Expedia Group, Inc.

EXPE

EXPEExpedia Group, Inc. US flag

NASDAQ Global Select

231.48

USD

+6.07

- -

26.50BMarket 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	3,449	4,030	4,771	5,763	6,672	8,774	10,060	11,223	12,067	5,199	8,598	11,667	12,839	13,691	14,733
+ Sales & Services Revenue	3,449	4,030	4,771	5,763	6,672	8,774	10,060	11,223	12,067	5,199	8,598	11,667	12,839	13,691	14,733
- Cost of Revenue	761	899	1,038	1,179	1,310	1,597	1,757	1,864	2,066	1,649	1,522	1,657	1,573	1,443	1,456
+ Cost of Goods & Services	761	899	1,038	1,179	1,310	1,597	1,757	1,864	2,066	1,649	1,522	1,657	1,573	1,443	1,456
Gross Profit	2,688	3,132	3,733	4,584	5,363	7,177	8,303	9,359	10,001	3,550	7,076	10,010	11,266	12,248	13,277
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	2,187	2,583	3,223	3,997	4,942	6,597	7,636	8,576	9,040	5,077	6,814	8,821	9,732	10,578	11,114
+ Selling, General & Admin	1,784	2,066	2,573	3,234	3,955	5,045	5,974	6,495	6,867	3,116	4,926	6,848	7,634	8,432	8,950
+ Research & Development	381	485	578	686	830	1,235	1,387	1,122	1,263	1,068	1,074	1,181	1,358	1,314	1,277
+ Other Operating Expense	22	32	72	77	156	317	275	959	910	893	814	792	740	832	887
Operating Income (Loss)	500	549	510	588	421	580	667	783	961	-1,527	262	1,189	1,534	1,670	2,163
- Non-Operating (Income) Loss	98	199	210	123	-505	303	250	298	186	1,624	300	651	516	128	572
+ Interest Expense, Net	70	61	63	71	110	153	148	119	114	342	342	217	38	11	44
+ Interest Expense	91	88	87	98	126	173	182	190	173	360	351	277	245	246	299
- Interest Income	20	26	25	27	17	20	34	71	59	18	9	60	207	235	255
+ Other Non-Op (Income) Loss	28	137	147	52	-614	150	102	179	72	1,282	-42	434	478	117	528
Pretax Income	402	350	301	465	926	277	417	485	775	-3,151	-38	538	1,018	1,542	1,591
- Income Tax Expense (Benefit)	76	47	84	92	203	16	45	87	203	-423	-53	195	330	318	290
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	326	303	216	373	723	261	372	398	572	-2,728	15	343	688	1,224	1,301
- Net Extraordinary Losses (Gains)	-144	23	-33	-50	-83	-42	-12	-16	14	-232	6	-18	-218	-20	14
+ Discontinued Operations	148	-23	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	-292	46	-33	-50	-83	-42	-12	-16	14	-232	6	-18	-218	-20	14
Income (Loss) Incl. MI	470	280	249	423	806	303	384	414	558	-2,496	9	361	906	1,244	1,287
- Minority Interest	-2	- -	16	25	42	21	6	8	-7	116	-3	9	109	10	-7
Net Income, GAAP	472	280	233	398	764	282	378	406	565	-2,612	12	352	797	1,234	1,294
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	75	67	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	472	280	233	398	764	282	378	406	565	-2,687	-55	352	797	1,234	1,294
EBIT	500	549	510	588	421	580	667	783	961	-1,527	262	1,189	1,534	1,670	2,163
EBITDA	655	745	794	930	914	1,409	1,556	1,784	1,871	-634	1,076	1,981	2,341	2,508	3,050
EBITDA Margin (%)	19	18.48	16.64	16.14	13.7	16.06	15.47	15.9	15.51	-12.19	12.51	16.98	18.23	18.32	20.7
EBITA	500	549	510	588	421	580	667	783	961	-1,527	262	1,189	1,534	1,670	2,163
Gross Margin (%)	77.93	77.7	78.24	79.54	80.37	81.8	82.53	83.39	82.88	68.28	82.3	85.8	87.75	89.46	90.12
Operating Margin (%)	14.51	13.62	10.7	10.2	6.31	6.61	6.63	6.98	7.96	-29.37	3.05	10.19	11.95	12.2	14.68
Profit Margin (%)	13.69	6.95	4.88	6.91	11.46	3.21	3.76	3.62	4.68	-50.24	0.14	3.02	6.21	9.01	8.78
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	0.56	0.97	0.56	0.66	0.83	1	1.16	1.24	1.32	0.87	0.45	- -	- -	- -	1.6
Depreciation Expense	155	196	283	343	493	829	889	1,001	910	893	814	792	807	838	887
Basic Weighted Avg Shares	136	134	135	129	130	150	152	150	147	141	150	157	145	131	125
Basic EPS, GAAP	3.48	2.09	1.73	3.09	5.87	1.88	2.49	2.71	3.84	-19	-0.37	2.25	5.5	9.39	10.32
Basic EPS from Cont Ops	2.4	2.26	1.6	2.89	5.55	1.74	2.45	2.65	3.89	-19.29	0.1	2.19	4.75	9.31	10.38
Diluted Weighted Avg Shares	139	140	140	133	134	155	156	153	150	141	150	162	150	138	132
Diluted EPS, GAAP	3.41	2	1.67	2.99	5.7	1.83	2.42	2.66	3.77	-19	-0.37	2.18	5.31	8.95	9.81
Diluted EPS from Cont Ops	2.35	2.17	1.55	2.8	5.39	1.69	2.38	2.6	3.82	-19.29	0.1	2.12	4.58	8.87	9.86

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	2,274	2,642	2,219	2,924	2,976	3,450	5,540	5,197	7,735	5,634	8,181	8,791	9,230	9,815	12,199
+ Cash, Cash Equivalents & STI	1,338	1,938	1,347	1,758	1,710	1,869	3,315	2,471	3,841	3,387	4,311	4,144	4,253	4,483	5,733
+ Cash & Cash Equivalents	689	1,293	1,021	1,403	1,676	1,797	2,847	2,443	3,315	3,363	4,111	4,096	4,225	4,183	5,413
+ ST Investments	649	645	326	356	34	72	468	28	526	24	200	48	28	300	320
+ Accounts & Notes Receiv	339	489	679	795	1,096	1,363	1,887	2,175	2,594	821	1,349	2,118	2,833	3,252	4,204
+ Accounts Receivable, Net	339	462	615	778	1,082	1,343	1,866	2,151	2,524	701	1,264	2,078	2,786	3,213	4,166
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	28	64	17	14	19	21	24	70	120	85	40	47	39	38
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	597	215	194	371	170	218	338	551	1,300	1,426	2,521	2,529	2,144	2,080	2,262
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	4,231	4,490	5,520	6,096	12,509	12,327	12,976	12,836	13,681	13,056	13,367	12,770	12,412	12,573	12,253
+ Property, Plant & Equip, Net	320	409	481	553	1,064	1,395	1,575	1,877	2,809	2,831	2,587	2,573	2,716	2,718	2,743
+ Property, Plant & Equip	873	1,065	1,262	1,564	2,266	2,971	3,631	4,429	5,642	6,120	5,155	5,317	5,481	5,532	5,812
- Accumulated Depreciation	552	655	781	1,011	1,202	1,576	2,056	2,552	2,833	3,289	2,568	2,744	2,765	2,814	3,069
+ LT Investments & Receivables	289	224	251	287	643	520	845	778	796	671	1,450	1,184	- -	- -	- -
+ LT Investments	289	224	251	287	643	520	845	778	796	671	1,450	1,184	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	3,621	3,857	4,789	5,256	10,802	10,412	10,556	10,181	10,076	9,554	9,330	9,013	9,696	9,855	9,510
+ Total Intangible Assets	3,621	3,837	4,775	5,246	10,787	10,389	10,538	10,112	9,931	8,895	8,564	8,352	7,872	7,661	7,691
+ Goodwill	2,877	3,016	3,664	3,956	7,993	7,942	8,229	8,120	8,127	7,380	7,171	7,143	6,849	6,844	6,872
+ Other Intangible Assets	744	821	1,111	1,290	2,794	2,447	2,309	1,992	1,804	1,515	1,393	1,209	1,023	817	819
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	- -	20	14	10	15	24	18	69	145	659	766	661	1,824	2,194	1,819
Total Assets	6,505	7,133	7,739	9,021	15,486	15,778	18,516	18,033	21,416	18,690	21,548	21,561	21,642	22,388	24,452
+ Payables & Accruals	1,285	1,855	1,904	2,363	3,353	3,227	3,834	3,369	3,965	2,127	2,861	3,464	3,896	3,887	4,374
+ Accounts Payable	951	1,237	1,306	1,550	1,815	2,086	2,536	2,487	2,827	1,098	2,021	2,656	3,118	3,070	3,291
+ Accrued Taxes	- -	62	62	60	68	50	33	74	88	50	16	21	26	51	56
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	333	556	537	754	1,470	1,091	1,265	808	1,050	979	824	787	752	766	1,027
+ ST Debt	- -	- -	- -	- -	- -	- -	500	- -	749	- -	735	- -	- -	1,043	1,692
+ ST Borrowings	- -	- -	- -	- -	- -	- -	500	- -	749	- -	735	- -	- -	1,043	1,692
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	1,269	1,155	1,390	1,823	2,573	2,900	3,545	4,691	6,000	3,279	5,854	7,314	7,887	8,681	10,591
+ Deferred Revenue	849	1,155	1,390	1,823	2,573	2,900	3,545	4,691	6,000	3,279	5,854	7,314	7,887	8,681	10,591
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	420	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Current Liabilities	2,553	3,010	3,294	4,187	5,926	6,127	7,879	8,060	10,714	5,406	9,450	10,778	11,783	13,611	16,657
+ LT Debt	1,249	1,249	1,249	1,747	3,183	3,159	3,749	3,717	4,721	8,729	8,075	6,552	6,567	5,488	4,723
+ LT Borrowings	1,249	1,249	1,249	1,747	3,183	3,159	3,749	3,717	4,189	8,216	7,715	6,240	6,253	5,223	4,469
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	532	513	360	312	314	265	254
+ Other LT Liabilities	397	470	572	633	788	798	737	575	445	529	471	503	506	490	525
+ Accrued Liabilities	280	344	434	453	474	485	329	69	56	67	58	52	33	19	20
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	117	127	138	180	314	313	408	506	389	462	413	451	473	471	505
Total Noncurrent Liabilities	1,647	1,720	1,821	2,380	3,971	3,957	4,486	4,292	5,166	9,258	8,546	7,055	7,073	5,978	5,248
Total Liabilities	4,200	4,730	5,116	6,567	9,897	10,084	12,365	12,352	15,880	14,664	17,996	17,833	18,856	19,589	21,905
+ Preferred Equity and Hybrid Capital	- -	13	365	560	658	- -	22	30	15	1,022	- -	- -	- -	- -	- -
+ Share Capital & APIC	5,475	5,675	5,802	5,921	8,697	8,794	9,163	9,549	12,978	13,566	14,229	14,795	15,398	16,043	16,565
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	5,475	5,675	5,802	5,921	8,697	8,794	9,163	9,549	12,978	13,566	14,229	14,795	15,398	16,043	16,565
- Treasury Stock	2,535	2,953	3,466	3,998	4,055	4,511	4,822	5,742	9,673	10,097	10,262	10,869	13,023	14,856	16,786
+ Retained Earnings	-722	-442	-209	- -	508	129	331	517	879	-1,781	-1,761	-1,409	-632	602	1,696
+ Other Equity	-17	- -	18	-139	-285	-280	-149	-220	-217	-178	-149	-234	-209	-232	-191
Equity Before Minority Interest	2,200	2,280	2,145	1,784	4,864	4,132	4,523	4,104	3,967	2,532	2,057	2,283	1,534	1,557	1,284
+ Minority/Non Controlling Interest	105	123	478	670	724	1,561	1,628	1,577	1,569	1,494	1,495	1,445	1,252	1,242	1,263
Total Equity	2,305	2,403	2,624	2,454	5,588	5,693	6,151	5,681	5,536	4,026	3,552	3,728	2,786	2,799	2,547
Total Liabilities & Equity	6,505	7,133	7,739	9,021	15,486	15,778	18,516	18,033	21,416	18,690	21,548	21,561	21,642	22,388	24,452
Shares Outstanding	134	135	130	127	150	150	152	147	143	144	156	153	137	129	122
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	532	513	360	312	314	265	254
Net Debt	560	-44	228	344	1,507	1,363	1,402	1,274	1,623	4,853	4,339	2,144	2,028	2,083	748
Net Debt to Equity	24.3	-1.82	8.7	14.02	26.96	23.93	22.79	22.43	29.32	120.54	122.16	57.51	72.79	74.42	29.37
Tangible Common Equity Ratio	-45.63	-43.93	-84.85	-88.81	-124.65	-87.13	-55.26	-56.32	-38.4	-60.14	-38.6	-35.01	-36.94	-33.01	-30.69
Current Ratio	0.89	0.88	0.67	0.7	0.5	0.56	0.7	0.64	0.72	1.04	0.87	0.82	0.78	0.72	0.73
Cash Conversion Cycle	-404.31	-408.21	-405.86	-397.85	-418.09	-395.43	-421.9	-426.47	-398.71	-321.19	-332.28	-462.84	-600.76	-702.65	-705.9

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	326	303	216	373	723	261	372	398	572	-2,728	15	343	688	1,224	1,301
+ Depreciation & Amortization	155	196	283	343	493	829	889	1,001	910	893	814	792	807	838	887
+ Non-Cash Items	-92	20	156	103	-372	305	-55	194	94	903	299	1,044	924	604	519
+ Stock-Based Compensation	64	65	130	85	178	242	149	203	241	205	418	374	413	458	398
+ Deferred Income Taxes	10	-55	-1	-79	-22	-14	-103	-308	-91	-488	-145	70	62	74	78
+ Asset Impairment Charge	- -	- -	- -	3	7	- -	- -	86	- -	974	20	81	426	147	- -
+ Other Non-Cash Adj	-166	11	27	94	-536	77	-101	213	-56	212	6	519	23	-75	43
+ Chg in Non-Cash Work Cap	232	718	107	549	525	154	639	382	1,191	-2,902	2,620	1,261	271	419	1,173
+ (Inc) Dec in Accts Receiv	-70	-84	-127	-158	-198	-276	-456	-282	-368	1,781	-721	-838	-741	-467	-983
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	-20	-3	-19	-65	98	-45	-71	-29	-193	-188	-224	55	98	67	-3
+ Inc (Dec) in Accts Payable	146	441	23	382	292	263	573	62	478	-1,720	913	569	433	-21	318
+ Inc (Dec) in Other	177	365	230	390	333	212	593	631	1,274	-2,775	2,652	1,475	481	840	1,841
+ Net Cash From Disc Ops	204	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	826	1,237	763	1,367	1,368	1,549	1,845	1,975	2,767	-3,834	3,748	3,440	2,690	3,085	3,880
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	-294	-418	-498	-517	-38	-456	-312	-892	-743	-425	-165	-607	-2,137	-1,839	-1,930
+ Increase in Capital Stock	- -	- -	25	20	23	- -	- -	31	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-294	-418	-523	-538	-61	-456	-312	-923	-743	-425	-165	-607	-2,137	-1,839	-1,930
+ Net Change in LT Investment	-222	69	327	-37	-56	16	-715	334	-494	476	-178	145	21	-471	119
+ Dec in LT Investment	1,507	1,956	1,543	1,163	465	61	1,096	2,137	852	1,161	23	542	49	78	747
+ Inc in LT Investment	-1,730	-1,886	-1,217	-1,200	-521	-45	-1,811	-1,803	-1,346	-685	-201	-397	-28	-549	-628
+ Net Cash From Acq & Div	-35	-199	-541	-561	-1,540	66	-169	-53	80	-21	-60	4	25	- -	- -
+ Cash from Divestitures	- -	- -	- -	- -	524	67	- -	- -	80	- -	- -	4	25	- -	- -
+ Cash for Acq of Subs	-35	-199	-541	-561	-2,064	-1	-169	-53	- -	-21	-60	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-206	-238	-311	-326	-775	-800	-697	-840	-1,139	-718	-693	-729	-846	-791	-650
+ Net Cash From Disc Ops	-10	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-463	-368	-526	-924	-2,371	-718	-1,581	-559	-1,553	-263	-931	-580	-800	-1,262	-531
+ Dividends Paid	-77	-130	-76	-85	-109	-150	-176	-186	-195	-123	-67	- -	- -	- -	-200
+ Net Cash From Debt	- -	- -	- -	493	1,442	-403	990	-500	831	3,195	258	-2,141	- -	- -	-59
+ Cash From Debt	- -	- -	- -	493	1,442	- -	990	- -	1,231	6,617	1,964	- -	- -	- -	985
+ Repayments of Debt	- -	- -	- -	- -	- -	-403	- -	-500	-400	-3,422	-1,706	-2,141	- -	- -	-1,044
+ Other Financing Activities	17	275	81	157	109	318	186	89	282	1,430	-999	124	41	94	53
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-353	-273	-493	48	1,404	-691	688	-1,489	175	4,077	-973	-2,624	-2,096	-1,745	-2,136
Effect of Foreign Exchange Rates	-18	15	-31	-109	-127	-35	147	-139	3	61	-177	-190	16	-165	189
Net Changes in Cash	9	597	-255	491	401	140	952	-73	1,389	-20	1,844	236	-206	78	1,213
EBITDA	655	745	794	930	914	1,409	1,556	1,784	1,871	-634	1,076	1,981	2,341	2,508	3,050
EBITDA Margin (%)	19	18.48	16.64	16.14	13.7	16.06	15.47	15.9	15.51	-12.19	12.51	16.98	18.23	18.32	20.7
Free Cash Flow	826	1,237	763	1,367	1,368	1,549	1,845	1,975	2,767	-3,834	3,748	3,440	2,690	3,085	3,880
Net Cash Paid for Acquisitions	35	199	541	561	1,540	-66	169	53	-80	21	60	-4	-25	- -	- -
Free Cash Flow to Firm	899	1,313	826	1,446	1,467	1,712	2,007	2,131	2,895	- -	- -	3,617	2,856	3,280	4,124
Free Cash Flow to Equity	826	1,251	1,115	2,055	2,908	488	2,857	1,483	3,583	293	2,917	1,299	2,690	3,085	3,821
Free Cash Flow per Basic Share	6.08	9.22	5.66	10.6	10.51	10.3	12.17	13.17	18.8	-27.11	25.03	21.96	18.56	23.47	30.95
Price/Free Cash Flow	4.87	6.95	12.74	8.32	12.18	11.3	10.15	8.72	5.86	-4.88	7.22	4.12	8.48	8.33	9.63
Cash Flow to Net Income	1.75	4.42	3.28	3.43	1.79	5.49	4.88	4.86	4.9	1.47	312.33	9.77	3.38	2.5	3
Capital Expenditures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -