Lennar Corporation

LEN

LENLennar Corporation US flag

New York Stock Exchange

89.46

USD

-1.44

- -

22.65BMarket 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	3,095	4,105	5,935	7,780	9,474	10,950	12,646	20,572	22,260	22,489	27,131	33,671	34,233	35,441	34,187
+ Sales & Services Revenue	3,095	4,105	5,935	7,780	9,474	10,950	12,646	20,572	22,260	22,489	27,131	33,671	34,233	35,441	34,187
- Cost of Revenue	2,897	3,661	5,103	6,681	8,172	9,455	11,021	18,237	19,457	19,015	21,594	26,469	28,292	29,942	30,800
+ Cost of Goods & Services	2,897	3,661	5,103	6,681	8,172	9,455	11,021	18,237	19,457	19,015	21,594	26,469	28,292	29,942	30,800
Gross Profit	199	444	832	1,099	1,302	1,495	1,625	2,334	2,802	3,474	5,537	7,202	5,941	5,499	3,387
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	95	127	146	177	216	233	286	344	321	333	398	414	501	649	637
+ Selling, General & Admin	95	127	146	177	216	233	286	344	321	333	398	414	501	649	637
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	103	316	686	922	1,086	1,262	1,339	1,990	2,481	3,141	5,138	6,788	5,440	4,850	2,750
- Non-Operating (Income) Loss	5	94	4	-48	-124	-68	149	-272	47	17	-681	773	237	-335	-63
+ Interest Expense, Net	91	94	94	37	12	5	7	11	18	22	- -	- -	- -	- -	- -
+ Interest Expense	91	94	94	37	12	5	7	11	18	22	- -	- -	- -	- -	- -
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	-85	- -	-90	-84	-136	-73	142	-284	29	-6	-681	773	237	-335	-63
Pretax Income	98	222	682	970	1,210	1,330	1,190	2,263	2,434	3,124	5,819	6,015	5,202	5,185	2,814
- Income Tax Expense (Benefit)	-15	-435	177	341	390	417	418	545	592	656	1,363	1,366	1,241	1,217	706
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	113	657	505	629	819	913	772	1,718	1,842	2,468	4,457	4,649	3,961	3,968	2,108
- Net Extraordinary Losses (Gains)	41	-44	51	-20	33	2	-77	43	-14	5	53	69	46	70	60
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	41	-44	51	-20	33	2	-77	43	-14	5	53	69	46	70	60
Income (Loss) Incl. MI	72	701	454	649	787	911	849	1,674	1,856	2,463	4,404	4,580	3,916	3,897	2,048
- Minority Interest	-20	22	-25	10	-16	-1	39	-22	7	-3	-26	-34	-23	-35	-30
Net Income, GAAP	92	679	480	639	803	912	810	1,696	1,849	2,465	4,430	4,614	3,939	3,933	2,078
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	92	679	480	639	803	912	810	1,696	1,849	2,465	4,430	4,614	3,939	3,933	2,078
EBIT	103	316	686	922	1,086	1,262	1,339	1,990	2,481	3,141	5,138	6,788	5,440	4,850	2,750
EBITDA	125	344	716	961	1,130	1,313	1,405	2,081	2,573	3,235	5,224	6,875	5,550	4,966	2,885
EBITDA Margin (%)	4.04	8.39	12.07	12.35	11.92	11.99	11.11	10.12	11.56	14.39	19.26	20.42	16.21	14.01	8.44
EBITA	103	316	686	922	1,086	1,262	1,339	1,990	2,481	3,141	5,138	6,788	5,440	4,850	2,750
Gross Margin (%)	6.42	10.81	14.02	14.13	13.75	13.65	12.85	11.35	12.59	15.45	20.41	21.39	17.35	15.52	9.91
Operating Margin (%)	3.34	7.7	11.56	11.85	11.46	11.53	10.59	9.67	11.15	13.97	18.94	20.16	15.89	13.68	8.05
Profit Margin (%)	2.98	16.54	8.08	8.21	8.47	8.33	6.41	8.24	8.31	10.96	16.33	13.7	11.5	11.1	6.08
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.63	1.01	1.51	1.52	2.02	2.02
Depreciation Expense	22	28	30	39	44	50	66	91	92	95	86	87	110	116	134
Basic Weighted Avg Shares	188	190	194	206	209	223	237	308	318	309	307	290	283	272	258
Basic EPS, GAAP	0.49	3.57	2.47	3.1	3.84	4.09	3.42	5.51	5.81	7.97	14.45	15.92	13.9	14.46	8.06
Basic EPS from Cont Ops	0.6	3.45	2.6	3.05	3.91	4.1	3.25	5.58	5.79	7.98	14.53	16.04	13.98	14.59	8.18
Diluted Weighted Avg Shares	199	223	230	233	235	235	237	309	318	309	307	290	283	272	258
Diluted EPS, GAAP	0.46	3.04	2.08	2.74	3.41	3.87	3.42	5.5	5.81	7.97	14.45	15.92	13.9	14.46	8.06
Diluted EPS from Cont Ops	0.57	2.95	2.19	2.7	3.48	3.88	3.25	5.57	5.79	7.98	14.53	16.04	13.98	14.59	8.18

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	6,043	7,767	8,659	10,493	11,820	12,553	15,307	21,298	22,238	22,662	25,145	28,387	29,345	29,307	19,395
+ Cash, Cash Equivalents & STI	1,164	1,311	971	1,299	1,201	1,383	2,708	1,563	1,498	2,917	2,963	4,814	6,512	4,950	3,795
+ Cash & Cash Equivalents	1,164	1,311	971	1,282	1,158	1,330	2,651	1,558	1,446	2,863	2,922	4,779	6,474	4,910	3,756
+ ST Investments	- -	- -	- -	17	43	54	57	4	52	53	42	35	38	41	39
+ Accounts & Notes Receiv	275	663	569	535	671	892	521	2,326	2,626	2,501	2,978	3,436	3,838	3,964	3,683
+ Accounts Receivable, Net	29	36	145	198	230	331	129	921	707	773	1,052	1,431	1,449	1,501	1,310
+ Notes Receivable, Net	18	13	15	41	22	40	81	124	203	168	248	186	250	154	162
+ Loans Receivable, Net	- -	609	406	288	408	521	313	1,284	1,719	1,563	1,681	1,822	2,142	2,312	2,213
+ Other Receivable, Net	227	5	5	8	11	- -	-3	-3	-3	-3	-3	-2	-2	-2	-1
+ Inventories	4,361	5,046	6,612	7,742	8,746	9,179	10,861	17,372	18,092	17,175	19,169	20,100	18,898	20,312	11,841
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	2,637	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	1,335	4,720	6,141	7,684	8,682	9,058	10,468	17,163	17,463	16,089	17,554	17,367	15,360	15,635	9,921
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	389	327	471	58	64	121	393	209	628	1,086	1,615	2,733	3,537	4,678	1,920
+ Other ST Assets	244	747	507	917	1,202	1,099	1,217	38	23	70	34	37	96	81	74
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	3,112	2,595	2,614	2,430	2,599	2,809	3,438	7,268	7,122	7,273	8,063	9,597	9,889	12,005	15,036
+ Property, Plant & Equip, Net	319	314	181	159	116	174	215	320	280	412	340	2,118	2,439	4,174	7,042
+ Property, Plant & Equip	396	393	265	247	194	261	319	459	448	589	539	2,344	2,705	4,466	7,357
- Accumulated Depreciation	77	79	84	88	78	87	104	139	169	178	199	227	266	291	315
+ LT Investments & Receivables	744	761	1,007	1,027	1,314	1,519	1,850	2,025	2,218	2,306	3,137	2,672	2,458	2,711	2,902
+ LT Investments	744	761	1,007	1,027	1,314	1,519	1,850	2,025	2,218	2,306	3,137	2,672	2,458	2,711	2,902
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	2,049	1,520	1,426	1,243	1,170	1,116	1,374	4,923	4,624	4,555	4,587	4,807	4,992	5,120	5,092
+ Total Intangible Assets	34	34	34	39	39	40	196	3,680	3,658	3,632	3,632	3,632	3,632	3,632	3,632
+ Goodwill	34	34	34	39	39	40	196	3,680	3,658	3,632	3,632	3,632	3,632	3,632	3,632
+ Other Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	2,015	1,486	1,392	1,205	1,131	1,076	1,177	1,243	966	923	955	1,175	1,360	1,488	1,460
Total Assets	9,155	10,362	11,273	12,923	14,420	15,362	18,745	28,566	29,360	29,935	33,208	37,984	39,234	41,313	34,430
+ Payables & Accruals	201	221	289	461	539	597	755	1,155	1,069	1,037	1,321	1,616	1,631	1,839	1,812
+ Accounts Payable	201	221	289	461	539	597	755	1,155	1,069	1,037	1,321	1,616	1,631	1,839	1,812
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Debt	410	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Borrowings	410	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	326	- -	10	4	4	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	326	- -	10	4	4	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Current Liabilities	937	221	299	465	543	597	755	1,155	1,069	1,037	1,321	1,616	1,631	1,839	1,812
+ LT Debt	4,128	5,064	5,024	5,982	6,655	6,276	7,973	10,117	9,574	7,422	6,378	6,199	4,984	4,189	5,875
+ LT Borrowings	4,128	5,064	5,024	5,982	6,655	6,276	7,973	10,117	9,574	7,422	6,378	6,199	4,984	4,189	5,875
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Liabilities	785	1,077	1,322	1,225	1,271	1,278	2,032	2,611	2,683	3,377	4,512	5,929	5,917	7,263	4,602
+ Accrued Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	785	1,077	1,322	1,225	1,271	1,278	2,032	2,611	2,683	3,377	4,512	5,929	5,917	7,263	4,602
Total Noncurrent Liabilities	4,914	6,140	6,347	7,207	7,927	7,554	10,004	12,728	12,257	10,798	10,890	12,128	10,901	11,452	10,477
Total Liabilities	5,851	6,361	6,646	7,672	8,469	8,150	10,759	13,883	13,326	11,836	12,211	13,744	12,532	13,292	12,290
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	2,361	2,442	2,743	2,260	2,327	2,829	3,166	8,530	8,612	8,710	8,842	5,447	5,600	5,759	5,940
+ Common Stock	20	21	22	21	21	24	24	33	34	34	34	29	30	30	30
+ Additional Paid in Capital	2,341	2,422	2,721	2,240	2,306	2,805	3,142	8,497	8,578	8,676	8,808	5,418	5,570	5,729	5,910
- Treasury Stock	621	633	628	93	108	109	136	436	958	1,279	2,709	210	1,393	3,650	6,458
+ Retained Earnings	956	1,605	2,054	2,660	3,430	4,306	4,841	6,488	8,295	10,565	14,685	18,861	22,369	25,753	22,471
+ Other Equity	- -	- -	- -	- -	- -	- -	1	- -	- -	-1	-1	2	5	8	6
Equity Before Minority Interest	2,696	3,415	4,169	4,827	5,649	7,026	7,872	14,582	15,950	17,995	20,816	24,100	26,581	27,870	21,959
+ Minority/Non Controlling Interest	607	586	459	424	301	186	114	101	84	105	180	140	121	151	181
Total Equity	3,304	4,001	4,627	5,251	5,950	7,212	7,986	14,683	16,034	18,099	20,996	24,240	26,702	28,021	22,141
Total Liabilities & Equity	9,155	10,362	11,273	12,923	14,420	15,362	18,745	28,566	29,360	29,935	33,208	37,984	39,234	41,313	34,430
Shares Outstanding	192	195	209	209	215	239	240	324	316	313	299	290	281	268	247
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt	3,375	3,753	4,054	4,701	5,497	4,946	5,322	8,559	8,128	4,559	3,457	1,420	-1,490	-720	2,119
Net Debt to Equity	102.16	93.79	87.6	89.51	92.38	68.58	66.64	58.29	50.69	25.19	16.46	5.86	-5.58	-2.57	9.57
Tangible Common Equity Ratio	35.85	38.41	40.87	40.46	41.11	46.81	42	44.21	48.15	55	58.71	59.99	64.8	64.73	60.1
Current Ratio	6.45	35.19	28.96	22.58	21.77	21.04	20.28	18.44	20.8	21.85	19.03	17.57	17.99	15.93	10.7
Cash Conversion Cycle	519.58	454.08	408.53	382.63	356.6	334.38	319.06	277.76	325.86	329.25	301.19	264.65	245.03	233.97	175.68

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	113	657	505	629	819	913	772	1,718	1,842	2,468	4,457	4,649	3,961	3,968	2,108
+ Depreciation & Amortization	22	28	30	39	44	50	66	91	92	95	86	87	110	116	134
+ Non-Cash Items	55	-358	125	127	31	230	346	56	370	288	-359	851	537	318	361
+ Stock-Based Compensation	24	32	34	41	44	56	61	73	87	107	135	184	161	177	163
+ Deferred Income Taxes	- -	-468	152	75	-6	97	91	268	235	92	192	-247	-68	60	77
+ Asset Impairment Charge	22	37	24	76	25	45	98	39	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	9	40	-84	-66	-32	31	96	-323	48	89	-685	914	444	80	120
+ Chg in Non-Cash Work Cap	-448	-752	-1,468	-1,583	-1,314	-685	-202	-173	-822	1,341	-1,651	-2,321	572	-1,997	-2,387
+ (Inc) Dec in Accts Receiv	-132	17	-63	-113	-86	-261	253	-431	312	26	-290	-422	-329	-129	67
+ (Inc) Dec in Inventories	-39	-563	-1,627	-1,367	-1,127	-504	-661	-136	-624	781	-1,184	-1,712	2,274	-285	-151
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-776	-672	-296	-1,632	-1,550
+ Inc (Dec) in Accts Payable	-107	28	182	326	226	21	357	413	-15	266	881	701	-626	380	-691
+ Inc (Dec) in Other	-170	-234	40	-428	-326	58	-150	-19	-496	267	-282	-216	-452	-332	-62
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	-259	-425	-808	-788	-420	508	982	1,692	1,482	4,191	2,533	3,266	5,180	2,403	217
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	141	44	74	25	60	71	79	34	42	25	13	61	151
+ Disp of Fixed Prod Assets	- -	- -	141	44	74	25	60	71	79	34	42	25	13	61	151
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-10	-3	-8	-23	-91	-76	-112	-130	-86	-73	-65	-57	-100	-172	-189
+ Acq of Fixed Prod Assets	-10	-3	-8	-23	-91	-76	-112	-130	-86	-73	-65	-57	-100	-172	-189
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	1	15	22	-7	-14	- -	-26	-297	-523	-322	-1,430	-1,039	-1,183	-2,256	-1,808
+ Increase in Capital Stock	7	32	34	14	9	19	1	3	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-6	-17	-12	-20	-23	-20	-27	-300	-523	-322	-1,430	-1,039	-1,183	-2,256	-1,808
+ Net Change in LT Investment	-36	-11	-23	31	-75	-55	-119	347	41	26	-97	-68	-3	3	101
+ Dec in LT Investment	18	52	36	101	31	25	42	425	77	71	31	26	5	7	105
+ Inc in LT Investment	-54	-63	-59	-71	-106	-80	-161	-78	-36	-46	-128	-94	-8	-5	-3
+ Net Cash From Acq & Div	-163	-116	-152	-165	-315	-426	-1,035	-1,259	-419	-486	-376	-447	-201	-426	-250
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	225	18	- -	32	- -	- -	- -	259
+ Cash for Acq of Subs	-163	-116	-152	-165	-315	-426	-1,035	-1,484	-436	-486	-408	-447	-201	-426	-508
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	72	375	732	552	309	447	360	377	405	219	392	419	114	230	408
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-136	245	689	438	-98	-86	-845	-594	20	-280	-105	-128	-177	-303	222
+ Dividends Paid	-30	-30	-31	-33	-33	-35	-38	-49	-51	-195	-310	-438	-431	-549	-521
+ Net Cash From Debt	243	389	88	848	798	144	1,158	-1,701	-869	-2,294	-1,079	-623	-1,226	-597	1,852
+ Cash From Debt	493	889	919	1,473	1,615	644	2,581	317	255	93	276	- -	- -	- -	2,410
+ Repayments of Debt	-249	-500	-830	-626	-817	-500	-1,423	-2,018	-1,124	-2,387	-1,355	-623	-1,226	-597	-558
+ Other Financing Activities	-50	-48	-301	-147	-356	-359	100	-149	-186	364	414	823	-408	-279	-1,121
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	165	326	-222	661	395	-251	1,194	-2,196	-1,629	-2,447	-2,405	-1,277	-3,248	-3,682	-1,598
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	-231	147	-340	311	-123	171	1,332	-1,098	-127	1,464	23	1,860	1,755	-1,581	-1,159
EBITDA	125	344	716	961	1,130	1,313	1,405	2,081	2,573	3,235	5,224	6,875	5,550	4,966	2,885
EBITDA Margin (%)	4.04	8.39	12.07	12.35	11.92	11.99	11.11	10.12	11.56	14.39	19.26	20.42	16.21	14.01	8.44
Free Cash Flow	-269	-427	-816	-811	-511	431	871	1,561	1,396	4,118	2,468	3,208	5,080	2,232	28
Net Cash Paid for Acquisitions	163	116	152	165	315	426	1,035	1,259	419	486	376	447	201	426	250
Free Cash Flow to Firm	- -	- -	-746	-787	-503	435	875	1,570	1,409	4,136	2,468	3,208	5,080	2,232	28
Free Cash Flow to Equity	-26	-38	-587	81	360	600	2,089	-69	606	1,858	1,430	2,610	3,867	1,696	2,031
Free Cash Flow per Basic Share	-1.43	-2.25	-4.2	-3.93	-2.44	1.94	3.67	5.07	4.38	13.31	8.05	11.07	17.93	8.2	0.11
Price/Free Cash Flow	-14.71	-20.12	-10.31	-14.36	-36.72	17.13	13.61	7.24	12.11	5.51	12.4	7.66	6.86	18.42	83.47
Cash Flow to Net Income	-2.81	-0.63	-1.68	-1.23	-0.52	0.56	1.21	1	0.8	1.7	0.57	0.71	1.32	0.61	0.1
Capital Expenditures	-10	-3	-8	-23	-91	-76	-112	-130	-86	-73	-65	-57	-100	-172	-189