Broadcasting

Category: Industry Averages Base Ticker: NRG.PA

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	4.10	3.08	3.20	3.55	4.87	4.89	5.48	5.69	6.23	5.54	6.34	5.18	6.33	4.31	3.62	5.12	4.07	3.61	8.16	8.91	9.16	14.97	17.00	18.38	21.03	24.21	25.27	25.60	24.48	25.61	25.23
Market Capitalization	653.19M	532.44M	567.14M	581.10M	678.28M	561.01M	708.06M	729.21M	1,019.50M	998.13M	949.39M	926.32M	858.10M	743.76M	717.41M	809.58M	690.36M	712.52M	1,557.43M	1,702.27M	2,066.40M	2,967.41M	2,970.12M	2,099.12M	2,261.99M	2,107.50M	1,343.56M	1,265.83M	1,095.90M	1,458.03M	1,275.27M
(-) Cash & Equivalents	109.17M	110.69M	112.10M	124.49M	126.81M	128.34M	77.76M	77.54M	96.40M	102.98M	83.80M	101.41M	93.27M	89.85M	63.23M	73.38M	64.07M	61.21M	58.43M	72.18M	84.48M	94.50M	46.08M	38.46M	33.83M	25.51M	17.14M	10.13M	6.52M	10.59M	19.30M
(+) Total Debt	136.10M	248.80M	258.87M	223.42M	223.64M	243.71M	223.20M	202.63M	213.51M	262.09M	212.67M	189.76M	191.20M	124.45M	124.95M	142.28M	152.22M	139.23M	138.35M	147.74M	171.11M	269.12M	285.28M	310.46M	290.75M	237.27M	167.21M	128.45M	248.50M	442.79M	614.00M
Enterprise Value	766.84M	1,021.96M	806.06M	888.42M	790.99M	741.84M	934.98M	949.84M	1,287.17M	1,219.24M	1,261.14M	1,134.61M	1,192.33M	872.66M	878.28M	952.82M	788.59M	826.46M	1,713.10M	1,751.84M	2,054.47M	3,124.25M	3,135.72M	2,492.32M	2,484.28M	2,257.91M	1,610.85M	1,512.36M	1,345.80M	1,895.15M	1,864.77M

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	725.617M	647.554M	605.419M	619.469M	429.899M	577.392M	486.551M	442.872M	473.061M	441.527M	436.832M	455.465M	524.454M	517.004M	465.042M	472.969M	476.254M	503.476M	551.328M	629.437M	753.015M	746.025M	648.392M	534.208M	442.253M	482.634M	166.095M	112.295M	360.229M	961.708M	816.507M
Cost of Revenue	316.346M	285.411M	389.839M	284.096M	252.380M	268.827M	252.530M	236.472M	276.499M	239.939M	222.511M	253.243M	245.094M	220.963M	129.715M	119.241M	163.989M	150.539M	155.036M	207.483M	368.784M	319.284M	128.625M	281.481M	76.786M	77.387M	71.723M	28.266M	23.168M	478.804M	22.686M
Gross Profit	409.271M	362.143M	215.580M	335.373M	177.518M	308.565M	234.022M	206.400M	196.562M	201.588M	214.321M	202.222M	279.361M	296.041M	335.327M	353.728M	312.265M	352.937M	396.292M	421.954M	384.231M	426.741M	519.767M	252.727M	365.466M	405.247M	94.372M	84.029M	337.061M	482.904M	793.821M
Gross Margin	56.40%	55.92%	35.61%	54.14%	41.29%	53.44%	48.10%	46.60%	41.55%	45.66%	49.06%	44.40%	53.27%	57.26%	72.11%	74.79%	65.57%	70.10%	71.88%	67.04%	51.03%	57.20%	80.16%	47.31%	82.64%	83.97%	56.82%	74.83%	93.57%	50.21%	97.22%
R&D Expenses	0.022M	0.294M	0.323M	0.280M	0.247M	0.330M	0.359M	0.251M	0.114M	0.081M	0.018M	0.032M	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	130.322M	97.588M	90.058M	101.202M	99.189M	86.815M	85.082M	83.138M	88.453M	83.737M	89.478M	72.643M	76.093M	38.162M	43.645M	48.701M	51.221M	65.501M	42.581M	65.013M	77.947M	75.079M	36.791M	26.674M	39.809M	40.843M	38.307M	12.697M	10.528M	179.389M	3.582M
Operating Expenses	130.344M	97.883M	90.381M	101.482M	99.436M	87.145M	85.442M	83.389M	88.567M	83.818M	89.496M	72.675M	76.093M	38.162M	43.645M	48.701M	51.221M	65.501M	42.581M	65.013M	77.947M	75.079M	36.791M	26.674M	39.809M	40.843M	38.307M	12.697M	10.528M	179.389M	3.582M
Operating Income	278.928M	264.261M	125.199M	233.891M	78.082M	221.420M	148.580M	123.011M	107.995M	117.770M	124.825M	129.547M	203.268M	257.880M	291.682M	305.027M	261.044M	287.436M	353.712M	356.941M	306.284M	351.662M	482.977M	226.053M	325.658M	364.403M	56.065M	71.332M	326.533M	303.515M	790.239M
Operating Margin	38.44%	40.81%	20.68%	37.76%	18.16%	38.35%	30.54%	27.78%	22.83%	26.67%	28.58%	28.44%	38.76%	49.88%	62.72%	64.49%	54.81%	57.09%	64.16%	56.71%	40.67%	47.14%	74.49%	42.32%	73.64%	75.50%	33.75%	63.52%	90.65%	31.56%	96.78%
Interest Income	2.072M	3.174M	3.262M	2.117M	1.349M	1.293M	1.662M	1.169M	1.098M	0.819M	0.871M	1.048M	1.056M	1.234M	1.083M	0.259M	0.759M	1.504M	1.363M	1.051M	1.392M	1.250M	0.285M	0.484M	0.192M	0.038M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	12.358M	10.012M	14.203M	9.493M	10.909M	10.268M	9.912M	8.401M	8.129M	8.456M	9.209M	8.536M	8.988M	8.808M	10.777M	9.305M	10.765M	12.746M	9.676M	8.055M	11.708M	18.670M	16.643M	17.319M	14.192M	12.791M	2.094M	4.088M	3.793M	5.345M	5.272M
Net Interest Income	-10.286M	-6.838M	-10.941M	-7.376M	-9.560M	-8.975M	-8.250M	-7.232M	-7.031M	-7.637M	-8.338M	-7.488M	-7.931M	-7.573M	-9.694M	-9.045M	-10.006M	-11.241M	-8.313M	-7.004M	-10.316M	-17.420M	-16.358M	-16.834M	-14.000M	-12.753M	-2.094M	-4.088M	-3.793M	-5.345M	-5.272M
Other Income / Expense	-260.471M	-244.043M	-120.378M	-193.948M	-15.849M	-167.264M	-78.485M	-63.347M	-45.986M	-57.226M	-72.504M	-77.515M	-152.053M	-200.351M	-236.400M	-258.627M	-222.991M	-253.329M	-281.717M	-287.781M	-174.000M	-183.407M	-417.008M	-172.528M	-261.880M	-279.883M	-27.908M	-47.732M	-305.171M	-238.349M	-744.037M
Pre-Tax Income	8.171M	13.380M	-6.120M	32.567M	52.674M	45.180M	61.845M	52.432M	54.978M	52.907M	43.984M	44.544M	43.283M	49.955M	45.589M	37.354M	28.047M	22.865M	63.682M	62.156M	121.968M	150.834M	49.611M	36.691M	49.779M	71.767M	26.063M	19.512M	17.569M	59.822M	40.930M
Pre-Tax Margin	1.13%	2.07%	-1.01%	5.26%	12.25%	7.82%	12.71%	11.84%	11.62%	11.98%	10.07%	9.78%	8.25%	9.66%	9.80%	7.90%	5.89%	4.54%	11.55%	9.87%	16.20%	20.22%	7.65%	6.87%	11.26%	14.87%	15.69%	17.38%	4.88%	6.22%	5.01%
Income Tax Expense	14.431M	11.367M	4.556M	13.721M	13.103M	12.923M	15.896M	12.250M	8.802M	14.759M	14.639M	15.340M	12.356M	11.027M	13.463M	8.413M	9.059M	11.185M	20.468M	24.553M	36.662M	46.430M	32.537M	40.297M	48.931M	64.824M	17.118M	12.546M	33.645M	31.823M	76.469M
Tax Rate	35.00%	35.00%	0.00%	35.00%	24.88%	28.60%	25.70%	23.36%	16.01%	27.90%	33.28%	34.44%	28.55%	22.07%	29.53%	22.52%	32.30%	35.00%	32.14%	35.00%	30.06%	30.78%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%
Net Income	-6.260M	2.013M	-10.676M	18.846M	39.571M	32.257M	45.949M	40.181M	46.176M	38.148M	29.345M	29.204M	30.927M	38.929M	32.126M	28.942M	18.988M	11.680M	43.213M	37.603M	85.306M	104.404M	17.074M	-3.606M	0.847M	6.944M	8.945M	6.966M	-16.075M	27.998M	-35.538M
Net Margin	-0.86%	0.31%	-1.76%	3.04%	9.20%	5.59%	9.44%	9.07%	9.76%	8.64%	6.72%	6.41%	5.90%	7.53%	6.91%	6.12%	3.99%	2.32%	7.84%	5.97%	11.33%	13.99%	2.63%	-0.67%	0.19%	1.44%	5.39%	6.20%	-4.46%	2.91%	-4.35%
EBIT	278.928M	264.261M	125.199M	233.891M	78.082M	221.420M	148.580M	123.011M	107.995M	117.770M	124.825M	129.547M	203.268M	257.880M	291.682M	305.027M	261.044M	287.436M	353.712M	356.941M	306.284M	351.662M	482.977M	226.053M	325.658M	364.403M	56.065M	71.332M	326.533M	303.515M	790.239M
Depreciation & Amortization	35.246M	41.700M	41.311M	42.415M	42.280M	45.208M	42.101M	39.875M	43.044M	44.204M	37.998M	39.066M	38.030M	38.493M	24.702M	37.771M	26.336M	26.455M	28.363M	36.407M	34.177M	56.278M	41.196M	56.284M	45.792M	37.175M	14.885M	10.686M	23.232M	67.867M	51.155M
EBITDA	314.173M	305.961M	166.511M	276.306M	120.362M	266.627M	190.681M	162.886M	151.039M	161.974M	162.823M	168.613M	241.298M	296.373M	316.384M	342.798M	287.380M	313.891M	382.074M	393.348M	340.461M	407.940M	524.173M	282.337M	371.450M	401.578M	70.950M	82.018M	349.766M	371.382M	841.395M
EBITDA Margin	43.30%	47.25%	27.50%	44.60%	28.00%	46.18%	39.19%	36.78%	31.93%	36.68%	37.27%	37.02%	46.01%	57.32%	68.03%	72.48%	60.34%	62.34%	69.30%	62.49%	45.21%	54.68%	80.84%	52.85%	83.99%	83.21%	42.72%	73.04%	97.10%	38.62%	103.05%
NOPAT	181.303M	171.769M	125.199M	152.029M	58.659M	158.085M	110.392M	94.270M	90.705M	84.918M	83.279M	84.933M	145.241M	200.958M	205.545M	236.332M	176.729M	186.833M	240.022M	232.011M	214.220M	243.413M	313.935M	146.935M	211.678M	236.862M	36.442M	46.366M	212.247M	197.285M	513.656M
NOPAT Margin	24.99%	26.53%	20.68%	24.54%	13.64%	27.38%	22.69%	21.29%	19.17%	19.23%	19.06%	18.65%	27.69%	38.87%	44.20%	49.97%	37.11%	37.11%	43.54%	36.86%	28.45%	32.63%	48.42%	27.51%	47.86%	49.08%	21.94%	41.29%	58.92%	20.51%	62.91%
Owner's Earnings	28.986M	43.713M	30.635M	61.261M	81.851M	77.465M	88.050M	80.056M	89.220M	82.352M	67.342M	68.269M	68.957M	77.422M	56.828M	66.713M	45.324M	38.134M	71.576M	74.010M	119.483M	160.682M	58.270M	52.678M	46.640M	44.118M	23.830M	17.652M	7.157M	95.865M	15.617M
Owner's Earnings Margin	3.99%	6.75%	5.06%	9.89%	19.04%	13.42%	18.10%	18.08%	18.86%	18.65%	15.42%	14.99%	13.15%	14.98%	12.22%	14.11%	9.52%	7.57%	12.98%	11.76%	15.87%	21.54%	8.99%	9.86%	10.55%	9.14%	14.35%	15.72%	1.99%	9.97%	1.91%
EPS	-0.02	0.01	-0.03	0.06	0.13	0.10	0.15	0.13	0.16	0.14	0.11	0.11	0.12	0.17	0.14	0.12	0.08	0.05	0.19	0.16	0.33	0.33	0.06	-0.01	0.00	0.03	0.05	0.04	-0.08	0.14	-0.18
EPS (Diluted)	-0.02	0.01	-0.03	0.06	0.13	0.10	0.15	0.13	0.16	0.14	0.11	0.11	0.12	0.17	0.14	0.12	0.08	0.05	0.19	0.16	0.33	0.33	0.06	-0.01	0.00	0.03	0.05	0.04	-0.08	0.14	-0.18
Shares (Diluted)	349,405,979	340,026,788	335,930,222	334,201,485	305,942,044	308,205,752	306,095,949	312,430,538	281,084,450	273,527,945	272,032,383	260,806,285	261,086,271	232,591,419	234,104,008	235,088,700	229,588,186	217,907,275	224,744,350	236,820,010	259,984,531	320,814,611	282,490,071	269,245,754	241,330,699	249,791,352	193,507,840	167,727,740	203,192,780	194,474,206	193,058,083

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	107.21M	110.69M	112.11M	124.64M	126.59M	128.33M	77.75M	77.54M	96.40M	102.98M	83.80M	101.41M	94.43M	89.85M	63.23M	75.83M	65.05M	62.27M	58.43M	72.18M	84.48M	94.50M	46.08M	38.46M	33.83M	25.51M	17.14M	10.13M	7.11M	10.59M	19.30M
Short-Term Investments	11.53M	33.45M	13.22M	12.72M	15.03M	45.25M	29.21M	29.85M	9.78M	17.30M	28.61M	24.40M	41.31M	33.75M	49.33M	28.01M	14.30M	9.00M	7.40M	12.50M	22.62M	5.14M	3.21M	13.21M	11.80M	22.64M	25.85M	0.01M	9.18M	0.00M	4.23M
Cash & Short-Term Investments	118.74M	144.14M	125.33M	137.36M	141.62M	173.59M	106.96M	107.39M	106.18M	120.29M	112.41M	125.81M	135.74M	123.60M	112.56M	103.84M	79.34M	71.27M	65.82M	84.67M	107.11M	99.64M	49.29M	51.67M	45.63M	48.15M	43.00M	10.13M	16.29M	10.59M	23.53M
Net Receivables	145.23M	161.96M	168.47M	162.17M	144.21M	144.44M	135.66M	113.28M	104.95M	87.16M	84.37M	89.09M	92.00M	78.42M	71.75M	60.31M	58.99M	52.67M	54.21M	127.93M	132.70M	130.87M	55.70M	79.74M	43.59M	33.83M	34.57M	25.68M	75.80M	119.77M	105.69M
Inventory	7.79M	15.46M	9.79M	14.19M	13.63M	15.49M	17.77M	16.73M	12.24M	12.13M	11.31M	11.15M	9.77M	7.05M	8.65M	7.22M	8.24M	6.91M	8.18M	5.11M	12.01M	8.53M	7.48M	10.27M	7.88M	7.78M	6.89M	7.58M	14.94M	26.77M	37.43M
Other Current Assets	40.44M	30.54M	39.97M	51.91M	42.38M	33.10M	36.84M	49.72M	37.82M	38.70M	31.70M	24.14M	39.63M	18.94M	18.87M	15.47M	28.75M	24.04M	28.16M	25.32M	35.00M	77.73M	54.14M	25.56M	40.82M	25.08M	18.77M	10.31M	17.22M	29.87M	31.20M
Total Current Assets	312.20M	352.10M	343.55M	365.63M	341.84M	366.61M	297.23M	287.11M	261.19M	258.27M	239.79M	250.18M	277.14M	228.01M	211.83M	186.83M	175.32M	154.90M	156.37M	243.03M	286.82M	316.77M	166.61M	167.24M	137.93M	114.84M	103.22M	53.71M	124.25M	187.00M	197.85M
Property, Plant & Equipment	277.87M	183.23M	222.45M	218.66M	213.49M	229.08M	222.17M	163.97M	195.61M	170.48M	170.70M	187.54M	182.44M	156.59M	135.73M	140.99M	151.78M	147.44M	131.57M	146.47M	168.51M	173.10M	163.39M	163.03M	123.64M	139.50M	54.05M	36.49M	156.11M	463.61M	387.74M
Goodwill	49.11M	59.18M	59.02M	70.79M	69.69M	75.23M	79.42M	78.31M	88.32M	93.54M	99.01M	92.03M	87.28M	69.48M	39.70M	32.84M	34.29M	36.07M	42.50M	75.77M	50.11M	99.24M	2.53M	40.46M	4.82M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	62.22M	113.07M	79.44M	102.95M	109.55M	122.96M	119.63M	117.03M	128.64M	138.70M	136.00M	100.62M	116.11M	85.36M	69.22M	56.84M	73.95M	93.48M	143.08M	215.98M	261.22M	464.97M	507.99M	455.85M	633.83M	584.35M	215.73M	132.21M	391.12M	793.46M	753.08M
Long-Term Investments	74.58M	38.46M	40.31M	64.68M	54.09M	34.31M	45.65M	31.36M	41.11M	27.29M	28.82M	18.47M	20.56M	22.78M	11.82M	13.99M	19.77M	12.33M	9.54M	8.74M	8.43M	24.48M	31.13M	4.79M	4.41M	0.00M	2.95M	0.00M	0.00M	14.30M	15.44M
Tax Assets	1.98M	4.19M	7.52M	6.95M	7.80M	9.24M	6.47M	11.19M	11.81M	9.62M	8.33M	10.64M	7.83M	11.18M	10.79M	11.13M	14.49M	13.15M	7.56M	7.54M	8.42M	23.70M	44.89M	32.91M	1.35M	0.00M	0.00M	0.00M	1.32M	4.20M	0.72M
Other Non-Current Assets	36.15M	32.80M	32.41M	14.27M	25.63M	26.81M	21.73M	28.64M	17.61M	19.05M	17.29M	22.04M	26.97M	22.81M	25.07M	32.37M	30.62M	16.29M	73.24M	38.69M	89.55M	103.07M	99.56M	131.94M	129.58M	112.74M	12.64M	5.71M	52.16M	58.08M	91.03M
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	501.92M	430.94M	441.15M	478.30M	480.25M	497.62M	495.08M	430.51M	483.11M	458.68M	460.15M	431.35M	441.19M	368.20M	292.33M	288.17M	324.90M	318.76M	407.49M	493.20M	586.23M	888.56M	849.49M	828.98M	897.63M	836.59M	285.38M	174.41M	600.73M	1,333.65M	1,248.01M
Total Assets	814.12M	783.04M	784.70M	843.93M	822.10M	864.24M	792.31M	717.62M	744.31M	716.95M	699.94M	681.53M	718.33M	596.21M	504.16M	475.00M	500.22M	473.65M	563.86M	736.23M	873.05M	1,205.33M	1,016.11M	996.22M	1,035.56M	951.43M	388.60M	228.12M	724.98M	1,520.65M	1,445.86M
Accounts Payable	45.03M	53.63M	63.78M	56.62M	52.84M	55.24M	54.89M	49.89M	53.23M	41.21M	38.86M	34.75M	35.87M	31.29M	29.24M	33.91M	34.46M	32.91M	45.65M	50.79M	65.02M	77.24M	53.79M	59.37M	29.14M	31.43M	24.93M	13.14M	32.82M	67.50M	71.38M
Short-Term Debt	29.04M	28.02M	48.05M	33.27M	23.04M	31.01M	13.00M	19.80M	14.52M	10.14M	9.41M	15.27M	15.19M	13.80M	10.69M	16.38M	14.25M	12.89M	10.06M	10.67M	10.55M	21.16M	21.74M	52.69M	44.25M	11.17M	11.33M	6.75M	22.67M	29.02M	34.23M
Tax Payables	0.71M	2.97M	1.69M	2.97M	3.78M	3.27M	2.68M	3.65M	3.82M	3.64M	4.25M	4.08M	4.99M	4.57M	1.40M	1.46M	1.18M	3.18M	2.44M	3.74M	8.11M	9.62M	3.43M	2.61M	0.45M	0.34M	0.62M	0.05M	0.06M	0.24M	0.39M
Deferred Revenue	4.99M	0.95M	8.55M	17.18M	36.67M	31.57M	29.37M	7.38M	17.18M	24.62M	14.88M	14.71M	16.56M	17.96M	7.46M	6.73M	8.47M	10.25M	14.94M	5.53M	15.45M	3.95M	2.51M	8.95M	2.80M	1.85M	1.49M	0.16M	0.47M	2.47M	1.37M
Other Current Liabilities	83.04M	96.79M	40.17M	34.56M	31.47M	36.23M	39.81M	52.05M	41.43M	43.47M	33.08M	38.19M	46.10M	64.29M	44.20M	29.78M	40.75M	34.91M	46.79M	62.63M	68.94M	69.19M	27.63M	31.56M	18.23M	15.49M	16.87M	8.37M	51.26M	43.31M	33.36M
Total Current Liabilities	162.81M	182.36M	162.23M	144.60M	147.80M	157.32M	139.76M	132.77M	130.19M	123.08M	100.48M	107.01M	118.71M	131.90M	92.99M	88.26M	99.11M	94.15M	119.88M	133.37M	168.07M	181.16M	109.08M	155.18M	94.87M	60.28M	55.24M	28.47M	107.27M	142.53M	140.73M
Long-Term Debt	89.98M	108.03M	126.80M	113.41M	124.21M	192.51M	178.69M	176.64M	186.34M	163.83M	162.00M	136.47M	169.60M	99.68M	117.88M	125.25M	139.18M	122.91M	128.31M	137.16M	164.56M	237.21M	235.42M	256.38M	208.84M	187.73M	152.49M	122.62M	213.48M	420.48M	577.92M
Capital Lease Obligations	8.18M	15.65M	15.53M	14.10M	13.20M	14.51M	12.95M	0.14M	0.08M	0.10M	0.05M	0.02M	0.07M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	14.12M	14.26M	16.09M	18.49M	20.34M	16.91M	13.44M	12.44M	18.62M	16.44M	19.87M	15.57M	14.51M	11.94M	10.78M	11.72M	10.24M	11.84M	42.97M	48.70M	51.11M	70.43M	73.38M	45.93M	37.27M	34.73M	20.30M	13.64M	24.93M	86.23M	74.44M
Other Non-Current Liabilities	29.59M	28.71M	34.83M	27.92M	30.09M	28.03M	23.90M	38.16M	51.10M	54.75M	46.40M	36.64M	27.23M	27.18M	31.69M	29.63M	39.27M	42.32M	23.72M	35.68M	37.65M	98.56M	35.68M	35.83M	45.48M	14.88M	1.58M	2.04M	30.75M	29.36M	23.83M
Total Non-Current Liabilities	141.86M	166.65M	193.25M	173.92M	187.85M	251.96M	228.98M	227.38M	256.13M	235.12M	228.32M	188.70M	211.40M	138.80M	160.35M	166.61M	188.69M	177.07M	195.00M	221.55M	253.33M	406.19M	344.49M	338.15M	291.59M	237.35M	174.37M	138.31M	269.16M	536.08M	676.19M
Total Liabilities	304.67M	349.02M	355.48M	318.52M	335.65M	409.27M	368.73M	360.15M	386.32M	358.20M	328.79M	295.71M	330.12M	270.70M	253.35M	254.87M	287.80M	271.22M	314.89M	354.91M	421.40M	587.36M	453.57M	493.33M	386.46M	297.63M	229.62M	166.78M	376.43M	678.61M	816.92M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.04M	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	1.81M	0.00M	3.38M	0.00M	4.00M	0.00M
Common Stock	52.74M	59.07M	58.50M	58.95M	56.58M	57.16M	57.54M	54.07M	56.04M	55.59M	46.15M	46.38M	45.02M	42.57M	36.65M	38.42M	40.56M	39.37M	44.07M	48.28M	68.94M	80.41M	91.83M	81.00M	79.69M	43.68M	37.11M	6.84M	7.74M	16.98M	6.65M
Retained Earnings	20.28M	78.15M	87.00M	167.66M	162.54M	142.69M	117.71M	97.37M	99.31M	91.62M	103.86M	78.43M	85.55M	78.52M	63.94M	37.22M	19.27M	42.86M	31.74M	64.28M	88.27M	10.04M	51.25M	45.62M	-2.51M	6.08M	-3.05M	0.72M	-4.81M	203.45M	189.33M
Accumulated OCI	13.60M	12.38M	4.38M	6.35M	8.49M	5.05M	6.42M	4.45M	5.94M	5.08M	4.51M	-0.84M	9.02M	-1.79M	-4.40M	-4.77M	-3.08M	-2.18M	-0.24M	1.51M	-0.16M	-0.57M	-0.76M	-3.01M	-6.13M	-4.87M	-0.61M	-14.04M	-21.43M	-23.61M	-7.78M
Minority Interest	6.50M	11.86M	11.81M	11.26M	10.19M	11.30M	10.66M	19.22M	16.70M	15.58M	10.52M	17.43M	15.88M	10.74M	7.55M	8.38M	7.59M	6.80M	5.00M	7.60M	9.90M	17.54M	23.86M	4.14M	1.46M	2.10M	1.33M	0.47M	1.19M	3.27M	3.18M
Total Shareholders’ Equity	86.62M	149.60M	149.88M	232.96M	227.61M	204.94M	181.71M	155.88M	161.29M	152.29M	154.53M	123.97M	139.59M	119.31M	96.19M	70.87M	56.75M	80.05M	75.57M	114.06M	157.05M	89.88M	142.32M	123.60M	71.05M	46.70M	33.45M	-3.11M	-18.50M	200.83M	188.20M
Total Equity	93.12M	161.46M	161.69M	244.22M	237.80M	216.24M	192.37M	175.10M	177.99M	167.87M	165.05M	141.40M	155.47M	130.05M	103.74M	79.25M	64.34M	86.85M	80.57M	121.66M	166.95M	107.41M	166.19M	127.74M	72.51M	48.80M	34.78M	-2.63M	-17.31M	204.10M	191.38M
Total Liabilities & Equity	397.79M	510.48M	517.17M	562.74M	573.45M	625.52M	561.10M	535.25M	564.31M	526.07M	493.84M	437.12M	485.58M	400.75M	357.08M	334.12M	352.14M	358.06M	395.46M	476.57M	588.35M	694.77M	619.76M	621.07M	458.96M	346.44M	264.39M	164.15M	359.12M	882.71M	1,008.30M
Tangible Assets	702.79M	610.79M	646.23M	670.19M	642.85M	666.05M	593.25M	522.28M	527.34M	484.71M	464.93M	488.88M	514.94M	441.37M	395.25M	385.32M	391.97M	344.10M	378.28M	444.48M	561.72M	641.13M	505.59M	499.90M	396.91M	367.08M	172.86M	95.91M	333.86M	727.19M	692.78M
Tangible Equity	-18.21M	-10.79M	23.23M	70.48M	58.56M	18.05M	-6.69M	-20.24M	-38.97M	-64.37M	-69.95M	-51.25M	-47.93M	-24.79M	-5.18M	-10.44M	-43.91M	-42.70M	-105.01M	-170.09M	-144.38M	-456.79M	-344.33M	-368.57M	-566.15M	-535.55M	-180.96M	-134.84M	-408.44M	-589.36M	-561.70M
Tangible Book Value	-18.21M	-10.79M	23.23M	70.48M	58.56M	18.05M	-6.69M	-20.24M	-38.97M	-64.37M	-69.95M	-51.25M	-47.93M	-24.79M	-5.18M	-10.44M	-43.91M	-42.70M	-105.01M	-170.09M	-144.38M	-456.79M	-344.33M	-368.57M	-566.15M	-535.55M	-180.96M	-134.84M	-408.44M	-589.36M	-561.70M
Total Investments	100.87M	54.80M	42.94M	80.55M	64.43M	51.77M	47.01M	43.18M	45.86M	35.39M	34.02M	28.87M	36.32M	40.08M	41.93M	35.07M	36.30M	28.85M	18.95M	15.60M	28.01M	26.17M	52.51M	43.13M	64.44M	30.65M	8.83M	0.08M	9.95M	14.37M	17.96M
Net Debt	11.81M	25.37M	62.74M	22.04M	20.66M	95.19M	113.93M	118.90M	104.45M	70.98M	87.60M	50.33M	90.36M	23.63M	65.34M	65.81M	88.38M	73.52M	79.94M	75.66M	90.63M	163.87M	211.07M	270.62M	219.26M	173.40M	146.67M	119.25M	229.04M	438.91M	592.86M

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	198.19M	189.77M	180.78M	227.17M	212.21M	213.88M	174.66M	173.23M	198.60M	145.13M	144.50M	128.37M	143.53M	131.62M	122.34M	113.02M	123.77M	90.86M	124.36M	150.36M	198.20M	210.66M	45.87M	137.81M	-3.40M	79.94M	73.66M	11.00M	-9.06M	12.17M	28.75M
Total Capital	671.83M	849.88M	837.37M	844.30M	840.95M	771.75M	722.61M	623.94M	627.81M	708.54M	644.06M	603.84M	601.54M	505.86M	490.37M	497.42M	422.88M	403.92M	694.74M	925.21M	977.44M	1,498.63M	1,283.28M	1,442.13M	1,140.37M	1,120.93M	398.28M	235.49M	602.91M	737.96M	897.25M
Capital Employed	1,331.83M	1,369.38M	1,291.45M	915.64M	894.88M	1,230.97M	970.77M	836.55M	941.95M	809.03M	788.72M	667.07M	923.56M	875.60M	677.05M	632.72M	576.05M	606.98M	1,002.72M	1,049.83M	1,240.77M	1,775.99M	1,691.02M	1,700.94M	1,458.76M	1,472.12M	358.75M	227.96M	606.25M	1,341.31M	1,353.02M
Invested Capital	564.62M	739.18M	725.26M	719.66M	714.36M	643.42M	644.86M	546.40M	531.41M	605.55M	560.25M	502.43M	507.11M	416.00M	427.14M	421.59M	357.84M	341.65M	636.31M	853.03M	892.96M	1,404.12M	1,237.20M	1,403.68M	1,106.54M	1,095.43M	381.14M	225.36M	595.81M	727.38M	877.95M

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	22.75M	40.50M	40.72M	39.64M	41.31M	43.41M	41.06M	39.22M	47.42M	42.36M	39.00M	40.46M	39.97M	40.15M	34.99M	40.10M	26.02M	27.02M	28.91M	38.62M	33.46M	55.32M	41.41M	57.15M	47.21M	39.27M	30.33M	29.33M	90.41M	95.75M	72.44M
Deferred Income Tax	0.00M	0.00M	0.00M	-0.01M	0.00M	-0.09M	-0.16M	-0.01M	-0.78M	0.00M	0.01M	0.05M	0.00M	0.00M	0.57M	0.23M	0.00M	-0.08M	0.00M	0.02M	0.02M	6.69M	5.39M	1.35M	-1.48M	-0.11M	-0.10M	6.55M	-3.14M	6.06M	1.30M
Stock-Based Compensation	1.35M	0.42M	0.40M	0.58M	0.78M	0.78M	0.56M	0.84M	0.55M	0.50M	0.48M	0.39M	0.19M	0.05M	0.08M	0.21M	0.05M	0.00M	0.00M	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	-2.89M	2.13M	3.03M	-8.15M	-6.75M	-1.59M	-8.46M	-4.74M	-7.25M	-7.24M	-6.83M	-4.39M	-5.52M	-4.85M	-4.51M	4.10M	-2.04M	-0.85M	-3.73M	-0.16M	-4.90M	-5.15M	-8.85M	-6.26M	-6.07M	-6.96M	-4.26M	-1.86M	-7.83M	-1.04M	-5.86M
Accounts Receivable	-2.04M	1.34M	1.51M	-4.25M	-4.92M	0.96M	-2.60M	-6.89M	-6.22M	-3.98M	-3.02M	-1.50M	-3.86M	-0.09M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-0.03M	0.41M	0.15M	0.05M	-0.23M	-0.48M	0.03M	-0.86M	-0.53M	-1.27M	-0.39M	-0.09M	0.02M	-0.02M	0.16M	-0.13M	0.56M	-0.64M	0.17M	-0.23M	-0.09M	-0.24M	-0.09M	-0.32M	0.08M	-0.28M	0.00M	1.08M	-1.21M	1.97M	-14.41M
Accounts Payable	0.48M	1.59M	1.93M	3.33M	2.90M	-0.30M	0.97M	0.85M	2.24M	2.15M	0.16M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	0.24M	-2.66M	-1.74M	-1.08M	0.34M	-0.14M	-1.18M	-3.01M	-0.80M	-4.15M	-2.17M	-1.28M	-1.09M	-2.51M	-2.63M	1.66M	-0.81M	0.51M	-1.15M	0.25M	-3.52M	-4.07M	-3.20M	-3.21M	-5.81M	-5.21M	-2.36M	-0.59M	-8.56M	-1.73M	0.06M
Other Non-Cash Items	21.47M	13.06M	19.86M	0.89M	5.72M	15.78M	1.88M	2.31M	-3.46M	0.50M	1.89M	0.67M	-2.87M	-0.70M	0.91M	1.31M	16.97M	25.66M	4.84M	5.31M	-4.45M	9.50M	3.35M	4.00M	-1.08M	-12.78M	-0.73M	-11.80M	5.20M	-5.63M	6.92M
Net Cash from Operating Activities	42.93M	72.63M	64.91M	83.75M	77.16M	64.75M	69.94M	77.88M	76.31M	73.18M	69.15M	81.08M	80.08M	84.46M	82.39M	75.26M	68.51M	55.29M	85.58M	94.75M	110.56M	238.40M	116.23M	82.38M	28.67M	74.54M	51.08M	56.79M	250.67M	214.84M	185.26M
Capital Expenditures (PPE)	-15.31M	-23.62M	-34.27M	-35.66M	-33.96M	-36.55M	-46.58M	-46.67M	-52.23M	-47.53M	-41.29M	-44.47M	-44.34M	-31.80M	-25.93M	-26.20M	-25.69M	-28.78M	-32.85M	-38.12M	-35.53M	-57.70M	-40.84M	-42.02M	-46.02M	-28.87M	-30.60M	-95.23M	-68.38M	-84.63M	-64.19M
Acquisitions (Net)	0.00M	0.00M	-0.39M	-0.56M	-3.63M	-1.64M	-5.33M	-1.71M	-3.08M	-2.94M	-5.44M	-3.64M	-1.07M	-1.22M	-4.30M	-0.70M	-1.50M	-2.46M	-5.21M	-5.98M	-9.25M	-4.92M	-5.89M	-27.50M	-37.75M	-40.42M	0.16M	0.00M	-5.95M	-3.00M	-0.46M
Purchases of Investments	-0.68M	-15.61M	-10.05M	-17.73M	-18.37M	-27.28M	-17.06M	-24.51M	-15.57M	-23.83M	-14.52M	-6.76M	-8.40M	-3.54M	-9.71M	-9.45M	-9.84M	-9.66M	-3.76M	-5.86M	-10.79M	-4.55M	-6.95M	-8.18M	-9.89M	-23.13M	-6.43M	-3.48M	-2.03M	-6.50M	-0.03M
Sales / Maturities of Investments	0.80M	20.17M	16.75M	20.34M	26.22M	32.51M	28.42M	13.12M	19.16M	12.81M	12.64M	16.94M	10.89M	11.77M	13.65M	6.19M	6.06M	7.09M	4.61M	6.85M	4.64M	10.15M	2.59M	2.50M	2.24M	4.91M	1.98M	7.07M	8.27M	34.83M	0.00M
Other Investing Activities	-0.02M	0.05M	0.98M	2.03M	1.83M	0.78M	0.97M	0.95M	1.85M	0.09M	1.44M	-0.59M	0.58M	-0.80M	2.71M	4.17M	4.09M	1.13M	-0.46M	0.57M	0.94M	-14.55M	-2.61M	-13.84M	-13.46M	0.02M	-21.16M	-10.20M	-127.80M	-47.56M	-436.75M
Net Cash from Investing Activities	-22.75M	-35.11M	-37.77M	-28.09M	-42.65M	-41.90M	-72.90M	-68.81M	-58.87M	-64.22M	-63.54M	-46.23M	-45.95M	-34.18M	-46.58M	-31.72M	-35.57M	-36.93M	-37.91M	-58.22M	-96.27M	-78.38M	-40.11M	-142.32M	-172.49M	-324.50M	-86.87M	-33.15M	-288.19M	-100.81M	-611.65M
Net Debt Issuance	-4.24M	-4.02M	-3.69M	-6.16M	1.71M	0.43M	-0.39M	-0.80M	-0.10M	0.50M	-4.71M	1.62M	-0.62M	-2.98M	-3.99M	4.52M	-2.83M	-1.35M	-3.29M	1.87M	22.91M	-7.53M	-56.03M	11.24M	19.75M	18.51M	32.24M	15.55M	-18.80M	13.50M	452.20M
Long-Term Debt Issuance	-2.67M	-3.21M	-3.19M	-0.97M	2.55M	0.20M	2.00M	0.48M	0.33M	0.95M	-1.90M	1.09M	-0.89M	-1.72M	-2.39M	2.57M	-4.22M	-2.91M	-2.19M	3.17M	30.06M	-6.12M	-43.37M	7.53M	19.59M	18.57M	32.18M	15.55M	-18.80M	13.50M	452.20M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.01M	0.00M	-0.03M	-0.05M	-0.18M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.05M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	0.00M	-0.05M	0.00M	-0.15M	-0.09M	0.00M	-0.06M	0.00M	0.00M	-0.02M	0.00M	-0.08M	0.06M	0.01M	0.09M	0.05M	-0.04M	-0.91M	0.62M	-1.14M	-0.53M	-4.57M	0.00M	6.85M	0.27M	20.40M	16.00M	-1.12M	7.26M	7.48M	4.67M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.12M	0.34M	0.33M	0.05M	0.21M	0.05M	0.61M	0.52M	0.06M	0.15M	2.27M	1.04M	1.05M	2.81M	2.69M	7.03M	1.59M	25.27M	19.28M	5.91M	8.09M	11.70M	9.08M
Common Stock Repurchased	0.00M	-0.07M	0.00M	-0.53M	-0.23M	-0.13M	-0.28M	-0.07M	-0.29M	-0.27M	-0.06M	-0.24M	0.00M	0.00M	-0.56M	-0.02M	-0.04M	-0.90M	-1.07M	-1.60M	-7.19M	-4.25M	-0.29M	0.00M	-0.58M	-1.30M	-8.48M	-1.86M	-0.88M	-0.97M	-0.03M
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	-2.96M	-9.53M	-11.23M	-9.49M	-6.27M	-4.85M	-13.38M	-13.29M	-14.52M	-12.65M	-15.71M	-9.59M	-14.26M	-14.72M	-8.31M	-6.63M	-9.77M	-15.02M	-16.02M	-25.06M	-22.27M	-23.48M	-34.23M	-17.03M	-14.17M	-8.84M	-4.10M	-9.49M	-17.28M	-17.95M	-16.57M
Common Dividends Paid	-2.38M	-9.53M	-10.01M	-9.55M	-6.19M	-4.74M	-13.11M	-12.05M	-14.03M	-12.25M	-15.62M	-9.20M	-12.00M	-12.81M	-8.03M	-6.25M	-9.60M	-14.43M	-16.30M	-25.08M	-21.22M	-22.67M	-33.45M	-19.65M	-14.17M	-13.03M	-4.10M	-9.49M	-17.28M	-17.95M	-16.57M
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	-2.89M	-5.54M	-4.18M	-3.47M	-4.63M	-7.08M	-3.31M	-2.63M	-3.58M	-4.39M	-3.26M	-1.57M	-2.25M	-2.66M	-2.91M	-1.24M	-1.91M	-0.67M	-0.79M	-0.43M	-1.01M	0.00M	-3.20M	-2.47M	41.87M	-0.14M	-0.57M	1.90M	0.08M	2.91M	0.21M
Net Cash from Financing Activities	-17.02M	-24.88M	-18.59M	-29.37M	-25.05M	-7.18M	-20.37M	-22.21M	-19.46M	-9.14M	-34.59M	-29.47M	-26.06M	-35.49M	-32.31M	-16.00M	-26.85M	-23.76M	-28.05M	-23.92M	-33.43M	-80.19M	-70.39M	-4.91M	57.50M	68.78M	118.66M	16.11M	99.69M	-34.82M	419.53M
Effect of FX on Cash	-0.42M	0.01M	0.03M	0.04M	-0.03M	0.00M	-0.01M	-0.01M	-0.02M	0.00M	0.01M	0.12M	0.03M	0.00M	-0.04M	0.07M	0.00M	0.00M	0.03M	0.00M	-0.01M	0.01M	-0.03M	0.00M	0.00M	0.16M	0.02M	0.02M	0.00M	-0.04M	0.11M
Net Change in Cash	-0.81M	1.25M	-2.01M	-3.96M	3.56M	23.59M	-0.94M	3.50M	2.76M	9.13M	-1.10M	-0.75M	2.18M	7.43M	-6.61M	18.34M	-2.18M	-1.54M	2.19M	-0.31M	-0.51M	18.50M	8.07M	-8.54M	-18.81M	-9.68M	10.78M	12.12M	6.23M	-14.69M	12.96M
Cash at Beginning of Period	60.31M	121.08M	125.50M	126.95M	120.88M	90.42M	87.51M	94.91M	109.39M	92.65M	114.32M	111.65M	89.97M	93.59M	93.02M	71.33M	59.28M	69.02M	61.28M	78.57M	104.77M	43.87M	26.76M	44.63M	42.04M	31.92M	17.48M	5.50M	20.04M	26.39M	17.90M
Cash at End of Period	122.27M	138.61M	112.77M	126.50M	128.36M	128.33M	90.44M	92.52M	99.81M	109.44M	93.75M	116.41M	123.92M	104.05M	71.45M	103.41M	63.64M	55.11M	63.17M	81.97M	104.33M	53.19M	39.17M	33.76M	28.40M	44.02M	31.12M	19.16M	16.96M	13.64M	25.82M
Operating Cash Flow	36.80M	72.63M	64.95M	83.82M	77.16M	64.75M	69.94M	77.88M	76.31M	73.18M	69.15M	81.08M	80.08M	84.46M	82.39M	75.26M	68.51M	55.29M	85.58M	94.75M	110.56M	238.40M	116.23M	82.38M	28.67M	74.54M	51.08M	56.79M	250.67M	214.84M	185.26M
Capital Expenditure	-17.34M	-28.43M	-36.57M	-35.80M	-34.09M	-37.35M	-47.25M	-47.16M	-53.81M	-48.00M	-41.84M	-44.92M	-44.34M	-32.39M	-25.93M	-26.21M	-25.75M	-28.78M	-32.85M	-38.10M	-35.53M	-57.70M	-40.84M	-42.02M	-46.02M	-28.87M	-30.60M	-95.23M	-68.38M	-84.63M	-64.19M
Free Cash Flow	19.90M	28.60M	18.36M	40.18M	42.91M	37.64M	28.24M	21.44M	19.16M	33.34M	37.16M	29.70M	31.76M	44.08M	37.03M	33.19M	31.94M	26.09M	52.24M	46.74M	73.10M	114.04M	68.62M	28.93M	-15.96M	9.28M	8.15M	-24.41M	33.40M	68.62M	47.41M

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	95.93M	88.81M	49.16M	108.58M	99.54M	85.81M	103.07M	100.98M	122.14M	106.11M	90.01M	102.46M	108.02M	106.69M	87.45M	92.32M	63.39M	59.36M	90.63M	103.30M	164.07M	195.42M	158.35M	330.82M	50.12M	145.27M	41.70M	31.78M	99.51M	254.82M	247.57M
(-) Tax Adjustment	169.42M	75.45M	-36.60M	45.74M	24.76M	24.54M	26.49M	23.59M	19.55M	29.60M	29.96M	35.28M	30.84M	23.55M	25.82M	20.79M	20.47M	29.04M	29.13M	40.81M	49.32M	60.15M	103.86M	363.33M	49.27M	131.22M	27.39M	20.44M	190.56M	135.56M	462.53M
(-) Change In Working Capital	-2.89M	2.13M	3.03M	-8.15M	-6.75M	-1.59M	-8.46M	-4.74M	-7.25M	-7.24M	-6.83M	-4.39M	-5.52M	-4.85M	-4.51M	4.10M	-2.04M	-0.85M	-3.73M	-0.16M	-4.90M	-5.15M	-8.85M	-6.26M	-6.07M	-6.96M	-4.26M	-1.86M	-7.83M	-1.04M	-5.86M
(-) Capital Expenditure	17.34M	28.43M	36.57M	35.80M	34.09M	37.35M	47.25M	47.16M	53.81M	48.00M	41.84M	44.92M	44.34M	32.39M	25.93M	26.21M	25.75M	28.78M	32.85M	38.10M	35.53M	57.70M	40.84M	42.02M	46.02M	28.87M	30.60M	95.23M	68.38M	84.63M	64.19M
Unlevered Free Cash Flow	-87.94M	-17.20M	46.15M	35.18M	47.44M	25.51M	37.79M	34.97M	56.02M	35.75M	25.04M	26.65M	38.36M	55.60M	40.20M	41.21M	19.21M	2.39M	32.38M	24.56M	84.11M	82.72M	22.51M	-68.27M	-39.10M	-7.85M	-12.03M	-82.03M	-151.59M	35.67M	-273.29M
(-) Net Interest Income After Taxes	7.88M	-1.03M	-19.09M	-4.27M	-7.18M	-6.41M	-6.13M	-5.54M	-5.90M	-5.51M	-5.56M	-4.91M	-5.67M	-5.90M	-6.83M	-7.01M	-6.77M	-5.74M	-5.64M	-4.24M	-7.22M	-12.06M	-5.63M	1.65M	-0.24M	-1.23M	-0.72M	-1.46M	3.47M	-2.50M	4.58M
Net Debt Issuance	-4.24M	-4.02M	-3.69M	-6.16M	1.71M	0.43M	-0.39M	-0.80M	-0.10M	0.50M	-4.71M	1.62M	-0.62M	-2.98M	-3.99M	4.52M	-2.83M	-1.35M	-3.29M	1.87M	22.91M	-7.53M	-56.03M	11.24M	19.75M	18.51M	32.24M	15.55M	-18.80M	13.50M	452.20M
Levered Free Cash Flow	-100.07M	-20.19M	61.55M	33.29M	56.33M	32.34M	43.54M	39.71M	61.83M	41.76M	25.90M	33.17M	43.40M	58.52M	43.04M	52.74M	23.15M	6.78M	34.74M	30.66M	114.24M	87.24M	-27.89M	-58.68M	-19.11M	11.89M	20.93M	-65.02M	-173.86M	51.67M	174.33M