Cash flow Spotify Technology S.A.

Equities

SPOT

LU1778762911

Internet Services

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Published financial data: SPOTIFY TECHNOLOGY S.A.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	788Cr	966.8Cr	1.17TCr	1.32TCr	1.57TCr
Total Revenues	788Cr	966.8Cr	1.17TCr	1.32TCr	1.57TCr
Cost of Goods Sold, Total	586.5Cr	707.7Cr	880.1Cr	979.9Cr	1.09TCr
Gross Profit	201.5Cr	259.1Cr	292.6Cr	344.8Cr	474.1Cr
Selling General & Admin Expenses, Total	145.3Cr	158.3Cr	218.9Cr	199.9Cr	185.6Cr
R&D Expenses	84Cr	91Cr	138.7Cr	153.1Cr	147.7Cr
Other Operating Expenses, Total	229Cr	249.5Cr	357.6Cr	353Cr	333.3Cr
Operating Income	-28Cr	9.6Cr	-65Cr	-8.2Cr	140.8Cr
Interest Expense, Total	-5.4Cr	-6.9Cr	-5.8Cr	-4.9Cr	-3.6Cr
Interest And Investment Income	1.7Cr	1.1Cr	4.7Cr	13Cr	24Cr
Net Interest Expenses	-3.7Cr	-5.8Cr	-1.1Cr	8.2Cr	21Cr
Income (Loss) On Equity Invest.	-	-	-	-	-
Currency Exchange Gains (Loss)	-13Cr	4.7Cr	7.2Cr	-5.2Cr	3Cr
Other Non Operating Income (Expenses)	-25Cr	16Cr	23Cr	-8.9Cr	-26Cr
EBT, Excl. Unusual Items	-69Cr	25Cr	-36Cr	-14Cr	138.4Cr
Restructuring Charges	-	-	-	-24Cr	-
Merger & Related Restructuring Charges	-50L	-	-90L	-	-
Gain (Loss) On Sale Of Investments	30L	20L	-	-	-
Asset Writedown	-	-	-	-12Cr	-4.3Cr
Legal Settlements	-	-	-	-	-
Other Unusual Items	-1.3Cr	-20L	-	-	-
EBT, Incl. Unusual Items	-71Cr	25Cr	-37Cr	-50Cr	134.1Cr
Income Tax Expense	-13Cr	28Cr	6Cr	2.7Cr	20Cr
Earnings From Continuing Operations	-58Cr	-3.4Cr	-43Cr	-53Cr	113.8Cr
Net Income to Company	-58Cr	-3.4Cr	-43Cr	-53Cr	113.8Cr
Net Income - (IS)	-58Cr	-3.4Cr	-43Cr	-53Cr	113.8Cr
Net Income to Common Incl Extra Items	-58Cr	-3.4Cr	-43Cr	-53Cr	113.8Cr
Net Income to Common Excl. Extra Items	-58Cr	-3.4Cr	-43Cr	-53Cr	113.8Cr
Per Share Items
Net EPS - Basic	-3.1	-0.18	-2.23	-2.73	5.67
Basic EPS - Continuing Operations	-3.1	-0.18	-2.23	-2.73	5.67
Basic Weighted Average Shares Outstanding	19Cr	19Cr	19Cr	19Cr	20Cr
Net EPS - Diluted	-3.1	-1.03	-2.93	-2.73	5.5
Diluted EPS - Continuing Operations	-3.1	-1.03	-2.93	-2.73	5.5
Diluted Weighted Average Shares Outstanding	19Cr	19Cr	20Cr	19Cr	21Cr
Normalized Basic EPS	-2.31	0.81	-1.17	-0.45	4.31
Normalized Diluted EPS	-2.31	0.8	-1.15	-0.45	4.18
American Depositary Receipts Ratio (ADR)	0.25	0.25	0.25	0.25	0.25
Supplemental Items
EBITDA	-22Cr	16Cr	-56Cr	1Cr	147.7Cr
EBITA	-26Cr	11Cr	-61Cr	-4.6Cr	143.6Cr
EBIT	-28Cr	9.6Cr	-65Cr	-8.2Cr	140.8Cr
EBITDAR	-22Cr	16Cr	-55Cr	1.4Cr	148.1Cr
Effective Tax Rate - (Ratio)	18.05	113.65	-16.22	-5.35	15.14
Total Current Taxes	1.6Cr	3.9Cr	9.5Cr	5.2Cr	24Cr
Total Deferred Taxes	-14Cr	24Cr	-3.5Cr	-2.5Cr	-4.2Cr
Normalized Net Income	-43Cr	16Cr	-23Cr	-8.81Cr	86Cr
Interest on Long-Term Debt	4.1Cr	5.8Cr	4.1Cr	3.8Cr	3.6Cr
Supplemental Operating Expense Items
Selling and Marketing Expenses	102.9Cr	113.5Cr	157.2Cr	146.6Cr	138.1Cr
General and Administrative Expenses	42Cr	45Cr	62Cr	53Cr	48Cr
Research And Development Expense From Footnotes	84Cr	91Cr	138.7Cr	172.5Cr	148.6Cr
Net Rental Expense, Total	90L	70L	60L	40L	40L
Imputed Operating Lease Interest Expense	63.22L	31.76L	15.75L	9L	6L
Imputed Operating Lease Depreciation	26.78L	38.24L	44.25L	31.05L	34L
Stock-Based Comp., COGS (Total)	80L	90L	80L	50L	50L
Stock-Based Comp., R&D Exp. (Total)	8.4Cr	12Cr	22Cr	19Cr	15Cr
Stock-Based Comp., S&M Exp. (Total)	3.4Cr	4.1Cr	7.3Cr	6.6Cr	6.1Cr
Stock-Based Comp., G&A Exp. (Total)	5Cr	5.4Cr	8.2Cr	5.6Cr	4.9Cr
Total Stock-Based Compensation	18Cr	22Cr	38Cr	32Cr	27Cr

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	115.1Cr	274.4Cr	248.3Cr	311.4Cr	478.1Cr
Short Term Investments	53Cr	69Cr	87Cr	86Cr	197.2Cr
Total Cash And Short Term Investments	168.5Cr	343.3Cr	335Cr	397.3Cr	675.3Cr
Accounts Receivable, Total	32Cr	44Cr	50Cr	60Cr	54Cr
Other Receivables	15Cr	19Cr	19Cr	28Cr	26Cr
Total Receivables	47Cr	63Cr	70Cr	88Cr	80Cr
Prepaid Expenses	4.7Cr	7.4Cr	8.9Cr	6.4Cr	7.1Cr
Other Current Assets, Total	17Cr	24Cr	22Cr	34Cr	76Cr
Total Current Assets	236.6Cr	437.2Cr	435.2Cr	526Cr	837.9Cr
Gross Property Plant And Equipment	98Cr	113.7Cr	121.5Cr	122.1Cr	109.2Cr
Accumulated Depreciation	-23Cr	-33Cr	-45Cr	-67Cr	-68Cr
Net Property Plant And Equipment	76Cr	81Cr	76Cr	55Cr	41Cr
Long-term Investments	227.7Cr	92Cr	113.8Cr	121.5Cr	163.5Cr
Goodwill	74Cr	89Cr	116.8Cr	113.7Cr	120.1Cr
Other Intangibles, Total	6.4Cr	5.8Cr	11Cr	7.1Cr	4Cr
Accounts Receivable Long-Term	-	-	-	-	7.4Cr
Deferred Tax Assets Long-Term	1.5Cr	1.3Cr	80L	2.8Cr	19Cr
Deferred Charges Long-Term	3.3Cr	3.1Cr	1.9Cr	1.3Cr	80L
Other Long-Term Assets, Total	7.8Cr	7.7Cr	7.8Cr	7.5Cr	6.8Cr
Total Assets	632.6Cr	717Cr	763.6Cr	834.6Cr	1.2TCr
Liabilities
Accounts Payable, Total	43Cr	53Cr	59Cr	66Cr	93Cr
Accrued Expenses, Total	190.9Cr	203.4Cr	231.7Cr	267.4Cr	260.7Cr
Current Portion of Leases	3.1Cr	4.4Cr	2.8Cr	6.5Cr	7.5Cr
Current Income Taxes Payable	90L	2.3Cr	1.1Cr	1.2Cr	3.3Cr
Unearned Revenue Current, Total	38Cr	46Cr	52Cr	62Cr	68Cr
Other Current Liabilities	14Cr	13Cr	5.2Cr	5.5Cr	12Cr
Total Current Liabilities	290Cr	322.6Cr	351.6Cr	409Cr	445Cr
Long-Term Debt	-	120.2Cr	112.8Cr	120.3Cr	153.9Cr
Long-Term Leases	58Cr	58Cr	56Cr	49Cr	46Cr
Deferred Tax Liability Non Current	-	-	50L	80L	2.1Cr
Other Non Current Liabilities	4.4Cr	4.4Cr	3.1Cr	2.9Cr	80L
Total Liabilities	352.1Cr	505.1Cr	523.5Cr	582.3Cr	648Cr
Additional Paid In Capital	458.3Cr	474.6Cr	478.9Cr	515.5Cr	612.4Cr
Retained Earnings	-329Cr	-322Cr	-364.7Cr	-418.2Cr	-304.4Cr
Treasury Stock	-18Cr	-26Cr	-26Cr	-26Cr	-26Cr
Comprehensive Income and Other	168.7Cr	85Cr	152.1Cr	181.2Cr	270.7Cr
Total Common Equity	280.5Cr	211.9Cr	240.1Cr	252.3Cr	552.5Cr
Total Equity	280.5Cr	211.9Cr	240.1Cr	252.3Cr	552.5Cr
Total Liabilities And Equity	632.6Cr	717Cr	763.6Cr	834.6Cr	1.2TCr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	19Cr	19Cr	19Cr	20Cr	20Cr
ECS Total Common Shares Outstanding	19Cr	19Cr	19Cr	20Cr	20Cr
Book Value / Share	14.75	11.03	12.42	12.8	27.1
Tangible Book Value	200.5Cr	116.7Cr	112.5Cr	131.5Cr	428.4Cr
Tangible Book Value Per Share	10.54	6.07	5.82	6.67	21.02
Total Debt	61Cr	182.5Cr	171.1Cr	176.1Cr	207.6Cr
Net Debt	-107.7Cr	-160.8Cr	-163.9Cr	-221.2Cr	-467.7Cr
Debt Equivalent Oper. Leases	7.2Cr	5.6Cr	4.8Cr	3.2Cr	3.2Cr
Equity Method Investments, Total	-	-	-	-	-
Account Code - Inventory Valuation	3	3	3	3	3
Full Time Employees	5.58T	6.62T	8.36T	9.12T	7.69T
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	40L	60L	70L	50L	30L

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	-58Cr	-3.4Cr	-43Cr	-53Cr	113.8Cr
Depreciation & Amortization - CF	8.6Cr	9.4Cr	12Cr	11Cr	8.5Cr
Amortization of Goodwill and Intangible Assets - (CF)	1.3Cr	1.8Cr	3.6Cr	3.6Cr	2.8Cr
Depreciation & Amortization, Total	9.9Cr	11Cr	15Cr	15Cr	11Cr
Amortization of Deferred Charges, Total - (CF)	1.2Cr	3.3Cr	1.7Cr	1.2Cr	80L
(Gain) Loss From Sale Of Asset	-	-	-	-	-
Asset Writedown & Restructuring Costs	-	-	-	15Cr	4.3Cr
(Income) Loss On Equity Investments - (CF)	-	-	-	-	-
Stock-Based Compensation (CF)	18Cr	22Cr	38Cr	32Cr	27Cr
Provision and Write-off of Bad Debts	-	-	-	-	-
Other Operating Activities, Total	24Cr	6.3Cr	-27Cr	12Cr	36Cr
Change In Accounts Receivable	-19Cr	-24Cr	-8.4Cr	-14Cr	14Cr
Change In Accounts Payable	42Cr	14Cr	23Cr	50Cr	18Cr
Change in Unearned Revenues	7.3Cr	6.7Cr	5.2Cr	11Cr	4.5Cr
Change in Other Net Operating Assets	60L	50L	-30L	-50L	30L
Cash from Operations	26Cr	36Cr	4.6Cr	68Cr	230.1Cr
Capital Expenditure	-7.8Cr	-8.5Cr	-2.5Cr	-60L	-1.7Cr
Cash Acquisitions	-34Cr	-12Cr	-31Cr	-70L	-1Cr
Sale (Purchase) of Intangible assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	6.7Cr	2.2Cr	-8.9Cr	-21Cr	-147.1Cr
Other Investing Activities, Total	-2.5Cr	-90L	-30L	70L	1.2Cr
Cash from Investing	-37Cr	-19Cr	-42Cr	-22Cr	-148.6Cr
Long-Term Debt Issued, Total	-	122.3Cr	-	-	-
Total Debt Issued	-	122.3Cr	-	-	-
Long-Term Debt Repaid, Total	-2.4Cr	-3.5Cr	-4.3Cr	-6.6Cr	-6.9Cr
Total Debt Repaid	-2.4Cr	-3.5Cr	-4.3Cr	-6.6Cr	-6.9Cr
Issuance of Common Stock	32Cr	17Cr	4.3Cr	37Cr	93Cr
Repurchase of Common Stock	-	-14Cr	-4.2Cr	-6.8Cr	-14Cr
Other Financing Activities, Total	-1Cr	3.8Cr	20L	20L	-
Cash from Financing	28Cr	125Cr	-4Cr	23Cr	73Cr
Foreign Exchange Rate Adjustments	-8.6Cr	17Cr	16Cr	-6.6Cr	12Cr
Net Change in Cash	8.6Cr	159.3Cr	-26Cr	63Cr	166.7Cr
Supplemental Items
Cash Interest Paid	5.5Cr	5Cr	5.3Cr	3.8Cr	3.6Cr
Cash Income Tax Paid (Refund)	80L	60L	4.3Cr	4.3Cr	5.3Cr
Levered Free Cash Flow	38Cr	57Cr	33Cr	67Cr	123.95Cr
Unlevered Free Cash Flow	42Cr	59Cr	36Cr	70Cr	126.2Cr
Change In Net Working Capital	-38Cr	-27Cr	-24Cr	-28Cr	-1.1Cr
Net Debt Issued / Repaid	-2.4Cr	118.8Cr	-4.3Cr	-6.6Cr	-6.9Cr

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	-3	0.89	-5.49	-0.64	8.65
Return on Total Capital	-5.66	1.63	-10.09	-1.22	14.81
Return On Equity %	-24	-1.38	-19.03	-21.61	28.28
Return on Common Equity	-24	-1.38	-19.03	-21.61	28.28
Margin Analysis
Gross Profit Margin %	25.57	26.8	24.95	26.03	30.25
SG&A Margin	18.44	16.37	18.67	15.09	11.84
EBITDA Margin %	-2.86	1.6	-4.73	0.08	9.42
EBITA Margin %	-3.32	1.18	-5.24	-0.35	9.16
EBIT Margin %	-3.49	0.99	-5.54	-0.62	8.98
Income From Continuing Operations Margin %	-7.37	-0.35	-3.67	-4.02	7.26
Net Income Margin %	-7.37	-0.35	-3.67	-4.02	7.26
Net Avail. For Common Margin %	-7.37	-0.35	-3.67	-4.02	7.26
Normalized Net Income Margin	-5.5	1.61	-1.92	-0.67	5.52
Levered Free Cash Flow Margin	4.85	5.88	2.79	5.08	7.91
Unlevered Free Cash Flow Margin	5.28	6.14	3.1	5.31	8.05
Asset Turnover
Asset Turnover	1.38	1.43	1.58	1.66	1.54
Fixed Assets Turnover	10.25	12.35	14.9	20.19	32.62
Receivables Turnover (Average Receivables)	25.58	25.58	24.98	24	27.45
Short Term Liquidity
Current Ratio	0.82	1.36	1.24	1.29	1.88
Quick Ratio	0.74	1.26	1.15	1.19	1.7
Operating Cash Flow to Current Liabilities	0.09	0.11	0.01	0.17	0.52
Days Sales Outstanding (Average Receivables)	14.31	14.27	14.61	15.21	13.33
Average Days Payable Outstanding	25.3	24.96	23.27	23.28	26.7
Long Term Solvency
Total Debt/Equity	21.68	86.13	71.26	69.8	37.57
Total Debt / Total Capital	17.81	46.27	41.61	41.11	27.31
LT Debt/Equity	20.57	84.05	70.1	67.22	36.22
Long-Term Debt / Total Capital	16.91	45.16	40.93	39.59	26.33
Total Liabilities / Total Assets	55.66	70.45	68.56	69.77	53.98
EBIT / Interest Expense	-5.09	1.39	-11.21	-1.67	39.11
EBITDA / Interest Expense	-3.26	3.01	-8.55	1.31	42.25
(EBITDA - Capex) / Interest Expense	-4.7	1.78	-8.98	1.18	41.78
Total Debt / EBITDA	-3.45	8.77	-3.45	27.52	1.36
Net Debt / EBITDA	6.12	-7.73	3.3	-34.56	-3.07
Total Debt / (EBITDA - Capex)	-2.39	14.84	-3.28	30.36	1.38
Net Debt / (EBITDA - Capex)	4.24	-13.07	3.15	-38.14	-3.11
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	16.5	22.69	21.3	12.96	18.31
Gross Profit, 1 Yr. Growth %	17.02	28.59	12.93	17.84	37.5
EBITDA, 1 Yr. Growth %	1.31T	-168.89	-462.74	-101.77	18.36T
EBITA, 1 Yr. Growth %	482.22	-143.51	-648.21	-92.62	-3.22T
EBIT, 1 Yr. Growth %	409.26	-134.91	-791.49	-87.56	-1.82T
Earnings From Cont. Operations, 1 Yr. Growth %	212.37	-94.15	1.16T	23.72	-313.91
Net Income, 1 Yr. Growth %	212.37	-94.15	1.16T	23.72	-313.91
Normalized Net Income, 1 Yr. Growth %	519.64	-135.88	-244.98	-61.89	-1.08T
Diluted EPS Before Extra, 1 Yr. Growth %	200.97	-66.9	185.64	-6.79	-301.32
Accounts Receivable, 1 Yr. Growth %	7.41	36.99	14.87	19.92	-10.3
Net Property, Plant and Equip., 1 Yr. Growth %	-2.95	6.87	-5.44	-28.5	-24.31
Total Assets, 1 Yr. Growth %	23.51	13.34	6.5	9.3	43.84
Tangible Book Value, 1 Yr. Growth %	31.3	-41.8	-3.6	16.89	225.78
Common Equity, 1 Yr. Growth %	37.7	-24.46	13.31	5.08	118.99
Cash From Operations, 1 Yr. Growth %	-54.8	39.38	-87.26	1.38T	238.38
Capital Expenditures, 1 Yr. Growth %	-42.22	8.97	-70.59	-76	183.33
Levered Free Cash Flow, 1 Yr. Growth %	-16.4	237.86	-42.3	130.62	82.28
Unlevered Free Cash Flow, 1 Yr. Growth %	-14.07	193.88	-38.63	114.48	79.32
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	22.41	19.55	21.99	17.06	15.61
Gross Profit, 2 Yr. CAGR %	22.04	22.66	20.5	15.36	27.29
EBITDA, 2 Yr. CAGR %	352.27	135.28	74.63	-78.73	73.97
EBITA, 2 Yr. CAGR %	186.14	62.82	51.36	-39.82	53.94
EBIT, 2 Yr. CAGR %	152.89	27.56	48.94	-6.6	46.17
Earnings From Cont. Operations, 2 Yr. CAGR %	172.92	-57.25	-13.97	295.56	62.68
Net Income, 2 Yr. CAGR %	172.92	-57.25	-13.97	295.56	62.68
Normalized Net Income, 2 Yr. CAGR %	101.46	45.88	-28.64	-24.75	93.4
Diluted EPS Before Extra, 2 Yr. CAGR %	147.1	-0.19	-2.77	63.17	36.99
Accounts Receivable, 2 Yr. CAGR %	8.1	21.3	25.45	17.37	3.72
Net Property, Plant and Equip., 2 Yr. CAGR %	96.03	1.84	0.53	-17.77	-26.44
Total Assets, 2 Yr. CAGR %	20.79	18.32	9.87	7.89	25.39
Tangible Book Value, 2 Yr. CAGR %	1.82	-12.58	-25.09	6.15	95.14
Common Equity, 2 Yr. CAGR %	15.74	1.99	-7.48	9.12	51.69
Cash From Operations, 2 Yr. CAGR %	-13.23	-20.63	-57.86	37.25	607.26
Capital Expenditures, 2 Yr. CAGR %	-21.01	-20.65	-43.39	-73.43	-17.54
Levered Free Cash Flow, 2 Yr. CAGR %	11.17	11.91	44.37	8.9	102.42
Unlevered Free Cash Flow, 2 Yr. CAGR %	15.28	11.11	38.05	8.96	96.11
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	24.43	22.5	20.13	18.9	17.47
Gross Profit, 3 Yr. CAGR %	33.39	24.18	19.33	19.61	22.31
EBITDA, 3 Yr. CAGR %	-11.45	141.53	170.63	-61.98	88.36
EBITA, 3 Yr. CAGR %	-10.87	52.73	142.61	-44.43	124.45
EBIT, 3 Yr. CAGR %	-10.06	30.7	122.51	-34.59	146.5
Earnings From Cont. Operations, 3 Yr. CAGR %	-22.23	-24.18	32.23	-2.89	222.27
Net Income, 3 Yr. CAGR %	-22.23	-24.18	32.23	-2.89	222.27
Normalized Net Income, 3 Yr. CAGR %	-17.41	13.34	45.58	-41.63	77.14
Diluted EPS Before Extra, 3 Yr. CAGR %	-27.52	26.43	41.71	-4.13	75.01
Accounts Receivable, 3 Yr. CAGR %	5.46	16.98	19.12	23.58	7.31
Net Property, Plant and Equip., 3 Yr. CAGR %	118.07	60.14	-0.65	-10.26	-20.01
Total Assets, 3 Yr. CAGR %	26.74	18.25	14.24	9.68	18.74
Tangible Book Value, 3 Yr. CAGR %	183.49	-15.5	-9.68	-13.12	54.26
Common Equity, 3 Yr. CAGR %	127.57	0.4	5.63	-3.47	37.64
Cash From Operations, 3 Yr. CAGR %	13.11	1.62	-56.86	37.95	85.41
Capital Expenditures, 3 Yr. CAGR %	29.4	-12.06	-43	-57.47	-41.52
Levered Free Cash Flow, 3 Yr. CAGR %	32.64	22.51	-10.33	62.41	29.74
Unlevered Free Cash Flow, 3 Yr. CAGR %	35.91	23.79	-8.9	54.49	28.65
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	32.36	26.78	23.45	20.29	18.3
Gross Profit, 5 Yr. CAGR %	54.89	45.23	28.08	20.57	22.45
EBITDA, 5 Yr. CAGR %	1.88	-13	11.37	-1.89	121.03
EBITA, 5 Yr. CAGR %	2.55	-19.77	10.66	7.53	101.71
EBIT, 5 Yr. CAGR %	3.19	-22.75	11.45	13.78	88.6
Earnings From Cont. Operations, 5 Yr. CAGR %	20.36	-42.46	-19.02	46.81	43.66
Net Income, 5 Yr. CAGR %	20.36	-42.46	-19.02	46.81	43.66
Normalized Net Income, 5 Yr. CAGR %	25.27	-14.18	-21.77	-3.78	63.9
Diluted EPS Before Extra, 5 Yr. CAGR %	13.85	-22.34	-18.48	40.01	39.8
Accounts Receivable, 5 Yr. CAGR %	5.51	14.4	13.04	17.14	12.7
Net Property, Plant and Equip., 5 Yr. CAGR %	56.36	56.93	59.98	22.66	-11.9
Total Assets, 5 Yr. CAGR %	43.19	27.84	19.7	13.99	18.57
Tangible Book Value, 5 Yr. CAGR %	65.81	29.94	66.47	-7.42	22.91
Common Equity, 5 Yr. CAGR %	65.05	54.59	58.77	3.8	22.09
Cash From Operations, 5 Yr. CAGR %	46.79	29.01	-23.8	14.6	32.05
Capital Expenditures, 5 Yr. CAGR %	12.13	25.78	-7.03	-45.52	-33.93
Levered Free Cash Flow, 5 Yr. CAGR %	-	95.83	14.85	16.82	22.23
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	91.82	17.02	17.58	21.27