American Tower Corporation (REIT) Financial Ratios — A0T

Profitability (USD)

	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

Return on Common Equity (%)	11.68	18.58	15.51	21.4	11.22	12.66	17.71	21.2	36.33	36.96	55.97	33.15	30.36	59.5	71.91
Return on Assets (%)	3.51	4.84	3.21	3.97	2.84	3.31	3.87	3.73	4.98	3.76	4.38	2.58	2.23	3.55	4.07
Return on Capital (%)	6.56	8.85	6.75	7.56	5.57	6.19	7.24	- -	- -	6.13	6.55	4.83	4.98	6.31	6.62
Return on Invested Capital (%)	7.01	8.19	7.06	7.5	6.13	6.3	7.08	- -	- -	6.74	5.51	4.29	5.05	7.35	7.71
Gross Margin (%)	74.68	74.94	74.47	73.36	72.61	69.1	69.14	70.77	70.79	72.3	71.34	73.36	74.42	74.58	74.18
EBITDA Margin (%)	60.39	61.34	59.93	60.75	60.74	58.4	55.74	53.98	58.93	59.31	58.4	63.18	62.04	65.58	64.7
Operating Margin (%)	37.66	38.93	36.12	36.27	33.8	32.95	33.65	32.05	37.3	38.89	35.57	30.3	35.32	45.45	46.31
Incremental Operating Margin (%)	29.63	46.15	19.48	36.91	18.75	28.97	38.26	18.29	316.05	65.03	15.27	- -	167.42	927.13	63.05
Pretax Margin (%)	20.74	24.38	16.12	21.11	17.39	19.46	18.85	15.52	25.28	22.65	30.24	21.63	15.27	35.79	28.6
Profit Margin (%)	16.22	22.16	16.4	20.12	14.36	16.53	18.59	16.62	24.9	21.02	27.44	18.31	14.81	22.27	23.76
Net Income to Common Margin (%)	16.22	22.16	16.4	19.54	12.47	14.68	17.28	16.49	24.9	21.02	27.44	18.31	14.81	22.27	23.76
Effective Tax Rate (%)	24.68	15.3	10.99	7.22	19.04	13.81	2.44	- -	- -	7.12	9.25	5.41	5.94	10.11	13.66
Dvd Payout Ratio (%)	37.52	64.56	105.23	52.37	124.02	101	95.78	103.85	82.4	113.93	88.45	138.14	223.04	93.64	115.75
Sustainable Growth Rate (%)	7.3	6.58	-0.81	10.19	-2.69	-0.13	0.75	-0.82	6.39	-5.15	6.46	-12.64	-37.36	3.78	-11.33

Credit (USD)

Credit Ratios 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 Debt	7,236	8,753	14,478	14,540	17,119	18,534	20,205	21,160	31,060	36,712	52,009	47,051	46,307	43,954	44,964
ST Debt	102	60	70	897	50	239	775	2,755	3,423	1,330	5,281	5,303	3,758	4,270	3,973
LT Debt	7,134	8,693	14,408	13,643	17,069	18,295	19,430	18,405	27,638	35,382	46,727	41,748	42,549	39,684	40,991
Total Debt/EBITDA	4.9	4.96	7.19	5.84	5.91	5.49	5.44	5.27	6.95	7.7	9.52	7.72	7.45	6.62	6.53
Net Debt/EBITDA	4.68	4.75	7.04	5.71	5.8	5.25	5.22	4.97	5.05	5.77	7.56	6.01	5.96	5.2	5.19
Total Debt/EBIT	7.86	7.82	11.92	9.78	10.61	10	10.11	11.11	11.55	12.71	16.61	17.18	14.82	9.73	9.28
Net Debt/EBIT	7.51	7.49	11.68	9.57	10.42	9.58	9.71	10.47	8.39	9.54	13.19	13.38	11.85	7.64	7.38
EBITDA to Interest Expense	4.71	4.38	4.38	4.28	4.86	4.7	4.96	4.86	5.49	6.01	6.27	5.36	4.47	4.73	5.07
EBITDA-CapEx/Interest Expense	3.04	2.97	2.81	2.61	3.64	3.75	3.88	3.76	4.27	4.71	4.69	3.71	3.18	3.6	3.83
EBIT to Interest Expense	2.94	2.78	2.64	2.56	2.7	2.65	2.99	2.89	3.47	3.94	3.82	2.57	2.55	3.28	3.63
Interest Expense	313	403	460	582	597	718	750	826	814	794	871	1,136	1,388	1,405	1,359
Common Equity/Total Assets	26.85	25.36	17.42	18.59	24.72	21.9	18.79	16.16	11.81	8.67	7.27	8.29	6.36	5.54	5.78
Long-Term Debt/Equity (%)	209.21	235.96	401.34	336.58	254.27	226.77	244.27	266.57	419.58	740.13	515.21	336.45	391.6	411.29	395.85
Long-Term Debt/Capital (%)	67.01	69.9	79.74	73.37	71.62	68.77	69	65.58	73.41	85.27	76.5	70.21	74.42	74.03	74.1
Long-Term Debt/Total Assets (%)	58.28	61.7	71.03	64.16	63.44	59.25	58.5	55.76	64.57	74.91	66.86	62.13	64.44	64.97	64.87
Total Debt/Equity (%)	212.2	237.59	403.29	358.72	255.02	229.73	254.01	306.47	471.55	767.95	573.44	379.18	426.19	455.54	434.21
Total Debt/Capital (%)	67.97	70.38	80.13	78.2	71.83	69.67	71.75	75.4	82.5	88.48	85.15	79.13	81	82	81.28
Total Debt/Total Assets (%)	59.11	62.13	71.38	68.38	63.63	60.02	60.83	64.1	72.57	77.72	74.42	70.02	70.13	71.96	71.16
Net Debt to Equity	202.52	227.59	395.11	350.99	250.24	219.97	243.93	288.96	342.41	576.12	455.41	295.3	340.97	357.58	345.19
Net Debt/Capital (%)	66.94	69.47	79.8	77.83	71.45	68.75	70.92	74.29	62.4	69.29	69.86	63.8	66.85	66.86	66.39
EBITDA	1,476	1,764	2,014	2,491	2,898	3,379	3,714	4,016	4,467	4,770	5,465	6,094	6,212	6,641	6,887
EBITDA-CapEx	953	1,196	1,290	1,516	2,169	2,696	2,911	3,103	3,476	3,738	4,088	4,220	4,414	5,051	5,207
Operating Income (Loss)	920	1,120	1,214	1,487	1,613	1,907	2,243	2,385	2,828	3,128	3,328	2,923	3,537	4,603	4,929

Liquidity (USD)

Liquidity Ratios 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

Cash Ratio	0.45	0.59	0.33	0.17	0.27	0.49	0.32	0.26	0.27	0.48	0.22	0.24	0.24	0.28	0.21
Current Ratio	0.99	1.32	1.06	0.5	0.83	1.04	0.81	0.51	0.47	0.79	0.41	0.44	0.51	0.45	0.4
Quick Ratio	0.68	0.91	0.61	0.29	0.51	0.73	0.59	0.4	0.4	0.68	0.33	0.38	0.35	0.39	0.34
CFO/Avg Current Liab	1.76	2	2.04	1.49	1.38	1.91	1.41	1.04	0.74	0.85	0.76	0.43	0.61	0.74	0.78
Common Equity/Total Assets	26.85	25.36	17.42	18.59	24.72	21.9	18.79	16.16	11.81	8.67	7.27	8.29	6.36	5.54	5.78
Long-Term Debt/Equity (%)	209.21	235.96	401.34	336.58	254.27	226.77	244.27	266.57	419.58	740.13	515.21	336.45	391.6	411.29	395.85
Long-Term Debt/Capital (%)	67.01	69.9	79.74	73.37	71.62	68.77	69	65.58	73.41	85.27	76.5	70.21	74.42	74.03	74.1
Long-Term Debt/Total Assets (%)	58.28	61.7	71.03	64.16	63.44	59.25	58.5	55.76	64.57	74.91	66.86	62.13	64.44	64.97	64.87
Total Debt/Equity (%)	212.2	237.59	403.29	358.72	255.02	229.73	254.01	306.47	471.55	767.95	573.44	379.18	426.19	455.54	434.21
Total Debt/Capital (%)	67.97	70.38	80.13	78.2	71.83	69.67	71.75	75.4	82.5	88.48	85.15	79.13	81	82	81.28
Total Debt/Total Assets (%)	59.11	62.13	71.38	68.38	63.63	60.02	60.83	64.1	72.57	77.72	74.42	70.02	70.13	71.96	71.16
CFO/Total Liabilities	13.2	13.59	9.58	12.4	10.73	11.84	11.58	14.36	10.36	9.14	7.93	6.75	8.56	10.29	10.34
CFO/CapEx	2.23	2.49	2.21	2.19	2.97	3.96	3.64	4.1	3.79	3.76	3.5	1.97	2.63	3.33	3.25
Altman's Z-Score	- -	2.36	1.72	2.03	1.89	1.92	2.21	2.26	2.19	2.01	1.64	1.39	1.42	1.4	1.33

Working Capital (USD)

Working Capital Ratios 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

Accounts Receivable Turnover	26.92	23.56	22.81	23.41	22.38	21.6	16.21	15.3	16.46	16.52	15.09	12.97	15.33	18.62	17.89
Days Sales Outstanding	13.56	15.49	16	15.59	16.31	16.9	22.51	23.86	22.18	22.1	24.2	28.14	23.8	19.6	20.41
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

Enterprise Value 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

Market Capitalization	- -	29,927	31,104	39,865	41,818	45,227	61,116	69,221	102,251	100,291	131,150	100,313	100,913	84,320	81,374
- Cash & Cash Equivalents	330	369	294	313	321	787	802	1,209	1,501	1,746	1,950	2,028	1,754	2,000	1,475
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	123	111	56	100	61	1,304	1,713	1,568	1,532	687	3,988	6,836	6,667	6,267	6,703
+ Total Debt	7,236	8,753	14,478	14,540	17,119	18,534	20,205	21,160	31,060	36,712	52,009	47,051	46,307	43,954	44,964
Enterprise Value	- -	38,417	45,326	54,185	58,677	64,273	82,231	90,740	133,342	135,944	185,197	152,172	152,134	132,541	131,566
Total Capital	10,646	12,438	18,068	18,594	23,832	26,601	28,159	28,064	37,647	41,492	61,078	59,460	57,172	53,603	55,319
Total Debt/Capital (%)	67.97	70.38	80.13	78.2	71.83	69.67	71.75	75.4	82.5	88.48	85.15	79.13	81	82	81.28
Total Debt / EV	- -	0.23	0.32	0.27	0.29	0.29	0.25	0.23	0.23	0.27	0.28	0.31	0.3	0.33	0.34
EV/Sales	- -	13.36	13.48	13.22	12.3	11.11	12.34	12.2	17.59	16.91	19.79	15.78	15.19	13.09	12.36
EV/EBITDA	- -	21.78	22.5	21.75	20.25	19.02	22.14	22.6	29.85	28.5	33.89	24.97	24.49	19.96	19.1
EV/EBIT	- -	34.31	37.33	36.44	36.38	34.69	41.15	47.63	49.6	47.08	59.13	55.57	48.68	29.35	27.15
EV/Cash Flow to Firm	- -	21.88	22.57	20.26	22.14	19.35	22.49	- -	- -	29.44	33.01	31.9	25.24	20.23	19.82
EV/Free Cash Flow to Firm	- -	32.34	35.31	31.88	30.54	24.36	28.82	- -	- -	37.9	43.75	52.52	35.96	26.71	26.54
Diluted Market Cap	- -	30,245	31,442	40,205	41,732	45,448	61,525	69,519	102,858	100,692	130,437	99,695	101,101	84,453	81,800
Diluted Enterprise Value	- -	38,735	45,664	54,526	58,592	64,494	82,640	91,038	133,949	136,344	184,484	151,554	152,321	132,674	131,992
EV per Share	- -	97.24	114.79	136.59	138.43	150.45	191.76	205.73	301.07	305.95	406.34	326.82	326.26	283.58	282.14
TTM Sales	2,444	2,876	3,361	4,100	4,772	5,786	6,664	7,440	7,580	8,042	9,357	9,645	10,012	10,127	10,645
TTM EBITDA	1,476	1,764	2,014	2,491	2,898	3,379	3,714	4,016	4,467	4,770	5,465	6,094	6,212	6,641	6,887
TTM Operating Income	920	1,120	1,214	1,487	1,613	1,907	2,243	2,385	2,828	3,128	3,328	2,923	3,537	4,603	4,929
TTM Cash Flow to Firm	1,402	1,756	2,008	2,674	2,650	3,321	3,657	- -	- -	4,618	5,610	4,771	6,028	6,553	6,638
TTM Free Cash Flow to Firm	879	1,188	1,284	1,700	1,921	2,638	2,853	- -	- -	3,587	4,234	2,897	4,230	4,963	4,957

Multiples (USD)

Valuation Multiples 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

Price/Free Cash Flow	- -	35.74	35.95	34.65	29.02	22.51	28.99	24.52	37.25	35.33	37.88	54.7	34.57	22.82	21.62
EV/EBIT	- -	34.31	37.33	36.44	36.38	34.69	41.15	47.63	49.6	47.08	59.13	55.57	48.68	29.35	27.15
Enterprise Value	- -	38,417	45,326	54,185	58,677	64,273	82,231	90,740	133,342	135,944	185,197	152,172	152,134	132,541	131,566
Low Price	- -	62.57	68.34	78.52	84.6	82.67	102.15	129.93	154.37	175.88	198.9	181.14	157	170.54	171.74
EV/Sales	- -	13.36	13.48	13.22	12.3	11.11	12.34	12.2	17.59	16.91	19.79	15.78	15.19	13.09	12.36
EV/EBITDA	- -	21.78	22.5	21.75	20.25	19.02	22.14	22.6	29.85	28.5	33.89	24.97	24.49	19.96	19.1
Price/Earnings	- -	46.92	56.44	49.67	69.47	53	53	56.23	54.09	59.23	50.6	56.31	68	37.36	32.28
Price/Earnings Average	- -	43.93	54.63	44.5	67.21	52.71	48.21	51.86	47.44	63.26	45.43	62.61	60.88	42.22	37.06
Price/Earnings High	- -	47.65	61.28	52.53	73.07	59.44	57.19	59.73	57.41	71.27	53.37	76.49	73.12	50.18	43.03
Price/Earnings Low	- -	38.76	48.97	38.81	59.57	41.38	37.98	46.55	36.17	46.15	34.97	47.34	49.33	35.32	31.77
Price/Book Value	- -	8.38	8.8	10.08	6.29	6.69	9.79	12.97	20.23	24.5	25.81	18	24.04	24.93	22.28
Price/Book Value Average	- -	7.84	8.52	9.03	6.08	6.65	8.91	11.96	17.74	26.17	23.18	20.02	21.52	28.17	25.58
Price/Book Value High	- -	8.51	9.55	10.66	6.61	7.5	10.57	13.78	21.47	29.48	27.22	24.45	25.85	33.48	29.7
Price/Book Value Low	- -	6.92	7.64	7.88	5.39	5.22	7.02	10.74	13.52	19.09	17.84	15.14	17.44	23.57	21.93
Price/Tangible Book Value	- -	-12.09	-4.51	-5.78	-5.75	-4.72	-5.47	-6.1	-7.61	-5.89	-4.52	-3.95	-4.24	-3.69	-3.52
Price/Tangible Book Value Average	- -	-11.32	-4.37	-5.17	-5.56	-4.69	-4.97	-5.63	-6.67	-6.29	-4.06	-4.4	-3.79	-4.17	-4.04
Price/Tangible Book Value High	- -	-12.28	-4.9	-6.11	-6.04	-5.29	-5.9	-6.48	-8.07	-7.09	-4.77	-5.37	-4.56	-4.95	-4.69
Price/Tangible Book Value Low	- -	-9.99	-3.92	-4.51	-4.93	-3.69	-3.92	-5.05	-5.09	-4.59	-3.13	-3.32	-3.07	-3.49	-3.46
Price/Sales	- -	10.4	9.26	9.7	8.66	7.78	9.16	9.27	13.47	12.45	13.88	10.31	10.07	8.32	7.67
Price/Sales Average	- -	9.74	8.96	8.69	8.38	7.74	8.33	8.55	11.82	13.3	12.47	11.46	9.02	9.4	8.81
Price/Sales High	- -	10.56	10.05	10.26	9.11	8.73	9.88	9.85	14.3	14.98	14.65	14	10.83	11.17	10.23
Price/Sales Low	- -	8.59	8.03	7.58	7.43	6.07	6.56	7.68	9.01	9.7	9.6	8.67	7.31	7.86	7.55
Price/Cash Flow	- -	21.14	19.46	18.64	19.07	16.66	20.86	18.41	27.21	25.8	26.95	26.9	21.36	15.93	14.94
Price/Cash Flow Average	- -	19.8	18.83	16.7	18.45	16.57	18.98	16.97	23.87	27.55	24.2	29.91	19.12	18	17.16
Price/Cash Flow High	- -	21.47	21.13	19.71	20.06	18.69	22.51	19.55	28.88	31.04	28.43	36.54	22.97	21.39	19.92
Price/Cash Flow Low	- -	17.47	16.88	14.56	16.36	13.01	14.95	15.24	18.2	20.1	18.63	22.62	15.49	15.05	14.71
Price/Free Cash Flow Average	- -	33.46	34.8	31.05	28.08	22.39	26.38	22.61	32.67	37.74	34.01	60.82	30.95	25.79	24.82
Price/Free Cash Flow High	- -	36.29	39.03	36.65	30.52	25.25	31.29	26.05	39.53	42.52	39.96	74.3	37.18	30.65	28.82
Price/Free Cash Flow Low	- -	29.52	31.19	27.08	24.89	17.57	20.78	20.3	24.91	27.53	26.19	45.99	25.08	21.57	21.28
EV/Sales Average	- -	12.7	13.19	12.2	12.01	11.07	11.51	11.47	15.93	17.75	18.36	16.94	14.14	14.17	13.49
EV/Sales High	- -	13.52	14.28	13.78	12.75	12.06	13.07	12.78	18.42	19.44	20.56	19.5	15.95	15.94	14.91
EV/Sales Low	- -	11.55	12.26	11.09	11.05	9.4	9.74	10.6	13.12	14.15	15.46	14.12	12.43	12.63	12.24
EV/EBITDA Average	- -	20.7	22	20.09	19.78	18.95	20.65	21.26	27.04	29.93	31.44	26.81	22.79	21.61	20.85
EV/EBITDA High	- -	22.04	23.82	22.68	21	20.65	23.44	23.67	31.26	32.77	35.21	30.87	25.71	24.31	23.04
EV/EBITDA Low	- -	18.83	20.46	18.25	18.19	16.09	17.48	19.63	22.27	23.86	26.48	22.35	20.03	19.26	18.91
EV/EBIT Average	- -	32.61	36.5	33.65	35.54	34.55	38.39	44.81	44.92	49.44	54.86	59.66	45.29	31.77	29.64
EV/EBIT High	- -	34.73	39.52	37.98	37.73	37.66	43.57	49.9	51.93	54.14	61.42	68.69	51.11	35.75	32.74
EV/EBIT Low	- -	29.66	33.94	30.58	32.69	29.34	32.49	41.38	37	39.41	46.2	49.73	39.81	28.32	26.88
Last Price	- -	75.75	78.77	100.49	98.65	105.87	142.52	156.94	230.87	225.71	287.75	215.44	216.41	180.41	174.5
High Price	- -	76.93	85.52	106.27	103.77	118.75	153.8	166.72	245.03	271.59	303.52	292.64	232.71	242.29	232.61
Enterprise Value Average	- -	36,511	44,326	50,035	57,318	64,029	76,717	85,356	120,770	142,766	171,807	163,392	141,569	143,505	143,606
Enterprise Value High	- -	38,884	47,990	56,479	60,846	69,775	87,067	95,053	139,613	156,326	192,382	188,118	159,731	161,463	158,661
Enterprise Value Low	- -	33,212	41,208	45,468	52,721	54,361	64,919	78,828	99,457	113,802	144,702	136,201	124,427	127,928	130,275

Per Share Data Items (USD)

Per-Share Data 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

Shares Outstanding	394	395	395	397	424	427	429	441	443	444	456	466	466	467	466
Diluted Weighted Avg Shares	400	399	399	400	423	429	432	443	446	446	453	463	467	468	469
Basic Weighted Avg Shares	396	395	395	396	419	425	428	440	442	444	451	462	466	467	468
Revenue per Share	6.18	7.29	8.51	10.35	11.39	13.61	15.56	16.92	17.14	18.13	20.72	20.9	21.48	21.69	22.75
EBITDA per Share	3.73	4.47	5.1	6.29	6.92	7.95	8.67	9.13	10.1	10.75	12.1	13.2	13.33	14.22	14.72
Operating Income per Share	2.33	2.84	3.07	3.76	3.85	4.48	5.24	5.42	6.39	7.05	7.37	6.33	7.59	9.86	10.53
Basic EPS, GAAP	1	1.61	1.4	2.02	1.42	2	2.69	2.79	4.27	3.81	5.69	3.83	3.18	4.83	5.41
Basic EPS from Cont Ops	0.96	1.5	1.22	2.03	1.6	2.28	2.86	2.88	4.33	3.81	5.69	4.28	3.09	6.98	5.62
Diluted EPS, GAAP	0.99	1.6	1.38	2	1.41	1.98	2.67	2.77	4.24	3.79	5.66	3.82	3.18	4.82	5.4
Diluted EPS from Cont Ops	0.95	1.49	1.21	2.01	1.59	2.26	2.84	2.86	4.3	3.79	5.66	4.26	3.08	6.96	5.61
Dividend per Share	0.35	0.9	1.1	1.06	1.9	2.34	2.72	3.05	3.62	4.35	5.03	5.7	6.33	6.58	6.75
Cash Flow per Share	2.95	3.58	4.05	5.39	5.17	6.35	6.83	8.53	8.48	8.75	10.68	8.01	10.13	11.33	11.68
Free Cash Flow per Basic Share	1.62	2.14	2.21	2.93	3.43	4.75	4.96	6.45	6.24	6.42	7.63	3.95	6.27	7.92	8.09
Cash & Equivalents per Share	0.9	0.95	0.79	0.81	0.76	1.85	1.87	2.74	3.39	3.93	4.28	4.36	3.76	4.28	3.16
Book Value per Share	8.35	9.04	8.95	9.97	15.69	15.83	14.56	12.1	11.41	9.21	11.15	11.97	9	7.24	7.83
Tangible Book Value per Share	-4.79	-6.27	-17.45	-17.4	-17.17	-22.43	-26.07	-25.71	-30.35	-38.33	-63.62	-54.48	-51.08	-48.91	-49.61