REIT - Diversified

Category: Industry Averages Base Ticker: CLNY

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	24.56	81.52	82.32	19.21	27.56	26.78	42.42	19.52	32.29	21.33	20.47	22.51	19.86	16.71	17.08	18.96	23.71	13.33	27.28	22.24	29.23	26.67	18.93	16.60	16.45	14.44	15.30	15.69	15.97	12.63	7.94
Market Capitalization	1,690.05M	1,212.79M	1,171.83M	1,307.61M	1,667.56M	1,370.91M	1,577.88M	1,326.54M	1,381.40M	1,268.12M	1,131.96M	937.92M	720.47M	649.11M	553.18M	532.19M	452.11M	380.10M	582.17M	629.29M	616.56M	817.02M	1,030.82M	850.09M	764.48M	560.98M	451.96M	669.91M	293.03M	157.38M	220.36M
(-) Cash & Equivalents	75.73M	72.51M	68.72M	73.30M	92.40M	88.06M	62.40M	57.81M	58.35M	51.80M	37.37M	31.88M	23.95M	23.22M	22.84M	25.71M	26.70M	19.98M	18.56M	18.25M	18.66M	17.02M	15.83M	7.77M	5.09M	8.22M	11.66M	6.48M	6.11M	1.88M	5.54M
(+) Total Debt	808.65M	1,150.35M	1,115.10M	1,040.87M	1,202.39M	1,234.51M	1,176.86M	1,055.53M	900.41M	844.89M	721.58M	643.03M	521.09M	445.48M	389.84M	377.33M	347.37M	294.74M	309.25M	290.52M	394.65M	385.83M	422.12M	339.73M	264.72M	234.03M	211.11M	141.50M	59.80M	25.49M	18.86M
Enterprise Value	2,485.30M	2,298.73M	2,291.98M	2,311.20M	2,731.83M	2,501.41M	2,897.26M	2,451.68M	2,255.15M	2,081.93M	1,875.96M	1,624.00M	1,248.55M	1,140.24M	957.34M	894.45M	850.08M	686.97M	855.19M	904.35M	1,107.71M	1,211.67M	1,433.65M	1,209.37M	1,032.07M	1,108.76M	904.52M	956.43M	357.59M	194.39M	221.82M

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	307.662M	231.885M	225.868M	212.827M	224.702M	225.230M	237.971M	232.242M	201.501M	177.397M	151.767M	139.324M	107.582M	96.957M	90.580M	93.889M	93.743M	84.987M	76.014M	87.422M	88.845M	119.540M	145.387M	150.800M	132.701M	101.918M	52.390M	36.325M	17.769M	4.848M	5.030M
Cost of Revenue	73.921M	65.226M	67.349M	61.254M	62.397M	64.636M	62.901M	61.610M	53.626M	45.686M	40.326M	36.418M	27.938M	25.554M	25.783M	24.629M	18.168M	14.009M	12.299M	10.193M	8.217M	9.189M	14.191M	18.749M	13.751M	9.679M	2.801M	1.346M	0.581M	0.673M	2.380M
Gross Profit	233.741M	166.659M	158.518M	151.574M	162.306M	160.594M	175.070M	170.632M	147.875M	131.710M	111.441M	102.906M	79.644M	71.402M	64.797M	69.260M	75.575M	70.978M	63.714M	77.229M	80.627M	110.351M	131.196M	132.051M	118.950M	92.238M	49.589M	34.979M	17.188M	4.175M	2.650M
Gross Margin	75.97%	71.87%	70.18%	71.22%	72.23%	71.30%	73.57%	73.47%	73.39%	74.25%	73.43%	73.86%	74.03%	73.64%	71.54%	73.77%	80.62%	83.52%	83.82%	88.34%	90.75%	92.31%	90.24%	87.57%	89.64%	90.50%	94.65%	96.29%	96.73%	86.12%	52.69%
R&D Expenses	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
SG&A Expenses	19.126M	14.455M	13.622M	14.101M	15.860M	18.059M	15.654M	14.659M	12.455M	11.368M	10.073M	7.701M	6.278M	5.660M	5.456M	5.294M	4.371M	6.726M	4.885M	2.730M	2.712M	2.283M	9.363M	9.031M	1.947M	4.390M	2.088M	0.963M	0.407M	0.063M	0.182M
Operating Expenses	19.126M	14.455M	13.622M	14.101M	15.860M	18.059M	15.654M	14.659M	12.455M	11.368M	10.073M	7.701M	6.278M	5.660M	5.456M	5.294M	4.371M	6.726M	4.885M	2.730M	2.712M	2.283M	9.363M	9.031M	1.947M	4.390M	2.088M	0.963M	0.407M	0.063M	0.182M
Operating Income	214.615M	152.204M	144.896M	137.472M	146.446M	142.535M	159.416M	155.973M	135.420M	120.342M	101.368M	95.204M	73.365M	65.742M	59.341M	63.967M	71.204M	64.252M	58.829M	74.498M	77.916M	108.068M	121.833M	123.020M	117.003M	87.848M	47.500M	34.016M	16.781M	4.112M	2.468M
Operating Margin	69.76%	65.64%	64.15%	64.59%	65.17%	63.28%	66.99%	67.16%	67.21%	67.84%	66.79%	68.33%	68.19%	67.81%	65.51%	68.13%	75.96%	75.60%	77.39%	85.22%	87.70%	90.40%	83.80%	81.58%	88.17%	86.20%	90.67%	93.64%	94.44%	84.82%	49.07%
Interest Income	1.588M	2.561M	2.280M	2.020M	1.048M	1.577M	3.583M	2.462M	1.852M	1.481M	1.804M	2.442M	1.112M	0.840M	0.433M	0.514M	0.936M	1.511M	1.529M	0.873M	1.426M	1.975M	2.564M	2.859M	3.715M	4.071M	0.218M	0.382M	0.080M	0.213M	0.110M
Interest Expense	34.827M	36.224M	34.746M	27.192M	30.406M	32.317M	33.995M	31.134M	28.854M	24.794M	22.846M	20.550M	17.250M	15.242M	12.600M	13.647M	15.385M	15.629M	12.300M	7.866M	10.806M	11.971M	8.416M	9.032M	9.596M	8.746M	6.172M	4.552M	1.020M	1.913M	2.687M
Net Interest Income	-33.239M	-33.663M	-32.466M	-25.171M	-29.358M	-30.740M	-30.412M	-28.673M	-27.001M	-23.314M	-21.042M	-18.109M	-16.139M	-14.402M	-12.167M	-13.133M	-14.450M	-14.118M	-10.771M	-6.993M	-9.380M	-9.996M	-5.852M	-6.173M	-5.881M	-4.676M	-5.954M	-4.171M	-0.940M	-1.700M	-2.577M
Other Income / Expense	-84.198M	-60.250M	-65.966M	-8.957M	-24.633M	-87.552M	-27.527M	-28.896M	-21.936M	-22.885M	1.809M	-12.999M	-11.381M	-19.379M	-9.939M	-23.424M	-54.183M	-43.195M	-7.311M	-21.409M	-41.639M	-63.396M	-90.668M	-91.570M	-81.370M	-60.590M	-27.551M	-17.359M	-12.457M	1.655M	14.681M
Pre-Tax Income	97.179M	58.291M	46.464M	103.344M	92.454M	24.243M	101.477M	98.405M	86.482M	74.143M	82.135M	64.097M	45.845M	31.961M	37.235M	27.410M	2.571M	6.939M	40.748M	46.096M	26.896M	34.675M	25.313M	25.278M	29.752M	22.583M	13.995M	12.487M	3.384M	4.067M	14.572M
Pre-Tax Margin	31.59%	25.14%	20.57%	48.56%	41.15%	10.76%	42.64%	42.37%	42.92%	41.80%	54.12%	46.01%	42.61%	32.96%	41.11%	29.19%	2.74%	8.16%	53.61%	52.73%	30.27%	29.01%	17.41%	16.76%	22.42%	22.16%	26.71%	34.37%	19.04%	83.90%	289.67%
Income Tax Expense	3.315M	2.338M	1.711M	3.312M	5.084M	3.296M	4.936M	7.042M	3.359M	3.039M	3.703M	1.743M	0.936M	1.600M	0.999M	1.008M	0.714M	1.592M	2.300M	2.898M	5.901M	2.797M	5.177M	5.612M	3.293M	18.748M	1.296M	10.535M	0.855M	1.371M	12.941M
Tax Rate	3.41%	4.01%	3.68%	3.20%	5.50%	13.59%	4.86%	7.16%	3.88%	4.10%	4.51%	2.72%	2.04%	5.01%	2.68%	3.68%	27.77%	22.94%	5.64%	6.29%	21.94%	8.07%	20.45%	22.20%	11.07%	35.00%	9.26%	35.00%	25.27%	33.72%	35.00%
Net Income	93.863M	55.952M	44.753M	100.032M	87.370M	20.947M	96.541M	91.363M	83.123M	71.104M	78.432M	62.354M	44.910M	30.360M	36.236M	26.402M	1.857M	5.347M	38.448M	43.198M	20.995M	31.878M	20.136M	19.666M	26.460M	3.834M	12.699M	1.952M	2.529M	2.696M	1.630M
Net Margin	30.51%	24.13%	19.81%	47.00%	38.88%	9.30%	40.57%	39.34%	41.25%	40.08%	51.68%	44.75%	41.74%	31.31%	40.00%	28.12%	1.98%	6.29%	50.58%	49.41%	23.63%	26.67%	13.85%	13.04%	19.94%	3.76%	24.24%	5.37%	14.23%	55.61%	32.41%
EBIT	214.615M	152.204M	144.896M	137.472M	146.446M	142.535M	159.416M	155.973M	135.420M	120.342M	101.368M	95.204M	73.365M	65.742M	59.341M	63.967M	71.204M	64.252M	58.829M	74.498M	77.916M	108.068M	121.833M	123.020M	117.003M	87.848M	47.500M	34.016M	16.781M	4.112M	2.468M
Depreciation & Amortization	27.397M	14.156M	14.235M	21.212M	30.447M	32.414M	35.442M	41.928M	31.093M	26.959M	10.310M	9.428M	7.761M	7.750M	6.623M	7.634M	9.335M	9.580M	8.429M	5.771M	8.802M	13.290M	9.413M	13.301M	6.403M	8.257M	0.822M	0.560M	0.514M	0.259M	0.324M
EBITDA	242.012M	166.360M	159.131M	158.684M	176.892M	174.950M	194.858M	197.901M	166.513M	147.301M	111.677M	104.632M	81.126M	73.493M	65.964M	71.600M	80.539M	73.832M	67.258M	80.269M	86.717M	121.358M	131.246M	136.321M	123.406M	96.105M	48.323M	34.576M	17.295M	4.371M	2.793M
EBITDA Margin	78.66%	71.74%	70.45%	74.56%	78.72%	77.68%	81.88%	85.21%	82.64%	83.03%	73.58%	75.10%	75.41%	75.80%	72.82%	76.26%	85.91%	86.88%	88.48%	91.82%	97.61%	101.52%	90.27%	90.40%	93.00%	94.30%	92.24%	95.18%	97.33%	90.17%	55.51%
NOPAT	207.293M	146.098M	139.560M	133.067M	138.392M	123.159M	151.661M	144.811M	130.160M	115.410M	96.797M	92.616M	71.868M	62.451M	57.748M	61.615M	51.428M	49.514M	55.509M	69.815M	60.820M	99.351M	96.918M	95.709M	104.055M	57.101M	43.103M	22.111M	12.540M	2.726M	1.604M
NOPAT Margin	67.38%	63.00%	61.79%	62.52%	61.59%	54.68%	63.73%	62.35%	64.60%	65.06%	63.78%	66.48%	66.80%	64.41%	63.75%	65.63%	54.86%	58.26%	73.02%	79.86%	68.46%	83.11%	66.66%	63.47%	78.41%	56.03%	82.27%	60.87%	70.57%	56.22%	31.90%
Owner's Earnings	121.260M	70.108M	58.988M	121.244M	117.817M	53.361M	131.983M	133.290M	114.217M	98.063M	88.741M	71.782M	52.671M	38.111M	42.859M	34.036M	11.192M	14.927M	46.877M	48.969M	29.796M	45.168M	29.549M	32.967M	32.862M	12.091M	13.521M	2.511M	3.043M	2.955M	1.954M
Owner's Earnings Margin	39.41%	30.23%	26.12%	56.97%	52.43%	23.69%	55.46%	57.39%	56.68%	55.28%	58.47%	51.52%	48.96%	39.31%	47.32%	36.25%	11.94%	17.56%	61.67%	56.01%	33.54%	37.79%	20.32%	21.86%	24.76%	11.86%	25.81%	6.91%	17.12%	60.96%	38.85%
EPS	0.22	0.11	0.08	0.19	0.18	0.04	0.22	0.21	0.21	0.19	0.22	0.20	0.17	0.12	0.18	0.11	0.01	0.02	0.16	0.24	0.15	0.76	0.49	0.47	0.64	0.07	0.26	0.04	0.06	0.10	0.02
EPS (Diluted)	0.22	0.11	0.08	0.19	0.18	0.04	0.22	0.21	0.21	0.19	0.22	0.20	0.17	0.12	0.18	0.11	0.01	0.02	0.16	0.24	0.15	0.76	0.49	0.47	0.64	0.07	0.26	0.04	0.06	0.10	0.02
Shares (Diluted)	421,514,494	505,147,738	552,617,450	515,895,117	480,931,953	469,318,583	444,405,784	433,263,183	400,979,380	377,445,760	352,141,141	314,514,389	263,049,842	246,178,927	205,843,083	241,056,945	215,600,411	260,998,007	241,298,021	180,494,821	141,996,796	41,945,846	40,972,095	41,768,844	41,106,533	56,027,258	48,247,006	44,718,200	41,200,238	27,752,179	79,066,217

Industry Balance Sheet

Metric	MRQ	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Cash & Cash Equivalents	77.32M	72.51M	69.79M	73.30M	92.39M	88.58M	62.40M	57.81M	58.35M	51.80M	38.16M	32.45M	24.15M	24.60M	23.14M	26.03M	26.70M	20.59M	20.84M	18.25M	18.66M	17.02M	15.83M	7.77M	5.09M	8.22M	11.66M	6.48M	6.11M	1.88M	5.54M
Short-Term Investments	0.88M	2.80M	2.44M	4.85M	5.38M	2.85M	7.86M	3.41M	0.59M	2.04M	0.42M	9.93M	2.32M	0.22M	0.30M	0.86M	6.80M	3.65M	4.40M	1.12M	5.84M	5.68M	8.53M	0.34M	0.93M	0.56M	1.13M	0.04M	0.02M	0.05M	0.01M
Cash & Short-Term Investments	78.20M	75.31M	72.23M	78.16M	97.77M	91.43M	70.27M	61.22M	58.94M	53.85M	38.58M	42.38M	26.47M	24.83M	23.44M	26.89M	33.50M	24.24M	25.24M	19.37M	24.50M	22.70M	24.36M	8.11M	6.01M	8.78M	12.79M	6.52M	6.12M	1.94M	5.55M
Net Receivables	77.92M	36.97M	28.98M	26.85M	35.13M	28.54M	27.05M	19.27M	20.04M	14.79M	12.21M	13.11M	9.52M	9.59M	5.69M	6.37M	5.29M	7.13M	5.38M	7.30M	10.34M	16.43M	16.04M	14.74M	13.91M	8.67M	7.16M	6.63M	2.85M	3.26M	2.87M
Inventory	0.00M	0.08M	0.87M	7.26M	7.84M	8.04M	8.46M	7.06M	8.76M	12.37M	14.56M	6.59M	2.98M	0.33M	0.23M	0.00M	0.00M	0.09M	0.00M	0.02M	0.20M	2.69M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.23M	0.00M	0.16M
Other Current Assets	3.64M	25.94M	22.79M	14.82M	19.52M	19.07M	29.99M	31.79M	25.49M	27.78M	21.64M	21.19M	14.66M	14.33M	9.21M	10.82M	11.60M	8.83M	9.25M	6.95M	3.04M	4.91M	5.00M	3.64M	2.84M	1.43M	3.34M	1.17M	0.95M	0.91M	4.10M
Total Current Assets	159.75M	138.30M	124.87M	127.09M	160.26M	147.07M	135.76M	119.35M	113.23M	108.79M	86.99M	83.27M	53.62M	49.07M	38.58M	44.08M	50.40M	40.30M	39.87M	33.64M	38.09M	46.73M	45.40M	26.49M	22.77M	18.88M	23.29M	14.32M	10.16M	6.11M	12.68M
Property, Plant & Equipment	33.88M	344.90M	360.61M	421.78M	479.46M	494.27M	561.11M	723.16M	757.03M	723.95M	715.20M	635.52M	454.18M	296.39M	383.58M	377.10M	311.77M	283.45M	321.68M	272.85M	185.28M	372.56M	360.71M	384.78M	352.50M	276.67M	222.92M	166.35M	81.31M	45.23M	35.78M
Goodwill	0.45M	0.12M	0.48M	1.37M	0.48M	0.48M	0.97M	0.37M	0.33M	0.18M	0.19M	0.20M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	22.13M	24.28M	20.88M	16.16M	21.40M	23.76M	24.88M	32.35M	21.67M	16.96M	16.89M	17.86M	14.40M	4.40M	3.28M	6.52M	6.94M	2.74M	1.11M	1.12M	1.17M	1.32M	0.10M	0.04M	0.04M	0.20M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Investments	4.06M	38.30M	56.73M	87.26M	98.76M	130.11M	171.12M	78.53M	109.53M	79.45M	61.41M	52.03M	35.90M	23.52M	19.67M	5.76M	12.01M	8.93M	10.53M	1.80M	0.25M	0.30M	5.62M	7.35M	3.58M	68.23M	35.58M	65.35M	3.46M	0.58M	0.68M
Tax Assets	0.51M	0.21M	1.13M	1.60M	1.18M	4.84M	5.78M	100.22M	66.16M	41.33M	1.60M	0.32M	0.12M	0.07M	0.26M	0.21M	0.46M	0.83M	1.00M	0.57M	1.18M	0.00M	0.00M	0.00M	0.00M	0.00M	0.11M	0.20M	0.07M	0.15M	0.20M
Other Non-Current Assets	1,079.54M	1,357.47M	1,201.10M	1,074.78M	1,025.09M	877.07M	861.57M	878.56M	525.19M	415.50M	304.27M	181.93M	180.66M	269.51M	192.56M	146.41M	126.50M	144.09M	125.57M	66.86M	61.75M	0.32M	-143.04M	-7.95M	0.82M	2.95M	3.59M	-2.40M	2.97M	3.18M	77.73M
Other Assets	432.72M	0.00M	0.08M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	15.95M	9.35M	193.87M	215.67M	0.00M	4.66M	3.13M	2.67M	2.07M	0.02M	0.00M
Total Non-Current Assets	1,573.30M	1,765.27M	1,641.01M	1,602.96M	1,626.37M	1,530.53M	1,625.44M	1,813.20M	1,479.91M	1,277.36M	1,099.56M	887.86M	685.26M	593.89M	599.34M	536.00M	457.67M	440.04M	459.89M	343.20M	265.63M	383.83M	417.26M	599.88M	356.94M	352.71M	265.34M	232.18M	89.88M	49.15M	114.39M
Total Assets	1,733.05M	1,903.57M	1,765.88M	1,730.05M	1,786.62M	1,677.59M	1,761.20M	1,932.55M	1,593.14M	1,386.15M	1,186.55M	971.13M	738.89M	642.96M	637.92M	580.08M	508.07M	480.34M	499.76M	376.84M	303.72M	430.57M	462.66M	626.36M	379.71M	371.59M	288.62M	246.49M	100.04M	55.27M	127.07M
Accounts Payable	6.94M	14.07M	12.59M	11.60M	11.67M	12.26M	12.58M	11.35M	10.45M	8.54M	7.12M	7.42M	6.72M	6.23M	6.61M	6.15M	3.29M	3.76M	7.67M	8.46M	2.82M	4.24M	8.73M	9.18M	7.64M	4.95M	3.40M	3.58M	3.85M	1.24M	1.88M
Short-Term Debt	102.69M	117.11M	101.80M	89.64M	87.69M	74.54M	73.34M	68.37M	62.42M	63.18M	37.60M	48.35M	43.43M	51.33M	50.59M	55.61M	37.29M	44.70M	58.18M	30.44M	22.67M	25.86M	26.05M	2.32M	0.99M	10.70M	5.13M	5.94M	0.00M	0.00M	1.32M
Tax Payables	0.08M	1.16M	1.66M	1.81M	1.33M	1.23M	1.51M	1.22M	1.09M	0.73M	0.79M	0.74M	0.29M	0.23M	0.14M	0.08M	0.21M	0.09M	0.25M	0.08M	0.20M	0.35M	0.06M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.05M
Deferred Revenue	4.77M	1.04M	3.89M	11.46M	12.88M	10.89M	11.36M	7.83M	6.23M	5.67M	3.34M	2.91M	2.55M	1.97M	1.96M	1.40M	1.60M	0.00M	0.05M	0.00M	0.00M	4.33M	0.47M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	9.05M	21.00M	15.92M	11.41M	13.88M	16.52M	15.99M	17.54M	17.77M	15.53M	14.34M	10.25M	8.53M	7.89M	12.76M	8.04M	6.89M	6.49M	5.09M	4.16M	5.12M	4.81M	6.14M	9.35M	8.00M	4.80M	4.33M	2.78M	2.79M	1.71M	3.50M
Total Current Liabilities	123.52M	154.38M	135.87M	125.93M	127.45M	115.45M	114.78M	106.31M	97.95M	93.64M	63.18M	69.66M	61.52M	67.65M	72.06M	71.29M	49.28M	55.03M	71.25M	43.15M	30.80M	39.58M	41.47M	20.84M	16.63M	20.45M	12.86M	12.30M	6.63M	2.94M	6.75M
Long-Term Debt	909.47M	972.92M	961.52M	921.62M	1,071.45M	1,100.02M	1,067.25M	980.05M	810.32M	708.60M	622.66M	587.09M	492.50M	389.03M	358.90M	296.05M	267.54M	236.64M	262.65M	249.34M	240.18M	344.26M	325.66M	277.58M	208.36M	191.62M	168.85M	125.79M	59.25M	24.28M	9.18M
Capital Lease Obligations	3.88M	7.45M	8.41M	8.59M	9.14M	9.73M	5.88M	0.01M	0.00M	0.27M	0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	3.52M	4.14M	5.02M	8.77M	10.03M	9.43M	14.01M	15.28M	16.96M	15.40M	5.19M	1.93M	1.39M	2.16M	1.02M	0.66M	1.09M	3.20M	2.52M	1.95M	1.11M	1.31M	1.08M	0.00M	0.72M	0.03M	0.00M	0.00M	0.00M	0.08M	0.10M
Other Non-Current Liabilities	56.73M	55.90M	47.61M	41.08M	35.46M	40.07M	31.69M	35.91M	33.65M	32.58M	28.35M	27.73M	22.90M	20.94M	24.60M	19.89M	15.39M	7.75M	8.08M	10.59M	-23.49M	-51.02M	-17.07M	-19.24M	-29.82M	-2.46M	-9.52M	-8.60M	0.00M	-0.01M	0.23M
Total Non-Current Liabilities	973.59M	1,040.41M	1,022.57M	980.07M	1,126.08M	1,159.26M	1,118.83M	1,031.25M	860.93M	756.86M	656.23M	616.75M	516.79M	412.13M	384.53M	316.60M	284.01M	247.59M	273.25M	261.88M	217.80M	294.55M	309.67M	258.34M	179.26M	189.18M	159.33M	117.19M	59.25M	24.36M	9.51M
Total Liabilities	1,097.12M	1,194.79M	1,158.44M	1,105.99M	1,253.53M	1,274.71M	1,233.61M	1,137.57M	958.88M	850.50M	719.41M	686.41M	578.32M	479.78M	456.59M	387.89M	333.29M	302.62M	344.49M	305.02M	248.60M	334.13M	351.14M	279.18M	195.89M	209.63M	172.20M	129.49M	65.88M	27.30M	16.26M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.02M	4.49M	1.73M	1.70M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	240.24M	617.09M	714.61M	696.97M	691.60M	640.94M	623.97M	550.54M	510.43M	495.53M	446.21M	418.47M	306.44M	231.83M	169.70M	131.37M	142.49M	106.68M	117.85M	105.20M	67.21M	36.50M	129.16M	175.63M	102.07M	119.86M	111.71M	81.14M	79.17M	7.70M	61.87M
Retained Earnings	-67.61M	90.35M	72.24M	121.02M	91.58M	51.22M	122.07M	127.02M	87.83M	52.70M	43.34M	32.51M	19.32M	16.70M	9.77M	5.61M	-1.65M	0.80M	13.73M	14.00M	9.64M	19.35M	13.17M	14.11M	12.89M	12.72M	9.88M	7.61M	6.86M	6.41M	-0.03M
Accumulated OCI	4.79M	12.35M	11.18M	18.73M	13.70M	12.77M	9.58M	43.36M	24.56M	37.42M	13.55M	0.56M	0.48M	-0.01M	-0.55M	-0.85M	-0.95M	-0.15M	0.00M	0.02M	0.73M	0.74M	0.47M	-0.63M	-0.96M	-1.00M	-0.52M	-0.29M	-0.41M	-0.42M	34.63M
Minority Interest	12.39M	7.74M	19.96M	67.47M	60.20M	67.68M	64.68M	53.16M	53.44M	23.68M	2.71M	2.62M	2.35M	1.62M	1.67M	0.86M	0.01M	0.08M	0.24M	1.79M	1.15M	0.00M	0.39M	0.00M	0.20M	0.16M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	177.42M	719.78M	798.03M	836.72M	796.88M	704.93M	755.65M	725.42M	624.55M	587.34M	503.10M	451.54M	326.24M	248.52M	178.91M	136.12M	139.88M	107.33M	131.58M	119.21M	77.58M	56.59M	142.80M	189.11M	114.00M	131.59M	121.08M	88.47M	85.62M	13.69M	96.47M
Total Equity	189.81M	727.53M	817.99M	904.19M	857.08M	772.61M	820.33M	778.57M	677.99M	611.02M	505.81M	454.15M	328.60M	250.14M	180.58M	136.98M	139.89M	107.40M	131.81M	121.00M	78.73M	56.59M	143.19M	189.11M	114.20M	131.75M	121.08M	88.47M	85.62M	13.69M	96.47M
Total Liabilities & Equity	1,286.93M	1,922.31M	1,976.43M	2,010.18M	2,110.61M	2,047.32M	2,053.94M	1,916.14M	1,636.87M	1,461.52M	1,225.23M	1,140.56M	906.91M	729.92M	637.17M	524.87M	473.18M	410.02M	476.31M	426.03M	327.33M	390.72M	494.33M	468.30M	310.09M	341.38M	293.28M	217.96M	151.50M	41.00M	112.72M
Tangible Assets	1,710.46M	1,879.17M	1,744.52M	1,712.52M	1,764.75M	1,653.36M	1,735.35M	1,899.82M	1,571.14M	1,369.01M	1,169.48M	953.07M	724.48M	638.56M	634.64M	573.56M	501.13M	477.60M	498.66M	375.72M	302.50M	429.25M	462.56M	626.33M	379.66M	371.39M	288.62M	246.49M	100.04M	55.27M	127.07M
Tangible Equity	167.23M	703.12M	796.63M	886.65M	835.20M	748.38M	794.48M	745.85M	655.99M	593.88M	488.74M	436.09M	314.19M	245.74M	177.30M	130.46M	132.95M	104.66M	130.71M	119.88M	77.51M	55.27M	143.09M	189.07M	114.16M	131.55M	121.08M	88.47M	85.62M	13.69M	96.47M
Tangible Book Value	167.23M	703.12M	796.63M	886.65M	835.20M	748.38M	794.48M	745.85M	655.99M	593.88M	488.74M	436.09M	314.19M	245.74M	177.30M	130.46M	132.95M	104.66M	130.71M	119.88M	77.51M	55.27M	143.09M	189.07M	114.16M	131.55M	121.08M	88.47M	85.62M	13.69M	96.47M
Total Investments	22.99M	42.35M	60.34M	86.68M	116.46M	134.50M	179.78M	129.64M	134.98M	101.77M	73.52M	59.48M	42.15M	37.52M	63.26M	32.47M	20.30M	18.89M	23.96M	20.06M	9.31M	9.08M	58.43M	9.11M	11.38M	71.46M	38.85M	67.19M	5.88M	0.79M	2.35M
Net Debt	934.84M	1,017.52M	993.53M	937.96M	1,066.75M	1,085.98M	1,078.19M	990.62M	814.39M	719.98M	622.10M	602.99M	511.78M	415.75M	386.36M	325.63M	278.13M	260.75M	299.99M	261.53M	244.19M	353.10M	335.89M	272.12M	204.27M	194.11M	162.32M	125.25M	53.14M	22.40M	4.95M

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	-14.14M	-16.36M	-14.59M	-7.87M	27.17M	45.45M	73.77M	10.62M	-3.70M	13.77M	7.58M	-3.36M	-16.35M	-22.90M	-22.59M	-27.93M	-4.90M	-10.22M	-25.85M	-1.58M	4.64M	-15.47M	-78.53M	-19.51M	-48.32M	-10.24M	8.97M	-9.39M	4.85M	9.77M	-0.55M
Total Capital	2,739.66M	2,671.03M	2,579.03M	2,542.58M	2,641.00M	2,650.28M	2,674.70M	2,456.65M	2,107.75M	1,924.83M	1,682.31M	1,517.60M	1,186.66M	1,035.45M	911.73M	884.74M	772.43M	701.85M	820.28M	796.36M	896.67M	886.79M	1,192.50M	1,046.09M	892.45M	826.72M	783.59M	516.71M	190.39M	91.16M	153.16M
Capital Employed	3,129.51M	2,781.99M	2,498.29M	2,654.00M	2,768.05M	2,761.01M	2,766.25M	2,588.32M	2,245.94M	2,022.84M	1,806.32M	1,659.91M	1,298.00M	1,129.03M	992.59M	916.96M	843.64M	697.63M	793.37M	715.34M	939.60M	984.42M	1,252.36M	1,079.33M	974.02M	1,096.85M	946.80M	669.57M	213.58M	112.32M	149.83M
Invested Capital	2,662.34M	2,598.52M	2,509.24M	2,469.28M	2,548.61M	2,561.70M	2,612.29M	2,398.85M	2,049.40M	1,873.02M	1,644.15M	1,485.15M	1,162.50M	1,010.84M	888.59M	858.71M	745.73M	681.25M	799.44M	778.11M	878.00M	869.77M	1,176.67M	1,038.31M	887.36M	818.50M	771.93M	510.24M	184.28M	89.28M	147.62M

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	23.29M	13.44M	13.25M	11.69M	17.67M	20.53M	18.02M	18.63M	14.24M	9.88M	9.68M	8.32M	5.72M	5.17M	5.06M	6.81M	8.31M	8.10M	3.75M	3.93M	7.28M	12.15M	6.51M	7.41M	5.83M	6.64M	1.44M	0.95M	0.51M	0.26M	0.32M
Deferred Income Tax	0.00M	0.00M	0.00M	0.00M	-0.69M	0.17M	-1.17M	-0.38M	-1.02M	-0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	2.42M	1.35M	2.33M	2.23M	2.29M	1.90M	2.48M	1.38M	1.18M	1.11M	0.79M	0.65M	0.55M	0.08M	0.02M	0.00M	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
Change in Working Capital	0.68M	1.23M	2.89M	1.32M	2.84M	2.72M	-3.48M	-2.18M	-0.18M	2.10M	0.48M	0.95M	-0.11M	1.56M	0.64M	0.64M	-0.43M	-0.01M	0.10M	-0.16M	0.68M	0.69M	-4.13M	0.27M	2.88M	-1.00M	-1.30M	-0.65M	0.89M	0.10M	0.08M
Accounts Receivable	-1.05M	-0.23M	0.16M	-0.75M	-0.26M	-1.27M	-0.23M	-0.64M	-0.61M	-0.65M	-0.55M	-0.32M	-0.35M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.22M	-0.23M	-0.43M	0.00M	-0.04M	0.07M	-0.52M	0.00M	-0.05M	0.00M	0.00M
Inventory	0.00M	0.00M	0.00M	0.02M	0.02M	0.01M	-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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Accounts Payable	0.06M	0.10M	0.13M	0.27M	0.48M	0.02M	0.45M	0.13M	0.64M	0.54M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.09M	-0.01M	-0.01M	0.00M	0.03M	0.39M	0.50M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	2.64M	1.22M	3.54M	0.86M	0.27M	2.92M	0.62M	-1.15M	-0.09M	1.51M	0.53M	0.70M	0.32M	0.10M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.03M	0.00M	-1.01M	0.06M	-0.01M	-0.91M	-1.73M	0.00M	0.00M	0.00M	0.00M
Other Non-Cash Items	14.19M	19.03M	28.08M	-28.65M	-10.97M	31.76M	-10.04M	-9.04M	-17.30M	-15.08M	-17.59M	-20.04M	-10.86M	-9.54M	-15.23M	-13.83M	16.45M	16.91M	-9.12M	-7.18M	-3.31M	6.24M	7.11M	13.26M	1.69M	1.65M	20.58M	1.56M	0.53M	-0.15M	-0.57M
Net Cash from Operating Activities	150.67M	115.03M	108.47M	107.67M	110.02M	101.00M	103.97M	103.12M	91.10M	80.73M	68.30M	52.85M	44.78M	37.85M	37.03M	35.15M	37.65M	44.33M	43.61M	45.10M	49.25M	59.02M	47.93M	73.14M	83.96M	56.81M	39.82M	21.82M	10.88M	1.89M	2.25M
Capital Expenditures (PPE)	-5.56M	-8.30M	-15.60M	-20.14M	-17.92M	-17.67M	-25.14M	-22.04M	-31.26M	-33.20M	-30.52M	-32.83M	-23.66M	-8.92M	-28.32M	-26.40M	-10.65M	-17.75M	-32.70M	-24.99M	-28.02M	-33.46M	-37.15M	-54.04M	-42.26M	-23.70M	-31.11M	-49.67M	-33.94M	-15.69M	-1.36M
Acquisitions (Net)	-0.01M	-0.08M	-2.32M	-0.49M	-0.91M	2.07M	-3.03M	-0.66M	-1.05M	-1.63M	-3.05M	-0.76M	-0.18M	0.00M	-0.01M	0.00M	0.00M	-0.05M	-2.38M	-0.27M	-0.74M	-0.01M	-1.70M	-0.29M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-26.21M	-5.28M	-9.48M	-41.11M	-27.21M	-31.27M	-36.24M	-43.43M	-26.19M	-31.24M	-29.67M	-15.59M	-9.46M	-3.98M	-13.98M	-2.01M	-4.64M	-9.83M	-11.31M	-26.78M	-15.13M	-9.14M	-4.98M	-3.94M	-1.81M	-0.01M	-1.13M	-0.24M	-0.24M	-7.37M	-0.30M
Sales / Maturities of Investments	9.40M	7.76M	11.19M	22.59M	30.63M	21.29M	33.76M	9.45M	16.73M	13.54M	14.43M	4.31M	7.03M	3.64M	1.89M	2.17M	2.64M	5.29M	12.56M	0.56M	1.88M	0.54M	2.66M	1.95M	2.36M	4.77M	0.42M	0.25M	4.69M	5.84M	0.18M
Other Investing Activities	-14.34M	-20.04M	-23.21M	-16.40M	-26.41M	-15.99M	-24.43M	-32.25M	-16.00M	-9.52M	-13.79M	-15.35M	-17.43M	-3.90M	-1.79M	-0.74M	3.57M	-0.25M	-6.62M	0.92M	-5.71M	11.17M	6.15M	34.58M	36.33M	6.49M	2.78M	1.27M	2.52M	1.01M	3.45M
Net Cash from Investing Activities	-89.52M	-75.15M	-54.30M	-105.31M	-84.19M	-97.24M	-112.26M	-117.07M	-81.64M	-73.01M	-82.68M	-105.99M	-64.29M	-54.37M	-57.77M	-48.79M	-23.45M	-35.48M	-136.69M	-93.24M	-117.58M	-128.15M	-143.06M	-109.33M	-126.57M	-39.67M	-58.50M	-97.36M	-33.40M	-21.49M	0.23M
Net Debt Issuance	22.58M	23.46M	19.63M	38.04M	26.94M	31.79M	35.23M	43.60M	24.09M	24.80M	22.47M	25.72M	20.66M	15.61M	14.98M	2.86M	-6.11M	22.02M	29.03M	19.28M	17.02M	30.72M	29.75M	14.57M	1.24M	-0.11M	12.80M	0.71M	-1.10M	-0.82M	-0.19M
Long-Term Debt Issuance	18.13M	20.26M	13.82M	39.64M	27.92M	35.43M	38.68M	43.37M	29.02M	20.78M	18.71M	25.33M	21.32M	22.58M	16.08M	11.13M	3.87M	16.68M	30.26M	26.13M	15.89M	14.91M	9.51M	0.17M	1.35M	-0.11M	12.80M	0.79M	-0.31M	-0.82M	0.00M
Short-Term Debt Issuance	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-1.84M	0.76M	-1.44M	4.65M	13.55M	-0.16M	0.95M	2.36M	3.65M	1.85M	1.95M	14.72M	2.27M	1.74M	3.16M	3.35M	4.08M	2.28M	18.79M	34.89M	49.09M	10.66M	19.66M	2.41M	3.13M	2.88M	9.73M	6.10M	0.25M	7.63M	2.89M
Common Stock Issuance	0.00M	1.86M	0.56M	17.69M	41.65M	7.57M	39.82M	27.10M	27.15M	29.50M	19.38M	33.24M	14.22M	2.99M	5.95M	7.13M	11.05M	3.37M	22.23M	36.07M	54.34M	11.88M	23.62M	2.76M	13.58M	5.24M	9.97M	28.97M	19.64M	13.49M	2.68M
Common Stock Repurchased	-1.91M	-1.11M	-2.00M	-3.90M	-3.26M	-3.71M	-2.77M	-2.15M	-1.12M	-0.49M	-0.60M	-0.15M	-0.01M	-0.02M	-0.06M	-0.09M	-0.23M	-0.53M	-0.25M	0.00M	-0.07M	-0.06M	-0.14M	0.00M	0.00M	-2.45M	-0.05M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-79.31M	-58.21M	-59.96M	-67.73M	-60.40M	-61.58M	-73.51M	-71.94M	-59.04M	-53.52M	-36.24M	-34.58M	-30.85M	-20.61M	-19.22M	-17.62M	-17.96M	-13.14M	-14.77M	-12.01M	-13.16M	-16.52M	-25.99M	-23.90M	-22.55M	-16.21M	-14.73M	-10.98M	-12.55M	-1.20M	-1.09M
Common Dividends Paid	-51.56M	-56.11M	-57.70M	-65.51M	-58.15M	-56.34M	-72.34M	-71.29M	-55.93M	-51.45M	-38.32M	-33.87M	-30.49M	-20.07M	-19.85M	-18.79M	-18.23M	-22.24M	-14.78M	-19.61M	-14.65M	-17.77M	-28.03M	-25.86M	-24.42M	-17.85M	-15.82M	-11.77M	-11.86M	-1.08M	-0.96M
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	-8.47M	-6.79M	-5.89M	-2.61M	-0.42M	4.38M	7.60M	7.17M	12.32M	0.43M	28.30M	15.28M	9.29M	-0.90M	6.66M	2.50M	-2.26M	1.51M	-1.53M	5.13M	9.38M	6.92M	18.62M	15.58M	40.22M	3.51M	13.53M	73.86M	0.48M	-1.38M	-1.42M
Net Cash from Financing Activities	-74.55M	-29.37M	-35.46M	-7.45M	-6.00M	3.62M	24.31M	21.19M	-1.27M	-4.44M	34.37M	36.67M	24.21M	18.72M	14.49M	8.29M	-11.51M	12.18M	78.64M	57.57M	90.22M	54.95M	86.00M	48.67M	48.76M	-4.24M	26.84M	83.36M	25.24M	12.50M	2.31M
Effect of FX on Cash	-0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.04M	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	0.38M	0.00M	0.00M	0.00M
Net Change in Cash	2.07M	0.21M	3.00M	-6.09M	1.94M	15.60M	10.39M	-1.56M	4.32M	4.05M	7.64M	2.05M	5.38M	2.49M	-1.29M	2.33M	1.36M	4.63M	-0.11M	0.53M	7.39M	-0.09M	12.05M	-2.68M	1.10M	-4.02M	6.75M	5.60M	2.06M	0.09M	-2.42M
Cash at Beginning of Period	84.86M	101.09M	93.72M	110.12M	112.41M	95.53M	86.27M	84.07M	75.37M	67.02M	54.54M	43.18M	40.07M	32.99M	40.91M	46.93M	42.71M	24.65M	17.02M	17.77M	11.99M	22.38M	7.69M	7.43M	9.92M	11.89M	6.59M	5.14M	5.30M	-0.87M	8.39M
Cash at End of Period	96.99M	105.33M	99.11M	101.68M	117.17M	113.06M	94.65M	88.05M	82.08M	79.21M	59.74M	50.01M	42.41M	44.64M	39.08M	44.37M	46.04M	29.08M	22.94M	21.38M	25.85M	23.65M	17.56M	8.62M	11.03M	8.39M	11.68M	9.01M	11.77M	1.90M	5.33M
Operating Cash Flow	145.31M	114.67M	108.53M	107.67M	109.91M	101.00M	103.97M	103.12M	91.10M	80.73M	68.30M	52.85M	44.78M	37.85M	37.03M	35.15M	37.65M	44.33M	43.61M	45.10M	49.25M	59.02M	47.90M	73.14M	83.96M	56.79M	39.82M	21.82M	10.88M	1.89M	2.25M
Capital Expenditure	-8.62M	-10.07M	-14.04M	-20.14M	-20.58M	-18.97M	-25.14M	-22.98M	-31.26M	-33.20M	-34.43M	-32.83M	-25.37M	-8.96M	-28.36M	-21.25M	-10.65M	-18.66M	-36.19M	-26.96M	-28.12M	-33.46M	-37.15M	-54.09M	-42.26M	-23.70M	-31.11M	-49.67M	-33.94M	-15.69M	-1.36M
Free Cash Flow	116.00M	82.24M	85.76M	69.96M	79.12M	66.78M	57.64M	58.15M	40.03M	37.68M	24.84M	12.93M	15.52M	21.47M	2.95M	9.25M	21.40M	12.91M	-8.49M	6.66M	6.08M	2.69M	-11.45M	-5.17M	-10.27M	1.42M	-7.69M	-32.02M	-26.14M	-13.57M	0.97M

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	188.02M	127.50M	125.40M	140.14M	144.95M	102.25M	135.03M	138.84M	128.23M	117.13M	104.37M	88.93M	69.33M	60.73M	55.66M	48.39M	34.36M	37.53M	65.84M	75.87M	79.97M	109.09M	72.67M	78.93M	77.22M	62.56M	49.31M	38.94M	22.18M	4.65M	17.30M
(-) Tax Adjustment	6.41M	5.11M	4.62M	4.49M	7.97M	13.90M	6.57M	9.94M	4.98M	4.80M	4.71M	2.42M	1.41M	3.04M	1.49M	1.78M	9.54M	8.61M	3.72M	4.77M	17.55M	8.80M	14.86M	17.52M	8.55M	51.94M	4.57M	32.85M	5.61M	1.57M	15.36M
(-) Change In Working Capital	0.68M	1.23M	2.89M	1.32M	2.84M	2.72M	-3.48M	-2.18M	-0.18M	2.10M	0.48M	0.95M	-0.11M	1.56M	0.64M	0.64M	-0.43M	-0.01M	0.10M	-0.16M	0.68M	0.69M	-4.13M	0.27M	2.88M	-1.00M	-1.30M	-0.65M	0.89M	0.10M	0.08M
(-) Capital Expenditure	8.62M	10.07M	14.04M	20.14M	20.58M	18.97M	25.14M	22.98M	31.26M	33.20M	34.43M	32.83M	25.37M	8.96M	28.36M	21.25M	10.65M	18.66M	36.19M	26.96M	28.12M	33.46M	37.15M	54.09M	42.26M	23.70M	31.11M	49.67M	33.94M	15.69M	1.36M
Unlevered Free Cash Flow	172.31M	111.08M	103.86M	114.19M	113.56M	66.67M	106.80M	108.11M	92.17M	77.03M	64.76M	52.73M	42.67M	47.17M	25.17M	24.72M	14.59M	10.28M	25.84M	44.30M	33.62M	66.14M	24.79M	7.04M	23.53M	-12.08M	14.94M	-42.94M	-18.26M	-12.71M	0.50M
(-) Net Interest Income After Taxes	-32.10M	-32.31M	-31.27M	-24.36M	-27.74M	-26.56M	-28.93M	-26.62M	-25.95M	-22.36M	-20.09M	-17.62M	-15.81M	-13.68M	-11.84M	-12.65M	-10.44M	-10.88M	-10.16M	-6.55M	-7.32M	-9.19M	-4.66M	-4.80M	-5.23M	-0.79M	-5.40M	-0.65M	-0.70M	-1.13M	-0.29M
Net Debt Issuance	22.58M	23.46M	19.63M	38.04M	26.94M	31.79M	35.23M	43.60M	24.09M	24.80M	22.47M	25.72M	20.66M	15.61M	14.98M	2.86M	-6.11M	22.02M	29.03M	19.28M	17.02M	30.72M	29.75M	14.57M	1.24M	-0.11M	12.80M	0.71M	-1.10M	-0.82M	-0.19M
Levered Free Cash Flow	226.99M	166.86M	154.76M	176.59M	168.25M	125.02M	170.97M	178.33M	142.21M	124.19M	107.33M	96.07M	79.13M	76.46M	51.99M	40.23M	18.92M	43.18M	65.03M	70.14M	57.96M	106.05M	59.20M	26.41M	30.00M	-11.40M	33.14M	-41.58M	-18.66M	-12.40M	0.60M