Travel + Leisure Co. (TNL) · 10+ Years of Financial statements

Income Statement	2009 Y	2010 Y	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
Sales/Revenue/Turnover	3,750	3,851	4,254	4,534	5,009	5,281	5,536	5,599	5,076	3,931	4,043	2,160	3,134	3,567	3,750
+ Sales & Services Revenue	3,750	3,851	4,254	4,534	5,009	5,281	5,536	5,599	5,076	3,931	4,043	2,160	3,134	3,567	3,750
- Cost of Revenue	1,823	1,876	2,025	251	233	242	239	221	224	271	292	103	238	236	245
+ Cost of Goods & Services	1,823	1,876	2,025	251	233	242	239	221	224	271	292	103	238	236	245
Gross Profit	1,927	1,975	2,229	4,283	4,776	5,039	5,297	5,378	4,852	3,660	3,751	2,057	2,896	3,331	3,505
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	1,271	1,244	1,399	3,416	3,848	4,052	4,269	4,306	3,828	2,902	2,926	1,983	2,280	2,652	2,757
+ Selling, General & Admin	1,093	1,071	1,221	1,389	1,471	1,557	1,574	1,543	1,421	1,122	1,157	727	797	930	961
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	178	173	178	2,027	2,377	2,495	2,695	2,763	2,407	1,780	1,769	1,256	1,483	1,722	1,796
Operating Income (Loss)	656	731	830	867	928	987	1,028	1,072	1,024	758	825	74	616	679	748
- Non-Operating (Income) Loss	163	168	180	239	245	142	112	132	434	362	145	350	187	193	263
+ Interest Expense, Net	107	162	128	124	122	103	116	128	149	165	155	185	195	189	238
+ Interest Expense	114	167	152	132	131	113	125	136	156	170	162	192	198	195	251
- Interest Income	7	5	24	8	9	10	9	8	7	5	7	7	3	6	13
+ Other Non-Op (Income) Loss	56	6	52	115	123	39	-4	4	285	197	-10	165	-8	4	25
Pretax Income	493	563	650	628	683	845	916	940	590	396	680	-276	429	486	485
- Income Tax Expense (Benefit)	200	184	233	229	250	316	304	328	-229	130	191	-23	116	130	94
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	293	379	417	399	433	529	612	612	819	266	489	-253	313	356	391
- Net Extraordinary Losses (Gains)	- -	- -	- -	-2	2	- -	- -	2	-51	-406	-18	2	5	-1	-5
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	60	260	53	406	18	-2	-5	1	5
+ Extraord. & Accounting Changes	- -	- -	- -	-2	2	- -	-60	-258	-104	-812	-36	4	10	-2	-10
Income (Loss) Incl. MI	293	379	417	401	431	529	612	610	870	672	507	-255	308	357	396
- Minority Interest	- -	- -	- -	1	-1	- -	- -	-1	-1	- -	- -	- -	- -	- -	- -
Net Income, GAAP	293	379	417	400	432	529	612	611	871	672	507	-255	308	357	396
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	293	379	417	400	432	529	612	611	871	672	507	-255	308	357	396
Basic Weighted Avg Shares	179	178	162	143	133	125	118	110	103	99	92	86	86	83	74
Basic EPS, GAAP	1.64	2.13	2.57	2.8	3.25	4.23	5.19	5.56	8.46	6.79	5.5	-2.96	3.56	4.28	5.32
Basic EPS from Cont Ops	1.64	2.13	2.57	2.79	3.26	4.23	5.19	5.57	7.95	2.69	5.31	-2.94	3.62	4.27	5.25
Diluted Weighted Avg Shares	182	185	166	145	135	127	119	111	104	99	92	86	87	84	75
Diluted EPS, GAAP	1.61	2.05	2.51	2.76	3.2	4.17	5.14	5.52	8.4	6.77	5.49	-2.96	3.53	4.24	5.28
Diluted EPS from Cont Ops	1.61	2.05	2.51	2.75	3.21	4.17	5.14	5.53	7.9	2.68	5.29	-2.94	3.59	4.23	5.21
EBITDA	834	904	1,008	1,052	1,144	1,220	1,262	1,324	1,237	896	946	200	740	798	860
EBITDA Margin (%)	22.24	23.47	23.7	23.2	22.84	23.1	22.8	23.65	24.37	22.79	23.4	9.26	23.61	22.37	22.93
EBITA	656	731	830	867	928	987	1,028	1,072	1,024	758	825	74	616	679	748
EBIT	656	731	830	867	928	987	1,028	1,072	1,024	758	825	74	616	679	748
Gross Margin (%)	51.39	51.29	52.4	94.46	95.35	95.42	95.68	96.05	95.59	93.11	92.78	95.23	92.41	93.38	93.47
Operating Margin (%)	17.49	18.98	19.51	19.12	18.53	18.69	18.57	19.15	20.17	19.28	20.41	3.43	19.66	19.04	19.95
Profit Margin (%)	7.81	9.84	9.8	8.82	8.62	10.02	11.05	10.91	17.16	17.09	12.54	-11.81	9.83	10.01	10.56
Sales per Employee	152,439	145,871	153,022	139,508	152,713	153,517	146,844	148,122	129,490	160,449	179,689	139,355	186,548	195,989	197,368
Dividend per Share	0.16	0.48	0.61	0.94	1.17	1.43	1.71	2.03	2.35	1.96	1.8	1.6	1.26	1.62	1.83
Depreciation Expense	178	173	178	185	216	233	234	252	213	138	121	126	124	119	112

Balance Sheet	2009 Y	2010 Y	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
Total Current Assets	1,740	1,752	1,730	1,830	1,893	1,778	1,780	1,726	2,882	5,229	5,362	5,617	4,488	4,757	4,757
+ Cash, Cash Equivalents & STI	155	156	142	195	194	183	183	199	116	243	400	1,231	396	562	314
+ Cash & Cash Equivalents	155	156	142	195	194	183	171	185	100	218	355	1,196	369	550	282
+ ST Investments	- -	- -	- -	- -	- -	- -	12	14	16	25	45	35	27	12	32
+ Accounts & Notes Receiv	693	720	706	823	933	897	901	924	711	3,227	3,380	2,694	2,502	2,640	2,893
+ Accounts Receivable, Net	404	425	409	442	505	516	586	610	385	121	144	115	131	160	179
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	289	295	297	381	428	381	315	314	326	3,106	3,236	2,579	2,371	2,480	2,714
+ Inventories	354	348	351	379	346	302	295	315	340	1,224	1,199	1,347	1,216	1,193	1,135
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	25	45	24	30	13	14	5
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	845	801	805	1,050	999	983	919
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	354	348	351	379	346	302	295	315	-530	378	370	267	204	196	211
+ Other ST Assets	538	528	531	433	420	396	401	288	1,715	535	383	345	374	362	415
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	7,612	7,664	7,293	7,633	7,848	7,901	7,936	8,093	7,521	1,929	2,091	1,996	2,100	2,000	1,981
+ Property, Plant & Equip, Net	953	1,041	1,117	1,292	1,555	1,500	1,399	1,340	1,081	712	816	758	768	720	701
+ Property, Plant & Equip	1,686	1,878	2,039	2,324	2,691	2,714	2,695	2,615	2,196	1,565	1,660	1,640	1,711	1,714	1,728
- Accumulated Depreciation	733	837	922	1,032	1,136	1,214	1,296	1,275	1,115	853	844	882	943	994	1,027
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	26	21	18	19
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	26	21	18	19
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	6,659	6,623	6,176	6,341	6,293	6,401	6,537	6,753	6,440	1,217	1,275	1,212	1,311	1,262	1,261
+ Total Intangible Assets	2,437	2,212	2,610	2,755	2,742	2,665	2,686	2,730	2,420	1,031	1,113	1,095	1,180	1,162	1,161
+ Goodwill	1,386	1,481	1,479	1,566	1,590	1,551	1,563	1,603	1,336	922	970	964	961	955	962
+ Other Intangible Assets	1,051	731	1,131	1,189	1,152	1,114	1,123	1,127	1,084	109	143	131	219	207	199
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	4,222	4,411	3,566	3,586	3,551	3,736	3,851	4,023	4,020	186	162	117	131	100	100
Total Assets	9,352	9,416	9,023	9,463	9,741	9,679	9,716	9,819	10,403	7,158	7,453	7,613	6,588	6,757	6,738
+ Payables & Accruals	1,084	940	919	1,004	1,059	1,127	1,177	1,218	945	912	752	705	767	725	704
+ Accounts Payable	260	274	278	307	360	385	394	468	256	66	73	62	62	65	73
+ Accrued Taxes	- -	63	93	103	120	129	102	137	65	117	86	73	106	80	65
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	824	603	548	594	579	613	681	613	624	729	593	570	599	580	566
+ ST Debt	175	234	242	544	233	261	253	229	321	- -	- -	- -	- -	- -	- -
+ ST Borrowings	175	234	242	544	233	261	253	229	321	- -	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	626	401	402	383	451	464	527	585	1,273	735	561	10	392	411	464
+ Deferred Revenue	417	401	402	383	451	464	483	500	493	518	561	10	392	411	454
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	209	- -	- -	- -	- -	- -	44	85	780	217	- -	- -	- -	- -	10
Total Current Liabilities	1,885	1,575	1,563	1,931	1,743	1,852	1,957	2,032	2,539	1,647	1,313	715	1,159	1,136	1,168
+ LT Debt	1,840	3,510	3,773	4,018	4,608	4,792	4,955	5,283	5,686	5,238	5,755	6,575	5,449	5,753	5,733
+ LT Borrowings	1,840	3,510	3,773	4,018	4,608	4,792	4,955	5,283	5,686	5,235	5,570	6,411	5,304	5,631	5,626
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	72	3	185	164	145	122	107
+ Other LT Liabilities	2,939	1,414	1,455	1,583	1,765	1,778	1,851	1,786	1,295	842	909	1,291	774	772	754
+ Accrued Liabilities	1,404	1,227	1,247	1,348	1,365	1,401	1,450	1,411	954	736	859	1,193	738	703	721
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	1,535	187	208	235	400	377	401	375	341	106	50	98	36	69	33
Total Noncurrent Liabilities	4,779	4,924	5,228	5,601	6,373	6,570	6,806	7,069	6,981	6,080	6,664	7,866	6,223	6,525	6,487
Total Liabilities	6,664	6,499	6,791	7,532	8,116	8,422	8,763	9,101	9,520	7,727	7,977	8,581	7,382	7,661	7,655
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	3,735	3,894	3,820	3,822	3,860	3,891	3,925	3,968	3,998	4,079	4,120	4,159	4,194	4,244	4,281
+ Common Stock	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2
+ Additional Paid in Capital	3,733	3,892	3,818	3,820	3,858	3,889	3,923	3,966	3,996	4,077	4,118	4,157	4,192	4,242	4,279
- Treasury Stock	870	1,107	2,009	2,601	3,191	3,843	4,493	5,118	5,719	6,043	6,383	6,508	6,534	6,886	7,196
+ Retained Earnings	-315	-25	293	558	832	1,183	1,592	1,977	2,609	1,442	1,785	1,390	1,587	1,808	2,067
+ Other Equity	138	155	128	151	122	24	-74	-113	-10	-52	-52	-16	-48	-79	-70
Equity Before Minority Interest	2,688	2,917	2,232	1,930	1,623	1,255	950	714	878	-574	-530	-975	-801	-913	-918
+ Minority/Non Controlling Interest	- -	- -	- -	1	2	2	3	4	5	5	6	7	7	9	1
Total Equity	2,688	2,917	2,232	1,931	1,625	1,257	953	718	883	-569	-524	-968	-794	-904	-917
Total Liabilities & Equity	9,352	9,416	9,023	9,463	9,741	9,679	9,716	9,819	10,403	7,158	7,453	7,613	6,588	6,757	6,738
Shares Outstanding	179	173	147	137	128	121	114	106	100	95	88	86	86	78	71
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	72	3	185	164	145	122	107
Net Debt	1,860	3,588	3,873	4,367	4,647	4,870	5,037	5,327	5,907	5,017	5,215	5,215	4,935	5,081	5,344
Net Debt to Equity	69.2	123	173.52	226.15	285.97	387.43	528.54	741.92	668.97	-881.72	-995.23	-538.74	-621.54	-562.06	-582.77
Tangible Common Equity Ratio	3.63	9.79	-5.89	-12.28	-15.96	-20.07	-24.65	-28.38	-19.25	-26.11	-25.82	-31.65	-36.5	-36.93	-37.26
Current Ratio	0.92	1.11	1.11	0.95	1.09	0.96	0.91	0.85	1.14	3.17	4.08	7.86	3.87	4.19	4.07
Cash Conversion Cycle	59.31	55.46	49.1	182.37	-6.27	-162.72	-120.59	-110.04	38.78	1,025.86	1,431.33	4,434.84	1,768.16	1,768.97	1,615.94
Number of Employees	24,600	26,400	27,800	32,500	32,800	34,400	37,700	37,800	39,200	24,500	22,500	15,500	16,800	18,200	19,000

Cash Flow Statement	2009 Y	2010 Y	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
+ Net Income	293	379	417	399	433	529	612	612	872	266	489	-253	313	356	391
+ Depreciation & Amortization	178	173	178	185	216	233	234	252	213	138	121	126	124	119	112
+ Non-Cash Items	657	522	520	633	591	382	238	-25	317	739	611	436	157	396	431
+ Stock-Based Compensation	37	39	42	41	53	57	58	68	70	129	24	20	32	45	38
+ Deferred Income Taxes	90	76	70	62	64	47	40	93	-404	122	79	-88	-39	-4	8
+ Asset Impairment Charge	15	4	57	8	8	- -	7	- -	246	5	36	52	-5	10	- -
+ Other Non-Cash Adj	515	403	351	522	466	278	133	-186	405	483	472	452	169	345	385
+ Chg in Non-Cash Work Cap	-439	-439	-112	-213	-232	-160	-213	-388	-522	-851	-768	65	-26	-429	-584
+ (Inc) Dec in Accts Receiv	-107	-188	-187	-322	-318	-250	-341	-429	-529	-642	-577	267	20	-401	-522
+ (Inc) Dec in Inventories	-9	54	79	95	32	-17	-25	-27	-71	-27	13	-119	-6	31	25
+ (Inc) Dec in Prepaid Assets	25	12	-19	8	-30	-3	-9	6	-13	-26	-64	15	-24	23	-27
+ Inc (Dec) in Accts Payable	-98	-231	26	15	45	84	109	39	92	-146	-151	-21	24	-71	-70
+ Inc (Dec) in Other	-250	-86	-11	-9	39	26	53	23	-1	-10	11	-77	-40	-11	10
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	120	522	107	150	-1	- -	- -	- -	- -
Cash from Operating Activities	689	635	1,003	1,004	1,008	984	991	973	987	442	452	374	568	442	350
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	5	20	31	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	5	20	31	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-135	-167	-239	-208	-238	-235	-222	-191	-153	-99	-108	-69	-57	-52	-74
+ Acq of Fixed Prod Assets	-135	-167	-239	-208	-238	-235	-222	-191	-153	-99	-108	-69	-57	-52	-74
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	9	-10	-10	- -	-3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	22	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	-13	-10	-10	- -	-3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	- -	-236	-27	-41	3	3	12	-10	-18	-4	55	- -	-37	-2	-6
+ Cash from Divestitures	- -	- -	- -	1	6	11	26	16	6	1	106	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	-236	-27	-42	-3	-8	-14	-26	-24	-5	-51	- -	-37	-2	-6
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	12	-25	-11	-270	-163	-44	-92	-152	-223	-622	-13	4	1	4	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	-38	-206	-32	-626	-22	-5	- -	-5	- -
Cash from Investing Activities	-109	-418	-256	-519	-401	-276	-302	-353	-394	-725	-66	-65	-93	-50	-80
+ Dividends Paid	-29	-86	-99	-134	-156	-179	-202	-223	-242	-194	-166	-138	-109	-135	-136
+ Net Cash From Debt	-474	75	225	330	930	188	171	311	398	-690	313	810	-1,106	331	-12
+ Cash From Debt	2,688	3,716	4,066	4,928	3,762	2,286	2,091	2,834	4,045	6,480	5,276	3,268	2,072	2,181	3,957
+ Repayments of Debt	-3,162	-3,641	-3,841	-4,598	-2,832	-2,098	-1,920	-2,523	-3,647	-7,170	-4,963	-2,458	-3,178	-1,850	-3,969
+ Cash (Repurchase) of Equity	- -	-235	-893	-631	-593	-646	-658	-619	-599	-330	-329	-121	-14	-341	-300
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	11	7	11	10	9
+ Decrease in Capital Stock	- -	-235	-893	-631	-593	-646	-658	-619	-599	-330	-340	-128	-25	-351	-309
+ Other Financing Activities	-58	27	14	4	-786	-64	14	-55	-116	1,494	-107	-49	-59	-51	-52
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-561	-219	-753	-431	-605	-701	-675	-586	-559	280	-289	502	-1,288	-196	-500
Effect of Foreign Exchange Rates	- -	3	-8	-1	-3	-18	-26	-20	14	-9	1	4	-7	-5	- -
Net Changes in Cash	19	-2	-6	54	2	7	14	34	34	-3	97	811	-813	196	-230
EBITDA	834	904	1,008	1,052	1,144	1,220	1,262	1,324	1,237	896	946	200	740	798	860
EBITDA Margin (%)	22.24	23.47	23.7	23.2	22.84	23.1	22.8	23.65	24.37	22.79	23.4	9.26	23.61	22.37	22.93
Net Cash Paid for Acquisitions	- -	236	27	41	-3	-3	-12	10	18	4	-55	- -	37	2	6
Free Cash Flow	554	468	764	796	770	749	769	782	834	343	344	305	511	390	276
Free Cash Flow to Firm	622	580	862	880	853	820	853	871	- -	457	460	- -	655	533	478
Free Cash Flow to Equity	85	563	1,020	1,126	1,700	937	940	1,093	1,232	-347	657	1,115	-595	721	264
Free Cash Flow per Basic Share	3.09	2.63	4.72	5.57	5.79	5.99	6.52	7.12	8.1	3.47	3.74	3.54	5.91	4.68	3.7
Price/Free Cash Flow	2.03	3.1	2.29	2.81	3.59	4.07	3.22	3.3	4.8	6.62	8.52	8.48	7.59	6.09	6.96
Cash Flow to Net Income	2.35	1.68	2.41	2.51	2.33	1.86	1.62	1.59	1.13	0.66	0.89	-1.47	1.84	1.24	0.88

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43.60