The Bank of New York Mellon Corporation (BK)

Analysis: Growth Rates Industry: Asset Management Sector: Financial Services Live Price: $121.33

Enterprise Value

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Stock Price
Avg YoY	30.98%	19.30%	9.38%	9.51%	7.28%	4.39%	10.09%
Slope	26.93%	11.41%	3.96%	5.91%	3.63%	2.04%	2.21%
CAGR	29.92%	15.99%	7.16%	6.90%	4.42%	1.14%	6.36%
LSR	29.92%	11.38%	3.63%	6.53%	3.64%	1.98%	2.46%
Market Capitalization
Avg YoY	30.77%	19.09%	9.34%	9.44%	7.27%	4.38%	10.27%
Slope	26.78%	11.30%	3.95%	5.89%	3.64%	2.07%	2.30%
CAGR	29.73%	15.83%	7.16%	6.86%	4.44%	1.18%	6.59%
LSR	29.73%	11.26%	3.62%	6.51%	3.65%	2.01%	2.59%
(-) Cash & Equivalents
Avg YoY	3.18%	-5.67%	6.14%	10.71%	19.04%	16.32%	15.61%
Slope	1.58%	-4.91%	5.34%	3.64%	6.17%	7.82%	8.18%
CAGR	1.69%	-6.94%	1.31%	6.09%	12.36%	10.91%	10.94%
LSR	1.69%	-4.50%	6.01%	3.94%	8.90%	12.15%	12.50%
(+) Total Debt
Avg YoY	7.11%	9.70%	7.56%	8.63%	10.34%	11.36%	8.42%
Slope	6.73%	9.87%	5.67%	7.18%	7.10%	7.41%	6.80%
CAGR	7.05%	9.55%	6.73%	8.05%	8.26%	8.91%	6.01%
LSR	7.05%	10.55%	5.95%	7.92%	7.89%	8.65%	7.44%
Enterprise Value
Avg YoY	28.39%	32.79%	-23.93%	-58.25%	-50.56%	-40.99%	-28.85%
Slope	63.23%	42.91%	-7.35%	3.23%	-9.31%	-28.49%	-58.28%
CAGR	—	—	—	—	-17.93%	-16.33%	-10.11%
LSR	—	—	—	—	—	—	—

Income Statement

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Revenue
Avg YoY	43.86%	27.02%	13.47%	9.22%	13.10%	10.49%	9.93%
Slope	31.81%	25.41%	10.17%	6.42%	5.79%	6.04%	5.76%
CAGR	41.34%	24.23%	11.28%	7.70%	9.25%	7.18%	7.16%
LSR	41.34%	28.30%	9.19%	5.54%	5.65%	6.31%	5.98%
Cost of Revenue
Avg YoY	189.82%	-22,786.41%	-10,094.53%	-6,489.24%	-4,781.74%	-3,786.47%	-3,132.71%
Slope	64.11%	65.52%	35.19%	26.57%	15.04%	10.53%	7.30%
CAGR	141.84%	95.32%	53.18%	29.77%	15.77%	9.15%	8.27%
LSR	141.84%	—	—	—	—	—	—
Gross Profit
Avg YoY	6.14%	4.72%	2.50%	2.23%	9.01%	8.28%	8.46%
Slope	5.92%	4.60%	2.02%	1.69%	3.60%	4.94%	5.36%
CAGR	6.13%	4.70%	2.43%	2.18%	5.97%	5.64%	6.18%
LSR	6.13%	4.69%	2.01%	1.68%	4.35%	6.16%	6.60%
Gross Margin
Avg YoY	-23.75%	-14.06%	-6.72%	-4.25%	-2.24%	-0.71%	-0.27%
Slope	-29.82%	-18.77%	-5.77%	-3.09%	-0.88%	0.05%	0.68%
CAGR	-24.91%	-15.72%	-7.95%	-5.12%	-3.00%	-1.44%	-0.91%
LSR	-24.91%	-18.41%	-6.58%	-3.66%	-1.23%	-0.14%	0.59%
SG&A Expenses
Avg YoY	0.66%	3.71%	1.90%	2.07%	6.68%	7.28%	7.81%
Slope	0.66%	3.56%	2.02%	1.52%	3.25%	4.99%	5.79%
CAGR	0.66%	3.67%	1.86%	2.01%	5.92%	6.59%	7.22%
LSR	0.66%	3.69%	2.02%	1.52%	3.96%	6.58%	7.83%
Operating Expenses
Avg YoY	-1.20%	3.92%	2.03%	1.81%	7.27%	7.81%	8.02%
Slope	-1.29%	4.35%	2.70%	1.41%	2.96%	4.88%	5.73%
CAGR	-1.30%	3.71%	1.90%	1.69%	6.02%	6.66%	7.05%
LSR	-1.30%	4.55%	2.68%	1.37%	3.70%	6.59%	7.86%
Operating Income (EBIT)
Avg YoY	29.81%	9.63%	5.32%	4.59%	-20.95%	-16.65%	-11.89%
Slope	26.10%	5.27%	0.39%	2.39%	5.41%	5.11%	4.43%
CAGR	29.63%	6.96%	3.65%	3.34%	5.87%	4.06%	4.85%
LSR	29.63%	4.67%	0.15%	2.37%	—	—	—
Operating Margin
Avg YoY	-5.62%	-10.59%	-5.05%	-2.65%	-32.66%	-26.18%	-21.14%
Slope	-9.29%	-20.19%	-7.38%	-2.31%	1.47%	-0.46%	-1.31%
CAGR	-8.28%	-13.90%	-6.86%	-4.05%	-3.09%	-2.91%	-2.16%
LSR	-8.28%	-18.42%	-8.27%	-3.00%	—	—	—
Interest Income
Avg YoY	107.05%	83.38%	42.46%	27.01%	22.62%	16.51%	14.23%
Slope	51.96%	50.39%	22.63%	14.98%	9.45%	7.55%	5.67%
CAGR	89.67%	58.00%	25.46%	15.35%	12.64%	7.64%	6.77%
LSR	89.67%	75.79%	19.95%	11.44%	6.28%	5.17%	3.52%
Interest Expense
Avg YoY	190.86%	448.46%	236.50%	148.56%	110.17%	86.62%	73.10%
Slope	64.35%	66.24%	35.46%	26.54%	15.19%	11.14%	8.02%
CAGR	142.74%	108.26%	60.58%	29.93%	15.72%	9.32%	8.89%
LSR	142.74%	175.75%	44.60%	25.70%	7.48%	3.82%	1.31%
Net Interest Income
Avg YoY	11.62%	11.26%	5.00%	3.47%	7.36%	4.72%	3.67%
Slope	9.97%	12.38%	3.17%	2.20%	3.28%	3.78%	3.23%
CAGR	10.93%	9.70%	4.01%	2.81%	6.34%	3.54%	2.63%
LSR	10.93%	13.29%	2.90%	2.01%	3.74%	4.21%	3.34%
Other Income / Expense
Avg YoY	11.62%	11.26%	5.00%	3.47%	7.36%	4.72%	3.67%
Slope	9.97%	12.38%	3.17%	2.20%	3.28%	3.78%	3.23%
CAGR	10.93%	9.70%	4.01%	2.81%	6.34%	3.54%	2.63%
LSR	10.93%	13.29%	2.90%	2.01%	3.74%	4.21%	3.34%
Unusual Items
Avg YoY	11.62%	11.26%	5.00%	3.47%	7.36%	4.72%	3.67%
Slope	-9.97%	-12.38%	-3.17%	-2.20%	-3.28%	-3.78%	-3.23%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
EBT excl. Unusual
Avg YoY	20.65%	8.75%	4.41%	3.58%	44.66%	34.63%	29.34%
Slope	18.49%	8.39%	1.56%	2.31%	4.45%	4.51%	3.88%
CAGR	20.61%	8.08%	3.80%	3.11%	6.07%	3.83%	3.73%
LSR	20.61%	8.26%	1.41%	2.27%	5.96%	5.16%	3.99%
Pre-Tax Income
Avg YoY	29.81%	9.63%	5.32%	4.59%	-20.95%	-16.65%	-11.89%
Slope	26.10%	5.27%	0.39%	2.39%	5.41%	5.11%	4.43%
CAGR	29.63%	6.96%	3.65%	3.34%	5.87%	4.06%	4.85%
LSR	29.63%	4.67%	0.15%	2.37%	—	—	—
Pre-Tax Margin
Avg YoY	-5.62%	-10.59%	-5.05%	-2.65%	-32.66%	-26.18%	-21.14%
Slope	-9.29%	-20.19%	-7.38%	-2.31%	1.47%	-0.46%	-1.31%
CAGR	-8.28%	-13.90%	-6.86%	-4.05%	-3.09%	-2.91%	-2.16%
LSR	-8.28%	-18.42%	-8.27%	-3.00%	—	—	—
Income Tax Expense
Avg YoY	18.89%	12.19%	10.09%	9.19%	-22.59%	-18.44%	-13.41%
Slope	17.14%	10.40%	1.87%	-0.43%	3.95%	2.97%	2.00%
CAGR	18.01%	11.58%	2.85%	1.59%	3.86%	1.94%	2.91%
LSR	18.01%	10.37%	2.26%	-0.35%	—	—	—
Net Income
Avg YoY	33.19%	9.57%	6.20%	5.99%	-21.17%	-15.81%	-11.15%
Slope	28.50%	3.85%	0.10%	3.52%	5.26%	5.42%	5.06%
CAGR	33.13%	5.79%	4.09%	4.28%	5.73%	4.92%	5.67%
LSR	33.13%	3.26%	-0.11%	3.71%	—	—	—
Net Margin
Avg YoY	-3.55%	-10.96%	-4.23%	-1.25%	-28.66%	-21.97%	-17.61%
Slope	-6.40%	-21.72%	-7.45%	-1.05%	0.70%	-0.08%	-0.41%
CAGR	-5.81%	-14.85%	-6.46%	-3.17%	-3.22%	-2.11%	-1.38%
LSR	-5.81%	-19.52%	-8.52%	-1.74%	—	—	—
Depreciation & Amortization
Avg YoY	5.45%	3.26%	3.03%	9.17%	8.70%	11.19%	10.20%
Slope	4.70%	2.07%	3.24%	4.88%	5.78%	6.79%	7.11%
CAGR	4.98%	2.55%	2.40%	7.81%	6.70%	8.64%	7.91%
LSR	4.98%	2.15%	3.23%	5.75%	6.76%	8.73%	9.29%
EBITDA
Avg YoY	22.30%	7.49%	4.27%	4.88%	-23.45%	-18.04%	-13.17%
Slope	20.08%	4.38%	1.11%	3.00%	5.51%	5.52%	5.05%
CAGR	22.29%	5.84%	3.34%	4.16%	6.05%	4.77%	5.37%
LSR	22.29%	4.07%	0.97%	3.12%	—	—	—
EBITDA Margin
Avg YoY	-11.70%	-12.16%	-5.53%	-2.00%	-28.94%	-22.65%	-18.35%
Slope	-15.36%	-20.38%	-6.68%	-1.68%	1.39%	0.14%	-0.44%
CAGR	-13.48%	-14.81%	-7.14%	-3.28%	-2.92%	-2.25%	-1.67%
LSR	-13.48%	-18.89%	-7.52%	-2.29%	—	—	—
NOPAT
Avg YoY	29.81%	9.63%	5.32%	4.59%	-20.95%	-16.65%	-11.89%
Slope	26.10%	5.27%	0.39%	2.39%	5.41%	5.11%	4.43%
CAGR	29.63%	6.96%	3.65%	3.34%	5.87%	4.06%	4.85%
LSR	29.63%	4.67%	0.15%	2.37%	—	—	—
NOPAT Margin
Avg YoY	-5.62%	-10.59%	-5.05%	-2.65%	-32.66%	-26.18%	-21.14%
Slope	-9.29%	-20.19%	-7.38%	-2.31%	1.47%	-0.46%	-1.31%
CAGR	-8.28%	-13.90%	-6.86%	-4.05%	-3.09%	-2.91%	-2.16%
LSR	-8.28%	-18.42%	-8.27%	-3.00%	—	—	—
Owner's Earnings
Avg YoY	31.00%	9.03%	4.15%	5.35%	-29.64%	-21.54%	-16.39%
Slope	25.92%	3.07%	-0.37%	2.95%	4.53%	5.07%	5.02%
CAGR	30.73%	4.85%	2.16%	3.72%	4.88%	4.82%	5.40%
LSR	30.73%	2.77%	-0.62%	3.09%	—	—	—
Owner's Earnings Margin
Avg YoY	-6.79%	-11.79%	-6.10%	-1.76%	-30.42%	-22.62%	-18.48%
Slope	-8.11%	-22.08%	-8.04%	-1.61%	-0.12%	-0.28%	-0.26%
CAGR	-7.50%	-15.61%	-8.20%	-3.69%	-4.00%	-2.20%	-1.64%
LSR	-7.50%	-19.90%	-8.98%	-2.32%	—	—	—
EPS (Basic)
Avg YoY	39.24%	14.65%	10.97%	9.78%	-18.77%	-14.16%	-9.52%
Slope	32.86%	8.84%	4.69%	6.96%	6.12%	5.25%	4.61%
CAGR	39.13%	10.71%	8.79%	8.00%	5.91%	4.87%	5.90%
LSR	39.13%	7.98%	4.59%	7.54%	—	—	—
EPS (Diluted)
Avg YoY	39.04%	14.47%	10.94%	9.73%	-18.82%	-14.20%	-9.33%
Slope	32.71%	8.72%	4.67%	6.94%	6.14%	5.28%	4.70%
CAGR	38.94%	10.56%	8.78%	7.97%	5.92%	4.91%	6.13%
LSR	38.94%	7.86%	4.59%	7.52%	—	—	—
Shares (Basic)
Avg YoY	-4.31%	-4.45%	-4.28%	-3.41%	0.24%	0.38%	0.07%
Slope	-4.39%	-4.46%	-4.56%	-3.52%	-0.95%	0.52%	0.82%
CAGR	-4.31%	-4.45%	-4.32%	-3.44%	-0.17%	0.05%	-0.21%
LSR	-4.31%	-4.37%	-4.50%	-3.56%	-0.91%	0.61%	0.85%
Shares (Diluted)
Avg YoY	-4.18%	-4.31%	-4.28%	-3.38%	0.22%	0.34%	-0.16%
Slope	-4.26%	-4.36%	-4.56%	-3.50%	-0.96%	0.50%	0.70%
CAGR	-4.18%	-4.32%	-4.31%	-3.41%	-0.18%	0.02%	-0.43%
LSR	-4.18%	-4.27%	-4.49%	-3.54%	-0.92%	0.58%	0.72%

Product Segments

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Distribution and Shareholder Service
Avg YoY	27.18%	12.91%	12.91%	12.91%	12.91%
Slope	24.05%	11.39%	11.39%	11.39%	11.39%
CAGR	27.08%	11.93%	11.93%	11.93%	11.93%
LSR	27.08%	11.13%	11.13%	11.13%	11.13%
Financial Service
Avg YoY	14.13%	14.01%	14.01%	14.01%	14.01%
Slope	13.27%	12.77%	12.77%	12.77%	12.77%
CAGR	13.98%	13.92%	13.92%	13.92%	13.92%
LSR	13.98%	13.60%	13.60%	13.60%	13.60%
Investment Advisory, Management and Administrative Service
Avg YoY	0.69%	4.64%	4.64%	4.64%	4.64%
Slope	0.65%	4.60%	4.60%	4.60%	4.60%
CAGR	0.64%	4.44%	4.44%	4.44%	4.44%
LSR	0.64%	4.78%	4.78%	4.78%	4.78%
Investment Services Segment
Avg YoY	15.07%	12.56%	12.56%	12.56%	12.56%
Slope	14.08%	12.13%	12.13%	12.13%	12.13%
CAGR	14.83%	12.04%	12.04%	12.04%	12.04%
LSR	14.83%	12.60%	12.60%	12.60%	12.60%
Other Segments
Avg YoY	-49.87%	-49.87%	-49.87%	-49.87%	-49.87%
Slope	-324.23%	-324.23%	-324.23%	-324.23%	-324.23%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Clearing Service
Avg YoY	15.27%	15.27%	15.27%	15.27%	15.27%
Slope	14.19%	14.19%	14.19%	14.19%	14.19%
CAGR	15.27%	15.27%	15.27%	15.27%	15.27%
LSR	—	—	—	—	—
Issuer Services
Avg YoY	13.42%	13.42%	13.42%	13.42%	13.42%
Slope	12.57%	12.57%	12.57%	12.57%	12.57%
CAGR	13.42%	13.42%	13.42%	13.42%	13.42%
LSR	—	—	—	—	—
Treasury Services
Avg YoY	11.70%	11.70%	11.70%	11.70%	11.70%
Slope	11.05%	11.05%	11.05%	11.05%	11.05%
CAGR	11.70%	11.70%	11.70%	11.70%	11.70%
LSR	—	—	—	—	—
Investment Management Segment
Avg YoY	4.57%	2.79%	5.31%	5.31%	5.31%
Slope	4.41%	2.12%	3.84%	3.84%	3.84%
CAGR	4.44%	2.71%	5.18%	5.18%	5.18%
LSR	4.44%	2.09%	4.02%	4.02%	4.02%
All Other Segments
Avg YoY	58.19%	58.19%	58.19%	58.19%	58.19%
Slope	45.07%	45.07%	45.07%	45.07%	45.07%
CAGR	58.19%	58.19%	58.19%	58.19%	58.19%
LSR	—	—	—	—	—

Geographic Segments

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Asia Pacific
Avg YoY	13.23%	8.71%	5.08%	9.40%	9.40%
Slope	12.37%	7.28%	6.11%	6.33%	6.33%
CAGR	12.82%	8.41%	3.80%	7.83%	7.83%
LSR	12.82%	7.26%	6.27%	6.57%	6.57%
EMEA
Avg YoY	9.28%	9.04%	15.50%	15.50%	15.50%
Slope	8.79%	7.76%	10.84%	10.84%	10.84%
CAGR	8.96%	8.87%	14.71%	14.71%	14.71%
LSR	8.96%	7.99%	12.24%	12.24%	12.24%
Other Countries
Avg YoY	24.91%	15.25%	10.74%	7.40%	7.40%
Slope	22.30%	13.98%	10.18%	6.59%	6.59%
CAGR	24.41%	14.53%	10.07%	6.54%	6.54%
LSR	24.41%	14.10%	10.16%	6.06%	6.06%
UNITED STATES
Avg YoY	18.20%	9.58%	10.53%	10.53%	10.53%
Slope	16.79%	8.87%	8.40%	8.40%	8.40%
CAGR	17.99%	9.12%	10.14%	10.14%	10.14%
LSR	17.99%	8.76%	8.40%	8.40%	8.40%
Europe Middle East And Africa
Avg YoY	8.19%	4.37%	4.12%	4.12%	4.12%
Slope	7.82%	4.23%	3.65%	3.65%	3.65%
CAGR	8.18%	4.28%	4.07%	4.07%	4.07%
LSR	8.18%	4.24%	3.67%	3.67%	3.67%
Domestic
Avg YoY	4.34%	3.89%	3.92%	3.92%	3.92%
Slope	4.20%	3.92%	3.83%	3.83%	3.83%
CAGR	4.32%	3.87%	3.91%	3.91%	3.91%
LSR	4.32%	4.00%	3.91%	3.91%	3.91%
Foreign
Avg YoY	5.21%	3.34%	4.13%	4.13%	4.13%
Slope	5.04%	1.70%	3.18%	3.18%	3.18%
CAGR	5.08%	3.07%	3.97%	3.97%	3.97%
LSR	5.08%	1.69%	3.27%	3.27%	3.27%

Balance Sheet

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Cash & Cash Equivalents
Avg YoY	3.18%	-5.67%	6.14%	10.71%	19.04%	16.32%	15.61%
Slope	1.58%	-4.91%	5.34%	3.64%	6.17%	7.82%	8.18%
CAGR	1.69%	-6.94%	1.31%	6.09%	12.36%	10.91%	10.94%
LSR	1.69%	-4.50%	6.01%	3.94%	8.90%	12.15%	12.50%
Short-Term Investments
Avg YoY	-4.56%	-5.81%	4.53%	5.71%	24.04%	16.29%	27.60%
Slope	-4.69%	-6.56%	4.68%	4.97%	7.05%	8.18%	8.60%
CAGR	-4.65%	-6.01%	3.80%	4.70%	14.08%	7.37%	15.54%
LSR	-4.65%	-6.37%	5.26%	5.38%	9.80%	11.87%	14.50%
Cash & Short-Term Investments
Avg YoY	-1.01%	-6.08%	4.11%	6.96%	17.84%	12.98%	16.79%
Slope	-1.53%	-5.74%	5.00%	4.30%	6.61%	8.00%	8.39%
CAGR	-1.58%	-6.49%	2.46%	5.37%	13.14%	8.82%	12.54%
LSR	-1.58%	-5.48%	5.52%	4.61%	9.15%	11.88%	13.17%
Net Receivables
Avg YoY	7.60%	11.51%	4.79%	1.91%	139.32%	110.86%	93.27%
Slope	5.07%	12.01%	4.53%	0.65%	-0.04%	4.52%	6.20%
CAGR	5.58%	10.26%	3.85%	1.08%	17.13%	13.28%	12.41%
LSR	5.58%	13.20%	4.23%	0.44%	2.84%	14.01%	14.97%
Total Current Assets
Avg YoY	-0.76%	-5.69%	4.07%	6.66%	19.02%	13.93%	17.45%
Slope	-1.32%	-5.25%	4.99%	4.19%	6.35%	7.87%	8.31%
CAGR	-1.36%	-6.10%	2.50%	5.18%	13.24%	8.91%	12.54%
LSR	-1.36%	-5.04%	5.48%	4.46%	8.74%	11.82%	13.18%
Property, Plant & Equipment
Avg YoY	4.60%	2.06%	18.99%	11.47%	9.18%	7.74%	6.96%
Slope	4.48%	1.64%	13.47%	10.74%	7.50%	5.48%	4.90%
CAGR	4.52%	1.98%	15.02%	8.51%	6.60%	5.38%	4.99%
LSR	4.52%	1.61%	17.69%	11.27%	6.82%	4.58%	4.17%
Goodwill
Avg YoY	5.81%	3.22%	3.89%	2.98%	12.31%	11.77%	11.77%
Slope	5.66%	2.61%	3.76%	2.96%	3.80%	6.93%	8.14%
CAGR	5.80%	3.14%	3.82%	2.92%	8.71%	—	—
LSR	5.80%	2.60%	3.85%	2.96%	4.84%	—	—
Intangible Assets
Avg YoY	8.02%	7.74%	5.30%	2.38%	14.03%	24.54%	24.54%
Slope	7.74%	7.18%	5.53%	2.43%	2.39%	5.91%	7.44%
CAGR	8.00%	7.73%	5.23%	2.24%	8.73%	—	—
LSR	8.00%	7.43%	5.53%	2.26%	3.34%	—	—
Long-Term Investments
Avg YoY	22.39%	17.56%	10.57%	14.51%	7.67%	7.31%	6.61%
Slope	19.32%	12.66%	9.02%	9.98%	7.84%	5.34%	4.51%
CAGR	20.07%	16.13%	9.42%	13.56%	5.82%	5.82%	5.35%
LSR	20.07%	12.90%	8.77%	11.30%	7.96%	4.78%	3.91%
Other Non-Current Assets
Avg YoY	-21.53%	5.70%	8.62%	8.77%	6.02%	10.90%	12.62%
Slope	-24.88%	1.92%	9.23%	9.09%	4.77%	3.06%	3.51%
CAGR	-21.75%	1.45%	6.34%	7.20%	-2.31%	2.20%	5.19%
LSR	-21.75%	2.17%	9.82%	9.62%	5.90%	3.01%	3.58%
Total Non-Current Assets
Avg YoY	16.10%	14.20%	9.36%	11.41%	6.78%	7.33%	6.85%
Slope	14.20%	10.51%	8.43%	8.78%	6.87%	5.36%	4.90%
CAGR	14.47%	13.30%	8.61%	10.84%	5.15%	6.01%	5.75%
LSR	14.47%	10.78%	8.37%	9.51%	6.87%	5.00%	4.61%
Total Assets
Avg YoY	5.65%	1.43%	5.78%	8.10%	8.78%	8.02%	8.44%
Slope	5.50%	1.11%	6.34%	5.87%	6.55%	6.85%	6.86%
CAGR	5.64%	1.34%	5.11%	7.45%	7.83%	7.23%	7.75%
LSR	5.64%	1.08%	6.72%	6.26%	7.37%	7.90%	8.08%
Accounts Payable
Avg YoY	-1.95%	-0.37%	4.56%	10.14%	252.64%	201.75%	166.26%
Slope	-3.67%	-3.14%	4.58%	6.72%	7.83%	9.75%	10.02%
CAGR	-3.41%	-1.15%	3.50%	8.84%	29.06%	23.46%	17.94%
LSR	-3.41%	-3.17%	4.74%	7.84%	13.60%	27.12%	25.58%
Short-Term Debt
Avg YoY	12.96%	11.16%	6.95%	13.39%	33.19%	27.34%	20.34%
Slope	11.55%	11.39%	3.35%	7.42%	9.25%	8.53%	5.28%
CAGR	12.62%	10.96%	3.61%	10.72%	12.11%	7.04%	2.64%
LSR	12.62%	12.10%	3.53%	9.28%	13.52%	10.79%	5.48%
Tax Payables
Avg YoY	3.06%	2.56%	3.20%	2.69%	4.23%	4.22%	7.40%
Slope	2.93%	2.45%	3.28%	2.01%	1.04%	1.01%	2.50%
CAGR	3.00%	2.50%	3.04%	2.38%	1.48%	1.97%	5.19%
LSR	3.00%	2.49%	3.35%	2.02%	1.33%	1.10%	3.31%
Other Current Liabilities
Avg YoY	6.20%	0.47%	6.10%	9.17%	11.46%	8.45%	9.16%
Slope	6.03%	-0.11%	6.77%	5.96%	7.05%	7.17%	7.05%
CAGR	6.20%	0.28%	4.96%	8.04%	9.94%	7.07%	7.95%
LSR	6.20%	-0.12%	7.25%	6.37%	8.35%	8.32%	8.23%
Total Current Liabilities
Avg YoY	5.74%	0.74%	5.75%	9.02%	11.50%	8.51%	8.73%
Slope	5.60%	0.16%	6.42%	5.99%	7.05%	7.21%	7.02%
CAGR	5.73%	0.59%	4.77%	8.04%	10.03%	7.17%	7.58%
LSR	5.73%	0.14%	6.83%	6.46%	8.36%	8.43%	8.12%
Long-Term Debt
Avg YoY	4.75%	9.16%	9.01%	7.46%	8.11%	11.62%	12.05%
Slope	4.61%	9.21%	6.80%	7.07%	6.19%	6.92%	7.54%
CAGR	4.74%	8.93%	8.56%	7.09%	7.11%	10.16%	10.70%
LSR	4.74%	9.87%	7.29%	7.49%	6.42%	8.26%	10.53%
Capital Lease Obligations
Avg YoY	-47.10%	-26.80%	-21.24%	-21.24%	-21.24%	-21.24%	-21.24%
Slope	-72.89%	-27.11%	17.52%	21.14%	19.39%	17.20%	15.28%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Other Non-Current Liabilities
Avg YoY	6.04%	5.35%	6.82%	7.26%	2.19%	10.26%	12.85%
Slope	5.61%	6.39%	6.88%	4.58%	0.45%	0.43%	2.66%
CAGR	5.88%	5.04%	6.23%	6.03%	-3.01%	3.74%	6.81%
LSR	5.88%	6.59%	7.12%	4.69%	1.38%	0.96%	4.39%
Total Non-Current Liabilities
Avg YoY	4.00%	6.83%	7.90%	6.96%	2.95%	9.63%	11.51%
Slope	3.79%	7.45%	6.99%	6.30%	3.95%	4.08%	5.38%
CAGR	3.91%	6.60%	7.67%	6.69%	1.10%	6.69%	8.81%
LSR	3.91%	7.85%	7.42%	6.55%	3.96%	4.40%	7.39%
Total Liabilities
Avg YoY	5.50%	1.36%	5.85%	8.62%	8.66%	7.93%	8.44%
Slope	5.36%	1.04%	6.49%	6.03%	6.63%	6.77%	6.79%
CAGR	5.49%	1.27%	5.10%	7.85%	7.67%	7.11%	7.71%
LSR	5.49%	1.02%	6.89%	6.47%	7.43%	7.66%	7.92%
Preferred Stock
Avg YoY	-0.92%	3.57%	11.91%	18.59%	9.47%	1.65%	-3.56%
Slope	-1.15%	2.32%	9.31%	14.59%	14.01%	13.77%	12.72%
CAGR	-1.12%	3.35%	10.87%	—	—	41.74%	13.90%
LSR	-1.12%	2.42%	10.55%	—	—	—	—
Common Stock
Avg YoY	4.37%	4.51%	5.42%	4.76%	-3.34%	-2.56%	-2.32%
Slope	4.28%	4.36%	5.24%	4.72%	-27.78%	-18.14%	-9.90%
CAGR	4.36%	4.51%	5.37%	4.68%	-28.20%	-23.00%	—
LSR	4.36%	4.46%	5.46%	4.83%	-6.61%	-24.30%	—
Retained Earnings
Avg YoY	10.65%	10.36%	13.75%	14.18%	10.99%	11.61%	13.63%
Slope	10.15%	9.45%	12.02%	12.29%	10.50%	9.58%	9.17%
CAGR	10.62%	10.34%	13.67%	14.11%	10.09%	10.86%	10.47%
LSR	10.62%	9.92%	13.62%	14.39%	11.24%	10.27%	10.65%
Accumulated OCI
Avg YoY	-7.48%	75.63%	31.45%	30.89%	62.04%	137.61%	158.88%
Slope	8.34%	-29.57%	-12.33%	-13.28%	-9.79%	-11.47%	-11.53%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Minority Interest
Avg YoY	134.13%	54.76%	19.11%	14.86%	191.68%	174.53%	147.39%
Slope	74.81%	6.89%	-10.14%	-8.11%	2.82%	0.88%	-2.84%
CAGR	104.64%	13.64%	-3.78%	-0.73%	—	-4.94%	—
LSR	104.64%	1.35%	-9.76%	-9.38%	—	—	—
Total Shareholders’ Equity
Avg YoY	11.90%	7.60%	13.90%	15.54%	7.95%	7.33%	23.90%
Slope	11.28%	6.65%	11.66%	12.44%	10.12%	6.80%	7.00%
CAGR	11.88%	7.44%	13.60%	15.13%	5.87%	5.69%	10.28%
LSR	11.88%	6.72%	13.47%	15.13%	11.02%	6.11%	7.96%
Total Equity
Avg YoY	12.32%	7.69%	13.45%	14.95%	8.08%	6.91%	17.44%
Slope	11.66%	6.65%	11.41%	12.05%	9.99%	6.69%	6.74%
CAGR	12.30%	7.50%	13.15%	14.55%	5.93%	5.18%	10.32%
LSR	12.30%	6.71%	13.05%	14.44%	10.94%	6.05%	7.33%
Total Liabilities & Equity
Avg YoY	6.13%	1.92%	6.38%	9.02%	8.38%	7.61%	8.64%
Slope	5.96%	1.56%	6.90%	6.48%	6.88%	6.76%	6.79%
CAGR	6.13%	1.82%	5.69%	8.31%	7.47%	6.87%	7.91%
LSR	6.13%	1.52%	7.36%	6.99%	7.62%	7.44%	7.82%
Tangible Assets
Avg YoY	5.61%	1.28%	5.90%	8.58%	8.71%	7.76%	8.22%
Slope	5.47%	0.97%	6.46%	6.06%	6.76%	6.86%	6.79%
CAGR	5.60%	1.18%	5.16%	7.84%	7.78%	6.98%	7.55%
LSR	5.60%	0.94%	6.87%	6.51%	7.62%	7.77%	7.83%
Tangible Equity
Avg YoY	20.02%	12.21%	65.28%	31.19%	-14.05%	-12.00%	1.79%
Slope	18.26%	10.38%	25.06%	46.87%	51.64%	6.72%	3.74%
CAGR	19.98%	11.73%	—	—	3.99%	2.02%	7.58%
LSR	19.98%	10.54%	—	—	—	—	—
Tangible Book Value
Avg YoY	20.02%	12.21%	65.28%	31.19%	-14.05%	-12.00%	1.79%
Slope	18.26%	10.38%	25.06%	46.87%	51.64%	6.72%	3.74%
CAGR	19.98%	11.73%	—	—	3.99%	2.02%	7.58%
LSR	19.98%	10.54%	—	—	—	—	—
Total Investments
Avg YoY	9.43%	5.61%	7.36%	9.37%	8.56%	7.10%	7.56%
Slope	8.81%	3.41%	6.85%	7.34%	7.43%	6.71%	6.38%
CAGR	8.93%	5.14%	7.00%	8.99%	7.66%	6.32%	6.88%
LSR	8.93%	3.33%	7.19%	8.09%	8.20%	7.03%	6.75%
Net Debt
Avg YoY	1.30%	-11.67%	10.51%	15.55%	53.29%	51.58%	65.26%
Slope	1.91%	12.71%	-5.14%	-1.87%	-5.70%	-8.05%	-8.99%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—

Capital Structure

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Working Capital
Avg YoY	31.40%	28.24%	14.69%	25.30%	13.33%	10.36%	8.70%
Slope	-23.27%	-16.26%	-11.42%	-13.32%	-10.38%	-5.47%	-3.51%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Total Capital
Avg YoY	6.12%	5.57%	6.33%	6.79%	9.82%	10.13%	8.18%
Slope	5.91%	5.84%	5.46%	6.20%	6.30%	6.99%	6.86%
CAGR	6.11%	5.54%	6.11%	6.64%	8.14%	8.58%	6.77%
LSR	6.11%	6.00%	5.74%	6.65%	7.04%	8.44%	8.06%
Capital Employed
Avg YoY	5.32%	4.78%	6.61%	6.11%	4.65%	8.77%	9.95%
Slope	5.17%	5.15%	6.00%	5.61%	4.60%	5.12%	5.95%
CAGR	5.32%	4.73%	6.51%	5.99%	3.28%	6.97%	8.35%
LSR	5.32%	5.26%	6.30%	5.83%	4.66%	5.71%	7.66%
Invested Capital
Avg YoY	5.19%	-18.78%	-267.97%	-146.72%	-133.06%	-99.86%	-84.54%
Slope	13.03%	28.85%	-5.00%	1.60%	-5.89%	-9.96%	-12.00%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—

Cash Flow

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Net Income
Avg YoY	38.63%	14.38%	10.90%	9.59%	28.45%	23.23%	29.99%
Slope	32.47%	8.68%	4.66%	6.92%	5.44%	4.98%	5.02%
CAGR	38.48%	10.56%	8.78%	7.84%	5.92%	4.91%	6.13%
LSR	38.48%	7.81%	4.59%	7.50%	6.60%	5.24%	5.40%
Depreciation & Amortization
Avg YoY	9.96%	7.85%	7.74%	13.08%	8.64%	10.82%	10.36%
Slope	8.86%	6.39%	7.88%	8.35%	7.32%	7.27%	7.29%
CAGR	9.56%	7.18%	7.01%	11.62%	6.89%	8.62%	8.38%
LSR	9.56%	6.70%	8.09%	9.63%	7.76%	8.10%	8.51%
Deferred Income Tax
Avg YoY	-175.21%	-37.06%	-102.50%	74.11%	103.04%	86.06%	78.55%
Slope	-129.06%	-94.78%	-22.90%	-158.54%	-43.76%	-45.68%	-22.25%
CAGR	—	20.85%	—	—	10.34%	—	—
LSR	—	—	—	—	—	—	—
Stock-Based Compensation
Avg YoY	-100.00%	-11.81%	-31.13%	-31.13%	-31.13%	-31.13%	-31.13%
Slope	-150.00%	-41.28%	3.23%	14.82%	15.84%	14.94%	13.70%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Change in Working Capital
Avg YoY	-405.27%	-311.54%	-124.15%	-113.84%	14.78%	0.43%	-2.69%
Slope	-508.43%	-236.12%	-13.98%	9.07%	5.63%	-13.28%	-1.30%
CAGR	—	—	54.67%	28.32%	3.20%	0.95%	—
LSR	—	—	—	—	—	—	—
Other Working Capital
Avg YoY	-405.27%	-311.54%	-124.15%	-113.84%	-124.28%	-109.66%	-100.55%
Slope	-508.43%	-236.12%	-13.98%	9.07%	8.51%	-7.18%	-0.47%
CAGR	—	—	54.67%	28.32%	3.20%	0.95%	—
LSR	—	—	—	—	—	—	—
Other Non-Cash Items
Avg YoY	-47.01%	-300.61%	-345.02%	-283.01%	318.20%	276.34%	235.86%
Slope	-81.23%	74.32%	520.43%	45.49%	3.50%	-13.09%	-6.66%
CAGR	-54.52%	39.69%	—	—	—	—	-1.95%
LSR	-54.52%	—	—	—	—	—	—
Net Cash from Operating Activities
Avg YoY	-73.59%	67.39%	631.03%	448.16%	351.28%	286.38%	228.40%
Slope	-97.94%	-7.33%	5.96%	9.47%	7.22%	4.13%	5.01%
CAGR	-77.72%	-36.49%	-14.37%	-8.79%	—	—	-2.90%
LSR	-77.72%	-24.53%	-0.82%	—	—	—	—
Capital Expenditures (PPE)
Avg YoY	-10.27%	-10.15%	-16.92%	-24.31%	-20.10%	-19.77%	-36.68%
Slope	-9.05%	-8.29%	-10.41%	-11.02%	-10.80%	-9.73%	-8.69%
CAGR	9.03%	9.43%	15.42%	18.19%	13.77%	11.56%	12.55%
LSR	9.03%	8.42%	12.37%	13.85%	13.16%	11.16%	11.25%
Acquisitions (Net)
Avg YoY	-100.00%	129.66%	-10,299.57%	-6,310.90%	-4,550.09%	-3,576.08%	-2,944.04%
Slope	-150.00%	100.88%	5.69%	-9.66%	-13.15%	-11.64%	-11.63%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Purchases of Investments
Avg YoY	-41.96%	-2.25%	-15.89%	-20.94%	-21.73%	-28.68%	-32.23%
Slope	-23.61%	20.98%	-4.33%	-4.73%	-5.88%	-5.39%	-6.55%
CAGR	22.70%	-12.52%	4.11%	8.89%	5.35%	10.73%	13.42%
LSR	22.70%	-17.83%	4.27%	4.89%	6.54%	6.20%	10.07%
Sales / Maturities of Investments
Avg YoY	2.05%	-8.35%	5.54%	13.44%	9.36%	15.45%	18.01%
Slope	1.96%	-10.49%	5.28%	6.99%	6.91%	6.03%	7.05%
CAGR	2.00%	-9.10%	2.14%	9.74%	4.35%	8.55%	8.75%
LSR	2.00%	-9.52%	6.10%	8.38%	7.88%	6.82%	10.37%
Other Investing Activities
Avg YoY	-73.23%	954.40%	759.42%	411.28%	291.95%	68.12%	-18.42%
Slope	-314.25%	-118.43%	-19.89%	325.70%	43.30%	23.27%	13.57%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Net Cash from Investing Activities
Avg YoY	-101.02%	-17.43%	-99.08%	-90.88%	-81.96%	-100.15%	-242.94%
Slope	-1,279.28%	99.13%	-7.62%	12.97%	6.09%	0.05%	-2.32%
CAGR	—	-38.38%	-3.70%	0.22%	1.33%	—	5.30%
LSR	—	—	—	—	—	—	—
Net Debt Issuance
Avg YoY	-112.91%	57.34%	-122.47%	-56.34%	-85.07%	-40.23%	-41.30%
Slope	-146.09%	563.07%	12.49%	-14.59%	-11.53%	-1.60%	2.02%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Long-Term Debt Issuance
Avg YoY	-124.07%	234.94%	98.96%	96.83%	72.48%	95.33%	168.82%
Slope	-151.22%	37.55%	-5.85%	8.15%	-1.00%	2.27%	4.46%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Short-Term Debt Issuance
Avg YoY	53.53%	20.30%	-22.72%	-30.94%	76.54%	60.46%	-8.23%
Slope	299.84%	107.89%	10.69%	-50.94%	-24.08%	-8.36%	-8.10%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Net Stock Issuance
Avg YoY	-1,239.79%	-16,503.34%	-7,343.21%	-4,794.83%	-3,427.33%	-2,614.35%	-2,199.15%
Slope	-72.21%	-27.05%	-9.10%	-14.98%	-15.08%	-15.29%	-9.37%
CAGR	417.33%	—	18.11%	—	16.47%	14.69%	13.27%
LSR	417.33%	—	—	—	—	—	—
Common Stock Issuance
Avg YoY	15.05%	14.05%	3.30%	-3.79%	162.78%	155.03%	155.03%
Slope	13.81%	13.33%	-5.15%	-23.57%	-15.25%	-5.97%	-0.81%
CAGR	15.00%	14.02%	-0.31%	-20.59%	-12.91%	—	—
LSR	15.00%	14.35%	-4.89%	-9.01%	-12.48%	—	—
Common Stock Repurchased
Avg YoY	-1,246.48%	-694.27%	-307.06%	-351.33%	-264.55%	-263.94%	-263.94%
Slope	-72.24%	-15.66%	-4.67%	-10.61%	-11.03%	-11.74%	-11.49%
CAGR	418.77%	38.66%	7.61%	40.90%	11.27%	—	—
LSR	418.77%	26.01%	-2.29%	16.26%	16.51%	—	—
Preferred Stock Issuance
Avg YoY	100.00%	-24.91%	828.85%	621.63%	486.76%	486.76%	486.76%
Slope	150.00%	-89.41%	-11.27%	-1.56%	5.27%	8.18%	9.01%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Net Dividends Paid
Avg YoY	-10.49%	-9.17%	-11.56%	-13.46%	-6.68%	-6.36%	-7.91%
Slope	-9.91%	-9.04%	-10.24%	-10.74%	-6.14%	-4.60%	-4.58%
CAGR	10.48%	9.15%	11.44%	13.23%	4.89%	4.93%	6.63%
LSR	10.48%	9.43%	11.38%	12.49%	5.93%	4.05%	4.38%
Common Dividends Paid
Avg YoY	-12.26%	-9.58%	-11.50%	-12.40%	-5.93%	-5.76%	-7.41%
Slope	-11.55%	-9.38%	-10.21%	-10.04%	-5.11%	-3.65%	-3.81%
CAGR	12.26%	9.54%	11.38%	12.15%	4.15%	4.34%	6.13%
LSR	12.26%	9.71%	11.27%	11.25%	4.88%	3.15%	3.64%
Preferred Dividends Paid
Avg YoY	-0.54%	-7.09%	-12.84%	-36.39%	-40.07%	-40.07%	-40.07%
Slope	-0.07%	-7.01%	-10.44%	-15.58%	-15.01%	-14.41%	-13.34%
CAGR	0.07%	6.64%	11.89%	—	—	—	—
LSR	0.07%	7.58%	12.10%	—	—	—	—
Other Financing Activities
Avg YoY	1,053.25%	465.29%	267.08%	215.19%	192.72%	199.76%	172.45%
Slope	297.96%	-161.75%	6.65%	-16.60%	-7.49%	-0.05%	1.89%
CAGR	—	-36.91%	0.25%	4.41%	2.56%	7.98%	8.60%
LSR	—	—	—	—	—	—	—
Net Cash from Financing Activities
Avg YoY	189.43%	46.87%	74.75%	88.66%	96.09%	94.32%	88.01%
Slope	200.18%	-302.62%	-4.82%	-26.64%	-12.64%	-3.00%	0.33%
CAGR	—	-43.75%	-5.16%	-0.33%	-1.08%	9.95%	3.87%
LSR	—	—	—	—	—	—	—
Effect of FX on Cash
Avg YoY	-137.97%	7.12%	333.94%	136.63%	87.84%	81.91%	42.36%
Slope	-406.40%	-101.11%	-0.46%	1,061.44%	37.94%	16.49%	8.55%
CAGR	—	—	—	—	—	8.57%	15.81%
LSR	—	—	—	—	—	—	—
Net Change in Cash
Avg YoY	-145.81%	-24.08%	-4.50%	64.81%	70.64%	82.90%	47.70%
Slope	-149.86%	-303.46%	-54.45%	-157.12%	-115.57%	-334.41%	-546.72%
CAGR	—	—	28.42%	36.61%	11.35%	12.86%	—
LSR	—	—	—	—	—	—	—
Cash at Beginning of Period
Avg YoY	-1.58%	10.55%	9.35%	11.76%	8.37%	7.57%	8.02%
Slope	-3.87%	8.46%	10.34%	10.30%	7.07%	4.94%	3.12%
CAGR	-4.12%	8.18%	6.62%	9.65%	4.29%	3.95%	4.16%
LSR	-4.12%	9.58%	11.17%	11.48%	6.86%	4.33%	2.56%
Cash at End of Period
Avg YoY	-27.38%	-5.70%	6.25%	9.38%	6.78%	6.24%	4.54%
Slope	-31.19%	-6.58%	8.18%	8.39%	6.05%	4.20%	2.59%
CAGR	-27.41%	-8.32%	2.68%	6.66%	2.64%	2.43%	1.02%
LSR	-27.41%	-7.51%	9.25%	9.34%	6.01%	3.77%	2.11%
Operating Cash Flow
Avg YoY	-73.59%	67.39%	631.06%	448.18%	351.29%	286.39%	228.41%
Slope	-97.94%	-7.33%	5.98%	9.47%	7.22%	4.13%	5.01%
CAGR	-77.72%	-36.49%	-14.37%	-8.79%	—	—	-2.90%
LSR	-77.72%	-24.53%	-0.80%	—	—	—	—
Capital Expenditure
Avg YoY	-10.27%	-10.15%	-16.92%	-24.31%	-20.10%	-19.77%	-36.68%
Slope	-9.05%	-8.29%	-10.41%	-11.02%	-10.80%	-9.73%	-8.69%
CAGR	9.03%	9.43%	15.42%	18.19%	13.77%	11.56%	12.55%
LSR	9.03%	8.42%	12.37%	13.85%	13.16%	11.16%	11.25%
Free Cash Flow
Avg YoY	-91.09%	137.69%	106.06%	73.50%	72.62%	64.55%	45.90%
Slope	-123.35%	-11.78%	4.66%	9.00%	6.27%	2.88%	4.19%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—

Free Cash Flow

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
EBITDA
Avg YoY	13.27%	9.78%	7.47%	6.55%	13.47%	11.49%	11.54%
Slope	12.33%	9.19%	6.88%	5.92%	5.60%	5.42%	5.25%
CAGR	13.25%	9.68%	7.37%	6.46%	6.28%	5.47%	6.37%
LSR	13.25%	9.52%	7.01%	5.99%	6.04%	5.70%	5.57%
(-) Tax Adjustment
Avg YoY	3.23%	15.75%	12.75%	9.53%	12.23%	10.19%	10.47%
Slope	3.10%	13.61%	8.80%	3.86%	3.27%	3.08%	3.15%
CAGR	3.10%	14.42%	6.55%	4.66%	4.26%	3.51%	4.73%
LSR	3.10%	15.48%	9.26%	3.45%	3.13%	2.87%	3.09%
Change In Working Capital
Avg YoY	-405.27%	-311.54%	-124.15%	-113.84%	14.78%	0.43%	-2.69%
Slope	-508.43%	-236.12%	-13.98%	9.07%	5.63%	-13.28%	-1.30%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Capital Expenditure
Avg YoY	-10.27%	-10.15%	-16.92%	-24.31%	-20.10%	-19.77%	-36.68%
Slope	-9.05%	-8.29%	-10.41%	-11.02%	-10.80%	-9.73%	-8.69%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Unlevered Free Cash Flow
Avg YoY	239.35%	98.98%	53.79%	38.95%	103.02%	101.42%	92.74%
Slope	134.03%	18.41%	6.05%	4.95%	4.99%	6.03%	5.42%
CAGR	—	21.17%	12.36%	9.58%	4.94%	3.22%	8.83%
LSR	—	—	—	—	—	—	—
Net Interest After Taxes
Avg YoY	20.32%	14.74%	9.97%	7.88%	8.08%	5.31%	4.60%
Slope	16.86%	15.58%	7.45%	6.66%	5.71%	4.77%	3.81%
CAGR	19.37%	13.41%	8.95%	7.06%	7.29%	4.30%	3.71%
LSR	19.37%	16.72%	7.33%	6.62%	5.68%	4.60%	3.48%
Net Debt Issuance
Avg YoY	-112.91%	57.34%	-122.47%	-56.34%	-85.07%	-40.23%	-41.30%
Slope	-146.09%	563.07%	12.49%	-14.59%	-11.53%	-1.60%	2.02%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Levered Free Cash Flow
Avg YoY	938.71%	660.47%	387.68%	257.06%	189.33%	1,829.87%	1,569.94%
Slope	102.41%	41.89%	5.64%	2.32%	2.48%	5.70%	5.85%
CAGR	568.96%	—	11.37%	9.25%	2.63%	3.30%	7.06%
LSR	568.96%	—	—	—	—	—	—