Communication Equipment

Category: Industry Averages Base Ticker: 0K3H.L

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	9.83	10.58	10.45	9.21	11.89	8.71	9.21	8.24	9.51	9.08	10.30	9.51	9.52	8.90	7.12	8.26	6.73	5.47	10.03	7.75	6.73	6.01	5.66	4.39	10.31	17.42	18.91	10.75	10.09	9.83	8.15
Market Capitalization	3,046.14M	2,347.53M	1,949.14M	2,115.94M	2,408.13M	2,173.82M	1,916.75M	1,628.42M	1,739.92M	1,610.79M	1,506.94M	1,162.28M	965.73M	754.18M	609.96M	643.54M	474.37M	337.08M	539.40M	395.03M	294.08M	272.94M	159.45M	189.43M	371.66M	654.31M	508.54M	426.80M	348.64M	285.63M	343.51M
(-) Cash & Equivalents	217.98M	319.95M	322.31M	302.76M	270.13M	247.39M	227.12M	224.24M	205.85M	194.18M	156.44M	143.23M	121.20M	115.72M	106.33M	93.67M	82.49M	69.99M	58.25M	44.30M	41.22M	25.23M	22.32M	23.72M	27.18M	22.69M	15.87M	9.81M	14.72M	9.00M	5.90M
(+) Total Debt	398.46M	539.21M	547.95M	563.72M	485.81M	437.56M	436.10M	310.92M	317.60M	254.80M	223.79M	211.09M	161.30M	159.41M	94.92M	72.75M	62.73M	55.11M	62.39M	36.49M	29.19M	22.13M	14.33M	15.77M	17.90M	17.55M	11.32M	11.06M	10.82M	9.86M	12.41M
Enterprise Value	3,612.31M	2,964.73M	2,234.26M	2,523.06M	2,932.54M	2,443.83M	2,312.29M	1,816.78M	1,895.03M	1,657.10M	1,568.11M	1,316.46M	1,027.45M	862.35M	624.03M	611.82M	507.84M	335.82M	589.67M	419.19M	292.09M	313.77M	156.15M	185.59M	376.99M	633.93M	522.08M	432.18M	357.50M	303.15M	357.37M

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	1,633.111M	1,539.981M	1,428.222M	1,360.866M	1,173.328M	1,053.439M	1,135.985M	1,104.073M	1,037.357M	949.005M	802.666M	734.938M	642.313M	581.737M	503.561M	428.811M	395.651M	422.532M	349.591M	244.483M	193.503M	155.950M	112.019M	127.909M	137.728M	127.605M	84.988M	87.180M	99.368M	93.205M	74.425M
Cost of Revenue	1,061.193M	970.380M	972.600M	1,001.860M	870.289M	777.069M	819.049M	807.333M	740.074M	647.463M	593.431M	491.362M	456.090M	399.893M	366.639M	303.198M	256.156M	297.135M	230.223M	170.920M	141.996M	114.283M	78.871M	83.741M	89.700M	86.294M	57.051M	48.816M	53.144M	53.221M	48.810M
Gross Profit	571.917M	569.602M	455.622M	359.006M	303.039M	276.371M	316.935M	296.739M	297.284M	301.542M	209.235M	243.576M	186.223M	181.844M	136.921M	125.614M	139.495M	125.397M	119.368M	73.563M	51.507M	41.666M	33.148M	44.168M	48.028M	41.311M	27.937M	38.364M	46.224M	39.985M	25.615M
Gross Margin	35.02%	36.99%	31.90%	26.38%	25.83%	26.24%	27.90%	26.88%	28.66%	31.77%	26.07%	33.14%	28.99%	31.26%	27.19%	29.29%	35.26%	29.68%	34.15%	30.09%	26.62%	26.72%	29.59%	34.53%	34.87%	32.37%	32.87%	44.01%	46.52%	42.90%	34.42%
R&D Expenses	95.284M	107.609M	96.208M	90.777M	85.836M	75.619M	67.918M	57.225M	54.125M	44.909M	39.469M	37.240M	33.889M	28.079M	19.348M	16.212M	12.632M	12.618M	9.960M	4.923M	2.760M	2.662M	2.842M	3.339M	4.072M	4.722M	3.260M	3.817M	2.931M	1.427M	0.000M
SG&A Expenses	196.316M	175.014M	168.518M	160.510M	151.200M	132.874M	138.431M	134.007M	134.771M	133.140M	123.413M	120.896M	102.996M	80.037M	55.019M	51.167M	52.290M	52.386M	41.528M	28.373M	25.003M	23.628M	20.457M	23.347M	29.846M	27.526M	15.793M	18.453M	15.571M	14.261M	11.490M
Operating Expenses	291.600M	282.623M	264.726M	251.286M	237.036M	208.493M	206.349M	191.232M	188.896M	178.049M	162.882M	158.136M	136.885M	108.116M	74.367M	67.379M	64.923M	65.004M	51.487M	33.296M	27.762M	26.289M	23.299M	26.686M	33.918M	32.248M	19.053M	22.270M	18.502M	15.688M	11.490M
Operating Income	280.317M	286.979M	190.896M	107.720M	66.003M	67.877M	110.586M	105.507M	108.387M	123.493M	46.353M	85.441M	49.338M	73.728M	62.555M	58.234M	74.572M	60.394M	67.881M	40.267M	23.745M	15.377M	9.849M	17.482M	14.110M	9.064M	8.883M	16.094M	27.722M	24.297M	14.124M
Operating Margin	17.16%	18.64%	13.37%	7.92%	5.63%	6.44%	9.73%	9.56%	10.45%	13.01%	5.77%	11.63%	7.68%	12.67%	12.42%	13.58%	18.85%	14.29%	19.42%	16.47%	12.27%	9.86%	8.79%	13.67%	10.24%	7.10%	10.45%	18.46%	27.90%	26.07%	18.98%
Interest Income	7.941M	8.965M	7.192M	4.247M	2.974M	3.648M	4.787M	3.280M	2.452M	1.957M	1.929M	1.726M	1.533M	1.692M	1.505M	0.786M	0.922M	1.703M	0.621M	0.299M	0.204M	0.162M	0.078M	0.060M	0.100M	0.102M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	18.840M	25.183M	20.913M	20.159M	17.019M	20.007M	19.021M	18.872M	13.389M	10.594M	10.083M	9.075M	7.787M	7.906M	6.251M	3.357M	3.469M	3.618M	2.761M	0.705M	0.861M	0.636M	0.435M	0.425M	0.465M	0.396M	0.150M	0.210M	0.337M	0.200M	0.439M
Net Interest Income	-10.898M	-16.218M	-13.721M	-15.912M	-14.045M	-16.359M	-14.234M	-15.592M	-10.937M	-8.636M	-8.154M	-7.349M	-6.255M	-6.214M	-4.747M	-2.571M	-2.547M	-1.915M	-2.140M	-0.406M	-0.658M	-0.474M	-0.357M	-0.365M	-0.365M	-0.294M	-0.150M	-0.210M	-0.337M	-0.200M	-0.439M
Other Income / Expense	-201.682M	-231.241M	-107.269M	-3.690M	28.583M	-10.516M	-41.633M	-40.417M	-51.101M	-74.706M	2.077M	-47.136M	-7.247M	-41.817M	-29.517M	-27.982M	-60.036M	-40.390M	-41.513M	-24.652M	-10.066M	-7.035M	-9.001M	-20.893M	-10.289M	-0.661M	-3.636M	-11.600M	-19.174M	-14.027M	-3.923M
Pre-Tax Income	67.737M	39.520M	69.906M	88.117M	80.541M	41.002M	54.720M	49.498M	46.350M	40.151M	40.276M	30.956M	35.836M	25.697M	28.291M	27.682M	11.989M	18.088M	24.228M	15.209M	13.021M	7.867M	0.492M	-3.777M	3.456M	8.109M	5.097M	4.284M	8.211M	10.070M	9.762M
Pre-Tax Margin	4.15%	2.57%	4.89%	6.48%	6.86%	3.89%	4.82%	4.48%	4.47%	4.23%	5.02%	4.21%	5.58%	4.42%	5.62%	6.46%	3.03%	4.28%	6.93%	6.22%	6.73%	5.04%	0.44%	-2.95%	2.51%	6.35%	6.00%	4.91%	8.26%	10.80%	13.12%
Income Tax Expense	15.250M	15.415M	13.433M	13.341M	11.978M	9.306M	9.923M	10.963M	9.195M	9.069M	9.868M	7.929M	7.426M	6.365M	5.825M	6.007M	3.443M	3.888M	4.515M	2.559M	2.165M	1.430M	0.952M	1.029M	1.431M	2.565M	1.503M	2.360M	1.992M	1.790M	1.339M
Tax Rate	22.51%	35.00%	19.22%	15.14%	14.87%	22.70%	18.13%	22.15%	19.84%	22.59%	24.50%	25.61%	20.72%	24.77%	20.59%	21.70%	28.72%	21.49%	18.64%	16.83%	16.63%	18.18%	35.00%	0.00%	35.00%	31.63%	29.49%	35.00%	24.26%	17.78%	13.72%
Net Income	52.487M	24.104M	56.473M	74.776M	68.563M	31.696M	44.797M	38.535M	37.155M	31.081M	30.408M	23.027M	28.410M	19.332M	22.466M	21.674M	8.546M	14.201M	19.713M	12.650M	10.856M	6.437M	-0.461M	-4.806M	2.025M	5.544M	3.594M	1.924M	6.219M	8.280M	8.423M
Net Margin	3.21%	1.57%	3.95%	5.49%	5.84%	3.01%	3.94%	3.49%	3.58%	3.28%	3.79%	3.13%	4.42%	3.32%	4.46%	5.05%	2.16%	3.36%	5.64%	5.17%	5.61%	4.13%	-0.41%	-3.76%	1.47%	4.34%	4.23%	2.21%	6.26%	8.88%	11.32%
EBIT	280.317M	286.979M	190.896M	107.720M	66.003M	67.877M	110.586M	105.507M	108.387M	123.493M	46.353M	85.441M	49.338M	73.728M	62.555M	58.234M	74.572M	60.394M	67.881M	40.267M	23.745M	15.377M	9.849M	17.482M	14.110M	9.064M	8.883M	16.094M	27.722M	24.297M	14.124M
Depreciation & Amortization	41.972M	56.964M	61.225M	61.929M	58.097M	58.220M	53.794M	48.503M	47.167M	35.309M	35.143M	30.159M	26.788M	26.583M	16.639M	14.172M	15.742M	13.023M	10.373M	7.089M	6.204M	5.569M	4.198M	5.362M	6.284M	5.498M	3.792M	2.885M	1.827M	1.275M	0.894M
EBITDA	322.290M	343.943M	252.121M	169.648M	124.100M	126.097M	164.380M	154.010M	155.554M	158.802M	81.496M	115.600M	76.126M	100.311M	79.194M	72.407M	90.314M	73.416M	78.254M	47.356M	29.949M	20.946M	14.047M	22.844M	20.394M	14.562M	12.676M	18.978M	29.549M	25.572M	15.018M
EBITDA Margin	19.73%	22.33%	17.65%	12.47%	10.58%	11.97%	14.47%	13.95%	15.00%	16.73%	10.15%	15.73%	11.85%	17.24%	15.73%	16.89%	22.83%	17.38%	22.38%	19.37%	15.48%	13.43%	12.54%	17.86%	14.81%	11.41%	14.91%	21.77%	29.74%	27.44%	20.18%
NOPAT	217.210M	186.536M	154.213M	91.410M	56.187M	52.472M	90.533M	82.140M	86.886M	95.598M	34.996M	63.556M	39.114M	55.466M	49.674M	45.596M	53.156M	47.413M	55.230M	33.491M	19.797M	12.581M	6.402M	17.482M	9.172M	6.196M	6.264M	10.461M	20.998M	19.977M	12.187M
NOPAT Margin	13.30%	12.11%	10.80%	6.72%	4.79%	4.98%	7.97%	7.44%	8.38%	10.07%	4.36%	8.65%	6.09%	9.53%	9.86%	10.63%	13.44%	11.22%	15.80%	13.70%	10.23%	8.07%	5.72%	13.67%	6.66%	4.86%	7.37%	12.00%	21.13%	21.43%	16.37%
Owner's Earnings	94.460M	81.069M	117.698M	136.705M	126.660M	89.917M	98.591M	87.038M	84.322M	66.390M	65.551M	53.186M	55.199M	45.916M	39.105M	35.847M	24.288M	27.223M	30.086M	19.739M	17.060M	12.006M	3.737M	0.556M	8.310M	11.042M	7.387M	4.808M	8.046M	9.555M	9.317M
Owner's Earnings Margin	5.78%	5.26%	8.24%	10.05%	10.79%	8.54%	8.68%	7.88%	8.13%	7.00%	8.17%	7.24%	8.59%	7.89%	7.77%	8.36%	6.14%	6.44%	8.61%	8.07%	8.82%	7.70%	3.34%	0.44%	6.03%	8.65%	8.69%	5.52%	8.10%	10.25%	12.52%
EPS	0.12	0.05	0.13	0.16	0.15	0.07	0.11	0.08	0.09	0.08	0.08	0.07	0.10	0.07	0.08	0.07	0.03	0.06	0.07	0.05	0.05	0.03	0.00	-0.03	0.01	0.03	0.02	0.01	0.03	0.04	0.03
EPS (Diluted)	0.12	0.05	0.13	0.16	0.15	0.07	0.11	0.08	0.09	0.08	0.08	0.07	0.10	0.07	0.08	0.07	0.03	0.06	0.07	0.05	0.05	0.03	0.00	-0.03	0.01	0.03	0.02	0.01	0.03	0.04	0.03
Shares (Diluted)	453,181,157	445,154,317	434,237,544	455,859,185	451,944,978	466,954,979	420,977,453	458,811,176	400,371,250	410,155,429	393,610,420	326,326,517	290,655,762	258,956,787	283,886,041	292,462,271	266,045,159	256,404,772	267,262,135	240,087,259	221,909,098	217,564,618	173,696,059	171,256,904	169,880,334	192,038,752	159,986,279	185,720,898	224,814,526	186,817,536	254,586,302

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	228.51M	319.95M	322.31M	302.51M	270.10M	239.70M	226.22M	224.24M	205.85M	194.18M	156.44M	143.23M	121.20M	116.57M	107.09M	94.32M	82.49M	69.99M	58.25M	44.30M	41.22M	25.43M	22.30M	23.63M	28.37M	23.03M	18.21M	10.04M	15.03M	9.00M	5.74M
Short-Term Investments	80.35M	35.46M	53.67M	37.92M	59.50M	107.34M	60.46M	16.16M	23.70M	17.44M	28.04M	9.81M	20.75M	13.35M	9.28M	15.46M	12.45M	14.60M	19.47M	13.33M	6.78M	13.04M	8.92M	7.68M	7.75M	18.18M	9.12M	1.56M	4.16M	0.25M	0.16M
Cash & Short-Term Investments	308.86M	355.41M	375.98M	340.43M	329.60M	347.03M	286.68M	240.40M	229.55M	211.62M	184.48M	153.03M	141.95M	129.92M	116.37M	109.79M	94.94M	84.58M	77.71M	57.62M	48.01M	38.47M	31.22M	31.31M	36.12M	41.22M	27.34M	11.59M	19.19M	9.25M	5.89M
Net Receivables	343.16M	418.22M	339.25M	371.20M	325.52M	269.22M	281.00M	263.38M	246.20M	217.79M	205.30M	205.49M	150.74M	145.04M	107.47M	75.90M	59.87M	68.74M	54.24M	43.74M	38.06M	33.67M	18.15M	18.78M	24.82M	21.06M	15.87M	10.58M	10.92M	12.23M	6.86M
Inventory	270.95M	262.82M	279.39M	287.50M	205.46M	168.49M	153.81M	158.21M	148.43M	115.63M	108.72M	108.52M	92.11M	94.01M	70.28M	61.11M	56.08M	49.01M	42.03M	36.28M	29.10M	24.45M	15.22M	20.70M	27.80M	25.33M	19.06M	17.09M	18.87M	16.61M	15.47M
Other Current Assets	47.75M	47.43M	55.02M	69.60M	58.91M	52.96M	74.51M	66.73M	69.60M	46.94M	45.23M	47.31M	37.29M	44.51M	27.04M	18.84M	18.62M	17.27M	12.35M	6.64M	7.30M	4.72M	10.74M	12.57M	10.08M	15.96M	14.85M	16.72M	16.00M	14.01M	13.27M
Total Current Assets	970.72M	1,083.89M	1,049.64M	1,068.72M	919.50M	837.70M	795.99M	728.71M	693.78M	591.98M	543.72M	514.35M	422.09M	413.48M	321.16M	265.63M	229.50M	219.60M	186.33M	144.29M	122.47M	101.30M	75.33M	83.36M	98.82M	103.57M	77.12M	55.98M	64.98M	52.11M	41.49M
Property, Plant & Equipment	224.46M	285.58M	306.85M	297.33M	260.71M	232.42M	231.95M	179.67M	177.37M	159.52M	152.25M	133.76M	139.57M	137.78M	91.86M	66.34M	65.84M	59.34M	51.92M	39.13M	35.83M	29.20M	22.37M	29.44M	30.18M	29.95M	24.63M	19.27M	17.32M	13.85M	12.26M
Goodwill	99.86M	112.92M	93.63M	102.02M	89.10M	91.08M	82.69M	75.47M	68.73M	54.43M	51.43M	34.32M	27.42M	24.00M	11.73M	5.51M	2.34M	6.37M	8.36M	4.83M	0.32M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	81.67M	101.53M	98.98M	105.30M	90.79M	95.47M	82.16M	58.25M	47.00M	47.02M	43.75M	54.58M	52.49M	44.92M	27.02M	25.56M	19.75M	20.86M	16.81M	7.60M	6.91M	5.79M	4.83M	5.09M	5.85M	5.39M	2.67M	1.81M	1.27M	0.67M	0.39M
Long-Term Investments	58.84M	27.38M	48.66M	37.70M	31.30M	27.00M	30.07M	38.55M	37.72M	40.60M	31.70M	26.81M	20.03M	15.05M	10.59M	8.80M	5.19M	6.56M	3.32M	2.60M	1.87M	0.73M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	30.36M	28.68M	30.46M	22.89M	17.44M	16.36M	10.69M	16.81M	13.10M	8.59M	9.98M	6.10M	7.68M	7.29M	4.88M	5.92M	5.02M	4.75M	2.68M	1.71M	1.14M	0.64M	0.33M	0.66M	0.53M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	39.07M	104.99M	46.15M	65.28M	67.66M	54.46M	66.79M	33.37M	27.05M	27.05M	28.57M	20.75M	23.27M	21.84M	19.60M	12.80M	12.48M	10.42M	14.07M	7.36M	5.30M	4.38M	3.69M	4.21M	4.82M	5.16M	3.50M	2.53M	4.26M	3.04M	2.47M
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	534.27M	661.08M	624.72M	630.54M	557.00M	516.79M	504.35M	402.11M	370.97M	337.19M	317.68M	276.31M	270.45M	250.87M	165.68M	124.93M	110.63M	108.29M	97.16M	63.23M	51.38M	40.74M	31.21M	39.40M	41.37M	40.49M	30.80M	23.61M	22.86M	17.56M	15.12M
Total Assets	1,504.99M	1,744.97M	1,674.36M	1,699.26M	1,476.50M	1,354.49M	1,300.35M	1,130.82M	1,064.75M	929.17M	861.40M	790.66M	692.55M	664.35M	486.85M	390.56M	340.13M	327.89M	283.48M	207.52M	173.85M	142.04M	106.54M	122.77M	140.19M	144.07M	107.92M	79.59M	87.84M	69.67M	56.61M
Accounts Payable	211.84M	225.75M	222.98M	239.11M	211.05M	181.57M	186.62M	175.10M	157.50M	142.73M	118.97M	110.69M	94.56M	90.38M	75.39M	71.49M	53.84M	55.85M	49.35M	34.09M	30.18M	18.92M	11.70M	12.17M	13.63M	15.89M	10.55M	9.68M	9.75M	8.72M	6.72M
Short-Term Debt	169.34M	123.22M	102.80M	104.97M	87.34M	88.76M	81.98M	96.41M	74.03M	67.86M	54.86M	54.56M	52.69M	49.22M	35.72M	33.70M	21.14M	20.04M	20.63M	12.20M	10.08M	9.55M	3.91M	4.10M	8.41M	7.13M	7.46M	6.95M	6.18M	5.88M	6.68M
Tax Payables	0.14M	11.48M	7.49M	11.10M	9.19M	9.57M	9.81M	9.64M	9.50M	6.98M	6.79M	5.62M	4.68M	3.82M	2.17M	2.91M	1.76M	1.59M	2.38M	1.80M	1.28M	0.47M	0.41M	0.48M	0.24M	0.33M	0.30M	0.18M	0.25M	0.21M	0.18M
Deferred Revenue	36.66M	9.49M	22.21M	42.14M	75.37M	76.60M	54.79M	31.54M	44.25M	38.20M	28.94M	26.16M	22.58M	17.69M	14.03M	13.31M	11.73M	7.02M	8.99M	8.87M	5.96M	3.35M	3.84M	5.44M	5.17M	3.83M	2.16M	2.34M	1.48M	1.73M	1.08M
Other Current Liabilities	79.57M	133.79M	121.22M	120.08M	80.23M	78.52M	110.66M	102.22M	75.12M	69.99M	69.32M	49.60M	45.97M	51.78M	38.89M	34.17M	20.11M	16.57M	15.22M	11.43M	11.03M	9.48M	5.05M	4.56M	5.13M	9.15M	7.38M	6.70M	5.67M	4.77M	4.53M
Total Current Liabilities	497.54M	503.73M	476.69M	517.39M	463.18M	435.02M	443.85M	414.91M	360.40M	325.77M	278.87M	246.64M	220.48M	212.90M	166.20M	155.58M	108.58M	101.08M	96.58M	68.39M	58.53M	41.77M	24.92M	26.75M	32.59M	36.33M	27.86M	25.86M	23.32M	21.32M	19.18M
Long-Term Debt	168.34M	212.83M	240.17M	229.69M	201.23M	192.98M	195.40M	142.00M	116.62M	103.73M	83.35M	80.74M	38.94M	59.41M	20.21M	18.89M	18.16M	13.47M	14.01M	9.85M	7.95M	8.78M	2.12M	4.19M	4.22M	8.63M	2.80M	2.55M	3.08M	3.81M	3.87M
Capital Lease Obligations	5.57M	30.71M	29.76M	31.77M	27.78M	28.31M	16.28M	0.60M	0.07M	0.06M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	6.57M	10.62M	10.66M	9.20M	8.44M	7.19M	7.59M	4.63M	5.22M	3.36M	2.44M	2.29M	2.31M	1.62M	1.22M	1.14M	1.14M	0.78M	0.91M	0.42M	0.13M	0.00M	0.00M	0.00M	0.00M	0.04M	0.03M	0.02M	0.00M	0.00M	0.02M
Other Non-Current Liabilities	32.47M	41.40M	29.94M	32.21M	32.90M	30.75M	23.46M	30.15M	30.50M	29.87M	30.03M	25.96M	11.83M	10.53M	7.61M	10.12M	6.31M	6.94M	6.21M	4.22M	3.96M	3.72M	1.84M	1.55M	1.46M	0.46M	0.12M	0.20M	0.41M	0.47M	0.61M
Total Non-Current Liabilities	212.96M	295.56M	310.53M	302.86M	270.35M	259.23M	242.74M	177.38M	152.41M	137.02M	115.82M	108.99M	53.07M	71.55M	29.04M	30.15M	25.62M	21.19M	21.13M	14.49M	12.04M	12.50M	3.96M	5.74M	5.69M	9.12M	2.95M	2.77M	3.49M	4.27M	4.50M
Total Liabilities	710.50M	799.29M	787.22M	820.25M	733.53M	694.24M	686.59M	592.29M	512.81M	462.79M	394.68M	355.63M	273.55M	284.46M	195.24M	185.74M	134.19M	122.27M	117.71M	82.88M	70.57M	54.28M	28.88M	32.49M	38.28M	45.46M	30.81M	28.63M	26.81M	25.59M	23.68M
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	0.01M	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
Common Stock	68.28M	74.62M	73.86M	73.63M	73.81M	75.01M	71.95M	73.81M	67.34M	64.31M	61.16M	54.85M	51.30M	45.23M	36.31M	37.02M	34.11M	33.69M	22.74M	16.81M	17.57M	13.67M	9.20M	9.96M	11.83M	11.98M	11.28M	7.03M	7.97M	5.18M	4.17M
Retained Earnings	156.11M	282.90M	335.77M	262.58M	214.27M	202.57M	198.14M	196.29M	208.53M	157.74M	128.97M	100.13M	86.63M	81.30M	52.16M	44.77M	30.54M	38.19M	29.35M	13.34M	13.99M	5.80M	-0.27M	-0.18M	3.62M	7.96M	4.23M	7.01M	13.85M	14.06M	11.65M
Accumulated OCI	127.84M	10.02M	5.12M	16.09M	12.80M	11.50M	13.22M	7.61M	9.96M	9.98M	7.89M	-2.73M	-0.96M	-0.46M	-0.98M	-0.58M	-0.40M	-0.17M	0.02M	0.00M	-0.11M	-0.06M	-0.09M	-0.08M	-1.12M	-1.11M	-0.95M	-1.35M	-1.37M	-1.31M	-0.36M
Minority Interest	14.90M	14.78M	14.59M	11.76M	12.66M	9.06M	7.84M	9.35M	8.35M	8.97M	7.25M	6.72M	5.10M	5.06M	3.89M	2.35M	2.28M	1.84M	1.85M	1.70M	1.67M	1.60M	1.10M	0.93M	0.87M	0.76M	0.81M	0.46M	0.38M	0.11M	0.11M
Total Shareholders’ Equity	352.24M	367.54M	414.75M	352.31M	300.89M	289.09M	283.30M	277.71M	285.83M	232.03M	198.03M	152.25M	136.99M	126.07M	87.49M	81.21M	64.25M	71.71M	52.10M	30.16M	31.46M	19.40M	8.83M	9.70M	14.33M	18.83M	14.56M	12.69M	20.44M	17.93M	15.46M
Total Equity	367.14M	382.32M	429.34M	364.07M	313.55M	298.14M	291.15M	287.06M	294.18M	241.00M	205.28M	158.97M	142.08M	131.13M	91.38M	83.55M	66.53M	73.55M	53.96M	31.86M	33.13M	21.00M	9.94M	10.63M	15.19M	19.59M	15.37M	13.14M	20.82M	18.04M	15.57M
Total Liabilities & Equity	1,077.64M	1,181.61M	1,216.56M	1,184.33M	1,047.08M	992.39M	977.74M	879.34M	806.99M	703.79M	599.96M	514.60M	415.64M	415.58M	286.61M	269.29M	200.72M	195.81M	171.66M	114.74M	103.70M	75.28M	38.82M	43.11M	53.47M	65.04M	46.18M	41.77M	47.63M	43.63M	39.25M
Tangible Assets	1,323.46M	1,530.51M	1,481.76M	1,491.93M	1,296.60M	1,167.94M	1,135.50M	997.11M	949.02M	827.72M	766.22M	701.76M	612.64M	595.44M	448.10M	359.49M	318.04M	300.66M	258.32M	195.10M	166.62M	136.25M	101.72M	117.67M	134.34M	138.68M	105.25M	77.77M	86.56M	69.00M	56.21M
Tangible Equity	185.61M	167.86M	236.74M	156.75M	133.65M	111.59M	126.30M	153.35M	178.45M	139.56M	110.10M	70.08M	62.18M	62.21M	52.63M	52.48M	44.44M	46.32M	28.79M	19.43M	25.90M	15.22M	5.11M	5.53M	9.34M	14.20M	12.70M	11.33M	19.54M	17.37M	15.18M
Tangible Book Value	185.61M	167.86M	236.74M	156.75M	133.65M	111.59M	126.30M	153.35M	178.45M	139.56M	110.10M	70.08M	62.18M	62.21M	52.63M	52.48M	44.44M	46.32M	28.79M	19.43M	25.90M	15.22M	5.11M	5.53M	9.34M	14.20M	12.70M	11.33M	19.54M	17.37M	15.18M
Total Investments	118.01M	68.77M	119.68M	90.80M	58.13M	58.30M	57.16M	62.69M	61.05M	62.45M	55.62M	48.09M	47.71M	38.95M	31.31M	32.66M	27.48M	35.81M	39.50M	16.78M	15.60M	11.29M	7.46M	9.01M	10.40M	18.86M	4.81M	0.69M	0.59M	0.00M	0.00M
Net Debt	109.18M	16.11M	20.65M	32.15M	18.47M	42.05M	51.16M	14.17M	-15.20M	-22.58M	-18.23M	-7.92M	-29.57M	-7.94M	-51.16M	-41.74M	-43.19M	-36.47M	-23.60M	-22.25M	-23.19M	-7.10M	-16.27M	-15.34M	-15.74M	-7.27M	-7.96M	-0.53M	-5.78M	0.69M	4.81M

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	469.59M	613.06M	496.57M	491.17M	450.36M	371.23M	408.57M	270.00M	292.04M	301.83M	256.83M	254.48M	201.55M	169.00M	159.50M	138.23M	123.96M	133.85M	105.48M	83.54M	69.73M	53.09M	40.55M	52.87M	60.66M	70.70M	57.50M	53.01M	51.68M	40.30M	32.23M
Total Capital	1,240.83M	1,402.10M	1,393.07M	1,375.63M	1,279.29M	1,150.52M	1,101.50M	930.49M	917.23M	733.86M	675.60M	621.13M	538.71M	517.94M	379.84M	335.68M	290.48M	274.00M	267.74M	174.28M	142.03M	121.67M	88.03M	101.93M	132.69M	129.84M	94.52M	70.57M	82.84M	68.49M	41.11M
Capital Employed	1,408.13M	1,792.93M	1,687.52M	1,577.58M	1,507.51M	1,336.03M	1,244.63M	1,151.96M	1,116.47M	833.90M	812.12M	672.88M	555.95M	545.16M	370.28M	331.17M	301.26M	295.11M	285.09M	169.97M	161.61M	137.24M	105.04M	123.08M	132.88M	143.23M	110.13M	88.95M	71.63M	56.62M	46.60M
Invested Capital	1,012.32M	1,082.15M	1,070.76M	1,073.13M	1,009.18M	910.83M	875.28M	706.25M	711.38M	539.68M	519.16M	477.90M	417.51M	401.37M	272.75M	241.36M	207.99M	204.01M	209.50M	129.98M	100.81M	96.24M	65.73M	78.29M	104.32M	106.81M	76.31M	60.53M	67.81M	59.49M	35.37M

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	29.83M	59.68M	62.87M	66.10M	63.00M	57.82M	53.43M	48.57M	47.21M	35.27M	35.41M	32.21M	29.13M	27.46M	18.02M	16.51M	15.25M	13.00M	9.96M	6.89M	6.18M	5.59M	4.11M	5.88M	6.86M	5.75M	4.06M	3.40M	3.89M	2.75M	1.59M
Deferred Income Tax	0.00M	0.00M	-0.83M	-2.33M	-1.80M	-1.82M	-0.97M	-0.94M	-0.93M	-0.64M	-0.65M	0.07M	-0.06M	-0.11M	0.00M	0.12M	0.00M	-0.10M	-0.06M	0.00M	-0.03M	0.00M	0.00M	0.00M	-0.06M	0.00M	-0.01M	-0.02M	0.01M	-0.16M	-0.13M
Stock-Based Compensation	1.73M	2.50M	3.54M	6.85M	6.41M	3.73M	3.33M	2.92M	2.76M	2.33M	2.11M	2.17M	1.69M	1.88M	0.82M	0.82M	0.48M	0.09M	0.06M	0.01M	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	-31.71M	-24.36M	-16.10M	-53.11M	-35.38M	-4.60M	-9.13M	-21.48M	-19.06M	-9.31M	-9.78M	-19.84M	-16.59M	-9.68M	-17.59M	-12.71M	-0.87M	-4.55M	-3.70M	-4.19M	-2.90M	-5.55M	1.47M	-0.22M	-1.48M	-10.07M	-2.12M	-6.31M	-5.71M	-3.31M	-9.42M
Accounts Receivable	-12.59M	-35.46M	-1.10M	-30.11M	-17.29M	-7.52M	-15.70M	-22.54M	-15.40M	-14.59M	-9.42M	-13.06M	-8.94M	-5.09M	0.00M	-0.24M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	-6.38M	13.96M	4.40M	-24.19M	-34.22M	-13.49M	3.77M	-7.35M	-16.63M	-8.76M	-3.44M	-9.72M	-2.03M	-2.28M	-8.31M	-7.24M	1.44M	-1.54M	-2.86M	-3.68M	-2.88M	-3.42M	0.31M	0.59M	-3.12M	-6.28M	-1.17M	-2.38M	-4.10M	-1.27M	-2.59M
Accounts Payable	0.96M	1.28M	-11.58M	8.98M	17.43M	20.24M	4.02M	14.17M	10.17M	8.57M	2.65M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-3.17M	1.89M	-3.47M	-2.40M	2.33M	-1.66M	-0.82M	-8.05M	-3.04M	2.36M	-0.28M	0.28M	-3.27M	-6.06M	-8.86M	-3.46M	0.74M	0.01M	1.06M	-1.39M	-1.40M	-0.36M	2.21M	-0.84M	4.15M	-1.82M	-1.01M	-2.51M	-0.37M	-1.85M	0.06M
Other Non-Cash Items	36.71M	26.80M	22.65M	19.31M	14.42M	29.57M	21.87M	15.88M	19.60M	10.62M	5.44M	7.56M	3.33M	2.95M	3.37M	2.75M	1.79M	3.28M	2.28M	1.37M	2.93M	2.71M	3.03M	3.92M	5.01M	1.57M	0.30M	1.70M	4.68M	1.66M	0.20M
Net Cash from Operating Activities	129.61M	124.11M	101.04M	104.73M	92.25M	145.16M	113.19M	86.89M	67.11M	61.59M	78.58M	44.16M	50.73M	45.35M	24.02M	34.38M	31.57M	28.61M	24.02M	13.63M	12.22M	7.95M	5.33M	4.63M	3.11M	3.42M	6.85M	3.44M	14.15M	4.09M	4.57M
Capital Expenditures (PPE)	-54.46M	-52.49M	-51.16M	-55.78M	-47.18M	-39.96M	-44.10M	-42.60M	-45.51M	-41.37M	-37.06M	-32.95M	-27.76M	-29.58M	-21.67M	-17.73M	-14.42M	-16.22M	-13.50M	-8.79M	-7.10M	-7.06M	-3.95M	-5.29M	-12.23M	-10.28M	-9.55M	-8.52M	-9.47M	-6.67M	-5.20M
Acquisitions (Net)	0.09M	-0.57M	-1.86M	-1.34M	-1.54M	3.63M	-1.95M	-4.16M	0.31M	-0.53M	-2.01M	-2.02M	-1.32M	-2.47M	-0.84M	-1.17M	-0.79M	-0.47M	-1.17M	0.18M	-0.49M	0.01M	-0.06M	-0.54M	0.06M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-82.52M	-75.52M	-47.06M	-73.77M	-38.68M	-55.38M	-58.68M	-30.67M	-41.34M	-32.27M	-29.06M	-16.10M	-18.36M	-14.04M	-6.71M	-7.42M	-9.82M	-15.94M	-9.14M	-4.38M	-8.51M	-5.70M	-5.37M	-7.30M	-10.15M	-7.22M	-2.44M	-0.80M	-1.25M	-0.01M	-0.30M
Sales / Maturities of Investments	71.93M	80.55M	56.91M	69.88M	41.18M	66.31M	59.24M	35.14M	29.87M	35.10M	27.03M	25.08M	20.07M	13.59M	14.87M	8.15M	14.05M	14.15M	14.54M	5.33M	8.91M	5.46M	6.05M	6.67M	8.30M	4.62M	0.68M	0.63M	0.24M	0.23M	0.00M
Other Investing Activities	-0.05M	0.93M	0.17M	2.77M	1.64M	-4.44M	-0.09M	2.59M	-1.74M	-2.23M	-1.66M	-1.03M	0.16M	1.92M	0.93M	-1.61M	-0.79M	-0.70M	-1.87M	0.36M	0.19M	0.01M	-0.19M	0.59M	-2.15M	-0.26M	-0.04M	-0.35M	-1.10M	-0.01M	-0.04M
Net Cash from Investing Activities	-72.00M	-76.06M	-57.62M	-63.85M	-50.21M	-50.35M	-64.01M	-53.39M	-58.56M	-66.12M	-53.71M	-42.87M	-35.04M	-38.77M	-22.93M	-26.19M	-18.79M	-14.83M	-18.21M	-8.73M	-4.98M	-10.16M	-4.33M	-7.87M	-11.52M	-23.97M	-14.37M	-8.90M	-21.80M	-21.48M	-9.99M
Net Debt Issuance	5.11M	-6.03M	7.63M	17.67M	4.39M	10.00M	4.26M	5.43M	10.96M	16.59M	1.63M	12.95M	6.31M	5.99M	3.67M	5.09M	2.73M	0.08M	0.97M	0.57M	-1.19M	-0.62M	0.32M	-2.60M	1.96M	0.59M	0.65M	1.35M	-0.33M	-0.02M	1.47M
Long-Term Debt Issuance	3.92M	-4.33M	13.34M	19.86M	8.30M	9.96M	9.79M	5.56M	15.37M	13.57M	5.90M	15.45M	7.06M	5.90M	6.53M	4.23M	3.93M	-0.28M	1.59M	0.55M	-0.80M	0.19M	0.31M	-2.00M	1.40M	0.53M	0.64M	1.35M	-0.33M	-0.02M	1.47M
Short-Term Debt Issuance	5.08M	0.00M	0.00M	-0.86M	-1.51M	-0.04M	-0.07M	-0.28M	-0.86M	0.00M	0.00M	0.00M	-0.53M	-0.31M	-0.32M	0.06M	-0.72M	-0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-0.82M	-1.48M	-2.29M	-3.31M	-1.06M	-0.99M	-0.10M	-0.11M	-0.09M	0.00M	-0.23M	0.07M	0.07M	-0.13M	0.08M	0.38M	0.07M	-0.30M	0.73M	0.41M	0.81M	0.80M	0.19M	0.60M	2.52M	3.93M	2.50M	0.45M	1.76M	1.53M	4.89M
Common Stock Issuance	0.00M	0.60M	0.38M	0.89M	1.13M	0.42M	0.75M	0.32M	0.79M	1.12M	0.77M	0.23M	0.85M	0.35M	0.79M	1.23M	0.35M	1.32M	2.66M	1.54M	1.90M	1.21M	0.44M	1.45M	3.18M	9.78M	3.70M	0.63M	3.74M	2.24M	7.33M
Common Stock Repurchased	-0.72M	-2.13M	-3.91M	-4.78M	-1.76M	-1.29M	-0.30M	-0.38M	-0.38M	-0.15M	-0.58M	-0.46M	-0.15M	-0.48M	-0.22M	0.00M	-0.07M	-1.39M	-0.44M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-7.65M	-16.40M	-17.95M	-11.36M	-10.34M	-10.97M	-14.99M	-14.30M	-14.71M	-13.96M	-11.55M	-8.76M	-8.64M	-7.78M	-5.99M	-3.71M	-2.93M	-3.76M	-3.03M	-2.10M	-2.06M	-1.34M	-0.65M	-1.37M	-0.80M	-0.50M	-0.84M	-0.70M	0.00M	0.00M	-0.35M
Common Dividends Paid	-7.60M	-16.40M	-16.95M	-11.63M	-9.62M	-12.03M	-15.07M	-15.32M	-14.47M	-13.69M	-11.35M	-8.83M	-8.33M	-6.38M	-4.91M	-3.75M	-2.83M	-3.40M	-2.95M	-2.11M	-2.05M	-1.20M	-0.65M	-1.37M	-0.80M	-0.50M	-0.84M	-0.70M	0.00M	0.00M	-0.35M
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	-14.82M	-10.97M	-7.60M	-5.22M	-5.21M	-4.11M	-3.42M	1.50M	8.59M	4.88M	2.91M	2.39M	-1.32M	2.50M	1.27M	1.32M	0.97M	0.18M	1.85M	0.69M	-0.04M	0.33M	0.19M	0.59M	0.96M	0.24M	0.56M	0.78M	0.02M	-0.61M	0.23M
Net Cash from Financing Activities	-46.83M	-47.41M	-19.26M	-19.81M	-13.31M	-7.57M	-22.02M	-9.71M	6.90M	14.73M	-8.96M	0.04M	-11.49M	-4.80M	1.48M	4.51M	-0.78M	-8.88M	3.87M	0.72M	-1.65M	0.97M	0.64M	-0.07M	8.57M	22.31M	8.70M	3.87M	5.66M	-0.74M	12.21M
Effect of FX on Cash	1.75M	0.84M	0.42M	1.62M	-0.83M	-1.24M	-0.11M	-0.18M	-0.63M	-0.37M	-0.21M	0.08M	-0.09M	-0.22M	0.09M	-0.13M	-0.09M	-0.27M	0.08M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.02M	0.00M	0.48M	1.04M	0.38M
Net Change in Cash	24.32M	-7.30M	18.48M	-10.10M	18.55M	43.56M	10.95M	-1.29M	8.38M	14.78M	20.58M	-2.14M	5.55M	4.20M	3.85M	13.73M	11.61M	0.75M	10.17M	5.01M	4.09M	1.07M	2.42M	-1.62M	7.60M	5.57M	6.45M	-1.30M	2.92M	3.65M	5.10M
Cash at Beginning of Period	282.88M	302.97M	292.25M	270.48M	235.63M	226.54M	203.36M	196.87M	187.18M	146.59M	142.65M	110.92M	107.63M	107.48M	95.15M	73.54M	66.96M	58.20M	52.65M	41.39M	30.19M	23.69M	18.61M	26.81M	22.85M	15.19M	10.51M	13.21M	14.17M	7.62M	6.69M
Cash at End of Period	275.35M	313.26M	303.78M	295.28M	265.78M	241.58M	223.73M	210.75M	196.36M	173.43M	150.89M	132.86M	116.05M	109.43M	101.61M	97.26M	73.10M	65.99M	56.33M	46.29M	41.54M	25.33M	22.14M	25.23M	31.86M	25.21M	18.47M	11.02M	19.52M	15.18M	13.17M
Operating Cash Flow	130.70M	124.36M	102.55M	104.86M	92.25M	144.95M	113.19M	86.90M	67.11M	61.59M	78.58M	44.16M	50.73M	45.34M	24.02M	34.38M	31.57M	28.61M	24.02M	13.63M	12.22M	7.95M	5.33M	4.63M	3.11M	3.42M	6.85M	3.44M	14.15M	4.09M	4.57M
Capital Expenditure	-54.43M	-54.08M	-51.39M	-55.86M	-47.23M	-40.07M	-43.69M	-42.60M	-45.53M	-41.28M	-36.98M	-33.00M	-27.76M	-29.58M	-21.67M	-17.73M	-14.42M	-16.17M	-13.46M	-8.79M	-7.03M	-7.05M	-3.95M	-5.29M	-12.23M	-10.28M	-9.55M	-8.52M	-9.47M	-6.67M	-5.20M
Free Cash Flow	70.09M	52.25M	39.72M	25.77M	25.72M	80.63M	40.95M	23.50M	26.93M	25.82M	33.88M	7.61M	21.04M	12.53M	2.38M	7.67M	12.48M	10.94M	10.02M	5.11M	5.25M	1.79M	1.44M	-2.91M	-5.45M	-3.44M	0.67M	-6.88M	2.84M	1.17M	-2.25M

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	167.95M	133.58M	144.73M	168.50M	157.14M	151.39M	128.38M	119.47M	106.00M	90.46M	101.50M	65.57M	72.06M	57.99M	55.36M	50.34M	34.84M	39.86M	41.58M	24.05M	19.31M	14.66M	7.17M	6.55M	12.25M	15.18M	11.41M	16.72M	17.48M	12.90M	11.83M
(-) Tax Adjustment	37.81M	52.11M	27.81M	25.51M	23.37M	34.36M	23.28M	26.46M	21.03M	20.43M	24.87M	16.80M	14.93M	14.36M	11.40M	10.93M	10.01M	8.57M	7.75M	4.05M	3.21M	2.67M	13.89M	-1.79M	5.07M	4.80M	3.37M	9.21M	4.24M	2.29M	1.62M
(-) Change In Working Capital	-31.71M	-24.36M	-16.10M	-53.11M	-35.38M	-4.60M	-9.13M	-21.48M	-19.06M	-9.31M	-9.78M	-19.84M	-16.59M	-9.68M	-17.59M	-12.71M	-0.87M	-4.55M	-3.70M	-4.19M	-2.90M	-5.55M	1.47M	-0.22M	-1.48M	-10.07M	-2.12M	-6.31M	-5.71M	-3.31M	-9.42M
(-) Capital Expenditure	54.43M	54.08M	51.39M	55.86M	47.23M	40.07M	43.69M	42.60M	45.53M	41.28M	36.98M	33.00M	27.76M	29.58M	21.67M	17.73M	14.42M	16.17M	13.46M	8.79M	7.03M	7.05M	3.95M	5.29M	12.23M	10.28M	9.55M	8.52M	9.47M	6.67M	5.20M
Unlevered Free Cash Flow	107.42M	51.76M	81.63M	140.24M	121.91M	81.56M	70.54M	71.90M	58.50M	38.06M	49.43M	35.61M	45.96M	23.72M	39.88M	34.39M	11.29M	19.68M	24.07M	15.41M	11.96M	10.49M	-12.14M	3.27M	-3.57M	10.17M	0.62M	5.30M	9.49M	7.24M	14.43M
(-) Net Interest Income After Taxes	-8.44M	-9.89M	-11.08M	-13.50M	-11.96M	-12.65M	-11.65M	-12.14M	-8.77M	-6.69M	-6.16M	-5.47M	-4.96M	-4.67M	-3.77M	-2.01M	-1.82M	-1.50M	-1.74M	-0.34M	-0.55M	-0.39M	0.33M	-0.46M	-0.21M	-0.20M	-0.11M	-0.09M	-0.26M	-0.16M	-0.38M
Net Debt Issuance	5.11M	-6.03M	7.63M	17.67M	4.39M	10.00M	4.26M	5.43M	10.96M	16.59M	1.63M	12.95M	6.31M	5.99M	3.67M	5.09M	2.73M	0.08M	0.97M	0.57M	-1.19M	-0.62M	0.32M	-2.60M	1.96M	0.59M	0.65M	1.35M	-0.33M	-0.02M	1.47M
Levered Free Cash Flow	120.97M	55.62M	100.34M	171.41M	138.26M	104.21M	86.45M	89.47M	78.23M	61.33M	57.22M	54.03M	57.23M	34.39M	47.32M	41.50M	15.84M	21.26M	26.78M	16.32M	11.31M	10.26M	-12.16M	1.14M	-1.40M	10.97M	1.37M	6.74M	9.41M	7.39M	16.28M