Independent Bank Corp.

INDB

INDBIndependent Bank Corp. US flag

NASDAQ Global Select

79.12

USD

+1.57

- -

3.82BMarket Cap

Income Statement (USD)

API Chat

	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	217	232	247	266	287	307	338	387	503	473	502	720	722	683	849
+ Sales & Services Revenue	217	232	247	266	287	307	338	387	503	473	502	720	722	683	849
- Cost of Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cost of Goods & Services	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Profit	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Selling, General & Admin	89	91	98	102	114	117	125	132	156	155	177	212	234	245	300
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	-89	-91	-98	-102	-114	-117	-125	-132	-156	-155	-177	-212	-234	-245	-300
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Non-Operating (Income) Loss	-63	-57	-67	-84	-92	-112	-135	-156	-218	-153	-157	-348	-315	-247	-262
+ Interest Expense, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	-63	-57	-67	-84	-92	-112	-135	-156	-218	-153	-157	-348	-315	-247	-262
Pretax Income	63	57	67	84	92	112	135	156	218	153	157	348	315	247	262
- Income Tax Expense (Benefit)	17	15	16	24	27	35	47	34	53	32	36	84	76	55	57
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	45	43	50	60	65	77	87	122	165	121	121	264	240	192	205
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	45	43	50	60	65	77	87	122	165	121	121	264	240	192	205
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	45	43	50	60	65	77	87	122	165	121	121	264	240	192	205
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	45	43	50	60	65	77	87	122	165	121	121	264	240	192	205
EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA	10	10	8	12	12	14	16	16	19	27	33	39	36	41	42
EBITDA Margin (%)	4.44	4.4	3.44	4.55	4.29	4.67	4.66	4.04	3.87	5.76	6.54	5.39	5	5.99	4.96
EBITA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Profit Margin (%)	20.95	18.35	20.36	22.5	22.62	24.94	25.77	31.45	32.85	25.61	24.09	36.63	33.17	28.12	24.16
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	0.75	1.03	0.66	0.94	1.01	1.13	1.25	1.46	1.62	1.83	1.8	2.02	2.22	2.26	2.25
Depreciation Expense	10	10	8	12	12	14	16	16	19	27	33	39	36	41	42
Basic Weighted Avg Shares	21	22	23	24	26	26	27	28	33	33	35	46	44	42	46
Basic EPS, GAAP	2.12	1.96	2.18	2.5	2.51	2.9	3.19	4.41	5.03	3.64	3.47	5.69	5.42	4.52	4.44
Basic EPS from Cont Ops	2.12	1.96	2.18	2.5	2.51	2.9	3.19	4.41	5.03	3.64	3.47	5.69	5.42	4.52	4.44
Diluted Weighted Avg Shares	21	22	23	24	26	26	27	28	33	33	35	46	44	43	46
Diluted EPS, GAAP	2.12	1.95	2.18	2.49	2.5	2.9	3.19	4.4	5.03	3.64	3.47	5.69	5.42	4.52	4.44
Diluted EPS from Cont Ops	2.12	1.95	2.18	2.49	2.5	2.9	3.19	4.4	5.03	3.64	3.47	5.69	5.42	4.52	4.44

Balance Sheet (USD)

API Chat

	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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash, Cash Equivalents & STI	543	545	573	527	643	653	661	693	577	1,709	3,812	1,752	1,559	1,471	1,209
+ Cash & Cash Equivalents	238	215	216	178	276	289	213	250	151	1,297	2,241	353	224	220	772
+ ST Investments	305	329	357	349	367	364	447	443	426	413	1,571	1,399	1,334	1,251	437
+ Accounts & Notes Receiv	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	-543	-545	-573	-527	-643	-653	-661	-693	-577	-1,709	-3,812	-1,752	-1,559	-1,471	-1,209
+ 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	48	55	65	64	76	78	95	98	124	116	196	197	193	193	218
+ Property, Plant & Equip	91	102	116	120	138	147	171	183	219	216	307	324	338	358	405
- Accumulated Depreciation	42	47	51	56	62	68	77	85	95	100	112	127	145	165	187
+ LT Investments & Receivables	519	508	708	724	845	852	947	1,075	1,191	1,162	2,665	3,129	2,931	2,711	3,310
+ LT Investments	519	508	708	724	845	852	947	1,075	1,191	1,162	2,665	3,129	2,931	2,711	3,310
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	-567	-563	-772	-788	-921	-930	-1,041	-1,173	-1,314	-1,279	-2,860	-3,326	-3,124	-2,905	-3,528
+ Total Intangible Assets	141	162	183	180	213	231	241	271	535	529	1,018	1,010	1,003	997	1,224
+ Goodwill	130	150	170	170	201	222	232	256	506	506	985	985	985	985	1,091
+ Other Intangible Assets	11	12	12	10	12	10	9	15	29	23	33	25	18	12	134
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	-708	-725	-955	-968	-1,134	-1,161	-1,282	-1,444	-1,850	-1,808	-3,878	-4,336	-4,127	-3,902	-4,752
Total Assets	4,970	5,757	6,099	6,365	7,209	7,709	8,082	8,852	11,395	13,204	20,423	19,294	19,347	19,374	24,913
+ Payables & Accruals	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Debt	- -	- -	- -	- -	- -	- -	53	148	- -	- -	- -	- -	- -	- -	50
+ ST Borrowings	- -	- -	- -	- -	- -	- -	53	148	- -	- -	- -	- -	- -	- -	50
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	- -	- -	- -	- -	- -	- -	-53	-148	- -	- -	- -	- -	- -	- -	-50
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	- -	- -	- -	- -	-53	-148	- -	- -	- -	- -	- -	- -	-50
Total Current Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Debt	322	376	244	209	210	159	108	259	303	181	152	113	1,218	701	776
+ LT Borrowings	322	376	244	209	210	159	108	259	303	181	152	113	1,218	701	776
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Liabilities	-322	-376	-244	-209	-210	-159	-108	-259	-303	-181	-152	-113	-1,218	-701	-776
+ Accrued Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	-322	-376	-244	-209	-210	-159	-108	-259	-303	-181	-152	-113	-1,218	-701	-776
Total Noncurrent Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Liabilities	4,501	5,228	5,508	5,724	6,438	6,845	7,138	7,778	9,687	11,502	17,405	16,407	16,452	16,380	21,347
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	234	270	305	312	406	452	480	528	1,036	946	2,250	2,115	1,933	1,910	2,336
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	234	270	305	312	405	452	479	528	1,035	946	2,249	2,115	1,932	1,910	2,336
- Treasury Stock	3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	239	264	294	330	368	414	466	547	654	716	767	934	1,077	1,173	1,269
+ Other Equity	-4	-5	-7	-2	-2	-1	-2	-1	18	41	2	-163	-115	-90	-40
Equity Before Minority Interest	469	529	592	641	771	865	944	1,073	1,708	1,703	3,018	2,887	2,895	2,993	3,566
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	469	529	592	641	771	865	944	1,073	1,708	1,703	3,018	2,887	2,895	2,993	3,566
Total Liabilities & Equity	4,970	5,757	6,099	6,365	7,209	7,709	8,082	8,852	11,395	13,204	20,423	19,294	19,347	19,374	24,913
Shares Outstanding	21	23	24	24	26	27	27	28	34	33	47	46	43	42	49
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt	84	160	28	31	-66	-131	-52	156	152	-1,116	-2,088	-240	994	481	54
Net Debt to Equity	17.92	30.27	4.71	4.76	-8.53	-15.1	-5.52	14.54	8.91	-65.52	-69.18	-8.3	34.33	16.09	1.51
Tangible Common Equity Ratio	6.8	6.56	6.91	7.44	7.98	8.47	8.96	9.35	10.8	9.26	10.31	10.26	10.31	10.86	9.88
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Cash Flow Statement (USD)

API Chat

	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	45	43	50	60	65	77	87	122	165	121	121	264	240	192	205
+ Depreciation & Amortization	10	10	8	12	12	14	16	16	19	27	33	39	36	41	42
+ Non-Cash Items	10	16	10	11	10	4	11	-1	-7	10	-30	-23	3	7	30
+ Stock-Based Compensation	2	3	2	3	2	3	3	4	4	4	4	4	6	7	9
+ Deferred Income Taxes	- -	-2	3	3	10	- -	10	-4	11	-18	3	-1	3	-11	-3
+ Asset Impairment Charge	- -	2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	8	13	5	6	-2	1	-2	-1	-22	24	-37	-26	-6	11	25
+ Chg in Non-Cash Work Cap	-9	-25	72	7	2	-2	17	6	39	-94	66	142	-2	-10	-26
+ (Inc) Dec in Accts Receiv	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Other	-9	-25	72	7	2	-2	17	6	39	-94	66	142	-2	-10	-26
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	56	44	141	90	90	93	131	142	217	65	190	421	277	230	251
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	1	1	- -	6	2	4	6	- -	3	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	1	1	- -	6	2	4	6	- -	3	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-8	-6	-9	-8	-10	-10	-25	-11	-17	-13	-25	-22	-16	-20	-12
+ Acq of Fixed Prod Assets	-8	-6	-9	-8	-10	-10	-25	-11	-17	-13	-25	-22	-16	-20	-12
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	69	36	-136	-26	-97	-16	-104	-114	86	22	-1,556	-655	216	210	24
+ Dec in LT Investment	167	164	134	98	153	161	134	171	225	371	360	307	248	374	490
+ Inc in LT Investment	-98	-128	-270	-124	-250	-177	-238	-284	-139	-348	-1,916	-962	-32	-163	-466
+ Net Cash From Acq & Div	- -	-9	11	- -	-13	9	6	-7	-105	- -	- -	- -	- -	- -	- -
+ Cash from Divestitures	- -	- -	11	- -	- -	9	6	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	-9	- -	- -	-13	- -	- -	-7	-105	- -	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-251	-289	-74	-260	-86	-221	-201	-258	52	-504	1,518	-326	-412	-223	-8
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-191	-268	-209	-293	-206	-239	-317	-388	20	-488	-63	-1,000	-212	-33	5
+ Dividends Paid	-16	-22	-15	-22	-26	-30	-34	-40	-53	-61	-63	-94	-98	-96	-104
+ Net Cash From Debt	-74	-78	-137	-45	-49	-103	- -	65	-81	-122	-605	-39	1,105	-517	1
+ Cash From Debt	52	2	- -	35	- -	- -	- -	- -	174	- -	- -	- -	1,105	- -	346
+ Repayments of Debt	-126	-80	-137	-80	-49	-103	- -	65	-255	-122	-605	-39	- -	-517	-344
+ Other Financing Activities	301	302	220	232	289	292	144	259	-202	1,752	1,485	-1,176	-1,201	412	398
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	211	202	68	164	214	159	110	283	-336	1,569	817	-1,308	-194	-201	296
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	76	-22	1	-38	98	13	-76	37	-99	1,146	944	-1,888	-129	-4	552
EBITDA	10	10	8	12	12	14	16	16	19	27	33	39	36	41	42
EBITDA Margin (%)	4.44	4.4	3.44	4.55	4.29	4.67	4.66	4.04	3.87	5.76	6.54	5.39	5	5.99	4.96
Free Cash Flow	48	38	132	83	79	83	106	131	200	52	165	399	261	209	239
Net Cash Paid for Acquisitions	- -	9	-11	- -	13	-9	-6	7	105	- -	- -	- -	- -	- -	- -
Free Cash Flow to Firm	48	38	132	83	79	83	106	131	200	52	165	399	261	209	239
Free Cash Flow to Equity	-26	-40	-5	39	31	-20	112	197	123	-64	-440	363	1,366	-307	241
Free Cash Flow per Basic Share	2.25	1.73	5.74	3.46	3.05	3.12	3.88	4.74	6.09	1.56	4.73	8.61	5.91	4.93	5.18
Price/Free Cash Flow	6.39	9.16	4.48	8.02	9.45	14.45	10	10.58	9.99	27.62	11.87	8.15	9.53	10.9	12.82
Cash Flow to Net Income	1.24	1.03	2.81	1.51	1.38	1.21	1.5	1.17	1.31	0.53	1.57	1.6	1.16	1.2	1.22
Capital Expenditures	-8	-6	-9	-8	-10	-10	-25	-11	-17	-13	-25	-22	-16	-20	-12