Brown-Forman Corporation

BF-A

BF-ABrown-Forman Corporation US flag

New York Stock Exchange

25.56

USD

-0.23

- -

12.00BMarket Cap

Income Statement (USD)

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	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
Sales/Revenue/Turnover	2,586	2,723	2,849	2,991	3,134	3,089	2,994	3,248	3,324	3,363	3,461	3,933	4,228	4,178	3,975
+ Sales & Services Revenue	2,586	2,723	2,849	2,991	3,134	3,089	2,994	3,248	3,324	3,363	3,461	3,933	4,228	4,178	3,975
- Cost of Revenue	862	928	894	913	951	945	973	1,046	1,158	1,236	1,367	1,542	1,734	1,652	1,632
+ Cost of Goods & Services	862	928	894	913	951	945	973	1,046	1,158	1,236	1,367	1,542	1,734	1,652	1,632
Gross Profit	1,724	1,795	1,955	2,078	2,183	2,144	2,021	2,202	2,166	2,127	2,094	2,391	2,494	2,526	2,343
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	869	1,007	1,057	1,107	1,156	1,096	1,011	1,154	1,022	1,036	1,055	1,187	1,367	1,379	1,176
+ Selling, General & Admin	940	1,005	1,058	1,122	1,134	1,105	1,029	1,170	1,037	1,025	1,070	1,128	1,248	1,355	1,228
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	-71	2	-1	-15	22	-9	-18	-16	-15	11	-15	59	119	24	-52
Operating Income (Loss)	855	788	898	971	1,027	1,048	1,010	1,048	1,144	1,091	1,039	1,204	1,127	1,147	1,167
- Non-Operating (Income) Loss	26	28	33	24	25	-441	77	71	102	82	-42	90	110	-151	86
+ Interest Expense, Net	26	28	33	24	25	44	56	62	80	77	79	77	81	113	105
+ Interest Expense	29	31	36	26	27	46	59	68	88	82	81	82	90	127	122
- Interest Income	3	3	3	2	2	2	3	6	8	5	2	5	9	14	17
+ Other Non-Op (Income) Loss	- -	- -	- -	- -	- -	-485	21	9	22	5	-121	13	29	-264	-19
Pretax Income	829	760	865	947	1,002	1,489	933	977	1,042	1,009	1,081	1,114	1,017	1,298	1,081
- Income Tax Expense (Benefit)	257	247	274	288	318	422	264	260	207	182	178	276	234	274	212
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	572	513	591	659	684	1,067	669	717	835	827	903	838	783	1,024	869
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	572	513	591	659	684	1,067	669	717	835	827	903	838	783	1,024	869
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	572	513	591	659	684	1,067	669	717	835	827	903	838	783	1,024	869
- Preferred Dividends	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	571	513	591	659	684	1,067	669	717	835	827	903	838	783	1,024	869
EBIT	855	788	898	971	1,027	1,048	1,010	1,048	1,144	1,091	1,039	1,204	1,127	1,147	1,167
EBITDA	911	837	949	1,021	1,078	1,104	1,068	1,112	1,216	1,165	1,116	1,283	1,207	1,234	1,254
EBITDA Margin (%)	35.23	30.74	33.31	34.14	34.4	35.74	35.67	34.24	36.58	34.64	32.25	32.62	28.55	29.54	31.55
EBITA	855	788	898	971	1,027	1,048	1,010	1,048	1,144	1,091	1,039	1,204	1,127	1,147	1,167
Gross Margin (%)	66.67	65.92	68.62	69.48	69.66	69.41	67.5	67.8	65.16	63.25	60.5	60.79	58.99	60.46	58.94
Operating Margin (%)	33.06	28.94	31.52	32.46	32.77	33.93	33.73	32.27	34.42	32.44	30.02	30.61	26.66	27.45	29.36
Profit Margin (%)	22.12	18.84	20.74	22.03	21.83	34.54	22.34	22.08	25.12	24.59	26.09	21.31	18.52	24.51	21.86
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	0.6	0.36	1.99	0.44	0.48	0.52	0.57	1.61	0.65	0.68	0.71	1.74	0.79	0.85	0.89
Depreciation Expense	56	49	51	50	51	56	58	64	72	74	77	79	80	87	87
Basic Weighted Avg Shares	546	536	533	534	529	507	485	480	479	478	479	479	479	476	473
Basic EPS, GAAP	1.05	0.96	1.11	1.23	1.29	2.1	1.38	1.49	1.74	1.73	1.89	1.75	1.63	2.15	1.84
Basic EPS from Cont Ops	1.05	0.96	1.11	1.23	1.29	2.1	1.38	1.49	1.74	1.73	1.89	1.75	1.63	2.15	1.84
Diluted Weighted Avg Shares	549	540	537	538	533	511	488	484	482	480	481	481	480	477	473
Diluted EPS, GAAP	1.04	0.95	1.1	1.23	1.28	2.09	1.37	1.48	1.73	1.72	1.88	1.74	1.63	2.15	1.84
Diluted EPS from Cont Ops	1.04	0.95	1.1	1.23	1.28	2.09	1.37	1.48	1.73	1.72	1.88	1.74	1.63	2.15	1.84

Balance Sheet (USD)

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	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
Total Current Assets	1,976	1,749	1,821	2,177	2,254	2,233	2,351	2,555	2,719	3,265	3,917	3,776	3,801	4,036	4,195
+ Cash, Cash Equivalents & STI	567	338	204	437	370	263	182	239	307	675	1,150	868	374	446	444
+ Cash & Cash Equivalents	567	338	204	437	370	263	182	239	307	675	1,150	868	374	446	444
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	496	475	548	569	583	559	557	639	609	570	753	813	855	769	830
+ Accounts Receivable, Net	496	475	548	569	583	559	557	639	609	570	753	813	855	769	830
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	647	712	827	882	953	1,054	1,270	1,379	1,520	1,685	1,751	1,818	2,283	2,556	2,511
+ Raw Materials	377	50	57	47	61	85	92	90	85	101	128	126	191	218	90
+ Work In Process	120	115	137	144	121	116	119	117	152	172	199	225	321	396	378
+ Finished Goods	150	547	633	691	771	853	1,059	1,172	1,283	1,412	1,424	1,467	1,771	1,942	2,043
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	266	224	242	289	348	357	342	298	283	335	263	277	289	265	410
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	1,736	1,728	1,805	1,926	1,934	1,950	2,274	2,421	2,420	2,501	2,605	2,597	3,976	4,130	3,891
+ Property, Plant & Equip, Net	393	399	450	526	586	629	713	780	816	848	832	875	1,031	1,074	1,095
+ Property, Plant & Equip	843	875	956	1,054	1,140	1,217	1,333	1,436	1,525	1,589	1,624	1,724	1,920	1,940	1,939
- Accumulated Depreciation	450	476	506	528	554	588	620	656	709	741	792	849	889	866	844
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3	270	3
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3	270	3
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	1,343	1,329	1,355	1,400	1,348	1,321	1,561	1,641	1,604	1,653	1,773	1,722	2,942	2,786	2,793
+ Total Intangible Assets	1,295	1,285	1,285	1,297	1,218	1,185	1,394	1,433	1,398	1,391	1,455	1,347	2,621	2,445	2,486
+ Goodwill	625	617	617	620	607	590	753	763	753	756	779	761	1,457	1,455	1,505
+ Other Intangible Assets	670	668	668	677	611	595	641	670	645	635	676	586	1,164	990	981
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	48	44	70	103	130	136	167	208	206	262	318	375	321	341	307
Total Assets	3,712	3,477	3,626	4,103	4,188	4,183	4,625	4,976	5,139	5,766	6,522	6,373	7,777	8,166	8,086
+ Payables & Accruals	406	303	349	427	399	415	413	507	453	476	617	685	743	726	682
+ Accounts Payable	126	120	133	134	123	121	137	154	150	131	172	218	308	267	243
+ Accrued Taxes	32	68	75	128	71	77	70	102	72	110	104	155	98	105	94
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	248	115	141	165	205	217	206	251	231	235	341	312	337	354	345
+ ST Debt	255	7	5	8	440	271	460	215	166	333	205	250	235	728	312
+ ST Borrowings	255	7	5	8	440	271	460	215	150	333	205	250	235	728	312
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	16	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	46	94	119	126	119	105	97	99	84	71	96	99	106	105	86
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	8	1	7	8	9	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	38	93	112	118	110	105	97	99	84	71	96	99	106	105	86
Total Current Liabilities	707	404	473	561	958	791	970	821	703	880	918	1,034	1,084	1,559	1,080
+ LT Debt	504	503	997	997	743	1,230	1,689	2,341	2,327	2,269	2,354	2,019	2,678	2,372	2,421
+ LT Borrowings	504	503	997	997	743	1,230	1,689	2,341	2,290	2,269	2,354	2,019	2,678	2,372	2,421
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	37	- -	- -	- -	- -	- -	- -
+ Other LT Liabilities	441	501	528	513	582	600	596	498	462	642	594	583	747	718	592
+ Accrued Liabilities	150	158	180	192	182	160	152	85	145	177	169	219	323	315	241
+ Pension Liabilities	- -	278	280	244	311	353	314	191	197	297	219	183	171	160	164
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	291	65	68	77	89	87	130	222	120	168	206	181	253	243	187
Total Noncurrent Liabilities	945	1,004	1,525	1,510	1,325	1,830	2,285	2,839	2,789	2,911	2,948	2,602	3,425	3,090	3,013
Total Liabilities	1,652	1,408	1,998	2,071	2,283	2,621	3,255	3,660	3,492	3,791	3,866	3,636	4,509	4,649	4,093
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	79	73	105	115	133	148	133	76	72	72	72	72	73	85	108
+ Common Stock	24	24	34	34	34	34	68	72	72	72	72	72	72	72	72
+ Additional Paid in Capital	55	49	71	81	99	114	65	4	- -	- -	- -	- -	1	13	36
- Treasury Stock	598	805	766	789	1,228	2,301	2,843	112	300	258	237	225	213	608	605
+ Retained Earnings	2,710	3,031	2,500	2,894	3,300	4,065	4,470	1,730	2,238	2,708	3,243	3,242	3,643	4,261	4,710
+ Other Equity	-131	-230	-211	-188	-300	-350	-390	-378	-363	-547	-422	-352	-235	-221	-220
Equity Before Minority Interest	2,060	2,069	1,628	2,032	1,905	1,562	1,370	1,316	1,647	1,975	2,656	2,737	3,268	3,517	3,993
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	2,060	2,069	1,628	2,032	1,905	1,562	1,370	1,316	1,647	1,975	2,656	2,737	3,268	3,517	3,993
Total Liabilities & Equity	3,712	3,477	3,626	4,103	4,188	4,183	4,625	4,976	5,139	5,766	6,522	6,373	7,777	8,166	8,086
Shares Outstanding	544	533	534	534	522	494	480	481	477	478	479	479	479	473	472
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	53	- -	- -	- -	- -	- -	- -
Net Debt	192	172	798	568	813	1,238	1,967	2,317	2,133	1,927	1,409	1,401	2,539	2,654	2,289
Net Debt to Equity	9.32	8.31	49.02	27.95	42.68	79.26	143.58	176.06	129.51	97.57	53.05	51.19	77.69	75.46	57.33
Tangible Common Equity Ratio	31.65	35.77	14.65	26.19	23.13	12.58	-0.74	-3.3	6.66	13.35	23.7	27.66	12.55	18.74	26.91
Current Ratio	2.79	4.33	3.85	3.88	2.35	2.82	2.42	3.11	3.87	3.71	4.27	3.65	3.51	2.59	3.88
Cash Conversion Cycle	291.88	287.13	333.94	359.43	373.33	412.49	464.32	483.4	482.69	500.61	489.89	450.83	459.97	551	581.39

Cash Flow Statement (USD)

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	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
+ Net Income	572	513	591	659	684	1,067	669	717	835	827	903	838	783	1,024	869
+ Depreciation & Amortization	56	49	51	50	51	56	58	64	72	74	77	79	80	87	87
+ Non-Cash Items	-4	63	39	9	30	-458	15	33	56	78	-191	96	129	-201	-105
+ Stock-Based Compensation	9	9	11	13	15	15	14	19	14	11	12	15	18	25	28
+ Deferred Income Taxes	27	53	26	-5	6	10	-10	22	34	39	-53	-11	-3	18	-39
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	- -	13	- -	61	96	7	49
+ Other Non-Cash Adj	-40	1	2	1	9	-483	11	-8	8	15	-150	31	18	-251	-143
+ Chg in Non-Cash Work Cap	-97	-109	-144	-69	-157	-141	-86	-161	-163	-255	28	-77	-352	-263	-253
+ (Inc) Dec in Accts Receiv	-57	2	-65	-34	-50	8	6	-70	23	12	-150	-77	-21	88	-70
+ (Inc) Dec in Inventories	-42	-88	-105	-67	-102	-127	-86	-102	-162	-203	-37	-93	-403	-349	-64
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	28	6	75	91	6	36	-28	66	-59	-12	145	84	20	-14	-53
+ Inc (Dec) in Other	-26	-29	-49	-59	-11	-58	22	-55	35	-52	70	9	52	12	-66
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	527	516	537	649	608	524	656	653	800	724	817	936	640	647	598
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	12	- -	- -	2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	12	- -	- -	2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-40	-65	-96	-127	-124	-108	-112	-128	-121	-119	-65	-138	-183	-228	-167
+ Acq of Fixed Prod Assets	-39	-58	-95	-126	-120	-108	-112	-127	-119	-113	-62	-138	-183	-228	-167
+ Acq of Intangible Assets	-1	-7	-1	-1	-4	- -	- -	-1	-2	-6	-3	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	-136	-220	- -	-49	-462	-1,107	-561	-1	-207	-1	- -	- -	- -	-400	- -
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-136	-220	- -	-49	-462	-1,107	-561	-1	-207	-1	- -	- -	- -	-400	- -
+ Net Change in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	234	- -	- -	- -	- -	543	-307	- -	- -	-22	163	- -	-1,195	246	350
+ Cash from Divestitures	234	- -	- -	- -	- -	543	- -	- -	- -	- -	177	- -	- -	246	350
+ Cash for Acq of Subs	- -	- -	- -	- -	- -	- -	-307	- -	- -	-22	-14	- -	-1,195	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-3	-3	-1	-2	-1	-2	-20	-21	2	- -	- -	11	23	31	66
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	203	-68	-97	-127	-125	433	-439	-149	-119	-141	98	-127	-1,355	49	249
+ Dividends Paid	-326	-192	-1,063	-233	-256	-266	-274	-773	-310	-325	-338	-831	-378	-404	-420
+ Net Cash From Debt	57	-248	494	-2	- -	240	565	345	-71	178	-126	-196	632	192	-417
+ Cash From Debt	248	- -	747	- -	- -	490	717	595	- -	178	390	- -	1,482	192	- -
+ Repayments of Debt	-191	-248	-253	-2	- -	-250	-152	-250	-71	- -	-516	-196	-850	- -	-417
+ Other Financing Activities	-1	-2	-7	-4	187	73	-15	-37	-11	-43	-21	-11	-15	-6	-6
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-406	-662	-576	-288	-531	-1,060	-285	-466	-599	-191	-485	-1,038	239	-618	-843
Effect of Foreign Exchange Rates	11	-15	2	-1	-19	-4	-13	19	-14	-24	45	-47	-14	-6	3
Net Changes in Cash	324	-214	-136	234	-48	-103	-68	38	82	392	430	-229	-476	78	4
EBITDA	911	837	949	1,021	1,078	1,104	1,068	1,112	1,216	1,165	1,116	1,283	1,207	1,234	1,254
EBITDA Margin (%)	35.23	30.74	33.31	34.14	34.4	35.74	35.67	34.24	36.58	34.64	32.25	32.62	28.55	29.54	31.55
Free Cash Flow	487	451	441	522	484	416	544	525	679	605	752	798	457	419	431
Net Cash Paid for Acquisitions	-234	- -	- -	- -	- -	-543	307	- -	- -	22	-163	- -	1,195	-246	-350
Free Cash Flow to Firm	507	472	466	540	502	449	586	575	750	672	820	860	526	519	529
Free Cash Flow to Equity	556	210	936	523	488	656	1,109	871	610	789	629	602	1,089	611	14
Free Cash Flow per Basic Share	0.89	0.84	0.83	0.98	0.91	0.82	1.12	1.09	1.42	1.27	1.57	1.67	0.95	0.88	0.91
Price/Free Cash Flow	19.07	22.09	25.26	26.02	28.31	35.3	25.73	33.09	27.37	32.32	38.88	27.93	38.46	26.76	21.4
Cash Flow to Net Income	0.92	1.01	0.91	0.98	0.89	0.49	0.98	0.91	0.96	0.88	0.9	1.12	0.82	0.63	0.69
Capital Expenditures	-40	-65	-96	-127	-124	-108	-112	-128	-121	-119	-65	-138	-183	-228	-167