Aerospace & Defense

Category: Industry Averages Base Ticker: DRS

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	74.27	38.45	29.95	24.18	25.43	22.60	25.92	19.35	22.62	19.84	18.33	18.31	18.42	14.81	14.91	14.46	12.12	11.33	18.62	14.37	12.09	11.67	10.97	9.40	10.12	8.69	8.05	10.77	10.11	8.41	5.33
Market Capitalization	10,599.78M	5,685.46M	4,069.05M	3,532.93M	3,672.57M	2,694.68M	2,750.72M	2,173.06M	2,392.93M	2,238.50M	2,613.87M	2,230.16M	1,749.86M	1,252.30M	1,207.34M	1,459.41M	1,157.41M	747.29M	1,585.93M	804.32M	605.03M	618.86M	596.23M	453.82M	544.95M	327.14M	261.97M	805.23M	871.43M	820.69M	860.92M
(-) Cash & Equivalents	515.33M	546.30M	576.12M	517.20M	553.81M	456.12M	392.84M	321.71M	330.46M	323.61M	285.24M	215.81M	214.50M	187.94M	196.36M	199.44M	187.04M	115.67M	96.16M	44.48M	40.39M	43.84M	36.19M	39.96M	37.33M	18.83M	12.54M	18.85M	15.13M	11.21M	20.05M
(+) Total Debt	936.35M	1,007.92M	1,032.95M	918.05M	800.85M	761.07M	792.69M	712.34M	660.06M	729.90M	638.72M	517.19M	429.31M	380.85M	393.65M	329.85M	258.10M	214.98M	233.12M	142.67M	108.98M	122.03M	97.22M	114.07M	72.64M	73.25M	68.03M	73.86M	46.01M	70.49M	56.39M
Enterprise Value	10,782.89M	6,305.67M	4,741.48M	3,995.09M	4,117.46M	3,173.28M	3,141.16M	2,395.65M	2,687.73M	2,693.70M	2,861.84M	2,709.51M	2,012.40M	1,398.08M	1,396.91M	1,618.57M	1,309.92M	916.59M	1,741.43M	974.60M	677.06M	717.72M	652.38M	627.19M	658.04M	502.61M	364.23M	859.09M	902.25M	865.03M	886.82M

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	3,520.915M	3,123.131M	2,843.021M	2,389.520M	2,186.735M	2,003.616M	2,060.393M	1,788.634M	1,806.726M	1,695.118M	1,639.726M	1,556.810M	1,457.213M	1,356.105M	1,205.514M	1,055.209M	997.992M	1,125.521M	933.284M	578.114M	403.984M	375.257M	347.199M	404.970M	336.797M	326.893M	268.512M	334.714M	315.253M	331.361M	494.251M
Cost of Revenue	2,742.199M	2,517.912M	2,383.760M	1,996.638M	1,851.600M	1,597.316M	1,656.759M	1,543.281M	1,415.618M	1,429.100M	1,374.338M	1,223.666M	1,117.949M	1,074.324M	914.191M	789.799M	774.214M	826.482M	682.637M	331.593M	260.197M	238.346M	263.964M	312.293M	264.683M	241.044M	196.272M	244.302M	169.876M	185.952M	191.696M
Gross Profit	778.716M	605.219M	459.261M	392.882M	335.135M	406.300M	403.633M	245.353M	391.108M	266.017M	265.388M	333.145M	339.264M	281.781M	291.323M	265.410M	223.777M	299.038M	250.647M	246.521M	143.787M	136.910M	83.235M	92.676M	72.115M	85.849M	72.239M	90.412M	145.377M	145.409M	302.555M
Gross Margin	22.12%	19.38%	16.15%	16.44%	15.33%	20.28%	19.59%	13.72%	21.65%	15.69%	16.18%	21.40%	23.28%	20.78%	24.17%	25.15%	22.42%	26.57%	26.86%	42.64%	35.59%	36.48%	23.97%	22.88%	21.41%	26.26%	26.90%	27.01%	46.11%	43.88%	61.21%
R&D Expenses	50.472M	63.873M	55.614M	53.739M	47.247M	42.414M	43.122M	34.538M	36.641M	31.448M	30.428M	23.726M	23.575M	17.579M	12.257M	11.386M	6.522M	5.375M	4.203M	1.563M	0.575M	1.072M	0.211M	0.218M	0.966M	0.772M	0.696M	0.647M	0.507M	0.047M	0.000M
SG&A Expenses	213.840M	170.518M	173.758M	159.312M	138.934M	116.890M	127.369M	126.594M	121.511M	121.510M	118.519M	120.003M	103.416M	93.949M	74.185M	54.317M	57.507M	65.934M	57.930M	37.082M	27.781M	31.853M	34.913M	39.094M	31.519M	23.602M	18.748M	28.340M	22.849M	21.789M	10.491M
Operating Expenses	264.312M	234.391M	229.372M	213.051M	186.181M	159.304M	170.491M	161.132M	158.152M	152.957M	148.947M	143.728M	126.991M	111.528M	86.442M	65.703M	64.029M	71.309M	62.133M	38.646M	28.356M	32.925M	35.124M	39.312M	32.485M	24.374M	19.444M	28.987M	23.356M	21.836M	10.491M
Operating Income	514.404M	370.828M	229.889M	179.831M	148.955M	246.996M	233.142M	84.221M	232.957M	113.060M	116.441M	189.416M	212.273M	170.253M	204.881M	199.707M	159.748M	227.730M	188.514M	207.875M	115.432M	103.985M	48.110M	53.364M	39.630M	61.475M	52.795M	61.425M	122.021M	123.573M	292.064M
Operating Margin	14.61%	11.87%	8.09%	7.53%	6.81%	12.33%	11.32%	4.71%	12.89%	6.67%	7.10%	12.17%	14.57%	12.55%	17.00%	18.93%	16.01%	20.23%	20.20%	35.96%	28.57%	27.71%	13.86%	13.18%	11.77%	18.81%	19.66%	18.35%	38.71%	37.29%	59.09%
Interest Income	8.735M	12.909M	11.863M	9.820M	6.156M	5.106M	7.488M	5.601M	4.665M	3.211M	4.463M	3.166M	2.633M	1.960M	2.962M	2.579M	2.146M	2.301M	1.158M	0.105M	0.191M	0.156M	0.074M	0.064M	0.048M	0.082M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	44.895M	51.142M	44.187M	32.679M	31.673M	33.491M	31.301M	30.288M	25.224M	26.198M	24.773M	27.244M	21.382M	22.039M	17.215M	17.005M	14.298M	12.209M	6.582M	4.740M	2.806M	3.232M	3.306M	3.553M	2.227M	1.569M	0.622M	0.451M	0.335M	0.359M	0.477M
Net Interest Income	-36.160M	-38.233M	-32.324M	-22.859M	-25.517M	-28.385M	-23.812M	-24.687M	-20.559M	-22.987M	-20.309M	-24.078M	-18.749M	-20.079M	-14.254M	-14.426M	-12.152M	-9.908M	-5.424M	-4.635M	-2.614M	-3.076M	-3.232M	-3.489M	-2.179M	-1.487M	-0.622M	-0.451M	-0.335M	-0.359M	-0.477M
Other Income / Expense	-246.299M	-142.757M	-41.604M	-53.020M	-46.770M	-172.846M	-108.291M	24.021M	-124.087M	5.033M	-12.976M	-77.529M	-107.833M	-63.792M	-102.900M	-103.730M	-70.637M	-145.487M	-116.480M	-172.176M	-93.363M	-81.129M	-18.716M	-21.759M	-12.861M	-38.266M	-32.123M	-34.695M	-100.614M	-102.002M	-268.531M
Pre-Tax Income	231.946M	189.838M	155.961M	103.952M	76.667M	45.766M	101.039M	83.556M	88.311M	95.107M	83.156M	87.810M	85.691M	86.382M	87.728M	81.551M	76.959M	72.334M	66.609M	31.065M	19.454M	19.780M	26.162M	28.116M	24.589M	21.722M	20.050M	26.280M	21.072M	21.212M	23.056M
Pre-Tax Margin	6.59%	6.08%	5.49%	4.35%	3.51%	2.28%	4.90%	4.67%	4.89%	5.61%	5.07%	5.64%	5.88%	6.37%	7.28%	7.73%	7.71%	6.43%	7.14%	5.37%	4.82%	5.27%	7.54%	6.94%	7.30%	6.65%	7.47%	7.85%	6.68%	6.40%	4.66%
Income Tax Expense	41.888M	25.074M	20.817M	23.875M	18.765M	9.711M	24.611M	18.020M	21.990M	23.839M	21.613M	22.608M	25.094M	22.457M	24.964M	19.993M	16.553M	19.877M	23.293M	11.176M	6.802M	7.533M	6.261M	8.437M	12.130M	6.684M	7.226M	8.143M	5.734M	7.925M	6.108M
Tax Rate	18.06%	13.21%	13.35%	22.97%	24.48%	21.22%	24.36%	21.57%	24.90%	25.07%	25.99%	25.75%	29.28%	26.00%	28.46%	24.52%	21.51%	27.48%	34.97%	35.00%	34.96%	35.00%	23.93%	30.01%	35.00%	30.77%	35.00%	30.99%	27.21%	35.00%	26.49%
Net Income	190.058M	164.763M	135.144M	80.077M	57.902M	36.055M	76.428M	65.536M	66.320M	71.268M	61.543M	65.201M	60.596M	63.925M	62.764M	61.558M	60.406M	52.457M	43.316M	19.888M	12.652M	12.247M	19.901M	19.679M	12.459M	15.039M	12.824M	18.137M	15.338M	13.287M	16.948M
Net Margin	5.40%	5.28%	4.75%	3.35%	2.65%	1.80%	3.71%	3.66%	3.67%	4.20%	3.75%	4.19%	4.16%	4.71%	5.21%	5.83%	6.05%	4.66%	4.64%	3.44%	3.13%	3.26%	5.73%	4.86%	3.70%	4.60%	4.78%	5.42%	4.87%	4.01%	3.43%
EBIT	514.404M	370.828M	229.889M	179.831M	148.955M	246.996M	233.142M	84.221M	232.957M	113.060M	116.441M	189.416M	212.273M	170.253M	204.881M	199.707M	159.748M	227.730M	188.514M	207.875M	115.432M	103.985M	48.110M	53.364M	39.630M	61.475M	52.795M	61.425M	122.021M	123.573M	292.064M
Depreciation & Amortization	102.555M	113.839M	113.564M	97.687M	98.185M	84.211M	89.566M	73.168M	68.873M	66.823M	61.162M	60.366M	52.582M	45.797M	40.196M	32.767M	29.285M	26.834M	23.074M	16.444M	12.597M	13.029M	16.212M	15.268M	12.181M	10.576M	8.875M	9.435M	8.293M	9.093M	10.794M
EBITDA	616.959M	484.666M	343.453M	277.518M	247.140M	331.208M	322.708M	157.389M	301.830M	179.883M	177.603M	249.782M	264.855M	216.049M	245.078M	232.474M	189.034M	254.563M	211.588M	224.319M	128.028M	117.014M	64.322M	68.633M	51.810M	72.052M	61.670M	70.860M	130.314M	132.666M	302.858M
EBITDA Margin	17.52%	15.52%	12.08%	11.61%	11.30%	16.53%	15.66%	8.80%	16.71%	10.61%	10.83%	16.04%	18.18%	15.93%	20.33%	22.03%	18.94%	22.62%	22.67%	38.80%	31.69%	31.18%	18.53%	16.95%	15.38%	22.04%	22.97%	21.17%	41.34%	40.04%	61.28%
NOPAT	421.506M	321.848M	199.205M	138.529M	112.497M	194.585M	176.354M	66.057M	174.948M	84.721M	86.177M	140.647M	150.110M	125.991M	146.581M	150.747M	125.388M	165.150M	122.591M	135.119M	75.072M	67.591M	36.597M	37.351M	25.759M	42.561M	34.317M	42.392M	88.818M	80.322M	214.687M
NOPAT Margin	11.97%	10.31%	7.01%	5.80%	5.14%	9.71%	8.56%	3.69%	9.68%	5.00%	5.26%	9.03%	10.30%	9.29%	12.16%	14.29%	12.56%	14.67%	13.14%	23.37%	18.58%	18.01%	10.54%	9.22%	7.65%	13.02%	12.78%	12.67%	28.17%	24.24%	43.44%
Owner's Earnings	292.612M	278.602M	248.708M	177.764M	156.087M	120.266M	165.994M	138.704M	135.194M	138.090M	122.705M	125.567M	113.178M	109.721M	102.961M	94.325M	89.691M	79.290M	66.391M	36.332M	25.249M	25.276M	36.113M	34.947M	24.640M	25.615M	21.699M	27.572M	23.631M	22.380M	27.742M
Owner's Earnings Margin	8.31%	8.92%	8.75%	7.44%	7.14%	6.00%	8.06%	7.75%	7.48%	8.15%	7.48%	8.07%	7.77%	8.09%	8.54%	8.94%	8.99%	7.04%	7.11%	6.28%	6.25%	6.74%	10.40%	8.63%	7.32%	7.84%	8.08%	8.24%	7.50%	6.75%	5.61%
EPS	0.46	0.36	0.29	0.17	0.14	0.09	0.21	0.17	0.16	0.22	0.18	0.19	0.20	0.22	0.22	0.22	0.24	0.22	0.18	0.09	0.07	0.05	0.09	0.09	0.05	0.09	0.08	0.08	0.08	0.07	0.07
EPS (Diluted)	0.46	0.36	0.29	0.17	0.14	0.09	0.21	0.17	0.16	0.22	0.18	0.19	0.20	0.22	0.22	0.22	0.24	0.22	0.18	0.09	0.07	0.05	0.09	0.09	0.05	0.09	0.08	0.08	0.08	0.07	0.07
Shares (Diluted)	413,711,595	461,850,679	467,855,748	469,419,890	413,795,541	394,455,144	371,632,003	387,911,623	403,106,804	329,846,985	347,784,506	338,799,109	306,297,602	285,432,771	290,166,500	273,841,751	254,133,852	235,727,418	237,334,694	225,691,572	188,354,347	233,008,030	221,688,216	224,545,127	231,359,712	160,758,646	166,145,123	215,988,673	183,696,657	185,597,200	253,358,856

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	517.41M	546.30M	576.12M	521.79M	563.90M	456.11M	392.84M	325.94M	333.44M	323.61M	285.24M	215.81M	216.30M	189.51M	199.89M	201.21M	188.76M	116.76M	99.16M	45.86M	41.21M	46.57M	36.19M	37.01M	38.56M	19.47M	13.01M	20.00M	17.12M	14.47M	27.30M
Short-Term Investments	40.44M	57.73M	46.04M	65.88M	53.93M	76.73M	47.61M	56.56M	49.69M	46.25M	31.45M	33.06M	37.57M	35.61M	39.19M	53.51M	44.25M	18.78M	18.20M	7.90M	7.42M	4.26M	5.79M	9.82M	8.07M	16.64M	8.56M	0.05M	1.97M	1.54M	0.12M
Cash & Short-Term Investments	557.85M	604.03M	622.17M	587.67M	617.83M	532.85M	440.45M	382.50M	383.13M	369.86M	316.70M	248.88M	253.87M	225.11M	239.08M	254.71M	233.01M	135.54M	117.36M	53.75M	48.63M	50.83M	41.97M	46.82M	46.63M	36.11M	21.57M	20.05M	19.09M	16.01M	27.43M
Net Receivables	1,214.77M	1,187.07M	843.67M	710.02M	641.42M	592.05M	632.15M	556.62M	425.95M	388.62M	369.80M	342.99M	317.37M	280.91M	238.97M	193.09M	190.22M	174.37M	175.78M	93.38M	62.72M	78.82M	65.20M	63.01M	63.31M	50.25M	48.29M	66.27M	62.03M	66.41M	70.67M
Inventory	923.16M	828.02M	752.74M	614.14M	533.03M	520.89M	490.04M	434.45M	490.13M	529.09M	546.70M	481.63M	368.99M	253.44M	233.59M	222.37M	212.33M	215.30M	191.52M	105.21M	81.17M	81.07M	75.33M	86.24M	67.04M	56.15M	55.26M	69.72M	63.27M	75.20M	140.58M
Other Current Assets	88.74M	84.61M	210.25M	128.04M	153.65M	118.54M	147.75M	173.49M	149.75M	121.97M	119.89M	121.94M	82.34M	81.76M	53.99M	53.54M	49.85M	60.24M	42.18M	20.45M	15.07M	26.22M	23.63M	27.13M	19.63M	21.01M	24.91M	30.91M	34.44M	29.87M	33.83M
Total Current Assets	2,784.52M	2,703.74M	2,428.83M	2,039.86M	1,945.93M	1,764.33M	1,710.39M	1,547.07M	1,448.96M	1,409.54M	1,353.08M	1,195.44M	1,022.57M	841.22M	765.63M	723.71M	685.41M	585.45M	526.84M	272.80M	207.59M	236.95M	206.12M	223.20M	196.61M	163.52M	150.03M	186.95M	178.82M	187.49M	272.50M
Property, Plant & Equipment	864.22M	978.95M	928.44M	857.99M	853.90M	699.34M	807.83M	677.06M	624.49M	609.61M	581.65M	524.11M	443.29M	352.42M	333.21M	294.70M	297.65M	238.89M	236.48M	131.69M	107.08M	105.18M	127.64M	143.65M	102.22M	66.70M	71.45M	66.99M	99.56M	123.61M	145.10M
Goodwill	313.93M	445.64M	426.06M	263.47M	222.63M	187.91M	206.87M	174.04M	146.54M	147.96M	139.71M	121.01M	107.14M	111.80M	59.97M	52.21M	43.34M	43.34M	40.39M	28.76M	6.47M	0.00M	0.00M	0.33M	0.15M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	253.77M	236.84M	234.08M	212.10M	205.61M	172.97M	175.71M	130.38M	130.78M	117.88M	106.03M	97.28M	96.66M	86.62M	80.00M	63.16M	54.42M	28.06M	34.69M	18.90M	25.77M	60.95M	50.57M	30.16M	25.00M	39.07M	40.16M	17.46M	12.79M	4.60M	2.75M
Long-Term Investments	164.59M	122.66M	156.95M	135.50M	102.22M	80.73M	52.84M	63.97M	66.74M	45.43M	49.80M	40.70M	27.30M	16.97M	8.66M	5.41M	11.99M	4.97M	2.02M	0.61M	1.11M	0.18M	0.31M	0.28M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	29.09M	51.64M	28.59M	40.12M	36.53M	34.41M	36.13M	29.44M	28.03M	42.63M	41.28M	28.28M	15.58M	13.54M	16.15M	13.73M	13.03M	12.26M	7.22M	4.72M	2.78M	1.88M	2.73M	2.69M	1.44M	0.04M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	63.61M	142.21M	115.68M	101.92M	91.21M	92.88M	98.39M	103.51M	80.38M	52.62M	39.23M	44.46M	54.30M	58.53M	60.05M	60.42M	56.16M	53.19M	44.73M	31.82M	27.36M	42.16M	30.04M	32.59M	18.15M	19.68M	13.27M	16.26M	13.17M	17.93M	94.50M
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	1,689.21M	1,977.94M	1,889.81M	1,611.09M	1,512.11M	1,268.25M	1,377.78M	1,178.40M	1,076.95M	1,016.13M	957.70M	855.85M	744.29M	639.87M	558.03M	489.63M	476.60M	380.71M	365.52M	216.49M	170.58M	210.36M	211.29M	209.69M	146.98M	125.50M	124.87M	100.71M	125.53M	146.13M	242.35M
Total Assets	4,473.73M	4,681.68M	4,318.64M	3,650.96M	3,458.04M	3,032.57M	3,088.17M	2,725.47M	2,525.92M	2,425.67M	2,310.78M	2,051.28M	1,766.86M	1,481.09M	1,323.66M	1,213.34M	1,162.01M	966.16M	892.36M	489.29M	378.16M	447.31M	417.41M	432.89M	343.59M	289.02M	274.90M	287.66M	304.36M	333.63M	514.85M
Accounts Payable	507.30M	686.10M	645.47M	419.97M	418.77M	351.71M	446.64M	390.12M	413.15M	401.01M	294.55M	323.96M	286.43M	225.79M	213.05M	216.53M	153.07M	141.84M	109.45M	76.07M	50.49M	54.34M	38.18M	41.57M	37.10M	25.74M	28.35M	37.00M	34.07M	45.99M	44.87M
Short-Term Debt	267.56M	216.86M	199.59M	204.36M	156.64M	187.17M	207.27M	184.73M	138.64M	147.81M	111.87M	98.41M	92.47M	87.89M	67.25M	62.03M	63.18M	38.72M	39.01M	14.32M	13.02M	17.71M	15.68M	12.79M	15.76M	20.58M	17.85M	15.84M	18.60M	13.36M	11.94M
Tax Payables	0.36M	14.04M	11.14M	14.23M	11.05M	9.66M	8.57M	9.12M	9.24M	11.44M	9.77M	7.89M	7.42M	6.74M	4.90M	4.73M	3.32M	3.14M	4.37M	1.54M	0.84M	1.48M	0.80M	1.01M	0.30M	0.00M	0.00M	0.00M	0.05M	0.12M	0.17M
Deferred Revenue	224.85M	78.52M	119.35M	460.25M	521.80M	360.15M	339.22M	82.05M	132.00M	101.91M	70.79M	66.54M	94.11M	55.35M	52.61M	28.37M	28.98M	31.47M	24.06M	11.08M	9.73M	7.72M	6.13M	7.38M	6.08M	0.87M	0.17M	0.36M	0.05M	0.00M	0.00M
Other Current Liabilities	482.32M	755.71M	561.07M	298.63M	251.34M	214.69M	235.74M	303.51M	250.94M	190.11M	243.07M	230.61M	221.01M	178.75M	177.34M	146.54M	150.92M	132.66M	102.23M	49.66M	36.74M	38.27M	26.64M	30.68M	21.90M	17.75M	33.40M	46.92M	56.55M	68.24M	95.76M
Total Current Liabilities	1,482.39M	1,751.22M	1,536.62M	1,397.45M	1,359.61M	1,123.38M	1,237.44M	969.53M	943.96M	852.28M	730.05M	727.41M	701.44M	554.52M	515.15M	458.19M	399.48M	347.83M	279.13M	152.66M	110.83M	119.52M	87.43M	93.43M	81.15M	64.93M	79.76M	100.13M	109.32M	127.71M	152.74M
Long-Term Debt	534.16M	647.49M	625.15M	488.88M	483.81M	434.08M	449.78M	437.02M	423.66M	427.62M	386.65M	347.05M	308.82M	280.25M	225.82M	207.00M	190.22M	142.77M	133.96M	102.54M	91.09M	92.62M	66.89M	59.95M	60.26M	58.61M	56.03M	65.46M	61.32M	76.05M	93.91M
Capital Lease Obligations	26.45M	69.55M	67.41M	64.11M	66.89M	62.85M	61.36M	2.04M	1.32M	1.10M	1.21M	1.33M	1.00M	0.42M	0.00M	0.00M	0.00M	0.00M	0.00M	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	24.66M	40.58M	39.95M	35.50M	31.52M	26.00M	31.95M	35.34M	30.33M	29.60M	24.99M	26.25M	21.46M	20.48M	17.43M	14.85M	14.28M	10.68M	11.45M	3.64M	3.87M	7.60M	1.50M	1.24M	1.77M	0.95M	0.60M	0.72M	2.04M	1.60M	0.44M
Other Non-Current Liabilities	184.03M	194.32M	189.88M	157.68M	164.35M	176.08M	154.62M	140.69M	101.71M	122.73M	100.29M	103.07M	141.20M	78.60M	61.53M	75.01M	69.51M	79.67M	30.98M	18.63M	20.50M	23.20M	28.68M	27.90M	13.88M	13.09M	14.05M	11.77M	10.16M	21.48M	133.12M
Total Non-Current Liabilities	769.30M	951.95M	922.39M	746.17M	746.57M	699.01M	697.70M	615.10M	557.01M	581.05M	513.14M	477.70M	472.47M	379.76M	304.78M	296.86M	274.01M	233.12M	176.38M	124.80M	115.47M	123.42M	97.08M	89.10M	75.90M	72.65M	70.68M	77.95M	73.52M	99.13M	227.47M
Total Liabilities	2,251.69M	2,703.17M	2,459.01M	2,143.62M	2,106.17M	1,822.39M	1,935.14M	1,584.63M	1,500.98M	1,433.33M	1,243.19M	1,205.11M	1,173.90M	934.28M	819.94M	755.05M	673.48M	580.94M	455.51M	277.46M	226.30M	242.95M	184.51M	182.53M	157.05M	137.57M	150.44M	178.08M	182.84M	226.84M	380.21M
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	122.06M	163.72M	167.68M	151.29M	153.86M	149.66M	144.68M	142.18M	133.78M	110.97M	111.32M	110.00M	102.79M	99.06M	96.02M	85.65M	85.79M	53.13M	34.62M	17.59M	17.33M	19.05M	20.59M	21.00M	20.25M	16.28M	15.79M	9.23M	5.76M	4.67M	4.91M
Retained Earnings	814.22M	627.41M	540.46M	454.91M	451.47M	385.58M	453.86M	429.57M	440.58M	379.28M	384.79M	357.09M	363.12M	295.26M	262.82M	191.96M	162.09M	119.79M	100.89M	46.01M	37.35M	41.35M	43.58M	58.98M	65.52M	65.74M	56.17M	70.10M	67.38M	85.76M	138.80M
Accumulated OCI	69.35M	19.43M	16.08M	19.33M	18.97M	29.68M	44.89M	14.13M	0.60M	4.64M	-9.89M	-8.91M	-10.48M	-7.48M	-5.65M	-5.67M	-5.49M	-2.60M	-0.42M	-1.30M	-1.00M	-0.70M	-0.72M	-1.85M	-5.07M	-5.88M	-6.83M	-26.73M	-22.31M	-20.39M	-23.01M
Minority Interest	19.93M	22.05M	22.03M	14.70M	17.27M	16.79M	23.67M	16.94M	16.73M	11.42M	11.19M	9.23M	8.14M	7.27M	8.21M	5.15M	3.80M	2.91M	2.71M	1.11M	0.94M	1.17M	0.97M	1.14M	0.46M	0.28M	0.07M	0.02M	0.00M	0.00M	0.81M
Total Shareholders’ Equity	1,005.64M	810.56M	724.22M	625.53M	624.31M	564.92M	643.43M	585.87M	574.96M	494.90M	486.21M	458.18M	455.43M	386.84M	353.19M	271.94M	242.38M	170.31M	135.09M	62.29M	53.67M	59.71M	63.46M	78.14M	80.70M	76.14M	65.14M	52.61M	50.83M	70.04M	120.70M
Total Equity	1,025.57M	832.61M	746.25M	640.23M	641.58M	581.71M	667.10M	602.81M	591.69M	506.32M	497.40M	467.41M	463.56M	394.11M	361.40M	277.09M	246.18M	173.22M	137.81M	63.40M	54.61M	60.88M	64.42M	79.28M	81.16M	76.42M	65.21M	52.63M	50.83M	70.04M	121.51M
Total Liabilities & Equity	3,277.26M	3,535.78M	3,205.26M	2,783.85M	2,747.75M	2,404.09M	2,602.24M	2,187.44M	2,092.67M	1,939.65M	1,740.60M	1,672.52M	1,637.47M	1,328.39M	1,181.34M	1,032.14M	919.67M	754.16M	593.32M	340.86M	280.91M	303.82M	248.93M	261.81M	238.21M	213.99M	215.65M	230.71M	233.67M	296.88M	501.72M
Tangible Assets	3,906.03M	3,999.20M	3,658.50M	3,175.39M	3,029.80M	2,671.69M	2,705.58M	2,421.04M	2,248.60M	2,159.83M	2,065.05M	1,832.99M	1,563.05M	1,282.68M	1,183.70M	1,097.97M	1,064.24M	894.76M	817.29M	441.63M	345.92M	386.36M	366.84M	402.40M	318.44M	249.95M	234.75M	270.20M	291.56M	329.03M	512.10M
Tangible Equity	457.87M	150.13M	86.11M	164.66M	213.34M	220.83M	284.51M	298.39M	314.37M	240.47M	251.67M	249.12M	259.76M	195.70M	221.44M	161.72M	148.41M	101.82M	62.73M	15.74M	22.37M	-0.07M	13.85M	48.78M	56.01M	37.36M	25.05M	35.17M	38.04M	65.44M	118.76M
Tangible Book Value	457.87M	150.13M	86.11M	164.66M	213.34M	220.83M	284.51M	298.39M	314.37M	240.47M	251.67M	249.12M	259.76M	195.70M	221.44M	161.72M	148.41M	101.82M	62.73M	15.74M	22.37M	-0.07M	13.85M	48.78M	56.01M	37.36M	25.05M	35.17M	38.04M	65.44M	118.76M
Total Investments	192.86M	147.14M	192.46M	173.70M	147.24M	99.77M	79.43M	81.45M	81.10M	76.86M	56.86M	56.32M	47.65M	47.48M	39.66M	39.20M	32.44M	21.96M	26.16M	8.57M	6.63M	9.12M	8.62M	9.40M	5.96M	4.24M	2.98M	0.31M	0.00M	0.00M	0.00M
Net Debt	284.31M	318.05M	248.62M	171.46M	76.55M	165.14M	264.21M	295.81M	228.86M	251.81M	213.28M	229.65M	184.99M	178.64M	93.18M	67.82M	64.64M	64.73M	73.81M	71.00M	62.90M	63.76M	46.38M	35.74M	37.46M	59.71M	60.86M	61.30M	62.80M	74.94M	78.54M

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	873.86M	643.11M	598.62M	341.59M	724.15M	579.07M	620.60M	587.87M	530.07M	491.23M	411.96M	399.81M	268.23M	393.88M	338.01M	318.87M	214.21M	194.09M	223.90M	160.09M	91.26M	130.23M	84.38M	74.05M	76.35M	77.83M	68.23M	92.80M	87.51M	56.49M	256.83M
Total Capital	2,844.10M	2,640.37M	2,391.82M	2,090.39M	1,956.90M	1,736.37M	1,757.40M	1,578.53M	1,499.08M	1,565.17M	1,491.72M	1,266.34M	1,122.54M	1,044.72M	1,010.46M	900.07M	752.26M	601.29M	668.13M	400.71M	301.22M	364.38M	297.33M	299.32M	230.38M	203.42M	185.02M	206.79M	188.27M	188.78M	457.01M
Capital Employed	2,822.22M	3,036.67M	3,003.05M	2,314.72M	2,403.40M	2,172.10M	2,055.36M	1,903.88M	1,922.04M	1,844.04M	1,677.44M	1,513.07M	1,320.11M	1,299.24M	1,220.60M	1,026.21M	920.39M	797.00M	805.94M	440.10M	387.22M	445.28M	421.03M	433.93M	258.94M	224.09M	212.34M	192.30M	201.71M	291.04M	548.82M
Invested Capital	2,326.70M	2,094.07M	1,815.69M	1,568.60M	1,393.00M	1,280.26M	1,364.56M	1,252.59M	1,165.64M	1,241.56M	1,206.47M	1,050.52M	906.24M	855.21M	810.57M	698.86M	563.51M	484.53M	568.97M	354.86M	260.00M	317.81M	261.14M	262.31M	191.82M	183.94M	172.01M	186.80M	171.15M	174.30M	429.71M

Industry Cash Flow Statement

Metric	TTM	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Depreciation & Amortization	83.45M	112.43M	116.14M	98.87M	97.66M	90.50M	88.89M	73.08M	68.16M	66.93M	60.65M	60.27M	53.21M	46.23M	40.59M	32.76M	29.70M	27.44M	23.78M	17.15M	12.85M	13.28M	16.83M	15.68M	17.96M	10.74M	10.39M	14.51M	19.68M	20.92M	40.78M
Deferred Income Tax	-0.05M	0.00M	-1.63M	-2.73M	-0.55M	-0.57M	0.42M	-0.08M	1.00M	0.43M	1.48M	0.48M	0.85M	-0.28M	0.14M	0.41M	0.11M	-0.08M	0.53M	-0.03M	0.15M	0.00M	0.16M	0.03M	0.05M	0.76M	0.41M	0.28M	0.87M	-0.08M	0.52M
Stock-Based Compensation	7.71M	6.16M	5.43M	5.96M	4.34M	3.97M	3.80M	4.08M	3.14M	2.13M	2.02M	2.09M	1.99M	1.73M	0.98M	0.81M	0.79M	0.22M	0.02M	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	-28.45M	-88.65M	-46.47M	-54.57M	-3.38M	-30.81M	-48.46M	-64.00M	-31.13M	-29.88M	-18.18M	-77.29M	-45.79M	-33.54M	-39.89M	-8.34M	-8.44M	-13.76M	0.95M	1.29M	1.85M	-0.67M	1.60M	0.15M	2.04M	-4.78M	-4.97M	-8.14M	-5.71M	-4.59M	-16.48M
Accounts Receivable	-50.52M	-75.85M	-47.55M	-65.22M	-38.50M	-7.81M	-13.73M	-41.57M	-18.58M	-15.81M	-11.27M	-19.30M	-16.44M	-3.60M	-1.31M	-0.04M	0.15M	-0.06M	0.00M	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	-48.33M	-54.00M	-51.90M	-53.54M	-18.55M	-17.80M	-34.14M	-20.31M	-12.55M	-10.46M	-13.05M	-33.85M	-20.51M	-20.94M	-18.08M	-4.27M	-1.58M	-22.98M	-17.83M	-10.88M	-7.46M	-3.66M	0.14M	0.17M	-3.22M	-1.53M	-0.52M	-3.25M	-1.94M	-6.24M	-4.98M
Accounts Payable	12.56M	22.57M	33.80M	41.72M	44.48M	-7.10M	18.71M	24.25M	7.22M	6.32M	1.37M	0.00M	0.96M	0.00M	0.34M	0.00M	0.00M	0.00M	0.00M	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	32.72M	25.25M	8.19M	22.24M	3.29M	3.06M	1.70M	-18.15M	-4.44M	-20.55M	-1.43M	-6.46M	-10.59M	-14.36M	-11.45M	-2.75M	-4.03M	14.07M	28.01M	8.82M	6.62M	3.64M	-0.87M	-0.62M	1.37M	-4.37M	-1.25M	-2.51M	0.61M	-0.09M	-0.73M
Other Non-Cash Items	0.52M	7.61M	17.66M	18.56M	14.33M	31.44M	17.26M	17.33M	12.11M	15.58M	18.68M	17.31M	20.73M	8.82M	5.39M	6.45M	4.76M	11.54M	0.53M	1.72M	3.03M	2.77M	2.03M	5.71M	3.85M	1.75M	0.68M	0.58M	-0.82M	0.92M	8.79M
Net Cash from Operating Activities	328.32M	204.49M	172.09M	166.58M	190.76M	120.42M	182.48M	107.68M	131.70M	134.25M	110.70M	74.13M	96.50M	76.48M	64.54M	78.34M	77.17M	75.92M	72.71M	43.57M	39.46M	38.53M	31.02M	37.57M	25.92M	15.48M	19.72M	28.50M	70.49M	30.99M	57.72M
Capital Expenditures (PPE)	-111.71M	-108.89M	-91.91M	-85.17M	-77.03M	-86.36M	-96.11M	-77.94M	-71.96M	-74.47M	-81.08M	-80.33M	-79.53M	-61.92M	-59.23M	-49.54M	-45.11M	-50.40M	-38.62M	-24.42M	-14.40M	-13.41M	-14.10M	-18.24M	-15.98M	-11.06M	-22.18M	-28.55M	-25.45M	-24.29M	-34.56M
Acquisitions (Net)	-1.12M	-3.96M	-2.67M	-7.26M	-3.48M	4.82M	-0.32M	-7.12M	-4.54M	-1.35M	-2.21M	-2.80M	-2.55M	-4.41M	-15.01M	-11.86M	-7.54M	-15.63M	-16.15M	-6.37M	-6.20M	-1.75M	-1.00M	-2.25M	-4.54M	-0.41M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-10.49M	-5.78M	-13.72M	-53.65M	-12.93M	-13.69M	-23.32M	-3.49M	-6.21M	-4.68M	-5.06M	-4.70M	-1.58M	-1.88M	-4.23M	-8.52M	-4.13M	-10.83M	-8.36M	-1.29M	-2.40M	-3.05M	-3.20M	-2.91M	-3.19M	-0.70M	-0.25M	-0.37M	0.00M	-0.14M	0.00M
Sales / Maturities of Investments	8.73M	12.28M	10.60M	12.24M	14.27M	20.99M	29.69M	7.30M	6.77M	4.38M	5.38M	3.52M	4.03M	4.18M	2.92M	7.15M	6.51M	8.77M	5.54M	0.66M	1.37M	3.68M	2.12M	1.81M	5.11M	0.72M	0.27M	0.20M	0.00M	0.02M	0.00M
Other Investing Activities	0.91M	9.24M	1.97M	3.24M	6.47M	0.00M	8.29M	12.49M	12.16M	6.67M	4.60M	7.81M	6.80M	7.54M	1.55M	3.08M	3.31M	0.65M	2.72M	0.47M	2.40M	0.59M	1.49M	1.45M	1.22M	0.63M	0.02M	-3.67M	-1.12M	-7.45M	6.36M
Net Cash from Investing Activities	-176.49M	-160.19M	-126.91M	-108.96M	-116.96M	-83.97M	-113.39M	-90.35M	-82.45M	-92.91M	-79.42M	-84.58M	-93.26M	-71.13M	-92.03M	-67.30M	-56.11M	-65.36M	-72.13M	-35.68M	-33.20M	-28.94M	-18.65M	-21.14M	-18.10M	-8.81M	-22.29M	-60.63M	-26.14M	-53.75M	-8.38M
Net Debt Issuance	-39.86M	9.96M	-0.45M	5.29M	-22.54M	34.67M	14.23M	30.88M	-8.64M	18.69M	20.20M	12.52M	6.93M	3.39M	15.43M	0.94M	7.52M	17.13M	8.12M	4.92M	1.99M	0.03M	-1.96M	-6.55M	-1.58M	0.12M	1.02M	14.84M	6.05M	3.91M	-3.12M
Long-Term Debt Issuance	-8.82M	18.89M	-5.63M	2.08M	-12.16M	19.70M	14.49M	25.04M	-3.45M	24.28M	31.95M	7.71M	17.54M	6.13M	26.08M	7.07M	7.66M	17.40M	7.69M	4.87M	1.79M	0.08M	-2.10M	-5.46M	-1.59M	-0.63M	1.02M	14.70M	6.14M	3.82M	-3.12M
Short-Term Debt Issuance	-14.60M	0.00M	-0.01M	0.00M	-5.48M	-0.14M	-0.33M	-0.08M	0.00M	0.00M	-0.28M	0.00M	0.00M	-0.56M	-0.63M	-0.63M	0.00M	0.00M	0.00M	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	-2.72M	0.06M	-0.50M	-1.90M	-0.75M	-1.71M	-6.24M	-2.76M	-3.74M	-2.64M	-2.01M	-4.71M	-0.11M	-0.02M	-0.67M	0.41M	0.15M	-0.73M	2.04M	0.85M	0.21M	0.48M	0.20M	0.30M	0.20M	0.20M	-0.46M	0.02M	1.35M	-0.10M	-0.79M
Common Stock Issuance	0.00M	3.67M	2.95M	0.03M	3.09M	1.66M	0.20M	0.25M	0.86M	0.75M	1.86M	0.53M	0.07M	0.43M	0.92M	1.37M	0.41M	0.80M	4.28M	1.87M	0.99M	2.39M	0.68M	0.94M	0.57M	0.80M	0.52M	4.31M	4.01M	2.36M	9.95M
Common Stock Repurchased	-2.61M	-2.09M	-0.87M	-2.30M	-2.30M	-4.59M	-9.04M	-3.80M	-4.28M	-4.47M	-3.13M	-5.79M	-0.96M	-0.42M	-0.81M	-0.15M	-0.10M	-2.43M	-0.23M	-0.07M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.32M	-1.25M	-1.00M	-1.28M	-3.56M	-3.46M
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	-39.42M	-27.72M	-25.51M	-17.45M	-18.21M	-22.89M	-18.32M	-19.17M	-21.83M	-19.16M	-17.03M	-18.43M	-19.72M	-12.00M	-11.54M	-9.94M	-8.19M	-9.11M	-4.29M	-3.52M	-2.29M	-3.51M	-3.62M	-4.27M	-3.00M	-2.57M	-3.22M	-4.48M	-6.17M	-6.59M	-22.33M
Common Dividends Paid	-37.78M	-27.75M	-22.82M	-21.93M	-19.86M	-24.58M	-19.28M	-18.84M	-18.59M	-17.50M	-15.96M	-20.30M	-23.14M	-14.09M	-13.07M	-10.68M	-9.76M	-11.33M	-5.13M	-3.67M	-3.12M	-4.57M	-4.21M	-4.50M	-3.23M	-2.57M	-3.22M	-4.50M	-6.17M	-6.59M	-22.33M
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	-15.65M	-11.21M	-9.32M	-8.04M	-6.37M	-8.89M	-11.76M	-3.11M	1.75M	2.76M	3.77M	3.57M	3.03M	-2.85M	2.37M	-2.39M	-2.19M	1.22M	3.33M	0.29M	0.31M	0.62M	0.70M	0.12M	-0.14M	0.18M	-0.04M	0.25M	-0.03M	-0.84M	0.44M
Net Cash from Financing Activities	-120.85M	-30.72M	-17.63M	-68.75M	-28.03M	8.35M	1.08M	-3.37M	-54.54M	-5.25M	21.62M	-10.20M	2.62M	-25.14M	8.89M	-4.01M	3.72M	3.65M	13.71M	2.13M	-3.94M	2.28M	-3.18M	-5.92M	-5.13M	-3.14M	1.01M	15.87M	2.10M	0.05M	-13.56M
Effect of FX on Cash	-0.03M	-0.12M	0.24M	-0.60M	-0.11M	-0.76M	-0.31M	0.19M	-0.87M	-0.21M	0.28M	0.46M	-0.19M	-0.22M	-0.52M	-0.03M	0.24M	-0.26M	0.02M	0.04M	-0.01M	0.01M	0.01M	0.07M	0.00M	-0.05M	-0.02M	0.00M	-0.09M	-0.08M	-0.10M
Net Change in Cash	54.40M	34.50M	24.12M	-59.27M	48.59M	86.97M	11.25M	-4.47M	22.10M	21.99M	8.14M	-2.85M	18.00M	1.14M	-9.23M	18.86M	34.79M	-2.03M	24.59M	2.51M	8.12M	8.80M	4.22M	4.46M	2.71M	0.28M	0.96M	-3.40M	0.76M	1.05M	6.83M
Cash at Beginning of Period	304.93M	516.92M	523.92M	538.29M	468.04M	390.04M	328.35M	327.01M	311.53M	288.88M	220.59M	206.65M	185.71M	181.95M	206.13M	184.65M	129.21M	122.55M	67.06M	45.05M	31.03M	35.15M	34.30M	35.25M	40.44M	12.09M	14.63M	18.83M	15.78M	23.89M	72.06M
Cash at End of Period	511.65M	543.32M	511.33M	516.61M	547.61M	442.18M	393.06M	320.40M	320.42M	310.85M	277.19M	219.13M	219.62M	196.21M	187.20M	204.92M	184.36M	118.67M	118.20M	52.34M	46.07M	47.99M	39.02M	38.69M	37.95M	18.10M	12.05M	18.03M	19.07M	22.06M	68.34M
Operating Cash Flow	328.69M	204.49M	172.00M	166.47M	190.71M	120.37M	182.48M	107.68M	131.70M	134.25M	110.70M	74.13M	96.50M	76.48M	64.54M	78.34M	77.17M	75.87M	72.71M	43.57M	39.46M	38.53M	31.02M	37.57M	25.92M	15.48M	19.72M	28.50M	70.49M	30.99M	57.72M
Capital Expenditure	-118.38M	-130.72M	-113.23M	-84.82M	-76.78M	-86.96M	-96.11M	-77.96M	-73.04M	-75.40M	-81.85M	-80.78M	-79.85M	-62.25M	-59.48M	-49.54M	-45.07M	-50.18M	-38.62M	-24.35M	-14.32M	-13.39M	-14.10M	-18.24M	-15.98M	-11.06M	-22.18M	-28.55M	-25.45M	-24.29M	-34.56M
Free Cash Flow	216.92M	108.99M	102.70M	70.56M	113.15M	48.70M	88.16M	35.92M	71.66M	38.08M	29.07M	3.70M	33.72M	28.31M	19.90M	49.70M	48.78M	24.14M	43.58M	17.13M	21.35M	21.86M	16.53M	14.52M	13.06M	5.27M	0.27M	-2.68M	19.20M	7.08M	43.89M

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	366.91M	291.30M	254.40M	199.08M	176.65M	128.52M	197.55M	163.00M	178.79M	178.40M	149.95M	159.26M	144.03M	150.08M	165.94M	140.81M	113.70M	128.97M	108.63M	64.01M	45.77M	44.44M	47.54M	53.08M	37.43M	32.55M	30.66M	31.53M	31.19M	31.19M	49.20M
(-) Tax Adjustment	66.26M	38.48M	33.96M	45.72M	43.24M	27.27M	48.12M	35.15M	44.52M	44.72M	38.97M	41.00M	42.18M	39.02M	47.22M	34.52M	24.46M	35.44M	37.99M	23.03M	16.00M	16.93M	11.38M	15.93M	18.47M	10.02M	11.05M	9.77M	8.49M	11.65M	13.03M
(-) Change In Working Capital	-28.45M	-88.65M	-46.47M	-54.57M	-3.38M	-30.81M	-48.46M	-64.00M	-31.13M	-29.88M	-18.18M	-77.29M	-45.79M	-33.54M	-39.89M	-8.34M	-8.44M	-13.76M	0.95M	1.29M	1.85M	-0.67M	1.60M	0.15M	2.04M	-4.78M	-4.97M	-8.14M	-5.71M	-4.59M	-16.48M
(-) Capital Expenditure	118.38M	130.72M	113.23M	84.82M	76.78M	86.96M	96.11M	77.96M	73.04M	75.40M	81.85M	80.78M	79.85M	62.25M	59.48M	49.54M	45.07M	50.18M	38.62M	24.35M	14.32M	13.39M	14.10M	18.24M	15.98M	11.06M	22.18M	28.55M	25.45M	24.29M	34.56M
Unlevered Free Cash Flow	210.72M	210.75M	153.69M	123.11M	60.01M	45.09M	101.77M	113.88M	92.35M	88.16M	47.31M	114.76M	67.79M	82.36M	99.13M	65.08M	52.61M	57.11M	31.08M	15.34M	13.59M	14.80M	20.46M	18.76M	0.96M	16.26M	2.41M	1.35M	2.97M	-0.16M	18.09M
(-) Net Interest Income After Taxes	-29.63M	-33.18M	-28.01M	-17.61M	-19.27M	-22.36M	-18.01M	-19.36M	-15.44M	-17.22M	-15.03M	-17.88M	-13.26M	-14.86M	-10.20M	-10.89M	-9.54M	-7.19M	-3.53M	-2.97M	-1.70M	-1.90M	-2.46M	-2.44M	-1.10M	-1.03M	-0.40M	-0.31M	-0.24M	-0.22M	-0.35M
Net Debt Issuance	-39.86M	9.96M	-0.45M	5.29M	-22.54M	34.67M	14.23M	30.88M	-8.64M	18.69M	20.20M	12.52M	6.93M	3.39M	15.43M	0.94M	7.52M	17.13M	8.12M	4.92M	1.99M	0.03M	-1.96M	-6.55M	-1.58M	0.12M	1.02M	14.84M	6.05M	3.91M	-3.12M
Levered Free Cash Flow	200.49M	253.90M	181.24M	146.01M	56.74M	102.12M	134.01M	164.12M	99.15M	124.08M	82.54M	145.16M	87.98M	100.61M	124.76M	76.91M	69.67M	81.42M	42.72M	23.23M	17.28M	16.73M	20.96M	14.65M	0.48M	17.40M	3.83M	16.50M	9.26M	3.98M	15.31M