Best Buy Company Business Plan

Running Head: BEST BUY COMPANY ANALYSIS 1
Best Buy Company: Business Plan
Student’s Name
Institution Affiliations
BEST BUY COMPANY ANALYSIS 2
Best Buy Company: Business Plan
Introduction
Best Buy Company is an American multinational corporation that was incorporated
on October 20, 1966. The company is a global provider of technology products, solution, and
services. The entity has established its operation in three nations: Canada, the US, and
Mexico. The company operates through two segments: international and domestic products.
The local brand is sold across the US and operates under various brand names, and the same
case applies to the global brand which operates in Canada and Mexico. The company offers
their expertise and allows the consumers, educators and small business owners to interact
with the Geek Squad Agents, the Best Buy app, and BestBuy.com. Despite the efficiency of
the firm in its operations, it is imperative to conduct a financial analysis of the company to
review the past and current financial performance and health of the corporation. Also, this
study will create initial financial projections that forecast the performance of the company
over different situations and recognize inherent risks and opportunities to start planning
future activities.
Approach to the Analysis
The analysis of Best Buy Company will be done using different financial information,
including the income statement, and the balance sheet. The information derived from the
balance sheet, cash flow statements and income statement will indicate the previous and
current financial performance of the firm. Also, it will allow for the calculation of ratio
analysis which will show the performance of the company. The ratio analysis will investigate
the profitability, efficiency, liquidity, leverage, and investment viability of the firm. The ratio
analysis gives a comprehensive evaluation of the company's performance and can show its
trend over a particular duration of time.
Financial performance and Health
BEST BUY COMPANY ANALYSIS 3
Organizational Context
The company offers technological services, products, and solutions. The company
operated 400 small-format stores and 1,200 large-format stores as at December 31, 2016,
throughout the domestic and international segments. The company offers six categories of
products, namely entertainment, appliances, computing and mobile phones, consumer
electronics, services, and others. The retail stores within the organization have procedures for
asset protection, inventory management, store administration, staff training, transaction
processing, merchandise display, product sales and services, and consumer relations that are
standardized within each store brand. Each store manages its operations based on the given
standards and is accountable for all its operations. All the services offered by each store are
the same, the only difference is the brand names. The outlets are managed based on the
geographical region (Reuters, 2017).
Recent Financial Performance
Income Statement
Table 1: Fiscal year ends in January (USD in millions except per share data). Copyright
of Morningstar 2017.
2015
2016
2017
Revenue
40,339
39,528
39,403
Operating Income
1,450
1,375
1,854
Net Profit
1,233
897
1,228
Earnings Before
Interest, Taxes,
Depreciation, and
Amortization
(EBITDA)
2,133
2,047
2,542
BEST BUY COMPANY ANALYSIS 4
Based on the above data, the overall revenue for the firm has been declining slightly over the
past three years (from 40,339 in 2015 to 39,403 in 2017). The reduction in the revenue may
be as a result of a decline in the sales, increased competition in the industry, or poor
management. Also, the operating income and net profit decreased significantly in 2016 but
improved in 2017. However, the net profit was lowest in 2017 than the other periods.
Additionally, the EBITDA declined slightly in 2016 but increased in 2017. This shows that
the firm improved its performance from the recession witnessed in 2016 despite the decrease
in the overall sales. The graph below shows this change in revenue and net profit for Best
Buy Company.
Figure 1: Trend in Net Proft Change
Cash Flow
Table 2: Cash Flow Fiscal year ends in January (USD in millions except per share data).
Copyright of Morningstar 2017.
2015
2016
2016
Net Cash Provided
by Operating
1,935
1,322
2,545
1.42
1.43
1.44
1.45
1.46
1.47
1.48
1.49
1.5
1.51
1.52
2014.5 2015 2015.5 2016 2016.5 2017 2017.5
Net profit
Year
Series1
BEST BUY COMPANY ANALYSIS 5
Activities
Net cash used for
investment activities
(1,712)
(419)
(877)
Net Cash presented
by (used for)
financing activities
(223)
(1,515)
(1,404)
Cash paid for income
taxes
355
550
628
Cash paid for interest
81
77
76
The net cash presented by operating activities declined in 2016 and increased
significantly by almost double in 2017 from 1,322 to 2,545. This shows that the cash inflow
and outflow in 2017 were higher than the previous period, thus portraying a better position
for the firm. However, the amount of cash used for investing activities was -419 in 2016 and
decreased to -877. This shows that there is no money for investment, and in turn, the firm is
utilizing the previous money available. Also, the, there is no cash being provided by the
financial activities. Also, the amount of money paid to cover the taxes increased gradually
from 355 in 2015 to 628 in 2017. This shows that the company is engaging in more
operations, thus attracting higher taxes. It can also portray a change in the taxation policy by
the government. Additionally, the cash paid for interest decreased from 81 in 2015 to 76 in
2017. The decline shows that the company has significantly reduced the debts as well as the
funds borrowed to finance the business transactions. The graph below shows the changes in
the net cash provided by operating activities.
BEST BUY COMPANY ANALYSIS 6
Figure 2: Trend in net cash provided by operating activities
Current Financial Health: Financial Analysis
Ratio Analysis
2015
2016
2017
Investor Ratios
Return on equity
27.46
19.14
27.03
Earnings per Share
3.49
2.56
3.81
Return on Invested
Capital
21.43
14.87
20.94
Dividend payout
ratio
24.1
36.3
33.2
Profitability Ratios
Gross income margin
22.43
23.25
23.96
Net income margin
3.06
2.27
3.12
Return on assets
8.43
6.23
8.97
Asset Efficiency
1.42
1.43
1.44
1.45
1.46
1.47
1.48
1.49
1.5
1.51
1.52
2014.5 2015 2015.5 2016 2016.5 2017 2017.5
net cash provided by operating
activities
Year
Series1
BEST BUY COMPANY ANALYSIS 7
Inventory Turnover
5.93
5.93
6.04
Fixed Asset Turnover
16.49
17.03
16.99
Total Asset Turnover
2.76
2.75
2.88
Liquidity Ratios
Quick Ratio
0.66
0.64
0.74
Current Ratio
1.51
1.43
1.48
Leverage Ratios
Debt-Equity Ratio
0.32
0.31
0.28
Financial Leverage
Ratio
3.05
3.09
2.94
Investors’ Ratios
The return on equity for the company decreased in 2016 and improved significantly in
2017. The ROE shows the profits generated by the enterprise with each dollar of
shareholder's equity. The ratio suggests that the profitability of the firm improved
significantly, and so did the shareholder's equity. On a similar note, the earnings per share
portrayed a similar trend and increased from 2.56 in 2016 to 3.81 in 2017. The EPS shows the
portion of Best Buy's profit that is allocated to each outstanding share of common stock. The
return on investment decreased in 2016 and improved significantly from 14.87 to 20.94. This
ratio shows the return that the investment generates to those who have provided capital. The
increase shows a growth in the capital of the firm. Additionally, the dividend payout ratio
increased in 2016 but reduced slightly in 2017. The ratio shows the dividends paid to
shareholders relative to the amount of total net income of the firm. The decline may be as a
result of the decrease in the net revenue or an increase of the amount held by the company in
the form of retained earnings (Tracy, 2012). The graph below shows the change in return on
invested capital over the three years under analysis.
BEST BUY COMPANY ANALYSIS 8
Figure 3: Trend in the return on invested capital
Profitability Ratios
The gross profit margin for the company improved gradually from 22.43 in 2015 to
23.96 in 2017. This ratio reveals the percentage of money that is left over from the revenues
after factoring in the cost of goods sold. The firm's gross profit has been improving gradually
over the three years under analysis. Also, the net profit margin shows the amount of profit left
after accounting for all the expenses. The net income margin decreased slightly in 2016 but
improved in 2017 to 3.12. This indicates that the company's profitability was better in 2017
than the other periods. Additionally, the return on assets decreased in 2016 but increased in
2017 to 8.97. This ratio shows the percentage of profits that the firm earns in relation to the
overall resources of the company. This indicates that the company improved its generation of
the profits from the assets (Tracy, 2012). The figure below presents the trend in the net
income margin.
1.42
1.43
1.44
1.45
1.46
1.47
1.48
1.49
1.5
1.51
1.52
2014.5 2015 2015.5 2016 2016.5 2017 2017.5
Return on invested capital
Year
Series1
BEST BUY COMPANY ANALYSIS 9
Figure 4: Trend in the net income margin
Asset Utilization Ratios
These ratios reveal how well Best Buy is utilizing its assets to generate revenues. The
fixed asset turnover increased from 2015 to 2016 but reduced slightly to 16.99 in 2017. This
shows that the company increased its utilization of fixed assets in 2016 but reduced slightly
this potential. However, the total asset turnover decreased slightly in 2016 and increased in
2017. This shows that the firm increased its ability to generate profits from the total assets in
2017 than the previous period. Additionally, the inventory turnover ratio was the same in
2015 and 2016 but increased slightly in 2017. This ratio explains the number of times that the
inventor for a company is sold and replaced within a given period. This increase in the
inventory turnover ratio suggests that the company increased the speed and movement of
inventory (Vandyck, 2006). Figure 5 shows the trend in the inventory turnover ratio.
1.42
1.43
1.44
1.45
1.46
1.47
1.48
1.49
1.5
1.51
1.52
2014.5 2015 2015.5 2016 2016.5 2017 2017.5
Net income margin
Year
Series1
BEST BUY COMPANY ANALYSIS 10
Figure 5: Trend in inventory turnover ratio
Liquidity Ratios
The quick ratio for the company decreased slightly from 0.66 in 2015 to 0.64 in 2016
and improved to 0.74. The quick ratio shows the ability of the company to settle its short-
term obligations. This ratio suggests that the firm improved its ability to settle its debt from
the previous periods (0.74 against 0.64). However, it is noteworthy that a quick ratio that is
less than one show that the company will struggle settling its debts. Best Buy should work
towards improving the quick ratio to a value that is more than 1. On the other hand, the
current ratio decreased in 2016 but increased slightly in 2017. The current ratio measures the
effectiveness of a company in settling both long-term and short-term obligations. As such, the
company is growing its effectiveness in paying off its overall debt. The graph below shows
the trend in the current ratio (Vandyck, 2006).
1.42
1.43
1.44
1.45
1.46
1.47
1.48
1.49
1.5
1.51
1.52
2014.5 2015 2015.5 2016 2016.5 2017 2017.5
Inventory Turnover Ratio
Year
Series1
BEST BUY COMPANY ANALYSIS 11
Figure 6: Trend in the Current Ratio
Leverage Ratios
The financial leverage for the company indicates the amount of borrowed money that
the entity is using. The company's financial leverage ratio increased slightly in 2016 and
decreased in 2017. This ratio shows that the company decreased its reliance on debt to
finance its operations, thus signaling a positive performance. Also, the debt-equity ratio
reduced gradually over the three years under analysis. This ratio measures the amount of debt
that Best Buy is using to finance its assets relative to the value of shareholder’s equity
(Vandyck, 2006). The graph below shows the trend of the financial leverage ratio.
1.42
1.43
1.44
1.45
1.46
1.47
1.48
1.49
1.5
1.51
1.52
2014.5 2015 2015.5 2016 2016.5 2017 2017.5
Current ratio
Year
Series1
BEST BUY COMPANY ANALYSIS 12
Figure 7: Trend in the financial leverage ratio
The success of the company can be associated with the strength of the brand that has
been created and developed over time. The company has several brands, each striving to offer
and provide the best consumer experience. Also, the company has adequate experience of
more than five decades, thus giving them a competitive edge over other businesses. The
expertise illustrated by the staff is of great benefit to the firm and has allowed in the creation
of a brand across the US, Mexico, and Canada. The company hires employees referred as the
Geek Squad Agents who are adequately competent and knowledgeable about the different
technological products. Also, the physical assets of the enterprise are significant. The
company has substantial resources in terms of assets and properties. These assets can fuel the
growth of the firm in the long-run. Also, the cash flow is well balanced to sustain the
operations of the firm. However, the cash flow suggests that the company has no money for
investment activities. This is a huge challenge for the firm as the cash available should
finance investment options to make the business viable in the future and maintain its
resilience. The company can change the cash flow by reducing the dividends paid to
shareholders and making more funds available for investment. This will ensure the
sustainability of the firm in the future.
1.42
1.43
1.44
1.45
1.46
1.47
1.48
1.49
1.5
1.51
1.52
2014.5 2015 2015.5 2016 2016.5 2017 2017.5
Financial Leverage
Year
Series1
BEST BUY COMPANY ANALYSIS 13
The current stock value for Best Buy based on the NYSE market is $55.02. The value
reflects a 0.16% gain in value compared to the previous period. However, the stock market
value is always changing. The current financial position of the firm confirms that the
company recovered from the poor performance experienced in 2016. Best Buy was able to
improve its profitability, efficiency, and financial leverage, thus indicating the good
performance. However, the consistent decline in the sales/revenue is a bad indicator. The
revenues of the firm have reduced steadily through the three years under consideration. This
means that the company managed to make better profits from cutting down on the costs of
operations. This is not a sustainable technique of making profits, and the firm should look for
ways to increase the revenues in the short-run and the long-run. The increased revenues can
be achieved through venturing into new international markets such as emerging nations to
increase the overall sales and support the declining revenues in the US, Mexico, and Canada.
The investors may opt to sell their stake in the firm unless the management finds a better
approach of increasing the revenues and efficiency of the company.
Success Factors and Risks
The strategic and financial priorities of a company have a significant impact on the
accounting procedures that are in place. These strategies will have a considerable impact on
the success of the company, thus boosting the overall sales. Best Buy Company is mainly
efficiency-oriented and aims at developing strategies to make the best used of the resources to
provide the best consumer experience. To achieve this goal, the company launched a strategic
plan called renew blue to handle the several issues facing the corporation. This strategy
aimed at strengthening the relationships with vendors, eliminating unnecessary costs,
revamping stores, ramping up Best Buy’s online business, and increasing same-store sales
(Bailey, 2015). This turnaround strategy allowed the firm to realize a significant reduction in
the costs incurred by 2015. These costs were reduced by an estimated $350 million by 2014.
BEST BUY COMPANY ANALYSIS 14
The company also closed down underperforming stores, adjusted the logistics system, and
reduced the number of staff, all aimed at cutting down on costs. All these approaches allowed
the firm to increase its efficiency in the utilization of the available resources. However, it also
introduced an initiative to increase the sales through ramping up the online business, although
its contribution has not been significant (Bailey, 2015).
The company can capitalize on other non-financial factors to increase its financial
position and presence. One of the factors that support the performance of the company is the
competence of the human resource. The company has competent and respectful employees
who provide the knowledge they possess to satisfy the needs of the customers. Equally
important, the company can utilize its reputation and brand name to open up branches in
other regions, especially the emerging markets. This will allow the company to capitalize on
the growing markets and increase the overall sales (Team, 2016).
The biggest shortcoming facing Best Buy is the increased technological changes. As such,
most of the employees will need retraining after a short duration of time to understand the
new technologies implemented. On a similar note, the competition in the service provision
and production of technological items is a major constraint. Other established companies and
brands provide similar services, including Apple Inc. which sells electronics and provides
after-sale services such as repairs (Team, 2016).
Projections
My projections are that the sales of the company will continue decreasing due to the
lack of a restructuring tactic geared towards improving the competitiveness of the firm.
However, the company will continue getting profits for the next three years due to renew blue
strategy that improved the efficiency of the firm. Under the best case scenario, the company's
profits will grow slightly. However, the company may incur losses if it fails to maintain the
efficiency achieved by utilizing the assets. The projections are indicated in Appendix.
BEST BUY COMPANY ANALYSIS 15
However, these projections assume that the management or firm will not implement any
corrective measures to adjust the revenues collected. For instance, an improvement in the
online sales could increase the revenues, thus rendering the projection inaccurate.
Business Opportunities
The organization can consider an investment in other markets such as China, India,
South Africa, Saudi Arabia, Kenya, and other emerging markets in technological brands. This
will increase the overall sales of the firm as well as spread its risks (Team, 2016). Also, the
markets have tremendous opportunities and low costs of operations, thus making them viable
for the company. The investment in other regions will require considerable resources and an
understanding of international trade laws and the rules of the particular market. This can
include the taxation policies and other initiatives available for companies moving their
operations. The funds can be obtained from international and local banks. This will increase
the leverage and liquidity of the enterprise. Also, it will affect the investor's returns since the
money available will be redirected to the investment. However, this will increase the assets
and revenues of the firm, thus affecting the revenue and net profits for the company (Team,
2016).
Conclusion
In conclusion, the current performance of Best Buy Company is in jeopardy, and the
management should introduce measures to correct this situation. The declining sales of the
company should be corrected to ensure the survival of the firm in the long-run. However, the
company introduced a strategy aimed at increasing the efficiency of operations. This
approach has allowed the firm to generate profits despite the declined sales due to the cut of
the costs incurred and closing up the underperforming branches. The company should
capitalize on international markets and introduce outlets in the main emerging nations to
increase the overall sales, thus improving the profitability.
BEST BUY COMPANY ANALYSIS 16
References
Bailey, S. (2015). Renew Blue: Best Buy's turnaround strategy. Retrieved from
http://marketrealist.com/2015/01/renew-blue-best-buys-turnaround-strategy/
Morningstar (2017). Best Buy Co Inc. BBY. Retrieved from
http://financials.morningstar.com/income-statement/is.html?t=BBY
Reuters (2017). Profile: Best Buy Co Inc. (BBY.N). Retrieved from
http://www.reuters.com/finance/stocks/companyProfile?symbol=BBY.N
Team, T. (2016). Best Buy and Its Battle against Declining Trends in Tablets and Mobile
Phones. Retrieved from
https://www.forbes.com/sites/greatspeculations/2016/03/09/best-buy-and-its-battle-
against-declining-trends-in-tablets-and-mobile-phones/#44766a3b6a0d
Tracy, A. (2012). Ratio Analysis Fundamentals: How 17 Financial Ratios Can Allow You to
Analyse Any Business on the Planet. Online: RatioAnalysis.net. Doi
https://books.google.co.ke/books?id=GadRYnALi-
oC&printsec=frontcover&dq=financial+analysis+ratio+analysis&hl=en&sa=X&redir
_esc=y#v=onepage&q=financial%20analysis%20ratio%20analysis&f=false
Vandyck, C. K. (2006). Financial Ratio Analysis: A Handy Guidebook. Indiana: Trafford
Publishing. Doi
https://books.google.co.ke/books?id=Zf4ePwAACAAJ&dq=financial+analysis+ratio
+analysis&hl=en&sa=X&redir_esc=y
BEST BUY COMPANY ANALYSIS 17
Appendices
Appendix 1
2017
2018
2019
2020
Revenue
39,403
39,056
38,486
37,765
Operating Income
1,854
1,985
2,145
2,305
Net Profit
1,228
1,233
1,280
1,304
Earnings Before
Interest, Taxes,
Depreciation, and
Amortization
(EBITDA)
2,542
2,678
2,856
3,046
BEST BUY COMPANY ANALYSIS 18
Appendix 2: Income Statement
Fiscal year ends in January. USD in millions except per
share data.
2012-
02
2014-
01
2015-
01
2016-
01
2017-
01
TTM
Revenue
50705
42410
40339
39528
39403
39488
Cost of revenue
38132
32720
31292
30337
29963
30171
Gross profit
12573
9690
9047
9191
9440
9317
Operating expenses
Sales, General and Administrative
10242
8391
7592
7618
7547
7525
Other operating expenses
1246
159
5
198
39
10
Total operating expenses
11488
8550
7597
7816
7586
7535
Operating income
1085
1140
1450
1375
1854
1782
Interest Expense
134
100
90
80
72
71
Other income (expense)
92
47
27
15
34
37
Income before income taxes
1043
1087
1387
1310
1816
1748
Provision for income taxes
709
398
141
503
609
579
Minority interest
1253
-9
2
Other income
1249
-9
2
Net income from continuing operations
330
689
1246
807
1207
1169
Net income from discontinuing ops
-308
-166
-11
90
21
18
Other
-1253
9
-2
Net income
-1231
532
1233
897
1228
1187
Net income available to common shareholders
-1231
532
1233
897
1228
1187
Earnings per share
BEST BUY COMPANY ANALYSIS 19
Basic
-3.36
1.56
3.53
2.59
3.86
3.76
Diluted
-3.36
1.53
3.49
2.56
3.81
3.71
Weighted average shares outstanding
Basic
366
342
350
346
318
315
Diluted
366
348
354
351
323
320
EBITDA
2122
1903
2133
2047
2542
2472
BEST BUY COMPANY ANALYSIS 20
Appendix 3: Balance Sheet
BEST BUY CO INC (BBY) CashFlowFlag BALANCE SHEET
Fiscal year ends in January. USD in millions except
per share data.
2012-
02
2014-
01
2015-
01
2016-
01
2017-
01
Assets
Current assets
Cash
Cash and cash equivalents
1199
2678
2432
1976
2240
Short-term investments
223
1456
1305
1681
Total cash
1199
2901
3888
3281
3921
Receivables
2288
1308
1280
1162
1347
Inventories
5731
5376
5174
5051
4864
Other current assets
1079
900
1387
392
384
Total current assets
10297
10485
11729
9886
10516
Non-current assets
Property, plant, and equipment
Land
775
758
611
613
618
Fixtures and equipment
4981
4515
4729
5002
4998
Other properties
2496
2302
2320
2492
2527
Property and equipment, at cost
8252
7575
7660
8107
8143
Accumulated Depreciation
-4781
-4977
-5365
-5761
-5850
Property, plant and equipment, net
3471
2598
2295
2346
2293
Equity and other investments
140
Goodwill
1335
425
425
425
425
BEST BUY COMPANY ANALYSIS 21
Intangible assets
359
101
57
18
Other long-term assets
403
404
750
844
622
Total non-current assets
5708
3528
3527
3633
3340
Total assets
16005
14013
15256
13519
13856
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt
523
45
41
395
44
Accounts payable
5364
5122
5030
4450
4984
Taxes payable
288
147
230
128
26
Accrued liabilities
2224
1317
1154
1186
1223
Deferred revenues
399
326
357
418
Other current liabilities
456
406
996
409
427
Total current liabilities
8855
7436
7777
6925
7122
Non-current liabilities
Long-term debt
1685
1612
1580
1339
1321
Minority interest
621
3
5
Other long-term liabilities
1099
976
899
877
704
Total non-current liabilities
3405
2591
2484
2216
2025
Total liabilities
12260
10027
10261
9141
9147
Stockholders' equity
Common stock
34
35
35
32
31
Additional paid-in capital
300
437
Retained earnings
3621
3159
4141
4130
4399
Accumulated other comprehensive income
90
492
382
216
279
BEST BUY COMPANY ANALYSIS 22
Total stockholders' equity
3745
3986
4995
4378
4709
Total liabilities and stockholders' equity
16005
14013
15256
13519
13856
BEST BUY COMPANY ANALYSIS 23
Appendix 3: Statement of Cash Flow
BEST BUY CO INC (BBY) Statement of CASH FLOW
Fiscal year ends in January. USD in millions except per
share data.
2012-
02
2014-
01
2015-
01
2016-
01
2017-
01
Cash Flows From Operating Activities
Net income
22
523
1235
897
1228
Depreciation & amortization
945
716
656
657
654
Investment/Asset impairment charges
1207
Investments losses (gains)
-55
Deferred income taxes
28
-28
-297
49
201
Stock-based compensation
120
90
87
104
108
Inventory
120
597
-141
86
193
Accounts payable
574
-986
434
-536
518
Income taxes payable
25
54
85
-94
Other working capital
-6
-336
-154
19
-365
Other non-cash items
313
464
30
140
8
Net cash provided by operating activities
3293
1094
1935
1322
2545
Cash Flows From Investing Activities
Investments in property, plant, and equipment
-766
-560
-547
-557
-534
Property, plant, and equipment reductions
56
Acquisitions, net
-174
206
39
103
Purchases of investments
-112
-230
-2804
-2281
-3045
Sales/Maturities of investments
290
50
1580
2427
2689
Other investing charges
38
17
20
-111
-53
BEST BUY COMPANY ANALYSIS 24
Net cash used in investing activities
-724
-517
-1712
-419
-887
Cash Flows From Financing Activities
Long-term debt issued
3921
2414
Long-term debt repayment
-3412
-2033
-24
-28
-394
Common stock issued
67
171
50
47
171
Repurchases of treasury stock
-1500
-1055
-698
Cash dividends paid
-228
-233
-251
-499
-505
Other financing activities
-1326
2
20
22
Net cash provided by (used for) financing activities
-2478
319
-223
-1515
-1404
Effect of exchange rate changes
5
-44
-52
-38
10
Net change in cash
96
852
-52
-650
264
Cash at the beginning of period
1103
1826
2678
2626
1976
Cash at the end of period
1199
2678
2626
1976
2240
Free Cash Flow
Operating cash flow
3293
1094
1935
1322
2545
Capital expenditure
-766
-547
-561
-649
-582
Free cash flow
2527
547
1374
673
1963
Supplemental schedule of cash flow data
Cash paid for income taxes
568
332
355
550
628
Cash paid for interest
89
82
81
77
76

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