Tripadvisor, Inc. (TRIP) · 10+ Years of Financial Ratios

Profitability	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
Return on Common Equity (%)	52.08	29.69	65.31	194.96	68.64	43.88	27.24	13.55	-2.03	11.48	14.62	-54.02	-46.98	7.97	3.76
Return on Assets (%)	35.64	21.39	22.8	18.18	14.82	13.17	9.69	5.5	-0.84	5.09	6.07	-14.62	-6.95	0.82	0.39
Return on Capital (%)	- -	- -	36.53	35.83	30.67	26.64	20.7	12.09	-1.89	10.56	13.23	- -	- -	2.78	1.14
Return on Invested Capital (%)	- -	- -	28.34	21.72	17.76	17.55	12.43	8.02	-1.31	7.64	8.5	- -	- -	1.73	0.66
Gross Margin (%)	98.7	98.48	98.29	98.42	98.12	96.79	96.11	95.2	95.37	94.67	93.97	90.89	91.8	92.23	91.67
EBITDA Margin (%)	56.3	54	49.41	42.25	34.91	32.5	21.78	18.04	15.1	18.51	20.06	-26.49	-2.22	13.27	13.14
Operating Margin (%)	49.73	48.33	45.35	38.83	31.18	27.29	15.55	11.22	7.97	11.33	11.99	-47.19	-14.52	6.77	8.28
Incremental Operating Margin (%)	77.79	44.6	35.89	5.87	-0.95	15.07	-43.9	550	-55.26	100	-7.27	- -	- -	39.32	15.88
Pretax Margin (%)	-47.3	-46.31	42.68	36.96	30.14	25.84	16.02	10.2	7.07	10.71	12.44	-61.09	-20.51	4.49	6.99
Profit Margin (%)	29.09	28.64	27.89	25.44	21.75	18.14	13.27	8.11	-1.22	7	8.08	-47.85	-16.41	1.34	0.56
Net Income to Common Margin (%)	29.09	28.64	27.89	25.44	21.75	18.14	13.27	8.11	-1.22	7	8.08	-47.85	-16.41	1.34	0.56
Effective Tax Rate (%)	- -	- -	34.61	30.99	27.84	29.81	17.15	20.53	117.27	34.68	35.05	- -	- -	70.15	92
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	387.3	- -	- -	- -	- -
Sustainable Growth Rate (%)	52.08	29.69	65.31	194.96	68.64	43.88	27.24	13.55	-2.03	11.48	-42	-54.02	-46.98	7.97	3.76

Credit	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 Debt	- -	2	427	412	376	338	201	171	237	83	167	634	953	929	912
ST Debt	- -	2	47	72	68	78	1	80	7	- -	25	26	26	20	16
LT Debt	- -	- -	380	340	308	260	200	91	230	83	142	608	927	909	896
Total Debt/EBITDA	- -	0.01	1.36	1.28	1.14	0.83	0.62	0.64	1.01	0.28	0.53	-3.96	-47.65	4.69	3.88
Net Debt/EBITDA	-0.16	-0.35	0.77	0.14	0.05	-0.29	-1.27	-1.65	-1.86	-2.19	-1.02	-0.46	-5.5	-0.93	-0.97
Total Debt/EBIT	- -	0.01	1.48	1.39	1.28	0.99	0.87	1.03	1.91	0.45	0.89	-2.22	-7.27	9.2	6.16
Net Debt/EBIT	-0.18	-0.39	0.84	0.15	0.06	-0.34	-1.78	-2.66	-3.52	-3.58	-1.71	-0.26	-0.84	-1.83	-1.54
EBITDA to Interest Expense	- -	-542.9	2,057.49	-29.31	32.74	45	32.5	22.25	15.67	24.92	44.71	-4.57	-0.44	4.5	5.34
EBITDA-CapEx/Interest Expense	- -	-503.87	1,918.12	-26.67	27.28	36	21.6	16.25	11.4	19.83	32.86	-6.14	-1.64	3.23	3.91
EBIT to Interest Expense	- -	-485.89	1,888.31	-26.94	29.24	37.78	23.2	13.83	8.27	15.25	26.71	-8.14	-2.91	2.3	3.36
Interest Expense	- -	- -	- -	-11	10	9	10	12	15	12	7	35	45	44	44
Common Equity/Total Assets	68.43	74.92	0.3	15.13	27.29	32.06	38.82	42.23	40.76	48.13	34.32	19.76	10.53	10.16	10.68
Long-Term Debt/Equity (%)	- -	- -	129.46	46.77	35.61	23.11	14.16	6.06	16.87	5.64	12.23	68.62	117.49	105.57	102.87
Long-Term Debt/Capital (%)	- -	- -	88.53	55.85	39.55	26.92	19.47	8.15	19.78	7.37	16.75	59.43	77.64	76.39	75.74
Long-Term Debt/Total Assets (%)	- -	- -	45.46	26.17	20.9	13.27	9.4	4.07	10.12	3.83	7.16	30.88	40.5	35.38	35.32
Total Debt/Equity (%)	- -	0.33	145.38	56.69	43.53	30.04	14.24	11.38	17.39	5.64	14.38	71.56	120.79	107.9	104.71
Total Debt/Capital (%)	- -	0.33	99.42	67.71	48.35	34.99	19.57	15.32	20.38	7.37	19.69	61.97	79.82	78.07	77.09
Total Debt/Total Assets (%)	- -	0.25	51.05	31.72	25.55	17.25	9.45	7.64	10.43	3.83	8.42	32.2	41.63	36.16	35.95
Net Debt to Equity	-8.04	-16.93	82.85	6.14	2	-10.4	-29.25	-29.36	-31.99	-44.53	-27.48	8.24	13.94	-21.49	-26.18
Net Debt/Capital (%)	-8.66	-20.29	98.98	18.5	4.05	-22.9	-100	-87.5	-88.98	-139.07	-60.3	12.07	23.35	-109.47	-196.55
EBITDA	198	262	315	322	330	405	325	267	235	299	313	-160	-20	198	235
EBITDA-CapEx	184	243	293	293	275	324	216	195	171	238	230	-215	-74	142	172
Operating Income (Loss)	175	234	289	296	295	340	232	166	124	183	187	-285	-131	101	148

Liquidity	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
Cash Ratio	0.2	0.79	1.41	2.49	1.99	1.48	2.12	1.73	1.9	1.7	0.73	1.73	2.03	1.92	1.87
Current Ratio	0.5	1.24	2.13	3.23	2.59	1.96	2.77	2.25	2.67	2.33	1.23	2.37	2.63	2.38	2.27
Quick Ratio	0.45	1.15	2.04	3.15	2.51	1.87	2.7	2.17	2.6	2.24	1.15	2.28	2.56	2.3	2.2
CFO/Avg Current Liab	1.6	1.31	1.6	1.47	1.59	1.24	1.1	0.87	0.6	1.06	1.02	-0.57	0.36	0.9	0.43
Common Equity/Total Assets	68.43	74.92	0.3	15.13	27.29	32.06	38.82	42.23	40.76	48.13	34.32	19.76	10.53	10.16	10.68
Long-Term Debt/Equity (%)	- -	- -	129.46	46.77	35.61	23.11	14.16	6.06	16.87	5.64	12.23	68.62	117.49	105.57	102.87
Long-Term Debt/Capital (%)	- -	- -	88.53	55.85	39.55	26.92	19.47	8.15	19.78	7.37	16.75	59.43	77.64	76.39	75.74
Long-Term Debt/Total Assets (%)	- -	- -	45.46	26.17	20.9	13.27	9.4	4.07	10.12	3.83	7.16	30.88	40.5	35.38	35.32
Total Debt/Equity (%)	- -	0.33	145.38	56.69	43.53	30.04	14.24	11.38	17.39	5.64	14.38	71.56	120.79	107.9	104.71
Total Debt/Capital (%)	- -	0.33	99.42	67.71	48.35	34.99	19.57	15.32	20.38	7.37	19.69	61.97	79.82	78.07	77.09
Total Debt/Total Assets (%)	- -	0.25	51.05	31.72	25.55	17.25	9.45	7.64	10.43	3.83	8.42	32.2	41.63	36.16	35.95
CFO/Total Liabilities	68	107.45	40.17	41.78	57.44	46.4	53.35	43.61	26.18	58.19	51.52	-17.91	7.2	23.42	14.11
CFO/CapEx	9.06	10.47	10.22	8.24	6.35	4.78	3.5	4.46	3.72	6.64	5.11	-3.53	2	7.14	3.73
Altman's Z-Score	8.03	6.12	9.14	9.41	14.68	11.46	13.79	8.51	6.09	9.74	6.14	2.68	2.63	2.68	3.18

Working Capital	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
Accounts Receivable Turnover	17.83	10.69	10.7	10.21	10.58	10.05	9.02	8.02	7.43	7.31	7.9	4.54	8.02	8.6	9.36
Days Sales Outstanding	20.47	34.13	34.11	35.73	34.48	36.33	40.49	45.5	49.14	49.95	46.21	80.37	45.52	42.44	38.99
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	1.99	1.29	1.15	0.92	1.48	2.77	4	5.92	6.55	7.48	7.23	3.79	3.29	3.52	4.45
Accounts Payable Turnover Days	183.58	282.36	316.64	395.96	246.93	131.71	91.25	61.69	55.76	48.81	50.48	96.23	110.98	103.84	82.06
Cash Conversion Cycle	-163.11	-248.23	-282.53	-360.22	-212.45	-95.39	-50.76	-16.19	-6.62	1.14	-4.27	-15.85	-65.46	-61.39	-43.07
Inventory to Cash Days	20.47	34.13	34.11	35.73	34.48	36.33	40.49	45.5	49.14	49.95	46.21	80.37	45.52	42.44	38.99
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	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
Market Capitalization	- -	- -	3,333	5,906	11,639	10,858	12,472	6,773	4,796	7,434	4,119	3,775	3,838	2,480	2,953
- Cash & Cash Equivalents	31	93	184	368	351	455	614	612	673	655	319	418	723	1,021	1,067
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	2	427	412	376	338	201	171	237	83	167	634	953	929	912
Enterprise Value	-31	-112	3,576	5,831	11,533	10,633	12,012	6,214	4,325	6,847	3,967	3,991	4,068	2,388	2,798
Total Capital	393	543	429	609	778	966	1,027	1,116	1,163	1,126	848	1,023	1,194	1,190	1,183
Total Debt/Capital (%)	- -	0.33	99.42	67.71	48.35	34.99	19.57	15.32	20.38	7.37	19.69	61.97	79.82	78.07	77.09
Total Debt / EV	- -	-0.02	0.12	0.07	0.03	0.03	0.02	0.03	0.05	0.01	0.04	0.16	0.23	0.39	0.33
EV/Sales	- -	- -	5.61	7.64	12.21	8.53	8.05	4.2	2.78	4.24	2.54	6.61	4.51	1.6	1.57
EV/EBITDA	- -	- -	11.36	18.09	34.97	26.25	36.96	23.27	18.41	22.9	12.67	- -	- -	12.06	11.91
EV/EBIT	- -	- -	12.38	19.68	39.15	31.27	51.78	37.44	34.88	37.42	21.21	- -	- -	23.65	18.91
EV/Cash Flow to Firm	- -	- -	16.4	25.19	32.32	27.03	30.78	18.8	18.37	16.59	9.26	- -	28.25	5.78	11.73
EV/Free Cash Flow to Firm	- -	- -	14.94	22.39	28.01	22.42	24.06	15.44	14.45	14.45	7.75	- -	20.55	5.09	9.28
Diluted Market Cap	- -	- -	3,368	5,829	11,867	11,092	12,537	6,909	4,833	7,547	4,227	3,783	3,794	2,571	3,110
Diluted Enterprise Value	-31	-91	3,611	5,874	11,892	10,975	12,124	6,468	4,397	6,975	4,075	3,999	4,024	2,479	2,955
EV per Share	- -	- -	26.79	40.82	81.09	74.4	82.7	43.12	31.13	49.65	28.87	29.62	29.35	16.96	20.32
TTM Sales	352	485	637	763	945	1,246	1,492	1,480	1,556	1,615	1,560	604	902	1,492	1,788
TTM EBITDA	198	262	315	322	330	405	325	267	235	299	313	-160	-20	198	235
TTM Operating Income	175	234	289	296	295	340	232	166	124	183	187	-285	-131	101	148
TTM Cash Flow to Firm	126	196	218	231	357	393	390	331	235	413	429	-167	144	413	239
TTM Free Cash Flow to Firm	140	215	239	260	412	474	499	403	299	474	512	-112	198	469	302

Multiples	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
Price/Earnings	- -	- -	18.76	29.61	56.97	48.07	62.45	56.79	- -	65.84	33.07	- -	- -	123.27	298.15
Price/Earnings Average	- -	- -	20.63	26.03	44.84	57	57.49	75.69	-305.06	60.21	49.24	-10.47	-35.75	163.75	250.55
Price/Earnings High	- -	- -	22.14	32.74	61.41	68.35	66.76	99.11	-386.55	77.65	65.68	-14.48	-55.89	204.54	350.56
Price/Earnings Low	- -	- -	18.43	18.28	29.76	43.36	45.73	55.92	-221.49	41.95	30.79	-6.75	-22.3	120.47	198.63
Price/Book Value	- -	- -	1,331.42	30.04	28.95	17.29	15.1	7.17	5.18	7.13	6.05	9.7	15.93	9.5	10.9
Price/Book Value Average	- -	- -	1,464.66	26.42	22.79	20.5	13.9	9.55	6.21	6.52	9	7.76	22.21	12.62	9.16
Price/Book Value High	- -	- -	1,571.36	33.22	31.21	24.58	16.14	12.51	7.87	8.41	12.01	10.73	34.73	15.77	12.81
Price/Book Value Low	- -	- -	1,307.96	18.55	15.13	15.6	11.06	7.06	4.51	4.54	5.63	5	13.86	9.29	7.26
Price/Tangible Book Value	- -	- -	-15.33	27.2	37.47	61.34	24.75	11.31	10.36	12.45	19.52	-60.89	-32.25	-206.69	-2,953.26
Price/Tangible Book Value Average	- -	- -	-16.86	23.92	29.49	72.74	22.78	15.07	12.42	11.39	29.06	-48.69	-44.98	-274.57	-2,481.74
Price/Tangible Book Value High	- -	- -	-18.09	30.08	40.39	87.22	26.45	19.73	15.74	14.69	38.77	-67.34	-70.33	-342.96	-3,472.31
Price/Tangible Book Value Low	- -	- -	-15.06	16.79	19.58	55.34	18.12	11.13	9.02	7.93	18.17	-31.4	-28.06	-202	-1,967.46
Price/Sales	- -	- -	5.23	7.53	12.39	8.72	8.29	4.6	3.11	4.61	2.67	6.26	4.21	1.65	1.67
Price/Sales Average	- -	- -	5.75	6.62	9.75	10.34	7.63	6.14	3.73	4.21	3.98	5.01	5.87	2.2	1.4
Price/Sales High	- -	- -	6.17	8.33	13.36	12.4	8.86	8.04	4.72	5.43	5.31	6.93	9.17	2.74	1.96
Price/Sales Low	- -	- -	5.14	4.65	6.47	7.86	6.07	4.53	2.7	2.94	2.49	3.23	3.66	1.61	1.11
Price/Cash Flow	- -	- -	15.3	24.04	33.48	28.07	32.37	21.23	20.31	18.37	9.83	-19.5	35.13	6.16	12.69
Price/Cash Flow Average	- -	- -	16.83	21.13	26.35	33.29	29.8	28.29	24.35	16.8	14.63	-15.59	48.98	8.19	10.66
Price/Cash Flow High	- -	- -	18.05	26.58	36.1	39.91	34.61	37.05	30.86	21.66	19.52	-21.57	76.59	10.23	14.92
Price/Cash Flow Low	- -	- -	15.03	14.84	17.49	25.32	23.7	20.91	17.68	11.7	9.15	-10.06	30.56	6.02	8.45
Price/Free Cash Flow	- -	- -	14.08	21.74	29.34	23.7	25.53	17.58	16	16.2	8.34	-27.21	23.42	5.64	10.44
Price/Free Cash Flow Average	- -	- -	15.49	19.12	23.09	28.1	23.51	23.43	19.19	14.81	12.41	-21.76	32.66	7.49	8.77
Price/Free Cash Flow High	- -	- -	16.62	24.04	31.63	33.7	27.3	30.68	24.32	19.1	16.56	-30.1	51.06	9.36	12.27
Price/Free Cash Flow Low	- -	- -	13.83	13.42	15.33	21.38	18.7	17.31	13.94	10.32	7.76	-14.03	20.37	5.51	6.95
EV/Sales	- -	- -	5.61	7.64	12.21	8.53	8.05	4.2	2.78	4.24	2.54	6.61	4.51	1.6	1.57
EV/Sales Average	- -	- -	6.14	6.86	9.72	10.24	7.42	5.8	3.42	3.86	3.83	5.36	6.19	2.15	1.3
EV/Sales High	- -	- -	6.56	8.62	13.31	12.3	8.66	7.69	4.4	5.07	5.15	7.27	9.53	2.7	1.86
EV/Sales Low	- -	- -	5.52	4.84	6.46	7.77	5.84	4.21	2.4	2.58	2.36	3.58	3.96	1.56	1.01
EV/EBITDA	- -	- -	11.36	18.09	34.97	26.25	36.96	23.27	18.41	22.9	12.67	- -	- -	12.06	11.91
EV/EBITDA Average	-0.16	-0.35	12.42	16.25	27.85	31.5	34.06	32.16	22.62	20.82	19.11	-20.22	-279.13	16.18	9.9
EV/EBITDA High	-0.16	-0.35	13.27	20.39	38.12	37.83	39.75	42.62	29.16	27.41	25.65	-27.45	-429.97	20.32	14.12
EV/EBITDA Low	-0.16	-0.35	11.17	11.45	18.52	23.89	26.83	23.33	15.92	13.93	11.76	-13.52	-178.46	11.78	7.71
EV/EBIT	- -	- -	12.38	19.68	39.15	31.27	51.78	37.44	34.88	37.42	21.21	- -	- -	23.65	18.91
EV/EBIT Average	-0.18	-0.39	13.53	17.68	31.18	37.53	47.71	51.72	42.87	34.02	31.98	-11.35	-42.62	31.71	15.72
EV/EBIT High	-0.18	-0.39	14.46	22.19	42.68	45.06	55.69	68.55	55.27	44.79	42.93	-15.41	-65.64	39.84	22.41
EV/EBIT Low	-0.18	-0.39	12.17	12.46	20.73	28.46	37.59	37.52	30.17	22.76	19.69	-7.59	-27.25	23.09	12.25
Last Price	- -	- -	24.97	41.34	81.84	75.97	85.87	47	34.52	53.91	29.98	28.02	27.69	17.61	21.45
High Price	- -	- -	29.47	45.71	88.23	108.02	91.8	82.02	52.46	63.58	59.54	30.99	60.38	29.22	25.22
Low Price	- -	- -	24.53	25.52	42.76	68.53	62.88	46.28	30.06	34.35	27.91	14.45	24.09	17.21	14.29
Enterprise Value	-31	-112	3,576	5,831	11,533	10,633	12,012	6,214	4,325	6,847	3,967	3,991	4,068	2,388	2,798
Enterprise Value Average	-31	-91	3,909	5,237	9,186	12,759	11,069	8,586	5,316	6,226	5,980	3,235	5,583	3,203	2,327
Enterprise Value High	-31	-91	4,176	6,575	12,573	15,321	12,920	11,379	6,853	8,196	8,028	4,391	8,599	4,024	3,317
Enterprise Value Low	-31	-91	3,517	3,690	6,106	9,677	8,720	6,228	3,741	4,165	3,682	2,163	3,569	2,332	1,812

Per Share Data Items	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
Shares Outstanding	133	133	133	143	142	143	145	144	139	138	137	135	139	141	138
Diluted Weighted Avg Shares	133	133	135	141	145	146	146	147	140	140	141	135	137	146	145
Basic Weighted Avg Shares	133	133	133	139	143	143	144	145	140	138	139	135	137	140	139
Revenue per Share	2.64	3.63	4.77	5.49	6.61	8.71	10.36	10.21	11.11	11.7	11.22	4.47	6.58	10.66	12.86
EBITDA per Share	1.49	1.96	2.36	2.32	2.31	2.83	2.26	1.84	1.68	2.17	2.25	-1.19	-0.15	1.41	1.69
Operating Income per Share	1.31	1.75	2.16	2.13	2.06	2.38	1.61	1.14	0.89	1.33	1.35	-2.11	-0.96	0.72	1.06
Basic EPS, GAAP	0.77	1.04	1.33	1.4	1.44	1.58	1.38	0.83	-0.14	0.82	0.91	-2.14	-1.08	0.14	0.07
Basic EPS from Cont Ops	0.77	1.04	1.33	1.4	1.44	1.58	1.38	0.83	-0.14	0.82	0.91	-2.14	-1.08	0.14	0.07
Diluted EPS, GAAP	0.77	1.04	1.32	1.38	1.42	1.55	1.36	0.82	-0.14	0.81	0.89	-2.14	-1.08	0.14	0.07
Diluted EPS from Cont Ops	0.77	1.04	1.32	1.38	1.42	1.55	1.36	0.82	-0.14	0.81	0.89	-2.14	-1.08	0.14	0.07
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.51	- -	- -	- -	- -
Cash Flow per Share	0.94	1.48	1.63	1.72	2.44	2.71	2.65	2.21	1.7	2.93	3.05	-1.44	0.79	2.86	1.69
Free Cash Flow per Basic Share	0.84	1.33	1.47	1.51	2.06	2.14	1.9	1.72	1.24	2.49	2.45	-1.84	0.39	2.46	1.24
Cash & Equivalents per Share	0.24	0.85	1.38	3.41	3.39	3.94	4.55	5.07	5.1	4.86	2.32	3.1	5.22	7.25	7.75
Book Value per Share	2.95	4.06	0.02	1.38	2.83	4.39	5.69	6.56	6.66	7.56	4.96	2.89	1.74	1.85	1.97
Tangible Book Value per Share	-0.61	0.22	-1.63	1.52	2.18	1.24	3.47	4.16	3.33	4.33	1.54	-0.46	-0.86	-0.09	-0.01

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