Cash flow The Descartes Systems Group Inc.

Stocks

DSG

CA2499061083

Software

Real-time Estimate TE Other stock markets 12:36:57 22/07/2026 am IST			5-day change	1st Jan Change
100.86 ^CAD	-2.64%		-0.39%	-16.49%

08/07	US container imports jumped 8% in June ahead of higher fuel costs and tariff increases	RE
06/07	The Descartes Systems Group Inc. acquired Drivin.	CI

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Published financial data: THE DESCARTES SYSTEMS GROUP INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: January	2022	2023	2024	2025	2026
Revenues	42Cr	49Cr	57Cr	65Cr	73Cr
Total Revenues	42Cr	49Cr	57Cr	65Cr	73Cr
Cost of Goods Sold, Total	10Cr	11Cr	14Cr	16Cr	17Cr
Gross Profit	32Cr	37Cr	43Cr	49Cr	56Cr
Selling General & Admin Expenses, Total	9.13Cr	11Cr	13Cr	14Cr	16Cr
R&D Expenses	6.26Cr	7.04Cr	8.41Cr	9.55Cr	11Cr
Amortization of Goodwill and Intangible Assets - (IS)	5.91Cr	6.02Cr	6.05Cr	6.94Cr	8.12Cr
Other Operating Expenses, Total	21Cr	24Cr	27Cr	30Cr	34Cr
Operating Income	11Cr	14Cr	16Cr	19Cr	22Cr
Interest Expense, Total	-11.23L	-11.67L	-13.63L	-10.04L	-10L
Interest And Investment Income	3L	44.61L	96.66L	1.15Cr	80.79L
Net Interest Expenses	-8L	32.94L	83.03L	1.05Cr	71.12L
EBT, Excl. Unusual Items	11Cr	14Cr	17Cr	20Cr	23Cr
Restructuring Charges	-66T	-77T	-16.18L	-10L	-46.2L
Merger & Related Restructuring Charges	-19.04L	-25.6L	-36.97L	-58.03L	-55.91L
Other Unusual Items	-44.58L	-28.04L	-1.63Cr	-7L	-2L
EBT, Incl. Unusual Items	10Cr	13Cr	15Cr	19Cr	22Cr
Income Tax Expense	1.63Cr	3.15Cr	3.52Cr	4.84Cr	5.33Cr
Earnings From Continuing Operations	8.63Cr	10Cr	12Cr	14Cr	16Cr
Net Income to Company	8.63Cr	10Cr	12Cr	14Cr	16Cr
Net Income - (IS)	8.63Cr	10Cr	12Cr	14Cr	16Cr
Net Income to Common Incl Extra Items	8.63Cr	10Cr	12Cr	14Cr	16Cr
Net Income to Common Excl. Extra Items	8.63Cr	10Cr	12Cr	14Cr	16Cr
Per Share Items
Net EPS - Basic	1.02	1.21	1.36	1.68	1.91
Basic EPS - Continuing Operations	1.02	1.21	1.36	1.68	1.91
Basic Weighted Average Shares Outstanding	8.46Cr	8.48Cr	8.51Cr	8.54Cr	8.59Cr
Net EPS - Diluted	1	1.18	1.34	1.64	1.87
Diluted EPS - Continuing Operations	1	1.18	1.34	1.64	1.87
Diluted Weighted Average Shares Outstanding	8.62Cr	8.65Cr	8.68Cr	8.73Cr	8.76Cr
Normalized Basic EPS	0.81	1.03	1.27	1.46	1.66
Normalized Diluted EPS	0.79	1.01	1.24	1.43	1.62
Supplemental Items
EBITDA	17Cr	20Cr	23Cr	26Cr	31Cr
EBITA	17Cr	20Cr	22Cr	26Cr	30Cr
EBIT	11Cr	14Cr	16Cr	19Cr	22Cr
EBITDAR	18Cr	21Cr	24Cr	27Cr	31Cr
Effective Tax Rate - (Ratio)	15.91	23.55	23.32	25.24	24.56
Current Domestic Taxes	18.17L	96.73L	1.64Cr	2.23Cr	2.04Cr
Current Foreign Taxes	1.3Cr	1.86Cr	2.48Cr	3.11Cr	2.19Cr
Total Current Taxes	1.48Cr	2.82Cr	4.12Cr	5.34Cr	4.23Cr
Deferred Domestic Taxes	83.81L	50.59L	-23.69L	-38.75L	-28.4L
Deferred Foreign Taxes	-68.67L	-18.15L	-36.09L	-11.67L	1.39Cr
Total Deferred Taxes	15.14L	32.44L	-59.78L	-50.42L	1.11Cr
Normalized Net Income	6.81Cr	8.7Cr	11Cr	12Cr	14Cr
Interest on Long-Term Debt	11.23L	11.67L	13.63L	10.04L	10L
Supplemental Operating Expense Items
Selling and Marketing Expenses	4.69Cr	5.66Cr	6.82Cr	7.37Cr	8.26Cr
General and Administrative Expenses	4.45Cr	4.97Cr	5.74Cr	6.52Cr	7.25Cr
Research And Development Expense From Footnotes	6.26Cr	7.04Cr	8.41Cr	9.55Cr	11Cr
Net Rental Expense, Total	48.98L	48.18L	47.66L	41.64L	44.98L
Imputed Operating Lease Interest Expense	35.96L	48.03L	72.69L	44.97L	42.8L
Imputed Operating Lease Depreciation	13.02L	15.19T	-25.03L	-3L	2L
Stock-Based Comp., COGS (Total)	7L	9L	11.28L	14.07L	16.08L
Stock-Based Comp., R&D Exp. (Total)	14.19L	17.88L	21.38L	27.44L	28.98L
Stock-Based Comp., S&M Exp. (Total)	30.6L	24.68L	51.97L	64.4L	68.02L
Stock-Based Comp., G&A Exp. (Total)	58.06L	84.71L	80.17L	93.71L	95.99L
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	1.1Cr	1.37Cr	1.65Cr	2Cr	2.09Cr

Fiscal Period: January	2022	2023	2024	2025	2026
Assets
Cash And Equivalents	21Cr	28Cr	32Cr	24Cr	36Cr
Total Cash And Short Term Investments	21Cr	28Cr	32Cr	24Cr	36Cr
Accounts Receivable, Total	4.17Cr	4.52Cr	5.16Cr	5.4Cr	6.48Cr
Other Receivables	1.38Cr	1.13Cr	1.22Cr	1.69Cr	2.64Cr
Total Receivables	5.55Cr	5.64Cr	6.38Cr	7.09Cr	9.12Cr
Inventory	9L	8L	-	7L	1L
Prepaid Expenses	1.11Cr	1.31Cr	1.73Cr	1.85Cr	2.45Cr
Other Current Assets, Total	1.12Cr	1.2Cr	1.62Cr	2.64Cr	98.35L
Total Current Assets	29Cr	36Cr	42Cr	35Cr	48Cr
Gross Property Plant And Equipment	5.6Cr	5.6Cr	6.04Cr	5.13Cr	5.03Cr
Accumulated Depreciation	-3.47Cr	-3.78Cr	-4.26Cr	-3.12Cr	-2.86Cr
Net Property Plant And Equipment	2.14Cr	1.82Cr	1.78Cr	2.01Cr	2.17Cr
Goodwill	61Cr	68Cr	76Cr	92Cr	102.58Cr
Other Intangibles, Total	23Cr	23Cr	25Cr	32Cr	33Cr
Deferred Tax Assets Long-Term	1.5Cr	1.15Cr	20.97L	38.02L	67.2L
Deferred Charges Long-Term	1.66Cr	1.84Cr	1.86Cr	1.9Cr	2.28Cr
Other Long-Term Assets, Total	20.52L	38.47L	61.37L	58.87L	45.46L
Total Assets	118.54Cr	131.6Cr	147.43Cr	164.74Cr	189.57Cr
Liabilities
Accounts Payable, Total	1.06Cr	1.06Cr	1.75Cr	2.06Cr	2.09Cr
Accrued Expenses, Total	5.64Cr	8.03Cr	9.18Cr	7.1Cr	6.31Cr
Current Portion of Leases	40.29L	33.97L	30.75L	31.78L	34.71L
Current Income Taxes Payable	56.16L	75.36L	67.34L	93.13L	71.33L
Unearned Revenue Current, Total	5.68Cr	6.78Cr	8.45Cr	10Cr	12Cr
Other Current Liabilities	-	-	-	86.74L	1.08Cr
Total Current Liabilities	13Cr	17Cr	20Cr	22Cr	22Cr
Long-Term Debt	-	-	-	-	-
Long-Term Leases	73.82L	39.23L	39.03L	47.18L	48.92L
Unearned Revenue Non Current	19.2L	16.15L	14.64L	10L	11.75L
Deferred Tax Liability Non Current	3.55Cr	3.54Cr	2.11Cr	3.41Cr	4.14Cr
Other Non Current Liabilities	73.54L	61.2L	61.53L	55.31L	60.19L
Total Liabilities	19Cr	22Cr	24Cr	26Cr	28Cr
Common Stock, Total	54Cr	54Cr	55Cr	57Cr	59Cr
Additional Paid In Capital	47Cr	49Cr	49Cr	50Cr	51Cr
Retained Earnings	26.12L	10Cr	22Cr	36Cr	53Cr
Comprehensive Income and Other	-1.24Cr	-3.05Cr	-2.86Cr	-5.05Cr	-79.87L
Total Common Equity	100Cr	109.94Cr	123.8Cr	138.5Cr	161.89Cr
Total Equity	100Cr	109.94Cr	123.8Cr	138.5Cr	161.89Cr
Total Liabilities And Equity	118.54Cr	131.6Cr	147.43Cr	164.74Cr	189.57Cr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	8.48Cr	8.48Cr	8.52Cr	8.56Cr	8.6Cr
ECS Total Common Shares Outstanding	8.48Cr	8.48Cr	8.52Cr	8.56Cr	8.6Cr
Book Value / Share	11.8	12.96	14.53	16.18	18.82
Tangible Book Value	16Cr	19Cr	23Cr	14Cr	26Cr
Tangible Book Value Per Share	1.9	2.29	2.66	1.62	3.03
Total Debt	1.14Cr	73.2L	69.78L	78.96L	83.63L
Net Debt	-20Cr	-27Cr	-31Cr	-23Cr	-35Cr
Debt Equivalent Oper. Leases	3.92Cr	3.85Cr	3.81Cr	3.33Cr	3.6Cr
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Finished Goods, Total	9L	8L	-	-	-
Machinery, Total	4.41Cr	4.78Cr	5.27Cr	4.29Cr	4.14Cr
Full Time Employees	-	-	2.08T	-	2.36T
Part Time Employees	-	-	96	-	39
Accumulated Allowance for Doubtful Accounts (Supple)	18.6L	15.45L	7L	7L	10.54L

Fiscal Period: January	2022	2023	2024	2025	2026
Net Income	8.63Cr	10Cr	12Cr	14Cr	16Cr
Depreciation & Amortization - CF	51.29L	52.25L	54.74L	55.89L	59.48L
Amortization of Goodwill and Intangible Assets - (CF)	5.91Cr	6.02Cr	6.05Cr	6.94Cr	8.12Cr
Depreciation & Amortization, Total	6.42Cr	6.54Cr	6.6Cr	7.5Cr	8.71Cr
Stock-Based Compensation (CF)	1.1Cr	1.37Cr	1.65Cr	2Cr	2.09Cr
Other Operating Activities, Total	18.22L	32.97L	-58.64L	-50.19L	1.15Cr
Change In Accounts Receivable	-28.84L	2L	-65.66L	32.99L	-52.71L
Change In Inventories	-5L	1L	-	-	-
Change In Accounts Payable	23.36L	-6L	61.8L	18.68L	-11.39L
Change in Unearned Revenues	61.42L	81.42L	1.51Cr	58.25L	41.58L
Change In Income Taxes	4L	8L	-4L	10L	-20.18L
Change in Other Net Operating Assets	72.67L	-7L	9L	-2.59Cr	-1.28Cr
Cash from Operations	18Cr	19Cr	21Cr	22Cr	27Cr
Capital Expenditure	-48.29L	-60.71L	-55.63L	-67.43L	-57.3L
Cash Acquisitions	-9.03Cr	-12Cr	-14Cr	-29Cr	-15Cr
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Cash from Investing	-9.51Cr	-12Cr	-15Cr	-30Cr	-16Cr
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	-	-
Long-Term Debt Repaid, Total	-10.68L	-	-	-	-
Total Debt Repaid	-10.68L	-	-	-	-
Issuance of Common Stock	26.56L	17.3L	92.72L	1.24Cr	1.41Cr
Repurchase of Common Stock	-	-	-48.86L	-67.45L	-73.79L
Other Financing Activities, Total	-72T	-63.33L	-1.91Cr	-92.76L	-17.09L
Cash from Financing	15.16L	-46.03L	-1.47Cr	-36.3L	50.16L
Foreign Exchange Rate Adjustments	-27.71L	-32.12L	-1L	-35.09L	64.76L
Net Change in Cash	7.98Cr	6.29Cr	4.46Cr	-8.48Cr	12Cr
Supplemental Items
Cash Interest Paid	-	-	-	-	-
Cash Income Tax Paid (Refund)	1.26Cr	2.38Cr	4.49Cr	5.34Cr	5.72Cr
Levered Free Cash Flow	16Cr	19Cr	20Cr	20Cr	24Cr
Unlevered Free Cash Flow	16Cr	19Cr	20Cr	20Cr	24Cr
Change In Net Working Capital	-2.01Cr	-3.32Cr	-1.94Cr	59.04L	32.09L
Net Debt Issued / Repaid	-10.68L	-	-	-	-

Fiscal Period: January	2022	2023	2024	2025	2026
Profitability
Return on Assets	6.11	6.79	7.37	7.55	7.78
Return on Total Capital	7.1	8.02	8.74	8.94	9.12
Return On Equity %	9.03	9.74	9.92	10.92	10.9
Return on Common Equity	9.03	9.74	9.92	10.92	10.9
Margin Analysis
Gross Profit Margin %	76.03	76.68	75.86	75.64	77.08
SG&A Margin	21.51	21.87	21.91	21.34	21.27
EBITDA Margin %	40.99	41.41	40.23	40.49	42.19
EBITA Margin %	39.78	40.34	39.27	39.63	41.37
EBIT Margin %	25.87	27.96	28.71	28.97	30.23
Income From Continuing Operations Margin %	20.32	21.04	20.23	22.01	22.46
Net Income Margin %	20.32	21.04	20.23	22.01	22.46
Net Avail. For Common Margin %	20.32	21.04	20.23	22.01	22.46
Normalized Net Income Margin	16.05	17.9	18.85	19.11	19.51
Levered Free Cash Flow Margin	37.31	39.16	34.6	30.65	32.41
Unlevered Free Cash Flow Margin	37.48	39.31	34.75	30.75	32.49
Asset Turnover
Asset Turnover	0.38	0.39	0.41	0.42	0.41
Fixed Assets Turnover	18.61	24.55	31.81	34.34	34.89
Receivables Turnover (Average Receivables)	10.76	11.19	11.84	12.34	12.28
Inventory Turnover (Average Inventory)	156.99	139.31	-	296.96	409.47
Short Term Liquidity
Current Ratio	2.19	2.11	2.05	1.62	2.16
Quick Ratio	2.02	1.96	1.89	1.41	2.01
Operating Cash Flow to Current Liabilities	1.32	1.13	1.02	1.01	1.19
Days Sales Outstanding (Average Receivables)	33.91	32.62	30.82	29.66	29.72
Days Outstanding Inventory (Average Inventory)	2.32	2.62	-	1.23	0.89
Average Days Payable Outstanding	33.06	34.07	37.02	43.91	45.5
Cash Conversion Cycle (Average Days)	3.18	1.17	-	-13.01	-14.89
Long Term Solvency
Total Debt/Equity	1.14	0.67	0.56	0.57	0.52
Total Debt / Total Capital	1.13	0.66	0.56	0.57	0.51
LT Debt/Equity	0.74	0.36	0.32	0.34	0.3
Long-Term Debt / Total Capital	0.73	0.35	0.31	0.34	0.3
Total Liabilities / Total Assets	15.66	16.46	16.02	15.93	14.6
EBIT / Interest Expense	97.83	116.43	120.69	187.84	227.93
EBITDA / Interest Expense	159.38	176.6	172.59	266.68	322.68
(EBITDA - Capex) / Interest Expense	155.08	171.4	168.51	259.96	316.76
Total Debt / EBITDA	0.06	0.04	0.03	0.03	0.03
Net Debt / EBITDA	-1.13	-1.31	-1.33	-0.85	-1.12
Total Debt / (EBITDA - Capex)	0.07	0.04	0.03	0.03	0.03
Net Debt / (EBITDA - Capex)	-1.16	-1.35	-1.37	-0.87	-1.14
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	21.8	14.44	17.88	13.63	11.98
Gross Profit, 1 Yr. Growth %	24.78	15.43	16.62	13.3	14.11
EBITDA, 1 Yr. Growth %	28.58	15.62	14.51	14.36	16.68
EBITA, 1 Yr. Growth %	30.33	16.03	14.76	14.66	16.9
EBIT, 1 Yr. Growth %	49	23.68	21.07	14.65	16.87
Earnings From Cont. Operations, 1 Yr. Growth %	65.61	18.49	13.37	23.61	14.3
Net Income, 1 Yr. Growth %	65.61	18.49	13.37	23.61	14.3
Normalized Net Income, 1 Yr. Growth %	49.98	27.63	24.17	15.22	14.27
Diluted EPS Before Extra, 1 Yr. Growth %	63.93	18	13.56	22.39	14.02
Accounts Receivable, 1 Yr. Growth %	12.09	8.32	14.16	4.62	20.05
Inventory, 1 Yr. Growth %	102.33	-12.56	-	102.55	-85.87
Net Property, Plant and Equip., 1 Yr. Growth %	-11.82	-14.87	-2.19	12.89	7.84
Total Assets, 1 Yr. Growth %	11.49	11.02	12.02	11.74	15.07
Tangible Book Value, 1 Yr. Growth %	52.46	20.12	16.83	-38.66	87.84
Common Equity, 1 Yr. Growth %	9.74	9.96	12.61	11.87	16.89
Cash From Operations, 1 Yr. Growth %	34.22	9.23	7.94	5.58	21.42
Capital Expenditures, 1 Yr. Growth %	28.46	25.72	-8.37	21.21	-15.02
Levered Free Cash Flow, 1 Yr. Growth %	42.71	20.11	4.15	0.66	18.39
Unlevered Free Cash Flow, 1 Yr. Growth %	42.4	20.04	4.2	0.54	18.32
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	14.17	18.06	16.15	15.74	12.8
Gross Profit, 2 Yr. CAGR %	15.97	20.01	16.02	14.95	13.7
EBITDA, 2 Yr. CAGR %	21.68	21.93	15.06	14.43	15.52
EBITA, 2 Yr. CAGR %	23.08	22.98	15.4	14.71	15.78
EBIT, 2 Yr. CAGR %	40	35.75	22.36	17.81	15.75
Earnings From Cont. Operations, 2 Yr. CAGR %	52.71	40.08	15.9	18.38	18.87
Net Income, 2 Yr. CAGR %	52.71	40.08	15.9	18.38	18.87
Normalized Net Income, 2 Yr. CAGR %	45.04	38.35	25.89	19.61	14.75
Diluted EPS Before Extra, 2 Yr. CAGR %	49.07	39.08	15.76	17.89	18.13
Accounts Receivable, 2 Yr. CAGR %	8.98	10.19	11.2	9.29	12.07
Inventory, 2 Yr. CAGR %	45.32	33.01	-	-	-46.51
Net Property, Plant and Equip., 2 Yr. CAGR %	-10.34	-13.36	-8.75	5.08	10.33
Total Assets, 2 Yr. CAGR %	12.14	11.25	11.52	11.88	13.39
Tangible Book Value, 2 Yr. CAGR %	98.29	35.33	18.46	-15.35	7.34
Common Equity, 2 Yr. CAGR %	10.31	9.85	11.28	12.24	14.35
Cash From Operations, 2 Yr. CAGR %	29.98	21.08	8.59	6.76	13.23
Capital Expenditures, 2 Yr. CAGR %	-0.73	27.08	7.33	5.39	1.49
Levered Free Cash Flow, 2 Yr. CAGR %	26.75	30.93	11.85	2.39	9.17
Unlevered Free Cash Flow, 2 Yr. CAGR %	25.29	30.74	11.84	2.35	9.07
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	15.56	14.26	18	15.3	14.47
Gross Profit, 3 Yr. CAGR %	17.28	15.79	18.87	15.11	14.67
EBITDA, 3 Yr. CAGR %	24.61	19.63	19.4	14.83	15.18
EBITA, 3 Yr. CAGR %	25.53	20.68	20.18	15.15	15.44
EBIT, 3 Yr. CAGR %	34.41	34.33	30.67	19.74	17.5
Earnings From Cont. Operations, 3 Yr. CAGR %	40.25	40.33	30.54	18.42	17.01
Net Income, 3 Yr. CAGR %	40.25	40.33	30.54	18.42	17.01
Normalized Net Income, 3 Yr. CAGR %	36.04	38.99	33.45	22.23	17.8
Diluted EPS Before Extra, 3 Yr. CAGR %	35.72	37.9	29.99	17.93	16.59
Accounts Receivable, 3 Yr. CAGR %	9.81	8.76	11.5	8.96	12.76
Inventory, 3 Yr. CAGR %	109.06	22.69	-	-6.26	-
Net Property, Plant and Equip., 3 Yr. CAGR %	19.25	-11.88	-9.78	-2.04	5.99
Total Assets, 3 Yr. CAGR %	21.97	11.77	11.51	11.59	12.94
Tangible Book Value, 3 Yr. CAGR %	97.8	67.78	28.86	-4.87	10.41
Common Equity, 3 Yr. CAGR %	23.29	10.19	10.76	11.47	13.77
Cash From Operations, 3 Yr. CAGR %	31.15	22.66	16.53	7.57	11.44
Capital Expenditures, 3 Yr. CAGR %	-2.71	7.4	13.96	11.77	-1.91
Levered Free Cash Flow, 3 Yr. CAGR %	32.89	24.5	21.31	7.99	7.47
Unlevered Free Cash Flow, 3 Yr. CAGR %	32.23	23.52	21.22	7.94	7.42
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	15.82	15.4	15.8	14.85	15.89
Gross Profit, 5 Yr. CAGR %	16.93	16.49	16.77	15.45	16.78
EBITDA, 5 Yr. CAGR %	20.76	21.05	20.7	17.52	17.83
EBITA, 5 Yr. CAGR %	21.37	21.73	21.37	18.26	18.4
EBIT, 5 Yr. CAGR %	26.32	27.79	29.46	27.46	24.48
Earnings From Cont. Operations, 5 Yr. CAGR %	29.34	30.63	29.95	31.1	25.74
Net Income, 5 Yr. CAGR %	29.34	30.63	29.95	31.1	25.74
Normalized Net Income, 5 Yr. CAGR %	25.55	29.14	31.89	30.89	25.63
Diluted EPS Before Extra, 5 Yr. CAGR %	26.39	27.52	27.35	29.52	25.11
Accounts Receivable, 5 Yr. CAGR %	10.42	9.43	10.37	8.97	11.73
Inventory, 5 Yr. CAGR %	39.05	43.9	-	11.71	-25.12
Net Property, Plant and Equip., 5 Yr. CAGR %	15.41	7.31	7.14	-5.45	-2.22
Total Assets, 5 Yr. CAGR %	18.82	16.06	17.68	11.81	12.26
Tangible Book Value, 5 Yr. CAGR %	48.93	45.9	61.13	27.61	19.78
Common Equity, 5 Yr. CAGR %	18.35	17.12	18.34	11.01	12.18
Cash From Operations, 5 Yr. CAGR %	19.4	21.67	21.61	16.03	15.2
Capital Expenditures, 5 Yr. CAGR %	-0.35	3.6	1.19	6.59	8.8
Levered Free Cash Flow, 5 Yr. CAGR %	19.68	22.68	24.04	15.13	16.3
Unlevered Free Cash Flow, 5 Yr. CAGR %	19.65	22.49	23.66	14.57	16.2