.089M	-0.153M	-0.129M	-0.070M	-0.005M	-0.004M	-0.021M
Other Income / Expense	-40.416M	-36.837M	-21.836M	-31.966M	-32.595M	-21.462M	-33.938M	-37.544M	-58.941M	-13.198M	-8.340M	-43.341M	-32.658M	-48.791M	-54.471M	-34.763M	-35.932M	-67.632M	-98.094M	-98.212M	-63.865M	27.717M	9.753M	-37.141M	-82.448M	-256.044M	-295.676M	-324.859M	-74.096M	-123.247M	-0.136M
Pre-Tax Income	20.430M	13.818M	20.466M	25.587M	21.541M	11.484M	17.594M	15.533M	13.678M	12.450M	13.789M	14.549M	9.880M	15.155M	15.979M	9.510M	3.452M	18.241M	37.369M	31.942M	24.509M	26.968M	7.783M	9.689M	25.781M	80.626M	61.969M	46.793M	56.152M	49.261M	42.861M
Pre-Tax Margin	3.95%	3.40%	5.00%	6.12%	5.63%	3.59%	5.06%	4.88%	4.62%	4.18%	5.16%	4.29%	3.29%	4.35%	4.32%	2.85%	1.03%	4.41%	6.62%	6.34%	5.39%	4.25%	1.12%	1.37%	2.61%	5.14%	4.34%	3.62%	4.07%	4.09%	4.52%
Income Tax Expense	5.686M	5.169M	6.108M	7.015M	5.849M	4.103M	5.105M	4.499M	4.399M	3.731M	4.029M	5.139M	2.965M	5.676M	5.349M	3.661M	1.987M	7.334M	15.278M	12.691M	9.135M	7.629M	13.935M	16.737M	21.620M	35.392M	26.168M	20.994M	30.462M	27.086M	16.368M
Tax Rate	27.83%	35.00%	29.84%	27.42%	27.15%	35.00%	29.02%	28.96%	32.16%	29.96%	29.22%	35.00%	30.01%	35.00%	33.47%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%	28.29%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%
Net Income	14.743M	8.649M	14.358M	18.572M	15.693M	7.381M	12.489M	11.034M	9.279M	8.720M	9.760M	9.410M	6.915M	9.478M	10.630M	5.849M	1.466M	10.907M	22.091M	19.251M	15.374M	19.338M	-6.152M	-7.048M	4.161M	45.234M	35.800M	25.799M	25.690M	22.175M	26.492M
Net Margin	2.85%	2.13%	3.51%	4.44%	4.10%	2.31%	3.59%	3.47%	3.13%	2.93%	3.65%	2.78%	2.30%	2.72%	2.87%	1.75%	0.44%	2.64%	3.91%	3.82%	3.38%	3.05%	-0.88%	-1.00%	0.42%	2.88%	2.51%	2.00%	1.86%	1.84%	2.80%
EBIT	61.594M	51.225M	43.078M	58.011M	54.760M	33.458M	52.196M	53.670M	73.047M	26.094M	22.594M	58.444M	43.037M	64.209M	70.690M	44.565M	39.779M	86.196M	135.968M	130.439M	88.566M	-0.533M	-1.895M	47.183M	108.317M	336.824M	357.773M	371.723M	130.253M	172.511M	43.018M
Depreciation & Amortization	6.619M	6.412M	6.467M	6.952M	6.779M	6.137M	4.219M	2.933M	3.000M	3.035M	2.902M	3.315M	4.288M	4.173M	3.957M	4.203M	4.370M	4.895M	8.168M	10.290M	6.492M	12.768M	19.696M	16.866M	19.834M	22.949M	15.839M	10.088M	10.379M	8.990M	6.912M
EBITDA	68.213M	57.638M	49.546M	64.964M	61.539M	39.595M	56.414M	56.602M	76.046M	29.129M	25.496M	61.758M	47.325M	68.383M	74.648M	48.767M	44.149M	91.090M	144.136M	140.729M	95.057M	12.235M	17.801M	64.049M	128.151M	359.773M	373.613M	381.810M	140.632M	181.502M	49.930M
EBITDA Margin	13.19%	14.17%	12.10%	15.53%	16.10%	12.38%	16.22%	17.78%	25.67%	9.79%	9.53%	18.23%	15.74%	19.65%	20.17%	14.60%	13.19%	22.04%	25.54%	27.94%	20.92%	1.93%	2.56%	9.08%	12.99%	22.92%	26.19%	29.54%	10.19%	15.05%	5.27%
NOPAT	44.451M	33.296M	30.222M	42.107M	39.893M	21.748M	37.051M	38.125M	49.555M	18.275M	15.992M	37.988M	30.121M	41.736M	47.028M	28.967M	25.857M	56.027M	88.379M	84.786M	57.568M	-0.382M	-1.232M	30.669M	70.406M	218.935M	232.553M	241.620M	84.664M	112.132M	27.962M
NOPAT Margin	8.60%	8.19%	7.38%	10.07%	10.44%	6.80%	10.65%	11.98%	16.72%	6.14%	5.98%	11.21%	10.02%	11.99%	12.71%	8.67%	7.72%	13.56%	15.66%	16.83%	12.67%	-0.06%	-0.18%	4.35%	7.14%	13.95%	16.30%	18.70%	6.13%	9.30%	2.95%
Owner's Earnings	21.362M	15.062M	20.826M	25.525M	22.471M	13.518M	16.708M	13.967M	12.279M	11.754M	12.662M	12.725M	11.202M	13.652M	14.587M	10.051M	5.835M	15.801M	30.259M	29.540M	21.866M	32.106M	13.544M	9.818M	23.995M	68.183M	51.640M	35.887M	36.069M	31.165M	33.405M
Owner's Earnings Margin	4.13%	3.70%	5.09%	6.10%	5.88%	4.23%	4.80%	4.39%	4.14%	3.95%	4.73%	3.76%	3.73%	3.92%	3.94%	3.01%	1.74%	3.82%	5.36%	5.87%	4.81%	5.06%	1.95%	1.39%	2.43%	4.34%	3.62%	2.78%	2.61%	2.58%	3.53%
EPS	0.32	0.17	0.28	0.37	0.30	0.15	0.22	0.20	0.18	0.15	0.21	0.21	0.17	0.22	0.25	0.13	0.04	0.24	0.37	0.34	0.34	0.52	-0.11	-0.12	0.06	0.63	0.51	0.36	0.35	0.33	0.63
EPS (Diluted)	0.32	0.17	0.28	0.37	0.30	0.15	0.22	0.20	0.18	0.15	0.21	0.21	0.17	0.22	0.25	0.13	0.04	0.24	0.37	0.34	0.34	0.52	-0.11	-0.12	0.06	0.63	0.51	0.36	0.35	0.33	0.63
Shares (Diluted)	46,539,401	49,548,938	52,058,127	50,825,763	52,014,062	49,103,164	56,423,227	55,672,808	51,959,356	57,353,690	47,413,147	44,471,102	41,705,906	43,353,129	43,014,243	43,769,486	39,888,261	45,080,586	60,011,862	56,027,640	45,530,573	37,293,883	56,305,380	59,987,948	64,841,112	72,373,946	70,476,364	71,858,721	73,026,726	66,653,347	42,108,988

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	61.93M	45.28M	45.48M	56.16M	51.08M	45.37M	33.02M	33.39M	27.17M	25.88M	22.29M	27.29M	31.58M	24.18M	28.75M	28.38M	38.95M	41.27M	44.34M	47.00M	60.36M	65.91M	45.81M	80.73M	44.93M	64.07M	52.32M	55.16M	58.38M	54.03M	42.33M
Short-Term Investments	14.98M	4.91M	7.02M	5.43M	8.27M	13.21M	11.46M	3.49M	3.90M	2.46M	0.84M	1.90M	2.60M	0.77M	0.77M	0.66M	0.45M	0.59M	5.52M	17.87M	4.47M	1.99M	54.68M	1.33M	1.48M	4.23M	1.07M	0.35M	0.00M	0.32M	0.10M
Cash & Short-Term Investments	76.90M	50.19M	52.50M	61.60M	59.35M	58.58M	44.48M	36.89M	31.07M	28.34M	23.13M	29.19M	34.17M	24.95M	29.52M	29.04M	39.40M	41.87M	49.86M	64.87M	64.83M	67.89M	100.48M	82.06M	46.41M	68.31M	53.40M	55.51M	58.38M	54.35M	42.43M
Net Receivables	84.18M	63.03M	62.87M	73.92M	63.21M	44.35M	48.58M	49.73M	50.33M	44.51M	41.26M	44.35M	34.15M	43.11M	41.07M	37.54M	32.59M	43.60M	72.29M	60.47M	62.54M	69.90M	75.99M	68.94M	94.00M	152.29M	125.02M	101.87M	154.65M	138.16M	104.17M
Inventory	0.01M	0.01M	0.10M	0.09M	0.05M	0.12M	0.07M	0.17M	0.13M	0.12M	0.25M	0.24M	0.24M	0.06M	0.01M	0.04M	0.02M	0.05M	0.43M	0.34M	0.22M	0.00M	0.00M	0.00M	0.32M	0.00M	0.00M	0.00M	0.16M	0.04M	0.16M
Other Current Assets	6.76M	6.99M	9.79M	6.92M	5.50M	5.21M	5.91M	8.98M	9.26M	6.99M	8.67M	6.23M	5.61M	6.06M	6.71M	7.03M	6.05M	10.92M	11.98M	12.06M	11.47M	11.76M	23.98M	33.77M	28.26M	83.68M	70.26M	35.16M	140.59M	37.71M	34.55M
Total Current Assets	167.85M	120.22M	125.26M	142.52M	128.11M	108.26M	99.05M	95.76M	90.79M	79.96M	73.30M	80.03M	74.18M	74.19M	77.31M	73.66M	78.06M	96.43M	134.56M	137.74M	139.05M	149.56M	200.45M	184.76M	168.99M	304.27M	248.68M	192.53M	353.78M	230.26M	181.30M
Property, Plant & Equipment	24.68M	14.87M	18.19M	18.38M	15.35M	17.64M	14.84M	7.90M	6.82M	8.22M	7.20M	8.67M	9.19M	11.56M	12.87M	11.50M	10.36M	15.75M	23.31M	22.23M	28.75M	29.00M	47.54M	43.94M	55.66M	67.66M	61.25M	51.30M	47.84M	42.63M	30.37M
Goodwill	36.77M	30.53M	34.10M	37.03M	35.16M	26.49M	32.75M	23.20M	22.67M	19.96M	13.97M	23.26M	16.68M	18.52M	20.85M	18.55M	19.80M	26.92M	49.38M	35.99M	4.17M	1.23M	2.62M	1.14M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	7.23M	8.36M	10.15M	11.37M	9.44M	8.70M	7.90M	6.52M	6.91M	4.77M	4.01M	4.67M	4.53M	5.08M	5.47M	6.72M	6.37M	5.62M	14.54M	10.93M	29.23M	31.22M	17.28M	19.14M	42.66M	46.26M	27.17M	29.70M	47.94M	31.18M	41.06M
Long-Term Investments	2.58M	3.11M	3.42M	3.35M	3.64M	3.19M	3.66M	2.75M	2.78M	1.69M	1.73M	1.88M	2.49M	0.68M	0.51M	0.68M	0.50M	0.35M	0.46M	0.37M	0.31M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	1.35M	1.88M	3.29M	2.68M	2.84M	2.14M	1.78M	1.77M	1.75M	2.26M	2.32M	3.73M	2.08M	2.71M	2.32M	2.44M	2.67M	2.74M	5.06M	4.10M	1.26M	1.72M	4.14M	6.63M	4.33M	0.53M	0.00M	0.02M	0.07M	0.00M	0.39M
Other Non-Current Assets	10.47M	3.63M	3.39M	6.60M	6.54M	5.20M	2.39M	4.24M	4.93M	4.90M	3.54M	2.93M	3.03M	1.98M	2.45M	4.81M	4.51M	11.90M	14.44M	13.56M	9.92M	16.22M	19.56M	31.28M	21.70M	22.61M	21.02M	8.51M	2.70M	6.59M	3.25M
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	83.08M	62.38M	72.54M	79.42M	72.96M	63.37M	63.32M	46.37M	45.86M	41.80M	32.77M	45.14M	38.00M	40.54M	44.46M	44.69M	44.21M	63.28M	107.19M	87.17M	73.65M	79.39M	91.14M	102.14M	124.35M	137.06M	109.45M	89.53M	98.55M	80.39M	75.07M
Total Assets	250.93M	182.60M	197.80M	221.94M	201.07M	171.63M	162.36M	142.14M	136.65M	121.76M	106.08M	125.16M	112.19M	114.72M	121.78M	118.35M	122.28M	159.71M	241.75M	224.91M	212.71M	228.95M	291.59M	286.90M	293.34M	441.33M	358.13M	282.07M	452.33M	310.66M	256.37M
Accounts Payable	11.90M	8.34M	7.29M	7.80M	6.74M	6.22M	6.71M	5.60M	8.90M	7.23M	7.61M	8.27M	8.57M	7.85M	6.61M	6.53M	5.59M	10.23M	13.94M	10.23M	10.59M	20.03M	24.81M	13.69M	12.45M	22.40M	20.02M	28.81M	33.06M	29.03M	54.00M
Short-Term Debt	6.62M	4.24M	5.64M	4.72M	4.85M	4.11M	4.16M	4.39M	5.01M	3.50M	2.78M	4.73M	4.57M	3.10M	2.08M	3.02M	2.94M	2.42M	3.15M	1.92M	2.38M	3.11M	1.33M	2.04M	3.47M	6.80M	11.60M	12.55M	19.07M	11.00M	8.43M
Tax Payables	0.47M	4.02M	5.44M	6.34M	7.15M	5.68M	4.84M	5.12M	3.57M	3.71M	2.96M	4.90M	3.23M	3.19M	2.02M	2.34M	1.14M	3.29M	5.25M	2.78M	2.70M	0.86M	0.12M	0.08M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.21M
Deferred Revenue	0.18M	0.10M	1.71M	5.13M	11.85M	8.05M	8.55M	4.52M	6.80M	6.15M	5.56M	5.46M	4.80M	4.21M	1.05M	1.37M	1.16M	1.73M	2.22M	1.51M	3.96M	5.05M	4.06M	1.26M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	20.20M	21.19M	22.84M	17.04M	14.01M	10.59M	11.25M	13.87M	15.81M	11.96M	8.94M	9.45M	9.65M	15.75M	20.96M	15.15M	15.99M	18.41M	32.05M	29.85M	30.49M	24.06M	32.67M	45.09M	82.13M	290.00M	135.37M	93.81M	168.49M	65.02M	53.37M
Total Current Liabilities	39.36M	37.89M	42.92M	41.03M	44.59M	34.65M	35.52M	33.50M	40.08M	32.55M	27.85M	32.80M	30.82M	34.10M	32.72M	28.41M	26.82M	36.09M	56.60M	46.29M	50.13M	53.11M	63.00M	62.17M	98.06M	319.20M	166.99M	135.17M	220.62M	105.05M	116.01M
Long-Term Debt	7.44M	8.22M	9.09M	7.96M	10.25M	7.52M	7.53M	6.80M	9.58M	4.11M	2.22M	2.70M	1.95M	1.30M	0.45M	0.80M	2.12M	2.40M	3.26M	3.39M	3.09M	3.65M	10.03M	5.63M	5.36M	34.50M	36.27M	38.54M	42.17M	24.83M	16.62M
Capital Lease Obligations	6.01M	6.18M	9.98M	9.95M	8.56M	9.43M	3.95M	0.01M	0.00M	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	0.03M	0.00M	0.00M
Deferred Tax Liabilities	0.02M	0.29M	0.79M	0.78M	0.71M	0.64M	0.43M	0.34M	0.33M	0.23M	0.29M	0.33M	0.28M	0.15M	0.07M	0.14M	0.10M	0.14M	0.25M	0.26M	0.17M	0.23M	0.16M	0.22M	0.01M	0.00M	0.00M	0.01M	0.01M	0.27M	0.00M
Other Non-Current Liabilities	13.05M	5.40M	8.12M	6.03M	5.47M	3.50M	6.55M	2.10M	4.76M	2.92M	3.98M	6.04M	6.30M	8.88M	9.21M	7.26M	5.86M	10.74M	14.43M	11.90M	16.65M	19.87M	23.04M	17.40M	16.17M	13.86M	12.70M	6.72M	2.01M	4.48M	0.88M
Total Non-Current Liabilities	26.52M	20.08M	27.98M	24.73M	24.99M	21.09M	18.45M	9.26M	14.67M	7.26M	6.49M	9.07M	8.54M	10.33M	9.74M	8.20M	8.08M	13.27M	17.94M	15.55M	19.91M	23.75M	33.22M	23.25M	21.54M	48.36M	48.97M	45.27M	44.21M	29.57M	17.50M
Total Liabilities	65.89M	57.97M	70.90M	65.75M	69.57M	55.74M	53.97M	42.76M	54.75M	39.82M	34.34M	41.87M	39.36M	44.43M	42.46M	36.61M	34.91M	49.36M	74.54M	61.85M	70.03M	76.86M	96.22M	85.42M	119.59M	367.55M	215.96M	180.44M	264.83M	134.62M	133.51M
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	0.05M
Common Stock	2.62M	4.02M	5.03M	4.85M	4.81M	4.57M	4.40M	4.27M	3.65M	3.33M	3.34M	3.68M	3.69M	3.98M	4.04M	4.06M	4.24M	5.08M	7.02M	9.92M	9.57M	7.26M	10.55M	10.98M	12.48M	15.62M	10.39M	0.02M	0.33M	0.21M	1.58M
Retained Earnings	67.71M	46.81M	57.04M	53.66M	40.79M	33.52M	32.06M	29.11M	26.13M	25.78M	24.92M	34.09M	26.02M	19.44M	28.93M	30.21M	29.07M	39.62M	50.65M	39.15M	45.23M	35.43M	47.25M	46.71M	63.19M	97.99M	88.17M	78.70M	96.90M	129.34M	72.74M
Accumulated OCI	-0.11M	0.59M	0.97M	0.23M	1.03M	-0.68M	0.36M	-1.97M	-0.91M	-0.84M	-0.78M	-0.67M	-0.92M	-0.24M	-0.40M	-0.18M	-0.14M	-0.05M	0.58M	0.63M	-0.13M	-0.28M	2.33M	-3.45M	-8.05M	-12.02M	-15.30M	-26.12M	-26.19M	-44.20M	-1.02M
Minority Interest	0.03M	0.35M	0.60M	0.64M	0.56M	0.35M	0.18M	0.13M	0.09M	0.10M	0.06M	0.05M	0.01M	0.01M	0.01M	0.03M	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
Total Shareholders’ Equity	70.22M	51.41M	63.04M	58.73M	46.62M	37.41M	36.83M	31.41M	28.87M	28.27M	27.48M	37.09M	28.80M	23.17M	32.57M	34.08M	33.18M	44.64M	58.25M	49.70M	54.66M	42.40M	60.14M	54.23M	67.63M	101.59M	83.26M	52.60M	71.04M	85.36M	73.35M
Total Equity	70.25M	51.76M	63.64M	59.37M	47.18M	37.75M	37.01M	31.54M	28.96M	28.37M	27.53M	37.14M	28.81M	23.18M	32.59M	34.12M	33.19M	44.65M	58.25M	49.70M	54.66M	42.40M	60.14M	54.23M	67.63M	101.59M	83.26M	52.60M	71.04M	85.36M	73.35M
Total Liabilities & Equity	136.13M	109.74M	134.54M	125.12M	116.75M	93.49M	90.99M	74.30M	83.71M	68.19M	61.88M	79.01M	68.17M	67.62M	75.05M	70.72M	68.10M	94.01M	132.79M	111.55M	124.70M	119.27M	156.36M	139.65M	187.22M	469.14M	299.22M	233.04M	335.87M	219.98M	206.87M
Tangible Assets	206.94M	143.71M	153.55M	173.54M	156.47M	136.44M	121.71M	112.42M	107.07M	97.03M	88.10M	97.23M	90.98M	91.12M	95.46M	93.08M	96.10M	127.17M	177.83M	177.99M	179.30M	196.50M	271.69M	266.62M	250.69M	395.07M	330.95M	252.36M	404.40M	279.48M	215.32M
Tangible Equity	26.25M	12.87M	19.39M	10.97M	2.59M	2.56M	-3.64M	1.83M	-0.62M	3.65M	9.55M	9.21M	7.60M	-0.42M	6.27M	8.85M	7.02M	12.11M	-5.67M	2.78M	21.26M	9.95M	40.24M	33.95M	24.97M	55.33M	56.08M	22.90M	23.10M	54.17M	32.30M
Tangible Book Value	26.25M	12.87M	19.39M	10.97M	2.59M	2.56M	-3.64M	1.83M	-0.62M	3.65M	9.55M	9.21M	7.60M	-0.42M	6.27M	8.85M	7.02M	12.11M	-5.67M	2.78M	21.26M	9.95M	40.24M	33.95M	24.97M	55.33M	56.08M	22.90M	23.10M	54.17M	32.30M
Total Investments	12.72M	9.16M	9.59M	9.08M	5.95M	5.90M	6.53M	4.80M	3.89M	2.49M	3.01M	3.19M	3.79M	1.66M	1.00M	1.16M	1.36M	1.86M	3.59M	3.25M	2.03M	2.19M	0.99M	0.74M	0.53M	1.83M	1.02M	0.00M	0.00M	0.00M	0.00M
Net Debt	-47.88M	-32.83M	-30.74M	-43.48M	-35.98M	-33.74M	-21.33M	-22.20M	-12.59M	-18.27M	-17.29M	-19.86M	-25.06M	-19.78M	-26.21M	-24.56M	-33.89M	-36.45M	-37.93M	-41.69M	-54.89M	-59.15M	-34.44M	-73.05M	-36.09M	-22.78M	-4.45M	-4.07M	2.86M	-18.20M	-17.28M

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	68.41M	62.62M	73.75M	78.07M	65.57M	60.91M	61.47M	58.96M	49.16M	26.17M	43.84M	43.22M	38.16M	48.95M	40.22M	48.32M	51.14M	40.35M	78.19M	76.94M	82.93M	150.88M	125.21M	121.29M	129.42M	295.26M	167.77M	107.58M	211.53M	194.49M	64.95M
Total Capital	149.47M	137.18M	143.18M	148.61M	145.16M	123.99M	121.68M	100.31M	75.40M	63.49M	59.51M	80.57M	68.86M	84.40M	90.26M	90.61M	95.87M	112.90M	165.35M	150.83M	145.79M	203.92M	249.48M	264.82M	310.72M	357.23M	298.99M	249.84M	299.14M	258.69M	180.54M
Capital Employed	165.37M	161.36M	169.26M	171.13M	169.04M	135.94M	132.82M	108.93M	99.58M	85.74M	87.66M	105.29M	104.44M	115.93M	106.60M	103.85M	125.05M	119.01M	198.26M	176.49M	154.53M	255.83M	247.06M	260.84M	303.81M	415.18M	261.29M	176.91M	329.80M	303.41M	178.11M
Invested Capital	87.55M	91.90M	97.70M	92.45M	94.08M	78.63M	88.66M	66.91M	48.23M	37.61M	37.22M	53.28M	37.28M	60.21M	61.51M	62.23M	56.92M	71.62M	121.01M	103.82M	85.43M	138.02M	203.68M	184.09M	265.79M	293.16M	246.67M	194.68M	240.76M	204.66M	138.21M

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	10.60M	6.02M	6.55M	6.90M	6.36M	6.03M	4.25M	3.14M	3.26M	3.00M	3.20M	3.62M	4.29M	4.15M	4.16M	4.59M	4.73M	5.54M	11.62M	10.80M	9.39M	14.51M	19.93M	15.72M	18.24M	22.94M	15.84M	10.67M	10.38M	8.99M	6.91M
Deferred Income Tax	0.05M	0.00M	-0.07M	0.00M	-0.26M	-0.58M	-0.04M	-0.01M	0.07M	-0.04M	0.04M	-0.25M	-0.14M	0.00M	0.09M	0.00M	-0.50M	-0.85M	-1.94M	-1.96M	-0.25M	-2.52M	-0.42M	0.36M	-0.26M	-1.30M	-0.60M	-1.44M	-0.59M	-0.44M	-0.29M
Stock-Based Compensation	1.66M	0.60M	0.94M	1.87M	1.49M	0.89M	1.15M	0.43M	0.68M	0.72M	1.06M	0.97M	0.97M	1.11M	1.13M	0.90M	1.18M	1.04M	0.65M	0.11M	0.19M	0.22M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	2.18M	-0.19M	0.43M	-2.43M	-2.87M	3.84M	-0.17M	-0.47M	-1.31M	-1.52M	-1.32M	-0.74M	-0.53M	-0.35M	-2.04M	-4.21M	1.14M	1.61M	-0.81M	2.50M	-9.59M	-6.94M	4.41M	6.07M	17.29M	-4.82M	-16.36M	-2.15M	-12.05M	-15.87M	-4.10M
Accounts Receivable	-0.41M	-0.27M	0.67M	-4.32M	-10.49M	1.50M	-2.27M	-2.30M	-2.67M	-2.67M	-2.37M	-3.97M	-1.39M	-0.20M	-0.84M	-0.90M	0.30M	0.13M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	0.00M	0.00M	0.00M	0.00M	-0.01M	0.00M	0.00M	-0.02M	0.00M	0.00M	0.00M	-0.01M	0.00M	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	-0.02M	0.00M
Accounts Payable	0.77M	0.06M	-0.05M	0.67M	1.93M	0.11M	0.35M	0.38M	0.43M	0.26M	0.18M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	0.43M	0.27M	0.03M	0.92M	2.07M	1.35M	1.36M	0.35M	0.49M	-0.41M	0.29M	0.58M	0.17M	0.17M	0.65M	0.07M	0.18M	-0.16M	-0.09M	1.20M	-2.21M	-0.40M	2.75M	3.49M	3.48M	3.82M	-7.09M	-3.66M	-8.19M	-6.97M	-2.53M
Other Non-Cash Items	-0.17M	1.75M	-0.35M	0.95M	-0.20M	2.01M	0.07M	-1.33M	-0.64M	-0.36M	-0.81M	0.22M	-0.61M	-0.18M	-0.06M	-0.27M	0.87M	4.98M	2.62M	-1.00M	0.78M	2.81M	2.98M	11.31M	6.27M	1.93M	4.98M	5.33M	2.57M	-0.33M	0.76M
Net Cash from Operating Activities	30.79M	18.28M	21.47M	29.83M	21.05M	25.76M	21.37M	16.60M	15.63M	12.87M	16.23M	16.92M	13.33M	16.48M	15.22M	12.39M	11.30M	27.94M	43.53M	38.57M	28.76M	23.26M	32.96M	47.17M	58.17M	56.93M	41.75M	54.33M	47.99M	26.07M	23.29M
Capital Expenditures (PPE)	-5.96M	-2.86M	-3.89M	-4.46M	-2.75M	-3.01M	-3.50M	-2.67M	-2.32M	-2.37M	-2.63M	-2.38M	-2.57M	-3.44M	-3.31M	-2.49M	-3.97M	-5.98M	-8.40M	-5.74M	-8.60M	-10.75M	-11.14M	-13.04M	-21.16M	-27.30M	-30.19M	-27.75M	-16.09M	-14.71M	-9.04M
Acquisitions (Net)	-0.03M	-0.12M	-0.36M	-1.39M	-0.54M	-1.12M	-0.88M	-1.06M	-1.28M	-0.66M	-1.09M	-0.90M	-0.29M	-1.13M	-0.28M	-0.25M	-0.88M	-2.82M	-10.94M	-1.63M	-1.50M	-0.79M	0.00M	-0.04M	-1.33M	-6.01M	0.00M	0.00M	-0.01M	0.00M	0.00M
Purchases of Investments	-2.63M	-0.43M	-1.16M	-2.76M	-0.81M	-0.49M	-0.43M	-0.85M	-1.11M	-0.50M	-0.39M	-0.58M	-0.16M	-0.46M	-0.66M	-0.09M	-0.91M	-0.56M	-1.93M	-1.92M	-1.80M	-2.41M	-1.64M	-0.53M	-0.94M	-6.58M	-1.89M	-1.35M	-2.37M	-2.24M	-0.69M
Sales / Maturities of Investments	4.26M	0.30M	1.63M	0.89M	0.76M	0.85M	0.67M	0.47M	0.36M	0.68M	0.37M	0.21M	0.32M	0.33M	0.61M	0.15M	0.46M	0.61M	0.91M	1.67M	2.09M	2.43M	0.37M	1.16M	1.82M	2.98M	1.74M	1.24M	4.48M	22.22M	2.55M
Other Investing Activities	-0.06M	-0.49M	-0.28M	-0.12M	0.24M	0.07M	-0.24M	-0.11M	0.01M	-0.03M	-0.15M	-0.30M	-0.08M	0.04M	0.25M	0.40M	0.37M	1.05M	0.84M	-0.02M	-0.24M	0.66M	-1.65M	-4.92M	0.68M	-0.60M	-2.18M	-0.51M	-4.28M	-9.14M	0.29M
Net Cash from Investing Activities	-8.30M	-4.91M	-5.42M	-9.22M	-5.94M	-4.46M	-6.38M	-6.09M	-7.06M	-4.20M	-6.85M	-3.74M	-3.72M	-4.92M	-5.55M	-4.98M	-4.04M	-2.72M	-16.68M	-18.01M	-15.81M	-10.65M	-10.32M	-25.52M	-43.77M	-65.62M	-38.35M	-38.97M	-34.51M	-19.90M	-3.65M
Net Debt Issuance	-2.15M	-1.03M	-0.61M	-0.61M	-0.14M	-0.47M	-0.17M	-0.83M	1.12M	0.28M	-0.07M	-0.14M	-0.19M	0.51M	0.10M	-0.22M	0.08M	-0.46M	-0.21M	2.21M	0.40M	-0.32M	-0.35M	-1.70M	-5.69M	2.22M	0.98M	0.64M	2.73M	5.54M	1.98M
Long-Term Debt Issuance	-0.05M	-0.91M	-0.82M	-0.73M	-0.39M	-0.39M	-0.42M	-0.74M	0.20M	-0.04M	-0.09M	-0.23M	-0.09M	0.09M	-0.04M	-0.21M	-0.02M	-0.19M	-0.23M	0.55M	-0.25M	-0.51M	-0.34M	-0.84M	-5.53M	0.26M	0.93M	0.61M	2.75M	5.14M	1.90M
Short-Term Debt Issuance	0.00M	0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.04M	0.01M	-0.01M	0.00M	-0.01M	0.01M	-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
Net Stock Issuance	-2.66M	-1.91M	-2.14M	-1.05M	-0.69M	-1.56M	-0.42M	-0.15M	-0.17M	-0.28M	-0.04M	-0.48M	0.00M	-0.27M	-0.26M	-0.05M	-0.35M	-5.67M	-13.54M	-6.83M	0.82M	2.88M	0.38M	-0.15M	2.06M	-0.95M	3.77M	1.01M	2.16M	3.23M	2.07M
Common Stock Issuance	0.00M	0.04M	0.04M	0.04M	0.11M	0.03M	0.16M	0.79M	0.07M	0.11M	0.02M	0.30M	0.03M	0.00M	0.07M	0.24M	0.02M	0.26M	6.55M	6.41M	8.38M	5.35M	2.40M	4.35M	4.78M	4.26M	14.84M	2.68M	7.56M	9.17M	2.49M
Common Stock Repurchased	-2.97M	-1.96M	-2.61M	-1.01M	-0.70M	-1.53M	-0.43M	-0.65M	-0.34M	-0.66M	-0.39M	-0.60M	-0.07M	-0.78M	-0.39M	-0.27M	-0.66M	-6.30M	-16.94M	-13.54M	-3.64M	-0.69M	-1.19M	-3.25M	-1.01M	-6.28M	-5.43M	-9.40M	-0.84M	-0.70M	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	-5.46M	-5.07M	-6.01M	-6.43M	-3.92M	-2.76M	-4.07M	-4.18M	-3.29M	-2.93M	-2.55M	-2.61M	-2.32M	-3.60M	-2.05M	-1.64M	-3.30M	-5.88M	-7.73M	-5.01M	-5.05M	-4.81M	-4.13M	-4.07M	-3.81M	-8.30M	-8.02M	-8.57M	-7.36M	-8.73M	-0.01M
Common Dividends Paid	-5.45M	-5.07M	-6.03M	-6.43M	-3.93M	-2.76M	-4.07M	-4.18M	-3.32M	-2.86M	-2.55M	-2.64M	-2.32M	-3.58M	-2.07M	-1.69M	-2.94M	-5.61M	-6.55M	-5.19M	-5.17M	-4.96M	-4.13M	-4.07M	-3.81M	-8.30M	-8.02M	-8.57M	-7.36M	-8.73M	-0.01M
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	-0.62M	-1.42M	-2.61M	-0.98M	-0.86M	-0.80M	-1.27M	-0.38M	-0.21M	0.24M	0.47M	0.01M	-0.03M	-0.23M	0.34M	-0.05M	1.02M	0.21M	1.90M	0.79M	0.48M	-0.11M	0.10M	-0.12M	0.00M	5.38M	-0.02M	-0.18M	-0.33M	5.80M	-0.61M
Net Cash from Financing Activities	-20.72M	-14.87M	-20.84M	-12.97M	-8.64M	-6.62M	-6.66M	-7.22M	-1.60M	-5.42M	-4.93M	-5.37M	-2.17M	-3.86M	-4.20M	-4.05M	-4.28M	-13.16M	-19.08M	-10.17M	-7.55M	-3.23M	-4.32M	-29.33M	-26.06M	6.99M	11.67M	-12.43M	9.35M	4.83M	-0.13M
Effect of FX on Cash	0.02M	0.02M	0.09M	0.10M	-0.01M	-0.03M	-0.01M	0.00M	-0.02M	-0.02M	-0.03M	-0.03M	0.00M	0.00M	-0.02M	0.01M	0.02M	-0.05M	0.92M	0.03M	-0.02M	0.38M	0.39M	0.06M	-0.17M	-0.04M	-0.17M	-0.23M	-1.00M	0.32M	0.45M
Net Change in Cash	-2.42M	1.26M	-0.27M	1.40M	4.15M	7.98M	3.11M	3.89M	4.62M	1.29M	2.72M	3.11M	1.29M	1.36M	0.39M	-1.59M	0.15M	6.51M	-6.46M	6.39M	13.70M	11.01M	6.45M	0.84M	14.08M	17.62M	16.76M	-0.27M	14.19M	9.98M	15.85M
Cash at Beginning of Period	22.80M	46.35M	55.21M	51.42M	53.42M	40.64M	35.81M	28.39M	22.82M	21.49M	19.93M	31.00M	22.23M	23.71M	24.69M	35.20M	37.24M	29.04M	52.07M	35.19M	38.67M	39.44M	47.06M	43.92M	57.31M	51.44M	49.95M	49.61M	51.12M	41.20M	23.98M
Cash at End of Period	124.50M	46.15M	47.74M	58.17M	52.26M	53.50M	40.37M	37.03M	27.95M	25.76M	21.90M	28.16M	30.44M	23.84M	27.01M	27.56M	37.70M	41.75M	41.93M	46.44M	64.40M	73.95M	50.33M	51.19M	47.55M	68.07M	52.78M	35.26M	58.62M	52.59M	39.80M
Operating Cash Flow	30.79M	18.28M	21.49M	29.79M	20.94M	25.76M	21.37M	16.60M	15.63M	12.87M	16.23M	16.92M	13.33M	16.48M	15.22M	12.39M	11.30M	27.94M	43.53M	38.57M	28.76M	23.26M	32.96M	47.17M	58.17M	56.93M	41.75M	54.33M	47.99M	26.07M	23.29M
Capital Expenditure	-5.94M	-4.10M	-4.53M	-4.55M	-2.92M	-3.13M	-3.59M	-2.67M	-2.32M	-2.37M	-2.63M	-2.38M	-2.57M	-3.43M	-3.31M	-2.49M	-3.97M	-5.98M	-8.30M	-5.64M	-8.57M	-10.68M	-11.14M	-13.04M	-21.16M	-27.30M	-30.19M	-27.75M	-16.09M	-14.71M	-9.04M
Free Cash Flow	24.58M	14.52M	15.12M	25.42M	17.71M	21.78M	16.99M	12.34M	12.83M	10.47M	12.49M	14.12M	9.17M	12.44M	9.88M	9.66M	7.46M	21.07M	36.30M	29.03M	23.67M	18.03M	22.29M	34.48M	35.97M	30.08M	11.69M	29.16M	26.09M	13.11M	12.78M

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	27.92M	26.56M	31.28M	34.76M	28.61M	21.96M	24.74M	18.79M	16.47M	17.07M	17.44M	18.60M	15.52M	20.65M	21.53M	15.27M	14.14M	22.04M	46.10M	45.27M	35.91M	41.09M	24.45M	74.10M	82.67M	126.88M	94.98M	83.09M	100.95M	80.42M	51.18M
(-) Tax Adjustment	7.77M	9.93M	9.34M	9.53M	7.77M	7.85M	7.18M	5.44M	5.30M	5.12M	5.10M	6.57M	4.66M	7.74M	7.21M	5.88M	8.14M	8.86M	18.85M	17.99M	13.38M	11.62M	43.78M	128.00M	69.33M	55.70M	40.11M	37.28M	54.77M	44.22M	19.55M
(-) Change In Working Capital	2.18M	-0.19M	0.43M	-2.43M	-2.87M	3.84M	-0.17M	-0.47M	-1.31M	-1.52M	-1.32M	-0.74M	-0.53M	-0.35M	-2.04M	-4.21M	1.14M	1.61M	-0.81M	2.50M	-9.59M	-6.94M	4.41M	6.07M	17.29M	-4.82M	-16.36M	-2.15M	-12.05M	-15.87M	-4.10M
(-) Capital Expenditure	5.94M	4.10M	4.53M	4.55M	2.92M	3.13M	3.59M	2.67M	2.32M	2.37M	2.63M	2.38M	2.57M	3.43M	3.31M	2.49M	3.97M	5.98M	8.30M	5.64M	8.57M	10.68M	11.14M	13.04M	21.16M	27.30M	30.19M	27.75M	16.09M	14.71M	9.04M
Unlevered Free Cash Flow	12.03M	12.71M	16.99M	23.11M	20.79M	7.14M	14.15M	11.15M	10.17M	11.11M	11.03M	10.39M	8.81M	9.84M	13.05M	11.10M	0.89M	5.59M	19.76M	19.14M	23.55M	25.72M	-34.88M	-73.02M	-25.11M	48.71M	41.04M	20.21M	42.15M	37.36M	26.69M
(-) Net Interest Income After Taxes	-0.54M	-0.36M	-0.54M	-0.33M	-0.45M	-0.33M	-0.47M	-0.42M	-0.29M	-0.31M	-0.33M	-0.36M	-0.35M	-0.17M	-0.16M	-0.18M	-0.17M	-0.19M	-0.30M	-0.17M	-0.12M	-0.16M	0.06M	0.26M	-0.01M	-0.09M	-0.07M	-0.04M	0.00M	0.00M	-0.01M
Net Debt Issuance	-2.15M	-1.03M	-0.61M	-0.61M	-0.14M	-0.47M	-0.17M	-0.83M	1.12M	0.28M	-0.07M	-0.14M	-0.19M	0.51M	0.10M	-0.22M	0.08M	-0.46M	-0.21M	2.21M	0.40M	-0.32M	-0.35M	-1.70M	-5.69M	2.22M	0.98M	0.64M	2.73M	5.54M	1.98M
Levered Free Cash Flow	10.42M	12.04M	16.92M	22.83M	21.11M	7.01M	14.45M	10.74M	11.58M	11.70M	11.29M	10.60M	8.97M	10.51M	13.31M	11.07M	1.13M	5.32M	19.85M	21.53M	24.07M	25.56M	-35.29M	-74.97M	-30.79M	51.02M	42.09M	20.89M	44.88M	42.90M	28.68M