Medical - Pharmaceuticals

Category: Industry Averages Base Ticker: 0M3Q.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	27.60	19.15	17.33	18.86	24.06	22.99	17.23	16.80	20.28	15.91	17.03	13.52	11.24	9.48	5.48	6.75	5.78	4.63	8.97	10.18	12.94	12.12	13.21	12.86	20.62	19.15	49.48	12.65	25.03	14.65	25.08
Market Capitalization	2,516.81M	1,564.01M	1,696.94M	1,494.65M	1,895.96M	1,888.42M	1,070.85M	988.78M	1,163.12M	751.37M	848.84M	605.16M	457.13M	337.79M	250.98M	292.89M	259.08M	181.50M	253.64M	297.28M	471.09M	416.75M	342.40M	357.02M	612.21M	770.95M	708.86M	744.94M	1,278.81M	747.05M	1,813.15M
(-) Cash & Equivalents	213.18M	128.77M	125.99M	143.86M	149.09M	130.46M	86.58M	84.98M	86.43M	72.21M	59.02M	53.40M	48.90M	38.41M	27.73M	31.67M	26.29M	23.24M	29.03M	28.14M	34.00M	34.15M	39.63M	36.11M	27.99M	30.19M	28.22M	33.63M	22.40M	10.42M	9.32M
(+) Total Debt	304.08M	204.66M	218.52M	234.54M	202.41M	161.09M	149.20M	88.13M	83.55M	55.31M	42.55M	30.07M	22.95M	19.35M	14.19M	13.74M	13.40M	12.14M	12.84M	14.01M	18.49M	8.58M	10.21M	8.15M	59.59M	63.11M	51.30M	36.79M	22.98M	29.43M	95.49M
Enterprise Value	2,910.02M	1,633.98M	1,875.72M	1,658.18M	2,068.72M	2,014.07M	1,176.69M	987.21M	1,138.70M	752.49M	816.23M	577.47M	445.41M	358.13M	246.58M	268.73M	250.87M	179.22M	250.18M	274.15M	470.78M	391.14M	329.01M	339.44M	606.37M	1,144.64M	834.39M	809.20M	1,765.89M	1,013.72M	1,932.47M

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	1,425.411M	1,154.842M	1,203.476M	1,087.908M	894.156M	809.382M	657.276M	591.067M	542.611M	436.964M	393.945M	301.228M	282.867M	247.871M	191.283M	179.689M	161.010M	111.009M	96.050M	104.259M	171.614M	119.418M	122.853M	125.478M	209.797M	707.229M	797.428M	781.825M	698.635M	635.063M	1,415.341M
Cost of Revenue	876.891M	685.561M	720.667M	639.372M	560.803M	517.563M	436.540M	402.293M	376.431M	318.401M	271.621M	186.226M	166.931M	155.463M	124.966M	106.318M	85.562M	62.874M	55.039M	45.391M	92.443M	63.540M	56.432M	53.567M	144.213M	173.011M	222.588M	236.593M	325.392M	245.407M	913.309M
Gross Profit	548.520M	469.281M	482.810M	448.536M	333.352M	291.819M	220.737M	188.774M	166.180M	118.563M	122.324M	115.002M	115.935M	92.408M	66.317M	73.372M	75.448M	48.135M	41.011M	58.868M	79.172M	55.878M	66.421M	71.910M	65.584M	534.219M	574.840M	545.232M	373.243M	389.655M	502.032M
Gross Margin	38.48%	40.64%	40.12%	41.23%	37.28%	36.05%	33.58%	31.94%	30.63%	27.13%	31.05%	38.18%	40.99%	37.28%	34.67%	40.83%	46.86%	43.36%	42.70%	56.46%	46.13%	46.79%	54.07%	57.31%	31.26%	75.54%	72.09%	69.74%	53.42%	61.36%	35.47%
R&D Expenses	34.301M	29.307M	27.244M	35.502M	39.326M	30.517M	25.656M	21.132M	18.075M	12.721M	9.632M	8.429M	7.675M	8.127M	7.360M	6.243M	7.002M	6.557M	6.090M	5.811M	10.721M	12.459M	14.593M	18.411M	13.811M	14.707M	12.252M	10.710M	9.149M	3.852M	0.467M
SG&A Expenses	305.078M	217.276M	220.303M	208.755M	191.103M	163.019M	133.933M	120.152M	115.700M	91.665M	85.134M	62.825M	50.883M	23.274M	21.446M	17.198M	16.478M	12.287M	12.934M	12.528M	18.871M	16.474M	19.243M	33.007M	36.398M	80.276M	78.924M	94.590M	208.052M	253.957M	365.600M
Operating Expenses	339.380M	246.583M	247.548M	244.257M	230.429M	193.536M	159.589M	141.285M	133.774M	104.386M	94.766M	71.254M	58.558M	31.402M	28.807M	23.441M	23.480M	18.844M	19.024M	18.340M	29.592M	28.932M	33.836M	51.418M	50.209M	94.983M	91.177M	105.299M	217.202M	257.809M	366.066M
Operating Income	209.141M	222.699M	235.262M	204.279M	102.923M	98.283M	61.148M	47.489M	32.406M	14.177M	27.558M	43.748M	57.377M	61.007M	37.510M	49.931M	51.968M	29.291M	21.987M	40.529M	49.579M	26.946M	32.585M	20.492M	15.376M	439.235M	483.663M	439.933M	156.042M	131.846M	135.966M
Operating Margin	14.67%	19.28%	19.55%	18.78%	11.51%	12.14%	9.30%	8.03%	5.97%	3.24%	7.00%	14.52%	20.28%	24.61%	19.61%	27.79%	32.28%	26.39%	22.89%	38.87%	28.89%	22.56%	26.52%	16.33%	7.33%	62.11%	60.65%	56.27%	22.34%	20.76%	9.61%
Interest Income	4.574M	4.349M	3.253M	2.752M	1.051M	1.141M	1.086M	0.811M	0.654M	0.482M	0.555M	0.445M	0.385M	0.375M	0.431M	0.336M	0.354M	0.659M	0.486M	0.374M	0.401M	0.175M	0.214M	0.379M	0.255M	0.650M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	12.920M	11.141M	10.601M	10.087M	8.802M	8.149M	7.061M	3.450M	3.091M	2.718M	1.710M	1.421M	1.273M	0.880M	0.881M	1.043M	1.036M	0.948M	0.423M	0.388M	0.676M	0.200M	0.442M	0.367M	0.080M	0.205M	0.489M	0.245M	0.299M	0.231M	0.417M
Net Interest Income	-8.347M	-6.792M	-7.348M	-7.335M	-7.751M	-7.008M	-5.975M	-2.639M	-2.437M	-2.236M	-1.155M	-0.976M	-0.887M	-0.504M	-0.450M	-0.707M	-0.681M	-0.290M	0.063M	-0.014M	-0.275M	-0.025M	-0.228M	0.012M	0.176M	0.445M	-0.489M	-0.245M	-0.299M	-0.231M	-0.417M
Other Income / Expense	-122.373M	-158.620M	-171.191M	-131.561M	-35.773M	-48.825M	-24.667M	-9.240M	0.275M	10.640M	-0.253M	-16.803M	-35.007M	-42.247M	-24.280M	-38.335M	-44.081M	-22.691M	-17.116M	-38.827M	-46.024M	-21.050M	-31.031M	-15.803M	-26.074M	-448.592M	-446.050M	-429.461M	-96.410M	-69.290M	-21.884M
Pre-Tax Income	78.421M	57.286M	56.723M	65.383M	59.399M	42.450M	30.505M	35.610M	30.243M	22.581M	26.150M	25.969M	21.483M	18.256M	12.780M	10.888M	7.206M	6.311M	4.934M	1.687M	3.280M	5.870M	1.326M	4.700M	-10.523M	-8.911M	37.124M	10.227M	59.333M	62.325M	113.664M
Pre-Tax Margin	5.50%	4.96%	4.71%	6.01%	6.64%	5.24%	4.64%	6.02%	5.57%	5.17%	6.64%	8.62%	7.59%	7.36%	6.68%	6.06%	4.48%	5.68%	5.14%	1.62%	1.91%	4.92%	1.08%	3.75%	-5.02%	-1.26%	4.66%	1.31%	8.49%	9.81%	8.03%
Income Tax Expense	18.815M	13.565M	11.325M	11.456M	11.370M	11.229M	7.465M	8.164M	8.122M	5.831M	6.020M	6.284M	4.661M	4.256M	3.802M	3.364M	2.743M	1.945M	1.620M	0.937M	2.392M	1.779M	1.566M	4.486M	6.699M	3.425M	15.056M	9.239M	23.849M	24.402M	35.490M
Tax Rate	23.99%	23.68%	19.96%	17.52%	19.14%	26.45%	24.47%	22.93%	26.86%	25.82%	23.02%	24.20%	21.70%	23.31%	29.75%	30.90%	35.00%	30.83%	32.83%	35.00%	35.00%	30.31%	35.00%	35.00%	0.00%	0.00%	35.00%	35.00%	35.00%	35.00%	31.22%
Net Income	59.606M	43.722M	45.398M	53.927M	48.030M	31.222M	23.041M	27.446M	22.121M	16.750M	20.131M	19.685M	16.822M	14.000M	8.978M	7.524M	4.463M	4.365M	3.314M	0.750M	0.888M	4.091M	-0.239M	0.214M	-17.222M	-12.337M	22.068M	0.988M	35.484M	37.923M	78.174M
Net Margin	4.18%	3.79%	3.77%	4.96%	5.37%	3.86%	3.51%	4.64%	4.08%	3.83%	5.11%	6.53%	5.95%	5.65%	4.69%	4.19%	2.77%	3.93%	3.45%	0.72%	0.52%	3.43%	-0.19%	0.17%	-8.21%	-1.74%	2.77%	0.13%	5.08%	5.97%	5.52%
EBIT	209.141M	222.699M	235.262M	204.279M	102.923M	98.283M	61.148M	47.489M	32.406M	14.177M	27.558M	43.748M	57.377M	61.007M	37.510M	49.931M	51.968M	29.291M	21.987M	40.529M	49.579M	26.946M	32.585M	20.492M	15.376M	439.235M	483.663M	439.933M	156.042M	131.846M	135.966M
Depreciation & Amortization	34.439M	34.603M	36.583M	34.636M	28.281M	21.687M	18.213M	14.091M	13.632M	11.203M	10.292M	8.070M	7.357M	7.296M	4.945M	4.822M	4.715M	3.811M	3.153M	3.204M	8.286M	6.989M	8.877M	10.026M	9.991M	19.178M	19.393M	11.368M	36.833M	28.959M	44.103M
EBITDA	243.579M	257.302M	271.845M	238.915M	131.205M	119.970M	79.361M	61.579M	46.038M	25.381M	37.850M	51.817M	64.734M	68.302M	42.455M	54.753M	56.683M	33.102M	25.140M	43.733M	57.866M	33.935M	41.461M	30.518M	25.366M	458.413M	503.056M	451.301M	192.875M	160.805M	180.069M
EBITDA Margin	17.09%	22.28%	22.59%	21.96%	14.67%	14.82%	12.07%	10.42%	8.48%	5.81%	9.61%	17.20%	22.89%	27.56%	22.19%	30.47%	35.20%	29.82%	26.17%	41.95%	33.72%	28.42%	33.75%	24.32%	12.09%	64.82%	63.08%	57.72%	27.61%	25.32%	12.72%
NOPAT	158.963M	169.967M	188.293M	168.488M	83.223M	72.286M	46.185M	36.602M	23.702M	10.516M	21.214M	33.161M	44.927M	46.785M	26.350M	34.503M	33.779M	20.262M	14.768M	26.344M	32.227M	18.779M	21.180M	13.320M	15.376M	439.235M	314.381M	285.956M	101.427M	85.700M	93.512M
NOPAT Margin	11.15%	14.72%	15.65%	15.49%	9.31%	8.93%	7.03%	6.19%	4.37%	2.41%	5.39%	11.01%	15.88%	18.87%	13.78%	19.20%	20.98%	18.25%	15.38%	25.27%	18.78%	15.73%	17.24%	10.62%	7.33%	62.11%	39.42%	36.58%	14.52%	13.49%	6.61%
Owner's Earnings	94.045M	78.325M	81.981M	88.563M	76.311M	52.909M	41.254M	41.537M	35.753M	27.953M	30.423M	27.755M	24.179M	21.296M	13.923M	12.346M	9.178M	8.176M	6.467M	3.954M	9.174M	11.080M	8.637M	10.240M	-7.231M	6.841M	41.460M	12.356M	72.317M	66.882M	122.277M
Owner's Earnings Margin	6.60%	6.78%	6.81%	8.14%	8.53%	6.54%	6.28%	7.03%	6.59%	6.40%	7.72%	9.21%	8.55%	8.59%	7.28%	6.87%	5.70%	7.37%	6.73%	3.79%	5.35%	9.28%	7.03%	8.16%	-3.45%	0.97%	5.20%	1.58%	10.35%	10.53%	8.64%
EPS	0.39	0.29	0.29	0.34	0.32	0.21	0.16	0.20	0.16	0.13	0.17	0.17	0.17	0.14	0.13	0.14	0.09	0.11	0.08	0.02	0.02	0.08	-0.01	0.01	-0.59	-0.20	0.35	0.01	0.27	0.27	0.25
EPS (Diluted)	0.39	0.29	0.29	0.34	0.32	0.21	0.16	0.20	0.16	0.13	0.17	0.17	0.17	0.14	0.13	0.14	0.09	0.11	0.08	0.02	0.02	0.08	-0.01	0.01	-0.59	-0.20	0.35	0.01	0.27	0.27	0.25
Shares (Diluted)	152,012,202	152,253,474	155,218,665	156,933,961	152,423,626	148,797,356	143,409,224	139,162,107	142,220,655	133,604,626	116,568,528	117,414,743	97,229,679	102,803,386	70,136,291	52,461,543	49,713,306	38,382,992	39,305,584	32,932,123	50,111,053	49,144,650	39,439,106	32,841,205	29,011,144	61,918,104	63,685,409	70,886,421	133,493,566	140,281,205	309,501,443

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	188.03M	128.77M	125.99M	140.65M	146.07M	126.29M	83.83M	85.77M	86.43M	72.21M	59.02M	53.40M	48.90M	38.41M	28.01M	32.32M	26.61M	30.09M	29.41M	28.74M	36.23M	35.02M	39.63M	36.11M	29.35M	34.13M	28.35M	33.63M	21.42M	10.42M	9.32M
Short-Term Investments	108.45M	49.09M	54.91M	57.85M	73.21M	56.22M	46.76M	45.60M	29.56M	19.93M	25.29M	19.96M	22.32M	22.88M	19.03M	15.14M	9.16M	10.55M	14.53M	10.09M	24.51M	32.58M	26.15M	30.93M	25.98M	29.08M	21.42M	3.62M	5.04M	0.03M	0.46M
Cash & Short-Term Investments	296.48M	177.87M	180.90M	198.51M	219.28M	182.51M	130.58M	131.38M	115.98M	92.14M	84.31M	73.37M	71.22M	61.29M	47.04M	47.45M	35.77M	40.64M	43.93M	38.83M	60.74M	67.59M	65.78M	67.04M	55.33M	63.21M	49.77M	37.26M	26.47M	10.45M	9.78M
Net Receivables	208.97M	134.62M	130.96M	116.05M	84.85M	72.18M	60.72M	56.58M	49.41M	46.57M	37.48M	34.09M	27.04M	22.52M	17.33M	9.89M	11.25M	14.24M	9.57M	6.82M	7.14M	7.50M	4.09M	3.74M	23.35M	137.35M	117.63M	48.81M	99.12M	76.23M	108.85M
Inventory	259.90M	192.74M	194.34M	172.63M	151.06M	128.11M	106.40M	98.09M	92.20M	76.06M	64.34M	57.84M	51.04M	43.73M	34.80M	28.76M	23.12M	17.08M	15.00M	15.02M	23.83M	22.75M	20.13M	18.31M	29.55M	38.53M	56.02M	62.05M	108.23M	105.01M	310.80M
Other Current Assets	25.18M	14.68M	30.14M	32.70M	22.73M	26.84M	20.43M	21.12M	16.17M	14.81M	12.01M	12.38M	10.00M	8.11M	6.05M	5.23M	3.26M	3.20M	2.28M	1.78M	5.41M	8.97M	13.05M	14.66M	5.11M	12.05M	18.92M	23.69M	26.28M	27.16M	18.55M
Total Current Assets	790.52M	519.90M	536.33M	519.89M	477.92M	409.64M	318.14M	307.16M	273.76M	229.59M	198.14M	177.67M	159.31M	135.65M	105.22M	91.33M	73.40M	75.15M	70.78M	62.44M	97.12M	106.81M	103.05M	103.75M	113.34M	251.14M	242.34M	171.80M	260.09M	218.84M	447.99M
Property, Plant & Equipment	303.30M	249.16M	257.86M	251.30M	226.16M	178.86M	152.26M	114.61M	109.14M	83.32M	67.80M	58.85M	60.67M	54.83M	43.75M	34.71M	31.92M	32.65M	26.28M	21.81M	56.86M	47.41M	40.45M	47.51M	52.94M	65.71M	64.79M	67.86M	377.93M	234.01M	399.70M
Goodwill	66.60M	45.34M	59.82M	63.34M	45.93M	33.58M	30.90M	27.44M	28.27M	22.08M	19.82M	14.31M	10.34M	8.21M	3.21M	1.20M	0.68M	1.34M	2.32M	0.74M	0.31M	0.03M	0.00M	0.04M	0.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	67.87M	54.20M	51.00M	50.23M	36.71M	24.52M	22.33M	18.55M	16.94M	13.55M	10.68M	10.73M	8.21M	6.28M	7.74M	5.35M	5.91M	4.42M	2.61M	1.55M	5.55M	2.31M	3.35M	6.34M	4.43M	7.10M	9.14M	7.08M	8.27M	7.65M	14.58M
Long-Term Investments	26.80M	14.95M	17.77M	20.68M	19.50M	19.70M	19.53M	15.02M	13.99M	9.97M	5.37M	2.26M	4.35M	1.24M	0.52M	0.43M	0.30M	0.25M	0.03M	0.06M	0.15M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	12.08M	11.82M	10.14M	13.08M	12.75M	10.53M	6.94M	6.08M	4.86M	4.41M	2.65M	1.34M	1.40M	2.22M	2.21M	1.10M	0.47M	0.36M	0.38M	0.19M	1.02M	0.19M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	39.33M	37.05M	31.37M	23.53M	24.06M	14.53M	8.67M	9.24M	7.50M	6.49M	6.76M	6.85M	3.86M	5.73M	7.18M	8.14M	5.26M	3.96M	4.63M	4.27M	9.02M	5.56M	5.94M	3.54M	4.71M	16.22M	12.79M	14.53M	13.57M	15.26M	20.59M
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	515.96M	412.51M	427.95M	422.16M	365.11M	281.72M	240.64M	190.94M	180.71M	139.83M	113.08M	94.34M	88.83M	78.51M	64.62M	50.92M	44.54M	42.98M	36.25M	28.62M	72.91M	55.50M	49.74M	57.43M	62.12M	89.03M	86.72M	89.47M	399.77M	256.92M	434.87M
Total Assets	1,306.48M	932.41M	964.29M	942.05M	843.03M	691.36M	558.78M	498.10M	454.47M	369.41M	311.22M	272.01M	248.13M	214.15M	169.84M	142.25M	117.95M	118.13M	107.03M	91.06M	170.03M	162.31M	152.79M	161.17M	175.45M	340.17M	329.06M	261.27M	659.86M	475.77M	882.85M
Accounts Payable	168.67M	147.27M	146.65M	137.70M	116.12M	100.32M	85.61M	76.45M	72.23M	64.81M	51.19M	47.75M	41.14M	38.34M	29.99M	18.49M	16.35M	18.35M	10.76M	11.32M	19.43M	12.51M	12.21M	20.61M	23.50M	26.54M	31.51M	25.77M	27.16M	34.75M	136.48M
Short-Term Debt	76.54M	28.52M	32.95M	30.08M	32.38M	23.27M	25.32M	15.74M	14.29M	10.00M	9.07M	10.35M	9.08M	7.15M	4.77M	3.93M	4.23M	4.47M	2.06M	1.87M	5.35M	3.44M	1.22M	1.64M	3.65M	2.65M	2.35M	13.13M	9.56M	4.27M	33.50M
Tax Payables	0.33M	8.13M	9.03M	9.73M	7.83M	7.27M	5.45M	5.85M	4.29M	3.97M	3.16M	2.95M	2.67M	2.01M	1.55M	1.50M	0.78M	0.38M	0.37M	0.26M	0.29M	0.08M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Revenue	2.55M	0.43M	3.71M	9.28M	26.02M	22.46M	9.18M	5.37M	8.57M	5.87M	5.20M	3.64M	5.13M	4.50M	2.99M	1.94M	2.57M	2.83M	2.05M	0.22M	2.23M	1.83M	0.60M	1.37M	2.65M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	78.61M	59.22M	41.69M	44.42M	46.00M	27.07M	23.84M	18.90M	17.56M	16.42M	14.33M	11.54M	11.35M	11.05M	7.82M	9.05M	7.94M	5.69M	4.54M	6.32M	12.84M	5.65M	5.71M	10.31M	14.60M	159.56M	157.09M	111.87M	123.39M	39.30M	59.12M
Total Current Liabilities	326.70M	243.58M	234.02M	231.22M	228.36M	180.40M	149.40M	122.30M	116.94M	101.07M	82.96M	76.23M	69.38M	63.06M	47.11M	34.90M	31.87M	31.73M	19.79M	20.00M	40.14M	23.52M	19.74M	33.93M	44.40M	188.75M	190.95M	150.77M	160.11M	78.32M	229.10M
Long-Term Debt	108.53M	66.10M	77.33M	89.40M	87.39M	59.09M	52.94M	40.70M	40.54M	28.85M	16.50M	13.26M	12.10M	8.72M	5.79M	7.87M	6.30M	9.30M	3.43M	7.80M	12.18M	1.90M	3.50M	5.41M	5.39M	33.87M	32.75M	25.86M	15.80M	13.86M	61.99M
Capital Lease Obligations	5.60M	37.94M	41.99M	44.02M	37.74M	30.31M	16.72M	0.70M	0.32M	0.33M	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	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	2.46M	4.16M	5.31M	4.55M	4.47M	2.42M	2.01M	3.24M	3.44M	2.32M	2.16M	1.67M	1.16M	1.08M	0.53M	0.42M	0.20M	0.34M	0.25M	0.22M	0.55M	0.30M	0.28M	0.49M	0.49M	4.69M	3.73M	8.01M	7.25M	6.84M	20.53M
Other Non-Current Liabilities	38.73M	34.73M	32.53M	25.36M	25.30M	25.24M	13.05M	11.40M	11.21M	12.30M	10.17M	8.30M	7.30M	6.06M	4.70M	3.53M	2.70M	2.66M	3.16M	3.88M	9.33M	4.19M	5.67M	6.28M	8.49M	15.07M	13.68M	1.72M	14.18M	0.90M	16.74M
Total Non-Current Liabilities	155.33M	142.93M	157.17M	163.33M	154.91M	117.06M	84.72M	56.04M	55.51M	43.80M	28.83M	23.24M	20.59M	15.86M	11.02M	11.83M	9.21M	12.30M	6.84M	11.90M	22.05M	6.39M	9.46M	12.18M	14.38M	53.63M	50.17M	35.60M	37.23M	21.60M	99.26M
Total Liabilities	482.02M	386.51M	391.20M	394.55M	383.27M	297.46M	234.11M	178.34M	172.45M	144.87M	111.78M	99.47M	89.96M	78.92M	58.13M	46.73M	41.08M	44.02M	26.62M	31.90M	62.19M	29.91M	29.20M	46.11M	58.78M	242.38M	241.12M	186.36M	197.35M	99.92M	328.36M
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	0.02M	0.00M	0.00M	0.00M	0.00M
Common Stock	27.53M	21.34M	25.75M	25.99M	20.97M	21.17M	17.15M	16.84M	16.39M	15.31M	13.99M	13.58M	11.67M	11.39M	10.96M	9.84M	9.28M	9.82M	8.36M	7.42M	10.83M	9.43M	8.50M	17.71M	21.02M	25.51M	6.26M	0.00M	0.01M	0.00M	0.69M
Retained Earnings	193.15M	142.87M	161.41M	89.81M	94.67M	91.14M	67.75M	67.56M	71.68M	60.90M	69.00M	61.90M	51.47M	29.32M	8.93M	9.08M	-0.97M	-4.85M	-6.88M	-9.12M	-19.26M	-56.93M	-49.74M	-29.69M	-37.81M	7.36M	50.53M	53.84M	242.81M	245.84M	516.21M
Accumulated OCI	30.10M	10.86M	3.34M	5.42M	4.59M	4.53M	3.45M	0.19M	1.55M	-1.20M	-0.94M	-0.63M	-1.39M	-1.15M	-0.25M	-0.17M	-0.37M	-0.24M	-0.02M	0.06M	-0.26M	-0.37M	-0.09M	-0.08M	-0.24M	-1.74M	-0.88M	-1.26M	-0.99M	-0.81M	-0.38M
Minority Interest	1.87M	1.05M	1.49M	1.81M	1.20M	0.51M	0.35M	0.30M	0.21M	0.40M	0.24M	0.23M	0.12M	0.08M	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	0.02M	0.00M	0.39M
Total Shareholders’ Equity	250.78M	175.07M	190.50M	121.22M	120.23M	116.85M	88.35M	84.59M	89.62M	75.01M	82.06M	74.85M	61.74M	39.56M	19.63M	18.75M	7.94M	4.72M	1.46M	-1.64M	-8.68M	-47.87M	-41.34M	-12.06M	-17.04M	31.13M	55.92M	52.58M	241.83M	245.03M	516.52M
Total Equity	252.65M	176.12M	191.99M	123.04M	121.43M	117.36M	88.70M	84.89M	89.82M	75.40M	82.29M	75.09M	61.86M	39.64M	19.65M	18.75M	7.94M	4.72M	1.46M	-1.64M	-8.68M	-47.87M	-41.34M	-12.06M	-17.04M	31.13M	55.92M	52.58M	241.85M	245.03M	516.91M
Total Liabilities & Equity	734.68M	562.63M	583.18M	517.59M	504.69M	414.82M	322.81M	263.23M	262.27M	220.27M	194.07M	174.55M	151.83M	118.56M	77.78M	65.48M	49.01M	48.74M	28.09M	30.26M	53.51M	-17.96M	-12.14M	34.05M	41.74M	273.51M	297.04M	238.94M	439.19M	344.95M	845.27M
Tangible Assets	1,172.02M	832.87M	853.47M	828.48M	760.40M	633.26M	505.55M	452.11M	409.25M	333.78M	280.72M	246.97M	229.58M	199.66M	158.89M	135.71M	111.35M	112.37M	102.11M	88.78M	164.17M	159.97M	149.44M	154.79M	170.99M	333.07M	319.92M	254.20M	651.60M	468.12M	868.28M
Tangible Equity	118.19M	76.58M	81.17M	9.47M	38.79M	59.26M	35.47M	38.90M	44.61M	39.77M	51.79M	50.04M	43.31M	25.15M	8.70M	12.21M	1.34M	-1.04M	-3.46M	-3.93M	-14.54M	-50.21M	-44.69M	-18.44M	-21.50M	24.03M	46.79M	45.50M	233.58M	237.38M	502.33M
Tangible Book Value	118.19M	76.58M	81.17M	9.47M	38.79M	59.26M	35.47M	38.90M	44.61M	39.77M	51.79M	50.04M	43.31M	25.15M	8.70M	12.21M	1.34M	-1.04M	-3.46M	-3.93M	-14.54M	-50.21M	-44.69M	-18.44M	-21.50M	24.03M	46.79M	45.50M	233.58M	237.38M	502.33M
Total Investments	105.88M	50.47M	56.68M	65.87M	51.70M	69.75M	68.70M	39.74M	31.01M	27.97M	19.29M	18.77M	14.71M	7.78M	6.03M	5.99M	7.42M	8.77M	9.79M	9.48M	19.35M	10.33M	3.15M	8.57M	26.13M	8.19M	6.07M	0.00M	0.15M	0.00M	0.04M
Net Debt	-2.97M	-34.15M	-15.72M	-21.17M	-26.29M	-43.93M	-5.56M	-29.34M	-31.59M	-33.36M	-33.46M	-29.79M	-27.71M	-22.54M	-17.45M	-20.52M	-16.08M	-16.32M	-23.91M	-19.06M	-18.70M	-29.67M	-34.90M	-29.06M	-20.31M	2.40M	6.75M	5.35M	3.94M	7.71M	86.18M

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	420.47M	299.70M	256.76M	301.21M	240.47M	245.46M	169.35M	163.73M	157.82M	128.76M	108.34M	91.50M	82.91M	65.82M	59.27M	67.35M	49.97M	58.95M	61.07M	57.41M	81.67M	92.57M	84.38M	95.26M	88.88M	58.91M	43.17M	64.32M	283.74M	227.57M	325.61M
Total Capital	913.48M	735.14M	707.17M	674.03M	660.27M	552.50M	465.40M	391.19M	349.01M	284.55M	239.33M	194.67M	170.76M	149.99M	126.89M	115.32M	91.38M	102.88M	93.74M	98.44M	159.43M	151.13M	133.71M	146.12M	180.26M	230.19M	245.68M	181.70M	576.58M	328.67M	667.56M
Capital Employed	1,090.75M	810.70M	838.40M	828.00M	770.37M	655.77M	513.06M	425.57M	391.06M	309.47M	258.33M	228.06M	204.57M	176.11M	150.11M	153.95M	120.86M	134.57M	134.84M	119.72M	237.44M	212.02M	176.78M	211.49M	190.13M	362.59M	389.60M	206.45M	724.88M	557.48M	860.01M
Invested Capital	725.45M	606.37M	581.18M	533.37M	514.20M	426.21M	381.57M	305.42M	262.59M	212.33M	180.31M	141.27M	121.86M	111.59M	98.88M	83.01M	64.77M	72.79M	64.34M	69.70M	123.20M	116.11M	94.08M	110.01M	150.91M	196.05M	217.33M	148.06M	555.15M	318.25M	658.24M

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	23.64M	38.46M	40.53M	38.62M	33.00M	25.44M	18.97M	14.78M	13.19M	11.42M	8.82M	8.02M	7.37M	7.16M	4.79M	4.89M	4.93M	4.82M	3.20M	3.71M	8.76M	7.37M	9.57M	10.34M	12.14M	19.26M	19.46M	42.99M	42.05M	33.58M	49.62M
Deferred Income Tax	0.00M	0.00M	-0.13M	-0.76M	-0.17M	-0.50M	-0.25M	-0.44M	-0.18M	-0.08M	-0.10M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.03M	0.00M	0.00M	0.00M	0.00M	-0.02M	0.00M	0.00M	0.00M	-0.02M	0.05M	0.70M
Stock-Based Compensation	4.32M	4.60M	5.58M	5.85M	8.47M	5.49M	4.19M	4.01M	3.87M	2.31M	2.40M	1.65M	0.96M	0.74M	0.44M	0.36M	0.14M	0.06M	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
Change in Working Capital	-8.47M	-21.40M	-12.47M	-21.66M	-12.35M	-6.29M	-15.17M	-8.66M	-10.74M	-6.26M	-3.15M	-5.18M	-3.92M	-2.93M	-4.26M	-1.16M	1.09M	-1.41M	-1.32M	-0.88M	0.96M	-0.59M	-2.05M	0.11M	0.82M	5.90M	-5.20M	-11.13M	2.87M	-28.66M	-17.41M
Accounts Receivable	-7.23M	-14.74M	-6.99M	-18.47M	-12.13M	-7.96M	-10.56M	-7.60M	-4.48M	-5.98M	-4.57M	-3.69M	-2.71M	-0.85M	-0.08M	0.00M	0.00M	0.00M	0.00M	-0.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	-6.37M	-13.69M	-15.19M	-15.57M	-12.36M	-14.36M	-9.45M	-7.05M	-7.85M	-4.74M	-3.23M	-4.96M	-4.53M	-2.42M	-1.50M	-1.15M	-0.84M	-1.32M	-1.47M	-1.52M	-2.68M	-2.06M	-1.55M	-1.83M	-8.49M	-0.44M	-4.64M	-8.19M	-5.56M	-9.31M	-20.24M
Accounts Payable	1.26M	10.04M	13.36M	13.09M	11.73M	7.58M	6.84M	5.92M	3.48M	2.11M	1.47M	0.00M	0.00M	0.00M	0.04M	0.00M	0.00M	0.00M	0.04M	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	0.81M	-2.63M	-4.46M	-1.19M	1.31M	4.41M	-1.79M	1.64M	-3.01M	-0.19M	0.80M	1.32M	1.38M	1.00M	-1.07M	-0.85M	2.13M	0.13M	0.39M	0.86M	0.60M	0.57M	2.34M	8.38M	5.54M	31.32M	1.85M	13.02M	4.55M	-0.74M	1.86M
Other Non-Cash Items	18.25M	13.78M	9.54M	13.02M	1.20M	7.30M	7.70M	1.38M	4.12M	3.46M	0.96M	0.31M	1.62M	-0.14M	1.56M	0.67M	0.72M	0.91M	1.56M	1.27M	-0.57M	3.40M	1.25M	6.63M	13.05M	17.57M	3.93M	6.14M	2.81M	0.22M	0.97M
Net Cash from Operating Activities	95.18M	86.57M	100.90M	84.73M	84.14M	73.22M	43.61M	44.30M	33.01M	23.73M	21.04M	19.25M	16.15M	14.54M	10.98M	12.67M	12.41M	5.90M	9.37M	1.74M	8.14M	3.16M	8.24M	2.17M	-0.38M	20.93M	14.52M	114.85M	63.37M	46.32M	117.39M
Capital Expenditures (PPE)	-19.04M	-28.96M	-37.46M	-34.57M	-34.66M	-31.01M	-23.32M	-23.44M	-20.63M	-17.63M	-13.63M	-11.81M	-10.70M	-9.61M	-7.29M	-6.56M	-6.72M	-8.22M	-6.00M	-6.10M	-8.34M	-11.95M	-11.14M	-10.60M	-12.35M	-15.47M	-72.68M	-100.39M	-91.29M	-82.66M	-88.62M
Acquisitions (Net)	0.00M	-0.28M	-1.19M	-6.81M	-3.94M	-1.29M	-1.19M	-0.36M	-0.49M	-1.55M	-1.64M	-0.97M	-0.17M	-0.05M	-0.03M	-0.02M	0.00M	0.00M	0.00M	0.00M	-0.57M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-30.70M	-28.02M	-19.61M	-34.50M	-57.20M	-21.21M	-29.34M	-20.37M	-10.78M	-6.30M	-15.12M	-3.80M	-1.90M	-0.93M	-1.50M	-4.68M	-3.56M	-0.75M	-6.63M	-3.49M	-11.73M	-5.95M	-10.30M	-4.39M	-18.22M	-8.68M	-11.29M	-7.65M	-29.73M	-21.33M	-8.53M
Sales / Maturities of Investments	18.42M	22.44M	30.13M	47.77M	63.90M	29.09M	22.57M	16.01M	11.15M	4.19M	7.28M	7.21M	3.37M	0.57M	0.78M	0.94M	0.35M	3.42M	6.71M	6.28M	9.61M	7.29M	13.89M	14.61M	13.77M	7.32M	5.12M	16.37M	27.57M	16.41M	7.63M
Other Investing Activities	-0.63M	-3.28M	-1.08M	-1.40M	-1.65M	-1.52M	-0.69M	-1.74M	-2.97M	-1.04M	-0.73M	-1.67M	-0.91M	-0.64M	-0.51M	0.25M	0.12M	-0.13M	-0.15M	-0.21M	-0.05M	0.14M	0.36M	1.55M	0.59M	2.09M	2.03M	-0.15M	-0.45M	-0.17M	-9.45M
Net Cash from Investing Activities	-40.17M	-51.28M	-58.87M	-68.35M	-55.29M	-47.04M	-43.42M	-49.90M	-42.48M	-30.33M	-25.98M	-24.18M	-16.70M	-16.29M	-9.39M	-11.74M	-12.11M	-9.41M	-12.15M	-10.91M	-20.93M	-20.33M	-14.12M	-1.92M	-28.43M	-27.93M	-77.72M	-98.82M	-87.46M	-93.21M	-106.75M
Net Debt Issuance	-1.45M	-3.06M	-4.26M	9.38M	1.15M	1.66M	0.05M	7.55M	5.74M	1.23M	2.24M	0.44M	1.40M	0.56M	-0.10M	-0.45M	0.15M	-0.74M	0.32M	-0.14M	-0.37M	-0.18M	0.77M	-0.23M	0.04M	0.75M	6.86M	13.95M	1.05M	-0.83M	-15.93M
Long-Term Debt Issuance	-1.16M	-4.11M	-2.17M	10.48M	4.65M	2.57M	0.30M	6.12M	5.33M	1.84M	2.48M	0.64M	1.48M	0.39M	-0.11M	-0.25M	0.39M	-0.79M	0.00M	-0.06M	-0.42M	-0.15M	0.13M	-0.26M	0.04M	0.71M	6.86M	14.00M	1.08M	-0.80M	-15.93M
Short-Term Debt Issuance	-0.09M	0.00M	0.00M	0.00M	-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	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	1.89M	-1.31M	0.42M	0.03M	0.31M	1.81M	0.74M	-0.08M	0.34M	0.12M	0.10M	0.15M	0.04M	0.02M	0.02M	0.60M	0.06M	0.05M	2.88M	5.38M	4.61M	2.13M	3.42M	0.90M	17.48M	18.97M	10.84M	10.29M	5.53M	16.07M	0.60M
Common Stock Issuance	0.91M	0.86M	1.71M	1.40M	3.32M	5.67M	6.10M	1.45M	1.45M	1.80M	2.10M	0.76M	1.73M	0.27M	0.10M	2.75M	0.27M	0.47M	5.79M	10.07M	11.55M	10.22M	7.53M	5.85M	19.10M	30.20M	12.80M	11.37M	6.46M	16.30M	1.44M
Common Stock Repurchased	-0.22M	-1.97M	-0.22M	-0.49M	-0.15M	-0.51M	-0.85M	-0.68M	-0.10M	0.00M	0.00M	0.00M	-0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.06M	-0.01M	0.00M	-0.08M	-0.16M	0.00M	0.00M	-0.42M	-1.41M	-1.48M
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	-4.52M	-11.24M	-11.05M	-8.42M	-6.89M	-5.56M	-6.09M	-7.25M	-5.46M	-4.42M	-3.33M	-2.88M	-2.80M	-1.65M	-1.39M	-1.36M	-0.78M	-0.54M	-0.49M	-0.47M	-0.54M	-0.46M	-0.14M	-0.12M	0.00M	0.00M	-0.06M	-1.87M	-10.13M	-7.33M	-16.72M
Common Dividends Paid	-4.42M	-11.21M	-11.36M	-9.13M	-7.93M	-6.74M	-6.76M	-6.08M	-5.32M	-4.24M	-3.23M	-2.65M	-2.80M	-1.63M	-1.40M	-1.44M	-0.95M	-0.87M	-0.74M	-0.55M	-0.79M	-0.68M	-1.12M	-0.12M	0.00M	0.00M	-0.06M	-1.87M	-10.13M	-7.33M	-16.72M
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	-8.21M	-4.27M	-4.54M	-6.92M	-4.19M	0.41M	-0.25M	0.78M	0.28M	1.64M	2.36M	0.63M	-0.53M	-0.05M	-0.09M	0.11M	-0.08M	0.00M	0.04M	0.06M	0.23M	-0.56M	-0.01M	-0.93M	0.02M	-0.09M	-0.01M	0.04M	-0.06M	-0.03M	0.30M
Net Cash from Financing Activities	-42.32M	-31.52M	-28.92M	-15.61M	-2.42M	1.68M	-2.80M	6.21M	13.44M	2.90M	11.45M	5.27M	2.22M	2.84M	-1.50M	4.26M	-0.42M	-1.25M	8.56M	7.78M	12.72M	0.53M	7.16M	-0.20M	17.19M	31.12M	29.81M	30.69M	19.10M	5.47M	-15.95M
Effect of FX on Cash	0.02M	0.06M	-0.04M	-0.21M	0.02M	-0.10M	0.01M	-0.03M	-0.01M	0.00M	0.01M	0.01M	-0.04M	0.00M	0.00M	0.00M	0.00M	-0.01M	0.00M	0.00M	0.06M	0.00M	-0.02M	-0.05M	0.00M	0.00M	0.00M	0.00M	0.02M	0.00M	-4.20M
Net Change in Cash	19.74M	-2.31M	2.18M	9.61M	11.85M	32.37M	1.05M	2.40M	5.13M	6.27M	12.36M	2.59M	6.70M	2.53M	1.25M	3.93M	1.24M	-1.38M	6.13M	5.72M	4.46M	1.39M	8.14M	1.41M	-4.71M	20.16M	0.69M	13.55M	2.18M	-3.33M	-2.54M
Cash at Beginning of Period	82.30M	116.86M	122.57M	133.95M	123.42M	84.11M	78.27M	77.41M	72.11M	60.70M	54.58M	51.53M	40.95M	32.35M	32.36M	28.74M	31.40M	33.25M	25.82M	21.40M	26.69M	39.61M	33.80M	34.02M	25.70M	26.13M	30.55M	23.25M	12.02M	7.48M	24.30M
Cash at End of Period	192.08M	120.84M	119.62M	130.17M	134.14M	122.45M	80.45M	78.79M	83.00M	73.99M	59.67M	55.04M	52.21M	39.10M	29.04M	33.98M	28.60M	33.03M	33.69M	31.88M	38.15M	36.16M	46.27M	39.45M	31.51M	30.19M	28.36M	41.85M	11.05M	6.72M	3.99M
Operating Cash Flow	94.26M	86.59M	100.90M	84.44M	87.62M	73.20M	43.61M	44.29M	33.01M	23.73M	21.04M	19.25M	16.15M	14.54M	10.98M	12.70M	12.41M	5.93M	9.37M	1.74M	8.14M	3.16M	8.24M	2.17M	-0.38M	20.93M	14.52M	114.85M	63.37M	46.32M	117.39M
Capital Expenditure	-21.51M	-33.50M	-40.29M	-34.93M	-35.21M	-31.04M	-23.13M	-23.46M	-20.64M	-17.66M	-13.62M	-11.81M	-10.69M	-9.61M	-7.29M	-6.54M	-6.72M	-8.23M	-6.01M	-6.04M	-8.29M	-11.95M	-11.14M	-10.60M	-12.35M	-15.48M	-72.68M	-100.39M	-91.29M	-82.66M	-88.62M
Free Cash Flow	70.88M	33.07M	37.10M	35.74M	44.96M	44.21M	17.35M	13.12M	5.43M	5.88M	5.58M	3.54M	3.85M	2.61M	2.80M	5.79M	1.35M	-3.24M	0.51M	-4.67M	1.29M	-6.39M	-0.44M	-13.03M	-12.76M	-7.77M	-21.79M	-31.07M	13.82M	1.08M	10.20M

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	138.26M	114.45M	105.28M	111.09M	95.69M	74.09M	52.71M	53.18M	48.52M	34.01M	41.78M	32.49M	26.53M	26.75M	21.60M	20.61M	13.56M	12.02M	9.02M	4.19M	15.21M	11.86M	17.18M	15.46M	-0.43M	11.17M	50.08M	27.05M	72.31M	82.39M	149.57M
(-) Tax Adjustment	33.17M	27.10M	21.02M	19.46M	18.32M	19.60M	12.90M	12.19M	13.03M	8.78M	9.62M	7.86M	5.76M	6.24M	6.43M	6.37M	5.16M	3.71M	2.96M	2.33M	11.09M	3.59M	20.28M	14.76M	0.27M	-4.29M	20.31M	24.43M	29.07M	32.26M	46.70M
(-) Change In Working Capital	-8.47M	-21.40M	-12.47M	-21.66M	-12.35M	-6.29M	-15.17M	-8.66M	-10.74M	-6.26M	-3.15M	-5.18M	-3.92M	-2.93M	-4.26M	-1.16M	1.09M	-1.41M	-1.32M	-0.88M	0.96M	-0.59M	-2.05M	0.11M	0.82M	5.90M	-5.20M	-11.13M	2.87M	-28.66M	-17.41M
(-) Capital Expenditure	21.51M	33.50M	40.29M	34.93M	35.21M	31.04M	23.13M	23.46M	20.64M	17.66M	13.62M	11.81M	10.69M	9.61M	7.29M	6.54M	6.72M	8.23M	6.01M	6.04M	8.29M	11.95M	11.14M	10.60M	12.35M	15.48M	72.68M	100.39M	91.29M	82.66M	88.62M
Unlevered Free Cash Flow	92.05M	75.25M	56.45M	78.36M	54.51M	29.75M	31.85M	26.18M	25.59M	13.83M	21.69M	18.00M	14.01M	13.84M	12.14M	8.85M	0.59M	1.50M	1.37M	-3.30M	-5.13M	-3.10M	-12.19M	-10.01M	-13.87M	-5.93M	-37.71M	-86.65M	-50.91M	-3.87M	31.66M
(-) Net Interest Income After Taxes	-6.34M	-5.18M	-5.88M	-6.05M	-6.27M	-5.15M	-4.51M	-2.03M	-1.78M	-1.66M	-0.89M	-0.74M	-0.69M	-0.39M	-0.32M	-0.49M	-0.42M	-0.20M	0.04M	-0.01M	-0.07M	-0.02M	0.04M	0.00M	0.29M	0.62M	-0.29M	-0.02M	-0.18M	-0.14M	-0.29M
Net Debt Issuance	-1.45M	-3.06M	-4.26M	9.38M	1.15M	1.66M	0.05M	7.55M	5.74M	1.23M	2.24M	0.44M	1.40M	0.56M	-0.10M	-0.45M	0.15M	-0.74M	0.32M	-0.14M	-0.37M	-0.18M	0.77M	-0.23M	0.04M	0.75M	6.86M	13.95M	1.05M	-0.83M	-15.93M
Levered Free Cash Flow	96.94M	77.37M	58.07M	93.79M	61.93M	36.56M	36.41M	35.76M	33.11M	16.71M	24.82M	19.17M	16.10M	14.79M	12.35M	8.90M	1.17M	0.96M	1.64M	-3.43M	-5.43M	-3.26M	-11.46M	-10.23M	-14.12M	-5.80M	-30.56M	-72.68M	-49.68M	-4.56M	16.01M