Rental & Leasing Services

Category: Industry Averages Base Ticker: 3877.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	20.83	8.82	8.63	7.74	9.89	9.69	8.74	8.26	9.59	9.15	8.90	11.69	12.24	11.11	11.53	12.02	9.42	8.30	11.50	13.06	12.36	12.43	12.98	10.97	11.69	10.69	11.97	12.71	14.40	11.55	9.67
Market Capitalization	1,874.06M	667.20M	718.87M	633.09M	776.07M	643.83M	600.88M	560.54M	568.49M	520.54M	457.26M	678.03M	595.89M	724.88M	694.21M	631.01M	447.84M	431.26M	701.76M	768.64M	695.18M	667.71M	729.87M	551.51M	802.81M	711.51M	790.15M	907.51M	806.89M	766.16M	488.49M
(-) Cash & Equivalents	173.03M	70.47M	56.13M	56.06M	62.08M	69.51M	52.30M	48.56M	60.15M	66.87M	59.00M	59.40M	60.87M	45.11M	58.04M	44.87M	43.85M	30.70M	28.12M	36.30M	34.88M	25.89M	34.28M	26.49M	17.51M	15.37M	12.17M	14.76M	12.96M	17.41M	13.81M
(+) Total Debt	2,455.57M	1,166.57M	1,182.71M	1,056.12M	932.60M	865.31M	808.68M	917.88M	930.00M	920.10M	803.00M	696.33M	587.00M	699.84M	439.13M	322.93M	427.88M	763.73M	426.38M	395.26M	607.19M	235.17M	417.30M	393.97M	419.32M	378.02M	367.38M	351.31M	75.61M	270.78M	49.51M
Enterprise Value	4,990.09M	1,989.10M	2,060.89M	1,632.61M	1,902.95M	1,673.05M	1,567.85M	1,442.73M	1,446.88M	1,255.29M	1,136.69M	1,213.93M	1,139.74M	1,395.70M	1,156.84M	1,066.60M	962.45M	1,264.23M	1,431.10M	1,217.15M	1,425.83M	1,179.20M	1,301.36M	1,221.22M	1,328.70M	1,233.91M	1,312.00M	1,467.16M	1,202.33M	968.41M	769.92M

Industry Income Statement

Metric	TTM	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Revenue	1,129.041M	729.122M	719.481M	649.204M	599.744M	528.463M	528.085M	516.462M	485.355M	470.002M	450.246M	514.697M	477.678M	519.042M	623.074M	682.370M	673.560M	777.449M	726.488M	593.344M	581.951M	753.163M	760.558M	745.189M	737.468M	582.747M	558.686M	463.723M	179.190M	414.349M	113.621M
Cost of Revenue	651.899M	411.842M	427.885M	373.612M	348.178M	299.366M	290.122M	274.420M	268.319M	226.702M	203.287M	208.467M	190.462M	235.245M	255.329M	268.926M	309.240M	372.104M	330.444M	215.897M	199.367M	308.111M	206.702M	218.280M	466.532M	215.161M	273.142M	165.100M	25.704M	172.864M	11.392M
Gross Profit	477.143M	317.280M	291.597M	275.593M	251.566M	229.097M	237.964M	242.042M	217.037M	243.299M	246.959M	306.230M	287.216M	283.797M	367.744M	413.444M	364.320M	405.344M	396.043M	377.447M	382.584M	445.052M	553.857M	526.909M	270.936M	367.586M	285.544M	298.623M	153.485M	241.484M	102.229M
Gross Margin	42.26%	43.52%	40.53%	42.45%	41.95%	43.35%	45.06%	46.87%	44.72%	51.77%	54.85%	59.50%	60.13%	54.68%	59.02%	60.59%	54.09%	52.14%	54.51%	63.61%	65.74%	59.09%	72.82%	70.71%	36.74%	63.08%	51.11%	64.40%	85.66%	58.28%	89.97%
R&D Expenses	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
SG&A Expenses	103.124M	77.469M	83.831M	81.864M	73.706M	57.681M	56.782M	44.771M	46.864M	51.775M	60.094M	57.157M	52.996M	46.270M	56.092M	61.268M	50.651M	60.883M	52.149M	43.865M	35.544M	56.976M	105.815M	86.881M	132.588M	64.452M	49.425M	57.817M	39.099M	46.510M	22.735M
Operating Expenses	103.124M	77.469M	83.831M	81.864M	73.706M	57.681M	56.782M	44.771M	46.864M	51.775M	60.094M	57.157M	52.996M	46.270M	56.092M	61.268M	50.651M	60.883M	52.149M	43.865M	35.544M	56.976M	105.815M	86.881M	132.588M	64.452M	49.425M	57.817M	39.099M	46.510M	22.735M
Operating Income	374.019M	239.810M	207.766M	193.729M	177.860M	171.416M	181.182M	197.270M	170.173M	191.524M	186.865M	249.073M	234.219M	237.528M	311.652M	352.175M	313.669M	344.461M	343.895M	333.582M	347.040M	388.077M	448.042M	440.028M	138.348M	303.133M	236.118M	240.806M	114.386M	194.974M	79.494M
Operating Margin	33.13%	32.89%	28.88%	29.84%	29.66%	32.44%	34.31%	38.20%	35.06%	40.75%	41.50%	48.39%	49.03%	45.76%	50.02%	51.61%	46.57%	44.31%	47.34%	56.22%	59.63%	51.53%	58.91%	59.05%	18.76%	52.02%	42.26%	51.93%	63.84%	47.06%	69.96%
Interest Income	0.713M	0.808M	0.638M	0.347M	0.238M	0.216M	0.837M	0.437M	0.658M	0.763M	0.356M	0.683M	0.468M	0.587M	0.369M	0.265M	0.450M	0.902M	1.020M	0.096M	0.355M	0.009M	0.051M	0.019M	0.041M	0.066M	0.004M	0.044M	0.067M	0.033M	0.019M
Interest Expense	89.287M	44.352M	36.419M	27.912M	25.279M	25.534M	25.547M	25.877M	21.400M	25.383M	24.353M	23.910M	19.847M	21.034M	16.336M	15.197M	24.901M	34.010M	26.347M	9.979M	9.023M	7.914M	8.358M	7.166M	1.924M	3.628M	1.571M	1.048M	0.348M	1.197M	0.494M
Net Interest Income	-88.575M	-43.544M	-35.782M	-27.565M	-25.041M	-25.318M	-24.710M	-25.440M	-20.741M	-24.620M	-23.997M	-23.227M	-19.379M	-20.447M	-15.967M	-14.932M	-24.450M	-33.108M	-25.326M	-9.883M	-8.667M	-7.905M	-8.307M	-7.147M	-1.883M	-3.562M	-1.567M	-1.004M	-0.280M	-1.164M	-0.474M
Other Income / Expense	-171.929M	-136.320M	-91.145M	-117.937M	-96.598M	-128.341M	-116.262M	-128.494M	-107.715M	-125.510M	-118.480M	-178.106M	-160.056M	-162.669M	-238.343M	-298.490M	-259.158M	-259.978M	-252.941M	-266.001M	-293.219M	-348.678M	-398.808M	-407.876M	-118.983M	-256.932M	-187.996M	-202.422M	-95.067M	-175.502M	-64.373M
Pre-Tax Income	113.514M	59.946M	80.840M	48.227M	56.221M	17.757M	40.210M	43.337M	41.716M	41.394M	44.389M	47.739M	54.784M	54.411M	57.342M	38.752M	30.061M	51.376M	65.627M	57.699M	45.154M	31.494M	40.927M	25.006M	17.481M	42.640M	46.556M	37.381M	19.039M	18.308M	14.647M
Pre-Tax Margin	10.05%	8.22%	11.24%	7.43%	9.37%	3.36%	7.61%	8.39%	8.59%	8.81%	9.86%	9.28%	11.47%	10.48%	9.20%	5.68%	4.46%	6.61%	9.03%	9.72%	7.76%	4.18%	5.38%	3.36%	2.37%	7.32%	8.33%	8.06%	10.63%	4.42%	12.89%
Income Tax Expense	22.829M	13.665M	16.161M	13.049M	11.269M	4.170M	9.610M	8.300M	3.558M	9.119M	11.654M	12.182M	13.359M	10.753M	13.207M	9.122M	6.239M	15.781M	20.357M	17.944M	15.769M	14.364M	16.104M	14.740M	5.661M	15.805M	17.042M	13.529M	7.595M	8.580M	5.655M
Tax Rate	20.11%	22.80%	19.99%	27.06%	20.04%	23.49%	23.90%	19.15%	8.53%	22.03%	26.25%	25.52%	24.38%	19.76%	23.03%	23.54%	20.76%	30.72%	31.02%	31.10%	34.92%	35.00%	35.00%	35.00%	32.38%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%
Net Income	90.685M	46.281M	64.679M	35.177M	44.952M	13.587M	30.600M	35.037M	38.159M	32.275M	32.735M	35.558M	41.425M	43.659M	44.135M	29.630M	23.821M	35.595M	45.270M	39.755M	29.385M	17.129M	24.823M	10.266M	11.820M	26.834M	29.514M	23.852M	11.444M	9.727M	8.992M
Net Margin	8.03%	6.35%	8.99%	5.42%	7.50%	2.57%	5.79%	6.78%	7.86%	6.87%	7.27%	6.91%	8.67%	8.41%	7.08%	4.34%	3.54%	4.58%	6.23%	6.70%	5.05%	2.27%	3.26%	1.38%	1.60%	4.60%	5.28%	5.14%	6.39%	2.35%	7.91%
EBIT	374.019M	239.810M	207.766M	193.729M	177.860M	171.416M	181.182M	197.270M	170.173M	191.524M	186.865M	249.073M	234.219M	237.528M	311.652M	352.175M	313.669M	344.461M	343.895M	333.582M	347.040M	388.077M	448.042M	440.028M	138.348M	303.133M	236.118M	240.806M	114.386M	194.974M	79.494M
Depreciation & Amortization	152.200M	91.362M	118.398M	117.746M	99.917M	108.171M	109.683M	117.614M	111.004M	85.494M	72.660M	74.365M	73.504M	77.237M	84.287M	106.982M	100.809M	157.556M	145.633M	123.827M	111.934M	106.500M	124.015M	125.676M	119.314M	110.810M	101.173M	78.108M	37.186M	45.991M	21.253M
EBITDA	526.219M	331.172M	326.164M	311.474M	277.777M	279.587M	290.865M	314.884M	281.177M	277.018M	259.525M	323.438M	307.724M	314.765M	395.940M	459.158M	414.478M	502.017M	489.528M	457.409M	458.973M	494.577M	572.057M	565.704M	257.662M	413.944M	337.292M	318.914M	151.572M	240.965M	100.747M
EBITDA Margin	46.61%	45.42%	45.33%	47.98%	46.32%	52.91%	55.08%	60.97%	57.93%	58.94%	57.64%	62.84%	64.42%	60.64%	63.55%	67.29%	61.54%	64.57%	67.38%	77.09%	78.87%	65.67%	75.22%	75.91%	34.94%	71.03%	60.37%	68.77%	84.59%	58.16%	88.67%
NOPAT	298.799M	185.143M	166.231M	141.309M	142.210M	131.158M	137.882M	159.489M	155.661M	149.331M	137.804M	185.517M	177.105M	190.588M	239.871M	269.274M	248.564M	238.655M	237.220M	229.843M	225.845M	252.250M	291.227M	286.018M	93.544M	197.037M	153.477M	156.524M	74.351M	126.733M	51.671M
NOPAT Margin	26.46%	25.39%	23.10%	21.77%	23.71%	24.82%	26.11%	30.88%	32.07%	31.77%	30.61%	36.04%	37.08%	36.72%	38.50%	39.46%	36.90%	30.70%	32.65%	38.74%	38.81%	33.49%	38.29%	38.38%	12.68%	33.81%	27.47%	33.75%	41.49%	30.59%	45.48%
Owner's Earnings	242.885M	137.643M	183.077M	152.923M	144.869M	121.758M	140.283M	152.651M	149.163M	117.769M	105.394M	109.923M	114.930M	120.896M	128.423M	136.612M	124.630M	193.151M	190.903M	163.583M	141.319M	123.629M	148.838M	135.942M	131.134M	137.645M	130.688M	101.959M	48.630M	55.718M	30.245M
Owner's Earnings Margin	21.51%	18.88%	25.45%	23.56%	24.16%	23.04%	26.56%	29.56%	30.73%	25.06%	23.41%	21.36%	24.06%	23.29%	20.61%	20.02%	18.50%	24.84%	26.28%	27.57%	24.28%	16.41%	19.57%	18.24%	17.78%	23.62%	23.39%	21.99%	27.14%	13.45%	26.62%
EPS	0.44	0.21	0.27	0.14	0.18	0.06	0.14	0.16	0.18	0.17	0.16	0.21	0.26	0.30	0.43	0.32	0.25	0.39	0.49	0.50	0.38	0.20	0.26	0.11	0.11	0.25	0.28	0.23	0.10	0.09	0.12
EPS (Diluted)	0.44	0.21	0.27	0.14	0.18	0.06	0.14	0.16	0.18	0.17	0.16	0.21	0.26	0.30	0.43	0.32	0.25	0.39	0.49	0.50	0.38	0.20	0.26	0.11	0.11	0.25	0.28	0.23	0.10	0.09	0.12
Shares (Diluted)	205,619,706	220,607,096	239,064,759	245,264,255	251,449,598	224,300,780	226,451,816	221,674,157	217,546,628	186,452,029	207,634,651	166,420,023	156,373,771	143,382,631	103,538,520	91,354,280	95,804,269	90,798,164	93,138,974	79,157,763	77,848,742	86,888,592	95,823,074	95,591,269	107,486,523	105,418,018	105,487,812	104,091,908	109,199,419	106,384,917	73,551,470

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	177.64M	71.29M	56.66M	56.59M	64.49M	70.67M	54.36M	49.13M	60.15M	67.90M	59.00M	61.13M	60.87M	45.86M	59.27M	45.89M	44.91M	31.44M	28.95M	37.25M	36.63M	34.27M	34.28M	26.49M	17.51M	15.37M	12.17M	14.76M	12.96M	17.41M	13.81M
Short-Term Investments	39.85M	33.37M	19.80M	10.38M	37.23M	11.68M	13.89M	9.05M	4.45M	20.45M	3.62M	5.84M	2.58M	6.18M	1.70M	0.44M	0.73M	1.71M	4.60M	1.46M	5.35M	0.15M	0.00M	-0.25M	0.17M	0.00M	0.00M	0.27M	0.00M	0.09M	0.00M
Cash & Short-Term Investments	217.50M	104.66M	76.46M	66.97M	101.72M	82.35M	68.25M	58.18M	64.60M	88.35M	62.62M	66.97M	63.45M	52.04M	60.97M	46.33M	45.64M	33.15M	33.55M	38.72M	41.98M	34.42M	34.28M	26.24M	17.68M	15.37M	12.17M	15.03M	12.96M	17.50M	13.81M
Net Receivables	197.72M	130.75M	156.56M	158.01M	113.81M	88.02M	82.13M	73.79M	66.13M	64.92M	66.68M	82.01M	61.55M	91.11M	71.52M	70.13M	96.92M	95.73M	57.91M	74.87M	74.13M	72.15M	24.57M	19.40M	74.75M	69.71M	99.04M	66.30M	16.36M	87.25M	13.45M
Inventory	16.91M	17.58M	26.31M	23.48M	19.54M	11.40M	11.89M	14.79M	11.96M	13.18M	9.11M	12.96M	14.20M	16.26M	20.21M	28.35M	38.44M	41.10M	31.65M	30.51M	25.07M	18.32M	15.40M	14.52M	16.52M	24.01M	21.73M	23.58M	12.84M	14.14M	9.76M
Other Current Assets	120.79M	35.02M	30.04M	26.58M	18.01M	22.25M	24.30M	21.46M	25.27M	24.23M	18.69M	17.71M	28.85M	35.68M	35.93M	51.36M	19.99M	35.50M	37.73M	40.08M	39.76M	43.42M	43.34M	26.69M	25.30M	20.24M	22.90M	21.06M	11.84M	7.40M	7.26M
Total Current Assets	552.92M	288.00M	289.37M	275.03M	253.07M	204.02M	186.56M	168.23M	167.96M	190.68M	157.10M	179.65M	168.06M	195.08M	188.62M	196.17M	200.99M	205.49M	160.84M	184.18M	180.93M	168.31M	117.60M	86.85M	134.24M	129.34M	155.84M	125.97M	53.99M	126.28M	44.29M
Property, Plant & Equipment	1,082.80M	842.72M	901.50M	783.63M	737.09M	772.82M	786.69M	730.32M	600.72M	533.17M	514.07M	455.16M	415.80M	426.89M	431.04M	377.98M	360.46M	662.96M	614.95M	486.25M	453.88M	224.71M	505.55M	488.03M	378.93M	433.41M	396.17M	400.10M	115.90M	360.49M	87.61M
Goodwill	68.85M	28.32M	39.50M	33.59M	34.04M	32.53M	33.52M	33.17M	28.70M	28.67M	26.35M	31.09M	29.07M	30.58M	36.52M	35.77M	39.25M	44.29M	37.94M	24.36M	4.07M	0.68M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	20.38M	17.33M	23.53M	19.12M	13.93M	11.04M	12.11M	13.09M	12.12M	10.82M	9.93M	13.14M	5.27M	6.78M	7.96M	8.27M	9.44M	12.40M	9.35M	8.69M	13.15M	9.64M	15.09M	7.74M	7.02M	1.66M	2.45M	2.57M	0.00M	0.02M	0.02M
Long-Term Investments	19.36M	12.36M	13.32M	16.89M	10.80M	11.35M	14.00M	13.76M	13.65M	13.34M	8.31M	6.45M	7.09M	6.94M	0.48M	2.78M	0.90M	3.84M	2.97M	0.46M	2.54M	2.85M	0.04M	0.09M	0.12M	0.12M	0.11M	0.00M	0.00M	0.00M	0.00M
Tax Assets	2.54M	2.67M	3.79M	10.71M	7.95M	7.48M	10.65M	9.98M	5.55M	5.93M	2.89M	2.71M	1.72M	2.02M	3.97M	6.39M	4.71M	6.93M	4.68M	3.35M	7.95M	10.32M	13.06M	6.93M	3.93M	0.75M	1.12M	1.59M	1.45M	1.63M	0.29M
Other Non-Current Assets	187.61M	47.47M	35.66M	24.98M	17.51M	13.54M	17.31M	6.66M	12.79M	16.73M	15.21M	25.91M	21.00M	23.35M	13.49M	18.64M	20.76M	20.10M	18.63M	12.01M	41.30M	50.13M	28.21M	12.62M	17.20M	83.98M	75.42M	72.38M	62.70M	91.46M	10.17M
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	1,381.54M	950.86M	1,017.30M	888.93M	821.32M	848.76M	874.28M	806.99M	673.52M	608.65M	576.76M	534.46M	479.95M	496.56M	493.46M	449.83M	435.52M	750.52M	688.53M	535.11M	522.88M	298.34M	561.96M	515.41M	407.21M	519.92M	475.27M	476.64M	180.05M	453.61M	98.09M
Total Assets	1,934.46M	1,238.87M	1,306.68M	1,163.96M	1,074.39M	1,052.78M	1,060.84M	975.23M	841.48M	799.33M	733.86M	714.11M	648.01M	691.64M	682.08M	645.99M	636.52M	956.00M	849.37M	719.29M	703.82M	466.64M	679.56M	602.26M	541.45M	649.27M	631.11M	602.62M	234.04M	579.89M	142.38M
Accounts Payable	95.40M	51.15M	57.71M	52.74M	60.74M	50.15M	41.12M	46.99M	45.93M	47.10M	37.36M	52.76M	46.86M	49.03M	38.35M	49.28M	62.58M	74.76M	54.12M	58.84M	63.90M	69.93M	49.77M	53.17M	50.88M	50.90M	52.44M	44.05M	17.60M	45.99M	11.36M
Short-Term Debt	208.87M	113.27M	100.12M	111.15M	99.68M	112.57M	114.55M	91.14M	65.75M	104.35M	85.74M	82.48M	79.80M	93.07M	57.86M	32.98M	22.24M	23.34M	52.85M	16.15M	26.00M	30.89M	15.09M	11.96M	16.11M	35.21M	26.14M	20.89M	7.10M	17.77M	8.04M
Tax Payables	0.95M	2.03M	2.98M	3.19M	2.57M	2.97M	2.86M	3.13M	3.08M	3.51M	3.70M	3.38M	4.38M	6.16M	1.60M	1.73M	1.46M	2.00M	1.92M	3.43M	2.63M	2.21M	0.48M	0.66M	0.27M	0.26M	0.46M	0.50M	0.30M	0.96M	0.79M
Deferred Revenue	0.03M	0.66M	3.80M	8.70M	9.67M	8.28M	6.09M	5.93M	8.50M	9.55M	7.74M	10.33M	11.88M	14.59M	6.86M	2.61M	2.33M	6.72M	7.74M	6.99M	6.50M	-0.33M	1.72M	0.00M	0.95M	0.00M	0.00M	0.00M	0.00M	0.98M	0.00M
Other Current Liabilities	80.66M	38.42M	20.24M	20.04M	17.00M	16.97M	29.84M	24.47M	15.26M	19.83M	14.49M	21.38M	22.69M	15.64M	28.40M	37.30M	45.45M	52.66M	32.01M	33.76M	27.63M	51.82M	7.25M	9.23M	6.43M	7.45M	8.37M	9.32M	5.50M	7.89M	3.08M
Total Current Liabilities	385.90M	205.53M	184.85M	195.83M	189.66M	190.95M	194.47M	171.67M	138.52M	184.35M	149.04M	170.33M	165.61M	178.49M	133.06M	123.89M	134.06M	159.48M	148.64M	119.17M	126.65M	154.52M	74.32M	75.02M	74.64M	93.83M	87.41M	74.76M	30.50M	73.59M	23.28M
Long-Term Debt	1,782.80M	916.89M	855.36M	807.33M	771.64M	618.19M	667.20M	741.92M	650.39M	634.87M	543.16M	539.75M	464.80M	396.82M	393.87M	300.29M	385.79M	416.68M	387.14M	365.41M	388.06M	306.89M	368.11M	347.49M	364.94M	342.71M	335.45M	327.19M	64.97M	251.95M	40.72M
Capital Lease Obligations	36.94M	32.46M	33.92M	39.42M	37.98M	33.86M	25.72M	3.56M	3.56M	4.47M	4.44M	5.07M	6.13M	2.51M	0.20M	0.33M	0.46M	0.13M	0.00M	0.00M	0.00M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	53.08M	40.15M	35.15M	31.86M	34.20M	21.51M	19.91M	33.93M	27.70M	35.12M	27.36M	36.77M	28.63M	28.92M	6.36M	13.59M	14.39M	17.98M	13.87M	10.04M	15.05M	35.30M	18.60M	22.50M	26.08M	33.46M	21.58M	14.85M	4.93M	19.78M	11.37M
Other Non-Current Liabilities	129.59M	38.67M	49.45M	44.82M	47.87M	43.30M	45.76M	41.73M	40.31M	47.21M	36.23M	43.62M	47.10M	18.82M	18.84M	13.73M	48.61M	34.42M	22.83M	31.01M	34.53M	45.41M	50.81M	62.84M	61.53M	60.91M	66.47M	41.85M	38.43M	38.82M	4.74M
Total Non-Current Liabilities	2,002.42M	1,028.18M	973.88M	923.43M	891.68M	716.86M	758.60M	821.14M	721.95M	721.68M	611.18M	625.21M	546.66M	447.08M	419.27M	327.93M	449.25M	469.22M	423.84M	406.46M	437.63M	387.60M	437.52M	432.84M	452.55M	437.09M	423.50M	383.89M	108.34M	310.55M	56.83M
Total Liabilities	2,388.32M	1,233.71M	1,158.73M	1,119.26M	1,081.34M	907.81M	953.07M	992.82M	860.47M	906.03M	760.22M	795.55M	712.26M	625.57M	552.34M	451.82M	583.31M	628.70M	572.48M	525.63M	564.29M	542.12M	511.84M	507.86M	527.19M	530.92M	510.91M	458.65M	138.83M	384.15M	80.10M
Preferred Stock	0.00M	0.00M	0.00M	0.03M	0.00M	0.37M	1.29M	0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.15M	0.18M
Common Stock	39.12M	42.65M	48.96M	48.07M	44.05M	35.26M	33.95M	33.71M	35.18M	40.21M	30.23M	31.01M	28.20M	29.65M	19.22M	19.46M	15.96M	17.36M	13.79M	10.85M	14.23M	17.23M	14.07M	13.37M	11.04M	12.18M	12.07M	8.97M	8.07M	6.98M	5.19M
Retained Earnings	328.45M	214.04M	216.99M	175.35M	154.07M	134.58M	158.27M	149.98M	142.38M	122.27M	129.75M	124.99M	100.13M	85.97M	151.09M	163.22M	171.51M	183.90M	175.44M	103.85M	119.61M	151.72M	129.19M	122.63M	141.58M	136.50M	84.03M	67.42M	57.02M	142.09M	43.58M
Accumulated OCI	-2.11M	8.99M	9.09M	6.44M	0.90M	-5.77M	-3.39M	-0.42M	-11.35M	-6.70M	-8.99M	-11.92M	-9.32M	-36.97M	-33.70M	-31.49M	-13.80M	-26.63M	-10.15M	-19.26M	-11.12M	-30.18M	-25.64M	-30.56M	-32.68M	-37.98M	-49.22M	-44.92M	-34.28M	-29.82M	-3.08M
Minority Interest	0.36M	0.50M	0.49M	0.47M	0.20M	0.44M	6.11M	6.86M	5.08M	3.93M	0.63M	0.84M	0.67M	0.08M	0.04M	0.07M	0.08M	0.37M	0.06M	0.07M	0.02M	0.04M	0.21M	0.20M	0.00M	0.05M	0.01M	0.01M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	365.46M	265.68M	275.04M	229.89M	199.02M	164.44M	190.12M	183.30M	166.22M	155.78M	151.00M	144.08M	119.01M	78.65M	136.61M	151.19M	173.67M	174.63M	179.08M	95.44M	122.72M	138.77M	117.63M	105.45M	119.94M	110.70M	46.87M	31.47M	30.81M	119.41M	45.87M
Total Equity	365.81M	266.18M	275.53M	230.36M	199.22M	164.88M	196.22M	190.16M	171.30M	159.72M	151.63M	144.92M	119.68M	78.73M	136.65M	151.25M	173.75M	175.01M	179.14M	95.51M	122.73M	138.81M	117.83M	105.65M	119.94M	110.75M	46.88M	31.48M	30.82M	119.41M	45.88M
Total Liabilities & Equity	2,754.13M	1,499.89M	1,434.25M	1,349.62M	1,280.56M	1,072.68M	1,149.30M	1,182.98M	1,031.77M	1,065.75M	911.85M	940.47M	831.95M	704.30M	688.99M	603.08M	757.05M	803.70M	751.62M	621.13M	687.02M	680.92M	629.67M	613.51M	647.13M	641.67M	557.79M	490.12M	169.65M	503.56M	125.98M
Tangible Assets	1,845.22M	1,193.22M	1,243.65M	1,111.25M	1,026.41M	1,009.21M	1,015.21M	928.96M	800.67M	759.84M	697.58M	669.88M	613.67M	654.28M	637.61M	601.95M	587.82M	899.32M	802.08M	686.24M	686.60M	456.32M	664.47M	594.52M	534.43M	647.60M	628.67M	600.05M	234.04M	579.87M	142.36M
Tangible Equity	276.58M	220.53M	212.50M	177.65M	151.25M	121.31M	150.59M	143.90M	130.49M	120.23M	115.34M	100.69M	85.34M	41.37M	92.18M	107.22M	125.05M	118.32M	131.84M	62.46M	105.52M	128.48M	102.74M	97.91M	112.92M	109.09M	44.43M	28.90M	30.82M	119.39M	45.85M
Tangible Book Value	276.58M	220.53M	212.50M	177.65M	151.25M	121.31M	150.59M	143.90M	130.49M	120.23M	115.34M	100.69M	85.34M	41.37M	92.18M	107.22M	125.05M	118.32M	131.84M	62.46M	105.52M	128.48M	102.74M	97.91M	112.92M	109.09M	44.43M	28.90M	30.82M	119.39M	45.85M
Total Investments	60.68M	24.50M	19.93M	40.01M	20.43M	21.81M	15.09M	16.06M	19.90M	21.41M	12.42M	11.99M	9.28M	12.25M	5.35M	4.73M	5.43M	6.95M	8.31M	10.52M	5.90M	3.00M	0.04M	0.09M	0.24M	0.24M	0.19M	0.00M	0.00M	0.05M	0.06M
Net Debt	1,814.03M	958.87M	898.82M	861.90M	806.83M	660.09M	727.40M	783.93M	655.99M	671.33M	569.90M	561.09M	483.73M	444.03M	392.46M	287.37M	363.13M	408.58M	411.04M	344.30M	377.43M	303.51M	348.92M	332.96M	363.54M	362.55M	349.42M	333.32M	59.12M	252.32M	34.95M

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	-12.09M	122.94M	140.76M	77.14M	154.64M	45.49M	60.08M	102.51M	161.95M	126.30M	25.70M	122.18M	129.62M	96.21M	87.52M	106.94M	171.26M	131.24M	174.47M	182.55M	172.09M	124.36M	99.90M	120.62M	125.08M	99.00M	92.63M	74.22M	18.76M	57.35M	25.73M
Total Capital	3,030.99M	1,576.78M	1,669.93M	1,517.29M	1,410.55M	1,270.95M	1,319.20M	1,419.92M	1,356.92M	1,351.04M	1,224.06M	1,140.49M	956.65M	1,078.32M	814.56M	652.21M	740.13M	1,110.15M	751.21M	690.41M	877.17M	804.75M	701.32M	684.24M	717.11M	615.55M	595.94M	577.22M	165.42M	475.49M	112.20M
Capital Employed	3,410.20M	1,644.52M	1,742.12M	1,556.88M	1,602.30M	1,480.34M	1,504.03M	1,447.80M	1,363.33M	1,285.05M	1,289.22M	1,317.19M	1,129.60M	1,185.78M	894.77M	845.52M	847.12M	1,147.55M	1,085.68M	977.78M	1,073.37M	1,223.34M	1,215.30M	1,348.05M	1,337.47M	858.64M	831.29M	778.63M	154.86M	699.63M	118.73M
Invested Capital	2,853.35M	1,505.48M	1,613.27M	1,460.70M	1,346.06M	1,200.28M	1,264.84M	1,370.79M	1,296.77M	1,283.14M	1,165.06M	1,079.35M	895.78M	1,032.46M	755.29M	606.32M	695.22M	1,078.71M	722.26M	653.15M	840.54M	770.47M	667.04M	657.74M	699.60M	600.17M	583.77M	562.46M	152.47M	458.08M	98.39M

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	209.10M	120.26M	121.28M	110.93M	101.47M	101.31M	96.05M	89.31M	83.29M	78.62M	74.09M	78.08M	74.29M	76.72M	87.86M	110.33M	100.96M	162.02M	148.84M	127.10M	120.13M	104.50M	90.18M	94.95M	125.34M	110.34M	101.17M	78.11M	42.88M	49.68M	50.85M
Deferred Income Tax	7.85M	0.00M	0.00M	0.25M	0.18M	-3.14M	2.33M	0.26M	-4.26M	0.05M	1.65M	1.48M	0.36M	1.20M	7.05M	2.63M	1.97M	2.85M	3.09M	4.39M	-3.41M	2.51M	0.95M	7.14M	1.89M	7.30M	3.15M	5.74M	1.18M	0.25M	3.60M
Stock-Based Compensation	1.39M	1.22M	1.20M	1.94M	1.22M	0.96M	0.87M	0.81M	0.83M	0.50M	0.88M	1.15M	0.76M	0.90M	0.83M	0.65M	0.60M	0.75M	0.26M	0.09M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-10.98M	-24.43M	-29.59M	-36.27M	-29.18M	-14.59M	-13.43M	-25.04M	-15.44M	-8.49M	-21.72M	-13.31M	-9.73M	-14.36M	-17.27M	-4.58M	-1.63M	-23.43M	-7.46M	2.03M	-12.40M	0.33M	2.97M	-2.21M	5.94M	-7.13M	-0.79M	-7.39M	4.10M	-1.91M	-12.16M
Accounts Receivable	-5.23M	-4.66M	-10.30M	-13.14M	-12.74M	-1.31M	-6.25M	-9.41M	-7.09M	-3.78M	-2.41M	-2.49M	-0.56M	-1.18M	-0.28M	-0.66M	-0.02M	0.00M	-0.07M	0.07M	0.00M	-0.08M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.58M	0.00M
Inventory	0.51M	-0.17M	-1.10M	-4.11M	-0.14M	1.20M	0.24M	-0.76M	0.13M	0.20M	-0.59M	-0.10M	-0.60M	-0.88M	-0.83M	-0.11M	0.89M	-3.06M	-1.38M	-3.05M	-0.47M	-1.07M	-0.13M	-0.47M	0.08M	-1.37M	-0.27M	-1.83M	-2.04M	-0.65M	-0.45M
Accounts Payable	-1.34M	0.46M	1.93M	4.12M	4.05M	-0.42M	0.95M	1.75M	1.06M	1.43M	1.01M	0.00M	0.57M	0.00M	0.00M	0.00M	-0.02M	0.00M	-0.13M	0.02M	0.00M	0.41M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	-3.60M	-0.73M	-4.40M	-4.18M	0.90M	-10.05M	-4.15M	-6.05M	-5.14M	-0.44M	-7.57M	-7.25M	-1.90M	0.64M	-1.94M	-2.91M	0.76M	-10.59M	-1.21M	10.01M	-3.56M	15.36M	3.33M	-3.79M	5.76M	-4.10M	-1.59M	-6.07M	8.04M	2.47M	-0.89M
Other Non-Cash Items	-25.60M	-4.48M	-11.44M	20.25M	23.18M	23.57M	0.93M	1.02M	11.56M	9.76M	-6.55M	1.38M	-3.26M	-9.03M	-4.25M	3.41M	5.42M	-14.07M	-27.12M	-21.57M	-7.21M	-11.69M	-16.69M	-5.67M	-9.48M	-8.83M	-7.17M	-4.85M	-9.40M	-6.10M	-3.58M
Net Cash from Operating Activities	252.14M	111.84M	90.09M	113.11M	86.88M	108.14M	81.76M	67.32M	62.54M	92.93M	50.60M	55.27M	87.02M	70.39M	97.30M	72.28M	124.64M	105.57M	91.53M	77.47M	78.10M	67.79M	71.12M	111.46M	88.00M	100.69M	70.57M	67.62M	64.01M	66.81M	59.82M
Capital Expenditures (PPE)	-100.23M	-61.82M	-62.07M	-122.76M	-86.12M	-58.19M	-76.39M	-117.53M	-105.76M	-87.83M	-70.83M	-133.61M	-62.82M	-124.02M	-130.56M	-79.29M	-71.32M	-132.02M	-105.11M	-63.94M	-87.14M	-116.28M	-86.28M	-133.97M	-140.10M	-156.07M	-125.03M	-303.24M	-76.03M	-116.05M	-47.82M
Acquisitions (Net)	4.52M	0.01M	0.38M	1.63M	1.49M	8.08M	2.08M	3.00M	0.39M	5.92M	-0.09M	-2.18M	-1.83M	-3.06M	-0.29M	0.00M	-0.18M	-6.44M	-8.32M	-12.64M	-2.94M	-2.90M	-0.41M	-2.10M	3.01M	-2.86M	-0.09M	-3.39M	4.65M	27.70M	1.87M
Purchases of Investments	-1.45M	-0.07M	-0.88M	-0.85M	-1.95M	-0.66M	-0.18M	-0.76M	-1.14M	-0.35M	-1.17M	-0.27M	-0.18M	-0.39M	-1.13M	-0.01M	-0.87M	-0.04M	-0.22M	-0.28M	-0.21M	-1.63M	-0.03M	-0.14M	-0.11M	-0.10M	-0.21M	-0.26M	-0.03M	0.00M	0.00M
Sales / Maturities of Investments	1.10M	0.04M	1.43M	1.32M	1.35M	0.60M	0.68M	0.75M	1.08M	0.78M	0.90M	1.05M	1.00M	1.95M	0.10M	0.07M	0.04M	0.69M	0.05M	0.03M	1.74M	3.04M	0.05M	0.00M	0.00M	0.00M	0.35M	1.50M	7.70M	0.02M	0.04M
Other Investing Activities	5.18M	4.14M	2.20M	3.86M	6.28M	4.93M	7.75M	4.59M	7.53M	9.13M	6.63M	9.53M	9.44M	13.54M	11.42M	19.80M	22.60M	25.13M	25.84M	13.16M	14.21M	47.99M	32.27M	42.08M	49.21M	86.74M	66.61M	39.63M	38.75M	12.06M	50.87M
Net Cash from Investing Activities	-82.42M	-72.78M	-69.01M	-93.46M	-100.94M	-51.90M	-61.35M	-111.74M	-119.56M	-80.97M	-68.50M	-162.13M	-64.68M	-99.65M	-82.71M	-54.09M	-71.68M	-137.80M	-144.25M	-108.56M	-60.16M	-90.65M	-64.10M	-132.04M	-69.29M	-110.24M	-76.55M	-100.66M	-47.34M	-78.32M	-32.86M
Net Debt Issuance	1.13M	50.17M	84.03M	30.82M	47.32M	7.90M	15.29M	72.76M	54.29M	6.56M	11.77M	65.87M	14.95M	30.85M	16.81M	-1.54M	-4.83M	49.83M	27.28M	11.68M	8.29M	12.84M	-2.13M	0.20M	-8.02M	10.55M	12.53M	10.58M	8.95M	6.14M	37.32M
Long-Term Debt Issuance	-0.14M	52.17M	79.66M	31.43M	61.04M	16.92M	21.11M	58.24M	48.81M	10.70M	11.88M	81.38M	22.67M	29.23M	20.88M	1.33M	5.90M	46.90M	18.26M	6.00M	11.01M	11.21M	-2.13M	0.97M	-8.02M	10.55M	12.53M	13.72M	8.95M	4.47M	34.66M
Short-Term Debt Issuance	0.09M	-0.03M	-0.04M	-0.01M	0.00M	-0.21M	0.00M	0.00M	0.00M	-0.14M	0.00M	0.00M	0.00M	0.00M	-0.03M	-0.21M	-0.03M	0.00M	0.15M	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	-0.71M	-1.03M	-0.85M	-2.35M	0.64M	-0.46M	0.10M	-0.04M	0.85M	0.09M	0.00M	0.00M	-0.01M	0.32M	-0.13M	-0.04M	0.14M	-0.14M	-0.61M	6.27M	2.92M	0.28M	0.02M	0.04M	0.34M	-1.95M	-6.67M	2.75M	0.49M	-1.55M	1.13M
Common Stock Issuance	0.00M	0.05M	0.64M	0.07M	2.16M	0.32M	0.53M	0.79M	2.23M	2.34M	1.11M	0.22M	0.80M	2.88M	1.36M	1.42M	1.86M	2.03M	2.19M	20.04M	6.05M	2.01M	0.59M	2.15M	2.64M	2.40M	0.82M	15.47M	7.60M	2.26M	4.90M
Common Stock Repurchased	-0.15M	-0.42M	-1.66M	-3.57M	-1.21M	-1.61M	-0.54M	-0.13M	-0.14M	-1.32M	-0.17M	-0.22M	-1.46M	-0.47M	-1.41M	-0.45M	-0.51M	-4.72M	-3.43M	-0.35M	-0.34M	-0.34M	-0.69M	-0.45M	-2.03M	-2.34M	-7.50M	-4.13M	-2.98M	-2.69M	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	-24.23M	-17.27M	-14.78M	-17.85M	-10.81M	-12.14M	-11.31M	-9.76M	-9.52M	-8.63M	-6.26M	-6.25M	-7.45M	-5.75M	-3.55M	-3.40M	-4.96M	-7.26M	-4.22M	-2.70M	-4.07M	-3.74M	-3.29M	-3.43M	-1.84M	-1.64M	-1.44M	-1.34M	-1.28M	-3.73M	-1.30M
Common Dividends Paid	-21.96M	-15.59M	-18.71M	-17.74M	-10.69M	-12.02M	-11.21M	-10.13M	-9.85M	-8.64M	-6.26M	-6.26M	-7.45M	-5.69M	-2.44M	-2.61M	-4.80M	-6.27M	-4.38M	-2.36M	-3.28M	-3.35M	-3.29M	-3.43M	-1.84M	-1.64M	-1.44M	-1.34M	-1.28M	-3.73M	-1.30M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-10.85M	-11.42M	-9.43M	-6.52M	-7.15M	-9.87M	-2.48M	-2.00M	-7.70M	2.43M	8.39M	24.41M	3.40M	1.15M	-2.01M	-5.05M	-9.67M	-2.46M	1.08M	1.25M	1.61M	-12.97M	-0.49M	6.71M	-0.02M	-4.39M	1.12M	2.23M	-1.48M	-1.86M	1.74M
Net Cash from Financing Activities	-36.80M	16.63M	12.60M	-1.45M	82.07M	-9.67M	21.06M	61.95M	58.41M	12.92M	29.76M	78.10M	31.72M	40.21M	7.52M	-16.44M	-36.49M	44.03M	27.94M	32.10M	2.02M	-5.37M	-5.10M	-1.67M	-9.36M	-4.60M	11.05M	11.72M	10.58M	3.37M	35.47M
Effect of FX on Cash	-0.23M	-0.09M	0.03M	-0.07M	0.11M	-0.03M	0.00M	-0.02M	0.05M	-0.06M	0.11M	-0.02M	0.00M	-0.04M	0.01M	0.08M	0.14M	0.23M	-0.08M	0.01M	-0.31M	-0.29M	-0.08M	0.20M	0.00M	0.00M	0.02M	0.00M	3.12M	0.90M	0.01M
Net Change in Cash	26.89M	3.86M	2.57M	-5.47M	11.48M	10.99M	5.64M	-3.87M	4.04M	2.54M	3.99M	4.22M	5.56M	-3.12M	3.89M	3.28M	12.35M	1.24M	1.52M	-0.27M	-1.11M	0.67M	12.37M	1.26M	-0.71M	1.54M	-0.53M	4.99M	2.47M	5.37M	9.16M
Cash at Beginning of Period	50.94M	63.56M	62.19M	67.28M	70.68M	54.86M	48.84M	61.79M	65.73M	59.16M	54.03M	57.17M	48.10M	58.41M	41.92M	41.68M	29.13M	26.90M	39.93M	30.87M	33.85M	27.67M	24.43M	14.49M	9.86M	7.28M	7.05M	11.98M	11.89M	16.48M	7.06M
Cash at End of Period	188.69M	79.79M	62.65M	63.26M	83.23M	74.19M	55.75M	52.61M	64.06M	82.90M	60.66M	57.72M	63.68M	51.45M	55.16M	44.32M	43.19M	30.71M	30.30M	39.81M	38.89M	27.98M	32.03M	25.14M	5.66M	12.09M	5.89M	11.14M	18.80M	19.30M	15.11M
Operating Cash Flow	251.57M	111.84M	90.06M	94.77M	80.83M	106.83M	81.76M	67.32M	62.54M	92.93M	50.60M	55.27M	87.02M	70.39M	97.30M	72.28M	124.64M	105.57M	91.53M	77.47M	78.10M	67.79M	71.12M	111.46M	88.00M	100.69M	70.57M	67.62M	64.01M	66.81M	59.82M
Capital Expenditure	-105.33M	-100.74M	-77.95M	-122.77M	-86.13M	-58.20M	-76.42M	-117.54M	-105.56M	-87.85M	-70.88M	-133.66M	-62.87M	-124.02M	-130.56M	-79.29M	-71.32M	-132.02M	-105.11M	-63.94M	-87.14M	-116.28M	-86.28M	-133.97M	-140.10M	-156.07M	-125.03M	-303.24M	-76.03M	-116.05M	-47.82M
Free Cash Flow	51.10M	-27.66M	-35.57M	-28.50M	-37.35M	-6.63M	-46.25M	-77.80M	-81.82M	-57.60M	-70.87M	-89.53M	-39.74M	-63.53M	-28.46M	-5.59M	13.69M	-55.34M	-47.37M	-19.36M	-25.09M	-42.64M	-0.18M	-19.47M	-32.55M	-65.70M	-56.69M	-133.57M	-28.83M	-52.39M	-16.00M

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	455.93M	240.40M	250.58M	232.99M	202.78M	136.99M	174.52M	165.70M	166.57M	159.37M	158.29M	151.66M	142.61M	159.28M	191.45M	195.18M	174.80M	224.88M	237.60M	198.84M	159.93M	155.43M	131.76M	111.94M	188.09M	145.72M	108.70M	89.86M	52.78M	53.80M	25.01M
(-) Tax Adjustment	91.69M	54.80M	50.09M	63.04M	40.65M	32.17M	41.71M	31.73M	14.20M	35.11M	41.56M	38.70M	34.77M	31.48M	44.10M	45.95M	36.28M	69.08M	73.70M	61.84M	55.85M	70.89M	51.85M	65.99M	60.91M	54.01M	39.79M	32.52M	21.06M	25.22M	9.66M
(-) Change In Working Capital	-10.98M	-24.43M	-29.59M	-36.27M	-29.18M	-14.59M	-13.43M	-25.04M	-15.44M	-8.49M	-21.72M	-13.31M	-9.73M	-14.36M	-17.27M	-4.58M	-1.63M	-23.43M	-7.46M	2.03M	-12.40M	0.33M	2.97M	-2.21M	5.94M	-7.13M	-0.79M	-7.39M	4.10M	-1.91M	-12.16M
(-) Capital Expenditure	105.33M	100.74M	77.95M	122.77M	86.13M	58.20M	76.42M	117.54M	105.56M	87.85M	70.88M	133.66M	62.87M	124.02M	130.56M	79.29M	71.32M	132.02M	105.11M	63.94M	87.14M	116.28M	86.28M	133.97M	140.10M	156.07M	125.03M	303.24M	76.03M	116.05M	47.82M
Unlevered Free Cash Flow	269.89M	109.28M	152.12M	83.44M	105.19M	61.21M	69.82M	41.46M	62.24M	44.90M	67.57M	-7.39M	54.69M	18.14M	34.06M	74.52M	68.83M	47.22M	66.25M	71.04M	29.34M	-32.07M	-9.33M	-85.80M	-18.86M	-57.23M	-55.32M	-238.51M	-48.40M	-85.55M	-20.31M
(-) Net Interest Income After Taxes	-70.76M	-33.62M	-28.63M	-20.11M	-20.02M	-19.37M	-18.80M	-20.57M	-18.97M	-19.20M	-17.70M	-17.30M	-14.65M	-16.41M	-12.29M	-11.42M	-19.38M	-22.94M	-17.47M	-6.81M	-5.64M	-4.30M	-5.04M	-2.93M	-1.27M	-2.24M	-0.99M	-0.64M	-0.17M	-0.62M	-0.29M
Net Debt Issuance	1.13M	50.17M	84.03M	30.82M	47.32M	7.90M	15.29M	72.76M	54.29M	6.56M	11.77M	65.87M	14.95M	30.85M	16.81M	-1.54M	-4.83M	49.83M	27.28M	11.68M	8.29M	12.84M	-2.13M	0.20M	-8.02M	10.55M	12.53M	10.58M	8.95M	6.14M	37.32M
Levered Free Cash Flow	341.78M	193.07M	264.78M	134.37M	172.52M	88.49M	103.91M	134.79M	135.50M	70.66M	97.04M	75.77M	84.29M	65.40M	63.16M	84.40M	83.38M	119.98M	111.00M	89.53M	43.27M	-14.93M	-6.42M	-82.66M	-25.61M	-44.45M	-41.81M	-227.29M	-39.29M	-78.79M	17.30M