AvalonBay Communities, Inc.

AVB

AVBAvalonBay Communities, Inc. US flag

New York Stock Exchange

182.24

USD

+2.35

- -

25.85BMarket Cap

Income Statement (USD)

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

Sales/Revenue/Turnover	900	1,001	1,463	1,685	1,856	2,045	2,159	2,285	2,325	2,301	2,295	2,593	2,768	2,914	3,041
+ Sales & Services Revenue	900	1,001	1,463	1,685	1,856	2,045	2,159	2,285	2,325	2,301	2,295	2,593	2,768	2,914	3,041
- Cost of Revenue	336	357	511	589	642	683	722	767	768	823	854	919	988	1,073	1,121
+ Cost of Goods & Services	336	357	511	589	642	683	722	767	768	823	854	919	988	1,073	1,121
Gross Profit	564	644	952	1,096	1,214	1,362	1,436	1,518	1,557	1,478	1,441	1,674	1,780	1,840	1,920
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	256	278	600	484	521	577	638	692	720	768	828	889	893	925	1,000
+ Selling, General & Admin	29	34	40	41	43	46	54	60	58	60	70	74	77	78	87
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	12	3	17	- -	- -	- -
+ Other Operating Expense	227	244	560	443	478	531	584	631	662	695	755	798	817	847	913
Operating Income (Loss)	308	366	352	612	693	785	798	826	837	710	613	785	886	916	920
- Non-Operating (Income) Loss	168	116	294	-57	-50	-249	-78	-148	38	-114	-397	-366	-52	-167	-136
+ Interest Expense, Net	168	137	172	181	176	188	200	221	204	214	220	230	201	208	232
+ Interest Expense	168	137	172	181	176	188	200	221	204	214	220	230	206	227	259
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	5	18	27
+ Other Non-Op (Income) Loss	- -	-21	122	-237	-226	-437	-278	-369	-166	-328	-618	-596	-253	-375	-367
Pretax Income	140	250	58	669	743	1,034	877	974	799	824	1,010	1,151	939	1,083	1,055
- Income Tax Expense (Benefit)	- -	- -	- -	9	1	- -	- -	- -	13	-3	6	15	10	- -	-1
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	140	250	58	659	742	1,034	877	974	786	828	1,004	1,136	928	1,082	1,057
- Net Extraordinary Losses (Gains)	-302	-174	-296	-11	-1	-1	-1	-1	- -	- -	- -	-1	-1	- -	11
+ Discontinued Operations	301	173	295	38	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	-603	-347	-591	-49	-1	-1	-1	-1	- -	- -	- -	-1	-1	- -	11
Income (Loss) Incl. MI	442	424	354	670	742	1,034	877	975	786	828	1,004	1,137	929	1,082	1,046
- Minority Interest	- -	- -	- -	-14	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-5
Net Income, GAAP	442	424	353	684	742	1,034	877	975	786	828	1,004	1,137	929	1,082	1,051
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	442	424	353	684	742	1,034	877	975	786	828	1,004	1,137	929	1,082	1,051
EBIT	308	366	352	612	693	785	798	826	837	710	613	785	886	916	920
EBITDA	535	610	912	1,054	1,171	1,316	1,383	1,458	1,498	1,418	1,371	1,600	1,703	1,763	1,833
EBITDA Margin (%)	59.43	60.92	62.36	62.57	63.09	64.35	64.05	63.8	64.46	61.61	59.76	61.7	61.54	60.49	60.29
EBITA	308	366	352	612	693	785	798	826	837	710	613	785	886	916	920
Gross Margin (%)	62.69	64.33	65.07	65.03	65.4	66.59	66.54	66.45	66.96	64.23	62.79	64.56	64.3	63.16	63.14
Operating Margin (%)	34.24	36.57	24.07	36.3	37.34	38.37	36.99	36.17	36	30.87	26.7	30.28	32.02	31.43	30.25
Profit Margin (%)	49.06	42.36	24.14	40.57	39.98	50.56	40.62	42.66	33.81	35.96	43.76	43.83	33.56	37.13	34.57
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	3.54	3.76	4.15	4.54	4.9	5.3	5.61	5.83	6.03	6.29	6.36	6.36	6.52	6.76	6.99
Depreciation Expense	227	244	560	443	478	531	584	631	662	707	759	815	817	847	913
Basic Weighted Avg Shares	90	97	127	131	134	137	138	138	139	140	140	140	142	142	142
Basic EPS, GAAP	4.91	4.35	2.78	5.22	5.54	7.53	6.36	7.05	5.64	5.89	7.19	8.13	6.56	7.61	7.4
Basic EPS from Cont Ops	1.56	2.57	0.46	5.04	5.54	7.53	6.36	7.05	5.64	5.89	7.19	8.12	6.56	7.61	7.44
Diluted Weighted Avg Shares	91	98	127	131	135	137	138	138	140	140	140	140	142	142	143
Diluted EPS, GAAP	4.86	4.32	2.77	5.21	5.51	7.52	6.35	7.05	5.63	5.89	7.19	8.12	6.56	7.6	7.36
Diluted EPS from Cont Ops	1.54	2.55	0.45	5.02	5.51	7.52	6.35	7.04	5.63	5.89	7.19	8.12	6.55	7.6	7.4

Balance Sheet (USD)

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 Current Assets	714	2,808	407	635	535	362	235	250	162	344	578	734	531	267	353
+ Cash, Cash Equivalents & STI	617	2,734	281	509	401	215	67	92	40	217	420	613	398	109	187
+ Cash & Cash Equivalents	617	2,734	281	509	401	215	67	92	40	217	420	613	398	109	187
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ 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	97	75	125	125	135	147	168	158	122	127	157	121	133	158	166
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	7,769	8,352	14,922	15,506	16,396	17,505	18,180	18,131	18,959	18,855	19,324	19,724	20,147	20,734	21,839
+ Property, Plant & Equip, Net	7,425	- -	- -	- -	- -	- -	- -	- -	125	155	147	143	135	155	148
+ Property, Plant & Equip	9,288	- -	- -	- -	- -	- -	- -	- -	125	155	147	143	135	155	148
- Accumulated Depreciation	1,863	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments & Receivables	145	129	368	298	217	175	163	217	166	203	216	212	220	227	193
+ LT Investments	145	129	368	298	217	175	163	217	166	203	216	212	220	227	193
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	199	8,222	14,554	15,208	16,179	17,330	18,017	17,913	18,668	18,497	18,961	19,368	19,792	20,352	21,498
+ Total Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Goodwill	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	199	8,222	14,554	15,208	16,179	17,330	18,017	17,913	18,668	18,497	18,961	19,368	19,792	20,352	21,498
Total Assets	8,482	11,160	15,328	16,141	16,931	17,867	18,415	18,380	19,121	19,199	19,902	20,458	20,678	21,001	22,192
+ Payables & Accruals	402	414	516	541	570	599	633	646	629	642	635	659	695	746	803
+ Accounts Payable	37	53	95	102	99	101	85	97	92	94	64	73	88	86	92
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	365	361	422	439	471	498	547	549	537	549	572	586	607	660	711
+ ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	740
+ ST Borrowings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	740
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	37	10	16	2	1	1	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	37	10	16	2	1	1	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Current Liabilities	438	424	532	543	571	600	633	646	629	643	636	659	695	746	1,543
+ LT Debt	3,599	3,851	6,134	6,490	6,457	7,031	7,329	7,040	7,437	7,746	8,270	8,479	8,135	8,251	8,754
+ LT Borrowings	3,599	3,851	6,134	6,490	6,457	7,031	7,329	7,040	7,296	7,564	8,104	8,316	7,982	8,077	8,589
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	140	181	166	163	153	173	165
+ Other LT Liabilities	36	37	45	49	53	57	58	58	62	56	60	64	64	63	61
+ Accrued Liabilities	36	37	45	49	53	57	58	58	62	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	56	60	64	64	63	61
Total Noncurrent Liabilities	3,635	3,888	6,179	6,539	6,510	7,088	7,388	7,099	7,499	7,802	8,330	8,542	8,199	8,313	8,815
Total Liabilities	4,073	4,312	6,711	7,081	7,081	7,688	8,021	7,744	8,128	8,444	8,966	9,202	8,893	9,060	10,358
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	4,653	7,088	8,990	9,356	10,070	10,107	10,237	10,308	10,738	10,666	10,718	10,767	11,289	11,316	11,214
+ Common Stock	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
+ Additional Paid in Capital	4,652	7,086	8,989	9,355	10,069	10,106	10,235	10,307	10,737	10,664	10,716	10,765	11,288	11,314	11,212
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	-172	-142	-345	-267	-198	95	189	351	283	126	241	485	478	591	371
+ Other Equity	-87	-108	-49	-43	-31	-31	-37	-26	-32	-40	-26	1	16	34	26
Equity Before Minority Interest	4,395	6,837	8,596	9,046	9,841	10,171	10,388	10,633	10,990	10,752	10,933	11,253	11,783	11,941	11,611
+ Minority/Non Controlling Interest	14	11	21	13	10	8	6	3	4	3	4	3	1	- -	223
Total Equity	4,409	6,848	8,617	9,059	9,851	10,179	10,394	10,636	10,993	10,755	10,936	11,256	11,785	11,941	11,834
Total Liabilities & Equity	8,482	11,160	15,328	16,141	16,931	17,867	18,415	18,380	19,121	19,199	19,902	20,458	20,678	21,001	22,192
Shares Outstanding	95	114	129	132	137	137	138	139	141	140	140	140	142	142	140
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	140	181	166	163	153	173	165
Net Debt	2,982	1,117	5,853	5,980	6,056	6,816	7,262	6,949	7,257	7,347	7,683	7,703	7,584	7,969	9,141
Net Debt to Equity	67.64	16.32	67.92	66.01	61.48	66.96	69.87	65.33	66.01	68.32	70.25	68.43	64.35	66.73	77.24
Tangible Common Equity Ratio	51.98	61.36	56.22	56.13	58.18	56.97	56.44	57.87	57.49	56.02	54.95	55.02	56.99	56.86	53.33
Current Ratio	1.63	6.62	0.76	1.17	0.94	0.6	0.37	0.39	0.26	0.54	0.91	1.11	0.76	0.36	0.23
Cash Conversion Cycle	-38.73	-45.89	-52.69	-60.87	-57.04	-53.37	-47.09	-43.42	-44.93	-41.18	-33.62	-27.11	-29.64	-29.52	-29.02

Cash Flow Statement (USD)

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

+ Net Income	465	440	366	697	742	1,034	877	974	786	828	1,004	1,136	928	1,082	1,057
+ Depreciation & Amortization	227	244	560	443	478	531	584	631	662	707	759	815	817	847	913
+ Non-Cash Items	-260	-153	-179	-257	-187	-419	-240	-325	-115	-290	-570	-539	-203	-328	-313
+ Stock-Based Compensation	7	9	15	14	15	15	18	20	26	22	26	34	27	25	26
+ Deferred Income Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Asset Impairment Charge	14	1	- -	- -	-17	-4	9	1	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	-281	-163	-194	-271	-185	-430	-267	-346	-141	-312	-595	-573	-230	-353	-339
+ Chg in Non-Cash Work Cap	-3	10	-23	4	42	14	36	20	-10	-25	10	10	18	7	14
+ (Inc) Dec in Accts Receiv	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-6	-15	-26
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	-4	8	-5	-3	13	-5	9	13	-19	-29	6	-7	12	-17	-3
+ Inc (Dec) in Accts Payable	9	-5	11	7	29	19	26	8	9	3	4	17	12	38	43
+ Inc (Dec) in Other	-8	7	-29	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	429	541	724	887	1,075	1,160	1,256	1,301	1,322	1,220	1,203	1,422	1,560	1,608	1,671
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	310	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	310	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-638	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	-638	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	1,050	2,430	5	346	690	16	111	52	410	-180	32	20	495	11	-401
+ Increase in Capital Stock	1,050	2,430	5	346	690	16	111	52	410	3	32	20	497	11	87
+ Decrease in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	-184	- -	- -	-2	- -	-488
+ Net Change in LT Investment	12	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	14	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	-2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	-46	254	893	292	276	523	479	-11	-10	-36	-54	-14	-19	-14	-40
+ Cash from Divestitures	- -	274	920	297	282	533	503	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	-46	-20	-27	-6	-7	-10	-24	-11	-10	-36	-54	-14	-19	-14	-40
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-81	-877	-2,074	-1,109	-1,475	-1,555	-1,444	-586	-1,184	-143	-571	-546	-910	-983	-1,352
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-443	-623	-1,181	-817	-1,200	-1,032	-965	-597	-1,194	-179	-624	-560	-929	-997	-1,392
+ Dividends Paid	-318	-366	-526	-594	-656	-727	-773	-806	-840	-884	-888	-890	-923	-962	-992
+ Net Cash From Debt	-390	209	-1,375	420	19	450	272	80	252	262	527	205	-397	89	1,250
+ Cash From Debt	- -	700	835	603	873	1,122	1,904	595	480	1,348	1,099	349	400	399	2,087
+ Repayments of Debt	-390	-491	-2,210	-183	-854	-672	-1,632	-515	-228	-1,085	-572	-143	-797	-310	-836
+ Other Financing Activities	-15	-74	-98	-14	-29	-42	-29	-15	-40	-52	-19	-7	-9	-13	-49
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	326	2,199	-1,995	158	25	-303	-419	-689	-218	-854	-349	-671	-834	-875	-193
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	312	2,117	-2,452	228	-100	-175	-128	16	-90	186	230	190	-203	-264	86
EBITDA	535	610	912	1,054	1,171	1,316	1,383	1,458	1,498	1,418	1,371	1,600	1,703	1,763	1,833
EBITDA Margin (%)	59.43	60.92	62.36	62.57	63.09	64.35	64.05	63.8	64.46	61.61	59.76	61.7	61.54	60.49	60.29
Free Cash Flow	-209	541	724	887	1,075	1,160	1,256	1,301	1,322	1,220	1,203	1,422	1,560	1,608	1,671
Net Cash Paid for Acquisitions	46	-254	-893	-292	-276	-523	-479	11	10	36	54	14	19	14	40
Free Cash Flow to Firm	-41	678	897	1,065	1,250	1,348	1,456	- -	1,522	- -	1,422	1,649	1,764	1,834	- -
Free Cash Flow to Equity	-289	750	-651	1,307	1,094	1,610	1,528	1,381	1,574	1,482	1,730	1,627	1,163	1,697	2,922
Free Cash Flow per Basic Share	-2.33	5.55	5.71	6.77	8.03	8.45	9.11	9.41	9.48	8.69	8.61	10.16	11.02	11.3	11.77
Price/Free Cash Flow	11.1	24.58	20.77	24.18	23.06	20.99	19.61	18.5	22.14	18.47	29.33	15.9	17	19.49	15.5
Cash Flow to Net Income	0.97	1.28	2.05	1.3	1.45	1.12	1.43	1.34	1.68	1.47	1.2	1.25	1.68	1.49	1.59
Capital Expenditures	-638	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -