Manufacturing - Metal Fabrication

Category: Industry Averages Base Ticker: BM.BK

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	7.94	6.98	8.79	7.77	8.09	6.82	6.27	5.93	6.43	5.77	4.69	5.77	5.79	5.55	4.85	3.99	3.99	3.31	3.37	5.76	8.62	8.79	7.15	7.91	7.94	7.18	8.85	8.75	10.90	8.64	5.15
Market Capitalization	1,116.42M	682.07M	719.42M	668.55M	860.23M	693.16M	542.34M	343.95M	437.74M	443.30M	416.02M	313.62M	297.15M	236.72M	205.63M	243.93M	221.39M	171.73M	226.92M	234.87M	295.43M	297.05M	285.45M	254.93M	504.81M	400.52M	451.40M	411.08M	369.02M	416.04M	146.62M
(-) Cash & Equivalents	78.16M	90.76M	84.71M	76.27M	71.94M	60.40M	45.04M	43.99M	44.14M	38.55M	33.63M	29.96M	33.40M	33.31M	32.28M	29.14M	23.44M	14.67M	10.38M	11.70M	16.84M	17.82M	20.45M	23.03M	20.19M	15.08M	17.20M	11.07M	15.28M	18.93M	6.17M
(+) Total Debt	234.17M	194.68M	189.85M	175.52M	147.63M	139.38M	112.06M	112.50M	100.27M	95.57M	107.55M	97.76M	88.31M	77.56M	66.38M	53.48M	50.29M	37.29M	27.67M	35.11M	52.89M	95.46M	74.53M	90.05M	108.32M	105.61M	115.33M	72.83M	49.47M	73.27M	36.21M
Enterprise Value	1,319.87M	796.78M	850.31M	828.86M	1,019.10M	801.63M	704.87M	505.87M	560.14M	544.41M	517.54M	456.83M	369.35M	301.52M	233.11M	268.68M	257.78M	224.56M	271.81M	276.96M	386.15M	390.17M	370.44M	374.96M	639.48M	517.61M	569.05M	543.63M	446.18M	492.55M	176.48M

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	687.585M	649.410M	568.541M	552.733M	580.392M	532.679M	531.501M	444.525M	397.146M	347.175M	324.773M	329.768M	306.749M	282.027M	262.827M	225.267M	189.991M	233.301M	174.040M	185.266M	340.065M	381.405M	375.325M	417.861M	634.352M	515.653M	446.815M	354.010M	327.722M	350.891M	221.842M
Cost of Revenue	553.322M	517.988M	470.187M	476.207M	447.013M	438.234M	441.750M	338.612M	310.913M	266.644M	257.897M	246.679M	251.099M	232.081M	197.852M	161.836M	136.912M	151.281M	131.620M	146.832M	278.563M	357.423M	302.899M	322.433M	551.997M	393.298M	329.952M	264.154M	245.835M	260.789M	176.441M
Gross Profit	134.263M	131.422M	98.354M	76.526M	133.379M	94.445M	89.751M	105.913M	86.233M	80.531M	66.877M	83.089M	55.650M	49.946M	64.975M	63.431M	53.079M	82.020M	42.421M	38.434M	61.502M	23.982M	72.427M	95.428M	82.356M	122.355M	116.863M	89.856M	81.887M	90.102M	45.400M
Gross Margin	19.53%	20.24%	17.30%	13.85%	22.98%	17.73%	16.89%	23.83%	21.71%	23.20%	20.59%	25.20%	18.14%	17.71%	24.72%	28.16%	27.94%	35.16%	24.37%	20.75%	18.09%	6.29%	19.30%	22.84%	12.98%	23.73%	26.15%	25.38%	24.99%	25.68%	20.47%
R&D Expenses	9.967M	9.623M	9.657M	9.206M	8.277M	6.682M	5.238M	3.747M	3.386M	2.795M	2.035M	1.957M	1.496M	1.117M	0.421M	0.381M	0.026M	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	42.263M	43.264M	36.933M	35.298M	35.075M	34.152M	35.509M	30.807M	29.944M	28.629M	25.959M	22.701M	22.225M	19.372M	15.258M	13.554M	11.917M	10.013M	9.641M	10.994M	22.177M	36.621M	39.994M	35.878M	51.972M	44.703M	46.184M	26.551M	23.382M	34.099M	19.104M
Operating Expenses	52.230M	52.887M	46.590M	44.504M	43.353M	40.833M	40.747M	34.553M	33.330M	31.424M	27.995M	24.658M	23.722M	20.490M	15.680M	13.935M	11.943M	10.013M	9.641M	10.994M	22.177M	36.621M	39.994M	35.878M	51.972M	44.703M	46.184M	26.551M	23.382M	34.099M	19.104M
Operating Income	82.033M	78.535M	51.764M	32.023M	90.026M	53.612M	49.003M	71.359M	52.903M	49.106M	38.882M	58.431M	31.928M	29.457M	49.295M	49.496M	41.136M	72.007M	32.780M	27.440M	39.325M	-12.638M	32.433M	59.551M	30.384M	77.652M	70.679M	63.305M	58.505M	56.003M	26.297M
Operating Margin	11.93%	12.09%	9.10%	5.79%	15.51%	10.06%	9.22%	16.05%	13.32%	14.14%	11.97%	17.72%	10.41%	10.44%	18.76%	21.97%	21.65%	30.86%	18.83%	14.81%	11.56%	-3.31%	8.64%	14.25%	4.79%	15.06%	15.82%	17.88%	17.85%	15.96%	11.85%
Interest Income	1.723M	1.784M	1.458M	0.940M	0.697M	0.695M	0.731M	0.525M	0.389M	0.347M	0.484M	0.473M	0.438M	0.663M	0.378M	0.277M	0.249M	0.210M	0.086M	0.062M	0.064M	0.067M	0.122M	0.003M	0.002M	0.001M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	8.342M	9.288M	7.680M	7.102M	5.117M	4.981M	5.316M	4.196M	5.202M	4.773M	4.917M	4.193M	3.466M	3.385M	3.077M	2.737M	2.271M	2.049M	1.365M	1.150M	2.471M	1.812M	2.066M	2.257M	2.026M	1.647M	0.872M	0.295M	0.176M	0.544M	1.205M
Net Interest Income	-6.619M	-7.504M	-6.221M	-6.162M	-4.420M	-4.286M	-4.585M	-3.671M	-4.813M	-4.426M	-4.433M	-3.720M	-3.028M	-2.722M	-2.699M	-2.460M	-2.022M	-1.840M	-1.280M	-1.088M	-2.407M	-1.745M	-1.944M	-2.254M	-2.025M	-1.646M	-0.872M	-0.295M	-0.176M	-0.544M	-1.205M
Other Income / Expense	-38.846M	-42.358M	-13.261M	7.996M	-46.025M	-21.277M	-17.071M	-43.451M	-27.376M	-27.282M	-19.555M	-39.878M	-16.228M	-11.846M	-34.944M	-34.690M	-30.251M	-56.975M	-15.195M	-12.155M	-20.464M	33.078M	-21.407M	-50.641M	-10.649M	-28.899M	-27.303M	-25.161M	-22.488M	-20.074M	-10.357M
Pre-Tax Income	36.567M	28.673M	32.281M	33.857M	39.582M	28.049M	27.347M	24.237M	20.714M	17.399M	14.894M	14.833M	12.672M	14.889M	11.652M	12.346M	8.863M	13.193M	16.305M	14.197M	16.454M	18.695M	9.082M	6.656M	17.711M	47.107M	42.504M	37.849M	35.842M	35.384M	14.734M
Pre-Tax Margin	5.32%	4.42%	5.68%	6.13%	6.82%	5.27%	5.15%	5.45%	5.22%	5.01%	4.59%	4.50%	4.13%	5.28%	4.43%	5.48%	4.66%	5.65%	9.37%	7.66%	4.84%	4.90%	2.42%	1.59%	2.79%	9.14%	9.51%	10.69%	10.94%	10.08%	6.64%
Income Tax Expense	7.942M	6.873M	6.053M	7.259M	6.912M	5.530M	5.359M	4.479M	4.096M	4.497M	3.753M	3.523M	3.133M	3.301M	3.305M	2.652M	2.405M	2.782M	3.924M	3.382M	4.210M	3.443M	5.507M	2.219M	5.813M	15.308M	14.176M	11.039M	10.484M	12.131M	4.730M
Tax Rate	21.72%	23.97%	18.75%	21.44%	17.46%	19.72%	19.60%	18.48%	19.77%	25.85%	25.20%	23.75%	24.73%	22.17%	28.36%	21.48%	27.14%	21.09%	24.06%	23.82%	25.58%	18.42%	35.00%	33.33%	32.82%	32.50%	33.35%	29.16%	29.25%	34.28%	32.10%
Net Income	28.625M	21.801M	26.228M	26.598M	32.670M	22.519M	21.988M	19.758M	16.618M	12.902M	11.141M	11.310M	9.539M	11.589M	8.347M	9.694M	6.458M	10.411M	12.381M	10.815M	12.245M	15.251M	3.574M	4.438M	11.898M	31.800M	28.328M	26.810M	25.358M	23.254M	10.004M
Net Margin	4.16%	3.36%	4.61%	4.81%	5.63%	4.23%	4.14%	4.44%	4.18%	3.72%	3.43%	3.43%	3.11%	4.11%	3.18%	4.30%	3.40%	4.46%	7.11%	5.84%	3.60%	4.00%	0.95%	1.06%	1.88%	6.17%	6.34%	7.57%	7.74%	6.63%	4.51%
EBIT	82.033M	78.535M	51.764M	32.023M	90.026M	53.612M	49.003M	71.359M	52.903M	49.106M	38.882M	58.431M	31.928M	29.457M	49.295M	49.496M	41.136M	72.007M	32.780M	27.440M	39.325M	-12.638M	32.433M	59.551M	30.384M	77.652M	70.679M	63.305M	58.505M	56.003M	26.297M
Depreciation & Amortization	19.985M	25.801M	24.805M	23.046M	21.820M	19.961M	20.028M	15.406M	15.855M	13.604M	13.116M	11.655M	10.557M	9.740M	8.565M	7.788M	7.361M	5.814M	4.295M	4.326M	11.326M	15.021M	14.583M	15.463M	25.758M	23.299M	24.657M	17.433M	7.738M	12.794M	5.858M
EBITDA	102.017M	104.336M	76.568M	55.069M	111.846M	73.573M	69.031M	86.766M	68.758M	62.711M	51.998M	70.085M	42.485M	39.197M	57.861M	57.284M	48.497M	77.821M	37.075M	31.767M	50.651M	2.383M	47.015M	75.014M	56.142M	100.951M	95.336M	80.738M	66.243M	68.796M	32.155M
EBITDA Margin	14.84%	16.07%	13.47%	9.96%	19.27%	13.81%	12.99%	19.52%	17.31%	18.06%	16.01%	21.25%	13.85%	13.90%	22.01%	25.43%	25.53%	33.36%	21.30%	17.15%	14.89%	0.62%	12.53%	17.95%	8.85%	19.58%	21.34%	22.81%	20.21%	19.61%	14.49%
NOPAT	64.216M	59.710M	42.057M	25.157M	74.306M	43.041M	39.400M	58.172M	42.443M	36.414M	29.084M	44.553M	24.033M	22.926M	35.313M	38.864M	29.972M	56.821M	24.892M	20.903M	29.264M	-10.310M	21.081M	39.702M	20.411M	52.419M	47.106M	44.842M	41.392M	36.803M	17.855M
NOPAT Margin	9.34%	9.19%	7.40%	4.55%	12.80%	8.08%	7.41%	13.09%	10.69%	10.49%	8.96%	13.51%	7.83%	8.13%	13.44%	17.25%	15.78%	24.36%	14.30%	11.28%	8.61%	-2.70%	5.62%	9.50%	3.22%	10.17%	10.54%	12.67%	12.63%	10.49%	8.05%
Owner's Earnings	48.610M	47.602M	51.033M	49.644M	54.490M	42.480M	42.016M	35.164M	32.473M	26.506M	24.256M	22.965M	20.096M	21.329M	16.912M	17.482M	13.819M	16.225M	16.676M	15.141M	23.571M	30.272M	18.157M	19.901M	37.656M	55.099M	52.985M	44.243M	33.096M	36.047M	15.863M
Owner's Earnings Margin	7.07%	7.33%	8.98%	8.98%	9.39%	7.97%	7.91%	7.91%	8.18%	7.63%	7.47%	6.96%	6.55%	7.56%	6.43%	7.76%	7.27%	6.95%	9.58%	8.17%	6.93%	7.94%	4.84%	4.76%	5.94%	10.69%	11.86%	12.50%	10.10%	10.27%	7.15%
EPS	0.11	0.08	0.10	0.10	0.12	0.09	0.09	0.08	0.07	0.05	0.05	0.05	0.04	0.06	0.04	0.05	0.04	0.07	0.10	0.09	0.10	0.11	0.03	0.05	0.10	0.25	0.22	0.29	0.44	0.40	0.08
EPS (Diluted)	0.11	0.08	0.10	0.10	0.12	0.09	0.09	0.08	0.07	0.05	0.05	0.05	0.04	0.06	0.04	0.05	0.04	0.07	0.10	0.09	0.10	0.11	0.03	0.05	0.10	0.25	0.22	0.29	0.44	0.40	0.08
Shares (Diluted)	249,884,393	265,148,103	253,808,081	260,470,140	265,946,532	241,580,381	248,492,894	250,652,144	233,682,004	241,575,924	242,556,879	227,871,343	216,224,944	194,033,303	191,660,758	181,323,342	158,641,503	143,522,045	129,752,585	121,625,444	119,570,882	134,059,007	110,596,957	94,301,619	115,102,918	126,299,204	130,447,701	92,947,166	57,704,367	58,284,201	127,968,069

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	76.86M	90.01M	84.71M	76.27M	71.94M	60.40M	45.04M	44.37M	44.51M	39.91M	33.89M	30.22M	33.68M	33.61M	32.59M	29.41M	23.66M	14.67M	10.60M	12.04M	17.22M	18.38M	21.20M	26.56M	20.19M	15.08M	17.20M	11.07M	15.28M	18.93M	6.17M
Short-Term Investments	22.98M	15.22M	10.30M	12.46M	15.95M	10.22M	8.88M	6.25M	6.76M	7.16M	6.82M	7.55M	7.85M	9.13M	1.32M	1.32M	3.07M	1.73M	0.68M	0.74M	1.78M	2.29M	5.56M	1.13M	10.31M	0.76M	0.00M	0.49M	0.28M	0.01M	0.05M
Cash & Short-Term Investments	99.83M	105.23M	95.01M	88.72M	87.90M	70.62M	53.92M	50.62M	51.27M	47.07M	40.70M	37.76M	41.53M	42.74M	33.91M	30.73M	26.73M	16.40M	11.28M	12.78M	18.99M	20.67M	26.77M	27.69M	30.50M	15.84M	17.20M	11.56M	15.56M	18.94M	6.22M
Net Receivables	204.37M	181.50M	164.13M	176.25M	153.64M	134.26M	114.86M	100.19M	89.68M	85.08M	72.91M	72.03M	62.84M	55.17M	40.52M	30.06M	25.23M	35.47M	23.97M	26.22M	41.04M	55.32M	52.55M	47.97M	67.03M	54.61M	60.00M	51.82M	43.24M	48.52M	27.27M
Inventory	143.74M	140.87M	131.90M	134.15M	119.63M	99.04M	110.78M	102.02M	88.63M	61.13M	63.91M	62.09M	52.77M	51.01M	42.95M	35.39M	32.11M	32.74M	25.20M	28.87M	68.24M	71.25M	66.07M	72.65M	88.62M	73.17M	81.77M	47.64M	40.51M	56.55M	31.90M
Other Current Assets	15.95M	12.63M	17.87M	18.69M	12.89M	12.76M	11.14M	15.15M	16.19M	14.55M	12.48M	12.76M	10.04M	15.74M	12.30M	6.43M	5.47M	4.53M	4.43M	4.41M	7.00M	4.61M	15.22M	23.83M	9.74M	19.21M	23.69M	16.76M	8.30M	10.54M	10.24M
Total Current Assets	463.89M	440.23M	408.91M	417.82M	374.06M	316.69M	290.69M	267.99M	245.77M	207.84M	190.00M	184.65M	167.18M	164.67M	129.67M	102.60M	89.54M	89.14M	64.88M	72.28M	135.27M	151.86M	160.61M	172.15M	195.89M	162.83M	182.66M	127.78M	107.62M	134.56M	75.64M
Property, Plant & Equipment	270.62M	265.93M	240.58M	214.65M	200.70M	193.35M	171.50M	159.04M	142.60M	134.96M	133.49M	120.01M	107.00M	105.89M	89.49M	79.82M	74.64M	69.49M	45.88M	58.17M	115.74M	182.66M	144.29M	217.69M	273.44M	259.69M	218.63M	121.09M	91.80M	131.71M	51.13M
Goodwill	9.12M	4.50M	4.14M	3.10M	2.49M	1.74M	2.37M	6.60M	2.29M	0.59M	2.67M	2.38M	0.76M	0.38M	0.06M	0.00M	0.02M	0.01M	0.07M	0.00M	0.00M	0.37M	0.37M	0.48M	3.12M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	23.82M	23.24M	21.10M	16.76M	18.11M	18.08M	15.40M	12.20M	11.88M	9.73M	8.42M	7.09M	7.36M	5.69M	4.90M	4.00M	3.74M	2.92M	1.35M	1.41M	11.89M	10.44M	14.55M	18.79M	20.49M	24.70M	44.51M	14.75M	5.45M	6.51M	1.57M
Long-Term Investments	21.66M	7.29M	14.98M	7.74M	8.46M	8.57M	6.46M	6.47M	7.62M	6.90M	7.91M	6.02M	4.05M	3.84M	1.06M	0.82M	0.50M	0.77M	0.17M	0.05M	1.81M	0.12M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.01M
Tax Assets	5.47M	6.46M	5.52M	5.95M	6.09M	5.38M	3.90M	2.86M	3.11M	1.94M	1.94M	1.94M	2.18M	2.31M	1.21M	0.88M	1.13M	1.34M	0.67M	0.84M	2.70M	2.44M	5.40M	1.25M	0.41M	0.00M	0.01M	0.25M	0.00M	0.00M	0.00M
Other Non-Current Assets	13.26M	28.95M	14.57M	18.36M	15.27M	9.39M	8.08M	7.10M	5.09M	5.88M	6.51M	7.03M	6.18M	3.21M	4.42M	3.76M	3.65M	2.97M	2.54M	3.27M	6.31M	12.37M	11.89M	17.13M	35.86M	38.39M	31.90M	32.70M	32.06M	44.89M	11.18M
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	343.94M	336.37M	300.89M	266.56M	251.12M	236.51M	207.70M	194.25M	172.59M	160.00M	160.93M	144.47M	127.53M	121.33M	101.14M	89.28M	83.68M	77.50M	50.68M	63.74M	138.45M	208.41M	176.50M	255.34M	333.32M	322.78M	295.05M	168.79M	129.32M	183.10M	63.89M
Total Assets	807.83M	776.60M	709.80M	684.37M	625.19M	553.20M	498.39M	462.24M	418.35M	367.83M	350.93M	329.11M	294.71M	286.00M	230.82M	191.88M	173.22M	166.63M	115.56M	136.03M	273.72M	360.26M	337.10M	427.49M	529.21M	485.61M	477.71M	296.57M	236.93M	317.66M	139.53M
Accounts Payable	89.52M	118.48M	101.42M	100.06M	97.32M	87.20M	79.81M	60.05M	56.13M	46.50M	42.62M	44.15M	37.53M	32.55M	26.68M	23.98M	20.46M	20.57M	18.22M	19.51M	39.81M	32.87M	29.61M	45.49M	52.21M	40.61M	41.99M	28.16M	26.07M	31.91M	14.30M
Short-Term Debt	132.19M	76.00M	70.74M	70.87M	64.69M	56.90M	46.77M	53.14M	39.53M	39.01M	41.47M	42.69M	41.66M	36.33M	32.29M	22.08M	19.59M	16.56M	11.72M	12.14M	20.56M	23.05M	18.76M	13.78M	19.31M	26.18M	39.96M	22.18M	7.19M	5.38M	5.92M
Tax Payables	0.20M	3.58M	2.95M	4.32M	3.45M	3.25M	2.33M	2.93M	2.51M	1.79M	2.02M	1.87M	1.36M	1.10M	1.06M	1.14M	0.84M	1.09M	0.69M	0.70M	1.21M	0.61M	0.25M	0.05M	0.00M	0.05M	0.10M	0.18M	0.15M	0.11M	0.33M
Deferred Revenue	3.50M	0.00M	2.87M	10.24M	15.40M	14.06M	11.72M	5.31M	7.05M	7.89M	7.42M	6.75M	6.56M	4.32M	3.17M	3.21M	2.16M	2.72M	1.90M	0.89M	2.20M	3.88M	3.54M	2.26M	2.62M	0.90M	0.38M	0.62M	0.23M	0.24M	1.26M
Other Current Liabilities	23.69M	34.97M	35.95M	32.67M	18.39M	14.96M	15.86M	17.59M	14.71M	12.25M	13.83M	12.20M	9.62M	16.71M	12.55M	10.18M	10.87M	10.01M	8.79M	6.78M	17.73M	18.95M	20.87M	25.89M	17.73M	22.08M	22.39M	20.28M	19.52M	19.12M	13.86M
Total Current Liabilities	249.10M	233.04M	213.93M	218.16M	199.25M	176.37M	156.49M	139.01M	119.93M	107.44M	107.35M	107.65M	96.73M	91.01M	75.74M	60.59M	53.93M	50.95M	41.33M	40.02M	81.52M	79.36M	73.03M	87.46M	91.87M	89.82M	104.82M	71.42M	53.16M	56.76M	35.67M
Long-Term Debt	62.80M	76.13M	78.02M	65.59M	48.05M	45.61M	38.34M	36.13M	43.29M	32.20M	34.93M	40.23M	28.87M	33.46M	27.16M	23.56M	26.20M	13.14M	11.21M	14.65M	36.92M	42.30M	43.58M	46.38M	84.91M	56.64M	70.69M	56.83M	42.24M	57.89M	19.99M
Capital Lease Obligations	1.09M	5.98M	5.47M	6.89M	5.99M	5.62M	3.41M	0.45M	0.23M	0.28M	0.22M	0.18M	0.04M	0.00M	0.00M	0.00M	0.00M	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
Deferred Tax Liabilities	5.67M	7.25M	6.23M	6.18M	6.27M	5.24M	4.98M	4.95M	3.62M	4.06M	5.68M	4.53M	3.34M	3.31M	3.35M	2.76M	2.12M	1.63M	0.84M	2.32M	7.54M	5.23M	5.99M	7.72M	33.63M	13.68M	9.52M	3.91M	3.12M	4.79M	2.94M
Other Non-Current Liabilities	7.30M	11.25M	12.84M	9.77M	8.83M	8.52M	4.08M	6.03M	6.37M	4.46M	5.56M	6.24M	4.36M	3.08M	3.06M	3.36M	2.95M	2.73M	1.37M	3.83M	11.79M	29.12M	18.09M	25.88M	11.90M	7.49M	11.17M	12.28M	11.10M	11.38M	7.42M
Total Non-Current Liabilities	76.85M	100.60M	102.56M	88.43M	69.15M	65.00M	50.80M	47.56M	53.51M	41.00M	46.39M	51.18M	36.61M	39.86M	33.58M	29.69M	31.27M	17.50M	13.42M	20.82M	56.24M	76.64M	67.66M	79.98M	130.44M	77.81M	91.38M	73.01M	56.46M	74.07M	30.35M
Total Liabilities	325.95M	333.64M	316.49M	306.59M	268.40M	241.36M	207.28M	186.58M	173.44M	148.44M	153.74M	158.84M	133.34M	130.87M	109.32M	90.28M	85.19M	68.45M	54.75M	60.84M	137.76M	156.00M	140.69M	167.44M	222.31M	167.63M	196.20M	144.44M	109.62M	130.82M	66.02M
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	43.50M	42.66M	41.33M	39.51M	35.32M	32.57M	32.07M	31.87M	28.45M	24.55M	24.08M	23.77M	23.14M	19.71M	18.21M	15.97M	16.26M	11.88M	8.26M	7.93M	13.11M	12.90M	13.98M	18.16M	18.48M	17.01M	17.36M	4.99M	5.28M	4.69M	3.53M
Retained Earnings	149.19M	157.38M	152.84M	133.74M	125.59M	103.48M	93.51M	91.56M	81.71M	76.78M	69.41M	68.91M	56.51M	52.75M	39.77M	39.09M	29.61M	26.52M	20.22M	17.04M	55.07M	61.36M	64.87M	107.31M	158.93M	124.87M	118.19M	78.76M	58.39M	73.43M	12.44M
Accumulated OCI	110.19M	15.93M	7.83M	16.58M	14.12M	11.14M	10.69M	8.35M	5.29M	4.97M	6.05M	0.70M	-2.08M	-5.67M	-1.71M	-2.54M	-1.80M	-0.35M	0.03M	0.49M	0.01M	-0.07M	-1.35M	-2.52M	-6.41M	-3.35M	-4.45M	-20.68M	-16.48M	-25.06M	-12.28M
Minority Interest	8.97M	9.58M	10.18M	7.22M	4.94M	4.38M	4.70M	4.66M	3.74M	3.07M	3.87M	2.39M	2.17M	2.07M	1.80M	1.45M	1.81M	0.81M	0.28M	0.29M	0.74M	3.52M	0.66M	2.59M	3.56M	3.06M	4.05M	2.07M	0.19M	0.00M	0.00M
Total Shareholders’ Equity	302.87M	215.96M	202.00M	189.83M	175.03M	147.19M	136.28M	131.78M	115.44M	106.30M	99.54M	93.38M	77.57M	66.80M	56.26M	52.53M	44.06M	38.05M	28.51M	25.46M	68.19M	74.19M	77.50M	122.95M	170.99M	138.54M	131.10M	63.06M	47.19M	53.06M	3.68M
Total Equity	311.85M	225.55M	212.17M	197.05M	179.97M	151.57M	140.98M	136.44M	119.18M	109.37M	103.40M	95.77M	79.74M	68.86M	58.06M	53.97M	45.88M	38.86M	28.79M	25.76M	68.92M	77.71M	78.16M	125.54M	174.55M	141.60M	135.15M	65.14M	47.38M	53.06M	3.68M
Total Liabilities & Equity	637.80M	559.19M	528.66M	503.64M	448.37M	392.93M	348.26M	323.02M	292.63M	257.81M	257.14M	254.60M	213.08M	199.73M	167.38M	144.25M	131.07M	107.31M	83.53M	86.59M	206.69M	233.71M	218.84M	292.97M	396.86M	309.22M	331.35M	209.57M	157.00M	183.88M	69.71M
Tangible Assets	774.89M	748.86M	684.56M	664.51M	604.59M	533.38M	480.62M	443.45M	404.19M	357.51M	339.84M	319.65M	286.59M	279.93M	225.86M	187.88M	169.45M	163.71M	114.14M	134.62M	261.83M	349.45M	322.19M	408.22M	505.61M	460.91M	433.21M	281.81M	231.48M	311.15M	137.96M
Tangible Equity	278.91M	197.80M	186.93M	177.19M	159.37M	131.75M	123.21M	117.65M	105.02M	99.05M	92.31M	86.30M	71.62M	62.79M	53.10M	49.97M	42.11M	35.93M	27.37M	24.35M	57.04M	66.90M	63.24M	106.27M	150.94M	116.90M	90.65M	50.39M	41.93M	46.56M	2.11M
Tangible Book Value	278.91M	197.80M	186.93M	177.19M	159.37M	131.75M	123.21M	117.65M	105.02M	99.05M	92.31M	86.30M	71.62M	62.79M	53.10M	49.97M	42.11M	35.93M	27.37M	24.35M	57.04M	66.90M	63.24M	106.27M	150.94M	116.90M	90.65M	50.39M	41.93M	46.56M	2.11M
Total Investments	42.48M	15.43M	32.84M	16.55M	15.93M	13.91M	12.90M	8.71M	11.73M	9.90M	9.67M	9.84M	5.41M	6.15M	2.63M	2.30M	3.10M	1.98M	1.78M	0.92M	4.67M	8.98M	5.70M	6.83M	7.77M	0.84M	2.26M	0.00M	0.24M	0.00M	2.26M
Net Debt	118.14M	62.12M	64.05M	60.19M	40.80M	42.11M	40.06M	44.90M	38.31M	31.30M	42.51M	52.71M	36.85M	36.19M	26.87M	16.23M	22.13M	15.04M	12.33M	14.75M	40.26M	46.96M	41.14M	33.60M	84.03M	67.74M	93.45M	67.94M	34.15M	44.34M	19.74M

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	190.52M	213.56M	196.30M	219.62M	186.38M	144.81M	129.33M	112.55M	96.66M	100.14M	78.50M	70.74M	75.15M	63.91M	60.07M	57.70M	41.38M	36.52M	38.49M	32.21M	95.82M	80.91M	97.68M	91.66M	85.73M	78.57M	74.01M	46.87M	48.18M	70.89M	48.31M
Total Capital	671.35M	628.97M	607.43M	577.35M	483.56M	423.55M	375.97M	347.12M	318.64M	288.07M	283.28M	265.29M	242.62M	221.31M	195.62M	162.45M	146.60M	128.17M	98.10M	111.53M	195.23M	284.94M	250.15M	303.96M	388.78M	369.25M	340.52M	239.24M	194.86M	209.00M	102.90M
Capital Employed	654.83M	599.08M	560.54M	513.56M	507.19M	454.28M	398.50M	344.04M	295.55M	291.96M	284.97M	250.26M	219.51M	207.10M	181.68M	162.98M	148.75M	133.82M	103.72M	109.63M	220.18M	334.70M	391.62M	412.05M	503.95M	477.93M	404.05M	224.68M	172.01M	255.22M	117.59M
Invested Capital	594.49M	538.96M	522.72M	501.08M	411.62M	363.15M	330.93M	302.75M	274.13M	248.16M	249.40M	235.07M	208.94M	187.70M	163.03M	133.04M	122.94M	113.51M	87.50M	99.49M	178.01M	266.56M	228.95M	277.40M	368.59M	354.17M	323.32M	228.17M	179.58M	190.08M	96.73M

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	7.19M	26.53M	25.53M	22.92M	21.62M	19.96M	18.54M	14.88M	14.50M	13.75M	13.03M	11.71M	10.53M	9.66M	8.60M	7.85M	7.41M	5.67M	4.36M	5.03M	11.88M	15.69M	15.59M	21.81M	27.22M	23.42M	19.76M	9.11M	7.54M	8.80M	7.95M
Deferred Income Tax	0.00M	0.00M	0.00M	-0.70M	-0.31M	-0.20M	0.17M	-0.33M	-0.25M	-0.11M	-0.10M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.13M	0.67M	0.70M	1.98M	0.65M	0.15M	0.56M	1.39M	1.97M	1.53M
Stock-Based Compensation	0.00M	0.11M	0.54M	0.63M	0.67M	0.48M	0.50M	0.38M	0.28M	0.21M	0.05M	0.06M	0.09M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-11.21M	-8.26M	-8.77M	-25.98M	-32.00M	-12.62M	-3.55M	-11.16M	-13.82M	-0.89M	-5.20M	-6.91M	-3.26M	-4.13M	-9.73M	-11.90M	3.02M	-3.16M	-4.00M	-3.65M	-5.39M	-8.81M	-1.25M	2.39M	-0.14M	-14.40M	-6.01M	-3.18M	-8.46M	-4.58M	-3.32M
Accounts Receivable	-10.07M	-12.44M	-3.20M	-17.06M	-22.56M	-9.00M	-2.77M	-8.95M	-6.24M	-3.56M	-0.16M	-6.06M	-1.80M	-0.54M	0.00M	-0.12M	0.00M	0.00M	-0.02M	-0.35M	-0.10M	-0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	-5.02M	-7.20M	-3.68M	-12.57M	-19.15M	-3.88M	-4.22M	-9.36M	-12.04M	0.66M	1.41M	-6.13M	0.26M	-0.19M	-6.73M	-6.45M	5.23M	-2.23M	-2.56M	-3.55M	-8.77M	-15.41M	-1.41M	2.46M	7.53M	-8.61M	-0.73M	-0.59M	-5.54M	-4.76M	1.45M
Accounts Payable	0.00M	7.54M	2.40M	9.75M	15.76M	8.32M	3.32M	7.84M	6.51M	2.00M	-0.84M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.08M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	0.68M	1.36M	-2.34M	-1.90M	0.71M	-0.21M	-0.62M	-1.76M	-3.06M	-2.86M	-4.61M	-0.89M	0.53M	-1.71M	-2.15M	-3.32M	-0.68M	0.15M	-0.04M	0.85M	0.36M	12.28M	1.40M	-5.87M	-6.06M	-5.73M	-3.67M	-4.76M	2.05M	-1.33M	-1.34M
Other Non-Cash Items	14.04M	8.77M	6.32M	6.37M	4.67M	5.55M	2.07M	2.71M	1.07M	1.95M	1.63M	1.50M	0.03M	0.50M	1.11M	1.24M	-0.19M	0.89M	0.34M	0.30M	-0.35M	8.13M	4.52M	13.55M	8.99M	4.67M	1.79M	0.44M	-0.24M	0.17M	0.20M
Net Cash from Operating Activities	35.78M	46.85M	40.74M	29.73M	26.55M	37.79M	40.20M	25.38M	21.44M	28.25M	23.42M	16.25M	20.30M	17.58M	9.94M	11.09M	20.48M	14.07M	9.40M	12.82M	14.32M	13.43M	30.76M	38.89M	47.69M	22.73M	35.62M	33.89M	27.11M	32.21M	20.36M
Capital Expenditures (PPE)	-26.82M	-39.32M	-35.39M	-34.34M	-29.37M	-22.46M	-21.97M	-23.67M	-21.54M	-18.58M	-15.36M	-17.68M	-17.71M	-17.44M	-16.03M	-12.03M	-10.82M	-12.17M	-9.45M	-10.12M	-10.78M	-11.84M	-9.11M	-11.79M	-19.51M	-25.96M	-28.49M	-51.86M	-28.13M	-19.81M	-11.44M
Acquisitions (Net)	0.05M	-0.23M	-0.16M	0.41M	-0.06M	0.38M	0.96M	-0.27M	0.57M	0.60M	-0.06M	-0.20M	-0.54M	-0.17M	-0.31M	-0.26M	0.02M	0.00M	0.02M	0.02M	0.01M	0.02M	0.01M	0.24M	0.07M	-1.09M	-0.01M	-0.03M	0.00M	0.00M	0.00M
Purchases of Investments	-14.20M	-9.42M	-11.52M	-15.54M	-16.13M	-15.02M	-6.23M	-2.99M	-4.76M	-2.68M	-1.32M	-1.46M	-1.06M	-0.68M	-0.82M	-0.64M	-0.56M	-0.57M	-0.12M	-0.42M	-0.47M	-0.30M	-0.39M	0.00M	-0.09M	-0.13M	-1.06M	0.00M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	13.80M	6.92M	11.59M	6.96M	13.80M	8.80M	4.15M	1.84M	1.51M	1.80M	1.62M	1.18M	1.07M	0.18M	0.61M	0.62M	0.41M	0.38M	0.08M	0.24M	0.29M	0.40M	0.14M	0.37M	0.37M	0.33M	0.80M	0.78M	0.13M	0.00M	0.00M
Other Investing Activities	0.89M	0.61M	0.72M	0.94M	1.28M	-0.06M	-0.40M	0.55M	0.56M	1.35M	0.93M	0.81M	1.16M	0.75M	0.57M	0.32M	0.44M	0.11M	0.05M	0.46M	0.66M	0.96M	0.98M	1.75M	1.45M	1.23M	25.81M	4.20M	-4.72M	4.76M	0.35M
Net Cash from Investing Activities	-35.60M	-44.90M	-42.21M	-41.65M	-35.20M	-24.47M	-20.24M	-26.53M	-25.33M	-20.90M	-17.20M	-19.97M	-19.66M	-20.81M	-23.53M	-13.52M	-10.60M	-12.31M	-10.20M	-11.02M	-13.06M	-19.33M	-19.01M	-13.72M	-24.35M	-31.79M	-13.65M	-61.61M	-17.14M	-8.96M	-11.50M
Net Debt Issuance	5.40M	5.03M	6.04M	9.24M	15.40M	5.52M	-1.21M	6.24M	0.63M	-3.72M	1.89M	0.21M	7.67M	2.45M	7.51M	3.35M	2.69M	2.13M	0.02M	0.60M	4.85M	-4.86M	-7.33M	-3.25M	-16.19M	10.89M	4.89M	17.55M	6.12M	-0.56M	-1.15M
Long-Term Debt Issuance	3.57M	6.78M	6.98M	11.13M	10.15M	8.74M	-1.15M	4.27M	1.56M	-1.38M	2.53M	0.41M	8.17M	2.61M	3.49M	4.31M	0.98M	2.04M	0.55M	0.72M	2.16M	-4.38M	-7.73M	-7.96M	-16.21M	7.07M	-0.09M	11.68M	6.12M	0.13M	-1.15M
Short-Term Debt Issuance	1.98M	0.00M	0.21M	-1.00M	-0.19M	-0.48M	-0.21M	0.08M	-0.03M	-1.17M	-0.12M	-0.74M	-0.41M	-0.04M	0.19M	0.00M	-0.05M	0.12M	0.00M	0.11M	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	0.00M	-0.61M	-0.06M	-0.04M	-0.02M	-0.05M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.02M	0.01M	0.00M	0.04M	0.63M	0.25M	0.64M	0.13M	0.15M	0.14M	0.10M	-2.92M	-0.18M	0.94M	0.10M	-0.40M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.07M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.01M	0.03M	0.10M	0.05M	0.08M	0.25M	0.83M	0.25M	0.64M	0.12M	0.39M	0.15M	0.72M	0.34M	0.98M	1.82M	1.57M	0.00M
Common Stock Repurchased	0.00M	-0.96M	-0.16M	-0.36M	-0.08M	-0.15M	0.00M	-0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.01M	0.00M	-2.96M	-0.44M	0.00M	-0.56M	-0.70M
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	-5.36M	-12.23M	-9.51M	-8.22M	-6.90M	-5.21M	-5.49M	-6.78M	-5.96M	-6.16M	-5.43M	-5.12M	-4.76M	-4.68M	-3.58M	-3.20M	-2.71M	-2.54M	-2.06M	-1.93M	-4.20M	-6.05M	-4.07M	-2.89M	-10.67M	-8.26M	-2.23M	-7.19M	-5.47M	-6.43M	-0.42M
Common Dividends Paid	-5.36M	-12.23M	-9.10M	-8.70M	-7.42M	-5.51M	-6.59M	-6.57M	-5.31M	-5.32M	-4.66M	-4.35M	-4.56M	-3.95M	-3.25M	-3.10M	-2.69M	-2.54M	-2.21M	-1.95M	-4.02M	-6.05M	-4.07M	-3.46M	-10.67M	-8.67M	-2.57M	-7.19M	-5.47M	-6.43M	-0.42M
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	-6.84M	-3.54M	-3.92M	-0.82M	8.69M	-1.03M	-0.72M	-0.41M	2.28M	-0.03M	1.12M	0.41M	-0.36M	0.12M	0.18M	0.16M	-0.37M	0.09M	0.07M	0.04M	0.49M	-0.22M	0.12M	0.09M	0.12M	0.42M	0.03M	2.36M	0.74M	0.08M	0.00M
Net Cash from Financing Activities	-9.32M	-6.50M	-2.13M	4.21M	20.41M	-0.80M	-8.37M	-0.94M	-1.60M	-5.99M	-3.33M	-3.60M	4.42M	-1.04M	12.43M	6.32M	0.85M	-0.28M	0.45M	3.33M	7.09M	-4.41M	-7.87M	-9.56M	-24.95M	5.64M	3.58M	12.74M	7.43M	-1.47M	-7.15M
Effect of FX on Cash	0.64M	0.42M	0.09M	0.55M	-0.21M	-0.35M	0.02M	0.05M	-0.28M	0.06M	0.13M	0.03M	-0.04M	-0.04M	0.02M	-0.08M	-0.02M	-0.04M	0.00M	0.00M	-0.02M	0.00M	0.10M	-0.02M	-0.05M	0.00M	0.02M	0.04M	-0.02M	-0.07M	-7.17M
Net Change in Cash	2.34M	-0.11M	3.31M	2.28M	5.87M	7.76M	2.21M	0.46M	-1.82M	5.95M	3.67M	-3.11M	2.66M	-3.37M	1.28M	1.36M	3.46M	0.81M	2.66M	3.27M	4.11M	0.86M	4.47M	6.49M	5.29M	-0.40M	6.91M	1.32M	-1.16M	-1.07M	-7.45M
Cash at Beginning of Period	66.98M	75.00M	56.26M	53.46M	50.97M	39.72M	36.16M	38.80M	36.75M	30.07M	27.72M	29.82M	29.53M	30.47M	27.69M	22.11M	15.73M	11.37M	9.18M	7.22M	14.14M	26.38M	22.41M	17.53M	17.52M	19.18M	16.47M	15.83M	17.21M	7.26M	9.02M
Cash at End of Period	95.14M	77.81M	65.98M	59.59M	54.02M	50.73M	38.91M	36.72M	38.87M	37.58M	29.57M	27.76M	31.14M	29.85M	30.20M	27.96M	22.52M	14.14M	10.46M	13.01M	18.45M	19.01M	26.79M	26.14M	20.93M	14.92M	17.67M	15.62M	15.57M	9.97M	5.77M
Operating Cash Flow	35.47M	46.72M	40.63M	29.73M	26.55M	37.79M	40.20M	25.38M	21.44M	28.22M	23.42M	16.25M	20.30M	17.58M	9.94M	11.09M	20.48M	14.07M	9.40M	12.82M	14.32M	13.43M	30.76M	38.89M	47.69M	22.73M	35.62M	33.89M	27.11M	32.21M	20.36M
Capital Expenditure	-28.85M	-39.63M	-35.50M	-34.34M	-29.37M	-22.46M	-21.97M	-23.68M	-21.54M	-18.53M	-15.35M	-17.69M	-17.71M	-17.45M	-16.03M	-12.03M	-10.84M	-12.17M	-9.45M	-10.12M	-10.78M	-11.84M	-9.11M	-11.79M	-19.51M	-25.96M	-28.49M	-51.86M	-28.13M	-19.81M	-11.44M
Free Cash Flow	14.94M	7.24M	5.47M	-3.72M	-6.56M	11.69M	10.99M	3.52M	2.56M	9.29M	5.58M	0.18M	-0.80M	2.20M	-5.00M	-3.93M	4.46M	1.30M	1.12M	4.62M	-1.43M	4.98M	14.14M	27.71M	21.75M	-2.38M	-1.68M	-12.65M	-5.81M	10.80M	7.15M

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	61.83M	63.17M	57.96M	62.53M	60.55M	54.05M	52.24M	43.46M	47.91M	37.17M	30.67M	31.88M	26.92M	24.98M	26.39M	24.71M	17.41M	22.79M	23.96M	21.60M	29.80M	32.17M	32.28M	30.85M	56.39M	71.11M	70.44M	56.77M	46.54M	53.19M	25.00M
(-) Tax Adjustment	13.43M	15.14M	10.87M	13.41M	10.57M	10.66M	10.24M	8.03M	9.47M	9.61M	7.73M	7.57M	6.66M	5.54M	7.48M	5.31M	4.72M	4.81M	5.76M	5.15M	7.62M	5.93M	19.57M	10.28M	18.51M	23.11M	23.49M	16.56M	13.61M	18.23M	8.03M
(-) Change In Working Capital	-11.21M	-8.26M	-8.77M	-25.98M	-32.00M	-12.62M	-3.55M	-11.16M	-13.82M	-0.89M	-5.20M	-6.91M	-3.26M	-4.13M	-9.73M	-11.90M	3.02M	-3.16M	-4.00M	-3.65M	-5.39M	-8.81M	-1.25M	2.39M	-0.14M	-14.40M	-6.01M	-3.18M	-8.46M	-4.58M	-3.32M
(-) Capital Expenditure	28.85M	39.63M	35.50M	34.34M	29.37M	22.46M	21.97M	23.68M	21.54M	18.53M	15.35M	17.69M	17.71M	17.45M	16.03M	12.03M	10.84M	12.17M	9.45M	10.12M	10.78M	11.84M	9.11M	11.79M	19.51M	25.96M	28.49M	51.86M	28.13M	19.81M	11.44M
Unlevered Free Cash Flow	30.76M	16.65M	20.36M	40.77M	52.60M	33.56M	23.58M	22.91M	30.72M	9.92M	12.79M	13.53M	5.81M	6.12M	12.60M	19.27M	-1.18M	8.97M	12.74M	9.99M	16.79M	23.21M	4.85M	6.39M	18.51M	36.45M	24.47M	-8.48M	13.26M	19.72M	8.85M
(-) Net Interest Income After Taxes	-5.18M	-5.71M	-5.05M	-4.84M	-3.65M	-3.44M	-3.69M	-2.99M	-3.86M	-3.28M	-3.32M	-2.84M	-2.28M	-2.12M	-1.93M	-1.93M	-1.47M	-1.45M	-0.97M	-0.83M	-1.79M	-1.42M	-0.77M	-1.50M	-1.36M	-1.11M	-0.58M	-0.21M	-0.12M	-0.36M	-0.82M
Net Debt Issuance	5.40M	5.03M	6.04M	9.24M	15.40M	5.52M	-1.21M	6.24M	0.63M	-3.72M	1.89M	0.21M	7.67M	2.45M	7.51M	3.35M	2.69M	2.13M	0.02M	0.60M	4.85M	-4.86M	-7.33M	-3.25M	-16.19M	10.89M	4.89M	17.55M	6.12M	-0.56M	-1.15M
Levered Free Cash Flow	41.35M	27.38M	31.46M	54.85M	71.65M	42.52M	26.05M	32.14M	35.21M	9.48M	18.00M	16.58M	15.76M	10.69M	22.04M	24.55M	2.98M	12.55M	13.73M	11.42M	23.43M	19.78M	-1.71M	4.64M	3.67M	48.45M	29.94M	9.29M	19.51M	19.52M	8.52M