Restaurants

Category: Industry Averages Base Ticker: 7757.TWO

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	23.23	19.01	17.27	16.82	19.65	17.57	16.68	14.69	14.45	13.77	12.35	12.41	11.92	9.07	6.34	6.51	5.40	4.75	7.16	8.93	9.56	8.41	6.25	5.89	7.02	6.22	6.36	5.95	5.52	5.48	5.64
Market Capitalization	2,178.66M	1,586.51M	1,470.46M	1,557.45M	1,857.68M	1,491.80M	1,501.60M	1,135.21M	1,172.56M	1,168.67M	1,014.79M	1,020.78M	957.79M	624.51M	456.09M	426.12M	314.94M	223.72M	402.47M	411.57M	411.63M	598.41M	424.48M	565.66M	580.14M	640.39M	402.04M	502.56M	432.53M	361.94M	189.55M
(-) Cash & Equivalents	160.56M	140.17M	133.68M	127.29M	150.02M	116.31M	102.87M	89.92M	86.63M	79.24M	79.34M	67.51M	53.82M	49.06M	41.23M	35.59M	34.58M	23.83M	21.66M	24.27M	23.41M	22.66M	14.98M	27.64M	17.65M	15.44M	20.28M	13.87M	17.85M	13.52M	9.64M
(+) Total Debt	751.86M	737.03M	700.96M	740.46M	731.95M	661.00M	495.48M	297.90M	285.94M	269.56M	226.74M	235.30M	203.63M	111.94M	110.43M	78.59M	65.86M	87.59M	101.63M	93.24M	92.49M	132.52M	117.28M	136.35M	119.42M	144.28M	125.47M	78.97M	108.33M	61.10M	32.56M
Enterprise Value	3,479.60M	2,326.72M	2,125.31M	2,037.05M	2,333.82M	1,928.45M	1,930.27M	1,540.17M	1,412.33M	1,417.41M	1,226.74M	1,196.08M	1,154.73M	734.46M	606.18M	521.04M	457.75M	345.50M	563.02M	540.78M	480.00M	733.81M	558.53M	630.72M	654.70M	749.02M	586.56M	588.48M	550.32M	494.09M	313.46M

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	1,794.720M	1,581.482M	1,413.898M	1,324.582M	1,124.795M	906.042M	1,166.163M	1,051.181M	975.783M	920.615M	837.452M	724.505M	700.527M	648.245M	554.983M	433.127M	417.855M	379.309M	363.062M	360.886M	359.873M	635.445M	468.744M	608.601M	679.004M	745.280M	566.598M	486.303M	408.546M	346.423M	135.168M
Cost of Revenue	1,074.002M	903.061M	921.183M	836.480M	692.197M	637.871M	700.744M	660.551M	591.225M	562.277M	505.305M	474.454M	429.475M	333.498M	293.267M	225.949M	219.617M	185.690M	201.675M	206.932M	177.809M	307.502M	212.169M	207.390M	213.761M	267.515M	327.599M	298.347M	257.661M	187.027M	49.139M
Gross Profit	720.718M	678.421M	492.715M	488.102M	432.598M	268.171M	465.419M	390.630M	384.558M	358.337M	332.146M	250.051M	271.053M	314.747M	261.717M	207.177M	198.238M	193.619M	161.386M	153.955M	182.064M	327.942M	256.575M	401.211M	465.243M	477.765M	238.999M	187.956M	150.885M	159.396M	86.029M
Gross Margin	40.16%	42.90%	34.85%	36.85%	38.46%	29.60%	39.91%	37.16%	39.41%	38.92%	39.66%	34.51%	38.69%	48.55%	47.16%	47.83%	47.44%	51.05%	44.45%	42.66%	50.59%	51.61%	54.74%	65.92%	68.52%	64.11%	42.18%	38.65%	36.93%	46.01%	63.65%
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	292.714M	193.313M	185.366M	192.075M	192.640M	168.126M	177.553M	169.905M	156.122M	143.274M	124.228M	109.288M	99.838M	59.187M	39.251M	31.552M	26.922M	31.109M	31.597M	33.511M	42.571M	82.347M	46.153M	28.580M	59.402M	62.499M	77.294M	62.578M	79.937M	26.406M	17.166M
Operating Expenses	292.714M	193.313M	185.366M	192.075M	192.640M	168.126M	177.553M	169.905M	156.122M	143.274M	124.228M	109.288M	99.838M	59.187M	39.251M	31.552M	26.922M	31.109M	31.597M	33.511M	42.571M	82.347M	46.153M	28.580M	59.402M	62.499M	77.294M	62.578M	79.937M	26.406M	17.166M
Operating Income	428.004M	485.108M	307.349M	296.027M	239.958M	100.045M	287.867M	220.724M	228.436M	215.064M	207.919M	140.763M	171.215M	255.559M	222.465M	175.625M	171.315M	162.510M	129.789M	120.444M	139.493M	245.595M	210.422M	372.631M	405.841M	415.266M	161.705M	125.378M	70.947M	132.990M	68.863M
Operating Margin	23.85%	30.67%	21.74%	22.35%	21.33%	11.04%	24.68%	21.00%	23.41%	23.36%	24.83%	19.43%	24.44%	39.42%	40.09%	40.55%	41.00%	42.84%	35.75%	33.37%	38.76%	38.65%	44.89%	61.23%	59.77%	55.72%	28.54%	25.78%	17.37%	38.39%	50.95%
Interest Income	2.737M	3.289M	3.045M	1.649M	1.078M	1.184M	1.779M	0.997M	0.900M	0.784M	0.458M	0.486M	0.602M	0.520M	0.401M	0.255M	0.284M	0.309M	0.131M	0.049M	0.072M	0.027M	0.012M	0.005M	0.013M	0.019M	0.000M	0.000M	0.000M	0.017M	0.018M
Interest Expense	28.782M	23.653M	20.406M	21.737M	20.825M	19.787M	15.282M	11.272M	8.966M	7.944M	6.705M	9.033M	8.685M	7.530M	5.764M	4.590M	3.994M	3.385M	3.354M	1.542M	1.356M	1.484M	2.365M	2.095M	2.497M	1.617M	0.788M	0.500M	0.324M	0.300M	0.813M
Net Interest Income	-26.044M	-20.365M	-17.361M	-20.087M	-19.746M	-18.603M	-13.503M	-10.275M	-8.065M	-7.160M	-6.246M	-8.547M	-8.083M	-7.009M	-5.363M	-4.335M	-3.710M	-3.076M	-3.223M	-1.493M	-1.284M	-1.457M	-2.353M	-2.090M	-2.484M	-1.599M	-0.788M	-0.500M	-0.324M	-0.283M	-0.795M
Other Income / Expense	-316.048M	-403.457M	-230.989M	-218.487M	-180.285M	-74.192M	-212.306M	-153.684M	-158.320M	-145.507M	-147.164M	-88.414M	-123.673M	-210.809M	-182.492M	-140.868M	-148.332M	-140.527M	-102.888M	-93.387M	-118.150M	-208.905M	-177.202M	-330.697M	-361.534M	-363.969M	-119.421M	-87.214M	-54.771M	-114.224M	-59.255M
Pre-Tax Income	85.912M	61.287M	58.999M	57.453M	39.927M	7.250M	62.058M	56.765M	62.051M	62.397M	54.508M	43.802M	39.459M	37.741M	34.611M	30.422M	19.274M	18.907M	23.678M	25.564M	20.059M	35.233M	30.867M	39.844M	41.823M	49.698M	41.496M	37.664M	15.853M	18.483M	8.813M
Pre-Tax Margin	4.79%	3.88%	4.17%	4.34%	3.55%	0.80%	5.32%	5.40%	6.36%	6.78%	6.51%	6.05%	5.63%	5.82%	6.24%	7.02%	4.61%	4.98%	6.52%	7.08%	5.57%	5.54%	6.58%	6.55%	6.16%	6.67%	7.32%	7.74%	3.88%	5.34%	6.52%
Income Tax Expense	23.699M	16.656M	13.288M	13.337M	12.255M	3.304M	14.332M	13.266M	14.760M	18.194M	12.825M	14.806M	11.773M	11.540M	9.629M	8.378M	5.201M	6.022M	6.396M	9.537M	6.878M	12.763M	12.759M	13.127M	12.420M	19.380M	15.147M	12.480M	5.825M	6.291M	2.684M
Tax Rate	27.59%	27.18%	22.52%	23.21%	30.69%	35.00%	23.09%	23.37%	23.79%	29.16%	23.53%	33.80%	29.84%	30.58%	27.82%	27.54%	26.99%	31.85%	27.01%	35.00%	34.29%	35.00%	35.00%	32.94%	29.70%	35.00%	35.00%	33.14%	35.00%	34.04%	30.46%
Net Income	62.213M	44.630M	45.711M	44.116M	27.673M	3.946M	47.726M	43.499M	47.291M	44.203M	41.684M	28.996M	27.686M	26.200M	24.982M	22.044M	14.072M	12.885M	17.282M	16.027M	13.180M	22.469M	18.107M	26.718M	29.403M	30.318M	26.349M	25.183M	10.028M	12.191M	6.129M
Net Margin	3.47%	2.82%	3.23%	3.33%	2.46%	0.44%	4.09%	4.14%	4.85%	4.80%	4.98%	4.00%	3.95%	4.04%	4.50%	5.09%	3.37%	3.40%	4.76%	4.44%	3.66%	3.54%	3.86%	4.39%	4.33%	4.07%	4.65%	5.18%	2.45%	3.52%	4.53%
EBIT	428.004M	485.108M	307.349M	296.027M	239.958M	100.045M	287.867M	220.724M	228.436M	215.064M	207.919M	140.763M	171.215M	255.559M	222.465M	175.625M	171.315M	162.510M	129.789M	120.444M	139.493M	245.595M	210.422M	372.631M	405.841M	415.266M	161.705M	125.378M	70.947M	132.990M	68.863M
Depreciation & Amortization	95.435M	83.633M	77.900M	76.026M	74.657M	69.763M	60.869M	45.127M	41.867M	39.473M	36.685M	33.468M	29.989M	26.614M	22.519M	20.025M	19.600M	16.157M	15.583M	13.710M	14.119M	21.754M	20.807M	26.143M	32.880M	38.228M	26.853M	25.885M	19.767M	15.086M	5.939M
EBITDA	523.439M	568.741M	385.249M	372.053M	314.615M	169.807M	348.736M	265.851M	270.303M	254.537M	244.603M	174.231M	201.204M	282.173M	244.985M	195.651M	190.916M	178.666M	145.372M	134.153M	153.612M	267.349M	231.228M	398.774M	438.721M	453.494M	188.558M	151.263M	90.715M	148.075M	74.802M
EBITDA Margin	29.17%	35.96%	27.25%	28.09%	27.97%	18.74%	29.90%	25.29%	27.70%	27.65%	29.21%	24.05%	28.72%	43.53%	44.14%	45.17%	45.69%	47.10%	40.04%	37.17%	42.68%	42.07%	49.33%	65.52%	64.61%	60.85%	33.28%	31.10%	22.20%	42.74%	55.34%
NOPAT	309.937M	353.267M	238.127M	227.310M	166.309M	65.029M	221.386M	169.140M	174.097M	152.354M	159.000M	93.182M	120.130M	177.415M	160.574M	127.258M	125.082M	110.751M	94.731M	78.288M	91.659M	159.637M	136.774M	249.869M	285.324M	269.923M	105.108M	83.832M	46.116M	87.722M	47.888M
NOPAT Margin	17.27%	22.34%	16.84%	17.16%	14.79%	7.18%	18.98%	16.09%	17.84%	16.55%	18.99%	12.86%	17.15%	27.37%	28.93%	29.38%	29.93%	29.20%	26.09%	21.69%	25.47%	25.12%	29.18%	41.06%	42.02%	36.22%	18.55%	17.24%	11.29%	25.32%	35.43%
Owner's Earnings	157.648M	128.263M	123.611M	120.142M	102.330M	73.709M	108.595M	88.626M	89.158M	83.676M	78.368M	62.464M	57.675M	52.815M	47.501M	42.069M	33.673M	29.042M	32.864M	29.737M	27.299M	44.224M	38.914M	52.860M	62.283M	68.546M	53.202M	51.068M	29.795M	27.277M	12.068M
Owner's Earnings Margin	8.78%	8.11%	8.74%	9.07%	9.10%	8.14%	9.31%	8.43%	9.14%	9.09%	9.36%	8.62%	8.23%	8.15%	8.56%	9.71%	8.06%	7.66%	9.05%	8.24%	7.59%	6.96%	8.30%	8.69%	9.17%	9.20%	9.39%	10.50%	7.29%	7.87%	8.93%
EPS	0.35	0.21	0.21	0.19	0.12	0.02	0.22	0.23	0.24	0.20	0.22	0.16	0.15	0.14	0.14	0.14	0.09	0.09	0.14	0.11	0.10	0.12	0.09	0.12	0.16	0.22	0.31	0.28	0.11	0.14	0.07
EPS (Diluted)	0.35	0.21	0.21	0.19	0.12	0.02	0.22	0.23	0.24	0.20	0.22	0.16	0.15	0.14	0.14	0.14	0.09	0.09	0.14	0.11	0.10	0.12	0.09	0.12	0.16	0.22	0.31	0.28	0.11	0.14	0.07
Shares (Diluted)	180,244,443	212,999,446	219,831,795	233,215,760	231,593,447	212,254,212	213,025,855	189,669,953	199,371,275	216,358,797	190,499,885	183,531,493	186,438,754	184,993,779	177,582,449	158,394,813	148,194,995	144,257,685	122,919,266	140,231,165	137,381,227	182,457,553	195,124,847	227,771,692	187,385,429	136,263,361	84,531,460	89,674,531	93,807,613	90,141,053	83,725,501

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	159.34M	143.04M	133.68M	127.25M	150.02M	116.26M	102.84M	89.92M	86.63M	79.24M	79.34M	68.08M	55.18M	49.06M	41.56M	37.00M	35.29M	24.04M	21.96M	25.78M	23.72M	22.73M	15.33M	27.64M	18.09M	15.44M	20.28M	13.73M	17.85M	13.52M	9.64M
Short-Term Investments	14.75M	17.83M	19.81M	23.18M	16.52M	12.53M	9.56M	8.94M	8.43M	10.72M	6.00M	5.19M	5.57M	3.82M	4.18M	1.90M	1.47M	4.54M	3.03M	4.08M	2.21M	4.62M	2.99M	0.74M	1.17M	3.99M	3.97M	1.08M	0.37M	0.18M	0.13M
Cash & Short-Term Investments	174.09M	160.87M	153.49M	150.43M	166.55M	128.80M	112.40M	98.85M	95.07M	89.96M	85.33M	73.27M	60.75M	52.88M	45.74M	38.90M	36.77M	28.59M	24.98M	29.85M	25.93M	27.35M	18.32M	28.37M	19.26M	19.43M	24.25M	14.82M	18.22M	13.70M	9.76M
Net Receivables	51.50M	47.30M	43.54M	46.68M	46.10M	39.31M	40.47M	34.96M	29.92M	27.80M	20.49M	20.97M	20.21M	18.03M	14.15M	10.12M	9.18M	8.20M	8.83M	8.54M	8.32M	10.71M	9.62M	7.31M	11.06M	7.91M	9.01M	7.95M	10.65M	9.26M	7.66M
Inventory	30.60M	27.21M	25.05M	25.26M	22.55M	18.23M	20.08M	19.28M	18.16M	16.78M	15.97M	15.75M	12.81M	10.70M	10.23M	7.75M	6.65M	6.70M	6.51M	6.26M	6.98M	9.28M	7.94M	8.45M	9.73M	14.35M	15.04M	7.41M	15.66M	10.49M	4.07M
Other Current Assets	33.83M	28.40M	22.83M	20.88M	17.20M	15.03M	18.38M	18.12M	17.81M	15.00M	16.12M	16.06M	16.79M	10.75M	9.71M	7.86M	7.51M	8.19M	10.22M	8.36M	7.50M	11.23M	13.57M	16.43M	6.83M	14.44M	20.41M	14.23M	24.08M	11.61M	3.26M
Total Current Assets	290.03M	263.79M	244.90M	243.25M	252.41M	201.36M	191.33M	171.22M	160.96M	149.53M	137.92M	126.05M	110.56M	92.37M	79.85M	64.63M	60.10M	51.68M	50.55M	53.01M	48.73M	58.58M	49.45M	60.55M	46.88M	56.14M	68.71M	44.40M	68.60M	45.07M	24.75M
Property, Plant & Equipment	949.27M	764.86M	743.01M	753.44M	714.64M	624.23M	503.79M	359.86M	342.65M	321.75M	287.30M	290.14M	251.23M	247.35M	189.34M	158.42M	153.84M	149.84M	172.68M	167.23M	169.48M	333.67M	312.65M	320.52M	361.85M	372.78M	307.94M	276.65M	242.75M	205.38M	120.26M
Goodwill	132.52M	119.08M	107.16M	116.68M	102.77M	87.40M	101.03M	91.68M	64.52M	60.93M	54.61M	51.48M	41.55M	34.53M	17.42M	9.41M	9.23M	10.06M	7.67M	9.99M	4.36M	0.96M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	83.73M	77.50M	77.01M	87.69M	80.55M	70.17M	66.63M	48.52M	26.12M	20.91M	16.97M	19.50M	16.74M	13.57M	11.64M	9.72M	6.37M	6.61M	6.48M	5.97M	6.58M	28.72M	26.28M	27.35M	7.72M	19.87M	22.38M	1.79M	6.72M	4.02M	3.05M
Long-Term Investments	23.75M	26.17M	34.58M	37.60M	32.23M	34.76M	38.62M	27.14M	21.72M	18.58M	23.41M	23.05M	21.15M	10.34M	7.50M	3.42M	4.15M	5.63M	1.74M	1.55M	1.58M	0.00M	0.00M	0.00M	0.01M	0.00M	0.68M	0.13M	0.00M	0.00M	0.00M
Tax Assets	17.96M	18.09M	24.60M	19.94M	21.69M	18.09M	13.62M	10.60M	9.95M	9.87M	6.34M	4.59M	4.81M	4.90M	4.89M	3.05M	2.46M	2.25M	1.88M	2.26M	1.89M	1.85M	1.54M	2.88M	2.91M	4.80M	2.96M	1.50M	2.40M	0.78M	0.69M
Other Non-Current Assets	76.98M	52.55M	45.81M	30.11M	29.99M	22.99M	22.68M	20.48M	17.74M	17.15M	17.79M	16.84M	19.50M	27.48M	26.93M	26.28M	24.29M	24.40M	28.29M	27.89M	24.80M	21.54M	25.98M	23.18M	22.29M	23.24M	26.92M	30.11M	31.83M	26.63M	16.41M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.01M	0.00M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	1,284.21M	1,058.25M	1,032.17M	1,045.47M	981.86M	857.64M	746.38M	558.29M	482.71M	449.19M	406.42M	405.60M	354.98M	338.17M	257.72M	210.31M	200.33M	198.79M	218.75M	214.88M	208.69M	386.74M	366.45M	373.92M	394.78M	420.70M	360.87M	310.18M	283.70M	236.81M	140.40M
Total Assets	1,574.24M	1,322.03M	1,277.07M	1,288.71M	1,234.27M	1,058.99M	937.71M	729.51M	643.67M	598.73M	544.34M	531.65M	465.53M	430.54M	337.57M	274.95M	260.43M	250.47M	269.30M	267.89M	257.42M	445.32M	415.90M	434.48M	441.67M	476.83M	429.58M	354.58M	352.30M	281.88M	165.15M
Accounts Payable	101.77M	70.89M	65.71M	62.09M	59.52M	53.40M	54.65M	53.98M	45.66M	42.90M	44.29M	40.31M	33.07M	28.69M	26.16M	18.54M	17.33M	17.84M	19.40M	17.78M	17.81M	22.05M	21.04M	23.78M	24.48M	27.72M	26.72M	20.45M	21.96M	15.32M	7.87M
Short-Term Debt	82.24M	50.35M	26.40M	32.56M	32.96M	48.68M	27.04M	24.00M	20.54M	18.95M	17.55M	17.99M	14.34M	9.75M	14.83M	12.76M	11.48M	10.12M	9.62M	9.18M	11.64M	9.10M	10.04M	13.49M	7.48M	6.08M	6.52M	7.46M	4.13M	4.67M	2.30M
Tax Payables	0.14M	15.08M	10.20M	12.79M	12.06M	10.20M	11.22M	9.90M	8.40M	9.33M	7.04M	8.34M	5.98M	6.16M	5.69M	3.75M	3.93M	2.18M	2.39M	1.94M	1.42M	1.22M	1.62M	1.44M	0.50M	0.49M	0.11M	0.15M	0.22M	0.60M	0.64M
Deferred Revenue	16.47M	3.59M	10.18M	11.92M	30.77M	25.60M	26.86M	18.61M	20.95M	20.04M	16.70M	17.32M	12.40M	11.56M	9.33M	6.25M	4.90M	4.69M	6.03M	6.00M	5.02M	5.60M	2.53M	0.74M	0.54M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	96.04M	59.51M	53.62M	48.60M	41.05M	35.12M	34.85M	43.99M	33.27M	37.53M	27.80M	28.40M	23.72M	27.44M	20.33M	16.25M	15.02M	13.96M	16.02M	14.20M	13.42M	30.80M	30.25M	31.69M	22.62M	47.00M	45.34M	33.01M	42.63M	23.30M	9.09M
Total Current Liabilities	296.66M	199.42M	166.11M	167.96M	176.36M	173.00M	154.62M	150.49M	128.82M	128.77M	113.39M	112.36M	89.52M	83.59M	76.34M	57.55M	52.66M	48.79M	53.46M	49.10M	49.31M	68.77M	65.49M	71.15M	55.63M	81.28M	78.70M	61.06M	68.94M	43.90M	19.90M
Long-Term Debt	478.65M	387.04M	336.44M	363.70M	346.54M	289.97M	325.43M	206.27M	221.81M	189.52M	184.84M	183.55M	172.73M	148.30M	78.07M	51.39M	50.34M	64.38M	76.07M	69.27M	57.47M	110.69M	99.45M	110.90M	150.68M	115.46M	114.80M	75.61M	98.03M	58.35M	30.21M
Capital Lease Obligations	317.11M	371.68M	339.94M	342.35M	334.40M	268.86M	125.06M	7.53M	7.60M	6.95M	3.92M	5.24M	3.69M	2.03M	1.46M	0.99M	0.32M	0.01M	0.01M	0.00M	0.02M	0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	24.48M	15.83M	21.27M	16.62M	12.71M	17.09M	20.95M	15.12M	14.93M	15.17M	9.21M	9.49M	9.47M	9.63M	7.53M	4.81M	4.83M	7.90M	4.42M	5.60M	5.51M	6.64M	9.71M	7.40M	7.53M	10.15M	7.61M	2.76M	4.78M	4.25M	4.28M
Other Non-Current Liabilities	88.54M	34.89M	35.04M	37.11M	42.04M	39.09M	38.91M	51.44M	48.89M	45.47M	37.24M	33.26M	35.60M	16.28M	19.49M	10.75M	10.51M	9.51M	10.15M	10.57M	12.19M	16.98M	12.83M	15.11M	6.17M	13.35M	6.01M	4.79M	5.71M	4.55M	0.89M
Total Non-Current Liabilities	908.79M	809.44M	732.69M	759.78M	735.69M	615.01M	510.34M	280.36M	293.23M	257.11M	235.22M	231.55M	221.49M	176.24M	106.55M	67.94M	66.00M	81.81M	90.66M	85.44M	75.20M	134.34M	121.98M	133.41M	164.39M	138.97M	128.41M	83.16M	108.52M	67.16M	35.38M
Total Liabilities	1,205.45M	1,008.86M	898.80M	927.74M	912.05M	788.01M	664.96M	430.84M	422.05M	385.88M	348.61M	343.91M	311.01M	259.83M	182.89M	125.49M	118.66M	130.61M	144.12M	134.54M	124.51M	203.12M	187.47M	204.56M	220.01M	220.25M	207.11M	144.22M	177.46M	111.06M	55.28M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.01M	0.93M	0.00M	0.04M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.01M	0.00M	0.14M
Common Stock	15.14M	21.11M	22.79M	23.94M	23.91M	22.55M	24.46M	24.87M	24.24M	23.14M	25.05M	24.39M	17.83M	18.58M	17.36M	16.13M	12.95M	13.32M	10.53M	9.84M	10.93M	10.71M	9.27M	7.15M	7.95M	9.82M	9.04M	4.86M	6.43M	3.22M	5.97M
Retained Earnings	200.29M	173.66M	155.62M	127.38M	85.80M	103.66M	167.34M	166.25M	147.21M	130.37M	123.85M	117.13M	115.24M	93.58M	88.65M	70.80M	62.85M	51.08M	51.41M	53.26M	49.39M	87.38M	87.06M	73.71M	78.13M	102.10M	59.82M	42.99M	28.18M	30.30M	21.61M
Accumulated OCI	1.68M	3.10M	0.23M	3.16M	0.17M	-5.13M	-8.07M	-18.59M	-17.23M	-20.21M	-8.50M	-19.90M	-6.25M	-8.35M	-6.20M	-5.04M	-4.13M	-2.32M	-0.94M	-1.06M	-5.61M	-10.46M	-7.89M	-11.62M	-19.48M	-19.74M	-16.22M	-13.70M	-22.01M	-14.08M	-3.78M
Minority Interest	2.50M	2.23M	1.83M	2.29M	1.78M	1.51M	2.39M	2.66M	2.89M	3.69M	3.45M	1.59M	1.18M	1.42M	1.72M	1.88M	0.83M	0.77M	0.67M	0.47M	0.46M	0.76M	0.66M	0.60M	0.11M	0.12M	0.03M	0.00M	0.00M	0.00M	0.05M
Total Shareholders’ Equity	217.11M	197.87M	178.64M	154.47M	109.89M	121.09M	184.66M	172.54M	154.26M	133.43M	140.40M	121.62M	126.82M	103.81M	99.81M	81.89M	71.67M	62.08M	60.99M	62.04M	54.71M	87.62M	88.44M	69.23M	66.60M	92.17M	52.64M	34.15M	12.61M	19.45M	23.94M
Total Equity	219.60M	200.10M	180.47M	156.76M	111.67M	122.60M	187.05M	175.20M	157.15M	137.12M	143.86M	123.21M	128.00M	105.23M	101.53M	83.77M	72.50M	62.86M	61.66M	62.51M	55.17M	88.38M	89.10M	69.82M	66.71M	92.30M	52.67M	34.15M	12.61M	19.45M	23.99M
Total Liabilities & Equity	1,425.05M	1,208.97M	1,079.27M	1,084.51M	1,023.72M	910.61M	852.02M	606.04M	579.20M	523.00M	492.47M	467.12M	439.01M	365.07M	284.42M	209.26M	191.16M	193.46M	205.78M	197.05M	179.68M	291.50M	276.57M	274.39M	286.72M	312.55M	259.78M	178.38M	190.07M	130.51M	79.28M
Tangible Assets	1,357.99M	1,125.45M	1,092.90M	1,084.34M	1,050.95M	901.43M	770.05M	589.30M	553.03M	516.88M	472.76M	460.67M	407.25M	382.44M	308.52M	255.81M	244.84M	233.79M	255.15M	251.94M	246.48M	415.64M	389.62M	407.13M	433.95M	456.96M	407.20M	352.79M	345.58M	277.86M	162.11M
Tangible Equity	3.35M	3.52M	-3.70M	-47.61M	-71.65M	-34.97M	19.39M	35.00M	66.51M	55.28M	72.27M	52.22M	69.72M	57.13M	72.47M	64.63M	56.90M	46.18M	47.51M	46.55M	44.23M	58.70M	62.83M	42.48M	58.99M	72.43M	30.29M	32.36M	5.89M	15.43M	20.95M
Tangible Book Value	3.35M	3.52M	-3.70M	-47.61M	-71.65M	-34.97M	19.39M	35.00M	66.51M	55.28M	72.27M	52.22M	69.72M	57.13M	72.47M	64.63M	56.90M	46.18M	47.51M	46.55M	44.23M	58.70M	62.83M	42.48M	58.99M	72.43M	30.29M	32.36M	5.89M	15.43M	20.95M
Total Investments	37.08M	47.17M	43.46M	48.46M	44.68M	44.27M	45.90M	38.43M	25.49M	23.73M	31.94M	24.95M	24.54M	12.29M	10.22M	6.94M	8.38M	11.21M	5.74M	4.25M	3.52M	3.72M	5.95M	2.92M	1.64M	9.31M	4.91M	0.55M	0.47M	0.15M	0.00M
Net Debt	401.55M	294.34M	229.16M	269.02M	229.48M	222.39M	249.63M	140.35M	155.71M	129.23M	123.06M	133.46M	131.89M	108.98M	51.34M	27.15M	26.52M	50.46M	63.73M	52.67M	45.39M	97.06M	94.16M	96.75M	140.07M	106.11M	101.03M	69.33M	84.31M	49.51M	22.87M

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	-93.32M	-50.38M	-28.09M	-24.20M	0.36M	-24.58M	-36.31M	4.72M	7.79M	7.51M	2.74M	-2.48M	11.88M	-1.69M	0.77M	1.96M	3.22M	8.08M	1.69M	2.28M	-3.54M	-9.01M	-19.75M	-19.97M	-29.93M	-34.85M	13.08M	-9.06M	21.71M	-7.10M	-6.23M
Total Capital	1,302.32M	1,135.23M	1,031.91M	1,056.63M	1,026.97M	923.10M	791.40M	608.82M	564.65M	526.50M	484.37M	496.78M	452.28M	300.54M	268.76M	233.60M	210.13M	210.92M	238.30M	247.63M	241.67M	412.68M	325.41M	356.12M	364.04M	399.53M	331.39M	261.91M	266.32M	207.36M	95.21M
Capital Employed	1,300.67M	1,151.24M	1,112.72M	1,104.94M	1,012.43M	945.54M	864.04M	666.56M	626.15M	604.63M	523.77M	525.88M	488.18M	441.32M	377.50M	239.45M	237.91M	245.13M	248.60M	291.51M	273.60M	408.80M	360.62M	411.47M	451.24M	456.85M	426.32M	329.94M	315.66M	259.28M	185.28M
Invested Capital	1,142.97M	992.19M	898.24M	929.38M	876.95M	806.84M	688.56M	518.90M	478.01M	447.25M	405.03M	428.71M	397.10M	251.48M	227.20M	196.60M	174.84M	186.88M	216.34M	221.86M	217.95M	389.95M	310.08M	328.48M	345.94M	384.09M	311.11M	248.18M	248.47M	193.84M	85.57M

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	83.29M	83.39M	78.35M	75.66M	74.51M	69.31M	59.90M	45.31M	41.87M	39.57M	36.69M	33.44M	29.29M	26.58M	22.76M	18.07M	19.32M	16.25M	15.79M	14.08M	14.08M	21.30M	20.71M	23.47M	36.56M	38.23M	28.05M	25.77M	20.92M	19.03M	7.03M
Deferred Income Tax	0.73M	-1.01M	-1.79M	-2.21M	-1.69M	-5.48M	-0.48M	0.35M	-1.71M	1.16M	-0.15M	-0.96M	-0.82M	0.19M	0.22M	-1.36M	-0.19M	-0.09M	-1.14M	-0.24M	0.00M	0.25M	0.24M	0.14M	0.31M	0.34M	0.63M	0.14M	0.08M	-0.12M	0.08M
Stock-Based Compensation	5.12M	4.42M	4.72M	3.87M	4.23M	1.98M	2.20M	2.58M	2.42M	2.01M	1.84M	1.77M	1.24M	1.00M	0.86M	0.80M	0.72M	0.25M	0.09M	0.28M	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	1.64M	-2.76M	2.31M	-12.45M	1.11M	-2.47M	-0.78M	1.41M	0.18M	-0.87M	4.23M	-1.28M	-0.54M	1.60M	1.05M	1.51M	2.33M	0.29M	0.39M	1.43M	1.87M	2.34M	0.94M	1.82M	1.54M	0.44M	2.06M	0.88M	1.09M	1.18M	-0.46M
Accounts Receivable	-2.37M	-1.78M	-2.29M	-2.95M	-2.96M	-1.77M	-2.13M	-2.28M	-2.35M	-1.69M	-1.09M	-0.76M	-0.53M	-0.45M	-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
Inventory	-0.33M	-0.01M	-0.85M	-3.23M	-1.55M	-0.18M	-1.51M	-0.78M	-0.87M	-0.14M	-0.79M	-0.85M	-0.47M	-0.56M	-0.83M	-0.45M	0.27M	-0.42M	-0.29M	-0.27M	-0.40M	-0.72M	-0.37M	-0.33M	-0.95M	-1.42M	-0.38M	-0.20M	-0.59M	-0.56M	-0.53M
Accounts Payable	0.61M	1.27M	4.48M	2.58M	5.53M	0.00M	0.84M	2.87M	2.10M	0.76M	1.08M	0.33M	0.08M	0.00M	0.04M	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
Other Working Capital	3.07M	0.21M	0.65M	-7.85M	1.18M	-0.79M	2.31M	2.66M	0.50M	-0.18M	4.60M	0.58M	1.34M	3.06M	2.17M	2.31M	1.90M	1.13M	1.28M	1.96M	2.44M	2.52M	1.01M	2.10M	2.87M	1.03M	4.25M	2.56M	2.73M	2.82M	0.18M
Other Non-Cash Items	22.57M	22.50M	15.56M	14.74M	16.37M	27.36M	2.57M	-0.03M	1.19M	0.93M	4.54M	4.20M	2.38M	-1.08M	-0.09M	1.93M	0.18M	1.49M	0.19M	0.84M	0.17M	2.20M	4.87M	1.90M	-1.50M	-11.86M	-2.85M	-0.22M	-1.47M	-1.28M	-3.17M
Net Cash from Operating Activities	182.99M	160.29M	154.98M	134.03M	121.16M	89.06M	124.52M	106.32M	100.13M	100.68M	87.72M	79.88M	72.79M	65.40M	56.96M	45.79M	40.35M	32.64M	33.36M	39.76M	31.79M	42.79M	49.85M	50.76M	74.67M	75.10M	52.09M	51.30M	39.41M	35.50M	11.02M
Capital Expenditures (PPE)	-73.18M	-67.27M	-65.57M	-60.31M	-50.46M	-43.94M	-58.80M	-49.22M	-47.87M	-49.90M	-45.69M	-43.70M	-39.40M	-34.53M	-32.45M	-22.03M	-18.95M	-24.16M	-27.17M	-30.99M	-22.94M	-39.06M	-36.31M	-44.29M	-65.03M	-69.34M	-59.67M	-56.03M	-61.15M	-38.32M	-27.38M
Acquisitions (Net)	0.00M	-2.50M	-1.47M	-2.40M	-1.21M	-3.41M	-2.42M	-3.72M	-2.08M	0.61M	-1.60M	-2.11M	-1.24M	-0.77M	-0.33M	-0.19M	0.02M	-0.40M	-0.52M	-0.68M	-1.42M	-0.38M	-0.04M	-1.38M	0.00M	-1.02M	0.00M	0.00M	0.00M	0.00M	0.30M
Purchases of Investments	0.00M	-3.19M	-6.90M	-7.39M	-6.78M	-4.54M	-4.76M	-6.86M	-5.23M	-7.14M	-2.36M	-1.27M	-1.77M	-0.83M	-0.93M	-1.14M	-1.30M	-0.62M	-1.46M	-1.55M	-0.72M	-0.50M	-0.05M	-0.82M	-0.01M	-0.07M	-0.16M	-1.13M	-0.22M	-0.96M	-0.28M
Sales / Maturities of Investments	0.07M	11.96M	17.35M	7.68M	6.90M	7.80M	9.34M	3.85M	5.27M	5.71M	3.38M	3.07M	2.61M	0.59M	0.31M	1.20M	1.78M	1.14M	1.11M	0.49M	0.28M	0.45M	0.42M	0.00M	0.45M	0.16M	1.15M	6.05M	0.62M	2.99M	0.63M
Other Investing Activities	0.29M	0.02M	1.63M	3.47M	0.86M	0.56M	0.46M	-0.48M	-0.39M	-0.73M	0.34M	0.45M	1.17M	2.19M	1.16M	0.67M	0.27M	2.72M	1.12M	1.90M	0.48M	3.35M	4.15M	6.26M	21.16M	4.90M	0.04M	5.87M	3.44M	0.81M	2.25M
Net Cash from Investing Activities	-78.77M	-86.07M	-69.25M	-75.98M	-58.39M	-56.65M	-55.91M	-61.15M	-53.05M	-55.16M	-54.72M	-57.03M	-44.96M	-34.25M	-33.43M	-21.18M	-17.66M	-25.13M	-32.44M	-36.00M	-31.56M	-35.71M	-38.70M	-39.66M	-31.55M	-65.87M	-47.89M	-34.80M	-50.33M	-45.39M	-15.81M
Net Debt Issuance	-12.01M	7.58M	-15.29M	-2.80M	-23.61M	12.71M	1.08M	3.23M	2.65M	1.53M	7.59M	6.80M	0.79M	-4.49M	-2.06M	-3.80M	-8.04M	-0.27M	6.62M	5.62M	-1.60M	-0.52M	-6.61M	4.66M	-1.43M	3.97M	6.74M	-0.43M	12.68M	7.98M	6.38M
Long-Term Debt Issuance	-11.04M	2.56M	-13.98M	5.86M	-7.69M	8.23M	4.63M	5.64M	1.87M	2.48M	6.63M	3.26M	2.47M	-2.89M	-2.43M	-2.26M	-5.87M	-0.22M	2.29M	2.74M	-1.48M	-1.62M	-6.82M	3.60M	-0.16M	4.03M	6.65M	-0.17M	12.50M	5.76M	6.38M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	-1.38M	-0.72M	0.16M	-0.21M	0.00M	-0.04M	-0.06M	0.00M	0.00M	0.00M	-0.32M	-0.05M	-0.17M	-0.23M	0.00M	0.00M	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	-11.30M	-5.65M	-10.10M	-15.31M	1.37M	1.22M	-4.38M	-6.26M	-4.51M	-3.87M	-1.88M	-1.31M	-1.49M	-1.26M	-1.31M	-0.20M	-0.19M	-0.74M	0.13M	-0.31M	0.14M	-4.10M	-3.59M	1.22M	-4.47M	-1.46M	-4.13M	0.04M	1.98M	1.60M	0.22M
Common Stock Issuance	0.02M	0.55M	0.03M	0.21M	11.47M	9.58M	0.31M	0.35M	0.99M	0.43M	1.26M	2.68M	0.18M	0.29M	0.15M	1.07M	0.21M	0.42M	2.94M	2.47M	2.71M	9.89M	1.70M	9.32M	1.98M	1.18M	1.40M	1.16M	3.10M	2.43M	0.40M
Common Stock Repurchased	-11.25M	-7.63M	-13.83M	-23.04M	-2.69M	-3.26M	-7.80M	-6.83M	-5.63M	-4.02M	-4.16M	-1.76M	-1.99M	-2.73M	-2.11M	-0.87M	-0.47M	-1.63M	-2.21M	-2.03M	-1.88M	-4.77M	-6.52M	-7.83M	-6.97M	-1.99M	-7.56M	-0.92M	0.00M	0.00M	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	-15.89M	-15.08M	-12.03M	-13.52M	-7.05M	-12.85M	-17.71M	-19.12M	-17.62M	-15.59M	-12.87M	-10.89M	-9.37M	-6.49M	-5.69M	-4.32M	-4.05M	-3.37M	-4.34M	-4.16M	-3.45M	-4.42M	-3.09M	-1.49M	-0.06M	-0.15M	-0.33M	-0.33M	0.00M	0.00M	0.00M
Common Dividends Paid	-15.17M	-15.00M	-12.25M	-13.45M	-6.83M	-11.49M	-17.61M	-19.15M	-17.65M	-15.59M	-12.87M	-10.51M	-9.69M	-6.47M	-5.96M	-4.32M	-3.78M	-3.24M	-4.05M	-3.95M	-2.99M	-3.79M	-2.38M	-0.83M	-0.06M	-0.15M	-0.33M	-0.33M	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	-20.27M	-24.86M	-15.84M	-16.35M	-18.73M	-15.38M	-13.13M	-2.64M	-1.32M	0.52M	-1.45M	-1.01M	0.14M	-0.94M	-0.79M	-0.58M	-1.08M	0.19M	0.65M	0.58M	0.41M	-0.49M	-0.48M	-1.44M	1.27M	2.89M	1.76M	0.28M	0.18M	0.24M	0.34M
Net Cash from Financing Activities	-103.39M	-70.94M	-78.87M	-78.04M	-56.67M	-8.91M	-67.01M	-39.32M	-34.20M	-28.89M	-22.66M	-20.40M	-17.34M	-21.87M	-20.18M	-14.71M	-17.30M	-8.61M	-2.06M	-4.47M	-10.89M	-6.14M	-16.59M	-9.52M	-8.73M	-4.58M	6.48M	-11.24M	11.48M	12.19M	7.00M
Effect of FX on Cash	0.03M	0.05M	0.17M	0.53M	-0.12M	0.01M	-0.06M	-0.09M	0.14M	-0.19M	0.00M	0.03M	0.17M	0.00M	-0.02M	-0.01M	0.00M	-0.02M	0.00M	0.03M	0.00M	0.01M	0.01M	0.34M	0.00M	0.00M	0.00M	-0.48M	0.00M	3.05M	0.00M
Net Change in Cash	1.19M	7.99M	1.18M	-21.09M	27.64M	24.68M	9.62M	0.27M	5.74M	4.27M	7.91M	3.56M	4.67M	0.96M	-0.22M	5.15M	5.17M	-0.53M	-1.24M	1.20M	0.73M	1.86M	4.59M	4.16M	1.46M	0.19M	-0.44M	-3.35M	2.47M	4.59M	0.71M
Cash at Beginning of Period	105.61M	135.61M	133.21M	151.45M	119.92M	95.14M	92.02M	90.25M	82.53M	83.31M	68.85M	53.52M	49.95M	43.55M	36.10M	26.59M	22.62M	17.33M	20.25M	16.68M	15.76M	14.74M	22.59M	8.69M	9.71M	19.65M	19.18M	15.68M	15.98M	15.89M	12.01M
Cash at End of Period	168.40M	145.44M	135.34M	140.59M	154.64M	117.41M	106.13M	92.09M	88.20M	83.85M	80.80M	67.14M	53.11M	45.63M	34.66M	32.33M	28.31M	19.46M	19.27M	22.49M	19.83M	20.01M	12.00M	28.01M	9.09M	16.94M	18.88M	9.59M	18.88M	22.89M	15.14M
Operating Cash Flow	183.80M	160.33M	154.98M	132.98M	121.20M	89.07M	124.52M	106.32M	100.13M	100.68M	87.72M	79.88M	72.79M	65.40M	56.96M	45.79M	40.35M	32.63M	33.36M	39.76M	31.79M	42.79M	49.85M	50.76M	74.67M	75.10M	52.09M	51.30M	39.41M	35.50M	11.02M
Capital Expenditure	-72.48M	-72.51M	-66.33M	-60.39M	-50.60M	-44.03M	-58.86M	-49.22M	-47.87M	-49.90M	-45.69M	-43.70M	-39.40M	-34.53M	-32.45M	-22.04M	-18.98M	-24.15M	-27.17M	-30.99M	-22.93M	-39.06M	-37.35M	-45.76M	-65.03M	-69.34M	-59.67M	-56.03M	-61.15M	-38.32M	-27.38M
Free Cash Flow	108.43M	88.97M	74.22M	65.95M	65.63M	46.70M	63.26M	49.19M	41.43M	36.07M	37.81M	25.68M	29.58M	21.92M	23.22M	20.10M	17.71M	5.92M	5.35M	13.46M	11.32M	13.77M	26.14M	10.17M	4.52M	1.84M	-4.09M	-3.67M	-7.15M	-12.57M	-9.32M

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	220.65M	171.61M	163.56M	149.41M	126.49M	94.05M	147.80M	122.51M	119.86M	113.55M	97.99M	87.75M	91.80M	82.86M	74.08M	57.23M	47.74M	37.97M	53.63M	42.50M	39.98M	67.77M	95.12M	84.95M	89.12M	100.15M	68.91M	74.22M	58.91M	42.26M	22.31M
(-) Tax Adjustment	60.87M	46.64M	36.84M	34.68M	38.82M	42.86M	34.13M	28.63M	28.51M	33.11M	23.05M	29.66M	27.39M	25.34M	20.61M	15.76M	12.88M	12.09M	14.49M	15.86M	13.71M	24.55M	39.32M	27.99M	26.47M	39.05M	25.15M	24.59M	21.65M	14.39M	6.80M
(-) Change In Working Capital	1.64M	-2.76M	2.31M	-12.45M	1.11M	-2.47M	-0.78M	1.41M	0.18M	-0.87M	4.23M	-1.28M	-0.54M	1.60M	1.05M	1.51M	2.33M	0.29M	0.39M	1.43M	1.87M	2.34M	0.94M	1.82M	1.54M	0.44M	2.06M	0.88M	1.09M	1.18M	-0.46M
(-) Capital Expenditure	72.48M	72.51M	66.33M	60.39M	50.60M	44.03M	58.86M	49.22M	47.87M	49.90M	45.69M	43.70M	39.40M	34.53M	32.45M	22.04M	18.98M	24.15M	27.17M	30.99M	22.93M	39.06M	37.35M	45.76M	65.03M	69.34M	59.67M	56.03M	61.15M	38.32M	27.38M
Unlevered Free Cash Flow	85.66M	55.21M	58.08M	66.79M	35.96M	9.63M	55.59M	43.25M	43.30M	31.40M	25.02M	15.67M	25.55M	21.40M	19.97M	17.91M	13.55M	1.43M	11.58M	-5.78M	1.46M	1.82M	17.52M	9.38M	-3.90M	-8.69M	-17.97M	-7.28M	-24.97M	-11.62M	-11.40M
(-) Net Interest Income After Taxes	-18.86M	-14.83M	-13.45M	-15.42M	-13.69M	-10.13M	-10.38M	-7.87M	-6.15M	-5.07M	-4.78M	-5.66M	-5.67M	-4.87M	-3.87M	-3.14M	-2.71M	-2.10M	-2.35M	-0.94M	-0.84M	-0.93M	-1.38M	-1.40M	-1.75M	-0.98M	-0.50M	-0.33M	-0.21M	-0.19M	-0.55M
Net Debt Issuance	-12.01M	7.58M	-15.29M	-2.80M	-23.61M	12.71M	1.08M	3.23M	2.65M	1.53M	7.59M	6.80M	0.79M	-4.49M	-2.06M	-3.80M	-8.04M	-0.27M	6.62M	5.62M	-1.60M	-0.52M	-6.61M	4.66M	-1.43M	3.97M	6.74M	-0.43M	12.68M	7.98M	6.38M
Levered Free Cash Flow	92.51M	77.63M	56.25M	79.42M	26.04M	32.47M	67.06M	54.36M	52.09M	38.01M	37.39M	28.13M	32.02M	21.78M	21.77M	17.25M	8.21M	3.26M	20.55M	0.77M	0.71M	2.24M	12.29M	15.44M	-3.59M	-3.74M	-10.74M	-7.38M	-12.08M	-3.46M	-4.47M