Brown & Brown, Inc. Financial Ratios — BTW Stock

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 (%)	10.41	10.67	11.38	10.04	11.41	11.42	16.17	12.33	12.55	13.53	14.77	15.27	17.1	16.55	11.11
Return on Assets (%)	6.55	6.42	6.41	4.81	4.89	5.02	7.26	5.54	5.57	5.79	6.26	5.65	6.04	6.11	4.43
Return on Capital (%)	9.45	9.33	9.57	7.73	8.08	8.37	12.4	9.28	9.28	9.41	10.19	10.31	11.04	11.33	8.26
Return on Invested Capital (%)	9.2	9.01	9.37	7.56	8.02	8.3	11.79	9.2	9.17	9.3	10.14	10.21	10.56	10.75	7.45
Gross Margin (%)	49.43	48.83	49.61	48.25	48.28	47.51	46.45	46.82	45.14	44.88	46.29	49	47.92	48.86	49.07
EBITDA Margin (%)	34.22	32.71	33.32	29.58	32.99	32.15	30.8	30.25	29.81	31.1	32.05	33.68	35.34	34.56	32.12
Operating Margin (%)	27.32	26.19	27.21	26.62	26.59	26.49	25.36	24.85	23.93	25.67	28.05	27.03	27.53	29.05	26.06
Incremental Operating Margin (%)	6.52	19.94	34.51	22.82	26.2	24.94	4.2	18.64	19.03	44.33	42.09	21.01	30.35	41.7	12.76
Pretax Margin (%)	26.89	25.63	26.38	21.68	24.3	24.02	24.21	23.01	22.05	23.95	25.03	24.59	27.29	27.69	23.79
Profit Margin (%)	16.3	15.48	16.02	13.2	14.68	14.61	21.52	17.13	16.71	18.44	19.26	18.86	20.74	21.11	18.29
Net Income to Common Margin (%)	16.3	15.48	16.02	13.2	14.68	14.61	21.52	17.13	16.71	18.44	19.26	18.86	20.74	21.11	18.29
Effective Tax Rate (%)	39.38	39.62	39.29	39.1	39.56	39.2	11.14	25.56	24.23	23.01	23.03	23.29	24	23.1	22.17
Dvd Payout Ratio (%)	28.35	26.91	24.66	28.68	26.35	27.29	19.45	24.6	22.92	20.94	18.26	17.86	15.5	15.23	17.87
Sustainable Growth Rate (%)	7.46	7.79	8.58	7.16	8.41	8.3	13.03	9.3	9.67	10.69	12.07	12.54	14.45	14.03	9.13

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	251	450	480	1,198	1,145	1,074	976	1,507	1,767	2,312	2,246	4,183	4,020	4,060	7,918
ST Debt	1	- -	100	46	73	56	120	50	98	114	86	296	614	272	781
LT Debt	250	450	380	1,153	1,072	1,018	856	1,457	1,668	2,199	2,160	3,887	3,406	3,788	7,137
Total Debt/EBITDA	0.73	1.16	1.06	2.58	2.09	1.89	1.71	2.48	2.49	2.85	2.3	3.49	2.71	2.5	4.28
Net Debt/EBITDA	-0.1	0.59	0.61	1.57	1.28	0.98	0.7	1.76	1.43	1.58	1.36	2.74	2.09	1.94	3.53
Total Debt/EBIT	0.91	1.45	1.31	3.33	2.61	2.34	2.1	3.02	3.03	3.42	2.73	4.13	3.15	2.89	5.34
Net Debt/EBIT	-0.13	0.74	0.76	2.02	1.6	1.22	0.87	2.14	1.74	1.89	1.61	3.25	2.42	2.24	4.4
EBITDA to Interest Expense	24.36	24.16	27.48	16.32	13.93	14.36	14.93	14.98	11.17	13.74	15.03	8.11	7.81	8.09	6.05
EBITDA-CapEx/Interest Expense	23.39	22.67	26.48	15.44	13.46	13.91	14.3	13.96	10.02	12.54	14.34	7.76	7.45	7.68	5.83
EBIT to Interest Expense	19.45	19.34	22.43	14.69	11.23	11.83	12.29	12.31	8.97	11.34	13.15	6.51	6.08	6.8	4.91
Interest Expense	14	16	16	28	39	39	38	41	64	59	65	148	190	201	306
Common Equity/Total Assets	63.06	57.78	55	42.65	42.96	44.85	44.94	44.86	43.95	41.87	42.85	32.97	37.49	36.45	41.84
Long-Term Debt/Equity (%)	15.21	24.9	18.93	54.54	49.85	43.15	33.15	48.56	49.79	58.57	51.48	84.39	61.05	58.85	56.76
Long-Term Debt/Capital (%)	13.19	19.93	15.28	34.81	32.53	29.65	24.06	32.32	32.6	36.24	33.53	44.23	35.48	36.09	34.83
Long-Term Debt/Total Assets (%)	9.59	14.39	10.41	23.26	21.41	19.35	14.9	21.78	21.88	24.52	22.06	27.82	22.89	21.51	23.8
Total Debt/Equity (%)	15.28	24.9	23.91	56.7	53.25	45.5	37.8	50.22	52.73	61.59	53.52	90.8	72.06	63.07	62.98
Total Debt/Capital (%)	13.26	19.94	19.3	36.18	34.75	31.27	27.43	33.43	34.53	38.12	34.86	47.59	41.88	38.68	38.64
Total Debt/Total Assets (%)	9.64	14.39	13.15	24.18	22.87	20.41	16.98	22.53	23.18	25.79	22.93	29.94	27.01	23.05	26.4
Net Debt to Equity	-2.13	12.74	13.8	34.46	32.62	23.65	15.59	35.59	30.24	34.06	31.68	71.46	55.49	48.92	51.97
Net Debt/Capital (%)	-2.18	11.3	12.13	25.63	24.6	19.13	13.49	26.25	22.15	24.36	23.13	40.45	34.79	32.06	33.66
EBITDA	344	389	452	464	547	567	572	608	711	811	977	1,200	1,484	1,626	1,851
EBITDA-CapEx	331	365	435	439	528	549	548	567	638	740	932	1,148	1,415	1,544	1,783
Operating Income (Loss)	275	311	369	417	441	467	471	499	571	669	855	963	1,156	1,367	1,502

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	0.61	0.4	0.24	0.38	0.34	0.37	0.3	0.25	0.27	0.35	0.26	0.14	0.14	0.11	0.13
Current Ratio	1.47	1.34	1.02	1.24	1.16	1.2	1.13	1.22	1.22	1.26	1.25	1.09	1.04	1.1	1.04
Quick Ratio	1.11	0.93	0.67	0.72	0.69	0.77	0.82	0.76	0.76	0.84	0.74	0.66	0.56	0.67	0.56
CFO/Avg Current Liab	0.5	0.42	0.53	0.35	0.29	0.3	0.26	0.3	0.35	0.32	0.32	0.24	0.21	0.21	0.2
Common Equity/Total Assets	63.06	57.78	55	42.65	42.96	44.85	44.94	44.86	43.95	41.87	42.85	32.97	37.49	36.45	41.84
Long-Term Debt/Equity (%)	15.21	24.9	18.93	54.54	49.85	43.15	33.15	48.56	49.79	58.57	51.48	84.39	61.05	58.85	56.76
Long-Term Debt/Capital (%)	13.19	19.93	15.28	34.81	32.53	29.65	24.06	32.32	32.6	36.24	33.53	44.23	35.48	36.09	34.83
Long-Term Debt/Total Assets (%)	9.59	14.39	10.41	23.26	21.41	19.35	14.9	21.78	21.88	24.52	22.06	27.82	22.89	21.51	23.8
Total Debt/Equity (%)	15.28	24.9	23.91	56.7	53.25	45.5	37.8	50.22	52.73	61.59	53.52	90.8	72.06	63.07	62.98
Total Debt/Capital (%)	13.26	19.94	19.3	36.18	34.75	31.27	27.43	33.43	34.53	38.12	34.86	47.59	41.88	38.68	38.64
Total Debt/Total Assets (%)	9.64	14.39	13.15	24.18	22.87	20.41	16.98	22.53	23.18	25.79	22.93	29.94	27.01	23.05	26.4
CFO/Total Liabilities	24.66	16.68	23.71	13.54	13.38	14.16	13.97	15.39	15.87	13.68	14.45	9.41	10.86	10.51	8.32
CFO/CapEx	17.46	9.17	23.79	15.45	20.78	23.14	18.27	13.67	9.28	10.08	17.97	16.94	14.64	14.32	21.32
Altman's Z-Score	7.14	6.93	6.39	4.38	4.58	4.83	4.35	4.65	4.66	4.46	5.19	3.42	3.93	3.94	3.02

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	4.42	4.38	3.88	3.76	3.67	3.37	2.31	2.08	2.5	2.43	3.53	3.46	3.52	2.82	2.56
Days Sales Outstanding	82.49	83.34	94.06	97.04	99.51	108.33	157.69	175.65	146.29	150.14	103.51	105.49	103.83	129.44	142.73
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	3,233	3,628	4,497	4,749	4,500	6,264	7,170	7,498	11,043	12,952	19,682	16,224	20,056	29,233	27,027
- Cash & Cash Equivalents	286	220	203	470	443	516	573	439	542	817	693	650	700	675	1,079
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	17	26
+ Total Debt	251	450	480	1,198	1,145	1,074	976	1,507	1,767	2,312	2,246	4,183	4,020	4,060	7,918
Enterprise Value	3,190	3,851	4,764	5,467	5,188	6,807	7,548	8,553	12,255	14,429	21,222	19,745	23,365	32,625	33,892
Total Capital	1,895	2,257	2,487	3,312	3,295	3,434	3,559	4,508	5,117	6,067	6,443	8,790	9,599	10,497	20,491
Total Debt/Capital (%)	13.26	19.94	19.3	36.18	34.75	31.27	27.43	33.43	34.53	38.12	34.86	47.59	41.88	38.68	38.64
Total Debt / EV	0.08	0.12	0.1	0.22	0.22	0.16	0.13	0.18	0.14	0.16	0.11	0.21	0.17	0.12	0.23
EV/Sales	3.17	3.24	3.51	3.49	3.13	3.86	4.06	4.26	5.14	5.54	6.96	5.54	5.56	6.93	5.88
EV/EBITDA	9.27	9.9	10.55	11.79	9.49	12.01	13.19	14.07	17.24	17.8	21.73	16.45	15.74	20.06	18.31
EV/EBIT	11.51	12.42	13.01	15.19	11.84	14.83	16.27	17.15	21.05	21.35	25.76	19.47	18.28	23.24	22.84
EV/Cash Flow to Firm	12.96	16.74	11.93	13.59	12.79	15.65	15.86	14.31	16.87	19.03	24.71	19.85	20.24	24.56	20.08
EV/Free Cash Flow to Firm	13.72	18.69	12.44	14.49	13.4	16.31	16.71	15.38	18.76	20.98	26.08	20.95	21.53	26.17	20.92
Diluted Market Cap	3,163	3,581	4,411	4,730	4,536	6,161	7,206	7,389	10,767	12,626	19,328	15,963	19,788	29,033	25,177
Diluted Enterprise Value	3,120	3,803	4,677	5,447	5,224	6,704	7,584	8,444	11,979	14,102	20,868	19,484	23,097	32,425	32,042
EV per Share	11.13	13.38	16.38	19.05	18.66	24.29	27.33	30.59	43.51	50.99	75.12	69.72	82.1	114.09	100.87
TTM Sales	1,006	1,189	1,356	1,567	1,657	1,763	1,857	2,010	2,385	2,606	3,048	3,563	4,199	4,705	5,763
TTM EBITDA	344	389	452	464	547	567	572	608	711	811	977	1,200	1,484	1,626	1,851
TTM Operating Income	275	311	369	417	441	467	471	499	571	669	855	963	1,156	1,367	1,502
TTM Cash Flow to Firm	246	230	399	402	406	435	476	598	726	758	859	995	1,154	1,329	1,688
TTM Free Cash Flow to Firm	232	206	383	377	387	417	452	556	653	688	814	943	1,085	1,247	1,620

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	14.13	18.25	11.82	13.13	12.48	15.67	17.25	14.05	17.79	19.66	25.31	19.26	21.03	26.59	18.22
EV/EBIT	11.51	12.42	13.01	15.19	11.84	14.83	16.27	17.15	21.05	21.35	25.76	19.47	18.28	23.24	22.84
Enterprise Value	3,190	3,851	4,764	5,467	5,188	6,807	7,548	8,553	12,255	14,429	21,222	19,745	23,365	32,625	33,892
Low Price	8.48	11.12	13.05	14.08	15.13	14.35	20.64	24.68	25.16	31.33	42.64	52.94	53.08	69.27	76.01
EV/Sales	3.17	3.24	3.51	3.49	3.13	3.86	4.06	4.26	5.14	5.54	6.96	5.54	5.56	6.93	5.88
EV/EBITDA	9.27	9.9	10.55	11.79	9.49	12.01	13.19	14.07	17.24	17.8	21.73	16.45	15.74	20.06	18.31
Price/Earnings	19.06	19.1	20.09	22.55	18.34	23.64	17.71	21.11	26.81	26.13	32.76	23.66	22.62	29.03	23.66
Price/Earnings Average	19.63	19.01	20.24	21.13	18.32	19.01	15.55	21.95	22.7	24.42	25.47	25.68	21.09	26.46	29.73
Price/Earnings High	22.83	20.54	22.23	22.55	19.7	23.73	17.74	40.04	27.45	27.75	32.82	30.33	24.49	32.37	36.74
Price/Earnings Low	14.33	16.83	16.95	19.19	17.14	15.17	14.08	19.43	17.2	17.89	20.05	21.86	17.04	19.67	22.36
Price/Book Value	1.97	2.01	2.24	2.25	2.09	2.65	2.78	2.5	3.3	3.45	4.69	3.52	3.59	4.55	2.15
Price/Book Value Average	2.03	2	2.26	2.11	2.09	2.13	2.44	2.6	2.79	3.22	3.65	3.82	3.35	4.15	2.71
Price/Book Value High	2.36	2.16	2.48	2.25	2.25	2.66	2.78	4.74	3.38	3.66	4.7	4.51	3.89	5.08	3.34
Price/Book Value Low	1.48	1.77	1.89	1.91	1.96	1.7	2.21	2.3	2.11	2.36	2.87	3.25	2.71	3.09	2.04
Price/Tangible Book Value	-18.4	-7.71	-7.28	-4.2	-3.81	-6.13	-9.26	-5.63	-8.41	-7.66	-12.14	-4.43	-5.93	-8.69	-3.63
Price/Tangible Book Value Average	-18.96	-7.67	-7.33	-3.93	-3.8	-4.93	-8.13	-5.86	-7.12	-7.16	-9.44	-4.81	-5.53	-7.92	-4.56
Price/Tangible Book Value High	-22.05	-8.29	-8.05	-4.2	-4.09	-6.15	-9.28	-10.68	-8.62	-8.13	-12.16	-5.68	-6.42	-9.69	-5.64
Price/Tangible Book Value Low	-13.83	-6.79	-6.14	-3.57	-3.56	-3.93	-7.36	-5.18	-5.4	-5.24	-7.43	-4.09	-4.47	-5.89	-3.43
Price/Sales	3.11	2.96	3.22	2.98	2.69	3.45	3.81	3.62	4.48	4.82	6.31	4.46	4.69	6.13	4.33
Price/Sales Average	3.2	2.94	3.24	2.79	2.69	2.78	3.35	3.76	3.79	4.5	4.91	4.84	4.37	5.59	5.44
Price/Sales High	3.72	3.18	3.56	2.98	2.89	3.47	3.82	6.86	4.59	5.12	6.32	5.72	5.08	6.83	6.72
Price/Sales Low	2.34	2.61	2.72	2.53	2.52	2.22	3.03	3.33	2.87	3.3	3.86	4.12	3.53	4.15	4.09
Price/Cash Flow	13.16	15.95	11.2	12.12	11.69	14.81	16.01	12.8	15.75	17.61	23.78	18.05	19.51	24.56	17.2
Price/Cash Flow Average	13.55	15.88	11.28	11.35	11.67	11.91	14.06	13.32	13.34	16.46	18.49	19.59	18.18	22.38	21.61
Price/Cash Flow High	15.76	17.16	12.4	12.12	12.55	14.87	16.04	24.29	16.13	18.7	23.83	23.13	21.12	27.38	26.7
Price/Cash Flow Low	9.89	14.06	9.45	10.31	10.92	9.5	12.73	11.78	10.11	12.05	14.55	16.68	14.7	16.64	16.25
Price/Free Cash Flow Average	14.55	18.16	11.91	12.31	12.47	12.6	15.15	14.61	15.07	18.37	19.68	20.9	19.6	24.23	22.89
Price/Free Cash Flow High	16.93	19.62	13.09	13.13	13.41	15.73	17.28	26.64	18.22	20.88	25.36	24.68	22.77	29.64	28.29
Price/Free Cash Flow Low	10.62	16.08	9.98	11.18	11.66	10.05	13.71	12.93	11.42	13.45	15.49	17.79	15.84	18.01	17.22
EV/Sales Average	3.27	3.22	3.54	3.3	3.13	3.17	3.59	4.4	4.43	5.21	5.53	5.93	5.24	6.38	7.08
EV/Sales High	3.81	3.47	3.87	3.49	3.33	3.88	4.07	7.6	5.25	5.85	6.98	6.82	5.96	7.65	8.47
EV/Sales Low	2.37	2.88	3	3.04	2.95	2.59	3.27	3.96	3.48	3.97	4.46	5.2	4.39	4.93	5.62
EV/EBITDA Average	9.55	9.86	10.62	11.15	9.48	9.85	11.67	14.56	14.86	16.75	17.24	17.61	14.83	18.47	22.06
EV/EBITDA High	11.13	10.6	11.61	11.79	10.1	12.05	13.22	25.12	17.61	18.79	21.77	20.26	16.86	22.13	26.38
EV/EBITDA Low	6.94	8.8	8.99	10.26	8.95	8.05	10.62	13.08	11.67	12.76	13.91	15.43	12.41	14.27	17.51
EV/EBIT Average	11.87	12.37	13.1	14.36	11.83	12.15	14.39	17.75	18.15	20.1	20.44	20.84	17.22	21.4	27.51
EV/EBIT High	13.83	13.31	14.31	15.19	12.6	14.88	16.3	30.63	21.51	22.54	25.81	23.98	19.58	25.63	32.91
EV/EBIT Low	8.62	11.04	11.09	13.22	11.16	9.94	13.1	15.95	14.25	15.3	16.49	18.26	14.41	16.52	21.84
Last Price	11.28	12.61	15.46	16.55	16.19	22.36	25.96	26.82	39.21	45.77	69.67	57.29	70.47	102.23	80.44
High Price	13.51	13.56	17.11	16.55	17.39	22.44	26.01	50.86	40.15	48.61	69.81	73.43	76.3	113.98	124.9
Enterprise Value Average	3,288	3,833	4,797	5,168	5,182	5,581	6,674	8,853	10,564	13,580	16,844	21,129	22,004	30,039	40,825
Enterprise Value High	3,831	4,124	5,243	5,467	5,522	6,831	7,561	15,275	12,521	15,234	21,263	24,317	25,023	35,986	48,833
Enterprise Value Low	2,387	3,421	4,061	4,759	4,893	4,563	6,078	7,956	8,298	10,342	13,586	18,513	18,417	23,199	32,405

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	287	288	291	287	278	280	276	280	282	283	282	283	285	286	336
Diluted Weighted Avg Shares	281	284	285	286	280	276	278	276	275	276	277	279	281	284	313
Basic Weighted Avg Shares	277	279	282	282	276	272	273	271	272	274	276	278	280	282	310
Revenue per Share	3.63	4.27	4.81	5.56	6.01	6.47	6.81	7.42	8.75	9.5	11.04	12.84	15.02	16.68	18.59
EBITDA per Share	1.24	1.4	1.6	1.64	1.98	2.08	2.1	2.24	2.61	2.95	3.54	4.32	5.31	5.77	5.97
Operating Income per Share	0.99	1.12	1.31	1.48	1.6	1.72	1.73	1.84	2.09	2.44	3.1	3.47	4.13	4.85	4.85
Basic EPS, GAAP	0.59	0.66	0.77	0.73	0.88	0.95	1.47	1.27	1.46	1.75	2.13	2.42	3.12	3.52	3.4
Basic EPS from Cont Ops	0.59	0.66	0.77	0.73	0.88	0.95	1.47	1.27	1.46	1.75	2.13	2.42	3.12	3.55	3.44
Diluted EPS, GAAP	0.58	0.65	0.76	0.72	0.87	0.93	1.44	1.25	1.45	1.74	2.12	2.41	3.1	3.5	3.37
Diluted EPS from Cont Ops	0.58	0.65	0.76	0.72	0.87	0.93	1.44	1.25	1.45	1.74	2.12	2.41	3.1	3.53	3.41
Dividend per Share	0.17	0.18	0.19	0.21	0.23	0.26	0.29	0.31	0.34	0.37	0.39	0.43	0.48	0.55	0.62
Cash Flow per Share	0.86	0.79	1.38	1.37	1.39	1.51	1.62	2.09	2.49	2.6	2.93	3.17	3.61	4.16	4.68
Free Cash Flow per Basic Share	0.81	0.7	1.32	1.28	1.32	1.44	1.53	1.94	2.22	2.34	2.77	2.99	3.37	3.87	4.46
Cash & Equivalents per Share	1.03	0.79	0.73	1.68	1.64	1.89	2.17	1.62	1.97	2.95	2.5	2.34	2.5	2.4	3.21
Book Value per Share	5.73	6.28	6.9	7.37	7.73	8.42	9.35	10.73	11.89	13.27	14.86	16.27	19.6	22.45	37.34
Tangible Book Value per Share	-0.61	-1.64	-2.12	-3.94	-4.25	-3.65	-2.8	-4.76	-4.66	-5.98	-5.74	-12.93	-11.89	-11.76	-22.16