Pinnacle West Capital Corporation Financial Ratios — PWC

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 (%)	9.05	9.79	9.94	9.29	9.77	9.42	9.96	9.99	10.11	9.95	10.72	8.09	8.2	9.42	8.93
Return on Assets (%)	2.66	2.88	3.02	2.86	2.98	2.85	2.96	2.95	2.98	2.86	2.94	2.16	2.12	2.4	2.2
Return on Capital (%)	6.17	6.39	6.45	6.21	6.46	6.13	6.2	6.44	- -	6.09	5.96	4.71	4.89	5.29	4.9
Return on Invested Capital (%)	6.51	7.16	7.12	6.6	6.66	6.11	6.14	5.89	- -	5.69	5.05	4.31	4.49	4.94	4.61
Gross Margin (%)	40.96	43.07	41.52	40.2	43.65	42.63	45.86	42.76	42.85	45.57	44.62	39.5	39.28	41.7	41.6
EBITDA Margin (%)	38.26	40.37	38.75	37.45	40.8	40.03	42.64	38.6	38.49	41.1	40.08	35.84	35.75	38.41	38.15
Operating Margin (%)	23.03	25.8	24.5	23.23	24.45	23.88	25.52	20.96	19.36	21.97	21.17	16.93	17.56	19.75	19.99
Incremental Operating Margin (%)	60.61	174.18	- -	- -	1,137.76	- -	111.32	- -	46.23	100.36	7.91	- -	24.95	43.7	25.84
Pretax Margin (%)	16.64	19.88	19.41	18.46	19.85	19.95	21.49	18	15.62	18.07	19.61	13.31	12.69	14.37	13.83
Profit Margin (%)	10.47	11.56	11.75	11.39	12.51	12.63	13.7	13.84	15.51	15.35	16.27	11.18	10.68	11.88	11.55
Net Income to Common Margin (%)	10.47	11.56	11.75	11.39	12.51	12.63	13.7	13.84	15.51	15.35	16.27	11.18	10.68	11.88	11.55
Effective Tax Rate (%)	34.05	36.16	34.39	34.25	34.26	33.87	33.71	20.15	- -	12.06	14.76	13	12.91	15.01	14.45
Dvd Payout Ratio (%)	57.88	49.95	49.64	54.84	54.73	57.01	54.94	56.16	57.1	59.47	56.57	73.14	72.1	61.35	65.37
Sustainable Growth Rate (%)	3.81	4.9	5.01	4.19	4.42	4.05	4.49	4.38	4.34	4.03	4.66	2.17	2.29	3.64	3.09

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	3,496	3,414	3,490	3,538	3,820	4,324	4,967	5,215	5,812	6,919	8,185	8,877	10,303	11,048	14,300
ST Debt	477	215	694	531	358	302	177	576	927	244	542	497	1,552	1,469	1,546
LT Debt	3,019	3,199	2,796	3,007	3,462	4,022	4,790	4,638	4,884	6,676	7,642	8,381	8,751	9,580	12,754
Total Debt/EBITDA	2.82	2.56	2.61	2.71	2.68	3.09	3.27	3.66	4.35	4.69	5.37	5.73	6.14	5.61	7.02
Net Debt/EBITDA	2.79	2.54	2.6	2.7	2.65	3.08	3.26	3.66	4.29	4.36	4.82	5.24	5.37	4.79	5.18
Total Debt/EBIT	4.68	4.01	4.12	4.36	4.47	5.17	5.46	6.74	8.65	8.78	10.16	12.13	12.49	10.92	13.39
Net Debt/EBIT	4.64	3.98	4.11	4.35	4.42	5.16	5.44	6.73	8.54	8.15	9.12	11.1	10.94	9.31	9.89
EBITDA to Interest Expense	5.55	6.68	7.16	7.05	7.98	7.54	7.69	6.53	6.17	6.44	6.54	6.06	5.07	5.21	4.83
EBITDA-CapEx/Interest Expense	5.55	6.68	7.16	7.05	7.98	7.54	7.69	6.53	6.17	6.44	6.54	6.06	5.07	5.21	4.83
EBIT to Interest Expense	3.34	4.27	4.53	4.37	4.78	4.5	4.6	3.54	3.1	3.44	3.45	2.86	2.49	2.68	2.53
Interest Expense	224	200	187	185	179	186	198	218	217	229	233	256	331	377	422
Common Equity/Total Assets	29.15	29.69	31.05	30.57	30.5	30.01	29.42	29.57	29.39	28.14	26.84	26.62	25.05	25.88	23.46
Long-Term Debt/Equity (%)	76.81	77.98	64.43	66.53	73.36	81.48	93.26	86.72	87.96	116.04	126.92	136.05	139.24	139.69	179.96
Long-Term Debt/Capital (%)	40.65	42.56	35.71	37.32	40.55	43.43	47.41	43.91	42.98	52.68	53.79	55.73	52.75	53.5	59.64
Long-Term Debt/Total Assets (%)	23.03	23.91	20.7	21.04	23.04	25.13	28.14	26.26	26.43	33.34	34.73	36.88	35.48	36.7	42.47
Total Debt/Equity (%)	88.96	83.22	80.41	78.28	80.94	87.6	96.72	97.49	104.66	120.28	135.92	144.11	163.94	161.11	201.77
Total Debt/Capital (%)	47.08	45.42	44.57	43.91	44.73	46.7	49.17	49.37	51.14	54.6	57.61	59.04	62.11	61.7	66.86
Total Debt/Total Assets (%)	26.67	25.52	25.84	24.76	25.42	27.02	29.19	29.52	31.45	34.56	37.2	39.07	41.78	42.33	47.62
Net Debt to Equity	88.1	82.59	80.19	78.11	80.1	87.42	96.45	97.39	103.31	111.66	121.99	131.95	143.52	137.42	148.95
Net Debt/Capital (%)	46.84	45.23	44.5	43.86	44.48	46.64	49.1	49.34	50.52	50.93	51.75	54.07	54.39	52.64	49.37
EBITDA	1,240	1,333	1,339	1,308	1,426	1,401	1,520	1,425	1,336	1,474	1,524	1,550	1,679	1,968	2,037
EBITDA-CapEx	1,240	1,333	1,339	1,308	1,426	1,401	1,520	1,425	1,336	1,474	1,524	1,550	1,679	1,968	2,037
Operating Income (Loss)	747	852	846	811	855	836	910	774	672	788	805	732	825	1,012	1,068

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	0.03	0.02	0.01	- -	0.03	0.01	0.01	- -	- -	0.04	0.01	- -	- -	- -	- -
Current Ratio	0.71	0.93	0.64	0.62	0.62	0.64	0.85	0.56	0.5	0.88	0.88	0.99	0.67	0.59	0.54
Quick Ratio	0.33	0.37	0.33	0.26	0.28	0.28	0.36	0.25	0.2	0.36	0.29	0.35	0.23	0.24	0.23
CFO/Avg Current Liab	0.81	0.97	0.85	0.69	0.73	0.75	0.9	0.9	0.51	0.56	0.55	0.71	0.52	0.56	0.6
Common Equity/Total Assets	29.15	29.69	31.05	30.57	30.5	30.01	29.42	29.57	29.39	28.14	26.84	26.62	25.05	25.88	23.46
Long-Term Debt/Equity (%)	76.81	77.98	64.43	66.53	73.36	81.48	93.26	86.72	87.96	116.04	126.92	136.05	139.24	139.69	179.96
Long-Term Debt/Capital (%)	40.65	42.56	35.71	37.32	40.55	43.43	47.41	43.91	42.98	52.68	53.79	55.73	52.75	53.5	59.64
Long-Term Debt/Total Assets (%)	23.03	23.91	20.7	21.04	23.04	25.13	28.14	26.26	26.43	33.34	34.73	36.88	35.48	36.7	42.47
Total Debt/Equity (%)	88.96	83.22	80.41	78.28	80.94	87.6	96.72	97.49	104.66	120.28	135.92	144.11	163.94	161.11	201.77
Total Debt/Capital (%)	47.08	45.42	44.57	43.91	44.73	46.7	49.17	49.37	51.14	54.6	57.61	59.04	62.11	61.7	66.86
Total Debt/Total Assets (%)	26.67	25.52	25.84	24.76	25.42	27.02	29.19	29.52	31.45	34.56	37.2	39.07	41.78	42.33	47.62
CFO/Total Liabilities	12.26	12.62	12.58	11.26	10.62	9.25	9.41	10.37	7.4	6.77	5.38	7.5	6.57	8.36	7.87
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.92	0.99	0.99	1.06	1	1.03	1.06	0.99	0.92	0.89	0.79	0.83	0.72	0.79	0.7

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	10.66	11.76	11.97	11.68	12.21	13.32	12.83	12.88	12.99	12.37	10.78	10.23	9.71	9.86	9.66
Days Sales Outstanding	34.25	31.03	30.49	31.24	29.89	27.39	28.44	28.33	28.09	29.51	33.85	35.67	37.58	37.02	37.78
Inventory Turnover	8.91	7.9	7.94	8.1	7.35	7.14	6.75	7.24	6.2	5.74	6.01	6.4	6.04	6.01	5.85
Days Inventory Outstanding	40.95	46.2	45.99	45.08	49.66	51.15	54.06	50.39	58.88	63.59	60.77	57.04	60.43	60.78	62.42
Accounts Payable Turnover	6.88	6.94	8.03	7.19	6.73	7.15	7.44	7.93	6.53	5.84	6.01	6.56	6.63	6.46	5.46
Accounts Payable Turnover Days	53.07	52.59	45.46	50.76	54.26	51.04	49.09	46	55.92	62.54	60.71	55.67	55.04	56.53	66.85
Cash Conversion Cycle	22.13	24.64	31.02	25.55	25.29	27.5	33.41	32.72	31.05	30.56	33.91	37.04	42.98	41.27	33.35
Inventory to Cash Days	-6.69	-15.17	-15.5	-13.84	-19.77	-23.75	-25.62	-22.06	-30.78	-34.08	-26.92	-21.38	-22.85	-23.76	-24.64
Inventories	226	249	260	256	280	283	289	294	346	334	367	451	494	501	565
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	226	249	260	256	280	283	289	294	346	334	367	451	494	501	565

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	5,307	5,574	5,873	7,802	7,222	8,667	9,544	9,590	9,950	8,942	7,932	8,737	8,133	10,043	10,654
- Cash & Cash Equivalents	34	26	10	8	39	9	14	6	10	60	10	5	5	4	7
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	109	129	146	152	136	132	129	126	123	119	115	111	107	103	41
+ Total Debt	3,496	3,414	3,490	3,538	3,820	4,324	4,967	5,215	5,812	6,919	8,185	8,877	10,303	11,048	14,300
Enterprise Value	8,879	9,091	9,499	11,483	11,138	13,114	14,626	14,924	15,874	15,921	16,222	17,721	18,539	21,190	24,988
Total Capital	7,427	7,516	7,830	8,057	8,539	9,260	10,103	10,563	11,365	12,672	14,206	15,037	16,588	17,906	21,387
Total Debt/Capital (%)	47.08	45.42	44.57	43.91	44.73	46.7	49.17	49.37	51.14	54.6	57.61	59.04	62.11	61.7	66.86
Total Debt / EV	0.39	0.38	0.37	0.31	0.34	0.33	0.34	0.35	0.37	0.43	0.5	0.5	0.56	0.52	0.57
EV/Sales	2.74	2.75	2.75	3.29	3.19	3.75	4.1	4.04	4.57	4.44	4.26	4.1	3.95	4.13	4.68
EV/EBITDA	7.16	6.82	7.1	8.78	7.81	9.36	9.62	10.48	11.88	10.8	10.64	11.43	11.04	10.77	12.27
EV/EBIT	11.89	10.67	11.22	14.15	13.03	15.69	16.08	19.29	23.62	20.2	20.14	24.21	22.48	20.94	23.4
EV/Cash Flow to Firm	6.97	7	7.44	9.4	9.19	11.44	11.71	10.28	- -	13.63	15.32	12.11	12.39	10.98	11.54
EV/Free Cash Flow to Firm	6.97	7	7.44	9.4	9.19	11.44	11.71	10.28	- -	13.63	15.32	12.11	12.39	10.98	11.54
Diluted Market Cap	5,337	5,614	5,906	7,844	7,259	8,722	9,596	9,628	9,979	8,963	7,950	8,756	8,161	9,801	10,748
Diluted Enterprise Value	8,909	9,131	9,533	11,526	11,176	13,169	14,679	14,963	15,903	15,941	16,240	17,740	18,566	20,949	25,082
EV per Share	81.27	82.84	86.21	103.85	100.36	117.79	130.88	133.13	141.18	141.28	143.65	156.58	163.45	177.92	206.68
TTM Sales	3,241	3,302	3,455	3,492	3,495	3,499	3,565	3,691	3,471	3,587	3,804	4,324	4,696	5,125	5,340
TTM EBITDA	1,240	1,333	1,339	1,308	1,426	1,401	1,520	1,425	1,336	1,474	1,524	1,550	1,679	1,968	2,037
TTM Operating Income	747	852	846	811	855	836	910	774	672	788	805	732	825	1,012	1,068
TTM Cash Flow to Firm	1,273	1,299	1,276	1,222	1,212	1,146	1,249	1,451	- -	1,168	1,059	1,464	1,496	1,931	2,166
TTM Free Cash Flow to Firm	1,273	1,299	1,276	1,222	1,212	1,146	1,249	1,451	- -	1,168	1,059	1,464	1,496	1,931	2,166

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	4.74	4.79	5.12	7.13	6.63	8.52	8.58	7.54	10.43	9.27	9.24	7.05	6.76	6.09	5.95
EV/EBIT	11.89	10.67	11.22	14.15	13.03	15.69	16.08	19.29	23.62	20.2	20.14	24.21	22.48	20.94	23.4
Enterprise Value	8,879	9,091	9,499	11,483	11,138	13,114	14,626	14,924	15,874	15,921	16,222	17,721	18,539	21,190	24,988
Low Price	38.28	46.05	51.66	50.69	56	63.07	76.16	72.65	82.03	63.3	62.58	59.66	68.76	65.26	81.45
EV/Sales	2.74	2.75	2.75	3.29	3.19	3.75	4.1	4.04	4.57	4.44	4.26	4.1	3.95	4.13	4.68
EV/EBITDA	7.16	6.82	7.1	8.78	7.81	9.36	9.62	10.48	11.88	10.8	10.64	11.43	11.04	10.77	12.27
Price/Earnings	15.61	14.58	14.44	19.63	16.52	19.62	19.55	18.77	18.48	16.24	12.82	18.07	16.22	15.77	17.11
Price/Earnings Average	13.94	14.37	15.08	15.68	15.93	18.56	19.57	17.69	19.28	16.62	14.05	17.06	17.42	14.98	17.47
Price/Earnings High	15.61	15.55	16.57	19.63	18.52	20.83	20.95	20.2	20.77	21.11	16.11	18.82	19.43	17.81	18.7
Price/Earnings Low	12.3	13.22	13.99	14.1	14.22	15.9	17.44	15.94	17.14	12.95	11.42	13.96	15.55	12.2	15.81
Price/Book Value	1.39	1.4	1.4	1.79	1.58	1.8	1.91	1.84	1.83	1.59	1.34	1.44	1.32	1.49	1.51
Price/Book Value Average	1.24	1.38	1.46	1.43	1.52	1.71	1.91	1.73	1.91	1.62	1.47	1.36	1.41	1.41	1.54
Price/Book Value High	1.39	1.5	1.61	1.79	1.77	1.92	2.04	1.98	2.06	2.06	1.69	1.5	1.58	1.68	1.65
Price/Book Value Low	1.09	1.27	1.36	1.28	1.36	1.46	1.7	1.56	1.7	1.27	1.2	1.12	1.26	1.15	1.4
Price/Tangible Book Value	1.45	1.46	1.45	1.84	1.62	1.84	2.01	1.93	1.94	1.67	1.41	1.51	1.38	1.63	1.65
Price/Tangible Book Value Average	1.3	1.44	1.52	1.47	1.56	1.74	2.01	1.82	2.02	1.71	1.54	1.42	1.48	1.55	1.68
Price/Tangible Book Value High	1.45	1.56	1.67	1.84	1.81	1.95	2.15	2.08	2.18	2.17	1.77	1.57	1.65	1.84	1.8
Price/Tangible Book Value Low	1.15	1.33	1.41	1.32	1.39	1.49	1.79	1.64	1.79	1.33	1.25	1.17	1.32	1.26	1.52
Price/Sales	1.63	1.68	1.7	2.24	2.07	2.48	2.68	2.6	2.87	2.49	2.08	2.02	1.73	1.87	1.98
Price/Sales Average	1.46	1.66	1.77	1.79	1.99	2.35	2.68	2.45	2.99	2.55	2.28	1.91	1.86	1.78	2.02
Price/Sales High	1.63	1.8	1.95	2.24	2.32	2.63	2.87	2.8	3.22	3.24	2.62	2.11	2.08	2.12	2.16
Price/Sales Low	1.29	1.53	1.64	1.61	1.78	2.01	2.39	2.21	2.66	1.99	1.86	1.56	1.66	1.45	1.83
Price/Cash Flow	4.71	4.75	5.08	7.1	6.6	8.47	8.54	7.51	10.4	9.25	9.22	7.04	6.74	5.96	5.84
Price/Cash Flow Average	4.21	4.68	5.31	5.67	6.36	8.02	8.55	7.08	10.85	9.47	10.11	6.65	7.24	5.67	5.97
Price/Cash Flow High	4.71	5.07	5.83	7.1	7.4	9	9.15	8.08	11.69	12.02	11.59	7.33	8.07	6.73	6.39
Price/Cash Flow Low	3.71	4.31	4.93	5.1	5.68	6.87	7.62	6.38	9.64	7.38	8.22	5.44	6.46	4.62	5.4
Price/Free Cash Flow Average	4.24	4.72	5.35	5.7	6.39	8.06	8.59	7.1	10.88	9.49	10.13	6.66	7.26	5.78	6.08
Price/Free Cash Flow High	4.74	5.11	5.88	7.13	7.43	9.05	9.2	8.11	11.72	12.05	11.62	7.35	8.09	6.87	6.51
Price/Free Cash Flow Low	3.74	4.35	4.96	5.12	5.71	6.91	7.65	6.4	9.67	7.4	8.24	5.45	6.48	4.71	5.5
EV/Sales Average	2.56	2.73	2.83	2.84	3.11	3.61	4.11	3.89	4.7	4.5	4.46	3.98	4.08	4.04	4.72
EV/Sales High	2.74	2.87	3	3.29	3.44	3.9	4.29	4.24	4.93	5.19	4.8	4.18	4.29	4.39	4.86
EV/Sales Low	2.39	2.6	2.7	2.66	2.9	3.28	3.81	3.65	4.36	3.93	4.04	3.64	3.88	3.69	4.53
EV/EBITDA Average	6.7	6.76	7.29	7.58	7.63	9.03	9.63	10.09	12.2	10.94	11.14	11.12	11.4	10.51	12.38
EV/EBITDA High	7.16	7.1	7.74	8.78	8.42	9.75	10.07	10.99	12.8	12.62	11.98	11.67	12	11.43	12.75
EV/EBITDA Low	6.25	6.43	6.96	7.1	7.1	8.19	8.94	9.46	11.34	9.57	10.07	10.15	10.84	9.61	11.87
EV/EBIT Average	11.14	10.58	11.54	12.22	12.73	15.14	16.09	18.58	24.26	20.47	21.09	23.54	23.21	20.44	23.62
EV/EBIT High	11.89	11.11	12.25	14.15	14.05	16.33	16.83	20.23	25.45	23.6	22.67	24.71	24.43	22.22	24.33
EV/EBIT Low	10.39	10.06	11.01	11.45	11.85	13.73	14.94	17.42	22.54	17.9	19.07	21.5	22.08	18.69	22.65
Last Price	48.58	50.79	53.3	70.56	65.08	77.84	85.4	85.54	88.5	79.36	70.24	77.2	71.71	84.32	88.12
High Price	48.58	54.19	61.17	70.56	72.92	82.65	91.5	92.06	99.43	103.14	88.29	80.42	85.9	95.22	96.31
Enterprise Value Average	8,314	9,011	9,763	9,914	10,877	12,647	14,636	14,372	16,301	16,132	16,982	17,232	19,143	20,688	25,216
Enterprise Value High	8,879	9,464	10,366	11,483	12,009	13,649	15,308	15,655	17,104	18,601	18,260	18,085	20,149	22,488	25,978
Enterprise Value Low	7,754	8,571	9,318	9,286	10,131	11,469	13,593	13,479	15,148	14,112	15,357	15,735	18,204	18,920	24,181

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	109	110	110	111	111	111	112	112	112	113	113	113	113	119	121
Diluted Weighted Avg Shares	110	111	111	111	112	112	112	113	113	113	113	113	114	116	122
Basic Weighted Avg Shares	109	110	110	111	111	111	112	112	112	113	113	113	113	114	120
Revenue per Share	29.72	30.15	31.41	31.56	31.48	31.4	31.88	32.92	30.87	31.84	33.69	38.2	41.4	45.02	44.62
EBITDA per Share	11.37	12.17	12.17	11.82	12.85	12.57	13.59	12.71	11.88	13.09	13.5	13.69	14.8	17.29	17.02
Operating Income per Share	6.85	7.78	7.69	7.33	7.7	7.5	8.13	6.9	5.98	7	7.13	6.47	7.27	8.89	8.92
Basic EPS, GAAP	3.11	3.48	3.69	3.59	3.94	3.97	4.37	4.56	4.79	4.89	5.48	4.27	4.42	5.35	5.15
Basic EPS from Cont Ops	3.26	3.83	4	3.83	4.11	4.14	4.54	4.73	4.96	5.06	5.63	4.42	4.57	5.5	5.28
Diluted EPS, GAAP	3.09	3.45	3.66	3.58	3.92	3.95	4.35	4.54	4.77	4.87	5.47	4.26	4.41	5.24	5.05
Diluted EPS from Cont Ops	3.24	3.79	3.97	3.81	4.09	4.12	4.52	4.71	4.95	5.05	5.62	4.42	4.56	5.39	5.18
Dividend per Share	2.03	2.06	2.14	2.23	2.34	2.46	2.59	2.75	2.93	3.11	3.27	3.35	3.41	3.47	3.53
Cash Flow per Share	10.32	10.69	10.49	9.94	9.86	9.19	10	11.39	8.51	8.58	7.62	10.97	10.65	14.14	15.08
Free Cash Flow per Basic Share	10.32	10.69	10.49	9.94	9.86	9.19	10	11.39	8.51	8.58	7.62	10.97	10.65	14.14	15.08
Cash & Equivalents per Share	0.31	0.24	0.09	0.07	0.36	0.08	0.12	0.05	0.09	0.53	0.09	0.04	0.04	0.03	0.05
Book Value per Share	34.98	36.2	38.07	39.5	41.3	43.14	44.8	46.59	48.3	49.99	52.3	53.45	54.47	56.71	58.28
Tangible Book Value per Share	33.42	34.72	36.64	38.42	40.19	42.34	42.5	44.25	45.72	47.48	49.88	51.16	52.11	51.75	53.52