Customers Bancorp, Inc.

CUBI

CUBICustomers Bancorp, Inc. US flag

New York Stock Exchange

72.69

USD

-1.65

- -

2.46BMarket Cap

Income Statement (USD)

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
Sales/Revenue/Turnover	49	99	124	175	223	304	344	315	310	461	749	633	741	687	801
+ Sales & Services Revenue	49	99	124	175	223	304	344	315	310	461	749	633	741	687	801
- Cost of Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cost of Goods & Services	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Profit	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Selling, General & Admin	20	28	42	58	71	95	105	116	89	108	120	124	171	222	233
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	-20	-28	-42	-58	-71	-95	-105	-116	-89	-108	-120	-124	-171	-222	-233
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Non-Operating (Income) Loss	-6	-36	-50	-66	-88	-125	-124	-91	-108	-190	-441	-291	-331	-224	-288
+ Interest Expense, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	-6	-36	-50	-66	-88	-125	-124	-91	-108	-190	-441	-291	-331	-224	-288
Pretax Income	6	36	50	66	88	125	124	91	108	190	441	291	331	224	288
- Income Tax Expense (Benefit)	2	12	18	21	30	46	45	19	26	47	87	63	81	43	64
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	4	24	33	45	59	79	79	72	81	143	354	228	250	181	224
- Net Extraordinary Losses (Gains)	- -	- -	- -	1	- -	- -	- -	- -	2	10	40	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	-1	- -	-9	- -	- -	-2	-10	-40	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	3	- -	9	- -	- -	4	21	79	- -	- -	- -	- -
Income (Loss) Incl. MI	4	24	33	43	59	79	79	72	79	133	315	228	250	181	224
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	4	24	33	43	59	79	79	72	79	133	315	228	250	181	224
- Preferred Dividends	- -	- -	- -	- -	2	10	14	14	14	14	12	10	15	15	10
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	4	24	33	43	56	69	64	57	65	119	303	218	235	166	214
EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA	1	2	3	4	4	6	11	14	14	19	22	27	32	34	42
EBITDA Margin (%)	2.82	2.05	2.52	2.04	1.79	1.94	3.14	4.5	4.39	4.02	2.89	4.29	4.29	4.88	5.22
EBITA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Profit Margin (%)	8.26	24.12	26.3	24.65	26.28	25.91	22.93	22.78	25.62	28.76	42.02	36	33.76	26.4	27.96
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	0.09	0.33	0.47	0.46	0.46	0.45	0.34	0.29	0.47	0.48	0.33
Depreciation Expense	1	2	3	4	4	6	11	14	14	19	22	27	32	34	42
Basic Weighted Avg Shares	11	18	27	27	27	28	31	32	31	32	32	33	31	32	32
Basic EPS, GAAP	0.35	1.29	1.23	1.62	2.09	2.51	2.1	1.81	2.08	3.76	9.38	6.69	7.49	5.28	6.6
Basic EPS from Cont Ops	0.36	1.29	1.23	1.67	2.18	2.85	2.57	2.27	2.61	4.54	10.96	6.99	7.96	5.76	6.92
Diluted Weighted Avg Shares	11	18	27	28	29	30	33	32	32	32	34	34	32	33	33
Diluted EPS, GAAP	0.35	1.29	1.23	1.55	1.96	2.31	1.97	1.78	2.05	3.74	8.99	6.51	7.32	5.09	6.4
Diluted EPS from Cont Ops	0.36	1.29	1.23	1.6	2.04	2.62	2.42	2.22	2.57	4.51	10.51	6.8	7.78	5.55	6.7

Balance Sheet (USD)

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
Total Current Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash, Cash Equivalents & STI	153	315	731	788	825	758	618	727	808	1,904	4,335	3,443	6,252	5,806	6,349
+ Cash & Cash Equivalents	74	186	233	371	265	265	146	62	213	693	518	456	3,846	3,786	4,411
+ ST Investments	79	129	498	417	560	493	471	665	596	1,210	3,817	2,988	2,406	2,020	1,938
+ Accounts & Notes Receiv	29	18	18	18	20	24	27	33	38	80	92	123	320	323	407
+ Accounts Receivable, Net	29	18	18	18	20	24	27	33	38	80	92	123	115	108	104
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	206	215	303
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	-182	-333	-749	-805	-845	-782	-645	-760	-846	-1,984	-4,427	-3,567	-6,572	-6,129	-6,756
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Property, Plant & Equip, Net	8	10	12	11	11	13	12	11	9	11	9	9	7	7	17
+ Property, Plant & Equip	13	16	20	21	24	27	29	30	31	33	31	29	30	31	45
- Accumulated Depreciation	5	6	8	10	12	15	17	19	22	22	22	20	22	25	28
+ LT Investments & Receivables	399	129	498	417	560	493	471	665	596	1,210	3,817	3,828	3,509	3,012	2,667
+ LT Investments	399	129	498	417	560	493	471	665	596	1,210	3,817	3,828	3,509	3,012	2,667
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	-407	-139	-509	-427	-571	-506	-483	-676	-605	-1,222	-3,826	-3,837	-3,516	-3,018	-2,684
+ Total Intangible Assets	4	4	4	4	4	18	16	16	15	4	4	4	4	4	4
+ Goodwill	2	4	4	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Intangible Assets	2	- -	- -	4	4	18	16	16	15	4	4	4	4	4	4
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	-411	-142	-513	-431	-575	-524	-500	-693	-620	-1,225	-3,830	-3,840	-3,520	-3,022	-2,687
Total Assets	2,078	3,201	4,153	6,825	8,398	9,383	9,840	9,833	11,521	18,439	19,575	20,896	21,316	22,308	24,896
+ Payables & Accruals	9	13	22	33	44	75	56	66	126	152	251	231	- -	- -	- -
+ Accounts Payable	9	13	22	33	44	75	56	66	126	152	251	231	- -	- -	- -
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Debt	320	411	612	1,298	1,365	689	- -	- -	850	850	700	300	- -	100	- -
+ ST Borrowings	320	411	612	1,298	1,365	689	- -	- -	850	850	700	300	- -	100	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	-329	-424	-633	-1,331	-1,410	-764	-56	-66	-976	-1,002	-951	-531	- -	-100	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	-329	-424	-633	-1,331	-1,410	-764	-56	-66	-976	-1,002	-951	-531	- -	-100	- -
Total Current Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Debt	13	62	160	518	455	1,065	1,907	1,481	305	305	405	806	1,509	1,310	1,705
+ LT Borrowings	13	62	160	518	455	1,065	1,907	1,481	305	305	405	806	1,509	1,310	1,705
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Liabilities	-13	-62	-160	-518	-455	-1,065	-1,907	-1,481	-305	-305	-405	-806	-1,509	-1,310	-1,705
+ Accrued Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	-13	-62	-160	-518	-455	-1,065	-1,907	-1,481	-305	-305	-405	-806	-1,509	-1,310	-1,705
Total Noncurrent Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Liabilities	1,930	2,932	3,767	6,382	7,844	8,527	8,919	8,877	10,468	17,322	18,209	19,493	19,678	20,472	22,780
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	56	217	217	217	217	217	138	138	138	138	- -
+ Share Capital & APIC	134	231	332	383	390	458	454	467	477	489	577	587	600	611	703
+ Common Stock	11	19	25	27	27	31	32	32	33	33	35	35	35	36	36
+ Additional Paid in Capital	123	212	307	356	363	427	422	434	444	456	542	552	565	575	667
- Treasury Stock	- -	- -	8	8	8	8	8	21	22	22	49	83	122	142	69
+ Retained Earnings	14	38	71	68	125	194	258	317	382	439	706	924	1,160	1,326	1,535
+ Other Equity	- -	1	-8	- -	-8	-5	- -	-23	-1	-6	-5	-163	-137	-97	-54
Equity Before Minority Interest	148	269	387	443	554	856	921	957	1,053	1,117	1,366	1,403	1,638	1,837	2,116
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	148	269	387	443	554	856	921	957	1,053	1,117	1,366	1,403	1,638	1,837	2,116
Total Liabilities & Equity	2,078	3,201	4,153	6,825	8,398	9,383	9,840	9,833	11,521	18,439	19,575	20,896	21,316	22,308	24,896
Shares Outstanding	11	18	27	27	27	30	31	31	31	32	33	32	31	31	34
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt	259	287	539	1,445	1,556	1,489	1,761	1,419	942	462	587	650	-2,337	-2,376	-2,706
Net Debt to Equity	175.59	106.5	139.33	326.13	280.89	173.95	191.2	148.28	89.5	41.36	42.95	46.31	-142.64	-129.36	-127.91
Tangible Common Equity Ratio	6.95	8.31	9.23	6.44	5.89	6.63	7	7.36	7.13	4.86	6.26	6.04	7.02	7.6	8.48
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Cash Flow Statement (USD)

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
+ Net Income	4	24	33	45	59	79	79	72	81	143	354	228	250	181	224
+ Depreciation & Amortization	1	2	3	4	4	6	11	14	14	19	22	27	32	34	42
+ Non-Cash Items	28	-1,259	696	-580	10	40	21	36	37	30	-230	-251	-199	63	174
+ Stock-Based Compensation	1	2	3	5	6	7	7	10	10	13	14	14	13	14	18
+ Deferred Income Taxes	-3	-4	2	-6	-10	-3	15	9	10	-16	18	7	22	-1	-11
+ Asset Impairment Charge	1	- -	1	- -	- -	7	13	- -	- -	- -	- -	1	- -	- -	- -
+ Other Non-Cash Adj	29	-1,257	690	-579	14	28	-13	17	17	33	-262	-274	-234	50	166
+ Chg in Non-Cash Work Cap	-3	-9	-10	-8	-6	-5	-49	-25	-91	-58	150	-25	42	-133	55
+ (Inc) Dec in Accts Receiv	- -	-13	-17	-18	-14	-11	-32	-35	-63	-108	47	-4	24	-100	-26
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	-2	4	7	10	9	6	-17	10	-28	50	103	-21	19	-33	81
+ Inc (Dec) in Other	-1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Disc Ops	- -	- -	- -	-3	- -	-27	- -	- -	37	19	-24	- -	- -	- -	- -
Cash from Operating Activities	30	-1,242	722	-542	67	91	62	97	78	152	271	-21	125	145	495
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	10	7	3	18	18
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	10	7	3	18	18
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-3	-3	-4	-1	-3	-5	-24	-40	-50	-29	-33	-113	-41	-65	-161
+ Acq of Fixed Prod Assets	-3	-3	-4	-1	-3	-5	-24	-39	-50	-29	-33	-113	-41	-65	-161
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	-2	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	28	95	90	- -	1	71	3	-9	2	1	- -	-33	-37	-17	160
+ Increase in Capital Stock	29	95	98	- -	1	71	3	4	2	1	28	1	3	2	166
+ Decrease in Capital Stock	- -	- -	-8	- -	- -	- -	- -	-13	-1	- -	-28	-33	-40	-19	-6
+ Net Change in LT Investment	-187	278	-382	98	-155	63	21	-243	136	-578	-2,619	150	799	680	327
+ Dec in LT Investment	283	392	160	262	77	68	817	520	136	624	1,007	1,507	873	1,546	1,296
+ Inc in LT Investment	-470	-114	-542	-165	-232	-5	-797	-763	- -	-1,202	-3,626	-1,357	-74	-866	-969
+ Net Cash From Acq & Div	19	- -	- -	- -	- -	-17	- -	-2	- -	- -	4	- -	- -	- -	- -
+ Cash from Divestitures	19	- -	- -	- -	- -	- -	- -	- -	- -	- -	4	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	- -	- -	- -	- -	-17	- -	-2	- -	- -	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-589	-13	-1,202	-2,018	-1,524	-1,002	-562	181	-1,531	-5,818	1,437	-1,342	2,398	-1,639	-2,241
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	-29	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-760	262	-1,588	-1,922	-1,681	-962	-565	-104	-1,444	-6,425	-1,201	-1,298	3,158	-1,006	-2,057
+ Dividends Paid	- -	- -	- -	- -	-2	-9	-14	-14	-14	-14	-11	-9	-15	-15	-11
+ Net Cash From Debt	- -	49	95	396	25	75	99	-63	422	4,415	-4,316	400	700	-195	388
+ Cash From Debt	- -	49	95	398	25	75	99	- -	447	4,415	99	500	2,565	155	588
+ Repayments of Debt	- -	- -	- -	-2	- -	- -	- -	-63	-25	- -	-4,415	-100	-1,865	-350	-200
+ Other Financing Activities	537	949	728	2,206	1,485	733	298	10	1,108	2,352	5,082	899	-541	1,028	1,650
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	565	1,092	913	2,602	1,508	870	385	-78	1,517	6,754	755	1,257	108	801	2,188
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	-165	112	47	138	-106	- -	-118	-84	150	481	-175	-62	3,391	-60	626
EBITDA	1	2	3	4	4	6	11	14	14	19	22	27	32	34	42
EBITDA Margin (%)	2.82	2.05	2.52	2.04	1.79	1.94	3.14	4.5	4.39	4.02	2.89	4.29	4.29	4.88	5.22
Free Cash Flow	27	-1,245	718	-544	64	86	38	57	28	123	238	-134	83	80	334
Net Cash Paid for Acquisitions	-19	- -	- -	- -	- -	17	- -	2	- -	- -	-4	- -	- -	- -	- -
Free Cash Flow to Firm	27	-1,245	718	-544	64	86	38	57	28	123	238	-134	83	80	334
Free Cash Flow to Equity	27	-1,196	813	-148	142	313	122	-19	435	4,524	-4,159	264	771	-112	592
Free Cash Flow per Basic Share	2.4	-67.43	26.95	-20.38	2.37	3.12	1.23	1.81	0.9	3.91	7.37	-4.11	2.65	2.53	10.3
Price/Free Cash Flow	- -	-0.18	0.68	-1	11.23	11.1	9.79	4.25	5.87	3.19	7.24	10.28	11.16	7.58	3.73
Cash Flow to Net Income	7.41	-52.15	22.08	-12.55	1.14	1.16	0.79	1.36	0.99	1.15	0.86	-0.09	0.5	0.8	2.21
Capital Expenditures	-3	-3	-4	-1	-3	-5	-24	-40	-50	-29	-33	-113	-41	-65	-161