Software - Application

Category: Industry Averages Base Ticker: 6959.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	73.04	63.83	44.62	40.47	64.14	51.23	36.34	29.40	29.52	24.38	22.49	19.69	16.02	13.07	12.26	12.28	10.62	9.53	12.35	12.49	10.71	8.78	8.61	7.69	7.84	11.59	17.79	16.22	13.17	10.83	10.27
Market Capitalization	10,277.96M	7,461.47M	6,956.34M	6,038.62M	10,155.12M	7,921.47M	5,822.20M	3,649.90M	2,861.69M	2,549.11M	2,483.88M	1,743.33M	1,276.82M	876.35M	839.90M	986.91M	696.65M	508.36M	796.10M	716.91M	485.19M	367.06M	283.62M	222.35M	216.03M	237.30M	291.61M	237.12M	276.92M	222.99M	146.38M
(-) Cash & Equivalents	575.38M	492.98M	436.65M	391.65M	442.28M	362.88M	278.42M	246.78M	217.50M	201.69M	165.58M	135.99M	132.53M	115.41M	96.31M	104.51M	92.11M	60.84M	58.84M	46.47M	36.89M	31.28M	29.68M	21.76M	16.39M	16.36M	11.29M	9.87M	7.69M	9.70M	5.44M
(+) Total Debt	557.08M	574.48M	597.46M	665.33M	653.20M	505.03M	311.25M	227.89M	188.80M	148.34M	101.43M	85.81M	62.85M	41.21M	31.03M	20.56M	18.95M	19.49M	11.22M	5.74M	6.34M	7.02M	6.67M	7.03M	3.30M	2.49M	3.09M	2.33M	2.76M	3.01M	2.60M
Enterprise Value	10,218.22M	7,540.62M	7,332.52M	6,463.82M	10,374.48M	8,150.63M	5,990.59M	3,887.60M	2,868.50M	2,431.56M	2,460.96M	1,737.34M	1,276.20M	816.13M	782.78M	1,002.01M	704.82M	501.98M	751.56M	667.41M	436.01M	330.01M	239.36M	193.02M	223.60M	237.26M	286.32M	239.34M	288.00M	229.79M	149.98M

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
Revenue	1,995.369M	1,684.144M	1,593.747M	1,469.003M	1,413.419M	1,154.123M	1,050.585M	951.187M	728.334M	629.702M	533.891M	486.371M	469.741M	402.456M	356.090M	320.348M	301.052M	317.922M	265.505M	203.385M	159.953M	120.225M	97.210M	87.276M	64.824M	66.096M	56.219M	46.388M	63.134M	55.145M
Cost of Revenue	778.520M	698.999M	714.653M	692.424M	632.615M	521.936M	454.119M	406.625M	319.284M	276.891M	237.464M	213.876M	209.538M	175.410M	145.003M	127.449M	123.725M	117.860M	97.020M	81.555M	65.528M	51.346M	41.130M	37.045M	24.416M	25.328M	22.417M	16.763M	16.941M	13.921M
Gross Profit	1,216.849M	985.145M	879.095M	776.579M	780.804M	632.187M	596.465M	544.562M	409.050M	352.811M	296.427M	272.494M	260.203M	227.046M	211.088M	192.899M	177.327M	200.062M	168.485M	121.830M	94.425M	68.879M	56.079M	50.231M	40.407M	40.767M	33.802M	29.625M	46.193M	41.224M
Gross Margin	60.98%	58.50%	55.16%	52.86%	55.24%	54.78%	56.77%	57.25%	56.16%	56.03%	55.52%	56.03%	55.39%	56.42%	59.28%	60.22%	58.90%	62.93%	63.46%	59.90%	59.03%	57.29%	57.69%	57.55%	62.33%	61.68%	60.13%	63.86%	73.17%	74.75%
R&D Expenses	245.153M	215.958M	196.847M	186.339M	167.494M	131.653M	111.651M	89.981M	69.752M	50.936M	45.295M	35.670M	35.709M	31.460M	22.124M	18.490M	14.413M	14.233M	12.327M	9.423M	6.838M	5.688M	5.761M	5.734M	5.091M	3.719M	3.856M	3.288M	3.217M	0.302M
SG&A Expenses	607.511M	528.540M	484.360M	458.426M	388.067M	308.464M	282.153M	235.218M	189.568M	177.416M	131.311M	125.275M	119.423M	97.768M	85.158M	72.951M	76.473M	74.500M	60.897M	48.241M	42.265M	34.840M	29.551M	30.113M	18.332M	14.157M	14.648M	13.474M	15.827M	14.961M
Operating Expenses	852.664M	744.498M	681.207M	644.765M	555.561M	440.116M	393.804M	325.199M	259.320M	228.352M	176.606M	160.945M	155.132M	129.228M	107.282M	91.440M	90.886M	88.733M	73.225M	57.664M	49.104M	40.527M	35.312M	35.847M	23.423M	17.876M	18.504M	16.762M	19.045M	15.263M
Operating Income	364.185M	240.647M	197.888M	131.814M	225.243M	192.070M	202.661M	219.362M	149.730M	124.459M	119.822M	111.549M	105.071M	97.818M	103.806M	101.459M	86.441M	111.328M	95.261M	64.166M	45.322M	28.351M	20.767M	14.384M	16.984M	22.891M	15.298M	12.864M	27.148M	25.961M
Operating Margin	18.25%	14.29%	12.42%	8.97%	15.94%	16.64%	19.29%	23.06%	20.56%	19.76%	22.44%	22.94%	22.37%	24.31%	29.15%	31.67%	28.71%	35.02%	35.88%	31.55%	28.33%	23.58%	21.36%	16.48%	26.20%	34.63%	27.21%	27.73%	43.00%	47.08%
Interest Income	19.082M	18.188M	10.550M	4.445M	3.624M	4.217M	5.433M	4.442M	2.976M	1.762M	1.326M	1.113M	0.998M	1.036M	0.925M	0.675M	0.607M	1.295M	0.870M	0.288M	0.256M	0.191M	0.132M	0.104M	0.041M	0.016M	0.000M	0.000M	0.000M	0.002M
Interest Expense	26.477M	20.966M	18.574M	18.497M	20.987M	17.124M	16.100M	12.715M	8.749M	6.928M	4.927M	3.969M	2.719M	2.305M	1.764M	1.275M	1.505M	1.430M	0.533M	0.336M	0.190M	0.170M	0.175M	0.141M	0.064M	0.061M	0.026M	0.067M	0.108M	0.155M
Net Interest Income	-7.395M	-2.778M	-8.024M	-14.052M	-17.363M	-12.906M	-10.667M	-8.273M	-5.772M	-5.166M	-3.601M	-2.855M	-1.721M	-1.269M	-0.839M	-0.600M	-0.898M	-0.135M	0.337M	-0.048M	0.067M	0.021M	-0.043M	-0.037M	-0.023M	-0.045M	-0.026M	-0.067M	-0.108M	-0.153M
Other Income / Expense	-190.242M	-122.091M	-141.632M	-105.952M	-140.328M	-118.360M	-119.294M	-154.241M	-85.465M	-67.143M	-59.038M	-56.887M	-61.469M	-61.600M	-69.062M	-68.644M	-53.652M	-82.047M	-66.670M	-35.375M	-23.639M	-16.380M	-15.895M	-11.194M	-18.504M	-20.199M	-12.942M	-8.864M	-24.399M	-22.996M
Pre-Tax Income	166.548M	115.779M	48.231M	11.810M	67.552M	60.804M	72.700M	56.848M	58.493M	52.151M	57.183M	51.807M	41.881M	34.948M	33.905M	32.215M	31.891M	29.146M	28.928M	28.743M	21.750M	11.992M	4.830M	3.153M	-1.543M	2.647M	2.330M	3.932M	2.641M	2.812M
Pre-Tax Margin	8.35%	6.87%	3.03%	0.80%	4.78%	5.27%	6.92%	5.98%	8.03%	8.28%	10.71%	10.65%	8.92%	8.68%	9.52%	10.06%	10.59%	9.17%	10.90%	14.13%	13.60%	9.97%	4.97%	3.61%	-2.38%	4.01%	4.14%	8.48%	4.18%	5.10%
Income Tax Expense	40.498M	23.618M	21.847M	15.654M	14.272M	13.894M	13.797M	14.141M	11.829M	12.668M	12.875M	12.145M	10.410M	8.973M	6.735M	7.001M	8.186M	8.103M	7.024M	6.902M	5.707M	2.804M	2.067M	1.834M	0.901M	1.536M	1.017M	1.458M	1.389M	1.086M
Tax Rate	24.32%	20.40%	35.00%	35.00%	21.13%	22.85%	18.98%	24.87%	20.22%	24.29%	22.52%	23.44%	24.86%	25.68%	19.86%	21.73%	25.67%	27.80%	24.28%	24.01%	26.24%	23.38%	35.00%	35.00%	0.00%	35.00%	35.00%	35.00%	35.00%	35.00%
Net Income	126.050M	92.161M	26.384M	-3.845M	53.281M	46.910M	58.902M	42.708M	46.664M	39.482M	44.308M	39.662M	31.470M	25.975M	27.170M	25.214M	23.705M	21.043M	21.904M	21.842M	16.042M	9.188M	2.763M	1.318M	-2.443M	1.111M	1.313M	2.474M	1.251M	1.726M
Net Margin	6.32%	5.47%	1.66%	-0.26%	3.77%	4.06%	5.61%	4.49%	6.41%	6.27%	8.30%	8.15%	6.70%	6.45%	7.63%	7.87%	7.87%	6.62%	8.25%	10.74%	10.03%	7.64%	2.84%	1.51%	-3.77%	1.68%	2.34%	5.33%	1.98%	3.13%
EBIT	364.185M	240.647M	197.888M	131.814M	225.243M	192.070M	202.661M	219.362M	149.730M	124.459M	119.822M	111.549M	105.071M	97.818M	103.806M	101.459M	86.441M	111.328M	95.261M	64.166M	45.322M	28.351M	20.767M	14.384M	16.984M	22.891M	15.298M	12.864M	27.148M	25.961M
Depreciation & Amortization	77.912M	67.142M	71.980M	80.339M	75.447M	65.475M	53.964M	37.440M	33.218M	28.620M	22.908M	18.869M	17.804M	15.333M	12.424M	12.407M	11.824M	11.437M	9.383M	7.305M	5.346M	5.080M	4.963M	5.641M	4.574M	3.736M	3.175M	2.905M	3.084M	2.974M
EBITDA	442.097M	307.789M	269.868M	212.153M	300.690M	257.546M	256.625M	256.803M	182.948M	153.080M	142.730M	130.419M	122.875M	113.151M	116.230M	113.866M	98.265M	122.765M	104.643M	71.472M	50.668M	33.431M	25.730M	20.025M	21.559M	26.628M	18.473M	15.769M	30.232M	28.935M
EBITDA Margin	22.16%	18.28%	16.93%	14.44%	21.27%	22.32%	24.43%	27.00%	25.12%	24.31%	26.73%	26.81%	26.16%	28.12%	32.64%	35.54%	32.64%	38.61%	39.41%	35.14%	31.68%	27.81%	26.47%	22.94%	33.26%	40.29%	32.86%	33.99%	47.89%	52.47%
NOPAT	275.630M	191.558M	128.627M	85.679M	177.657M	148.182M	164.198M	164.798M	119.450M	94.226M	92.844M	85.400M	78.953M	72.703M	83.186M	79.409M	64.254M	80.378M	72.129M	48.759M	33.429M	21.722M	13.499M	9.349M	16.984M	14.879M	9.944M	8.361M	17.646M	16.875M
NOPAT Margin	13.81%	11.37%	8.07%	5.83%	12.57%	12.84%	15.63%	17.33%	16.40%	14.96%	17.39%	17.56%	16.81%	18.06%	23.36%	24.79%	21.34%	25.28%	27.17%	23.97%	20.90%	18.07%	13.89%	10.71%	26.20%	22.51%	17.69%	18.02%	27.95%	30.60%
Owner's Earnings	203.962M	159.303M	98.365M	76.494M	128.728M	112.385M	112.867M	80.148M	79.881M	68.103M	67.217M	58.532M	49.274M	41.308M	39.594M	37.621M	35.529M	32.480M	31.286M	29.147M	21.388M	14.268M	7.725M	6.960M	2.131M	4.848M	4.488M	5.380M	4.335M	4.701M
Owner's Earnings Margin	10.22%	9.46%	6.17%	5.21%	9.11%	9.74%	10.74%	8.43%	10.97%	10.82%	12.59%	12.03%	10.49%	10.26%	11.12%	11.74%	11.80%	10.22%	11.78%	14.33%	13.37%	11.87%	7.95%	7.97%	3.29%	7.33%	7.98%	11.60%	6.87%	8.52%
EPS	0.36	0.28	0.07	-0.01	0.15	0.15	0.17	0.12	0.14	0.13	0.16	0.17	0.12	0.12	0.13	0.14	0.15	0.14	0.16	0.13	0.12	0.07	0.03	0.02	-0.04	0.02	0.02	0.04	0.02	0.05
EPS (Diluted)	0.36	0.28	0.07	-0.01	0.15	0.15	0.17	0.12	0.14	0.13	0.16	0.17	0.12	0.12	0.13	0.14	0.15	0.14	0.16	0.13	0.12	0.07	0.03	0.02	-0.04	0.02	0.02	0.04	0.02	0.05
Shares (Diluted)	353,933,214	331,028,408	372,874,894	376,612,357	350,901,636	311,188,158	353,804,750	355,842,612	334,012,219	311,893,516	271,868,146	235,345,956	258,804,743	213,355,656	203,271,811	183,056,767	160,949,512	148,725,194	139,272,819	163,638,583	131,687,436	132,750,477	89,168,475	66,583,450	64,846,990	56,161,558	57,879,510	56,378,396	64,548,473	35,742,745

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	1996
Cash & Cash Equivalents	553.21M	496.63M	436.65M	398.61M	440.16M	366.55M	278.42M	251.27M	217.50M	203.12M	165.58M	135.99M	132.53M	116.13M	97.28M	104.60M	92.40M	60.50M	56.70M	46.85M	36.89M	31.88M	29.68M	24.43M	15.71M	16.59M	12.99M	11.40M	9.26M	6.08M	6.08M
Short-Term Investments	194.99M	156.67M	123.76M	152.81M	99.42M	95.65M	99.61M	62.18M	72.92M	43.93M	44.37M	34.21M	24.05M	19.38M	15.22M	19.61M	10.10M	11.09M	22.14M	27.95M	17.75M	14.91M	10.77M	7.59M	7.31M	5.00M	4.64M	0.79M	0.58M	0.00M	0.00M
Cash & Short-Term Investments	748.20M	653.29M	560.41M	551.42M	539.58M	462.21M	378.02M	313.45M	290.42M	247.05M	209.95M	170.20M	156.57M	135.50M	112.49M	124.20M	102.51M	71.59M	78.84M	74.80M	54.65M	46.79M	40.45M	32.02M	23.02M	21.60M	17.63M	12.19M	9.83M	6.08M	6.08M
Net Receivables	378.60M	366.43M	362.88M	317.53M	284.19M	231.39M	231.99M	202.29M	180.00M	151.28M	116.84M	106.25M	97.09M	86.50M	59.65M	54.63M	48.30M	41.92M	43.32M	34.89M	28.26M	23.21M	13.76M	12.50M	10.05M	9.12M	11.22M	10.22M	10.64M	8.44M	8.44M
Inventory	27.14M	22.93M	39.90M	40.12M	24.94M	21.21M	24.68M	32.73M	29.11M	25.90M	18.44M	21.35M	19.19M	16.84M	12.54M	13.00M	10.46M	9.57M	9.09M	7.18M	7.34M	4.94M	3.34M	3.29M	2.07M	0.93M	1.36M	2.35M	3.58M	4.67M	4.67M
Other Current Assets	110.38M	91.92M	88.85M	74.22M	77.27M	67.07M	54.53M	60.08M	65.57M	50.65M	37.74M	28.69M	23.13M	23.73M	15.62M	14.32M	14.34M	17.15M	13.29M	11.50M	8.21M	5.52M	6.64M	5.30M	2.18M	3.93M	3.98M	9.12M	7.49M	5.54M	5.54M
Total Current Assets	1,264.33M	1,134.57M	1,052.03M	983.29M	925.99M	781.88M	689.22M	608.55M	565.11M	474.87M	382.97M	326.49M	295.98M	262.56M	200.30M	206.16M	175.61M	140.22M	144.55M	128.37M	98.45M	80.46M	64.19M	53.12M	37.31M	35.57M	34.19M	33.89M	31.54M	24.73M	24.73M
Property, Plant & Equipment	231.90M	178.52M	168.60M	173.20M	178.00M	165.70M	133.26M	89.23M	76.52M	71.73M	62.11M	48.97M	48.44M	42.73M	38.00M	31.76M	30.01M	26.72M	22.60M	20.80M	15.24M	10.81M	8.85M	7.67M	6.65M	8.80M	9.48M	7.90M	9.60M	8.33M	8.33M
Goodwill	648.67M	627.85M	678.49M	725.37M	631.24M	454.22M	389.76M	255.85M	223.46M	158.93M	136.35M	101.03M	78.49M	76.53M	38.33M	30.16M	24.66M	23.19M	22.20M	18.38M	5.63M	1.15M	0.00M	0.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	226.15M	225.22M	269.49M	279.97M	292.30M	181.54M	135.92M	77.92M	82.35M	68.54M	59.13M	44.24M	37.70M	40.20M	32.80M	27.91M	21.01M	18.26M	17.09M	10.23M	10.26M	10.70M	10.14M	8.82M	6.20M	6.17M	4.71M	2.70M	2.25M	1.56M	1.56M
Long-Term Investments	97.29M	54.58M	79.56M	72.09M	63.70M	38.40M	28.15M	30.07M	23.13M	20.17M	15.64M	8.62M	6.23M	6.35M	3.48M	4.10M	5.27M	3.13M	0.93M	0.12M	0.02M	0.06M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	81.00M	57.68M	29.73M	20.29M	22.93M	14.78M	13.12M	11.00M	10.40M	7.69M	7.30M	5.43M	6.06M	6.17M	7.82M	7.54M	7.90M	5.65M	5.56M	2.74M	2.21M	1.48M	1.75M	1.34M	0.61M	0.02M	0.01M	0.00M	0.00M	0.05M	0.05M
Other Non-Current Assets	148.88M	159.56M	116.92M	131.80M	123.36M	104.07M	75.84M	33.26M	24.51M	15.52M	14.04M	14.29M	12.67M	11.46M	15.10M	14.95M	8.54M	11.54M	12.21M	9.26M	7.49M	5.32M	4.54M	4.76M	3.30M	3.23M	2.90M	3.38M	3.72M	2.12M	2.12M
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	1,433.87M	1,303.40M	1,342.79M	1,402.71M	1,311.53M	958.71M	776.07M	497.32M	440.37M	342.57M	294.57M	222.58M	189.58M	183.44M	135.53M	116.42M	97.38M	88.50M	80.59M	61.54M	40.85M	29.51M	25.27M	22.63M	16.76M	18.21M	17.10M	13.98M	15.58M	12.06M	12.06M
Total Assets	2,698.20M	2,437.98M	2,394.82M	2,386.00M	2,237.52M	1,740.59M	1,465.29M	1,105.88M	1,005.47M	817.45M	677.54M	549.07M	485.56M	446.00M	335.83M	322.58M	272.99M	228.72M	225.14M	189.91M	139.31M	109.97M	89.46M	75.74M	54.07M	53.78M	51.28M	47.86M	47.12M	36.79M	36.79M
Accounts Payable	117.64M	118.29M	118.91M	102.61M	95.93M	81.61M	85.94M	67.07M	60.48M	48.84M	43.64M	36.79M	32.38M	26.19M	21.58M	21.83M	22.89M	19.15M	17.28M	17.14M	12.52M	11.61M	8.32M	6.13M	4.14M	3.72M	4.64M	5.64M	4.82M	3.49M	3.49M
Short-Term Debt	78.94M	45.84M	44.80M	38.71M	36.43M	35.93M	48.25M	42.97M	27.54M	21.16M	13.97M	11.61M	11.16M	11.27M	6.86M	6.10M	5.52M	5.70M	4.63M	1.46M	1.54M	2.55M	0.85M	1.17M	0.85M	0.74M	0.66M	1.20M	0.89M	1.08M	1.08M
Tax Payables	0.00M	17.52M	17.48M	17.67M	16.73M	15.15M	11.32M	9.08M	7.05M	7.41M	7.51M	5.04M	4.21M	4.60M	3.17M	2.33M	2.30M	1.59M	1.32M	1.31M	0.83M	0.39M	0.26M	0.17M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Revenue	256.43M	166.59M	171.79M	194.60M	217.94M	191.58M	131.14M	92.20M	100.82M	83.84M	49.70M	49.93M	45.17M	33.79M	30.10M	24.42M	19.96M	18.62M	15.32M	14.44M	7.89M	6.80M	6.13M	5.63M	4.27M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	200.79M	236.93M	246.09M	201.63M	187.33M	142.51M	157.68M	141.79M	109.22M	96.44M	71.08M	54.14M	52.35M	48.49M	38.06M	34.26M	26.51M	26.81M	19.56M	12.53M	13.48M	10.16M	6.97M	5.96M	2.86M	7.07M	9.53M	7.07M	8.44M	6.42M	6.42M
Total Current Liabilities	653.79M	585.18M	599.07M	555.22M	554.36M	466.77M	434.33M	353.11M	305.12M	257.69M	185.90M	157.51M	145.28M	124.33M	99.76M	88.94M	77.18M	71.86M	58.11M	46.88M	36.27M	31.51M	22.53M	19.06M	12.13M	11.54M	14.83M	13.91M	14.14M	10.99M	10.99M
Long-Term Debt	520.28M	403.58M	449.07M	504.97M	498.37M	364.47M	217.98M	161.36M	124.21M	78.08M	81.28M	51.05M	33.36M	18.70M	12.50M	8.99M	6.78M	5.37M	3.51M	1.46M	1.79M	1.72M	1.43M	2.07M	0.64M	0.86M	0.95M	1.11M	1.67M	1.01M	1.01M
Capital Lease Obligations	40.66M	56.18M	51.52M	54.03M	63.95M	60.36M	30.03M	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	0.00M	0.00M	0.00M
Deferred Tax Liabilities	5.92M	9.50M	15.22M	16.39M	30.19M	13.06M	12.17M	11.79M	7.97M	5.07M	4.19M	3.27M	2.82M	2.55M	2.48M	1.43M	2.00M	1.33M	1.12M	0.51M	0.42M	0.31M	0.13M	0.03M	0.00M	0.00M	0.00M	0.00M	0.02M	0.19M	0.19M
Other Non-Current Liabilities	80.86M	58.66M	47.37M	42.29M	47.59M	38.89M	32.54M	26.33M	21.89M	17.41M	11.66M	7.90M	10.11M	10.24M	8.97M	7.73M	5.30M	6.98M	4.43M	3.20M	3.04M	2.00M	1.79M	1.52M	0.66M	0.57M	0.30M	0.32M	0.49M	0.16M	0.16M
Total Non-Current Liabilities	647.71M	527.93M	563.17M	617.68M	640.09M	476.79M	292.72M	199.48M	154.06M	100.55M	97.12M	62.22M	46.29M	31.49M	23.95M	18.15M	14.08M	13.68M	9.05M	5.18M	5.25M	4.03M	3.35M	3.62M	1.30M	1.43M	1.25M	1.43M	2.19M	1.37M	1.37M
Total Liabilities	1,301.50M	1,113.10M	1,162.24M	1,172.90M	1,194.45M	943.56M	727.05M	552.60M	459.18M	358.25M	283.02M	219.73M	191.58M	155.82M	123.71M	107.10M	91.25M	85.54M	67.17M	52.05M	41.52M	35.54M	25.88M	22.68M	13.43M	12.97M	16.08M	15.35M	16.33M	12.36M	12.36M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	38.40M	38.58M	46.18M	47.54M	42.77M	42.91M	49.98M	50.36M	55.00M	45.73M	37.04M	26.30M	29.60M	23.83M	21.55M	17.76M	16.25M	12.69M	11.39M	10.29M	9.83M	9.23M	7.29M	4.90M	3.85M	3.22M	3.00M	0.72M	1.07M	1.28M	1.28M
Retained Earnings	-13.78M	7.64M	0.64M	-6.78M	96.28M	95.62M	174.12M	189.95M	176.74M	157.05M	141.98M	123.52M	104.50M	84.69M	91.77M	84.28M	68.52M	65.30M	59.51M	42.30M	20.69M	4.63M	0.88M	-4.89M	-3.83M	-1.59M	-0.87M	-0.05M	5.16M	6.92M	6.92M
Accumulated OCI	29.98M	-4.93M	-2.76M	8.41M	4.48M	-1.66M	0.53M	0.76M	0.18M	-1.29M	0.65M	-4.01M	-3.38M	-2.47M	-2.37M	-1.20M	-1.09M	-0.55M	0.11M	-0.17M	-0.47M	-0.28M	-0.64M	-1.14M	-1.37M	-0.97M	-0.96M	-1.54M	-2.35M	-1.76M	-1.76M
Minority Interest	14.27M	12.64M	20.11M	21.06M	17.50M	4.88M	10.86M	6.99M	6.42M	4.33M	2.80M	2.70M	2.39M	1.39M	1.24M	1.23M	1.15M	0.78M	0.38M	0.31M	0.51M	0.20M	0.12M	0.03M	0.01M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	54.59M	41.29M	44.06M	49.17M	143.54M	136.87M	224.63M	241.07M	231.92M	201.48M	179.67M	145.81M	130.72M	106.05M	110.95M	100.85M	83.68M	77.44M	71.02M	52.43M	30.04M	13.58M	7.53M	-1.13M	-1.35M	0.66M	1.17M	-0.86M	3.89M	6.44M	6.44M
Total Equity	68.86M	53.93M	64.18M	70.23M	161.04M	141.75M	235.49M	248.05M	238.34M	205.81M	182.47M	148.51M	133.11M	107.44M	112.19M	102.07M	84.84M	78.22M	71.39M	52.74M	30.56M	13.78M	7.65M	-1.09M	-1.34M	0.67M	1.17M	-0.86M	3.89M	6.44M	6.44M
Total Liabilities & Equity	1,370.37M	1,167.03M	1,226.42M	1,243.13M	1,355.50M	1,085.31M	962.53M	800.65M	697.52M	564.06M	465.49M	368.24M	324.69M	263.27M	235.90M	209.17M	176.09M	163.77M	138.56M	104.79M	72.07M	49.32M	33.53M	21.59M	12.09M	13.64M	17.25M	14.48M	20.22M	18.80M	18.80M
Tangible Assets	1,823.39M	1,584.90M	1,446.84M	1,380.67M	1,313.98M	1,104.83M	939.60M	772.11M	699.66M	589.97M	482.06M	403.80M	369.38M	329.27M	264.70M	264.50M	227.33M	187.26M	185.85M	161.29M	123.42M	98.12M	79.32M	66.88M	47.87M	47.62M	46.57M	45.17M	44.86M	35.23M	35.23M
Tangible Equity	-805.95M	-799.15M	-883.80M	-935.10M	-762.50M	-494.01M	-290.20M	-85.72M	-67.47M	-21.67M	-13.01M	3.24M	16.92M	-9.29M	41.06M	44.00M	39.17M	36.77M	32.10M	24.12M	14.66M	1.93M	-2.49M	-9.95M	-7.54M	-5.50M	-3.54M	-3.56M	1.63M	4.88M	4.88M
Tangible Book Value	-805.95M	-799.15M	-883.80M	-935.10M	-762.50M	-494.01M	-290.20M	-85.72M	-67.47M	-21.67M	-13.01M	3.24M	16.92M	-9.29M	41.06M	44.00M	39.17M	36.77M	32.10M	24.12M	14.66M	1.93M	-2.49M	-9.95M	-7.54M	-5.50M	-3.54M	-3.56M	1.63M	4.88M	4.88M
Total Investments	295.19M	211.34M	195.01M	165.85M	183.96M	168.20M	113.80M	115.48M	91.47M	63.70M	51.98M	35.03M	26.21M	12.69M	20.02M	21.08M	20.81M	12.67M	23.43M	10.11M	12.67M	8.03M	3.13M	4.06M	3.81M	1.68M	0.85M	0.01M	0.03M	0.00M	0.00M
Net Debt	46.01M	-47.21M	57.21M	145.07M	94.63M	33.84M	-12.18M	-46.94M	-65.75M	-103.88M	-70.34M	-73.33M	-88.00M	-86.16M	-77.92M	-89.51M	-80.11M	-49.43M	-48.56M	-43.93M	-33.56M	-27.62M	-27.39M	-21.19M	-14.21M	-14.99M	-11.38M	-9.08M	-6.70M	-3.99M	-3.99M

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
Working Capital	411.93M	521.63M	470.36M	519.05M	480.60M	344.28M	327.90M	267.75M	219.74M	252.10M	212.32M	172.37M	168.38M	135.49M	133.28M	139.14M	113.42M	93.66M	81.53M	86.40M	62.57M	43.69M	36.50M	33.43M	29.22M	26.05M	24.26M	21.95M	28.84M	24.07M
Total Capital	2,131.30M	1,826.53M	1,734.99M	1,836.97M	1,755.75M	1,322.59M	1,059.88M	868.86M	752.90M	661.87M	544.09M	481.38M	402.88M	353.51M	309.71M	288.92M	247.35M	230.24M	206.20M	154.55M	123.07M	100.19M	73.01M	66.83M	49.12M	40.68M	50.86M	38.87M	44.42M	38.33M
Capital Employed	2,473.79M	2,236.58M	2,048.27M	2,271.94M	2,193.57M	1,509.80M	1,270.83M	887.78M	864.17M	676.20M	676.37M	522.50M	448.40M	386.40M	339.41M	329.89M	290.25M	257.23M	247.45M	188.03M	134.65M	111.93M	85.11M	66.77M	53.07M	51.33M	55.68M	42.13M	50.20M	43.93M
Invested Capital	1,578.09M	1,329.90M	1,298.35M	1,438.36M	1,315.59M	956.04M	781.47M	617.58M	535.40M	458.75M	378.51M	345.39M	270.36M	237.39M	212.44M	184.32M	154.95M	169.73M	149.50M	107.70M	86.18M	68.30M	43.32M	42.40M	33.41M	24.09M	37.87M	27.48M	35.16M	32.25M

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	75.55M	80.44M	82.39M	84.43M	76.34M	69.04M	54.63M	37.77M	33.12M	29.09M	23.12M	23.48M	22.67M	16.66M	14.14M	13.03M	12.81M	11.86M	8.87M	7.35M	5.48M	5.22M	4.69M	5.73M	5.47M	4.12M	3.66M	3.42M	4.06M	4.56M	3.20M
Deferred Income Tax	-1.92M	-7.80M	-3.63M	-7.34M	-6.66M	-3.70M	-4.05M	-4.25M	-3.29M	-1.35M	-1.00M	-0.36M	-1.17M	0.00M	-0.50M	-0.15M	-0.08M	-0.46M	-0.52M	-0.24M	0.00M	0.00M	0.00M	0.00M	-0.02M	-0.02M	0.00M	0.00M	-0.07M	-0.18M	0.05M
Stock-Based Compensation	92.21M	86.92M	90.26M	78.07M	62.58M	39.32M	27.95M	18.24M	14.74M	11.63M	7.73M	5.68M	5.28M	4.16M	3.12M	2.17M	2.26M	1.37M	0.96M	0.09M	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	-22.51M	-18.35M	-31.93M	-41.52M	-24.70M	-9.38M	-16.14M	-3.62M	-0.66M	1.50M	-0.41M	-0.70M	1.13M	-6.86M	-4.19M	-1.66M	0.59M	1.02M	-0.54M	-1.21M	1.08M	0.26M	0.52M	-0.42M	-1.45M	0.23M	-1.17M	-2.00M	0.29M	0.30M	-1.86M
Accounts Receivable	-23.01M	-37.38M	-32.54M	-43.99M	-43.52M	-19.88M	-25.56M	-16.53M	-15.44M	-13.10M	-10.16M	-7.95M	-3.67M	-7.44M	-1.76M	-1.05M	0.48M	-0.17M	-0.24M	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	0.01M	-0.19M	-1.61M	-11.32M	-1.41M	-1.33M	-1.52M	0.20M	-1.20M	-2.33M	-0.57M	-1.36M	0.26M	-1.52M	-1.00M	0.58M	0.07M	-0.66M	-1.39M	-0.82M	-0.33M	-0.22M	0.02M	-0.19M	-0.07M	-0.14M	-0.20M	-0.06M	0.01M	-0.23M
Accounts Payable	2.55M	7.75M	6.50M	8.98M	23.91M	10.18M	14.61M	10.04M	2.35M	5.67M	3.69M	0.41M	0.09M	0.59M	0.12M	0.34M	-0.11M	-0.17M	0.10M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	0.78M	3.66M	-3.57M	2.68M	13.68M	4.87M	3.80M	8.67M	7.70M	9.23M	4.17M	3.97M	2.04M	0.05M	2.30M	-0.18M	1.56M	0.21M	1.05M	1.19M	3.45M	1.31M	1.02M	-0.64M	-0.30M	0.26M	-0.18M	-0.02M	0.08M	0.72M	-0.78M
Other Non-Cash Items	53.78M	25.90M	37.19M	44.25M	26.55M	25.10M	11.95M	15.01M	7.53M	7.85M	3.21M	1.91M	1.61M	1.42M	1.51M	-0.34M	0.93M	1.49M	-0.34M	0.92M	0.67M	0.69M	1.92M	3.80M	2.84M	1.13M	0.53M	0.80M	0.71M	0.40M	0.20M
Net Cash from Operating Activities	404.51M	322.82M	224.99M	169.71M	182.24M	161.28M	134.23M	109.43M	92.44M	83.04M	77.17M	65.73M	62.71M	48.68M	44.41M	41.71M	44.46M	40.20M	36.63M	29.30M	23.43M	14.36M	11.61M	6.87M	3.10M	4.33M	2.53M	4.20M	3.65M	6.75M	4.85M
Capital Expenditures (PPE)	-38.44M	-36.64M	-42.14M	-49.17M	-49.72M	-43.37M	-40.09M	-35.05M	-28.92M	-27.02M	-22.12M	-22.45M	-19.90M	-15.92M	-13.51M	-11.32M	-8.94M	-11.76M	-9.97M	-7.96M	-6.03M	-3.48M	-3.06M	-2.97M	-3.58M	-3.87M	-3.48M	-5.15M	-4.17M	-3.18M	-1.62M
Acquisitions (Net)	-3.18M	-13.56M	-7.08M	-36.91M	-120.92M	-15.54M	-43.83M	-13.91M	-9.44M	-6.06M	-17.65M	-10.52M	-2.26M	-5.69M	-6.81M	-3.42M	-2.23M	-5.55M	-4.31M	-4.32M	-2.32M	-1.14M	-0.36M	-0.30M	-0.37M	-0.63M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-274.27M	-245.28M	-181.04M	-173.19M	-158.19M	-215.00M	-149.17M	-139.45M	-138.05M	-101.69M	-55.49M	-26.79M	-26.59M	-7.87M	-8.00M	-11.03M	-11.00M	-19.08M	-22.28M	-23.21M	-14.59M	-5.71M	-6.23M	-3.43M	-1.74M	-2.03M	-3.53M	-1.63M	-1.00M	-1.33M	-0.65M
Sales / Maturities of Investments	260.50M	214.23M	169.39M	176.93M	169.03M	172.10M	147.90M	153.51M	122.40M	92.74M	53.64M	23.67M	19.66M	14.25M	8.47M	9.14M	13.36M	14.52M	13.47M	15.73M	11.20M	5.53M	3.13M	2.71M	1.26M	1.71M	0.71M	0.10M	1.05M	0.00M	0.00M
Other Investing Activities	-10.73M	-18.40M	-6.22M	-5.50M	-2.42M	-4.51M	0.81M	-2.25M	-3.84M	-1.83M	-1.15M	-1.07M	-1.64M	-1.78M	-1.05M	0.06M	-0.49M	-0.14M	-1.42M	-0.21M	-0.25M	-1.25M	-0.65M	-0.41M	-0.23M	-0.79M	-0.28M	-0.33M	-0.64M	-0.92M	-0.48M
Net Cash from Investing Activities	-125.96M	-128.83M	-91.20M	-129.06M	-250.44M	-173.11M	-138.68M	-84.94M	-84.64M	-54.33M	-66.07M	-44.22M	-39.52M	-23.73M	-30.08M	-27.00M	-18.19M	-25.18M	-25.26M	-18.64M	-8.53M	-8.94M	-5.61M	-3.95M	-5.71M	-7.30M	-8.55M	-8.86M	-6.62M	-9.59M	-6.89M
Net Debt Issuance	-20.94M	-13.17M	-1.86M	-8.84M	60.44M	59.01M	14.95M	6.60M	8.74M	-1.79M	7.60M	2.94M	-0.19M	-0.29M	0.68M	0.56M	0.34M	1.19M	0.92M	0.13M	-0.28M	-0.13M	-0.41M	-0.99M	0.04M	0.11M	0.06M	-0.01M	0.91M	-0.26M	-0.08M
Long-Term Debt Issuance	-12.64M	-12.72M	-4.81M	-4.84M	24.62M	59.35M	12.26M	8.85M	9.67M	0.16M	7.68M	2.99M	0.49M	-0.47M	0.63M	0.93M	0.06M	1.04M	0.50M	0.15M	-0.13M	0.14M	-0.25M	-0.93M	-0.04M	0.13M	0.09M	0.07M	0.49M	-0.25M	-0.08M
Short-Term Debt Issuance	-0.10M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-106.13M	-61.85M	-25.98M	-20.65M	7.24M	-1.96M	-4.90M	-5.35M	-3.21M	-2.36M	-0.93M	0.03M	-0.13M	0.03M	-1.41M	-0.37M	-0.21M	-1.72M	0.25M	0.15M	0.30M	0.43M	0.44M	0.25M	1.29M	2.57M	0.97M	0.98M	0.77M	2.36M	2.09M
Common Stock Issuance	1.83M	5.74M	4.12M	5.62M	16.21M	10.75M	2.98M	2.74M	1.56M	2.10M	2.28M	0.59M	0.56M	0.72M	1.11M	1.76M	0.90M	0.93M	4.30M	3.64M	2.03M	2.05M	1.38M	2.08M	2.61M	4.52M	4.10M	3.93M	1.59M	3.93M	5.01M
Common Stock Repurchased	-113.08M	-66.11M	-26.77M	-20.67M	-15.43M	-5.95M	-10.54M	-16.88M	-12.18M	-6.26M	-2.97M	-2.42M	-1.55M	-1.05M	-3.32M	-2.47M	-0.48M	-4.21M	-4.18M	-2.16M	-2.26M	-0.64M	-0.05M	-0.14M	-0.23M	-0.01M	0.00M	-0.02M	0.00M	-0.08M	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	-5.81M	-12.91M	-8.24M	-5.42M	-9.47M	-11.64M	-10.89M	-12.40M	-9.74M	-10.82M	-10.31M	-8.03M	-8.71M	-5.56M	-3.36M	-2.47M	-1.86M	-1.98M	-1.83M	-1.59M	-1.65M	-0.64M	-0.27M	-0.12M	-0.14M	-0.02M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Dividends Paid	-5.81M	-12.28M	-8.29M	-5.77M	-10.63M	-14.58M	-13.01M	-11.88M	-9.74M	-10.82M	-10.01M	-7.90M	-8.57M	-5.29M	-3.23M	-2.11M	-1.93M	-2.06M	-1.82M	-1.43M	-1.75M	-0.56M	-0.27M	-0.12M	-0.14M	-0.02M	0.00M	-0.04M	0.00M	0.00M	0.00M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-40.18M	-12.58M	-7.94M	8.41M	5.59M	-7.26M	8.44M	-4.01M	10.33M	4.05M	13.44M	4.29M	3.22M	1.76M	2.00M	2.70M	0.94M	0.09M	2.15M	0.72M	0.17M	0.55M	0.10M	-0.03M	-0.17M	0.28M	0.28M	0.00M	-0.04M	-0.07M	0.05M
Net Cash from Financing Activities	-218.50M	-122.33M	-74.77M	-14.79M	123.25M	121.53M	11.08M	-15.06M	25.99M	-6.82M	18.34M	-1.43M	-7.43M	-7.06M	-8.93M	-5.51M	-4.13M	-10.36M	-3.33M	-2.31M	-6.85M	-0.33M	0.65M	-1.13M	1.36M	6.96M	6.90M	6.14M	1.07M	3.81M	4.33M
Effect of FX on Cash	2.81M	-2.36M	0.06M	-2.11M	-1.00M	-0.90M	-0.23M	-0.78M	0.41M	-0.69M	-0.85M	-0.30M	-0.34M	0.04M	-0.15M	0.13M	0.03M	-0.39M	0.20M	0.08M	-0.02M	0.04M	0.06M	0.02M	-0.02M	0.00M	-0.02M	-0.01M	-0.05M	-0.05M	0.02M
Net Change in Cash	57.44M	40.23M	20.57M	-6.25M	34.45M	81.16M	26.90M	21.12M	9.83M	16.07M	29.18M	11.26M	14.73M	13.08M	-1.36M	8.07M	16.22M	6.02M	8.89M	8.22M	1.88M	1.37M	5.22M	1.95M	-0.10M	4.32M	2.38M	4.27M	0.64M	4.63M	1.57M
Cash at Beginning of Period	424.24M	460.45M	428.95M	432.42M	372.65M	295.46M	293.79M	242.86M	202.79M	175.65M	136.90M	121.34M	114.80M	99.40M	106.16M	91.78M	66.08M	58.96M	47.26M	37.61M	32.82M	27.87M	24.95M	21.19M	16.65M	9.79M	10.89M	6.76M	8.86M	6.97M	3.12M
Cash at End of Period	598.27M	513.73M	443.44M	431.67M	435.44M	370.84M	292.29M	279.99M	215.22M	197.79M	162.29M	134.57M	124.90M	110.33M	97.12M	98.55M	92.74M	63.91M	56.49M	46.80M	37.59M	31.59M	31.54M	27.01M	17.94M	16.09M	13.39M	12.15M	10.44M	11.27M	4.29M
Operating Cash Flow	403.25M	322.82M	224.39M	169.74M	182.24M	161.28M	134.23M	109.43M	92.44M	83.04M	77.17M	65.73M	62.71M	48.68M	44.41M	41.71M	44.46M	40.20M	36.63M	29.30M	23.43M	14.36M	11.61M	6.87M	3.62M	4.33M	2.53M	4.20M	3.65M	6.75M	4.85M
Capital Expenditure	-47.05M	-49.24M	-52.00M	-52.98M	-51.89M	-49.97M	-44.92M	-35.30M	-29.62M	-27.98M	-23.16M	-23.10M	-20.62M	-16.06M	-13.57M	-11.34M	-9.25M	-12.19M	-9.93M	-7.97M	-5.65M	-3.47M	-3.06M	-2.97M	-3.59M	-3.87M	-3.48M	-5.15M	-4.17M	-3.18M	-1.62M
Free Cash Flow	355.97M	258.85M	176.11M	110.18M	129.54M	115.46M	91.64M	78.51M	64.79M	58.14M	55.91M	43.23M	39.21M	31.41M	30.23M	33.40M	28.06M	28.20M	28.97M	21.81M	17.50M	10.65M	7.66M	4.39M	-0.20M	1.26M	-0.57M	-0.66M	-0.11M	2.59M	1.01M

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	291.99M	215.02M	150.53M	131.29M	192.46M	132.87M	124.52M	106.81M	96.96M	83.38M	83.05M	77.43M	59.79M	65.59M	56.83M	57.77M	46.97M	38.43M	41.93M	37.09M	27.38M	19.30M	12.55M	7.70M	3.77M	5.12M	4.22M	6.36M	6.54M	7.57M	0.00M
(-) Tax Adjustment	71.00M	43.86M	68.18M	174.03M	40.66M	30.36M	23.63M	26.57M	19.61M	20.25M	18.70M	18.15M	14.86M	16.84M	11.29M	12.55M	12.06M	10.68M	10.18M	8.91M	7.18M	4.51M	5.37M	4.48M	-2.20M	2.97M	1.84M	2.36M	3.44M	2.92M	0.00M
(-) Change In Working Capital	-22.51M	-18.35M	-31.93M	-41.52M	-24.70M	-9.38M	-16.14M	-3.62M	-0.66M	1.50M	-0.41M	-0.70M	1.13M	-6.86M	-4.19M	-1.66M	0.59M	1.02M	-0.54M	-1.21M	1.08M	0.26M	0.52M	-0.42M	-1.45M	0.23M	-1.17M	-2.00M	0.29M	0.30M	-1.86M
(-) Capital Expenditure	47.05M	49.24M	52.00M	52.98M	51.89M	49.97M	44.92M	35.30M	29.62M	27.98M	23.16M	23.10M	20.62M	16.06M	13.57M	11.34M	9.25M	12.19M	9.93M	7.97M	5.65M	3.47M	3.06M	2.97M	3.59M	3.87M	3.48M	5.15M	4.17M	3.18M	1.62M
Unlevered Free Cash Flow	196.45M	140.26M	62.28M	-54.20M	124.61M	61.92M	72.10M	48.57M	48.39M	33.64M	41.60M	36.88M	23.18M	39.54M	36.16M	35.53M	25.07M	14.54M	22.37M	21.42M	13.46M	11.05M	3.60M	0.67M	3.83M	-1.94M	0.07M	0.86M	-1.37M	1.17M	0.24M
(-) Net Interest Income After Taxes	-5.60M	-2.21M	-4.39M	4.58M	-13.69M	-9.96M	-8.64M	-6.22M	-4.60M	-3.91M	-2.79M	-2.19M	-1.29M	-0.94M	-0.67M	-0.47M	-0.67M	-0.10M	0.25M	-0.04M	0.05M	0.02M	-0.02M	-0.02M	-0.04M	-0.02M	-0.01M	-0.04M	-0.05M	-0.09M	0.00M
Net Debt Issuance	-20.94M	-13.17M	-1.86M	-8.84M	60.44M	59.01M	14.95M	6.60M	8.74M	-1.79M	7.60M	2.94M	-0.19M	-0.29M	0.68M	0.56M	0.34M	1.19M	0.92M	0.13M	-0.28M	-0.13M	-0.41M	-0.99M	0.04M	0.11M	0.06M	-0.01M	0.91M	-0.26M	-0.08M
Levered Free Cash Flow	181.11M	129.31M	64.81M	-67.62M	198.75M	130.90M	95.69M	61.38M	61.73M	35.76M	52.00M	42.00M	24.28M	40.20M	37.51M	36.56M	26.07M	15.83M	23.04M	21.59M	13.13M	10.91M	3.21M	-0.31M	3.91M	-1.81M	0.14M	0.89M	-0.40M	1.01M	0.16M