EchoStar Corporation logo ECHO - EchoStar Corporation

Price: -- -- | CONSENSUS: Hold DETAILS
STRONG
BUY
1
BUY 1
HOLD 2
SELL 0
STRONG
SELL
0
| PRICE TARGET: $126.00 DETAILS
HIGH: $137.00
LOW: $115.00
MEDIAN: $126.00
CONSENSUS: $126.00
UPSIDE: 46.63%
Metric 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1 2012 Q4 2012 Q3 2012 Q2 2012 Q1 2011 Q4 2011 Q3 2011 Q2 2011 Q1 2010 Q4 2010 Q3 2010 Q2 2010 Q1 2009 Q4 2009 Q3 2009 Q2 2009 Q1 2008 Q4 2008 Q3
Revenue
Revenue 407.2 450.0 371.6 283.5 300.0 320.6 305.1 247.7 221.3 234.8 224.1 204.0 211.2 192.7 185.2 168.6 162.9 159.0 151.5 89.1 113.8 113.5 109.9 89.1 80.0 70.2 60.3 49.1 54.6 58.3
Cost of Revenue 334.6 370.1 307.4 234.1 249.6 265.8 255.2 208.4 187.1 196.9 187.0 168.1 181.2 156.1 150.4 135.9 131.1 128.3 122.2 72.1 91.2 92.1 89.9 72.1 64.1 54.7 47.1 38.0 42.7 46.0
Gross Profit 72.5 79.9 64.3 49.4 50.4 54.7 49.9 39.3 34.3 37.9 37.0 35.9 29.9 36.6 34.8 32.7 31.8 30.6 29.3 17.0 22.6 21.5 20.0 17.0 16.0 15.4 13.2 11.0 11.9 12.3
Operating Expenses
R&D Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
SG&A Expenses 66.4 71.3 61.5 44.0 42.8 45.8 43.0 35.3 29.8 30.8 30.3 31.0 26.6 30.3 29.2 27.3 26.6 25.2 24.6 15.0 18.6 17.2 16.9 15.0 13.9 13.1 11.9 10.9 10.5 11.3
Other Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Operating Expenses 66.4 71.3 61.5 44.0 42.8 45.8 43.0 35.3 29.8 30.8 30.3 31.0 26.6 30.3 29.2 27.3 26.6 25.2 24.6 15.0 18.6 17.2 16.9 15.0 13.9 13.1 11.9 10.9 10.5 11.3
Operating Income
Operating Income 6.1 8.6 2.8 5.4 7.6 9.0 6.9 4.0 4.5 7.1 6.8 4.8 3.3 6.3 5.6 5.4 5.2 5.5 4.7 2.0 4.1 4.3 3.1 2.0 2.1 2.3 1.3 0.1 1.4 1.0
Interest Expense 3.5 3.4 4.4 0.0 0.0 0.0 0.0 0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 0 0.1 0.1 0 0
Interest Income 0 0 0.0 0 0 0 0 0 0 0 0 0 0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 0 0 0 0 0
Profitability
EBITDA 13.7 16.1 8.0 9.2 11.5 12.6 10.3 6.9 7.1 9.7 9.3 7.4 5.9 8.5 7.6 7.3 7.3 7.5 6.9 3.7 5.8 5.8 4.8 3.7 3.2 3.0 2.3 1.1 2.2 1.8
EBIT 6.1 8.6 2.8 5.3 7.7 8.9 6.9 0 0 7.0 6.7 4.8 3.2 6.2 5.4 5.3 5.1 5.4 4.6 2.0 4.0 4.2 3.1 2.0 0 0 1.2 0.1 0 0
Income Before Tax 2.6 5.2 (1.6) 5.3 7.6 8.9 6.9 3.9 4.4 7.0 6.7 4.8 3.2 6.2 5.4 5.2 5.1 5.4 4.6 2.0 4.0 4.2 3.1 2.0 1.6 1.8 1.1 0.0 1.3 0.9
Income Tax Expense 0.9 1.7 (0.9) 1.9 3.0 3.4 2.6 1.5 1.7 2.7 2.5 1.8 1.4 2.4 2.0 1.9 1.6 2.0 1.7 0.7 1.3 1.6 1.2 0.7 (1.6) 0.5 0.4 0.0 0.5 0.4
Net Income 1.7 3.5 (0.7) 3.3 4.7 5.5 4.2 2.4 2.7 4.4 4.1 3.0 1.8 3.8 3.4 3.3 3.5 3.4 2.9 1.2 2.6 2.6 1.9 1.2 3.2 1.3 0.7 0.0 0.8 0.6
Per Share Data
EPS (Basic) 0.06 0.12 -0.03 0.14 0.20 0.24 0.18 0.11 0.12 0.19 0.18 0.13 0.08 0.17 0.15 0.15 0.16 0.15 0.13 0.06 0.12 0.12 0.09 0.06 0.14 0.06 0.03 0.00 0.04 0.02
EPS (Diluted) 0.06 0.11 -0.02 0.14 0.19 0.23 0.18 0.10 0.12 0.19 0.18 0.13 0.08 0.17 0.15 0.15 0.16 0.15 0.13 0.06 0.12 0.12 0.09 0.06 0.14 0.06 0.03 0.00 0.03 0.02
Shares Outstanding 29.0 28.8 22.7 23.8 23.3 22.7 23.6 22.1 22.8 23.0 22.9 22.9 22.9 22.5 22.7 22.1 22.1 22.5 22.3 21.8 21.8 21.6 21.8 22.2 22.2 22.8 22.8 22.8 22.8 22.8
Metric 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1 2012 Q4 2012 Q3 2012 Q2 2012 Q1 2011 Q4 2011 Q3 2011 Q2 2011 Q1 2010 Q4 2010 Q3 2010 Q2 2010 Q1 2009 Q4 2009 Q3 2009 Q2 2008 Q4
Current Assets
Cash & Cash Equivalents 56.5 42.8 57.6 17.2 32.5 30.1 27.4 42.6 52.5 53.3 46.9 44.1 41.8 48.2 47.3 48.2 47.0 44.2 41.6 43.2 43.2 43.3 39.1 41.8 47.8 1.3 1.9 1.9
Short-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Receivables 197.5 227.3 227.2 156.4 147.2 163.1 156.8 135.8 111.0 114.8 114.1 107.4 97.3 100.4 100.7 89.2 89.8 84.7 79.6 60.9 60.9 59.8 59.1 50.0 44.0 40.4 36.3 24.4
Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Assets 6.8 7.1 6.6 4.4 6.0 3.3 3.9 3.2 3.6 1.6 2.3 2.7 2.6 2.6 3.8 4.3 4.8 5.7 8.3 7.9 7.9 7.6 7.6 7.5 6.8 6.7 6.1 3.6
Total Current Assets 260.8 277.2 291.4 177.9 185.7 196.5 188.0 181.6 167.1 169.8 163.3 154.2 141.7 151.2 151.8 141.7 141.6 134.7 129.5 112.0 112.0 110.7 105.8 99.2 98.6 48.4 44.2 29.9
Non-Current Assets
Property, Plant & Equipment 27.3 25.9 25.8 21.3 21.3 21.2 19.8 18.1 15.5 15.4 14.8 14.7 13.5 12.6 11.9 11.5 10.8 10.9 10.2 9.6 9.6 9.6 9.5 8.7 8.2 7.7 7.6 7.3
Goodwill 308.5 308.4 282.1 82.1 77.9 77.9 77.1 58.1 51.7 51.7 51.5 51.5 51.1 44.4 42.6 41.5 41.5 38.1 33.4 32.6 32.6 25.8 24.3 22.7 18.7 14.7 11.2 2.3
Intangible Assets 147.5 151.7 181.9 32.7 30.9 32.0 33.1 17.1 10.6 11.2 11.8 12.4 13.0 6.0 5.8 5.8 6.3 6.6 6.0 7.0 7.0 5.3 5.4 5.3 4.5 4.9 4.2 2.2
Long-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 2.4 2.6 0.5 0.6 0.3 0.3 0.3 0.2 0.2 0.2 0.2 0.1 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.5 4.4 3.3 3.2
Total Non-Current Assets 485.7 488.6 490.4 136.8 130.4 131.4 130.4 93.6 78.1 78.5 78.3 78.8 77.7 63.2 60.5 59.0 58.9 55.9 49.9 49.6 49.6 41.0 40.3 38.8 34.0 31.9 27.5 16.0
Total Assets 746.5 765.8 781.8 314.7 316.0 327.9 318.4 275.2 245.1 248.3 241.6 233.0 219.5 214.4 212.3 200.6 200.5 190.6 179.4 161.5 161.5 151.7 146.1 138.1 132.7 80.3 71.7 45.9
Current Liabilities
Account Payables 106.3 132.0 136.0 101.7 90.2 108.5 108.8 96.0 71.1 76.3 75.7 73.1 64.0 60.3 62.1 56.5 59.9 56.2 50.8 40.1 40.1 37.3 35.2 30.2 27.0 24.5 24.6 16.5
Short-Term Debt 0 0 0 0 0 17.5 17.5 0 0 0 0.0 0.0 0.0 0.0 0.1 0.1 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 16.8 10.3 5.2
Deferred Revenue 0 0 0 0 0 1.3 1.5 0 0 0 0 0 0 1.1 0 0.7 0 0 0 0.1 0.1 0 0 0 0 0 0 0
Other Current Liabilities 31.1 31.0 26.0 16.6 37.0 18.7 15.7 9.5 8.3 8.3 6.4 5.9 7.0 10.9 10.9 9.5 11.4 9.1 8.5 7.9 7.9 6.5 7.4 6.5 5.7 10.3 6.6 4.9
Total Current Liabilities 137.4 163.0 162.0 118.3 127.2 146.0 143.6 105.5 79.4 84.7 82.1 79.0 71.0 72.5 73.2 66.8 71.5 65.6 59.5 48.4 48.4 44.0 42.9 37.0 33.0 51.6 41.4 26.7
Non-Current Liabilities
Long-Term Debt 196.7 195.0 220.3 0 0 0 0 0 0 0 0 0 0 0 7.1 0 7.6 0 6.9 0 0 5.2 0 0 5.5 10.1 9.8 0
Deferred Tax Liabilities 12.5 14.2 14.6 5.9 4.3 3.4 3.6 4.0 3.5 3.3 3.2 3.0 1.9 2.6 2.9 2.5 2.1 1.6 1.4 0.9 0.9 0 0 0 0 0 0 0
Other Non-Current Liabilities 4.7 4.1 4.0 3.4 2.6 3.9 3.4 3.4 3.0 4.5 5.7 5.7 5.6 5.8 0.0 7.7 0.0 8.1 0.0 7.2 7.2 0.7 5.1 5.8 0.4 0.5 20.7 20.2
Total Non-Current Liabilities 213.9 213.3 238.9 9.3 6.9 7.2 7.1 7.4 6.5 7.8 8.9 8.7 7.5 8.4 10.1 10.2 9.7 9.7 8.4 8.2 8.2 5.9 5.1 5.8 5.9 10.6 30.5 20.2
Total Liabilities 351.3 376.3 400.9 127.6 134.2 153.2 150.6 112.9 85.9 92.5 91.0 87.7 78.5 80.8 83.2 77.0 81.2 75.3 67.9 56.6 56.6 49.9 48.0 42.8 38.9 62.2 71.9 46.8
Stockholders' Equity
Common Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Retained Earnings 77.0 75.3 71.8 72.5 69.2 64.5 59.1 54.8 52.4 49.7 45.3 41.2 38.2 36.4 32.6 29.2 25.9 22.3 19.0 13.8 13.8 11.2 8.6 6.7 5.4 2.3 1.2 1.0
Accumulated Other Comprehensive Income (54.9) 0 0 0 (43.3) 0 0 0 (33.6) 0 0 0 (25.5) 0 0 0 (19.0) 0 0 0 (13.1) 0 0 0 (8.1) 0 0 (4.2)
Total Stockholders' Equity 395.2 389.5 380.9 187.1 181.9 174.7 167.8 162.3 159.2 155.8 150.6 145.2 141.0 133.6 129.1 123.6 119.3 115.2 111.5 105.0 105.0 101.8 98.1 95.3 93.8 18.2 (0.2) (0.9)
Total Liabilities & Equity 746.5 765.8 781.8 314.7 316.0 327.9 318.4 275.2 245.1 248.3 241.6 233.0 219.5 214.4 212.3 200.6 200.5 190.6 179.4 161.5 161.5 151.7 146.1 138.1 132.7 80.3 71.7 45.9
Debt Metrics
Total Debt 196.7 195.0 220.3 0 0 17.5 17.5 0 0 0 0.0 0.0 0.0 0.0 7.2 0.1 7.7 0.3 7.2 0.4 0.4 5.5 0.6 0.6 5.8 26.9 20.1 5.6
Net Debt 140.1 152.2 162.7 (17.2) (32.5) (12.6) (9.9) (42.6) (52.5) (53.3) (46.9) (44.1) (41.8) (48.1) (40.1) (48.1) (39.3) (43.9) (34.4) (42.8) (42.8) (37.8) (38.5) (41.1) (42.0) 25.6 18.2 3.7
Metric 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1 2012 Q4 2012 Q3 2012 Q2 2012 Q1 2011 Q4 2011 Q3 2011 Q2 2011 Q1 2010 Q4 2010 Q3 2010 Q2 2010 Q1 2009 Q4 2009 Q3 2009 Q2 2009 Q1 2008 Q4 2008 Q3
Operating Activities
Net Income 1.7 3.5 (0.7) 3.3 4.7 5.5 4.2 2.4 2.7 4.4 4.1 3.0 1.8 3.8 3.4 3.3 3.5 3.4 2.9 1.2 2.6 2.6 1.9 1.2 3.2 1.3 0.7 0.0 0.8 0.6
Depreciation & Amortization 7.6 7.4 5.3 3.9 3.8 3.7 3.4 3.0 2.7 2.7 2.6 2.6 2.6 2.3 2.2 2.0 2.2 2.2 2.3 1.7 1.9 1.7 1.7 1.7 1.6 1.3 1.1 1.0 0.9 0.8
Stock-Based Compensation 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Change in Working Capital 0.3 1.6 19.5 (1.6) (5.2) (1.9) (1.3) 2.8 (3.4) 3.4 (2.6) (1.5) 2.8 1.5 (5.1) (1.7) 0.4 0.9 (2.9) (4.1) 0.6 1.4 (3.6) (4.1) (2.1) (7.1) (2.9) (2.4) (4.6) (0.3)
Other Non-Cash Items 1.9 1.7 1.5 (0.1) 0.1 0.8 1.1 0.2 (0.3) 0.0 (0.3) 0.8 2.8 0.0 (0.1) (0.3) 0.0 (0.1) 2.2 (1.3) (0.8) (1.2) (1.4) (1.3) (1.0) 0 0 0 0 0
Operating Cash Flow 18.0 18.1 25.2 9.4 5.3 8.7 8.2 10.2 3.1 10.8 4.7 6.2 9.7 7.4 1.2 4.4 6.8 6.4 4.1 (1.5) 4.4 5.7 0.1 (1.5) (0.2) (3.9) (0.4) (1.1) (2.3) 2.0
Investing Activities
Capital Expenditure (4.7) (3.4) (3.8) (2.8) (2.8) (4.0) (4.1) (4.3) (2.3) (2.7) (2.1) (2.2) (2.0) (2.5) (2.1) (2.2) (1.5) (1.7) (1.7) (1.6) (1.3) (1.2) (2.1) (1.6) (1.4) (0.9) (1.0) (1.0) (0.8) (2.0)
Acquisitions 0.1 0 (384.7) (5.9) 0 (0.7) (19.3) (13.8) 0 0 0 (2.0) (12.8) (2.6) (1.0) 0 (2.2) (1.7) 1.5 (2.6) (3.7) (1.3) (1.0) (2.6) 0.0 (1.4) (5.5) (0.3) (0.1) (0.0)
Purchases of Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Sales/Maturities of Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Investing Activities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.1 (0.1) 0 0 0 0 0 0 0 0 0 0 0
Investing Cash Flow (4.6) (3.4) (388.5) (8.7) (2.8) (4.7) (23.3) (18.1) (2.3) (2.7) (2.1) (4.2) (14.8) (5.2) (3.1) (2.2) (3.6) (3.3) (0.3) (4.2) (5.0) (2.5) (3.1) (4.2) (1.4) (2.3) (6.4) (1.3) (0.9) (2.0)
Financing Activities
Net Debt Issuance 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Stock Repurchased 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.3 (0.3) 0 0 0 (0.3) 0 0 0 (1.0) 0 0
Dividends Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Financing Activities 0.3 (29.6) 403.7 (16.1) (0.1) (1.2) (0.1) (2.0) (1.6) (1.7) 0.2 0.2 (1.3) (1.4) 1.0 (1.0) (0.4) (0.5) 0.6 (0.3) 0.6 1.0 0.4 (0.3) 48.1 5.7 8.1 1.2 1.3 3.3
Financing Cash Flow 0.3 (29.6) 403.7 (16.1) (0.1) (1.2) (0.1) (2.0) (1.6) (1.7) 0.2 0.2 (1.3) (1.4) 1.0 (1.0) (0.4) (0.5) 0.6 (0.3) 0.6 1.0 0.4 (0.3) 48.1 5.7 8.1 1.2 1.3 3.3
Cash Position
Net Change in Cash 13.7 (14.9) 40.5 (15.4) 2.4 2.7 (15.3) (9.9) (0.8) 6.4 2.8 2.3 (6.4) 0.8 (0.9) 1.2 2.8 2.6 (0.2) (6.0) (0.0) 4.2 (2.7) (6.0) 46.5 (0.5) 1.3 (1.3) (1.9) 3.3
Cash at Beginning 42.8 57.6 17.2 32.5 30.1 27.4 42.6 52.5 53.3 46.9 44.1 41.8 48.2 47.3 48.2 47.0 44.2 41.6 41.8 47.8 43.3 39.1 41.8 47.8 1.3 1.9 0.6 1.9 3.8 0.5
Cash at End 56.5 42.8 57.6 17.2 32.5 30.1 27.4 42.6 52.5 53.3 46.9 44.1 41.8 48.2 47.3 48.2 47.0 44.2 41.6 41.8 43.2 43.3 39.1 41.8 47.8 1.3 1.9 0.6 1.9 3.8
Free Cash Flow 13.3 14.7 21.5 6.6 2.6 4.7 4.1 5.9 0.8 8.1 2.6 4.0 7.7 4.9 (0.9) 2.2 5.3 4.7 2.4 (3.1) 3.0 4.5 (2.0) (3.1) (1.6) (4.8) (1.4) (2.1) (3.1) 0.0
Key Metrics 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1 2012 Q4 2012 Q3 2012 Q2 2012 Q1 2011 Q4 2011 Q3 2011 Q2 2011 Q1 2010 Q4 2010 Q3 2010 Q2 2010 Q1 2009 Q4 2009 Q3 2009 Q2 2009 Q1 2008 Q4 2008 Q3
Income Statement
Revenue 407.2 450.0 371.6 283.5 300.0 320.6 305.1 247.7 221.3 234.8 224.1 204.0 211.2 192.7 185.2 168.6 162.9 159.0 151.5 89.1 113.8 113.5 109.9 89.1 80.0 70.2 60.3 49.1 54.6 58.3
Gross Profit 72.5 79.9 64.3 49.4 50.4 54.7 49.9 39.3 34.3 37.9 37.0 35.9 29.9 36.6 34.8 32.7 31.8 30.6 29.3 17.0 22.6 21.5 20.0 17.0 16.0 15.4 13.2 11.0 11.9 12.3
Operating Income 6.1 8.6 2.8 5.4 7.6 9.0 6.9 4.0 4.5 7.1 6.8 4.8 3.3 6.3 5.6 5.4 5.2 5.5 4.7 2.0 4.1 4.3 3.1 2.0 2.1 2.3 1.3 0.1 1.4 1.0
Net Income 1.7 3.5 (0.7) 3.3 4.7 5.5 4.2 2.4 2.7 4.4 4.1 3.0 1.8 3.8 3.4 3.3 3.5 3.4 2.9 1.2 2.6 2.6 1.9 1.2 3.2 1.3 0.7 0.0 0.8 0.6
EPS (Diluted) 0.06 0.11 -0.02 0.14 0.19 0.23 0.18 0.10 0.12 0.19 0.18 0.13 0.08 0.17 0.15 0.15 0.16 0.15 0.13 0.06 0.12 0.12 0.09 0.06 0.14 0.06 0.03 0.00 0.03 0.02
Balance Sheet
Cash & Equivalents 56.5 42.8 57.6 17.2 32.5 30.1 27.4 42.6 52.5 53.3 46.9 44.1 41.8 48.2 47.3 48.2 47.0 44.2 41.6 43.2 43.2 43.3 39.1 41.8 47.8 1.3 1.9 1.9
Total Assets 746.5 765.8 781.8 314.7 316.0 327.9 318.4 275.2 245.1 248.3 241.6 233.0 219.5 214.4 212.3 200.6 200.5 190.6 179.4 161.5 161.5 151.7 146.1 138.1 132.7 80.3 71.7 45.9
Total Debt 196.7 195.0 220.3 0 0 17.5 17.5 0 0 0 0.0 0.0 0.0 0.0 7.2 0.1 7.7 0.3 7.2 0.4 0.4 5.5 0.6 0.6 5.8 26.9 20.1 5.6
Stockholders' Equity 395.2 389.5 380.9 187.1 181.9 174.7 167.8 162.3 159.2 155.8 150.6 145.2 141.0 133.6 129.1 123.6 119.3 115.2 111.5 105.0 105.0 101.8 98.1 95.3 93.8 18.2 (0.2) (0.9)
Cash Flow
Operating Cash Flow 18.0 18.1 25.2 9.4 5.3 8.7 8.2 10.2 3.1 10.8 4.7 6.2 9.7 7.4 1.2 4.4 6.8 6.4 4.1 (1.5) 4.4 5.7 0.1 (1.5) (0.2) (3.9) (0.4) (1.1) (2.3) 2.0
Capital Expenditure (4.7) (3.4) (3.8) (2.8) (2.8) (4.0) (4.1) (4.3) (2.3) (2.7) (2.1) (2.2) (2.0) (2.5) (2.1) (2.2) (1.5) (1.7) (1.7) (1.6) (1.3) (1.2) (2.1) (1.6) (1.4) (0.9) (1.0) (1.0) (0.8) (2.0)
Free Cash Flow 13.3 14.7 21.5 6.6 2.6 4.7 4.1 5.9 0.8 8.1 2.6 4.0 7.7 4.9 (0.9) 2.2 5.3 4.7 2.4 (3.1) 3.0 4.5 (2.0) (3.1) (1.6) (4.8) (1.4) (2.1) (3.1) 0.0