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Definitive Analysis

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Page: Company Financials

First United Corporation

Ticker: FUNC | Industry: Banks - Regional | Sector: Financial Services
$39.47 +1.34 (3.51%)
As of: 2026-01-15

Master Data Export

Enterprise Value

Metric MRQ MRQ-1 2025 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
Stock Price 36.77 31.01 32.60 26.70 17.72 19.37 18.10 13.71 20.60 18.53 15.86 12.28 9.43 8.21 7.97 6.02 3.72 4.37 9.05 17.80 20.81 21.66 20.33 20.87 22.34 16.53 14.71 10.38 15.14 18.54 17.78 14.22
Market Capitalization 238.60M 201.22M 211.44M 174.01M 118.30M 128.81M 121.42M 96.04M 146.31M 131.18M 110.14M 76.92M 58.48M 51.10M 49.45M 37.41M 23.16M 27.11M 55.82M 109.64M 128.93M 133.76M 125.06M 127.11M 137.33M 101.33M 90.03M 63.58M 92.65M 115.22M 112.62M 93.21M
(-) Cash & Equivalents 92.27M 79.11M 85.27M 68.19M 93.71M 50.71M 159.52M 123.53M 56.79M 23.43M 76.15M 51.34M 55.01M 48.11M 60.37M 84.16M 109.20M 306.67M 100.30M 22.65M 25.84M 24.34M 28.82M 24.67M 29.81M 20.53M 18.12M 24.30M 24.90M 17.18M 19.63M 18.58M
(+) Total Debt 117.29M 173.11M 144.33M 161.75M 163.36M 104.23M 126.57M 148.28M 146.65M 171.59M 159.72M 173.61M 196.84M 224.96M 230.79M 233.63M 262.96M 289.07M 318.64M 351.14M 265.25M 255.44M 256.18M 292.35M 211.80M 228.78M 130.86M 133.55M 102.95M 30.90M 7.68M 4.03M
Enterprise Value 263.62M 295.22M 270.50M 267.57M 187.95M 182.33M 88.46M 120.78M 236.18M 279.34M 193.71M 199.20M 200.31M 227.95M 219.87M 186.89M 176.91M 9.51M 274.16M 438.13M 368.33M 364.86M 352.42M 394.78M 319.32M 309.58M 202.77M 172.83M 170.70M 128.95M 100.67M 78.66M

Income Statement

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31 2013-12-31 2012-12-31 2011-12-31 2010-12-31 2009-12-31 2008-12-31 2007-12-31 2006-12-31 2005-12-31 2004-12-31 2003-12-31 2002-12-31 2001-12-31 2000-12-31 1999-12-31 1998-12-31 1997-12-31 1996-12-31 1995-12-31
Revenue 119M 106M 112M 96M 80M 79M 77M 75M 68M 61M 61M 59M 60M 63M 68M 76M 80M 101M 112M 109M 94M 84M 74M 70M 67M 73M 71M 62M 54M 49M 44M 42M
Cost of Revenue 35M 35M 35M 26M 4M 5M 15M 13M 10M 10M 11M 10M 13M 12M 23M 30M 45M 48M 56M 52M 41M 30M 27M 24M 27M 36M 37M 29M 23M 20M 17M 15M
Gross Profit 84M 71M 77M 70M 76M 74M 62M 62M 57M 51M 49M 49M 47M 51M 45M 46M 35M 53M 56M 57M 54M 53M 47M 45M 39M 36M 34M 33M 30M 30M 27M 27M
Gross Profit Margin 70.4% 67.1% 68.8% 73.0% 94.8% 93.8% 80.4% 82.8% 84.9% 83.8% 81.3% 82.4% 77.8% 80.9% 65.6% 60.0% 43.9% 52.8% 49.9% 52.5% 57.1% 63.6% 64.0% 64.9% 59.1% 50.0% 47.8% 52.7% 56.8% 59.7% 61.3% 64.7%
R&D Expenses 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M
SG&A Expenses 32M 31M 31M 30M 26M 26M 23M 25M 25M 23M 22M 23M 22M 22M 21M 23M 28M 25M 23M 21M 19M 18M 17M 16M 14M 13M 11M 10M 10M 9M 9M 9M
Operating Expenses 51M 50M 50M 50M 43M 47M 44M 45M 44M 39M 39M 30M 40M 42M 39M 43M 53M 73M 43M 38M 35M 35M 36M 30M 26M 23M 22M 21M 19M 20M 18M 19M
Operating Income (EBIT) 33M 21M 27M 19M 33M 26M 18M 16M 13M 12M 10M 19M 7M 9M 6M 3M -18M -20M 12M 19M 18M 19M 11M 15M 13M 13M 12M 12M 11M 10M 10M 8M
Operating Income Margin 27.8% 20.0% 24.4% 20.4% 41.2% 33.5% 23.1% 22.0% 19.9% 19.9% 16.6% 32.7% 11.4% 13.7% 8.2% 3.9% -22.7% -19.6% 11.1% 17.1% 19.4% 22.3% 15.1% 22.0% 20.0% 17.7% 16.9% 19.5% 21.3% 20.0% 21.7% 20.2%
Interest Income 98M 90M 92M 81M 62M 58M 58M 58M 52M 47M 46M 45M 46M 50M 53M 59M 71M 85M 95M 94M 80M 70M 61M 58M 58M 63M 63M 55M 47M 43M 39M 37M
Interest Expense 33M 32M 32M 24M 5M 6M 10M 12M 8M 7M 8M 9M 11M 12M 14M 21M 29M 32M 43M 49M 39M 29M 24M 24M 26M 33M 35M 27M 22M 19M 16M 15M
Net Interest Income 66M 58M 60M 57M 58M 53M 49M 46M 44M 40M 38M 36M 36M 38M 39M 38M 42M 53M 52M 44M 41M 40M 37M 34M 32M 29M 28M 28M 25M 24M 23M 23M
Unusual Items -66M -58M -60M -57M -58M -53M -49M -46M -44M -40M -38M -36M -36M -38M -39M -38M -42M -53M -52M -44M -41M -40M -37M -34M -32M -29M -28M -28M -25M -24M -23M -23M
EBT Excluding Unusual Items 99M 80M 87M 76M 91M 79M 66M 63M 58M 52M 48M 55M 42M 47M 45M 41M 23M 33M 65M 63M 59M 59M 48M 49M 45M 42M 40M 40M 37M 34M 33M 31M
Pre-Tax Income 33M 21M 27M 19M 33M 26M 18M 16M 13M 12M 10M 19M 7M 9M 6M 3M -18M -20M 12M 19M 18M 19M 11M 15M 13M 13M 12M 12M 11M 10M 10M 8M
Pre-Tax Margin 27.8% 20.0% 24.4% 20.4% 41.2% 33.5% 23.1% 22.0% 19.9% 19.9% 16.6% 32.7% 11.4% 13.7% 8.2% 3.9% -22.7% -19.6% 11.1% 17.1% 19.4% 22.3% 15.1% 22.0% 20.0% 17.7% 16.9% 19.5% 21.3% 20.0% 21.7% 20.2%
Income Tax Expense 8M 5M 7M 4M 8M 7M 4M 3M 3M 7M 3M 6M 1M 2M 1M -1M -8M -8M 4M 6M 6M 7M 4M 5M 4M 4M 4M 4M 4M 3M 3M 3M
Net Income 25M 16M 21M 15M 25M 20M 14M 13M 11M 5M 7M 13M 6M 6M 5M 4M -10M -11M 9M 13M 13M 12M 8M 11M 10M 9M 8M 8M 7M 7M 7M 6M
Net Income Margin 21.0% 15.3% 18.4% 15.8% 31.1% 25.1% 18.0% 17.6% 15.8% 8.6% 12.0% 21.8% 9.3% 10.2% 6.9% 4.8% -12.7% -11.2% 7.9% 11.8% 13.3% 14.5% 10.4% 15.5% 14.5% 12.6% 11.7% 12.9% 13.8% 13.4% 14.7% 13.5%
Depreciation & Amortization 3M 5M 4M 5M 4M 3M 4M 3M 2M 2M 2M 2M 2M 2M 2M 3M 3M 4M 4M 3M 3M 4M 4M 4M 2M 2M 2M 1M 2M 1M 2M 2M
EBITDA 36M 26M 31M 24M 37M 30M 21M 20M 16M 14M 12M 21M 9M 11M 8M 6M -15M -16M 16M 22M 21M 22M 15M 20M 15M 14M 14M 14M 13M 11M 11M 10M
EBITDA Margin 30.4% 24.7% 27.7% 25.5% 45.8% 37.8% 27.7% 26.6% 23.5% 23.0% 19.4% 35.7% 14.6% 17.0% 11.1% 7.4% -18.7% -15.8% 14.3% 20.0% 22.6% 26.5% 20.6% 28.2% 22.7% 19.9% 19.1% 21.7% 24.7% 22.7% 25.3% 23.8%
NOPAT 25M 16M 21M 15M 25M 20M 14M 13M 11M 5M 7M 13M 6M 6M 5M 4M -14M -16M 9M 13M 13M 12M 8M 11M 10M 9M 8M 8M 7M 7M 7M 6M
NOPAT Margin 21.0% 15.2% 18.4% 15.8% 31.1% 25.1% 18.0% 17.6% 15.8% 8.6% 12.0% 21.8% 9.3% 10.2% 6.9% 4.8% -18.0% -15.5% 7.9% 11.8% 13.3% 14.5% 10.4% 15.5% 14.5% 12.6% 11.7% 12.9% 13.8% 13.4% 14.7% 13.5%
Owner's Earnings 26M 19M 22M 20M 25M 22M 16M 13M 4M 1M 5M 13M 7M 8M 5M 6M -11M -11M 10M 12M 10M 10M 2M 11M 8M 8M 7M 7M 8M 7M 7M 6M
Owner's Earnings Margin 21.7% 18.2% 20.1% 20.5% 31.2% 28.1% 20.5% 16.8% 5.4% 1.0% 8.3% 22.5% 11.3% 12.0% 7.9% 7.9% -13.5% -10.8% 8.8% 10.9% 10.9% 12.1% 3.2% 15.6% 12.0% 11.6% 10.1% 11.6% 14.6% 13.2% 16.1% 13.7%
EPS (Basic) 3.85 2.46 3.15 2.25 3.77 2.95 2.04 1.85 1.51 0.58 0.84 1.65 0.48 0.75 0.48 0.33 -1.90 -2.06 1.44 2.06 2.03 1.97 1.24 1.76 1.58 1.50 1.36 1.29 1.19 1.04 0.99 0.85
EPS (Diluted) 3.84 2.45 3.15 2.25 3.76 2.94 1.97 1.85 1.51 0.76 1.16 2.08 0.89 1.04 0.75 0.58 -1.64 -1.84 1.44 2.06 2.04 1.98 1.24 1.76 1.58 1.50 1.36 1.29 1.18 1.03 0.99 0.85
Shares (Basic) 6M 7M 7M 7M 7M 7M 7M 7M 7M 7M 6M 6M 6M 6M 6M 6M 6M 6M 6M 6M 6M 6M 6M 6M 6M 6M 6M 6M 6M 6M 7M 7M
Shares (Diluted) 6M 7M 7M 7M 7M 7M 7M 7M 7M 7M 6M 6M 6M 6M 6M 6M 6M 6M 6M 6M 6M 6M 6M 6M 6M 6M 6M 6M 6M 6M 7M 7M

Product Segments

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31
Brokerage Commissions 1.05M 1.08M 1.45M 1.16M 1.05M 1.08M 1.00M 0.92M
Debit Card Income 3.96M 3.64M 4.07M 4.10M 3.96M 3.64M 2.90M 2.71M
Other Service Charges 0.93M 0.91M 0.89M 0.93M 0.93M 0.91M 0.00M 0.00M
Service Charges 0.00M 1.29M 0.00M 0.00M 0.00M 0.00M 1.93M 2.19M
Service Charges on Deposit Accounts 1.98M 0.48M 2.22M 2.20M 1.98M 1.77M 0.00M 0.00M
Trust Department 8.24M 8.65M 9.09M 8.28M 8.24M 8.65M 7.45M 7.15M

Balance Sheet

Metric MRQ MRQ-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31 2013-12-31 2012-12-31 2011-12-31 2010-12-31 2009-12-31 2008-12-31 2007-12-31 2006-12-31 2005-12-31 2004-12-31 2003-12-31 2002-12-31 2001-12-31 2000-12-31 1999-12-31 1998-12-31 1997-12-31 1996-12-31 1995-12-31
Cash & Cash Equivalents 95.18M 79.11M 78.33M 49.75M 74.32M 115.72M 149.43M 49.98M 23.54M 83.75M 63.31M 52.14M 35.45M 43.06M 83.07M 65.11M 299.31M 189.67M 19.31M 25.80M 25.79M 29.61M 26.01M 21.75M 24.45M 23.99M 36.06M 41.70M 13.60M 17.60M 16.30M 16.00M
Short-Term Investments 17.06M 18.38M 71.61M 97.17M 125.89M 286.77M 226.89M 131.31M 137.64M 146.47M 140.00M 170.23M 221.12M 336.59M 223.27M 245.02M 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
Cash & Short-Term Investments 112.24M 97.50M 149.94M 146.92M 200.20M 402.49M 376.32M 181.28M 161.18M 230.22M 203.31M 222.37M 256.57M 379.65M 306.34M 310.13M 299.31M 189.67M 19.31M 25.80M 25.79M 29.61M 26.01M 21.75M 24.45M 23.99M 36.06M 41.70M 13.60M 17.60M 16.30M 16.00M
Net Receivables 7.48M 7.16M 7.47M 7.49M 6.05M 13.47M 13.69M 16.06M 20.45M 21.43M 21.12M 19.50M 21.85M 28.83M 25.01M 28.72M 44.86M 51.56M 24.32M 27.37M 21.20M 22.81M 18.95M 36.11M 31.84M 34.69M 20.94M 20.70M 12.00M 8.90M 7.40M 6.90M
Inventory 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Current 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 0.00M
Total Current Assets 119.71M 104.66M 157.41M 154.41M 206.26M 415.96M 390.00M 197.35M 181.64M 251.66M 224.43M 241.87M 278.42M 408.48M 331.35M 338.85M 344.17M 241.23M 43.62M 53.17M 46.99M 52.42M 44.96M 57.86M 56.29M 58.69M 57.00M 62.40M 25.60M 26.50M 23.70M 22.90M
Property, Plant & Equipment 31.35M 30.70M 31.29M 32.83M 36.85M 36.94M 39.27M 41.37M 37.86M 30.88M 27.16M 25.20M 25.63M 26.91M 29.46M 30.83M 32.95M 31.72M 31.12M 31.41M 29.85M 27.05M 23.52M 16.60M 13.16M 11.53M 10.83M 9.80M 9.10M 9.30M 9.30M 9.60M
Goodwill 0.00M 0.00M 11.00M 11.00M 12.43M 12.05M 11.00M 11.00M 11.00M 11.00M 11.00M 11.00M 11.00M 11.00M 11.00M 12.86M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Intangible Assets 0.00M 0.00M 0.77M 1.10M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 1.58M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Long-Term Investments 1,480.90M 1,492.37M 1,661.37M 1,603.59M 1,500.34M 1,193.77M 1,221.41M 1,132.87M 1,090.11M 976.18M 979.18M 972.66M 937.38M 800.55M 862.82M 919.21M 1,217.30M 1,375.58M 1,474.79M 1,340.87M 1,220.40M 1,184.64M 1,115.30M 1,009.67M 884.15M 738.03M 768.36M 720.60M 606.40M 533.30M 490.70M 454.70M
Tax Assets 8.23M 9.15M 9.99M 11.13M 10.61M 6.86M 7.97M 7.44M 7.84M 9.25M 19.34M 19.79M 25.91M 29.21M 28.88M 28.71M 26.40M 29.19M 29.57M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Non-Current Assets 372.25M 358.98M 101.20M 91.80M 81.69M 64.26M 63.76M 51.99M 55.31M 57.50M 57.09M 52.94M 53.96M 57.90M 57.27M 58.84M 60.93M 50.84M 43.68M 38.90M 37.55M 32.29M 32.95M 8.66M 0.00M 9.88M 11.40M 0.50M 0.00M -0.10M -0.10M 0.00M
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 0.00M
Total Non-Current Assets 1,892.73M 1,891.21M 1,815.61M 1,751.45M 1,641.91M 1,313.88M 1,343.41M 1,244.68M 1,202.13M 1,084.82M 1,093.77M 1,081.59M 1,053.88M 925.56M 989.43M 1,052.02M 1,337.57M 1,487.32M 1,579.16M 1,411.18M 1,287.80M 1,243.98M 1,171.77M 1,034.92M 897.32M 759.43M 790.59M 730.90M 615.50M 542.50M 499.90M 464.30M
Total Assets 2,012.45M 1,995.86M 1,973.02M 1,905.86M 1,848.17M 1,729.84M 1,733.41M 1,442.03M 1,383.76M 1,336.47M 1,318.19M 1,323.46M 1,332.30M 1,334.05M 1,320.78M 1,390.87M 1,681.75M 1,728.56M 1,622.78M 1,464.35M 1,334.78M 1,296.40M 1,216.73M 1,092.78M 953.60M 818.11M 847.59M 793.30M 641.10M 569.00M 523.60M 487.20M
Accounts Payable 0.66M 0.94M 0.49M 0.61M 0.15M 15.79M 16.74M 20.24M 19.89M 18.92M 22.53M 20.53M 19.57M 28.41M 23.00M 22.51M 0.00M 0.00M 14.53M 12.90M 14.20M 11.62M 8.09M 9.22M 9.21M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Short-Term Debt 20.21M 50.95M 65.41M 45.42M 64.57M 57.70M 49.16M 48.73M 77.71M 48.85M 36.00M 35.83M 39.80M 43.68M 39.26M 73.74M 39.14M 47.56M 50.50M 88.92M 99.38M 121.94M 110.23M 71.84M 269.86M 120.10M 122.00M 127.00M 64.60M 6.20M 8.00M 3.00M
Tax Payables 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 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 Revenue 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Current Liabilities 1,678.90M 1,614.21M 1,575.76M 1,551.70M 1,571.78M 1,469.37M 1,422.37M 1,122.72M 1,048.27M 1,039.39M 1,014.23M 998.79M 981.32M 977.40M 976.88M 1,027.78M 1,301.65M 1,324.45M 1,237.42M 1,092.74M 971.38M 955.85M 850.66M 750.16M 610.46M 617.80M 650.97M 599.60M 512.50M 501.00M 453.40M 424.30M
Total Current Liabilities 1,699.77M 1,666.10M 1,641.66M 1,597.73M 1,636.50M 1,542.86M 1,488.27M 1,191.68M 1,145.87M 1,107.15M 1,072.76M 1,055.15M 1,040.69M 1,049.49M 1,039.14M 1,124.03M 1,340.79M 1,372.01M 1,302.44M 1,194.56M 1,084.96M 1,089.42M 968.98M 831.22M 889.53M 737.91M 772.97M 726.60M 577.10M 507.20M 461.40M 427.30M
Long-Term Debt 97.08M 122.16M 122.31M 112.49M 33.30M 33.69M 103.89M 104.17M 100.93M 120.93M 131.74M 147.54M 182.61M 182.67M 182.74M 207.04M 243.10M 270.54M 277.40M 178.45M 166.33M 128.37M 175.42M 191.74M 198.77M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Capital Lease Obligations 1.15M 1.23M 1.38M 1.56M 2.37M 2.76M 2.96M 3.24M 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 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Deferred Tax Liabilities 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Non-Current Liabilities 28.02M 28.07M 29.75M 33.78M 26.58M 11.39M 10.21M 20.24M 19.89M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -36.87M 16.92M 0.68M -13.43M 1.23M 1.17M 1.16M 1.13M 1.09M -213.20M 9.13M 9.11M 8.60M 5.50M 5.10M 5.40M 4.40M
Total Non-Current Liabilities 126.26M 151.46M 153.45M 147.82M 62.25M 47.84M 117.06M 127.64M 120.82M 120.93M 131.74M 147.54M 182.61M 182.67M 182.74M 170.18M 260.02M 271.22M 263.97M 179.69M 167.50M 129.54M 176.54M 192.83M -14.43M 9.13M 9.11M 8.60M 5.50M 5.10M 5.40M 4.40M
Total Liabilities 1,826.03M 1,817.56M 1,795.11M 1,745.54M 1,698.75M 1,590.70M 1,605.33M 1,319.33M 1,266.69M 1,228.08M 1,204.49M 1,202.69M 1,223.30M 1,232.16M 1,221.88M 1,294.21M 1,600.81M 1,643.23M 1,566.41M 1,374.24M 1,252.46M 1,218.95M 1,145.52M 1,024.05M 875.11M 747.04M 782.08M 735.20M 582.60M 512.30M 466.80M 431.70M
Preferred Stock 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 20.00M 30.00M 30.00M 29.99M 29.93M 29.86M 29.80M 29.74M 0.00M 0.00M 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 0.07M 0.07M 0.07M 0.07M 0.07M 0.07M 0.07M 0.07M 0.07M 0.07M 0.06M 0.06M 0.06M 0.06M 0.06M 0.06M 0.06M 0.06M 0.06M 0.06M 0.06M 0.06M 0.06M 0.06M 0.06M 0.06M 0.06M 0.10M 0.00M 0.00M 0.00M 0.00M
Retained Earnings 203.20M 197.94M 189.00M 173.90M 166.34M 145.49M 129.69M 119.48M 109.48M 101.36M 92.92M 87.67M 77.38M 73.84M 69.17M 66.20M 64.18M 76.12M 93.09M 88.86M 80.93M 73.01M 65.41M 62.20M 55.74M 50.25M 45.13M 40.70M 36.60M 32.90M 29.90M 32.10M
Accumulated OCI -25.45M -27.98M -30.25M -35.83M -39.03M -27.31M -28.86M -25.97M -24.40M -24.59M -21.47M -18.94M -20.23M -24.21M -21.82M -20.96M -19.82M -26.66M -40.98M -5.66M -5.58M -1.98M 0.44M 1.61M 3.28M 0.56M 0.12M -3.00M 0.50M 0.30M 0.20M 0.20M
Minority Interest 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 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 Shareholders’ Equity 177.81M 170.03M 158.82M 138.14M 127.38M 118.24M 100.90M 93.58M 85.15M 76.84M 91.52M 98.79M 87.20M 79.68M 77.33M 75.16M 74.22M 79.26M 52.17M 83.27M 75.41M 71.09M 65.90M 63.87M 59.08M 50.88M 45.31M 37.80M 37.10M 33.20M 30.10M 32.30M
Total Equity 177.81M 170.03M 158.82M 138.14M 127.38M 118.24M 100.90M 93.58M 85.15M 76.84M 91.52M 98.79M 87.20M 79.68M 77.33M 75.16M 74.22M 79.26M 52.17M 83.27M 75.41M 71.09M 65.90M 63.87M 59.08M 50.88M 45.31M 37.80M 37.10M 33.20M 30.10M 32.30M
Total Liabilities & Equity 2,003.84M 1,987.58M 1,953.93M 1,883.68M 1,826.13M 1,708.94M 1,706.22M 1,412.91M 1,351.84M 1,304.92M 1,296.01M 1,301.47M 1,310.50M 1,311.84M 1,299.21M 1,369.37M 1,675.02M 1,722.49M 1,618.58M 1,457.51M 1,327.87M 1,290.05M 1,211.42M 1,087.92M 934.19M 797.91M 827.39M 773.00M 619.70M 545.50M 496.90M 464.00M
Tangible Assets 2,012.45M 1,995.86M 1,961.25M 1,893.76M 1,835.74M 1,717.79M 1,722.41M 1,431.02M 1,372.76M 1,325.47M 1,307.19M 1,312.45M 1,321.29M 1,323.04M 1,309.78M 1,376.43M 1,681.75M 1,728.56M 1,622.78M 1,464.35M 1,334.78M 1,296.40M 1,216.73M 1,092.78M 953.60M 818.11M 847.59M 793.30M 641.10M 569.00M 523.60M 487.20M
Tangible Equity 177.81M 170.03M 147.05M 126.04M 114.95M 106.19M 89.89M 82.58M 74.14M 65.83M 80.52M 87.78M 76.20M 68.68M 66.33M 60.72M 74.22M 79.26M 52.17M 83.27M 75.41M 71.09M 65.90M 63.87M 59.08M 50.88M 45.31M 37.80M 37.10M 33.20M 30.10M 32.30M
Tangible Book Value 177.81M 170.03M 147.05M 126.04M 114.95M 106.19M 89.89M 82.58M 74.14M 65.83M 80.52M 87.78M 76.20M 68.68M 66.33M 60.72M 74.22M 79.26M 52.17M 83.27M 75.41M 71.09M 65.90M 63.87M 59.08M 50.88M 45.31M 37.80M 37.10M 33.20M 30.10M 32.30M
Total Investments 1,497.96M 1,510.76M 1,732.98M 1,700.76M 1,626.23M 1,480.54M 1,448.29M 1,264.18M 1,227.75M 1,122.65M 1,119.18M 1,142.89M 1,158.49M 1,137.14M 1,086.10M 1,164.24M 1,217.30M 1,375.58M 1,474.79M 1,340.87M 1,220.40M 1,184.64M 1,115.30M 1,009.67M 884.15M 738.03M 768.36M 720.60M 606.40M 533.30M 490.70M 454.70M
Net Debt 22.11M 94.00M 109.40M 108.15M 23.55M -24.33M 3.62M 102.92M 155.10M 86.02M 104.43M 131.22M 186.96M 183.29M 138.92M 215.67M -17.07M 128.44M 308.59M 241.57M 239.92M 220.70M 259.63M 241.83M 444.18M 96.11M 85.95M 85.30M 51.00M -11.40M -8.30M -13.00M

Capital Metrics

Metric MRQ MRQ-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31 2013-12-31 2012-12-31 2011-12-31 2010-12-31 2009-12-31 2008-12-31 2007-12-31 2006-12-31 2005-12-31 2004-12-31 2003-12-31 2002-12-31 2001-12-31 2000-12-31 1999-12-31 1998-12-31 1997-12-31 1996-12-31 1995-12-31
Working Capital -1,580.1M -1,561.4M -1,484.3M -1,443.3M -1,430.2M -1,126.9M -1,098.3M -994.3M -964.2M -855.5M -848.3M -813.3M -762.3M -641.0M -707.8M -785.2M -996.6M -1,130.8M -1,258.8M -1,141.4M -1,038.0M -1,037.0M -924.0M -773.4M -833.2M -679.2M -716.0M -664.2M -551.5M -480.7M -437.7M -404.4M
Total Capital 316.4M 364.3M 367.0M 319.8M 249.7M 233.3M 284.1M 278.8M 295.7M 278.2M 281.4M 304.1M 331.4M 327.7M 320.9M 377.4M 377.9M 418.7M 400.6M 372.0M 362.6M 342.4M 372.0M 347.8M 547.9M 191.2M 187.5M 185.1M 123.1M 62.9M 64.8M 58.5M
Capital Employed 324.2M 341.4M 331.4M 308.1M 211.7M 187.0M 245.1M 251.3M 238.6M 233.7M 245.4M 268.3M 291.6M 284.0M 281.6M 266.8M 355.7M 371.8M 336.7M 284.4M 264.4M 221.6M 262.9M 277.0M 64.9M 80.2M 74.6M 66.7M 64.0M 61.8M 62.2M 59.9M
Invested Capital 221.2M 285.1M 288.7M 270.0M 175.3M 117.6M 134.7M 228.9M 272.2M 194.4M 218.1M 252.0M 296.0M 284.6M 237.8M 312.3M 78.6M 229.0M 381.3M 346.2M 336.8M 312.7M 346.0M 326.0M 523.5M 167.2M 151.5M 143.4M 109.5M 45.3M 48.5M 42.5M

Cash Flow Statement

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31 2013-12-31 2012-12-31 2011-12-31 2010-12-31 2009-12-31 2008-12-31 2007-12-31 2006-12-31 2005-12-31 2004-12-31 2003-12-31 2002-12-31 2001-12-31 2000-12-31 1999-12-31 1998-12-31 1997-12-31 1996-12-31 1995-12-31
Net Income 24.92M 16.14M 20.57M 15.06M 25.05M 19.77M 13.84M 13.13M 10.67M 5.27M 7.28M 12.99M 5.60M 6.45M 4.66M 3.63M -10.20M -11.32M 8.87M 12.79M 12.58M 12.15M 7.63M 10.75M 9.66M 9.17M 8.31M 8.00M 7.40M 6.60M 6.50M 5.60M
Depreciation & Amortization 3.11M 4.96M 3.79M 4.92M 3.65M 3.43M 3.55M 3.39M 2.44M 1.90M 1.69M 1.77M 1.94M 2.04M 1.99M 2.62M 3.25M 3.80M 3.52M 3.24M 2.99M 3.56M 4.03M 4.27M 1.75M 1.57M 1.53M 1.40M 1.80M 1.30M 1.60M 1.50M
Deferred Income Tax -4.36M 0.98M -0.83M -0.89M 0.60M 0.55M 0.53M 0.95M 1.34M 9.26M 2.12M 3.86M 0.64M 1.29M 0.40M -1.54M -1.84M -9.04M -3.15M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Stock-Based Compensation 0.70M 0.47M 0.48M 0.53M 0.53M 0.47M 0.35M 0.27M 0.25M 0.19M 0.19M 0.19M 0.13M 0.09M 0.07M 0.08M 0.07M -0.02M 0.15M 0.00M 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 -4.89M -6.93M -1.76M 1.30M -0.09M -1.33M -1.82M 0.90M 2.18M -4.32M -1.08M 3.08M -6.07M 5.77M 0.74M 15.63M 4.14M -20.94M -5.66M -4.49M -2.96M -0.33M -4.68M -3.52M 0.44M -13.72M 0.26M -5.80M -2.60M -1.60M 1.40M -1.30M
Accounts Receivable -3.76M -4.14M 2.55M -4.93M 0.65M -1.60M -6.83M 0.00M 0.37M -7.85M -5.47M 4.22M 6.99M 1.49M 1.79M 11.59M 7.94M -26.76M -7.30M 0.00M 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 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Accounts Payable -1.13M -2.79M -4.32M 6.23M -0.74M 0.27M 5.01M 0.90M 1.81M 3.52M 4.39M -1.14M -13.07M 4.29M -1.04M 4.05M -3.80M 5.81M 0.00M 0.00M 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 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 1.63M -4.49M -2.96M -0.33M -4.68M -3.52M 0.44M -13.72M 0.26M -5.80M -2.60M -1.60M 1.40M -1.30M
Other Non-Cash Items -0.77M 3.09M 0.02M 1.56M -3.19M -2.87M -0.28M -2.25M 1.42M 0.63M 1.29M 0.31M 1.66M 3.04M 7.33M 42.62M 147.22M 41.47M 13.70M 2.95M 0.49M 31.33M 1.21M -1.11M 0.88M 2.35M 2.32M 2.00M 0.90M 0.90M 0.80M 0.10M
Net Cash from Operating Activities 18.72M 18.74M 22.28M 22.47M 26.54M 20.02M 16.17M 16.39M 18.29M 12.92M 11.49M 22.20M 3.89M 18.68M 15.21M 63.04M 142.64M 3.95M 17.44M 14.48M 13.10M 46.71M 8.18M 10.39M 12.72M -0.64M 12.42M 5.60M 7.50M 7.20M 10.30M 5.90M
Capital Expenditures (PPE) -2.27M -1.89M -1.92M -0.35M -3.58M -1.13M -1.60M -3.97M -9.48M -6.56M -3.92M -1.37M -0.72M -0.94M -1.28M -0.24M -3.86M -3.45M -2.55M -4.14M -5.29M -5.54M -9.29M -4.20M -3.38M -2.29M -2.62M -2.20M -1.40M -1.40M -1.00M -1.40M
Acquisitions (Net) 0.00M 0.00M 0.00M 0.00M -0.60M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -2.45M -0.68M 0.00M 0.00M 0.00M 66.04M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Purchases of Investments -32.56M 0.00M -11.22M -3.99M -73.34M -134.14M -205.74M -47.51M -10.57M -44.78M -65.67M -51.35M -160.50M -205.08M -98.79M -178.33M -201.41M -81.87M -232.81M -163.49M -89.57M -139.12M -129.91M -277.59M -160.81M -235.84M -210.98M -264.50M -71.20M -65.30M -78.50M -111.50M
Sales / Maturities of Investments 22.30M 72.74M 52.51M 53.86M 31.53M 80.12M 135.80M 56.55M 19.63M 44.02M 101.50M 110.14M 188.59M 80.53M 116.78M 164.71M 128.16M 156.35M 130.23M 116.80M 59.28M 116.19M 141.26M 266.24M 74.57M 278.42M 211.14M 185.50M 65.30M 81.00M 64.30M 112.20M
Other Investing Activities -51.53M -69.44M -77.80M -131.22M -126.42M 26.72M -119.74M -37.58M -113.30M -0.33M -20.02M -38.66M -29.75M 61.94M 58.86M 28.81M 85.08M -0.51M -101.23M -80.17M -5.57M -83.60M -124.66M -72.72M -60.67M 5.24M -46.98M -61.20M -68.10M -59.00M -22.90M -25.00M
Net Cash from Investing Activities -64.05M 1.30M -38.44M -81.71M -172.40M -28.43M -191.28M -32.52M -113.71M -7.66M 11.89M 18.76M -2.38M -63.56M 75.58M 14.95M 7.97M 70.53M -208.81M -131.67M -41.14M -112.06M -122.61M -22.22M -150.29M 45.53M -49.44M -142.40M -75.40M -44.70M -38.10M -25.70M
Net Debt Issuance -55.00M 6.88M 29.99M 60.85M 6.87M -61.46M 0.43M -28.98M 8.86M 2.04M -15.63M -39.04M -3.94M 4.36M -21.92M -38.33M -27.44M -9.79M 94.34M 1.67M 15.40M -35.34M 22.07M 9.20M 94.16M -1.90M -5.00M 62.40M 58.40M -1.80M 5.00M -8.40M
Long-Term Debt Issuance -25.00M 10.00M 10.00M 80.00M 0.00M -70.00M 0.00M 0.00M -20.00M -10.81M -15.80M -35.07M -0.07M -0.06M -24.31M -36.06M -27.44M -6.86M 98.95M 12.12M 37.96M -47.04M -16.32M -7.04M 0.00M 0.00M 0.00M 23.00M 0.00M 0.00M 0.00M 0.00M
Short-Term Debt Issuance -30.00M -3.12M 19.99M -19.15M 6.87M 8.54M 0.43M -28.98M 28.86M 12.85M 0.17M -3.97M -3.88M 4.42M 2.39M -2.27M 0.00M -2.93M -4.62M -10.46M -22.56M 11.71M 38.39M 16.24M 94.16M -1.90M -5.00M 39.40M 58.40M -1.80M 5.00M -8.40M
Net Stock Issuance 0.30M -5.22M -3.74M -1.20M 0.22M -6.96M -2.56M 0.17M 0.12M -10.81M -10.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.05M 30.49M -1.03M -0.05M 0.50M 0.49M 0.13M 0.13M 0.00M 0.00M -0.07M -1.10M -2.10M -3.20M -1.00M 0.00M
Common Stock Issuance 0.30M 0.29M 0.29M 0.29M 0.22M 0.22M 0.20M 0.17M 0.12M 9.19M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.05M 0.49M 0.36M 0.00M 0.50M 0.49M 0.13M 0.13M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Common Stock Repurchased 0.00M -5.51M -4.03M -1.50M 0.00M -7.18M -2.75M 0.00M 0.00M 0.00M -10.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -1.39M -0.52M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Preferred Stock Issuance 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -20.00M -10.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 30.00M 0.00M 0.00M 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 -5.70M -5.29M -5.37M -5.22M -3.99M -3.89M -3.65M -3.13M -1.91M -1.22M -2.03M -2.70M -9.10M 0.00M 0.00M 0.00M -1.93M -6.08M -4.77M -4.80M -4.66M -4.54M -4.38M -4.26M -4.14M -4.01M -3.90M -3.80M -3.80M -3.60M -4.20M -3.00M
Common Dividends Paid -5.70M -5.29M -5.37M -5.22M -3.99M -3.89M -3.65M -3.13M -1.91M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -0.80M -4.89M -4.77M -4.80M -4.66M -4.54M -4.38M -4.26M -4.14M -4.01M -3.90M -3.80M -3.80M -3.60M -4.20M -3.00M
Preferred Dividends Paid 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -1.22M -2.03M -2.70M -9.10M 0.00M 0.00M 0.00M -1.13M -1.19M 0.00M 0.00M 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 138.51M -34.67M 23.85M -19.76M 101.36M 47.01M 280.34M 74.50M 28.26M 25.16M 15.44M 17.47M 3.92M 0.52M -50.90M -273.86M -10.94M 81.28M 96.34M 121.36M 15.53M 105.19M 100.50M 8.80M 33.09M -33.21M 51.41M 87.10M 11.40M 47.50M 28.30M 32.70M
Net Cash from Financing Activities 78.11M -38.30M 44.73M 34.68M 104.46M -25.31M 274.57M 42.57M 35.21M 15.17M -12.22M -24.27M -9.12M 4.88M -72.82M -312.19M -40.27M 95.90M 184.87M 118.18M 26.76M 65.81M 118.32M 13.87M 123.11M -39.12M 42.44M 144.60M 63.90M 38.90M 28.10M 21.30M
Effect of FX on Cash 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.10M -13.60M -17.60M -16.30M -16.00M
Net Change in Cash 32.78M -18.26M 28.57M -24.56M -41.41M -33.71M 99.45M 26.44M -60.21M 20.44M 11.17M 16.69M -7.61M -40.01M 17.96M -234.21M 109.64M 170.37M -6.50M 0.99M -1.29M 0.45M 3.89M 2.03M -14.46M 5.78M 5.43M 7.90M -17.60M -16.20M -16.00M -14.50M
Cash at Beginning of Period 304.26M 262.43M 49.75M 74.32M 115.72M 149.43M 49.98M 23.54M 83.75M 63.31M 52.14M 35.45M 43.06M 83.07M 65.11M 299.31M 189.67M 19.31M 25.80M 23.33M 24.61M 24.16M 20.27M 18.24M 32.70M 26.92M 21.49M 13.60M 17.60M 16.20M 16.00M 14.50M
Cash at End of Period 337.05M 244.17M 78.33M 49.75M 74.32M 115.72M 149.43M 49.98M 23.54M 83.75M 63.31M 52.14M 35.45M 43.06M 83.07M 65.11M 299.31M 189.67M 19.31M 24.32M 23.33M 24.61M 24.16M 20.27M 18.24M 32.70M 26.92M 21.50M 0.00M 0.00M 0.00M 0.00M
Operating Cash Flow 18.72M 18.74M 22.28M 22.47M 26.54M 20.02M 16.17M 16.39M 18.29M 12.92M 11.49M 22.20M 3.89M 18.68M 15.21M 63.04M 142.64M 3.95M 17.44M 14.48M 13.10M 46.71M 8.18M 10.39M 12.72M -0.64M 12.42M 5.60M 7.50M 7.20M 10.30M 5.90M
Capital Expenditure -2.27M -1.89M -1.92M -0.35M -3.58M -1.13M -1.60M -3.97M -9.48M -6.56M -3.92M -1.37M -0.72M -0.94M -1.28M -0.24M -3.86M -3.45M -2.55M -4.14M -5.29M -5.54M -9.29M -4.20M -3.38M -2.29M -2.62M -2.20M -1.40M -1.40M -1.00M -1.40M
Free Cash Flow 16.45M 16.86M 20.36M 22.12M 22.97M 18.89M 14.57M 12.42M 8.81M 6.36M 7.57M 20.83M 3.17M 17.74M 13.93M 62.80M 138.78M 0.50M 14.89M 10.35M 7.81M 41.17M -1.11M 6.19M 9.34M -2.93M 9.81M 3.40M 6.10M 5.80M 9.30M 4.50M

Free Cash Flow

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31 2013-12-31 2012-12-31 2011-12-31 2010-12-31 2009-12-31 2008-12-31 2007-12-31 2006-12-31 2005-12-31 2004-12-31 2003-12-31 2002-12-31 2001-12-31 2000-12-31 1999-12-31 1998-12-31 1997-12-31 1996-12-31 1995-12-31
EBITDA 54.89M 44.82M 49.89M 44.30M 53.51M 50.67M 42.29M 39.79M 34.41M 29.87M 28.72M 27.36M 26.94M 30.76M 25.13M 25.59M 10.49M 31.82M 36.01M 39.62M 37.72M 38.48M 34.22M 33.41M 27.22M 25.31M 24.24M 23.80M 22.70M 21.60M 19.80M 19.30M
(-) Tax Adjustment 13.49M 10.63M 12.20M 10.04M 13.12M 12.59M 9.38M 8.06M 7.08M 10.45M 7.94M 9.10M 4.99M 7.86M 4.12M 0.00M 3.67M 11.14M 10.34M 12.28M 11.82M 13.47M 10.78M 9.96M 7.53M 7.26M 7.55M 8.06M 7.95M 7.20M 6.39M 6.43M
(-) Change In Working Capital -4.89M -6.93M -1.76M 1.30M -0.09M -1.33M -1.82M 0.90M 2.18M -4.32M -1.08M 3.08M -6.07M 5.77M 0.74M 15.63M 4.14M -20.94M -5.66M -4.49M -2.96M -0.33M -4.68M -3.52M 0.44M -13.72M 0.26M -5.80M -2.60M -1.60M 1.40M -1.30M
(-) Capital Expenditure -2.27M -1.89M -1.92M -0.35M -3.58M -1.13M -1.60M -3.97M -9.48M -6.56M -3.92M -1.37M -0.72M -0.94M -1.28M -0.24M -3.86M -3.45M -2.55M -4.14M -5.29M -5.54M -9.29M -4.20M -3.38M -2.29M -2.62M -2.20M -1.40M -1.40M -1.00M -1.40M
Unlevered Free Cash Flow 44.02M 39.23M 37.52M 32.60M 36.91M 38.28M 33.12M 26.85M 15.66M 17.18M 17.94M 13.81M 27.31M 16.19M 18.99M 9.72M -1.19M 38.18M 28.78M 27.70M 23.57M 19.80M 18.84M 22.77M 15.86M 29.48M 13.81M 19.34M 15.96M 14.60M 11.01M 12.77M
(-) Net Interest Income After Taxes 49.65M 44.60M 45.31M 43.98M 43.51M 39.48M 37.77M 36.99M 35.09M 25.73M 27.23M 23.78M 28.94M 28.43M 32.74M 38.29M 27.03M 34.60M 37.19M 30.52M 28.10M 26.22M 25.12M 23.93M 23.06M 20.86M 19.35M 18.31M 16.45M 16.27M 15.51M 15.07M
Net Debt Issuance -55.00M 6.88M 29.99M 60.85M 6.87M -61.46M 0.43M -28.98M 8.86M 2.04M -15.63M -39.04M -3.94M 4.36M -21.92M -38.33M -27.44M -9.79M 94.34M 1.67M 15.40M -35.34M 22.07M 9.20M 94.16M -1.90M -5.00M 62.40M 58.40M -1.80M 5.00M -8.40M
Levered Free Cash Flow -60.63M 1.50M 22.21M 49.48M 0.27M -62.66M -4.22M -39.12M -10.56M -6.51M -24.92M -49.01M -5.57M -7.88M -35.66M -66.90M -55.66M -6.21M 85.92M -1.16M 10.86M -41.76M 15.79M 8.04M 86.95M 6.72M -10.54M 63.42M 57.91M -3.47M 0.50M -10.70M