PayPal Holdings, Inc.

PYPL

PYPLPayPal Holdings, Inc. US flag

NASDAQ Global Select

42.61

USD

-1.92

- -

37.59BMarket Cap

Income Statement (USD)

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	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	5,662	6,727	8,025	9,248	10,842	13,094	15,451	17,772	21,454	25,371	27,518	29,771	31,797	33,172
+ Sales & Services Revenue	5,662	6,727	8,025	9,248	10,842	13,094	15,451	17,772	21,454	25,371	27,518	29,771	31,797	33,172
- Cost of Revenue	1,883	2,337	2,816	3,419	4,434	5,430	6,855	8,170	9,675	11,375	13,745	16,067	17,139	17,707
+ Cost of Goods & Services	1,883	2,337	2,816	3,419	4,434	5,430	6,855	8,170	9,675	11,375	13,745	16,067	17,139	17,707
Gross Profit	3,779	4,390	5,209	5,829	6,408	7,664	8,596	9,602	11,779	13,996	13,773	13,704	14,658	15,465
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	2,880	3,299	3,941	4,320	4,822	5,405	6,093	6,812	8,351	9,672	9,729	8,760	8,895	9,069
+ Selling, General & Admin	1,007	1,169	1,687	1,810	1,997	2,400	2,855	3,112	3,931	4,559	4,356	3,868	4,148	4,262
+ Research & Development	677	727	747	792	834	1,740	1,831	2,085	2,642	3,038	3,253	2,973	2,979	3,103
+ Other Operating Expense	1,196	1,403	1,507	1,718	1,991	1,265	1,407	1,615	1,778	2,075	2,120	1,919	1,768	1,704
Operating Income (Loss)	899	1,091	1,268	1,509	1,586	2,259	2,503	2,790	3,428	4,324	4,044	4,944	5,763	6,396
- Non-Operating (Income) Loss	8	7	7	21	-45	59	127	-208	-1,637	225	678	-467	434	104
+ Interest Expense, Net	- -	- -	- -	- -	-56	-78	-91	-82	121	175	130	-133	-280	-76
+ Interest Expense	- -	- -	- -	- -	3	7	77	115	209	232	304	347	382	441
- Interest Income	- -	- -	- -	- -	59	85	168	197	88	57	174	480	662	517
+ Other Non-Op (Income) Loss	8	7	7	21	11	137	218	-126	-1,758	50	548	-334	714	180
Pretax Income	891	1,084	1,261	1,488	1,631	2,200	2,376	2,998	5,065	4,099	3,366	5,411	5,329	6,292
- Income Tax Expense (Benefit)	113	129	842	260	230	405	319	539	863	-70	947	1,165	1,182	1,059
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	778	955	419	1,228	1,401	1,795	2,057	2,459	4,202	4,169	2,419	4,246	4,147	5,233
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	778	955	419	1,228	1,401	1,795	2,057	2,459	4,202	4,169	2,419	4,246	4,147	5,233
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	778	955	419	1,228	1,401	1,795	2,057	2,459	4,202	4,169	2,419	4,246	4,147	5,233
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	778	955	419	1,228	1,401	1,795	2,057	2,459	4,202	4,169	2,419	4,246	4,147	5,233
EBIT	899	1,091	1,268	1,509	1,586	2,259	2,503	2,790	3,428	4,324	4,044	4,944	5,763	6,396
EBITDA	1,281	1,544	1,784	2,117	2,310	3,064	3,279	3,702	4,617	5,589	5,361	6,016	6,795	7,359
EBITDA Margin (%)	22.62	22.95	22.23	22.89	21.31	23.4	21.22	20.83	21.52	22.03	19.48	20.21	21.37	22.18
EBITA	899	1,091	1,268	1,509	1,586	2,259	2,503	2,790	3,428	4,324	4,044	4,944	5,763	6,396
Gross Margin (%)	66.74	65.26	64.91	63.03	59.1	58.53	55.63	54.03	54.9	55.17	50.05	46.03	46.1	46.62
Operating Margin (%)	15.88	16.22	15.8	16.32	14.63	17.25	16.2	15.7	15.98	17.04	14.7	16.61	18.12	19.28
Profit Margin (%)	13.74	14.2	5.22	13.28	12.92	13.71	13.31	13.84	19.59	16.43	8.79	14.26	13.04	15.78
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.14
Depreciation Expense	382	453	516	608	724	805	776	912	1,189	1,265	1,317	1,072	1,032	963
Basic Weighted Avg Shares	1,171	1,171	1,218	1,222	1,210	1,203	1,184	1,174	1,173	1,174	1,154	1,103	1,029	959
Basic EPS, GAAP	0.66	0.82	0.34	1	1.16	1.49	1.74	2.09	3.58	3.55	2.1	3.85	4.03	5.46
Basic EPS from Cont Ops	0.66	0.82	0.34	1	1.16	1.49	1.74	2.09	3.58	3.55	2.1	3.85	4.03	5.46
Diluted Weighted Avg Shares	1,188	1,188	1,224	1,229	1,218	1,221	1,203	1,188	1,187	1,186	1,158	1,107	1,039	968
Diluted EPS, GAAP	0.65	0.8	0.34	1	1.15	1.47	1.71	2.07	3.54	3.52	2.09	3.84	3.99	5.41
Diluted EPS from Cont Ops	0.65	0.8	0.34	1	1.15	1.47	1.71	2.07	3.54	3.52	2.09	3.84	3.99	5.41

Balance Sheet (USD)

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	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	- -	14,620	17,565	20,648	25,733	32,645	32,963	38,495	50,995	52,574	57,424	62,569	58,206	59,759
+ Cash, Cash Equivalents & STI	- -	1,925	2,230	3,411	4,975	5,695	9,109	10,761	13,083	9,391	10,851	14,057	10,923	10,422
+ Cash & Cash Equivalents	- -	1,604	2,201	1,393	1,590	2,883	7,575	7,349	4,794	5,197	7,776	9,081	6,662	8,049
+ ST Investments	- -	321	29	2,018	3,385	2,812	1,534	3,412	8,289	4,194	3,075	4,976	4,261	2,373
+ Accounts & Notes Receiv	- -	12,428	14,957	16,582	19,925	26,237	22,907	26,934	36,764	41,787	44,658	46,000	45,618	47,510
+ Accounts Receivable, Net	- -	9,329	10,677	12,398	14,577	18,525	20,375	22,962	33,995	36,941	37,227	40,004	38,655	39,038
+ Notes Receivable, Net	- -	310	694	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	2,789	3,586	4,184	5,348	7,712	2,532	3,972	2,769	4,846	7,431	5,996	6,963	8,472
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	- -	267	378	655	833	713	947	800	1,148	1,396	1,915	2,512	1,665	1,827
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	- -	4,540	4,352	8,233	7,370	8,129	10,369	12,838	19,384	23,229	21,200	19,597	20,519	20,414
+ Property, Plant & Equip, Net	- -	858	922	1,344	1,482	1,528	1,724	1,693	1,807	1,909	1,730	1,488	1,508	1,700
+ Property, Plant & Equip	- -	2,403	2,862	3,849	4,500	5,158	5,907	6,416	7,009	7,590	8,112	8,436	8,991	9,814
- Accumulated Depreciation	- -	1,545	1,940	2,505	3,018	3,630	4,183	4,723	5,202	5,681	6,382	6,948	7,483	8,114
+ LT Investments & Receivables	- -	196	31	2,348	1,539	1,961	971	2,863	6,089	6,797	5,018	3,273	4,583	4,330
+ LT Investments	- -	196	31	2,348	1,539	1,961	971	2,863	6,089	6,797	5,018	3,273	4,583	4,330
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	- -	3,486	3,399	4,541	4,349	4,640	7,674	8,282	11,488	14,523	14,452	14,836	14,428	14,384
+ Total Intangible Assets	- -	3,445	3,345	4,427	4,270	4,507	7,109	6,990	10,183	12,786	11,997	11,563	11,163	11,072
+ Goodwill	- -	3,187	3,189	4,069	4,059	4,339	6,284	6,212	9,135	11,454	11,209	11,026	10,837	10,864
+ Other Intangible Assets	- -	258	156	358	211	168	825	778	1,048	1,332	788	537	326	208
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	- -	41	54	114	79	133	565	1,292	1,305	1,737	2,455	3,273	3,265	3,312
Total Assets	- -	19,160	21,917	28,881	33,103	40,774	43,332	51,333	70,379	75,803	78,624	82,166	78,725	80,173
+ Payables & Accruals	- -	10,158	12,190	13,617	16,878	21,863	23,906	26,919	38,447	43,029	45,008	48,466	45,490	46,443
+ Accounts Payable	- -	9,350	10,727	12,406	15,355	19,999	21,843	24,759	35,670	39,038	40,140	42,074	39,898	40,438
+ Accrued Taxes	- -	37	29	32	64	83	61	73	129	236	813	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	771	1,434	1,179	1,459	1,781	2,002	2,087	2,648	3,755	4,055	6,392	5,592	6,005
+ ST Debt	- -	1,103	1,093	- -	- -	1,000	1,998	- -	- -	999	- -	- -	- -	- -
+ ST Borrowings	- -	1,103	1,093	- -	- -	1,000	1,998	- -	- -	999	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	-999	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	-999	- -	- -	- -	- -
Total Current Liabilities	- -	11,261	13,283	13,617	16,878	22,863	25,904	26,919	38,447	43,029	45,008	48,466	45,490	46,443
+ LT Debt	- -	509	386	- -	- -	- -	- -	4,965	8,939	8,049	10,417	9,676	9,879	9,987
+ LT Borrowings	- -	509	386	- -	- -	- -	- -	4,965	8,939	8,049	10,417	9,676	9,879	9,987
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Liabilities	- -	- -	- -	1,505	1,513	1,917	2,042	2,520	2,930	2,998	2,925	2,973	2,939	3,487
+ Accrued Liabilities	- -	- -	386	1,505	1,513	1,917	2,042	2,520	2,930	2,998	2,925	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	- -	- -	-386	- -	- -	- -	- -	- -	- -	- -	- -	2,973	2,939	3,487
Total Noncurrent Liabilities	- -	509	386	1,505	1,513	1,917	2,042	7,485	11,869	11,047	13,342	12,649	12,818	13,474
Total Liabilities	- -	11,770	13,669	15,122	18,391	24,780	27,946	34,404	50,316	54,076	58,350	61,115	58,308	59,917
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	- -	- -	- -	13,100	13,579	14,314	14,939	15,588	16,644	17,208	18,327	19,642	20,705	21,582
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	- -	- -	- -	13,100	13,579	14,314	14,939	15,588	16,644	17,208	18,327	19,642	20,705	21,582
- Treasury Stock	- -	- -	- -	- -	995	2,001	5,511	6,872	8,507	11,880	16,079	21,045	27,085	33,138
+ Retained Earnings	- -	- -	- -	668	2,069	3,823	5,880	8,342	12,366	16,535	18,954	23,200	27,347	32,470
+ Other Equity	- -	-61	110	-9	59	-142	78	-173	-484	-136	-928	-746	-550	-658
Equity Before Minority Interest	- -	7,390	8,248	13,759	14,712	15,994	15,386	16,885	20,019	21,727	20,274	21,051	20,417	20,256
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	44	44	- -	- -	- -	- -	- -
Total Equity	- -	7,390	8,248	13,759	14,712	15,994	15,386	16,929	20,063	21,727	20,274	21,051	20,417	20,256
Total Liabilities & Equity	- -	19,160	21,917	28,881	33,103	40,774	43,332	51,333	70,379	75,803	78,624	82,166	78,725	80,173
Shares Outstanding	- -	1,220	1,221	1,224	1,207	1,200	1,174	1,173	1,172	1,168	1,136	1,072	993	920
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt	- -	8	-722	-1,393	-1,590	-1,883	-5,577	-2,384	4,145	3,851	2,641	595	3,217	1,938
Net Debt to Equity	- -	0.11	-8.75	-10.12	-10.81	-11.77	-36.25	-14.08	20.66	17.72	13.03	2.83	15.76	9.57
Tangible Common Equity Ratio	- -	25.1	26.4	38.16	36.22	31.67	22.85	22.41	16.41	14.19	12.42	13.44	13.7	13.29
Current Ratio	- -	1.3	1.32	1.52	1.52	1.43	1.27	1.43	1.33	1.22	1.28	1.29	1.28	1.29
Cash Conversion Cycle	- -	-477.07	-846.19	-779.44	-688.56	-726.87	-654.49	-595.96	-655.37	-688.35	-559.41	-460.41	-421.39	-400.56

Cash Flow Statement (USD)

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	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	778	955	419	1,228	1,401	1,795	2,057	2,459	4,202	4,169	2,419	4,246	4,147	5,233
+ Depreciation & Amortization	382	453	516	608	724	805	776	912	1,189	1,265	1,317	1,072	1,032	963
+ Non-Cash Items	559	731	1,584	1,216	1,514	512	2,028	1,775	1,415	2,008	2,531	839	2,829	1,284
+ Stock-Based Compensation	205	253	299	346	438	733	853	1,021	1,376	1,376	1,261	1,475	1,230	1,002
+ Deferred Income Taxes	46	52	680	127	52	-1,299	-171	-269	165	-482	-811	-668	231	217
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	308	426	605	743	1,024	1,078	1,346	1,023	-126	1,114	2,081	32	1,368	65
+ Chg in Non-Cash Work Cap	-154	-146	-299	-506	-481	-581	619	-1,075	-587	-1,645	-454	-1,314	-558	-1,064
+ (Inc) Dec in Accts Receiv	-97	80	-37	113	-53	-1,296	1,348	-116	-100	-222	-163	-114	85	144
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	106	71	77	-165	80	81	-18	-36	-234	-31	-35	7	83	4
+ Inc (Dec) in Other	-163	-297	-339	-454	-508	634	-711	-923	-253	-1,392	-256	-1,207	-726	-1,212
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	1,565	1,993	2,220	2,546	3,158	2,531	5,480	4,071	6,219	5,797	5,813	4,843	7,450	6,416
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	26	- -	- -	3	17	120	5	5	45	1	3
+ Disp of Fixed Prod Assets	- -	- -	- -	26	- -	- -	3	17	120	5	5	45	1	3
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-511	-391	-492	-722	-669	-667	-823	-704	-866	-908	-706	-623	-683	-852
+ Acq of Fixed Prod Assets	-511	-391	-492	-722	-669	-667	-823	-704	-866	-908	-706	-623	-683	-852
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	- -	- -	- -	75	-886	-862	-3,376	-1,273	-1,498	-3,211	-4,056	-4,875	-5,952	-5,935
+ Increase in Capital Stock	- -	- -	- -	75	109	144	144	138	137	162	143	127	95	117
+ Decrease in Capital Stock	- -	- -	- -	- -	-995	-1,006	-3,520	-1,411	-1,635	-3,373	-4,199	-5,002	-6,047	-6,052
+ Net Change in LT Investment	-85	-290	-978	-5,478	-2,612	-970	-483	-3,003	-10,605	-418	3,192	2,315	666	2,621
+ Dec in LT Investment	180	320	7,766	16,148	18,429	18,448	21,898	24,878	30,908	39,698	23,411	24,295	27,299	23,221
+ Inc in LT Investment	-265	-610	-8,744	-21,626	-21,041	-19,418	-22,381	-27,881	-41,513	-40,116	-20,219	-21,980	-26,633	-20,600
+ Net Cash From Acq & Div	-22	-731	-2	-1,225	-19	-323	-2,124	-70	-3,609	-2,763	- -	466	- -	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	466	- -	- -
+ Cash for Acq of Subs	-22	-731	-2	-1,225	-19	-323	-2,124	-70	-3,609	-2,763	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-908	-309	-1,409	-639	-2,604	-2,525	4,248	-1,982	-1,585	-1,065	-5,819	-1,451	1,705	-975
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-1,526	-1,721	-2,881	-8,038	-5,904	-4,485	821	-5,742	-16,545	-5,149	-3,328	752	1,689	797
+ Dividends Paid	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-130
+ Net Cash From Debt	- -	-133	-21	-862	-21	820	960	2,955	3,966	-89	1,789	475	-115	482
+ Cash From Debt	- -	- -	- -	- -	- -	1,800	2,075	5,471	6,966	272	3,475	1,528	2,202	5,586
+ Repayments of Debt	- -	-133	-21	-862	-21	-980	-1,115	-2,516	-3,000	-361	-1,686	-1,053	-2,317	-5,104
+ Other Financing Activities	-210	48	1,305	5,515	2,945	4,126	1,176	2,505	9,986	2,743	1,064	1,407	-2,209	-375
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-210	-85	1,284	4,728	2,038	4,084	-1,240	4,187	12,454	-557	-1,203	-2,993	-8,276	-5,958
Effect of Foreign Exchange Rates	-1	3	-26	-44	- -	36	-113	-6	169	-102	-155	76	-207	273
Net Changes in Cash	-171	187	623	-764	-708	2,130	5,061	2,516	2,128	91	1,282	2,602	863	1,255
EBITDA	1,281	1,544	1,784	2,117	2,310	3,064	3,279	3,702	4,617	5,589	5,361	6,016	6,795	7,359
EBITDA Margin (%)	22.62	22.95	22.23	22.89	21.31	23.4	21.22	20.83	21.52	22.03	19.48	20.21	21.37	22.18
Free Cash Flow	1,054	1,602	1,728	1,824	2,489	1,864	4,657	3,367	5,353	4,889	5,107	4,220	6,767	5,564
Net Cash Paid for Acquisitions	22	731	2	1,225	19	323	2,124	70	3,609	2,763	- -	-466	- -	- -
Free Cash Flow to Firm	1,054	1,602	1,728	1,824	2,492	1,870	4,724	3,461	5,526	- -	5,325	4,492	7,064	5,931
Free Cash Flow to Equity	- -	1,469	1,707	988	2,468	2,684	5,620	6,339	9,439	4,805	6,901	4,740	6,653	6,049
Free Cash Flow per Basic Share	0.9	1.37	1.42	1.49	2.06	1.55	3.93	2.87	4.56	4.16	4.43	3.83	6.58	5.8
Price/Free Cash Flow	- -	- -	- -	13.61	12.56	28.11	16.05	26.91	39.24	33.36	12.65	12.44	10.9	7.78
Cash Flow to Net Income	2.01	2.09	5.3	2.07	2.25	1.41	2.66	1.66	1.48	1.39	2.4	1.14	1.8	1.23
Capital Expenditures	-511	-391	-492	-722	-669	-667	-823	-704	-866	-908	-706	-623	-683	-852