Choice Hotels International, Inc. (CHH)

Analysis: Growth Rates Industry: Travel Lodging Sector: Consumer Cyclical Live Price: $107.95

Enterprise Value

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y
Stock Price
Avg YoY	12.95%	11.07%	14.87%	12.27%	8.85%	16.51%
Slope	11.96%	2.20%	10.14%	10.11%	8.51%	8.78%
CAGR	12.27%	7.40%	12.19%	9.82%	6.65%	13.47%
LSR	12.27%	2.54%	11.85%	11.31%	8.71%	10.83%
Market Capitalization
Avg YoY	13.52%	11.24%	15.01%	12.29%	9.02%	16.54%
Slope	12.46%	2.38%	10.18%	10.10%	8.56%	8.83%
CAGR	12.81%	7.57%	12.31%	9.82%	6.82%	13.50%
LSR	12.81%	2.69%	11.89%	11.29%	8.78%	10.90%
(-) Cash & Equivalents
Avg YoY	15.65%	14.02%	68.49%	50.42%	49.28%	42.02%
Slope	6.84%	-49.56%	-6.81%	-0.24%	5.13%	7.37%
CAGR	6.25%	-33.01%	-14.13%	-4.10%	6.55%	6.57%
LSR	6.25%	-45.44%	-13.21%	-6.02%	4.22%	9.79%
(+) Total Debt
Avg YoY	31.41%	20.54%	13.29%	25.89%	20.47%	18.32%
Slope	25.92%	20.01%	12.82%	10.69%	10.94%	9.94%
CAGR	30.96%	19.69%	12.26%	17.41%	12.69%	11.73%
LSR	30.96%	21.56%	12.49%	12.57%	13.37%	11.33%
Enterprise Value
Avg YoY	16.50%	12.60%	14.46%	12.49%	8.94%	14.94%
Slope	15.31%	6.66%	11.06%	10.50%	9.06%	9.06%
CAGR	16.20%	10.54%	12.91%	11.20%	7.68%	13.12%
LSR	16.20%	6.95%	12.58%	11.68%	9.40%	10.83%

Income Statement

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y
Revenue
Avg YoY	6.39%	20.51%	8.71%	8.33%	7.45%	11.69%
Slope	6.05%	16.44%	6.73%	6.53%	5.77%	6.12%
CAGR	6.32%	19.62%	7.03%	7.23%	6.52%	9.82%
LSR	6.32%	19.73%	6.54%	6.61%	5.78%	6.88%
Cost of Revenue
Avg YoY	10.05%	17.75%	7.75%	7.90%	7.54%	7.92%
Slope	8.69%	17.12%	5.84%	5.91%	5.60%	6.35%
CAGR	9.44%	16.09%	6.21%	6.85%	6.67%	—
LSR	9.44%	19.61%	5.42%	5.91%	5.69%	—
Gross Profit
Avg YoY	3.21%	28.97%	12.38%	10.49%	8.58%	8.20%
Slope	3.10%	15.71%	7.76%	7.25%	5.98%	5.87%
CAGR	3.10%	24.36%	8.04%	7.69%	6.35%	6.41%
LSR	3.10%	20.74%	7.81%	7.36%	5.83%	5.98%
Gross Margin
Avg YoY	-2.72%	5.78%	1.98%	1.11%	0.35%	-1.93%
Slope	-3.16%	0.45%	1.20%	0.74%	0.07%	-1.13%
CAGR	-3.03%	3.96%	0.94%	0.43%	-0.16%	-3.10%
LSR	-3.03%	0.84%	1.19%	0.70%	0.05%	-0.84%
R&D Expenses
Avg YoY	—	—	-19.12%	3.22%	3.22%	3.22%
Slope	—	—	-30.39%	-2.88%	5.90%	8.58%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
SG&A Expenses
Avg YoY	15.30%	10.89%	6.20%	6.64%	6.15%	6.22%
Slope	12.97%	11.82%	4.21%	5.22%	4.62%	5.08%
CAGR	14.51%	10.23%	5.63%	6.21%	5.59%	5.73%
LSR	14.51%	12.46%	4.08%	5.45%	4.73%	5.52%
Operating Expenses
Avg YoY	15.65%	12.78%	8.71%	8.24%	20.13%	16.95%
Slope	10.82%	13.86%	7.41%	7.13%	3.37%	4.54%
CAGR	12.52%	10.29%	7.54%	7.42%	6.33%	5.99%
LSR	12.52%	15.00%	7.25%	7.27%	4.44%	5.44%
Operating Income (EBIT)
Avg YoY	1.01%	66.54%	26.84%	19.78%	15.35%	14.27%
Slope	-1.69%	16.87%	8.07%	7.32%	6.03%	6.08%
CAGR	-1.56%	39.73%	8.35%	7.86%	6.36%	6.69%
LSR	-1.56%	28.94%	7.90%	7.05%	5.60%	6.18%
Operating Margin
Avg YoY	-4.18%	32.99%	10.79%	6.77%	4.44%	2.47%
Slope	-8.34%	3.92%	1.55%	0.72%	0.04%	-0.82%
CAGR	-7.42%	16.81%	1.23%	0.58%	-0.15%	-2.85%
LSR	-7.42%	7.69%	1.27%	0.41%	-0.17%	-0.66%
Interest Income
Avg YoY	8.95%	7.25%	28.57%	17.45%	21.76%	21.76%
Slope	8.60%	6.46%	8.44%	11.15%	9.93%	11.16%
CAGR	8.92%	2.98%	20.79%	8.11%	9.13%	—
LSR	8.92%	7.02%	13.14%	14.39%	—	—
Interest Expense
Avg YoY	41.12%	17.82%	9.45%	24.72%	19.78%	8.38%
Slope	33.38%	16.06%	6.26%	8.29%	9.24%	8.16%
CAGR	41.05%	15.46%	8.21%	20.14%	10.72%	2.01%
LSR	41.05%	15.74%	5.53%	11.71%	12.22%	—
Net Interest Income
Avg YoY	46.77%	20.49%	9.23%	33.62%	4.50%	-5.46%
Slope	-36.82%	-17.44%	-5.95%	-7.91%	-9.15%	-7.79%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Other Income / Expense
Avg YoY	37.99%	11.19%	8.56%	38.34%	11.94%	10.91%
Slope	-32.12%	-6.99%	-4.71%	-7.77%	-9.09%	-7.51%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Unusual Items
Avg YoY	37.99%	11.19%	8.56%	38.34%	11.94%	10.91%
Slope	32.12%	6.99%	4.71%	7.77%	9.09%	7.51%
CAGR	36.83%	7.45%	6.58%	25.17%	10.00%	2.43%
LSR	36.83%	5.91%	4.23%	12.89%	—	—
EBT excl. Unusual
Avg YoY	-14.86%	-149.54%	-73.54%	-49.41%	-34.06%	-18.93%
Slope	-19.31%	26.61%	11.00%	7.02%	4.11%	5.23%
CAGR	-16.65%	—	10.50%	3.60%	4.56%	—
LSR	-16.65%	—	—	—	—	—
Pre-Tax Income
Avg YoY	-2.72%	155.22%	64.66%	42.73%	32.65%	30.41%
Slope	-5.28%	20.19%	8.86%	7.26%	5.57%	5.90%
CAGR	-4.83%	65.29%	8.88%	6.77%	6.00%	7.51%
LSR	-4.83%	47.84%	8.34%	6.15%	4.51%	5.88%
Pre-Tax Margin
Avg YoY	-7.78%	96.78%	36.62%	22.10%	16.19%	14.25%
Slope	-11.92%	9.52%	2.25%	0.32%	-0.67%	-0.81%
CAGR	-10.49%	38.18%	1.73%	-0.44%	-0.49%	-2.10%
LSR	-10.49%	23.47%	1.68%	-0.43%	-1.20%	-0.94%
Income Tax Expense
Avg YoY	-1.35%	-118.56%	-66.52%	-41.90%	-29.53%	-21.31%
Slope	-4.66%	33.06%	4.36%	4.14%	2.82%	3.33%
CAGR	-4.23%	—	6.18%	4.65%	4.29%	5.40%
LSR	-4.23%	—	—	—	—	—
Net Income
Avg YoY	-3.13%	73.00%	34.27%	23.37%	18.53%	27.08%
Slope	-5.47%	16.66%	10.32%	8.33%	6.59%	6.92%
CAGR	-5.02%	41.20%	9.91%	7.60%	6.69%	8.48%
LSR	-5.02%	30.33%	10.90%	7.86%	5.92%	7.82%
Net Margin
Avg YoY	-8.20%	37.19%	16.97%	9.63%	7.18%	15.02%
Slope	-12.09%	4.19%	4.00%	1.56%	0.43%	0.48%
CAGR	-10.66%	18.04%	2.69%	0.34%	0.16%	-1.21%
LSR	-10.66%	8.85%	4.09%	1.17%	0.13%	0.88%
Depreciation & Amortization
Avg YoY	6.03%	10.71%	29.33%	21.43%	15.41%	11.06%
Slope	4.95%	11.32%	19.00%	17.23%	13.70%	10.21%
CAGR	5.29%	9.97%	22.34%	16.51%	11.44%	7.64%
LSR	5.29%	12.36%	26.72%	21.13%	13.91%	8.53%
EBITDA
Avg YoY	0.85%	49.17%	20.98%	16.00%	12.49%	11.63%
Slope	-0.77%	16.08%	9.31%	8.30%	6.73%	6.46%
CAGR	-0.73%	33.14%	9.47%	8.57%	6.81%	6.80%
LSR	-0.73%	24.96%	9.51%	8.28%	6.38%	6.48%
EBITDA Margin
Avg YoY	-4.50%	20.33%	7.48%	4.63%	2.81%	0.77%
Slope	-7.33%	2.34%	2.87%	1.76%	0.72%	-0.61%
CAGR	-6.63%	11.31%	2.28%	1.24%	0.28%	-2.74%
LSR	-6.63%	4.37%	2.78%	1.56%	0.57%	-0.38%
NOPAT
Avg YoY	1.01%	66.54%	26.84%	19.78%	15.35%	14.27%
Slope	-1.69%	16.87%	8.07%	7.32%	6.03%	6.08%
CAGR	-1.56%	39.73%	8.35%	7.86%	6.36%	6.69%
LSR	-1.56%	28.94%	7.90%	7.05%	5.60%	6.18%
NOPAT Margin
Avg YoY	-4.18%	32.99%	10.79%	6.77%	4.44%	2.47%
Slope	-8.34%	3.92%	1.55%	0.72%	0.04%	-0.82%
CAGR	-7.42%	16.81%	1.23%	0.58%	-0.15%	-2.85%
LSR	-7.42%	7.69%	1.27%	0.41%	-0.17%	-0.66%
Owner's Earnings
Avg YoY	-12.71%	50.86%	26.01%	18.61%	14.40%	24.95%
Slope	-16.36%	10.80%	9.17%	7.77%	5.83%	6.26%
CAGR	-14.33%	27.93%	8.06%	6.63%	5.24%	7.69%
LSR	-14.33%	19.47%	9.97%	7.57%	5.25%	7.24%
Owner's Earnings Margin
Avg YoY	-17.29%	20.10%	11.41%	6.59%	4.35%	13.84%
Slope	-22.98%	-2.23%	3.17%	1.21%	-0.29%	-0.10%
CAGR	-19.42%	6.94%	0.96%	-0.56%	-1.20%	-1.94%
LSR	-19.42%	-0.22%	3.21%	0.90%	-0.51%	0.33%
EPS (Basic)
Avg YoY	4.03%	76.63%	36.32%	25.03%	20.12%	32.01%
Slope	2.27%	20.46%	12.09%	9.65%	7.90%	8.25%
CAGR	2.16%	46.82%	12.27%	9.42%	8.45%	12.19%
LSR	2.16%	35.75%	12.75%	9.18%	7.23%	10.05%
EPS (Diluted)
Avg YoY	4.57%	76.64%	36.32%	24.96%	20.23%	31.69%
Slope	2.78%	20.65%	12.14%	9.64%	7.94%	8.31%
CAGR	2.65%	47.06%	12.39%	9.42%	8.62%	12.23%
LSR	2.65%	35.95%	12.80%	9.15%	7.30%	10.12%
Shares (Basic)
Avg YoY	-7.02%	-3.77%	-2.06%	-1.63%	-1.60%	-3.21%
Slope	-7.30%	-4.00%	-1.60%	-1.18%	-1.22%	-2.21%
CAGR	-7.02%	-3.83%	-2.11%	-1.66%	-1.62%	-3.31%
LSR	-7.02%	-4.00%	-1.65%	-1.20%	-1.23%	-2.02%
Shares (Diluted)
Avg YoY	-7.47%	-3.91%	-2.16%	-1.63%	-1.74%	-3.24%
Slope	-7.77%	-4.13%	-1.64%	-1.15%	-1.29%	-2.26%
CAGR	-7.47%	-3.98%	-2.20%	-1.66%	-1.78%	-3.33%
LSR	-7.47%	-4.14%	-1.68%	-1.18%	-1.29%	-2.09%

Product Segments

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Initial Franchise Fees
Avg YoY	3.30%	4.88%	4.88%	4.88%	4.88%
Slope	3.12%	4.87%	4.87%	4.87%	4.87%
CAGR	3.21%	4.80%	4.80%	4.80%	4.80%
LSR	3.21%	5.08%	5.08%	5.08%	5.08%
Other Revenue Topic 606 And Not Topic 606
Avg YoY	10.62%	10.62%	10.62%	10.62%	10.62%
Slope	5.78%	5.78%	5.78%	5.78%	5.78%
CAGR	5.40%	5.40%	5.40%	5.40%	5.40%
LSR	5.40%	5.40%	5.40%	5.40%	5.40%
Other Revenues From Franchised And Managed Properties
Avg YoY	15.02%	15.02%	15.02%	15.02%	15.02%
Slope	13.55%	13.55%	13.55%	13.55%	13.55%
CAGR	14.85%	14.85%	14.85%	14.85%	14.85%
LSR	14.85%	14.85%	14.85%	14.85%	14.85%
Owned Hotels
Avg YoY	37.36%	62.73%	50.12%	50.12%	50.12%
Slope	29.90%	40.05%	37.84%	37.84%	37.84%
CAGR	36.78%	60.40%	45.84%	45.84%	45.84%
LSR	36.78%	62.02%	53.86%	53.86%	53.86%
Platform and Procurement Services
Avg YoY	8.34%	8.34%	8.34%	8.34%	8.34%
Slope	8.01%	8.01%	8.01%	8.01%	8.01%
CAGR	8.34%	8.34%	8.34%	8.34%	8.34%
LSR	—	—	—	—	—
Royalty, Licensing And Management Fees
Avg YoY	12.99%	12.99%	12.99%	12.99%	12.99%
Slope	11.89%	11.89%	11.89%	11.89%	11.89%
CAGR	12.87%	12.87%	12.87%	12.87%	12.87%
LSR	12.87%	12.87%	12.87%	12.87%	12.87%
Marketing and Reservation System
Avg YoY	30.54%	30.54%	30.54%	30.54%	30.54%
Slope	26.49%	26.49%	26.49%	26.49%	26.49%
CAGR	30.54%	30.54%	30.54%	30.54%	30.54%
LSR	—	—	—	—	—
Procurement Services
Avg YoY	10.68%	10.68%	10.68%	10.68%	10.68%
Slope	10.14%	10.14%	10.14%	10.14%	10.14%
CAGR	10.68%	10.68%	10.68%	10.68%	10.68%
LSR	—	—	—	—	—
Royalty Fees
Avg YoY	49.90%	49.90%	49.90%	49.90%	49.90%
Slope	39.94%	39.94%	39.94%	39.94%	39.94%
CAGR	49.90%	49.90%	49.90%	49.90%	49.90%
LSR	—	—	—	—	—
Corporate and Other
Avg YoY	64.70%	25.44%	25.44%	25.44%	25.44%
Slope	38.51%	16.56%	16.56%	16.56%	16.56%
CAGR	56.21%	14.87%	14.87%	14.87%	14.87%
LSR	56.21%	16.36%	16.36%	16.36%	16.36%
Franchising
Avg YoY	8.68%	9.51%	8.70%	8.70%	8.70%
Slope	8.31%	9.43%	8.32%	8.32%	8.32%
CAGR	8.68%	9.46%	8.64%	8.64%	8.64%
LSR	8.68%	9.94%	8.63%	8.63%	8.63%
SkyTouch Technology
Avg YoY	61.41%	487.87%	487.87%	487.87%	487.87%
Slope	45.70%	54.55%	54.55%	54.55%	54.55%
CAGR	61.35%	212.72%	212.72%	212.72%	212.72%
LSR	61.35%	180.83%	180.83%	180.83%	180.83%
Consolidated
Avg YoY	10.59%	10.59%	10.59%	10.59%	10.59%
Slope	10.06%	10.06%	10.06%	10.06%	10.06%
CAGR	10.59%	10.59%	10.59%	10.59%	10.59%
LSR	—	—	—	—	—

Geographic Segments

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Foreign Operations
Avg YoY	33.37%	31.99%	31.99%	31.99%	31.99%
Slope	24.68%	28.32%	28.32%	28.32%	28.32%
CAGR	30.72%	29.78%	29.78%	29.78%	29.78%
LSR	30.72%	34.63%	34.63%	34.63%	34.63%

Balance Sheet

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y
Cash & Cash Equivalents
Avg YoY	15.65%	14.02%	68.49%	50.42%	49.28%	42.02%
Slope	6.84%	-49.56%	-6.81%	-0.24%	5.13%	7.37%
CAGR	6.25%	-33.01%	-14.13%	-4.10%	6.55%	6.57%
LSR	6.25%	-45.44%	-13.21%	-6.02%	4.22%	9.79%
Short-Term Investments
Avg YoY	—	—	—	-86.40%	-86.40%	-86.40%
Slope	—	—	—	-30.69%	-9.71%	-1.40%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Cash & Short-Term Investments
Avg YoY	15.65%	14.02%	68.49%	50.43%	49.29%	42.03%
Slope	6.84%	-49.56%	-6.81%	-0.45%	5.03%	7.32%
CAGR	6.25%	-33.01%	-14.13%	-4.10%	6.55%	6.57%
LSR	6.25%	-45.44%	-13.21%	-6.28%	4.15%	9.78%
Net Receivables
Avg YoY	9.52%	16.98%	16.54%	16.60%	14.19%	14.11%
Slope	5.14%	10.32%	12.47%	11.51%	11.24%	10.64%
CAGR	4.82%	14.21%	15.02%	14.72%	12.73%	12.79%
LSR	4.82%	11.00%	14.14%	13.01%	13.15%	12.82%
Inventory
Avg YoY	—	—	-100.00%	-100.00%	-5.40%	0.59%
Slope	—	—	-18.18%	4.68%	-8.37%	-1.36%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Other Current Assets
Avg YoY	53.55%	41.53%	18.80%	27.07%	39.31%	38.65%
Slope	14.65%	25.57%	6.53%	3.21%	7.23%	9.08%
CAGR	21.82%	24.89%	6.70%	5.64%	12.39%	—
LSR	21.82%	32.03%	5.32%	3.45%	10.72%	—
Total Current Assets
Avg YoY	7.75%	9.16%	12.08%	13.43%	16.33%	16.11%
Slope	6.77%	-11.04%	3.79%	5.22%	7.82%	8.87%
CAGR	6.69%	-2.02%	3.24%	7.13%	11.24%	11.85%
LSR	6.69%	-9.60%	3.60%	5.47%	10.25%	13.00%
Property, Plant & Equipment
Avg YoY	24.74%	21.46%	37.18%	24.64%	30.51%	24.30%
Slope	22.07%	19.48%	22.01%	17.28%	14.17%	12.39%
CAGR	24.70%	21.37%	26.92%	13.79%	17.35%	13.59%
LSR	24.70%	21.40%	30.07%	19.14%	15.33%	12.75%
Goodwill
Avg YoY	8.45%	13.88%	18.26%	13.46%	10.50%	10.50%
Slope	8.08%	13.62%	13.23%	11.75%	9.37%	10.80%
CAGR	8.45%	12.95%	14.53%	10.83%	8.49%	—
LSR	8.45%	14.98%	15.64%	12.64%	9.13%	—
Intangible Assets
Avg YoY	17.95%	44.74%	218.53%	137.78%	99.02%	77.51%
Slope	16.39%	31.16%	29.93%	25.69%	20.44%	15.15%
CAGR	17.95%	36.03%	64.95%	32.91%	20.10%	13.20%
LSR	17.95%	42.10%	71.72%	46.18%	23.58%	10.77%
Long-Term Investments
Avg YoY	109.11%	47.74%	80.28%	51.49%	39.10%	-22.30%
Slope	-2.76%	12.11%	3.98%	12.20%	10.84%	12.90%
CAGR	-5.53%	-10.42%	14.15%	6.99%	5.78%	—
LSR	-5.53%	5.28%	6.08%	18.67%	11.92%	—
Tax Assets
Avg YoY	20.17%	17.82%	38.79%	32.39%	56.93%	48.15%
Slope	18.42%	16.57%	16.43%	14.04%	11.72%	10.63%
CAGR	19.77%	17.11%	13.47%	13.10%	22.36%	—
LSR	19.77%	17.67%	18.48%	14.21%	12.81%	—
Other Non-Current Assets
Avg YoY	50.06%	19.19%	24.80%	12,788.04%	9,391.90%	7,429.62%
Slope	39.66%	16.56%	13.35%	17.14%	18.19%	9.10%
CAGR	50.04%	14.99%	17.79%	—	14.66%	3.21%
LSR	50.04%	15.60%	16.15%	—	—	—
Total Non-Current Assets
Avg YoY	21.12%	23.74%	29.89%	21.90%	17.88%	13.17%
Slope	18.31%	22.23%	20.58%	18.39%	15.23%	12.51%
CAGR	20.79%	22.25%	26.72%	18.81%	15.42%	10.69%
LSR	20.79%	25.71%	26.73%	22.41%	16.38%	11.84%
Total Assets
Avg YoY	18.68%	17.16%	19.62%	16.14%	14.98%	11.46%
Slope	16.71%	15.52%	16.60%	14.78%	13.17%	11.52%
CAGR	18.57%	17.03%	19.36%	15.78%	14.64%	10.83%
LSR	18.57%	17.00%	19.64%	16.72%	14.80%	12.27%
Accounts Payable
Avg YoY	15.22%	18.92%	12.93%	12.27%	11.21%	15.38%
Slope	13.83%	18.24%	12.37%	10.63%	8.51%	8.44%
CAGR	15.12%	17.47%	11.00%	10.69%	9.37%	13.07%
LSR	15.12%	20.52%	12.69%	10.96%	8.28%	9.47%
Short-Term Debt
Avg YoY	1,907.36%	1,440.19%	803.29%	595.75%	514.97%	386.86%
Slope	-1.95%	19.53%	33.73%	26.56%	22.42%	15.93%
CAGR	-32.21%	-12.15%	16.80%	18.64%	23.08%	-5.74%
LSR	-32.21%	-1.47%	65.78%	31.84%	—	—
Tax Payables
Avg YoY	39.55%	1,265.48%	808.06%	523.14%	396.06%	338.39%
Slope	33.13%	26.74%	10.22%	11.79%	7.97%	7.25%
CAGR	37.93%	14.83%	62.72%	6.06%	9.75%	—
LSR	37.93%	68.58%	—	—	—	—
Deferred Revenue
Avg YoY	14.16%	26.17%	14.02%	9.86%	12.40%	13.39%
Slope	12.09%	19.13%	1.16%	3.65%	5.30%	6.22%
CAGR	13.43%	24.32%	6.37%	4.76%	8.20%	—
LSR	13.43%	23.65%	1.62%	3.61%	5.90%	—
Other Current Liabilities
Avg YoY	9.80%	26.36%	21.70%	17.52%	13.69%	16.47%
Slope	9.31%	16.80%	13.41%	11.79%	10.51%	9.83%
CAGR	9.56%	23.97%	15.49%	12.61%	9.70%	12.54%
LSR	9.56%	20.80%	15.72%	12.68%	10.98%	10.87%
Total Current Liabilities
Avg YoY	43.93%	46.71%	24.28%	17.64%	15.46%	15.76%
Slope	7.84%	18.37%	14.42%	12.04%	10.49%	9.48%
CAGR	11.35%	20.78%	11.75%	9.45%	9.30%	10.56%
LSR	11.35%	23.49%	14.64%	11.87%	10.37%	9.79%
Long-Term Debt
Avg YoY	36.16%	25.11%	15.22%	27.02%	21.29%	19.97%
Slope	29.25%	20.07%	11.19%	9.66%	10.26%	9.58%
CAGR	31.47%	19.90%	12.25%	17.41%	12.67%	12.58%
LSR	31.47%	20.22%	10.32%	11.36%	12.57%	11.19%
Capital Lease Obligations
Avg YoY	31.73%	59.99%	19.09%	7.52%	7.52%	7.52%
Slope	24.82%	37.16%	36.06%	29.22%	23.92%	20.10%
CAGR	30.26%	56.37%	90.92%	—	—	—
LSR	30.26%	57.57%	—	—	—	—
Deferred Tax Liabilities
Avg YoY	—	—	-75.98%	-63.84%	-63.84%	-49.95%
Slope	—	—	-49.13%	-23.67%	-5.77%	-14.95%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Other Non-Current Liabilities
Avg YoY	4.54%	-4.27%	23.17%	29.50%	24.79%	20.48%
Slope	4.36%	-4.10%	5.17%	9.01%	7.55%	7.89%
CAGR	4.50%	-5.05%	10.90%	6.34%	7.05%	—
LSR	4.50%	-3.61%	8.36%	12.81%	8.31%	—
Total Non-Current Liabilities
Avg YoY	32.77%	22.85%	15.00%	24.43%	19.26%	18.16%
Slope	27.43%	19.14%	11.57%	10.10%	10.35%	9.47%
CAGR	29.63%	18.85%	12.89%	16.73%	12.55%	12.18%
LSR	29.63%	19.44%	11.02%	11.74%	12.35%	10.75%
Total Liabilities
Avg YoY	25.94%	19.57%	13.05%	17.84%	14.50%	14.36%
Slope	22.15%	18.94%	12.31%	10.59%	10.38%	9.48%
CAGR	25.66%	19.18%	12.67%	14.79%	11.80%	11.84%
LSR	25.66%	20.64%	12.26%	11.74%	11.86%	10.56%
Preferred Stock
Avg YoY	—	—	-48.58%	-48.58%	-48.58%	-48.58%
Slope	—	—	-36.28%	-2.64%	6.04%	8.67%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Common Stock
Avg YoY	8.07%	4.22%	2.30%	6.24%	4.69%	8.07%
Slope	7.74%	4.31%	1.75%	5.10%	4.48%	5.51%
CAGR	8.07%	4.15%	2.25%	5.14%	3.85%	6.03%
LSR	8.07%	4.32%	1.71%	5.67%	4.62%	6.40%
Retained Earnings
Avg YoY	22.57%	23.13%	19.07%	13.46%	13.80%	17.63%
Slope	20.21%	20.38%	16.73%	12.26%	9.19%	9.22%
CAGR	22.57%	23.13%	18.90%	9.31%	10.70%	14.79%
LSR	22.57%	23.14%	18.57%	12.62%	8.49%	10.51%
Accumulated OCI
Avg YoY	17.82%	12.24%	0.70%	3.64%	-196.11%	-130.21%
Slope	-16.30%	-12.43%	2.49%	0.75%	-2.84%	-4.12%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Minority Interest
Avg YoY	—	—	-61.66%	-61.66%	-61.66%	-61.66%
Slope	—	—	-37.16%	-3.03%	5.82%	8.53%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Total Shareholders’ Equity
Avg YoY	22.58%	23.16%	25.98%	17.88%	17.17%	20.19%
Slope	20.21%	20.40%	11.80%	11.14%	9.01%	9.22%
CAGR	22.58%	23.16%	19.07%	9.36%	10.85%	14.80%
LSR	22.58%	23.17%	12.96%	12.43%	8.96%	11.07%
Total Equity
Avg YoY	22.58%	23.16%	37.19%	25.09%	22.48%	24.40%
Slope	20.21%	20.40%	7.91%	10.18%	8.82%	9.18%
CAGR	22.58%	23.16%	19.07%	9.36%	10.85%	14.80%
LSR	22.58%	23.17%	9.87%	12.26%	9.20%	11.35%
Total Liabilities & Equity
Avg YoY	24.37%	20.97%	18.90%	14.50%	13.35%	14.71%
Slope	21.30%	19.57%	10.29%	10.41%	9.67%	9.34%
CAGR	24.29%	20.84%	15.05%	11.92%	11.36%	12.91%
LSR	24.29%	21.69%	10.52%	11.11%	10.41%	10.79%
Tangible Assets
Avg YoY	21.13%	12.64%	15.50%	14.14%	15.15%	10.67%
Slope	18.34%	8.34%	12.15%	11.76%	11.57%	10.50%
CAGR	20.81%	10.53%	13.96%	13.03%	14.19%	9.28%
LSR	20.81%	8.65%	13.60%	13.15%	13.85%	11.96%
Tangible Equity
Avg YoY	32.80%	20.74%	43.06%	29.88%	27.13%	32.33%
Slope	28.01%	12.90%	-3.27%	4.01%	4.88%	6.86%
CAGR	32.80%	17.11%	11.30%	4.19%	7.96%	15.59%
LSR	32.80%	13.38%	0.45%	5.97%	5.30%	10.37%
Tangible Book Value
Avg YoY	32.80%	20.74%	43.06%	29.88%	27.13%	32.33%
Slope	28.01%	12.90%	-3.27%	4.01%	4.88%	6.86%
CAGR	32.80%	17.11%	11.30%	4.19%	7.96%	15.59%
LSR	32.80%	13.38%	0.45%	5.97%	5.30%	10.37%
Total Investments
Avg YoY	109.11%	47.74%	80.28%	53.62%	40.67%	-20.95%
Slope	-2.76%	12.11%	3.98%	9.77%	9.80%	12.14%
CAGR	-5.53%	-10.42%	14.15%	6.99%	5.78%	—
LSR	-5.53%	5.28%	6.08%	12.13%	10.61%	—
Net Debt
Avg YoY	32.29%	36.48%	21.62%	41.36%	30.51%	26.33%
Slope	26.35%	28.99%	15.85%	12.69%	12.01%	10.40%
CAGR	31.70%	26.55%	15.41%	21.06%	12.94%	11.95%
LSR	31.70%	35.01%	15.18%	15.12%	14.05%	10.97%

Capital Structure

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y
Working Capital
Avg YoY	309.54%	119.96%	5.33%	-6.91%	-16.67%	-8.34%
Slope	-9.05%	-134.27%	-102.33%	-193.32%	-50.72%	-21.27%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Total Capital
Avg YoY	22.45%	19.49%	21.56%	20.24%	19.00%	12.19%
Slope	19.55%	16.99%	18.44%	16.39%	15.02%	12.69%
CAGR	22.23%	19.12%	20.56%	19.42%	18.26%	10.39%
LSR	22.23%	18.77%	21.69%	19.30%	18.86%	13.88%
Capital Employed
Avg YoY	23.86%	18.35%	20.64%	19.25%	17.76%	12.17%
Slope	19.84%	14.55%	16.16%	15.25%	14.02%	12.05%
CAGR	20.39%	16.27%	19.49%	18.38%	17.09%	10.89%
LSR	20.39%	14.65%	18.72%	18.20%	17.09%	13.18%
Invested Capital
Avg YoY	22.97%	28.04%	33.04%	28.51%	22.77%	14.82%
Slope	19.83%	25.09%	22.64%	20.10%	17.34%	13.90%
CAGR	22.67%	25.98%	28.86%	24.77%	19.20%	10.53%
LSR	22.67%	29.93%	29.37%	25.99%	21.54%	13.91%

Cash Flow

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y
Net Income
Avg YoY	4.57%	76.64%	36.32%	24.96%	20.23%	31.69%
Slope	2.78%	20.65%	12.14%	9.64%	7.94%	8.31%
CAGR	2.65%	47.06%	12.39%	9.42%	8.62%	12.23%
LSR	2.65%	35.95%	12.80%	9.15%	7.30%	10.12%
Depreciation & Amortization
Avg YoY	14.67%	15.30%	31.81%	23.28%	17.32%	14.59%
Slope	12.34%	15.58%	20.65%	18.31%	14.81%	11.95%
CAGR	13.79%	14.53%	25.10%	18.48%	13.45%	11.35%
LSR	13.79%	17.21%	28.89%	22.58%	15.41%	10.85%
Deferred Income Tax
Avg YoY	-668.71%	-779.78%	-530.40%	-428.87%	-313.16%	-507.20%
Slope	-8.94%	24.82%	-53.75%	-19.45%	-5.41%	-8.62%
CAGR	6.37%	-15.93%	—	17.97%	3.74%	—
LSR	6.37%	-9.58%	—	—	—	—
Stock-Based Compensation
Avg YoY	8.84%	76.50%	36.22%	26.41%	25.15%	22.47%
Slope	7.83%	25.74%	16.93%	13.00%	10.47%	9.42%
CAGR	8.42%	51.38%	18.12%	13.49%	13.72%	4.28%
LSR	8.42%	44.55%	17.85%	12.42%	9.91%	—
Change in Working Capital
Avg YoY	218.08%	103.79%	-52.03%	7.41%	15.58%	293.75%
Slope	173.93%	1.41%	5.40%	-5.07%	-3.26%	-2.91%
CAGR	—	15.55%	37.75%	1.41%	-3.21%	—
LSR	—	—	—	—	—	—
Accounts Receivable
Avg YoY	—	—	-1,856.40%	-657.65%	-492.19%	-421.42%
Slope	—	—	36.05%	6.83%	-0.50%	-6.52%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Inventory
Avg YoY	—	—	24.58%	-43.22%	453.77%	443.51%
Slope	—	—	41.43%	-2.96%	-40.89%	-30.65%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Accounts Payable
Avg YoY	—	—	-74.66%	2,579.27%	1,599.72%	1,492.89%
Slope	—	—	-28.09%	-16.74%	-0.50%	3.41%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Other Working Capital
Avg YoY	218.08%	103.79%	-16.00%	259.78%	99.30%	371.61%
Slope	173.93%	1.41%	-18.65%	-3.00%	1.43%	0.69%
CAGR	—	15.55%	6.63%	—	-3.21%	—
LSR	—	—	—	—	—	—
Other Non-Cash Items
Avg YoY	-58.50%	-139.48%	-51.97%	96.01%	162.06%	107.37%
Slope	-36.25%	-65.56%	-49.75%	-40.13%	-33.64%	-25.83%
CAGR	51.39%	—	—	—	28.62%	—
LSR	51.39%	—	—	—	—	—
Net Cash from Operating Activities
Avg YoY	1.77%	57.98%	27.57%	19.06%	15.54%	18.24%
Slope	0.84%	14.84%	9.45%	8.07%	7.07%	7.10%
CAGR	0.81%	34.44%	10.43%	7.60%	6.62%	10.36%
LSR	0.81%	24.70%	10.18%	7.99%	6.85%	7.66%
Capital Expenditures (PPE)
Avg YoY	29.73%	-12.83%	-14.62%	-16.02%	-19.61%	-16.94%
Slope	62.36%	4.46%	-9.78%	-10.91%	-11.10%	-10.24%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Acquisitions (Net)
Avg YoY	100.00%	-1,284.01%	-511.20%	-353.62%	-250.11%	-211.21%
Slope	150.00%	-1.53%	-6.36%	-14.60%	-15.40%	-14.32%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Purchases of Investments
Avg YoY	100.00%	77.96%	27.92%	15.00%	4.73%	-1.02%
Slope	0.00%	-45.80%	-35.04%	-16.37%	-10.18%	-9.93%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Sales / Maturities of Investments
Avg YoY	7,120.69%	2,341.77%	877.71%	573.59%	420.17%	351.52%
Slope	147.95%	92.75%	45.85%	25.64%	15.31%	10.84%
CAGR	—	167.69%	51.36%	37.11%	21.88%	11.43%
LSR	—	—	—	—	—	—
Other Investing Activities
Avg YoY	-310.69%	147.83%	13.23%	-213.29%	-151.08%	-10.69%
Slope	-1,042.51%	-363.86%	-13.19%	-19.18%	-16.57%	-27.28%
CAGR	—	—	23.60%	—	—	15.47%
LSR	—	—	—	—	—	—
Net Cash from Investing Activities
Avg YoY	50.26%	-133.48%	-74.82%	-84.50%	-103.49%	-65.33%
Slope	62.11%	-18.67%	-7.64%	-13.34%	-13.59%	-14.16%
CAGR	-52.75%	35.56%	0.39%	8.96%	8.82%	7.96%
LSR	-52.75%	45.42%	6.15%	16.81%	17.93%	—
Net Debt Issuance
Avg YoY	69.60%	13.06%	-8.30%	11,138.89%	8,018.36%	6,268.96%
Slope	18.40%	25.77%	34.22%	11.17%	15.17%	14.17%
CAGR	29.25%	6.08%	27.30%	—	—	—
LSR	29.25%	—	—	—	—	—
Long-Term Debt Issuance
Avg YoY	111.59%	41.06%	200.11%	10,205.59%	7,344.30%	5,741.32%
Slope	15.56%	26.79%	33.27%	14.32%	16.84%	15.28%
CAGR	29.25%	3.65%	27.30%	—	—	—
LSR	29.25%	—	—	—	—	—
Short-Term Debt Issuance
Avg YoY	100.00%	100.00%	-61.42%	-66.93%	-66.93%	-71.06%
Slope	0.00%	-32.94%	-427.83%	-491.75%	-268.55%	-160.33%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Net Stock Issuance
Avg YoY	-2.13%	-774.33%	-481.61%	-442.41%	-457.90%	-402.03%
Slope	-1.62%	-43.36%	-28.91%	-21.91%	-14.03%	-8.96%
CAGR	1.58%	68.59%	24.27%	30.81%	15.45%	17.17%
LSR	1.58%	113.34%	35.14%	23.82%	—	—
Common Stock Issuance
Avg YoY	-100.00%	-100.00%	-100.00%	-100.00%	-67.85%	63.50%
Slope	-150.00%	0.00%	30.30%	26.79%	-19.65%	-11.66%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Common Stock Repurchased
Avg YoY	-1.73%	-781.35%	-484.66%	-462.40%	-1,058.30%	-876.74%
Slope	-1.17%	-43.24%	-28.02%	-21.41%	-13.51%	-8.52%
CAGR	1.13%	68.59%	22.87%	30.81%	13.39%	16.75%
LSR	1.13%	113.34%	31.90%	23.36%	13.29%	5.66%
Preferred Stock Issuance
Avg YoY	—	—	-6.58%	-14.03%	-14.03%	-14.03%
Slope	—	—	-46.65%	-10.14%	1.83%	5.98%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Net Dividends Paid
Avg YoY	-11.21%	-33.40%	-10.69%	-104.84%	-79.93%	-79.98%
Slope	-10.30%	-25.41%	-3.26%	11.31%	1.57%	-3.19%
CAGR	11.07%	26.78%	4.61%	3.42%	5.11%	6.94%
LSR	11.07%	32.43%	2.33%	-3.03%	1.31%	—
Common Dividends Paid
Avg YoY	-11.21%	-33.40%	-10.69%	-104.84%	-79.93%	-88.55%
Slope	-10.30%	-25.41%	-3.26%	11.31%	1.57%	-3.43%
CAGR	11.07%	26.78%	4.61%	3.42%	5.11%	—
LSR	11.07%	32.43%	2.33%	-3.03%	1.31%	—
Other Financing Activities
Avg YoY	110.81%	-75.15%	1,466.93%	962.35%	1,039.17%	938.51%
Slope	258.39%	13.07%	-51.20%	-10.79%	-8.37%	-1.19%
CAGR	—	—	16.00%	—	—	—
LSR	—	—	—	—	—	—
Net Cash from Financing Activities
Avg YoY	-165.58%	-449.14%	-93.23%	-60.17%	-43.94%	-64.30%
Slope	28.85%	-62.48%	-15.63%	-6.17%	-2.95%	-2.57%
CAGR	-18.95%	—	14.60%	8.35%	5.12%	12.53%
LSR	-18.95%	—	—	—	—	—
Effect of FX on Cash
Avg YoY	102.66%	-176.13%	-39.31%	-20.76%	-5.84%	-5.84%
Slope	2,858.88%	376.50%	58.17%	6.09%	0.07%	-4.76%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Net Change in Cash
Avg YoY	146.96%	14.66%	284.71%	180.18%	153.11%	112.88%
Slope	154.86%	-15,477.37%	-25.98%	-217.59%	-5,898.62%	-348.58%
CAGR	—	-47.06%	—	—	—	5.79%
LSR	—	—	—	—	—	—
Cash at Beginning of Period
Avg YoY	-61.01%	147.45%	60.05%	48.21%	43.90%	42.88%
Slope	-122.53%	-11.19%	-3.47%	3.20%	7.31%	8.85%
CAGR	-75.29%	-1.74%	-18.88%	-4.85%	1.47%	7.02%
LSR	-75.29%	-16.26%	-12.40%	-2.34%	7.02%	11.92%
Cash at End of Period
Avg YoY	15.65%	14.02%	68.49%	50.42%	49.28%	42.02%
Slope	6.84%	-49.56%	-6.81%	-0.24%	5.13%	7.37%
CAGR	6.25%	-33.01%	-14.13%	-4.10%	6.55%	6.57%
LSR	6.25%	-45.44%	-13.21%	-6.02%	4.22%	9.79%
Operating Cash Flow
Avg YoY	1.77%	57.98%	27.57%	19.06%	15.54%	18.24%
Slope	0.84%	14.84%	9.45%	8.07%	7.07%	7.10%
CAGR	0.81%	34.44%	10.43%	7.60%	6.62%	10.36%
LSR	0.81%	24.70%	10.18%	7.99%	6.85%	7.66%
Capital Expenditure
Avg YoY	-37.71%	-46.55%	-29.61%	-25.66%	-26.71%	-22.56%
Slope	-31.01%	-30.98%	-20.85%	-16.69%	-14.69%	-12.76%
CAGR	37.61%	43.96%	22.95%	15.56%	16.37%	13.26%
LSR	37.61%	40.92%	23.61%	18.18%	16.38%	13.54%
Free Cash Flow
Avg YoY	-12.74%	67.76%	31.27%	21.76%	17.06%	20.82%
Slope	-16.57%	7.07%	5.31%	5.38%	4.98%	5.62%
CAGR	-14.47%	28.41%	5.40%	4.37%	3.74%	8.86%
LSR	-14.47%	16.86%	5.63%	5.13%	4.68%	6.28%

Free Cash Flow

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y
EBITDA
Avg YoY	9.06%	43.96%	45.71%	31.87%	24.65%	22.94%
Slope	8.01%	20.20%	-1.89%	7.77%	8.72%	8.91%
CAGR	7.97%	35.02%	13.17%	10.87%	9.03%	10.52%
LSR	7.97%	28.63%	0.54%	11.14%	10.38%	10.63%
(-) Tax Adjustment
Avg YoY	10.34%	14.72%	26.35%	18.49%	14.74%	14.82%
Slope	8.75%	31.55%	-5.35%	5.49%	6.68%	7.20%
CAGR	8.64%	—	10.36%	8.68%	7.27%	8.84%
LSR	8.64%	—	—	—	—	—
Change In Working Capital
Avg YoY	218.08%	103.79%	-52.03%	7.41%	15.58%	293.75%
Slope	173.93%	1.41%	5.40%	-5.07%	-3.26%	-2.91%
CAGR	—	15.55%	37.75%	1.41%	-3.21%	—
LSR	—	—	—	—	—	—
Capital Expenditure
Avg YoY	-37.71%	-46.55%	-29.61%	-25.66%	-26.71%	-22.56%
Slope	-31.01%	-30.98%	-20.85%	-16.69%	-14.69%	-12.76%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Unlevered Free Cash Flow
Avg YoY	-2.96%	25.79%	48.26%	37.94%	32.60%	30.19%
Slope	-4.92%	12.75%	-4.41%	7.70%	9.16%	9.76%
CAGR	-4.54%	20.72%	11.01%	11.62%	11.45%	10.18%
LSR	-4.54%	16.71%	-1.68%	12.59%	12.01%	13.35%
Net Interest After Taxes
Avg YoY	-58.45%	-20.44%	-14.42%	-38.21%	-47.03%	-33.03%
Slope	-43.43%	-16.61%	-9.26%	-10.17%	-11.01%	-10.40%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Net Debt Issuance
Avg YoY	69.60%	13.06%	-8.30%	11,138.89%	8,018.36%	6,268.96%
Slope	18.40%	25.77%	34.22%	11.17%	15.17%	14.17%
CAGR	29.25%	6.08%	27.30%	—	—	—
LSR	29.25%	—	—	—	—	—
Levered Free Cash Flow
Avg YoY	12.15%	19.28%	39.41%	74.92%	247.60%	276.96%
Slope	8.19%	17.89%	3.45%	8.64%	10.51%	10.69%
CAGR	9.30%	13.52%	14.82%	20.58%	32.81%	11.66%
LSR	9.30%	20.60%	5.99%	16.38%	—	—