REIT - Retail

Category: Industry Averages Base Ticker: QRF.BR

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	26.89	16.72	19.74	17.48	19.75	15.32	22.25	22.23	23.26	25.18	26.30	26.27	20.44	21.01	21.58	23.41	17.38	17.20	26.93	38.42	34.42	30.97	23.88	17.62	15.76	12.59	11.62	13.70	15.85	14.92	14.01
Market Capitalization	3,511.18M	2,331.94M	2,418.74M	2,221.68M	2,265.02M	1,830.94M	2,505.75M	2,210.12M	2,517.43M	2,651.44M	2,482.29M	2,495.17M	2,146.21M	2,308.12M	2,007.33M	1,842.51M	1,399.23M	1,077.74M	1,656.50M	1,932.44M	1,368.75M	1,077.56M	799.49M	682.79M	516.46M	501.98M	417.80M	396.63M	392.61M	477.16M	328.50M
(-) Cash & Equivalents	83.84M	69.38M	68.26M	61.36M	83.62M	103.25M	50.89M	54.60M	49.05M	42.63M	41.48M	48.38M	47.09M	51.01M	45.43M	51.35M	44.82M	43.80M	43.08M	32.58M	30.99M	32.74M	11.43M	17.30M	14.02M	8.49M	10.88M	8.28M	5.20M	3.10M	1.62M
(+) Total Debt	1,794.69M	1,768.82M	1,826.17M	1,587.46M	1,506.91M	1,509.44M	1,445.59M	1,361.99M	1,381.79M	1,242.21M	1,287.46M	1,149.90M	1,157.04M	1,121.01M	1,098.77M	887.28M	835.92M	836.10M	768.76M	868.74M	804.09M	834.40M	534.60M	530.82M	512.15M	450.52M	466.90M	432.27M	244.63M	179.20M	193.59M
Enterprise Value	4,901.28M	4,049.48M	3,910.54M	3,671.33M	3,523.90M	3,528.66M	4,045.38M	3,769.51M	3,817.64M	3,853.95M	4,153.61M	3,835.75M	3,619.29M	3,372.59M	3,139.05M	2,676.49M	2,482.57M	2,192.64M	2,622.47M	3,054.35M	2,280.17M	2,031.30M	1,317.30M	1,194.06M	1,019.35M	957.28M	847.96M	831.58M	667.84M	671.59M	514.27M

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
Revenue	448.791M	377.893M	365.678M	331.182M	269.281M	270.333M	289.581M	301.954M	293.203M	298.039M	283.680M	271.666M	264.524M	253.180M	257.136M	269.240M	238.445M	240.341M	226.843M	210.581M	172.052M	153.450M	110.958M	139.601M	134.889M	121.577M	111.898M	95.176M	73.201M	67.673M
Cost of Revenue	119.336M	111.572M	107.205M	95.705M	85.368M	85.803M	87.457M	87.366M	82.803M	77.389M	75.246M	73.227M	69.325M	68.102M	54.805M	56.901M	57.310M	63.535M	38.620M	25.070M	18.546M	6.933M	2.523M	1.542M	1.116M	0.000M	0.000M	0.000M	0.000M	0.000M
Gross Profit	329.455M	266.321M	258.473M	235.477M	183.913M	184.530M	202.123M	214.588M	210.400M	220.650M	208.434M	198.439M	195.199M	185.078M	202.331M	212.339M	181.134M	176.805M	188.223M	185.511M	153.506M	146.517M	108.435M	138.060M	133.773M	121.577M	111.898M	95.176M	73.201M	67.673M
Gross Margin	73.41%	70.48%	70.68%	71.10%	68.30%	68.26%	69.80%	71.07%	71.76%	74.03%	73.48%	73.05%	73.79%	73.10%	78.69%	78.87%	75.96%	73.56%	82.98%	88.09%	89.22%	95.48%	97.73%	98.90%	99.17%	100.00%	100.00%	100.00%	100.00%	100.00%
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
SG&A Expenses	27.757M	21.173M	22.885M	23.045M	20.991M	18.972M	20.360M	19.788M	21.067M	20.111M	20.949M	18.099M	17.171M	16.110M	15.218M	18.336M	16.427M	17.668M	12.263M	15.399M	10.526M	7.987M	9.533M	9.170M	8.395M	6.356M	5.942M	5.449M	3.634M	3.588M
Operating Expenses	27.757M	21.173M	22.885M	23.045M	20.991M	18.972M	20.360M	19.788M	21.067M	20.111M	20.949M	18.099M	17.171M	16.110M	15.218M	18.336M	16.427M	17.668M	12.263M	15.399M	10.526M	7.987M	9.533M	9.170M	8.395M	6.356M	5.942M	5.449M	3.634M	3.588M
Operating Income	301.698M	245.148M	235.588M	212.432M	162.922M	165.558M	181.764M	194.800M	189.332M	200.539M	187.485M	180.340M	178.028M	168.968M	187.113M	194.002M	164.707M	159.137M	175.960M	170.112M	142.979M	138.529M	98.902M	128.890M	125.378M	115.222M	105.956M	89.727M	69.567M	64.085M
Operating Margin	67.22%	64.87%	64.42%	64.14%	60.50%	61.24%	62.77%	64.51%	64.57%	67.29%	66.09%	66.38%	67.30%	66.74%	72.77%	72.06%	69.08%	66.21%	77.57%	80.78%	83.10%	90.28%	89.13%	92.33%	92.95%	94.77%	94.69%	94.27%	95.03%	94.70%
Interest Income	1.613M	3.174M	1.138M	1.324M	0.804M	1.592M	2.706M	3.459M	2.044M	2.997M	2.907M	2.577M	1.515M	1.486M	0.850M	0.597M	1.268M	1.994M	2.074M	0.278M	0.146M	0.197M	0.280M	0.570M	0.704M	0.000M	0.000M	0.044M	0.044M	0.175M
Interest Expense	53.599M	67.196M	60.874M	48.062M	41.923M	39.984M	45.656M	40.671M	42.199M	39.864M	39.910M	37.253M	38.300M	39.427M	42.700M	46.140M	37.820M	37.685M	31.532M	9.058M	8.171M	7.849M	3.232M	3.458M	6.996M	5.063M	4.043M	1.251M	2.056M	3.681M
Net Interest Income	-51.986M	-64.022M	-59.736M	-46.738M	-41.120M	-38.392M	-42.951M	-37.212M	-40.155M	-36.867M	-37.003M	-34.676M	-36.786M	-37.941M	-41.850M	-45.543M	-36.552M	-35.690M	-29.458M	-8.780M	-8.026M	-7.652M	-2.952M	-2.888M	-6.293M	-5.063M	-4.043M	-1.207M	-2.012M	-3.506M
Other Income / Expense	-97.136M	-62.487M	-91.159M	-47.896M	-30.180M	-124.588M	-51.304M	-26.330M	-14.074M	-47.575M	-37.666M	-25.739M	-52.189M	-47.769M	-43.573M	-82.086M	-111.137M	-82.786M	-37.295M	-52.487M	-50.786M	-54.317M	-61.487M	-88.959M	-93.010M	-99.573M	-83.165M	-74.569M	-58.511M	-54.391M
Pre-Tax Income	152.576M	118.639M	84.693M	117.798M	91.623M	2.577M	87.509M	131.258M	135.104M	116.097M	112.816M	119.925M	89.053M	83.258M	101.691M	66.373M	17.018M	40.661M	109.207M	108.845M	84.168M	76.560M	34.463M	37.043M	26.075M	10.585M	18.748M	13.951M	9.044M	6.188M
Pre-Tax Margin	34.00%	31.39%	23.16%	35.57%	34.03%	0.95%	30.22%	43.47%	46.08%	38.95%	39.77%	44.14%	33.67%	32.88%	39.55%	24.65%	7.14%	16.92%	48.14%	51.69%	48.92%	49.89%	31.06%	26.53%	19.33%	8.71%	16.75%	14.66%	12.35%	9.14%
Income Tax Expense	3.316M	2.750M	1.412M	5.271M	4.414M	1.962M	1.724M	7.050M	6.193M	7.429M	4.074M	6.101M	2.534M	7.300M	6.439M	6.889M	-1.798M	0.312M	9.073M	9.324M	9.032M	4.626M	5.863M	6.569M	10.984M	13.253M	11.097M	13.732M	7.049M	23.605M
Tax Rate	2.17%	2.32%	1.67%	4.47%	4.82%	35.00%	1.97%	5.37%	4.58%	6.40%	3.61%	5.09%	2.85%	8.77%	6.33%	10.38%	0.00%	0.77%	8.31%	8.57%	10.73%	6.04%	17.01%	17.73%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%
Net Income	149.260M	115.888M	83.281M	112.527M	87.209M	0.615M	85.785M	124.208M	128.910M	108.668M	108.742M	113.824M	86.519M	75.958M	95.252M	59.484M	18.816M	40.349M	100.134M	99.521M	75.136M	71.934M	28.599M	30.474M	15.091M	-2.667M	7.652M	0.219M	1.995M	-17.417M
Net Margin	33.26%	30.67%	22.77%	33.98%	32.39%	0.23%	29.62%	41.13%	43.97%	36.46%	38.33%	41.90%	32.71%	30.00%	37.04%	22.09%	7.89%	16.79%	44.14%	47.26%	43.67%	46.88%	25.77%	21.83%	11.19%	-2.19%	6.84%	0.23%	2.73%	-25.74%
EBIT	301.698M	245.148M	235.588M	212.432M	162.922M	165.558M	181.764M	194.800M	189.332M	200.539M	187.485M	180.340M	178.028M	168.968M	187.113M	194.002M	164.707M	159.137M	175.960M	170.112M	142.979M	138.529M	98.902M	128.890M	125.378M	115.222M	105.956M	89.727M	69.567M	64.085M
Depreciation & Amortization	60.941M	33.925M	35.815M	57.989M	46.102M	53.925M	55.685M	65.100M	73.465M	58.660M	32.680M	34.262M	37.990M	39.344M	37.155M	40.542M	40.490M	32.094M	52.313M	27.760M	19.494M	18.107M	13.408M	12.952M	22.469M	18.901M	16.465M	11.830M	7.739M	7.914M
EBITDA	362.639M	279.073M	271.402M	270.421M	209.024M	219.483M	237.448M	259.900M	262.797M	259.198M	220.165M	214.601M	216.018M	208.312M	224.268M	234.545M	205.197M	191.231M	228.273M	197.872M	162.473M	156.636M	112.310M	141.841M	147.847M	134.123M	122.421M	101.557M	77.306M	71.999M
EBITDA Margin	80.80%	73.85%	74.22%	81.65%	77.62%	81.19%	82.00%	86.07%	89.63%	86.97%	77.61%	78.99%	81.66%	82.28%	87.22%	87.11%	86.06%	79.57%	100.63%	93.96%	94.43%	102.08%	101.22%	101.60%	109.61%	110.32%	109.40%	106.70%	105.61%	106.39%
NOPAT	295.141M	239.465M	231.660M	202.926M	155.073M	107.613M	178.183M	184.337M	180.653M	187.707M	180.714M	171.165M	172.963M	154.153M	175.265M	173.866M	164.707M	157.915M	161.341M	155.540M	127.636M	130.158M	82.075M	106.034M	81.496M	74.894M	68.871M	58.322M	45.218M	41.655M
NOPAT Margin	65.76%	63.37%	63.35%	61.27%	57.59%	39.81%	61.53%	61.05%	61.61%	62.98%	63.70%	63.01%	65.39%	60.89%	68.16%	64.58%	69.08%	65.70%	71.12%	73.86%	74.18%	84.82%	73.97%	75.95%	60.42%	61.60%	61.55%	61.28%	61.77%	61.55%
Owner's Earnings	210.201M	149.814M	119.096M	170.516M	133.311M	54.540M	141.470M	189.308M	202.376M	167.328M	141.421M	148.086M	124.509M	115.302M	132.406M	100.026M	59.306M	72.443M	152.447M	127.281M	94.630M	90.041M	42.007M	43.426M	37.560M	16.234M	24.117M	12.049M	9.734M	-9.503M
Owner's Earnings Margin	46.84%	39.64%	32.57%	51.49%	49.51%	20.18%	48.85%	62.69%	69.02%	56.14%	49.85%	54.51%	47.07%	45.54%	51.49%	37.15%	24.87%	30.14%	67.20%	60.44%	55.00%	58.68%	37.86%	31.11%	27.84%	13.35%	21.55%	12.66%	13.30%	-14.04%
EPS	0.32	0.19	0.13	0.18	0.17	0.00	0.21	0.22	0.23	0.20	0.20	0.22	0.17	0.15	0.35	0.35	0.08	0.15	0.51	1.10	1.05	1.36	0.74	0.81	0.49	-0.06	0.20	0.01	0.06	-1.02
EPS (Diluted)	0.32	0.19	0.13	0.18	0.17	0.00	0.21	0.22	0.23	0.20	0.20	0.22	0.17	0.15	0.35	0.35	0.08	0.15	0.51	1.10	1.05	1.36	0.74	0.81	0.49	-0.06	0.20	0.01	0.06	-1.02
Shares (Diluted)	466,541,613	607,563,827	650,121,917	636,976,966	513,804,825	443,961,199	418,044,761	554,627,006	549,158,208	556,140,442	534,287,110	506,713,563	499,720,670	495,497,849	269,003,608	170,684,316	228,468,791	268,416,077	195,265,744	90,147,588	71,706,216	53,037,719	38,472,014	37,492,945	30,773,309	45,915,938	39,174,226	31,213,107	35,923,257	17,028,411

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	1997	1996
Cash & Cash Equivalents	82.99M	69.38M	68.26M	61.36M	84.48M	103.03M	50.67M	54.60M	49.64M	43.09M	41.97M	49.03M	47.09M	51.87M	45.43M	52.31M	46.47M	44.64M	43.08M	32.58M	30.99M	32.74M	11.43M	17.30M	14.69M	8.49M	10.88M	7.71M	3.10M	3.10M	1.97M
Short-Term Investments	15.78M	9.21M	6.98M	4.78M	5.64M	10.24M	1.05M	1.26M	1.53M	1.09M	1.30M	1.17M	3.74M	13.56M	6.24M	12.53M	31.86M	18.29M	34.10M	19.09M	1.52M	9.63M	3.20M	2.77M	2.36M	0.29M	0.23M	0.11M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	98.77M	78.60M	75.25M	66.14M	90.12M	113.27M	51.71M	55.86M	51.17M	44.19M	43.27M	50.19M	50.84M	65.43M	51.66M	64.84M	78.34M	62.93M	77.18M	51.66M	32.50M	42.37M	14.63M	20.07M	17.05M	8.78M	11.10M	7.82M	3.10M	3.10M	1.97M
Net Receivables	66.32M	44.42M	33.16M	37.37M	37.95M	33.92M	31.12M	28.83M	27.69M	24.72M	27.76M	25.37M	24.68M	31.07M	29.12M	17.13M	25.47M	27.11M	24.71M	31.56M	33.61M	15.78M	14.18M	10.19M	14.75M	16.63M	10.97M	10.92M	5.61M	5.61M	2.59M
Inventory	0.00M	0.00M	0.00M	3.09M	3.51M	1.03M	0.16M	-1.10M	-0.70M	-1.01M	-0.09M	0.07M	0.69M	0.06M	0.00M	0.00M	0.00M	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
Other Current Assets	17.74M	14.76M	18.50M	12.10M	11.44M	13.87M	23.00M	18.34M	29.08M	27.72M	26.88M	28.45M	22.33M	20.29M	9.64M	7.42M	13.02M	25.46M	8.72M	8.72M	5.21M	2.16M	0.43M	0.38M	0.24M	0.00M	0.09M	0.00M	0.00M	0.00M	0.00M
Total Current Assets	182.84M	137.77M	126.91M	118.70M	143.02M	162.09M	105.99M	101.93M	107.24M	95.61M	97.81M	104.08M	98.53M	116.85M	90.42M	89.39M	116.82M	115.54M	110.62M	91.95M	71.32M	60.31M	29.24M	30.64M	32.04M	25.41M	22.16M	18.74M	8.72M	8.72M	4.55M
Property, Plant & Equipment	45.50M	47.85M	387.92M	214.31M	281.50M	280.02M	512.64M	1,428.60M	1,553.82M	1,172.27M	1,382.69M	1,083.86M	1,056.93M	349.41M	771.62M	899.91M	938.57M	764.14M	968.77M	1,109.78M	844.54M	647.87M	530.84M	741.34M	772.07M	974.01M	834.77M	689.19M	362.51M	362.51M	334.29M
Goodwill	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	36.59M	21.97M	16.92M	20.52M	16.85M	15.77M	16.32M	14.75M	21.51M	23.01M	22.08M	20.89M	11.90M	10.99M	6.63M	6.35M	5.81M	4.99M	6.31M	4.24M	1.81M	0.70M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Investments	43.12M	71.38M	93.70M	89.76M	108.67M	120.99M	87.86M	99.28M	54.28M	59.73M	59.17M	38.45M	42.26M	34.17M	27.43M	15.31M	20.26M	13.50M	13.62M	7.58M	13.21M	3.52M	3.76M	24.61M	38.09M	51.10M	44.94M	20.44M	6.37M	6.37M	0.00M
Tax Assets	0.00M	0.00M	0.05M	222.52M	209.08M	86.72M	234.25M	360.93M	427.08M	360.96M	0.00M	0.00M	0.00M	0.04M	0.10M	0.81M	0.22M	0.14M	0.00M	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 Non-Current Assets	2,751.96M	3,116.16M	2,124.99M	1,672.00M	1,437.35M	1,231.46M	1,133.99M	832.95M	680.47M	1,054.88M	1,037.14M	1,180.63M	1,138.86M	1,753.62M	519.16M	316.34M	371.02M	480.61M	171.43M	-13.53M	-54.70M	-166.65M	-227.00M	-198.51M	-327.00M	-336.80M	-290.13M	-320.39M	-165.70M	-165.70M	-150.71M
Other Assets	116.63M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.09M	16.12M	7.42M	22.29M	23.16M	29.06M	37.93M	21.96M	33.58M	18.84M	17.43M	8.62M	8.62M	47.81M
Total Non-Current Assets	2,993.80M	3,257.37M	2,623.58M	2,219.10M	2,053.45M	1,734.95M	1,985.07M	2,736.51M	2,737.16M	2,670.85M	2,501.08M	2,323.83M	2,249.95M	2,148.23M	1,324.95M	1,238.72M	1,335.88M	1,264.46M	1,176.25M	1,115.49M	827.16M	508.60M	336.65M	605.36M	505.12M	721.87M	608.42M	406.66M	211.79M	211.79M	231.39M
Total Assets	3,176.64M	3,395.13M	2,750.48M	2,337.80M	2,196.46M	1,897.04M	2,091.06M	2,838.45M	2,844.40M	2,766.47M	2,598.89M	2,427.91M	2,348.49M	2,265.08M	1,415.36M	1,328.11M	1,452.70M	1,380.00M	1,286.86M	1,207.44M	898.49M	568.91M	365.89M	635.99M	537.16M	747.29M	630.58M	425.40M	220.51M	220.51M	235.94M
Accounts Payable	26.99M	37.18M	27.28M	31.51M	29.45M	33.27M	24.46M	23.05M	27.25M	26.06M	25.73M	23.65M	20.85M	19.99M	34.79M	32.58M	38.83M	26.11M	17.25M	14.74M	12.89M	14.63M	6.72M	2.60M	15.22M	13.54M	8.70M	5.01M	0.29M	0.29M	0.00M
Short-Term Debt	81.63M	128.91M	132.65M	138.86M	93.50M	94.80M	95.68M	116.83M	97.73M	84.99M	82.47M	66.67M	68.79M	59.91M	67.60M	49.11M	66.44M	45.99M	30.04M	9.33M	0.70M	0.97M	7.45M	7.95M	7.38M	3.15M	8.86M	14.45M	1.77M	1.77M	0.00M
Tax Payables	0.00M	0.41M	0.65M	0.99M	0.93M	0.77M	0.87M	1.07M	1.04M	0.81M	0.38M	0.43M	0.42M	0.78M	0.25M	0.17M	0.24M	0.05M	0.14M	0.03M	1.51M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Revenue	0.07M	0.00M	1.83M	4.11M	8.68M	6.94M	7.53M	8.78M	7.58M	1.84M	0.08M	3.83M	4.13M	7.77M	0.31M	1.77M	0.27M	0.09M	0.05M	0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	35.75M	30.68M	32.00M	27.26M	20.08M	19.52M	29.80M	25.45M	22.12M	29.52M	29.87M	23.41M	25.31M	20.48M	16.20M	18.23M	14.08M	19.44M	34.47M	5.81M	-0.80M	-4.26M	-4.61M	-0.39M	-19.32M	-36.08M	-8.65M	-20.55M	4.31M	4.31M	1.23M
Total Current Liabilities	144.43M	197.18M	194.41M	202.73M	152.64M	155.29M	158.34M	175.18M	155.72M	143.23M	138.52M	117.98M	119.51M	108.95M	119.14M	101.87M	119.86M	91.69M	81.95M	29.95M	14.30M	11.36M	9.55M	10.16M	3.28M	-19.39M	8.91M	-1.08M	6.38M	6.38M	1.23M
Long-Term Debt	1,929.11M	1,542.94M	1,522.12M	1,396.67M	1,377.29M	1,388.06M	1,331.54M	1,254.42M	1,303.84M	1,183.11M	1,171.06M	1,077.12M	1,028.27M	1,061.20M	938.26M	717.67M	696.31M	767.36M	732.80M	636.23M	630.12M	738.92M	465.38M	496.43M	507.20M	440.85M	447.61M	396.36M	176.13M	176.13M	181.10M
Capital Lease Obligations	8.73M	14.31M	21.91M	18.83M	16.66M	17.75M	13.46M	5.81M	6.88M	6.03M	6.06M	0.00M	0.25M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	0.00M	1.15M	0.89M	5.64M	4.97M	1.71M	2.44M	12.13M	13.32M	12.74M	6.61M	0.96M	1.14M	9.26M	11.78M	9.05M	8.43M	18.47M	27.72M	16.47M	3.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	31.10M	43.06M	46.13M	33.92M	30.74M	46.63M	32.47M	26.97M	38.28M	45.25M	50.03M	28.13M	37.80M	54.09M	61.80M	39.21M	43.25M	32.21M	-0.99M	-224.26M	-98.11M	-40.74M	-232.05M	-307.58M	-354.56M	-327.34M	-256.72M	-222.12M	-94.47M	-94.47M	-128.43M
Total Non-Current Liabilities	1,968.94M	1,601.46M	1,591.05M	1,455.06M	1,429.66M	1,454.14M	1,379.90M	1,299.33M	1,362.32M	1,247.13M	1,233.77M	1,106.22M	1,067.46M	1,124.55M	1,011.85M	765.94M	748.00M	818.03M	759.53M	428.44M	535.01M	698.18M	233.33M	188.85M	152.65M	113.51M	190.89M	174.24M	81.66M	81.66M	52.67M
Total Liabilities	2,113.37M	1,798.64M	1,785.46M	1,657.79M	1,582.30M	1,609.43M	1,538.25M	1,474.50M	1,518.04M	1,390.36M	1,372.29M	1,224.21M	1,186.97M	1,233.49M	1,130.99M	867.80M	867.86M	909.73M	841.48M	458.39M	549.30M	709.54M	242.89M	199.01M	155.93M	94.13M	199.80M	173.15M	88.04M	88.04M	53.90M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	1.89M	1.30M	6.23M	10.49M	24.70M	21.65M	0.10M	0.25M	0.09M	0.20M	0.10M	0.00M	0.18M	0.00M	0.00M	0.15M	11.02M	0.16M	13.49M	11.27M	14.51M	9.14M	17.92M	7.52M	0.00M	0.00M	0.00M
Common Stock	205.43M	562.83M	684.55M	577.86M	581.00M	539.93M	431.23M	434.40M	377.00M	360.57M	372.50M	357.08M	352.86M	270.93M	160.35M	70.73M	89.66M	71.23M	71.24M	56.11M	51.25M	44.42M	11.22M	2.05M	1.92M	1.74M	1.65M	1.74M	1.33M	1.33M	0.03M
Retained Earnings	-336.16M	6.36M	56.21M	194.40M	78.83M	46.11M	139.46M	165.95M	154.31M	151.65M	43.17M	20.53M	14.23M	11.22M	12.13M	-115.03M	-117.47M	-32.04M	25.23M	26.16M	5.54M	-3.28M	-20.09M	-27.39M	-32.17M	-39.08M	-29.21M	-32.21M	-21.75M	-21.75M	-22.24M
Accumulated OCI	0.24M	6.36M	25.71M	46.03M	18.16M	35.37M	85.54M	89.63M	59.48M	47.40M	6.84M	0.11M	-0.92M	-0.89M	-0.93M	-2.44M	-0.85M	-12.01M	-2.14M	-1.54M	-1.68M	-2.49M	-0.64M	-2.23M	-14.10M	-51.08M	-32.45M	-32.51M	-28.02M	-28.02M	0.00M
Minority Interest	57.59M	40.30M	69.85M	108.25M	91.96M	93.66M	95.07M	122.23M	132.10M	94.49M	26.86M	13.80M	11.23M	11.78M	16.29M	10.67M	16.71M	7.34M	19.24M	20.21M	17.31M	16.38M	9.23M	12.78M	12.66M	12.01M	19.94M	9.67M	1.60M	1.60M	1.83M
Total Shareholders’ Equity	-130.49M	575.55M	766.47M	818.29M	679.88M	622.71M	662.46M	700.47M	615.49M	581.27M	422.61M	377.96M	366.27M	281.47M	171.65M	-46.74M	-28.49M	27.19M	94.33M	80.89M	66.12M	38.81M	3.97M	-16.30M	-29.84M	-79.29M	-42.09M	-55.46M	-48.45M	-48.45M	-22.21M
Total Equity	-72.90M	615.86M	836.32M	926.55M	771.84M	716.37M	757.53M	822.69M	747.59M	675.76M	449.47M	391.76M	377.50M	293.25M	187.94M	-36.07M	-11.78M	34.53M	113.58M	101.10M	83.43M	55.19M	13.19M	-3.53M	-17.19M	-67.28M	-22.15M	-45.79M	-46.86M	-46.86M	-20.38M
Total Liabilities & Equity	2,040.47M	2,414.50M	2,621.78M	2,584.34M	2,354.13M	2,325.80M	2,295.78M	2,297.20M	2,265.63M	2,066.12M	1,821.76M	1,615.97M	1,564.47M	1,526.74M	1,318.93M	831.74M	856.08M	944.26M	955.05M	559.49M	632.73M	764.73M	256.08M	195.48M	138.74M	26.85M	177.65M	127.36M	41.19M	41.19M	33.52M
Tangible Assets	3,140.04M	3,373.16M	2,733.56M	2,317.29M	2,179.61M	1,881.27M	2,074.73M	2,823.70M	2,822.89M	2,743.46M	2,576.81M	2,407.02M	2,336.59M	2,254.09M	1,408.73M	1,321.76M	1,446.89M	1,375.01M	1,280.56M	1,203.20M	896.67M	568.22M	365.89M	635.99M	537.16M	747.29M	630.58M	425.40M	220.51M	220.51M	235.94M
Tangible Equity	-109.50M	593.88M	819.40M	906.03M	754.98M	700.60M	741.21M	807.95M	726.08M	652.75M	427.39M	370.87M	365.60M	282.25M	181.31M	-42.42M	-17.59M	29.54M	107.27M	96.86M	81.62M	54.49M	13.19M	-3.53M	-17.19M	-67.28M	-22.15M	-45.79M	-46.86M	-46.86M	-20.38M
Tangible Book Value	-109.50M	593.88M	819.40M	906.03M	754.98M	700.60M	741.21M	807.95M	726.08M	652.75M	427.39M	370.87M	365.60M	282.25M	181.31M	-42.42M	-17.59M	29.54M	107.27M	96.86M	81.62M	54.49M	13.19M	-3.53M	-17.19M	-67.28M	-22.15M	-45.79M	-46.86M	-46.86M	-20.38M
Total Investments	50.55M	100.79M	106.09M	97.35M	112.75M	121.99M	88.63M	102.88M	55.71M	65.31M	65.62M	56.36M	55.00M	59.53M	82.52M	56.32M	56.07M	73.08M	54.43M	28.92M	21.65M	21.57M	34.68M	36.22M	70.16M	52.46M	46.03M	20.52M	6.37M	6.37M	0.00M
Net Debt	1,927.74M	1,602.47M	1,586.51M	1,474.17M	1,386.31M	1,379.82M	1,376.56M	1,316.65M	1,351.93M	1,225.01M	1,211.56M	1,094.77M	1,049.97M	1,069.24M	960.43M	714.48M	716.28M	768.71M	719.76M	612.99M	599.83M	707.15M	461.40M	487.09M	499.89M	435.51M	445.59M	403.10M	174.80M	174.80M	179.13M

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
Working Capital	-38.43M	-49.32M	-75.16M	-75.23M	1.09M	5.86M	-50.44M	-77.17M	-58.49M	-41.37M	-32.83M	-22.95M	-17.17M	11.82M	-126.33M	-43.67M	-31.23M	-8.81M	49.76M	-23.03M	8.28M	-28.12M	-18.53M	-22.48M	2.65M	-6.51M	-15.20M	-34.41M	-10.29M	1.66M
Total Capital	3,938.40M	3,631.21M	3,738.36M	3,480.98M	3,313.35M	3,038.05M	3,028.86M	3,191.31M	3,232.17M	3,047.94M	2,893.23M	2,623.02M	2,470.71M	2,385.89M	2,457.13M	2,115.55M	2,001.90M	2,028.96M	2,023.08M	1,952.94M	1,637.13M	1,634.09M	1,163.08M	1,056.12M	993.65M	895.71M	899.96M	800.32M	371.69M	343.58M
Capital Employed	4,285.17M	3,824.05M	3,849.92M	3,673.15M	3,541.92M	3,373.26M	3,309.86M	3,428.36M	3,273.23M	3,035.36M	3,375.45M	3,115.59M	3,145.06M	3,030.08M	3,007.23M	2,501.21M	2,650.85M	2,886.11M	2,812.71M	2,307.38M	1,961.98M	1,678.11M	1,223.58M	1,127.42M	1,175.11M	1,112.61M	974.10M	813.14M	404.27M	380.06M
Invested Capital	3,855.41M	3,561.83M	3,670.10M	3,419.62M	3,228.88M	2,935.02M	2,978.19M	3,136.71M	3,182.54M	3,004.85M	2,851.26M	2,573.99M	2,423.61M	2,334.02M	2,411.70M	2,063.24M	1,955.43M	1,984.31M	1,980.01M	1,920.37M	1,606.14M	1,601.35M	1,151.65M	1,038.83M	978.96M	887.22M	889.08M	792.62M	368.58M	341.61M

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	59.19M	31.15M	32.63M	27.44M	25.15M	29.24M	29.12M	28.82M	32.16M	31.07M	21.10M	22.47M	21.00M	21.45M	24.13M	34.08M	33.83M	29.61M	29.25M	26.46M	18.23M	21.79M	22.74M	21.98M	23.35M	18.92M	16.41M	11.87M	8.88M	7.74M	7.91M
Deferred Income Tax	0.00M	0.00M	0.00M	0.00M	-3.83M	0.91M	-1.04M	-1.13M	-4.07M	-4.59M	-1.90M	-9.61M	-2.99M	-1.22M	0.03M	-0.38M	-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
Stock-Based Compensation	3.23M	1.78M	3.03M	3.90M	3.50M	1.93M	2.98M	2.62M	3.57M	2.67M	2.76M	2.83M	2.32M	1.21M	0.43M	0.34M	0.87M	0.50M	0.00M	0.03M	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	-2.33M	-3.74M	0.79M	-0.09M	3.16M	-9.42M	-1.58M	-1.94M	-2.53M	-1.60M	-1.95M	-1.48M	-1.67M	0.44M	-0.77M	-1.41M	1.50M	-1.25M	2.85M	-2.59M	-0.61M	-1.42M	-0.71M	-1.32M	-1.62M	-0.88M	-0.25M	-0.19M	-0.13M	-0.65M	-0.38M
Accounts Receivable	-1.27M	-0.28M	-0.35M	-0.97M	0.65M	-4.61M	-1.72M	-1.07M	-1.29M	-1.21M	-1.02M	-1.15M	-1.57M	-0.14M	0.00M	0.00M	0.00M	0.00M	-0.60M	-0.29M	-1.30M	-1.51M	-1.74M	-0.66M	-1.82M	-1.10M	-1.02M	-2.85M	-1.11M	-0.80M	-0.56M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.22M	1.98M	1.29M	0.27M	2.67M	2.72M	3.39M	1.11M	-0.03M	0.00M
Accounts Payable	1.68M	-0.04M	0.39M	0.32M	1.42M	0.15M	-0.22M	0.65M	0.89M	1.77M	0.43M	-0.04M	0.20M	0.08M	0.09M	-0.01M	0.00M	0.00M	0.09M	0.31M	0.97M	0.58M	0.04M	0.05M	-0.06M	0.18M	0.57M	2.43M	2.05M	0.82M	0.78M
Other Working Capital	-3.32M	-1.31M	-0.49M	-0.23M	0.27M	-3.32M	-0.19M	0.30M	-2.03M	-2.97M	-1.25M	-0.52M	-2.20M	-0.47M	-1.59M	-0.82M	-0.23M	-1.12M	-0.44M	-0.17M	-0.08M	-1.10M	-2.34M	-3.09M	-3.71M	-3.08M	-2.08M	-3.73M	-2.59M	-1.90M	-0.49M
Other Non-Cash Items	-2.80M	17.42M	36.01M	-0.59M	3.12M	45.58M	7.57M	0.17M	-22.72M	-10.50M	-9.79M	-18.80M	-3.68M	-13.29M	-27.66M	-6.12M	66.38M	30.36M	-32.63M	-38.01M	-24.23M	-6.48M	-12.03M	-0.16M	-0.37M	-4.71M	3.83M	1.39M	0.40M	0.31M	-0.61M
Net Cash from Operating Activities	227.92M	202.32M	197.35M	169.72M	147.52M	123.35M	143.88M	153.82M	168.42M	162.67M	149.34M	140.49M	128.62M	123.90M	125.37M	116.88M	111.71M	112.28M	114.07M	90.89M	77.96M	82.81M	61.84M	61.76M	66.82M	54.42M	51.23M	34.89M	29.42M	23.31M	22.88M
Capital Expenditures (PPE)	-6.71M	-10.56M	-12.13M	-26.57M	-16.70M	-21.13M	-22.52M	-22.40M	-36.59M	-21.41M	-24.81M	-18.19M	-18.26M	-20.49M	-95.91M	-63.37M	-54.92M	-135.04M	-176.63M	-157.28M	-199.65M	-116.82M	-116.00M	-116.50M	-61.38M	-56.38M	-81.44M	-180.67M	-127.95M	-86.10M	-36.11M
Acquisitions (Net)	-0.41M	-1.66M	-0.97M	-1.22M	-1.61M	-2.41M	-2.77M	-4.10M	2.42M	-5.46M	-10.80M	-3.20M	-2.85M	-4.75M	0.00M	0.00M	0.24M	-1.59M	-5.15M	-1.54M	-5.98M	-1.57M	-17.60M	-12.34M	-2.15M	-3.44M	0.00M	-3.90M	0.00M	0.00M	0.00M
Purchases of Investments	-10.48M	-18.68M	-10.71M	-54.07M	-51.73M	-50.14M	-50.30M	-39.41M	-65.95M	-51.75M	-53.38M	-10.25M	-5.77M	-5.59M	-10.26M	-12.80M	-13.16M	-14.71M	-18.74M	-15.83M	-10.29M	-2.65M	-33.59M	-12.53M	-29.23M	-7.25M	-1.22M	-6.99M	0.00M	-0.02M	0.00M
Sales / Maturities of Investments	3.97M	11.46M	13.97M	36.96M	22.77M	21.51M	33.46M	33.56M	21.16M	12.68M	16.55M	4.15M	2.53M	4.48M	5.92M	11.03M	19.24M	7.28M	4.79M	9.59M	3.07M	4.66M	7.04M	8.34M	10.19M	4.02M	0.14M	0.35M	0.14M	0.00M	0.00M
Other Investing Activities	-89.54M	-38.20M	-60.80M	-20.17M	-0.10M	-2.05M	-14.76M	-23.27M	-41.13M	-32.31M	-55.45M	-53.92M	-76.00M	-44.98M	-1.90M	-2.09M	2.27M	2.42M	20.63M	54.60M	39.73M	9.50M	17.72M	62.90M	23.32M	22.11M	23.65M	1.14M	5.78M	2.41M	-8.21M
Net Cash from Investing Activities	-185.22M	-104.94M	-109.22M	-108.10M	-78.98M	-67.87M	-70.97M	-69.99M	-101.11M	-112.79M	-158.30M	-121.09M	-125.58M	-103.56M	-156.09M	-73.86M	-48.21M	-180.91M	-230.71M	-172.54M	-223.21M	-134.81M	-127.45M	-47.11M	-60.96M	-42.67M	-67.81M	-193.64M	-110.53M	-74.70M	-43.77M
Net Debt Issuance	81.46M	8.07M	39.31M	19.85M	-47.95M	57.09M	22.36M	27.46M	68.25M	45.83M	69.64M	28.54M	47.36M	57.49M	78.65M	19.58M	-6.33M	74.68M	99.15M	73.03M	132.21M	60.02M	44.97M	34.05M	23.72M	22.90M	34.84M	82.35M	43.94M	24.49M	8.55M
Long-Term Debt Issuance	46.18M	14.57M	35.18M	14.18M	-38.49M	47.86M	22.64M	23.22M	63.12M	40.65M	65.48M	29.46M	42.47M	57.96M	75.84M	22.58M	-2.65M	71.55M	121.17M	57.11M	128.90M	44.65M	43.68M	33.88M	23.72M	22.72M	32.15M	82.35M	43.94M	27.93M	8.55M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	0.27M	6.90M	0.24M	1.51M	20.11M	7.26M	5.13M	-3.05M	7.21M	6.32M	9.23M	22.07M	50.04M	39.34M	50.54M	18.08M	31.15M	21.02M	11.37M	21.28M	44.98M	58.33M	53.45M	11.98M	20.02M	7.53M	5.94M	42.98M	60.93M	28.13M	17.15M
Common Stock Issuance	1.45M	8.22M	6.66M	6.08M	25.48M	32.78M	34.16M	15.43M	22.35M	24.96M	21.41M	23.40M	35.25M	58.17M	61.70M	20.37M	31.04M	12.21M	36.99M	13.70M	34.54M	55.72M	59.47M	12.45M	20.17M	1.85M	2.68M	34.38M	60.93M	30.59M	15.36M
Common Stock Repurchased	-1.25M	-0.80M	-0.90M	-0.66M	-0.25M	-2.97M	-5.23M	-13.32M	-1.34M	-0.54M	-0.35M	-0.04M	0.00M	-0.89M	-0.06M	-0.01M	-0.02M	-0.05M	-1.73M	-0.16M	0.00M	0.00M	-0.15M	0.00M	-0.05M	-3.31M	-0.74M	-0.05M	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	-144.00M	-124.70M	-107.92M	-93.78M	-70.48M	-80.33M	-110.51M	-115.16M	-121.59M	-103.29M	-104.55M	-90.74M	-81.02M	-91.67M	-60.92M	-57.10M	-52.05M	-75.41M	-52.70M	-47.91M	-41.33M	-38.37M	-39.92M	-40.82M	-42.29M	-39.23M	-27.61M	-23.85M	-15.65M	-17.53M	-15.07M
Common Dividends Paid	-104.51M	-119.24M	-105.82M	-84.16M	-68.78M	-77.25M	-90.66M	-108.99M	-114.48M	-97.17M	-98.13M	-86.12M	-79.26M	-92.95M	-69.19M	-63.21M	-53.45M	-70.04M	-66.03M	-51.52M	-45.93M	-41.25M	-39.43M	-33.22M	-32.02M	-38.72M	-27.35M	-23.57M	-19.92M	-17.54M	-15.07M
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	-14.72M	-16.23M	-12.87M	-12.58M	-13.48M	-11.77M	-9.39M	-9.26M	-14.47M	-9.57M	0.07M	-9.72M	-13.74M	-16.89M	-8.08M	-4.58M	-7.39M	-3.51M	-12.45M	-1.23M	-8.76M	1.77M	7.55M	-3.46M	-3.10M	-3.00M	-1.63M	-0.97M	-1.07M	-1.51M	-1.31M
Net Cash from Financing Activities	-68.09M	-93.26M	-66.63M	-95.53M	-112.82M	5.29M	-98.42M	-47.96M	-65.16M	-20.72M	4.61M	-30.11M	-4.55M	6.10M	28.29M	-39.85M	-48.73M	28.23M	114.80M	57.35M	123.85M	52.79M	77.90M	23.76M	-7.11M	-4.27M	15.82M	146.36M	65.44M	40.45M	19.87M
Effect of FX on Cash	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.03M
Net Change in Cash	-4.24M	3.43M	8.13M	-21.86M	-20.62M	36.45M	5.70M	0.38M	7.86M	-0.79M	-0.92M	2.10M	11.48M	9.62M	-1.58M	0.69M	18.26M	-1.38M	-3.36M	6.81M	3.24M	4.19M	5.44M	5.13M	12.28M	1.92M	1.82M	5.20M	-0.59M	0.74M	-0.87M
Cash at Beginning of Period	48.78M	66.18M	67.39M	94.02M	114.61M	56.87M	57.77M	55.65M	48.85M	41.44M	51.45M	47.00M	51.56M	39.49M	59.66M	63.66M	44.87M	42.81M	45.92M	32.97M	32.81M	21.27M	16.57M	16.25M	8.89M	12.47M	14.69M	9.81M	7.72M	4.16M	5.60M
Cash at End of Period	89.59M	72.74M	74.28M	67.86M	88.82M	114.37M	57.55M	57.19M	56.89M	44.00M	44.02M	50.43M	49.20M	53.16M	50.68M	74.29M	74.77M	41.73M	44.46M	52.42M	29.70M	34.94M	20.04M	22.92M	32.73M	14.05M	17.41M	16.19M	10.22M	7.72M	7.77M
Operating Cash Flow	227.15M	202.32M	194.55M	168.23M	131.76M	123.42M	143.88M	153.82M	168.42M	162.67M	149.34M	140.49M	128.62M	123.90M	125.37M	116.69M	111.71M	112.28M	114.07M	90.89M	77.96M	82.81M	61.84M	61.76M	66.82M	54.42M	51.23M	34.89M	29.42M	23.31M	22.88M
Capital Expenditure	-14.57M	-20.52M	-26.86M	-26.57M	-15.38M	-19.73M	-21.64M	-22.40M	-33.95M	-21.25M	-24.67M	-18.19M	-19.89M	-23.34M	-92.45M	-63.37M	-54.92M	-131.27M	-176.63M	-157.28M	-199.65M	-116.82M	-116.00M	-112.52M	-61.38M	-56.38M	-81.44M	-180.67M	-127.95M	-86.10M	-36.11M
Free Cash Flow	194.35M	144.78M	133.31M	119.60M	104.95M	95.30M	118.13M	97.09M	104.69M	96.90M	109.05M	103.54M	91.15M	93.94M	18.76M	44.98M	50.55M	-16.66M	-68.05M	-67.57M	-68.14M	-32.92M	-50.15M	-28.12M	4.11M	-8.05M	-26.41M	-148.75M	-99.45M	-44.51M	-14.70M

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	289.62M	236.56M	214.68M	224.79M	175.58M	128.06M	177.63M	199.78M	232.63M	188.83M	195.29M	193.47M	178.76M	191.31M	177.67M	184.74M	120.05M	99.33M	170.49M	158.55M	133.91M	120.47M	88.46M	100.19M	100.95M	106.95M	101.84M	82.98M	54.93M	72.76M	0.00M
(-) Tax Adjustment	6.30M	5.48M	3.58M	10.06M	8.46M	97.50M	3.50M	10.73M	10.66M	12.08M	7.05M	9.84M	5.09M	16.77M	11.25M	19.18M	-12.68M	0.76M	14.17M	13.58M	14.37M	7.28M	15.05M	17.77M	42.52M	133.90M	60.27M	81.68M	42.81M	145.52M	0.00M
(-) Change In Working Capital	-2.33M	-3.74M	0.79M	-0.09M	3.16M	-9.42M	-1.58M	-1.94M	-2.53M	-1.60M	-1.95M	-1.48M	-1.67M	0.44M	-0.77M	-1.41M	1.50M	-1.25M	2.85M	-2.59M	-0.61M	-1.42M	-0.71M	-1.32M	-1.62M	-0.88M	-0.25M	-0.19M	-0.13M	-0.65M	-0.38M
(-) Capital Expenditure	14.57M	20.52M	26.86M	26.57M	15.38M	19.73M	21.64M	22.40M	33.95M	21.25M	24.67M	18.19M	19.89M	23.34M	92.45M	63.37M	54.92M	131.27M	176.63M	157.28M	199.65M	116.82M	116.00M	112.52M	61.38M	56.38M	81.44M	180.67M	127.95M	86.10M	36.11M
Unlevered Free Cash Flow	271.09M	214.29M	183.45M	188.25M	148.58M	20.25M	154.08M	168.59M	190.55M	157.11M	165.52M	166.91M	155.45M	150.75M	74.74M	103.61M	76.31M	-31.45M	-23.16M	-9.72M	-79.50M	-2.21M	-41.88M	-28.78M	-1.34M	-82.45M	-39.62M	-179.17M	-115.70M	-158.20M	-35.73M
(-) Net Interest Income After Taxes	-50.86M	-62.54M	-58.74M	-44.65M	-39.14M	-9.16M	-42.10M	-35.21M	-38.31M	-34.51M	-35.67M	-32.91M	-35.74M	-34.61M	-39.20M	-40.82M	-40.41M	-35.42M	-27.01M	-8.03M	-7.16M	-7.19M	-2.45M	-2.38M	-3.64M	1.28M	-1.65M	-0.02M	-0.44M	3.51M	0.00M
Net Debt Issuance	81.46M	8.07M	39.31M	19.85M	-47.95M	57.09M	22.36M	27.46M	68.25M	45.83M	69.64M	28.54M	47.36M	57.49M	78.65M	19.58M	-6.33M	74.68M	99.15M	73.03M	132.21M	60.02M	44.97M	34.05M	23.72M	22.90M	34.84M	82.35M	43.94M	24.49M	8.55M
Levered Free Cash Flow	403.40M	284.90M	281.50M	252.74M	139.77M	86.50M	218.54M	231.26M	297.11M	237.44M	270.82M	228.36M	238.55M	242.85M	192.58M	164.00M	110.39M	78.65M	103.00M	71.34M	59.88M	65.01M	5.54M	7.64M	26.02M	-60.83M	-3.13M	-96.80M	-71.32M	-137.22M	-27.18M