Cognizant Technology Solutions Corporation

CTSH

CTSHCognizant Technology Solutions Corporation US flag

NASDAQ Global Select

53.51

USD

-1.63

- -

25.36BMarket 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	6,121	7,346	8,843	10,263	12,416	13,487	14,810	16,125	16,783	16,652	18,507	19,428	19,353	19,736	21,108
+ Sales & Services Revenue	6,121	7,346	8,843	10,263	12,416	13,487	14,810	16,125	16,783	16,652	18,507	19,428	19,353	19,736	21,108
- Cost of Revenue	3,539	4,278	5,266	6,141	7,440	8,108	9,152	9,838	10,634	10,671	11,604	12,448	12,664	12,958	13,991
+ Cost of Goods & Services	3,539	4,278	5,266	6,141	7,440	8,108	9,152	9,838	10,634	10,671	11,604	12,448	12,664	12,958	13,991
Gross Profit	2,583	3,068	3,578	4,122	4,976	5,379	5,658	6,287	6,149	5,981	6,903	6,980	6,689	6,778	7,117
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	1,446	1,707	1,900	2,237	2,834	3,090	3,105	3,467	3,479	3,652	4,077	4,012	3,771	3,752	3,790
+ Selling, General & Admin	1,329	1,558	1,728	2,037	2,509	2,731	2,697	3,007	2,972	3,100	3,503	3,443	3,252	3,223	3,240
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	117	149	172	200	325	359	408	460	507	552	574	569	519	529	550
Operating Income (Loss)	1,136	1,361	1,678	1,885	2,142	2,289	2,553	2,820	2,670	2,329	2,826	2,968	2,918	3,026	3,327
- Non-Operating (Income) Loss	-33	-26	-10	-39	-22	-68	-102	23	127	233	-1	-48	131	88	-152
+ Interest Expense, Net	-39	-45	-49	-59	-66	-96	-110	-150	-150	-95	-21	-40	-85	-65	-68
+ Interest Expense	- -	- -	- -	3	18	19	23	27	26	24	9	19	41	54	37
- Interest Income	39	45	49	62	84	115	133	177	176	119	30	59	126	119	105
+ Other Non-Op (Income) Loss	7	18	39	20	44	28	8	173	277	328	20	-8	216	153	-84
Pretax Income	1,169	1,388	1,688	1,924	2,164	2,357	2,655	2,797	2,543	2,096	2,827	3,016	2,787	2,938	3,479
- Income Tax Expense (Benefit)	286	336	459	485	540	805	1,153	698	643	704	693	730	668	713	1,258
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	884	1,051	1,229	1,439	1,624	1,553	1,504	2,101	1,842	1,392	2,137	2,290	2,126	2,240	2,230
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	884	1,051	1,229	1,439	1,624	1,553	1,504	2,101	1,842	1,392	2,137	2,290	2,126	2,240	2,230
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	884	1,051	1,229	1,439	1,624	1,553	1,504	2,101	1,842	1,392	2,137	2,290	2,126	2,240	2,230
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	884	1,051	1,229	1,439	1,624	1,553	1,504	2,101	1,842	1,392	2,137	2,290	2,126	2,240	2,230
EBIT	1,136	1,361	1,678	1,885	2,142	2,289	2,553	2,820	2,670	2,329	2,826	2,968	2,918	3,026	3,327
EBITDA	1,261	1,518	1,858	2,093	2,472	2,668	2,996	3,318	3,196	2,888	3,400	3,537	3,473	3,568	3,877
EBITDA Margin (%)	20.59	20.66	21.01	20.39	19.91	19.78	20.23	20.58	19.04	17.34	18.37	18.21	17.95	18.08	18.37
EBITA	1,136	1,361	1,678	1,885	2,142	2,289	2,553	2,820	2,670	2,329	2,826	2,968	2,918	3,026	3,327
Gross Margin (%)	42.19	41.76	40.46	40.16	40.08	39.88	38.2	38.99	36.64	35.92	37.3	35.93	34.56	34.34	33.72
Operating Margin (%)	18.57	18.53	18.97	18.37	17.25	16.97	17.24	17.49	15.91	13.99	15.27	15.28	15.08	15.33	15.76
Profit Margin (%)	14.44	14.31	13.89	14.02	13.08	11.51	10.16	13.03	10.98	8.36	11.55	11.79	10.99	11.35	10.56
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	0.45	0.8	0.81	0.89	0.97	1.09	1.17	1.21	1.25
Depreciation Expense	124	157	180	208	330	379	443	498	526	559	574	569	555	542	550
Basic Weighted Avg Shares	607	603	604	608	609	607	593	582	559	540	527	518	505	496	488
Basic EPS, GAAP	1.46	1.74	2.03	2.37	2.67	2.56	2.54	3.61	3.3	2.58	4.06	4.42	4.21	4.52	4.57
Basic EPS from Cont Ops	1.46	1.74	2.03	2.37	2.67	2.56	2.54	3.61	3.3	2.58	4.06	4.42	4.21	4.52	4.57
Diluted Weighted Avg Shares	621	612	610	612	613	610	595	584	560	541	528	519	505	497	489
Diluted EPS, GAAP	1.42	1.72	2.02	2.35	2.65	2.55	2.53	3.6	3.29	2.57	4.05	4.41	4.21	4.51	4.56
Diluted EPS from Cont Ops	1.42	1.72	2.02	2.35	2.65	2.55	2.53	3.6	3.29	2.57	4.05	4.41	4.21	4.51	4.56

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	4,086	4,814	6,148	6,421	7,909	8,600	9,111	8,610	7,611	6,851	7,342	7,266	7,506	7,504	7,818
+ Cash, Cash Equivalents & STI	2,432	2,864	3,747	3,775	4,949	5,169	5,056	4,511	3,424	2,724	2,719	2,501	2,635	2,243	1,914
+ Cash & Cash Equivalents	1,311	1,570	2,213	2,010	2,125	2,034	1,925	1,161	2,645	2,680	1,792	2,191	2,621	2,231	1,901
+ ST Investments	1,121	1,294	1,534	1,765	2,824	3,135	3,131	3,350	779	44	927	310	14	12	13
+ Accounts & Notes Receiv	1,319	1,529	1,875	2,293	2,622	2,905	3,222	3,190	3,256	3,087	3,557	3,796	3,849	4,059	4,439
+ Accounts Receivable, Net	1,179	1,346	1,649	1,969	2,253	2,556	2,865	3,190	3,256	3,087	3,557	3,796	3,849	4,059	4,439
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	140	183	226	325	369	349	357	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	335	422	525	353	338	526	833	909	931	1,040	1,066	969	1,022	1,202	1,465
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	1,422	1,707	1,987	5,058	5,152	5,662	6,110	7,236	8,593	10,072	10,510	10,586	10,977	12,462	12,874
+ Property, Plant & Equip, Net	758	971	1,081	1,247	1,271	1,311	1,324	1,394	2,235	2,264	2,104	1,977	1,659	1,546	1,506
+ Property, Plant & Equip	1,214	1,545	1,800	2,099	2,350	2,624	2,840	3,184	4,277	4,586	4,600	4,693	4,431	4,333	4,502
- Accumulated Depreciation	456	574	719	852	1,079	1,313	1,516	1,790	2,042	2,322	2,496	2,716	2,772	2,787	2,996
+ LT Investments & Receivables	- -	- -	- -	- -	- -	62	235	80	17	440	66	70	80	90	111
+ LT Investments	- -	- -	- -	- -	- -	62	235	80	17	440	66	70	80	90	111
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	664	736	906	3,811	3,881	4,289	4,551	5,762	6,341	7,368	8,340	8,539	9,238	10,826	11,257
+ Total Intangible Assets	386	397	576	3,367	3,269	3,505	3,685	4,631	5,020	6,077	6,838	6,878	7,234	8,552	8,523
+ Goodwill	289	309	444	2,414	2,405	2,554	2,704	3,481	3,979	5,031	5,620	5,710	6,085	6,953	7,106
+ Other Intangible Assets	98	87	131	954	864	951	981	1,150	1,041	1,046	1,218	1,168	1,149	1,599	1,417
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	278	339	330	444	612	784	866	1,131	1,321	1,291	1,502	1,661	2,004	2,274	2,734
Total Assets	5,508	6,522	8,135	11,479	13,061	14,262	15,221	15,846	16,204	16,923	17,852	17,852	18,483	19,966	20,692
+ Payables & Accruals	345	434	505	664	701	893	1,004	1,174	1,183	1,301	1,292	1,321	1,251	1,451	1,482
+ Accounts Payable	72	109	113	146	165	175	210	215	239	389	361	360	337	340	308
+ Accrued Taxes	28	30	24	24	17	10	48	162	152	34	74	217	27	100	18
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	245	296	367	494	519	708	746	797	792	878	857	744	887	1,011	1,156
+ ST Debt	- -	- -	- -	700	406	81	175	9	240	249	233	182	186	185	186
+ ST Borrowings	- -	- -	- -	700	406	81	175	9	38	38	38	8	33	33	33
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	202	211	195	174	153	152	153
+ Other ST Liabilities	865	943	1,269	1,228	1,607	1,444	1,660	1,527	1,560	1,990	2,004	1,844	1,896	1,949	1,991
+ Deferred Revenue	106	150	183	224	324	306	383	286	313	383	403	398	385	450	501
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	759	793	1,087	1,004	1,283	1,138	1,277	1,241	1,247	1,607	1,601	1,446	1,511	1,499	1,490
Total Current Liabilities	1,210	1,377	1,775	2,592	2,714	2,418	2,839	2,710	2,983	3,540	3,529	3,347	3,333	3,585	3,659
+ LT Debt	- -	- -	- -	938	877	797	698	736	1,445	1,509	1,409	1,352	1,129	1,295	966
+ LT Borrowings	- -	- -	- -	938	877	797	698	736	700	663	626	638	606	875	543
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	745	846	783	714	523	420	423
+ Other LT Liabilities	345	290	224	209	192	319	1,015	976	754	1,038	923	844	794	678	1,052
+ Accrued Liabilities	3	3	21	93	52	157	250	245	58	242	258	199	268	184	205
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	342	287	203	116	140	162	765	731	696	796	665	645	526	494	847
Total Noncurrent Liabilities	345	290	224	1,147	1,069	1,116	1,713	1,712	2,199	2,547	2,332	2,196	1,923	1,973	2,018
Total Liabilities	1,555	1,667	1,999	3,739	3,783	3,534	4,552	4,422	5,182	6,087	5,861	5,543	5,256	5,558	5,677
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	696	460	550	562	459	364	55	53	38	37	32	20	20	18	17
+ Common Stock	3	3	6	6	6	6	6	6	5	5	5	5	5	5	5
+ Additional Paid in Capital	693	457	544	556	453	358	49	47	33	32	27	15	15	13	12
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	3,583	4,634	5,862	7,302	8,925	10,478	10,544	11,485	11,022	10,689	11,922	12,588	13,301	14,686	15,158
+ Other Equity	-325	-240	-276	-123	-106	-114	70	-114	-38	110	37	-299	-94	-296	-160
Equity Before Minority Interest	3,953	4,854	6,136	7,740	9,278	10,728	10,669	11,424	11,022	10,836	11,991	12,309	13,227	14,408	15,015
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	3,953	4,854	6,136	7,740	9,278	10,728	10,669	11,424	11,022	10,836	11,991	12,309	13,227	14,408	15,015
Total Liabilities & Equity	5,508	6,522	8,135	11,479	13,061	14,262	15,221	15,846	16,204	16,923	17,852	17,852	18,483	19,966	20,692
Shares Outstanding	606	603	608	609	609	608	588	577	548	530	525	509	498	495	479
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	947	1,057	978	888	676	572	576
Net Debt	-1,311	-1,570	-2,213	-373	-842	-1,156	-1,052	-416	-1,907	-1,979	-1,128	-1,545	-1,982	-1,323	-1,325
Net Debt to Equity	-33.16	-32.34	-36.07	-4.81	-9.08	-10.78	-9.86	-3.64	-17.3	-18.26	-9.41	-12.55	-14.98	-9.18	-8.82
Tangible Common Equity Ratio	69.64	72.78	73.56	53.91	61.37	67.15	60.54	60.57	53.67	43.88	46.79	49.49	53.28	51.31	53.35
Current Ratio	3.38	3.5	3.46	2.48	2.91	3.56	3.21	3.18	2.55	1.94	2.08	2.17	2.25	2.09	2.14
Cash Conversion Cycle	57.78	55	54.1	56.63	54.43	57.42	59.12	60.65	62.3	58.78	53.72	58.5	62.05	63.59	65.02

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	884	1,051	1,229	1,439	1,624	1,553	1,504	2,101	1,842	1,392	2,137	2,290	2,126	2,240	2,230
+ Depreciation & Amortization	124	157	180	208	330	379	443	498	526	559	574	569	555	542	550
+ Non-Cash Items	93	-51	56	47	125	184	274	400	30	535	272	33	-162	-148	441
+ Stock-Based Compensation	90	107	119	135	192	217	221	267	217	232	246	261	176	175	181
+ Deferred Income Taxes	-9	-118	-88	-100	-126	-91	124	8	-306	184	27	-273	-339	-355	327
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	11	-41	26	12	59	58	-71	125	119	119	-1	45	1	32	-67
+ Chg in Non-Cash Work Cap	-226	16	-41	-221	108	-471	186	-407	101	813	-488	-324	-189	-510	-338
+ (Inc) Dec in Accts Receiv	-284	-159	-258	-259	-322	-330	-249	-365	37	264	-407	-238	-43	-49	-366
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	-9	33	-12	26	19	6	16	-4	8	109	-35	-11	-23	-23	-2
+ Inc (Dec) in Other	67	142	230	12	411	-147	419	-38	56	440	-46	-75	-123	-438	30
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	875	1,173	1,424	1,473	2,187	1,645	2,407	2,592	2,499	3,299	2,495	2,568	2,330	2,124	2,883
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	70
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	70
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-288	-334	-262	-212	-273	-300	-284	-377	-392	-398	-279	-332	-317	-297	-288
+ Acq of Fixed Prod Assets	-288	-334	-262	-212	-273	-300	-284	-377	-392	-398	-279	-332	-317	-297	-288
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	-295	-521	-179	-248	-460	-512	-1,889	-1,261	-2,247	-1,621	-771	-1,422	-1,064	-605	-1,378
+ Increase in Capital Stock	80	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-374	-521	-179	-248	-460	-512	-1,889	-1,261	-2,247	-1,621	-771	-1,422	-1,064	-605	-1,378
+ Net Change in LT Investment	-1,339	-1,429	-275	-258	-1,096	-5,169	-4,726	-3,506	-1,509	-733	-2,293	-1,817	-441	-2	-17
+ Dec in LT Investment	- -	- -	1,573	2,240	1,908	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	-1,339	-1,429	-1,849	-2,498	-3,004	-5,169	-4,726	-3,506	-1,509	-733	-2,293	-1,817	-441	-2	-17
+ Net Cash From Acq & Div	-83	-60	-194	-2,691	616	509	620	-746	-116	-574	-970	-339	-409	-1,615	- -
+ Cash from Divestitures	- -	- -	- -	- -	618	843	836	365	501	549	- -	28	- -	- -	- -
+ Cash for Acq of Subs	-83	-60	-194	-2,691	-2	-334	-216	-1,111	-617	-1,123	-970	-367	-409	-1,615	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	859	1,253	- -	- -	-618	3,997	3,808	3,002	3,605	467	1,378	2,382	836	268	5
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-850	-570	-731	-3,161	-1,371	-963	-582	-1,627	1,588	-1,238	-2,164	-106	-331	-1,646	-230
+ Dividends Paid	- -	- -	- -	- -	- -	- -	-265	-468	-453	-480	-509	-564	-591	-600	-610
+ Net Cash From Debt	- -	- -	- -	985	-53	-57	-95	-141	-28	1,690	-53	-36	-25	227	-342
+ Cash From Debt	- -	- -	- -	1,000	- -	- -	- -	25	- -	3,480	- -	650	- -	600	- -
+ Repayments of Debt	- -	- -	- -	-15	-53	-57	-95	-166	-28	-1,790	-53	-686	-25	-373	-342
+ Other Financing Activities	39	178	148	766	-169	-174	264	177	159	-1,598	130	83	71	63	58
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-255	-343	-31	1,503	-682	-743	-1,985	-1,693	-2,569	-2,009	-1,203	-1,939	-1,609	-915	-2,272
Effect of Foreign Exchange Rates	1	- -	-19	-18	-19	-30	51	-36	-34	-17	-16	-21	33	-49	22
Net Changes in Cash	-231	260	662	-185	134	-61	-160	-728	1,518	52	-872	523	390	-437	381
EBITDA	1,261	1,518	1,858	2,093	2,472	2,668	2,996	3,318	3,196	2,888	3,400	3,537	3,473	3,568	3,877
EBITDA Margin (%)	20.59	20.66	21.01	20.39	19.91	19.78	20.23	20.58	19.04	17.34	18.37	18.21	17.95	18.08	18.37
Free Cash Flow	587	838	1,162	1,261	1,914	1,345	2,123	2,215	2,107	2,901	2,216	2,236	2,013	1,827	2,595
Net Cash Paid for Acquisitions	83	60	194	2,691	-616	-509	-620	746	116	574	970	339	409	1,615	- -
Free Cash Flow to Firm	587	838	1,162	1,263	1,928	1,358	2,136	2,235	2,126	2,917	2,223	2,250	2,044	1,868	2,619
Free Cash Flow to Equity	587	838	1,162	2,246	1,861	1,288	2,028	2,074	2,079	4,591	2,163	2,200	1,988	2,054	2,323
Free Cash Flow per Basic Share	0.97	1.39	1.92	2.07	3.14	2.22	3.58	3.81	3.77	5.37	4.2	4.32	3.99	3.68	5.32
Price/Free Cash Flow	17.16	14.99	18.26	19.14	14.96	17.57	15.7	12.49	12.01	11.99	16.89	10.24	14.41	15.79	12.8
Cash Flow to Net Income	0.99	1.12	1.16	1.02	1.35	1.06	1.6	1.23	1.36	2.37	1.17	1.12	1.1	0.95	1.29
Capital Expenditures	-288	-334	-262	-212	-273	-300	-284	-377	-392	-398	-279	-332	-317	-297	-288