Warner Music Group Corp.

WMG

WMGWarner Music Group Corp. US flag

NASDAQ Global Select

29.42

USD

-1.38

- -

15.35BMarket 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	- -	2,780	2,871	3,027	2,966	3,246	3,576	4,005	4,475	4,463	5,301	5,919	6,037	6,426	6,707
+ Sales & Services Revenue	- -	2,780	2,871	3,027	2,966	3,246	3,576	4,005	4,475	4,463	5,301	5,919	6,037	6,426	6,707
- Cost of Revenue	- -	1,455	1,492	1,570	1,511	1,707	1,931	2,171	2,401	2,333	2,742	3,080	3,177	3,355	3,632
+ Cost of Goods & Services	- -	1,455	1,492	1,570	1,511	1,707	1,931	2,171	2,401	2,333	2,742	3,080	3,177	3,355	3,632
Gross Profit	- -	1,325	1,379	1,457	1,455	1,539	1,645	1,834	2,074	2,130	2,559	2,839	2,860	3,071	3,075
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	- -	1,216	1,304	1,438	1,328	1,325	1,423	1,617	1,718	2,359	1,950	2,125	2,071	2,103	2,147
+ Selling, General & Admin	- -	1,023	1,097	1,172	1,073	1,082	1,222	1,411	1,510	2,169	1,721	1,786	1,739	1,776	1,771
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	- -	193	207	266	255	243	201	206	208	190	229	339	332	327	376
Operating Income (Loss)	- -	109	75	19	127	214	222	217	356	-229	609	714	789	968	928
- Non-Operating (Income) Loss	- -	217	300	348	202	173	224	-225	89	218	153	-26	180	367	438
+ Interest Expense, Net	- -	225	203	203	181	173	149	138	142	127	122	125	141	161	162
+ Interest Expense	- -	225	203	203	181	173	149	138	142	127	122	125	141	161	162
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	- -	-8	97	145	21	- -	75	-363	-53	91	31	-151	39	206	276
Pretax Income	- -	-108	-225	-329	-75	41	-2	442	267	-447	456	740	609	601	490
- Income Tax Expense (Benefit)	- -	1	-31	-26	13	11	-151	130	9	23	149	185	170	123	120
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	- -	-109	-194	-303	-88	30	149	312	258	-470	307	555	439	478	370
- Net Extraordinary Losses (Gains)	- -	6	8	10	6	10	12	10	4	10	6	8	18	86	10
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	6	8	10	6	10	12	10	4	10	6	8	18	86	10
Income (Loss) Incl. MI	- -	-115	-202	-313	-94	20	137	302	254	-480	301	547	421	392	360
- Minority Interest	- -	-3	-4	-5	-3	-5	-6	-5	-2	-5	-3	-4	-9	-43	-5
Net Income, GAAP	- -	-112	-198	-308	-91	25	143	307	256	-475	304	551	430	435	365
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	- -	-112	-198	-308	-91	25	143	307	256	-475	304	551	430	435	365
EBIT	- -	109	75	19	127	214	222	217	356	-229	609	714	789	968	928
EBITDA	- -	353	333	340	436	507	473	478	625	32	915	1,053	1,121	1,295	1,304
EBITDA Margin (%)	- -	12.7	11.6	11.23	14.7	15.62	13.23	11.94	13.97	0.72	17.26	17.79	18.57	20.15	19.44
EBITA	- -	109	75	19	127	214	222	217	356	-229	609	714	789	968	928
Gross Margin (%)	- -	47.66	48.03	48.13	49.06	47.41	46	45.79	46.35	47.73	48.27	47.96	47.37	47.79	45.85
Operating Margin (%)	- -	3.92	2.61	0.63	4.28	6.59	6.21	5.42	7.96	-5.13	11.49	12.06	13.07	15.06	13.84
Profit Margin (%)	- -	-4.03	-6.9	-10.18	-3.07	0.77	4	7.67	5.72	-10.64	5.73	9.31	7.12	6.77	5.44
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	0.17	1.84	0.19	0.69	0.51	0.61	0.65	0.7	0.72
Depreciation Expense	- -	244	258	321	309	293	251	261	269	261	306	339	332	327	376
Basic Weighted Avg Shares	- -	502	502	502	502	502	502	502	502	500	524	520	524	518	529
Basic EPS, GAAP	- -	-0.22	-0.39	-0.61	-0.18	0.05	0.28	0.61	0.51	-0.95	0.58	1.06	0.82	0.84	0.69
Basic EPS from Cont Ops	- -	-0.22	-0.39	-0.6	-0.18	0.06	0.3	0.62	0.51	-0.94	0.59	1.07	0.84	0.92	0.7
Diluted Weighted Avg Shares	- -	502	502	502	502	502	502	502	502	500	524	520	524	518	529
Diluted EPS, GAAP	- -	-0.22	-0.39	-0.61	-0.18	0.05	0.28	0.61	0.51	-0.95	0.58	1.06	0.82	0.84	0.69
Diluted EPS from Cont Ops	- -	-0.22	-0.39	-0.6	-0.18	0.06	0.3	0.62	0.51	-0.94	0.59	1.07	0.84	0.92	0.7

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	802	939	894	782	827	908	1,275	1,176	1,691	1,678	1,896	2,139	2,402	2,643	2,770
+ Cash, Cash Equivalents & STI	154	302	155	157	246	359	647	514	619	553	499	584	641	694	532
+ Cash & Cash Equivalents	154	302	155	157	246	359	647	514	619	553	499	584	641	694	532
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	385	398	511	383	349	329	404	447	775	771	839	984	1,120	1,255	1,340
+ Accounts Receivable, Net	385	398	511	383	349	329	404	447	775	771	839	984	1,120	1,255	1,340
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	29	28	33	39	42	41	39	42	74	79	99	108	126	99	62
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	29	28	33	39	42	41	39	42	74	79	99	108	126	99	62
+ Other ST Assets	234	211	195	203	190	179	185	173	223	275	459	463	515	595	836
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	4,578	4,339	5,358	5,172	4,794	4,427	4,443	4,168	4,326	4,732	5,315	5,689	6,143	6,512	7,059
+ Property, Plant & Equip, Net	182	152	180	227	220	203	213	229	300	604	632	641	703	706	630
+ Property, Plant & Equip	191	212	288	371	357	369	423	486	607	959	1,051	1,102	1,226	1,321	1,331
- Accumulated Depreciation	9	60	108	144	137	166	210	257	307	355	419	461	523	615	701
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	4,396	4,187	5,178	4,945	4,574	4,224	4,230	3,939	4,026	4,128	4,683	5,048	5,440	5,806	6,429
+ Total Intangible Assets	4,152	3,981	4,895	4,665	4,265	3,944	3,892	3,697	3,635	3,638	4,001	4,304	4,495	4,532	4,940
+ Goodwill	1,372	1,380	1,668	1,661	1,632	1,627	1,685	1,692	1,761	1,831	1,830	1,920	1,993	2,021	2,061
+ Other Intangible Assets	2,780	2,601	3,227	3,004	2,633	2,317	2,207	2,005	1,874	1,807	2,171	2,384	2,502	2,511	2,879
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	244	206	283	280	309	280	338	242	391	490	682	744	945	1,274	1,489
Total Assets	5,380	5,278	6,252	5,954	5,621	5,335	5,718	5,344	6,017	6,410	7,211	7,828	8,545	9,155	9,829
+ Payables & Accruals	1,411	1,495	1,810	1,650	1,614	1,643	1,877	2,131	2,353	2,304	2,657	2,660	3,070	3,496	3,694
+ Accounts Payable	165	156	280	215	173	204	208	281	260	264	302	268	300	289	257
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	1,246	1,339	1,530	1,435	1,441	1,439	1,669	1,850	2,093	2,040	2,355	2,392	2,770	3,207	3,437
+ ST Debt	- -	- -	13	13	13	- -	- -	- -	- -	39	43	40	41	45	43
+ ST Borrowings	- -	- -	13	13	13	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	39	43	40	41	45	43
+ Other ST Liabilities	111	111	164	222	230	199	223	242	466	377	450	668	428	356	464
+ Deferred Revenue	101	101	139	219	206	178	197	208	180	297	348	423	371	246	335
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	10	10	25	3	24	21	26	34	286	80	102	245	57	110	129
Total Current Liabilities	1,522	1,606	1,987	1,885	1,857	1,842	2,100	2,373	2,819	2,720	3,150	3,368	3,539	3,897	4,201
+ LT Debt	2,217	2,206	2,854	3,017	2,981	2,778	2,811	2,819	2,974	3,403	3,633	3,973	4,219	4,242	4,565
+ LT Borrowings	2,217	2,206	2,854	3,017	2,981	2,778	2,811	2,819	2,974	3,104	3,346	3,732	3,964	4,014	4,365
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	299	287	241	255	228	200
+ Other LT Liabilities	559	522	668	662	544	505	499	472	493	332	382	319	357	341	306
+ Accrued Liabilities	411	375	439	383	302	269	190	165	172	163	207	220	216	195	164
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	148	147	229	279	242	236	309	307	321	169	175	99	141	146	142
Total Noncurrent Liabilities	2,776	2,728	3,522	3,679	3,525	3,283	3,310	3,291	3,467	3,735	4,015	4,292	4,576	4,583	4,871
Total Liabilities	4,298	4,334	5,509	5,564	5,382	5,125	5,410	5,664	6,286	6,455	7,165	7,660	8,115	8,480	9,072
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	1,129	1,129	1,128	1,128	1,128	1,128	1,128	1,128	1,128	1,908	1,943	1,976	2,016	2,078	2,167
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	1	1	1	1	1	1	1
+ Additional Paid in Capital	1,129	1,129	1,128	1,128	1,128	1,128	1,128	1,128	1,127	1,907	1,942	1,975	2,015	2,077	2,166
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	-31	-143	-341	-649	-740	-715	-654	-1,272	-1,177	-1,749	-1,710	-1,477	-1,387	-1,313	-1,331
+ Other Equity	-33	-59	-61	-108	-167	-218	-181	-190	-240	-222	-202	-347	-322	-247	-189
Equity Before Minority Interest	1,065	927	726	371	221	195	293	-334	-289	-63	31	152	307	518	647
+ Minority/Non Controlling Interest	17	17	17	19	18	15	15	14	20	18	15	16	123	157	110
Total Equity	1,082	944	743	390	239	210	308	-320	-269	-45	46	168	430	675	757
Total Liabilities & Equity	5,380	5,278	6,252	5,954	5,621	5,335	5,718	5,344	6,017	6,410	7,211	7,828	8,545	9,155	9,829
Shares Outstanding	157	157	157	157	157	157	157	157	510	510	514	515	516	518	522
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	338	330	281	296	273	243
Net Debt	2,063	1,904	2,712	2,873	2,748	2,419	2,164	2,305	2,355	2,551	2,847	3,148	3,323	3,320	3,833
Net Debt to Equity	190.67	201.69	365.01	736.67	1,149.79	1,151.9	702.6	-720.31	-875.46	-5,668.89	6,189.13	1,873.81	772.79	491.85	506.34
Tangible Common Equity Ratio	-250	-234.16	-305.97	-331.65	-296.9	-268.44	-196.28	-243.9	-163.9	-132.86	-123.21	-117.37	-100.37	-83.43	-85.56
Current Ratio	0.53	0.58	0.45	0.41	0.45	0.49	0.61	0.5	0.6	0.62	0.6	0.64	0.68	0.68	0.66
Cash Conversion Cycle	- -	18.26	12.09	4.95	8.05	6.66	5.99	4.54	18.07	34.28	29.88	34.8	44.6	47.39	50.98

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	- -	-109	-194	-303	-88	30	149	312	258	-470	307	555	439	478	370
+ Depreciation & Amortization	- -	244	258	321	309	293	251	261	269	261	306	339	332	327	376
+ Non-Cash Items	- -	-29	40	66	31	-7	-38	-227	-53	642	106	-65	35	97	153
+ Stock-Based Compensation	- -	- -	19	8	3	23	70	62	50	608	45	39	49	52	54
+ Deferred Income Taxes	- -	-26	-73	-55	-11	-26	-192	66	-68	-57	27	13	-13	-48	-90
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	57	139
+ Other Non-Cash Adj	- -	-3	94	113	39	-4	84	-355	-35	91	34	-117	-1	36	50
+ Chg in Non-Cash Work Cap	- -	103	55	46	-30	26	173	79	-74	30	-81	-87	-119	-148	-221
+ (Inc) Dec in Accts Receiv	- -	-16	-15	72	6	17	-60	-43	-90	18	-58	-195	-113	-110	-61
+ (Inc) Dec in Inventories	- -	1	-5	-7	-6	- -	1	-3	3	-2	-19	-22	-12	30	-11
+ (Inc) Dec in Prepaid Assets	- -	47	-1	-32	-46	-13	17	31	-110	-108	-332	-94	-191	-222	-312
+ Inc (Dec) in Accts Payable	- -	100	65	-77	8	52	187	94	136	- -	292	140	334	355	146
+ Inc (Dec) in Other	- -	-29	11	90	8	-30	28	- -	-13	122	36	84	-137	-201	17
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	- -	209	159	130	222	342	535	425	400	463	638	742	687	754	678
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	12	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	12	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	- -	-32	-37	-26	-16	-25	-16	-14	-41	-40	-481	-191	-114	-187	-195
+ Acq of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Intangible Assets	- -	-32	-37	-26	-16	-25	-16	-14	-41	-40	-481	-191	-114	-187	-195
+ Cash (Repurchase) of Equity	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-16
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-16
+ Net Change in LT Investment	- -	-6	-737	-53	-16	17	-66	493	-231	-94	-64	-498	-104	-27	-6
+ Dec in LT Investment	- -	- -	- -	- -	- -	45	73	516	- -	- -	- -	11	22	13	40
+ Inc in LT Investment	- -	-6	-737	-53	-16	-28	-139	-23	-231	-94	-64	-509	-126	-40	-46
+ Net Cash From Acq & Div	- -	-8	-737	-79	- -	-8	-66	-23	-231	-94	-64	- -	45	19	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	45	73	- -	- -	- -	- -	- -	45	19	- -
+ Cash for Acq of Subs	- -	-8	-737	-79	- -	-53	-139	-23	-231	-94	-64	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	- -	-24	703	3	-63	8	22	-51	127	9	-29	-135	-127	-116	-139
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	- -	-58	-808	-155	-95	-8	-126	405	-376	-219	-638	-824	-300	-311	-340
+ Dividends Paid	- -	- -	- -	- -	- -	- -	-84	-925	-94	-344	-265	-318	-340	-361	-383
+ Net Cash From Debt	- -	- -	706	157	-16	-197	1	10	197	75	244	535	164	- -	-1
+ Cash From Debt	- -	- -	2,275	1,535	258	300	652	645	514	1,450	1,093	535	165	104	- -
+ Repayments of Debt	- -	- -	-1,569	-1,378	-274	-497	-651	-635	-317	-1,375	-849	- -	-1	-104	-1
+ Other Financing Activities	- -	-3	-195	-120	-3	-19	-45	-40	-15	-47	-40	-29	-149	-35	-97
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	- -	-3	511	37	-19	-216	-128	-955	88	-316	-61	188	-325	-396	-497
Effect of Foreign Exchange Rates	- -	- -	-9	-10	-19	-5	7	-8	-7	6	7	-21	-5	6	- -
Net Changes in Cash	- -	148	-138	12	108	118	281	-125	112	-72	-61	106	62	47	-159
EBITDA	- -	353	333	340	436	507	473	478	625	32	915	1,053	1,121	1,295	1,304
EBITDA Margin (%)	- -	12.7	11.6	11.23	14.7	15.62	13.23	11.94	13.97	0.72	17.26	17.79	18.57	20.15	19.44
Free Cash Flow	- -	177	122	104	206	317	519	411	359	423	157	551	573	567	483
Net Cash Paid for Acquisitions	- -	8	737	79	- -	8	66	23	231	94	64	- -	-45	-19	- -
Free Cash Flow to Firm	- -	- -	- -	- -	- -	444	- -	508	496	- -	239	645	675	695	605
Free Cash Flow to Equity	- -	221	865	287	206	145	536	435	597	538	882	1,277	851	754	677
Free Cash Flow per Basic Share	- -	0.35	0.24	0.21	0.41	0.63	1.03	0.82	0.72	0.85	0.3	1.06	1.09	1.1	0.91
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	28.57	20.02	12.93	20.56	17.21	20.64
Cash Flow to Net Income	- -	-1.87	-0.8	-0.42	-2.44	13.68	3.74	1.38	1.56	-0.97	2.1	1.35	1.6	1.73	1.86
Capital Expenditures	- -	-32	-37	-26	-16	-25	-16	-14	-41	-40	-481	-191	-114	-187	-195