Medical - Diagnostics & Research

Category: Industry Averages Base Ticker: FLRY3.SA

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	17.22	13.33	17.98	17.37	31.89	22.95	23.64	21.24	18.29	19.40	15.10	11.73	13.62	12.21	10.84	14.68	15.84	13.03	23.43	17.41	18.89	25.57	24.58	11.70	18.29	28.37	15.24	13.08	11.71	10.06	11.82
Market Capitalization	2,215.29M	1,663.08M	2,065.23M	1,780.94M	3,267.03M	2,798.72M	2,339.20M	1,825.30M	1,367.35M	1,044.02M	1,185.66M	705.74M	519.80M	477.79M	694.36M	871.36M	893.35M	911.29M	1,329.87M	966.86M	1,499.92M	1,616.93M	1,311.20M	813.44M	1,568.42M	2,001.25M	1,015.23M	800.72M	755.88M	669.64M	572.33M
(-) Cash & Equivalents	151.02M	153.36M	168.65M	163.73M	177.69M	142.17M	82.34M	60.92M	57.71M	52.56M	40.51M	35.23M	40.62M	31.13M	32.08M	39.29M	42.94M	41.53M	41.09M	30.37M	31.28M	26.20M	49.61M	33.24M	39.03M	44.82M	13.31M	13.60M	19.47M	15.31M	23.26M
(+) Total Debt	353.55M	306.86M	381.81M	443.43M	394.81M	325.69M	233.13M	152.42M	115.01M	72.98M	71.91M	59.01M	56.86M	52.46M	117.54M	96.97M	108.46M	135.31M	112.25M	45.21M	65.47M	104.12M	69.54M	54.39M	43.71M	58.88M	88.18M	53.21M	64.33M	71.76M	53.01M
Enterprise Value	2,312.04M	1,933.24M	2,192.67M	2,173.63M	3,510.18M	3,126.69M	2,803.27M	2,288.74M	1,753.87M	1,078.91M	1,281.25M	731.60M	570.62M	522.43M	884.20M	1,036.01M	1,022.09M	976.87M	1,455.62M	1,059.54M	1,616.82M	1,722.39M	1,323.36M	795.01M	1,572.38M	2,092.59M	1,171.61M	917.03M	800.98M	764.09M	647.77M

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	626.559M	614.330M	640.191M	800.786M	658.101M	497.029M	414.408M	378.162M	333.463M	304.843M	233.412M	179.319M	191.074M	222.154M	266.014M	282.121M	267.254M	291.028M	265.941M	216.527M	250.838M	233.069M	196.134M	177.772M	239.711M	227.637M	341.034M	353.909M	404.778M	412.955M	377.820M
Cost of Revenue	378.467M	358.355M	385.334M	429.728M	368.662M	281.985M	243.340M	213.833M	187.588M	167.599M	129.255M	110.312M	95.015M	100.394M	103.024M	117.072M	114.480M	117.861M	107.406M	86.112M	93.131M	118.727M	69.826M	94.293M	91.424M	81.860M	186.292M	192.033M	224.884M	269.070M	242.619M
Gross Profit	248.091M	255.975M	254.857M	371.058M	289.439M	215.044M	171.069M	164.329M	145.874M	137.245M	104.157M	69.007M	96.059M	121.761M	162.989M	165.049M	152.774M	173.167M	158.535M	130.415M	157.707M	114.343M	126.308M	83.479M	148.287M	145.778M	154.742M	161.876M	179.894M	143.885M	135.201M
Gross Margin	39.60%	41.67%	39.81%	46.34%	43.98%	43.27%	41.28%	43.45%	43.75%	45.02%	44.62%	38.48%	50.27%	54.81%	61.27%	58.50%	57.16%	59.50%	59.61%	60.23%	62.87%	49.06%	64.40%	46.96%	61.86%	64.04%	45.37%	45.74%	44.44%	34.84%	35.78%
R&D Expenses	22.641M	20.634M	22.095M	25.787M	20.605M	13.917M	12.056M	7.798M	6.686M	5.095M	3.145M	2.668M	2.183M	2.223M	1.856M	1.746M	2.391M	3.492M	3.276M	3.166M	6.790M	9.465M	6.848M	7.654M	8.235M	7.977M	7.431M	5.953M	5.325M	2.243M	3.396M
SG&A Expenses	127.299M	133.325M	129.902M	138.630M	115.774M	84.091M	84.083M	69.284M	63.913M	54.070M	42.974M	29.335M	23.862M	17.328M	26.169M	75.863M	69.825M	74.532M	66.715M	49.811M	47.710M	50.136M	72.654M	69.398M	76.162M	70.268M	87.002M	66.255M	78.783M	91.913M	80.300M
Operating Expenses	149.940M	153.959M	151.998M	164.417M	136.380M	98.007M	96.140M	77.082M	70.599M	59.165M	46.118M	32.002M	26.045M	19.551M	28.025M	77.610M	72.216M	78.024M	69.991M	52.977M	54.500M	59.601M	79.502M	77.052M	84.396M	78.245M	94.433M	72.207M	84.109M	94.156M	83.696M
Operating Income	98.151M	102.016M	102.859M	206.640M	153.060M	117.036M	74.929M	87.247M	75.275M	78.079M	58.038M	37.004M	70.014M	102.209M	134.964M	87.439M	80.557M	95.143M	88.544M	77.438M	103.207M	54.741M	46.806M	6.427M	63.891M	67.532M	60.309M	89.668M	95.786M	49.729M	51.505M
Operating Margin	15.67%	16.61%	16.07%	25.80%	23.26%	23.55%	18.08%	23.07%	22.57%	25.61%	24.87%	20.64%	36.64%	46.01%	50.74%	30.99%	30.14%	32.69%	33.29%	35.76%	41.14%	23.49%	23.86%	3.62%	26.65%	29.67%	17.68%	25.34%	23.66%	12.04%	13.63%
Interest Income	5.766M	6.681M	5.231M	2.095M	1.228M	1.189M	1.517M	0.686M	0.693M	0.455M	0.384M	0.313M	0.367M	0.356M	0.297M	0.381M	0.477M	1.529M	0.345M	0.190M	0.450M	0.222M	0.123M	0.143M	0.047M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	12.759M	13.943M	15.782M	15.728M	14.045M	12.647M	14.800M	9.396M	5.252M	5.217M	4.232M	3.170M	3.859M	4.681M	6.000M	6.390M	5.479M	9.493M	2.090M	0.680M	0.935M	1.234M	0.561M	0.487M	0.417M	0.191M	0.000M	0.042M	0.004M	0.229M	0.000M
Net Interest Income	-6.993M	-7.261M	-10.551M	-13.633M	-12.817M	-11.458M	-13.283M	-8.710M	-4.559M	-4.762M	-3.848M	-2.857M	-3.491M	-4.325M	-5.703M	-6.010M	-5.002M	-7.964M	-1.745M	-0.490M	-0.485M	-1.012M	-0.439M	-0.344M	-0.370M	-0.191M	0.000M	-0.042M	-0.004M	-0.229M	0.000M
Other Income / Expense	-63.726M	-79.186M	-57.263M	-94.822M	-29.376M	-51.741M	-31.443M	-53.064M	-51.435M	-55.631M	-40.446M	-21.288M	-55.152M	-85.128M	-110.076M	-51.366M	-52.509M	-66.713M	-62.045M	-45.556M	-73.928M	-22.923M	-25.973M	3.557M	-45.488M	-27.073M	-45.694M	-63.146M	-91.018M	-33.247M	-26.166M
Pre-Tax Income	27.432M	15.568M	35.045M	98.185M	110.867M	53.837M	30.203M	25.473M	19.280M	17.686M	13.745M	12.860M	11.371M	12.757M	19.185M	30.064M	23.047M	20.465M	24.755M	31.392M	28.794M	30.807M	20.395M	9.640M	18.032M	40.269M	14.615M	26.480M	4.764M	16.254M	25.339M
Pre-Tax Margin	4.38%	2.53%	5.47%	12.26%	16.85%	10.83%	7.29%	6.74%	5.78%	5.80%	5.89%	7.17%	5.95%	5.74%	7.21%	10.66%	8.62%	7.03%	9.31%	14.50%	11.48%	13.22%	10.40%	5.42%	7.52%	17.69%	4.29%	7.48%	1.18%	3.94%	6.71%
Income Tax Expense	8.995M	9.799M	12.942M	24.110M	20.697M	10.791M	7.585M	7.361M	7.252M	5.491M	4.236M	2.718M	3.621M	2.523M	4.496M	6.774M	8.752M	8.864M	8.114M	9.077M	10.953M	11.769M	12.838M	6.990M	11.149M	17.089M	8.070M	14.435M	4.785M	7.531M	9.986M
Tax Rate	32.79%	35.00%	35.00%	24.56%	18.67%	20.04%	25.12%	28.90%	35.00%	31.05%	30.82%	21.14%	31.84%	19.78%	23.43%	22.53%	35.00%	35.00%	32.78%	28.91%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%
Net Income	18.438M	5.769M	22.103M	74.075M	90.170M	43.046M	22.617M	18.112M	12.029M	12.195M	9.508M	10.142M	7.750M	10.233M	14.689M	23.290M	14.294M	11.601M	16.641M	22.316M	17.841M	19.038M	7.557M	2.650M	6.883M	23.180M	6.545M	12.045M	-0.022M	8.722M	15.353M
Net Margin	2.94%	0.94%	3.45%	9.25%	13.70%	8.66%	5.46%	4.79%	3.61%	4.00%	4.07%	5.66%	4.06%	4.61%	5.52%	8.26%	5.35%	3.99%	6.26%	10.31%	7.11%	8.17%	3.85%	1.49%	2.87%	10.18%	1.92%	3.40%	-0.01%	2.11%	4.06%
EBIT	98.151M	102.016M	102.859M	206.640M	153.060M	117.036M	74.929M	87.247M	75.275M	78.079M	58.038M	37.004M	70.014M	102.209M	134.964M	87.439M	80.557M	95.143M	88.544M	77.438M	103.207M	54.741M	46.806M	6.427M	63.891M	67.532M	60.309M	89.668M	95.786M	49.729M	51.505M
Depreciation & Amortization	46.049M	51.029M	53.692M	56.985M	46.709M	41.444M	29.791M	23.772M	23.060M	17.516M	13.584M	11.373M	11.119M	13.331M	15.279M	14.911M	15.943M	16.495M	14.432M	11.142M	13.257M	14.046M	11.350M	12.049M	12.796M	10.882M	17.069M	13.726M	14.062M	14.908M	11.228M
EBITDA	144.200M	153.045M	156.551M	263.625M	199.769M	158.481M	104.720M	111.019M	98.335M	95.595M	71.622M	48.377M	81.133M	115.541M	150.243M	102.351M	96.500M	111.637M	102.976M	88.579M	116.464M	68.787M	58.156M	18.477M	76.687M	78.414M	77.379M	103.394M	109.848M	64.637M	62.733M
EBITDA Margin	23.01%	24.91%	24.45%	32.92%	30.36%	31.89%	25.27%	29.36%	29.49%	31.36%	30.68%	26.98%	42.46%	52.01%	56.48%	36.28%	36.11%	38.36%	38.72%	40.91%	46.43%	29.51%	29.65%	10.39%	31.99%	34.45%	22.69%	29.21%	27.14%	15.65%	16.60%
NOPAT	65.969M	66.310M	66.858M	155.899M	124.486M	93.578M	56.110M	62.035M	48.929M	53.839M	40.151M	29.183M	47.720M	81.993M	103.337M	67.738M	52.362M	61.843M	59.521M	55.048M	67.085M	35.582M	30.424M	4.178M	41.529M	43.896M	39.201M	58.284M	62.261M	32.324M	33.478M
NOPAT Margin	10.53%	10.79%	10.44%	19.47%	18.92%	18.83%	13.54%	16.40%	14.67%	17.66%	17.20%	16.27%	24.97%	36.91%	38.85%	24.01%	19.59%	21.25%	22.38%	25.42%	26.74%	15.27%	15.51%	2.35%	17.32%	19.28%	11.49%	16.47%	15.38%	7.83%	8.86%
Owner's Earnings	64.487M	56.798M	75.795M	131.060M	136.880M	84.491M	52.409M	41.884M	35.089M	29.711M	23.092M	21.514M	18.869M	23.565M	29.968M	38.202M	30.237M	28.096M	31.073M	33.457M	31.097M	33.083M	18.906M	14.700M	19.680M	34.062M	23.614M	25.771M	14.041M	23.631M	26.581M
Owner's Earnings Margin	10.29%	9.25%	11.84%	16.37%	20.80%	17.00%	12.65%	11.08%	10.52%	9.75%	9.89%	12.00%	9.88%	10.61%	11.27%	13.54%	11.31%	9.65%	11.68%	15.45%	12.40%	14.19%	9.64%	8.27%	8.21%	14.96%	6.92%	7.28%	3.47%	5.72%	7.04%
EPS	0.09	0.03	0.11	0.38	0.46	0.21	0.12	0.09	0.07	0.08	0.07	0.08	0.06	0.09	0.13	0.28	0.17	0.16	0.26	0.37	0.28	0.28	0.11	0.04	0.10	0.34	0.10	0.19	0.00	0.12	0.25
EPS (Diluted)	0.09	0.03	0.11	0.38	0.46	0.21	0.12	0.09	0.07	0.08	0.07	0.08	0.06	0.09	0.13	0.28	0.17	0.16	0.26	0.37	0.28	0.28	0.11	0.04	0.10	0.34	0.10	0.19	0.00	0.12	0.25
Shares (Diluted)	215,469,774	212,775,083	197,050,872	196,971,702	194,442,703	200,969,515	194,115,276	194,129,025	165,517,909	155,969,984	138,385,991	130,074,152	127,512,055	114,422,951	114,059,728	82,958,209	83,008,917	71,604,697	63,236,313	60,296,467	64,120,230	68,500,974	67,610,107	70,138,756	70,032,392	67,383,308	63,885,273	63,790,360	63,477,244	75,140,645	61,015,846

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	144.67M	153.39M	168.65M	163.73M	177.73M	142.17M	82.34M	60.92M	57.71M	52.56M	40.51M	35.23M	41.57M	31.55M	32.69M	39.92M	42.94M	41.53M	41.09M	30.37M	31.28M	26.20M	49.61M	33.24M	40.36M	44.82M	13.31M	14.29M	19.47M	15.31M	23.26M
Short-Term Investments	42.60M	55.55M	37.40M	54.77M	42.96M	19.06M	26.62M	13.83M	16.89M	8.90M	6.08M	11.97M	2.79M	3.40M	5.36M	8.54M	9.20M	3.72M	2.01M	12.37M	7.66M	17.78M	4.10M	5.46M	6.11M	4.28M	6.33M	1.22M	1.79M	2.12M	0.28M
Cash & Short-Term Investments	187.27M	208.94M	206.05M	218.49M	220.70M	161.23M	108.97M	74.75M	74.60M	61.47M	46.60M	47.20M	44.36M	34.95M	38.06M	48.46M	52.15M	45.26M	43.10M	42.75M	38.94M	43.99M	53.70M	38.71M	46.47M	49.10M	19.64M	15.50M	21.26M	17.43M	23.53M
Net Receivables	169.21M	172.00M	165.18M	177.29M	147.83M	125.97M	102.04M	85.77M	70.56M	61.03M	42.42M	34.07M	32.07M	31.32M	39.77M	47.02M	46.49M	47.70M	50.84M	26.71M	27.96M	28.27M	32.80M	29.28M	50.36M	49.08M	84.26M	49.91M	69.41M	68.95M	61.05M
Inventory	51.06M	50.15M	43.78M	44.08M	42.96M	36.74M	25.22M	21.71M	19.02M	14.64M	11.82M	8.85M	8.43M	7.72M	9.92M	14.45M	19.05M	20.29M	18.47M	15.41M	18.47M	21.97M	21.14M	19.18M	24.01M	20.40M	22.94M	23.97M	27.37M	18.05M	32.47M
Other Current Assets	26.10M	18.27M	18.75M	24.58M	17.48M	15.80M	12.53M	17.12M	15.03M	11.64M	10.92M	5.93M	8.01M	6.26M	5.55M	3.99M	5.88M	7.73M	8.87M	3.03M	3.57M	6.10M	5.68M	12.15M	6.52M	6.41M	18.83M	17.00M	19.59M	19.43M	12.62M
Total Current Assets	433.64M	449.36M	433.77M	464.45M	428.97M	339.75M	248.76M	199.35M	179.20M	148.78M	111.76M	96.05M	92.88M	80.24M	93.30M	113.93M	123.57M	120.97M	121.29M	87.90M	88.93M	100.31M	113.33M	99.32M	127.36M	124.99M	145.68M	106.39M	137.64M	123.85M	129.67M
Property, Plant & Equipment	207.02M	238.73M	262.16M	252.27M	224.74M	181.31M	151.69M	99.55M	68.80M	59.42M	55.87M	48.36M	49.39M	51.26M	54.03M	58.04M	59.96M	71.57M	56.98M	48.25M	54.45M	59.86M	59.28M	56.81M	60.16M	41.95M	60.50M	61.11M	55.72M	60.70M	45.49M
Goodwill	221.18M	204.46M	292.37M	293.14M	222.04M	177.98M	177.91M	134.47M	98.04M	90.17M	88.54M	58.23M	55.89M	57.87M	57.60M	50.36M	66.98M	73.01M	75.08M	32.17M	28.30M	0.60M	0.06M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	83.24M	82.02M	129.56M	135.25M	77.59M	69.49M	47.60M	26.36M	30.36M	30.25M	36.66M	25.21M	15.67M	16.77M	19.63M	17.14M	18.69M	23.69M	17.44M	21.72M	21.03M	32.11M	35.59M	55.25M	21.23M	46.22M	37.36M	40.99M	48.03M	35.56M	35.12M
Long-Term Investments	38.11M	18.60M	23.31M	18.94M	18.82M	18.64M	13.56M	11.95M	10.07M	8.38M	4.73M	2.90M	1.72M	2.02M	2.71M	0.55M	0.70M	0.50M	0.06M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.01M	0.00M	0.00M
Tax Assets	3.18M	6.08M	6.11M	9.77M	5.23M	3.95M	3.77M	2.57M	2.08M	1.47M	1.07M	1.38M	0.99M	1.35M	2.60M	1.36M	2.13M	3.21M	1.68M	0.65M	0.77M	0.27M	1.25M	0.78M	1.09M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	30.25M	41.43M	23.31M	31.27M	30.69M	19.95M	16.43M	13.55M	9.22M	8.61M	7.25M	4.59M	3.09M	4.05M	4.09M	7.70M	6.20M	8.12M	8.73M	7.93M	8.09M	7.54M	8.71M	6.61M	29.27M	34.45M	26.58M	21.24M	24.77M	15.42M	15.53M
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	582.98M	591.31M	736.81M	740.64M	579.11M	471.32M	410.95M	288.47M	218.57M	198.31M	194.12M	140.67M	126.76M	133.31M	140.66M	135.14M	154.67M	180.09M	159.97M	110.73M	112.64M	100.39M	104.90M	119.46M	111.75M	122.62M	124.43M	123.34M	128.53M	111.68M	96.13M
Total Assets	1,016.61M	1,040.67M	1,170.58M	1,205.09M	1,008.08M	811.06M	659.71M	487.82M	397.77M	347.08M	305.87M	236.72M	219.63M	213.55M	233.96M	249.07M	278.23M	301.07M	281.26M	198.62M	201.57M	200.70M	218.22M	218.78M	239.10M	247.61M	270.11M	229.72M	266.17M	235.53M	225.80M
Accounts Payable	44.92M	47.43M	49.59M	55.06M	47.74M	41.52M	31.23M	24.04M	21.14M	17.77M	15.58M	10.11M	10.18M	11.52M	14.14M	16.10M	15.40M	17.96M	12.56M	9.38M	9.75M	11.46M	9.02M	12.97M	11.32M	13.40M	35.11M	20.38M	21.10M	22.32M	19.70M
Short-Term Debt	22.86M	20.42M	21.47M	23.82M	19.58M	25.53M	28.25M	11.62M	15.92M	8.16M	7.72M	6.78M	4.54M	5.36M	5.64M	9.53M	11.81M	7.62M	5.56M	3.26M	8.51M	6.51M	4.23M	6.48M	7.23M	11.89M	8.90M	6.64M	10.07M	7.38M	4.30M
Tax Payables	0.00M	3.66M	4.75M	9.20M	9.37M	5.95M	3.60M	3.49M	3.02M	2.03M	1.50M	1.41M	1.20M	1.09M	0.74M	0.33M	0.90M	0.70M	0.42M	0.17M	0.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Revenue	4.32M	0.87M	4.76M	18.52M	39.94M	25.78M	17.23M	7.82M	12.77M	12.12M	6.83M	5.23M	3.50M	5.62M	4.15M	3.81M	1.73M	4.30M	2.99M	2.11M	8.98M	4.87M	6.87M	6.79M	5.56M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	36.44M	58.33M	64.12M	57.83M	41.88M	39.69M	36.28M	28.69M	26.65M	21.73M	20.93M	12.73M	12.68M	12.03M	15.44M	14.57M	11.62M	12.06M	16.44M	12.72M	11.16M	9.12M	4.09M	5.12M	4.96M	13.91M	38.01M	36.79M	36.25M	18.93M	46.22M
Total Current Liabilities	108.54M	130.71M	144.70M	164.44M	158.51M	138.48M	116.60M	75.66M	79.49M	61.79M	52.56M	36.26M	32.10M	35.63M	40.10M	44.34M	41.45M	42.64M	37.97M	27.64M	38.44M	31.96M	24.21M	31.37M	29.06M	39.20M	82.03M	63.80M	67.42M	48.63M	70.22M
Long-Term Debt	248.61M	182.47M	207.33M	265.03M	204.70M	208.00M	174.14M	134.71M	56.83M	46.89M	50.37M	42.35M	40.47M	39.09M	102.07M	65.38M	28.74M	101.60M	102.60M	41.88M	57.11M	74.17M	48.52M	50.62M	40.49M	47.73M	32.30M	33.24M	50.95M	66.77M	50.55M
Capital Lease Obligations	19.98M	40.73M	48.11M	56.56M	47.41M	37.63M	24.38M	1.39M	0.43M	0.58M	0.26M	0.08M	0.08M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.02M	0.09M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	3.01M	4.32M	2.49M	8.00M	8.39M	8.51M	4.51M	1.82M	1.38M	2.21M	0.95M	0.59M	0.28M	0.69M	0.90M	0.70M	0.61M	0.54M	0.34M	0.46M	0.08M	0.16M	0.05M	0.03M	0.07M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	18.98M	20.37M	25.67M	18.71M	19.69M	16.79M	21.52M	23.33M	24.99M	18.45M	10.20M	8.73M	7.50M	5.22M	7.70M	10.38M	10.47M	9.29M	16.11M	16.32M	6.43M	9.48M	19.95M	8.40M	6.98M	3.85M	17.69M	15.97M	14.51M	21.03M	15.81M
Total Non-Current Liabilities	290.58M	247.89M	283.60M	348.30M	280.18M	270.93M	224.55M	161.25M	83.63M	68.13M	61.78M	51.74M	48.34M	44.99M	110.67M	76.47M	39.82M	111.43M	119.05M	58.66M	63.62M	83.81M	68.52M	59.06M	47.63M	51.59M	49.99M	49.20M	65.46M	87.80M	66.37M
Total Liabilities	399.12M	378.60M	428.29M	512.74M	438.69M	409.41M	341.15M	236.91M	163.12M	129.92M	114.34M	88.01M	80.43M	80.62M	150.77M	120.81M	81.27M	154.08M	157.02M	86.30M	102.07M	115.78M	92.73M	90.43M	76.69M	90.79M	132.02M	113.00M	132.88M	136.43M	136.59M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.01M	0.00M	0.00M	0.00M	0.00M
Common Stock	18.70M	26.24M	28.32M	31.38M	28.53M	27.27M	26.69M	23.11M	20.95M	17.71M	13.12M	9.66M	7.64M	7.85M	7.73M	10.58M	10.75M	8.76M	8.32M	7.94M	7.82M	5.67M	3.89M	3.31M	1.90M	1.80M	2.72M	1.68M	1.37M	1.39M	1.21M
Retained Earnings	22.35M	118.94M	129.81M	138.01M	134.68M	82.85M	41.70M	12.65M	5.73M	15.82M	10.64M	5.38M	-0.39M	-3.41M	11.92M	10.93M	23.65M	30.32M	37.72M	28.99M	10.73M	28.96M	13.38M	-22.97M	15.78M	15.23M	9.55M	1.97M	1.23M	7.05M	67.11M
Accumulated OCI	18.92M	-0.11M	-0.57M	2.51M	1.76M	2.60M	0.95M	0.29M	-0.08M	-0.54M	0.25M	-0.92M	0.38M	-0.16M	-0.03M	0.13M	0.30M	0.01M	1.37M	1.13M	-0.02M	3.25M	0.89M	-3.58M	-4.73M	-6.49M	-3.77M	-8.19M	-9.92M	-1.61M	0.02M
Minority Interest	2.41M	2.61M	4.01M	6.54M	4.53M	4.83M	3.15M	3.74M	2.40M	1.16M	0.69M	0.27M	0.11M	0.11M	0.16M	0.12M	0.17M	0.05M	0.07M	0.01M	0.00M	0.00M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	59.97M	145.07M	157.56M	171.90M	164.98M	112.72M	69.34M	36.06M	26.61M	32.99M	24.01M	14.12M	7.63M	4.27M	19.61M	21.64M	34.70M	39.09M	47.41M	38.06M	18.52M	37.88M	18.17M	-23.23M	12.96M	10.54M	8.51M	-4.54M	-7.32M	6.83M	68.34M
Total Equity	62.39M	147.68M	161.57M	178.44M	169.51M	117.54M	72.49M	39.80M	29.01M	34.15M	24.71M	14.39M	7.74M	4.39M	19.78M	21.75M	34.87M	39.15M	47.49M	38.07M	18.52M	37.88M	18.18M	-23.23M	12.96M	10.54M	8.51M	-4.54M	-7.32M	6.83M	68.34M
Total Liabilities & Equity	461.51M	526.28M	589.86M	691.18M	608.20M	526.95M	413.64M	276.71M	192.12M	164.07M	139.05M	102.39M	88.17M	85.01M	170.55M	142.56M	116.14M	193.22M	204.51M	124.37M	120.59M	153.65M	110.91M	67.20M	89.64M	101.33M	140.53M	108.47M	125.56M	143.26M	204.92M
Tangible Assets	712.20M	754.19M	748.66M	776.69M	708.45M	563.60M	434.20M	326.98M	269.37M	226.67M	180.67M	153.29M	148.07M	138.92M	156.72M	181.57M	192.56M	204.37M	188.74M	144.73M	152.25M	167.99M	182.57M	163.53M	217.88M	201.39M	232.75M	188.74M	218.14M	199.97M	190.68M
Tangible Equity	-242.03M	-138.79M	-260.36M	-249.95M	-130.12M	-129.92M	-153.02M	-121.03M	-99.39M	-86.27M	-100.49M	-69.05M	-63.82M	-70.25M	-57.46M	-45.75M	-50.80M	-57.55M	-45.04M	-15.82M	-30.80M	5.17M	-17.47M	-78.49M	-8.27M	-35.68M	-28.85M	-45.53M	-55.35M	-28.74M	33.22M
Tangible Book Value	-242.03M	-138.79M	-260.36M	-249.95M	-130.12M	-129.92M	-153.02M	-121.03M	-99.39M	-86.27M	-100.49M	-69.05M	-63.82M	-70.25M	-57.46M	-45.75M	-50.80M	-57.55M	-45.04M	-15.82M	-30.80M	5.17M	-17.47M	-78.49M	-8.27M	-35.68M	-28.85M	-45.53M	-55.35M	-28.74M	33.22M
Total Investments	82.38M	59.50M	56.31M	57.59M	45.53M	38.23M	26.35M	22.08M	17.93M	16.92M	10.66M	6.69M	5.33M	4.74M	6.38M	4.07M	4.72M	1.81M	3.10M	3.01M	2.42M	7.24M	3.87M	3.57M	4.89M	0.97M	3.49M	1.30M	0.95M	0.11M	0.12M
Net Debt	126.80M	49.50M	60.16M	125.12M	46.55M	91.36M	120.05M	85.40M	15.04M	2.48M	17.57M	13.90M	3.45M	12.90M	75.01M	34.99M	-2.40M	67.69M	67.07M	14.77M	34.33M	54.48M	3.14M	23.85M	7.36M	14.80M	27.90M	25.59M	41.55M	58.84M	31.60M

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	275.65M	267.65M	240.46M	248.29M	274.13M	225.07M	88.06M	91.21M	83.35M	82.01M	62.32M	48.81M	41.70M	37.85M	58.38M	59.37M	52.72M	79.32M	58.90M	50.19M	75.40M	60.78M	69.38M	41.43M	76.82M	56.61M	40.76M	67.11M	69.71M	76.51M	77.54M
Total Capital	982.12M	895.38M	963.26M	993.49M	905.80M	771.00M	525.05M	409.74M	386.73M	242.94M	203.85M	171.50M	154.89M	148.06M	248.80M	267.38M	321.70M	357.34M	275.74M	171.66M	216.57M	306.01M	234.20M	217.60M	230.54M	215.48M	239.33M	183.98M	179.02M	200.18M	174.83M
Capital Employed	1,040.42M	960.39M	1,220.93M	1,070.87M	872.80M	764.14M	598.63M	514.04M	417.04M	365.93M	318.34M	262.99M	279.28M	249.27M	231.29M	199.33M	298.44M	346.99M	246.38M	194.79M	273.10M	320.62M	252.87M	239.31M	216.04M	182.31M	262.91M	235.12M	188.81M	200.27M	180.98M
Invested Capital	837.45M	741.99M	794.61M	829.76M	728.06M	628.83M	442.70M	348.82M	329.02M	190.38M	163.34M	136.27M	113.32M	116.52M	216.11M	227.47M	278.76M	315.80M	234.64M	141.29M	185.29M	279.81M	184.60M	184.35M	190.19M	170.66M	226.03M	169.69M	159.55M	184.87M	151.57M

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	42.74M	51.02M	54.92M	58.02M	49.45M	42.72M	29.77M	24.54M	22.69M	17.64M	15.71M	13.58M	12.40M	14.82M	16.24M	18.59M	16.50M	17.13M	14.60M	11.12M	13.25M	14.94M	11.34M	11.97M	12.15M	22.98M	17.07M	14.54M	13.62M	13.08M	12.01M
Deferred Income Tax	0.00M	0.00M	-1.29M	-2.78M	-1.85M	-1.38M	-0.79M	-0.66M	0.01M	0.04M	0.03M	0.14M	0.03M	-0.03M	0.00M	-0.30M	0.36M	-0.14M	-0.47M	-0.12M	-0.06M	0.11M	-0.05M	0.01M	-0.08M	-0.22M	0.10M	-0.23M	-0.09M	0.00M	0.08M
Stock-Based Compensation	10.98M	12.70M	9.28M	13.61M	10.85M	4.62M	5.42M	2.48M	1.40M	1.82M	1.85M	0.72M	0.75M	0.39M	0.88M	2.01M	0.93M	0.65M	0.23M	0.17M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-4.48M	-12.65M	-11.02M	-28.51M	-10.92M	-6.24M	-16.30M	-5.80M	-3.23M	-5.18M	-3.00M	-3.07M	-1.70M	-2.53M	-2.25M	-2.20M	-1.97M	-2.62M	0.03M	-2.24M	0.44M	-3.50M	0.35M	0.79M	-3.11M	-5.34M	-2.41M	-0.57M	-3.25M	-5.60M	-5.49M
Accounts Receivable	-3.70M	-4.21M	-0.27M	-24.96M	-18.23M	-16.13M	-12.97M	-10.60M	-10.22M	-6.87M	-5.26M	-3.88M	-2.64M	-1.31M	-0.29M	-1.40M	-0.26M	-0.24M	-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
Inventory	-0.25M	-0.19M	0.71M	-4.73M	-5.69M	-5.69M	-3.46M	-3.19M	-3.27M	-0.97M	-1.07M	-1.11M	-0.57M	-1.20M	-0.55M	-0.86M	-0.17M	-1.58M	-1.40M	-1.17M	-0.36M	-0.52M	0.23M	-0.37M	-0.94M	-2.95M	0.07M	-0.32M	-0.57M	-0.23M	-1.89M
Accounts Payable	0.59M	-1.82M	-5.04M	7.36M	8.66M	11.37M	4.49M	3.03M	1.40M	1.45M	0.32M	0.09M	0.00M	0.00M	0.05M	0.56M	-0.17M	0.00M	0.00M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	-0.82M	-2.32M	-1.90M	-0.86M	1.53M	1.56M	-1.44M	-0.89M	-0.76M	-0.41M	-0.41M	-0.11M	-0.26M	-0.07M	-0.38M	0.60M	-0.47M	-0.47M	0.34M	-0.32M	0.50M	-3.09M	-0.56M	0.95M	0.17M	0.06M	-1.77M	-0.49M	-6.32M	-1.06M	-4.56M
Other Non-Cash Items	19.65M	21.58M	9.98M	17.43M	4.69M	8.53M	7.32M	5.91M	3.34M	3.41M	1.64M	0.92M	1.16M	1.87M	1.27M	1.35M	1.05M	3.04M	1.89M	0.95M	3.46M	3.65M	2.77M	3.56M	4.36M	1.28M	-0.01M	0.34M	2.68M	3.43M	2.43M
Net Cash from Operating Activities	108.47M	69.36M	69.69M	109.75M	113.93M	84.24M	48.71M	42.25M	37.58M	40.32M	29.22M	21.91M	20.42M	19.75M	33.00M	48.00M	39.96M	39.49M	29.22M	30.42M	38.37M	47.75M	30.07M	25.26M	34.36M	46.46M	39.59M	33.29M	27.29M	15.32M	40.73M
Capital Expenditures (PPE)	-34.25M	-40.69M	-47.01M	-61.10M	-46.43M	-30.46M	-28.87M	-30.58M	-20.97M	-18.36M	-13.26M	-10.42M	-10.30M	-11.20M	-15.83M	-16.76M	-15.88M	-22.04M	-20.02M	-14.39M	-8.93M	-10.01M	-8.82M	-13.18M	-22.84M	-18.60M	-8.30M	-15.38M	-18.09M	-15.49M	-15.90M
Acquisitions (Net)	0.01M	-0.62M	-3.27M	-14.89M	-6.50M	-5.94M	-11.09M	-8.24M	-6.95M	-1.50M	-3.05M	-1.01M	-0.52M	-0.85M	-6.50M	-3.01M	-2.66M	-6.59M	-7.49M	-8.09M	-4.39M	-3.05M	-0.58M	-5.77M	-12.83M	-4.71M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-38.13M	-41.09M	-41.23M	-46.34M	-40.65M	-21.44M	-17.26M	-15.00M	-12.75M	-10.77M	-4.87M	-0.96M	-0.75M	-1.03M	-3.58M	-3.12M	-2.96M	-0.95M	-2.24M	-0.76M	-3.76M	-4.35M	-1.08M	-2.28M	-4.45M	-9.43M	-4.72M	-0.58M	-0.49M	-1.15M	-0.60M
Sales / Maturities of Investments	39.97M	37.45M	48.05M	42.42M	41.03M	13.29M	13.93M	18.17M	10.78M	8.56M	3.74M	1.37M	0.70M	0.97M	2.67M	2.37M	2.20M	1.53M	3.02M	6.14M	2.65M	9.13M	3.37M	2.87M	4.64M	8.55M	1.57M	0.78M	1.87M	0.30M	0.24M
Other Investing Activities	0.16M	0.45M	1.06M	0.76M	-0.32M	-0.38M	-0.08M	-0.62M	-0.24M	0.13M	-0.27M	-0.04M	0.24M	0.25M	0.23M	0.23M	0.27M	0.35M	0.68M	0.02M	0.67M	0.00M	1.09M	-0.09M	0.22M	1.84M	-0.12M	0.04M	1.55M	-5.68M	-2.20M
Net Cash from Investing Activities	-41.65M	-65.22M	-33.58M	-89.99M	-84.70M	-64.27M	-45.67M	-43.98M	-40.29M	-23.69M	-31.81M	-23.60M	-11.60M	-15.69M	-32.47M	-26.82M	-18.03M	-37.45M	-39.35M	-18.43M	-25.65M	-18.66M	-5.78M	-21.01M	-31.22M	-18.10M	-21.00M	-16.38M	-12.27M	-28.77M	-14.62M
Net Debt Issuance	-2.17M	-0.52M	0.82M	8.61M	1.00M	-0.27M	10.98M	2.05M	10.71M	1.47M	0.91M	2.24M	0.21M	-0.13M	1.72M	-0.01M	-1.79M	1.05M	8.10M	0.41M	-0.76M	0.38M	-2.35M	-0.61M	-2.15M	1.05M	3.08M	0.11M	0.26M	4.40M	13.08M
Long-Term Debt Issuance	-1.83M	-0.93M	4.74M	6.65M	0.58M	5.81M	13.77M	2.66M	5.87M	1.15M	0.74M	2.15M	0.02M	-0.11M	1.66M	-0.09M	-0.84M	0.50M	4.57M	0.34M	-0.41M	0.33M	-0.25M	-0.15M	-0.14M	-1.30M	1.45M	-0.28M	-0.38M	1.43M	-0.41M
Short-Term Debt Issuance	0.00M	0.00M	-0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-1.05M	-6.85M	-0.90M	-1.40M	0.31M	1.20M	2.14M	0.48M	1.43M	1.79M	0.31M	0.42M	0.42M	0.44M	0.08M	1.44M	-0.11M	0.38M	0.96M	0.59M	2.39M	5.19M	1.19M	4.14M	6.23M	30.68M	2.84M	1.60M	2.30M	1.67M	20.34M
Common Stock Issuance	0.21M	1.81M	0.80M	4.05M	9.47M	6.80M	5.42M	3.74M	4.01M	3.39M	1.87M	1.53M	1.09M	0.97M	2.62M	5.33M	3.86M	4.23M	10.16M	7.48M	6.25M	9.47M	1.97M	5.72M	11.47M	36.48M	4.56M	2.13M	2.88M	3.41M	23.17M
Common Stock Repurchased	-1.55M	-8.13M	-1.90M	-3.57M	-1.65M	-0.91M	-0.46M	-0.16M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.02M	-0.30M	-0.30M	-0.98M	-6.57M	-0.02M	-0.02M	-0.32M	0.00M	-0.01M	-0.16M	-0.27M	-0.76M	-0.31M	-0.36M	-0.20M	-0.12M	-0.62M
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	-3.12M	-6.66M	-9.88M	-7.63M	-6.20M	-4.37M	-3.69M	-4.76M	-2.17M	-2.46M	-1.68M	-1.41M	-1.24M	-0.88M	-0.90M	-0.83M	-0.29M	-0.60M	-0.71M	-0.71M	-0.55M	-0.49M	0.00M	-0.26M	-0.89M	-0.94M	-0.02M	-0.32M	-0.52M	-0.29M	-1.08M
Common Dividends Paid	-3.12M	-6.64M	-9.67M	-9.30M	-7.27M	-4.69M	-3.94M	-3.68M	-2.07M	-2.06M	-1.67M	-1.29M	-1.20M	-0.88M	-0.67M	-0.83M	-0.18M	-0.53M	-0.72M	-0.67M	-0.55M	-0.49M	0.00M	-0.26M	-0.89M	-0.94M	-0.02M	-0.32M	-0.52M	-0.29M	-1.08M
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	-7.65M	-5.08M	-5.14M	-4.87M	-0.13M	3.56M	-0.21M	3.27M	5.15M	1.38M	4.67M	3.88M	1.35M	0.28M	4.91M	0.62M	0.62M	0.28M	1.18M	0.99M	0.17M	0.02M	-0.18M	0.08M	0.01M	0.02M	-0.24M	-0.52M	-0.09M	-0.14M	-0.03M
Net Cash from Financing Activities	-64.58M	-25.78M	-22.73M	-28.88M	-7.40M	23.76M	13.05M	1.28M	15.56M	5.76M	6.35M	4.86M	0.72M	-2.83M	8.34M	-1.92M	-4.86M	0.47M	10.87M	1.07M	1.11M	5.65M	-1.74M	4.23M	9.46M	35.12M	0.05M	0.60M	-1.51M	10.27M	22.17M
Effect of FX on Cash	0.13M	-0.08M	0.09M	0.01M	-0.28M	-0.03M	-0.01M	-0.23M	0.00M	0.00M	0.01M	-0.01M	-0.01M	-0.01M	-0.02M	-0.01M	0.38M	-0.12M	0.01M	0.17M	-0.12M	0.20M	0.68M	0.47M	-0.22M	-0.19M	-0.13M	0.17M	-1.16M	-0.11M	0.25M
Net Change in Cash	0.58M	-10.69M	3.50M	-8.68M	8.91M	32.14M	7.61M	2.63M	7.83M	9.82M	2.36M	1.50M	2.63M	2.92M	0.56M	2.76M	5.88M	2.71M	2.53M	-0.54M	1.05M	3.34M	12.59M	0.88M	3.14M	27.63M	-0.69M	1.82M	2.23M	-3.26M	5.72M
Cash at Beginning of Period	134.69M	163.80M	145.64M	179.09M	145.79M	78.14M	62.99M	59.07M	52.50M	40.98M	34.43M	29.91M	26.05M	24.38M	34.84M	52.90M	41.90M	39.11M	30.17M	26.04M	20.87M	34.60M	33.28M	25.27M	40.11M	12.74M	19.69M	17.03M	14.20M	14.03M	10.26M
Cash at End of Period	178.48M	142.70M	167.18M	165.40M	176.72M	141.71M	82.13M	58.60M	57.87M	52.24M	42.37M	34.47M	35.81M	32.28M	36.04M	59.66M	45.94M	44.81M	41.21M	29.15M	31.00M	26.26M	50.91M	34.25M	39.86M	48.57M	13.49M	14.65M	12.93M	15.30M	23.27M
Operating Cash Flow	110.45M	69.36M	69.39M	109.74M	113.78M	84.22M	48.68M	42.21M	37.58M	40.32M	29.26M	21.90M	20.42M	19.75M	32.94M	48.00M	39.96M	39.49M	29.22M	30.42M	38.37M	47.75M	30.07M	25.26M	34.36M	46.46M	39.59M	33.29M	27.29M	15.32M	40.73M
Capital Expenditure	-34.82M	-43.19M	-47.38M	-61.14M	-46.76M	-30.72M	-30.31M	-30.62M	-21.03M	-18.41M	-14.53M	-11.90M	-10.35M	-12.17M	-15.85M	-16.79M	-16.00M	-22.11M	-20.27M	-14.40M	-8.93M	-10.07M	-8.82M	-13.18M	-22.84M	-18.60M	-8.29M	-15.38M	-17.48M	-15.49M	-15.90M
Free Cash Flow	65.95M	20.45M	25.70M	38.91M	63.85M	47.76M	23.49M	21.37M	18.93M	21.61M	15.86M	10.44M	10.42M	7.26M	7.48M	33.76M	19.04M	10.16M	8.01M	8.98M	27.06M	19.57M	22.07M	9.14M	7.30M	16.40M	2.63M	0.08M	-2.78M	0.38M	24.66M

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	91.65M	70.77M	89.25M	161.81M	141.77M	101.48M	72.74M	49.57M	37.95M	48.80M	34.28M	26.80M	28.37M	41.59M	43.60M	56.33M	52.53M	41.10M	51.70M	44.48M	44.81M	56.76M	36.85M	32.18M	33.87M	64.89M	56.76M	44.59M	41.63M	27.25M	36.38M
(-) Tax Adjustment	30.05M	44.54M	32.96M	39.73M	26.47M	20.34M	18.27M	14.32M	14.27M	15.15M	10.56M	5.67M	9.03M	8.23M	10.22M	12.69M	19.95M	17.80M	16.95M	12.86M	17.05M	21.68M	23.20M	23.33M	20.94M	27.54M	31.34M	24.31M	41.82M	12.63M	14.34M
(-) Change In Working Capital	-4.48M	-12.65M	-11.02M	-28.51M	-10.92M	-6.24M	-16.30M	-5.80M	-3.23M	-5.18M	-3.00M	-3.07M	-1.70M	-2.53M	-2.25M	-2.20M	-1.97M	-2.62M	0.03M	-2.24M	0.44M	-3.50M	0.35M	0.79M	-3.11M	-5.34M	-2.41M	-0.57M	-3.25M	-5.60M	-5.49M
(-) Capital Expenditure	34.82M	43.19M	47.38M	61.14M	46.76M	30.72M	30.31M	30.62M	21.03M	18.41M	14.53M	11.90M	10.35M	12.17M	15.85M	16.79M	16.00M	22.11M	20.27M	14.40M	8.93M	10.07M	8.82M	13.18M	22.84M	18.60M	8.29M	15.38M	17.48M	15.49M	15.90M
Unlevered Free Cash Flow	31.26M	-4.32M	19.93M	89.46M	79.46M	56.66M	40.47M	10.43M	5.88M	20.43M	12.18M	12.31M	10.68M	23.72M	19.78M	29.05M	18.55M	3.81M	14.45M	19.46M	18.40M	28.50M	4.49M	-5.12M	-6.80M	24.09M	19.53M	5.47M	-14.42M	4.73M	11.64M
(-) Net Interest Income After Taxes	-4.70M	-2.69M	-6.65M	-10.29M	-10.42M	-9.16M	-9.95M	-6.19M	-2.84M	-3.28M	-2.66M	-2.25M	-2.38M	-3.47M	-4.37M	-4.66M	-3.10M	-4.51M	-1.17M	-0.35M	-0.30M	-0.63M	-0.16M	-0.09M	-0.14M	-0.11M	0.00M	-0.02M	0.00M	-0.12M	0.00M
Net Debt Issuance	-2.17M	-0.52M	0.82M	8.61M	1.00M	-0.27M	10.98M	2.05M	10.71M	1.47M	0.91M	2.24M	0.21M	-0.13M	1.72M	-0.01M	-1.79M	1.05M	8.10M	0.41M	-0.76M	0.38M	-2.35M	-0.61M	-2.15M	1.05M	3.08M	0.11M	0.26M	4.40M	13.08M
Levered Free Cash Flow	33.79M	-2.15M	27.41M	108.35M	90.89M	65.55M	61.39M	18.67M	19.44M	25.19M	15.75M	16.80M	13.27M	27.06M	25.87M	33.70M	19.86M	9.38M	23.72M	20.22M	17.94M	29.51M	2.30M	-5.63M	-8.81M	25.25M	22.61M	5.61M	-14.16M	9.25M	24.72M