Specialty Business Services

Category: Industry Averages Base Ticker: 9616.HK

Methodology: Industry metrics are calculated using the Top 100 companies by revenue within the industry. Values shown represent averages, not aggregates, and are winsorized at the 80/20 percentile to reduce the impact of extreme outliers. All financials are USD-normalized and intended to reflect the core economic structure of the industry.

Industry Enterprise Value

Metric	MRQ	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Stock Price	13.86	13.81	13.42	13.24	14.91	13.51	13.79	11.91	12.85	12.71	11.16	10.02	10.97	8.83	7.75	8.77	7.20	7.28	7.79	8.12	8.27	8.22	8.07	7.96	7.11	6.46	7.70	8.82	6.90	8.14	7.76
Market Capitalization	961.19M	1,309.44M	1,197.03M	1,280.08M	1,377.82M	1,310.74M	1,593.91M	1,157.91M	1,084.93M	1,035.72M	949.57M	888.63M	855.35M	667.56M	535.89M	558.65M	470.51M	391.00M	461.89M	422.88M	379.14M	507.59M	483.78M	517.83M	823.14M	834.71M	563.46M	505.13M	554.68M	663.91M	727.10M
(-) Cash & Equivalents	103.19M	172.44M	164.01M	145.67M	152.62M	142.58M	101.96M	90.55M	85.92M	80.76M	79.20M	73.00M	73.39M	74.51M	59.28M	57.68M	47.13M	48.39M	35.61M	24.85M	30.60M	35.49M	36.25M	27.07M	29.98M	30.15M	24.41M	22.73M	12.31M	14.64M	20.26M
(+) Total Debt	228.44M	533.52M	514.75M	502.68M	534.79M	428.95M	384.80M	306.99M	273.62M	228.37M	203.86M	236.89M	209.60M	202.26M	130.95M	95.94M	92.82M	111.88M	50.85M	61.44M	45.78M	55.66M	60.56M	73.55M	107.94M	109.90M	85.84M	70.58M	49.32M	70.43M	96.26M
Enterprise Value	1,202.43M	1,906.71M	1,586.17M	1,655.83M	1,930.63M	1,881.81M	1,849.64M	1,346.62M	1,408.19M	1,314.28M	1,188.61M	1,052.24M	988.18M	819.42M	774.38M	550.49M	571.91M	514.28M	465.93M	456.81M	423.13M	558.56M	544.76M	568.62M	798.95M	884.69M	612.31M	600.48M	592.55M	718.94M	817.12M

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	1,832.666M	1,681.275M	1,660.891M	1,698.396M	1,395.014M	1,334.533M	1,374.309M	1,280.105M	1,176.601M	1,096.622M	965.379M	917.045M	876.405M	721.336M	670.975M	554.385M	461.588M	532.895M	394.031M	312.899M	293.610M	331.396M	418.219M	440.407M	544.590M	565.537M	326.228M	330.991M	330.955M	377.582M	432.796M
Cost of Revenue	1,174.668M	872.455M	975.267M	1,013.158M	873.603M	847.616M	885.086M	764.013M	728.652M	720.611M	639.347M	546.678M	517.990M	415.658M	362.693M	294.761M	246.697M	265.627M	193.580M	131.795M	135.195M	155.594M	189.837M	259.925M	325.808M	295.151M	212.882M	229.451M	64.065M	77.793M	162.022M
Gross Profit	657.998M	808.819M	685.624M	685.238M	521.410M	486.917M	489.223M	516.093M	447.949M	376.011M	326.032M	370.368M	358.414M	305.678M	308.283M	259.624M	214.890M	267.268M	200.451M	181.105M	158.416M	175.801M	228.381M	180.482M	218.783M	270.386M	113.346M	101.539M	266.889M	299.789M	270.775M
Gross Margin	35.90%	48.11%	41.28%	40.35%	37.38%	36.49%	35.60%	40.32%	38.07%	34.29%	33.77%	40.39%	40.90%	42.38%	45.95%	46.83%	46.55%	50.15%	50.87%	57.88%	53.95%	53.05%	54.61%	40.98%	40.17%	47.81%	34.74%	30.68%	80.64%	79.40%	62.56%
R&D Expenses	0.270M	1.359M	1.569M	1.597M	1.252M	0.786M	0.828M	0.633M	0.415M	0.393M	0.141M	0.241M	0.270M	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	187.865M	187.985M	174.868M	186.689M	171.165M	150.983M	161.659M	154.868M	137.536M	120.926M	113.820M	103.345M	90.652M	61.683M	45.198M	36.034M	26.064M	38.031M	22.393M	19.931M	19.200M	23.578M	32.420M	23.402M	20.515M	15.049M	9.123M	8.644M	9.230M	7.977M	8.296M
Operating Expenses	188.136M	189.343M	176.437M	188.285M	172.417M	151.769M	162.487M	155.501M	137.951M	121.319M	113.961M	103.586M	90.922M	61.683M	45.198M	36.034M	26.064M	38.031M	22.393M	19.931M	19.200M	23.578M	32.420M	23.402M	20.515M	15.049M	9.123M	8.644M	9.230M	7.977M	8.296M
Operating Income	469.862M	619.476M	509.187M	496.952M	348.993M	335.148M	326.736M	360.591M	309.998M	254.692M	212.072M	266.782M	267.492M	243.995M	263.084M	223.590M	188.826M	229.237M	178.059M	161.174M	139.216M	152.223M	195.961M	157.081M	198.267M	255.336M	104.223M	92.895M	257.659M	291.812M	262.479M
Operating Margin	25.64%	36.85%	30.66%	29.26%	25.02%	25.11%	23.77%	28.17%	26.35%	23.23%	21.97%	29.09%	30.52%	33.83%	39.21%	40.33%	40.91%	43.02%	45.19%	51.51%	47.42%	45.93%	46.86%	35.67%	36.41%	45.15%	31.95%	28.07%	77.85%	77.28%	60.65%
Interest Income	2.439M	3.716M	2.187M	1.442M	0.644M	0.565M	0.847M	1.264M	1.271M	1.092M	0.970M	1.222M	1.296M	1.175M	1.389M	0.977M	1.082M	2.097M	1.126M	0.460M	0.395M	0.739M	0.289M	0.530M	0.801M	0.429M	0.006M	0.074M	0.024M	0.025M	0.517M
Interest Expense	28.971M	26.127M	23.281M	17.552M	14.400M	18.165M	17.472M	10.872M	7.978M	8.566M	7.668M	7.937M	7.669M	6.915M	5.950M	5.086M	3.960M	4.734M	2.797M	3.061M	1.886M	1.592M	2.269M	2.428M	3.040M	2.688M	1.432M	1.321M	0.940M	1.743M	1.516M
Net Interest Income	-26.532M	-22.411M	-21.094M	-16.110M	-13.757M	-17.599M	-16.625M	-9.609M	-6.707M	-7.475M	-6.698M	-6.715M	-6.373M	-5.740M	-4.562M	-4.109M	-2.878M	-2.637M	-1.670M	-2.601M	-1.491M	-0.853M	-1.980M	-1.898M	-2.239M	-2.258M	-1.426M	-1.247M	-0.916M	-1.719M	-0.999M
Other Income / Expense	-348.986M	-524.574M	-394.434M	-383.517M	-265.500M	-271.622M	-239.214M	-290.045M	-242.973M	-192.759M	-157.880M	-217.835M	-216.744M	-203.807M	-224.042M	-189.039M	-163.604M	-195.736M	-147.085M	-135.950M	-118.692M	-134.139M	-175.382M	-120.529M	-171.716M	-202.701M	-81.464M	-60.653M	-238.237M	-256.136M	-233.458M
Pre-Tax Income	94.344M	72.491M	93.659M	97.326M	69.737M	45.927M	70.897M	60.938M	60.318M	54.459M	47.494M	42.232M	44.376M	34.447M	34.480M	30.441M	22.344M	30.864M	29.304M	22.623M	19.032M	17.231M	18.600M	34.654M	24.312M	50.377M	21.332M	30.995M	18.506M	33.958M	28.022M
Pre-Tax Margin	5.15%	4.31%	5.64%	5.73%	5.00%	3.44%	5.16%	4.76%	5.13%	4.97%	4.92%	4.61%	5.06%	4.78%	5.14%	5.49%	4.84%	5.79%	7.44%	7.23%	6.48%	5.20%	4.45%	7.87%	4.46%	8.91%	6.54%	9.36%	5.59%	8.99%	6.47%
Income Tax Expense	26.093M	20.192M	22.945M	25.358M	18.432M	17.941M	19.487M	13.751M	16.160M	16.407M	13.469M	12.906M	12.755M	11.606M	10.996M	11.993M	6.620M	10.724M	8.012M	6.654M	5.467M	6.197M	7.455M	7.799M	9.612M	9.889M	8.297M	8.946M	6.185M	12.342M	9.208M
Tax Rate	27.66%	27.86%	24.50%	26.05%	26.43%	35.00%	27.49%	22.56%	26.79%	30.13%	28.36%	30.56%	28.74%	33.69%	31.89%	35.00%	29.63%	34.75%	27.34%	29.41%	28.72%	35.00%	35.00%	22.51%	35.00%	19.63%	35.00%	28.86%	33.42%	35.00%	32.86%
Net Income	68.251M	52.299M	70.714M	71.968M	51.305M	27.986M	51.410M	47.187M	44.158M	38.052M	34.025M	29.327M	31.621M	22.842M	23.484M	18.448M	15.724M	20.140M	21.292M	15.969M	13.565M	11.034M	11.145M	26.855M	14.701M	40.489M	13.035M	22.049M	12.321M	21.616M	18.814M
Net Margin	3.72%	3.11%	4.26%	4.24%	3.68%	2.10%	3.74%	3.69%	3.75%	3.47%	3.52%	3.20%	3.61%	3.17%	3.50%	3.33%	3.41%	3.78%	5.40%	5.10%	4.62%	3.33%	2.66%	6.10%	2.70%	7.16%	4.00%	6.66%	3.72%	5.72%	4.35%
EBIT	469.862M	619.476M	509.187M	496.952M	348.993M	335.148M	326.736M	360.591M	309.998M	254.692M	212.072M	266.782M	267.492M	243.995M	263.084M	223.590M	188.826M	229.237M	178.059M	161.174M	139.216M	152.223M	195.961M	157.081M	198.267M	255.336M	104.223M	92.895M	257.659M	291.812M	262.479M
Depreciation & Amortization	58.555M	63.955M	65.813M	65.236M	62.563M	67.812M	63.133M	44.182M	41.461M	37.141M	34.159M	32.497M	32.143M	21.962M	19.461M	15.208M	13.191M	14.268M	12.975M	9.627M	9.240M	12.638M	14.690M	13.622M	24.318M	20.496M	13.029M	15.976M	10.942M	13.612M	16.290M
EBITDA	528.417M	683.431M	575.000M	562.189M	411.556M	402.960M	389.869M	404.773M	351.458M	291.833M	246.231M	299.279M	299.635M	265.957M	282.545M	238.798M	202.016M	243.505M	191.033M	170.800M	148.455M	164.862M	210.652M	170.702M	222.585M	275.832M	117.252M	108.871M	268.601M	305.424M	278.769M
EBITDA Margin	28.83%	40.65%	34.62%	33.10%	29.50%	30.19%	28.37%	31.62%	29.87%	26.61%	25.51%	32.64%	34.19%	36.87%	42.11%	43.07%	43.77%	45.69%	48.48%	54.59%	50.56%	49.75%	50.37%	38.76%	40.87%	48.77%	35.94%	32.89%	81.16%	80.89%	64.41%
NOPAT	339.909M	446.921M	384.442M	367.475M	256.751M	217.846M	236.928M	279.224M	226.947M	177.961M	151.930M	185.255M	190.609M	161.790M	179.184M	145.333M	132.884M	149.584M	129.374M	113.769M	99.226M	98.945M	127.375M	121.728M	128.874M	205.216M	67.745M	66.083M	171.542M	189.678M	176.226M
NOPAT Margin	18.55%	26.58%	23.15%	21.64%	18.40%	16.32%	17.24%	21.81%	19.29%	16.23%	15.74%	20.20%	21.75%	22.43%	26.70%	26.22%	28.79%	28.07%	32.83%	36.36%	33.80%	29.86%	30.46%	27.64%	23.66%	36.29%	20.77%	19.97%	51.83%	50.23%	40.72%
Owner's Earnings	126.806M	116.254M	136.527M	137.205M	113.867M	95.798M	114.543M	91.369M	85.619M	75.193M	68.184M	61.823M	63.764M	44.804M	42.945M	33.656M	28.915M	34.408M	34.266M	25.596M	22.805M	23.672M	25.835M	40.477M	39.018M	60.985M	26.064M	38.025M	23.263M	35.228M	35.104M
Owner's Earnings Margin	6.92%	6.91%	8.22%	8.08%	8.16%	7.18%	8.33%	7.14%	7.28%	6.86%	7.06%	6.74%	7.28%	6.21%	6.40%	6.07%	6.26%	6.46%	8.70%	8.18%	7.77%	7.14%	6.18%	9.19%	7.16%	10.78%	7.99%	11.49%	7.03%	9.33%	8.11%
EPS	0.48	0.31	0.44	0.50	0.31	0.17	0.30	0.27	0.24	0.23	0.21	0.18	0.23	0.15	0.15	0.12	0.11	0.15	0.15	0.11	0.11	0.07	0.06	0.17	0.07	0.20	0.07	0.11	0.06	0.10	0.08
EPS (Diluted)	0.48	0.31	0.44	0.50	0.31	0.17	0.30	0.27	0.24	0.23	0.21	0.18	0.23	0.15	0.15	0.12	0.11	0.15	0.15	0.11	0.11	0.07	0.06	0.17	0.07	0.20	0.07	0.11	0.06	0.10	0.08
Shares (Diluted)	142,718,127	166,918,760	162,480,369	142,622,407	163,097,732	162,059,680	168,806,377	177,882,119	184,580,880	168,504,206	158,313,679	161,835,347	136,022,323	153,729,105	155,690,837	151,399,811	139,810,688	132,690,938	141,737,630	140,945,483	124,666,232	147,498,361	175,923,113	161,171,723	200,158,435	202,104,624	188,925,370	200,277,464	210,059,265	210,717,623	248,340,875

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	100.31M	171.44M	164.58M	147.91M	154.20M	142.75M	103.21M	91.28M	86.05M	80.90M	79.90M	74.81M	73.51M	74.51M	57.96M	58.60M	47.95M	48.82M	35.94M	25.10M	31.71M	35.98M	36.25M	27.07M	31.09M	30.81M	25.67M	23.92M	13.66M	15.65M	27.90M
Short-Term Investments	5.87M	11.33M	6.38M	8.25M	31.51M	10.88M	4.43M	2.71M	4.65M	4.56M	7.07M	8.37M	13.41M	2.67M	7.07M	2.81M	2.23M	1.01M	5.20M	7.86M	3.54M	3.14M	2.84M	6.38M	11.84M	4.47M	7.11M	0.02M	0.00M	0.15M	0.03M
Cash & Short-Term Investments	106.18M	182.76M	170.96M	156.16M	185.70M	153.63M	107.64M	93.99M	90.70M	85.46M	86.97M	83.18M	86.92M	77.18M	65.03M	61.41M	50.18M	49.83M	41.14M	32.95M	35.25M	39.12M	39.09M	33.45M	42.94M	35.28M	32.78M	23.93M	13.66M	15.79M	27.93M
Net Receivables	187.59M	334.92M	313.70M	301.43M	277.28M	241.26M	245.26M	237.92M	217.39M	185.73M	180.49M	153.35M	167.08M	140.62M	97.86M	77.14M	67.34M	76.75M	59.87M	38.80M	34.86M	33.82M	37.73M	38.76M	41.98M	39.54M	32.13M	37.75M	63.41M	64.29M	89.94M
Inventory	27.53M	31.32M	28.94M	31.41M	32.39M	31.09M	34.20M	38.03M	39.11M	35.11M	34.20M	31.76M	29.34M	28.41M	26.58M	19.42M	18.06M	20.28M	15.88M	14.22M	14.48M	15.37M	18.29M	19.13M	22.16M	23.33M	18.89M	19.59M	24.20M	28.84M	49.95M
Other Current Assets	26.96M	27.51M	32.86M	28.76M	25.61M	26.23M	27.66M	55.19M	45.06M	41.79M	31.15M	34.24M	32.78M	24.75M	23.12M	16.12M	14.25M	13.56M	12.11M	8.77M	6.80M	10.37M	16.73M	20.99M	16.95M	20.70M	17.87M	14.92M	15.04M	13.19M	62.06M
Total Current Assets	348.26M	576.52M	546.46M	517.75M	520.98M	452.20M	414.76M	425.14M	392.27M	348.09M	332.81M	302.53M	316.11M	270.95M	212.59M	174.09M	149.83M	160.42M	129.00M	94.74M	91.38M	98.69M	111.84M	112.33M	124.03M	118.85M	101.67M	96.20M	116.31M	122.11M	229.88M
Property, Plant & Equipment	235.14M	276.88M	279.12M	274.15M	263.95M	269.29M	250.90M	169.20M	157.44M	150.56M	137.61M	122.14M	117.16M	112.31M	102.49M	89.24M	78.67M	97.48M	58.94M	45.96M	51.16M	58.99M	82.36M	88.66M	101.61M	103.15M	90.29M	96.65M	96.72M	138.87M	174.46M
Goodwill	112.91M	292.42M	274.45M	283.03M	266.25M	220.15M	192.22M	188.28M	150.84M	129.34M	116.45M	117.58M	101.59M	107.95M	73.33M	39.27M	35.67M	33.99M	45.53M	30.11M	17.49M	0.13M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	62.86M	99.94M	104.13M	134.35M	127.79M	112.62M	86.80M	79.41M	57.64M	53.27M	45.20M	47.08M	45.66M	40.16M	30.02M	20.49M	17.50M	22.89M	18.09M	14.83M	9.81M	16.87M	23.76M	10.56M	15.51M	27.55M	11.73M	16.40M	28.79M	61.71M	55.67M
Long-Term Investments	21.37M	25.01M	31.29M	22.47M	17.99M	24.40M	25.32M	23.98M	24.67M	20.19M	19.98M	13.66M	14.69M	8.89M	4.77M	7.83M	6.81M	6.23M	1.21M	0.54M	0.30M	0.11M	2.39M	0.22M	0.89M	1.84M	1.10M	0.61M	0.28M	1.34M	1.13M
Tax Assets	3.57M	14.89M	15.05M	18.56M	18.77M	18.97M	16.84M	13.77M	13.35M	13.02M	11.41M	10.01M	8.39M	8.68M	9.94M	10.30M	4.26M	5.75M	3.95M	3.00M	5.08M	4.05M	10.01M	4.05M	9.37M	5.51M	4.81M	2.38M	4.01M	3.36M	6.33M
Other Non-Current Assets	30.23M	47.47M	34.69M	22.31M	21.43M	25.20M	19.95M	20.06M	26.19M	22.64M	17.51M	20.98M	18.15M	21.39M	20.28M	18.84M	17.03M	16.63M	11.12M	10.34M	9.94M	10.04M	8.20M	10.37M	18.74M	16.64M	11.38M	8.64M	8.25M	14.58M	10.63M
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	466.10M	756.61M	738.73M	754.86M	716.19M	670.63M	592.03M	494.70M	430.13M	389.01M	348.16M	331.45M	305.64M	299.38M	240.84M	185.97M	159.94M	182.96M	138.84M	104.77M	93.77M	90.19M	126.71M	113.86M	146.12M	154.70M	119.32M	124.68M	138.04M	219.86M	248.22M
Total Assets	814.36M	1,333.13M	1,285.19M	1,272.61M	1,237.17M	1,122.83M	1,006.80M	919.83M	822.40M	737.11M	680.97M	633.98M	621.76M	570.33M	453.43M	360.06M	309.77M	343.38M	267.84M	199.52M	185.15M	188.88M	238.55M	226.20M	270.14M	273.54M	220.99M	220.88M	254.35M	341.97M	478.10M
Accounts Payable	119.26M	133.34M	118.45M	116.75M	98.85M	95.36M	91.26M	90.15M	80.51M	77.11M	74.77M	69.98M	63.54M	58.72M	49.30M	45.09M	34.94M	35.62M	28.71M	21.54M	17.89M	23.12M	22.72M	24.19M	29.99M	25.24M	20.98M	21.59M	37.85M	39.17M	49.19M
Short-Term Debt	50.36M	78.75M	57.40M	65.02M	50.51M	55.69M	43.07M	36.80M	38.59M	39.02M	36.29M	35.84M	33.08M	31.19M	32.11M	27.92M	24.93M	24.60M	17.35M	15.36M	13.74M	10.68M	15.38M	21.78M	18.80M	17.50M	13.82M	9.09M	11.08M	10.56M	32.19M
Tax Payables	1.77M	13.64M	16.50M	17.62M	15.80M	16.50M	15.01M	13.76M	13.84M	12.74M	13.30M	10.06M	8.07M	10.63M	6.31M	5.69M	5.68M	3.93M	3.67M	2.51M	2.34M	2.23M	1.05M	0.76M	0.73M	0.62M	0.11M	0.34M	0.19M	0.25M	0.31M
Deferred Revenue	7.23M	1.46M	17.39M	49.99M	50.45M	55.07M	41.98M	26.10M	34.13M	23.77M	24.72M	14.89M	16.93M	27.97M	14.48M	10.94M	9.46M	7.38M	8.10M	4.29M	3.57M	3.50M	3.39M	3.59M	3.31M	0.64M	0.32M	0.00M	0.64M	0.28M	1.02M
Other Current Liabilities	73.06M	152.47M	111.66M	79.88M	76.23M	83.25M	81.05M	90.42M	86.33M	74.59M	77.45M	59.50M	68.42M	78.47M	82.29M	57.68M	40.22M	40.56M	30.42M	32.50M	31.74M	29.01M	27.06M	32.13M	37.82M	41.51M	34.60M	36.32M	34.09M	38.48M	43.90M
Total Current Liabilities	251.68M	379.66M	321.40M	329.26M	291.85M	305.88M	272.38M	257.23M	253.40M	227.24M	226.53M	190.26M	190.04M	206.98M	184.49M	147.32M	115.22M	112.10M	88.24M	76.19M	69.28M	68.54M	69.60M	82.44M	90.65M	85.51M	69.84M	67.34M	83.85M	88.74M	126.60M
Long-Term Debt	196.38M	328.47M	333.79M	317.67M	289.11M	281.68M	263.92M	207.79M	171.61M	177.93M	130.53M	136.85M	106.47M	103.38M	65.93M	50.46M	44.89M	54.69M	29.68M	29.49M	19.14M	29.18M	26.69M	45.14M	92.57M	91.63M	69.50M	59.62M	41.82M	79.13M	76.54M
Capital Lease Obligations	18.08M	68.01M	70.50M	64.96M	64.27M	63.72M	39.47M	2.30M	2.14M	1.81M	0.88M	0.47M	0.79M	0.58M	0.13M	0.14M	0.11M	0.00M	0.00M	0.02M	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	9.05M	29.12M	23.66M	30.88M	28.31M	23.65M	19.24M	20.55M	18.62M	16.37M	11.99M	10.82M	10.17M	10.96M	7.27M	4.93M	2.55M	3.47M	2.74M	1.53M	1.29M	1.24M	0.83M	0.86M	0.81M	0.69M	0.19M	1.03M	3.38M	5.64M	5.27M
Other Non-Current Liabilities	68.61M	40.36M	46.12M	41.33M	55.45M	40.66M	27.10M	44.18M	33.83M	34.23M	27.11M	26.29M	25.77M	25.12M	26.03M	13.37M	16.69M	12.31M	6.16M	6.85M	8.24M	8.39M	14.44M	16.40M	21.41M	22.35M	23.27M	17.25M	29.93M	24.85M	37.59M
Total Non-Current Liabilities	292.12M	465.96M	474.07M	454.83M	437.14M	409.71M	349.72M	274.82M	226.21M	230.34M	170.51M	174.44M	143.20M	140.04M	99.36M	68.89M	64.24M	70.46M	38.58M	37.89M	28.67M	38.81M	41.95M	62.40M	114.79M	114.66M	92.96M	77.89M	75.13M	109.62M	119.40M
Total Liabilities	543.79M	845.62M	795.47M	784.10M	728.99M	715.60M	622.09M	532.05M	479.60M	457.58M	397.04M	364.69M	333.24M	347.02M	283.85M	216.21M	179.46M	182.56M	126.82M	114.08M	97.95M	107.34M	111.55M	144.85M	205.44M	200.17M	162.80M	145.23M	158.99M	198.36M	246.00M
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	0.05M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.14M	0.45M	1.39M
Common Stock	51.09M	47.82M	50.47M	46.51M	48.24M	50.79M	43.79M	48.26M	45.15M	44.27M	42.94M	25.50M	24.91M	26.06M	24.94M	22.36M	22.92M	20.59M	14.61M	14.91M	12.95M	14.29M	20.95M	20.35M	33.74M	23.12M	17.87M	9.77M	6.71M	8.33M	9.18M
Retained Earnings	160.37M	320.13M	307.88M	321.66M	266.71M	224.85M	245.53M	219.19M	188.70M	139.92M	130.64M	120.77M	114.91M	83.09M	80.44M	67.42M	59.01M	67.30M	43.68M	31.41M	26.07M	32.69M	40.27M	46.46M	45.52M	49.66M	44.10M	45.94M	45.08M	53.46M	95.57M
Accumulated OCI	13.71M	8.50M	6.10M	8.45M	3.34M	-5.56M	1.55M	3.95M	3.91M	-0.18M	1.80M	-1.04M	-1.94M	-1.11M	-0.61M	-0.43M	-0.73M	-0.54M	-0.01M	0.01M	-0.04M	-0.09M	-0.24M	-1.11M	-8.43M	-12.37M	-18.50M	-16.03M	-13.23M	-17.13M	-3.51M
Minority Interest	2.33M	5.58M	9.01M	7.30M	5.54M	5.14M	5.52M	4.86M	4.93M	4.29M	6.90M	6.28M	5.11M	4.35M	3.67M	3.26M	2.65M	2.52M	2.42M	1.44M	1.30M	1.16M	1.57M	2.38M	2.18M	1.96M	1.68M	0.91M	1.86M	2.18M	4.10M
Total Shareholders’ Equity	225.16M	376.46M	364.45M	376.62M	318.29M	270.08M	290.86M	271.40M	237.75M	184.02M	175.38M	145.23M	137.93M	108.04M	104.77M	89.35M	81.20M	87.36M	58.29M	46.32M	38.97M	46.89M	60.98M	65.70M	70.83M	60.40M	43.47M	39.68M	38.70M	45.11M	102.63M
Total Equity	227.49M	382.04M	373.46M	383.93M	323.83M	275.22M	296.38M	276.27M	242.69M	188.31M	182.28M	151.52M	143.04M	112.39M	108.44M	92.61M	83.85M	89.88M	60.70M	47.76M	40.28M	48.05M	62.55M	68.09M	73.01M	62.37M	45.16M	40.59M	40.55M	47.29M	106.73M
Total Liabilities & Equity	771.28M	1,227.66M	1,168.93M	1,168.03M	1,052.82M	990.81M	918.48M	808.32M	722.29M	645.89M	579.32M	516.21M	476.29M	459.41M	392.29M	308.82M	263.31M	272.44M	187.52M	161.84M	138.23M	155.39M	174.09M	212.93M	278.45M	262.54M	207.95M	185.83M	199.54M	245.64M	352.73M
Tangible Assets	638.58M	940.77M	906.61M	855.23M	843.13M	790.06M	727.78M	652.15M	613.92M	554.50M	519.33M	469.32M	474.51M	422.21M	350.08M	300.30M	256.59M	286.51M	204.23M	154.58M	157.86M	171.88M	214.80M	215.64M	254.63M	246.00M	209.26M	204.48M	225.56M	280.26M	422.43M
Tangible Equity	51.71M	-10.32M	-5.12M	-33.45M	-70.21M	-57.55M	17.36M	8.58M	34.21M	5.70M	20.63M	-13.15M	-4.21M	-35.72M	5.09M	32.85M	30.68M	33.01M	-2.91M	2.83M	12.98M	31.05M	38.79M	57.53M	57.50M	34.82M	33.43M	24.20M	11.76M	-14.42M	51.06M
Tangible Book Value	51.71M	-10.32M	-5.12M	-33.45M	-70.21M	-57.55M	17.36M	8.58M	34.21M	5.70M	20.63M	-13.15M	-4.21M	-35.72M	5.09M	32.85M	30.68M	33.01M	-2.91M	2.83M	12.98M	31.05M	38.79M	57.53M	57.50M	34.82M	33.43M	24.20M	11.76M	-14.42M	51.06M
Total Investments	42.22M	30.30M	37.76M	27.30M	24.02M	28.14M	28.27M	31.02M	28.17M	24.09M	26.40M	17.43M	17.80M	12.66M	10.23M	11.58M	10.50M	10.07M	3.90M	3.68M	2.17M	5.50M	5.77M	5.58M	11.46M	11.47M	9.78M	3.86M	0.31M	1.48M	1.18M
Net Debt	146.42M	235.78M	226.61M	234.78M	185.43M	194.63M	203.78M	153.32M	124.15M	136.05M	86.92M	97.88M	66.04M	60.05M	40.08M	19.79M	21.86M	30.47M	11.08M	19.75M	1.18M	3.88M	5.81M	39.85M	80.27M	78.31M	57.65M	44.79M	39.24M	74.04M	80.83M

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	134.44M	128.34M	99.33M	54.23M	66.11M	131.08M	99.37M	74.59M	81.67M	75.61M	84.93M	97.84M	98.60M	105.46M	53.02M	46.42M	37.03M	39.59M	44.51M	26.49M	31.91M	27.15M	45.50M	54.18M	14.37M	32.63M	38.92M	41.00M	69.12M	27.48M	39.39M
Total Capital	896.50M	1,218.37M	1,119.28M	1,076.78M	1,100.48M	939.69M	909.20M	794.73M	687.52M	582.44M	531.39M	533.70M	495.44M	462.60M	338.35M	276.06M	251.48M	304.00M	181.83M	171.90M	154.18M	184.82M	189.26M	225.42M	279.40M	272.67M	215.46M	199.21M	164.87M	192.73M	265.82M
Capital Employed	1,071.27M	1,358.23M	1,309.26M	1,276.52M	1,221.13M	1,042.23M	1,002.90M	946.55M	789.92M	715.63M	659.09M	666.50M	597.81M	570.89M	477.27M	391.82M	304.69M	325.92M	238.99M	188.53M	182.74M	200.58M	219.72M	246.84M	248.33M	320.85M	230.82M	236.20M	225.11M	249.40M	216.46M
Invested Capital	796.19M	1,046.93M	954.70M	928.87M	946.28M	796.94M	805.99M	703.46M	601.47M	501.54M	451.48M	458.89M	421.94M	388.08M	280.39M	217.47M	203.53M	255.19M	145.89M	146.80M	122.47M	148.84M	153.00M	198.35M	248.30M	241.86M	189.79M	175.29M	151.21M	177.08M	237.92M

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	54.13M	65.14M	68.17M	63.44M	63.89M	65.27M	55.30M	43.23M	37.36M	37.23M	34.03M	32.73M	32.06M	21.96M	19.64M	15.35M	13.76M	15.72M	11.79M	9.76M	10.09M	13.57M	15.55M	15.66M	25.94M	21.94M	13.06M	11.74M	17.47M	25.11M	36.47M
Deferred Income Tax	0.09M	0.00M	-0.73M	-0.17M	-1.85M	-4.46M	0.36M	-0.71M	-1.57M	-0.66M	-1.18M	0.43M	0.51M	-0.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.01M	0.00M	0.00M	0.10M	0.23M	0.55M
Stock-Based Compensation	2.44M	4.05M	4.44M	3.98M	3.49M	2.72M	2.23M	1.95M	2.33M	1.67M	1.43M	1.26M	1.25M	1.02M	0.90M	0.64M	0.45M	0.12M	0.00M	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	-5.04M	-3.41M	-2.53M	-21.93M	-1.93M	14.23M	-5.97M	-14.09M	-9.38M	-10.01M	-8.25M	-9.92M	-8.03M	-3.00M	-11.66M	-8.00M	-0.99M	-2.31M	-3.56M	-3.76M	-3.46M	-1.35M	-1.10M	0.29M	3.89M	-2.58M	-4.26M	-2.77M	0.58M	-6.71M	-0.77M
Accounts Receivable	-1.80M	-7.37M	-7.62M	-17.65M	-16.21M	15.07M	-7.04M	-8.67M	-8.51M	-4.78M	-5.30M	-4.99M	-2.60M	-0.39M	-0.15M	0.00M	0.10M	0.00M	0.00M	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	-0.25M	0.47M	-0.67M	-4.25M	-2.90M	-0.94M	-0.76M	-1.83M	-0.70M	-0.33M	-1.69M	-1.22M	-1.07M	-0.69M	-2.17M	-0.38M	0.90M	-1.36M	-0.64M	-0.19M	-0.29M	-0.56M	-0.26M	-0.07M	-0.48M	-0.43M	-1.53M	-0.44M	-0.03M	-0.09M	-0.13M
Accounts Payable	1.08M	0.28M	4.84M	4.60M	13.14M	-2.20M	1.35M	3.71M	3.74M	2.22M	-0.21M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-5.60M	-0.17M	3.48M	0.63M	3.27M	-0.41M	-1.88M	-7.87M	-2.08M	-5.97M	-1.36M	-1.31M	-0.05M	-0.14M	-2.50M	-1.73M	-1.98M	-0.08M	-1.76M	-0.90M	-1.16M	1.29M	0.03M	0.90M	2.79M	-1.14M	-0.29M	-1.92M	0.04M	-4.59M	-0.15M
Other Non-Cash Items	3.07M	1.66M	2.73M	-0.23M	3.40M	17.66M	5.14M	2.31M	3.67M	2.13M	1.83M	3.47M	3.06M	1.23M	-0.51M	1.29M	1.84M	1.57M	0.51M	1.26M	1.07M	-0.34M	-1.16M	2.70M	13.58M	-2.65M	-1.00M	-2.94M	-1.71M	6.19M	-11.92M
Net Cash from Operating Activities	114.07M	151.45M	130.37M	130.81M	135.93M	118.69M	123.67M	82.34M	70.89M	65.83M	71.33M	65.78M	51.55M	59.08M	40.14M	33.90M	33.05M	44.28M	27.99M	26.01M	26.25M	24.39M	22.90M	36.10M	65.32M	34.04M	33.48M	29.38M	68.28M	96.67M	96.99M
Capital Expenditures (PPE)	-34.18M	-46.82M	-49.12M	-43.88M	-36.32M	-31.19M	-39.76M	-35.88M	-30.79M	-31.78M	-35.86M	-31.51M	-30.15M	-28.04M	-20.95M	-18.12M	-16.43M	-25.86M	-15.01M	-11.25M	-9.25M	-11.94M	-13.36M	-17.70M	-20.90M	-16.61M	-31.45M	-28.91M	-34.00M	-35.58M	-41.92M
Acquisitions (Net)	-2.27M	-11.68M	-11.15M	-13.45M	-16.60M	-5.77M	-7.40M	-12.52M	-5.14M	-10.09M	-4.77M	-7.36M	-3.64M	-4.68M	-2.89M	-2.89M	-1.89M	-6.45M	-5.67M	-4.98M	-5.24M	-4.43M	-4.67M	-2.02M	-1.36M	-6.16M	0.01M	-2.83M	-0.12M	-1.63M	-3.00M
Purchases of Investments	-4.62M	-3.01M	-2.56M	-2.95M	-1.56M	-1.94M	-1.85M	-3.15M	-1.46M	-1.49M	-0.88M	-1.39M	-1.51M	-0.57M	-0.42M	-0.91M	-0.85M	-1.48M	-0.39M	-0.12M	-0.18M	-1.08M	-0.73M	-2.32M	-3.28M	-6.89M	-3.44M	-3.29M	-2.21M	-5.09M	-1.01M
Sales / Maturities of Investments	0.73M	2.97M	4.36M	2.25M	1.39M	1.46M	1.83M	2.80M	1.67M	3.55M	1.22M	0.91M	0.86M	0.46M	0.32M	0.25M	0.75M	1.10M	0.63M	0.27M	0.29M	1.03M	2.84M	4.41M	3.75M	9.01M	1.47M	6.33M	2.36M	2.47M	5.23M
Other Investing Activities	-2.77M	-1.59M	-1.65M	2.04M	0.39M	1.05M	0.81M	1.77M	0.41M	0.59M	1.39M	2.35M	0.05M	1.46M	0.20M	2.22M	1.05M	0.94M	1.16M	0.44M	1.12M	0.11M	1.01M	0.27M	0.21M	1.39M	2.71M	0.64M	0.15M	12.80M	-6.38M
Net Cash from Investing Activities	-66.61M	-57.11M	-62.76M	-64.97M	-61.14M	-41.36M	-58.33M	-49.05M	-38.63M	-44.12M	-42.23M	-35.41M	-35.32M	-36.81M	-24.17M	-22.79M	-17.78M	-41.25M	-19.39M	-17.37M	-15.17M	-24.89M	-10.14M	-23.25M	-34.22M	-40.51M	-37.77M	-35.67M	-52.94M	-74.36M	-126.63M
Net Debt Issuance	-6.59M	0.02M	1.57M	7.10M	0.32M	1.91M	-8.69M	-1.08M	-1.65M	0.50M	-0.17M	1.74M	0.37M	-5.22M	3.01M	-2.50M	-3.31M	8.99M	1.82M	2.50M	-0.11M	-3.19M	-2.53M	-1.93M	0.82M	13.19M	2.86M	4.67M	0.10M	-13.74M	39.90M
Long-Term Debt Issuance	-5.48M	-0.08M	-3.85M	6.07M	2.90M	-3.04M	-7.94M	-2.08M	-0.71M	-0.40M	-0.23M	1.29M	0.99M	-3.89M	1.47M	-1.51M	-3.41M	7.02M	3.56M	1.58M	0.06M	-1.78M	-1.76M	-1.55M	0.69M	7.57M	1.73M	4.57M	1.04M	-13.64M	39.78M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	-0.86M	-0.23M	-0.04M	-0.02M	-0.09M	0.00M	0.00M	0.00M	-0.01M	-0.01M	0.00M	-0.14M	-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
Net Stock Issuance	-3.93M	-6.20M	-1.88M	-3.77M	-0.77M	-1.01M	-0.52M	-0.32M	-0.40M	-0.52M	-0.57M	-0.25M	-0.21M	-0.05M	-0.15M	0.20M	-0.15M	-0.83M	0.70M	0.63M	1.16M	0.37M	-0.14M	0.08M	0.78M	-0.01M	0.94M	3.04M	2.41M	6.94M	2.33M
Common Stock Issuance	0.00M	0.07M	0.01M	0.06M	0.20M	0.04M	0.08M	0.44M	0.17M	0.45M	0.53M	0.47M	0.07M	0.09M	0.17M	0.40M	0.06M	0.43M	1.33M	1.80M	1.84M	0.76M	0.54M	1.57M	3.91M	0.90M	5.66M	4.30M	2.99M	10.85M	3.45M
Common Stock Repurchased	-4.19M	-6.81M	-2.26M	-4.32M	-1.19M	-2.42M	-1.62M	-2.08M	-0.64M	-1.50M	-1.19M	-0.67M	-0.57M	-0.23M	-0.17M	-0.10M	-0.25M	-2.08M	-0.28M	-0.15M	0.00M	0.00M	-0.31M	-0.45M	-0.10M	-0.15M	-0.07M	0.00M	-0.05M	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	-17.34M	-21.89M	-21.75M	-22.40M	-16.37M	-10.48M	-20.54M	-22.82M	-19.67M	-17.68M	-15.78M	-14.71M	-15.93M	-10.94M	-9.69M	-8.23M	-6.08M	-7.76M	-6.01M	-4.86M	-5.28M	-5.30M	-8.05M	-5.54M	-4.55M	-2.48M	-2.35M	-3.37M	-8.28M	-10.08M	-14.78M
Common Dividends Paid	-15.85M	-21.41M	-21.03M	-22.33M	-16.28M	-10.02M	-20.53M	-22.24M	-17.85M	-15.82M	-15.16M	-13.21M	-14.86M	-9.90M	-8.79M	-8.30M	-6.12M	-7.58M	-5.64M	-4.82M	-4.64M	-4.61M	-7.52M	-6.77M	-4.65M	-2.48M	-2.35M	-3.37M	-5.61M	-10.08M	-15.19M
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	-14.10M	-22.16M	-15.13M	-11.77M	-12.27M	-11.13M	-11.16M	-3.90M	-4.47M	-1.59M	0.95M	-0.85M	-2.87M	-1.97M	-2.06M	-1.46M	-2.02M	0.21M	-0.27M	-1.31M	-1.21M	-0.16M	-0.50M	0.00M	-0.28M	1.70M	1.55M	0.04M	-0.96M	-0.77M	-0.65M
Net Cash from Financing Activities	-47.68M	-87.35M	-61.90M	-54.03M	-22.95M	-32.78M	-37.56M	-28.17M	-18.07M	-18.02M	-11.89M	-8.52M	-15.39M	-18.98M	-1.78M	-14.33M	-16.02M	-5.66M	-3.20M	-2.70M	-5.93M	-6.14M	-4.05M	-9.08M	-4.30M	1.45M	5.03M	20.38M	-4.24M	-18.84M	18.18M
Effect of FX on Cash	-0.72M	0.55M	-0.61M	-0.21M	0.35M	-0.59M	-0.08M	-0.55M	0.03M	0.06M	-0.65M	-0.04M	-0.19M	-0.15M	-0.16M	0.48M	-0.03M	-0.09M	0.06M	-0.05M	0.16M	0.04M	0.02M	-0.01M	0.00M	-0.03M	0.00M	0.50M	-0.11M	-0.40M	0.36M
Net Change in Cash	5.23M	-0.79M	6.19M	-3.92M	18.23M	23.13M	8.68M	-2.39M	6.83M	-0.37M	6.23M	4.22M	1.53M	1.91M	1.56M	6.57M	1.96M	3.70M	6.50M	-1.08M	6.24M	1.97M	8.77M	1.60M	5.40M	0.45M	2.97M	3.27M	3.67M	-2.81M	2.11M
Cash at Beginning of Period	117.59M	157.16M	149.19M	151.70M	129.34M	103.28M	88.85M	82.52M	68.45M	71.22M	76.77M	69.12M	70.14M	59.55M	51.38M	47.58M	42.66M	49.17M	28.40M	25.95M	23.48M	23.92M	22.19M	25.01M	31.09M	24.07M	15.04M	12.23M	7.93M	14.43M	29.91M
Cash at End of Period	120.95M	169.68M	157.09M	141.39M	153.12M	130.00M	105.74M	78.48M	81.42M	68.85M	72.07M	77.83M	70.76M	68.49M	47.90M	51.60M	44.86M	48.52M	34.98M	29.36M	36.92M	33.65M	29.65M	22.41M	31.93M	24.00M	22.14M	20.04M	11.69M	10.51M	41.70M
Operating Cash Flow	114.11M	151.45M	130.37M	130.46M	135.63M	118.72M	123.67M	82.34M	70.89M	65.83M	71.33M	65.78M	51.55M	59.07M	40.14M	33.90M	33.05M	44.28M	27.99M	26.01M	26.25M	24.39M	22.90M	36.10M	65.32M	34.04M	33.48M	29.38M	68.28M	96.67M	96.99M
Capital Expenditure	-33.59M	-49.89M	-50.92M	-44.36M	-36.81M	-31.57M	-40.10M	-36.15M	-31.11M	-32.01M	-36.02M	-31.74M	-30.33M	-28.09M	-21.03M	-18.16M	-16.46M	-25.88M	-15.04M	-11.23M	-9.25M	-11.94M	-13.36M	-17.70M	-20.90M	-16.61M	-31.45M	-28.91M	-34.00M	-35.58M	-41.92M
Free Cash Flow	77.64M	90.44M	75.73M	64.81M	74.50M	86.55M	63.40M	33.66M	34.95M	35.81M	37.95M	29.06M	26.26M	30.86M	18.37M	15.46M	20.19M	18.24M	10.89M	16.45M	15.25M	14.16M	10.57M	22.70M	33.26M	12.04M	-0.11M	2.56M	22.30M	22.64M	28.62M

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	194.17M	198.42M	192.16M	194.90M	176.29M	128.76M	155.73M	114.85M	111.70M	101.67M	88.39M	92.82M	91.55M	77.30M	65.42M	53.64M	43.65M	51.76M	47.16M	37.28M	32.82M	34.26M	30.95M	36.46M	72.17M	77.93M	33.66M	46.08M	33.99M	58.85M	67.76M
(-) Tax Adjustment	53.70M	55.27M	47.08M	50.78M	46.60M	50.30M	42.80M	25.92M	29.93M	30.63M	25.07M	28.37M	26.31M	26.04M	20.86M	21.13M	12.93M	17.99M	12.89M	10.97M	9.43M	12.32M	12.40M	8.20M	28.53M	15.30M	13.09M	13.30M	11.36M	21.39M	22.27M
(-) Change In Working Capital	-5.04M	-3.41M	-2.53M	-21.93M	-1.93M	14.23M	-5.97M	-14.09M	-9.38M	-10.01M	-8.25M	-9.92M	-8.03M	-3.00M	-11.66M	-8.00M	-0.99M	-2.31M	-3.56M	-3.76M	-3.46M	-1.35M	-1.10M	0.29M	3.89M	-2.58M	-4.26M	-2.77M	0.58M	-6.71M	-0.77M
(-) Capital Expenditure	33.59M	49.89M	50.92M	44.36M	36.81M	31.57M	40.10M	36.15M	31.11M	32.01M	36.02M	31.74M	30.33M	28.09M	21.03M	18.16M	16.46M	25.88M	15.04M	11.23M	9.25M	11.94M	13.36M	17.70M	20.90M	16.61M	31.45M	28.91M	34.00M	35.58M	41.92M
Unlevered Free Cash Flow	111.92M	96.67M	96.70M	121.69M	94.82M	32.66M	78.78M	66.88M	60.04M	49.04M	35.56M	42.64M	42.94M	26.17M	35.18M	22.35M	15.24M	10.21M	22.79M	18.84M	17.61M	11.36M	6.28M	10.26M	18.85M	48.60M	-6.63M	6.64M	-11.95M	8.59M	4.34M
(-) Net Interest Income After Taxes	-19.19M	-16.17M	-15.93M	-11.91M	-10.12M	-10.72M	-12.06M	-7.44M	-4.91M	-5.22M	-4.80M	-4.66M	-4.54M	-3.81M	-3.11M	-2.49M	-2.03M	-1.72M	-1.21M	-1.84M	-1.06M	-0.55M	-1.19M	-1.47M	-1.35M	-1.81M	-0.87M	-0.89M	-0.61M	-1.09M	-0.67M
Net Debt Issuance	-6.59M	0.02M	1.57M	7.10M	0.32M	1.91M	-8.69M	-1.08M	-1.65M	0.50M	-0.17M	1.74M	0.37M	-5.22M	3.01M	-2.50M	-3.31M	8.99M	1.82M	2.50M	-0.11M	-3.19M	-2.53M	-1.93M	0.82M	13.19M	2.86M	4.67M	0.10M	-13.74M	39.90M
Levered Free Cash Flow	124.52M	112.86M	114.20M	140.71M	105.26M	45.29M	82.15M	73.24M	63.30M	54.76M	40.19M	49.05M	47.86M	24.76M	41.29M	22.34M	13.96M	20.92M	25.82M	23.17M	18.56M	8.71M	4.94M	9.80M	21.02M	63.60M	-2.90M	12.20M	-11.24M	-4.06M	44.91M