Citizens & Northern Corporation

CZNC

CZNCCitizens & Northern Corporation US flag

NASDAQ Capital Market

23.30

USD

-0.08

- -

417.46MMarket Cap

Income Statement (USD)

API ChatGPT

	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	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Sales/Revenue/Turnover	64	66	60	56	57	56	57	65	73	91	102	106	103	107	121
+ Sales & Services Revenue	64	66	60	56	57	56	57	65	73	91	102	106	103	107	121
- Cost of Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cost of Goods & Services	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Profit	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Selling, General & Admin	20	20	20	21	21	22	22	23	27	33	38	42	44	45	47
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	-20	-20	-20	-21	-21	-22	-22	-23	-27	-33	-38	-42	-44	-45	-47
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Non-Operating (Income) Loss	-32	-31	-25	-23	-22	-21	-21	-26	-23	-23	-38	-32	-30	-32	-29
+ Interest Expense, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	-32	-31	-25	-23	-22	-21	-21	-26	-23	-23	-38	-32	-30	-32	-29
Pretax Income	32	31	25	23	22	21	21	26	23	23	38	32	30	32	29
- Income Tax Expense (Benefit)	9	8	6	6	5	5	7	4	4	4	7	6	6	6	5
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	23	23	19	17	16	16	13	22	20	19	31	27	24	26	23
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	23	23	19	17	16	16	13	22	20	19	31	27	24	26	23
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	23	23	19	17	16	16	13	22	20	19	31	27	24	26	23
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	23	23	19	17	16	16	13	22	20	19	31	27	24	26	23
EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2
EBITDA Margin (%)	3.54	3.07	3.43	3.5	3.3	2.84	2.87	2.7	2.41	2.18	2.08	2.25	2.09	2.05	1.96
EBITA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Profit Margin (%)	36.66	34.65	30.84	30.25	28.76	28.18	23.54	33.85	26.83	21.16	29.84	25.12	23.41	24.37	19.39
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	0.51	0.74	0.88	0.92	0.92	0.92	0.92	0.96	1.06	0.98	1.01	1.03	1.02	1.02	1.02
Depreciation Expense	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2
Basic Weighted Avg Shares	12	12	12	12	12	12	12	12	13	15	16	15	15	15	16
Basic EPS, GAAP	1.92	1.86	1.51	1.38	1.35	1.3	1.11	1.8	1.47	1.3	1.94	1.72	1.58	1.7	1.47
Basic EPS from Cont Ops	1.92	1.86	1.51	1.38	1.35	1.3	1.11	1.8	1.47	1.3	1.94	1.72	1.58	1.7	1.47
Diluted Weighted Avg Shares	12	12	12	12	12	12	12	12	13	15	16	15	15	15	16
Diluted EPS, GAAP	1.92	1.85	1.5	1.38	1.35	1.3	1.11	1.8	1.46	1.3	1.94	1.72	1.58	1.7	1.47
Diluted EPS from Cont Ops	1.92	1.85	1.5	1.38	1.35	1.3	1.11	1.8	1.46	1.3	1.94	1.72	1.58	1.7	1.47

Balance Sheet (USD)

API ChatGPT

	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	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Current Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash, Cash Equivalents & STI	542	532	527	553	456	427	396	401	382	451	623	553	473	338	337
+ Cash & Cash Equivalents	61	60	45	36	36	32	40	37	35	102	105	55	57	126	46
+ ST Investments	482	473	483	517	420	395	356	363	347	349	518	498	416	211	291
+ Accounts & Notes Receiv	5	4	4	4	4	4	4	4	5	8	7	9	9	9	12
+ Accounts Receivable, Net	5	4	4	4	4	4	4	4	5	8	7	9	9	9	12
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	-547	-537	-531	-557	-460	-431	-400	-405	-387	-459	-630	-562	-482	-346	-349
+ 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	19	19	17	16	15	15	15	15	17	22	21	22	22	21	28
+ Property, Plant & Equip	46	47	47	47	48	50	47	47	47	52	52	52	51	52	60
- Accumulated Depreciation	27	28	29	31	33	34	32	32	30	31	32	31	30	30	32
+ LT Investments & Receivables	482	473	483	517	420	395	357	364	348	349	518	498	416	211	291
+ LT Investments	482	473	483	517	420	395	357	364	348	349	518	498	416	211	291
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	-501	-491	-500	-533	-436	-410	-372	-379	-365	-371	-538	-520	-437	-233	-319
+ Total Intangible Assets	12	12	12	12	12	12	12	12	30	56	56	55	55	55	75
+ Goodwill	12	12	12	12	12	12	12	12	28	53	53	53	53	53	63
+ Other Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	1	4	3	3	2	2	12
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	-513	-503	-512	-545	-448	-422	-384	-391	-395	-427	-594	-575	-492	-287	-394
Total Assets	1,324	1,287	1,238	1,242	1,223	1,242	1,277	1,291	1,654	2,239	2,328	2,454	2,516	2,611	3,132
+ Payables & Accruals	8	9	7	7	8	8	9	11	12	28	24	26	- -	- -	- -
+ Accounts Payable	8	9	7	7	8	8	9	11	12	28	24	26	- -	- -	- -
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Debt	5	- -	20	- -	49	21	58	7	84	18	- -	116	32	- -	27
+ ST Borrowings	5	- -	20	- -	49	21	58	7	84	18	- -	116	32	- -	27
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	-13	-9	-27	-7	-57	-29	-67	-18	-96	-46	-24	-142	-32	- -	-27
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	-13	-9	-27	-7	-57	-29	-67	-18	-96	-46	-24	-142	-32	- -	-27
Total Current Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Debt	40	16	12	12	12	11	9	36	59	71	76	63	178	205	161
+ LT Borrowings	40	16	12	12	12	11	9	36	59	71	76	63	178	205	161
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Liabilities	-40	-16	-12	-12	-12	-11	-9	-36	-59	-71	-76	-63	-178	-205	-161
+ Accrued Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	-40	-16	-12	-12	-12	-11	-9	-36	-59	-71	-76	-63	-178	-205	-161
Total Noncurrent Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Liabilities	1,156	1,104	1,058	1,054	1,036	1,056	1,089	1,094	1,410	1,939	2,026	2,205	2,253	2,335	2,791
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	80	81	83	84	84	84	85	85	118	160	160	160	160	160	204
+ Common Stock	12	13	13	13	13	13	13	13	14	16	16	16	16	16	18
+ Additional Paid in Capital	68	69	70	72	72	72	72	73	105	144	144	144	144	144	186
- Treasury Stock	5	4	3	7	9	10	8	6	4	1	7	13	17	13	11
+ Retained Earnings	82	95	101	106	109	113	114	123	126	130	143	152	157	166	171
+ Other Equity	10	11	-1	5	3	-1	-2	-4	4	12	5	-50	-38	-37	-23
Equity Before Minority Interest	167	183	179	188	187	186	188	197	244	300	301	249	262	275	342
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	167	183	179	188	187	186	188	197	244	300	301	249	262	275	342
Total Liabilities & Equity	1,324	1,287	1,238	1,242	1,223	1,242	1,277	1,291	1,654	2,239	2,328	2,454	2,516	2,611	3,132
Shares Outstanding	12	12	12	12	12	12	12	12	14	16	16	16	15	15	18
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt	-15	-44	-12	-24	24	- -	27	5	108	-13	-29	124	153	79	142
Net Debt to Equity	-9.12	-24.08	-6.84	-12.73	12.95	0.19	14.3	2.75	44.06	-4.21	-9.69	49.6	58.12	28.7	41.5
Tangible Common Equity Ratio	11.84	13.39	13.66	14.34	14.49	14.15	13.95	14.5	13.22	11.15	10.81	8.08	8.43	8.63	8.73
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Cash Flow Statement (USD)

API ChatGPT

	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	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

+ Net Income	23	23	19	17	16	16	13	22	20	19	31	27	24	26	23
+ Depreciation & Amortization	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2
+ Non-Cash Items	8	4	8	2	2	2	4	1	2	4	2	10	7	2	12
+ Stock-Based Compensation	- -	1	1	1	1	1	1	1	1	1	1	1	1	1	1
+ Deferred Income Taxes	4	4	2	1	- -	- -	2	- -	- -	- -	-1	- -	1	-2	3
+ Asset Impairment Charge	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	2	-1	5	- -	1	1	1	- -	1	3	2	9	5	2	8
+ Chg in Non-Cash Work Cap	4	-1	2	1	-1	-1	1	1	-1	- -	- -	-5	- -	3	-6
+ (Inc) Dec in Accts Receiv	4	-1	3	1	-2	- -	-1	- -	1	-3	- -	-4	-1	-3	-1
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	1	1	-1	- -	1	- -	1	2	-2	2	- -	-1	4	8	-3
+ Inc (Dec) in Other	-1	- -	- -	- -	- -	- -	- -	- -	- -	- -	-1	-1	-3	-2	-2
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	37	28	31	22	20	19	19	26	22	25	35	35	34	33	32
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	3	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	3	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-1	-2	-1	-1	-1	-2	-2	-1	-3	-3	-2	-3	-2	-2	-2
+ Acq of Fixed Prod Assets	-1	-2	-1	-1	-1	-2	-2	-1	-3	-3	-2	-3	-2	-2	-2
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	-1	- -	- -	-4	-4	-3	- -	- -	- -	- -	-7	-9	-7	-1	- -
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-1	- -	- -	-4	-4	-4	- -	- -	- -	- -	-8	-9	-7	-1	- -
+ Net Change in LT Investment	-19	11	-30	-24	93	20	36	-9	120	18	-180	-51	90	13	60
+ Dec in LT Investment	134	139	123	135	134	112	88	81	177	123	64	63	113	39	194
+ Inc in LT Investment	-152	-127	-152	-159	-40	-92	-51	-90	-58	-105	-244	-114	-23	-26	-134
+ Net Cash From Acq & Div	- -	- -	- -	- -	- -	- -	- -	- -	-2	76	- -	- -	- -	- -	6
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	76	- -	- -	- -	- -	6
+ Cash for Acq of Subs	- -	- -	- -	- -	- -	- -	- -	- -	-2	- -	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	19	25	39	16	-74	-47	-66	-11	-92	6	78	-180	-141	-32	-64
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	3	35	9	-9	18	-29	-31	-22	23	97	-104	-235	-53	-21	- -
+ Dividends Paid	-6	-9	-11	-11	-11	-11	-11	-12	-14	-14	-16	-16	-16	-16	-16
+ Net Cash From Debt	-37	-44	-11	- -	-37	- -	-29	-22	-28	-129	-13	104	30	-4	-64
+ Cash From Debt	- -	- -	- -	- -	- -	- -	8	33	48	26	39	128	85	59	- -
+ Repayments of Debt	-37	-44	-11	- -	-37	- -	-37	-55	-76	-155	-52	-24	-56	-64	-64
+ Other Financing Activities	14	-11	-34	-4	16	21	60	25	-5	87	105	73	17	79	-30
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-30	-64	-56	-20	-36	6	20	-8	-47	-56	69	152	25	59	-111
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	11	-2	-16	-7	2	-5	8	-4	-2	65	- -	-48	5	71	-79
EBITDA	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2
EBITDA Margin (%)	3.54	3.07	3.43	3.5	3.3	2.84	2.87	2.7	2.41	2.18	2.08	2.25	2.09	2.05	1.96
Free Cash Flow	36	26	30	21	19	17	18	25	20	22	33	31	31	31	30
Net Cash Paid for Acquisitions	- -	- -	- -	- -	- -	- -	- -	- -	2	-76	- -	- -	- -	- -	-6
Free Cash Flow to Firm	36	26	30	21	19	17	18	25	20	22	33	31	31	31	30
Free Cash Flow to Equity	3	-17	18	21	-18	17	-12	3	-8	-107	20	136	61	27	-34
Free Cash Flow per Basic Share	3	2.13	2.41	1.73	1.53	1.4	1.46	2.02	1.47	1.47	2.09	2.03	2.05	2.04	1.89
Price/Free Cash Flow	5.84	7.92	8.14	11.12	12.4	15.82	13.84	11.97	14.86	10.48	11.22	9.33	9.55	8.12	9.49
Cash Flow to Net Income	1.6	1.22	1.64	1.3	1.2	1.17	1.44	1.18	1.15	1.29	1.14	1.3	1.39	1.27	1.37
Capital Expenditures	-1	-2	-1	-1	-1	-2	-2	-1	-3	-3	-2	-3	-2	-2	-2