The balance sheet is confusing but eps were very strong. The best way to measure it is in these statements
A) Our EBITDA margin was 37.8% and 33.1% for the three months ended March 31, 2013 and 2012, respectively.
B) Our adjusted EBITDA margin was 41.0% and 35.2% for the three months ended March 31, 2013 and 2012, respectively
How do you get FCF of 537MM?? I get them having more debt that op cash flow for 2012?? I think this is an EBITDA story and sales growth. Good company either way you look at it. If Mgmt makes the right moves as they grow.