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Category: Industry Averages Base Ticker: FOXA

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	14.32	11.16	11.15	12.04	14.21	13.08	14.89	14.23	13.59	10.35	11.41	9.04	8.75	7.56	6.19	6.07	5.05	4.39	7.30	5.74	6.87	7.52	5.33	4.59	5.22	6.84	7.76	10.42	8.45	7.65	3.12
Market Capitalization	2,048.32M	1,521.12M	1,481.83M	1,745.94M	1,966.78M	1,672.83M	2,130.91M	1,816.30M	1,668.87M	1,585.39M	1,557.71M	1,218.50M	1,138.13M	747.94M	664.96M	611.04M	475.18M	293.72M	489.00M	309.95M	206.04M	249.60M	227.58M	230.47M	365.68M	405.38M	490.06M	616.02M	1,034.87M	1,236.03M	234.99M
(-) Cash & Equivalents	222.35M	238.43M	241.39M	255.80M	261.99M	257.03M	200.55M	184.09M	174.85M	142.36M	111.78M	84.60M	78.78M	63.68M	60.87M	48.82M	51.88M	37.07M	30.00M	26.54M	19.21M	17.55M	17.67M	22.18M	14.11M	28.63M	12.71M	4.37M	18.14M	5.21M	6.07M
(+) Total Debt	837.33M	937.12M	892.53M	939.50M	868.63M	754.62M	577.87M	480.49M	390.34M	328.74M	269.83M	266.44M	283.58M	181.90M	154.02M	133.03M	105.13M	92.66M	80.82M	52.86M	29.48M	34.46M	39.03M	45.00M	48.92M	53.24M	57.28M	51.86M	52.98M	39.82M	7.65M
Enterprise Value	2,454.02M	2,363.81M	2,326.31M	2,288.77M	2,521.66M	2,314.89M	2,752.78M	2,375.90M	2,181.07M	1,817.81M	1,757.46M	1,362.75M	1,395.78M	901.54M	821.52M	773.11M	575.55M	356.60M	596.66M	382.07M	238.67M	305.56M	253.66M	323.32M	456.07M	420.64M	524.53M	750.24M	1,098.14M	1,535.93M	298.54M

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	1,299.181M	1,179.329M	1,214.767M	1,091.491M	942.748M	702.606M	1,070.850M	995.187M	828.479M	677.901M	548.451M	452.477M	419.050M	376.153M	319.725M	306.851M	234.368M	202.517M	169.528M	120.437M	93.678M	101.714M	100.906M	108.471M	88.638M	111.897M	81.754M	93.762M	102.068M	79.427M	27.041M
Cost of Revenue	696.228M	588.828M	658.847M	603.421M	535.817M	428.108M	580.486M	504.163M	452.274M	385.397M	340.674M	283.448M	236.700M	174.866M	139.429M	124.866M	117.030M	100.036M	72.092M	64.053M	51.451M	52.228M	44.452M	51.824M	40.776M	45.572M	43.549M	42.677M	28.570M	19.315M	8.850M
Gross Profit	602.954M	590.502M	555.920M	488.070M	406.931M	274.498M	490.364M	491.024M	376.205M	292.503M	207.777M	169.029M	182.350M	201.287M	180.295M	181.984M	117.338M	102.481M	97.436M	56.384M	42.227M	49.486M	56.455M	56.648M	47.862M	66.324M	38.205M	51.085M	73.497M	60.112M	18.190M
Gross Margin	46.41%	50.07%	45.76%	44.72%	43.16%	39.07%	45.79%	49.34%	45.41%	43.15%	37.88%	37.36%	43.52%	53.51%	56.39%	59.31%	50.07%	50.60%	57.47%	46.82%	45.08%	48.65%	55.95%	52.22%	54.00%	59.27%	46.73%	54.48%	72.01%	75.68%	67.27%
R&D Expenses	1.110M	1.768M	0.906M	0.960M	0.806M	0.844M	1.368M	0.867M	0.951M	0.427M	0.090M	0.043M	0.000M	0.038M	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	230.123M	243.853M	219.935M	229.721M	193.416M	163.054M	215.694M	194.039M	175.521M	146.351M	117.905M	94.964M	87.572M	72.352M	59.855M	53.021M	46.197M	30.720M	28.464M	22.564M	17.980M	16.843M	14.909M	19.501M	18.168M	16.728M	14.269M	9.310M	6.956M	12.983M	5.737M
Operating Expenses	231.233M	245.621M	220.842M	230.681M	194.222M	163.898M	217.062M	194.906M	176.471M	146.778M	117.996M	95.006M	87.572M	72.389M	59.855M	53.021M	46.197M	30.720M	28.464M	22.564M	17.980M	16.843M	14.909M	19.501M	18.168M	16.728M	14.269M	9.310M	6.956M	12.983M	5.737M
Operating Income	371.721M	344.880M	335.078M	257.389M	212.709M	110.600M	273.303M	296.118M	199.734M	145.726M	89.781M	74.023M	94.778M	128.898M	120.440M	128.963M	71.141M	71.761M	68.971M	33.820M	24.247M	32.643M	41.546M	37.146M	29.694M	49.596M	23.936M	41.775M	66.541M	47.129M	12.453M
Operating Margin	28.61%	29.24%	27.58%	23.58%	22.56%	15.74%	25.52%	29.76%	24.11%	21.50%	16.37%	16.36%	22.62%	34.27%	37.67%	42.03%	30.35%	35.43%	40.68%	28.08%	25.88%	32.09%	41.17%	34.25%	33.50%	44.32%	29.28%	44.55%	65.19%	59.34%	46.05%
Interest Income	5.558M	7.083M	4.371M	4.263M	2.666M	2.919M	4.379M	4.373M	3.008M	2.304M	2.273M	1.833M	1.455M	1.518M	1.014M	0.989M	0.944M	0.984M	0.232M	0.090M	0.045M	0.082M	0.029M	0.051M	0.056M	0.008M	0.000M	0.000M	0.009M	0.003M	0.000M
Interest Expense	51.126M	55.035M	50.064M	38.522M	35.429M	35.922M	33.992M	23.058M	20.185M	17.305M	14.884M	16.501M	13.268M	10.852M	9.760M	11.824M	9.261M	7.019M	2.728M	1.299M	0.936M	0.633M	0.842M	0.646M	0.579M	0.625M	0.278M	0.261M	0.206M	0.145M	0.194M
Net Interest Income	-45.568M	-47.952M	-45.693M	-34.259M	-32.763M	-33.003M	-29.613M	-18.685M	-17.178M	-15.001M	-12.611M	-14.668M	-11.813M	-9.334M	-8.746M	-10.835M	-8.318M	-6.035M	-2.495M	-1.209M	-0.891M	-0.551M	-0.813M	-0.595M	-0.522M	-0.618M	-0.278M	-0.261M	-0.197M	-0.142M	-0.194M
Other Income / Expense	-290.490M	-298.810M	-247.085M	-202.957M	-143.690M	-112.887M	-189.676M	-206.780M	-121.785M	-63.171M	-25.538M	-16.125M	-40.061M	-87.271M	-87.775M	-95.346M	-51.062M	-61.277M	-48.284M	-23.249M	-19.464M	-29.608M	-36.237M	-34.986M	-25.871M	-44.118M	-14.863M	-32.413M	-59.328M	-39.157M	-7.748M
Pre-Tax Income	35.662M	-1.882M	42.301M	20.172M	36.256M	-35.290M	54.014M	70.654M	60.771M	67.553M	51.632M	43.230M	42.903M	32.293M	23.919M	22.782M	11.761M	4.449M	18.192M	9.362M	3.891M	2.483M	4.496M	1.566M	3.301M	4.861M	8.796M	9.100M	7.016M	7.830M	4.511M
Pre-Tax Margin	2.74%	-0.16%	3.48%	1.85%	3.85%	-5.02%	5.04%	7.10%	7.34%	9.97%	9.41%	9.55%	10.24%	8.59%	7.48%	7.42%	5.02%	2.20%	10.73%	7.77%	4.15%	2.44%	4.46%	1.44%	3.72%	4.34%	10.76%	9.71%	6.87%	9.86%	16.68%
Income Tax Expense	13.911M	11.022M	13.460M	11.722M	16.408M	10.867M	15.673M	19.313M	13.008M	17.210M	12.942M	12.988M	9.380M	9.951M	9.221M	7.416M	4.475M	2.736M	4.401M	2.238M	2.668M	1.197M	2.192M	3.145M	1.584M	1.626M	3.983M	2.693M	3.494M	3.012M	1.459M
Tax Rate	35.00%	0.00%	31.82%	35.00%	35.00%	0.00%	29.02%	27.33%	21.41%	25.48%	25.07%	30.04%	21.86%	30.82%	35.00%	32.55%	35.00%	35.00%	24.19%	23.91%	35.00%	35.00%	35.00%	35.00%	35.00%	33.46%	35.00%	29.59%	35.00%	35.00%	32.34%
Net Income	21.752M	-12.904M	28.841M	8.450M	19.848M	-46.157M	38.342M	51.341M	47.763M	50.343M	38.690M	30.242M	33.523M	22.342M	14.699M	15.366M	7.286M	1.713M	13.791M	7.124M	1.223M	1.286M	2.304M	-1.579M	1.717M	3.234M	4.813M	6.407M	3.522M	4.819M	3.052M
Net Margin	1.67%	-1.09%	2.37%	0.77%	2.11%	-6.57%	3.58%	5.16%	5.77%	7.43%	7.05%	6.68%	8.00%	5.94%	4.60%	5.01%	3.11%	0.85%	8.14%	5.92%	1.31%	1.26%	2.28%	-1.46%	1.94%	2.89%	5.89%	6.83%	3.45%	6.07%	11.29%
EBIT	371.721M	344.880M	335.078M	257.389M	212.709M	110.600M	273.303M	296.118M	199.734M	145.726M	89.781M	74.023M	94.778M	128.898M	120.440M	128.963M	71.141M	71.761M	68.971M	33.820M	24.247M	32.643M	41.546M	37.146M	29.694M	49.596M	23.936M	41.775M	66.541M	47.129M	12.453M
Depreciation & Amortization	115.538M	115.039M	133.506M	135.790M	125.024M	113.008M	112.839M	104.697M	91.060M	72.887M	50.618M	43.823M	43.076M	33.358M	26.176M	25.338M	18.430M	16.962M	13.373M	7.010M	6.186M	8.948M	6.490M	12.019M	18.141M	11.765M	16.120M	9.667M	8.847M	6.790M	2.639M
EBITDA	487.259M	459.920M	468.584M	393.179M	337.733M	223.608M	386.141M	400.815M	290.794M	218.613M	140.400M	117.846M	137.853M	162.256M	146.616M	154.301M	89.571M	88.723M	82.344M	40.831M	30.433M	41.591M	48.037M	49.166M	47.835M	61.361M	40.056M	51.442M	75.388M	53.919M	15.092M
EBITDA Margin	37.51%	39.00%	38.57%	36.02%	35.82%	31.83%	36.06%	40.28%	35.10%	32.25%	25.60%	26.04%	32.90%	43.14%	45.86%	50.29%	38.22%	43.81%	48.57%	33.90%	32.49%	40.89%	47.61%	45.33%	53.97%	54.84%	49.00%	54.86%	73.86%	67.89%	55.81%
NOPAT	241.618M	344.880M	228.457M	167.303M	138.261M	110.600M	194.002M	215.177M	156.980M	108.600M	67.276M	51.783M	74.056M	89.178M	78.286M	86.982M	46.242M	46.644M	52.287M	25.735M	15.760M	21.218M	27.005M	24.145M	19.301M	33.003M	15.558M	29.412M	43.252M	30.634M	8.426M
NOPAT Margin	18.60%	29.24%	18.81%	15.33%	14.67%	15.74%	18.12%	21.62%	18.95%	16.02%	12.27%	11.44%	17.67%	23.71%	24.49%	28.35%	19.73%	23.03%	30.84%	21.37%	16.82%	20.86%	26.76%	22.26%	21.78%	29.49%	19.03%	31.37%	42.38%	38.57%	31.16%
Owner's Earnings	137.290M	102.136M	162.347M	144.240M	144.871M	66.851M	151.180M	156.038M	138.823M	123.230M	89.308M	74.065M	76.599M	55.700M	40.875M	40.704M	25.716M	18.675M	27.164M	14.135M	7.409M	10.234M	8.794M	10.440M	19.858M	14.999M	20.933M	16.075M	12.369M	11.608M	5.691M
Owner's Earnings Margin	10.57%	8.66%	13.36%	13.21%	15.37%	9.51%	14.12%	15.68%	16.76%	18.18%	16.28%	16.37%	18.28%	14.81%	12.78%	13.27%	10.97%	9.22%	16.02%	11.74%	7.91%	10.06%	8.72%	9.62%	22.40%	13.40%	25.60%	17.14%	12.12%	14.62%	21.05%
EPS	0.03	-0.02	0.05	0.01	0.03	-0.07	0.06	0.08	0.08	0.08	0.07	0.05	0.06	0.05	0.03	0.04	0.03	0.01	0.06	0.03	0.01	0.01	0.01	-0.01	0.01	0.01	0.02	0.05	0.02	0.03	0.02
EPS (Diluted)	0.03	-0.02	0.05	0.01	0.03	-0.07	0.06	0.08	0.08	0.08	0.07	0.05	0.06	0.05	0.03	0.04	0.03	0.01	0.06	0.03	0.01	0.01	0.01	-0.01	0.01	0.01	0.02	0.05	0.02	0.03	0.02
Shares (Diluted)	659,517,763	633,268,260	630,225,077	623,174,963	642,482,435	632,313,705	619,125,950	639,610,360	591,717,496	613,209,582	574,123,332	557,738,528	517,930,733	484,341,308	464,021,043	427,817,990	277,554,022	260,203,208	232,897,992	227,343,118	161,864,422	196,661,170	206,547,607	208,559,302	269,117,033	246,363,791	210,567,941	139,355,322	185,576,808	177,527,647	160,420,402

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	237.29M	238.49M	225.24M	255.80M	271.66M	257.16M	191.20M	184.09M	176.38M	143.60M	114.00M	84.60M	78.78M	64.17M	61.40M	49.65M	52.38M	37.44M	30.02M	26.32M	19.15M	20.83M	17.72M	22.12M	15.07M	26.26M	13.54M	4.67M	20.13M	4.19M	7.05M
Short-Term Investments	43.83M	44.05M	58.20M	36.74M	52.83M	45.25M	47.05M	42.64M	24.24M	16.04M	22.22M	9.87M	11.63M	13.37M	9.08M	9.17M	7.51M	5.80M	13.60M	3.80M	5.72M	0.29M	0.60M	1.73M	2.59M	5.59M	7.15M	0.77M	0.73M	0.34M	0.28M
Cash & Short-Term Investments	281.12M	282.54M	283.45M	292.54M	324.49M	302.41M	238.25M	226.74M	200.62M	159.64M	136.23M	94.48M	90.40M	77.54M	70.47M	58.82M	59.89M	43.25M	43.62M	30.12M	24.88M	21.12M	18.32M	23.86M	17.65M	31.86M	20.69M	5.44M	20.87M	4.53M	7.33M
Net Receivables	211.30M	223.39M	220.46M	170.42M	169.88M	152.66M	161.32M	151.94M	139.79M	105.33M	97.16M	82.08M	66.74M	55.24M	38.58M	31.00M	28.23M	22.32M	20.77M	19.41M	15.46M	14.94M	13.45M	7.48M	14.87M	8.58M	9.43M	10.97M	29.62M	11.97M	6.00M
Inventory	49.31M	34.50M	42.71M	48.05M	52.31M	49.24M	61.98M	61.90M	55.76M	33.32M	20.98M	23.22M	19.98M	15.32M	10.85M	9.05M	8.79M	8.13M	5.89M	6.11M	3.93M	4.97M	5.07M	5.70M	5.57M	2.40M	3.60M	1.93M	4.27M	4.52M	1.69M
Other Current Assets	51.66M	39.67M	40.49M	58.94M	62.26M	67.50M	85.84M	61.58M	69.31M	61.19M	46.04M	46.01M	37.20M	24.30M	17.54M	19.12M	11.50M	14.89M	12.94M	5.22M	7.87M	9.52M	13.94M	14.53M	9.35M	9.46M	9.45M	13.84M	16.86M	6.17M	1.94M
Total Current Assets	593.40M	580.10M	587.11M	569.94M	608.95M	571.81M	547.39M	502.16M	465.48M	359.49M	300.40M	245.78M	214.32M	172.40M	137.43M	117.98M	108.41M	88.58M	83.22M	60.87M	52.14M	50.55M	50.79M	51.56M	47.44M	52.30M	43.17M	32.19M	71.62M	27.19M	16.96M
Property, Plant & Equipment	450.80M	425.16M	457.10M	422.78M	391.74M	408.30M	388.61M	312.19M	273.20M	227.95M	198.46M	178.47M	170.66M	160.50M	134.25M	108.06M	90.07M	72.43M	72.04M	38.16M	32.79M	36.11M	32.51M	32.15M	34.87M	26.09M	24.69M	26.04M	131.96M	16.56M	14.21M
Goodwill	258.71M	255.61M	266.33M	254.61M	267.19M	227.62M	316.09M	266.75M	202.50M	163.95M	130.31M	92.33M	74.37M	67.87M	63.04M	36.98M	27.71M	9.97M	11.85M	8.34M	2.33M	0.23M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	159.04M	243.14M	381.89M	314.52M	364.90M	341.42M	303.71M	299.50M	224.73M	127.05M	112.90M	94.65M	85.59M	55.12M	37.54M	35.26M	29.45M	21.17M	11.13M	10.95M	7.93M	6.61M	6.14M	8.48M	7.28M	6.43M	6.36M	6.74M	268.19M	3.12M	2.49M
Long-Term Investments	97.93M	80.01M	124.42M	86.24M	103.14M	96.20M	113.20M	93.88M	88.49M	83.36M	53.01M	38.76M	34.45M	18.99M	10.18M	9.38M	8.74M	1.34M	1.85M	1.99M	1.59M	0.23M	0.00M	0.00M	0.30M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	19.81M	23.75M	23.78M	19.67M	15.18M	20.85M	18.14M	15.14M	12.79M	12.73M	11.20M	6.90M	6.62M	7.14M	4.82M	2.72M	3.11M	1.85M	1.19M	0.73M	0.78M	0.07M	0.03M	0.03M	0.38M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	152.94M	119.06M	111.43M	114.69M	117.76M	90.83M	108.91M	81.44M	63.67M	47.99M	47.25M	41.63M	37.38M	37.68M	29.39M	28.39M	25.08M	28.44M	22.03M	11.52M	7.69M	13.15M	11.86M	17.22M	18.34M	15.83M	18.35M	12.11M	51.22M	5.18M	4.49M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	1,139.23M	1,146.73M	1,364.95M	1,212.50M	1,259.92M	1,185.21M	1,248.67M	1,068.91M	865.38M	663.03M	553.13M	452.75M	409.08M	347.29M	279.21M	220.78M	184.15M	135.20M	120.09M	71.69M	53.11M	56.41M	50.54M	57.87M	61.16M	48.35M	49.41M	44.88M	451.38M	24.86M	21.19M
Total Assets	1,732.63M	1,726.83M	1,952.05M	1,782.45M	1,868.87M	1,757.02M	1,796.06M	1,571.07M	1,330.86M	1,022.52M	853.53M	698.54M	623.41M	519.70M	416.64M	338.77M	292.56M	223.78M	203.31M	132.56M	105.24M	106.95M	101.32M	109.43M	108.61M	100.65M	92.58M	77.07M	522.99M	52.05M	38.15M
Accounts Payable	129.99M	107.85M	118.03M	103.18M	104.43M	96.50M	111.86M	99.39M	87.71M	67.59M	51.14M	44.94M	41.38M	35.82M	35.16M	27.51M	22.36M	19.72M	16.81M	14.53M	9.65M	8.61M	7.80M	8.21M	6.82M	5.36M	4.58M	5.97M	7.83M	4.07M	1.53M
Short-Term Debt	88.63M	81.85M	92.83M	92.75M	95.32M	89.71M	96.79M	81.80M	62.83M	61.93M	54.01M	30.82M	37.02M	33.32M	25.66M	15.20M	23.07M	10.95M	9.78M	11.45M	8.77M	13.95M	11.56M	11.72M	11.01M	6.71M	10.28M	5.61M	11.12M	5.46M	2.77M
Tax Payables	0.09M	4.28M	5.13M	7.64M	9.72M	6.40M	8.60M	9.51M	8.84M	8.79M	6.99M	5.35M	4.45M	4.89M	3.31M	2.03M	1.16M	0.87M	1.20M	0.79M	0.39M	0.32M	0.21M	0.19M	0.34M	0.26M	0.15M	0.20M	0.13M	0.08M	0.04M
Deferred Revenue	94.06M	30.13M	40.55M	77.05M	106.37M	92.75M	74.03M	46.71M	70.71M	57.25M	53.50M	39.15M	31.07M	23.51M	20.00M	11.52M	6.31M	4.09M	3.35M	3.22M	4.41M	5.43M	2.81M	3.17M	2.88M	1.69M	1.19M	0.96M	1.74M	2.02M	0.81M
Other Current Liabilities	129.40M	159.15M	165.99M	134.31M	120.29M	121.59M	146.06M	122.63M	142.24M	104.34M	88.49M	65.21M	55.34M	53.01M	34.02M	22.43M	23.28M	20.79M	17.97M	14.51M	12.96M	11.77M	7.90M	7.71M	8.57M	6.82M	13.51M	2.16M	9.96M	11.45M	6.14M
Total Current Liabilities	442.18M	383.26M	422.55M	414.92M	436.14M	406.95M	437.34M	360.05M	372.34M	299.88M	254.14M	185.47M	169.25M	150.54M	118.16M	78.68M	76.18M	56.42M	49.10M	44.51M	36.18M	40.08M	30.28M	30.99M	29.63M	20.84M	29.71M	14.90M	30.78M	23.07M	11.30M
Long-Term Debt	593.03M	488.43M	608.09M	432.32M	572.84M	511.79M	408.03M	372.96M	320.01M	236.86M	178.40M	209.26M	191.25M	149.67M	119.29M	80.52M	69.60M	69.46M	57.53M	19.83M	16.22M	12.05M	7.03M	18.72M	40.61M	51.10M	52.42M	52.88M	266.03M	45.87M	14.75M
Capital Lease Obligations	27.79M	140.54M	130.89M	132.48M	129.14M	147.36M	68.55M	2.75M	1.57M	1.76M	1.37M	1.10M	0.80M	0.19M	0.05M	0.04M	0.02M	0.01M	0.01M	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	12.99M	20.10M	25.75M	19.60M	21.82M	24.22M	28.60M	31.69M	31.20M	23.88M	21.57M	14.84M	10.91M	10.83M	6.98M	3.76M	2.98M	2.29M	1.73M	0.68M	1.29M	0.84M	0.48M	0.28M	0.26M	0.08M	0.02M	1.93M	5.76M	0.70M	0.00M
Other Non-Current Liabilities	78.05M	59.49M	70.48M	93.70M	62.19M	94.69M	84.28M	82.49M	54.55M	50.45M	33.52M	23.43M	24.99M	18.57M	14.36M	11.12M	7.70M	6.55M	12.60M	4.71M	5.77M	3.20M	1.17M	2.20M	3.13M	2.14M	2.14M	2.26M	14.17M	2.73M	1.60M
Total Non-Current Liabilities	711.86M	708.56M	835.21M	678.11M	786.00M	778.06M	589.46M	489.88M	407.33M	312.95M	234.86M	248.64M	227.94M	179.25M	140.68M	95.44M	80.30M	78.32M	71.87M	25.24M	23.28M	16.08M	8.69M	21.20M	44.01M	53.33M	54.59M	57.08M	285.96M	49.30M	16.35M
Total Liabilities	1,154.04M	1,091.82M	1,257.75M	1,093.04M	1,222.14M	1,185.01M	1,026.80M	849.93M	779.67M	612.84M	489.00M	434.10M	397.19M	329.79M	258.85M	174.12M	156.48M	134.74M	120.98M	69.75M	59.46M	56.17M	38.97M	52.19M	73.63M	74.16M	84.30M	71.98M	316.73M	72.37M	27.64M
Preferred Stock	0.00M	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	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	93.93M	100.92M	103.79M	110.70M	147.06M	138.53M	150.05M	170.98M	154.96M	105.20M	83.26M	74.66M	68.94M	62.82M	34.94M	31.83M	27.32M	22.57M	14.43M	10.52M	11.36M	12.14M	9.58M	13.12M	10.56M	9.37M	11.94M	7.81M	10.29M	6.55M	6.29M
Retained Earnings	59.58M	-71.77M	-15.09M	-3.11M	31.49M	70.19M	138.70M	129.71M	101.87M	86.78M	65.99M	62.47M	51.61M	36.34M	15.65M	10.96M	8.42M	15.66M	10.09M	2.34M	-1.12M	-4.55M	-2.73M	-3.77M	4.86M	3.15M	10.05M	4.06M	49.36M	2.83M	-0.05M
Accumulated OCI	48.92M	15.94M	0.43M	1.28M	-3.16M	-11.67M	-1.28M	-7.40M	-0.04M	4.79M	7.28M	1.11M	0.15M	-0.86M	-1.18M	-0.80M	-1.40M	-1.19M	-0.20M	-0.05M	-0.07M	-0.03M	-0.10M	-0.14M	-0.28M	-0.27M	-0.59M	-0.62M	-10.78M	-3.61M	-2.68M
Minority Interest	25.31M	28.63M	36.12M	29.11M	27.72M	28.28M	36.67M	32.85M	28.36M	19.01M	13.13M	9.27M	7.91M	5.48M	3.93M	4.46M	3.63M	2.91M	2.64M	1.24M	0.85M	1.25M	1.32M	1.09M	1.26M	1.22M	0.41M	0.37M	0.52M	0.18M	0.14M
Total Shareholders’ Equity	202.43M	45.09M	89.13M	108.87M	175.38M	197.05M	287.47M	293.30M	256.80M	196.77M	156.53M	138.25M	120.70M	98.31M	49.41M	41.99M	34.34M	37.04M	24.32M	12.81M	10.18M	7.55M	6.75M	9.22M	15.14M	12.25M	21.40M	11.24M	48.87M	5.77M	3.57M
Total Equity	227.74M	73.71M	125.25M	137.98M	203.11M	225.33M	324.14M	326.15M	285.16M	215.78M	169.65M	147.51M	128.61M	103.79M	53.34M	46.45M	37.97M	39.95M	26.96M	14.05M	11.03M	8.81M	8.08M	10.31M	16.40M	13.47M	21.81M	11.61M	49.39M	5.95M	3.71M
Total Liabilities & Equity	1,381.78M	1,165.53M	1,383.01M	1,231.02M	1,425.24M	1,410.34M	1,350.94M	1,176.08M	1,064.83M	828.62M	658.65M	581.62M	525.80M	433.58M	312.19M	220.57M	194.45M	174.69M	147.93M	83.80M	70.48M	64.98M	47.05M	62.50M	90.04M	87.63M	106.11M	83.59M	366.12M	78.32M	31.36M
Tangible Assets	1,314.88M	1,228.08M	1,303.83M	1,213.32M	1,236.77M	1,187.98M	1,176.26M	1,004.81M	903.64M	731.52M	610.33M	511.55M	463.44M	396.71M	316.06M	266.53M	235.40M	192.64M	180.33M	113.27M	94.98M	100.11M	95.19M	100.95M	101.33M	94.22M	86.22M	70.33M	254.80M	48.93M	35.66M
Tangible Equity	-190.01M	-425.04M	-522.97M	-431.15M	-428.99M	-343.71M	-295.66M	-240.11M	-142.06M	-75.22M	-73.55M	-39.47M	-31.36M	-19.20M	-47.24M	-25.79M	-19.19M	8.81M	3.98M	-5.24M	0.77M	1.96M	1.94M	1.83M	9.12M	7.04M	15.45M	4.87M	-218.80M	2.83M	1.23M
Tangible Book Value	-190.01M	-425.04M	-522.97M	-431.15M	-428.99M	-343.71M	-295.66M	-240.11M	-142.06M	-75.22M	-73.55M	-39.47M	-31.36M	-19.20M	-47.24M	-25.79M	-19.19M	8.81M	3.98M	-5.24M	0.77M	1.96M	1.94M	1.83M	9.12M	7.04M	15.45M	4.87M	-218.80M	2.83M	1.23M
Total Investments	176.64M	148.24M	156.64M	149.22M	142.86M	132.95M	168.77M	129.02M	104.78M	95.71M	74.03M	56.23M	45.33M	35.81M	25.20M	20.85M	15.78M	7.53M	8.49M	8.60M	5.53M	2.10M	1.73M	1.69M	2.86M	1.44M	0.92M	0.62M	0.89M	0.38M	0.14M
Net Debt	444.37M	331.79M	475.68M	269.27M	396.50M	344.34M	313.62M	270.67M	206.46M	155.19M	118.41M	155.48M	149.49M	118.81M	83.56M	46.07M	40.29M	42.97M	37.29M	4.97M	5.84M	5.17M	0.86M	8.31M	36.55M	31.55M	49.16M	53.83M	257.01M	47.15M	10.47M

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	65.80M	65.24M	59.06M	123.64M	162.56M	170.40M	132.25M	168.40M	190.14M	85.84M	77.15M	83.09M	70.31M	48.21M	44.94M	50.33M	39.16M	43.28M	45.45M	23.50M	17.64M	20.26M	18.21M	18.61M	22.06M	48.20M	28.23M	25.64M	45.10M	13.75M	1.92M
Total Capital	1,649.20M	1,638.68M	1,571.89M	1,707.61M	1,545.68M	1,467.54M	1,377.32M	1,222.20M	1,075.85M	827.81M	704.23M	595.99M	582.94M	434.60M	343.07M	294.05M	236.90M	214.04M	211.16M	152.41M	113.28M	117.51M	115.62M	131.42M	139.53M	167.42M	142.97M	101.47M	425.20M	117.78M	39.02M
Capital Employed	1,661.87M	1,699.16M	1,705.93M	1,762.19M	1,700.91M	1,702.06M	1,823.62M	1,547.34M	1,490.97M	1,052.80M	827.31M	750.85M	665.10M	640.75M	459.39M	357.06M	296.28M	265.65M	267.73M	187.71M	150.58M	182.12M	199.56M	194.94M	158.68M	191.65M	166.51M	101.51M	438.84M	129.56M	39.45M
Invested Capital	1,411.91M	1,400.19M	1,346.65M	1,451.81M	1,274.02M	1,210.37M	1,186.11M	1,038.11M	899.47M	684.22M	590.23M	511.39M	504.17M	370.42M	281.67M	244.40M	184.52M	176.60M	181.14M	126.09M	94.12M	96.68M	97.90M	109.30M	124.46M	141.15M	129.43M	96.80M	405.07M	113.59M	31.97M

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	111.70M	138.00M	140.39M	133.92M	121.16M	109.22M	109.18M	92.11M	85.55M	69.89M	51.28M	50.89M	45.10M	35.95M	24.11M	24.19M	16.91M	13.32M	10.20M	5.98M	5.03M	8.43M	4.83M	8.03M	18.44M	12.57M	16.37M	8.84M	233.11M	33.83M	19.30M
Deferred Income Tax	0.11M	-0.88M	-1.37M	-1.11M	-3.70M	-3.28M	-2.86M	-2.30M	-2.00M	-0.42M	-0.35M	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	2.53M	0.03M	0.00M
Stock-Based Compensation	6.99M	7.11M	8.62M	10.06M	7.74M	6.01M	5.50M	4.83M	4.55M	2.19M	1.73M	1.79M	0.62M	0.41M	0.10M	0.11M	0.11M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-30.65M	-27.16M	-15.89M	-25.25M	-17.32M	-16.45M	-18.54M	-24.76M	-16.31M	-9.88M	-8.46M	-6.01M	-7.40M	-8.88M	-2.76M	-3.44M	-4.54M	-4.94M	-2.16M	-1.69M	-0.50M	-0.23M	-0.10M	0.77M	-0.42M	-2.00M	-2.10M	-1.50M	-0.45M	-15.41M	-6.99M
Accounts Receivable	0.68M	-2.77M	-4.94M	-10.54M	-17.75M	14.12M	-4.68M	-15.28M	-16.62M	-11.47M	-6.33M	-9.31M	-4.99M	-3.60M	-0.25M	-0.22M	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
Inventory	-0.24M	-0.30M	-0.68M	-5.67M	-4.06M	0.55M	-1.76M	-1.83M	-3.31M	-2.30M	-2.15M	-1.85M	-1.06M	-0.96M	-1.16M	0.64M	-0.06M	-0.41M	-0.26M	-0.18M	-0.48M	-0.09M	0.08M	0.03M	0.07M	-0.39M	-0.07M	-0.17M	0.03M	0.00M	-0.15M
Accounts Payable	-2.84M	1.13M	5.36M	6.52M	20.08M	-7.54M	8.89M	4.38M	7.28M	9.43M	0.96M	0.15M	0.11M	0.52M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-9.16M	-19.16M	-5.55M	-11.49M	-14.86M	-8.86M	-10.84M	-8.97M	-6.33M	-1.27M	-1.29M	-0.38M	-1.48M	-3.59M	0.14M	-2.70M	-2.96M	-1.71M	-0.98M	0.05M	0.21M	-0.13M	-0.04M	1.80M	0.82M	-0.14M	-1.11M	-1.55M	0.69M	-14.44M	-5.89M
Other Non-Cash Items	23.01M	37.43M	17.86M	5.54M	19.86M	42.60M	24.15M	13.30M	8.55M	10.65M	11.00M	3.29M	1.47M	2.16M	8.73M	4.10M	5.07M	3.93M	-1.23M	0.34M	0.20M	1.87M	-0.42M	1.96M	-0.85M	-0.90M	-0.43M	0.07M	-35.02M	-0.59M	-0.17M
Net Cash from Operating Activities	110.27M	132.98M	149.87M	91.23M	115.10M	102.40M	164.98M	137.01M	115.11M	106.80M	87.79M	78.21M	66.61M	55.92M	51.33M	36.78M	31.70M	25.53M	24.49M	16.87M	15.07M	11.55M	7.15M	14.75M	13.13M	20.31M	17.18M	18.22M	92.66M	23.13M	12.68M
Capital Expenditures (PPE)	-35.34M	-36.78M	-58.83M	-55.85M	-46.01M	-69.82M	-88.98M	-86.98M	-78.72M	-66.14M	-55.07M	-48.72M	-43.63M	-39.76M	-27.26M	-22.97M	-18.61M	-20.02M	-16.43M	-9.94M	-6.25M	-5.91M	-8.73M	-13.11M	-10.92M	-10.87M	-16.22M	-32.15M	-140.96M	-24.91M	-7.06M
Acquisitions (Net)	0.00M	-0.39M	0.41M	-1.93M	-3.35M	-0.86M	-8.23M	-4.17M	-12.04M	-18.70M	-4.45M	-5.37M	-2.66M	-0.28M	-1.61M	-1.18M	-0.67M	-0.79M	-1.70M	-0.19M	-0.45M	-0.06M	0.00M	-0.07M	-0.31M	-0.16M	0.00M	0.00M	-0.04M	-0.01M	-1.62M
Purchases of Investments	-16.01M	-32.74M	-33.57M	-51.17M	-49.12M	-38.50M	-39.41M	-32.87M	-33.44M	-35.31M	-32.02M	-11.64M	-8.53M	-4.85M	-5.32M	-4.64M	-3.46M	-8.27M	-4.71M	-3.46M	-0.71M	-0.63M	-0.96M	-2.34M	-3.26M	-0.45M	-4.22M	-3.63M	-13.73M	-3.76M	-0.03M
Sales / Maturities of Investments	10.52M	25.44M	44.94M	34.07M	58.68M	51.08M	40.61M	56.28M	23.15M	19.77M	21.46M	5.92M	10.31M	3.25M	3.58M	7.29M	5.61M	10.93M	8.14M	1.54M	0.66M	0.13M	0.09M	1.03M	0.67M	3.03M	1.02M	1.99M	7.34M	0.04M	0.08M
Other Investing Activities	-3.87M	-5.82M	-1.43M	2.39M	3.38M	6.12M	1.91M	5.78M	0.07M	-3.47M	-1.89M	-0.47M	-1.33M	-3.20M	0.16M	0.81M	-0.88M	-0.74M	-0.20M	0.17M	-0.37M	0.14M	0.32M	0.23M	-0.16M	-1.27M	-0.57M	1.33M	-4.59M	-2.06M	-4.01M
Net Cash from Investing Activities	-81.85M	-61.57M	-55.93M	-75.67M	-75.15M	-67.80M	-102.02M	-86.51M	-111.73M	-105.95M	-70.66M	-77.14M	-66.26M	-64.31M	-41.75M	-32.72M	-26.09M	-28.43M	-28.67M	-16.85M	-9.68M	-9.98M	-12.29M	-16.09M	-20.86M	-24.11M	-23.98M	-29.11M	-62.73M	-14.82M	-21.76M
Net Debt Issuance	-8.80M	-10.10M	-20.95M	-21.25M	-31.54M	21.42M	10.14M	-11.79M	16.54M	36.80M	11.29M	7.20M	8.05M	1.07M	0.67M	-3.17M	3.02M	4.44M	-0.42M	1.16M	-0.49M	0.23M	0.98M	0.22M	5.75M	0.32M	1.73M	1.04M	-30.38M	17.77M	-0.73M
Long-Term Debt Issuance	-9.91M	-1.74M	-17.52M	-15.74M	-17.40M	29.20M	15.01M	-8.13M	18.95M	33.93M	8.65M	13.36M	7.79M	0.31M	1.16M	-1.19M	2.12M	4.00M	1.31M	0.33M	0.31M	0.17M	0.54M	1.20M	6.16M	0.31M	1.67M	0.47M	-30.26M	2.62M	14.69M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	-2.03M	-4.25M	-1.05M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-0.05M	-1.81M	-3.98M	-0.90M	0.01M	-0.13M	-0.07M	-0.35M	0.02M	-0.53M	-0.09M	0.02M	0.00M	0.05M	0.06M	0.38M	-0.01M	-0.01M	0.03M	1.17M	0.32M	0.05M	0.18M	0.60M	0.00M	0.10M	0.33M	0.07M	14.15M	-3.16M	27.78M
Common Stock Issuance	0.00M	0.04M	0.06M	0.45M	4.41M	0.93M	0.54M	0.06M	1.57M	0.98M	1.30M	0.77M	1.66M	0.89M	1.50M	3.21M	0.31M	0.94M	1.95M	2.99M	1.26M	0.59M	0.36M	0.67M	0.49M	0.76M	2.20M	17.77M	47.25M	2.40M	28.25M
Common Stock Repurchased	0.00M	-2.04M	-4.47M	-2.29M	-0.62M	-1.17M	-2.34M	-0.72M	-0.90M	-1.57M	-1.51M	-0.09M	-0.16M	-0.57M	-0.17M	0.00M	-0.14M	-0.15M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-1.06M	-3.60M	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	-7.41M	-14.56M	-17.74M	-12.09M	-8.82M	-12.87M	-20.41M	-24.83M	-20.52M	-14.55M	-11.81M	-8.58M	-6.22M	-6.23M	-3.83M	-3.15M	-1.99M	-3.75M	-3.22M	-1.01M	-0.79M	-0.77M	-0.66M	-0.44M	-0.62M	-0.53M	-0.33M	-0.95M	-14.03M	-0.06M	-0.03M
Common Dividends Paid	-6.71M	-14.55M	-15.92M	-12.01M	-9.01M	-13.36M	-21.52M	-24.49M	-19.86M	-14.39M	-11.94M	-7.55M	-6.34M	-4.57M	-4.17M	-3.43M	-1.97M	-3.62M	-3.21M	-1.01M	-1.21M	-0.61M	-0.43M	-0.64M	-0.72M	-1.52M	-0.33M	-0.94M	-1.50M	0.00M	-0.01M
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	-18.80M	-14.67M	-15.41M	-10.29M	-11.02M	-11.99M	-17.11M	-9.09M	-9.66M	-0.17M	-0.86M	0.81M	-1.60M	-4.29M	-1.41M	-1.92M	-2.24M	0.97M	0.38M	-0.06M	-0.18M	0.72M	-0.54M	3.09M	0.18M	4.62M	1.62M	0.57M	18.44M	-1.77M	-0.14M
Net Cash from Financing Activities	-63.47M	-43.81M	-65.11M	-50.15M	-39.44M	-3.37M	-46.18M	-67.47M	12.03M	28.60M	9.17M	8.78M	8.73M	2.41M	-5.83M	-10.22M	2.96M	4.32M	-1.54M	3.11M	0.59M	1.12M	0.92M	6.19M	6.06M	6.29M	10.46M	8.16M	8.05M	14.55M	5.10M
Effect of FX on Cash	-0.01M	0.40M	-0.09M	-0.41M	0.21M	-0.54M	-0.02M	-0.29M	0.01M	0.03M	-0.03M	-0.10M	-0.07M	-0.01M	-0.01M	0.00M	0.00M	0.00M	0.04M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.26M	0.00M	0.00M
Net Change in Cash	-12.22M	7.99M	-6.53M	-34.16M	23.06M	27.65M	-2.28M	0.59M	11.36M	14.10M	25.27M	5.53M	5.11M	7.85M	5.86M	-3.23M	4.31M	1.66M	2.58M	3.12M	1.75M	1.58M	1.81M	1.96M	-3.45M	11.45M	7.30M	0.03M	-16.85M	-1.34M	1.91M
Cash at Beginning of Period	162.26M	190.18M	208.92M	260.86M	223.34M	190.66M	181.96M	182.14M	152.86M	108.72M	81.72M	72.87M	62.33M	65.20M	49.90M	57.15M	34.12M	27.95M	26.55M	22.65M	12.46M	13.49M	11.14M	14.91M	24.87M	13.54M	7.49M	19.87M	56.19M	34.42M	11.18M
Cash at End of Period	262.63M	199.95M	188.89M	225.73M	242.86M	216.91M	212.37M	180.89M	174.60M	144.32M	105.34M	76.65M	76.07M	59.66M	57.86M	53.99M	50.06M	31.62M	28.58M	26.55M	23.30M	18.11M	13.67M	17.33M	15.48M	30.66M	16.43M	27.98M	33.61M	21.02M	32.43M
Operating Cash Flow	110.30M	132.91M	149.59M	91.19M	115.16M	102.38M	164.98M	137.04M	115.04M	106.80M	87.79M	78.46M	66.61M	55.92M	51.32M	36.78M	31.70M	25.48M	24.49M	16.87M	15.07M	11.55M	7.15M	14.75M	13.13M	20.31M	17.18M	18.22M	92.66M	23.13M	12.68M
Capital Expenditure	-39.20M	-57.54M	-76.57M	-58.53M	-47.92M	-69.83M	-91.86M	-88.99M	-80.43M	-70.16M	-56.96M	-50.21M	-48.63M	-41.60M	-29.50M	-24.51M	-19.45M	-20.15M	-16.38M	-9.95M	-6.25M	-6.58M	-8.73M	-13.11M	-10.92M	-10.88M	-16.22M	-32.15M	-140.96M	-24.91M	-7.06M
Free Cash Flow	60.12M	65.67M	63.72M	30.17M	49.53M	20.75M	66.18M	44.35M	34.33M	36.90M	29.63M	26.53M	14.87M	8.29M	18.72M	11.24M	5.36M	5.91M	6.82M	6.16M	5.00M	6.37M	1.35M	1.09M	-5.07M	2.46M	-3.18M	-5.76M	-11.69M	-1.49M	-5.40M

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	190.18M	143.95M	173.28M	176.86M	163.98M	107.55M	216.23M	204.99M	168.77M	156.05M	111.14M	97.78M	97.52M	83.21M	66.14M	61.03M	37.59M	27.89M	39.58M	28.18M	14.04M	19.48M	23.19M	24.31M	26.80M	23.84M	20.16M	12.01M	20.72M	18.11M	6.13M
(-) Tax Adjustment	74.18M	-287.91M	55.14M	102.78M	74.21M	-33.12M	62.74M	56.03M	36.13M	39.76M	27.86M	29.38M	21.32M	25.64M	25.50M	19.87M	14.30M	17.15M	9.58M	6.74M	9.63M	9.39M	11.31M	48.62M	12.86M	7.98M	9.13M	3.55M	10.32M	6.97M	1.98M
(-) Change In Working Capital	-30.65M	-27.16M	-15.89M	-25.25M	-17.32M	-16.45M	-18.54M	-24.76M	-16.31M	-9.88M	-8.46M	-6.01M	-7.40M	-8.88M	-2.76M	-3.44M	-4.54M	-4.94M	-2.16M	-1.69M	-0.50M	-0.23M	-0.10M	0.77M	-0.42M	-2.00M	-2.10M	-1.50M	-0.45M	-15.41M	-6.99M
(-) Capital Expenditure	39.20M	57.54M	76.57M	58.53M	47.92M	69.83M	91.86M	88.99M	80.43M	70.16M	56.96M	50.21M	48.63M	41.60M	29.50M	24.51M	19.45M	20.15M	16.38M	9.95M	6.25M	6.58M	8.73M	13.11M	10.92M	10.88M	16.22M	32.15M	140.96M	24.91M	7.06M
Unlevered Free Cash Flow	107.45M	401.48M	57.46M	40.81M	59.17M	87.28M	80.16M	84.73M	68.52M	56.02M	34.78M	24.21M	34.97M	24.85M	13.90M	20.09M	8.37M	-4.47M	15.79M	13.19M	-1.34M	3.73M	3.26M	-38.19M	3.44M	6.98M	-3.08M	-22.20M	-130.11M	1.65M	4.07M
(-) Net Interest Income After Taxes	-27.79M	-143.85M	-31.15M	-14.35M	-17.94M	-43.17M	-21.02M	-13.58M	-13.50M	-11.18M	-9.45M	-10.26M	-9.23M	-6.46M	-5.37M	-7.31M	-5.15M	-2.32M	-1.89M	-0.92M	-0.28M	-0.29M	-0.42M	0.59M	-0.27M	-0.41M	-0.15M	-0.18M	-0.10M	-0.09M	-0.13M
Net Debt Issuance	-8.80M	-10.10M	-20.95M	-21.25M	-31.54M	21.42M	10.14M	-11.79M	16.54M	36.80M	11.29M	7.20M	8.05M	1.07M	0.67M	-3.17M	3.02M	4.44M	-0.42M	1.16M	-0.49M	0.23M	0.98M	0.22M	5.75M	0.32M	1.73M	1.04M	-30.38M	17.77M	-0.73M
Levered Free Cash Flow	126.44M	535.23M	67.66M	33.91M	45.56M	151.87M	111.32M	86.51M	98.56M	103.99M	55.52M	41.67M	52.24M	32.38M	19.94M	24.23M	16.54M	2.29M	17.26M	15.26M	-1.55M	4.24M	4.66M	-38.57M	9.46M	7.72M	-1.20M	-20.98M	-160.40M	19.51M	3.47M