Balance Sheet MSCI, Inc.

Equities

MSCI

US55354G1004

Professional Information Services

Market Closed - Nyse Other stock markets 04:00:02 2025-12-08 pm EST			5-day change	1st Jan Change
536.90 ^USD	-0.25%		-4.76%	-10.52%

Dec. 05	RBC Cuts Price Target on MSCI to $655 From $675, Keeps Outperform Rating	MT
Dec. 04	MSCI Launches Breakthrough Index Integrating Public Markets and Private Equity	CI

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Published financial data: MSCI, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	1.7B	2.04B	2.25B	2.53B	2.86B
Total Revenues	1.7B	2.04B	2.25B	2.53B	2.86B
Cost of Goods Sold, Total	292M	359M	404M	447M	514M
Gross Profit	1.4B	1.68B	1.84B	2.08B	2.34B
Selling General & Admin Expenses, Total	332M	377M	408M	428M	468M
Stock-Based Compensation (IS)	379K	1.42M	738K	346K	-
R&D Expenses	101M	112M	107M	132M	159M
Depreciation & Amortization - (IS)	29.8M	28.9M	26.89M	21.01M	16.98M
Amortization of Goodwill and Intangible Assets - (IS)	56.94M	64.58M	91.08M	114M	164M
Other Operating Expenses	-	-	-	-	-
Other Operating Expenses, Total	520M	583M	634M	696M	808M
Operating Income	883M	1.1B	1.21B	1.39B	1.53B
Interest Expense, Total	-156M	-160M	-172M	-187M	-186M
Interest And Investment Income	5.03M	1.5M	11.77M	34.48M	21.28M
Net Interest Expenses	-151M	-158M	-160M	-152M	-164M
Currency Exchange Gains (Loss)	-2.8M	-1.9M	500K	-4.5M	-4.8M
Other Non Operating Income (Expenses)	1.9M	6.86M	-2.78M	-761K	-529K
EBT, Excl. Unusual Items	731M	949M	1.05B	1.23B	1.36B
Merger & Related Restructuring Charges	-	-6.87M	-4.06M	-2.43M	-6.95M
Gain (Loss) On Sale Of Investments	-	-	-	143M	-
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-	-24.4M	-705K	-477K	-
Other Unusual Items	-44.93M	-59.1M	-	-	-1.51M
EBT, Incl. Unusual Items	686M	858M	1.04B	1.37B	1.36B
Income Tax Expense	84.4M	132M	173M	220M	247M
Earnings From Continuing Operations	602M	726M	871M	1.15B	1.11B
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	602M	726M	871M	1.15B	1.11B
Net Income - (IS)	602M	726M	871M	1.15B	1.11B
Net Income to Common Incl Extra Items	602M	726M	871M	1.15B	1.11B
Net Income to Common Excl. Extra Items	602M	726M	871M	1.15B	1.11B
Per Share Items
Net EPS - Basic	7.19	8.8	10.78	14.45	14.09
Basic EPS - Continuing Operations	7.19	8.8	10.78	14.45	14.09
Basic Weighted Average Shares Outstanding	83.72M	82.51M	80.75M	79.46M	78.71M
Net EPS - Diluted	7.12	8.7	10.72	14.39	14.05
Diluted EPS - Continuing Operations	7.12	8.7	10.72	14.39	14.05
Diluted Weighted Average Shares Outstanding	84.52M	83.48M	81.22M	79.84M	78.96M
Normalized Basic EPS	5.46	7.18	8.12	9.67	10.84
Normalized Diluted EPS	5.41	7.1	8.07	9.62	10.8
Dividend Per Share	2.92	3.64	4.58	5.52	6.4
Payout Ratio	40.95	41.66	42.84	38.39	45.9
American Depositary Receipts Ratio (ADR)	0.25	0.25	0.25	0.25	0.25
Supplemental Items
EBITDA	947M	1.17B	1.3B	1.48B	1.65B
EBITA	917M	1.14B	1.27B	1.46B	1.64B
EBIT	883M	1.1B	1.21B	1.39B	1.53B
EBITDAR	980M	1.2B	1.33B	1.51B	1.69B
Effective Tax Rate - (Ratio)	12.3	15.4	16.6	16.1	18.22
Current Domestic Taxes	69.61M	183M	68.82M	134M	133M
Current Foreign Taxes	70.44M	60.77M	68.02M	102M	98.58M
Total Current Taxes	140M	244M	137M	236M	231M
Deferred Domestic Taxes	-53.42M	-106M	40.51M	-2.54M	17.51M
Deferred Foreign Taxes	-2.23M	-5.58M	-4.08M	-12.72M	-1.59M
Total Deferred Taxes	-55.64M	-111M	36.44M	-15.26M	15.91M
Normalized Net Income	457M	593M	655M	768M	853M
Interest on Long-Term Debt	164M	167M	172M	187M	186M
Non-Cash Pension Expense	4.67M	5.78M	6.24M	5.32M	7.28M
Supplemental Operating Expense Items
Selling and Marketing Expenses	216M	243M	265M	276M	291M
General and Administrative Expenses	115M	133M	142M	151M	175M
Research And Development Expense From Footnotes	124M	150M	135M	174M	220M
Net Rental Expense, Total	32.8M	30.6M	29.7M	28.73M	30.96M
Imputed Operating Lease Interest Expense	12.1M	9.95M	9.08M	9.23M	9.9M
Imputed Operating Lease Depreciation	20.7M	20.65M	20.62M	19.5M	21.06M
Stock-Based Comp., COGS (Total)	14.52M	17.28M	15.4M	19.45M	27.52M
Stock-Based Comp., R&D Exp. (Total)	7.34M	7.91M	6.86M	9.62M	15.05M
Stock-Based Comp., S&M Exp. (Total)	13.54M	14.41M	14.22M	17.39M	20.86M
Stock-Based Comp., G&A Exp. (Total)	19.83M	17.46M	20.83M	26.23M	32.94M
Stock-Based Comp., Other (Total)	379K	1.42M	789K	346K	-
Total Stock-Based Compensation	55.62M	58.49M	58.09M	73.04M	96.36M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	1.3B	1.42B	994M	458M	406M
Total Cash And Short Term Investments	1.3B	1.42B	994M	458M	406M
Accounts Receivable, Total	559M	665M	663M	840M	821M
Total Receivables	559M	665M	663M	840M	821M
Prepaid Expenses	45.91M	51M	53.92M	57.3M	64.8M
Restricted Cash	-	-	-	3.88M	3.5M
Other Current Assets, Total	20.6M	6.45M	37.25M	59.6M	49.16M
Total Current Assets	1.93B	2.14B	1.75B	1.42B	1.34B
Gross Property Plant And Equipment	415M	397M	379M	383M	370M
Accumulated Depreciation	-181M	-186M	-198M	-212M	-180M
Net Property Plant And Equipment	234M	211M	180M	171M	190M
Long-term Investments	191M	219M	214M	-	-
Goodwill	1.57B	2.24B	2.23B	2.89B	2.92B
Other Intangibles, Total	235M	593M	559M	956M	908M
Deferred Tax Assets Long-Term	23.63M	40.12M	29.21M	41.07M	40.63M
Deferred Charges Long-Term	1.3M	1.5M	1.6M	1.1M	3M
Other Long-Term Assets, Total	22.68M	61.88M	35.74M	42.8M	44.69M
Total Assets	4.2B	5.51B	5B	5.52B	5.45B
Liabilities
Accounts Payable, Total	14.25M	13.45M	15.04M	9.81M	14.52M
Accrued Expenses, Total	283M	330M	313M	365M	375M
Current Portion of Long-Term Debt	-	-	8.71M	10.9M	-
Current Portion of Leases	22.69M	23.32M	23.25M	22.43M	24.85M
Current Income Taxes Payable	26.2M	59.64M	8.06M	24.71M	37.99M
Unearned Revenue Current, Total	676M	825M	883M	1.08B	1.12B
Other Current Liabilities	-	-	-	-	9.4M
Total Current Liabilities	1.02B	1.25B	1.25B	1.52B	1.59B
Long-Term Debt	3.37B	4.16B	4.5B	4.5B	4.51B
Long-Term Leases	152M	150M	132M	120M	121M
Unearned Revenue Non Current	-	23.4M	29.4M	28.8M	32.2M
Pension & Other Post Retirement Benefits	36.1M	34.5M	20.1M	31.9M	37.3M
Deferred Tax Liability Non Current	12.77M	3.65M	29.1M	27.03M	47.62M
Other Non Current Liabilities	52.12M	46.23M	41.53M	36.27M	50.69M
Total Liabilities	4.64B	5.67B	6.01B	6.26B	6.39B
Common Stock, Total	1.33M	1.33M	1.34M	1.34M	1.34M
Additional Paid In Capital	1.4B	1.46B	1.52B	1.59B	1.68B
Retained Earnings	2.55B	2.98B	3.47B	4.18B	4.78B
Treasury Stock	-4.34B	-4.54B	-5.94B	-6.45B	-7.33B
Comprehensive Income and Other	-58.86M	-58.8M	-60.21M	-61.35M	-71.04M
Total Common Equity	-443M	-163M	-1.01B	-740M	-940M
Total Equity	-443M	-163M	-1.01B	-740M	-940M
Total Liabilities And Equity	4.2B	5.51B	5B	5.52B	5.45B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	82.57M	81.27M	79.96M	79.09M	77.65M
ECS Total Common Shares Outstanding	82.57M	82.44M	79.96M	79.09M	77.74M
Book Value / Share	-5.37	-1.98	-12.61	-9.35	-12.09
Tangible Book Value	-2.24B	-2.99B	-3.8B	-4.58B	-4.76B
Tangible Book Value Per Share	-27.18	-36.31	-47.48	-57.95	-61.26
Total Debt	3.54B	4.33B	4.67B	4.65B	4.66B
Net Debt	2.24B	2.91B	3.67B	4.19B	4.25B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-28.5M	-30.2M	-29.8M	-31.8M	-31.4M
Debt Equivalent Oper. Leases	262M	245M	238M	230M	248M
Equity Method Investments, Total	191M	219M	214M	-	-
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	202M	194M	196M	208M	193M
Full Time Employees	3.63K	4.3K	4.76K	5.79K	6.13K
Accumulated Allowance for Doubtful Accounts (Supple)	1.58M	2.34M	2.65M	3.97M	5.28M

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	602M	726M	871M	1.15B	1.11B
Depreciation & Amortization - CF	53.85M	53.53M	51.42M	44.79M	42.24M
Amortization of Goodwill and Intangible Assets - (CF)	34.05M	42.24M	63.37M	72.3M	103M
Depreciation & Amortization, Total	87.9M	95.78M	115M	117M	145M
Amortization of Deferred Charges, Total - (CF)	27.34M	27.26M	32.84M	47.18M	66.14M
(Gain) Loss From Sale Of Asset	-	-	-	-	-
Asset Writedown & Restructuring Costs	-	24.4M	705K	477K	-
(Income) Loss On Equity Investments - (CF)	-	-	-	-143M	-
Stock-Based Compensation (CF)	51.09M	54.92M	58.09M	71.65M	95.2M
Tax Benefit from Stock Options	-	-	-	-	-
Other Operating Activities, Total	-8.97M	-52.41M	37.8M	-8.4M	13.13M
Change In Accounts Receivable	-57.61M	-99.2M	-6.62M	-150M	10.23M
Change In Accounts Payable	7.48M	-2.2M	1.34M	-6.04M	4.96M
Change in Unearned Revenues	98.33M	117M	72.75M	172M	46.06M
Change In Income Taxes	21.18M	49.17M	-80.98M	-7.21M	26.9M
Change in Other Net Operating Assets	-17.47M	-4.48M	-5.91M	-6.73M	-15.41M
Cash from Operations	811M	936M	1.1B	1.24B	1.5B
Capital Expenditure	-21.83M	-20.02M	-13.62M	-22.76M	-33.76M
Sale of Property, Plant, and Equipment	-	-	-	-	-
Cash Acquisitions	-	-949M	-	-727M	-27.47M
Divestitures	-	-	-	-	-
Sale (Purchase) of Intangible assets	-29.15M	-39.28M	-59.28M	-68.09M	-81.36M
Investment in Marketable and Equity Securities, Total	-191M	-26.36M	-5K	-	-
Other Investing Activities, Total	-	-1.06M	-6.44M	-1.18M	-1.67M
Cash from Investing	-242M	-1.04B	-79.34M	-819M	-144M
Long-Term Debt Issued, Total	1.4B	1.8B	355M	-	557M
Total Debt Issued	1.4B	1.8B	355M	-	557M
Long-Term Debt Repaid, Total	-1.14B	-1.05B	-7.19M	-8.75M	-559M
Total Debt Repaid	-1.14B	-1.05B	-7.19M	-8.75M	-559M
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-779M	-198M	-1.4B	-504M	-885M
Common Dividends Paid	-246M	-302M	-373M	-441M	-509M
Common & Preferred Stock Dividends Paid	-246M	-302M	-373M	-441M	-509M
Other Financing Activities, Total	-16.69M	-21.61M	-2.77M	-	-5.74M
Cash from Financing	-779M	230M	-1.43B	-954M	-1.4B
Foreign Exchange Rate Adjustments	3.67M	-8.93M	-18.54M	5.41M	-7.41M
Net Change in Cash	-206M	121M	-428M	-532M	-52.34M
Supplemental Items
Cash Interest Paid	163M	151M	165M	182M	180M
Cash Income Tax Paid (Refund)	114M	223M	181M	240M	201M
Levered Free Cash Flow	623M	820M	717M	933M	1.11B
Unlevered Free Cash Flow	716M	915M	820M	1.04B	1.22B
Change In Net Working Capital	-48.43M	-109M	64.82M	-36.32M	-76.85M
Net Debt Issued / Repaid	263M	752M	348M	-8.75M	-2.19M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	13.14	14.19	14.41	16.48	17.49
Return on Total Capital	17.64	19	19.38	22.97	25.22
Return On Equity %	-231.49	-239.32	-148.64	-131.44	-132.06
Return on Common Equity	-231.49	-239.32	-148.64	-131.44	-132.06
Margin Analysis
Gross Profit Margin %	82.79	82.45	82.02	82.34	81.99
SG&A Margin	19.59	18.44	18.13	16.93	16.38
EBITDA Margin %	55.87	57.39	57.86	58.51	57.92
EBITA Margin %	54.11	55.98	56.66	57.68	57.32
EBIT Margin %	52.1	53.91	53.84	54.82	53.72
Income From Continuing Operations Margin %	35.5	35.53	38.72	45.42	38.83
Net Income Margin %	35.5	35.53	38.72	45.42	38.83
Net Avail. For Common Margin %	35.5	35.53	38.72	45.42	38.83
Normalized Net Income Margin	26.95	29.01	29.15	30.37	29.86
Levered Free Cash Flow Margin	36.73	40.12	31.91	36.88	38.95
Unlevered Free Cash Flow Margin	42.23	44.76	36.45	41.29	42.83
Asset Turnover
Asset Turnover	0.4	0.42	0.43	0.48	0.52
Fixed Assets Turnover	6.91	9.18	11.48	14.39	15.8
Receivables Turnover (Average Receivables)	3.21	3.34	3.39	3.37	3.44
Short Term Liquidity
Current Ratio	1.88	1.71	1.4	0.93	0.85
Quick Ratio	1.82	1.67	1.32	0.86	0.77
Operating Cash Flow to Current Liabilities	0.79	0.75	0.88	0.81	0.95
Days Sales Outstanding (Average Receivables)	114.18	109.23	107.76	108.45	106.38
Average Days Payable Outstanding	13.02	14.09	12.86	10.16	8.66
Long Term Solvency
Total Debt/Equity	-799.08	-2.65K	-463.01	-628.62	-495.41
Total Debt / Total Capital	114.3	103.92	127.55	118.92	125.29
LT Debt/Equity	-793.96	-2.64K	-459.84	-624.11	-492.76
Long-Term Debt / Total Capital	113.57	103.36	126.67	118.06	124.62
Total Liabilities / Total Assets	110.56	102.97	120.17	113.41	117.26
EBIT / Interest Expense	5.65	6.9	7.06	7.43	8.27
EBITDA / Interest Expense	6.27	7.54	7.76	8.08	9.08
(EBITDA - Capex) / Interest Expense	6.13	7.41	7.68	7.96	8.9
Total Debt / EBITDA	3.61	3.6	3.51	3.08	2.76
Net Debt / EBITDA	2.29	2.42	2.76	2.78	2.52
Total Debt / (EBITDA - Capex)	3.7	3.66	3.54	3.13	2.82
Net Debt / (EBITDA - Capex)	2.34	2.46	2.79	2.82	2.57
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	8.83	20.54	10.03	12.47	12.94
Gross Profit, 1 Yr. Growth %	10.54	20.03	9.46	12.91	12.46
EBITDA, 1 Yr. Growth %	15.55	23.82	10.93	13.74	11.79
EBITA, 1 Yr. Growth %	16.17	24.69	11.38	14.49	12.24
EBIT, 1 Yr. Growth %	17.01	24.71	9.9	14.51	10.66
Earnings From Cont. Operations, 1 Yr. Growth %	6.77	20.63	19.92	31.94	-3.44
Net Income, 1 Yr. Growth %	6.77	20.63	19.92	31.94	-3.44
Normalized Net Income, 1 Yr. Growth %	17.91	29.73	11.38	17.2	11.04
Diluted EPS Before Extra, 1 Yr. Growth %	8.04	22.19	23.22	34.24	-2.36
Accounts Receivable, 1 Yr. Growth %	11.88	18.97	-0.19	26.58	-2.24
Net Property, Plant and Equip., 1 Yr. Growth %	-9.08	-9.61	-14.61	-5.14	11.19
Total Assets, 1 Yr. Growth %	-0.14	31.15	-9.25	10.42	-1.32
Tangible Book Value, 1 Yr. Growth %	18.04	33.39	26.82	20.75	3.91
Common Equity, 1 Yr. Growth %	477.77	-63.12	516.59	-26.61	27.07
Cash From Operations, 1 Yr. Growth %	14.32	15.41	17.02	12.84	21.49
Capital Expenditures, 1 Yr. Growth %	-25.04	-8.27	-31.99	67.12	48.36
Levered Free Cash Flow, 1 Yr. Growth %	19.04	27.05	-14.92	25.97	16.48
Unlevered Free Cash Flow, 1 Yr. Growth %	17.07	23.85	-12.64	23.95	14.68
Dividend Per Share, 1 Yr. Growth %	15.87	24.66	25.82	20.52	15.94
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	8.73	14.53	15.17	11.24	12.7
Gross Profit, 2 Yr. CAGR %	10.64	15.19	14.62	11.17	12.68
EBITDA, 2 Yr. CAGR %	11.48	19.61	17.19	12.32	12.76
EBITA, 2 Yr. CAGR %	12.04	20.35	17.85	12.92	13.36
EBIT, 2 Yr. CAGR %	12.76	20.8	17.07	12.18	12.57
Earnings From Cont. Operations, 2 Yr. CAGR %	8.86	13.49	20.27	25.78	12.87
Net Income, 2 Yr. CAGR %	8.86	13.49	20.27	25.78	12.87
Normalized Net Income, 2 Yr. CAGR %	12.22	23.68	19.76	13.83	14.08
Diluted EPS Before Extra, 2 Yr. CAGR %	12.16	14.9	22.7	28.61	14.48
Accounts Receivable, 2 Yr. CAGR %	8.62	15.37	8.97	12.4	11.24
Net Property, Plant and Equip., 2 Yr. CAGR %	60.39	-9.35	-12.15	-10	2.7
Total Assets, 2 Yr. CAGR %	11.32	14.44	9.1	0.1	4.39
Tangible Book Value, 2 Yr. CAGR %	6.11	25.48	30.06	23.75	12.01
Common Equity, 2 Yr. CAGR %	63.16	45.97	50.8	112.73	-3.43
Cash From Operations, 2 Yr. CAGR %	15.05	14.86	16.21	14.91	17.08
Capital Expenditures, 2 Yr. CAGR %	-15.07	-17.08	-21.01	6.61	57.46
Levered Free Cash Flow, 2 Yr. CAGR %	14.86	25.2	5.44	5.16	22.58
Unlevered Free Cash Flow, 2 Yr. CAGR %	13.94	22.31	5.33	5.5	20.5
Dividend Per Share, 2 Yr. CAGR %	23.32	20.18	25.24	23.15	18.21
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	9.99	12.53	13.01	14.26	11.81
Gross Profit, 3 Yr. CAGR %	11.95	13.69	13.25	14.05	11.6
EBITDA, 3 Yr. CAGR %	13.12	15.45	16.64	16.03	12.15
EBITA, 3 Yr. CAGR %	14.02	16.11	17.28	16.72	12.7
EBIT, 3 Yr. CAGR %	15.07	16.61	17.05	16.21	11.67
Earnings From Cont. Operations, 3 Yr. CAGR %	25.57	12.65	15.59	24.04	15.17
Net Income, 3 Yr. CAGR %	25.57	12.65	15.59	24.04	15.17
Normalized Net Income, 3 Yr. CAGR %	16.13	17.78	19.14	18.9	12.89
Diluted EPS Before Extra, 3 Yr. CAGR %	29.09	15.41	17.61	26.43	17.32
Accounts Receivable, 3 Yr. CAGR %	19.47	11.96	9.93	14.55	7.29
Net Property, Plant and Equip., 3 Yr. CAGR %	35.28	32.48	-11.13	-9.87	-3.43
Total Assets, 3 Yr. CAGR %	8.63	17.58	5.93	9.54	-0.37
Tangible Book Value, 3 Yr. CAGR %	14.85	14.52	25.93	26.88	16.75
Common Equity, 3 Yr. CAGR %	3.39	-0.61	135.97	18.62	79.16
Cash From Operations, 3 Yr. CAGR %	26.14	15.17	15.58	15.08	17.06
Capital Expenditures, 3 Yr. CAGR %	-13.03	-12.86	-22.38	1.4	19.03
Levered Free Cash Flow, 3 Yr. CAGR %	24.9	20.21	11.11	13.06	9.67
Unlevered Free Cash Flow, 3 Yr. CAGR %	22.58	18.37	10.25	12.23	9.25
Dividend Per Share, 3 Yr. CAGR %	30.3	23.77	22.04	23.65	20.7
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	9.54	12.17	12.03	12.02	12.89
Gross Profit, 5 Yr. CAGR %	11.7	13.4	13.01	12.67	13.02
EBITDA, 5 Yr. CAGR %	14.48	15.64	14.73	14.19	15.08
EBITA, 5 Yr. CAGR %	15.27	16.51	15.53	14.82	15.7
EBIT, 5 Yr. CAGR %	16.94	17.68	15.87	14.82	15.24
Earnings From Cont. Operations, 5 Yr. CAGR %	21.21	22.72	23.42	17.73	14.5
Net Income, 5 Yr. CAGR %	21.89	22.72	23.42	17.73	14.5
Normalized Net Income, 5 Yr. CAGR %	16.33	19.7	17.56	16.18	17.09
Diluted EPS Before Extra, 5 Yr. CAGR %	27.78	26.37	26.5	20.52	16.35
Accounts Receivable, 5 Yr. CAGR %	21.82	24.57	15.15	12.14	10.45
Net Property, Plant and Equip., 5 Yr. CAGR %	18.77	17.19	13.82	13.5	-5.84
Total Assets, 5 Yr. CAGR %	5.94	12.3	8.82	10.25	5.31
Tangible Book Value, 5 Yr. CAGR %	16.28	13.55	20.71	18.12	20.16
Common Equity, 5 Yr. CAGR %	-13.24	-12.44	20.24	34.75	65.06
Cash From Operations, 5 Yr. CAGR %	20.35	16.17	22.07	15.07	16.18
Capital Expenditures, 5 Yr. CAGR %	-11.7	-9.11	-16.31	-5.54	3.01
Levered Free Cash Flow, 5 Yr. CAGR %	17.92	16.87	17.55	14.59	16.29
Unlevered Free Cash Flow, 5 Yr. CAGR %	18.23	15.95	16.09	13.62	14.87
Dividend Per Share, 5 Yr. CAGR %	29.56	29.49	28.25	23.52	20.49