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Category: Industry Averages Base Ticker: 9919.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	5.17	4.97	4.46	4.93	7.52	6.19	5.85	5.13	5.85	5.69	7.86	7.77	7.03	5.05	5.96	10.36	7.67	5.57	8.79	10.58	12.46	13.35	13.76	13.32	18.38	19.97	20.24	15.74	18.88	21.75	19.80
Market Capitalization	695.44M	480.81M	487.99M	470.41M	699.78M	555.71M	545.29M	428.22M	499.68M	500.42M	528.56M	396.16M	284.12M	197.20M	207.65M	204.58M	182.25M	142.80M	280.75M	319.20M	422.05M	475.16M	501.83M	698.66M	871.06M	1,261.71M	628.96M	778.42M	709.38M	710.68M	605.15M
(-) Cash & Equivalents	72.25M	82.04M	73.02M	74.51M	92.73M	73.23M	53.57M	48.45M	43.64M	41.78M	43.05M	32.99M	35.11M	26.91M	25.23M	28.52M	23.17M	21.11M	18.41M	16.76M	20.59M	23.74M	34.68M	35.49M	30.08M	128.83M	39.86M	73.89M	49.28M	46.67M	5.97M
(+) Total Debt	128.29M	123.47M	138.00M	149.67M	157.21M	132.30M	115.94M	79.78M	48.84M	47.31M	33.39M	24.32M	25.14M	15.46M	9.97M	8.30M	9.22M	14.50M	15.43M	12.12M	16.61M	19.77M	57.29M	79.96M	83.63M	203.68M	51.76M	48.15M	45.61M	82.68M	86.11M
Enterprise Value	933.65M	619.04M	567.85M	625.81M	818.86M	639.82M	656.86M	516.02M	544.39M	573.52M	601.79M	434.09M	331.53M	201.66M	199.69M	189.60M	174.22M	143.67M	253.75M	317.11M	422.11M	464.75M	497.28M	745.43M	911.90M	1,398.68M	658.80M	776.77M	701.55M	733.70M	676.92M

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	677.531M	493.899M	508.296M	493.755M	450.431M	378.870M	370.666M	469.851M	393.107M	333.031M	260.035M	226.133M	199.987M	156.575M	135.304M	118.426M	115.486M	141.294M	149.243M	143.699M	150.988M	152.518M	274.308M	399.532M	484.431M	475.169M	283.979M	342.910M	518.070M	584.360M	567.815M
Cost of Revenue	416.734M	279.617M	306.113M	303.189M	297.265M	285.389M	262.351M	256.995M	201.280M	176.635M	145.958M	134.739M	111.962M	104.169M	84.453M	71.919M	71.167M	84.399M	87.846M	75.918M	85.660M	93.371M	101.030M	135.926M	119.035M	144.238M	74.099M	55.830M	70.252M	96.223M	115.555M
Gross Profit	260.797M	214.282M	202.183M	190.567M	153.166M	93.481M	108.315M	212.856M	191.827M	156.396M	114.077M	91.395M	88.025M	52.407M	50.851M	46.507M	44.319M	56.895M	61.396M	67.780M	65.329M	59.147M	173.278M	263.606M	365.395M	330.931M	209.880M	287.080M	447.818M	488.137M	452.260M
Gross Margin	38.49%	43.39%	39.78%	38.60%	34.00%	24.67%	29.22%	45.30%	48.80%	46.96%	43.87%	40.42%	44.02%	33.47%	37.58%	39.27%	38.38%	40.27%	41.14%	47.17%	43.27%	38.78%	63.17%	65.98%	75.43%	69.64%	73.91%	83.72%	86.44%	83.53%	79.65%
R&D Expenses	2.329M	2.013M	3.332M	3.366M	3.010M	2.520M	2.130M	1.203M	1.146M	0.617M	0.171M	0.075M	0.031M	0.006M	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	0.003M	0.107M	0.125M	0.000M
SG&A Expenses	79.538M	52.587M	60.406M	63.932M	63.519M	53.099M	55.212M	50.769M	43.571M	50.112M	42.355M	39.378M	32.012M	25.930M	12.749M	13.084M	13.628M	16.647M	14.590M	12.860M	14.890M	21.588M	92.045M	99.302M	155.421M	216.663M	106.100M	107.347M	203.877M	232.343M	211.733M
Operating Expenses	81.867M	54.600M	63.738M	67.298M	66.529M	55.619M	57.342M	51.972M	44.717M	50.729M	42.526M	39.453M	32.043M	25.935M	12.749M	13.084M	13.628M	16.647M	14.590M	12.860M	14.890M	21.588M	92.045M	99.302M	155.421M	216.663M	106.100M	107.349M	203.985M	232.468M	211.733M
Operating Income	178.930M	159.682M	138.445M	123.269M	86.637M	37.861M	50.973M	160.885M	147.110M	105.668M	71.552M	51.941M	55.981M	26.471M	38.102M	33.423M	30.691M	40.249M	46.807M	54.921M	50.438M	37.559M	81.233M	164.304M	209.975M	114.268M	103.780M	179.730M	243.833M	255.669M	240.527M
Operating Margin	26.41%	32.33%	27.24%	24.97%	19.23%	9.99%	13.75%	34.24%	37.42%	31.73%	27.52%	22.97%	27.99%	16.91%	28.16%	28.22%	26.58%	28.49%	31.36%	38.22%	33.41%	24.63%	29.61%	41.12%	43.34%	24.05%	36.54%	52.41%	47.07%	43.75%	42.36%
Interest Income	1.304M	1.100M	1.020M	0.859M	0.593M	0.517M	0.584M	0.563M	0.471M	0.346M	0.315M	0.511M	0.419M	0.343M	0.298M	0.152M	0.148M	0.474M	0.465M	0.116M	0.159M	0.169M	0.106M	0.076M	0.047M	0.120M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	7.526M	5.604M	7.609M	6.029M	5.777M	5.028M	7.236M	3.819M	2.784M	3.149M	2.838M	1.742M	0.972M	1.000M	0.754M	0.685M	0.817M	1.191M	0.824M	0.510M	0.427M	0.621M	0.776M	0.906M	2.773M	0.976M	0.064M	0.107M	0.048M	1.575M	0.950M
Net Interest Income	-6.222M	-4.504M	-6.589M	-5.170M	-5.183M	-4.511M	-6.652M	-3.255M	-2.313M	-2.803M	-2.522M	-1.232M	-0.553M	-0.657M	-0.456M	-0.533M	-0.669M	-0.717M	-0.359M	-0.394M	-0.269M	-0.452M	-0.670M	-0.829M	-2.726M	-0.857M	-0.064M	-0.107M	-0.048M	-1.575M	-0.950M
Other Income / Expense	-147.906M	-139.498M	-110.549M	-100.107M	-56.771M	-24.032M	-31.811M	-141.402M	-126.428M	-82.956M	-56.137M	-36.249M	-46.409M	-18.091M	-27.955M	-25.589M	-25.887M	-31.742M	-37.047M	-47.582M	-45.163M	-30.828M	-76.689M	-131.231M	-227.228M	-49.335M	-15.066M	-132.011M	-210.189M	-212.953M	-188.972M
Pre-Tax Income	24.802M	15.680M	21.307M	17.991M	24.683M	9.319M	12.510M	16.227M	18.369M	19.909M	12.892M	14.460M	9.020M	7.723M	9.691M	7.300M	4.135M	7.790M	9.400M	6.944M	5.007M	6.279M	3.874M	32.244M	-19.979M	64.077M	88.650M	47.612M	33.597M	41.141M	50.605M
Pre-Tax Margin	3.66%	3.17%	4.19%	3.64%	5.48%	2.46%	3.37%	3.45%	4.67%	5.98%	4.96%	6.39%	4.51%	4.93%	7.16%	6.16%	3.58%	5.51%	6.30%	4.83%	3.32%	4.12%	1.41%	8.07%	-4.12%	13.49%	31.22%	13.88%	6.48%	7.04%	8.91%
Income Tax Expense	6.948M	4.342M	4.935M	5.566M	6.542M	3.472M	4.773M	5.771M	3.878M	5.799M	5.563M	5.859M	3.554M	3.231M	5.091M	2.030M	2.418M	2.690M	3.140M	2.097M	1.820M	1.685M	3.488M	13.305M	-3.161M	25.979M	32.994M	18.501M	18.018M	17.891M	22.052M
Tax Rate	28.01%	27.69%	23.16%	30.94%	26.50%	35.00%	35.00%	35.00%	21.11%	29.13%	35.00%	35.00%	35.00%	35.00%	35.00%	27.80%	35.00%	34.53%	33.40%	30.19%	35.00%	26.84%	35.00%	35.00%	15.82%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%
Net Income	17.854M	11.338M	16.372M	12.425M	18.141M	5.847M	7.736M	10.456M	14.491M	14.110M	7.329M	8.601M	5.465M	4.492M	4.600M	5.271M	1.717M	5.100M	6.260M	4.848M	3.187M	4.594M	0.386M	18.939M	-16.818M	38.098M	55.656M	29.112M	15.579M	23.250M	28.552M
Net Margin	2.64%	2.30%	3.22%	2.52%	4.03%	1.54%	2.09%	2.23%	3.69%	4.24%	2.82%	3.80%	2.73%	2.87%	3.40%	4.45%	1.49%	3.61%	4.19%	3.37%	2.11%	3.01%	0.14%	4.74%	-3.47%	8.02%	19.60%	8.49%	3.01%	3.98%	5.03%
EBIT	178.930M	159.682M	138.445M	123.269M	86.637M	37.861M	50.973M	160.885M	147.110M	105.668M	71.552M	51.941M	55.981M	26.471M	38.102M	33.423M	30.691M	40.249M	46.807M	54.921M	50.438M	37.559M	81.233M	164.304M	209.975M	114.268M	103.780M	179.730M	243.833M	255.669M	240.527M
Depreciation & Amortization	19.763M	18.934M	19.972M	21.616M	23.262M	22.329M	18.646M	11.571M	11.245M	8.920M	6.974M	7.165M	6.409M	5.086M	3.580M	3.597M	3.839M	3.990M	3.153M	4.186M	5.936M	6.116M	8.696M	46.968M	49.938M	33.558M	13.409M	15.620M	24.554M	30.334M	25.038M
EBITDA	198.693M	178.616M	158.417M	144.885M	109.899M	60.191M	69.619M	172.456M	158.355M	114.588M	78.525M	59.106M	62.391M	31.558M	41.682M	37.020M	34.530M	44.239M	49.960M	59.106M	56.375M	43.676M	89.929M	211.272M	259.912M	147.826M	117.189M	195.350M	268.388M	286.003M	265.565M
EBITDA Margin	29.33%	36.16%	31.17%	29.34%	24.40%	15.89%	18.78%	36.70%	40.28%	34.41%	30.20%	26.14%	31.20%	20.16%	30.81%	31.26%	29.90%	31.31%	33.48%	41.13%	37.34%	28.64%	32.78%	52.88%	53.65%	31.11%	41.27%	56.97%	51.81%	48.94%	46.77%
NOPAT	128.805M	115.460M	106.379M	85.130M	63.674M	24.610M	33.133M	104.575M	116.053M	74.888M	46.509M	33.762M	36.388M	17.206M	24.766M	24.131M	19.949M	26.352M	31.172M	38.339M	32.785M	27.479M	52.802M	106.798M	176.754M	74.274M	67.457M	116.825M	158.492M	166.185M	156.343M
NOPAT Margin	19.01%	23.38%	20.93%	17.24%	14.14%	6.50%	8.94%	22.26%	29.52%	22.49%	17.89%	14.93%	18.20%	10.99%	18.30%	20.38%	17.27%	18.65%	20.89%	26.68%	21.71%	18.02%	19.25%	26.73%	36.49%	15.63%	23.75%	34.07%	30.59%	28.44%	27.53%
Owner's Earnings	37.617M	30.271M	36.344M	34.041M	41.403M	28.176M	26.382M	22.027M	25.736M	23.030M	14.303M	15.766M	11.875M	9.579M	8.181M	8.867M	5.556M	9.090M	9.413M	9.033M	9.124M	10.710M	9.083M	65.907M	33.120M	71.656M	69.065M	44.732M	40.134M	53.584M	53.591M
Owner's Earnings Margin	5.55%	6.13%	7.15%	6.89%	9.19%	7.44%	7.12%	4.69%	6.55%	6.92%	5.50%	6.97%	5.94%	6.12%	6.05%	7.49%	4.81%	6.43%	6.31%	6.29%	6.04%	7.02%	3.31%	16.50%	6.84%	15.08%	24.32%	13.04%	7.75%	9.17%	9.44%
EPS	0.08	0.05	0.07	0.05	0.08	0.03	0.03	0.05	0.08	0.09	0.05	0.06	0.04	0.04	0.04	0.05	0.02	0.04	0.05	0.04	0.03	0.04	0.00	0.14	-0.11	0.34	0.54	0.27	0.13	0.21	0.27
EPS (Diluted)	0.08	0.05	0.07	0.05	0.08	0.03	0.03	0.05	0.08	0.09	0.05	0.06	0.04	0.04	0.04	0.05	0.02	0.04	0.05	0.04	0.03	0.04	0.00	0.14	-0.11	0.34	0.54	0.27	0.13	0.21	0.27
Shares (Diluted)	210,121,110	214,999,078	240,743,595	233,763,851	233,549,228	216,490,605	234,530,085	211,482,723	175,927,103	164,111,238	147,422,308	144,381,342	134,228,738	114,368,346	111,199,781	109,042,116	106,107,162	114,005,345	129,543,645	136,143,417	125,392,934	129,714,429	142,064,155	135,131,877	156,166,624	113,332,883	102,608,602	108,053,047	120,878,175	109,700,846	105,930,458

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	77.84M	82.04M	73.57M	74.53M	92.73M	73.24M	54.05M	48.45M	44.00M	42.52M	43.85M	34.31M	35.81M	27.46M	26.04M	29.11M	23.69M	21.87M	19.40M	17.31M	23.02M	32.70M	35.78M	36.91M	106.82M	144.00M	110.85M	84.45M	57.49M	50.88M	6.62M
Short-Term Investments	20.23M	4.16M	6.97M	3.67M	11.89M	7.06M	10.56M	5.15M	7.66M	9.54M	3.30M	5.76M	5.31M	4.02M	3.29M	2.48M	1.55M	1.81M	1.73M	0.92M	3.31M	9.51M	5.37M	4.63M	10.13M	18.08M	28.50M	7.61M	0.00M	0.13M	0.08M
Cash & Short-Term Investments	98.06M	86.20M	80.54M	78.20M	104.62M	80.30M	64.61M	53.60M	51.67M	52.06M	47.15M	40.07M	41.12M	31.47M	29.33M	31.59M	25.24M	23.68M	21.13M	18.23M	26.33M	42.21M	41.15M	41.54M	116.95M	162.08M	139.34M	92.06M	57.49M	51.00M	6.70M
Net Receivables	190.35M	145.52M	125.28M	158.96M	152.63M	105.66M	95.30M	83.47M	89.99M	86.72M	76.52M	50.90M	45.46M	34.48M	29.66M	26.20M	25.48M	32.77M	30.75M	27.11M	36.68M	40.95M	33.56M	37.87M	48.80M	75.33M	44.73M	238.08M	53.56M	52.02M	54.37M
Inventory	5.03M	3.21M	4.73M	5.89M	5.63M	4.83M	6.33M	8.60M	7.49M	6.45M	3.75M	3.55M	3.19M	3.00M	1.77M	1.72M	1.82M	3.06M	2.92M	3.27M	3.72M	10.55M	11.04M	9.14M	9.29M	4.03M	7.39M	9.88M	9.62M	15.13M	18.61M
Other Current Assets	25.40M	10.18M	25.15M	23.51M	22.14M	19.31M	22.37M	28.24M	20.25M	21.19M	14.57M	14.68M	12.63M	13.10M	8.13M	4.33M	5.94M	6.53M	6.68M	4.43M	8.15M	10.99M	12.26M	45.90M	85.06M	21.89M	32.21M	50.92M	97.74M	34.11M	54.84M
Total Current Assets	318.85M	245.11M	235.70M	266.56M	285.02M	210.10M	188.61M	173.91M	169.39M	166.42M	141.99M	109.19M	102.40M	82.06M	68.89M	63.84M	58.49M	66.04M	61.47M	53.04M	74.88M	104.69M	98.01M	134.45M	260.10M	263.33M	223.67M	390.94M	218.40M	152.27M	134.53M
Property, Plant & Equipment	69.31M	54.19M	57.11M	55.69M	59.05M	48.91M	51.40M	26.28M	19.06M	19.32M	17.82M	15.07M	14.76M	13.57M	12.78M	10.72M	10.58M	14.33M	14.66M	14.97M	21.54M	31.90M	40.83M	59.09M	125.36M	94.98M	85.60M	93.43M	80.89M	83.34M	68.88M
Goodwill	73.97M	71.60M	64.77M	67.88M	75.27M	62.76M	78.34M	76.77M	52.19M	50.42M	36.27M	21.01M	19.45M	17.23M	9.01M	5.30M	6.66M	9.48M	10.45M	19.60M	7.75M	17.12M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	72.05M	43.84M	39.18M	49.27M	42.11M	48.02M	47.07M	32.36M	20.23M	23.96M	20.25M	9.57M	6.18M	5.00M	5.56M	7.01M	6.56M	8.17M	8.34M	7.05M	7.06M	11.02M	44.29M	62.43M	160.24M	304.81M	126.44M	93.03M	89.31M	117.93M	132.46M
Long-Term Investments	29.32M	12.15M	14.82M	12.86M	13.41M	12.94M	12.34M	7.35M	7.99M	7.08M	5.27M	2.76M	2.19M	1.23M	0.53M	0.49M	0.65M	0.40M	0.35M	0.84M	0.60M	0.52M	0.27M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	7.48M	4.65M	5.27M	5.49M	6.09M	4.65M	4.80M	3.62M	3.27M	2.67M	2.20M	1.80M	1.50M	1.44M	1.64M	1.63M	1.63M	2.07M	1.69M	1.56M	4.22M	3.56M	0.38M	4.31M	1.24M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	10.23M	14.55M	9.95M	13.17M	8.73M	6.78M	6.58M	7.99M	7.84M	8.41M	4.27M	7.15M	6.59M	4.72M	7.21M	5.61M	4.62M	5.49M	6.35M	5.04M	8.25M	8.78M	27.70M	38.57M	95.22M	123.94M	47.70M	23.12M	19.14M	19.68M	14.47M
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	262.35M	200.98M	191.10M	204.35M	204.66M	184.07M	200.54M	154.38M	110.59M	111.85M	86.08M	57.36M	50.67M	43.20M	36.73M	30.76M	30.69M	39.94M	41.85M	49.05M	49.42M	72.90M	113.46M	164.40M	382.06M	523.74M	259.75M	209.57M	189.35M	220.95M	215.81M
Total Assets	581.20M	446.08M	426.80M	470.91M	489.69M	394.17M	389.15M	328.29M	279.98M	278.27M	228.07M	166.55M	153.07M	125.25M	105.63M	94.61M	89.18M	105.98M	103.32M	102.09M	124.30M	177.60M	211.47M	298.85M	642.16M	787.06M	483.42M	600.51M	407.75M	373.22M	350.34M
Accounts Payable	63.53M	60.39M	64.39M	71.90M	67.50M	60.02M	61.11M	54.50M	40.69M	41.27M	39.44M	36.56M	29.82M	26.62M	21.80M	17.48M	17.17M	19.83M	23.90M	21.41M	24.22M	30.65M	33.17M	31.90M	37.57M	52.44M	36.86M	153.24M	30.44M	28.36M	29.08M
Short-Term Debt	35.44M	28.23M	25.28M	19.85M	17.06M	15.54M	17.70M	10.12M	6.53M	6.86M	3.74M	5.72M	5.41M	4.56M	3.70M	4.35M	4.60M	5.77M	4.28M	7.60M	11.13M	16.69M	27.36M	22.37M	40.70M	34.87M	19.06M	25.53M	3.91M	7.69M	20.08M
Tax Payables	0.16M	3.35M	3.66M	5.52M	6.06M	6.05M	4.68M	4.08M	4.53M	4.02M	3.82M	3.30M	2.11M	2.98M	1.83M	1.09M	1.05M	1.20M	1.58M	1.08M	1.19M	0.56M	0.82M	0.17M	0.08M	0.04M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Revenue	6.70M	0.50M	2.57M	15.34M	30.61M	23.41M	20.59M	9.87M	17.39M	15.63M	9.53M	13.06M	6.35M	8.70M	4.61M	2.26M	1.33M	2.19M	1.94M	2.55M	3.74M	5.43M	5.59M	3.82M	10.57M	0.00M	1.20M	1.27M	1.79M	0.00M	0.00M
Other Current Liabilities	42.90M	51.71M	41.48M	34.71M	18.71M	22.08M	27.37M	55.00M	32.90M	29.79M	27.35M	26.04M	20.55M	15.90M	15.70M	13.59M	13.74M	16.00M	13.99M	21.71M	18.05M	29.09M	6.97M	4.71M	23.60M	10.50M	143.31M	115.31M	110.20M	76.68M	70.58M
Total Current Liabilities	148.73M	144.17M	137.38M	147.32M	139.95M	127.11M	131.44M	133.57M	102.05M	97.56M	83.87M	84.67M	64.24M	58.76M	47.64M	38.76M	37.90M	44.98M	45.70M	54.34M	58.33M	82.42M	73.91M	62.99M	112.52M	97.85M	200.43M	295.34M	146.35M	112.73M	119.74M
Long-Term Debt	76.99M	24.62M	32.91M	56.58M	55.63M	70.56M	75.29M	65.10M	40.52M	21.43M	27.01M	16.91M	18.91M	7.57M	4.26M	2.41M	2.31M	3.22M	3.32M	3.45M	7.57M	12.38M	28.14M	45.47M	53.94M	69.10M	79.79M	60.99M	48.52M	78.73M	74.08M
Capital Lease Obligations	5.31M	19.13M	21.59M	21.49M	22.92M	20.01M	10.08M	0.17M	0.08M	0.07M	0.02M	0.02M	0.04M	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
Deferred Tax Liabilities	4.93M	3.46M	3.62M	5.49M	5.76M	3.76M	5.19M	1.49M	1.14M	3.30M	2.12M	0.93M	0.68M	0.76M	0.78M	0.88M	0.67M	0.62M	0.71M	0.28M	0.31M	0.19M	0.12M	0.00M	0.00M	6.93M	11.97M	1.98M	1.50M	2.48M	0.00M
Other Non-Current Liabilities	17.87M	13.81M	10.04M	9.40M	9.66M	9.89M	7.04M	13.38M	6.39M	5.61M	5.06M	5.37M	3.60M	3.73M	2.22M	1.95M	1.27M	1.91M	4.93M	4.38M	5.13M	4.04M	6.41M	17.76M	64.63M	13.48M	5.41M	45.23M	11.51M	3.82M	3.71M
Total Non-Current Liabilities	105.10M	61.01M	68.17M	92.96M	93.97M	104.21M	97.60M	80.15M	48.13M	30.41M	34.21M	23.22M	23.23M	12.08M	7.27M	5.24M	4.25M	5.75M	8.96M	8.10M	13.01M	16.60M	34.67M	63.23M	118.57M	89.51M	97.17M	108.20M	61.53M	85.03M	77.78M
Total Liabilities	253.83M	205.19M	205.55M	240.28M	233.92M	231.31M	229.04M	213.71M	150.18M	127.98M	118.08M	107.89M	87.47M	70.84M	54.91M	44.00M	42.15M	50.73M	54.66M	62.44M	71.34M	99.02M	108.58M	126.21M	231.10M	187.36M	297.59M	403.54M	207.87M	197.77M	197.52M
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	28.78M	23.06M	23.84M	23.77M	24.70M	26.98M	24.91M	20.79M	18.18M	19.28M	18.88M	17.36M	17.29M	15.72M	9.90M	11.65M	8.69M	9.19M	8.77M	9.51M	13.58M	16.44M	16.40M	14.77M	22.55M	26.14M	27.34M	5.10M	2.27M	0.00M	0.00M
Retained Earnings	71.32M	59.52M	51.90M	39.98M	44.24M	33.92M	40.40M	42.44M	47.62M	35.49M	29.12M	22.44M	18.03M	14.79M	11.71M	7.99M	2.30M	3.83M	5.17M	4.76M	0.56M	-1.78M	-2.91M	1.77M	53.70M	81.48M	162.47M	136.14M	161.64M	122.91M	84.14M
Accumulated OCI	30.19M	10.90M	2.65M	6.36M	4.43M	3.03M	3.19M	2.06M	0.93M	1.21M	0.68M	-1.75M	-1.23M	-1.43M	-1.12M	-0.67M	-0.26M	-0.27M	-0.01M	0.00M	-0.16M	-0.24M	-1.41M	-5.47M	-0.34M	-0.52M	2.45M	-30.04M	-88.04M	-88.65M	-75.85M
Minority Interest	3.34M	3.68M	3.41M	4.03M	3.32M	2.79M	3.73M	2.60M	2.34M	2.25M	1.81M	1.53M	1.37M	0.93M	0.82M	0.43M	0.75M	0.32M	0.60M	0.54M	1.25M	2.57M	3.80M	5.76M	19.99M	28.30M	17.32M	12.50M	8.00M	7.22M	0.05M
Total Shareholders’ Equity	130.29M	93.47M	78.38M	70.11M	73.37M	63.93M	68.51M	65.28M	66.73M	55.97M	48.67M	38.04M	34.09M	29.08M	20.49M	18.96M	10.74M	12.76M	13.93M	14.27M	13.98M	14.42M	12.08M	11.08M	75.92M	107.10M	192.26M	111.20M	75.86M	34.26M	8.29M
Total Equity	133.62M	97.15M	81.79M	74.14M	76.69M	66.72M	72.24M	67.88M	69.07M	58.23M	50.48M	39.57M	35.46M	30.01M	21.31M	19.39M	11.49M	13.08M	14.53M	14.81M	15.23M	16.99M	15.88M	16.83M	95.90M	135.40M	209.59M	123.70M	83.86M	41.48M	8.34M
Total Liabilities & Equity	387.46M	302.34M	287.33M	314.42M	310.60M	298.04M	301.28M	281.59M	219.25M	186.20M	168.56M	147.46M	122.93M	100.85M	76.21M	63.39M	53.64M	63.80M	69.19M	77.25M	86.57M	116.01M	124.46M	143.05M	327.00M	322.76M	507.18M	527.24M	291.73M	239.24M	205.87M
Tangible Assets	435.18M	330.64M	322.86M	353.76M	372.30M	283.39M	263.74M	219.15M	207.56M	203.89M	171.55M	135.98M	127.44M	103.02M	91.05M	82.30M	75.96M	88.33M	84.53M	75.44M	109.49M	149.45M	167.18M	236.42M	481.92M	482.25M	356.97M	507.48M	318.44M	255.29M	217.88M
Tangible Equity	-12.40M	-18.29M	-22.16M	-43.01M	-40.70M	-44.06M	-53.17M	-41.26M	-3.35M	-16.16M	-6.04M	8.99M	9.83M	7.78M	6.73M	7.08M	-1.72M	-4.57M	-4.26M	-11.83M	0.41M	-11.15M	-28.41M	-45.60M	-64.34M	-169.41M	83.14M	30.67M	-5.45M	-76.45M	-124.12M
Tangible Book Value	-12.40M	-18.29M	-22.16M	-43.01M	-40.70M	-44.06M	-53.17M	-41.26M	-3.35M	-16.16M	-6.04M	8.99M	9.83M	7.78M	6.73M	7.08M	-1.72M	-4.57M	-4.26M	-11.83M	0.41M	-11.15M	-28.41M	-45.60M	-64.34M	-169.41M	83.14M	30.67M	-5.45M	-76.45M	-124.12M
Total Investments	48.83M	16.68M	26.02M	17.18M	16.42M	15.25M	15.52M	11.93M	12.21M	11.80M	11.47M	8.08M	3.53M	4.43M	2.65M	1.83M	2.49M	2.65M	3.06M	3.07M	11.23M	13.94M	17.92M	15.91M	13.19M	24.45M	9.55M	0.28M	0.00M	0.00M	0.00M
Net Debt	34.60M	-29.19M	-15.37M	1.90M	-20.04M	12.86M	38.94M	26.76M	3.05M	-14.24M	-13.10M	-11.68M	-11.49M	-15.32M	-18.07M	-22.36M	-16.78M	-12.88M	-11.79M	-6.26M	-4.32M	-3.63M	19.72M	30.94M	-12.18M	-40.03M	-11.99M	2.07M	-5.06M	35.54M	87.54M

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	90.31M	78.92M	91.30M	76.90M	79.15M	44.22M	37.31M	34.80M	46.26M	47.50M	52.50M	41.09M	45.72M	37.77M	38.67M	31.21M	22.83M	18.58M	18.31M	9.51M	10.05M	26.04M	32.45M	54.53M	-151.44M	278.95M	290.67M	75.74M	79.54M	46.83M	13.71M
Total Capital	507.39M	390.85M	398.70M	391.43M	396.47M	330.24M	327.97M	255.08M	205.47M	201.06M	163.48M	115.62M	103.03M	83.05M	71.68M	63.37M	52.01M	65.75M	73.47M	53.82M	99.29M	120.66M	165.89M	252.69M	365.39M	452.10M	478.96M	293.24M	274.21M	328.90M	277.14M
Capital Employed	769.89M	507.11M	487.55M	445.52M	433.77M	342.95M	375.20M	351.13M	306.02M	275.67M	271.99M	192.42M	147.40M	125.87M	90.24M	83.86M	100.37M	109.24M	106.94M	103.90M	132.49M	176.06M	161.13M	210.66M	973.49M	966.90M	479.74M	273.86M	282.20M	311.28M	311.83M
Invested Capital	429.55M	308.82M	325.13M	316.90M	303.74M	257.00M	273.92M	206.63M	161.47M	158.54M	119.62M	81.31M	67.22M	55.60M	45.64M	34.26M	28.32M	43.89M	54.07M	36.51M	76.27M	87.96M	130.11M	215.78M	258.57M	308.10M	368.12M	208.79M	216.72M	278.03M	270.52M

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	17.79M	21.41M	20.40M	24.72M	24.17M	22.31M	18.27M	11.50M	10.09M	9.01M	7.17M	6.33M	6.55M	5.56M	4.12M	3.59M	3.71M	3.92M	3.15M	4.56M	6.95M	6.84M	8.99M	16.63M	48.57M	35.45M	14.24M	27.01M	38.87M	35.75M	30.55M
Deferred Income Tax	0.03M	0.00M	-0.03M	-1.73M	-1.77M	-1.36M	-0.42M	-0.37M	-0.58M	-0.36M	-0.16M	0.01M	-0.20M	-0.02M	0.00M	-0.03M	0.00M	-0.18M	0.00M	0.00M	0.00M	0.00M	0.00M	2.80M	-4.14M	-0.72M	3.29M	1.37M	2.45M	0.96M	-0.05M
Stock-Based Compensation	0.50M	0.52M	1.13M	2.22M	1.77M	0.56M	0.78M	0.69M	0.50M	0.93M	0.42M	0.53M	0.28M	0.14M	0.21M	0.18M	0.11M	0.17M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-6.20M	-7.99M	-4.20M	-11.86M	-5.37M	-1.88M	-4.32M	-7.17M	-6.29M	-3.76M	-2.98M	-4.61M	-1.51M	-1.74M	-1.33M	-0.10M	-0.35M	0.02M	-1.27M	-1.78M	-1.80M	-0.32M	10.93M	-2.19M	-12.22M	-5.66M	-1.07M	11.70M	35.68M	16.75M	-3.88M
Accounts Receivable	-0.19M	-6.68M	-3.94M	-9.65M	-13.09M	-1.29M	-6.37M	-6.82M	-7.49M	-3.42M	-6.20M	-4.93M	-0.87M	-1.99M	0.00M	-0.08M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.44M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	0.00M	-0.07M	-0.02M	-0.56M	-0.43M	0.37M	-0.31M	-0.24M	-0.27M	-0.17M	-0.19M	-0.20M	0.22M	-0.02M	-0.02M	-0.01M	0.30M	-0.06M	-0.05M	-0.43M	-0.49M	-0.66M	-0.70M	0.22M	0.03M	-0.08M	-0.07M	0.24M	0.12M	2.38M	-0.04M
Accounts Payable	0.73M	2.21M	1.13M	3.51M	5.22M	2.39M	2.61M	2.95M	2.58M	0.66M	1.40M	0.00M	0.00M	0.00M	0.00M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.31M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	-4.18M	-2.59M	-1.61M	-2.09M	0.75M	-0.48M	-0.39M	-2.15M	-4.78M	-2.16M	-0.57M	-0.96M	-0.56M	-0.53M	-1.10M	-0.51M	-0.40M	-0.34M	-0.80M	-0.72M	0.00M	3.65M	12.08M	-2.59M	-11.65M	-2.12M	-0.91M	8.40M	35.58M	14.26M	-0.47M
Other Non-Cash Items	7.19M	5.94M	4.41M	11.89M	5.67M	10.41M	12.20M	6.98M	2.00M	3.08M	3.39M	1.87M	1.26M	0.19M	1.47M	0.82M	2.28M	2.84M	1.16M	0.56M	2.34M	15.28M	0.70M	1.35M	37.15M	1.38M	-0.09M	-9.33M	-1.59M	-2.95M	-5.66M
Net Cash from Operating Activities	38.81M	35.79M	34.64M	39.83M	41.14M	30.05M	38.14M	28.68M	21.27M	22.32M	25.17M	15.13M	10.54M	15.64M	9.12M	10.54M	9.46M	9.66M	6.81M	8.80M	6.11M	38.76M	31.77M	32.76M	43.04M	70.52M	35.39M	81.07M	93.62M	90.65M	61.50M
Capital Expenditures (PPE)	-8.05M	-7.94M	-8.26M	-8.07M	-8.02M	-6.24M	-7.53M	-7.34M	-6.44M	-7.78M	-6.90M	-6.91M	-5.96M	-4.62M	-3.87M	-2.97M	-2.52M	-4.75M	-4.87M	-6.36M	-5.48M	-10.48M	-7.81M	-9.95M	-34.19M	-38.32M	-45.37M	-41.33M	-48.56M	-22.88M	-16.49M
Acquisitions (Net)	-0.03M	-1.07M	-0.99M	-6.22M	-1.62M	-0.65M	-3.01M	-5.44M	-4.69M	-1.74M	-7.07M	-1.43M	-1.41M	-1.09M	-0.64M	-0.78M	-0.88M	-0.95M	-0.32M	-0.67M	-1.25M	-1.30M	-0.02M	-0.66M	-0.07M	-23.77M	0.00M	0.00M	0.00M	0.14M	0.00M
Purchases of Investments	-7.09M	-6.54M	-2.41M	-3.65M	-2.40M	-4.03M	-2.33M	-2.79M	-2.52M	-4.15M	-4.56M	-1.60M	-0.63M	-0.75M	-1.40M	-0.57M	-0.81M	-1.14M	-2.22M	-1.39M	-0.61M	-0.50M	-1.51M	-2.79M	-13.84M	-9.47M	-6.93M	-12.81M	-9.16M	-4.66M	-0.20M
Sales / Maturities of Investments	3.36M	4.37M	3.89M	2.94M	2.91M	4.56M	2.96M	2.25M	2.84M	6.10M	3.83M	2.41M	0.48M	0.77M	1.04M	1.83M	0.64M	1.17M	0.54M	0.68M	0.33M	4.87M	2.48M	3.30M	13.41M	9.25M	11.52M	26.99M	2.94M	7.79M	6.05M
Other Investing Activities	-0.95M	-0.62M	-1.16M	-1.16M	-0.10M	-0.32M	0.02M	0.05M	0.32M	-0.38M	1.07M	-1.17M	-0.23M	-0.07M	-0.50M	-0.22M	-0.21M	0.06M	0.10M	0.03M	-0.18M	-0.47M	0.06M	-2.89M	-13.29M	-13.75M	-7.95M	-7.22M	19.42M	-22.55M	-26.62M
Net Cash from Investing Activities	-22.87M	-10.37M	-12.24M	-31.25M	-13.68M	-10.32M	-13.55M	-13.37M	-16.93M	-16.99M	-20.17M	-16.54M	-9.00M	-6.72M	-6.86M	-5.92M	-3.65M	-8.81M	-9.34M	-6.68M	-11.82M	-11.38M	-5.91M	-8.98M	-18.77M	-42.12M	-39.53M	-57.31M	-31.42M	-35.79M	-41.02M
Net Debt Issuance	-4.59M	1.63M	-0.74M	-1.96M	-5.93M	-0.06M	-0.72M	2.35M	1.74M	-0.34M	1.83M	0.72M	-0.45M	0.30M	0.10M	-0.56M	-0.52M	0.45M	0.69M	0.61M	-0.08M	-2.07M	0.28M	4.57M	21.23M	43.38M	1.49M	5.40M	43.20M	-0.27M	16.95M
Long-Term Debt Issuance	-1.36M	0.18M	0.13M	-2.11M	-2.08M	-0.12M	-0.11M	1.29M	1.77M	-0.25M	0.99M	0.89M	-0.42M	0.11M	0.05M	-0.38M	-0.51M	-0.31M	0.49M	0.52M	-0.32M	-1.72M	0.27M	4.57M	21.23M	43.40M	1.44M	5.45M	43.34M	-0.39M	16.90M
Short-Term Debt Issuance	-0.42M	0.00M	-0.03M	0.00M	-0.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-0.04M	-0.66M	-0.94M	-0.61M	-0.04M	-0.04M	-0.26M	-0.23M	-0.05M	-0.16M	-0.13M	0.12M	-0.11M	-0.15M	-0.09M	0.03M	-0.03M	-0.42M	0.98M	0.56M	1.36M	2.71M	0.18M	-18.41M	1.13M	-7.21M	-20.10M	-7.83M	-12.56M	-4.50M	-2.88M
Common Stock Issuance	0.00M	0.06M	0.05M	0.33M	2.04M	0.53M	2.10M	0.47M	0.15M	0.05M	0.07M	0.33M	0.01M	0.03M	0.32M	0.52M	0.13M	0.15M	1.39M	1.02M	1.46M	4.81M	0.88M	2.18M	11.19M	3.16M	8.45M	15.68M	10.69M	13.11M	6.81M
Common Stock Repurchased	-0.04M	-0.63M	-1.66M	-1.74M	-0.57M	-0.21M	-0.54M	-0.55M	-0.16M	-0.78M	-0.41M	-0.17M	-0.31M	-0.24M	-0.39M	-0.11M	-0.10M	-0.58M	0.00M	0.00M	0.00M	0.00M	-1.16M	-21.85M	-13.35M	-9.88M	-21.90M	-20.65M	-22.09M	-14.43M	-10.41M
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	-2.48M	-5.16M	-4.81M	-4.02M	-4.12M	-2.57M	-5.38M	-6.31M	-5.80M	-6.12M	-4.79M	-2.57M	-1.93M	-1.87M	-1.89M	-1.01M	-1.01M	-1.70M	-1.12M	-0.88M	-1.14M	-4.06M	-2.71M	-4.76M	-15.12M	-4.91M	-2.02M	-20.82M	-18.67M	-15.78M	-14.03M
Common Dividends Paid	-2.48M	-4.97M	-4.11M	-4.43M	-4.84M	-2.68M	-5.90M	-5.92M	-5.75M	-5.82M	-4.16M	-2.48M	-1.83M	-2.06M	-1.84M	-0.87M	-0.97M	-1.67M	-1.06M	-0.63M	-0.94M	-1.31M	-2.70M	-4.76M	-15.12M	-4.91M	-2.02M	-20.82M	-18.67M	-15.78M	-14.03M
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	-5.25M	-6.86M	-5.41M	-6.01M	-7.01M	-5.13M	-3.95M	-1.24M	2.22M	-0.89M	-1.16M	0.11M	0.48M	-0.60M	0.10M	-0.12M	-0.26M	-0.10M	0.08M	-0.14M	-0.24M	-2.08M	-3.31M	-7.21M	-10.75M	6.95M	2.33M	13.21M	5.87M	22.34M	5.26M
Net Cash from Financing Activities	-19.61M	-18.02M	-19.44M	-17.33M	-10.12M	-12.87M	-15.58M	-4.50M	-1.25M	-5.27M	-4.88M	-2.04M	-3.00M	-6.14M	-2.64M	-2.03M	-2.45M	-2.47M	-0.10M	-2.26M	-1.11M	-14.52M	-3.58M	-48.84M	3.05M	80.33M	13.39M	21.98M	15.52M	-10.67M	-0.91M
Effect of FX on Cash	-0.08M	-0.10M	0.05M	0.34M	-0.01M	-0.09M	0.03M	-0.01M	-0.07M	0.00M	0.00M	-0.04M	0.03M	0.00M	-0.02M	0.01M	0.00M	0.02M	0.00M	-0.01M	0.00M	0.00M	1.16M	0.05M	0.00M	0.52M	-0.33M	0.03M	-10.92M	-1.74M	2.53M
Net Change in Cash	1.31M	-0.47M	-0.80M	-11.48M	15.28M	16.47M	6.56M	2.72M	3.69M	3.02M	5.13M	-0.36M	4.64M	1.13M	0.26M	3.70M	1.80M	0.44M	1.76M	0.96M	-1.50M	5.58M	10.02M	-0.13M	-2.53M	4.72M	3.44M	32.68M	20.45M	35.73M	6.24M
Cash at Beginning of Period	49.42M	71.52M	85.52M	94.64M	79.01M	58.28M	50.73M	44.05M	40.50M	41.40M	34.27M	35.07M	24.42M	27.45M	29.45M	20.34M	19.37M	21.97M	18.37M	17.40M	17.72M	22.41M	33.79M	30.90M	91.29M	49.44M	27.24M	57.01M	121.39M	67.04M	53.52M
Cash at End of Period	72.01M	83.16M	73.62M	86.91M	97.75M	75.87M	57.83M	47.15M	44.69M	41.82M	42.13M	33.81M	34.39M	26.85M	26.83M	29.84M	23.92M	24.27M	20.18M	19.01M	24.88M	35.51M	35.72M	37.60M	114.40M	96.23M	44.27M	92.11M	131.22M	115.17M	67.69M
Operating Cash Flow	38.31M	33.16M	34.53M	39.59M	41.07M	30.05M	38.14M	28.68M	21.27M	22.32M	25.17M	15.13M	10.54M	15.64M	9.12M	10.54M	9.46M	9.66M	6.81M	8.80M	6.11M	38.76M	31.77M	32.76M	43.04M	70.52M	35.39M	81.07M	93.62M	90.65M	61.50M
Capital Expenditure	-8.55M	-10.85M	-10.05M	-8.55M	-8.24M	-6.27M	-7.85M	-7.31M	-6.42M	-7.77M	-6.88M	-6.88M	-5.96M	-4.62M	-3.91M	-2.97M	-2.52M	-4.75M	-4.83M	-6.33M	-5.42M	-10.48M	-7.81M	-9.95M	-34.19M	-38.32M	-45.37M	-41.33M	-48.56M	-22.88M	-16.49M
Free Cash Flow	32.75M	20.92M	23.66M	23.72M	34.25M	22.58M	28.96M	17.24M	11.46M	14.04M	15.27M	7.25M	6.10M	8.97M	6.03M	7.14M	5.77M	6.69M	4.26M	4.76M	2.91M	28.52M	22.61M	27.16M	2.85M	32.09M	1.17M	15.94M	32.53M	57.45M	45.15M

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	58.89M	39.82M	52.48M	45.76M	53.33M	39.98M	40.99M	30.83M	32.40M	33.07M	28.31M	29.24M	19.99M	16.37M	15.22M	11.79M	9.80M	12.65M	13.68M	14.24M	11.78M	11.44M	37.54M	102.86M	94.83M	96.89M	44.76M	61.03M	77.39M	88.33M	80.63M
(-) Tax Adjustment	16.50M	11.03M	12.15M	14.16M	14.14M	14.89M	15.64M	10.96M	6.84M	9.63M	12.22M	11.85M	7.88M	6.85M	7.99M	3.28M	5.73M	4.37M	4.57M	4.30M	4.28M	3.07M	33.80M	42.45M	15.00M	39.28M	16.66M	23.72M	41.51M	38.41M	35.14M
(-) Change In Working Capital	-6.20M	-7.99M	-4.20M	-11.86M	-5.37M	-1.88M	-4.32M	-7.17M	-6.29M	-3.76M	-2.98M	-4.61M	-1.51M	-1.74M	-1.33M	-0.10M	-0.35M	0.02M	-1.27M	-1.78M	-1.80M	-0.32M	10.93M	-2.19M	-12.22M	-5.66M	-1.07M	11.70M	35.68M	16.75M	-3.88M
(-) Capital Expenditure	8.55M	10.85M	10.05M	8.55M	8.24M	6.27M	7.85M	7.31M	6.42M	7.77M	6.88M	6.88M	5.96M	4.62M	3.91M	2.97M	2.52M	4.75M	4.83M	6.33M	5.42M	10.48M	7.81M	9.95M	34.19M	38.32M	45.37M	41.33M	48.56M	22.88M	16.49M
Unlevered Free Cash Flow	40.04M	25.93M	34.47M	34.92M	36.32M	20.69M	21.81M	19.72M	25.43M	19.43M	12.19M	15.12M	7.66M	6.65M	4.64M	5.64M	1.89M	3.51M	5.55M	5.39M	3.87M	-1.79M	-14.99M	52.65M	57.86M	24.94M	-16.20M	-15.72M	-48.35M	10.29M	32.88M
(-) Net Interest Income After Taxes	-4.48M	-3.26M	-5.06M	-3.57M	-3.81M	-2.83M	-4.11M	-2.10M	-1.82M	-1.99M	-1.43M	-0.73M	-0.34M	-0.38M	-0.22M	-0.38M	-0.28M	-0.47M	-0.24M	-0.28M	-0.17M	-0.33M	-0.07M	-0.49M	-2.29M	-0.51M	-0.04M	-0.07M	-0.02M	-0.89M	-0.54M
Net Debt Issuance	-4.59M	1.63M	-0.74M	-1.96M	-5.93M	-0.06M	-0.72M	2.35M	1.74M	-0.34M	1.83M	0.72M	-0.45M	0.30M	0.10M	-0.56M	-0.52M	0.45M	0.69M	0.61M	-0.08M	-2.07M	0.28M	4.57M	21.23M	43.38M	1.49M	5.40M	43.20M	-0.27M	16.95M
Levered Free Cash Flow	39.93M	30.81M	38.79M	36.53M	34.20M	23.47M	25.20M	24.18M	28.99M	21.07M	15.45M	16.58M	7.54M	7.33M	4.96M	5.47M	1.65M	4.43M	6.47M	6.28M	3.96M	-3.53M	-14.64M	57.70M	81.38M	68.84M	-14.68M	-10.25M	-5.12M	10.91M	50.37M