Microsoft Corporation (MSFT)

Analysis: Growth Rates Industry: Software - Infrastructure Sector: Technology Live Price: $459.86

Enterprise Value

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Stock Price
Avg YoY	21.51%	17.61%	29.88%	24.43%	18.84%	13.32%	18.77%
Slope	18.17%	17.91%	21.31%	19.48%	16.51%	13.61%	11.48%
CAGR	20.86%	16.41%	28.75%	23.47%	17.48%	11.50%	15.49%
LSR	20.86%	19.61%	29.07%	25.91%	19.45%	13.64%	10.92%
Market Capitalization
Avg YoY	21.45%	17.70%	29.97%	24.49%	18.86%	13.46%	19.04%
Slope	18.14%	17.99%	21.39%	19.53%	16.54%	13.66%	11.60%
CAGR	20.81%	16.52%	28.85%	23.54%	17.51%	11.68%	15.83%
LSR	20.81%	19.71%	29.19%	25.98%	19.50%	13.71%	11.19%
(-) Cash & Equivalents
Avg YoY	9.00%	42.05%	29.70%	22.19%	22.04%	25.54%	22.65%
Slope	-7.98%	16.71%	15.92%	12.72%	10.01%	8.47%	7.81%
CAGR	-6.61%	21.33%	19.55%	9.63%	10.22%	10.72%	10.01%
LSR	-6.61%	20.08%	17.91%	13.16%	9.44%	8.35%	7.77%
(+) Total Debt
Avg YoY	1.15%	-1.93%	4.60%	16.77%	21.72%	21.72%	21.72%
Slope	0.54%	-0.86%	-1.65%	8.55%	11.93%	12.44%	11.97%
CAGR	0.57%	-2.30%	2.20%	13.45%	—	—	—
LSR	0.57%	-0.85%	-1.27%	14.53%	—	—	—
Enterprise Value
Avg YoY	21.41%	17.17%	28.42%	24.30%	18.92%	13.41%	19.17%
Slope	18.03%	17.56%	20.58%	19.17%	16.44%	13.67%	11.66%
CAGR	20.70%	16.00%	27.40%	23.52%	17.73%	11.76%	16.01%
LSR	20.70%	19.17%	27.37%	25.69%	19.84%	14.11%	11.54%

Income Statement

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Revenue
Avg YoY	15.30%	13.86%	13.43%	10.61%	10.41%	10.72%	13.05%
Slope	14.17%	12.40%	12.70%	10.29%	9.13%	8.74%	8.63%
CAGR	15.30%	13.78%	13.36%	10.46%	10.23%	10.56%	12.75%
LSR	15.30%	13.26%	13.89%	10.59%	9.41%	9.56%	10.63%
Cost of Revenue
Avg YoY	15.52%	14.03%	11.69%	13.43%	14.15%	15.13%	20.25%
Slope	14.46%	12.06%	11.03%	10.77%	10.82%	10.58%	10.38%
CAGR	15.48%	13.87%	11.57%	13.15%	13.71%	14.43%	18.08%
LSR	15.48%	12.83%	11.69%	12.21%	12.98%	13.55%	15.73%
Gross Profit
Avg YoY	15.23%	13.81%	14.34%	9.75%	9.43%	9.74%	12.00%
Slope	14.04%	12.56%	13.50%	10.07%	8.41%	7.99%	7.94%
CAGR	15.22%	13.74%	14.27%	9.51%	9.17%	9.52%	11.64%
LSR	15.22%	13.45%	15.00%	10.03%	8.21%	8.31%	9.31%
Gross Margin
Avg YoY	-0.06%	-0.03%	0.81%	-0.83%	-0.93%	-0.90%	-0.95%
Slope	-0.07%	0.17%	0.96%	-0.55%	-1.13%	-1.16%	-1.20%
CAGR	-0.07%	-0.04%	0.80%	-0.87%	-0.96%	-0.94%	-0.99%
LSR	-0.07%	0.17%	0.97%	-0.51%	-1.10%	-1.14%	-1.19%
R&D Expenses
Avg YoY	9.30%	11.97%	11.76%	9.65%	8.88%	9.51%	12.22%
Slope	8.90%	10.62%	11.14%	9.43%	8.25%	7.70%	7.77%
CAGR	9.30%	11.91%	11.71%	9.57%	8.76%	8.71%	11.37%
LSR	9.30%	11.47%	12.17%	9.83%	8.44%	8.13%	9.33%
SG&A Expenses
Avg YoY	4.12%	6.89%	6.21%	4.43%	4.97%	8.11%	8.06%
Slope	4.00%	6.63%	6.19%	4.42%	4.02%	4.77%	5.73%
CAGR	4.11%	6.85%	6.16%	4.33%	4.77%	7.54%	7.18%
LSR	4.11%	6.99%	6.44%	4.38%	4.04%	5.52%	7.63%
Operating Expenses
Avg YoY	6.59%	9.26%	8.20%	7.10%	6.93%	8.89%	10.10%
Slope	6.37%	8.52%	8.27%	6.16%	5.65%	5.87%	6.47%
CAGR	6.59%	9.22%	8.15%	6.46%	6.39%	8.08%	9.36%
LSR	6.59%	9.09%	8.71%	6.25%	5.75%	6.51%	8.19%
Operating Income (EBIT)
Avg YoY	20.54%	16.62%	19.60%	13.73%	13.02%	12.42%	15.86%
Slope	18.38%	14.93%	17.21%	13.54%	10.87%	9.90%	9.26%
CAGR	20.50%	16.44%	19.39%	11.74%	11.42%	10.49%	13.73%
LSR	20.50%	16.06%	20.34%	14.05%	10.49%	10.06%	10.30%
Operating Margin
Avg YoY	4.53%	2.37%	5.39%	3.01%	2.48%	1.75%	2.46%
Slope	4.37%	2.47%	5.36%	3.06%	1.08%	0.46%	-0.30%
CAGR	4.51%	2.34%	5.32%	1.16%	1.08%	-0.06%	0.87%
LSR	4.51%	2.48%	5.66%	3.12%	0.99%	0.45%	-0.30%
Interest Income
Avg YoY	-5.36%	7.63%	11.43%	-0.95%	-13.08%	-13.08%	-13.08%
Slope	-5.92%	8.04%	10.32%	15.78%	9.65%	10.98%	10.96%
CAGR	-5.97%	5.57%	—	8.01%	3.00%	—	—
LSR	-5.97%	8.81%	—	—	—	—	—
Interest Expense
Avg YoY	15.20%	3.43%	11.20%	19.40%	41.52%	41.52%	41.52%
Slope	8.58%	4.06%	2.44%	10.73%	13.32%	13.32%	12.58%
CAGR	10.09%	0.41%	7.51%	16.10%	—	—	—
LSR	10.09%	3.93%	3.25%	17.20%	—	—	—
Net Interest Income
Avg YoY	-30.17%	758.73%	280.57%	178.88%	95.60%	95.60%	95.60%
Slope	-75.89%	43.17%	154.69%	32.43%	-50.17%	-27.27%	-15.59%
CAGR	-49.47%	—	—	-5.80%	-8.81%	—	—
LSR	-49.47%	—	—	—	—	—	—
Other Income / Expense
Avg YoY	23.64%	95.78%	307.09%	214.73%	176.26%	129.46%	119.69%
Slope	-227.81%	-223.20%	-73.98%	-75.18%	-46.60%	-21.25%	-12.58%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Unusual Items
Avg YoY	23.64%	95.78%	307.09%	214.73%	176.26%	129.46%	119.69%
Slope	227.81%	223.20%	73.98%	75.18%	46.60%	21.25%	12.58%
CAGR	—	—	11.93%	—	—	14.12%	—
LSR	—	—	—	—	—	—	—
EBT excl. Unusual
Avg YoY	14.30%	13.41%	19.73%	12.40%	11.28%	11.86%	15.40%
Slope	13.21%	12.28%	16.46%	13.04%	10.02%	9.09%	8.45%
CAGR	14.27%	13.35%	19.49%	10.45%	9.41%	10.29%	12.73%
LSR	14.27%	13.18%	19.92%	13.65%	9.39%	8.96%	9.16%
Pre-Tax Income
Avg YoY	17.69%	14.95%	19.29%	13.03%	12.24%	11.87%	15.31%
Slope	16.05%	13.58%	16.69%	13.21%	10.50%	9.52%	8.87%
CAGR	17.65%	14.83%	19.10%	11.17%	10.59%	10.39%	13.22%
LSR	17.65%	14.56%	19.84%	13.76%	10.05%	9.53%	9.72%
Pre-Tax Margin
Avg YoY	2.07%	0.94%	5.17%	2.36%	1.73%	1.16%	1.81%
Slope	2.00%	1.15%	4.90%	2.76%	0.63%	0.01%	-0.88%
CAGR	2.04%	0.92%	5.07%	0.64%	0.33%	-0.16%	0.41%
LSR	2.04%	1.15%	5.22%	2.86%	0.59%	-0.03%	-0.82%
Income Tax Expense
Avg YoY	13.42%	23.23%	51.33%	33.50%	24.24%	21.06%	22.64%
Slope	12.45%	20.58%	13.08%	10.83%	7.67%	6.89%	6.47%
CAGR	13.39%	22.02%	17.51%	11.22%	7.35%	7.54%	10.57%
LSR	13.39%	24.29%	16.75%	11.00%	6.61%	6.10%	6.42%
Net Income
Avg YoY	18.67%	13.88%	25.85%	18.53%	17.44%	16.48%	19.14%
Slope	16.85%	12.18%	17.50%	13.77%	11.20%	10.22%	9.52%
CAGR	18.63%	13.54%	19.47%	11.16%	11.63%	11.58%	14.15%
LSR	18.63%	12.84%	21.87%	14.46%	10.87%	10.47%	10.71%
Net Margin
Avg YoY	2.91%	-0.11%	10.92%	7.46%	6.50%	5.39%	5.31%
Slope	2.82%	-0.37%	6.09%	3.33%	1.51%	1.03%	0.18%
CAGR	2.89%	-0.21%	5.39%	0.63%	1.27%	0.92%	1.24%
LSR	2.89%	-0.37%	7.01%	3.50%	1.33%	0.83%	0.07%
Depreciation & Amortization
Avg YoY	57.02%	33.41%	21.98%	21.13%	22.66%	16.42%	19.72%
Slope	43.30%	27.35%	15.20%	14.59%	13.71%	12.47%	11.41%
CAGR	56.97%	30.75%	19.99%	19.67%	21.07%	13.80%	15.84%
LSR	56.97%	29.40%	15.19%	16.99%	17.37%	15.33%	14.17%
EBITDA
Avg YoY	26.08%	19.18%	19.69%	14.29%	13.66%	12.45%	15.72%
Slope	22.79%	17.01%	16.84%	13.72%	11.34%	10.32%	9.60%
CAGR	26.05%	18.83%	19.51%	12.85%	12.49%	11.01%	14.09%
LSR	26.05%	18.26%	19.37%	14.42%	11.32%	10.73%	10.82%
EBITDA Margin
Avg YoY	9.34%	4.56%	5.50%	3.48%	3.04%	1.75%	2.36%
Slope	8.85%	4.42%	4.65%	3.42%	1.86%	1.10%	0.18%
CAGR	9.33%	4.43%	5.43%	2.16%	2.05%	0.41%	1.19%
LSR	9.33%	4.42%	4.81%	3.46%	1.75%	1.07%	0.17%
NOPAT
Avg YoY	20.54%	16.62%	19.60%	13.73%	13.02%	12.42%	15.86%
Slope	18.38%	14.93%	17.21%	13.54%	10.87%	9.90%	9.26%
CAGR	20.50%	16.44%	19.39%	11.74%	11.42%	10.49%	13.73%
LSR	20.50%	16.06%	20.34%	14.05%	10.49%	10.06%	10.30%
NOPAT Margin
Avg YoY	4.53%	2.37%	5.39%	3.01%	2.48%	1.75%	2.46%
Slope	4.37%	2.47%	5.36%	3.06%	1.08%	0.46%	-0.30%
CAGR	4.51%	2.34%	5.32%	1.16%	1.08%	-0.06%	0.87%
LSR	4.51%	2.48%	5.66%	3.12%	0.99%	0.45%	-0.30%
Owner's Earnings
Avg YoY	10.90%	8.64%	23.69%	15.82%	15.90%	14.76%	17.91%
Slope	10.22%	6.56%	14.23%	11.29%	9.53%	8.91%	8.50%
CAGR	10.87%	8.09%	15.98%	8.25%	9.88%	9.68%	12.78%
LSR	10.87%	6.85%	17.80%	11.81%	9.46%	9.25%	9.75%
Owner's Earnings Margin
Avg YoY	-3.82%	-4.80%	9.13%	4.97%	5.11%	3.85%	4.19%
Slope	-3.89%	-5.81%	2.75%	0.84%	0.10%	-0.19%	-0.77%
CAGR	-3.84%	-5.00%	2.31%	-2.01%	-0.32%	-0.80%	0.03%
LSR	-3.84%	-5.65%	3.43%	1.10%	0.05%	-0.28%	-0.79%
EPS (Basic)
Avg YoY	18.78%	14.31%	26.73%	19.68%	19.53%	18.22%	19.99%
Slope	16.93%	12.54%	17.98%	14.60%	12.32%	11.37%	10.48%
CAGR	18.73%	13.98%	20.32%	12.22%	13.64%	13.28%	15.05%
LSR	18.73%	13.28%	22.70%	15.69%	12.61%	12.52%	12.26%
EPS (Diluted)
Avg YoY	18.73%	14.41%	26.84%	19.75%	19.55%	18.38%	20.30%
Slope	16.90%	12.62%	18.06%	14.66%	12.36%	11.41%	10.56%
CAGR	18.68%	14.08%	20.41%	12.28%	13.67%	13.46%	15.39%
LSR	18.68%	13.38%	22.82%	15.76%	12.65%	12.60%	12.54%
Shares (Basic)
Avg YoY	-0.09%	-0.38%	-0.71%	-0.94%	-1.76%	-1.48%	-0.76%
Slope	-0.09%	-0.39%	-0.68%	-1.08%	-1.60%	-1.88%	-1.38%
CAGR	-0.09%	-0.38%	-0.71%	-0.95%	-1.77%	-1.50%	-0.78%
LSR	-0.09%	-0.39%	-0.67%	-1.06%	-1.55%	-1.82%	-1.38%
Shares (Diluted)
Avg YoY	-0.05%	-0.47%	-0.78%	-1.00%	-1.78%	-1.64%	-1.05%
Slope	-0.05%	-0.48%	-0.77%	-1.14%	-1.64%	-1.95%	-1.63%
CAGR	-0.05%	-0.47%	-0.78%	-1.00%	-1.79%	-1.66%	-1.07%
LSR	-0.05%	-0.47%	-0.77%	-1.12%	-1.58%	-1.89%	-1.62%

Product Segments

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Dynamics Products And Cloud Services
Avg YoY	20.04%	20.04%	20.04%	20.04%	20.04%
Slope	18.20%	18.20%	18.20%	18.20%	18.20%
CAGR	20.04%	20.04%	20.04%	20.04%	20.04%
LSR	20.04%	20.04%	20.04%	20.04%	20.04%
Enterprise Services
Avg YoY	0.31%	3.37%	14.54%	14.54%	14.54%
Slope	0.29%	2.89%	8.76%	8.76%	8.76%
CAGR	0.29%	3.31%	13.22%	13.22%	13.22%
LSR	0.29%	2.99%	10.95%	10.95%	10.95%
Gaming
Avg YoY	24.11%	12.73%	14.02%	14.02%	14.02%
Slope	19.88%	12.11%	12.40%	12.40%	12.40%
CAGR	23.21%	11.67%	13.09%	13.09%	13.09%
LSR	23.21%	12.46%	13.19%	13.19%	13.19%
Linked In Corporation
Avg YoY	8.50%	15.78%	34.32%	34.32%	34.32%
Slope	8.16%	12.40%	18.97%	18.97%	18.97%
CAGR	8.50%	15.25%	30.16%	30.16%	30.16%
LSR	8.50%	14.05%	26.73%	26.73%	26.73%
Other Products And Services
Avg YoY	-9.29%	-23.84%	-10.38%	-2.61%	-2.61%
Slope	-63.52%	-69.47%	-18.15%	-8.12%	-8.12%
CAGR	-41.56%	-64.22%	-38.17%	-23.84%	-23.84%
LSR	-41.56%	-72.69%	-39.57%	-22.63%	-22.63%
Search And News Advertising
Avg YoY	6.73%	14.22%	10.88%	13.43%	13.85%
Slope	6.53%	10.36%	10.23%	11.51%	11.55%
CAGR	6.67%	13.48%	10.43%	12.93%	13.37%
LSR	6.67%	11.66%	10.81%	13.49%	13.67%
Server Products And Tools
Avg YoY	11.52%	18.02%	21.19%	16.91%	16.76%
Slope	10.08%	15.81%	18.94%	16.25%	15.77%
CAGR	11.00%	17.52%	20.88%	16.57%	16.44%
LSR	11.00%	18.22%	23.27%	18.51%	17.83%
Devices
Avg YoY	126.69%	59.24%	27.23%	31.78%	31.78%
Slope	64.28%	23.21%	8.92%	4.89%	4.89%
CAGR	77.17%	26.96%	10.66%	13.25%	13.25%
LSR	77.17%	16.46%	6.18%	3.38%	3.38%
Microsoft Office System
Avg YoY	11.13%	12.45%	11.13%	9.92%	9.92%
Slope	10.57%	11.43%	11.01%	8.82%	8.82%
CAGR	11.12%	12.44%	11.09%	9.78%	9.78%
LSR	11.12%	12.26%	11.75%	9.01%	9.01%
Windows
Avg YoY	-2.12%	2.14%	12.94%	7.46%	7.46%
Slope	-2.78%	0.81%	9.42%	4.40%	4.40%
CAGR	-2.65%	1.76%	6.30%	3.06%	3.06%
LSR	-2.65%	0.81%	11.81%	4.24%	4.24%
Consulting And Product Support Services
Avg YoY	7.75%	11.40%	12.94%	12.94%	12.94%
Slope	7.14%	10.24%	11.71%	11.71%	11.71%
CAGR	7.56%	11.15%	12.70%	12.70%	12.70%
LSR	7.56%	11.20%	13.07%	13.07%	13.07%
Xbox
Avg YoY	3.45%	9.26%	11.47%	11.47%	11.47%
Slope	3.33%	7.80%	7.07%	7.07%	7.07%
CAGR	3.42%	8.97%	9.88%	9.88%	9.88%
LSR	3.42%	8.52%	7.89%	7.89%	7.89%

Geographic Segments

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Non Us
Avg YoY	14.26%	13.59%	14.31%	13.20%	13.20%
Slope	13.28%	12.22%	13.51%	11.91%	11.91%
CAGR	14.26%	13.54%	14.15%	12.84%	12.84%
LSR	14.26%	13.10%	15.07%	12.75%	12.75%
UNITED STATES
Avg YoY	16.42%	15.19%	16.15%	12.44%	12.44%
Slope	15.13%	13.43%	14.11%	12.40%	12.40%
CAGR	16.42%	15.09%	16.07%	12.17%	12.17%
LSR	16.42%	14.48%	16.01%	13.24%	13.24%
Unallocated and other
Avg YoY	44.08%	44.08%	44.08%	44.08%	44.08%
Slope	36.12%	36.12%	36.12%	36.12%	36.12%
CAGR	44.08%	44.08%	44.08%	44.08%	44.08%
LSR	—	—	—	—	—

Balance Sheet

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Cash & Cash Equivalents
Avg YoY	9.00%	42.05%	29.70%	22.19%	22.04%	25.54%	22.65%
Slope	-7.98%	16.71%	15.92%	12.72%	10.01%	8.47%	7.81%
CAGR	-6.61%	21.33%	19.55%	9.63%	10.22%	10.72%	10.01%
LSR	-6.61%	20.08%	17.91%	13.16%	9.44%	8.35%	7.77%
Short-Term Investments
Avg YoY	-6.37%	-12.18%	-3.69%	5.45%	10.10%	8.71%	11.81%
Slope	-9.21%	-16.40%	-6.48%	2.16%	6.71%	6.73%	7.69%
CAGR	-8.29%	-13.30%	-4.72%	3.93%	6.50%	5.32%	—
LSR	-8.29%	-14.74%	-7.04%	2.88%	10.60%	8.60%	—
Cash & Short-Term Investments
Avg YoY	-3.41%	-4.62%	0.29%	6.69%	9.42%	8.78%	22.71%
Slope	-8.85%	-9.24%	-3.32%	3.53%	7.17%	6.97%	7.71%
CAGR	-7.76%	-7.25%	-1.21%	5.31%	7.43%	6.44%	14.42%
LSR	-7.76%	-8.79%	-3.58%	4.47%	10.38%	8.64%	12.60%
Net Receivables
Avg YoY	19.92%	17.06%	17.10%	13.05%	13.73%	15.58%	19.82%
Slope	18.18%	15.24%	14.25%	12.07%	10.97%	10.74%	10.50%
CAGR	19.88%	16.98%	16.99%	12.76%	13.22%	14.97%	18.85%
LSR	19.88%	16.37%	15.87%	12.78%	11.90%	13.32%	15.88%
Inventory
Avg YoY	-37.41%	-16.04%	-3.48%	3.78%	5.19%	41.81%	41.81%
Slope	-49.98%	-26.23%	-2.99%	1.46%	4.74%	6.67%	7.97%
CAGR	-38.72%	-22.40%	-8.55%	-1.70%	-0.58%	12.50%	—
LSR	-38.72%	-26.79%	-5.15%	1.08%	5.53%	10.33%	—
Other Current Assets
Avg YoY	9.13%	18.77%	20.04%	13.88%	13.57%	11.37%	12.36%
Slope	8.02%	16.55%	18.44%	14.43%	11.72%	10.23%	8.09%
CAGR	8.64%	18.11%	18.72%	12.37%	12.23%	10.05%	7.27%
LSR	8.64%	19.38%	22.51%	15.09%	11.53%	9.96%	7.34%
Total Current Assets
Avg YoY	3.22%	2.22%	4.87%	8.45%	10.09%	9.69%	14.19%
Slope	1.98%	0.68%	2.49%	6.19%	8.32%	8.01%	8.32%
CAGR	1.90%	1.38%	4.37%	8.00%	9.39%	8.62%	12.85%
LSR	1.90%	0.59%	2.64%	7.36%	10.96%	9.71%	11.71%
Property, Plant & Equipment
Avg YoY	44.67%	35.22%	34.27%	29.07%	28.91%	24.48%	21.99%
Slope	36.40%	29.87%	24.41%	21.48%	18.53%	16.35%	14.50%
CAGR	44.61%	34.86%	33.47%	28.20%	27.85%	23.17%	20.75%
LSR	44.61%	34.59%	30.05%	28.82%	25.41%	23.82%	20.98%
Goodwill
Avg YoY	37.99%	28.62%	28.44%	21.87%	27.21%	27.21%	27.21%
Slope	25.30%	22.95%	18.31%	16.55%	14.83%	14.29%	13.26%
CAGR	32.74%	25.11%	24.48%	18.63%	21.98%	—	—
LSR	32.74%	26.75%	21.19%	19.42%	18.84%	—	—
Intangible Assets
Avg YoY	88.36%	51.63%	40.43%	55.02%	47.65%	38.77%	38.77%
Slope	33.37%	29.53%	16.98%	15.22%	14.67%	11.95%	11.63%
CAGR	55.42%	31.09%	23.12%	28.90%	23.96%	12.71%	—
LSR	55.42%	35.91%	17.42%	19.53%	20.81%	13.45%	—
Long-Term Investments
Avg YoY	26.71%	28.57%	18.24%	12.53%	12.57%	12.57%	12.57%
Slope	20.83%	25.53%	13.65%	0.97%	3.47%	7.03%	8.22%
CAGR	24.93%	27.27%	5.25%	3.56%	—	—	—
LSR	24.93%	30.86%	14.88%	-0.32%	—	—	—
Tax Assets
Avg YoY	—	—	—	—	-60.26%	-27.91%	-27.91%
Slope	—	—	—	—	-26.06%	-15.10%	-7.14%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Other Non-Current Assets
Avg YoY	15.26%	29.52%	36.44%	31.64%	19.40%	14.08%	27.71%
Slope	13.93%	23.02%	22.44%	20.77%	16.52%	8.83%	6.92%
CAGR	15.19%	28.69%	32.69%	28.25%	9.32%	5.87%	15.15%
LSR	15.19%	28.88%	30.94%	30.30%	20.42%	7.31%	5.96%
Total Non-Current Assets
Avg YoY	38.15%	31.47%	28.31%	22.68%	20.79%	17.00%	24.56%
Slope	29.83%	26.78%	21.27%	18.06%	15.69%	13.69%	12.39%
CAGR	37.14%	30.71%	26.90%	21.09%	19.46%	15.62%	21.13%
LSR	37.14%	31.56%	24.59%	20.85%	18.23%	15.37%	15.84%
Total Assets
Avg YoY	22.65%	17.38%	15.01%	14.64%	14.59%	12.83%	17.70%
Slope	20.17%	16.44%	12.19%	11.93%	11.82%	10.66%	10.21%
CAGR	22.63%	17.25%	14.69%	14.37%	14.24%	12.16%	16.50%
LSR	22.63%	17.61%	12.82%	13.42%	14.38%	12.24%	13.51%
Accounts Payable
Avg YoY	23.86%	17.56%	18.16%	16.67%	15.74%	17.03%	15.27%
Slope	21.34%	14.22%	15.84%	13.88%	12.49%	11.91%	11.17%
CAGR	23.84%	16.84%	17.64%	15.59%	14.66%	15.95%	14.19%
LSR	23.84%	15.04%	18.10%	15.62%	14.04%	15.12%	14.94%
Short-Term Debt
Avg YoY	2.02%	7.75%	8.41%	42.00%	26.42%	26.42%	26.42%
Slope	-19.59%	-6.52%	-8.04%	4.83%	9.30%	10.75%	10.80%
CAGR	-24.36%	-21.56%	-14.30%	—	—	—	—
LSR	-24.36%	-7.26%	-7.40%	—	—	—	—
Tax Payables
Avg YoY	-39.56%	3.17%	38.41%	26.36%	17.53%	11.00%	11.00%
Slope	-67.91%	-10.70%	7.39%	12.25%	10.08%	9.98%	10.26%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Deferred Revenue
Avg YoY	12.67%	12.20%	11.17%	12.04%	13.24%	14.27%	13.32%
Slope	11.88%	11.61%	11.41%	10.38%	10.25%	10.21%	10.28%
CAGR	12.67%	12.19%	10.83%	11.73%	12.86%	13.73%	—
LSR	12.67%	12.35%	12.24%	11.16%	11.83%	12.96%	—
Other Current Liabilities
Avg YoY	22.69%	16.28%	15.84%	14.76%	13.71%	16.78%	18.29%
Slope	20.27%	15.27%	13.52%	12.30%	11.17%	10.36%	9.27%
CAGR	22.69%	16.10%	15.67%	14.06%	10.32%	13.23%	12.79%
LSR	22.69%	16.13%	14.62%	13.70%	12.48%	11.82%	10.41%
Total Current Liabilities
Avg YoY	13.68%	11.53%	10.71%	13.38%	13.24%	15.24%	17.64%
Slope	12.37%	11.49%	11.14%	11.08%	10.78%	10.55%	10.20%
CAGR	13.49%	11.41%	10.40%	13.09%	12.40%	14.06%	16.08%
LSR	13.49%	12.18%	11.76%	12.51%	12.64%	13.35%	14.33%
Long-Term Debt
Avg YoY	-2.09%	-4.83%	3.98%	14.09%	23.80%	23.80%	23.80%
Slope	-2.16%	-4.96%	-4.47%	7.00%	11.10%	11.90%	11.60%
CAGR	-2.17%	-4.92%	0.68%	10.16%	—	—	—
LSR	-2.17%	-4.79%	-4.03%	11.98%	—	—	—
Capital Lease Obligations
Avg YoY	80.00%	48.05%	130.64%	130.64%	130.64%	130.64%	130.64%
Slope	10.06%	24.59%	22.35%	23.27%	20.58%	17.97%	15.81%
CAGR	17.10%	16.56%	42.74%	—	—	—	—
LSR	17.10%	28.27%	33.10%	—	—	—	—
Deferred Tax Liabilities
Avg YoY	256.60%	155.10%	84.11%	57.55%	91.08%	89.32%	76.04%
Slope	61.24%	60.82%	-3.11%	-1.93%	6.24%	6.72%	6.55%
CAGR	156.00%	95.45%	8.37%	5.93%	—	10.23%	—
LSR	156.00%	118.20%	0.29%	-6.82%	—	—	—
Other Non-Current Liabilities
Avg YoY	27.92%	16.20%	24.26%	20.21%	17.31%	27.68%	22.58%
Slope	24.47%	15.24%	13.45%	14.66%	13.68%	12.84%	12.22%
CAGR	27.91%	15.60%	21.10%	18.00%	15.00%	18.31%	18.95%
LSR	27.91%	15.59%	16.87%	18.92%	17.16%	18.00%	—
Total Non-Current Liabilities
Avg YoY	18.08%	9.04%	14.10%	17.69%	23.60%	24.49%	21.57%
Slope	13.35%	9.42%	5.26%	11.31%	12.92%	12.75%	12.14%
CAGR	15.53%	7.48%	10.73%	14.98%	18.78%	20.39%	21.50%
LSR	15.53%	9.67%	6.10%	16.37%	22.06%	23.15%	—
Total Liabilities
Avg YoY	15.54%	10.01%	11.40%	14.71%	15.58%	17.22%	19.35%
Slope	12.87%	10.43%	7.89%	11.20%	11.90%	11.68%	11.19%
CAGR	14.48%	9.37%	10.56%	13.97%	14.72%	16.20%	17.91%
LSR	14.48%	10.89%	8.42%	14.30%	16.26%	16.92%	17.87%
Preferred Stock
Avg YoY	—	—	—	—	—	—	-35.00%
Slope	—	—	—	—	—	—	-16.71%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Common Stock
Avg YoY	7.94%	7.55%	6.23%	5.03%	5.21%	8.02%	10.77%
Slope	7.64%	7.42%	6.01%	4.83%	4.47%	5.16%	6.57%
CAGR	7.94%	7.55%	6.19%	5.00%	5.18%	7.55%	—
LSR	7.94%	7.69%	6.15%	4.82%	4.51%	5.94%	—
Retained Earnings
Avg YoY	41.56%	43.62%	115.23%	181.59%	131.56%	99.40%	88.48%
Slope	33.71%	33.87%	31.54%	25.72%	27.92%	19.87%	15.70%
CAGR	41.50%	43.55%	68.89%	—	—	13.00%	16.39%
LSR	41.50%	43.64%	56.67%	—	—	—	—
Accumulated OCI
Avg YoY	-25.96%	-93.54%	-228.35%	-143.46%	-164.39%	-134.56%	-107.61%
Slope	29.37%	-30.98%	-47.87%	-143.89%	-51.35%	-8.42%	-3.03%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Minority Interest
Avg YoY	—	—	—	—	—	—	-100.00%
Slope	—	—	—	—	—	—	-19.35%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Total Shareholders’ Equity
Avg YoY	29.12%	25.39%	20.35%	15.31%	15.41%	12.53%	25.14%
Slope	25.21%	22.81%	17.96%	13.08%	12.22%	10.02%	9.68%
CAGR	29.12%	25.31%	19.90%	14.56%	14.01%	10.74%	19.09%
LSR	29.12%	25.76%	19.49%	12.87%	13.37%	9.85%	12.68%
Total Equity
Avg YoY	29.12%	25.39%	20.35%	15.31%	15.41%	12.53%	24.91%
Slope	25.21%	22.81%	17.96%	13.08%	12.22%	10.02%	9.68%
CAGR	29.12%	25.31%	19.90%	14.56%	14.01%	10.74%	18.92%
LSR	29.12%	25.76%	19.49%	12.87%	13.37%	9.85%	12.65%
Total Liabilities & Equity
Avg YoY	22.36%	17.26%	15.33%	14.65%	15.08%	13.34%	21.61%
Slope	19.37%	16.64%	12.45%	12.07%	12.05%	10.88%	10.45%
CAGR	22.08%	17.01%	14.89%	14.30%	14.31%	12.39%	18.44%
LSR	22.08%	18.01%	13.17%	13.56%	14.86%	12.64%	14.78%
Tangible Assets
Avg YoY	19.90%	15.59%	13.18%	13.54%	13.45%	11.81%	16.73%
Slope	18.17%	14.26%	10.69%	10.88%	11.13%	9.94%	9.61%
CAGR	19.42%	15.17%	12.89%	13.32%	13.07%	11.10%	15.46%
LSR	19.42%	14.84%	11.10%	12.21%	13.56%	11.22%	12.44%
Tangible Equity
Avg YoY	29.99%	28.28%	20.35%	14.54%	14.98%	11.94%	24.26%
Slope	24.08%	21.86%	17.84%	10.76%	10.45%	7.68%	7.76%
CAGR	25.01%	24.85%	17.56%	12.31%	11.53%	8.50%	16.75%
LSR	25.01%	23.51%	19.10%	9.63%	10.83%	6.90%	9.73%
Tangible Book Value
Avg YoY	29.99%	28.28%	20.35%	14.54%	14.98%	11.94%	24.26%
Slope	24.08%	21.86%	17.84%	10.76%	10.45%	7.68%	7.76%
CAGR	25.01%	24.85%	17.56%	12.31%	11.53%	8.50%	16.75%
LSR	25.01%	23.51%	19.10%	9.63%	10.83%	6.90%	9.73%
Total Investments
Avg YoY	-2.90%	-8.93%	-2.81%	4.82%	9.66%	8.36%	11.49%
Slope	-4.18%	-11.55%	-5.04%	2.05%	6.39%	6.76%	7.74%
CAGR	-3.91%	-9.66%	-3.43%	3.86%	7.71%	6.27%	—
LSR	-3.91%	-10.52%	-5.30%	2.68%	9.68%	8.76%	—
Net Debt
Avg YoY	52.35%	5.58%	4.72%	35.47%	36.53%	37.01%	32.14%
Slope	0.99%	-22.78%	-12.68%	4.40%	11.31%	13.57%	13.70%
CAGR	1.54%	-26.02%	-12.68%	14.22%	—	—	—
LSR	1.54%	-21.92%	-14.70%	11.98%	—	—	—

Capital Structure

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Working Capital
Avg YoY	-6.00%	-6.26%	0.45%	5.08%	10.18%	8.69%	13.92%
Slope	-27.49%	-19.19%	-6.81%	1.55%	6.20%	5.92%	6.78%
CAGR	-21.03%	-14.63%	-4.40%	1.58%	5.26%	3.87%	9.13%
LSR	-21.03%	-18.36%	-8.01%	1.46%	9.30%	7.15%	9.59%
Total Capital
Avg YoY	23.30%	18.52%	15.61%	15.20%	15.90%	12.72%	18.38%
Slope	20.61%	17.62%	12.05%	11.83%	12.10%	10.52%	10.03%
CAGR	23.26%	18.37%	14.78%	14.60%	14.99%	11.19%	16.31%
LSR	23.26%	19.08%	12.47%	13.27%	15.44%	11.89%	12.89%
Capital Employed
Avg YoY	24.65%	18.87%	16.76%	15.32%	15.75%	12.99%	18.34%
Slope	21.79%	17.69%	12.42%	12.19%	12.27%	10.76%	10.25%
CAGR	24.64%	18.72%	16.07%	14.77%	15.03%	11.75%	16.57%
LSR	24.64%	19.04%	13.15%	13.77%	15.45%	12.20%	13.38%
Invested Capital
Avg YoY	27.50%	18.65%	15.58%	15.99%	17.01%	13.02%	20.71%
Slope	23.19%	17.70%	11.76%	11.76%	12.28%	10.70%	10.23%
CAGR	27.14%	18.15%	14.47%	15.19%	15.63%	11.23%	17.91%
LSR	27.14%	18.98%	12.05%	13.34%	16.31%	12.34%	13.79%

Cash Flow

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Net Income
Avg YoY	18.73%	14.41%	26.84%	19.75%	19.55%	18.38%	20.30%
Slope	16.90%	12.62%	18.06%	14.66%	12.36%	11.41%	10.56%
CAGR	18.68%	14.08%	20.41%	12.28%	13.67%	13.46%	15.39%
LSR	18.68%	13.38%	22.82%	15.76%	12.65%	12.60%	12.54%
Depreciation & Amortization
Avg YoY	57.09%	33.94%	22.90%	22.31%	25.00%	18.54%	21.07%
Slope	43.34%	27.76%	15.88%	15.35%	14.46%	13.25%	12.10%
CAGR	57.04%	31.37%	20.94%	20.87%	23.28%	15.71%	17.10%
LSR	57.04%	30.02%	16.09%	18.32%	19.26%	17.55%	16.05%
Deferred Income Tax
Avg YoY	-13.62%	-942.52%	-647.88%	2,979.07%	2,205.33%	1,749.00%	1,679.12%
Slope	-8.43%	-27.30%	-21.13%	-23.97%	-23.35%	-16.71%	-14.69%
CAGR	7.96%	163.13%	—	—	—	14.37%	—
LSR	7.96%	113.06%	—	—	—	—	—
Stock-Based Compensation
Avg YoY	11.67%	19.09%	19.23%	14.41%	14.94%	14.94%	14.94%
Slope	11.01%	16.66%	16.63%	14.20%	13.67%	13.55%	12.74%
CAGR	11.67%	18.84%	19.09%	14.13%	—	—	—
LSR	11.67%	19.11%	19.33%	15.46%	—	—	—
Change in Working Capital
Avg YoY	-108.53%	-177.32%	16.32%	7.70%	1,035.07%	777.68%	644.64%
Slope	-75.20%	-58.55%	-56.27%	-23.98%	-8.06%	-0.59%	2.72%
CAGR	49.75%	55.36%	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Accounts Receivable
Avg YoY	-61.62%	-22.50%	-83.35%	-41.29%	-25.38%	-53.35%	-58.75%
Slope	-44.60%	-12.67%	-21.79%	-18.77%	-14.75%	-12.69%	-11.28%
CAGR	60.98%	13.57%	—	16.41%	10.95%	16.34%	20.12%
LSR	60.98%	11.39%	—	—	—	—	—
Inventory
Avg YoY	-36.25%	21.34%	-158.47%	-106.84%	-106.84%	-106.84%	-106.84%
Slope	-49.34%	223.38%	28.38%	185.53%	111.67%	76.21%	56.24%
CAGR	-50.10%	—	-6.37%	—	—	—	—
LSR	-50.10%	—	—	—	—	—	—
Accounts Payable
Avg YoY	73.20%	-10.19%	267.14%	275.75%	275.75%	275.75%	275.75%
Slope	353.83%	-26.40%	9.22%	16.88%	16.99%	15.67%	14.22%
CAGR	—	-32.53%	24.02%	18.90%	—	—	—
LSR	—	—	—	—	—	—	—
Other Working Capital
Avg YoY	17.91%	13.17%	162.35%	100.83%	333.99%	285.85%	240.81%
Slope	15.09%	1.58%	-6.84%	-17.59%	-5.00%	1.20%	3.86%
CAGR	17.09%	6.23%	—	-12.04%	—	9.63%	5.95%
LSR	17.09%	2.30%	—	—	—	—	—
Other Non-Cash Items
Avg YoY	77.73%	92.69%	-66.38%	-38.37%	-519.83%	-413.39%	-333.26%
Slope	55.85%	420.39%	34.50%	24.98%	8.93%	-0.78%	-4.37%
CAGR	76.35%	—	—	—	—	—	—
LSR	76.35%	—	—	—	—	—	—
Net Cash from Operating Activities
Avg YoY	25.17%	16.67%	18.24%	14.03%	15.34%	12.78%	15.87%
Slope	21.33%	15.04%	15.61%	13.08%	11.87%	10.77%	10.06%
CAGR	24.75%	15.96%	17.85%	13.39%	14.61%	11.99%	14.45%
LSR	24.75%	15.96%	17.73%	13.86%	13.08%	11.84%	11.96%
Capital Expenditures (PPE)
Avg YoY	-51.76%	-34.78%	-27.75%	-29.92%	-26.80%	-24.84%	-23.58%
Slope	-39.91%	-30.24%	-22.82%	-20.10%	-17.32%	-15.47%	-13.83%
CAGR	51.62%	33.65%	26.52%	27.96%	23.79%	20.47%	19.58%
LSR	51.62%	34.33%	25.83%	26.09%	21.90%	21.24%	19.21%
Acquisitions (Net)
Avg YoY	-1,974.98%	-1,001.80%	-683.32%	-1,466.71%	-1,106.50%	-1,191.72%	-1,135.56%
Slope	-8.42%	-19.45%	-18.39%	-15.82%	-14.38%	-13.83%	-12.91%
CAGR	89.29%	-9.06%	18.50%	38.64%	14.45%	—	—
LSR	89.29%	4.01%	21.65%	20.69%	17.42%	—	—
Purchases of Investments
Avg YoY	-7.56%	-0.29%	2.42%	-10.14%	-8.96%	-6.76%	-42.69%
Slope	13.82%	20.92%	20.47%	4.13%	-1.87%	-1.18%	-3.41%
CAGR	-11.03%	-16.67%	-14.42%	-0.35%	-1.03%	-1.65%	11.93%
LSR	-11.03%	-16.88%	-20.13%	-5.63%	1.77%	0.35%	7.54%
Sales / Maturities of Investments
Avg YoY	-27.12%	-19.45%	-8.73%	9.13%	3.72%	3.61%	7.37%
Slope	-30.91%	-20.00%	-16.70%	-1.34%	3.06%	1.85%	4.11%
CAGR	-27.14%	-20.81%	-14.81%	1.48%	-2.53%	-1.81%	—
LSR	-27.14%	-18.84%	-16.41%	-0.96%	3.74%	1.50%	—
Other Investing Activities
Avg YoY	168.46%	29.12%	11.52%	-8.59%	-46.16%	-46.16%	-44.50%
Slope	389.09%	68.53%	-10.08%	-12.75%	-16.46%	-15.33%	-6.16%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Net Cash from Investing Activities
Avg YoY	-151.32%	-72.26%	-63.28%	-46.33%	-58.67%	-18.47%	-21.18%
Slope	-38.98%	-31.69%	-16.72%	-10.91%	-12.70%	-12.11%	-10.35%
CAGR	79.00%	27.98%	14.01%	13.26%	—	11.07%	13.28%
LSR	79.00%	36.97%	16.87%	8.31%	—	—	—
Net Debt Issuance
Avg YoY	-769.26%	-403.02%	-179.54%	-113.83%	105.48%	105.48%	105.48%
Slope	-83.72%	-2.23%	-591.35%	-53.71%	-22.20%	-9.39%	-3.18%
CAGR	80.61%	24.93%	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Long-Term Debt Issuance
Avg YoY	-19.45%	-28.11%	-3.55%	1.64%	33.00%	33.00%	33.00%
Slope	-6.61%	11.16%	-253.54%	-46.70%	-18.64%	-7.11%	-1.60%
CAGR	8.19%	-3.31%	—	—	—	—	—
LSR	8.19%	-8.77%	—	—	—	—	—
Short-Term Debt Issuance
Avg YoY	-209.51%	-209.51%	-82.09%	92.71%	68.01%	68.01%	68.01%
Slope	-1,727.91%	-625.97%	-7.79%	-134.27%	-65.64%	-37.17%	-22.46%
CAGR	—	—	—	29.06%	—	—	—
LSR	—	—	—	—	—	—	—
Net Stock Issuance
Avg YoY	8.89%	7.49%	-6.81%	-15.34%	-10.56%	-42.83%	-47.43%
Slope	11.53%	15.31%	-5.04%	-9.37%	-5.90%	-7.17%	-7.95%
CAGR	-10.35%	-10.24%	1.55%	5.31%	1.59%	6.16%	12.39%
LSR	-10.35%	-14.44%	5.98%	12.74%	6.28%	9.61%	12.62%
Common Stock Issuance
Avg YoY	5.04%	5.52%	14.59%	2.90%	24.56%	21.52%	26.71%
Slope	4.86%	5.15%	12.36%	4.57%	-2.43%	-0.94%	0.21%
CAGR	5.02%	5.48%	14.20%	-0.16%	1.71%	2.70%	6.11%
LSR	5.02%	5.34%	14.84%	5.48%	-0.41%	-0.42%	0.58%
Common Stock Repurchased
Avg YoY	7.80%	6.62%	-6.97%	-11.87%	-9.11%	-16.70%	-22.46%
Slope	9.86%	13.67%	-5.57%	-8.96%	-5.01%	-6.17%	-6.88%
CAGR	-8.96%	-9.01%	2.40%	4.43%	1.60%	5.60%	10.88%
LSR	-8.96%	-12.93%	6.63%	11.34%	5.23%	7.24%	9.28%
Net Dividends Paid
Avg YoY	-10.34%	-10.40%	-9.96%	-12.82%	-12.73%	-101.81%	-83.27%
Slope	-9.83%	-9.79%	-9.43%	-10.25%	-10.59%	-8.55%	-9.27%
CAGR	10.34%	10.40%	9.95%	12.73%	12.63%	—	—
LSR	10.34%	10.34%	9.99%	11.85%	12.97%	—	—
Common Dividends Paid
Avg YoY	-10.34%	-10.40%	-9.96%	-12.82%	-12.73%	-101.81%	-83.27%
Slope	-9.83%	-9.79%	-9.43%	-10.25%	-10.59%	-8.55%	-9.27%
CAGR	10.34%	10.40%	9.95%	12.73%	12.63%	—	—
LSR	10.34%	10.34%	9.99%	11.85%	12.97%	—	—
Other Financing Activities
Avg YoY	-52.64%	-14.36%	-91.36%	37.21%	24.79%	46.81%	43.68%
Slope	-41.89%	-0.53%	-11.18%	-19.91%	-19.58%	-17.80%	-18.06%
CAGR	50.98%	-1.92%	23.46%	40.31%	—	—	—
LSR	50.98%	2.75%	21.21%	—	—	—	—
Net Cash from Financing Activities
Avg YoY	-11.49%	-5.20%	-40.27%	-26.65%	-19.00%	-78.85%	-79.20%
Slope	-8.78%	2.57%	-14.57%	-15.19%	-10.73%	-9.33%	-9.64%
CAGR	8.53%	2.10%	23.35%	15.03%	6.89%	11.56%	19.48%
LSR	8.53%	-2.65%	—	—	—	—	—
Effect of FX on Cash
Avg YoY	60.86%	-76.93%	-37.38%	-146.17%	-73.44%	79.58%	55.15%
Slope	113.07%	11.07%	-11.92%	-11.55%	-17.54%	-17.49%	-16.68%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Net Change in Cash
Avg YoY	-3.06%	1,775.64%	855.56%	552.82%	482.32%	406.30%	336.05%
Slope	-81.22%	19.50%	14.94%	18.66%	16.87%	13.64%	10.58%
CAGR	-24.19%	108.11%	34.07%	9.01%	12.28%	—	11.82%
LSR	—	—	—	—	—	—	—
Cash at Beginning of Period
Avg YoY	51.01%	26.64%	24.14%	22.84%	20.72%	21.82%	21.33%
Slope	9.86%	16.22%	16.10%	11.85%	9.14%	7.71%	7.39%
CAGR	14.71%	8.29%	14.99%	10.07%	9.20%	7.48%	9.18%
LSR	14.71%	16.63%	18.03%	11.87%	8.58%	7.59%	7.69%
Cash at End of Period
Avg YoY	9.00%	42.05%	29.70%	22.19%	22.04%	26.48%	23.42%
Slope	-7.98%	16.71%	15.92%	12.72%	10.01%	8.34%	7.74%
CAGR	-6.61%	21.33%	19.55%	9.63%	10.22%	10.72%	10.01%
LSR	-6.61%	20.08%	17.91%	13.16%	9.44%	8.27%	7.74%
Operating Cash Flow
Avg YoY	25.17%	16.67%	18.24%	14.03%	15.34%	12.78%	15.87%
Slope	21.33%	15.04%	15.61%	13.08%	11.87%	10.77%	10.06%
CAGR	24.75%	15.96%	17.85%	13.39%	14.61%	11.99%	14.45%
LSR	24.75%	15.96%	17.73%	13.86%	13.08%	11.84%	11.96%
Capital Expenditure
Avg YoY	-51.76%	-34.78%	-27.75%	-29.92%	-26.80%	-24.84%	-23.58%
Slope	-39.91%	-30.24%	-22.82%	-20.10%	-17.32%	-15.47%	-13.83%
CAGR	51.62%	33.65%	26.52%	27.96%	23.79%	20.47%	19.58%
LSR	51.62%	34.33%	25.83%	26.09%	21.90%	21.24%	19.21%
Free Cash Flow
Avg YoY	10.66%	7.65%	14.02%	9.95%	12.57%	10.54%	14.38%
Slope	8.92%	6.57%	12.14%	10.13%	9.72%	9.03%	8.70%
CAGR	9.78%	6.79%	13.30%	9.01%	11.47%	9.42%	12.49%
LSR	9.78%	6.86%	14.01%	10.56%	10.75%	9.88%	10.48%

Free Cash Flow

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
EBITDA
Avg YoY	26.14%	19.71%	20.18%	14.39%	14.95%	13.76%	18.59%
Slope	22.84%	17.44%	17.33%	13.99%	12.21%	11.31%	10.48%
CAGR	26.11%	19.39%	20.01%	13.99%	14.55%	12.88%	16.57%
LSR	26.11%	18.82%	20.04%	14.70%	12.95%	12.78%	12.71%
(-) Tax Adjustment
Avg YoY	21.56%	27.67%	35.20%	27.78%	21.63%	18.62%	22.40%
Slope	19.28%	24.26%	16.44%	11.95%	9.79%	9.08%	8.48%
CAGR	21.55%	26.87%	18.41%	14.04%	11.19%	9.97%	13.85%
LSR	21.55%	28.92%	18.53%	11.92%	9.24%	9.06%	9.19%
Change In Working Capital
Avg YoY	-108.53%	-177.32%	16.32%	7.70%	1,035.07%	777.68%	644.64%
Slope	-75.20%	-58.55%	-56.27%	-23.98%	-8.06%	-0.59%	2.72%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Capital Expenditure
Avg YoY	-51.76%	-34.78%	-27.75%	-29.92%	-26.80%	-24.84%	-23.58%
Slope	-39.91%	-30.24%	-22.82%	-20.10%	-17.32%	-15.47%	-13.83%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Unlevered Free Cash Flow
Avg YoY	14.61%	11.33%	143.24%	86.53%	64.29%	56.15%	106.53%
Slope	13.67%	8.50%	18.20%	33.60%	23.94%	17.48%	14.29%
CAGR	14.37%	10.77%	17.98%	—	11.74%	11.92%	25.07%
LSR	14.37%	8.76%	—	—	—	—	—
Net Interest After Taxes
Avg YoY	-29.60%	767.45%	325.27%	185.78%	157.29%	157.29%	157.29%
Slope	-75.10%	44.28%	183.06%	37.61%	-60.67%	-33.98%	-20.25%
CAGR	-49.02%	—	—	-4.86%	-6.27%	—	—
LSR	-49.02%	—	—	—	—	—	—
Net Debt Issuance
Avg YoY	-769.26%	-403.02%	-179.54%	-113.83%	105.48%	105.48%	105.48%
Slope	-83.72%	-2.23%	-591.35%	-53.71%	-22.20%	-9.39%	-3.18%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Levered Free Cash Flow
Avg YoY	10.74%	9.25%	37.59%	-182.51%	-127.85%	-96.40%	-19.71%
Slope	9.96%	8.90%	11.49%	25.54%	19.56%	15.09%	12.79%
CAGR	10.65%	9.18%	7.28%	—	11.47%	11.32%	24.50%
LSR	10.65%	9.33%	—	—	—	—	—