Cintas Corporation

CTAS

CTASCintas Corporation US flag

NASDAQ Global Select

183.74

USD

+3.34

- -

73.52BMarket 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
As of date	05/31/2011	05/31/2012	05/31/2013	05/31/2014	05/31/2015	05/31/2016	05/31/2017	05/31/2018	05/31/2019	05/31/2020	05/31/2021	05/31/2022	05/31/2023	05/31/2024	05/31/2025

Sales/Revenue/Turnover	3,810	4,102	4,246	4,194	4,370	4,796	5,323	6,477	6,892	7,085	7,116	7,854	8,816	9,597	10,340
+ Sales & Services Revenue	3,810	4,102	4,246	4,194	4,370	4,796	5,323	6,477	6,892	7,085	7,116	7,854	8,816	9,597	10,340
- Cost of Revenue	2,201	2,363	2,493	2,444	2,477	2,694	2,943	3,568	3,764	3,851	3,802	4,222	4,642	4,910	5,166
+ Cost of Goods & Services	2,201	2,363	2,493	2,444	2,477	2,694	2,943	3,568	3,764	3,851	3,802	4,222	4,642	4,910	5,166
Gross Profit	1,609	1,739	1,753	1,750	1,893	2,101	2,380	2,909	3,129	3,234	3,315	3,632	4,173	4,686	5,174
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	1,169	1,199	1,187	1,147	1,209	1,332	1,527	1,917	1,981	2,071	1,929	2,045	2,371	2,618	2,814
+ Selling, General & Admin	1,169	1,199	1,187	1,147	1,209	1,332	1,527	1,917	1,981	2,071	1,929	2,045	2,371	2,618	2,814
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	440	540	566	603	684	769	853	992	1,148	1,163	1,385	1,587	1,803	2,069	2,360
- Non-Operating (Income) Loss	48	69	65	66	43	64	166	151	46	104	98	89	110	95	96
+ Interest Expense, Net	48	69	65	66	65	64	86	109	101	104	98	89	110	95	96
+ Interest Expense	50	71	66	66	65	65	87	110	102	105	98	89	111	101	101
- Interest Income	2	2	- -	- -	- -	1	- -	1	1	1	- -	- -	2	6	6
+ Other Non-Op (Income) Loss	- -	- -	- -	- -	-22	- -	79	42	-55	- -	- -	- -	- -	- -	- -
Pretax Income	393	471	501	537	641	705	687	841	1,102	1,058	1,288	1,499	1,693	1,974	2,264
- Income Tax Expense (Benefit)	146	173	184	199	238	257	230	57	220	182	177	263	345	402	452
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	247	298	317	338	403	449	457	784	883	876	1,111	1,236	1,348	1,572	1,812
- Net Extraordinary Losses (Gains)	- -	- -	1	-37	-28	-245	-23	-59	-2	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	-1	37	28	245	23	59	2	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	2	-73	-56	-490	-47	-117	-5	1	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	247	298	315	374	431	694	481	843	885	876	1,111	1,236	1,348	1,572	1,812
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	247	298	315	374	431	694	481	843	885	876	1,111	1,236	1,348	1,572	1,812
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	247	298	315	374	431	694	481	843	885	876	1,111	1,236	1,348	1,572	1,812
EBIT	440	540	566	603	684	769	853	992	1,148	1,163	1,385	1,587	1,803	2,069	2,360
EBITDA	634	734	755	794	839	934	1,050	1,271	1,508	1,542	1,773	1,987	2,222	2,526	2,854
EBITDA Margin (%)	16.63	17.89	17.79	18.92	19.19	19.48	19.72	19.63	21.88	21.76	24.92	25.3	25.2	26.32	27.6
EBITA	440	540	566	603	684	769	853	992	1,148	1,163	1,385	1,587	1,803	2,069	2,360
Gross Margin (%)	42.23	42.38	41.29	41.72	43.32	43.82	44.71	44.91	45.39	45.64	46.58	46.24	47.34	48.83	50.04
Operating Margin (%)	11.56	13.16	13.33	14.37	15.65	16.03	16.02	15.31	16.66	16.41	19.47	20.21	20.45	21.56	22.82
Profit Margin (%)	6.48	7.26	7.43	8.93	9.85	14.46	9.03	13.01	12.84	12.36	15.61	15.73	15.29	16.38	17.53
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	0.12	0.14	0.16	0.19	0.44	0.27	0.34	0.41	0.52	0.65	1.08	0.91	1.11	1.31	1.52
Depreciation Expense	193	194	189	191	155	165	197	279	360	379	388	400	419	457	494
Basic Weighted Avg Shares	586	520	496	482	464	433	420	426	424	415	419	413	407	407	404
Basic EPS, GAAP	0.42	0.57	0.64	0.78	0.93	1.6	1.14	1.98	2.09	2.11	2.65	2.99	3.32	3.87	4.49
Basic EPS from Cont Ops	0.42	0.57	0.64	0.7	0.87	1.04	1.09	1.84	2.08	2.11	2.65	2.99	3.32	3.87	4.49
Diluted Weighted Avg Shares	586	520	498	487	470	440	431	439	438	428	431	422	414	413	410
Diluted EPS, GAAP	0.42	0.57	0.63	0.77	0.92	1.58	1.11	1.92	2.02	2.05	2.58	2.93	3.26	3.8	4.42
Diluted EPS from Cont Ops	0.42	0.57	0.64	0.69	0.86	1.02	1.06	1.78	2.02	2.05	2.58	2.93	3.26	3.8	4.42

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
As of date	05/31/2011	05/31/2012	05/31/2013	05/31/2014	05/31/2015	05/31/2016	05/31/2017	05/31/2018	05/31/2019	05/31/2020	05/31/2021	05/31/2022	05/31/2023	05/31/2024	05/31/2025

Total Current Assets	1,701	1,538	1,625	1,806	1,736	1,591	1,954	1,978	2,236	2,310	2,843	2,632	2,938	3,185	3,436
+ Cash, Cash Equivalents & STI	525	340	358	513	433	210	191	139	97	145	494	90	124	342	264
+ Cash & Cash Equivalents	438	340	352	513	417	139	169	139	97	145	494	90	124	342	264
+ ST Investments	87	- -	6	- -	16	70	22	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	856	473	505	508	497	548	780	824	918	870	924	1,028	1,153	1,244	1,417
+ Accounts Receivable, Net	429	451	496	508	496	546	736	805	910	870	902	1,006	1,153	1,244	1,417
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	427	22	9	- -	1	2	44	20	7	- -	22	22	- -	- -	- -
+ Inventories	250	704	737	758	760	788	914	983	1,119	1,179	1,292	1,389	1,519	1,450	1,585
+ Raw Materials	17	19	20	18	17	18	18	17	18	19	15	19	28	17	22
+ Work In Process	19	13	17	14	17	15	18	27	29	29	38	34	56	48	43
+ Finished Goods	214	672	700	725	726	755	878	938	1,072	1,131	1,239	1,336	1,434	1,385	1,520
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	69	21	25	26	45	45	69	32	103	115	134	125	143	149	170
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	2,651	2,628	2,721	2,657	2,457	2,508	4,890	4,980	5,200	5,360	5,394	5,515	5,608	5,984	6,389
+ Property, Plant & Equip, Net	946	953	987	856	871	994	1,324	1,383	1,431	1,563	1,487	1,494	1,575	1,722	1,877
+ Property, Plant & Equip	2,042	2,172	2,342	2,144	2,194	2,412	2,840	3,046	3,192	3,474	3,542	3,706	3,937	4,304	4,719
- Accumulated Depreciation	1,096	1,219	1,356	1,288	1,323	1,418	1,516	1,664	1,762	1,911	2,055	2,212	2,362	2,582	2,842
+ LT Investments & Receivables	- -	90	102	458	330	125	165	176	192	215	275	243	247	302	340
+ LT Investments	- -	90	102	458	330	125	165	176	192	215	275	243	247	302	340
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	1,705	1,585	1,633	1,343	1,256	1,390	3,401	3,422	3,577	3,582	3,632	3,779	3,786	3,959	4,173
+ Total Intangible Assets	1,590	1,562	1,610	1,323	1,238	1,354	3,404	3,431	3,337	3,322	3,322	3,435	3,403	3,534	3,710
+ Goodwill	1,488	1,485	1,518	1,267	1,196	1,276	2,782	2,847	2,842	2,870	2,913	3,043	3,056	3,212	3,400
+ Other Intangible Assets	102	77	92	56	42	78	622	585	495	452	408	392	347	322	310
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	115	23	23	20	17	35	-3	-9	240	261	310	344	383	425	463
Total Assets	4,352	4,166	4,346	4,462	4,192	4,099	6,844	6,958	7,437	7,670	8,237	8,147	8,546	9,169	9,825
+ Payables & Accruals	353	218	237	285	237	250	343	359	370	414	464	530	598	709	891
+ Accounts Payable	110	95	121	150	110	111	177	215	226	231	231	252	302	339	485
+ Accrued Taxes	- -	9	8	13	6	6	8	8	- -	27	- -	- -	12	19	4
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	243	114	108	122	121	133	158	136	144	156	233	279	283	351	402
+ ST Debt	1	226	8	1	- -	250	363	- -	312	43	943	355	44	495	51
+ ST Borrowings	1	226	8	1	- -	250	363	- -	312	- -	899	312	- -	450	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	43	44	44	44	46	51
+ Other ST Liabilities	80	233	311	344	272	316	425	417	445	428	527	547	588	624	702
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	3	77	89	112	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	80	230	234	256	159	316	425	417	445	428	527	547	588	624	702
Total Current Liabilities	434	676	556	630	509	816	1,131	776	1,128	885	1,934	1,433	1,230	1,829	1,645
+ LT Debt	1,285	1,059	1,301	1,300	1,300	1,044	2,771	2,535	2,538	2,662	1,774	2,613	2,625	2,173	2,604
+ LT Borrowings	1,285	1,059	1,301	1,300	1,300	1,044	2,771	2,535	2,538	2,540	1,643	2,484	2,486	2,026	2,425
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	123	131	129	138	147	179
+ Other LT Liabilities	330	292	287	339	451	396	640	631	769	887	841	793	828	851	893
+ Accrued Liabilities	196	205	210	246	339	259	469	353	438	389	387	474	498	476	472
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	134	87	76	93	112	137	170	278	331	499	455	319	329	376	421
Total Noncurrent Liabilities	1,615	1,351	1,588	1,639	1,751	1,441	3,410	3,166	3,306	3,549	2,615	3,406	3,452	3,024	3,496
Total Liabilities	2,049	2,027	2,144	2,270	2,260	2,256	4,541	3,942	4,434	4,435	4,549	4,839	4,682	4,852	5,141
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	231	255	296	387	486	615	709	864	1,068	1,274	1,615	1,772	2,032	2,305	2,593
+ Common Stock	- -	148	186	252	329	410	485	618	840	1,103	1,516	1,772	2,032	2,305	2,593
+ Additional Paid in Capital	231	107	110	135	157	205	224	245	228	172	99	- -	- -	- -	- -
- Treasury Stock	1,243	1,635	1,851	2,221	2,773	3,553	3,574	3,701	4,718	5,182	5,736	7,291	7,843	8,698	9,792
+ Retained Earnings	3,255	3,482	3,718	3,999	4,228	4,806	5,171	5,838	6,691	7,297	7,877	8,719	9,597	10,618	11,798
+ Other Equity	58	37	38	28	-8	-25	-3	16	-39	-153	31	108	78	91	84
Equity Before Minority Interest	2,303	2,139	2,201	2,193	1,932	1,843	2,303	3,017	3,003	3,235	3,688	3,308	3,864	4,316	4,684
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	2,303	2,139	2,201	2,193	1,932	1,843	2,303	3,017	3,003	3,235	3,688	3,308	3,864	4,316	4,684
Total Liabilities & Equity	4,352	4,166	4,346	4,462	4,192	4,099	6,844	6,958	7,437	7,670	8,237	8,147	8,546	9,169	9,825
Shares Outstanding	550	506	489	468	447	417	417	425	413	414	416	407	407	405	403
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	166	175	173	182	193	229
Net Debt	848	945	957	788	883	1,155	2,964	2,397	2,753	2,394	2,048	2,705	2,362	2,134	2,161
Net Debt to Equity	36.83	44.18	43.47	35.92	45.69	62.68	128.72	79.45	91.69	74.01	55.54	81.77	61.14	49.43	46.13
Tangible Common Equity Ratio	25.8	22.16	21.63	27.71	23.5	17.79	-32.02	-11.76	-8.15	-1.99	7.45	-2.68	8.97	13.88	15.93
Current Ratio	3.92	2.28	2.92	2.87	3.41	1.95	1.73	2.55	1.98	2.61	1.47	1.84	2.39	1.74	2.09
Cash Conversion Cycle	58.09	99.51	130.62	135.27	134.69	129.73	132.36	120.74	126.65	133.44	142.55	139.83	137.81	131.76	125.82

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
As of date	05/31/2011	05/31/2012	05/31/2013	05/31/2014	05/31/2015	05/31/2016	05/31/2017	05/31/2018	05/31/2019	05/31/2020	05/31/2021	05/31/2022	05/31/2023	05/31/2024	05/31/2025

+ Net Income	247	298	315	374	431	694	481	843	885	876	1,111	1,236	1,348	1,572	1,812
+ Depreciation & Amortization	193	194	189	191	155	165	197	279	360	379	388	400	419	457	494
+ Non-Cash Items	63	77	71	11	11	-350	168	-103	98	108	53	119	127	88	103
+ Stock-Based Compensation	15	20	23	30	47	79	89	113	139	115	112	109	104	117	128
+ Deferred Income Taxes	48	57	48	47	21	-59	4	-119	32	-16	-42	52	23	-29	-6
+ Asset Impairment Charge	- -	- -	- -	16	- -	- -	23	- -	- -	9	5	- -	- -	- -	- -
+ Other Non-Cash Adj	- -	- -	- -	-82	-56	-370	52	-96	-73	- -	-22	-42	- -	- -	-19
+ Chg in Non-Cash Work Cap	-163	-99	-23	30	-17	-43	-81	-55	-276	-72	-191	-217	-308	-48	-244
+ (Inc) Dec in Accts Receiv	-49	-24	-43	-56	-1	-53	-123	-66	-95	40	-33	-100	-152	-91	-174
+ (Inc) Dec in Inventories	-79	-2	11	-11	24	-18	-1	-3	-60	-75	-76	16	-36	96	-34
+ (Inc) Dec in Prepaid Assets	- -	-1	-3	-2	-3	-1	24	-16	-101	-110	-103	-29	-154	-143	-181
+ Inc (Dec) in Accts Payable	23	-11	56	111	-4	35	27	68	59	26	104	7	132	114	239
+ Inc (Dec) in Other	-58	-60	-44	-11	-32	-6	-9	-38	-78	47	-85	-111	-98	-23	-94
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	341	470	553	606	580	466	764	964	1,068	1,291	1,361	1,538	1,586	2,068	2,166
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	24
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	24
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	-444	-392	-216	-371	-552	-780	-21	-127	-1,016	-465	-554	-1,526	-399	-700	-935
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-444	-392	-216	-371	-552	-780	-21	-127	-1,016	-465	-554	-1,526	-399	-700	-935
+ Net Change in LT Investment	61	79	-17	-10	-34	-60	37	26	56	-10	-4	-6	-5	-8	-7
+ Dec in LT Investment	139	665	161	54	162	434	218	180	73	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	-78	-586	-178	-64	-195	-494	-181	-154	-18	-10	-4	-6	-5	-8	-7
+ Net Cash From Acq & Div	-172	-25	-69	146	176	460	-2,074	108	-7	-54	-10	-164	-46	-187	-233
+ Cash from Divestitures	- -	- -	- -	179	192	616	28	128	3	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	-172	-25	-69	-33	-15	-157	-2,102	-19	-10	-54	-10	-164	-46	-187	-233
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-188	-159	-198	-151	-98	-271	-274	-270	-285	-222	-123	-232	-331	-409	-408
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-299	-104	-284	-15	45	128	-2,310	-136	-236	-285	-137	-403	-382	-603	-624
+ Dividends Paid	-72	-71	-80	-93	-202	-115	-142	-176	-221	-268	-451	-375	-450	-531	-612
+ Net Cash From Debt	500	-1	24	-8	-1	- -	1,682	-600	200	-200	- -	-9	-50	-13	-52
+ Cash From Debt	1,002	- -	250	- -	- -	- -	1,932	- -	200	- -	- -	1,191	- -	- -	398
+ Repayments of Debt	-502	-1	-226	-8	-1	- -	-250	-600	- -	-200	- -	-1,200	-50	-13	-450
+ Other Financing Activities	-5	4	15	42	42	29	59	39	164	-23	126	373	-268	-3	-21
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-20	-461	-256	-430	-713	-867	1,579	-864	-873	-955	-880	-1,538	-1,167	-1,248	-1,619
Effect of Foreign Exchange Rates	5	-3	- -	-1	-9	-5	-2	5	-1	-2	5	- -	-4	- -	-1
Net Changes in Cash	22	-95	13	162	-87	-272	32	-36	-41	51	344	-403	38	218	-77
EBITDA	634	734	755	794	839	934	1,050	1,271	1,508	1,542	1,773	1,987	2,222	2,526	2,854
EBITDA Margin (%)	16.63	17.89	17.79	18.92	19.19	19.48	19.72	19.63	21.88	21.76	24.92	25.3	25.2	26.32	27.6
Free Cash Flow	341	470	553	606	580	466	764	964	1,068	1,291	1,361	1,538	1,586	2,068	2,166
Net Cash Paid for Acquisitions	172	25	69	-146	-176	-460	2,074	-108	7	54	10	164	46	187	233
Free Cash Flow to Firm	372	514	594	647	621	507	821	1,067	1,149	1,379	1,445	1,611	1,675	2,149	2,247
Free Cash Flow to Equity	841	469	577	598	580	466	2,446	364	1,268	1,091	1,361	1,528	1,536	2,055	2,138
Free Cash Flow per Basic Share	0.58	0.9	1.11	1.26	1.25	1.08	1.82	2.26	2.52	3.11	3.24	3.73	3.9	5.09	5.37
Price/Free Cash Flow	14.12	10.21	10.28	12.47	17.44	22.38	17.76	20.76	22.75	20.55	27.99	27.34	30.77	33.88	42.91
Cash Flow to Net Income	1.38	1.58	1.75	1.62	1.35	0.67	1.59	1.14	1.21	1.47	1.22	1.24	1.18	1.32	1.2
Capital Expenditures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -