Brown & Brown, Inc.

BRO

BROBrown & Brown, Inc. US flag

New York Stock Exchange

55.14

USD

-1.45

- -

18.69BMarket 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	1,006	1,189	1,356	1,567	1,657	1,763	1,857	2,010	2,385	2,606	3,048	3,563	4,199	4,705	5,763
+ Sales & Services Revenue	1,006	1,189	1,356	1,567	1,657	1,763	1,857	2,010	2,385	2,606	3,048	3,563	4,199	4,705	5,763
- Cost of Revenue	509	609	683	811	857	925	995	1,069	1,308	1,436	1,637	1,817	2,187	2,406	2,935
+ Cost of Goods & Services	509	609	683	811	857	925	995	1,069	1,308	1,436	1,637	1,817	2,187	2,406	2,935
Gross Profit	497	581	673	756	800	838	863	941	1,077	1,170	1,411	1,746	2,012	2,299	2,828
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	222	269	304	339	359	371	392	441	506	501	556	783	856	932	1,326
+ Selling, General & Admin	11	16	23	19	16	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	211	253	281	320	344	371	392	441	506	501	556	783	856	932	1,326
Operating Income (Loss)	275	311	369	417	441	467	471	499	571	669	855	963	1,156	1,367	1,502
- Non-Operating (Income) Loss	4	7	11	77	38	44	21	37	45	45	92	87	10	64	131
+ Interest Expense, Net	14	16	16	28	39	39	38	41	64	59	65	148	190	201	306
+ Interest Expense	14	16	16	28	39	39	38	41	64	59	65	148	190	201	306
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	-10	-10	-5	49	-1	4	-17	-4	-19	-14	27	-61	-180	-137	-175
Pretax Income	271	305	358	340	403	423	450	462	526	624	763	876	1,146	1,303	1,371
- Income Tax Expense (Benefit)	107	121	140	133	159	166	50	118	127	144	176	204	275	301	304
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	164	184	217	207	243	257	400	344	399	480	587	672	871	1,002	1,067
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	18	26
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	18	26
Income (Loss) Incl. MI	164	184	217	207	243	257	400	344	399	480	587	672	871	984	1,041
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-9	-13
Net Income, GAAP	164	184	217	207	243	257	400	344	399	480	587	672	871	993	1,054
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	164	184	217	207	243	257	400	344	399	480	587	672	871	993	1,054
EBIT	275	311	369	417	441	467	471	499	571	669	855	963	1,156	1,367	1,502
EBITDA	342	390	454	521	549	575	579	609	699	804	1,008	1,149	1,362	1,589	1,869
EBITDA Margin (%)	34	32.83	33.51	33.24	33.13	32.6	31.18	30.29	29.33	30.84	33.06	32.25	32.44	33.77	32.43
EBITA	275	311	369	417	441	467	471	499	571	669	855	963	1,156	1,367	1,502
Gross Margin (%)	49.43	48.83	49.61	48.25	48.28	47.51	46.45	46.82	45.14	44.88	46.29	49	47.92	48.86	49.07
Operating Margin (%)	27.32	26.19	27.21	26.62	26.59	26.49	25.36	24.85	23.93	25.67	28.05	27.03	27.53	29.05	26.06
Profit Margin (%)	16.3	15.48	16.02	13.2	14.68	14.61	21.52	17.13	16.71	18.44	19.26	18.86	20.74	21.11	18.29
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	0.17	0.18	0.19	0.21	0.23	0.26	0.29	0.31	0.34	0.37	0.39	0.43	0.48	0.55	0.62
Depreciation Expense	67	79	85	104	108	108	108	109	129	135	153	186	206	222	367
Basic Weighted Avg Shares	277	279	282	282	276	272	273	271	272	274	276	278	280	282	310
Basic EPS, GAAP	0.59	0.66	0.77	0.73	0.88	0.95	1.47	1.27	1.46	1.75	2.13	2.42	3.12	3.52	3.4
Basic EPS from Cont Ops	0.59	0.66	0.77	0.73	0.88	0.95	1.47	1.27	1.46	1.75	2.13	2.42	3.12	3.55	3.44
Diluted Weighted Avg Shares	281	284	285	286	280	276	278	276	275	276	277	279	281	284	313
Diluted EPS, GAAP	0.58	0.65	0.76	0.72	0.87	0.93	1.44	1.25	1.45	1.74	2.12	2.41	3.1	3.5	3.37
Diluted EPS from Cont Ops	0.58	0.65	0.76	0.72	0.87	0.93	1.44	1.25	1.45	1.74	2.12	2.41	3.1	3.53	3.41

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	708	760	928	1,570	1,537	1,736	2,242	2,167	2,495	2,958	3,330	4,996	5,130	6,924	8,614
+ Cash, Cash Equivalents & STI	294	228	214	481	457	531	598	452	554	836	706	662	711	685	1,079
+ Cash & Cash Equivalents	286	220	203	470	443	516	573	439	542	817	693	650	700	675	1,079
+ ST Investments	8	8	11	11	14	15	25	13	12	18	13	12	11	10	- -
+ Accounts & Notes Receiv	240	303	396	438	466	581	1,024	910	1,001	1,143	1,279	2,355	2,040	3,538	3,600
+ Accounts Receivable, Net	240	303	396	438	466	581	1,024	910	1,001	1,143	586	1,474	915	2,422	2,085
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	694	881	1,125	1,116	1,515
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	174	229	319	651	614	625	620	805	939	980	1,345	1,979	2,379	2,701	3,935
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	1,899	2,369	2,721	3,386	3,467	3,527	3,505	4,521	5,128	6,008	6,465	8,978	9,753	10,688	21,377
+ Property, Plant & Equip, Net	61	74	75	85	82	76	77	100	333	388	409	455	469	519	636
+ Property, Plant & Equip	149	165	174	195	205	214	234	269	504	579	605	692	723	791	942
- Accumulated Depreciation	88	90	99	111	123	139	157	168	171	191	196	237	254	272	306
+ LT Investments & Receivables	- -	- -	- -	20	18	23	14	17	27	25	31	22	21	19	- -
+ LT Investments	- -	- -	- -	20	18	23	14	17	27	25	31	22	21	19	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	1,838	2,294	2,647	3,282	3,367	3,428	3,414	4,404	4,768	5,595	6,025	8,500	9,263	10,150	20,741
+ Total Intangible Assets	1,820	2,278	2,625	3,245	3,331	3,383	3,357	4,332	4,663	5,446	5,818	8,269	8,962	9,784	19,993
+ Goodwill	1,323	1,712	2,006	2,461	2,587	2,675	2,716	3,433	3,746	4,396	4,737	6,674	7,341	7,970	15,087
+ Other Intangible Assets	496	567	619	785	745	707	641	899	917	1,050	1,082	1,595	1,621	1,814	4,906
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	18	16	22	37	36	45	57	72	105	150	207	231	301	366	748
Total Assets	2,607	3,128	3,650	4,956	5,004	5,263	5,748	6,689	7,623	8,966	9,795	13,974	14,883	17,612	29,991
+ Payables & Accruals	364	475	591	661	674	752	787	987	1,133	1,411	266	335	513	419	1,042
+ Accounts Payable	349	455	569	625	639	717	749	945	1,114	1,389	243	286	459	373	990
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	15	20	23	36	36	35	37	42	18	22	24	48	54	46	52
+ ST Debt	1	- -	100	46	73	56	120	50	98	114	86	296	614	272	781
+ ST Borrowings	1	- -	100	46	73	56	120	50	55	70	42	251	569	225	719
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	43	44	43	45	45	47	62
+ Other ST Liabilities	116	92	216	563	581	637	1,081	746	814	830	2,315	3,966	3,829	5,623	6,471
+ Deferred Revenue	30	33	81	404	393	410	435	481	521	534	460	492	540	657	1,180
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	86	59	135	159	188	228	646	266	293	296	1,856	3,474	3,289	4,966	5,291
Total Current Liabilities	482	568	907	1,269	1,329	1,445	1,987	1,783	2,045	2,354	2,667	4,597	4,956	6,314	8,294
+ LT Debt	250	450	380	1,153	1,072	1,018	856	1,457	1,668	2,199	2,160	3,887	3,406	3,788	7,137
+ LT Borrowings	250	450	380	1,153	1,072	1,018	856	1,457	1,500	2,026	1,980	3,692	3,227	3,599	6,894
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	168	173	180	196	179	189	243
+ Other LT Liabilities	231	303	355	421	455	439	321	448	559	659	771	883	942	1,073	1,987
+ Accrued Liabilities	178	238	292	341	361	358	256	316	328	344	387	584	616	711	815
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	53	65	64	79	94	81	65	132	231	315	384	299	326	362	1,172
Total Noncurrent Liabilities	481	753	735	1,574	1,526	1,457	1,177	1,905	2,227	2,858	2,931	4,770	4,348	4,861	9,124
Total Liabilities	963	1,321	1,642	2,843	2,855	2,903	3,165	3,688	4,273	5,212	5,598	9,367	9,304	11,175	17,418
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	321	350	387	421	441	483	512	645	746	825	880	950	1,057	1,149	6,196
+ Common Stock	14	14	15	15	15	15	29	29	30	30	30	30	30	31	36
+ Additional Paid in Capital	307	336	372	406	426	468	484	615	716	795	849	920	1,027	1,118	6,160
- Treasury Stock	- -	- -	- -	75	239	258	386	478	536	591	674	748	748	748	848
+ Retained Earnings	1,323	1,457	1,621	1,768	1,947	2,135	2,457	2,834	3,141	3,521	4,001	4,553	5,289	6,128	6,989
+ Other Equity	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-9	-148	-19	-109	210
Equity Before Minority Interest	1,644	1,807	2,007	2,114	2,150	2,360	2,583	3,001	3,350	3,754	4,197	4,607	5,579	6,420	12,547
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	17	26
Total Equity	1,644	1,807	2,007	2,114	2,150	2,360	2,583	3,001	3,350	3,754	4,197	4,607	5,579	6,437	12,573
Total Liabilities & Equity	2,607	3,128	3,650	4,956	5,004	5,263	5,748	6,689	7,623	8,966	9,795	13,974	14,883	17,612	29,991
Shares Outstanding	287	288	291	287	278	280	276	280	282	283	282	283	285	286	336
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	211	216	223	241	224	236	305
Net Debt	-35	230	277	728	701	558	403	1,068	1,013	1,279	1,330	3,292	3,096	3,149	6,534
Net Debt to Equity	-2.13	12.74	13.8	34.46	32.62	23.65	15.59	35.59	30.24	34.06	31.68	71.46	55.49	48.92	51.97
Tangible Common Equity Ratio	-22.31	-55.38	-60.32	-66.12	-70.62	-54.4	-32.39	-56.47	-44.34	-48.04	-40.77	-64.21	-57.14	-42.76	-74.21
Current Ratio	1.47	1.34	1.02	1.24	1.16	1.2	1.13	1.22	1.22	1.26	1.25	1.09	1.04	1.1	1.04
Cash Conversion Cycle	-54.98	-158.01	-179.49	-171.6	-169.7	-159.1	-111.38	-113.61	-140.99	-167.91	-78.42	52.34	41.62	66.33	57.97

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	164	184	217	207	243	257	400	344	399	480	587	672	871	1,002	1,067
+ Depreciation & Amortization	67	79	85	104	108	108	108	109	129	135	153	186	206	222	367
+ Non-Cash Items	35	33	49	73	27	35	-77	39	50	68	110	39	-42	55	63
+ Stock-Based Compensation	11	16	23	19	16	16	31	34	47	60	61	66	89	101	93
+ Deferred Income Taxes	30	33	32	7	23	18	-102	15	12	16	34	43	12	13	-7
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	-6	-15	-5	47	-12	- -	-5	-10	-9	-8	16	-70	-143	-59	-23
+ Chg in Non-Cash Work Cap	-29	-76	37	1	4	11	11	75	101	30	-41	-16	-25	-105	-47
+ (Inc) Dec in Accts Receiv	-21	-11	-41	1	-26	-110	-443	319	-80	13	-82	-829	600	-1,496	1,261
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	1	3	41	-29	8	2	-5	-3	-20	-12	-15	-1	-68	-58	-182
+ Inc (Dec) in Accts Payable	11	-11	138	57	43	105	90	186	210	146	121	161	303	-12	29
+ Inc (Dec) in Other	-20	-56	-101	-28	-21	15	369	-426	-9	-118	-67	653	-860	1,461	-1,155
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	238	220	389	385	382	411	442	568	678	713	809	881	1,010	1,174	1,450
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	4	14	6	14	11	5	4	5	22	10	17	60	107	- -	- -
+ Disp of Fixed Prod Assets	4	14	6	14	11	5	4	5	22	10	17	60	107	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-14	-24	-16	-25	-18	-18	-24	-42	-73	-71	-45	-52	-69	-82	-68
+ Acq of Fixed Prod Assets	-14	-24	-16	-25	-18	-18	-24	-42	-73	-71	-45	-52	-69	-82	-68
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	9	13	12	-60	-148	-3	-111	-72	-34	-96	-132	-123	-40	-55	4,173
+ Increase in Capital Stock	9	13	12	15	16	16	17	19	25	- -	- -	- -	- -	- -	4,315
+ Decrease in Capital Stock	- -	- -	- -	-75	-164	-19	-129	-91	-59	-96	-132	-123	-40	-55	-142
+ Net Change in LT Investment	- -	-1	-2	- -	-1	-7	-1	9	-9	-3	-2	7	6	4	- -
+ Dec in LT Investment	13	11	16	18	22	19	10	18	8	11	11	7	13	11	- -
+ Inc in LT Investment	-13	-11	-18	-18	-23	-26	-11	-9	-18	-14	-12	- -	-7	-7	- -
+ Net Cash From Acq & Div	-162	-411	-362	-683	-125	-118	-37	-919	-331	-685	-350	-1,868	-524	-820	-7,845
+ Cash from Divestitures	4	14	6	14	11	5	4	5	22	10	17	60	107	70	9
+ Cash for Acq of Subs	-166	-425	-368	-696	-136	-123	-41	-924	-353	-695	-367	-1,928	-631	-890	-7,854
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-4	-14	-6	-14	-11	-5	-4	-5	-22	-10	-17	-60	-107	- -	-1
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-176	-436	-381	-707	-145	-142	-63	-952	-414	-759	-397	-1,913	-587	-898	-7,914
+ Dividends Paid	-46	-50	-54	-59	-64	-70	-78	-85	-91	-101	-107	-120	-135	-154	-193
+ Net Cash From Debt	-2	199	30	718	-46	-73	-97	880	-200	445	-73	1,939	-51	30	3,817
+ Cash From Debt	100	400	94	1,998	- -	- -	- -	1,500	550	1,200	- -	2,700	840	1,099	4,642
+ Repayments of Debt	-102	-201	-64	-1,280	-46	-73	-97	-620	-750	-755	-73	-761	-891	-1,069	-825
+ Other Financing Activities	-9	-14	-14	-9	-36	-14	-51	-386	246	107	103	30	39	115	-84
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-48	149	-26	589	-294	-161	-337	338	-79	355	-210	1,726	-187	-64	7,713
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-4	-131	34	-13	64
Net Changes in Cash	13	-66	-17	267	-57	108	43	-46	185	309	202	694	236	212	1,249
EBITDA	342	390	454	521	549	575	579	609	699	804	1,008	1,149	1,362	1,589	1,869
EBITDA Margin (%)	34	32.83	33.51	33.24	33.13	32.6	31.18	30.29	29.33	30.84	33.06	32.25	32.44	33.77	32.43
Free Cash Flow	224	196	373	360	363	393	418	526	605	642	764	829	941	1,092	1,382
Net Cash Paid for Acquisitions	162	411	362	683	125	118	37	919	331	685	350	1,868	524	820	7,845
Free Cash Flow to Firm	232	206	383	377	387	417	452	556	653	688	814	943	1,085	1,247	1,620
Free Cash Flow to Equity	226	409	409	1,092	328	325	325	1,411	427	1,097	707	2,828	997	1,122	5,199
Free Cash Flow per Basic Share	0.81	0.7	1.32	1.28	1.32	1.44	1.53	1.94	2.22	2.34	2.77	2.99	3.37	3.87	4.46
Price/Free Cash Flow	12.64	14.8	11.04	11.47	11.24	14.42	15.32	12.47	14.43	16.69	22.84	17.02	18.51	23.07	16.43
Cash Flow to Net Income	1.45	1.2	1.79	1.86	1.57	1.6	1.11	1.65	1.7	1.48	1.38	1.31	1.16	1.18	1.38
Capital Expenditures	-14	-24	-16	-25	-18	-18	-24	-42	-73	-71	-45	-52	-69	-82	-68