Income Statement Netas Telekomünikasyon

Stocks

NETAS

TRANETAS91H6

IT Services & Consulting

Market Closed - Borsa Istanbul 11:08:44 2026-09-04 EDT			5-day change	1st Jan Change
103.10 ^TRY	+4.14%		+11.58%	+81.51%

08-14	Netas Telekomünikasyon A.S. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2026	CI
05-07	Netas Telekom Q1 loss shrinks to 76.3 million lira YoY	RE

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Published financial data: NETAS TELEKOMÜNIKASYON

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (TRY)	2022 (TRY)	2023 (TRY)	2024 (TRY)	2025 (TRY)
Revenues	2.3B	4.01B	6.96B	9.18B	12.03B
Total Revenues	2.3B	4.01B	6.96B	9.18B	12.03B
Cost of Goods Sold, Total	2.46B	3.62B	6.35B	8.53B	11.22B
Gross Profit	-165M	387M	603M	650M	811M
Selling General & Admin Expenses, Total	217M	313M	447M	653M	703M
R&D Expenses	14.71M	6.56M	2.39M	22.78M	-
Other Operating Expenses	17.41M	-14.98M	41.6M	23.54M	44.49M
Other Operating Expenses, Total	249M	304M	491M	699M	748M
Operating Income	-414M	83.19M	112M	-49.76M	63.49M
Interest Expense, Total	-106M	-201M	-319M	-290M	-287M
Interest And Investment Income	43.81M	37.64M	12.49M	65.25M	52.67M
Net Interest Expenses	-62.68M	-163M	-307M	-225M	-235M
Income (Loss) On Equity Invest.	-823K	318K	-	-	-
Currency Exchange Gains (Loss)	-10.61M	32.76M	209M	14.27M	-38.54M
Other Non Operating Income (Expenses)	-32.18M	-30.46M	-59.82M	-25.72M	-85.3M
EBT, Excl. Unusual Items	-520M	-77.1M	-45.48M	-286M	-295M
Gain (Loss) On Sale Of Investments	-3.12M	-338K	-950K	-331K	-600K
Asset Writedown	-97.92M	-	-	-	-
Legal Settlements	-5.16M	-6.18M	-12.25M	-3.24M	-5.97M
EBT, Incl. Unusual Items	-626M	-83.62M	-58.67M	-290M	-302M
Income Tax Expense	44.03M	-58.86M	-159M	-17.91M	39.04M
Earnings From Continuing Operations	-670M	-24.76M	100M	-272M	-341M
Net Income to Company	-670M	-24.76M	100M	-272M	-341M
Minority Interest	2.21M	-5.81M	-780K	-8.55M	-9.39M
Net Income - (IS)	-668M	-30.57M	99.67M	-281M	-350M
Net Income to Common Incl Extra Items	-668M	-30.57M	99.67M	-281M	-350M
Net Income to Common Excl. Extra Items	-668M	-30.57M	99.67M	-281M	-350M
Per Share Items
Net EPS - Basic	-10.3	-0.47	1.54	-4.33	-5.39
Basic EPS - Continuing Operations	-10.3	-0.47	1.54	-4.33	-5.39
Basic Weighted Average Shares Outstanding	64.86M	64.86M	64.86M	64.86M	64.86M
Net EPS - Diluted	-10.3	-0.47	1.54	-4.33	-5.39
Diluted EPS - Continuing Operations	-10.3	-0.47	1.54	-4.33	-5.39
Diluted Weighted Average Shares Outstanding	64.86M	64.86M	64.86M	64.86M	64.86M
Normalized Basic EPS	-4.98	-0.83	-0.45	-2.89	-2.99
Normalized Diluted EPS	-4.98	-0.83	-0.45	-2.89	-2.99
Supplemental Items
EBITDA	-341M	147M	184M	22.58M	132M
EBITA	-364M	106M	146M	-11.73M	97.61M
EBIT	-414M	83.19M	112M	-49.76M	63.49M
EBITDAR	-	-	-	-	-
Effective Tax Rate - (Ratio)	-7.03	70.39	271.2	6.18	-12.95
Current Domestic Taxes	-	-	-	-	-
Total Current Taxes	-	18.02M	17.69M	7.79M	28.09M
Deferred Domestic Taxes	-	-	-	-	-
Total Deferred Taxes	44.03M	-76.88M	-177M	-25.7M	10.94M
Normalized Net Income	-323M	-53.99M	-29.2M	-188M	-194M
Interest on Long-Term Debt	20.5M	17.01M	35.88M	39.12M	62.67M
Non-Cash Pension Expense	-	7.11M	-	-	-
Supplemental Operating Expense Items
Advertising Expense	2.55M	2.15M	2.89M	2.63M	5.17M
Selling and Marketing Expenses	109M	151M	228M	367M	363M
General and Administrative Expenses	108M	162M	219M	286M	340M
Research And Development Expense From Footnotes	14.71M	6.56M	2.39M	22.78M	-
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-
Maintenance & Repair Expenses, Total	2.2M	1.5M	4.53M	3.77M	4.58M

Fiscal Period: December	2021 (TRY)	2022 (TRY)	2023 (TRY)	2024 (TRY)	2025 (TRY)
Assets
Cash And Equivalents	542M	220M	90.11M	482M	357M
Total Cash And Short Term Investments	542M	220M	90.11M	482M	357M
Accounts Receivable, Total	1.92B	2.39B	3.28B	4.19B	5.36B
Other Receivables	36.13M	42.12M	70.64M	70.83M	77.69M
Total Receivables	1.96B	2.43B	3.35B	4.26B	5.44B
Inventory	392M	466M	420M	608M	793M
Prepaid Expenses	23.91M	29.56M	36.2M	63.35M	60.86M
Other Current Assets, Total	33.72M	47.79M	72M	57.64M	112M
Total Current Assets	2.95B	3.2B	3.97B	5.47B	6.76B
Gross Property Plant And Equipment	740M	1.12B	1.86B	2.42B	3.01B
Accumulated Depreciation	-554M	-930M	-1.52B	-1.91B	-2.44B
Net Property Plant And Equipment	185M	193M	341M	511M	572M
Long-term Investments	26.55M	25.36M	39.34M	47.67M	57.9M
Goodwill	244M	343M	540M	647M	785M
Other Intangibles, Total	92.13M	116M	144M	139M	136M
Accounts Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	170M	306M	701M	871M	1.05B
Other Long-Term Assets, Total	-	-	-	1.18M	2.18M
Total Assets	3.67B	4.18B	5.73B	7.68B	9.37B
Liabilities
Accounts Payable, Total	1.6B	1.98B	2.66B	3.71B	5.12B
Accrued Expenses, Total	134M	186M	366M	362M	406M
Short-term Borrowings	1.12B	1.13B	1.3B	1.79B	1.93B
Current Portion of Long-Term Debt	12.92M	61.22M	-	-	-
Current Portion of Leases	67.94M	96.09M	128M	147M	171M
Current Income Taxes Payable	-	4.69M	22.46M	4.32M	14.93M
Unearned Revenue Current, Total	357M	452M	648M	1.12B	937M
Other Current Liabilities	221M	101M	113M	41.65M	35.58M
Total Current Liabilities	3.51B	4.01B	5.23B	7.18B	8.62B
Long-Term Debt	13.82M	-	-	76.37M	556M
Long-Term Leases	47.1M	65.41M	156M	251M	306M
Pension & Other Post Retirement Benefits	47.53M	83.84M	121M	157M	168M
Deferred Tax Liability Non Current	14.92M	-	-	-	-
Other Non Current Liabilities	-	-	-	-	-
Total Liabilities	3.63B	4.16B	5.51B	7.67B	9.65B
Common Stock, Total	64.86M	64.86M	64.86M	64.86M	64.86M
Retained Earnings	-610M	-641M	-541M	-822M	-1.17B
Comprehensive Income and Other	582M	589M	694M	760M	806M
Total Common Equity	36.92M	13.4M	218M	3.55M	-301M
Minority Interest	-1.52M	4.29M	5.07M	13.62M	23.01M
Total Equity	35.41M	17.69M	223M	17.17M	-278M
Total Liabilities And Equity	3.67B	4.18B	5.73B	7.68B	9.37B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	64.86M	64.86M	64.86M	64.86M	64.86M
ECS Total Common Shares Outstanding	64.86M	64.86M	64.86M	64.86M	64.86M
Book Value / Share	0.57	0.21	3.36	0.05	-4.65
Tangible Book Value	-299M	-446M	-466M	-782M	-1.22B
Tangible Book Value Per Share	-4.62	-6.87	-7.18	-12.05	-18.84
Total Debt	1.26B	1.35B	1.58B	2.27B	2.96B
Net Debt	716M	1.13B	1.49B	1.79B	2.6B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-	-	-	-	-
Debt Equivalent Oper. Leases	-	-	-	-	-
Minority Interest, Total (Incl. Fin. Div)	-1.52M	4.29M	5.07M	13.62M	23.01M
Equity Method Investments, Total	8.62M	-	-	-	-
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	90.07M	101M	131M	174M	204M
Inventories - Finished Goods, Total	322M	312M	226M	396M	524M
Inventories - Others	36.36M	13.87M	27.3M	-	-
Machinery, Total	529M	683M	996M	1.16B	1.43B
Full Time Employees	2.17K	1.81K	1.68K	1.49K	1.36K
Accumulated Allowance for Doubtful Accounts (Supple)	143M	201M	299M	358M	444M
Order Backlog	-	-	-	-	-

Fiscal Period: December	2021 (TRY)	2022 (TRY)	2023 (TRY)	2024 (TRY)	2025 (TRY)
Net Income	-668M	-30.57M	99.67M	-281M	-350M
Depreciation & Amortization - CF	45.78M	72.66M	77.59M	107M	155M
Amortization of Goodwill and Intangible Assets - (CF)	50.15M	23.16M	33.54M	38.04M	34.12M
Depreciation & Amortization, Total	95.93M	95.82M	111M	145M	189M
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	-
(Gain) Loss From Sale Of Asset	-36.36M	121K	86.27K	-573K	-2.37M
(Gain) Loss on Sale of Investments - (CF)	-	-30.47M	-	-	-
Asset Writedown & Restructuring Costs	97.92M	-	-	-	-
(Income) Loss On Equity Investments - (CF)	2.89M	-	-	-	-
Provision and Write-off of Bad Debts	5.24M	-894K	-3.48M	-1.25M	5.92M
Other Operating Activities, Total	96.07M	-206M	-144M	150M	295M
Change In Accounts Receivable	328M	304M	491M	975M	-283M
Change In Inventories	-86.8M	104M	282M	23.69M	-48.8M
Change In Accounts Payable	-8.61M	-231M	-445M	-467M	612M
Change in Unearned Revenues	21.44M	-48.88M	-62.87M	99.87M	-424M
Change in Other Net Operating Assets	-10.08M	-32.48M	104M	-101M	-77.37M
Cash from Operations	-163M	-75.74M	433M	545M	-84.04M
Capital Expenditure	-25.28M	-9.61M	-7.45M	-21.13M	-9.2M
Sale of Property, Plant, and Equipment	17.78M	1.2M	1.48M	2.49M	2.99M
Divestitures	88.57M	-	-	-	-
Sale (Purchase) of Intangible assets	-43.79M	-97.53K	-216K	-6.98M	-2.97M
Investment in Marketable and Equity Securities, Total	-	52.08M	-	-	-
Other Investing Activities, Total	-6.87M	-7.43M	-13.98M	-8.34M	-10.22M
Cash from Investing	30.4M	36.14M	-20.17M	-33.96M	-19.4M
Short Term Debt Issued, Total	-	-	2.23B	-	-
Long-Term Debt Issued, Total	1.32B	1.56B	-	2.16B	2.32B
Total Debt Issued	1.32B	1.56B	2.23B	2.16B	2.32B
Short Term Debt Repaid, Total	-	-	-2.69B	-	-
Long-Term Debt Repaid, Total	-798M	-1.78B	-57.84M	-2.35B	-2.5B
Total Debt Repaid	-798M	-1.78B	-2.75B	-2.35B	-2.5B
Other Financing Activities, Total	-85.99M	-177M	-253M	-205M	-191M
Cash from Financing	433M	-395M	-772M	-395M	-368M
Foreign Exchange Rate Adjustments	-64.25M	113M	229M	276M	347M
Miscellaneous Cash Flow Adjustments	-	-	-	-	-
Net Change in Cash	236M	-322M	-130M	391M	-125M
Supplemental Items
Cash Interest Paid	85.99M	184M	265M	251M	225M
Cash Income Tax Paid (Refund)	2.22M	19.19M	26.89M	24.28M	28.6M
Levered Free Cash Flow	-73.42M	-144M	155M	232M	-110M
Unlevered Free Cash Flow	-6.86M	-18.71M	354M	414M	69.8M
Change In Net Working Capital	-225M	157M	-181M	-327M	147M
Net Debt Issued / Repaid	519M	-218M	-519M	-190M	-178M

Fiscal Period: December	2021 (TRY)	2022 (TRY)	2023 (TRY)	2024 (TRY)	2025 (TRY)
Profitability
Return on Assets	-8.51	1.33	1.42	-0.46	0.47
Return on Total Capital	-20.99	3.9	4.42	-1.52	1.6
Return On Equity %	-215.85	-93.27	83.55	-226.73	260.81
Return on Common Equity	-214.86	-121.48	86.26	-253.61	235.04
Margin Analysis
Gross Profit Margin %	-7.18	9.66	8.67	7.08	6.74
SG&A Margin	9.44	7.79	6.42	7.12	5.85
EBITDA Margin %	-14.84	3.67	2.65	0.25	1.1
EBITA Margin %	-15.84	2.65	2.1	-0.13	0.81
EBIT Margin %	-18.02	2.07	1.61	-0.54	0.53
Income From Continuing Operations Margin %	-29.2	-0.62	1.44	-2.96	-2.83
Net Income Margin %	-29.1	-0.76	1.43	-3.06	-2.91
Net Avail. For Common Margin %	-29.1	-0.76	1.43	-3.06	-2.91
Normalized Net Income Margin	-14.06	-1.35	-0.42	-2.04	-1.61
Levered Free Cash Flow Margin	-3.2	-3.59	2.23	2.53	-0.91
Unlevered Free Cash Flow Margin	-0.3	-0.47	5.09	4.51	0.58
Asset Turnover
Asset Turnover	0.76	1.02	1.4	1.37	1.41
Fixed Assets Turnover	13.48	21.79	26.06	21.55	22.22
Receivables Turnover (Average Receivables)	1.45	1.86	2.45	2.46	2.52
Inventory Turnover (Average Inventory)	8.45	8.45	14.35	16.59	16.02
Short Term Liquidity
Current Ratio	0.84	0.8	0.76	0.76	0.79
Quick Ratio	0.71	0.66	0.66	0.66	0.67
Operating Cash Flow to Current Liabilities	-0.05	-0.02	0.08	0.08	-0.01
Days Sales Outstanding (Average Receivables)	251.33	196.18	148.7	148.9	144.88
Days Outstanding Inventory (Average Inventory)	43.18	43.2	25.44	22.06	22.79
Average Days Payable Outstanding	170.28	176.71	134.09	133.79	141.41
Cash Conversion Cycle (Average Days)	124.23	62.68	40.05	37.17	26.26
Long Term Solvency
Total Debt/Equity	3.55K	7.65K	710.38	13.21K	-1.06K
Total Debt / Total Capital	97.26	98.71	87.66	99.25	110.37
LT Debt/Equity	172.04	369.72	70.16	1.91K	-309.82
Long-Term Debt / Total Capital	4.71	4.77	8.66	14.34	32.13
Total Liabilities / Total Assets	99.03	99.58	96.11	99.78	102.97
EBIT / Interest Expense	-3.89	0.41	0.35	-0.17	0.22
EBITDA / Interest Expense	-2.99	0.89	0.7	0.33	0.88
(EBITDA - Capex) / Interest Expense	-3.22	0.84	0.68	0.26	0.85
Total Debt / EBITDA	-3.96	7.57	7.08	23.69	11.72
Net Debt / EBITDA	-2.25	6.34	6.68	18.66	10.31
Total Debt / (EBITDA - Capex)	-3.66	7.99	7.33	30.41	12.17
Net Debt / (EBITDA - Capex)	-2.09	6.69	6.91	23.95	10.7
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	32.49	74.69	73.46	31.86	31.12
Gross Profit, 1 Yr. Growth %	-193.16	-334.85	55.76	7.69	24.89
EBITDA, 1 Yr. Growth %	-541.91	-143.2	60.43	-87.74	485.89
EBITA, 1 Yr. Growth %	-787.7	-129.24	97.14	-108.04	-932.47
EBIT, 1 Yr. Growth %	-2.32K	-120.1	120.98	-144.33	-227.59
Earnings From Cont. Operations, 1 Yr. Growth %	845.15	-96.31	-505.66	-370.78	25.2
Net Income, 1 Yr. Growth %	839.42	-95.43	-426.07	-381.47	24.74
Normalized Net Income, 1 Yr. Growth %	753.21	-83.28	-45.91	542.1	3.32
Diluted EPS Before Extra, 1 Yr. Growth %	839.42	-95.43	-426.07	-381.47	24.74
Accounts Receivable, 1 Yr. Growth %	54.69	24.51	37.07	27.74	28.07
Inventory, 1 Yr. Growth %	106.72	18.61	-9.7	44.52	30.59
Net Property, Plant and Equip., 1 Yr. Growth %	19.5	9.98	76.91	49.67	12.12
Total Assets, 1 Yr. Growth %	52.09	13.99	37.13	34.06	21.91
Tangible Book Value, 1 Yr. Growth %	-190.54	43.88	4.51	67.9	56.34
Common Equity, 1 Yr. Growth %	-93.69	-63.7	1.52K	-98.37	-8.59K
Cash From Operations, 1 Yr. Growth %	-148.49	-53.47	-671.9	25.73	-115.43
Capital Expenditures, 1 Yr. Growth %	-40.08	-61.98	-22.43	183.45	-56.48
Levered Free Cash Flow, 1 Yr. Growth %	-145.32	96.21	-194.26	49.88	-147.27
Unlevered Free Cash Flow, 1 Yr. Growth %	-103.01	172.67	-1.01K	16.75	-83.12
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	31.52	52.14	74.07	51.24	31.49
Gross Profit, 2 Yr. CAGR %	1.51	47.92	91.26	29.52	15.97
EBITDA, 2 Yr. CAGR %	392.92	38.17	-26.48	-55.65	-15.25
EBITA, 2 Yr. CAGR %	799.99	41.8	-36.69	-60.18	-18.18
EBIT, 2 Yr. CAGR %	333.15	111.08	-47.92	-1.03	-24.8
Earnings From Cont. Operations, 2 Yr. CAGR %	112.28	-40.92	-61.29	231.42	84.13
Net Income, 2 Yr. CAGR %	112.05	-34.45	-61.38	202.95	87.38
Normalized Net Income, 2 Yr. CAGR %	73.12	19.44	-69.93	86.36	157.56
Diluted EPS Before Extra, 2 Yr. CAGR %	112.05	-34.45	-61.38	202.95	87.38
Accounts Receivable, 2 Yr. CAGR %	31.49	38.78	30.64	32.32	27.91
Inventory, 2 Yr. CAGR %	76.59	56.59	3.5	14.24	37.38
Net Property, Plant and Equip., 2 Yr. CAGR %	22.5	11.47	39.49	62.72	29.54
Total Assets, 2 Yr. CAGR %	35.2	31.67	25.03	35.59	27.84
Tangible Book Value, 2 Yr. CAGR %	-6.85	16.05	22.63	32.47	62.01
Common Equity, 2 Yr. CAGR %	-73.75	-84.87	142.81	-48.54	17.65
Cash From Operations, 2 Yr. CAGR %	23.9	-52.5	63.13	168.15	-55.95
Capital Expenditures, 2 Yr. CAGR %	-5.99	-52.27	-45.69	48.28	11.06
Levered Free Cash Flow, 2 Yr. CAGR %	43.2	-5.7	45.24	18.86	-15.82
Unlevered Free Cash Flow, 2 Yr. CAGR %	-70.09	-71.34	618.47	225.84	-55.61
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	30.87	44.57	58.94	58.68	44.21
Gross Profit, 3 Yr. CAGR %	7.1	34.26	50.49	57.94	27.96
EBITDA, 3 Yr. CAGR %	137.09	118.95	33.68	-59.53	4.84
EBITA, 3 Yr. CAGR %	103.9	187.17	40.21	-68.17	9.69
EBIT, 3 Yr. CAGR %	92.41	55.65	81.84	-50.64	7.71
Earnings From Cont. Operations, 3 Yr. CAGR %	99.68	-44.99	12.3	-25.97	139.59
Net Income, 3 Yr. CAGR %	99.46	-40.97	11.9	-25.12	125.38
Normalized Net Income, 3 Yr. CAGR %	69.82	-20.57	-8.28	-16.57	53.09
Diluted EPS Before Extra, 3 Yr. CAGR %	99.46	-40.97	11.9	-25.12	125.38
Accounts Receivable, 3 Yr. CAGR %	23.5	29.12	38.21	29.67	30.89
Inventory, 3 Yr. CAGR %	60.67	54.65	30.34	15.68	19.45
Net Property, Plant and Equip., 3 Yr. CAGR %	53.33	15.98	30.02	42.8	43.72
Total Assets, 3 Yr. CAGR %	29.31	27.72	33.46	27.97	30.87
Tangible Book Value, 3 Yr. CAGR %	-15.03	8.88	12.07	36.17	39.99
Common Equity, 3 Yr. CAGR %	-60.9	-70.76	-28.08	-54.19	182.24
Cash From Operations, 3 Yr. CAGR %	31.97	-10.61	8.87	49.57	3.53
Capital Expenditures, 3 Yr. CAGR %	16.69	-30.48	-43.88	-5.8	-1.46
Levered Free Cash Flow, 3 Yr. CAGR %	-17.17	59.05	-1.48	46.77	-12.59
Unlevered Free Cash Flow, 3 Yr. CAGR %	-55.52	-37.52	15.86	292.07	21.46
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	18.81	29.02	46.69	47.2	47.33
Gross Profit, 5 Yr. CAGR %	4.17	17.55	35.06	32.34	35.59
EBITDA, 5 Yr. CAGR %	42.83	7.74	48.43	9.99	11.4
EBITA, 5 Yr. CAGR %	52.75	4.18	27.72	21.16	13.04
EBIT, 5 Yr. CAGR %	59.17	1.98	14.08	17.67	27.73
Earnings From Cont. Operations, 5 Yr. CAGR %	104.66	-14.28	3.59	12.82	36.86
Net Income, 5 Yr. CAGR %	104.53	-10.6	3.43	13.55	37.53
Normalized Net Income, 5 Yr. CAGR %	84.45	15.14	-15.03	11.72	38.62
Diluted EPS Before Extra, 5 Yr. CAGR %	104.53	-10.6	3.43	13.55	37.53
Accounts Receivable, 5 Yr. CAGR %	17.81	19.74	26.31	30.39	33.99
Inventory, 5 Yr. CAGR %	34.23	45.09	34.75	37.01	33.11
Net Property, Plant and Equip., 5 Yr. CAGR %	35.79	39.42	45.99	32.8	29.83
Total Assets, 5 Yr. CAGR %	21.67	21.95	27.58	30.81	31.19
Tangible Book Value, 5 Yr. CAGR %	-7.56	-3.82	-0.94	17.76	29.87
Common Equity, 5 Yr. CAGR %	-41.73	-53.91	-18.83	-63.34	-12.43
Cash From Operations, 5 Yr. CAGR %	19.41	-11.83	43.65	38.72	-24.19
Capital Expenditures, 5 Yr. CAGR %	44.35	10.04	-14.07	-5.88	-26.26
Levered Free Cash Flow, 5 Yr. CAGR %	-20.18	21.88	3.7	45.33	-7.49
Unlevered Free Cash Flow, 5 Yr. CAGR %	-49.02	-25.41	35.36	40.06	-21.07