Software - Infrastructure

Category: Industry Averages Base Ticker: VRSN

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	50.05	43.11	39.39	33.61	49.68	46.12	34.79	29.87	24.74	21.57	19.92	17.91	15.33	11.89	12.40	10.40	7.72	7.47	13.61	13.57	16.85	14.51	9.30	7.35	12.36	14.90	16.22	12.60	6.30	5.84	3.72
Market Capitalization	8,537.22M	7,113.14M	6,023.03M	6,023.48M	7,604.06M	7,211.30M	5,563.21M	4,107.82M	3,201.63M	2,846.73M	2,426.12M	2,086.26M	1,466.09M	1,171.88M	872.83M	714.64M	468.53M	324.32M	619.89M	593.65M	603.21M	607.89M	519.48M	454.25M	689.20M	1,305.16M	715.57M	679.48M	547.23M	462.35M	123.81M
(-) Cash & Equivalents	596.15M	553.68M	508.93M	596.78M	647.51M	428.94M	334.17M	241.81M	218.43M	190.71M	159.17M	150.05M	105.23M	78.61M	59.83M	55.14M	37.90M	27.61M	28.61M	20.24M	16.82M	23.82M	28.52M	26.56M	37.62M	41.66M	28.34M	21.12M	19.35M	14.36M	8.65M
(+) Total Debt	693.21M	831.57M	893.74M	884.57M	953.09M	814.10M	649.61M	432.76M	248.12M	242.08M	179.78M	127.43M	81.48M	64.85M	19.14M	6.33M	4.87M	3.44M	6.20M	6.75M	3.37M	3.78M	8.31M	7.32M	3.18M	5.05M	6.83M	26.70M	6.66M	5.45M	1.14M
Enterprise Value	9,217.10M	8,073.57M	7,742.75M	6,337.94M	8,093.27M	7,259.19M	5,929.98M	4,247.72M	3,487.48M	3,053.15M	2,430.10M	2,070.30M	1,490.76M	1,146.90M	862.62M	662.62M	462.37M	390.12M	607.05M	622.77M	641.73M	671.91M	590.89M	467.43M	685.47M	1,222.39M	777.18M	713.21M	554.03M	470.96M	170.50M

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	1,975.906M	1,716.199M	1,617.489M	1,433.967M	1,291.933M	1,161.462M	1,113.819M	962.715M	731.293M	596.215M	472.466M	394.984M	331.239M	266.381M	204.586M	144.226M	114.377M	122.578M	102.629M	117.415M	113.769M	111.774M	120.574M	117.539M	140.546M	137.436M	169.482M	145.941M	171.711M	174.287M	42.022M
Cost of Revenue	659.724M	577.725M	611.406M	630.863M	513.398M	430.259M	441.924M	373.224M	256.302M	223.453M	178.148M	136.356M	115.213M	90.859M	75.205M	60.326M	48.054M	49.630M	46.985M	41.038M	36.896M	33.953M	39.364M	53.267M	34.220M	40.640M	35.458M	35.640M	59.013M	52.352M	19.724M
Gross Profit	1,316.182M	1,138.474M	1,006.084M	803.104M	778.535M	731.203M	671.894M	589.491M	474.991M	372.762M	294.318M	258.628M	216.026M	175.522M	129.380M	83.899M	66.322M	72.948M	55.644M	76.377M	76.873M	77.821M	81.210M	64.271M	106.326M	96.796M	134.024M	110.300M	112.697M	121.935M	22.298M
Gross Margin	66.61%	66.34%	62.20%	56.01%	60.26%	62.96%	60.32%	61.23%	64.95%	62.52%	62.29%	65.48%	65.22%	65.89%	63.24%	58.17%	57.99%	59.51%	54.22%	65.05%	67.57%	69.62%	67.35%	54.68%	75.65%	70.43%	79.08%	75.58%	65.63%	69.96%	53.06%
R&D Expenses	150.927M	135.646M	138.126M	120.308M	100.849M	93.125M	78.863M	69.072M	44.968M	45.507M	39.984M	26.622M	20.656M	12.620M	6.301M	4.756M	3.290M	3.330M	3.835M	4.108M	5.844M	4.102M	5.263M	6.819M	6.878M	10.198M	8.365M	7.256M	6.876M	23.648M	0.167M
SG&A Expenses	507.323M	473.055M	482.442M	456.949M	386.868M	340.825M	315.397M	298.889M	215.764M	190.696M	157.075M	124.515M	89.678M	60.842M	39.869M	28.535M	24.536M	26.080M	20.459M	20.151M	25.370M	23.421M	24.957M	32.526M	33.748M	40.234M	24.402M	32.505M	52.822M	73.330M	8.202M
Operating Expenses	658.249M	608.702M	620.568M	577.257M	487.717M	433.950M	394.260M	367.961M	260.732M	236.203M	197.059M	151.137M	110.334M	73.462M	46.170M	33.291M	27.826M	29.410M	24.294M	24.258M	31.214M	27.523M	30.221M	39.345M	40.626M	50.432M	32.767M	39.761M	59.697M	96.978M	8.369M
Operating Income	657.932M	529.773M	385.516M	225.847M	290.817M	297.253M	277.634M	221.530M	214.259M	136.559M	97.259M	107.491M	105.692M	102.060M	83.210M	50.608M	38.496M	43.538M	31.351M	52.119M	45.660M	50.298M	50.989M	24.926M	65.700M	46.363M	101.257M	70.539M	53.000M	24.957M	13.929M
Operating Margin	33.30%	30.87%	23.83%	15.75%	22.51%	25.59%	24.93%	23.01%	29.30%	22.90%	20.59%	27.21%	31.91%	38.31%	40.67%	35.09%	33.66%	35.52%	30.55%	44.39%	40.13%	45.00%	42.29%	21.21%	46.75%	33.73%	59.75%	48.33%	30.87%	14.32%	33.15%
Interest Income	17.267M	20.722M	14.933M	5.871M	2.657M	4.255M	6.311M	3.354M	2.347M	1.222M	1.065M	0.811M	0.639M	0.535M	0.414M	0.243M	0.284M	0.258M	0.103M	0.051M	0.023M	0.024M	0.017M	0.017M	0.033M	0.025M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	38.032M	34.699M	36.006M	32.472M	35.500M	32.899M	29.262M	19.573M	13.104M	10.294M	6.787M	3.450M	2.098M	1.415M	0.876M	0.559M	0.320M	0.580M	0.131M	0.129M	0.083M	0.029M	0.074M	0.052M	0.005M	0.010M	0.026M	0.021M	0.168M	0.232M	0.429M
Net Interest Income	-20.765M	-13.977M	-21.073M	-26.600M	-32.843M	-28.644M	-22.952M	-16.219M	-10.757M	-9.072M	-5.722M	-2.639M	-1.458M	-0.880M	-0.462M	-0.316M	-0.036M	-0.322M	-0.027M	-0.078M	-0.060M	-0.005M	-0.057M	-0.035M	0.027M	0.016M	-0.026M	-0.021M	-0.168M	-0.232M	-0.429M
Other Income / Expense	-477.721M	-403.064M	-297.117M	-181.335M	-196.767M	-222.107M	-193.234M	-138.478M	-170.228M	-68.130M	-50.334M	-54.332M	-57.158M	-58.795M	-49.300M	-30.351M	-24.754M	-31.525M	-12.922M	-37.092M	-32.179M	-37.856M	-41.487M	-16.518M	-63.903M	-27.176M	-82.149M	-54.449M	-42.112M	-19.015M	-7.468M
Pre-Tax Income	159.447M	112.732M	67.325M	17.912M	61.207M	46.502M	61.448M	66.834M	33.274M	59.357M	41.202M	50.520M	47.075M	42.385M	33.448M	19.941M	13.706M	11.692M	18.402M	14.949M	13.421M	12.437M	9.444M	8.373M	1.824M	19.203M	19.083M	16.069M	10.720M	5.711M	6.032M
Pre-Tax Margin	8.07%	6.57%	4.16%	1.25%	4.74%	4.00%	5.52%	6.94%	4.55%	9.96%	8.72%	12.79%	14.21%	15.91%	16.35%	13.83%	11.98%	9.54%	17.93%	12.73%	11.80%	11.13%	7.83%	7.12%	1.30%	13.97%	11.26%	11.01%	6.24%	3.28%	14.35%
Income Tax Expense	38.251M	19.834M	29.059M	25.305M	18.912M	19.202M	25.610M	17.904M	15.390M	16.958M	12.625M	12.966M	9.911M	10.597M	6.547M	5.823M	5.404M	6.633M	5.241M	3.860M	4.586M	2.829M	4.144M	3.554M	2.935M	5.230M	6.476M	5.844M	5.503M	3.281M	1.502M
Tax Rate	23.99%	17.59%	35.00%	35.00%	30.90%	35.00%	35.00%	26.79%	35.00%	28.57%	30.64%	25.66%	21.05%	25.00%	19.57%	29.20%	35.00%	35.00%	28.48%	25.82%	34.17%	22.75%	35.00%	35.00%	35.00%	27.23%	33.93%	35.00%	35.00%	35.00%	24.90%
Net Income	121.196M	92.898M	38.266M	-7.393M	42.295M	27.300M	35.838M	48.929M	17.884M	42.398M	28.577M	37.555M	37.164M	31.788M	26.901M	14.118M	8.302M	5.059M	13.160M	11.089M	8.835M	9.608M	5.301M	4.820M	-1.112M	13.974M	12.607M	10.224M	5.217M	2.430M	4.530M
Net Margin	6.13%	5.41%	2.37%	-0.52%	3.27%	2.35%	3.22%	5.08%	2.45%	7.11%	6.05%	9.51%	11.22%	11.93%	13.15%	9.79%	7.26%	4.13%	12.82%	9.44%	7.77%	8.60%	4.40%	4.10%	-0.79%	10.17%	7.44%	7.01%	3.04%	1.39%	10.78%
EBIT	657.932M	529.773M	385.516M	225.847M	290.817M	297.253M	277.634M	221.530M	214.259M	136.559M	97.259M	107.491M	105.692M	102.060M	83.210M	50.608M	38.496M	43.538M	31.351M	52.119M	45.660M	50.298M	50.989M	24.926M	65.700M	46.363M	101.257M	70.539M	53.000M	24.957M	13.929M
Depreciation & Amortization	95.445M	103.255M	101.928M	101.663M	94.113M	95.709M	84.327M	73.764M	49.623M	42.937M	34.098M	24.900M	21.073M	16.724M	13.812M	7.986M	6.753M	6.402M	5.996M	3.844M	4.096M	3.415M	5.728M	4.895M	10.644M	10.066M	8.631M	8.176M	11.659M	13.855M	2.227M
EBITDA	753.378M	633.028M	487.444M	327.510M	384.930M	392.962M	361.961M	295.294M	263.882M	179.496M	131.357M	132.391M	126.765M	118.785M	97.022M	58.594M	45.249M	49.940M	37.346M	55.963M	49.755M	53.713M	56.717M	29.822M	76.343M	56.430M	109.888M	78.716M	64.659M	38.812M	16.156M
EBITDA Margin	38.13%	36.89%	30.14%	22.84%	29.79%	33.83%	32.50%	30.67%	36.08%	30.11%	27.80%	33.52%	38.27%	44.59%	47.42%	40.63%	39.56%	40.74%	36.39%	47.66%	43.73%	48.05%	47.04%	25.37%	54.32%	41.06%	64.84%	53.94%	37.66%	22.27%	38.45%
NOPAT	500.097M	436.565M	250.585M	146.801M	200.960M	193.214M	180.462M	162.184M	139.268M	97.544M	67.457M	79.905M	83.440M	76.543M	66.924M	35.831M	25.022M	28.300M	22.421M	38.662M	30.059M	38.856M	33.143M	16.202M	42.705M	33.737M	66.896M	45.850M	34.450M	16.222M	10.460M
NOPAT Margin	25.31%	25.44%	15.49%	10.24%	15.55%	16.64%	16.20%	16.85%	19.04%	16.36%	14.28%	20.23%	25.19%	28.73%	32.71%	24.84%	21.88%	23.09%	21.85%	32.93%	26.42%	34.76%	27.49%	13.78%	30.38%	24.55%	39.47%	31.42%	20.06%	9.31%	24.89%
Owner's Earnings	216.641M	196.153M	140.194M	94.269M	136.408M	123.009M	120.165M	122.693M	67.507M	85.335M	62.675M	62.454M	58.237M	48.513M	40.713M	22.104M	15.054M	11.460M	19.156M	14.934M	12.931M	13.023M	11.028M	9.715M	9.532M	24.040M	21.238M	18.401M	16.876M	16.284M	6.757M
Owner's Earnings Margin	10.96%	11.43%	8.67%	6.57%	10.56%	10.59%	10.79%	12.74%	9.23%	14.31%	13.27%	15.81%	17.58%	18.21%	19.90%	15.33%	13.16%	9.35%	18.67%	12.72%	11.37%	11.65%	9.15%	8.27%	6.78%	17.49%	12.53%	12.61%	9.83%	9.34%	16.08%
EPS	0.45	0.35	0.14	-0.03	0.18	0.12	0.16	0.23	0.09	0.23	0.18	0.25	0.25	0.20	0.21	0.11	0.06	0.05	0.14	0.13	0.12	0.11	0.07	0.07	-0.01	0.17	0.11	0.11	0.03	0.02	0.08
EPS (Diluted)	0.45	0.35	0.14	-0.03	0.18	0.12	0.16	0.23	0.09	0.23	0.18	0.25	0.25	0.20	0.21	0.11	0.06	0.05	0.14	0.13	0.12	0.11	0.07	0.07	-0.01	0.17	0.11	0.11	0.03	0.02	0.08
Shares (Diluted)	269,805,896	263,604,502	268,308,389	265,462,566	236,430,977	233,710,358	229,412,076	210,330,754	203,009,800	184,424,861	162,819,424	149,754,488	148,627,189	156,428,377	129,229,648	130,844,916	131,227,883	97,459,296	93,819,970	87,780,539	76,202,627	90,112,313	76,497,903	72,631,437	88,976,141	83,283,078	113,169,990	96,930,467	156,596,394	147,583,548	59,721,408

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	597.33M	553.68M	508.93M	644.10M	650.21M	425.55M	328.14M	249.41M	220.58M	190.71M	159.17M	151.39M	107.28M	80.13M	62.34M	56.89M	39.09M	27.88M	28.93M	20.51M	17.04M	31.49M	29.50M	27.08M	37.62M	41.66M	28.34M	21.12M	20.33M	17.63M	11.16M
Short-Term Investments	313.41M	297.41M	362.99M	206.59M	185.94M	193.43M	139.68M	170.86M	102.23M	43.77M	27.64M	33.81M	22.37M	9.56M	4.79M	3.99M	7.26M	13.77M	12.25M	5.68M	15.29M	6.66M	1.39M	1.80M	4.42M	9.38M	8.17M	2.17M	0.02M	0.23M	0.87M
Cash & Short-Term Investments	910.73M	851.09M	871.92M	850.69M	836.15M	618.98M	467.82M	420.27M	322.81M	234.48M	186.81M	185.20M	129.65M	89.69M	67.12M	60.88M	46.34M	41.65M	41.18M	26.19M	32.33M	38.15M	30.90M	28.88M	42.04M	51.04M	36.51M	23.29M	20.35M	17.86M	12.03M
Net Receivables	387.86M	374.02M	336.55M	359.04M	261.10M	222.01M	216.27M	168.09M	131.57M	130.25M	101.05M	82.49M	67.07M	56.27M	40.67M	33.78M	30.10M	26.82M	15.34M	17.77M	14.62M	20.48M	10.33M	9.44M	21.51M	21.50M	23.18M	26.36M	23.32M	39.06M	13.43M
Inventory	0.88M	3.40M	8.83M	9.11M	7.14M	5.71M	6.37M	7.47M	7.67M	7.86M	8.05M	7.85M	7.08M	6.10M	5.26M	3.96M	2.49M	2.64M	2.83M	1.73M	1.64M	1.52M	1.68M	2.23M	1.75M	1.39M	0.52M	0.77M	1.35M	2.47M	6.12M
Other Current Assets	203.50M	132.08M	206.04M	163.49M	150.47M	107.45M	78.11M	59.98M	44.71M	31.40M	29.32M	20.16M	16.10M	13.72M	11.11M	8.21M	6.29M	8.47M	7.11M	3.74M	6.18M	5.09M	10.32M	9.38M	5.25M	11.15M	8.83M	9.16M	12.38M	40.03M	6.54M
Total Current Assets	1,502.96M	1,360.60M	1,423.34M	1,382.33M	1,254.86M	954.16M	768.57M	655.81M	506.77M	403.99M	325.24M	295.69M	219.90M	165.77M	124.17M	106.83M	85.23M	79.57M	66.47M	49.42M	54.78M	65.24M	53.23M	49.93M	70.55M	85.09M	69.04M	59.59M	57.39M	99.42M	38.12M
Property, Plant & Equipment	220.46M	207.44M	207.71M	203.51M	196.24M	176.16M	132.81M	106.74M	74.62M	62.66M	45.97M	34.84M	30.02M	23.93M	18.50M	16.11M	13.50M	12.94M	12.31M	12.42M	7.45M	9.83M	10.49M	7.50M	18.41M	16.07M	14.91M	17.40M	20.42M	58.75M	4.70M
Goodwill	563.12M	563.78M	542.63M	758.85M	783.54M	656.60M	558.98M	374.68M	231.35M	261.30M	156.97M	128.36M	126.50M	99.46M	72.00M	24.98M	20.11M	17.76M	13.67M	6.28M	0.07M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	173.51M	170.26M	225.90M	249.98M	269.46M	290.51M	219.82M	129.32M	99.61M	97.02M	73.72M	60.15M	46.23M	36.33M	19.32M	13.00M	10.08M	11.29M	8.59M	5.91M	6.27M	8.52M	13.19M	6.68M	4.94M	7.76M	3.77M	2.08M	0.01M	1.20M	0.65M
Long-Term Investments	42.75M	40.25M	44.75M	37.26M	32.28M	26.30M	21.66M	22.74M	17.82M	11.71M	10.23M	5.46M	4.44M	2.92M	1.13M	1.31M	1.11M	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	0.20M
Tax Assets	15.20M	23.69M	14.03M	14.89M	16.51M	16.60M	13.25M	8.83M	3.73M	5.52M	3.41M	1.94M	1.60M	1.97M	1.90M	1.01M	2.04M	0.98M	1.62M	1.39M	0.58M	0.96M	1.38M	0.51M	0.09M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	188.80M	172.22M	113.45M	125.89M	105.31M	90.47M	85.50M	60.11M	38.85M	25.64M	14.54M	12.29M	13.06M	7.99M	8.04M	5.18M	3.53M	4.25M	3.86M	4.03M	4.14M	4.26M	5.27M	3.09M	17.23M	14.52M	17.23M	17.23M	20.78M	30.42M	3.34M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	1,203.83M	1,177.65M	1,148.47M	1,390.38M	1,403.33M	1,256.65M	1,032.02M	702.40M	465.98M	463.85M	304.84M	243.04M	221.85M	172.60M	120.88M	61.58M	50.38M	47.23M	40.06M	30.02M	18.51M	23.59M	30.33M	17.79M	40.68M	38.35M	35.91M	36.71M	41.21M	90.36M	8.89M
Total Assets	2,706.79M	2,538.24M	2,571.81M	2,772.70M	2,658.18M	2,210.81M	1,800.59M	1,358.22M	972.75M	867.84M	630.07M	538.73M	441.75M	338.38M	245.05M	168.41M	135.61M	126.80M	106.53M	79.45M	73.29M	88.83M	83.56M	67.72M	111.23M	123.44M	104.95M	96.30M	98.61M	189.78M	47.01M
Accounts Payable	80.94M	89.67M	90.54M	81.91M	76.63M	77.87M	71.28M	60.90M	44.70M	37.45M	27.43M	25.83M	20.56M	15.80M	10.55M	10.12M	8.90M	7.49M	7.96M	5.98M	5.70M	8.09M	7.35M	5.64M	9.50M	11.93M	11.91M	10.07M	12.20M	15.53M	4.26M
Short-Term Debt	120.94M	89.01M	75.24M	40.81M	62.96M	32.05M	24.51M	12.41M	18.75M	15.24M	12.33M	5.18M	6.95M	3.92M	2.08M	1.79M	1.11M	0.97M	1.24M	0.94M	1.00M	1.03M	2.88M	0.54M	0.71M	0.84M	0.92M	2.80M	1.59M	1.93M	1.09M
Tax Payables	0.00M	14.40M	16.64M	17.24M	15.30M	13.39M	11.15M	8.30M	7.30M	6.94M	3.29M	2.09M	1.83M	1.45M	0.95M	0.63M	0.59M	0.47M	0.15M	0.10M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.01M
Deferred Revenue	219.25M	234.92M	217.23M	222.03M	240.48M	223.63M	190.50M	156.21M	84.10M	88.20M	53.68M	28.73M	23.37M	22.71M	14.74M	9.18M	6.97M	4.63M	5.14M	3.86M	5.01M	7.11M	10.61M	11.86M	9.02M	4.44M	0.00M	0.01M	0.00M	0.34M	0.00M
Other Current Liabilities	280.31M	210.67M	235.50M	207.45M	189.29M	147.94M	127.10M	100.29M	71.98M	51.81M	52.39M	39.27M	36.50M	19.77M	12.53M	10.54M	9.45M	12.83M	8.70M	5.29M	3.63M	3.46M	2.74M	5.16M	3.68M	17.32M	18.33M	21.13M	23.42M	38.19M	10.37M
Total Current Liabilities	701.44M	638.66M	635.15M	569.45M	584.65M	494.87M	424.54M	338.10M	226.85M	199.65M	149.13M	101.11M	89.22M	63.65M	40.84M	32.26M	27.01M	26.41M	23.20M	16.17M	15.35M	19.70M	23.57M	23.20M	22.91M	34.54M	31.17M	34.02M	37.21M	56.00M	15.73M
Long-Term Debt	637.25M	654.54M	646.17M	628.55M	723.52M	707.36M	540.79M	322.90M	199.69M	176.75M	102.43M	71.54M	59.23M	20.38M	9.29M	0.83M	1.97M	1.53M	2.05M	1.21M	0.70M	0.46M	0.98M	7.13M	0.61M	1.28M	3.90M	19.54M	5.75M	7.05M	0.36M
Capital Lease Obligations	28.57M	61.87M	72.60M	72.12M	77.58M	64.64M	35.07M	0.61M	0.01M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	6.92M	38.44M	11.87M	21.58M	28.10M	23.36M	26.72M	21.45M	13.73M	10.60M	7.44M	4.95M	2.43M	1.15M	0.95M	0.86M	0.25M	0.23M	0.35M	0.12M	0.03M	0.00M	0.00M	0.00M	0.00M	0.03M	0.02M	0.00M	0.00M	0.12M	0.00M
Other Non-Current Liabilities	106.47M	105.00M	55.11M	66.08M	71.59M	78.34M	70.24M	50.94M	49.72M	39.82M	22.30M	16.55M	12.88M	6.05M	4.90M	3.40M	2.35M	2.38M	2.91M	2.09M	1.42M	1.98M	1.88M	1.04M	0.41M	0.14M	0.06M	0.34M	0.99M	2.38M	0.31M
Total Non-Current Liabilities	779.20M	859.85M	785.75M	788.33M	900.78M	873.71M	672.82M	395.90M	263.16M	227.17M	132.18M	93.04M	74.55M	27.57M	15.15M	5.09M	4.58M	4.14M	5.31M	3.41M	2.15M	2.44M	2.86M	8.17M	1.02M	1.45M	3.99M	19.88M	6.74M	9.54M	0.67M
Total Liabilities	1,480.65M	1,498.51M	1,420.90M	1,357.78M	1,485.43M	1,368.58M	1,097.36M	733.99M	490.00M	426.81M	281.30M	194.15M	163.76M	91.22M	55.99M	37.35M	31.59M	30.55M	28.50M	19.58M	17.50M	22.14M	26.43M	31.37M	23.94M	35.99M	35.15M	53.90M	43.96M	65.55M	16.40M
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	22.05M	34.11M	42.79M	42.69M	48.25M	46.19M	44.23M	26.22M	36.33M	29.61M	15.25M	12.80M	8.72M	9.59M	7.11M	7.33M	6.86M	6.81M	5.81M	7.52M	3.50M	3.89M	5.08M	2.87M	6.21M	4.61M	4.97M	2.39M	1.30M	5.52M	7.34M
Retained Earnings	-440.98M	-366.58M	-254.67M	-240.89M	-87.77M	10.47M	68.86M	83.71M	-1.29M	36.92M	34.00M	78.02M	56.66M	35.87M	13.64M	4.28M	7.29M	1.53M	2.17M	-2.73M	-0.50M	1.06M	-4.17M	-8.14M	1.07M	6.53M	0.10M	0.23M	-7.57M	8.59M	-5.00M
Accumulated OCI	1.68M	-0.82M	-3.25M	-8.38M	-0.42M	-4.43M	-8.86M	-7.95M	-4.01M	-4.53M	-1.72M	-3.66M	-1.45M	-0.71M	-0.70M	-0.47M	-0.26M	-0.17M	-0.08M	-0.04M	-0.29M	0.09M	0.02M	-0.48M	-1.84M	-1.11M	-0.73M	-0.53M	-0.36M	0.08M	0.02M
Minority Interest	4.74M	5.61M	5.49M	3.52M	2.78M	1.69M	1.78M	2.88M	2.34M	2.07M	0.38M	0.17M	0.02M	0.10M	0.08M	0.07M	0.03M	0.02M	0.01M	0.00M	0.01M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	-417.24M	-333.29M	-215.13M	-206.58M	-39.95M	52.23M	104.22M	101.98M	31.04M	62.00M	47.53M	87.16M	63.92M	44.74M	20.05M	11.15M	13.89M	8.18M	7.90M	4.75M	2.71M	5.04M	0.94M	-5.75M	5.44M	10.03M	4.34M	2.10M	-6.63M	14.18M	2.37M
Total Equity	-412.50M	-327.67M	-209.64M	-203.06M	-37.17M	53.92M	106.01M	104.86M	33.38M	64.07M	47.91M	87.33M	63.94M	44.84M	20.13M	11.22M	13.92M	8.20M	7.91M	4.75M	2.72M	5.06M	0.94M	-5.75M	5.44M	10.03M	4.34M	2.10M	-6.63M	14.18M	2.37M
Total Liabilities & Equity	1,068.14M	1,170.83M	1,211.26M	1,154.72M	1,448.26M	1,422.50M	1,203.37M	838.86M	523.38M	490.88M	329.21M	281.48M	227.71M	136.06M	76.12M	48.57M	45.51M	38.75M	36.42M	24.33M	20.22M	27.19M	27.37M	25.62M	29.38M	46.02M	39.49M	55.99M	37.33M	79.73M	18.77M
Tangible Assets	1,970.16M	1,804.20M	1,803.28M	1,763.88M	1,605.18M	1,263.70M	1,021.79M	854.22M	641.78M	509.52M	399.39M	350.22M	269.02M	202.58M	153.74M	130.44M	105.41M	97.75M	84.27M	67.26M	66.95M	80.29M	70.37M	61.04M	106.28M	115.69M	101.18M	94.22M	98.59M	188.58M	46.36M
Tangible Equity	-1,149.13M	-1,061.72M	-978.17M	-1,211.88M	-1,090.17M	-893.18M	-672.79M	-399.13M	-297.58M	-294.25M	-182.78M	-101.18M	-108.79M	-90.95M	-71.18M	-26.75M	-16.28M	-20.85M	-14.35M	-7.44M	-3.62M	-3.47M	-12.25M	-12.43M	0.50M	2.28M	0.57M	0.01M	-6.64M	12.99M	1.72M
Tangible Book Value	-1,149.13M	-1,061.72M	-978.17M	-1,211.88M	-1,090.17M	-893.18M	-672.79M	-399.13M	-297.58M	-294.25M	-182.78M	-101.18M	-108.79M	-90.95M	-71.18M	-26.75M	-16.28M	-20.85M	-14.35M	-7.44M	-3.62M	-3.47M	-12.25M	-12.43M	0.50M	2.28M	0.57M	0.01M	-6.64M	12.99M	1.72M
Total Investments	318.87M	221.13M	267.01M	199.88M	146.33M	153.90M	139.77M	141.18M	57.43M	61.33M	36.61M	47.13M	25.09M	15.27M	6.05M	6.19M	3.48M	4.41M	6.71M	4.59M	5.67M	4.06M	2.42M	2.36M	3.07M	4.70M	2.24M	0.92M	0.00M	0.19M	0.28M
Net Debt	160.86M	189.87M	212.48M	25.26M	136.27M	313.86M	237.15M	85.90M	-2.14M	1.28M	-44.42M	-74.67M	-41.10M	-55.84M	-50.96M	-54.27M	-36.01M	-25.38M	-25.64M	-18.35M	-15.35M	-29.99M	-25.65M	-19.41M	-36.30M	-39.54M	-23.53M	1.22M	-12.99M	-8.65M	-9.71M

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	859.29M	677.74M	1,037.54M	938.33M	697.37M	407.97M	329.55M	303.72M	160.52M	240.91M	164.99M	164.39M	100.17M	72.48M	57.99M	59.08M	45.55M	34.76M	33.18M	30.60M	47.50M	48.44M	41.24M	39.04M	49.62M	58.37M	46.77M	16.53M	44.15M	24.38M	20.30M
Total Capital	2,500.32M	2,207.20M	1,978.86M	1,880.39M	2,023.41M	1,670.26M	1,447.42M	1,052.90M	723.68M	678.59M	542.51M	438.51M	341.44M	259.96M	158.04M	137.41M	87.95M	73.73M	76.24M	66.86M	86.69M	98.82M	100.13M	86.65M	114.65M	126.77M	96.03M	80.26M	73.40M	92.58M	30.21M
Capital Employed	2,937.27M	2,765.82M	2,838.30M	2,195.89M	2,289.45M	2,009.09M	1,756.21M	1,492.66M	859.97M	774.82M	606.98M	498.46M	401.87M	343.99M	238.72M	173.06M	117.43M	100.99M	91.51M	127.60M	143.73M	158.51M	138.99M	135.23M	146.06M	182.01M	93.42M	80.15M	94.95M	119.51M	29.25M
Invested Capital	1,903.00M	1,653.52M	1,469.93M	1,236.29M	1,373.19M	1,244.71M	1,119.28M	803.49M	503.10M	487.88M	383.34M	287.12M	234.16M	179.82M	95.70M	80.52M	48.86M	45.85M	47.31M	46.35M	69.65M	67.33M	70.63M	59.57M	77.03M	85.11M	67.68M	59.14M	53.07M	74.95M	19.05M

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	91.09M	98.56M	102.04M	100.19M	91.78M	97.14M	84.37M	68.31M	45.05M	41.70M	32.59M	23.41M	20.78M	16.68M	13.89M	8.56M	6.92M	6.94M	6.18M	4.08M	3.78M	3.48M	6.00M	10.07M	12.55M	10.58M	9.37M	8.41M	11.83M	15.63M	2.22M
Deferred Income Tax	-1.69M	-4.58M	-4.73M	-8.64M	-1.39M	-0.67M	-5.48M	-5.65M	-2.27M	-2.52M	-1.01M	-0.70M	-0.34M	0.03M	-0.02M	0.01M	0.00M	-0.02M	0.01M	-0.02M	0.00M	-0.02M	0.00M	0.00M	0.00M	-0.27M	0.00M	0.00M	-0.01M	-0.34M	0.00M
Stock-Based Compensation	98.20M	84.91M	92.96M	76.48M	60.63M	35.64M	25.27M	20.31M	16.20M	18.09M	12.29M	10.78M	6.53M	4.53M	3.27M	2.40M	1.73M	0.09M	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
Change in Working Capital	-7.98M	-18.48M	-10.13M	-19.54M	-28.57M	6.44M	-6.12M	1.25M	-6.59M	6.45M	7.58M	2.94M	1.14M	1.36M	-1.04M	-0.45M	-0.69M	-0.50M	-0.71M	-1.00M	-0.51M	1.47M	7.68M	2.97M	0.41M	-0.91M	3.51M	0.16M	4.66M	-0.20M	-1.54M
Accounts Receivable	-32.42M	-30.41M	-42.48M	-46.58M	-27.27M	-10.10M	-16.00M	-17.98M	-16.23M	-13.68M	-7.14M	-5.44M	-5.49M	-3.76M	-1.51M	-0.54M	-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
Inventory	0.00M	0.00M	0.00M	-0.21M	-6.61M	0.05M	-2.12M	-1.97M	-0.20M	0.18M	-0.63M	-0.31M	-0.22M	-0.46M	-0.47M	-0.09M	-0.07M	-0.07M	-0.09M	-0.15M	-0.11M	-0.19M	0.02M	0.01M	0.09M	-0.08M	-0.34M	0.11M	0.27M	0.25M	0.04M
Accounts Payable	0.80M	1.34M	7.03M	10.98M	11.66M	1.11M	7.60M	2.91M	2.41M	4.89M	1.45M	0.39M	0.23M	0.54M	0.12M	0.15M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	11.49M	10.59M	16.97M	11.33M	14.78M	10.88M	8.38M	18.25M	11.87M	9.71M	10.73M	3.62M	4.55M	1.71M	1.87M	0.32M	0.70M	0.15M	-0.14M	0.33M	0.16M	2.03M	3.64M	1.85M	0.13M	0.02M	4.95M	0.62M	1.12M	-0.02M	0.26M
Other Non-Cash Items	69.47M	65.76M	43.56M	71.53M	31.06M	26.33M	16.39M	15.71M	10.42M	11.16M	3.71M	1.38M	3.16M	-0.77M	0.35M	0.40M	0.71M	2.04M	1.54M	1.07M	0.34M	0.85M	1.94M	3.17M	6.86M	1.80M	0.16M	0.87M	0.52M	2.12M	0.68M
Net Cash from Operating Activities	349.05M	308.53M	296.22M	261.49M	185.49M	210.27M	188.07M	166.67M	97.54M	91.01M	77.47M	65.38M	61.24M	49.59M	40.16M	26.62M	18.88M	19.09M	12.58M	23.21M	15.64M	14.38M	16.28M	25.82M	20.82M	17.04M	22.86M	15.78M	25.45M	13.12M	3.75M
Capital Expenditures (PPE)	-53.82M	-41.15M	-44.09M	-56.64M	-48.00M	-47.12M	-47.54M	-45.15M	-30.87M	-27.61M	-21.14M	-15.49M	-14.54M	-11.01M	-10.52M	-5.71M	-5.18M	-5.78M	-7.17M	-4.60M	-3.96M	-2.94M	-4.14M	-3.77M	-15.60M	-9.16M	-11.30M	-8.77M	-15.44M	-15.34M	-2.35M
Acquisitions (Net)	-3.19M	-9.45M	-37.44M	-24.28M	-72.87M	-32.84M	-54.72M	-15.33M	-19.22M	-15.76M	-10.59M	-9.76M	-3.25M	-1.94M	-3.26M	-1.34M	-0.96M	-1.53M	-4.18M	-1.36M	-1.06M	-0.94M	-1.52M	-0.01M	-0.05M	-0.96M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-169.85M	-205.47M	-199.46M	-175.69M	-126.46M	-144.44M	-103.22M	-98.56M	-66.92M	-85.62M	-52.54M	-43.06M	-23.78M	-7.21M	-3.19M	-2.29M	-1.44M	-1.55M	-5.15M	-8.30M	-2.38M	-5.84M	-4.59M	-4.07M	-24.90M	-16.00M	-11.26M	-7.98M	-54.47M	-46.54M	-0.10M
Sales / Maturities of Investments	176.64M	183.74M	197.45M	135.34M	101.77M	116.08M	99.78M	74.68M	66.48M	88.08M	58.51M	39.47M	17.31M	4.92M	2.09M	3.13M	1.09M	6.43M	7.55M	4.27M	3.27M	1.23M	2.29M	3.23M	10.98M	14.61M	6.57M	4.50M	11.91M	38.01M	4.41M
Other Investing Activities	-10.76M	-12.69M	-7.16M	-4.67M	-0.48M	-3.54M	-3.79M	-6.62M	-4.05M	-1.90M	-1.19M	-1.70M	-1.98M	-1.08M	0.06M	-0.24M	-0.07M	0.24M	0.03M	0.08M	-0.11M	-0.57M	-0.33M	-0.41M	-1.61M	0.12M	-0.77M	-2.19M	-2.88M	-4.29M	-0.42M
Net Cash from Investing Activities	-155.60M	-120.33M	-152.14M	-140.14M	-193.11M	-141.37M	-133.75M	-103.06M	-63.18M	-53.10M	-45.76M	-44.23M	-43.29M	-26.44M	-17.96M	-14.64M	-11.14M	-5.13M	-7.54M	-12.21M	-5.42M	-11.59M	-8.69M	-14.05M	-14.12M	-13.37M	-15.19M	-9.27M	-25.82M	-17.39M	-1.93M
Net Debt Issuance	-0.14M	15.87M	11.92M	-15.06M	34.89M	41.55M	6.76M	-3.27M	3.17M	3.34M	0.25M	2.78M	2.65M	0.08M	0.08M	0.00M	-0.36M	0.12M	-0.01M	-0.04M	0.02M	-0.09M	-0.48M	-0.07M	-0.07M	-0.27M	-1.24M	0.73M	0.33M	-0.14M	0.00M
Long-Term Debt Issuance	-3.47M	4.37M	17.16M	-8.39M	37.92M	56.17M	7.26M	-0.85M	7.66M	2.79M	-0.31M	2.79M	2.64M	0.29M	0.09M	0.00M	-0.31M	-0.05M	0.02M	-0.04M	-0.02M	-0.03M	-0.47M	-0.07M	-0.07M	-0.28M	-1.20M	0.73M	0.33M	-0.14M	0.00M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-56.31M	-49.56M	-51.47M	-31.78M	2.67M	-2.67M	-5.77M	-6.05M	-1.31M	-0.82M	-0.32M	-0.95M	-0.49M	-0.11M	0.14M	0.02M	-0.03M	0.04M	0.54M	0.47M	0.50M	0.54M	0.48M	0.16M	1.82M	12.11M	1.09M	3.61M	6.20M	6.14M	11.70M
Common Stock Issuance	6.11M	9.63M	3.65M	9.53M	35.11M	21.09M	4.27M	15.46M	3.18M	3.88M	2.77M	3.42M	1.98M	0.42M	0.79M	1.51M	0.54M	1.10M	4.08M	6.52M	2.38M	2.72M	2.73M	1.83M	9.66M	14.67M	11.77M	13.59M	16.45M	15.20M	11.70M
Common Stock Repurchased	-62.92M	-59.58M	-63.70M	-43.16M	-29.84M	-31.69M	-23.00M	-29.03M	-10.66M	-6.71M	-2.94M	-5.79M	-2.86M	-4.33M	-3.01M	-0.09M	-0.25M	-0.42M	-0.06M	-0.05M	0.00M	-0.03M	0.00M	-0.06M	-1.18M	-0.11M	-1.57M	-0.04M	-0.06M	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	-0.66M	-3.76M	-3.25M	-2.32M	-3.14M	-1.38M	-2.76M	-2.98M	-4.84M	-4.75M	-2.69M	-1.97M	-1.26M	-0.76M	-0.40M	-0.31M	-0.19M	-0.14M	-0.16M	-0.12M	-0.04M	-0.16M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Dividends Paid	-0.15M	-2.41M	-2.00M	-0.88M	-3.78M	-1.37M	-3.71M	-3.00M	-4.79M	-4.95M	-2.55M	-1.94M	-1.18M	-0.74M	-0.39M	-0.25M	-0.10M	-0.09M	-0.16M	-0.12M	0.00M	-0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-19.73M	-10.76M	-7.31M	3.87M	3.00M	-5.71M	4.08M	5.43M	9.65M	7.65M	3.70M	7.00M	5.59M	0.66M	1.29M	1.60M	1.10M	0.35M	1.28M	0.38M	0.06M	0.12M	0.60M	0.07M	0.31M	0.13M	0.26M	0.07M	-0.18M	0.58M	0.00M
Net Cash from Financing Activities	-72.58M	-87.06M	-62.00M	-98.31M	83.26M	55.04M	0.27M	-5.64M	7.69M	-0.95M	-9.55M	26.17M	2.10M	-4.12M	-2.03M	0.41M	-2.23M	-3.38M	0.60M	3.14M	-0.73M	1.10M	1.30M	0.67M	1.67M	13.07M	4.53M	5.30M	8.67M	3.11M	5.84M
Effect of FX on Cash	1.04M	-1.32M	0.67M	-1.79M	-0.46M	0.02M	-0.37M	-0.19M	0.11M	-0.90M	-0.75M	-0.35M	-0.17M	-0.01M	-0.03M	-0.02M	0.00M	0.02M	0.03M	0.00M	-0.01M	0.06M	0.02M	-0.02M	-0.02M	-0.01M	-0.03M	-0.15M	2.48M	0.63M	-1.32M
Net Change in Cash	86.66M	54.95M	41.47M	-13.06M	129.97M	115.05M	39.09M	15.96M	26.89M	17.77M	6.96M	22.45M	9.92M	4.55M	2.16M	9.48M	4.35M	1.48M	4.19M	0.78M	3.01M	3.66M	1.85M	1.11M	-1.37M	1.12M	12.08M	12.16M	19.39M	8.52M	0.09M
Cash at Beginning of Period	505.48M	581.03M	708.72M	705.81M	477.63M	376.52M	274.87M	272.00M	185.44M	159.37M	144.71M	92.71M	80.78M	62.72M	56.42M	39.86M	28.24M	27.78M	16.99M	15.04M	12.09M	27.80M	27.67M	17.83M	26.80M	24.27M	21.68M	14.98M	14.75M	13.75M	2.34M
Cash at End of Period	648.77M	637.87M	590.46M	711.52M	702.24M	483.06M	375.35M	264.97M	227.19M	183.98M	153.64M	140.22M	91.15M	75.91M	55.56M	53.69M	37.16M	27.12M	28.75M	20.56M	15.97M	33.23M	34.52M	36.37M	58.45M	29.38M	30.46M	21.32M	34.49M	18.56M	1.85M
Operating Cash Flow	349.04M	308.53M	296.14M	262.43M	185.49M	212.98M	188.07M	166.67M	97.54M	91.01M	77.47M	65.38M	61.24M	49.59M	40.16M	26.62M	18.88M	19.09M	12.58M	23.21M	15.64M	14.38M	16.28M	25.82M	20.82M	17.04M	22.86M	15.78M	25.45M	13.12M	3.75M
Capital Expenditure	-58.34M	-57.41M	-53.04M	-60.15M	-50.03M	-47.99M	-49.59M	-45.18M	-30.90M	-28.12M	-21.16M	-15.49M	-14.52M	-11.01M	-10.53M	-5.72M	-5.20M	-5.78M	-7.17M	-4.60M	-3.96M	-2.94M	-4.13M	-3.78M	-15.60M	-9.16M	-11.30M	-8.77M	-15.43M	-15.40M	-2.35M
Free Cash Flow	254.95M	221.50M	234.45M	175.44M	113.12M	148.37M	132.54M	114.82M	67.17M	67.80M	51.40M	48.40M	45.71M	30.44M	21.63M	18.89M	10.85M	12.11M	5.07M	12.56M	12.58M	9.89M	12.42M	20.60M	9.97M	5.55M	3.65M	4.30M	12.39M	2.12M	1.38M

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	343.37M	235.49M	247.72M	159.03M	205.45M	182.18M	200.36M	157.98M	116.32M	90.50M	82.79M	75.77M	68.94M	59.70M	45.81M	27.28M	17.69M	15.89M	25.85M	21.74M	21.27M	27.42M	19.53M	24.30M	46.21M	32.88M	27.35M	23.56M	21.53M	13.75M	6.86M
(-) Tax Adjustment	82.37M	41.43M	106.92M	224.67M	63.48M	75.23M	83.51M	42.32M	53.80M	25.86M	25.37M	19.45M	14.52M	14.93M	8.97M	7.97M	6.98M	9.01M	7.36M	5.61M	7.27M	6.24M	8.57M	10.31M	74.38M	8.96M	9.28M	8.57M	11.05M	7.90M	1.71M
(-) Change In Working Capital	-7.98M	-18.48M	-10.13M	-19.54M	-28.57M	6.44M	-6.12M	1.25M	-6.59M	6.45M	7.58M	2.94M	1.14M	1.36M	-1.04M	-0.45M	-0.69M	-0.50M	-0.71M	-1.00M	-0.51M	1.47M	7.68M	2.97M	0.41M	-0.91M	3.51M	0.16M	4.66M	-0.20M	-1.54M
(-) Capital Expenditure	58.34M	57.41M	53.04M	60.15M	50.03M	47.99M	49.59M	45.18M	30.90M	28.12M	21.16M	15.49M	14.52M	11.01M	10.53M	5.72M	5.20M	5.78M	7.17M	4.60M	3.96M	2.94M	4.13M	3.78M	15.60M	9.16M	11.30M	8.77M	15.43M	15.40M	2.35M
Unlevered Free Cash Flow	210.63M	155.12M	97.89M	-106.26M	120.51M	52.52M	73.38M	69.23M	38.20M	30.08M	28.69M	37.89M	38.77M	32.40M	27.35M	14.05M	6.20M	1.59M	12.03M	12.52M	10.55M	16.78M	-0.85M	7.24M	-44.18M	15.68M	3.26M	6.06M	-9.60M	-9.34M	4.34M
(-) Net Interest Income After Taxes	-15.78M	-11.52M	-11.98M	10.98M	-22.69M	-16.82M	-13.39M	-11.87M	-5.78M	-6.48M	-3.97M	-1.96M	-1.15M	-0.66M	-0.37M	-0.22M	-0.02M	-0.14M	-0.02M	-0.06M	-0.04M	0.00M	-0.03M	-0.02M	-0.02M	0.01M	-0.02M	-0.01M	-0.08M	-0.10M	-0.32M
Net Debt Issuance	-0.14M	15.87M	11.92M	-15.06M	34.89M	41.55M	6.76M	-3.27M	3.17M	3.34M	0.25M	2.78M	2.65M	0.08M	0.08M	0.00M	-0.36M	0.12M	-0.01M	-0.04M	0.02M	-0.09M	-0.48M	-0.07M	-0.07M	-0.27M	-1.24M	0.73M	0.33M	-0.14M	0.00M
Levered Free Cash Flow	226.28M	182.52M	121.78M	-132.30M	178.10M	110.88M	93.53M	77.83M	47.16M	39.89M	32.91M	42.63M	42.57M	33.14M	27.80M	14.28M	5.86M	1.84M	12.04M	12.54M	10.61M	16.69M	-1.30M	7.18M	-44.23M	15.40M	2.04M	6.80M	-9.19M	-9.38M	4.66M