Apple Inc. (AAPL) Discounted Free Cash Flow - Exit Multiple

Apple Inc.

AAPL (NASDAQ)

(%)

Valuation
Apple Inc. Discounted Free Cash Flow - Exit Multiple

"""
    Model: Discounted Free Cash Flow - Exit Multiple

# Render model description
model.render_description(r"""
## Discounted Free Cash Flow - Exit EBITDA Multiple

Discounted Free Cash Flow calculates the value of a share based on the company's estimated future Free Cash Flow figures.

Read more: [GitHub Documentation](https://github.com/DiscountingCashFlows/Documentation/blob/main/models-documentation/discounted-free-cash-flow.md#discounted-free-cash-flow-model-source-code)
""")

# Initialize assumptions
assumptions.init({
    "data": {
        "%discount_rate": None,
        "beta": data.get("profile:beta", default=1),
        "%risk_free_rate": data.get("treasury:year10"),
        "%market_premium": data.get("risk:totalEquityRiskPremium"),
        "%revenue_growth_rate": None,
        "exit_ebitda_multiple": None,
        "%ebitda_margin": None,
        "%capital_expenditure_to_ebitda": None,
        "%operating_cash_flow_to_ebitda": None,
        "historical_years": 10,
        "projection_years": 5,
    },
    "hierarchies": [{
        "parent": "%discount_rate",
        "children": ["beta", "%risk_free_rate", "%market_premium"]
    }]
})

# WACC Calculation
risk_free_rate = assumptions.get("%risk_free_rate")
beta = assumptions.get("beta")
market_premium = assumptions.get("%market_premium")
cost_of_equity = risk_free_rate + beta * market_premium
cost_of_debt = data.get("income:interestExpense") / data.get("balance:totalDebt")

tax_rate = data.get("income:incomeTaxExpense") / data.get("income:incomeBeforeTax")

if tax_rate < 0:
    tax_rate = 0

market_cap = data.get("profile:price") * data.get("income:weightedAverageShsOut")
debt_weight = data.get("balance:totalDebt") / (market_cap + data.get("balance:totalDebt"))
equity_weight = 1 - debt_weight
wacc = debt_weight * cost_of_debt * (1 - tax_rate) + equity_weight * cost_of_equity

# Set the discount rate to the WACC
assumptions.set("%discount_rate", wacc)

# Compute ratios
data.compute({
    "%operatingCashFlowToEbitda": "flow:operatingCashFlow / income:ebitda",
    "%capitalExpenditureToEbitda": "flow:capitalExpenditure / income:ebitda",
    "%netIncomeToEbitda": "income:netIncome / income:ebitda",
    "%freeCashFlowToEbitda": "flow:freeCashFlow / income:ebitda",
    "%grossMargin": "income:grossProfit / income:revenue",
    "%ebitdaMargin": "income:ebitda / income:revenue",
    "discountedFreeCashFlow": "flow:freeCashFlow",
    "%revenueGrowthRate": "function:growth:income:revenue",
})

data.set_default_range(f"{-assumptions.get('historical_years')}->0")

# Calculate margins
assumptions.set("%ebitda_margin", data.average("%ebitdaMargin"))
assumptions.set_bounds(
    "%ebitda_margin", low=0, high="100%"
)

assumptions.set("%operating_cash_flow_to_ebitda", data.average("%operatingCashFlowToEbitda"))
# Limit OCF range
assumptions.set_bounds(
    "%operating_cash_flow_to_ebitda", low=0, high="100%"
)

assumptions.set("%capital_expenditure_to_ebitda", -data.average("%capitalExpenditureToEbitda"))
# Limit CapEx range
assumptions.set_bounds(
    "%capital_expenditure_to_ebitda", low=0, high="90%"
)

assumptions.set("%revenue_growth_rate", data.average("%revenueGrowthRate"))
# Limit revenue growth
assumptions.set_bounds(
    "%revenue_growth_rate", low=0, high="25%"
)

# Calculate the Enterprise Value and set the exit EBITDA multiple
ev = data.get("profile:mktCap") + data.get("balance:totalDebt") - data.get("balance:cashAndShortTermInvestments")
exit_ebitda_multiple = ev / data.get("income:ebitda")
assumptions.set("exit_ebitda_multiple", exit_ebitda_multiple)

data.compute({
    "linearRegressionRevenue": f"""
        function:linear_regression:income:revenue 
        start:{-assumptions.get('historical_years')}
    """,
}, forecast=assumptions.get("projection_years"))

# Compute forecasted values and ratios
data.compute({
    "income:revenue": f"""
        function:compound:{data.get('linearRegressionRevenue:1')} 
        rate:{assumptions.get('%revenue_growth_rate')} 
        offset:-1
    """,
    "income:ebitda": f"income:revenue * {assumptions.get('%ebitda_margin')}",
    "%revenueGrowthRate": "function:growth:income:revenue",
    "flow:operatingCashFlow": f"income:ebitda * {assumptions.get('%operating_cash_flow_to_ebitda')}",
    "computedCapitalExpenditure": f"income:ebitda * {assumptions.get('%capital_expenditure_to_ebitda')}",
    "flow:freeCashFlow": "flow:operatingCashFlow - computedCapitalExpenditure",
    "flow:capitalExpenditure": "flow:freeCashFlow - flow:operatingCashFlow",
    "discountedFreeCashFlow": f"""
        function:discount:flow:freeCashFlow 
        rate:{assumptions.get('%discount_rate')} 
        continuous:true
    """,
    # Informational computations
    "%operatingCashFlowToEbitda": "flow:operatingCashFlow / income:ebitda",
    "%capitalExpenditureToEbitda": "flow:capitalExpenditure / income:ebitda",
    "%freeCashFlowToEbitda": "flow:freeCashFlow / income:ebitda",
    "%ebitdaMargin": "income:ebitda / income:revenue",
    "#compoundedDiscountRate": f"""
        function:compound:1
        rate:{assumptions.get('%discount_rate')} 
        continuous:true
    """,
    "%compoundedDiscountRate": "#compoundedDiscountRate - 1",
}, forecast=assumptions.get("projection_years"))

# Calculate the terminal value
terminal_value = assumptions.get("exit_ebitda_multiple") * data.get(f"income:ebitda:{assumptions.get('projection_years')}")

# Discount the terminal value into the present
discounted_terminal_value = terminal_value / ((1 + assumptions.get("%discount_rate")) ** assumptions.get("projection_years"))

# Projected enterprise value calculation
projected_enterprise_value = discounted_terminal_value + data.sum(f"discountedFreeCashFlow:1->{assumptions.get('projection_years')}")

# Equity value calculation
equity_value = projected_enterprise_value + data.get("balance:cashAndShortTermInvestments") - data.get("balance:totalDebt")
value_per_share = equity_value / data.get("income:weightedAverageShsOut")

# Set the final value
model.set_final_value({
    "value": value_per_share,
    "units": "$"
})

# Render results
model.render_results([
    [exit_ebitda_multiple, "Exit EBITDA Multiple (EV/EBITDA)", "#"],
    [data.get(f"income:ebitda:{assumptions.get('projection_years')}"), "Terminal EBITDA", "$"],
    [terminal_value, "Terminal Enterprise Value", "$"],
    [discounted_terminal_value, "Discounted Terminal Enterprise Value", "$"],
    [projected_enterprise_value - discounted_terminal_value, "Sum of Discounted Free Cash Flow", "$"],
    [projected_enterprise_value, "Present Enterprise Value", "$"],
    [data.get("balance:cashAndShortTermInvestments"), "Cash and Equivalents", "$"],
    [data.get("balance:totalDebt"), "Total Debt", "$"],
    [equity_value, "Present Equity Value", "$"],
    [data.get("income:weightedAverageShsOut"), "Shares Outstanding", "#"],
    [value_per_share, "Estimated Value per Share", "$"],
    [data.get("treasury:year10"), "Yield of the U.S. 10 Year Treasury Note", "%"],
    [cost_of_equity, "Cost of Equity", "%"],
    [equity_weight, "Equity Weight", "%"],
    [cost_of_debt, "Cost of Debt", "%"],
    [debt_weight, "Debt Weight", "%"],
    [tax_rate, "EBIT Tax Rate", "%"],
])

# Render Chart
model.render_chart({
    "data": {
        "income:revenue": "Revenue",
        "flow:operatingCashFlow": "Operating Cash Flow",
        "income:ebitda": "EBITDA",
        "flow:freeCashFlow": "Free Cash Flow",
        "flow:capitalExpenditure": "Capital Expenditure",
        "linearRegressionRevenue": "Linear Regression Revenue",
        "discountedFreeCashFlow": "Discounted Free Cash Flow",
    },
    "start": -assumptions.get("historical_years"),
    "end": "*",
    "properties": {
        "title": "Historical and Forecasted Data",
        "set_editable": [
            "income:revenue",
            "flow:operatingCashFlow",
            "flow:freeCashFlow",
            "income:ebitda",
        ],
        "hidden_keys": [
            "flow:capitalExpenditure",
            "linearRegressionRevenue",
            "discountedFreeCashFlow"
        ],
    }
})

# Render Table for Estimated Future Data
model.render_table({
    "data": {
        "income:revenue": "Revenue",
        "%revenueGrowthRate": "Revenue Growth Rate",
        "income:ebitda": "EBITDA",
        "%ebitdaMargin": "EBITDA Margin",
        "flow:operatingCashFlow": "Operating Cash Flow",
        "%operatingCashFlowToEbitda": "Operating Cash Flow to EBITDA",
        "flow:capitalExpenditure": "Capital Expenditure",
        "%capitalExpenditureToEbitda": "Capital Expenditure to EBITDA",
        "flow:freeCashFlow": "Free Cash Flow",
        "%freeCashFlowToEbitda": "Free Cash Flow to EBITDA",
        "%compoundedDiscountRate": "Compounded Discount Rate",
        "discountedFreeCashFlow": "Discounted Free Cash Flow",
    },
    "start": -1,
    "end": "*",
    "properties": {
        "title": "Estimated Future Data",
        "order": "ascending",
        "number_format": "M",
    }
})

# Render Historical Table
model.render_table({
    "data": {
        "income:revenue": "Revenue",
        "%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "%grossMargin": "Gross Margin",
        "income:ebitda": "EBITDA",
        "%ebitdaMargin": "EBITDA Margin",
        "income:netIncome": "Net Income",
        "%netIncomeToEbitda": "Net Income to EBITDA",
        "flow:operatingCashFlow": "Cash from Operating Activities",
        "%operatingCashFlowToEbitda": "Cash from Operating Activities to EBITDA",
        "flow:capitalExpenditure": "Capital Expenditure",
        "%capitalExpenditureToEbitda": "Capital Expenditure to EBITDA",
        "flow:freeCashFlow": "Free Cash Flow",
        "%freeCashFlowToEbitda": "Free Cash Flow to EBITDA",
    },
    "start": -assumptions.get("historical_years"),
    "end": 0,
    "properties": {
        "title": "Historical Data",
        "display_averages": True,
        "order": "descending",
        "number_format": "M",
    }
})

assumptions.set_description({
    "%discount_rate": r"""
        ## Discount Rate
        
        `Discount Rate` = `Equity Weight` * `Cost of Equity` + `Debt Weight` * `Cost of Debt` * (1 - `Tax Rate`)
        
        Calculated using Weighted Average Cost of Capital (WACC) formula. It represents a firm’s average after-tax cost of capital from all sources, including common stock, preferred stock, bonds, and other forms of debt.
        
        [Read More](https://www.investopedia.com/terms/w/wacc.asp)
        
        ---
        
        ### Cost of Equity
        
        `Cost of Equity` = `Risk Free Rate` + `Beta` * `Market Premium`
        
        The cost of equity is the theoretical rate of return that an equity investment should generate. It is calculated using the CAPM formula.
        
        [Read More](https://www.investopedia.com/terms/c/costofequity.asp#mntl-sc-block_1-0-20)
        
        ---
        
        ### Cost of Debt
        
        `Cost of Debt` = `Interest Expense` / `Total Debt`
        
        The cost of debt is the effective rate that a company pays on its debt, such as bonds and loans.
        
        [Read More](https://www.investopedia.com/terms/c/costofdebt.asp)
        
        ---
        
        ### Equity & Debt Weights
        
        `Debt Weight` = `Total Debt` / (`Market Capitalization` + `Total Debt`) = 1 - `Equity Weight`
        
        The Equity Weight represents the proportion of equity-based financing (Market Capitalization), while the Debt Weight represents the proportion of debt-based financing (Total Debt).
        
        ---
        
        ### Tax Rate
        
        `Tax Rate` = `Income Tax Expense` / `Income Before Tax`
        
        The overall tax rate paid by the company on its earned income.
    """,

"beta": r"""
        ## Beta
        
        Beta measures the volatility of a stock's price in relation to the overall stock market. A higher beta indicates greater price fluctuations relative to the market.
    """,

"%risk_free_rate": r"""
        ## Risk-Free Rate
        
        The risk-free rate represents the return an investor expects from an absolutely risk-free investment over a specified time period. By default, it is set to the current yield of the U.S. 10-Year Treasury Bond.
    """,

"%market_premium": r"""
        ## Market Premium
        
        The market risk premium represents the additional return over the risk-free rate that investors expect for taking on the risks associated with equities.
    """,

"%revenue_growth_rate": r"""
        ## Revenue Growth Rate
        
        The annual growth rate applied to projected revenue, starting from the second projection year onward.
    """,

"exit_ebitda_multiple": r"""
        ## Exit EBITDA Multiple
        
        The exit EV/EBITDA multiple used to calculate the terminal value.
    """,

"%ebitda_margin": r"""
        ## EBITDA Margin
        
        EBITDA expressed as a percentage of Revenue.
    """,

"%capital_expenditure_to_ebitda": r"""
        ## Capital Expenditure to EBITDA
        
        Capital expenditure expressed as a percentage of EBITDA.
    """,

"%operating_cash_flow_to_ebitda": r"""
        ## Operating Cash Flow to EBITDA
        
        Operating cash flow expressed as a percentage of EBITDA.
    """,

"historical_years": r"""
        ## Historical Years
        
        The number of years of historical data used to calculate averages and trends for analysis.
    """,

"projection_years": r"""
        ## Projection Years
        
        The number of years into the future for which the analysis projects financial performance and metrics.
    """,
})

print(f"End of model.")

Estimated Value

USD

Market Price USD

* Values are not guaranteed, please do your own
research before making investment decisions.

Discounted Free Cash Flow - Exit EBITDA Multiple

Discounted Free Cash Flow calculates the value of a share based on the company's estimated future Free Cash Flow figures.

Interactive Assumptions

Discount Rate Discount Rate `Discount Rate` = `Equity Weight` * `Cost of Equity` + `Debt Weight` * `Cost of Debt` * (1 - `Tax Rate`) Calculated using Weighted Average Cost of Capital (WACC) formula. It represents a firm’s average after-tax cost of capital from all sources, including common stock, preferred stock, bonds, and other forms of debt. Read More Cost of Equity `Cost of Equity` = `Risk Free Rate` + `Beta` * `Market Premium` The cost of equity is the theoretical rate of return that an equity investment should generate. It is calculated using the CAPM formula. Read More Cost of Debt `Cost of Debt` = `Interest Expense` / `Total Debt` The cost of debt is the effective rate that a company pays on its debt, such as bonds and loans. Read More Equity & Debt Weights `Debt Weight` = `Total Debt` / (`Market Capitalization` + `Total Debt`) = 1 - `Equity Weight` The Equity Weight represents the proportion of equity-based financing (Market Capitalization), while the Debt Weight represents the proportion of debt-based financing (Total Debt). Tax Rate `Tax Rate` = `Income Tax Expense` / `Income Before Tax` The overall tax rate paid by the company on its earned income.	%
↳ Beta Beta Beta measures the volatility of a stock's price in relation to the overall stock market. A higher beta indicates greater price fluctuations relative to the market.	#
↳ Risk Free Rate Risk-Free Rate The risk-free rate represents the return an investor expects from an absolutely risk-free investment over a specified time period. By default, it is set to the current yield of the U.S. 10-Year Treasury Bond.	%
↳ Market Premium Market Premium The market risk premium represents the additional return over the risk-free rate that investors expect for taking on the risks associated with equities.	%
Revenue Growth Rate Revenue Growth Rate The annual growth rate applied to projected revenue, starting from the second projection year onward.	%
Exit Ebitda Multiple Exit EBITDA Multiple The exit EV/EBITDA multiple used to calculate the terminal value.	#
Ebitda Margin EBITDA Margin EBITDA expressed as a percentage of Revenue.	%
Capital Expenditure To Ebitda Capital Expenditure to EBITDA Capital expenditure expressed as a percentage of EBITDA.	%
Operating Cash Flow To Ebitda Operating Cash Flow to EBITDA Operating cash flow expressed as a percentage of EBITDA.	%
Historical Years Historical Years The number of years of historical data used to calculate averages and trends for analysis.	#
Projection Years Projection Years The number of years into the future for which the analysis projects financial performance and metrics.	#

Results
Exit EBITDA Multiple (EV/EBITDA)	22.95
Terminal EBITDA	187.1 Bil. USD
Terminal Enterprise Value	4,294 Bil. USD
Discounted Terminal Enterprise Value	2,744 Bil. USD
Sum of Discounted Free Cash Flow	523.5 Bil. USD
Present Enterprise Value	3,267 Bil. USD
Cash and Equivalents	48.5 Bil. USD
Total Debt	98.19 Bil. USD
Present Equity Value	3,217 Bil. USD
Shares Outstanding	14.99 Bil.
Estimated Value per Share	214.6 USD
Yield of the U.S. 10 Year Treasury Note	4.42%
Cost of Equity	9.66%
Equity Weight	96.98%
Cost of Debt
Debt Weight	3.02%
EBIT Tax Rate	23.39%

Historical and Forecasted Data

Monetary values are in USD

{"sectionId": "section-chart-1", "sectionType": "chart", "title": "Historical and Forecasted Data", "dates": [2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029], "series": [{"label": "Revenue", "mappingKey": "income:revenue", "data": [233715000000, 215639000000, 229234000000, 265595000000, 260174000000, 274515000000, 365817000000, 394328000000, 383285000000, 391035000000, {"y": 425663000000, "oy": 425663000000, "e": true, "c": 2025, "g": 8.86, "og": 8.86}, {"y": 459877791940, "oy": 459877791940, "e": true, "c": 2026, "g": 8.04, "og": 8.04}, {"y": 496842768856, "oy": 496842768856, "e": true, "c": 2027, "g": 8.04, "og": 8.04}, {"y": 536778990616, "oy": 536778990616, "e": true, "c": 2028, "g": 8.04, "og": 8.04}, {"y": 579925285882, "oy": 579925285882, "e": true, "c": 2029, "g": 8.04, "og": 8.04}], "dataType": ".", "displayAs": "line", "hidden": false}, {"label": "Operating Cash Flow", "mappingKey": "flow:operatingCashFlow", "data": [81266000000, 66231000000, 64225000000, 77434000000, 69391000000, 80674000000, 104038000000, 122151000000, 110543000000, 118254000000, {"y": 125893952667, "oy": 125893952667, "e": true, "c": 2025, "g": 6.46, "og": 6.46}, {"y": 136013308583, "oy": 136013308583, "e": true, "c": 2026, "g": 8.04, "og": 8.04}, {"y": 146946058327, "oy": 146946058327, "e": true, "c": 2027, "g": 8.04, "og": 8.04}, {"y": 158757582495, "oy": 158757582495, "e": true, "c": 2028, "g": 8.04, "og": 8.04}, {"y": 171518516976, "oy": 171518516976, "e": true, "c": 2029, "g": 8.04, "og": 8.04}], "dataType": ".", "displayAs": "line", "hidden": false}, {"label": "EBITDA", "mappingKey": "income:ebitda", "data": [82487000000, 69824000000, 70744000000, 81801000000, 76477000000, 77344000000, 120233000000, 130541000000, 125820000000, 134661000000, {"y": 137318883800, "oy": 137318883800, "e": true, "c": 2025, "g": 1.97, "og": 1.97}, {"y": 148356575679, "oy": 148356575679, "e": true, "c": 2026, "g": 8.04, "og": 8.04}, {"y": 160281477232, "oy": 160281477232, "e": true, "c": 2027, "g": 8.04, "og": 8.04}, {"y": 173164902372, "oy": 173164902372, "e": true, "c": 2028, "g": 8.04, "og": 8.04}, {"y": 187083897225, "oy": 187083897225, "e": true, "c": 2029, "g": 8.04, "og": 8.04}], "dataType": ".", "displayAs": "line", "hidden": false}, {"label": "Free Cash Flow", "mappingKey": "flow:freeCashFlow", "data": [69778000000, 52683000000, 51430000000, 64121000000, 58896000000, 73365000000, 92953000000, 111443000000, 99584000000, 108807000000, {"y": 109415686611, "oy": 109415686611, "e": true, "c": 2025, "g": 0.559, "og": 0.559}, {"y": 118210519501, "oy": 118210519501, "e": true, "c": 2026, "g": 8.04, "og": 8.04}, {"y": 127712281059, "oy": 127712281059, "e": true, "c": 2027, "g": 8.04, "og": 8.04}, {"y": 137977794210, "oy": 137977794210, "e": true, "c": 2028, "g": 8.04, "og": 8.04}, {"y": 149068449309, "oy": 149068449309, "e": true, "c": 2029, "g": 8.04, "og": 8.04}], "dataType": ".", "displayAs": "line", "hidden": false}, {"label": "Capital Expenditure", "mappingKey": "flow:capitalExpenditure", "data": [-11488000000, -13548000000, -12795000000, -13313000000, -10495000000, -7309000000, -11085000000, -10708000000, -10959000000, -9447000000, -16478266056, -17802789081, -19233777267, -20779788284, -22450067667], "dataType": ".", "displayAs": "line", "hidden": true}, {"label": "Linear Regression Revenue", "mappingKey": "linearRegressionRevenue", "data": [199609727272, 222215054545, 244820381818, 267425709090, 290031036363, 312636363636, 335241690909, 357847018181, 380452345454, 403057672727, 425663000000, 448268327272, 470873654545, 493478981818, 516084309090], "dataType": ".", "displayAs": "line", "hidden": true}, {"label": "Discounted Free Cash Flow", "mappingKey": "discountedFreeCashFlow", "data": [69778000000, 52683000000, 51430000000, 64121000000, 58896000000, 73365000000, 92953000000, 111443000000, 99584000000, 108807000000, 107288477936, 105980859453, 104689178060, 103387863723, 102127785436], "dataType": ".", "displayAs": "line", "hidden": true}], "editableDates": {"2025": 41, "2026": 42, "2027": 43, "2028": 44, "2029": 45}, "properties": {"display_table": true}, "width": "full"}

Edit Chart Values	2025	2026	2027	2028	2029

↳ Growth Rate

Estimated Future Data

amounts of USD except for #	2024	LTM	2025	2026	2027	2028	2029
Revenue	391,035	400,366	425,663	459,878	496,843	536,779	579,925
Revenue Growth Rate	2.02%	2.39%	8.86%	8.04%	8.04%	8.04%	8.04%
EBITDA	134,661	138,866	137,319	148,357	160,281	173,165	187,084
EBITDA Margin	34.44%	34.68%	32.26%	32.26%	32.26%	32.26%	32.26%
Operating Cash Flow	118,254	109,556	125,894	136,013	146,946	158,758	171,519
Operating Cash Flow to EBITDA	87.82%	78.89%	91.68%	91.68%	91.68%	91.68%	91.68%
Capital Expenditure	-9,447	-11,070	-16,478	-17,803	-19,234	-20,780	-22,450
Capital Expenditure to EBITDA	-7.02%	-7.97%	-12%	-12%	-12%	-12%	-12%
Free Cash Flow	108,807	98,486	109,416	118,211	127,712	137,978	149,068
Free Cash Flow to EBITDA	80.8%	70.92%	79.68%	79.68%	79.68%	79.68%	79.68%
Compounded Discount Rate			1.98%	11.54%	21.99%	33.46%	45.96%
Discounted Free Cash Flow	108,807	98,486	107,288	105,981	104,689	103,388	102,128

Historical Data

amounts of USD except for #	Average	LTM	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	310,337	400,366	391,035	383,285	394,328	365,817	274,515	260,174	265,595	229,234	215,639	233,715
Revenue Growth Rate	8.04%	2.39%	2.02%	-2.8%	7.79%	33.26%	5.51%	-2.04%	15.86%	6.3%	-7.73%	27.86%
Cost of Revenue	180,208	213,667	210,352	214,137	223,546	212,981	169,559	161,782	163,756	141,048	131,376	140,089
Gross Profit	130,128	186,699	180,683	169,148	170,782	152,836	104,956	98,392	101,839	88,186	84,263	93,626
Gross Margin	41.28%	46.63%	46.21%	44.13%	43.31%	41.78%	38.23%	37.82%	38.34%	38.47%	39.08%	40.06%
EBITDA	100,800	138,866	134,661	125,820	130,541	120,233	77,344	76,477	81,801	70,744	69,824	82,487
EBITDA Margin	32.26%	34.68%	34.44%	32.83%	33.1%	32.87%	28.17%	29.39%	30.8%	30.86%	32.38%	35.29%
Net Income	72,922	97,294	93,736	96,995	99,803	94,680	57,411	55,256	59,531	48,351	45,687	53,394
Net Income to EBITDA	71.79%	70.06%	69.61%	77.09%	76.45%	78.75%	74.23%	72.25%	72.78%	68.35%	65.43%	64.73%
Cash from Operating Activities	91,251	109,556	118,254	110,543	122,151	104,038	80,674	69,391	77,434	64,225	66,231	81,266
Cash from Operating Activities to EBITDA	91.68%	78.89%	87.82%	87.86%	93.57%	86.53%	104.3%	90.73%	94.66%	90.79%	94.85%	98.52%
Capital Expenditure	-11,111	-11,070	-9,447	-10,959	-10,708	-11,085	-7,309	-10,495	-13,313	-12,795	-13,548	-11,488
Capital Expenditure to EBITDA	-12%	-7.97%	-7.02%	-8.71%	-8.2%	-9.22%	-9.45%	-13.72%	-16.27%	-18.09%	-19.4%	-13.93%
Free Cash Flow	80,141	98,486	108,807	99,584	111,443	92,953	73,365	58,896	64,121	51,430	52,683	69,778
Free Cash Flow to EBITDA	79.69%	70.92%	80.8%	79.15%	85.37%	77.31%	94.86%	77.01%	78.39%	72.7%	75.45%	84.59%