Alexandria Real Estate Equities, Inc.

ARE

AREAlexandria Real Estate Equities, Inc. US flag

New York Stock Exchange

53.17

USD

+0.40

- -

9.27BMarket Cap

Income Statement (USD)

MCP API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Sales/Revenue/Turnover	533	559	621	720	820	897	1,122	1,315	1,517	1,878	2,108	2,576	2,842	3,050	2,945
+ Sales & Services Revenue	533	559	621	720	820	897	1,122	1,315	1,517	1,878	2,108	2,576	2,842	3,050	2,945
- Cost of Revenue	158	173	189	219	261	278	326	381	445	530	624	783	859	909	923
+ Cost of Goods & Services	158	173	189	219	261	278	326	381	445	530	624	783	859	909	923
Gross Profit	375	386	432	501	558	619	797	934	1,071	1,348	1,485	1,793	1,983	2,140	2,023
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	192	233	238	278	321	377	492	568	653	831	973	1,179	1,293	1,371	1,468
+ Selling, General & Admin	41	48	49	54	60	64	75	90	109	133	151	177	199	168	117
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	151	186	189	224	261	313	417	478	545	698	821	1,002	1,093	1,202	1,350
Operating Income (Loss)	183	153	194	224	237	242	305	366	418	517	512	613	690	770	555
- Non-Operating (Income) Loss	67	56	55	118	91	292	111	-37	14	-311	-142	-57	409	259	1,772
+ Interest Expense, Net	63	66	63	75	101	100	126	157	174	172	142	94	74	186	227
+ Interest Expense	63	69	68	79	106	107	129	157	174	172	142	94	74	186	227
- Interest Income	1	3	5	4	5	7	2	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	4	-10	-8	43	-10	191	-16	-195	-160	-482	-284	-151	335	73	1,545
Pretax Income	116	97	139	106	146	-50	194	403	404	827	654	671	281	511	-1,217
- Income Tax Expense (Benefit)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	116	97	139	106	146	-50	194	403	404	827	654	671	281	511	-1,217
- Net Extraordinary Losses (Gains)	-11	-2	7	9	4	32	50	47	82	112	166	298	355	376	426
+ Discontinued Operations	19	9	1	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	-30	-11	6	8	4	32	50	47	82	112	166	298	355	376	426
Income (Loss) Incl. MI	127	99	132	96	142	-82	144	356	322	715	488	373	-74	135	-1,642
- Minority Interest	-4	-3	-4	-5	-2	-16	-25	-23	-41	-56	-83	-149	-177	-188	-213
Net Income, GAAP	131	102	136	102	144	-66	169	379	363	771	571	522	104	323	-1,430
- Preferred Dividends	28	27	26	26	25	20	8	5	3	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	103	75	110	76	119	-86	161	374	360	771	571	522	104	323	-1,430
EBIT	183	153	194	224	237	242	305	366	418	517	512	613	690	770	555
EBITDA	341	345	385	448	499	555	722	843	963	1,157	1,278	1,541	1,691	1,886	1,868
EBITDA Margin (%)	64.04	61.67	62.01	62.15	60.85	61.86	64.3	64.14	63.46	61.62	60.64	59.83	59.48	61.86	63.42
EBITA	183	153	194	224	237	242	305	366	418	517	512	613	690	770	555
Gross Margin (%)	70.42	69.08	69.56	69.58	68.13	68.98	70.99	71.01	70.63	71.77	70.42	69.6	69.77	70.19	68.67
Operating Margin (%)	34.38	27.3	31.29	31.04	28.97	26.94	27.17	27.81	27.55	27.5	24.29	23.81	24.29	25.24	18.85
Profit Margin (%)	24.66	18.28	21.94	14.1	17.6	-7.34	15.07	28.85	23.94	41.05	27.1	20.25	3.65	10.59	-48.54
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	2.29	2.48	2.87	3.21	3.4	3.45	3.51	3.75	4.02	4.23	4.46	4.69	4.96	5.22	5.35
Depreciation Expense	158	192	191	224	261	313	417	478	545	641	766	928	1,000	1,117	1,313
Basic Weighted Avg Shares	59	62	68	71	72	76	92	103	112	126	147	162	171	172	170
Basic EPS, GAAP	1.74	1.2	1.62	1.07	1.67	-1.13	1.76	3.63	3.21	6.11	3.89	3.23	0.61	1.88	-8.39
Basic EPS from Cont Ops	1.97	1.56	2.05	1.48	2.04	-0.65	2.12	3.91	3.6	6.56	4.45	4.15	1.64	2.97	-7.14
Diluted Weighted Avg Shares	59	62	68	71	72	76	92	103	113	126	147	162	171	172	170
Diluted EPS, GAAP	1.74	1.2	1.62	1.07	1.67	-1.13	1.75	3.62	3.2	6.1	3.87	3.23	0.61	1.88	-8.39
Diluted EPS from Cont Ops	1.97	1.56	2.05	1.48	2.04	-0.65	2.11	3.9	3.59	6.54	4.44	4.15	1.64	2.97	-7.14

Balance Sheet (USD)

MCP API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Current Assets	109	189	95	180	202	202	348	348	336	728	707	974	782	784	940
+ Cash, Cash Equivalents & STI	79	141	58	86	125	125	254	234	190	569	361	825	618	552	549
+ Cash & Cash Equivalents	79	141	58	86	125	125	254	234	190	569	361	825	618	552	549
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	7	8	10	31	27	48	49	49	51	49	91	67	64	168	324
+ Accounts Receivable, Net	7	8	10	11	10	10	10	10	11	7	7	8	8	6	7
+ Notes Receivable, Net	- -	- -	- -	21	17	1	1	1	- -	3	13	20	16	121	258
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	37	38	39	40	38	71	39	40	42	59
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	23	40	28	63	50	29	44	65	95	111	255	82	99	63	67
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	6,465	6,961	7,434	7,956	8,679	10,153	11,756	14,117	18,054	22,100	29,512	34,549	35,990	36,744	33,142
+ Property, Plant & Equip, Net	6,008	- -	- -	29	42	96	108	229	744	983	1,262	1,346	1,149	1,250	1,102
+ Property, Plant & Equip	6,751	- -	- -	29	42	96	108	229	744	983	1,262	1,346	1,803	1,978	1,842
- Accumulated Depreciation	743	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	654	728	739
+ LT Investments & Receivables	96	115	140	354	481	393	634	1,130	1,487	1,943	1,915	1,654	1,487	1,517	1,532
+ LT Investments	96	115	140	354	481	393	634	1,130	1,487	1,943	1,915	1,654	1,487	1,517	1,532
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	361	6,846	7,294	7,573	8,156	9,664	11,014	12,758	15,823	19,174	26,335	31,550	33,353	33,977	30,508
+ Total Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Goodwill	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	361	6,846	7,294	7,573	8,156	9,664	11,014	12,758	15,823	19,174	26,335	31,550	33,353	33,977	30,508
Total Assets	6,574	7,150	7,530	8,136	8,881	10,355	12,104	14,465	18,391	22,828	30,219	35,523	36,771	37,527	34,082
+ Payables & Accruals	160	230	231	278	302	443	442	602	601	769	1,136	1,223	1,353	1,266	953
+ Accounts Payable	86	106	98	219	240	366	350	216	199	285	513	390	524	535	511
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	74	125	133	59	62	77	92	386	402	484	623	834	828	731	443
+ ST Debt	370	566	204	304	151	28	50	208	384	100	270	- -	100	- -	353
+ ST Borrowings	370	566	204	304	151	28	50	208	384	100	270	- -	100	- -	353
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	103	144	188	194	212	231	249	251	276	277	327	450	549	692	876
+ Deferred Revenue	103	144	188	194	212	231	249	251	276	277	327	450	549	692	876
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Current Liabilities	634	940	623	775	664	703	741	1,061	1,261	1,146	1,733	1,673	2,001	1,958	2,183
+ LT Debt	2,409	2,616	2,857	3,375	3,785	4,136	4,715	5,270	6,665	7,809	8,957	10,566	11,599	12,752	12,408
+ LT Borrowings	2,409	2,616	2,857	3,375	3,785	4,136	4,715	5,270	6,393	7,463	8,522	10,160	11,216	12,244	12,047
+ LT Finance Leases	18	15	11	9	26	60	88	- -	272	346	435	407	383	507	361
+ Other LT Liabilities	98	91	71	76	138	134	165	239	298	429	496	601	549	420	335
+ Accrued Liabilities	30	34	35	36	28	34	28	30	3	4	12	18	15	11	15
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	68	57	36	40	110	100	137	210	295	425	484	582	534	408	320
Total Noncurrent Liabilities	2,508	2,707	2,928	3,451	3,923	4,270	4,880	5,510	6,963	8,238	9,453	11,167	12,147	13,171	12,743
Total Liabilities	3,141	3,647	3,551	4,226	4,587	4,973	5,621	6,570	8,224	9,384	11,186	12,840	14,148	15,129	14,925
+ Preferred Equity and Hybrid Capital	380	380	380	367	367	217	74	64	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	3,029	3,087	3,573	3,462	3,559	4,674	5,825	7,288	8,876	11,732	16,197	18,993	18,487	17,935	15,499
+ Common Stock	1	1	1	1	1	1	1	1	1	1	2	2	2	2	2
+ Additional Paid in Capital	3,029	3,086	3,572	3,461	3,558	4,673	5,824	7,287	8,874	11,731	16,195	18,991	18,485	17,934	15,498
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Equity	-35	-25	-36	-1	49	5	50	-10	-10	-7	-7	-21	-16	-46	-29
Equity Before Minority Interest	3,374	3,442	3,917	3,828	3,975	4,896	5,950	7,342	8,866	11,726	16,190	18,972	18,471	17,889	15,470
+ Minority/Non Controlling Interest	59	61	62	81	319	486	534	553	1,301	1,718	2,844	3,711	4,152	4,509	3,686
Total Equity	3,433	3,503	3,979	3,910	4,294	5,382	6,483	7,895	10,166	13,444	19,033	22,683	22,623	22,398	19,156
Total Liabilities & Equity	6,574	7,150	7,530	8,136	8,881	10,355	12,104	14,465	18,391	22,828	30,219	35,523	36,771	37,527	34,082
Shares Outstanding	62	63	71	71	73	88	100	111	121	137	158	171	172	172	171
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	18	15	11	9	26	60	88	- -	272	346	435	407	383	507	361
Net Debt	2,701	3,041	3,003	3,593	3,811	4,039	4,510	5,244	6,588	6,995	8,431	9,335	10,697	11,692	11,851
Net Debt to Equity	78.67	86.81	75.48	91.89	88.74	75.04	69.57	66.43	64.8	52.03	44.29	41.15	47.29	52.2	61.87
Tangible Common Equity Ratio	46.44	43.68	47.8	43.54	44.22	49.88	52.95	54.13	55.28	58.89	62.98	63.85	61.52	59.69	56.21
Current Ratio	0.17	0.2	0.15	0.23	0.3	0.29	0.47	0.33	0.27	0.64	0.41	0.58	0.39	0.4	0.43
Cash Conversion Cycle	-97.49	-197.56	-191.12	-258.76	-315.82	-393.14	-398.09	-267.97	-167.35	-164.84	-232.41	-209.4	-193.17	-211.73	-205.98

Cash Flow Statement (USD)

MCP API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

+ Net Income	135	106	140	107	146	-50	194	403	404	827	654	671	281	511	-1,217
+ Depreciation & Amortization	158	192	191	224	261	313	417	478	545	641	766	928	1,000	1,117	1,313
+ Non-Cash Items	-7	-7	-14	19	-34	172	-104	-255	-228	-515	-315	-181	347	78	1,616
+ Stock-Based Compensation	12	14	16	14	18	25	26	35	44	44	49	58	83	60	41
+ Deferred Income Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Asset Impairment Charge	1	13	- -	52	23	209	- -	6	12	48	53	65	461	223	2,203
+ Other Non-Cash Adj	-20	-35	-29	-47	-75	-63	-130	-296	-284	-607	-416	-304	-197	-205	-628
+ Chg in Non-Cash Work Cap	-40	15	-5	-16	-31	-42	-56	-56	-37	-70	-95	-123	2	-200	-298
+ (Inc) Dec in Accts Receiv	-2	-1	-2	-1	- -	- -	-1	- -	-1	3	- -	- -	- -	2	- -
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	42	66	57	27	44	5	26	22	39	-1	61	78	111	-57	-118
+ Inc (Dec) in Other	-79	-49	-60	-42	-74	-47	-81	-78	-75	-72	-156	-200	-109	-145	-180
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	247	306	313	334	343	393	451	570	684	883	1,010	1,294	1,631	1,505	1,414
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	20	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	20	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-735	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	-735	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	452	98	534	- -	78	1,432	1,275	1,293	1,216	2,316	3,529	2,346	104	-23	-208
+ Increase in Capital Stock	452	98	534	- -	78	1,432	1,275	1,293	1,216	2,316	3,529	2,346	104	27	- -
+ Decrease in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-50	-208
+ Net Change in LT Investment	-11	-9	-20	-41	-29	-63	-141	-132	-43	-34	16	-45	-6	-62	-70
+ Dec in LT Investment	17	27	17	19	67	39	30	104	147	141	425	198	183	174	169
+ Inc in LT Investment	-28	-36	-36	-60	-96	-102	-172	-236	-191	-175	-409	-243	-189	-236	-239
+ Net Cash From Acq & Div	-5	16	-18	-71	-9	-12	-40	-83	-102	17	372	-1	-1	-1	-11
+ Cash from Divestitures	- -	22	- -	- -	- -	- -	39	69	- -	20	395	- -	- -	3	1
+ Cash for Acq of Subs	-5	-7	-18	-71	-9	-12	-78	-152	-102	-3	-23	-1	-1	-4	-11
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-2	-564	-554	-523	-685	-1,424	-1,556	-1,946	-3,496	-3,261	-7,496	-5,035	-2,494	-1,447	443
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-734	-558	-591	-635	-722	-1,498	-1,737	-2,162	-3,641	-3,278	-7,107	-5,080	-2,501	-1,511	362
+ Dividends Paid	-135	-154	-195	-228	-243	-263	-322	-386	-451	-533	-656	-758	-847	-899	-911
+ Net Cash From Debt	405	397	-122	569	201	6	602	718	1,291	797	1,256	1,374	1,156	929	152
+ Cash From Debt	2,756	1,410	1,256	1,993	2,614	4,757	5,035	5,658	10,010	27,937	36,226	17,666	11,535	14,039	26,679
+ Repayments of Debt	-2,351	-1,012	-1,378	-1,424	-2,413	-4,751	-4,432	-4,940	-8,719	-27,140	-34,970	-16,292	-10,379	-13,111	-26,527
+ Other Financing Activities	-242	-26	-20	-9	383	-82	-136	-37	871	171	1,787	1,267	262	-100	-816
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	479	315	198	331	419	1,094	1,420	1,588	2,927	2,750	5,916	4,230	674	-93	-1,784
Effect of Foreign Exchange Rates	-5	- -	-2	-2	- -	-1	2	-2	1	- -	-2	-1	-1	-1	2
Net Changes in Cash	-7	62	-81	31	39	-11	134	-3	-30	355	-181	444	-196	-99	-8
EBITDA	341	345	385	448	499	555	722	843	963	1,157	1,278	1,541	1,691	1,886	1,868
EBITDA Margin (%)	64.04	61.67	62.01	62.15	60.85	61.86	64.3	64.14	63.46	61.62	60.64	59.83	59.48	61.86	63.42
Free Cash Flow	-488	306	313	334	343	393	451	570	684	883	1,010	1,294	1,631	1,505	1,414
Net Cash Paid for Acquisitions	5	-16	18	71	9	12	40	83	102	-17	-372	1	1	1	11
Free Cash Flow to Firm	-425	375	381	414	448	- -	580	728	858	1,054	1,152	1,389	1,705	1,690	- -
Free Cash Flow to Equity	-91	676	165	865	518	229	903	1,273	1,907	1,679	2,266	2,668	2,787	2,433	1,566
Free Cash Flow per Basic Share	-8.26	4.92	4.6	4.7	4.79	5.17	4.93	5.54	6.09	7	6.88	8.01	9.54	8.74	8.3
Price/Free Cash Flow	4.15	14.1	13.84	18.89	18.87	21.49	26.66	20.88	26.59	25.54	32.55	18.19	13.29	11.16	5.89
Cash Flow to Net Income	1.88	2.99	2.3	3.29	2.38	-5.97	2.67	1.5	1.88	1.14	1.77	2.48	15.73	4.66	-0.99
Capital Expenditures	-735	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -