EPAM Systems, Inc.

EPAM

EPAMEPAM Systems, Inc. US flag

New York Stock Exchange

76.89

USD

+0.85

- -

4.02BMarket 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	335	434	555	730	914	1,160	1,450	1,843	2,294	2,659	3,758	4,825	4,691	4,728	5,457
+ Sales & Services Revenue	335	434	555	730	914	1,160	1,450	1,843	2,294	2,659	3,758	4,825	4,691	4,728	5,457
- Cost of Revenue	205	270	348	457	567	737	921	1,187	1,488	1,733	2,484	3,287	3,257	3,277	3,884
+ Cost of Goods & Services	205	270	348	457	567	737	921	1,187	1,488	1,733	2,484	3,287	3,257	3,277	3,884
Gross Profit	129	163	207	273	347	423	529	656	806	927	1,274	1,538	1,434	1,450	1,574
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	72	97	131	185	241	289	356	410	503	548	732	965	907	906	1,054
+ Selling, General & Admin	65	86	116	164	223	266	328	374	457	485	649	873	815	816	929
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	8	12	14	21	18	23	29	37	45	63	83	92	92	90	125
Operating Income (Loss)	57	66	76	88	106	134	173	246	303	379	542	573	527	545	520
- Non-Operating (Income) Loss	4	- -	- -	1	- -	7	-1	-4	3	1	9	66	-9	-40	14
+ Interest Expense, Net	-1	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	-10	-51	-47	-12
+ Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	- -	- -	- -	- -
- Interest Income	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	10	51	47	12
+ Other Non-Op (Income) Loss	5	- -	- -	1	- -	7	-1	-4	3	1	7	76	42	7	26
Pretax Income	53	66	77	87	106	126	174	250	300	378	533	507	537	584	506
- Income Tax Expense (Benefit)	8	11	15	17	22	27	102	10	38	51	52	88	120	130	128
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	44	54	62	70	84	99	73	240	261	327	482	419	417	455	378
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	44	54	62	70	84	99	73	240	261	327	482	419	417	455	378
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	44	54	62	70	84	99	73	240	261	327	482	419	417	455	378
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	44	54	62	70	84	99	73	240	261	327	482	419	417	455	378
EBIT	57	66	76	88	106	134	173	246	303	379	542	573	527	545	520
EBITDA	64	77	92	106	123	157	202	282	404	509	687	713	660	672	686
EBITDA Margin (%)	19.2	17.72	16.5	14.51	13.5	13.54	13.89	15.32	17.61	19.12	18.29	14.78	14.07	14.21	12.57
EBITA	57	66	76	88	106	134	173	246	303	379	542	573	527	545	520
Gross Margin (%)	38.62	37.68	37.37	37.46	37.98	36.46	36.48	35.6	35.12	34.85	33.91	31.88	30.57	30.68	28.83
Operating Margin (%)	16.95	15.22	13.78	12.11	11.59	11.52	11.92	13.34	13.2	14.26	14.43	11.88	11.24	11.52	9.53
Profit Margin (%)	13.26	12.56	11.17	9.54	9.24	8.56	5.02	13.04	11.38	12.3	12.82	8.69	8.89	9.61	6.92
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Depreciation Expense	8	11	15	17	17	23	29	37	101	129	145	140	133	127	166
Basic Weighted Avg Shares	41	40	46	47	49	50	52	54	55	56	57	57	58	57	56
Basic EPS, GAAP	1.08	1.36	1.35	1.48	1.73	1.97	1.4	4.48	4.77	5.87	8.52	7.32	7.21	7.93	6.76
Basic EPS from Cont Ops	1.08	1.36	1.35	1.48	1.73	1.97	1.4	4.48	4.77	5.87	8.52	7.32	7.21	7.93	6.76
Diluted Weighted Avg Shares	41	44	48	50	52	53	55	57	58	58	59	59	59	58	56
Diluted EPS, GAAP	1.08	1.24	1.28	1.4	1.62	1.87	1.32	4.24	4.53	5.6	8.15	7.09	7.06	7.84	6.72
Diluted EPS from Cont Ops	1.08	1.24	1.28	1.4	1.62	1.87	1.32	4.24	4.53	5.6	8.15	7.09	7.06	7.84	6.72

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	184	251	331	415	529	647	960	1,199	1,474	1,913	2,269	2,760	3,091	2,426	2,534
+ Cash, Cash Equivalents & STI	89	119	170	221	230	362	583	771	937	1,382	1,447	1,742	2,097	1,288	1,296
+ Cash & Cash Equivalents	89	118	169	221	199	362	583	771	937	1,322	1,447	1,681	2,036	1,286	1,296
+ ST Investments	- -	1	1	- -	30	- -	- -	- -	- -	60	- -	60	61	2	- -
+ Accounts & Notes Receiv	85	117	148	187	281	272	352	402	498	501	769	933	897	1,002	1,108
+ Accounts Receivable, Net	59	79	95	124	175	200	266	402	498	501	769	933	897	1,002	1,108
+ Notes Receivable, Net	- -	- -	- -	- -	- -	1	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	1	- -	2	2	3	3	2	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	25	38	50	60	104	69	84	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	10	15	13	8	18	12	25	26	40	30	54	85	97	136	130
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	52	100	102	179	250	279	290	413	770	809	1,254	1,250	1,261	2,324	2,368
+ Property, Plant & Equip, Net	35	53	53	55	60	74	86	103	404	398	421	422	370	336	317
+ Property, Plant & Equip	51	75	83	90	100	120	148	181	499	526	588	589	567	556	562
- Accumulated Depreciation	16	22	30	35	40	47	62	78	94	128	167	167	198	221	245
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	17	47	49	124	189	206	204	310	366	410	833	827	891	1,988	2,051
+ Total Intangible Assets	9	40	36	105	163	161	164	224	251	264	632	607	634	1,618	1,617
+ Goodwill	8	23	22	57	116	109	120	167	195	212	531	529	562	1,182	1,211
+ Other Intangible Assets	1	17	14	48	47	51	45	57	56	52	101	78	71	436	407
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	7	7	13	19	26	45	40	86	114	146	201	221	257	370	434
Total Assets	236	351	433	594	779	926	1,250	1,612	2,244	2,721	3,523	4,009	4,352	4,750	4,902
+ Payables & Accruals	26	35	34	59	69	60	85	56	51	66	112	142	120	153	150
+ Accounts Payable	3	6	3	5	3	3	6	7	8	10	25	31	32	45	55
+ Accrued Taxes	9	15	14	25	29	25	41	48	33	55	77	94	79	94	80
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	14	15	17	29	37	32	39	2	10	1	9	18	10	15	15
+ ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	58	61	66	40	37	40	37
+ ST Borrowings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	16	3	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	58	61	50	40	37	40	37
+ Other ST Liabilities	28	24	21	67	59	56	96	206	278	339	586	565	488	628	789
+ Deferred Revenue	7	6	5	3	3	3	4	5	9	17	40	36	28	59	104
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	2	- -	- -	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	19	17	16	63	56	52	91	202	269	321	546	529	460	569	685
Total Current Liabilities	53	59	55	125	128	116	181	263	387	466	763	747	645	821	977
+ LT Debt	- -	- -	- -	- -	35	25	25	25	206	206	173	150	135	124	107
+ LT Borrowings	- -	- -	- -	- -	35	25	25	25	25	25	30	28	26	25	25
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	181	181	143	122	109	98	81
+ Other LT Liabilities	87	5	2	5	2	3	69	61	55	67	91	109	101	175	141
+ Accrued Liabilities	- -	4	1	5	2	- -	- -	- -	- -	- -	- -	- -	9	92	77
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	87	1	1	- -	- -	3	69	61	55	67	91	109	92	82	64
Total Noncurrent Liabilities	87	5	2	5	37	28	94	86	261	272	264	259	236	298	247
Total Liabilities	141	65	57	130	165	144	275	349	648	738	1,027	1,006	881	1,119	1,224
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	40	167	196	230	303	375	474	545	607	661	712	848	1,009	1,190	1,390
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	40	167	196	230	303	375	474	545	607	661	712	848	1,009	1,190	1,390
- Treasury Stock	16	9	9	4	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	75	129	191	261	345	444	519	760	1,021	1,348	1,830	2,249	2,501	2,556	2,268
+ Other Equity	-4	-1	-2	-22	-35	-38	-18	-42	-31	-26	-54	-95	-39	-117	19
Equity Before Minority Interest	95	286	376	464	613	781	975	1,263	1,596	1,983	2,487	3,002	3,471	3,629	3,677
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	9	1	1	2	1
Total Equity	95	286	376	464	613	781	975	1,263	1,596	1,983	2,496	3,003	3,471	3,631	3,678
Total Liabilities & Equity	236	351	433	594	779	926	1,250	1,612	2,244	2,721	3,523	4,009	4,352	4,750	4,902
Shares Outstanding	41	44	47	48	50	51	53	54	55	56	57	58	58	57	54
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	238	241	193	163	146	138	119
Net Debt	-89	-118	-169	-221	-164	-337	-558	-746	-911	-1,297	-1,400	-1,651	-2,010	-1,261	-1,271
Net Debt to Equity	-93.41	-41.26	-44.99	-47.52	-26.82	-43.12	-57.19	-59.05	-57.1	-65.41	-56.11	-54.97	-57.9	-34.73	-34.56
Tangible Common Equity Ratio	37.86	79.27	85.69	73.42	73.15	81.13	74.65	74.84	67.48	69.96	64.47	70.43	76.31	64.27	62.73
Current Ratio	3.46	4.23	6.05	3.31	4.14	5.56	5.31	4.56	3.81	4.11	2.97	3.69	4.79	2.96	2.59
Cash Conversion Cycle	50.89	52.27	52.63	51.99	57.39	57.49	56.85	64.15	69.74	66.64	59.1	61.27	67.67	69.04	65.88

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	44	54	62	70	84	99	73	240	261	327	482	419	417	455	378
+ Depreciation & Amortization	8	11	15	17	17	23	29	37	101	129	145	140	133	127	166
+ Non-Cash Items	7	1	9	27	26	48	61	10	71	64	80	134	138	105	130
+ Stock-Based Compensation	3	7	13	25	46	49	52	59	72	75	112	100	148	167	177
+ Deferred Income Taxes	- -	-4	- -	-3	-15	-3	13	-48	-8	-20	-47	-42	-37	-64	-59
+ Asset Impairment Charge	2	1	- -	9	- -	2	- -	1	2	2	3	36	10	-4	2
+ Other Non-Cash Adj	1	-3	-5	-3	-4	1	-4	-2	5	7	13	41	17	6	11
+ Chg in Non-Cash Work Cap	-4	-18	-27	-9	-52	-4	30	5	-145	24	-135	-230	-125	-127	-19
+ (Inc) Dec in Accts Receiv	-20	-20	-27	-42	-86	4	-81	-47	-87	4	-212	-193	32	16	-69
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	-2	-1	1	1	-1	-2	1	-8	-7	7	-16	-12	8	-77	-15
+ Inc (Dec) in Accts Payable	16	4	1	32	35	-6	111	60	2	77	157	27	-118	-27	111
+ Inc (Dec) in Other	2	-1	-2	- -	- -	- -	- -	- -	-53	-64	-64	-52	-48	-39	-46
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	55	48	58	105	76	167	193	292	287	544	572	464	563	559	655
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-17	-27	-16	-16	-18	-29	-30	-38	-99	-69	-112	-82	-28	-32	-42
+ Acq of Fixed Prod Assets	-17	-27	-16	-16	-18	-29	-30	-38	-99	-69	-112	-82	-28	-32	-42
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	- -	32	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-165	-398	-662
+ Increase in Capital Stock	- -	32	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-165	-398	-662
+ Net Change in LT Investment	- -	- -	- -	- -	- -	30	- -	- -	-5	-80	57	-62	-4	57	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	30	- -	- -	- -	60	60	- -	11	66	3
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	-5	-140	-3	-62	-14	-9	-3
+ Net Cash From Acq & Div	- -	-33	- -	-37	-77	-6	-7	-74	-39	-19	-315	-11	-25	-912	-3
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	-33	- -	-37	-77	-6	-7	-74	-39	-19	-315	-11	-25	-912	-3
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	- -	- -	-6	- -	-30	-4	- -	-1	-2	1	- -	-29	-10	2	-3
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-17	-60	-22	-53	-125	-9	-36	-112	-145	-167	-369	-183	-67	-885	-49
+ Dividends Paid	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Debt	- -	- -	- -	- -	35	-10	- -	-3	- -	- -	- -	-14	-2	-2	-3
+ Cash From Debt	10	- -	- -	- -	35	20	25	- -	- -	- -	31	2	1	- -	6
+ Repayments of Debt	-10	- -	- -	- -	- -	-30	-25	-3	- -	- -	-31	-16	-3	-2	-8
+ Other Financing Activities	-2	6	16	10	-1	21	50	26	20	-1	-60	12	1	9	14
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-2	39	16	10	34	10	50	23	20	-1	-60	-2	-166	-390	-651
Effect of Foreign Exchange Rates	-1	2	-1	-11	-6	-3	12	-14	4	9	-18	-45	29	-36	56
Net Changes in Cash	36	28	52	62	-15	168	206	203	162	376	144	279	330	-716	-45
EBITDA	64	77	92	106	123	157	202	282	404	509	687	713	660	672	686
EBITDA Margin (%)	19.2	17.72	16.5	14.51	13.5	13.54	13.89	15.32	17.61	19.12	18.29	14.78	14.07	14.21	12.57
Free Cash Flow	37	21	42	89	58	138	163	255	188	476	461	382	534	527	613
Net Cash Paid for Acquisitions	- -	33	- -	37	77	6	7	74	39	19	315	11	25	912	3
Free Cash Flow to Firm	37	21	42	89	58	138	163	255	188	476	462	382	534	527	613
Free Cash Flow to Equity	37	21	42	89	93	128	163	251	188	476	461	369	532	525	610
Free Cash Flow per Basic Share	0.91	0.53	0.92	1.89	1.2	2.74	3.13	4.75	3.44	8.53	8.15	6.68	9.24	9.2	10.96
Price/Free Cash Flow	- -	10.49	22.79	19.67	43.32	17.41	26.53	19.94	31.63	34.16	57.74	35.53	29.72	22.93	16.53
Cash Flow to Net Income	1.23	0.89	0.94	1.51	0.9	1.68	2.65	1.22	1.1	1.66	1.19	1.11	1.35	1.23	1.73
Capital Expenditures	-17	-27	-16	-16	-18	-29	-30	-38	-99	-69	-112	-82	-28	-32	-42