Blackstone Group Inc
Buy, Hold or Sell?

Let's analyse Blackstone together

Penke I guess you are interested in Blackstone Group Inc. Buy, hold or sell? I don't know! However, I do recommend doing research before doing anything. I will help you with that.

I'm going to help you getting a better view of Blackstone Group Inc. At the end you don't have to ask anyone for trading advice. You can make your own decision, with more confidence, the odds in your favor, backed by data.

You can find me behind Let's Analyse Together in the top-right of each section.

Get notifications about Blackstone Group Inc

I send you an email if I find something interesting about Blackstone Group Inc.

Quick analysis of Blackstone (30 sec.)

What can you expect buying and holding a share of Blackstone? (30 sec.)

How much money do you get?

$5.27

When do you have the money?

1 year

How often do you get paid?

100.0%

What is your share worth?

Current worth

$23.84

Expected worth in 1 year

$21.18

How sure are you?

75.0%

+ What do you gain per year?

Total Gains per Share

$2.62

Return On Investment

2.2%

For what price can you sell your share?

Current Price per Share

$120.32

Expected price per share

$105.86 - $132.09

How sure are you?

50%

1. Valuation of Blackstone (5 min.)

Live pricePrice per Share (EOD)

$120.32

Book Value per Share

$23.84

Intrinsic Value Per Share

$19.71 - $97.11

Total Value Per Share

$43.55 - $120.94

My calculation of the intrinsic value of Blackstone is based how much money is coming from the company's main activities (Free Cash Flow).

The following numbers are based on moving averages and per share and per quarter.
I use a 6% discount rate for the low estimation and 3% for the high estimation.
The current Free Cash Flow Per Share is 10Y: ($0.65) 3Y: ($1.57) TTM: ($1.26)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($0.00) 3Y: ($0.06) TTM: ($0.06)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$2.51	$6.80	$2.61 - $7.31
2	$4.89	$14.37	$2.61 - $8.33
3	$7.13	$22.67	$2.61 - $9.35
4	$9.25	$31.63	$2.62 - $10.36
5	$11.25	$41.22	$2.62 - $11.38
6	$13.14	$51.40	$2.62 - $12.40
7	$14.92	$62.11	$2.63 - $13.42
8	$16.61	$73.33	$2.63 - $14.43
9	$18.20	$85.01	$2.64 - $15.45
10	$19.71	$97.11	$2.64 - $16.47

2. Growth of Blackstone (5 min.)

Is Blackstone growing?

	Current year	Previous year	Grow	Grow %
How rich?	$18b	$20.7b	-$2b	-11.1%

How much money is Blackstone making?

	Current year	Previous year	Grow	Grow %
Making money	$347.7m	$700.8m	-$353.1m	-101.6%
Net Profit Margin	15.9%	17.0%	-	-

How much money comes from the company's main activities?

Quarterly Yearly

3. Financial Health of Blackstone (5 min.)

4. Comparing to competitors in the Asset Management industry (5 min.)

Industry Rankings (Asset Management)

Richest
#10 / 760

Most Revenue
#30 / 760

Most Profit
#31 / 760

Most Efficient
#520 / 760

What can you expect buying and holding a share of Blackstone? (5 min.)

Welcome investor! Blackstone's management wants to use your money to grow the business. In return you get a share of Blackstone.

What can you expect buying and holding a share of Blackstone?

First you should know what it really means to hold a share of Blackstone. And how you can make/lose money.

Speculation

The Price per Share of Blackstone is $120.32. The market price reflects what other people think it is worth; not what it's really worth. Your job is to find out if the market price is fair, overpriced, or underpriced. I will help you with that.

If you buy blind, there is a 50% chance of making or losing money by selling the stock in the future. However, we can look at a few things to determine the odds in our favor:

The fundamentals: the financial health trends of Blackstone.
The technials: based on market psychology, we can make a calculated estimate of what the price will do in the future. We can do this through technical analysis. We can calculate the probabilities and the expected value (millionaire math). That's called speculation.
The book value: what is the market price compared to it's book value.

Investing

If you really want to invest in Blackstone, you will have to let go of the thought of selling in the future. If you have to sell the share for less than you bought it, it can still be a good investment. Focus on what it means to hold the stock forever:

You own a part of the company. The equity of this part can grow or shrink. The current Book Value per Share is $23.84. Based on the TTM, the Book Value Change Per Share is $-0.66 per quarter. Based on the YOY, the Book Value Change Per Share is $-0.85 per quarter.
You may receive quarterly/yearly dividend in the form of additional shares.
You may receive quarterly/yearly dividend in the form of cash. Based on the TTM the Dividend per Share is $1.32 per quarter.

Based on historical numbers we can estimate the returns while holding a share of Blackstone.

How much money are you going to get?

	MRQ		TTM		YOY		5Y		10Y
	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share
Usd Eps	0.20	0.2%	0.46	0.4%	0.59	0.5%	0.80	0.7%	0.59	0.5%
Usd Book Value Change Per Share	-0.98	-0.8%	-0.66	-0.6%	-0.85	-0.7%	0.23	0.2%	0.09	0.1%
Usd Dividend Per Share	0.99	0.8%	1.32	1.1%	2.22	1.8%	1.33	1.1%	1.06	0.9%
Usd Total Gains Per Share	0.01	0.0%	0.65	0.5%	1.38	1.1%	1.56	1.3%	1.16	1.0%
Usd Price Per Share	130.92	-	104.72	-	94.02	-	80.79	-	56.35	-
Price to Earnings Ratio	163.49	-	105.17	-	1,564.05	-	342.94	-	169.75	-
Price-to-Total Gains Ratio	10,336.92	-	2,854.79	-	13.03	-	583.05	-	300.14	-
Price to Book Ratio	5.49	-	4.25	-	3.30	-	3.50	-	2.79	-
Price-to-Total Gains Ratio	10,336.92	-	2,854.79	-	13.03	-	583.05	-	300.14	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	120.32
Number of shares	8

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	1.32	1.33
Usd Book Value Change Per Share	-0.66	0.23
Usd Total Gains Per Share	0.65	1.56
Gains per Quarter (8 shares)	5.24	12.46
Gains per Year (8 shares)	20.94	49.83

Years	Return on Investment (TTM)			Return on Investment (5Y)
	Dividend	Book Value gain	Total gains	Dividend	Book Value gain	Total gains
Broker costs	-	-	-10	-	-	-10
1	42	-21	11	42	7	40
2	84	-42	32	85	15	90
3	127	-64	53	127	22	140
4	169	-85	74	170	29	190
5	211	-106	95	212	37	240
6	253	-127	116	255	44	290
7	295	-149	137	297	51	340
8	337	-170	158	340	59	390
9	380	-191	179	382	66	440
10	422	-212	200	425	73	490

How sure are you?

Based on the past periods, how sure are you to get value out of your investment.

Linear %

	Trailing 12 Months				3Y				5 Year				10 Year				ALLTIME
				%				%				%				%				%
Earnings Per Share	4.0	0.0	0.0	100.0%	11.0	1.0	0.0	91.7%	18.0	2.0	0.0	90.0%	36.0	4.0	0.0	90.0%	52.0	21.0	0.0	71.2%
Book Value Change Per Share	1.0	3.0	0.0	25.0%	6.0	6.0	0.0	50.0%	11.0	9.0	0.0	55.0%	24.0	16.0	0.0	60.0%	46.0	24.0	3.0	63.0%
Dividend per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	40.0	0.0	0.0	100.0%	70.0	0.0	3.0	95.9%
Total Gains per Share	4.0	0.0	0.0	100.0%	11.0	1.0	0.0	91.7%	16.0	4.0	0.0	80.0%	30.0	10.0	0.0	75.0%	53.0	17.0	3.0	72.6%

Fundamentals of Blackstone

About Blackstone Group Inc

https://www.blackstone.com
Asset Management
4735
345 Park Avenue, New York, NY, United States, 10154
Google Maps Bing Maps

Blackstone Inc. is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services. The real estate segment specializes in opportunistic, core+ investments as well as debt investment opportunities collateralized by commercial real estate, and stabilized income-oriented commercial real estate across North America, Europe and Asia. The firm's corporate private equity business pursues transactions throughout the world across a variety of transaction types, including large buyouts,special situations, distressed mortgage loans, mid-cap buyouts, buy and build platforms, which involves multiple acquisitions behind a single management team and platform, and growth equity/development projects involving significant majority stakes in portfolio companies and minority investments in operating companies, shipping, real estate, corporate or consumer loans, and alternative energy greenfield development projects in energy and power, property, dislocated markets, shipping opportunities, financial institution breakups, re-insurance, and improving freight mobility, financial services, healthcare, life sciences, infrastructure, enterprise tech and consumer, as well as consumer technologies. The firm considers investment in Asia and Latin America. It has a three year investment period. Its hedge fund business manages a broad range of commingled and customized fund solutions and its credit business focuses on loans, and securities of non-investment grade companies spread across the capital structure including senior debt, subordinated debt, preferred stock and common equity. Blackstone Inc. was founded in 1985 and is headquartered in New York, New York with additional offices across Asia, Europe, North America and Central America.

Fundamental data was last updated by Penke on 2024-04-13 08:27:05.

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a huge profit.
Using its assets, the company is inefficient in making profit.
Using its investors money, the company is inefficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating very efficient.
The company is efficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is very able to pay all its short-term debts.
The company is very able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is able to pay all its debts by selling its assets.
The company is unable to pay all its debts with equity.

Valuation

Valuation Details

	Compared to previous year	Compared to industry
Based on the equity, the company is fair priced.
Based on the earnings, the company is expensive.
Based on how much money comes from the company's main activities, the company is underpriced.

1.1. Profitability of Blackstone Group Inc.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Blackstone earns for each $1 of revenue.

Above 10% is considered healthy but always compare Blackstone to the Asset Management industry mean.
A Net Profit Margin of 11.8% means that $0.12 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Blackstone Group Inc:

The MRQ is 11.8%. The company is making a huge profit. +2
The TTM is 15.9%. The company is making a huge profit. +2

Trends

Current period		Compared to		+/-
MRQ	11.8%	TTM	15.9%	-4.1%
TTM	15.9%	YOY	17.0%	-1.0%
TTM	15.9%	5Y	27.1%	-11.2%
5Y	27.1%	10Y	17.2%	+9.9%

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	11.8%	62.7%	-50.9%
TTM	15.9%	63.2%	-47.3%
YOY	17.0%	72.4%	-55.4%
5Y	27.1%	62.9%	-35.8%
10Y	17.2%	60.3%	-43.1%

Measures how much net profit Blackstone earns for each $1 of revenue.

Revenue is the amount of profit Blackstone generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you $3. The company does not earn $3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is $1.5.

The $3 you pay for a cup of coffee is called revenue.
The $1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit Blackstone earns for each $1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Blackstone to the Asset Management industry mean.
Can be used to compare companies within the Asset Management industry.

You typically want a high profit margin. This means that for each $1 in sales, Blackstone makes more profit. This shows the investor how efficiently Blackstone is operating in general and compared to other companies in the same industry. Blackstone operates in the Asset Management industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Blackstone. If profit margins remain low (compared to the Asset Management industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Blackstone is 0.12. This means that Blackstone earned $0.12 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Asset Management industry is 62.7%.
What is the trend?
The trend is important because it shows you how Blackstone is performing over time. The most recent quarter might be important if Blackstone released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Blackstone up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare Blackstone with other companies in the same industry (Asset Management).
Net profit margin should rise over the years.
Can be influenced when Blackstone sells assets (profit will increase while costs remain the same).
It won’t show what part of Blackstone is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of Blackstone

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ Blackstone = 151,800
Total revenue MRQ Blackstone = 1,287,168
$151,800 / $1,287,168 = 0.12 or 11.8%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient Blackstone is using its assets to generate profit.

Above 5% is considered healthy but always compare Blackstone to the Asset Management industry mean.
0.4% Return on Assets means that Blackstone generated $0.00 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Blackstone Group Inc:

The MRQ is 0.4%. Using its assets, the company is inefficient in making profit. -1
The TTM is 0.8%. Using its assets, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	0.4%	TTM	0.8%	-0.5%
TTM	0.8%	YOY	1.6%	-0.8%
TTM	0.8%	5Y	1.9%	-1.0%
5Y	1.9%	10Y	1.5%	+0.4%

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	0.4%	1.3%	-0.9%
TTM	0.8%	1.1%	-0.3%
YOY	1.6%	0.8%	+0.8%
5Y	1.9%	1.7%	+0.2%
10Y	1.5%	2.5%	-1.0%

Shows how efficient Blackstone is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare Blackstone to the Asset Management industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively Blackstone is using its resources to generate profit. If the return on assets (0.4%) from Blackstone are higher than the Asset Management mean (1.3%) that means Blackstone is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Blackstone is 0.4%. This means the company generated $0.00 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Asset Management industry is 1.3%.
What is the trend?
The trend is important because it shows you how Blackstone is performing over time. The most recent quarter might be important if Blackstone released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Blackstone up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example Blackstone

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from Blackstone = 151,800
Total assets MRQ (balance sheet) from Blackstone = 40,293,649
151,800 / 40,293,649 = 0.00 or 0.4%

ROA is an important ratio as it will tell you how effectively Blackstone is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient Blackstone is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Blackstone to the Asset Management industry mean.
2.2% Return on Equity means Blackstone generated $0.02 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Blackstone Group Inc:

The MRQ is 2.2%. Using its investors money, the company is inefficient in making profit. -1
The TTM is 4.9%. Using its investors money, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	2.2%	TTM	4.9%	-2.6%
TTM	4.9%	YOY	7.6%	-2.7%
TTM	4.9%	5Y	8.2%	-3.3%
5Y	8.2%	10Y	6.4%	+1.7%

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	2.2%	2.5%	-0.3%
TTM	4.9%	2.4%	+2.5%
YOY	7.6%	1.7%	+5.9%
5Y	8.2%	2.9%	+5.3%
10Y	6.4%	3.6%	+2.8%

Shows how efficient Blackstone is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare Blackstone to the Asset Management industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the Asset Management industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Blackstone is 2.2%. This means Blackstone generated $0.02 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Asset Management industry is 2.5%.
What is the trend?
The trend is important because it shows you how Blackstone is performing over time. The most recent quarter might be important if Blackstone released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Blackstone up to 10 years back (depending if Blackstone existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of Blackstone

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Blackstone = 151,800
Shareholders equity (balance sheet) MRQ Blackstone = 6,816,798
151,800 / 6,816,798 = 0.02 or 2.2%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of Blackstone Group Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Blackstone is operating .

Measures how much profit Blackstone makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Blackstone to the Asset Management industry mean.
An Operating Margin of 22.5% means the company generated $0.22 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Blackstone Group Inc:

The MRQ is 22.5%. The company is operating efficient. +1
The TTM is 38.4%. The company is operating very efficient. +2

Trends

Current period		Compared to		+/-
MRQ	22.5%	TTM	38.4%	-15.9%
TTM	38.4%	YOY	27.0%	+11.4%
TTM	38.4%	5Y	37.3%	+1.1%
5Y	37.3%	10Y	36.6%	+0.7%

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	22.5%	65.2%	-42.7%
TTM	38.4%	58.0%	-19.6%
YOY	27.0%	72.0%	-45.0%
5Y	37.3%	58.2%	-20.9%
10Y	36.6%	54.9%	-18.3%

Measures how efficient Blackstone is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Blackstone to the Asset Management industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit Blackstone is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Blackstone is 22.5%. This means that Blackstone earned $0.22 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Asset Management industry is 65.2%.
What is the trend?
The trend is important because it shows you how Blackstone is performing over time. The most recent quarter might be important if Blackstone released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Blackstone up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Blackstone

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Blackstone = 454,330
Total revenue MRQ Blackstone = 1,287,168
$454,330 / $1,287,168 = 0.22 or 22.5%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient Blackstone is keeping operating costs low.

Below 1 is considered healthy (always compare to Asset Management industry mean).
An Operation Ratio of 0.81 means that the operating costs are $0.81 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Blackstone Group Inc:

The MRQ is 0.807. The company is less efficient in keeping operating costs low.
The TTM is 0.690. The company is efficient in keeping operating costs low. +1

Trends

Current period		Compared to		+/-
MRQ	0.807	TTM	0.690	+0.117
TTM	0.690	YOY	1.739	-1.049
TTM	0.690	5Y	0.792	-0.102
5Y	0.792	10Y	0.722	+0.071

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	0.807	0.426	+0.381
TTM	0.690	0.470	+0.220
YOY	1.739	0.358	+1.381
5Y	0.792	0.464	+0.328
10Y	0.722	0.487	+0.235

Measures how efficient Blackstone is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Blackstone to the Asset Management industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of Blackstone is 80.7%. This means that Blackstone earned $0.81 for each $1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the Asset Management industry is 0.43.
What is the trend?
The trend is important because it shows you how Blackstone is performing over time. The most recent quarter might be important if Blackstone released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Blackstone up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Blackstone

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
(9,071 +1,029,602) \ 1,287,168 = 0.81

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of Blackstone Group Inc.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Blackstone is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Asset Management industry mean).
A Current Ratio of 1.21 means the company has $1.21 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Blackstone Group Inc:

The MRQ is 1.211. The company is just able to pay all its short-term debts.
The TTM is 11.246. The company is very able to pay all its short-term debts. +2

Trends

Current period		Compared to		+/-
MRQ	1.211	TTM	11.246	-10.034
TTM	11.246	YOY	14.751	-3.505
TTM	11.246	5Y	8.162	+3.084
5Y	8.162	10Y	4.182	+3.980

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	1.211	3.024	-1.813
TTM	11.246	3.114	+8.132
YOY	14.751	3.915	+10.836
5Y	8.162	5.252	+2.910
10Y	4.182	6.555	-2.373

Measures if Blackstone is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Asset Management industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for Blackstone if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Blackstone is 1.21. This means Blackstone has $1.21 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Asset Management industry is 3.02.
What is the trend?
The trend is important because it shows you how Blackstone is performing over time. The most recent quarter might be important if Blackstone released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Blackstone up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example Blackstone

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
2,955,866 \ 2,440,261) = 1.21

The current ratio measures if Blackstone is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if Blackstone is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then Blackstone does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate Blackstone is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if Blackstone is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Blackstone to the Asset Management industry mean.
A Quick Ratio of 3.25 means the company can pay off $3.25 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Blackstone Group Inc:

The MRQ is 3.250. The company is very able to pay all its short-term debts with the most liquid assets. +2
The TTM is 19.963. The company is very able to pay all its short-term debts with the most liquid assets. +2

Trends

Current period		Compared to		+/-
MRQ	3.250	TTM	19.963	-16.713
TTM	19.963	YOY	34.706	-14.742
TTM	19.963	5Y	15.113	+4.850
5Y	15.113	10Y	7.762	+7.351

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	3.250	3.036	+0.214
TTM	19.963	3.357	+16.606
YOY	34.706	4.304	+30.402
5Y	15.113	6.669	+8.444
10Y	7.762	6.276	+1.486

Measures if Blackstone is able to pay off Short-term Debt but only using the most liquid assets.

How to use quick ratio

Higher is better.
Above 1 is considered healthy but always compare Blackstone to the Asset Management industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use quick ratio in their analysis

Shows how fast Blackstone can pay off its short term debts. This shows if Blackstone can survive emergencies due to market changes or other reasons.

The three steps every investor should look at:

What is the current Quick Ratio?
The current most recent quarter (MRQ) quickRatio of Blackstone is 3.25. This means that Blackstone can pay off $3.25 for each $1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the Asset Management industry is 3.04.
What is the trend?
The trend is important because it shows you how Blackstone is performing over time. The most recent quarter might be important if Blackstone released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Blackstone up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Incorporates only most liquid assets.

How to calculate quick ratio

Quick ratio = cash and equivalents + marketable securities + accounts receivable / current liabilities

Real life example Blackstone

You need the following data to determine operating ratio:

Balance sheet
Quick ratio = cash and short-term investments + short-term investments + netReceivables / total current liabilities
MRQ quick ratio Blackstone: (3,272,063 + 0 +4,659,886) / 2,440,261 = 3.25

The quick ratio measures the same thing as the current ratio, only it uses the most liquid assets a company has. Meaning, the assets that can be sold for cash the easiest and fastest.

As the quick ratio only incorporates the most liquid assets, you should also check the current ratio which also includes less liquid assets. But they may be harder to sell.

1.4. Solvency of Blackstone Group Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Blackstone assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Blackstone to Asset Management industry mean.
A Debt to Asset Ratio of 0.55 means that Blackstone assets are financed with 55.1% credit (debt) and the remaining percentage (100% - 55.1%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Blackstone Group Inc:

The MRQ is 0.551. The company is able to pay all its debts by selling its assets. +1
The TTM is 0.546. The company is able to pay all its debts by selling its assets. +1

Trends

Current period		Compared to		+/-
MRQ	0.551	TTM	0.546	+0.005
TTM	0.546	YOY	0.505	+0.041
TTM	0.546	5Y	0.511	+0.035
5Y	0.511	10Y	0.505	+0.006

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	0.551	0.170	+0.381
TTM	0.546	0.176	+0.370
YOY	0.505	0.176	+0.329
5Y	0.511	0.191	+0.320
10Y	0.505	0.188	+0.317

Measures how much % of Blackstone assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Blackstone than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Blackstone to Asset Management industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of Blackstone is 0.55. This means means that Blackstone is financed with 55.1% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Asset Management industry is 302.4%.
What is the trend?
The trend is important because it shows you how Blackstone is performing over time. The most recent quarter might be important if Blackstone released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Blackstone up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why Blackstone has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Blackstone

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
22,218,435 \ 40,293,649 = 55.1% or 0.55.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

Measures if Blackstone is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Blackstone to the Asset Management industry mean.
A Debt to Equity ratio of 325.9% means that company has $3.26 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Blackstone Group Inc:

The MRQ is 3.259. The company is unable to pay all its debts with equity. -1
The TTM is 3.183. The company is unable to pay all its debts with equity. -1

Trends

Current period		Compared to		+/-
MRQ	3.259	TTM	3.183	+0.076
TTM	3.183	YOY	2.556	+0.627
TTM	3.183	5Y	2.502	+0.681
5Y	2.502	10Y	2.319	+0.183

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	3.259	0.202	+3.057
TTM	3.183	0.198	+2.985
YOY	2.556	0.209	+2.347
5Y	2.502	0.253	+2.249
10Y	2.319	0.256	+2.063

Measures if Blackstone is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of Blackstone is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of Blackstone is 3.26. This means that Blackstone can pay off $3.26 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Asset Management industry is 0.20.
What is the trend?
The trend is important because it shows you how Blackstone is performing over time. The most recent quarter might be important if Blackstone released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Blackstone up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example Blackstone

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
22,218,435 \ 6,816,798 = 3.26 or 325.9%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

2. Market Valuation of Blackstone Group Inc

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every $1 in earnings Blackstone generates.

Above 15 is considered overpriced but always compare Blackstone to the Asset Management industry mean.
A PE ratio of 163.49 means the investor is paying $163.49 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Blackstone Group Inc:

The EOD is 150.257. Based on the earnings, the company is expensive. -2
The MRQ is 163.494. Based on the earnings, the company is expensive. -2
The TTM is 105.168. Based on the earnings, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	150.257	MRQ	163.494	-13.237
MRQ	163.494	TTM	105.168	+58.326
TTM	105.168	YOY	1,564.051	-1,458.883
TTM	105.168	5Y	342.944	-237.776
5Y	342.944	10Y	169.753	+173.192

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
EOD	150.257	5.927	+144.330
MRQ	163.494	5.990	+157.504
TTM	105.168	6.212	+98.956
YOY	1,564.051	3.709	+1,560.342
5Y	342.944	5.739	+337.205
10Y	169.753	7.730	+162.023

Measures how much money you pay for each share for every $1 in earnings Blackstone generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare Blackstone to the Asset Management industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet. Result: huge market crash.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of Blackstone is 163.49. This means the investor is paying $163.49 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Asset Management industry is 5.99.
What is the trend?
The trend is important because it shows you how Blackstone is performing over time. The most recent quarter might be important if Blackstone released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Blackstone up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example Blackstone

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
0 \ 758,278 = EPS
PE ratio MRQ = 163.49

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price To Free Cash Flow Ratio

Let's take a look of the Price To Free Cash Flow Ratio trends of Blackstone Group Inc:

The EOD is 26.388. Based on how much money comes from the company's main activities, the company is underpriced. +1
The MRQ is 28.713. Based on how much money comes from the company's main activities, the company is underpriced. +1
The TTM is 29.277. Based on how much money comes from the company's main activities, the company is underpriced. +1

Trends

Current period		Compared to		+/-
EOD	26.388	MRQ	28.713	-2.325
MRQ	28.713	TTM	29.277	-0.564
TTM	29.277	YOY	13.872	+15.405
TTM	29.277	5Y	27.330	+1.946
5Y	27.330	10Y	22.306	+5.025

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
EOD	26.388	4.945	+21.443
MRQ	28.713	4.706	+24.007
TTM	29.277	3.604	+25.673
YOY	13.872	1.756	+12.116
5Y	27.330	2.177	+25.153
10Y	22.306	2.499	+19.807

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of Blackstone is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Asset Management industry mean).
A PB ratio of 5.49 means the investor is paying $5.49 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Blackstone Group Inc:

The EOD is 5.048. Based on the equity, the company is overpriced. -1
The MRQ is 5.492. Based on the equity, the company is overpriced. -1
The TTM is 4.252. Based on the equity, the company is fair priced.

Trends

Current period		Compared to		+/-
EOD	5.048	MRQ	5.492	-0.445
MRQ	5.492	TTM	4.252	+1.240
TTM	4.252	YOY	3.300	+0.952
TTM	4.252	5Y	3.499	+0.753
5Y	3.499	10Y	2.793	+0.705

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
EOD	5.048	0.925	+4.123
MRQ	5.492	0.911	+4.581
TTM	4.252	0.910	+3.342
YOY	3.300	0.975	+2.325
5Y	3.499	1.012	+2.487
10Y	2.793	1.162	+1.631

2. Total Gains per Share

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of Blackstone Group Inc.

3.1. Institutions holding Blackstone Group Inc

Institutions are holding 71.122% of the shares of Blackstone Group Inc.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	Vanguard Group Inc	8.3593	0.1801	62972648	880745	1.4185
2023-12-31	BlackRock Inc	6.1046	0.1535	45987551	71112	0.1549
2023-12-31	Capital World Investors	4.4787	0.7856	33738986	1367581	4.2247
2023-12-31	State Street Corporation	3.741	0.1795	28182004	820416	2.9984
2023-12-31	Morgan Stanley - Brokerage Accounts	3.2895	0.2859	24780967	957846	4.0207
2023-12-31	Capital Research & Mgmt Co - Division 3	2.5881	0.5722	19496575	-436933	-2.192
2023-12-31	Charles Schwab Investment Management Inc	1.9718	0.4937	14853724	27955	0.1886
2023-12-31	Geode Capital Management, LLC	1.8498	0.1904	13934736	361897	2.6663
2023-12-31	JPMorgan Chase & Co	1.755	0.1663	13220741	1906557	16.851
2023-12-31	Edgewood Management LLC	1.6867	4.8024	12706649	-154633	-1.2023
2023-12-31	Bank of America Corp	1.4235	0.1414	10723853	-185933	-1.7043
2023-12-31	Royal Bank of Canada	1.3008	0.2996	9798909	-267602	-2.6583
2023-12-31	Aristotle Capital Management LLC	1.1483	2.217	8650216	-544852	-5.9255
2023-12-31	Goldman Sachs Group Inc	0.9683	0.0857	7294094	4051045	124.9147
2023-12-31	Northern Trust Corp	0.864	0.1542	6508421	-368867	-5.3636
2023-12-31	Brown Advisory Holdings Inc	0.8535	1.1833	6429749	322860	5.2868
2023-12-31	Legal & General Group PLC	0.8079	0.2044	6085890	839885	16.01
2023-12-31	Atlantic Trust Group, LLC	0.7373	1.5401	5554119	-390086	-6.5625
2023-12-31	NORGES BANK	0.7187	0.1239	5414447	-1464581	-21.2905
2023-12-31	Wells Fargo & Co	0.6671	0.1716	5025670	-62697	-1.2322
Total		45.3139	13.9308	341359949	+7731715	+2.3%

3.2. Funds holding Blackstone Group Inc

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2024-02-29	Vanguard Total Stock Mkt Idx Inv	2.9594	0.1838	22294248	-48339	-0.2164
2024-02-29	Vanguard Institutional 500 Index Trust	2.3551	0.212	17741194	182922	1.0418
2024-03-28	SPDR® S&P 500 ETF Trust	1.1612	0.2139	8747983	51240	0.5892
2024-02-29	Fidelity 500 Index	1.1312	0.2114	8521883	85751	1.0165
2024-03-28	iShares Core S&P 500 ETF	0.9899	0.2139	7456884	54784	0.7401
2023-12-31	American Funds American Balanced A	0.9845	0.4595	7416745	0	0
2023-12-31	American Funds Washington Mutual A	0.9529	0.5587	7178350	359551	5.2729
2023-12-31	Capital Group Wash Mutual Invtrs Comp	0.9529	0.5587	7178350	359551	5.2729
2023-12-31	Edgewood Growth Instl	0.9074	4.8246	6835687	-1134	-0.0166
2024-02-29	Vanguard Growth Index Investor	0.8766	0.3798	6603843	55698	0.8506
2023-12-31	American Funds Growth Fund of Amer A	0.8252	0.3268	6216353	269126	4.5252
2023-12-31	Capital Group Growth Fnd of Amer Comp	0.8252	0.3268	6216353	269126	4.5252
2023-12-31	Capital Group Fundamental Invtrs Comp	0.7845	0.6188	5910209	-275994	-4.4614
2023-12-31	American Funds Fundamental Invs A	0.7845	0.6188	5910209	-275994	-4.4614
2024-03-28	Financial Select Sector SPDR® ETF	0.6322	1.6294	4762638	9135	0.1922
2024-02-29	Vanguard Institutional Index I	0.6213	0.2114	4680783	-18864	-0.4014
2024-02-29	JPMorgan Large Cap Growth I	0.5828	0.6645	4390515	0	0
2023-12-31	Capital Group New Perspective Comp	0.52	0.4048	3917319	223477	6.05
2023-12-31	American Funds New Perspective A	0.52	0.4048	3917319	223477	6.05
2024-02-29	State St S&P 500® Indx SL Cl III	0.4565	0.2105	3438800	13000	0.3795
Total		19.8233	13.2329	149335665	+1536513	+1.0%

3.3. Insider Transactions

Insiders are holding 0.958% of the shares of Blackstone Group Inc.

Date	Owner	Type	Amount	Price
2024-03-03	Bx Buzz Ml-1 Gp Llc	SELL	2509316	11.1
2024-02-21	Reginald J Brown	BUY	2400	125.62
2024-02-12	Ruth Porat	BUY	232	127.08
2024-02-09	Joseph Baratta	SELL	28852	128.05
2024-02-08	John G Finley	SELL	49000	127.93
2023-12-21	David Payne	SELL	5500	128.21
2023-11-06	Ruth Porat	BUY	247	100.54
2023-10-30	John G Finley	SELL	29900	92.39
2023-10-02	Joseph Baratta	SELL	74565	107.32
2023-09-21	Reginald J Brown	BUY	1842	111.24
2023-09-08	William G Parrett	SELL	3874	112.47
2023-08-22	Holdings I/ii Gp L Blackstone	SELL	14704603	7.98
2023-08-14	Lower Holdings L.p. Juno	SELL	2598609	27.8
2023-08-07	Ruth Porat	BUY	163	103.75
2023-07-26	David Payne	SELL	10000	103.22

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Blackstone Group Inc compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	-0.978	-0.663	-32%	-0.847	-13%	0.230	-526%	0.093	-1152%
Book Value Per Share	-	-	23.837	24.721	-4%	28.296	-16%	22.953	+4%	19.798	+20%
Current Ratio	-	-	1.211	11.246	-89%	14.751	-92%	8.162	-85%	4.182	-71%
Debt To Asset Ratio	-	-	0.551	0.546	+1%	0.505	+9%	0.511	+8%	0.505	+9%
Debt To Equity Ratio	-	-	3.259	3.183	+2%	2.556	+27%	2.502	+30%	2.319	+41%
Dividend Per Share	-	-	0.990	1.318	-25%	2.223	-55%	1.328	-25%	1.065	-7%
Eps	-	-	0.200	0.459	-56%	0.592	-66%	0.803	-75%	0.586	-66%
Free Cash Flow Per Share	-	-	1.140	1.265	-10%	2.087	-45%	1.188	-4%	0.651	+75%
Free Cash Flow To Equity Per Share	-	-	0.201	-0.410	+305%	0.787	-75%	0.080	+151%	0.065	+208%
Gross Profit Margin	-	-	-3.163	-2.751	-13%	1.000	-416%	0.250	-1366%	0.625	-606%
Intrinsic Value_10Y_max	-	-	97.108	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	19.711	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	6.801	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	2.512	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	22.666	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	7.128	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	41.225	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	11.248	-	-	-	-	-	-	-	-
Market Cap	85985962229.760	-15%	99273806164.200	79149574557.390	+25%	68939625466.318	+44%	61337999918.827	+62%	45044002525.084	+120%
Net Profit Margin	-	-	0.118	0.159	-26%	0.170	-30%	0.271	-56%	0.172	-31%
Operating Margin	-	-	0.225	0.384	-42%	0.270	-17%	0.373	-40%	0.366	-39%
Operating Ratio	-	-	0.807	0.690	+17%	1.739	-54%	0.792	+2%	0.722	+12%
Pb Ratio	5.048	-9%	5.492	4.252	+29%	3.300	+66%	3.499	+57%	2.793	+97%
Pe Ratio	150.257	-9%	163.494	105.168	+55%	1564.051	-90%	342.944	-52%	169.753	-4%
Price Per Share	120.320	-9%	130.920	104.718	+25%	94.015	+39%	80.787	+62%	56.350	+132%
Price To Free Cash Flow Ratio	26.388	-9%	28.713	29.277	-2%	13.872	+107%	27.330	+5%	22.306	+29%
Price To Total Gains Ratio	9499.988	-9%	10336.922	2854.787	+262%	13.034	+79209%	583.050	+1673%	300.144	+3344%
Quick Ratio	-	-	3.250	19.963	-84%	34.706	-91%	15.113	-78%	7.762	-58%
Return On Assets	-	-	0.004	0.008	-55%	0.016	-77%	0.019	-80%	0.015	-74%
Return On Equity	-	-	0.022	0.049	-54%	0.076	-71%	0.082	-73%	0.064	-65%
Total Gains Per Share	-	-	0.013	0.655	-98%	1.376	-99%	1.557	-99%	1.158	-99%
Usd Book Value	-	-	18075214000.000	18672559750.000	-3%	20747894250.000	-13%	17287327700.000	+5%	15647205275.000	+16%
Usd Book Value Change Per Share	-	-	-0.978	-0.663	-32%	-0.847	-13%	0.230	-526%	0.093	-1152%
Usd Book Value Per Share	-	-	23.837	24.721	-4%	28.296	-16%	22.953	+4%	19.798	+20%
Usd Dividend Per Share	-	-	0.990	1.318	-25%	2.223	-55%	1.328	-25%	1.065	-7%
Usd Eps	-	-	0.200	0.459	-56%	0.592	-66%	0.803	-75%	0.586	-66%
Usd Free Cash Flow	-	-	864361000.000	958168750.000	-10%	1525189000.000	-43%	879111250.000	-2%	463397625.000	+87%
Usd Free Cash Flow Per Share	-	-	1.140	1.265	-10%	2.087	-45%	1.188	-4%	0.651	+75%
Usd Free Cash Flow To Equity Per Share	-	-	0.201	-0.410	+305%	0.787	-75%	0.080	+151%	0.065	+208%
Usd Market Cap	85985962229.760	-15%	99273806164.200	79149574557.390	+25%	68939625466.318	+44%	61337999918.827	+62%	45044002525.084	+120%
Usd Price Per Share	120.320	-9%	130.920	104.718	+25%	94.015	+39%	80.787	+62%	56.350	+132%
Usd Profit	-	-	151800000.000	347720000.000	-56%	700855500.000	-78%	657337200.000	-77%	487081375.000	-69%
Usd Revenue	-	-	1287168000.000	1921196000.000	-33%	1783158000.000	-28%	2143842950.000	-40%	1745594775.000	-26%
Usd Total Gains Per Share	-	-	0.013	0.655	-98%	1.376	-99%	1.557	-99%	1.158	-99%
	EOD	+4 -4	MRQ	TTM	+7 -29	YOY	+6 -30	5Y	+10 -26	10Y	+13 -23

4.2. Fundamental Score

Let's check the fundamental score of Blackstone Group Inc based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	150.257
Price to Book Ratio (EOD)	Between	0-1	5.048
Net Profit Margin (MRQ)	Greater than	0	0.118
Operating Margin (MRQ)	Greater than	0	0.225
Quick Ratio (MRQ)	Greater than	1	3.250
Current Ratio (MRQ)	Greater than	1	1.211
Debt to Asset Ratio (MRQ)	Less than	1	0.551
Debt to Equity Ratio (MRQ)	Less than	1	3.259
Return on Equity (MRQ)	Greater than	0.15	0.022
Return on Assets (MRQ)	Greater than	0.05	0.004
Total			5/10 (50.0%)

Create your own Stock Scanner

Investing is personal. The best investors buy stocks based on their own analysis. Create your personal Stock Scanner with the key performance indicators that are important to you.
Create your own Stock Scanner

4.3. Technical Score

Let's check the technical score of Blackstone Group Inc based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	39.536
Ma 20	Greater than	Ma 50	127.015
Ma 50	Greater than	Ma 100	126.540
Ma 100	Greater than	Ma 200	123.806
Open	Greater than	Close	121.130
Total			4/5 (80.0%)

Create your own Symbol Scanner

Trading is personal. The best traders buy and sell based on their own technical analysis. Create your personal Symbol Scanner with the technical indicators that are important to you.
Create your own Symbol Scanner

Reversals in quarterly reports

I have detected a reversal (positive to negative, negative to positive) in the following values of the quarterly reports.

		2022-12-31		2023-03-31		2023-06-30		2023-09-30		2023-12-31
Minority Interest		-185,487	60,618	-124,869	-477,564	-602,433	233,685	-368,748	411,425	42,677
Total Other Income Expense Net		85,158	-34,002	51,156	4,439	55,595	-40,904	14,691	-313,941	-299,250

Latest Balance Sheet

Balance Sheet of 2023-12-31. Currency in USD. All numbers in thousands.

Summary

Total Assets	40,293,649
Total Liabilities	22,218,435
Total Stockholder Equity	6,816,798

	As reported
Total Liabilities	22,218,435
Total Stockholder Equity	+ 6,816,798
Total Assets	= 40,293,649

Assets

Total Assets	40,293,649
Total Current Assets	2,955,866
Long-term Assets	6,119

Total Current Assets

Total Current Assets (as reported)	2,955,866
Cash And Cash Equivalents	3,272,063
Net Receivables	4,659,886
Other Current Assets	-7,931,949
Total Current Assets (calculated)	0
+/-	2,955,866

Long-term Assets

Long-term Assets (as reported)	6,119
Property Plant Equipment	1,384,060
Goodwill	1,890,202
Long Term Investments	26,317,512
Intangible Assets	201,208
Long-term Assets Other	-32,124,376
Long-term Assets (calculated)	-2,331,394
+/-	2,337,513

Liabilities & Shareholders' Equity

Total Current Liabilities	2,440,261
Long-term Liabilities	22,212,316
Total Stockholder Equity	6,816,798

Total Current Liabilities

Total Current Liabilities (as reported)	2,440,261
Short-term Debt	163,003
Accounts payable	2,277,258
Other Current Liabilities	-2,440,261
Total Current Liabilities (calculated)	0
+/-	2,440,261

Long-term Liabilities

Long-term Liabilities (as reported)	22,212,316
Long-term Liabilities (calculated)	0
+/-	22,212,316

Total Stockholder Equity

Total Stockholder Equity (as reported)	6,816,798
Common Stock	7
Retained Earnings	660,734
Accumulated Other Comprehensive Income	-19,133
Other Stockholders Equity	6,175,190
Total Stockholder Equity (calculated)	6,816,798
+/-	0

Other

Capital Stock	7
Cash and Short Term Investments	3,272,063
Common Stock Shares Outstanding	758,278
Liabilities and Stockholders Equity	40,293,649
Net Debt	9,021,819
Net Invested Capital	18,120,857
Net Working Capital	515,605
Property Plant and Equipment Gross	1,778,662
Short Long Term Debt Total	12,293,882

Balance Sheet

Currency in USD. All numbers in thousands.

Trend

2023-12-31

2023-09-30

2023-06-30

2023-03-31

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

2016-09-30

2016-06-30

2016-03-31

2015-12-31

2015-09-30

2015-06-30

2015-03-31

2014-12-31

2014-09-30

2014-06-30

2014-03-31

2013-12-31

2013-09-30

2013-06-30

2013-03-31

2012-12-31

2012-09-30

2012-06-30

2012-03-31

2011-12-31

2011-09-30

2011-06-30

2011-03-31

2010-12-31

2010-09-30

2010-06-30

2010-03-31

2009-12-31

2009-09-30

2009-06-30

2009-03-31

2008-12-31

2008-09-30

2008-06-30

2008-03-31

2007-12-31

2007-09-30

2007-06-30

2007-03-31

2006-12-31

2006-09-30

2006-06-30

2006-03-31

2005-12-31

2005-09-30

2005-06-30

2005-03-31

1999-12-31

> Total Assets

26,204,091
0
0
0
21,121,124
0
0
0
33,891,044
39,365,506
18,779,891
12,970,014
13,174,200
13,216,384
13,489,918
11,949,257
9,257,911
7,674,509
7,698,732
8,729,981
9,409,024
13,486,317
16,473,309
17,740,891
18,844,605
19,248,767
22,331,131
22,068,796
21,909,129
26,546,361
26,142,570
27,800,439
28,931,552
27,977,999
27,742,878
28,034,882
29,678,606
30,028,545
30,059,309
30,513,856
31,510,894
32,406,601
24,683,501
23,618,703
22,526,080
22,050,904
23,041,658
24,413,520
26,403,337
28,337,164
30,127,931
31,761,987
34,428,910
27,933,375
30,075,297
30,460,357
28,924,650
29,874,951
30,972,213
32,385,771
32,585,506
26,946,494
28,844,381
25,041,565
26,269,252
29,709,986
33,297,192
39,038,092
41,196,408
43,344,078
41,631,308
40,259,321
42,524,227
41,086,439
41,582,784
41,663,823
40,293,649

40,293,649

41,663,823

41,582,784

41,086,439

42,524,227

40,259,321

41,631,308

43,344,078

41,196,408

39,038,092

33,297,192

29,709,986

26,269,252

25,041,565

28,844,381

26,946,494

32,585,506

32,385,771

30,972,213

29,874,951

28,924,650

30,460,357

30,075,297

27,933,375

34,428,910

31,761,987

30,127,931

28,337,164

26,403,337

24,413,520

23,041,658

22,050,904

22,526,080

23,618,703

24,683,501

32,406,601

31,510,894

30,513,856

30,059,309

30,028,545

29,678,606

28,034,882

27,742,878

27,977,999

28,931,552

27,800,439

26,142,570

26,546,361

21,909,129

22,068,796

22,331,131

19,248,767

18,844,605

17,740,891

16,473,309

13,486,317

9,409,024

8,729,981

7,698,732

7,674,509

9,257,911

11,949,257

13,489,918

13,216,384

13,174,200

12,970,014

18,779,891

39,365,506

33,891,044

21,121,124

26,204,091

> Total Current Assets

866,158
0
0
0
19,154,939
0
0
0
32,985,519
36,667,770
3,172,576
962,959
1,081,715
897,108
8,395,431
8,236,233
5,465,926
3,489,631
3,628,938
4,616,318
4,909,970
9,693,381
12,562,940
13,804,368
14,826,205
15,159,186
18,129,462
17,888,211
18,013,944
22,406,736
22,097,613
23,883,885
1,347,666
1,521,890
1,597,217
1,743,545
1,934,238
1,896,369
2,305,568
1,880,067
1,971,793
2,394,509
2,826,220
2,259,666
2,450,477
2,033,405
2,185,472
2,288,774
2,609,948
3,577,834
2,854,863
2,222,002
2,879,659
2,485,860
2,627,968
2,813,610
2,844,079
2,282,630
2,286,510
3,224,340
3,147,516
5,471,167
4,906,624
5,923,800
6,087,157
6,853,350
6,209,815
9,225,817
7,413,221
30,611,893
8,849,475
8,345,022
8,861,614
34,454,506
8,238,669
8,063,733
2,955,866

2,955,866

8,063,733

8,238,669

34,454,506

8,861,614

8,345,022

8,849,475

30,611,893

7,413,221

9,225,817

6,209,815

6,853,350

6,087,157

5,923,800

4,906,624

5,471,167

3,147,516

3,224,340

2,286,510

2,282,630

2,844,079

2,813,610

2,627,968

2,485,860

2,879,659

2,222,002

2,854,863

3,577,834

2,609,948

2,288,774

2,185,472

2,033,405

2,450,477

2,259,666

2,826,220

2,394,509

1,971,793

1,880,067

2,305,568

1,896,369

1,934,238

1,743,545

1,597,217

1,521,890

1,347,666

23,883,885

22,097,613

22,406,736

18,013,944

17,888,211

18,129,462

15,159,186

14,826,205

13,804,368

12,562,940

9,693,381

4,909,970

4,616,318

3,628,938

3,489,631

5,465,926

8,236,233

8,395,431

897,108

1,081,715

962,959

3,172,576

36,667,770

32,985,519

19,154,939

866,158

Cash And Cash Equivalents

64,972
0
0
0
-1,132,080
0
0
0
129,443
-964,194
1,433,363
610,193
868,629
672,669
217,660
1,134,954
503,737
776,303
784,579
486,470
952,096
627,257
506,739
1,016,229
588,621
455,811
434,803
592,982
754,744
391,304
412,545
833,515
709,502
815,266
660,977
888,938
831,998
787,521
1,223,073
943,519
1,412,472
1,135,472
2,164,640
1,380,404
1,837,324
1,372,552
1,495,466
1,781,882
1,837,253
2,303,680
1,745,547
1,315,687
1,992,497
1,746,948
1,710,251
1,937,963
2,207,841
1,570,741
1,484,444
2,468,563
2,172,441
2,068,326
1,976,512
2,628,895
1,999,484
2,862,422
2,467,444
5,011,433
2,119,738
3,868,567
4,183,380
3,480,003
4,252,003
2,830,971
3,280,204
2,971,614
3,272,063

3,272,063

2,971,614

3,280,204

2,830,971

4,252,003

3,480,003

4,183,380

3,868,567

2,119,738

5,011,433

2,467,444

2,862,422

1,999,484

2,628,895

1,976,512

2,068,326

2,172,441

2,468,563

1,484,444

1,570,741

2,207,841

1,937,963

1,710,251

1,746,948

1,992,497

1,315,687

1,745,547

2,303,680

1,837,253

1,781,882

1,495,466

1,372,552

1,837,324

1,380,404

2,164,640

1,135,472

1,412,472

943,519

1,223,073

787,521

831,998

888,938

660,977

815,266

709,502

833,515

412,545

391,304

754,744

592,982

434,803

455,811

588,621

1,016,229

506,739

627,257

952,096

486,470

784,579

776,303

503,737

1,134,954

217,660

672,669

868,629

610,193

1,433,363

-964,194

129,443

-1,132,080

64,972

Short-term Investments

0
0
0
0
20,287,019
0
0
0
31,544,490
37,631,964
467,766
312,865
163,696
7,066,972
7,195,586
5,468,327
2,830,942
2,397,134
2,527,339
3,812,208
3,565,483
7,671,574
10,501,480
11,026,730
11,974,472
12,676,464
15,319,002
14,848,396
15,128,299
19,748,524
19,351,458
20,766,700
1,652,429
1,499,419
1,353,148
1,219,507
1,194,866
1,373,294
1,291,630
1,611,489
1,808,092
2,049,249
836,116
939,699
792,025
593,892
780,146
1,198,293
1,123,656
1,461,539
1,526,033
1,665,730
1,929,531
703,182
288,675
408,561
0
0
0
0
0
0
0
0
0
0
0
0
22,163,322
25,104,195
27,323,758
26,256,148
30,068,474
30,068,474
0
0
0

30,068,474

26,256,148

27,323,758

25,104,195

22,163,322

408,561

288,675

703,182

1,929,531

1,665,730

1,526,033

1,461,539

1,123,656

1,198,293

780,146

593,892

792,025

939,699

836,116

2,049,249

1,808,092

1,611,489

1,291,630

1,373,294

1,194,866

1,219,507

1,353,148

1,499,419

1,652,429

20,766,700

19,351,458

19,748,524

15,128,299

14,848,396

15,319,002

12,676,464

11,974,472

11,026,730

10,501,480

7,671,574

3,565,483

3,812,208

2,527,339

2,397,134

2,830,942

5,468,327

7,195,586

7,066,972

163,696

312,865

467,766

37,631,964

31,544,490

20,287,019

Net Receivables

866,158
0
0
0
0
0
0
0
1,311,586
0
1,271,447
2,180,389
1,881,190
1,484,563
2,152,713
1,489,271
1,222,007
679,528
607,267
597,396
1,066,214
1,118,010
1,164,545
1,082,273
1,291,288
1,148,576
1,285,016
1,185,289
1,266,654
1,399,061
1,386,479
1,375,674
1,758,231
1,765,311
1,933,295
1,809,340
2,080,400
2,065,297
2,131,719
1,984,021
1,687,729
2,405,045
1,918,891
2,089,920
1,853,950
1,800,379
1,982,312
1,817,304
2,215,073
2,943,278
2,820,890
2,933,066
2,916,146
2,591,308
2,933,666
2,893,284
2,630,361
3,032,180
3,013,803
3,219,940
3,569,948
3,402,841
2,930,112
3,294,905
4,087,673
3,990,928
3,742,371
4,214,384
5,293,483
4,521,824
4,666,095
4,865,019
4,609,611
5,024,699
4,958,465
5,092,119
4,659,886

4,659,886

5,092,119

4,958,465

5,024,699

4,609,611

4,865,019

4,666,095

4,521,824

5,293,483

4,214,384

3,742,371

3,990,928

4,087,673

3,294,905

2,930,112

3,402,841

3,569,948

3,219,940

3,013,803

3,032,180

2,630,361

2,893,284

2,933,666

2,591,308

2,916,146

2,933,066

2,820,890

2,943,278

2,215,073

1,817,304

1,982,312

1,800,379

1,853,950

2,089,920

1,918,891

2,405,045

1,687,729

1,984,021

2,131,719

2,065,297

2,080,400

1,809,340

1,933,295

1,765,311

1,758,231

1,375,674

1,386,479

1,399,061

1,266,654

1,185,289

1,285,016

1,148,576

1,291,288

1,082,273

1,164,545

1,118,010

1,066,214

597,396

607,267

679,528

1,222,007

1,489,271

2,152,713

1,484,563

1,881,190

2,180,389

1,271,447

1,311,586

866,158

Other Current Assets

-64,972
0
0
0
8,191
0
0
0
15,776
0
0
-2,140,488
-1,831,800
-8,327,096
79,426
143,681
1,916
-363,334
-290,247
-279,756
-673,823
276,540
390,176
287,445
181,425
229,723
93,975
194,931
139,485
83,761
88,524
105,581
-1,120,067
-1,058,687
-997,055
-954,733
-978,160
-956,449
-1,049,224
-1,047,473
-1,128,408
-1,146,008
-1,257,311
-1,210,658
-1,240,797
-1,139,526
-1,292,306
-1,310,412
-1,442,378
-1,669,124
-1,711,574
-2,026,751
-2,028,984
-1,852,396
-2,015,949
-2,017,637
-1,994,123
-2,320,291
-2,211,737
-2,464,163
-2,594,873
-2,706,112
-2,431,512
-2,817,304
-5,156,027
-3,015,318
1,720,979
1,447,777
79,994
110,648
-8,978,751
-8,439,380
-9,103,326
-8,045,992
-8,454,113
-8,201,914
-7,931,949

-7,931,949

-8,201,914

-8,454,113

-8,045,992

-9,103,326

-8,439,380

-8,978,751

110,648

79,994

1,447,777

1,720,979

-3,015,318

-5,156,027

-2,817,304

-2,431,512

-2,706,112

-2,594,873

-2,464,163

-2,211,737

-2,320,291

-1,994,123

-2,017,637

-2,015,949

-1,852,396

-2,028,984

-2,026,751

-1,711,574

-1,669,124

-1,442,378

-1,310,412

-1,292,306

-1,139,526

-1,240,797

-1,210,658

-1,257,311

-1,146,008

-1,128,408

-1,047,473

-1,049,224

-956,449

-978,160

-954,733

-997,055

-1,058,687

-1,120,067

105,581

88,524

83,761

139,485

194,931

93,975

229,723

181,425

287,445

390,176

276,540

-673,823

-279,756

-290,247

-363,334

1,916

143,681

79,426

-8,327,096

-1,831,800

-2,140,488

15,776

8,191

-64,972

> Long-term Assets

4,018,959
0
0
0
0
0
0
0
31,263,573
0
14,634,984
2,266,398
2,202,155
2,937,111
5,094,487
3,713,024
3,791,985
4,184,878
4,069,794
4,113,663
4,499,054
3,792,936
3,910,369
3,936,523
4,018,400
4,089,581
4,201,669
4,180,585
3,895,185
4,139,625
4,044,957
3,916,554
27,335,868
26,198,066
25,969,388
26,195,360
27,744,368
27,969,468
27,723,020
28,540,251
29,539,101
29,932,464
21,795,905
21,273,755
19,870,710
19,972,198
20,812,301
22,035,420
23,674,894
24,714,695
27,273,068
29,539,985
31,549,251
25,447,515
27,447,329
27,646,747
26,080,571
27,592,321
28,685,703
6,956,971
7,156,308
19,571,820
22,112,832
17,534,813
18,751,354
21,218,904
25,366,398
28,364,498
32,018,629
4,055,782
30,347,859
29,266,278
30,557,721
4,351,779
30,046,234
30,304,960
6,119

6,119

30,304,960

30,046,234

4,351,779

30,557,721

29,266,278

30,347,859

4,055,782

32,018,629

28,364,498

25,366,398

21,218,904

18,751,354

17,534,813

22,112,832

19,571,820

7,156,308

6,956,971

28,685,703

27,592,321

26,080,571

27,646,747

27,447,329

25,447,515

31,549,251

29,539,985

27,273,068

24,714,695

23,674,894

22,035,420

20,812,301

19,972,198

19,870,710

21,273,755

21,795,905

29,932,464

29,539,101

28,540,251

27,723,020

27,969,468

27,744,368

26,195,360

25,969,388

26,198,066

27,335,868

3,916,554

4,044,957

4,139,625

3,895,185

4,180,585

4,201,669

4,089,581

4,018,400

3,936,523

3,910,369

3,792,936

4,499,054

4,113,663

4,069,794

4,184,878

3,791,985

3,713,024

5,094,487

2,937,111

2,202,155

2,266,398

14,634,984

31,263,573

4,018,959

Property Plant Equipment

526,943
0
0
0
26,330
0
0
0
43,679
0
0
0
64,370
64,370
-7,140,587
-5,468,327
118,966
-2,396,164
-2,527,339
-3,458,490
117,415
-7,671,574
-10,501,480
-12,144,046
144,881
-12,676,464
-15,319,002
-14,848,396
149,690
-19,748,524
-19,351,458
-20,766,700
142,390
141,445
143,804
138,433
137,088
131,715
132,196
133,999
135,740
132,448
138,902
174,028
135,543
139,318
139,350
135,260
126,784
130,693
128,075
128,910
126,566
123,973
122,318
116,615
120,372
655,476
649,148
641,789
625,541
702,256
733,179
744,853
758,750
977,059
965,611
985,003
1,033,599
868,437
886,911
887,832
896,981
894,067
888,190
864,691
1,384,060

1,384,060

864,691

888,190

894,067

896,981

887,832

886,911

868,437

1,033,599

985,003

965,611

977,059

758,750

744,853

733,179

702,256

625,541

641,789

649,148

655,476

120,372

116,615

122,318

123,973

126,566

128,910

128,075

130,693

126,784

135,260

139,350

139,318

135,543

174,028

138,902

132,448

135,740

133,999

132,196

131,715

137,088

138,433

143,804

141,445

142,390

-20,766,700

-19,351,458

-19,748,524

149,690

-14,848,396

-15,319,002

-12,676,464

144,881

-12,144,046

-10,501,480

-7,671,574

117,415

-3,458,490

-2,527,339

-2,396,164

118,966

-5,468,327

-7,140,587

64,370

43,679

26,330

526,943

Goodwill

1,901,485
0
0
0
0
0
0
0
0
0
1,551,175
1,606,514
1,597,474
1,689,976
1,689,976
1,695,848
1,703,602
1,703,602
1,703,602
1,703,602
1,703,602
1,703,602
1,703,602
1,703,602
1,703,602
1,703,602
1,703,602
1,703,602
1,703,602
1,703,602
1,703,602
1,703,602
1,703,602
1,703,602
1,703,602
1,787,392
1,787,392
1,787,392
1,787,392
1,787,392
1,787,392
1,787,392
1,787,392
1,787,392
1,718,519
1,718,519
1,718,519
1,718,519
1,718,519
1,718,519
1,718,519
1,718,519
1,778,192
1,778,192
1,778,192
1,778,192
1,869,860
1,869,860
1,869,860
1,869,860
1,869,860
1,869,860
1,869,860
1,869,860
1,901,485
1,890,185
1,890,202
1,890,202
1,890,202
1,890,202
1,890,202
1,890,202
1,890,202
1,890,202
1,890,202
1,890,202
1,890,202

1,890,202

1,890,185

1,901,485

1,869,860

1,778,192

1,718,519

1,787,392

1,703,602

1,695,848

1,689,976

1,597,474

1,606,514

1,551,175

1,901,485

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
10,501,480
11,026,730
11,974,472
12,676,464
15,319,002
14,848,396
15,128,299
19,748,524
19,351,458
20,766,700
20,847,270
19,954,586
19,897,566
20,151,386
21,729,523
21,905,850
21,627,145
22,121,153
22,765,589
22,896,254
15,919,810
15,298,755
14,324,097
14,625,032
15,136,500
15,957,934
17,694,975
18,138,258
20,549,367
22,385,192
24,434,049
19,763,563
22,008,182
22,094,920
20,377,031
21,180,950
22,242,040
22,204,460
22,281,682
16,430,701
18,973,373
14,423,456
15,617,142
17,943,309
22,188,805
25,104,195
28,665,043
30,068,474
27,323,758
26,256,148
27,553,251
26,985,951
27,048,621
27,339,857
26,317,512

26,317,512

27,339,857

27,048,621

26,985,951

27,553,251

26,256,148

27,323,758

30,068,474

28,665,043

25,104,195

22,188,805

17,943,309

15,617,142

14,423,456

18,973,373

16,430,701

22,281,682

22,204,460

22,242,040

21,180,950

20,377,031

22,094,920

22,008,182

19,763,563

24,434,049

22,385,192

20,549,367

18,138,258

17,694,975

15,957,934

15,136,500

14,625,032

14,324,097

15,298,755

15,919,810

22,896,254

22,765,589

22,121,153

21,627,145

21,905,850

21,729,523

20,151,386

19,897,566

19,954,586

20,847,270

20,766,700

19,351,458

19,748,524

15,128,299

14,848,396

15,319,002

12,676,464

11,974,472

11,026,730

10,501,480

Intangible Assets

347,955
0
0
0
0
0
0
0
0
0
715,088
659,884
604,681
1,247,135
1,206,450
1,117,038
1,077,526
1,038,013
998,500
958,989
919,477
879,965
860,634
820,169
779,311
738,465
720,134
678,291
595,488
689,565
652,874
622,280
598,535
575,622
554,043
587,144
560,748
534,490
508,924
483,839
458,833
434,033
409,828
380,303
345,547
322,719
299,892
278,219
262,604
251,640
240,677
229,713
409,828
395,336
380,844
366,368
468,507
450,757
433,007
415,257
397,508
379,758
362,008
344,258
347,955
340,478
321,780
303,082
284,384
265,686
246,988
232,096
217,287
230,295
219,221
210,210
201,208

201,208

210,210

219,221

230,295

217,287

232,096

246,988

265,686

284,384

303,082

321,780

340,478

347,955

344,258

362,008

379,758

397,508

415,257

433,007

450,757

468,507

366,368

380,844

395,336

409,828

229,713

240,677

251,640

262,604

278,219

299,892

322,719

345,547

380,303

409,828

434,033

458,833

483,839

508,924

534,490

560,748

587,144

554,043

575,622

598,535

622,280

652,874

689,565

595,488

678,291

720,134

738,465

779,311

820,169

860,634

879,965

919,477

958,989

998,500

1,038,013

1,077,526

1,117,038

1,206,450

1,247,135

604,681

659,884

715,088

347,955

Long-term Assets Other

0
0
0
0
0
0
0
0
-31,263,573
0
-14,634,984
-7,496,713
-7,986,836
-7,821,858
1,398,054
160,596
-2,784,474
596,967
518,920
160,306
-2,750,435
184,193
259,965
1,412,752
-11,826,159
253,356
339,986
330,975
-14,940,593
455,888
458,646
375,418
4,044,071
2,456,275
2,249,055
2,206,190
3,519,274
2,378,015
2,478,440
2,785,907
4,294,523
3,438,819
2,226,271
2,256,425
3,342,385
1,861,172
2,224,701
2,651,333
3,868,619
3,207,597
3,338,913
3,809,972
4,796,173
2,665,240
2,412,212
2,541,432
3,199,883
2,691,287
2,709,521
-19,200,604
-18,072,679
-1,392,352
-1,319,301
-1,305,707
-18,751,354
-1,402,271
-1,322,144
-1,116,612
-32,018,629
-30,153,629
-1,646,400
-1,767,869
-2,062,722
-26,976,190
-2,176,983
-2,184,880
-32,124,376

-32,124,376

-2,184,880

-2,176,983

-26,976,190

-2,062,722

-1,767,869

-1,646,400

-30,153,629

-32,018,629

-1,116,612

-1,322,144

-1,402,271

-18,751,354

-1,305,707

-1,319,301

-1,392,352

-18,072,679

-19,200,604

2,709,521

2,691,287

3,199,883

2,541,432

2,412,212

2,665,240

4,796,173

3,809,972

3,338,913

3,207,597

3,868,619

2,651,333

2,224,701

1,861,172

3,342,385

2,256,425

2,226,271

3,438,819

4,294,523

2,785,907

2,478,440

2,378,015

3,519,274

2,206,190

2,249,055

2,456,275

4,044,071

375,418

458,646

455,888

-14,940,593

330,975

339,986

253,356

-11,826,159

1,412,752

259,965

184,193

-2,750,435

160,306

518,920

596,967

-2,784,474

160,596

1,398,054

-7,821,858

-7,986,836

-7,496,713

-14,634,984

-31,263,573

> Total Liabilities

11,678,743
0
0
0
2,082,771
0
0
0
2,373,271
2,587,625
3,460,706
2,841,794
2,868,199
3,184,821
3,682,503
3,299,272
3,363,789
2,077,965
2,048,864
2,845,764
2,865,491
6,490,396
9,346,729
10,085,097
10,591,248
10,817,952
13,049,899
13,496,537
12,656,843
16,521,512
15,878,830
16,958,709
17,716,605
16,611,765
15,742,167
15,530,358
15,300,935
15,256,784
14,248,604
14,122,669
14,177,347
14,452,617
10,771,733
10,948,432
10,295,623
10,139,824
10,926,238
12,059,485
13,888,404
15,234,305
16,870,932
18,300,365
20,699,355
14,408,566
15,439,701
15,753,374
15,170,564
15,728,250
16,907,127
17,756,310
17,482,454
15,368,386
16,348,351
11,541,887
11,678,743
12,884,798
14,750,178
18,160,227
19,490,362
21,103,051
20,297,210
20,523,936
22,843,160
22,372,614
22,492,305
22,853,102
22,218,435

22,218,435

22,853,102

22,492,305

22,372,614

22,843,160

20,523,936

20,297,210

21,103,051

19,490,362

18,160,227

14,750,178

12,884,798

11,678,743

11,541,887

16,348,351

15,368,386

17,482,454

17,756,310

16,907,127

15,728,250

15,170,564

15,753,374

15,439,701

14,408,566

20,699,355

18,300,365

16,870,932

15,234,305

13,888,404

12,059,485

10,926,238

10,139,824

10,295,623

10,948,432

10,771,733

14,452,617

14,177,347

14,122,669

14,248,604

15,256,784

15,300,935

15,530,358

15,742,167

16,611,765

17,716,605

16,958,709

15,878,830

16,521,512

12,656,843

13,496,537

13,049,899

10,817,952

10,591,248

10,085,097

9,346,729

6,490,396

2,865,491

2,845,764

2,048,864

2,077,965

3,363,789

3,299,272

3,682,503

3,184,821

2,868,199

2,841,794

3,460,706

2,587,625

2,373,271

2,082,771

11,678,743

> Total Current Liabilities

0
0
0
0
0
0
0
0
157,355
0
149,874
8,506,000
8,817,000
8,619,000
2,641,592
2,290,376
1,872,472
1,482,103
1,468,988
1,545,207
2,207,868
2,517,305
2,994,058
3,349,361
3,275,662
3,283,148
3,597,662
3,678,198
3,543,601
3,556,104
3,564,158
3,908,407
10,414,000
10,597,000
10,840,000
11,561,000
12,905,000
13,696,000
14,326,000
15,997,000
15,513,000
15,885,000
11,706,000
10,943,000
10,139,000
9,602,000
10,137,000
10,871,000
11,076,000
11,882,000
12,428,000
12,594,000
12,966,000
12,112,000
12,833,000
13,311,000
12,593,564
13,395,154
13,987,720
14,401,113
14,494,999
1,000,708
919,195
804,009
717,104
838,930
1,205,182
871,661
937,169
871,661
991,620
1,141,905
1,158,071
1,053,128
1,377,838
1,588,748
2,440,261

2,440,261

1,588,748

1,377,838

1,053,128

1,158,071

1,141,905

991,620

871,661

937,169

871,661

1,205,182

838,930

717,104

804,009

919,195

1,000,708

14,494,999

14,401,113

13,987,720

13,395,154

12,593,564

13,311,000

12,833,000

12,112,000

12,966,000

12,594,000

12,428,000

11,882,000

11,076,000

10,871,000

10,137,000

9,602,000

10,139,000

10,943,000

11,706,000

15,885,000

15,513,000

15,997,000

14,326,000

13,696,000

12,905,000

11,561,000

10,840,000

10,597,000

10,414,000

3,908,407

3,564,158

3,556,104

3,543,601

3,678,198

3,597,662

3,283,148

3,275,662

3,349,361

2,994,058

2,517,305

2,207,868

1,545,207

1,468,988

1,482,103

1,872,472

2,290,376

2,641,592

8,619,000

8,817,000

8,506,000

149,874

157,355

Short-term Debt

0
0
0
0
0
0
0
0
0
0
0
1,084,803
1,196,858
1,084,235
734,802
986,021
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
8,984,276
0
0
0
6,179,183
0
56,353
62,095
8,953,066
94,646
11,267,312
12,668,812
14,976,074
9,519,578
10,435,267
10,435,267
0
0
207,676
163,059
154,118
105,133
80,620
80,597
986,021
58,050
57,247
36,545
57,980
104,567
441,946
313,138
232,103
137,387
94,315
329,160
163,003

163,003

329,160

94,315

137,387

232,103

313,138

441,946

104,567

57,980

36,545

57,247

58,050

986,021

80,597

80,620

105,133

154,118

163,059

207,676

10,435,267

9,519,578

14,976,074

12,668,812

11,267,312

94,646

8,953,066

62,095

56,353

6,179,183

8,984,276

986,021

734,802

1,084,235

1,196,858

1,084,803

Short Long Term Debt

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
8,984,276
0
0
0
6,179,183
0
56,353
62,095
8,953,066
94,646
11,267,312
12,668,812
14,976,074
9,519,578
10,435,267
10,435,267
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

10,435,267

9,519,578

14,976,074

12,668,812

11,267,312

94,646

8,953,066

62,095

56,353

6,179,183

8,984,276

Accounts payable

0
0
0
0
113,064
0
0
0
157,355
217,922
149,874
164,899
250,445
210,987
175,150
170,498
173,436
208,681
163,451
139,743
308,857
448,329
671,300
623,730
691,807
658,939
735,814
698,583
828,873
1,011,428
823,413
825,153
1,038,888
1,386,791
1,096,167
1,115,206
872,086
1,418,699
1,390,617
2,048,754
1,194,579
1,246,739
936,976
821,871
648,662
561,402
654,799
973,919
1,081,782
1,707,050
1,739,358
1,395,030
2,043,522
1,252,231
950,802
829,496
875,979
735,667
929,688
1,069,475
806,159
1,000,708
919,195
804,009
717,104
838,930
1,205,182
871,661
937,169
1,053,128
991,620
1,141,905
1,158,071
1,575,938
1,377,838
1,588,748
2,277,258

2,277,258

1,588,748

1,377,838

1,575,938

1,158,071

1,141,905

991,620

1,053,128

937,169

871,661

1,205,182

838,930

717,104

804,009

919,195

1,000,708

806,159

1,069,475

929,688

735,667

875,979

829,496

950,802

1,252,231

2,043,522

1,395,030

1,739,358

1,707,050

1,081,782

973,919

654,799

561,402

648,662

821,871

936,976

1,246,739

1,194,579

2,048,754

1,390,617

1,418,699

872,086

1,115,206

1,096,167

1,386,791

1,038,888

825,153

823,413

1,011,428

828,873

698,583

735,814

658,939

691,807

623,730

671,300

448,329

308,857

139,743

163,451

208,681

173,436

170,498

175,150

210,987

250,445

164,899

149,874

217,922

157,355

113,064

Other Current Liabilities

0
0
0
0
46,044
0
0
0
-157,355
43,194
-149,874
7,256,298
7,369,697
7,323,778
1,062,141
590,437
1,699,036
1,273,422
1,305,537
1,405,464
1,899,011
2,068,976
2,322,758
2,725,631
2,583,855
2,624,209
2,861,848
2,979,615
2,714,728
2,544,676
2,740,745
3,083,254
9,375,112
9,210,209
9,743,833
10,445,794
12,032,914
12,277,301
12,935,383
13,948,246
14,318,421
14,638,261
10,769,024
10,121,129
9,490,338
9,040,598
9,482,201
9,897,081
9,994,218
10,174,950
10,688,642
11,198,970
10,922,478
10,859,769
11,882,198
12,481,504
11,717,585
12,659,487
13,058,032
13,331,638
13,688,840
-1,000,708
-919,195
-804,009
-717,104
-838,930
-1,205,182
-871,661
-937,169
-181,467
-991,620
-1,141,905
-1,158,071
-522,810
-1,377,838
-1,588,748
-2,440,261

-2,440,261

-1,588,748

-1,377,838

-522,810

-1,158,071

-1,141,905

-991,620

-181,467

-937,169

-871,661

-1,205,182

-838,930

-717,104

-804,009

-919,195

-1,000,708

13,688,840

13,331,638

13,058,032

12,659,487

11,717,585

12,481,504

11,882,198

10,859,769

10,922,478

11,198,970

10,688,642

10,174,950

9,994,218

9,897,081

9,482,201

9,040,598

9,490,338

10,121,129

10,769,024

14,638,261

14,318,421

13,948,246

12,935,383

12,277,301

12,032,914

10,445,794

9,743,833

9,210,209

9,375,112

3,083,254

2,740,745

2,544,676

2,714,728

2,979,615

2,861,848

2,624,209

2,583,855

2,725,631

2,322,758

2,068,976

1,899,011

1,405,464

1,305,537

1,273,422

1,699,036

590,437

1,062,141

7,323,778

7,369,697

7,256,298

-149,874

43,194

-157,355

46,044

> Long-term Liabilities

0
0
0
0
837,627
0
0
0
-263,954
1,405,509
-2,956,972
145,000
130,000
452,000
1,040,911
1,008,896
1,491,317
1,028,447
1,034,699
1,766,613
1,183,934
4,518,439
6,895,158
6,735,736
7,315,586
7,534,804
9,452,237
9,818,339
9,113,242
12,965,408
12,314,672
13,050,302
13,051,000
11,905,000
11,364,000
10,802,000
10,467,000
9,987,000
8,989,000
7,814,000
8,924,000
9,063,000
5,837,000
6,159,000
6,117,000
6,358,000
6,742,000
7,245,000
8,866,000
9,797,000
11,189,000
12,582,000
14,815,000
9,307,000
10,195,000
10,162,000
9,951,862
10,011,155
10,676,138
11,270,245
11,080,723
1,000,708
919,195
804,009
717,104
838,930
1,205,182
871,661
937,169
17,288,566
991,620
1,141,905
1,158,071
20,049,923
13,331,930
13,092,993
22,212,316

22,212,316

13,092,993

13,331,930

20,049,923

1,158,071

1,141,905

991,620

17,288,566

937,169

871,661

1,205,182

838,930

717,104

804,009

919,195

1,000,708

11,080,723

11,270,245

10,676,138

10,011,155

9,951,862

10,162,000

10,195,000

9,307,000

14,815,000

12,582,000

11,189,000

9,797,000

8,866,000

7,245,000

6,742,000

6,358,000

6,117,000

6,159,000

5,837,000

9,063,000

8,924,000

7,814,000

8,989,000

9,987,000

10,467,000

10,802,000

11,364,000

11,905,000

13,051,000

13,050,302

12,314,672

12,965,408

9,113,242

9,818,339

9,452,237

7,534,804

7,315,586

6,735,736

6,895,158

4,518,439

1,183,934

1,766,613

1,034,699

1,028,447

1,491,317

1,008,896

1,040,911

452,000

130,000

145,000

-2,956,972

1,405,509

-263,954

837,627

Long term Debt Total

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
6,352,671
6,735,736
7,198,898
7,325,138
9,300,142
9,412,191
8,867,568
12,693,529
12,110,532
12,875,686
13,051,404
11,904,958
11,363,892
10,801,714
10,466,504
9,987,304
8,989,184
7,814,377
8,937,638
9,063,490
5,836,622
6,158,702
6,116,747
6,357,782
6,741,728
7,244,634
8,866,366
9,796,933
11,188,779
12,581,638
14,815,436
9,307,266
10,195,403
10,161,886
9,951,862
10,011,155
10,676,138
11,270,245
11,080,723
10,392,903
10,839,568
5,570,888
5,644,653
5,573,965
5,594,648
7,527,576
7,748,163
8,937,456
9,365,274
9,263,080
12,349,584
12,311,469
12,299,855
12,111,377
0

12,111,377

12,299,855

12,311,469

12,349,584

9,263,080

9,365,274

8,937,456

7,748,163

7,527,576

5,594,648

5,573,965

5,644,653

5,570,888

10,839,568

10,392,903

11,080,723

11,270,245

10,676,138

10,011,155

9,951,862

10,161,886

10,195,403

9,307,266

14,815,436

12,581,638

11,188,779

9,796,933

8,866,366

7,244,634

6,741,728

6,357,782

6,116,747

6,158,702

5,836,622

9,063,490

8,937,638

7,814,377

8,989,184

9,987,304

10,466,504

10,801,714

11,363,892

11,904,958

13,051,404

12,875,686

12,110,532

12,693,529

8,867,568

9,412,191

9,300,142

7,325,138

7,198,898

6,735,736

6,352,671

Warrants

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
671,164
775,185
723,948
585,606
618,417
1,258,295
1,450,970
1,556,185
1,639,127
1,978,286
2,117,602
1,950,442
2,176,354
2,284,169
2,443,479
2,441,854
2,510,047
196,600
183,161
183,459
177,054
174,005
194,150
185,390
188,658
190,700
201,377
210,944
209,010
158,799
153,504
141,779
136,941
101,310
93,667
87,651
72,066
68,564
63,384
65,161
65,546
65,568
66,824
68,028
41,430
1,275,491
1,344,188
1,715,006
1,644,697
0
0
0

1,644,697

1,715,006

1,344,188

1,275,491

41,430

68,028

66,824

65,568

65,546

65,161

63,384

68,564

72,066

87,651

93,667

101,310

136,941

141,779

153,504

158,799

209,010

210,944

201,377

190,700

188,658

185,390

194,150

174,005

177,054

183,459

183,161

196,600

2,510,047

2,441,854

2,443,479

2,284,169

2,176,354

1,950,442

2,117,602

1,978,286

1,639,127

1,556,185

1,450,970

1,258,295

618,417

585,606

723,948

775,185

671,164

Other Liabilities

0
0
0
0
1,086,036
0
0
0
750,846
395,536
2,386,029
1,328,609
1,101,510
1,230,946
1,775,713
1,127,630
2,389,000
1,521,301
1,485,646
1,568,473
1,410,066
1,645,573
1,748,093
1,701,434
1,762,287
1,939,129
1,881,290
1,944,273
282,814
1,723,993
1,763,742
1,787,656
420,959
1,882,827
1,824,009
1,810,168
427,950
445,780
527,465
805,168
950,844
954,309
1,292,540
1,235,059
661,549
727,038
1,257,531
1,301,923
1,246,156
1,229,002
1,289,808
1,278,490
585,051
795,379
899,528
941,073
1,072,240
1,045,452
1,081,899
984,969
1,054,029
1,247,098
1,268,571
1,064,336
1,135,041
1,161,775
1,226,504
1,426,209
1,906,098
1,881,054
2,001,391
2,060,891
2,272,105
2,216,579
0
2,092,837
0

2,092,837

2,216,579

2,272,105

2,060,891

2,001,391

1,881,054

1,906,098

1,426,209

1,226,504

1,161,775

1,135,041

1,064,336

1,268,571

1,247,098

1,054,029

984,969

1,081,899

1,045,452

1,072,240

941,073

899,528

795,379

585,051

1,278,490

1,289,808

1,229,002

1,246,156

1,301,923

1,257,531

727,038

661,549

1,235,059

1,292,540

954,309

950,844

805,168

527,465

445,780

427,950

1,810,168

1,824,009

1,882,827

420,959

1,787,656

1,763,742

1,723,993

282,814

1,944,273

1,881,290

1,939,129

1,762,287

1,701,434

1,748,093

1,645,573

1,410,066

1,568,473

1,485,646

1,521,301

2,389,000

1,127,630

1,775,713

1,230,946

1,101,510

1,328,609

2,386,029

395,536

750,846

1,086,036

> Total Stockholder Equity

14,525,348
0
0
0
1,824,945
0
0
0
2,722,879
2,890,442
4,558,855
4,319,366
4,226,845
4,145,376
4,000,823
3,813,857
3,509,157
3,430,846
3,351,753
3,340,251
3,379,127
3,738,220
3,840,629
4,138,224
4,363,096
4,421,486
4,605,787
4,133,102
4,670,663
5,148,782
5,382,185
5,366,587
5,466,847
5,476,259
5,538,900
5,671,564
6,306,766
6,345,452
6,744,316
6,702,730
7,060,267
7,458,786
7,140,329
6,517,100
6,269,788
6,090,411
6,162,500
6,297,322
6,461,042
6,658,421
6,510,680
6,586,013
6,636,347
6,514,206
7,047,349
6,987,517
6,379,224
6,468,642
6,308,355
6,714,413
7,009,784
5,384,619
5,660,994
6,179,890
6,652,043
7,844,150
8,406,156
9,054,043
9,422,893
9,659,967
8,631,167
7,585,676
7,655,911
7,090,837
7,219,447
7,132,823
6,816,798

6,816,798

7,132,823

7,219,447

7,090,837

7,655,911

7,585,676

8,631,167

9,659,967

9,422,893

9,054,043

8,406,156

7,844,150

6,652,043

6,179,890

5,660,994

5,384,619

7,009,784

6,714,413

6,308,355

6,468,642

6,379,224

6,987,517

7,047,349

6,514,206

6,636,347

6,586,013

6,510,680

6,658,421

6,461,042

6,297,322

6,162,500

6,090,411

6,269,788

6,517,100

7,140,329

7,458,786

7,060,267

6,702,730

6,744,316

6,345,452

6,306,766

5,671,564

5,538,900

5,476,259

5,466,847

5,366,587

5,382,185

5,148,782

4,670,663

4,133,102

4,605,787

4,421,486

4,363,096

4,138,224

3,840,629

3,738,220

3,379,127

3,340,251

3,351,753

3,430,846

3,509,157

3,813,857

4,000,823

4,145,376

4,226,845

4,319,366

4,558,855

2,890,442

2,722,879

1,824,945

14,525,348

Common Stock

7
0
0
0
1,818,749
0
0
0
2,712,605
2,884,165
4,558,505
4,318,973
4,226,500
4,144,519
3,999,764
3,814,142
3,509,448
3,433,752
3,351,177
3,340,428
3,376,707
3,736,511
3,839,019
4,132,225
4,358,794
4,418,385
4,603,157
4,131,257
4,668,705
5,145,485
5,380,253
5,365,184
5,464,677
5,478,211
5,537,746
5,669,930
6,303,300
6,343,034
6,738,567
6,712,137
7,081,131
7,500,800
7,176,451
6,566,990
6,322,307
6,136,475
6,208,387
6,344,792
6,523,929
6,713,622
6,558,159
6,620,434
6,670,365
6,541,409
7,105,225
7,024,079
6,415,700
6,501,072
6,335,897
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7

6,335,897

6,501,072

6,415,700

7,024,079

7,105,225

6,541,409

6,670,365

6,620,434

6,558,159

6,713,622

6,523,929

6,344,792

6,208,387

6,136,475

6,322,307

6,566,990

7,176,451

7,500,800

7,081,131

6,712,137

6,738,567

6,343,034

6,303,300

5,669,930

5,537,746

5,478,211

5,464,677

5,365,184

5,380,253

5,145,485

4,668,705

4,131,257

4,603,157

4,418,385

4,358,794

4,132,225

3,839,019

3,736,511

3,376,707

3,340,428

3,351,177

3,433,752

3,509,448

3,814,142

3,999,764

4,144,519

4,226,500

4,318,973

4,558,505

2,884,165

2,712,605

1,818,749

Retained Earnings

335,762
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
551,737
470,583
295,544
211,758
-50,111
386,864
764,741
966,931
737,079
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
456,814
609,625
-871,948
-574,295
-36,432
335,762
1,408,768
2,133,794
3,031,765
3,647,785
3,805,918
2,803,100
1,869,463
1,748,106
1,156,109
1,160,278
1,114,009
660,734

660,734

1,114,009

1,160,278

1,156,109

1,748,106

1,869,463

2,803,100

3,805,918

3,647,785

3,031,765

2,133,794

1,408,768

335,762

-36,432

-574,295

-871,948

609,625

456,814

737,079

966,931

764,741

386,864

-50,111

211,758

295,544

470,583

551,737

335,762

Accumulated Other Comprehensive Income

-15,831
0
0
0
0
0
0
0
0
0
350
393
0
1,000
1,059
-285
-291
-2,906
576
-177
2,420
1,709
1,610
5,999
4,302
3,101
2,630
1,845
1,958
3,297
1,932
1,403
2,000
-2,000
1,000
2,000
3,000
2,000
6,000
-9,000
-21,000
-42,000
-36,000
-50,000
-53,000
-46,000
-46,000
-47,000
-63,000
-55,000
-47,000
-34,000
-34,000
-27,000
-58,000
-37,000
-36,000
-32,000
-28,000
-35,000
-28,000
-41,533
-36,758
-27,407
-15,831
-11,454
-10,245
-15,357
-10,245
-15,357
-42,225
-74,800
-27,475
-25,754
-17,205
-38,258
-19,133

-19,133

-38,258

-17,205

-25,754

-27,475

-74,800

-42,225

-15,357

-10,245

-15,357

-10,245

-11,454

-15,831

-27,407

-36,758

-41,533

-28,000

-35,000

-28,000

-32,000

-36,000

-37,000

-58,000

-27,000

-34,000

-47,000

-55,000

-63,000

-47,000

-46,000

-53,000

-50,000

-36,000

-42,000

-21,000

-9,000

6,000

2,000

3,000

2,000

1,000

-2,000

2,000

1,403

1,932

3,297

1,958

1,845

2,630

3,101

4,302

5,999

1,610

1,709

2,420

-177

576

-2,906

-291

-285

1,059

1,000

393

350

-15,831

Capital Surplus

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
0
0
0
6,292,765
6,428,647
6,298,093
6,272,040
6,243,722
6,332,105
6,446,829
6,282,600
6,037,628
5,794,727
5,879,796
5,870,285
5,791,006
5,935,273
5,957,054
6,076,367
6,057,065
0

6,057,065

6,076,367

5,957,054

5,935,273

5,791,006

5,870,285

5,879,796

5,794,727

6,037,628

6,282,600

6,446,829

6,332,105

6,243,722

6,272,040

6,298,093

6,428,647

6,292,765

Treasury Stock

Other Stockholders Equity

14,205,410
0
0
0
6,196
0
0
0
10,274
6,277
350
393
345
-143
0
0
0
0
0
0
0
0
6,584,093
-551,737
-470,583
-295,544
-211,758
50,111
-386,864
-764,741
-966,931
-737,079
170
48
154
-366
466
418
-251
-407
136
-14
-122
110
481
-64
113
-470
113
-201
-479
-421
-18
-203
124
438
-476
-430
458
6,292,592
6,428,152
6,256,560
6,235,282
6,216,315
6,316,274
6,435,375
6,272,355
6,022,271
5,775,101
5,869,399
5,870,285
5,791,006
5,907,798
5,960,475
6,059,162
6,018,807
6,175,190

6,175,190

6,018,807

6,059,162

5,960,475

5,907,798

5,791,006

5,870,285

5,869,399

5,775,101

6,022,271

6,272,355

6,435,375

6,316,274

6,216,315

6,235,282

6,256,560

6,428,152

6,292,592

458

-430

-476

438

124

-203

-18

-421

-479

-201

113

-470

113

-64

481

110

-122

-14

136

-407

-251

418

466

-366

154

170

-737,079

-966,931

-764,741

-386,864

50,111

-211,758

-295,544

-470,583

-551,737

6,584,093

-143

345

393

350

6,277

10,274

6,196

14,205,410

Balance Sheet

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	1999-12-31
Accounts Payable	2,277,258	1,158,071	937,169	717,104	806,159	875,979	2,043,522	1,081,782	648,662	1,194,579	872,086	1,038,888	828,873	691,807	308,857	173,436	250,445	157,355	113,064	-	-	-	0
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Accumulated Other Comprehensive Income	-19,133	-27,475	-19,626	-15,831	-28,495	-36,000	-34,000	-63,000	-53,000	-21,000	3,000	2,000	1,958	4,302	2,420	-291	345	10,000	0	-	-	-	-15,831
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Capital Stock	7	7	7	7	7	6,415,700	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Capital Surpluse	0	5,935,273	5,794,727	6,332,105	6,428,647	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Cash	3,272,063	4,252,003	2,119,738	1,999,484	2,172,441	2,207,841	1,992,497	1,837,253	1,837,324	1,412,472	831,998	709,502	754,744	588,621	952,096	503,737	868,629	129,443	-1,132,080	-	-	-	64,972
Cash And Equivalents	0	4,252,003	2,119,738	1,999,484	2,172,441	2,207,841	1,992,497	1,837,253	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Cash And Short Term Investments	3,272,063	4,252,003	2,119,738	1,999,484	2,172,441	2,207,841	1,992,497	1,837,253	1,837,324	1,412,472	831,998	709,502	15,883,043	12,563,093	4,603,663	4,242,003	1,032,325	31,673,933	20,287,019	-	-	-	64,972
Common Stock	7	7	7	7	7	6,415,700	6,670,365	6,523,929	6,322,307	7,081,131	6,303,300	5,464,677	4,668,705	4,358,794	3,376,707	3,509,448	4,226,500	2,712,605	1,818,749	-	-	-	7
Common Stock Shares Outstanding	755,420	740,942	720,125	697,258	676,168	1,206,963	666,247	1,195,115	1,188,085	613,176	590,547	538,669	475,583	364,021	288,990	268,377	259,980	183,868	183,868	183,868	189,208	189,208	722,433
Common Stock Total Equity	0	7	7	7	7	6,415,700	6,670,365	6,523,929	6,322,307	7,081,131	6,303,300	5,464,677	4,668,705	4,358,794	3,376,707	3,509,448	4,226,500	0	1,818,749	-	-	-	0
Current Deferred Revenue	0	925,968	759,089	548,349	567,402	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Deferred Long Term Asset Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Deferred Long Term Liab	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Good Will	1,890,202	1,890,202	1,890,202	1,901,485	1,869,860	1,869,860	1,778,192	1,718,519	1,718,519	1,787,392	1,787,392	1,703,602	1,703,602	1,703,602	1,703,602	1,703,602	1,597,474	0	0	-	-	-	1,901,485
Intangible Assets	201,208	217,287	284,384	347,955	397,508	468,507	409,828	262,604	345,547	458,833	560,748	598,535	595,488	779,311	919,477	1,077,526	604,681	0	0	-	-	-	347,955
Inventory	0	9,103,326	7,493,215	6,152,129	6,093,599	0	0	0	0	0	0	0	724,762	790,399	-86,084	0	0	0	0	-	-	-	0
Liabilities And Stockholders Equity	40,293,649	42,524,227	41,196,408	26,269,252	32,585,506	28,924,650	34,428,910	26,403,337	22,526,080	31,510,894	29,678,606	28,931,552	21,909,129	18,844,605	9,409,024	9,257,911	13,174,200	33,891,044	21,121,124	19,317,508	13,856,783	9,935,071	26,204,091
Long Term Debt	0	12,349,584	7,748,163	5,644,653	11,080,723	9,951,862	14,815,436	8,866,366	6,116,747	8,937,638	10,466,504	14,529,790	8,867,568	7,198,898	633,803	82,916	88,840	49,822	20,457	-	-	-	0
Long Term Debt Total	0	12,349,584	7,748,163	5,644,653	11,080,723	9,951,862	14,815,436	8,866,366	6,116,747	8,937,638	10,466,504	0	8,867,568	7,198,898	0	0	0	0	0	-	-	-	0
Long Term Investments	26,317,512	27,553,251	28,665,043	15,617,142	22,281,682	20,377,031	24,434,049	17,694,975	14,324,097	22,765,589	21,729,523	0	15,128,299	11,974,472	0	0	0	0	0	-	-	-	0
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Net Debt	9,021,819	9,208,979	6,594,438	4,342,821	9,605,394	7,966,223	12,941,779	7,104,437	4,320,352	7,555,073	9,950,858	12,484,168	8,214,673	6,610,277	-294,473	-116,737	-738,240	846,538	3,101,787	-	-	-	-64,972
Net Invested Capital	18,120,857	20,095,439	17,229,036	12,373,504	18,244,625	16,553,288	21,570,623	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Net Receivables	4,659,886	4,609,611	5,293,483	4,087,673	3,569,948	2,630,361	2,916,146	2,215,073	1,853,950	1,687,729	2,080,400	1,758,231	1,266,654	1,291,288	1,066,214	1,222,007	1,881,190	1,311,586	0	-	-	-	866,158
Net Tangible Assets	0	7,263,428	7,248,307	4,467,764	4,830,067	11,415,719	11,541,535	10,533,810	10,166,391	15,087,322	12,029,531	0	6,953,196	5,770,444	0	0	0	0	0	-	-	-	0
Net Working Capital	515,605	7,703,543	6,476,052	5,370,053	4,936,230	-9,749,485	-10,086,331	-8,465,981	-7,689,068	-13,541,207	-10,970,762	-9,066,334	14,470,343	11,550,543	2,702,102	3,593,454	-7,735,285	32,828,164	0	-	-	-	0
Non Current Assets Total	6,119	30,557,721	32,018,629	18,751,354	25,228,987	26,080,571	31,549,251	23,674,894	19,870,710	29,539,101	27,744,368	27,335,868	3,895,185	4,018,400	4,499,054	3,791,985	2,202,155	31,263,573	0	-	-	-	4,018,959
Non Current Liabilities Other	0	1,115,223	993,862	748,685	772,657	364,819	273,220	290,722	217,596	115,785	392,547	0	101,849	116,688	0	0	0	0	0	-	-	-	0
Non Current Liabilities Total	22,212,316	1,158,071	8,714,176	6,342,305	11,777,835	9,951,862	14,815,436	8,866,366	6,116,747	8,938,000	10,467,000	13,051,000	9,113,242	7,315,586	1,183,934	1,491,317	130,000	-263,954	837,627	-	-	-	0
Non Currrent Assets Other	-32,124,376	-2,062,722	-1,581,637	-1,242,576	-1,089,305	2,460,401	4,070,203	2,582,150	2,064,956	3,042,293	2,310,067	2,758,460	-14,940,593	-11,826,159	-2,750,435	-2,784,474	-7,986,836	-31,263,573	0	-	-	-	0
Noncontrolling Interest In Consolidated Entity	0	10,310,150	12,215,125	7,873,305	8,005,617	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Other Assets	37,331,664	3,104,892	1,764,558	1,430,741	1,614,130	1,037,210	928,681	118,495	204,893	1,455,047	1,356,591	248,018	1,446,405	1,390,606	998,653	893,807	9,890,330	-30,358,048	21,121,124	21,253,939	14,937,386	10,348,829	21,318,974
Other Current Assets	-7,931,949	-9,103,326	-7,493,215	-6,152,129	-6,093,599	-1,994,123	-2,028,984	-1,442,378	-1,240,797	-1,128,408	-978,160	-1,120,067	139,485	181,425	-673,823	1,916	-1,831,800	15,776	8,191	-	-	-	-64,972
Other Current Liab	-2,440,261	-1,158,071	-937,169	-717,104	-806,159	11,717,585	10,922,468	9,994,147	9,490,883	14,318,421	12,032,914	9,375,112	2,714,728	2,583,855	1,241,388	1,699,036	7,369,697	-157,355	46,044	-	-	-	0
Other Liab	0	2,272,105	1,906,098	1,135,041	1,054,029	1,072,240	975,812	1,227,407	1,292,345	3,390,091	2,560,879	1,675,794	1,134,853	2,583,855	1,899,011	2,802,459	1,290,507	832,149	1,086,036	-	-	-	0
Other Stockholder Equity	6,175,190	5,935,273	5,775,101	6,316,274	6,400,152	-476	-18	113	481	136	466	170	-386,864	-470,583	0	0	345	274	6,196	-	-	-	14,205,410
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Preferred Stock Total Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Property Plant And Equipment Gross	1,778,662	1,645,315	1,312,443	758,750	625,541	120,372	126,566	126,784	135,543	135,740	137,088	142,390	149,690	144,881	117,415	118,966	64,370	0	0	-	-	-	0
Property Plant And Equipment Net	1,384,060	896,981	1,033,599	758,750	625,541	120,372	126,566	126,784	135,543	135,740	137,088	142,390	149,690	144,881	117,415	118,966	64,370	0	0	-	-	-	526,943
Property Plant Equipment	0	896,981	788,991	526,943	625,541	120,372	126,566	126,784	135,543	135,740	137,088	142,390	149,690	144,881	117,415	118,966	64,370	43,679	26,330	-	-	-	0
Retained Earnings	660,734	1,748,106	3,647,785	335,762	609,625	0	0	0	0	0	0	0	386,864	470,583	0	0	0	0	0	-	-	-	335,762
Retained Earnings Total Equity	0	1,748,106	3,647,785	335,762	609,625	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Short Long Term Debt	0	0	0	0	0	0	14,976,074	8,953,066	6,179,183	8,984,276	0	0	0	0	0	0	0	0	0	-	-	-	0
Short Long Term Debt Total	12,293,882	13,460,982	8,714,176	6,342,305	11,777,835	10,174,064	14,934,276	8,941,690	6,157,676	8,967,545	10,782,856	13,193,670	8,969,417	7,198,898	657,623	387,000	130,389	975,981	1,969,707	-	-	-	0
Short Term Debt	163,003	232,103	178,080	168,755	238,757	222,202	118,840	75,324	40,929	8,984,276	0	0	0	0	657,623	0	1,196,858	0	0	-	-	-	0
Short Term Investments	0	27,553,251	28,665,043	0	0	0	1,929,531	118,495	204,893	1,808,092	1,194,866	1,652,429	15,128,299	11,974,472	3,565,483	2,830,942	163,696	31,544,490	20,287,019	-	-	-	0
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Total Assets	40,293,649	42,524,227	41,196,408	26,269,252	32,585,506	28,924,650	34,428,910	26,403,337	22,526,080	31,510,894	29,678,606	28,931,552	21,909,129	18,844,605	9,409,024	9,257,911	13,174,200	33,891,044	21,121,124	19,317,508	13,856,783	9,935,071	26,204,091
Total Current Assets	2,955,866	8,861,614	7,413,221	6,087,157	5,742,389	2,844,079	2,879,659	2,609,948	2,450,477	1,971,793	1,934,238	1,347,666	18,013,944	14,826,205	4,909,970	5,465,926	1,081,715	32,985,519	19,154,939	-	-	-	866,158
Total Current Liabilities	2,440,261	1,158,071	937,169	717,104	806,159	12,593,564	12,965,990	11,075,929	10,139,545	15,513,000	12,905,000	10,414,000	3,543,601	3,275,662	2,207,868	1,872,472	8,817,000	157,355	0	-	-	-	0
Total Liab	22,218,435	22,843,160	19,490,362	11,678,743	17,482,454	15,170,564	20,699,355	13,888,404	10,295,623	14,177,347	15,300,935	17,716,605	12,656,843	10,591,248	2,865,491	3,363,789	2,868,199	2,373,271	2,082,771	19,317,508	13,856,783	9,935,071	11,678,743
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Total Stockholder Equity	6,816,798	7,655,911	9,422,893	6,652,043	7,009,784	6,379,224	6,636,347	6,461,042	6,269,788	7,060,267	6,306,766	5,466,847	4,670,663	4,363,096	3,379,127	3,509,157	4,226,845	2,722,879	1,824,945	-	-	-	14,525,348
Treasury Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Warrants	0	1,715,006	68,028	65,161	87,651	141,779	210,944	185,390	183,459	2,441,854	1,950,442	0	585,606	0	0	0	0	0	0	-	-	-	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	1999-12-31
Accounts Payable	2,277,258	1,588,748	1,377,838	1,575,938	1,158,071	1,141,905	991,620	1,053,128	937,169	871,661	1,205,182	838,930	717,104	804,009	919,195	1,000,708	806,159	1,069,475	929,688	735,667	875,979	829,496	950,802	1,252,231	2,043,522	1,395,030	1,739,358	1,707,050	1,081,782	973,919	654,799	561,402	648,662	821,871	936,976	1,246,739	1,194,579	2,048,754	1,390,617	1,418,699	872,086	1,115,206	1,096,167	1,386,791	1,038,888	825,153	823,413	1,011,428	828,873	698,583	735,814	658,939	691,807	623,730	671,300	448,329	308,857	139,743	163,451	208,681	173,436	170,498	175,150	210,987	250,445	164,899	149,874	217,922	157,355	0	0	0	113,064	-	-	-	-
Accumulated Amortization	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Accumulated Depreciation	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Accumulated Other Comprehensive Income	-19,133	-38,258	-17,205	-25,754	-27,475	-74,800	-42,225	-15,357	-10,245	-15,357	-10,245	-11,454	-15,831	-27,407	-36,758	-41,533	-28,000	-35,000	-28,000	-32,000	-36,000	-37,000	-58,000	-27,000	-34,000	-34,000	-47,000	-55,000	-63,000	-47,000	-46,000	-46,000	-53,000	-50,000	-36,000	-42,000	-21,000	-9,000	6,000	2,000	3,000	2,000	1,000	-2,000	2,000	1,403	1,932	3,297	1,958	1,845	2,630	3,101	4,302	5,999	1,610	1,709	2,420	-177	576	-2,906	-291	-285	1,059	1,000	0	393	350	0	0	0	0	0	0	-	-	-	-15,831
Additional Paid In Capital	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Capital Lease Obligations	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Capital Stock	7	7	7	7	7	7	7	7	7	7	7	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	0	0	0	0	0	0	-	-	-	-
Capital Surpluse	0	6,057,065	6,076,367	5,957,054	5,935,273	5,791,006	5,870,285	5,879,796	5,794,727	6,037,628	6,282,600	6,446,829	6,332,105	6,243,722	6,272,040	6,298,093	6,428,647	6,292,765	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	-	-	-	-
Cash	3,272,063	2,971,614	3,280,204	2,830,971	4,252,003	3,480,003	4,183,380	3,868,567	2,119,738	5,011,433	2,467,444	2,862,422	1,999,484	2,628,895	1,976,512	2,068,326	2,172,441	2,468,563	1,484,444	1,570,741	2,207,841	1,937,963	1,710,251	1,746,948	1,992,497	1,315,687	1,745,547	2,303,680	1,837,253	1,781,882	1,495,466	1,372,552	1,837,324	1,380,404	2,164,640	1,135,472	1,412,472	943,519	1,223,073	787,521	831,998	888,938	660,977	815,266	709,502	833,515	412,545	391,304	754,744	592,982	434,803	455,811	588,621	1,016,229	506,739	627,257	952,096	486,470	784,579	776,303	503,737	1,134,954	217,660	672,669	868,629	610,193	1,433,363	-964,194	129,443	0	0	0	-1,132,080	-	-	-	64,972
Cash And Equivalents	0	2,971,614	3,280,204	2,830,971	4,252,003	3,480,003	4,183,380	3,868,567	2,119,738	5,011,433	2,467,444	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	0	0	0	0	0	0	-	-	-	-
Cash And Short Term Investments	3,272,063	2,971,614	3,280,204	33,937,041	4,252,003	3,480,003	4,183,380	3,868,567	2,119,738	5,011,433	2,467,444	2,862,422	1,999,484	2,628,895	1,976,512	2,068,326	2,172,441	2,468,563	1,484,444	1,570,741	2,207,841	1,937,963	1,710,251	1,746,948	1,992,497	1,315,687	1,745,547	2,303,680	1,837,253	1,781,882	1,495,466	1,372,552	1,837,324	1,380,404	2,164,640	1,135,472	1,412,472	943,519	1,223,073	787,521	831,998	888,938	660,977	815,266	709,502	21,600,215	19,764,003	20,139,828	15,883,043	15,441,378	15,753,805	13,132,275	12,563,093	12,434,650	11,398,395	8,575,371	4,603,663	4,372,402	3,382,832	3,240,942	4,242,003	6,603,281	7,413,246	7,857,155	1,032,325	923,058	1,901,129	37,631,964	31,673,933	0	0	0	20,287,019	-	-	-	64,972
Common Stock	7	7	7	7	7	7	7	7	7	7	7	7	7	7	7	7	7	7	6,335,897	6,501,072	6,415,700	7,024,079	7,105,225	6,541,409	6,670,365	6,620,434	6,558,159	6,713,622	6,523,929	6,344,792	6,208,387	6,136,475	6,322,307	6,566,990	7,176,451	7,500,800	7,081,131	6,712,137	6,738,567	6,343,034	6,303,300	5,669,930	5,537,746	5,478,211	5,464,677	5,365,184	5,380,253	5,145,485	4,668,705	4,131,257	4,603,157	4,418,385	4,358,794	4,132,225	3,839,019	3,736,511	3,376,707	3,340,428	3,351,177	3,433,752	3,509,448	3,814,142	3,999,764	4,144,519	4,226,500	4,318,973	4,558,505	2,884,165	2,712,605	0	0	0	1,818,749	-	-	-	7
Common Stock Shares Outstanding	758,278	758,046	758,548	746,644	742,930	742,496	707,382	734,967	726,445	722,433	721,265	709,912	700,185	700,528	1,204,412	676,305	676,305	676,220	673,986	1,200,480	674,508	1,205,878	682,011	1,210,574	674,479	1,200,502	1,200,006	1,199,507	660,940	1,195,805	1,194,478	1,194,273	644,898	638,833	634,193	631,232	625,277	614,979	609,898	605,669	601,527	592,921	586,763	585,700	582,322	546,924	528,779	517,390	506,986	487,190	483,644	457,653	389,804	370,102	354,400	333,434	318,333	283,243	273,624	272,107	273,624	267,831	263,610	263,147	259,861	260,194	189,208	260,172	183,868	183,868	189,208	189,208	183,868	183,868	183,868	183,868	-
Common Stock Total Equity	0	0	0	7	7	7	7	7	7	7	7	7	7	7	7	7	7	7	6,335,897	6,501,072	6,415,700	7,024,079	7,105,225	6,541,409	6,670,365	6,620,434	6,558,159	6,713,622	6,523,929	6,344,792	6,208,387	6,136,475	6,322,307	6,566,990	7,176,451	7,500,800	7,081,131	6,712,137	6,738,567	6,343,034	6,303,300	5,669,930	5,537,746	5,478,211	5,464,677	5,365,184	5,380,253	5,145,485	4,668,705	4,131,257	4,603,157	4,418,385	4,358,794	4,132,225	3,839,019	3,736,511	3,376,707	3,340,428	3,351,177	3,433,752	3,509,448	3,814,142	3,999,764	4,144,519	4,226,500	4,318,973	4,558,505	2,884,165	0	0	0	0	1,818,749	-	-	-	-
Current Deferred Revenue	0	1,259,588	1,283,523	-137,387	925,968	828,767	549,674	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	543,420	669,499	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Deferred Long Term Asset Charges	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Deferred Long Term Liab	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Earning Assets	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Good Will	1,890,202	1,890,202	1,890,202	1,890,202	1,890,202	1,890,202	1,890,202	1,890,202	1,890,202	1,890,202	1,890,202	1,890,185	1,901,485	1,869,860	1,869,860	1,869,860	1,869,860	1,869,860	1,869,860	1,869,860	1,869,860	1,778,192	1,778,192	1,778,192	1,778,192	1,718,519	1,718,519	1,718,519	1,718,519	1,718,519	1,718,519	1,718,519	1,718,519	1,787,392	1,787,392	1,787,392	1,787,392	1,787,392	1,787,392	1,787,392	1,787,392	1,787,392	1,703,602	1,703,602	1,703,602	1,703,602	1,703,602	1,703,602	1,703,602	1,703,602	1,703,602	1,703,602	1,703,602	1,703,602	1,703,602	1,703,602	1,703,602	1,703,602	1,703,602	1,703,602	1,703,602	1,695,848	1,689,976	1,689,976	1,597,474	1,606,514	1,551,175	0	0	0	0	0	0	-	-	-	1,901,485
Intangible Assets	201,208	210,210	219,221	230,295	217,287	232,096	246,988	265,686	284,384	303,082	321,780	340,478	347,955	344,258	362,008	379,758	397,508	415,257	433,007	450,757	468,507	366,368	380,844	395,336	409,828	229,713	240,677	251,640	262,604	278,219	299,892	322,719	345,547	380,303	409,828	434,033	458,833	483,839	508,924	534,490	560,748	587,144	554,043	575,622	598,535	622,280	652,874	689,565	595,488	678,291	720,134	738,465	779,311	820,169	860,634	879,965	919,477	958,989	998,500	1,038,013	1,077,526	1,117,038	1,206,450	1,247,135	604,681	659,884	715,088	0	0	0	0	0	0	-	-	-	347,955
Inventory	0	8,201,914	8,454,113	3,538,758	9,103,326	8,439,380	8,978,751	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	802,415	858,607	784,086	724,762	1,066,613	996,666	648,612	790,399	0	-390,176	-276,540	-86,084	-73,724	-70,914	-67,505	0	0	-1,249,954	-117,514	0	0	0	0	0	0	0	0	0	-	-	-	-
Liabilities And Stockholders Equity	40,293,649	41,663,823	41,582,784	41,086,439	42,524,227	40,259,321	41,631,308	43,344,078	41,196,408	39,038,092	33,297,192	29,709,986	26,269,252	25,041,565	28,844,381	26,946,494	32,585,506	32,385,771	30,972,213	29,874,951	28,924,650	30,460,357	30,075,297	27,933,375	34,428,910	31,761,987	30,127,931	28,337,164	26,403,337	24,413,520	23,041,658	22,050,904	22,526,080	23,618,703	24,683,501	32,406,601	31,510,894	30,513,856	30,059,309	30,028,545	29,678,606	28,034,882	27,742,878	27,977,999	28,931,552	27,800,439	26,142,570	26,546,361	21,909,129	22,068,796	22,331,131	19,248,767	18,844,605	17,740,891	16,473,309	13,486,317	9,409,024	8,729,981	7,698,732	7,674,509	9,257,911	11,949,257	13,489,918	13,216,384	13,174,200	12,970,014	18,779,891	39,365,506	33,891,044	0	0	0	21,121,124	-	-	-	26,204,091
Long Term Debt	0	12,111,377	12,299,855	12,311,469	12,349,584	9,263,080	9,365,274	8,937,456	7,748,163	7,527,576	5,594,648	5,573,965	5,644,653	5,570,888	10,839,568	10,392,903	11,080,723	11,270,245	10,676,138	10,011,155	9,951,862	10,161,886	10,195,403	9,307,266	14,815,436	12,581,638	11,188,779	9,796,933	8,866,366	7,244,634	6,741,728	6,357,782	6,116,747	6,158,702	5,836,622	9,063,490	8,937,638	7,814,377	8,989,184	9,987,304	10,466,504	10,801,714	11,363,892	11,904,958	13,051,404	12,875,686	12,110,532	12,693,529	8,867,568	9,412,191	9,300,142	7,325,138	7,198,898	6,735,736	6,352,671	3,973,091	633,803	673,386	78,048	81,874	82,916	986,021	378,056	451,653	88,840	144,507	176,930	1,405,509	49,822	0	0	0	20,457	-	-	-	-
Long Term Debt Total	0	12,111,377	12,299,855	12,311,469	12,349,584	9,263,080	9,365,274	8,937,456	7,748,163	7,527,576	5,594,648	5,573,965	5,644,653	5,570,888	10,839,568	10,392,903	11,080,723	11,270,245	10,676,138	10,011,155	9,951,862	10,161,886	10,195,403	9,307,266	14,815,436	12,581,638	11,188,779	9,796,933	8,866,366	7,244,634	6,741,728	6,357,782	6,116,747	6,158,702	5,836,622	9,063,490	8,937,638	7,814,377	8,989,184	9,987,304	10,466,504	10,801,714	11,363,892	11,904,958	13,051,404	12,875,686	12,110,532	12,693,529	8,867,568	9,412,191	9,300,142	7,325,138	7,198,898	6,735,736	6,352,671	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Long Term Investments	26,317,512	27,339,857	27,048,621	26,985,951	27,553,251	26,256,148	27,323,758	30,068,474	28,665,043	25,104,195	22,188,805	17,943,309	15,617,142	14,423,456	18,973,373	16,430,701	22,281,682	22,204,460	22,242,040	21,180,950	20,377,031	22,094,920	22,008,182	19,763,563	24,434,049	22,385,192	20,549,367	18,138,258	17,694,975	15,957,934	15,136,500	14,625,032	14,324,097	15,298,755	15,919,810	22,896,254	22,765,589	22,121,153	21,627,145	21,905,850	21,729,523	20,151,386	19,897,566	19,954,586	20,847,270	20,766,700	19,351,458	19,748,524	15,128,299	14,848,396	15,319,002	12,676,464	11,974,472	11,026,730	10,501,480	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Negative Goodwill	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Net Debt	9,021,819	10,121,379	10,051,726	10,516,869	9,208,979	7,081,847	6,328,298	6,132,251	6,594,438	3,415,708	4,025,603	3,612,285	4,342,821	3,643,998	9,581,622	9,035,519	9,605,394	9,522,994	9,973,989	9,246,687	7,966,223	8,423,411	8,667,641	7,702,837	12,941,779	11,340,679	9,503,843	7,587,899	7,104,437	5,524,847	5,302,615	5,034,770	4,320,352	4,820,400	3,713,636	8,015,103	7,555,073	6,993,207	7,807,883	9,416,644	9,950,858	9,981,281	10,702,915	11,192,064	12,484,168	12,111,623	11,813,974	12,491,371	8,214,673	9,029,800	8,942,537	6,869,327	6,610,277	5,719,507	5,845,932	3,345,834	-294,473	186,916	-706,531	-694,429	-116,737	-148,933	160,396	-221,016	-738,240	-465,686	-1,256,433	3,333,897	846,538	0	0	0	3,101,787	-	-	-	-64,972
Net Invested Capital	18,120,857	19,244,200	19,537,564	19,421,869	20,095,439	17,161,894	18,148,970	18,674,712	17,229,036	16,618,164	14,058,051	13,476,165	12,373,504	11,831,375	16,581,182	15,882,655	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	0	-	-	-	-
Net Receivables	4,659,886	5,092,119	4,958,465	5,024,699	4,609,611	4,865,019	4,666,095	4,521,824	5,293,483	4,214,384	3,742,371	3,990,928	4,087,673	3,294,905	2,930,112	3,402,841	3,569,948	3,219,940	3,013,803	3,032,180	2,630,361	2,893,284	2,933,666	2,591,308	2,916,146	2,933,066	2,820,890	2,943,278	2,215,073	1,817,304	1,982,312	1,800,379	1,853,950	2,089,920	1,918,891	2,405,045	1,687,729	1,984,021	2,131,719	2,065,297	2,080,400	1,809,340	1,933,295	1,765,311	1,758,231	1,375,674	1,386,479	1,399,061	1,266,654	1,185,289	1,285,016	1,148,576	1,291,288	1,082,273	1,164,545	1,118,010	1,066,214	597,396	607,267	679,528	1,222,007	1,489,271	2,152,713	1,484,563	1,881,190	2,180,389	1,271,447	0	1,311,586	0	0	0	0	-	-	-	866,158
Net Tangible Assets	0	5,110,024	0	6,615,037	7,263,428	6,807,566	6,493,977	7,504,079	7,248,307	6,927,583	6,194,174	5,679,033	4,467,764	4,029,156	3,497,690	3,207,067	4,830,067	4,522,963	11,762,219	11,826,084	11,415,719	12,562,423	12,476,560	11,351,281	11,541,535	11,513,390	11,297,803	11,132,700	10,533,810	10,357,297	10,097,009	9,869,842	10,166,391	10,502,576	11,714,548	15,732,559	15,087,322	14,119,956	13,514,389	12,449,879	12,029,531	10,129,988	9,743,066	9,087,010	8,912,810	8,515,848	7,907,264	7,631,682	6,953,196	6,190,366	6,857,496	5,988,748	5,770,444	5,132,023	4,562,344	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Net Working Capital	515,605	6,474,985	6,860,831	33,401,378	7,703,543	7,203,117	7,857,855	29,740,232	6,476,052	8,354,156	5,004,633	6,014,420	5,370,053	5,119,791	3,987,429	4,470,459	-11,347,483	-11,176,773	-11,701,210	-11,112,524	-9,749,485	-10,497,390	-10,205,032	-9,626,140	-10,086,341	-10,371,998	-9,573,137	-8,304,166	-8,466,052	-8,582,226	-7,951,528	-7,568,595	-7,688,523	-8,683,334	-8,879,780	-13,490,491	-13,541,207	-14,116,933	-12,020,432	-11,799,631	-10,970,762	-9,817,455	-9,242,783	-9,075,110	-9,066,334	19,975,478	18,533,455	18,850,632	14,470,343	14,210,013	14,531,800	11,876,038	11,550,543	10,455,007	9,568,882	7,176,076	2,702,102	3,071,111	2,159,950	2,007,528	3,593,454	5,945,857	5,753,839	-7,721,892	-7,735,285	-7,543,041	3,022,702	0	32,828,164	0	0	0	0	-	-	-	-
Non Current Assets Total	6,119	30,304,960	30,046,234	4,351,779	30,557,721	29,266,278	30,347,859	4,055,782	32,018,629	28,364,498	25,366,398	21,218,904	18,751,354	17,534,813	22,112,832	19,571,820	7,156,308	6,956,971	28,685,703	27,592,321	26,080,571	27,646,747	27,447,329	25,447,515	31,549,251	29,539,985	27,273,068	24,714,695	23,674,894	22,035,420	20,812,301	19,972,198	19,870,710	21,273,755	21,795,905	29,932,464	29,539,101	28,540,251	27,723,020	27,969,468	27,744,368	26,195,360	25,969,388	26,198,066	27,335,868	3,916,554	4,044,957	4,139,625	3,895,185	4,180,585	4,201,669	4,089,581	4,018,400	3,936,523	3,910,369	3,792,936	4,499,054	4,113,663	4,069,794	4,184,878	3,791,985	3,713,024	5,094,487	2,937,111	2,202,155	2,266,398	14,634,984	0	31,263,573	0	0	0	0	-	-	-	4,018,959
Non Current Liabilities Other	0	0	0	1,040,252	1,115,223	1,325,553	1,173,433	1,090,640	993,862	935,222	934,182	933,902	748,685	753,236	769,961	762,440	772,657	808,363	910,807	934,379	364,819	365,797	338,269	309,976	273,220	180,245	204,430	273,094	290,722	238,313	172,149	155,397	217,596	215,809	180,437	249,196	115,785	310,712	172,526	513,295	392,547	170,086	77,553	315,242	368,691	174,616	204,140	189,146	101,849	406,148	152,095	209,666	116,688	264,037	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Non Current Liabilities Total	22,212,316	13,092,993	13,331,930	20,049,923	1,158,071	1,141,905	991,620	17,288,566	937,169	871,661	1,205,182	838,930	717,104	804,009	919,195	1,000,708	11,080,723	11,270,245	10,676,138	10,011,155	9,951,862	10,162,000	10,195,000	9,307,000	14,815,000	12,582,000	11,189,000	9,797,000	8,866,000	7,245,000	6,742,000	6,358,000	6,117,000	6,159,000	5,837,000	9,063,000	8,924,000	7,814,000	8,989,000	9,987,000	10,467,000	10,802,000	11,364,000	11,905,000	13,051,000	13,050,302	12,314,672	12,965,408	9,113,242	9,818,339	9,452,237	7,534,804	7,315,586	6,735,736	6,895,158	4,518,439	1,183,934	1,766,613	1,034,699	1,028,447	1,491,317	1,008,896	1,040,911	452,000	130,000	145,000	-2,956,972	1,405,509	-263,954	0	0	0	837,627	-	-	-	-
Non Currrent Assets Other	-32,124,376	-2,184,880	-2,176,983	-26,976,190	-2,062,722	-1,767,869	-1,646,400	-30,153,629	-32,018,629	-1,116,612	-1,322,144	-1,402,271	-18,751,354	-1,305,707	-1,319,301	-1,392,352	-18,072,679	-19,200,604	2,709,521	2,691,287	3,199,883	2,541,432	2,412,212	2,665,240	4,796,173	3,809,972	3,338,913	3,207,597	3,868,619	2,651,333	2,224,701	1,861,172	3,342,385	2,256,425	2,226,271	3,438,819	4,294,523	2,785,907	2,478,440	2,378,015	3,519,274	2,206,190	2,249,055	2,456,275	4,044,071	375,418	458,646	455,888	-14,940,593	330,975	339,986	253,356	-11,826,159	1,412,752	259,965	184,193	-2,750,435	160,306	518,920	596,967	-2,784,474	160,596	1,398,054	-7,821,858	-7,986,836	-7,496,713	-14,634,984	0	-31,263,573	0	0	0	0	-	-	-	-
Noncontrolling Interest In Consolidated Entity	0	0	0	9,978,291	10,310,150	10,805,521	11,427,440	12,539,630	12,215,125	11,756,998	10,075,290	8,915,492	7,873,305	7,256,404	6,766,472	6,121,423	8,005,617	7,821,381	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	-	-	-	-
Other Assets	37,331,664	3,295,130	3,297,881	2,280,154	3,104,892	2,648,021	2,433,974	8,676,403	1,764,558	1,447,777	1,720,979	1,637,732	1,430,741	1,582,952	1,824,925	1,903,507	22,281,682	22,204,460	743,132	1,018,071	1,037,210	962,283	957,284	22,677,860	27,385,447	25,627,815	23,825,740	44,635	118,495	89,326	43,885	45,301	204,893	85,282	61,376	79,628	26,364,358	93,538	30,721	162,708	25,373,028	95,977	176,273	258,043	248,018	24,683,254	23,396,415	23,888,149	18,792,093	19,028,981	19,520,671	16,766,045	15,767,113	14,963,253	14,411,849	11,464,510	7,155,983	7,572,391	6,235,972	6,151,173	6,473,464	9,181,351	11,040,119	9,382,165	9,890,330	9,740,657	972,331	39,365,506	-30,358,048	0	0	0	21,121,124	-	-	-	21,318,974
Other Current Assets	-7,931,949	-8,201,914	-8,454,113	-8,045,992	-9,103,326	-8,439,380	-8,978,751	110,648	79,994	1,447,777	1,720,979	-3,015,318	-5,156,027	-2,817,304	-2,431,512	-2,706,112	-2,594,873	-2,464,163	-2,211,737	-2,320,291	-1,994,123	-2,017,637	-2,015,949	-1,852,396	-2,028,984	-2,026,751	-1,711,574	-1,669,124	-1,442,378	-1,310,412	-1,292,306	-1,139,526	-1,240,797	-1,210,658	-1,257,311	-1,146,008	-1,128,408	-1,047,473	-1,049,224	-956,449	-978,160	-954,733	-997,055	-1,058,687	-1,120,067	105,581	88,524	83,761	139,485	194,931	93,975	229,723	181,425	287,445	390,176	276,540	-673,823	-279,756	-290,247	-363,334	1,916	143,681	79,426	-8,327,096	-1,831,800	-2,140,488	0	0	15,776	0	0	0	8,191	-	-	-	-64,972
Other Current Liab	-2,440,261	-1,588,748	-1,377,838	-522,810	-1,158,071	-1,141,905	-991,620	-181,467	-937,169	-871,661	-1,205,182	-838,930	-717,104	-804,009	-919,195	-1,000,708	13,688,840	13,331,638	13,058,032	12,659,487	11,717,585	12,481,504	11,882,198	10,859,769	10,922,478	11,198,970	10,688,642	10,174,950	9,994,218	9,897,081	9,482,201	9,040,598	9,490,338	10,121,129	10,769,024	14,638,261	14,318,421	13,948,246	12,935,383	12,277,301	12,032,914	10,445,794	9,743,833	9,210,209	9,375,112	3,083,254	2,740,745	2,544,676	2,714,728	2,979,615	2,861,848	2,624,209	2,583,855	2,725,631	2,322,758	2,068,976	1,899,011	1,405,464	1,305,537	1,273,422	1,699,036	590,437	1,062,141	7,323,778	7,369,697	7,256,298	-149,874	43,194	-157,355	0	0	0	46,044	-	-	-	-
Other Liab	0	2,092,837	0	2,216,579	2,272,105	2,060,891	2,001,391	1,881,054	1,906,098	1,426,209	1,226,504	1,161,775	1,135,041	1,064,336	1,268,571	1,247,098	1,054,029	984,969	1,081,899	1,045,452	1,072,240	941,073	899,528	795,379	585,051	1,278,490	1,289,808	1,229,002	1,246,156	1,301,923	1,257,531	727,038	661,549	1,235,059	1,292,540	954,309	950,844	805,168	527,465	445,780	427,950	1,810,168	1,824,009	1,882,827	420,959	1,787,656	1,763,742	1,723,993	282,814	1,944,273	1,881,290	1,939,129	1,762,287	1,701,434	1,748,093	1,645,573	1,410,066	1,568,473	1,485,646	1,521,301	2,389,000	1,127,630	1,775,713	1,230,946	1,101,510	1,328,609	2,386,029	395,536	750,846	0	0	0	1,086,036	-	-	-	-
Other Stockholder Equity	6,175,190	6,018,807	6,059,162	5,960,475	5,907,798	5,791,006	5,870,285	5,869,399	5,775,101	6,022,271	6,272,355	6,435,375	6,316,274	6,216,315	6,235,282	6,256,560	6,428,152	6,292,592	458	-430	-476	438	124	-203	-18	-421	-479	-201	113	-470	113	-64	481	110	-122	-14	136	-407	-251	418	466	-366	154	48	170	-737,079	-966,931	-764,741	-386,864	50,111	-211,758	-295,544	-470,583	-551,737	6,584,093	0	0	0	0	0	0	0	0	-143	345	393	350	6,277	10,274	0	0	0	6,196	-	-	-	14,205,410
Preferred Stock Redeemable	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Preferred Stock Total Equity	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Property Plant And Equipment Gross	1,778,662	1,773,367	1,739,004	1,691,173	1,645,315	0	0	0	0	0	723,539	977,059	758,750	744,853	733,179	702,256	625,541	641,789	649,148	655,476	120,372	116,615	122,318	123,973	126,566	128,910	128,075	130,693	126,784	135,260	139,350	139,318	135,543	174,028	138,902	132,448	135,740	133,999	132,196	131,715	137,088	138,433	143,804	141,445	142,390	0	0	0	149,690	0	0	0	144,881	0	0	0	117,415	0	0	118,966	118,966	0	0	64,370	64,370	0	0	0	0	0	0	0	0	-	-	-	-
Property Plant And Equipment Net	1,384,060	864,691	888,190	894,067	896,981	887,832	886,911	868,437	1,033,599	985,003	965,611	977,059	758,750	744,853	733,179	702,256	625,541	641,789	649,148	655,476	120,372	116,615	122,318	123,973	126,566	128,910	128,075	130,693	126,784	135,260	139,350	139,318	135,543	174,028	138,902	132,448	135,740	133,999	132,196	131,715	137,088	138,433	143,804	141,445	142,390	-20,766,700	-19,351,458	-19,748,524	149,690	-14,848,396	-15,319,002	-12,676,464	144,881	-12,144,046	-10,501,480	-7,671,574	117,415	-3,458,490	-2,527,339	-2,396,164	118,966	-5,468,327	-7,140,587	0	64,370	0	0	0	0	0	0	0	0	-	-	-	526,943
Property Plant Equipment	0	864,691	888,190	894,067	896,981	887,832	886,911	868,437	788,991	745,886	965,611	736,633	526,943	744,853	733,179	702,256	625,541	641,789	649,148	655,476	120,372	116,615	122,318	123,973	126,566	128,910	128,075	130,693	126,784	135,260	139,350	139,318	135,543	174,028	138,902	132,448	135,740	133,999	132,196	131,715	137,088	138,433	143,804	141,445	142,390	0	0	0	149,690	0	0	0	144,881	0	0	0	117,415	0	0	0	118,966	0	0	0	64,370	0	0	0	43,679	0	0	0	26,330	-	-	-	-
Retained Earnings	660,734	1,114,009	1,160,278	1,156,109	1,748,106	1,869,463	2,803,100	3,805,918	3,647,785	3,031,765	2,133,794	1,408,768	335,762	-36,432	-574,295	-871,948	609,625	456,814	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	737,079	966,931	764,741	386,864	-50,111	211,758	295,544	470,583	551,737	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	335,762
Retained Earnings Total Equity	0	0	0	1,156,109	1,748,106	1,869,463	2,803,100	3,805,918	3,647,785	3,031,765	2,133,794	1,408,768	335,762	-36,432	-574,295	-871,948	609,625	456,814	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	-	-	-	-
Short Long Term Debt	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	10,435,267	10,435,267	9,519,578	14,976,074	12,668,812	11,267,312	94,646	8,953,066	62,095	56,353	0	6,179,183	0	0	0	8,984,276	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	-	-	-	-
Short Long Term Debt Total	12,293,882	13,092,993	13,331,930	13,347,840	13,460,982	10,561,850	10,511,678	10,000,818	8,714,176	8,427,141	6,493,047	6,474,707	6,342,305	6,272,893	11,558,134	11,103,845	11,777,835	11,991,557	11,458,433	10,817,428	10,174,064	10,361,374	10,377,892	9,449,785	14,934,276	12,656,366	11,249,390	9,891,579	8,941,690	7,306,729	6,798,081	6,407,322	6,157,676	6,200,804	5,878,276	9,150,575	8,967,545	7,936,726	9,030,956	10,204,165	10,782,856	10,870,219	11,363,892	12,007,330	13,193,670	12,945,138	12,226,519	12,882,675	8,969,417	9,622,782	9,377,340	7,325,138	7,198,898	6,735,736	6,352,671	3,973,091	657,623	673,386	78,048	81,874	387,000	986,021	378,056	451,653	130,389	144,507	176,930	2,369,703	975,981	0	0	0	1,969,707	-	-	-	-
Short Term Debt	163,003	329,160	94,315	137,387	232,103	313,138	441,946	104,567	57,980	36,545	57,247	58,050	986,021	80,597	80,620	105,133	154,118	163,059	207,676	0	0	10,435,267	10,435,267	9,519,578	14,976,074	12,668,812	11,267,312	94,646	8,953,066	62,095	56,353	0	6,179,183	0	0	0	8,984,276	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	986,021	734,802	1,084,235	1,196,858	1,084,803	0	0	0	0	0	0	0	-	-	-	-
Short Term Investments	0	0	0	30,068,474	30,068,474	26,256,148	27,323,758	25,104,195	22,163,322	0	0	0	0	0	0	0	0	0	0	0	0	408,561	288,675	703,182	1,929,531	1,665,730	1,526,033	1,461,539	1,123,656	1,198,293	780,146	593,892	792,025	939,699	836,116	2,049,249	1,808,092	1,611,489	1,291,630	1,373,294	1,194,866	1,219,507	1,353,148	1,499,419	1,652,429	20,766,700	19,351,458	19,748,524	15,128,299	14,848,396	15,319,002	12,676,464	11,974,472	11,026,730	10,501,480	7,671,574	3,565,483	3,812,208	2,527,339	2,397,134	2,830,942	5,468,327	7,195,586	7,066,972	163,696	312,865	467,766	37,631,964	31,544,490	0	0	0	20,287,019	-	-	-	-
Temporary Equity Redeemable Noncontrolling Interests	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Total Assets	40,293,649	41,663,823	41,582,784	41,086,439	42,524,227	40,259,321	41,631,308	43,344,078	41,196,408	39,038,092	33,297,192	29,709,986	26,269,252	25,041,565	28,844,381	26,946,494	32,585,506	32,385,771	30,972,213	29,874,951	28,924,650	30,460,357	30,075,297	27,933,375	34,428,910	31,761,987	30,127,931	28,337,164	26,403,337	24,413,520	23,041,658	22,050,904	22,526,080	23,618,703	24,683,501	32,406,601	31,510,894	30,513,856	30,059,309	30,028,545	29,678,606	28,034,882	27,742,878	27,977,999	28,931,552	27,800,439	26,142,570	26,546,361	21,909,129	22,068,796	22,331,131	19,248,767	18,844,605	17,740,891	16,473,309	13,486,317	9,409,024	8,729,981	7,698,732	7,674,509	9,257,911	11,949,257	13,489,918	13,216,384	13,174,200	12,970,014	18,779,891	39,365,506	33,891,044	0	0	0	21,121,124	-	-	-	26,204,091
Total Current Assets	2,955,866	8,063,733	8,238,669	34,454,506	8,861,614	8,345,022	8,849,475	30,611,893	7,413,221	9,225,817	6,209,815	6,853,350	6,087,157	5,923,800	4,906,624	5,471,167	3,147,516	3,224,340	2,286,510	2,282,630	2,844,079	2,813,610	2,627,968	2,485,860	2,879,659	2,222,002	2,854,863	3,577,834	2,609,948	2,288,774	2,185,472	2,033,405	2,450,477	2,259,666	2,826,220	2,394,509	1,971,793	1,880,067	2,305,568	1,896,369	1,934,238	1,743,545	1,597,217	1,521,890	1,347,666	23,883,885	22,097,613	22,406,736	18,013,944	17,888,211	18,129,462	15,159,186	14,826,205	13,804,368	12,562,940	9,693,381	4,909,970	4,616,318	3,628,938	3,489,631	5,465,926	8,236,233	8,395,431	897,108	1,081,715	962,959	3,172,576	36,667,770	32,985,519	0	0	0	19,154,939	-	-	-	866,158
Total Current Liabilities	2,440,261	1,588,748	1,377,838	1,053,128	1,158,071	1,141,905	991,620	871,661	937,169	871,661	1,205,182	838,930	717,104	804,009	919,195	1,000,708	14,494,999	14,401,113	13,987,720	13,395,154	12,593,564	13,311,000	12,833,000	12,112,000	12,966,000	12,594,000	12,428,000	11,882,000	11,076,000	10,871,000	10,137,000	9,602,000	10,139,000	10,943,000	11,706,000	15,885,000	15,513,000	15,997,000	14,326,000	13,696,000	12,905,000	11,561,000	10,840,000	10,597,000	10,414,000	3,908,407	3,564,158	3,556,104	3,543,601	3,678,198	3,597,662	3,283,148	3,275,662	3,349,361	2,994,058	2,517,305	2,207,868	1,545,207	1,468,988	1,482,103	1,872,472	2,290,376	2,641,592	8,619,000	8,817,000	8,506,000	149,874	0	157,355	0	0	0	0	-	-	-	-
Total Liab	22,218,435	22,853,102	22,492,305	22,372,614	22,843,160	20,523,936	20,297,210	21,103,051	19,490,362	18,160,227	14,750,178	12,884,798	11,678,743	11,541,887	16,348,351	15,368,386	17,482,454	17,756,310	16,907,127	15,728,250	15,170,564	15,753,374	15,439,701	14,408,566	20,699,355	18,300,365	16,870,932	15,234,305	13,888,404	12,059,485	10,926,238	10,139,824	10,295,623	10,948,432	10,771,733	14,452,617	14,177,347	14,122,669	14,248,604	15,256,784	15,300,935	15,530,358	15,742,167	16,611,765	17,716,605	16,958,709	15,878,830	16,521,512	12,656,843	13,496,537	13,049,899	10,817,952	10,591,248	10,085,097	9,346,729	6,490,396	2,865,491	2,845,764	2,048,864	2,077,965	3,363,789	3,299,272	3,682,503	3,184,821	2,868,199	2,841,794	3,460,706	2,587,625	2,373,271	0	0	0	2,082,771	-	-	-	11,678,743
Total Permanent Equity	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Total Stockholder Equity	6,816,798	7,132,823	7,219,447	7,090,837	7,655,911	7,585,676	8,631,167	9,659,967	9,422,893	9,054,043	8,406,156	7,844,150	6,652,043	6,179,890	5,660,994	5,384,619	7,009,784	6,714,413	6,308,355	6,468,642	6,379,224	6,987,517	7,047,349	6,514,206	6,636,347	6,586,013	6,510,680	6,658,421	6,461,042	6,297,322	6,162,500	6,090,411	6,269,788	6,517,100	7,140,329	7,458,786	7,060,267	6,702,730	6,744,316	6,345,452	6,306,766	5,671,564	5,538,900	5,476,259	5,466,847	5,366,587	5,382,185	5,148,782	4,670,663	4,133,102	4,605,787	4,421,486	4,363,096	4,138,224	3,840,629	3,738,220	3,379,127	3,340,251	3,351,753	3,430,846	3,509,157	3,813,857	4,000,823	4,145,376	4,226,845	4,319,366	4,558,855	2,890,442	2,722,879	0	0	0	1,824,945	-	-	-	14,525,348
Treasury 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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Warrants	0	0	0	1,644,697	1,715,006	1,344,188	1,275,491	41,430	68,028	66,824	65,568	65,546	65,161	63,384	68,564	72,066	87,651	93,667	101,310	136,941	141,779	153,504	158,799	209,010	210,944	201,377	190,700	188,658	185,390	194,150	174,005	177,054	183,459	183,161	196,600	2,510,047	2,441,854	2,443,479	2,284,169	2,176,354	1,950,442	2,117,602	1,978,286	1,639,127	1,556,185	1,450,970	1,258,295	618,417	585,606	723,948	775,185	671,164	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-

Cash Flow

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	1999-12-31
Begin Period Cash Flow	4,493,715	2,199,732	2,064,456	2,523,651	2,545,161	3,936,489	1,837,253	1,837,324	1,412,472	831,998	709,502	754,744	588,621	952,096	503,737	868,629	129,443	86,414	125,691	0
Capital Expenditures	224,231	235,497	64,316	111,650	60,280	18,377	24,347	21,826	59,247	30,271	25,637	37,020	36,484	54,160	23,627	50,113	32,307	24,190	7,353	0
Cash And Cash Equivalents Changes	0	2,306,301	145,082	-474,911	-18,552	4,637,682	4,409,910	9,097,139	12,546,642	12,220,003	6,813,968	2,445,998	-2,703,251	-1,935,326	0	0	0	0	0	0
Cash Flows Other Operating	0	3,036,679	-4,938,608	413,406	-76,752	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change In Cash	-1,221,652	2,293,983	135,276	-459,195	-21,510	-1,391,328	155,244	-71	424,852	580,474	122,496	-45,242	166,123	-363,475	448,359	-364,892	739,186	43,029	-39,277	5,604
Change In Working Capital	237,623	-1,085,148	-2,340,830	-1,641,707	-1,591,527	-2,102,116	-2,683,603	-908,818	5,437,185	8,707,519	10,571,957	7,294,472	6,420,851	3,856,795	70,200	957,110	-188,582	-1,154,680	-8,278	0
Change Receivables	0	832,122	-836,361	-332,435	-689,053	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Account Receivables	237,623	177,832	288,306	70,053	-237,751	43,037	282,026	87,074	-213,706	229,331	-46,580	-60,520	116,714	-108,162	35,050	45,281	-1,339,956	-1,374,260	62,873	0
Change To Inventory	1,073,408	0	0	0	0	314,545	473,139	127,577	688,358	76,647	362,662	468,776	5,578,295	2,428,456	1,038,049	399,725	0	0	0	0
Change To Liabilities	0	-1,922,208	-1,499,677	-1,029,024	-852,457	-357,582	-755,232	-214,723	-474,652	-305,978	0	0	0	0	0	0	0	0	0	0
Change To Netincome	0	1,333,654	-1,189,232	551,439	-355,597	225,495	-457,650	-183,002	-210,951	-165,140	-189,385	-18	-107,661	-4,397	0	0	0	0	0	0
Change To Operating Activities	0	3,727,450	1,750,100	230,809	1,077,951	-1,489,917	-2,238,889	-931,897	2,098,066	826,710	0	0	0	0	0	0	0	0	0	0
Depreciation	134,175	67,097	74,871	71,053	70,999	59,021	46,776	82,943	101,437	101,915	95,671	139,174	207,591	162,051	158,048	153,237	117,607	0	0	16,535
Dividends Paid	-2,478,252	6,518,785	4,602,574	2,385,576	2,396,744	3,046,404	2,842,582	2,018,669	3,497,346	2,348,596	1,469,479	614,530	702,832	599,390	260,629	319,897	78,794	1,551,957	1,327,169	5,604
End Period Cash Flow	3,272,063	4,493,715	2,199,732	2,064,456	2,523,651	2,545,161	1,992,497	1,837,253	1,837,324	1,412,472	831,998	709,502	754,744	588,621	952,096	503,737	868,629	129,443	86,414	5,604
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	3,832,675	6,100,756	3,921,672	1,824,295	1,902,827	27,365	-2,473,087	-563,112	2,337,796	1,624,718	3,522,304	546,135	1,063,129	-426,045	387,882	1,840,322	-882,603	-4,420,804	2,701,905	0
Investments	-229,651	-235,497	-64,316	-166,820	-60,280	-116,596	-188,208	-28,976	0	0	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	3,240,776	2,222,544	886,747	1,146,331	2,209,045	5,834,024	2,900,367	1,905,985	818,256	0	0	0	0	0	0	0	0	0	0
Net Income	1,390,880	2,988,909	12,374,995	2,261,506	3,865,967	3,263,551	3,373,954	2,249,648	1,624,350	3,695,553	2,892,919	829,882	-268,453	-607,323	-2,390,696	-1,163,032	1,623,237	2,266,206	1,330,663	1,814,164
Other Cashflows From Financing Activities	-2,575,643	3,471,054	2,098,758	-240,295	-85,626	74,334	-189,911	-283,905	-267,010	516,685	276,172	512,069	575,199	147,561	55,676	-1,713,961	-264,846	13,515,129	198,378	11,208
Other Cashflows From Investing Activities	0	0	0	-55,170	0	-98,219	-168,913	-7,150	5,843	5,846	5,850	2,345	330	0	0	5,004	0	0	0	0
Other Non Cash Items	2,531,851	3,434,107	-6,123,048	1,245,093	-382,332	904,531	2,299,051	902,825	2,730,805	824,337	1,330,817	1,116,520	1,162,304	2,438,545	2,536,766	684,640	3,110,642	-5,508,140	1,386,873	-2,109,274
Sale Purchase Of Stock	-418,024	-465,956	-1,272,774	-504,912	-585,340	-567,161	-30,192	-27,623	-61,031	-36,252	-24,140	-22,364	-36,711	-25,154	-56,685	-31,863	-16,045	0	0	0
Stock Based Compensation	987,549	931,288	6,159,529	715,587	1,234,455	1,053,690	1,488,330	868,022	564,560	1,285,503	1,413,182	513,546	1,396,062	2,440,148	3,048,108	3,302,617	1,765,188	0	0	278,575
Total Cash From Financing Activities	-5,053,895	-3,794,455	-3,776,590	-2,244,036	-1,921,379	-1,330,186	2,771,339	570,170	-1,919,402	-1,049,907	-3,259,614	-405,411	-873,515	84,624	55,676	-1,873,647	1,644,442	4,463,315	-2,738,350	5,604
Total Cash From Operating Activities	4,056,906	6,336,253	3,985,988	1,935,945	1,963,107	45,742	-2,448,740	-541,286	2,397,043	1,654,989	3,547,941	583,155	1,099,613	-371,885	411,509	1,890,435	-850,296	-4,396,614	2,709,258	0
Total Cashflows From Investing Activities	0	-235,497	-64,316	-166,820	-60,280	-116,596	-193,260	-21,826	-53,404	-24,425	-165,904	-222,981	-59,898	0	0	0	0	0	0	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31
Begin Period Cash Flow	3,109,795	3,495,648	3,021,293	4,493,715	3,574,361	4,312,656	3,979,215	2,199,732	5,125,164	2,577,120	2,971,707	2,064,456	2,714,113	2,319,713	2,386,329	2,523,651	2,844,544	1,809,053	1,788,366	2,545,161	2,346,524	1,998,926	2,450,130	3,936,489	1,315,687	1,745,547	2,303,680	1,837,253	1,781,882	1,495,466	1,372,552	1,837,324	1,380,404	2,164,640	1,135,472	1,412,472	943,519	1,223,073	787,521	831,998	888,938	660,977	815,266	709,502	833,515	412,545	391,304	754,744	592,982	434,803	455,811	588,621	1,016,229	506,739	627,257	952,096	486,470	784,579	776,303	503,737	1,134,954	217,660	672,669	868,629	610,193	1,433,363	125,749	129,443	84,745	65,103	0	0	0
Capital Expenditures	31,327	62,668	60,679	69,557	48,714	85,387	45,244	56,152	19,860	9,645	14,070	20,741	40,754	45,443	13,025	12,428	11,139	15,617	14,666	18,858	9,617	138	4,212	4,686	3,942	6,742	3,656	10,007	3,368	2,293	6,231	9,934	368	42,340	13,264	3,275	8,885	7,768	7,495	6,123	7,063	3,929	7,301	7,344	10,047	6,025	7,862	13,086	10,521	8,793	11,460	5,710	23,573	11,780	11,833	6,974	5,304	5,430	8,411	4,482	12,265	14,621	16,008	7,219	15,195	2,594	11,450	3,068	10,132	10,600	0	0	7,353
Cash And Cash Equivalents Changes	0	0	0	-1,473,706	904,967	-726,736	343,835	1,784,235	-2,923,867	2,551,201	-395,749	913,497	0	384,701	-70,842	-130,677	-314,369	-1,512,165	776,670	1,031,312	1,311,103	1,121,150	797,480	1,407,949	1,040,199	1,008,603	-966,451	3,327,559	2,652,032	2,242,070	1,652,673	2,550,364	2,633,598	1,967,436	2,992,276	4,953,332	3,753,935	2,776,022	2,704,695	2,985,351	2,382,491	1,301,592	1,332,193	1,797,692	476,350	458,579	1,874,509	-363,440	-2,707,612	158,179	-21,008	-132,810	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	0	0	396,115	545,833	4,843	2,062,476	423,527	-1,797,876	-1,045,117	-1,829,291	-266,324	0	-1,001,931	-923,518	2,698,935	318,752	-395,504	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	135,027	0	833,807	-737,067	291,014	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change In Cash	162,268	-385,853	474,355	-1,472,422	919,354	-738,295	333,441	1,779,483	-2,925,432	2,548,044	-394,587	907,251	-649,657	394,400	-66,616	-137,322	-320,893	1,035,491	20,687	-756,795	198,637	347,598	-451,204	-1,486,359	676,810	-429,860	-558,133	466,427	55,371	286,416	122,914	-464,772	456,920	-784,236	1,029,168	-277,000	468,953	-279,554	435,552	-44,477	-56,940	227,961	-154,289	105,764	-124,013	420,970	21,241	-363,440	161,762	158,179	-21,008	-132,810	-427,608	509,490	-120,518	-324,839	465,626	-298,109	8,276	272,566	-631,217	917,294	-455,009	-195,960	258,436	-823,170	1,307,614	-3,694	44,698	19,642	0	0	0
Change In Working Capital	474,076	80,694	-200,435	-805,994	-381,434	-885	-728,908	26,079	-1,630,881	-669,080	-48,383	7,514	-1,244,459	-401,864	458,077	-453,461	-711,300	-84,236	93,801	-889,792	-220,918	148,916	-358,170	-1,671,944	-505,908	-447,039	-347,637	-1,383,019	-3,832,401	1,374,738	840,002	708,843	956,952	1,528,564	1,843,079	1,108,590	1,529,392	2,248,494	2,735,353	2,194,280	1,962,427	2,762,159	3,611,086	2,236,285	1,908,531	1,699,469	2,302,157	1,384,315	6,190,532	352,807	52,586	-175,074	3,817,351	172,387	74,095	-207,038	-198,091	64,241	21,332	182,718	636,425	-46,198	55,227	311,656	724,469	-1,477,519	-13,852	578,320	-1,255,813	95,108	0	0	0
Change Receivables	0	0	0	-319,056	360,974	-255,095	-166,180	892,423	-853,822	-438,207	222,587	233,081	0	-478,674	324,263	441,558	-231,118	-457,935	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	-136,409	0	48,293	-66,215	129,936	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Account Receivables	474,076	80,694	80,694	-470,691	295,983	-255,095	-166,180	169,644	288,306	437,030	346,505	-32,900	70,053	464,997	65,775	496,348	-237,751	14,539	-130,327	106,815	43,037	-110,195	-140,741	132,711	282,026	-141,312	60,033	352,788	87,074	166,615	87,883	103,456	-213,706	246,076	-28,916	186,510	229,331	363,892	525,389	364,988	-46,580	86,881	82,170	178,416	-62,806	133,061	1,168	-131,943	29,059	84,596	-127,861	130,920	-28,540	-33,739	-33,771	-12,112	-33,887	2,175	-16,843	83,605	-18,087	-302,865	375,372	-9,139	104,562	-1,883,592	117,158	321,916	0	0	0	0	153,543
Change To Inventory	488,633	-101,630	-1,300	416,557	0	160,610	75,239	0	19,532,094	0	0	0	-17,404,555	0	0	0	562,109	0	0	249,343	314,545	0	0	258,292	473,139	0	0	304,147	127,577	0	0	0	688,358	0	0	0	76,647	0	0	-141,227	362,662	0	0	207,811	471,062	0	0	1,276,926	1,050,147	0	0	-725,972	3,617,829	0	0	-627,214	314,348	0	0	646,386	49,082	0	0	505,779	-7,543,041	0	0	0	0	0	0	0	0
Change To Liabilities	0	77,446	0	-385,634	-857,965	313,028	-391,982	-985,289	-826,407	-231,958	-35,656	-295,906	20,923	339,117	85,528	-726,054	-515,577	-336,880	84,874	-356,158	-64,268	183,034	-85,345	-391,003	-755,232	-35,722	-43,272	-1,264,866	-214,723	82,399	104,010	0	-474,652	0	0	0	-305,978	0	0	0	0	0	0	0	0	0	0	-586,742	0	252,358	59,843	-524,933	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Netincome	0	-5,969	149,593	437,626	-91,857	901,558	622,425	-98,472	-294,908	94,258	-875,846	-764,080	-527,524	-183,733	-367,054	1,174,433	21,678	-377,275	28,134	-177,900	357,160	-198,861	184,594	-117,398	-457,650	-101,275	-78,459	503,411	-183,002	-10,070	-323,642	29,160	-5,508	-25,308	-108,633	-71,502	-810,178	-60,412	-33,698	-71,030	-127,961	0	-41,922	-19,502	71	-20,238	-236,429	256,578	-1,178,114	195,723	448,450	426,280	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Operating Activities	0	417,013	417,013	46,755	-220,086	94,553	1,527,578	2,325,405	-1,138,922	999,886	103,831	1,785,305	409,763	-398,087	176,257	42,876	657,824	503,296	-141,889	58,720	902,805	989,671	-1,605,886	-1,776,507	-2,238,889	-1,127,123	-1,107,450	76,195	-931,897	-80,281	-32,082	0	2,098,066	0	0	0	826,710	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
Depreciation	103,102	-38,264	9,066	12,996	14,809	14,892	18,698	18,698	18,697	18,698	18,698	18,778	17,803	17,750	17,750	17,750	17,749	17,750	17,750	17,750	15,561	14,476	14,492	14,492	13,885	10,964	10,963	10,964	15,615	21,673	22,827	22,828	23,490	29,525	23,622	24,800	25,006	25,085	25,566	26,258	26,396	24,783	21,579	22,913	23,742	30,597	36,693	48,142	82,827	42,339	41,579	40,846	40,845	40,872	40,822	39,512	39,511	39,513	39,511	39,513	39,512	39,512	40,685	33,528	55,203	55,204	0	0	0	0	0	0	0
Dividends Paid	-750,875	-1,039,046	1,052,741	1,137,340	1,187,903	1,709,170	1,663,668	1,958,044	1,398,934	925,250	1,023,262	1,255,128	659,353	471,474	473,967	780,782	602,873	610,185	453,377	730,309	783,601	773,469	426,605	1,062,729	532,312	672,983	1,043,726	593,561	509,588	433,318	330,623	745,140	579,242	871,336	1,075,808	970,960	568,229	657,244	414,261	708,862	276,687	287,677	343,600	561,515	112,131	112,109	111,066	279,224	110,296	110,295	110,247	371,994	110,119	109,977	109,746	269,548	93,231	84,826	87,513	40,432	78,823	83,081	157,993	2,631,249	2,631,249	2,710,043	1,861,117	1,050,820	1,551,957	0	0	0	1,327,169
End Period Cash Flow	3,272,063	3,109,795	3,495,648	3,021,293	4,493,715	3,574,361	4,312,656	3,979,215	2,199,732	5,125,164	2,577,120	2,971,707	2,064,456	2,714,113	2,319,713	2,386,329	2,523,651	2,844,544	1,809,053	1,788,366	2,545,161	2,346,524	1,998,926	2,450,130	1,992,497	1,315,687	1,745,547	2,303,680	1,837,253	1,781,882	1,495,466	1,372,552	1,837,324	1,380,404	2,164,640	1,135,472	1,412,472	943,519	1,223,073	787,521	831,998	888,938	660,977	815,266	709,502	833,515	412,545	391,304	754,744	592,982	434,803	455,811	588,621	1,016,229	506,739	627,257	952,096	486,470	784,579	776,303	503,737	1,134,954	217,660	672,669	868,629	610,193	1,433,363	125,749	129,443	84,745	65,103	0	0
Exchange Rate Changes	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	-5	0	-24	8	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	864,361	1,020,246	1,664,897	283,171	666,421	897,539	1,844,447	2,692,349	-833,807	1,594,022	885,514	2,275,943	269,273	89,693	478,290	987,039	578,739	1,062,747	149,668	111,673	1,375,935	1,321,005	-895,056	-1,774,519	-648,373	-925,398	-1,040,433	141,117	-1,206,948	413,058	32,181	198,597	1,013,196	-259,243	951,651	632,192	-421,549	216,441	855,691	974,135	808,173	1,388,220	228,953	1,096,958	216,758	3,993	204,242	121,142	330,653	376,952	-80,273	435,797	-711,573	277,495	-5,493	13,526	500,677	-792,488	128,293	551,400	1,185,687	460,565	86,135	107,935	228,564	-1,767,869	2,003,725	-1,347,023	-3,116,156	-1,206,603	0	0	2,701,905
Investments	-31,327	-62,668	-60,686	-74,970	-48,714	-85,387	-45,244	-56,152	-19,860	-9,645	-14,070	-20,741	-95,924	-45,443	-13,025	-12,428	-11,139	-15,617	-14,666	-18,858	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
Issuance Of Capital 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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	-39,762	-39,762	-399,922	1,454,613	30,114	524,506	1,231,543	248,575	1,973,969	1,973,969	1,973,969	-1,522	890,165	-1,060	-836	-227,469	1,373,800	667,561	-807	-1,875	-2,819	970,023	1,243,716	5,834,024	1,256,562	1,551,628	871,467	2,900,367	414,224	435,267	0	1,905,985	0	0	0	818,256	0	0	0	0	0	0	0	0	0	0	-7,587	0	8,330	151,743	-171,077	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	151,800	551,994	1,203,707	210,681	743,341	3,700	-255,746	2,497,614	2,940,369	3,205,993	2,857,498	3,371,135	1,814,164	1,700,151	1,354,346	-2,607,155	978,394	1,167,735	646,961	1,072,877	-78,718	948,988	1,550,977	842,304	762,544	846,953	744,689	1,019,768	770,308	691,589	472,831	314,920	394,679	-483,864	229,277	1,484,258	1,263,434	553,862	1,223,382	654,875	1,493,823	460,915	510,592	427,589	121,471	196,502	94,277	417,632	455,361	-986,775	184,597	78,364	138,776	147,527	-656,320	-237,306	-383,377	-479,510	-597,871	-929,938	-415,177	-340,331	-156,531	-250,993	-170,000	-113,190	774,351	1,132,076	1,182,440	372,548	224,063	487,155	1,330,663
Other Cashflows From Financing Activities	38,609	-361,526	-15,945	-106,023	1,461,313	562,056	365,694	1,332,092	-112,902	2,264,865	35,914	-89,119	-210,488	-5,597	43,186	-67,382	24,357	34,374	-68,815	-75,542	-38,167	29,549	954,819	98,156	-123,347	-69,671	-44,441	47,548	-127,720	-95,324	-12,949	-47,912	-59,305	15,925	277,435	-155,631	123,468	215,009	81,295	96,913	-82,431	65,871	304,159	-11,427	93,517	262,825	45,700	110,027	129,113	175,183	289,937	-19,034	106,857	22,226	51,897	-33,419	57,419	-1,843	-4,345	51,763	-1,147,303	-71,935	-330,601	119,324	5,383,903	4,408,586	-596,363	3,433,080	4,834,030	2,975,952	0	0	0
Other Cashflows From Investing Activities	0	-5,420	-5,420	-5,413	0	0	0	0	0	0	0	0	-55,170	0	0	0	0	0	0	0	-98,219	0	0	0	5,052	11,442	18,038	7,990	-7,150	5,843	5,843	5,843	5,843	5,843	5,843	5,843	5,846	5,845	5,841	5,841	5,850	5,765	5,804	5,852	2,345	2,341	0	-157,138	330	-498	-23,236	321	0	0	0	0	0	1,239	1,399	2,438	5,004	0	0	0	0	0	0	0	0	0	0	0	0
Other Non Cash Items	640,786	569,184	713,238	888,218	-900,690	965,219	2,855,647	206,110	793,852	-951,944	-1,928,229	-1,228,473	512,409	-1,180,901	-1,338,858	2,016,374	368,442	-22,885	-594,178	-170,286	742,221	208,487	-2,098,143	-76,375	1,187,714	-1,329,534	-1,444,792	651,612	218,771	-1,672,649	-1,297,248	-835,323	597,175	-1,291,128	-1,131,063	-1,951,702	35,225	-2,603,232	-3,121,115	209,370	503,709	-1,855,708	-3,907,003	352,626	689,341	118,021	230,844	78,314	362,796	459,821	96,634	243,053	473,432	493,343	778,953	692,817	621,066	610,101	679,048	845,821	102,706	83,832	162,762	206,318	410,717	-229,770	1,254,676	-3,054,351	-3,032,651	-1,663,659	0	0	0
Sale Purchase Of Stock	-43,623	-175,169	-91,131	-108,101	-4,197	-227,060	-202,638	-32,061	-578,224	-382,436	-293,915	-18,199	-831	-118,074	-117,291	-268,716	-87,123	-162,384	-274,430	-61,403	-255,635	-224,510	-74,665	-12,351	-1,460	-15,512	-490	-12,730	-1,161	-12,048	-1,152	-13,262	-3,268	-22,103	-8,028	-27,632	-2,394	-8,568	-6,161	-19,129	-3,608	-5,091	-5,700	-9,741	-1,602	-3,523	-8,418	-8,821	-2,897	-2,424	-24,567	-6,823	-3,199	-712	-11,754	-9,489	-497	-46	-28,208	-27,934	-13,123	-1,317	0	1,646	1,646	0	0	0	0	0	0	0	0
Stock Based Compensation	189,787	255,616	260,400	46,827	8,205	190,197	210,800	1,230,904	6,159,529	0	0	1,276,321	715,587	0	0	-1,318,433	1,234,455	0	0	378,816	1,053,690	0	0	373,159	1,488,330	0	0	407,696	868,022	0	0	11,690	564,560	0	0	23,834	1,285,503	0	0	237,294	1,413,182	0	0	239,896	-177,071	223,612	244,561	222,444	321,050	240,089	408,643	426,280	515,790	457,379	743,834	723,145	809,138	738,404	762,521	738,045	807,918	774,431	0	914,671	1,765,188	0	0	0	0	0	0	0	0
Total Cash From Financing Activities	-712,266	-1,400,572	-1,189,593	-1,751,464	238,546	-1,624,275	-1,500,612	-908,114	-2,090,060	957,179	-1,281,263	-1,362,446	-872,196	295,008	-549,132	-1,117,716	-893,108	-31,149	-129,061	-868,061	-1,079,278	-971,249	453,549	266,792	1,497,248	498,396	462,971	312,724	1,275,278	-126,466	90,543	-669,185	-557,607	-524,093	77,393	-915,095	890,612	-495,935	-420,127	-1,024,457	-865,561	-1,014,418	-382,599	-997,036	-309,449	414,358	-182,881	-327,439	-168,829	-218,251	82,493	-568,928	259,864	256,684	-93,705	-338,219	-38,613	494,539	-118,978	-281,272	-1,825,928	451,839	-577,272	77,714	29,873	944,059	-671,792	1,342,302	3,161,645	1,225,944	0	0	0
Total Cash From Operating Activities	895,688	1,082,914	1,725,576	352,728	715,135	982,926	1,889,691	2,748,501	-813,947	1,603,667	899,584	2,296,684	310,027	135,136	491,315	999,467	589,878	1,078,364	164,334	130,531	1,385,552	1,320,867	-890,844	-1,769,833	-644,431	-918,656	-1,036,777	151,124	-1,203,580	415,351	38,412	208,531	1,013,564	-216,903	964,915	635,467	-412,664	224,209	863,186	980,258	815,236	1,392,149	236,254	1,104,302	226,805	10,018	212,104	134,228	341,174	385,745	-68,813	441,507	-688,000	289,275	6,340	20,500	505,981	-787,058	136,704	555,882	1,197,952	475,186	102,143	115,154	243,759	-1,765,275	2,015,175	-1,343,955	-3,106,024	-1,196,003	0	0	2,709,258
Total Cashflows From Investing Activities	0	-62,668	-135,656	-74,970	-48,714	-85,387	-45,244	-56,152	-19,860	-9,645	-14,070	-20,741	-95,924	-45,443	-13,025	-12,428	-11,139	-49,141	-33,524	-18,858	-107,836	138	-4,212	-4,686	-193,260	-8,963	4,375	-2,017	-21,826	-12,615	-10,322	-4,091	-53,404	-53,036	-10,696	2,568	-24,425	-15,541	-7,777	-282	-165,904	-158,926	-8,841	-1,492	-222,981	-181,604	-178,096	-170,224	-59,898	-9,291	-34,696	-5,389	0	0	-40,273	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

Income Statement

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	1999-12-31
Cost Of Revenue	253,162	3,532,454	8,350,126	2,588,758	3,067,857	2,674,691	2,930,815	2,203,430	2,290,751	3,154,371	3,257,667	2,605,244	2,738,425	3,610,189	3,777,606	5,104,492	2,256,647	508,842	329,463	-	-	-	0
Depreciation And Amortization	134,175	67,097	74,871	71,053	70,999	59,021	46,776	82,943	101,437	101,915	95,671	139,174	207,591	162,051	158,048	153,237	117,607	1,694,019	-4,451,740	1,019,851	82,693	-93,374	16,535
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Ebit	3,350,407	2,537,736	7,041,798	1,401,377	2,001,730	1,955,168	3,743,396	2,093,043	1,525,814	3,191,966	2,758,735	894,523	235,232	-244,130	-602,677	-1,181,013	1,681,295	604,121	5,794,663	503,463	870,333	141,939	1,859,866
Ebitda	3,484,582	2,604,833	7,116,669	1,472,430	2,072,729	2,014,189	3,790,172	2,175,986	1,627,251	3,293,881	2,854,406	1,033,697	442,823	-82,079	-444,629	-1,027,776	1,798,902	2,298,140	1,342,923	1,523,314	953,026	48,565	1,876,401
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Extraordinary Items	0	0	0	0	0	0	-340,300	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Gross Profit	7,430,740	3,600,178	8,302,225	2,644,410	3,106,067	3,121,566	2,980,416	2,185,708	1,906,538	3,372,007	2,405,274	1,179,440	154,549	-387,045	-1,839,517	-5,104,492	3,927,906	8,670,642	5,639,278	503,463	1,094,423	318,123	3,628,924
Income Before Tax	2,957,714	3,461,789	13,559,396	2,617,520	3,818,015	3,512,941	4,117,101	2,382,010	1,814,748	3,986,726	3,148,561	1,014,905	77,258	-522,654	-2,291,466	-5,608,299	5,708,436	8,154,485	1,342,923	-	953,026	48,565	2,080,506
Income Tax Expense	513,461	472,880	1,184,401	356,014	-47,952	249,390	743,147	132,362	190,398	291,173	255,642	185,023	345,711	84,669	99,230	-40,989	25,978	31,934	12,260	-1,019,851	11,949	9,119	45,702
Interest Expense	431,868	317,225	198,268	166,162	199,648	163,990	1,529,419	921,446	625,627	1,316,204	1,331,891	490,902	57,824	41,229	13,384	23,008	32,080	36,932	4,451,740	0	82,693	93,374	45,702
Interest Income	516,497	105,142	461,624	30,542	182,398	171,947	3,478,973	2,051,858	176,364	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Minority Interest	-1,053,373	-1,241,278	-6,517,598	203,219	476,658	356,774	511,245	250,129	231,045	409,864	381,872	203,557	32,526	0	0	0	4,059,221	5,856,345	3,934,535	-	-	-	0
Net Income	1,390,880	2,988,909	12,374,995	2,261,506	3,865,967	1,541,788	1,470,830	1,039,235	709,789	1,584,589	1,171,202	218,598	-168,303	-370,028	-715,291	-1,163,032	1,623,237	2,266,206	1,330,663	1,523,314	941,077	39,446	2,034,804
Net Income Applicable To Common Shares	0	1,747,631	5,857,397	1,045,363	2,049,682	1,541,788	1,470,830	1,039,235	709,789	1,584,589	1,171,202	218,598	390,443	607,323	0	0	1,623,237	2,266,206	1,330,663	-	-	-	0
Net Income From Continuing Ops	2,444,253	2,988,909	12,374,995	2,261,506	3,865,967	3,263,551	3,373,954	2,249,648	1,624,350	3,695,553	2,892,919	829,882	422,969	607,323	0	0	0	0	0	-	-	-	0
Net Interest Income	84,629	-45,613	-37,625	-40,931	-17,250	7,957	1,949,554	1,130,412	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Non Operating Income Net Other	0	-82,859	458,865	-4,841	444,396	191,722	725,452	184,750	259,071	357,854	402,133	256,145	213,323	0	0	0	0	0	0	-	-	-	0
Non Recurring	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Operating Income	3,134,640	2,537,736	7,041,798	1,401,377	2,001,730	1,955,168	3,743,396	2,093,043	1,525,814	3,191,966	2,758,735	894,523	-135,493	-1,024,648	-602,677	-1,181,013	317,384	604,121	5,794,663	503,463	870,333	141,939	1,859,866
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Other Operating Expenses	4,726,188	3,670,843	3,092,955	2,615,648	2,355,909	2,283,316	1,794,130	2,007,128	2,382,541	2,539,652	2,514,380	2,769,779	3,330,245	4,102,761	4,228,475	4,363,594	2,732,764	516,158	155,385	-	224,090	176,184	214,124
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Reconciled Depreciation	40,075	67,097	74,871	71,053	70,999	59,021	46,776	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Selling And Marketing Expenses	2,785,447	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Selling General Administrative	1,236,292	1,123,346	928,223	724,646	697,146	673,359	599,103	572,490	655,602	579,961	501,100	582,567	591,820	492,572	450,869	503,807	476,117	266,090	182,605	-	67,796	37,614	214,124
Tax Provision	513,461	472,880	1,184,401	356,014	-47,952	249,390	743,147	132,362	190,398	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Total Operating Expenses	4,726,188	3,670,843	3,092,955	2,615,648	2,355,909	2,283,316	1,794,130	2,007,128	2,382,541	2,539,652	2,514,380	2,769,779	2,815,716	3,745,798	4,229,555	4,363,594	476,117	516,157	-155,385	-	224,090	176,184	214,124
Total Other Income Expense Net	-176,926	924,053	6,517,598	1,216,143	1,816,285	1,557,773	373,705	288,967	288,934	794,760	389,826	120,382	212,751	501,994	176,694	-872,336	1,363,911	1,730,951	-4,451,740	-	82,693	-93,374	220,640
Total Revenue	7,683,902	7,132,632	16,652,351	5,233,168	6,173,924	5,796,257	5,911,231	4,389,138	4,197,289	6,526,378	5,662,941	3,784,684	2,892,974	3,223,144	1,938,089	-1,244,705	6,184,553	8,670,642	5,639,278	503,463	1,094,423	318,123	3,628,924

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31
Cost Of Revenue	9,071	47,934	40,685	61,395	3,532,454	604,968	380,748	1,887,409	30,379	2,382,691	2,019,177	1,818,959	3,398,650	1,119,991	960,271	841,890	-2,279,879	718,755	637,750	850,213	-3,785,200	805,162	813,611	762,562	-1,470,029	720,110	679,073	759,284	-863,005	597,049	536,145	452,080	-1,214,877	263,177	688,460	963,375	-1,526,016	885,255	918,439	722,645	-185,610	634,024	1,244,794	691,325	2,605,244	702,892	1,107,428	604,767	2,738,425	759,955	845,242	836,551	2,622,898	793,290	989,698	987,291	3,777,606	980,628	937,751	812,347	4,775,374	1,708,423	1,028,808	1,127,003	1,898,778	929,721	345,545	161,028	173,377	125,506	126,166	91,108	329,463	-	-	-
Depreciation And Amortization	9,002	9,000	9,100	12,996	14,809	14,892	18,698	18,698	18,697	18,698	18,698	18,778	17,803	17,750	17,750	17,750	17,749	17,750	17,750	17,750	15,561	14,476	14,492	14,492	13,885	10,964	10,963	10,964	15,615	21,673	22,827	22,828	23,490	29,525	23,622	24,800	25,006	25,085	25,566	26,258	26,396	24,783	21,579	22,913	23,742	30,597	36,693	48,142	82,827	42,339	41,579	40,846	40,845	40,872	40,822	39,512	39,511	39,513	39,511	39,513	39,512	39,512	40,685	33,528	55,203	55,204	1,384,732	-3,198,625	809,412	293,254	293,254	266,166	-5,089,436	208,479	208,479	208,479
Discontinued Operations	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Ebit	289,021	1,255,210	1,509,234	296,942	517,037	177,034	76,763	1,766,902	1,892,722	1,913,212	1,641,724	1,792,408	1,060,914	935,219	754,957	-1,183,551	572,780	676,013	388,124	564,461	63,142	510,895	920,093	461,038	1,331,952	806,871	683,261	921,312	736,214	616,368	445,701	294,760	139,004	-118,466	402,307	1,126,790	941,352	711,363	1,004,742	534,509	1,387,597	397,619	542,920	430,599	577,786	209,158	-11,956	111,596	243,673	-268,419	164,621	95,357	63,490	-36,817	-166,246	-104,557	-118,547	-118,374	-153,312	-212,444	-397,612	-359,606	-179,819	-243,976	544,520	1,839,199	559,557	4,344,671	-216,395	299,763	299,763	220,989	5,422,102	124,187	124,187	124,187
Ebitda	298,023	1,264,210	1,518,334	309,938	531,846	191,926	95,461	1,785,600	1,911,419	1,931,910	1,660,422	1,811,186	1,078,717	952,969	772,707	-1,165,801	590,529	693,763	405,874	582,211	78,703	525,371	934,585	475,530	1,345,837	817,835	694,224	932,276	751,829	638,041	468,528	317,588	162,494	-88,941	425,929	1,151,590	966,358	736,448	1,030,308	560,767	1,413,993	422,402	564,499	453,512	601,528	239,755	24,737	159,738	326,500	-226,080	206,200	136,203	104,335	4,055	-125,424	-65,045	-79,036	-78,861	-113,801	-172,931	-358,100	-320,094	-139,134	-210,448	599,723	1,894,403	1,944,289	1,146,046	593,017	593,017	593,017	487,155	332,666	332,666	332,666	332,666
Effect Of Accounting Charges	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Extraordinary Items	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Gross Profit	1,278,097	2,318,983	2,697,910	1,230,709	-2,013,933	369,122	379,768	1,992,096	4,204,304	2,074,981	1,842,898	2,278,962	-615,311	1,323,111	1,173,005	-2,968,439	1,660,222	755,457	667,362	884,165	481,534	761,024	1,467,026	705,338	2,980,416	727,398	669,458	845,521	1,322,703	620,282	487,324	373,555	818,300	-174,432	393,869	1,371,179	1,845,991	421,103	1,073,562	659,383	2,219,664	501,795	-39,048	410,387	-1,687,854	214,278	-290,481	511,381	-1,469,920	-759,955	463,039	316,718	-1,592,459	-529,275	-528,529	-286,052	-3,053,320	-315,051	-473,118	-801,378	-4,775,374	-1,708,423	-491,168	-1,127,003	-1,898,778	-395,409	3,027,404	4,262,850	7,850,126	299,763	299,763	220,989	5,266,717	124,187	124,187	124,187
Income Before Tax	155,080	1,117,302	1,426,976	258,356	602,195	97,931	-219,232	2,980,895	3,378,063	3,664,897	3,145,748	3,370,688	2,080,506	1,801,111	1,501,761	-2,765,858	1,007,337	1,010,949	685,697	1,114,032	-49,352	975,786	1,689,708	896,799	1,359,134	906,465	774,297	1,077,205	818,395	719,303	510,526	333,786	440,909	-482,291	392,785	1,583,602	1,338,120	632,970	1,306,664	708,972	1,584,913	518,392	566,674	478,582	187,167	235,739	135,614	456,385	705,660	-994,412	248,796	117,214	198,643	143,302	-636,928	-149,850	-365,314	-426,959	-586,986	-912,207	-1,898,938	-1,843,707	-620,478	-1,245,176	-703,342	-514,425	2,838,410	1,146,046	4,960,576	1,143,927	241,208	1,808,774	5,277,458	-	-	-
Income Tax Expense	45,957	196,560	223,269	47,675	-141,146	94,231	36,514	483,281	437,694	458,904	288,250	-447	266,342	100,960	147,415	-158,703	28,943	-156,786	38,736	41,155	29,366	26,798	138,731	54,495	596,590	59,512	29,608	57,437	48,087	27,714	47,415	18,866	46,230	1,573	43,251	99,344	74,686	79,108	83,282	54,097	91,090	57,477	56,082	50,993	65,696	39,237	41,337	38,753	250,299	-7,637	64,199	38,850	59,867	-4,225	19,392	9,635	18,063	52,551	10,885	17,731	8,883	-25,168	-28,978	4,274	8,576	5,841	11,560	13,970	-809,412	-293,254	-293,254	-266,166	5,089,436	-208,479	-208,479	-208,479
Interest Expense	108,732	110,599	108,096	104,441	100,329	80,507	69,642	66,747	56,550	52,413	44,322	44,983	45,702	39,540	39,276	41,644	60,688	53,362	43,596	42,002	44,644	41,355	39,320	38,671	453,774	362,717	310,878	402,050	320,176	275,749	199,660	125,861	108,096	134,658	224,888	397,998	315,215	381,750	404,444	214,795	675,252	168,978	275,690	211,971	405,677	41,097	21,671	14,518	16,051	13,785	14,185	13,803	14,596	11,766	7,682	7,185	6,640	5,258	87	1,399	8,682	5,893	5,690	2,743	3,520	2,258	26,302	3,198,625	9,483	7,269	12,692	7,488	23,830	-	-	-
Interest Income	168,374	49,078	80,500	90,485	52,870	52,420	62,075	54,485	81,843	132,312	31,017	120,353	90,867	108,752	23,924	35,084	52,146	42,482	43,686	44,084	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	-	-	-
Minority Interest	42,677	-368,748	-602,433	-124,869	-185,487	-36,320	226,353	-1,280,740	-1,541,891	488,457	10,140,858	387,479	7,938,466	266,629	290,952	-660,546	117,108	88,398	81,839	189,313	-73,103	145,670	129,983	154,224	139,964	116,661	113,935	140,685	60,347	93,417	62,680	33,685	-77,182	18,151	80,496	209,580	125,401	32,163	162,547	89,753	197,279	81,419	50,310	52,864	136,651	-115,753	222,268	-39,609	-105,471	44,776	140	93,081	149,749	191,885	0	0	0	0	0	0	0	0	0	0	4,059,221	-2,063,561	2,063,561	2,944,654	3,771,762	761,339	7,498	1,315,746	3,934,535	-	-	-
Net Income	151,800	551,994	601,274	85,812	557,854	3,700	-255,746	2,497,614	1,398,478	1,401,895	1,309,152	1,747,872	748,870	794,719	568,266	-1,066,492	483,149	779,437	305,792	481,304	-10,868	442,742	742,042	367,872	281,588	384,642	342,775	461,825	367,951	312,905	198,626	150,033	200,870	-254,697	134,168	629,448	551,451	250,505	517,016	265,617	621,255	171,164	211,148	167,635	106,413	128,824	-74,964	58,325	-22,677	-274,567	86,237	42,704	-10,973	-44,358	-193,320	-121,377	-143,250	-176,183	-164,284	-231,574	-415,177	-340,331	-156,531	-250,993	-170,000	-113,190	1,906,427	1,132,076	593,017	593,017	593,017	487,155	332,666	332,666	332,666	332,666
Net Income Applicable To Common Shares	0	551,994	601,274	85,812	557,854	2,296	-29,393	1,216,874	1,398,478	1,401,895	1,309,152	1,747,872	748,870	794,719	568,266	-1,066,492	483,149	779,437	305,792	481,304	-10,868	442,742	742,042	367,872	281,588	384,642	342,775	461,825	377,671	312,905	198,626	150,033	200,870	-254,697	134,168	629,448	551,451	250,505	517,016	265,617	621,255	171,164	211,148	167,635	-370,009	128,824	-74,964	534,747	-195,374	941,999	-184,737	-171,445	0	-147,527	656,320	0	0	0	0	0	0	0	0	0	1,623,237	-774,352	774,352	1,132,076	1,182,440	372,548	224,063	487,155	1,330,663	-	-	-
Net Income From Continuing Ops	109,123	920,742	1,203,707	210,681	743,341	3,700	-255,746	2,497,614	2,940,369	3,205,993	2,857,498	3,371,135	1,814,164	1,700,151	1,354,346	-2,607,155	978,394	1,167,735	646,961	1,072,877	-78,718	948,988	1,550,977	842,304	762,544	846,953	744,689	1,019,768	780,028	691,589	463,111	314,920	274,422	-483,864	349,534	1,484,258	1,263,434	553,862	1,223,382	654,875	1,493,823	460,915	510,592	427,589	43,965	196,502	94,277	495,138	-300,845	986,775	-184,597	-78,364	0	-147,527	656,320	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Net Interest Income	59,642	-1,466	40,409	-13,956	2,303	-28,087	-7,567	-12,262	6,616	-17,365	-13,305	-13,571	-5,976	-13,043	-15,352	-6,560	-8,542	-10,880	90	2,082	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	-	-	-
Non Operating Income Net Other	0	0	0	65,856	-31,335	1,178	-104,339	51,637	113,887	94,991	126,724	123,263	0	101,059	158,373	-327,969	-18,566	271,506	61,131	130,325	-59,234	66,838	73,519	110,599	485,818	63,448	110,054	66,132	73,510	61,395	30,703	19,142	-45,049	-16,867	82,015	238,972	349,172	8,682	0	0	402,133	0	0	0	166,984	0	0	89,161	213,323	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Non Recurring	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Operating Income	454,330	1,102,611	1,371,381	207,200	517,037	177,034	76,763	1,766,902	1,892,722	1,913,212	1,641,724	1,792,408	1,060,914	935,219	754,957	-1,183,551	572,780	676,013	388,124	564,461	63,142	510,895	920,093	461,038	1,331,952	806,871	683,261	921,312	736,214	616,368	445,701	294,760	139,004	-118,466	402,307	1,126,790	941,352	711,363	1,004,742	534,509	1,387,597	397,619	542,920	430,599	577,786	371,699	-112,616	168,243	43,665	-665,013	323,450	162,405	94,274	-141,769	-577,678	-399,475	-118,547	-500,771	-645,290	-877,444	-397,612	-1,292,952	-810,156	-1,029,540	-716,245	-522,051	559,557	4,344,671	-216,395	299,763	299,763	220,989	5,422,102	124,187	124,187	124,187
Other Items	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Other Operating Expenses	1,029,602	1,200,537	1,392,119	1,104,812	916,326	876,159	979,748	898,610	856,620	792,775	716,327	727,233	702,833	641,991	631,515	639,309	652,885	463,263	619,415	620,346	530,886	590,400	590,929	571,101	151,253	541,043	574,234	527,600	504,308	498,028	512,943	491,849	377,391	571,036	689,544	750,952	507,871	673,388	685,337	673,056	634,751	617,427	639,072	623,130	730,223	832,317	726,046	769,275	855,389	527,149	970,646	977,061	975,145	914,003	1,120,084	1,093,529	1,163,361	1,092,536	1,051,619	923,176	983,351	1,126,805	1,158,118	1,098,063	1,061,211	1,048,737	415,763	81,821	8,066,521	133,000	139,000	0	155,385	-	-	-
Preferred Stock And Other Adjustments	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Reconciled Depreciation	9,002	9,011	9,066	12,996	14,809	14,892	18,698	18,698	18,697	18,698	18,698	18,778	17,803	17,750	17,750	17,750	17,749	17,750	17,750	17,750	15,561	14,476	14,492	14,492	13,885	10,964	10,963	10,964	15,615	21,673	22,827	22,828	23,490	29,525	23,622	24,800	25,006	25,085	25,566	26,258	26,396	24,783	21,579	22,913	23,742	30,597	36,693	48,142	82,827	42,339	41,579	40,846	40,845	40,872	40,822	39,512	39,511	39,513	39,511	39,513	39,512	39,512	40,685	33,528	55,203	55,204	0	0	0	0	0	0	0	-	-	-
Research Development	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Selling And Marketing Expenses	631,877	700,268	737,017	716,285	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	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Selling General Administrative	289,760	318,120	306,619	321,793	310,871	275,886	293,723	242,866	312,632	219,255	208,831	187,505	216,026	173,315	173,134	162,171	192,200	175,103	180,894	148,949	157,096	171,115	163,450	181,698	161,928	142,105	164,950	130,120	165,186	139,450	139,580	128,274	142,261	176,960	188,558	154,205	159,659	138,268	141,495	140,539	136,280	126,113	121,993	116,714	136,649	129,425	151,985	164,508	192,342	133,564	970,646	977,061	135,235	120,713	130,386	1,093,670	116,481	111,908	113,868	110,829	121,040	135,284	129,310	118,173	159,036	119,016	109,787	79,207	0	0	0	0	0	-	-	-
Tax Provision	45,957	196,560	223,269	47,675	-141,146	94,231	36,514	483,281	437,694	458,904	288,250	-447	266,342	100,960	147,415	-158,703	28,943	-156,786	38,736	41,155	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	-	-	-
Total Operating Expenses	1,029,602	1,200,537	1,392,119	1,104,812	916,326	876,159	979,748	898,610	856,620	792,775	716,327	727,233	702,833	641,991	631,515	639,309	652,885	463,263	619,415	620,346	530,886	590,400	590,929	571,101	151,253	541,043	574,234	527,600	504,308	498,028	512,943	491,849	377,391	571,036	689,544	750,952	507,871	673,388	685,337	673,056	634,751	617,427	639,072	623,130	730,223	681,431	681,333	659,763	562,845	628,042	970,646	977,061	831,796	120,713	1,098,097	1,093,529	1,089,600	1,092,536	1,051,619	923,176	983,351	1,126,805	1,158,118	1,095,320	-1,195,436	1,048,737	534,539	-81,821	-8,066,521	133,000	139,000	0	155,385	-	-	-
Total Other Income Expense Net	-299,250	14,691	55,595	51,156	85,158	-79,103	-295,995	1,213,993	1,485,341	1,751,685	1,504,024	1,578,280	1,019,592	865,892	746,804	-1,582,307	434,557	334,936	297,573	549,571	-112,494	464,891	769,615	435,761	27,182	99,594	91,036	155,893	82,181	102,935	64,825	39,026	301,905	-363,825	-9,522	456,812	396,768	-78,393	301,922	174,463	197,316	120,773	23,754	47,983	-390,619	-135,960	248,230	288,142	661,995	-329,399	-74,654	-45,191	104,369	285,071	-59,250	249,625	79,341	73,812	58,304	-34,763	-295,623	-550,755	189,678	782,821	558,341	416,960	227,565	-3,198,625	0	0	0	0	0	-	-	-
Total Revenue	1,287,168	2,366,917	2,738,595	1,292,104	1,518,521	974,090	760,516	3,879,505	4,234,683	4,457,672	3,862,075	4,097,921	2,783,339	2,443,102	2,133,276	-2,126,549	1,660,222	1,474,212	1,305,112	1,734,378	481,534	1,566,186	2,280,637	1,467,900	1,510,387	1,447,508	1,348,531	1,604,805	1,322,703	1,217,331	1,023,469	825,635	818,300	88,745	1,082,329	2,334,554	1,845,991	1,306,358	1,992,001	1,382,028	2,219,664	1,135,819	1,205,746	1,101,712	917,390	917,170	816,947	1,116,148	1,268,505	-366,370	1,308,281	1,153,269	1,030,439	264,015	461,169	701,239	724,286	665,577	464,633	10,969	-915,587	-716,902	537,640	-149,856	-1,898,778	534,312	3,372,949	4,262,850	7,850,126	299,763	299,763	220,989	5,266,717	124,187	124,187	124,187

Latest Income Statement (annual, 2023-12-31)

Gross Profit (+$)
totalRevenue	7,683,902
Cost of Revenue	-253,162
Gross Profit	7,430,740	7,430,740

Operating Income (+$)
Gross Profit	7,430,740
Operating Expense	-4,726,188
Operating Income	3,134,640	2,704,552

Operating Expense (+$)
Research Development	0
Selling General Administrative	1,236,292
Selling And Marketing Expenses	2,785,447
Operating Expense	4,726,188	4,021,739

Net Interest Income (+$)
Interest Income	516,497
Interest Expense	-431,868
Other Finance Cost	-0
Net Interest Income	84,629

Pretax Income (+$)
Operating Income	3,134,640
Net Interest Income	84,629
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	2,957,714	3,311,566 EBIT - interestExpense = 2,918,539 1,904,341 1,822,748
Interest Expense	431,868
Earnings Before Interest and Taxes (EBIT)	3,350,407	3,389,582
Earnings Before Interest and Taxes (EBITDA)	3,484,582

After tax Income (+$)
Income Before Tax	2,957,714
Tax Provision	-513,461
Net Income From Continuing Ops	2,444,253	2,444,253
Net Income	1,390,880
Net Income Applicable To Common Shares	0

Non-recurring Events
Discontinued Operations	0
Extraordinary Items	0
Effect of Accounting Charges	0
Other Items	0
Non Recurring	0
Other Operating Expenses	4,726,188
Total Other Income/Expenses Net	-176,926	-84,629

Technical Analysis of Blackstone
The psychology behind the price

Technical indicators reflecting market sentiment and the collective psychology of you and other traders. Your emotions and other traders' emotions, such as fear and greed, play a significant role in driving price movements.

General trend

First of all, I'm going to put something in the back of your mind. One of the most stable factors that gives you more confidence as a trader: the general trend of Blackstone. The general trend of Blackstone is BULLISH with 28.6% confidence. It is very important for your mental being to use each indicator with this in mind. But beware, also the general trend flips once in a while! You can use moving averages to determine Blackstone's overall trend. For convenience I use the most commonly used moving averages: 20, 50, 100 & 200. Of course you can use other moving averages or other indicators to determine the trend.

Indicator phases

Some of the indicators I use have 3 zones: overbought, oversold and neutral. Transitions between these zones (market phases) provide valuable trading signals and insights. Expecially with the general trend mind, I use the highlighted phases:

Indicator zone transitions	Bullish trend (28.6%)		Bearish trend (-28.6%)
Overbought to neutral	Bullish pullback	=	Bearish reversal
Upper to lower neutral	Bullish correction	=	Bearish continuation
Nuetral to oversold	Oversold	=	Oversold
Oversold to neutral	Bullish reversal	=	Bearish correction
Lower to upper neutral	Bullish continuation	=	Bearish pullback
Nuetral to overbought	Overbought	=	Overbought

1. Price Targets

1.1 Support & Resistance

Support and resistance are levels on a price chart that act as barriers or zones where the price of an asset tends to stop, reverse, or experience a significant amount of buying or selling pressure.

Support is a price level at which demand for an asset is strong enough to prevent the price from falling further.
Resistance is a price level at which selling pressure becomes significant enough to prevent the price of an asset from rising further.

Score

Let's take a look at the Support & Resistance of Blackstone Group Inc.

The long score for the Support & Resistance is 1/1.
The longshort score for the Support & Resistance is 1/(-1 +1).

Around support: The price is currently trading around a support level. This can be considered as a potential entry level. +1

The bullish price targets are: 124.67 < 132.00 < 132.09.

The bearish price targets are: 119.93 > 116.10 > 105.86.

Tweet this

Blackstone Group Inc Daily Support & Resistance Chart

2. Trend Indicators

2.1 Moving Averages

Shows the moving average of the selected period.

Moving averages are lagging trend indicators.
There are many types of moving averages.
Moving averages are also used within other indicators.

Score

Let's take a look at the Moving Averages of Blackstone Group Inc. The current mas is .

The long score for the Moving Averages is 9/14.
The longshort score for the Moving Averages is 4/(-14 +14).

MA 20 trending down: The MA 20 is trending down. -1
Close < MA 20: The price is below the MA 20. -1
MA 20 > MA 50: The MA 20 is higher than the MA 50. +1
MA 20 > MA 100: The MA 20 is higher than the MA 100. +1
MA 20 > MA 200: The MA 20 is higher than the MA 200. +1
MA 50 trending down: The MA 50 is trending down. -1
Close < MA 50: The price is below the MA 50. -1
MA 50 > MA 100: The MA 50 is higher than the MA 100. +1
MA 50 > MA 200: The MA 50 is higher than the MA 200. +1
MA 100 trending up: The MA 100 is trending up. +1
Close < MA 100: The price is below the MA 100. -1
MA 100 > MA 200: The MA 100 is higher than the MA 200. +1
MA 200 trending up: The MA 200 is trending up. +1
Close > MA 200: The price is above the MA 200. +1

Directionalities and relatives.

Moving Average	Amount of candles	vs. MA 50	vs. MA 100	vs. MA 200
MA 20	20
MA 50	50	-
MA 100	100	-	-
MA 200	200	-	-	-

Explanation: https://www.youtube.com/watch?v=xwW8h0lrQ-I

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

Simple moving average (SMA);
Exponential moving average (EMA);
Smoothed moving average (SMMA);
Linear weighted moving average (LWMA).

The moving average looks at a certain period of time and it calculates the price average. The various types of averages are using various formulas. Don’t worry, you don’t have to memorize any formula. All moving averages are calculated automatically by basically every charting software you use. But it’s good to know how moving averages are actually calculated.

Simple moving average

SMA is calculated by summing up the price closures of the selected period. The price is then divided by the selected period. For example, when using the 21 day moving average you sum up all the closing prices for each day and divide that by 21. The result is a line on the chart representing the average. Because it’s an average in the selected timeframe, the trend is always lagging. An moving average looks like this on the chart:

Source: Tradingview.com

In this case, the blue line represents a 21 day moving average. Because the average is based on results from the past, the indicator will always lag behind. For example, when price would suddenly go up, the moving average won't immediately follow.

All other moving averages discussed below look the same on the chart. The only difference is that the line will move in different directions based on the maths behind the used indicators and the amount of days used to determine the average.

Exponential moving average

The EMA gives more weight to the latest closing prices by giving them more value in the equation. EMA is calculated by adding a certain percentage to the latest closing prices:

EMA = (CLOSE (i) * P) + (EMA (i - 1) * (1 - P))

Where:

CLOSE (i) = current period close price.
EMA (i - 1) = value of the Moving Average of a preceding period.
P = the percentage of using the price value.

Smoothed moving average

A smoothed moving average is an exponential moving average with a long lookback period. Older prices are reduced in weight but are never left out in the calculation. Unlike SMA and EMA where prices are removed when they are beyond the selected period. SMMA is a combination of the SMA and EMA. The main advantage is that it smooths out fluctuations in price.

Linear weighted moving average

The LWMA gives the latest price the highest weight and then lineary scales down with each price before that. The result is that the LWMA reacts quicker to changes in price than the SMA or EMA. The formula:

LWMA = ((Pn∗W1)+(Pn−1∗W2)+(Pn−2∗W3)...) / ∑W

Where:

P = Price for the period.
n = The most recent period, n-1 is the prior period, and n-2 is two periods prior.
W = The assigned weight to each period, with the highest weight going first and then descending linearly based on the number of periods being used.

Moving averages are widely used by many traders. Which moving average you need depends on your trading strategy. Common practise is using a combination of multiple periods. For example, the EMA21, EMA50, EMA100 and EMA200. How does that look on a chart:

Source: Tradingview.com

The lowest (purple) line on the chart represents the EMA200 then following up the EMA100, EMA50 and EMA21.

You can use moving averages to determine a trend. The 200 moving average is mostly used as a baseline for determining the current trend:

When the 200 moving average is moving up it is considered a bullish trend.
When the 200 moving average is down it is considered a bearish trend.
When moving averages are flatlined, there is no clear trend so you should look for market structure, consolidation or trend reversals. Depending on how you want to trade.

This is not set in stone. Most trading strategies use multiple moving averages each with different settings. While one strategy might use the EMA20, the other uses the SMA21. There can be hundreds of different variations. Moving averages can also be used as support and resistance. More often than not, prices will bounce on moving averages.

Blackstone Group Inc Daily Moving Averages Chart

2.2 Moving Average Convergence/Divergence (MACD)

Shows the momentum of the selected period based on two moving averages.

MACD is a lagging momentum indicator.
Uses two moving averages.
Can show buy or sell signals based on momentum.
Can show overbought. and oversold. levels.

Score

Let's take a look at the Moving Average Convergence/Divergence (MACD) of Blackstone Group Inc. The current macd is -1.1816478.

The long score for the Moving Average Convergence/Divergence (MACD) is 0/4.
The longshort score for the Moving Average Convergence/Divergence (MACD) is -4/(-4 +4).

MACD line < signal line: The MACD line is below the signal line, which indicates a bearish signal in the market. This means that the negative momentum is currently stronger than the average momentum, suggesting that sellers are more active than buyers, and there's a higher probability of the Blackstone price going down in the near term. -2
MACD < 0: The MACD is below the zero line (centerline), it indicates a bearish signal for Blackstone. This means that the short-term moving average is lower than the long-term moving average, signaling negative momentum and suggesting a higher likelihood of the Blackstone price continuing to fall in the near future. It indicates that sellers are gaining control, and there is negativism in the market, leading to potential price decreases. -1
Trending down: The MACD line is trending down. This indicates that the short-term moving average is falling faster than the long-term moving average, suggesting negative momentum in the market. This signals that sellers are becoming more active and insecure, leading to potential price decreases as traders anticipate further losses and are willing to sell at lower prices. -1

Blackstone Group Inc Daily Moving Average Convergence/Divergence (MACD) Chart

2.3 Directional Movement Index (DMI)

The DMI is a collection of 3 indicators: +DI (Plus Direction Indicator), -DI (Minus Direction Indicator) and ADX (Average Directional Index). The ADX helps you determine the strength of a trend.

Score

Let's take a look at the Directional Movement Index (DMI) of Blackstone Group Inc. The current adx is 15.20.

The long score for the Directional Movement Index (DMI) is 0/7.
The longshort score for the Directional Movement Index (DMI) is -2/(-7 +7).

PLUS_ID < MINUS_DI: The +DI line is below the -DI line. This indicates a bearish signal in the market, as the negative directional movement is currently stronger than the positive directional movement, showing that sellers have the upper hand. Market psychology suggests that traders are pessimistic, expecting further price decreases, and are more willing to sell Blackstone shares, leading to potential downward momentum in its price. -1
PLUS_ID < MINUS_DI && ADX < 25 && ADX trending up: The ADX is below 25 and indicates a weak or no trend. However, the ADX is rising and a new bearish trend could be forming. -1

Blackstone Group Inc Daily Directional Movement Index (DMI) Chart

2.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

Parabolic SAR (stop and reverse) is a lagging trend indicator.
Shows the current trend.
Shows potential entry signals.
Shows potential exit signals.
Can be used to place trailing stoplosses..

Score

Let's take a look at the Parabolic SAR of Blackstone Group Inc. The current sar is 130.25.

The long score for the Parabolic SAR is 0/1.
The longshort score for the Parabolic SAR is -1/(-1 +1).

Close < SAR: The price is below the SAR. It's generally considered a bearish signal. -1

Blackstone Group Inc Daily Parabolic SAR Chart

3. Momentum Indicators

3.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

Leading momentum indicator, meaning the signals are instant.
Ranges between 0 and 100.
Above 70 is considered overbought.
Below 30 is considered oversold.
Above or below 50 can also be used to determine price trend or support and resistance.
RSI divergence looks at a deviation between RSI and price movement. Penketrading automatically calculates RSI divergences.
Can be used in many different ways

Score

Let's take a look at the Relative Strength Index (RSI) of Blackstone Group Inc. The current rsi is 39.54. The current phase is Correction in bull market.

The long score for the Relative Strength Index (RSI) is 0/13.
The longshort score for the Relative Strength Index (RSI) is -4/(-13 +13).

Correction in bull market: Moderate price decline, potential pause in the uptrend. Reassess the market, wait for signs of stabilization.
Trending down: The RSI is trending down. -1

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

The RSI measures the magnitude of recent price changes to determine if the asset is overbought or oversold.

Overbought (RSI above 70) means that the trading price is above its intrinsic value. This might indicate a sell or short signal.
Oversold (RSI below 30) means that the trading price is below its intrinsic value. This might indicate a buy or long signal.
RSI levels above or below 50 can also be used to determine a trend.
RSI divergence looks at a deviation between RSI and price movement.
Can be used in many different ways.

Original usage

Keep in mind that almost every indicator can be used in different ways. Even beyond the orginal settings. The relative strength index was developed by J. Welles Wilder. Wilder recommended a smoothing period of 14 days. That means a 14 day moving average (read more about this setting below). Another quote from the wikipedia page:

Wilders also considers the RSI 50 line as both support and resistance. I recommend to always read the original settings first before using an indicator. Many traders and websites are using their own version of the indicator which might be confusing.

How you can use RSI (Divergence)

First and foremost, there is no real right or wrong usage of the RSI indicator. You can use it in any way you want. Wilder recommends using a 14 day average but you can make it 50 or 100 if you like. Just keep in mind that using an indicator is just part of a larger trading plan. In other words, it’s not recommended to do any trading or investing based on a single indicator like the RSI.

The RSI is measured on a scale between 0 and 100. From 30 till 0 is considered oversold. and from 70 -100 is overbought. The RSI is a leading indicator, meaning the signals are instant.

I like to use the RSI as a trend\momentum indicator and not as an overbought or oversold indicator. I use the middle (50) as the baseline. When prices go above RSI 50 the trend is bullish and can indicate long positions. When below 50 it is considered bearish and can indicate short positions. Other traders use the 70 and 30 levels as overbought/oversold depending on the used strategy. The RSI indicator looks like this:

Source: Tradingview.com

The general concensus is that an RSI above 70 indicates that the security is overbought. In other words, the price this security is trading for is to high and should come down. So if RSI hits 70 or above this might indicate a sell signal or taking a short position (expecting the price will go down). Although RSI above 70 indicates the security is trading above it's fair value, that does not mean the price will go down.

Use tradingview to add indicators

I highly recommend using tradingview to add indicators to a chart. It has all the indicators you can think off and can add them for free (up to three indicators) to any chart you want. You can see that the levels 30 and 70 are marked with a dotted line. If you want you can remove these lines or give it another colour using Tradingview. You can also adjust the moving average used. You can also find RSI indicators made by the community that include other settings like RSI divergences.

Tradingview

Use Tradingview to (back)test your strategies and add hundreds of indicators created by the community.

View tool on Tradingview.com

RSI divergence

RSI is not only used to determine momentum but can also spot reversals or continuations of the trend. A reversal means that the trend is going in the opposite direction. From bullish to bearish or from bearish to bullish. These reversals can be spotted by looking at the price and the direction of the RSI. When the price is going up but the RSI is going down that means there is a divergence. This is also the case when RSI goes up but price is going down.

There are four types of divergences:

Regular bullish divergence
Regular bearish divergence
Hidden bullish divergence
Hidden bearish divergence

Regular bullish divergence

With a regular bullish divergence, the price is making lower highs but the oscillator (in this case the RSI) is making higher lows. A regular bullish divergence might indicate the end of the current trend. You’ll see regular bullish divergences mostly at the end of a downtrend. But that does not mean that every regular bullish divergence is a trend reversal.

Price is making lower highs
RSI is making higher lows
Indicating bullish reversal (price might go up)

Source: Tradingview.com

Regular bearish divergence

With a regular bearish divergence the price is making higher highs but the oscillator (in this case the RSI) is making lower highs. This might indicate the end of an uptrend.

Price is making higher highs
RSI is making lower highs
Indicating bearish reversal

Source: Tradingview.com

Hidden bullish divergence

With a hidden bullish divergence, the price is making a higher low while the RSI is making a lower low. This might indicate bullish trend continuation.

Price is making higher lows
RSI is making lower lows
Indicating bullish continuation

Source: Tradingview.com

As you have noticed, you can have multiple divergences in a row.

Hidden bearish divergence

With a hidden bearish divergence, price is making lower highs but RSI is making higher highs. This might indicate bearish trend continuation.

Price is making lower highs
RSI making higher highs
Indicating bearish continuation

Source: Tradingview.com

You can find many cheatsheets of RSI divergences online. Search for "RSI divergence overview" and you'll find a lot of examples. You can print these to learn the various types of divergences.

Blackstone Group Inc Daily Relative Strength Index (RSI) Chart

3.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

Leading momentum indicator, meaning the signals are instant.
Used to determine overbought and oversold areas much like the RSI.
Ranges between 0 and 100.
Above 80 is considered overbought.
Below 20 is considered oversold.
Consists of two lines named K and D.
K compares the highest high and lowest low on the selected price range.
The D line is a moving average of the K line.
Can be used to spot divergences

Score

Let's take a look at the Stochastic Oscillator of Blackstone Group Inc. The current phase is Oversold in bull market.

The long score for the Stochastic Oscillator is 0/6.
The longshort score for the Stochastic Oscillator is -6/(-6 +6).

STOCH < 50: The STOCH %K is below 50. There are more sellers than buyers. -1
STOCH < 20: The STOCH %K is below 20 and oversold. -2
STOCH %K line < STOCH %D line: The STOCH %K line is below the STOCH %D line, which indicates a bearish signal in the market. This means that the negative momentum is currently stronger than the average momentum, suggesting that sellers are more active than buyers, and there's a higher probability of the Blackstone price going down in the near term. -2
Trending down: The STOCH %K is trending down. -1

Blackstone Group Inc Daily Stochastic Oscillator Chart

3.3 Commodity Channel Index (CCI)

Measures the difference between the current price and the historical average price.

Lagging or leading Momentum indicator
When the CCI is above zero, the price is above the historical average
When the CCI is below zero, the price is below the historical average
Used for spotting trends
- If the CCI moves from negative or near zero to positive 100 that might indicate an uptrend
- If the CCI moves from positive or near zero to negative -100 that might indicate a downtrend

Score

Let's take a look at the Commodity Channel Index (CCI) of Blackstone Group Inc. The current cci is -158.02207449.

The long score for the Commodity Channel Index (CCI) is 0/1.
The longshort score for the Commodity Channel Index (CCI) is -1/(-1 +1).

CCI < -100: The CCI is below -100, it indicates that the price is significantly below its average, suggesting a potential oversold condition. -1

Blackstone Group Inc Daily Commodity Channel Index (CCI) Chart

3.4 Chande Momentum Oscillator (CMO)

Measures the difference between the sum of recent gains and the sum of recent losses. Then divides the result by the sum of all price movements in that period.

Lagging momentum indicator
Ranges between +100 and -100
Considered overbought above +50
Considered oversold below -50
It's possible to add a moving average that acts as a signal line

Score

Let's take a look at the Chande Momentum Oscillator (CMO) of Blackstone Group Inc. The current cmo is -29.44083648.

The long score for the Chande Momentum Oscillator (CMO) is 0/1.
The longshort score for the Chande Momentum Oscillator (CMO) is -1/(-1 +1).

CMO < 0: The CMO is below 0, the momentum of the price is negative, indicating a potential downtrend in the price. -1

Blackstone Group Inc Daily Chande Momentum Oscillator (CMO) Chart

3.5 Williams %R

Shows the current price relative to the highest high over the last 14 days.

Lagging momentum indicator
Ranging between 0 and -100
Above -20 is considered overbought
Below -80 is considered oversold
Is prone to give false signals

Score

Let's take a look at the Williams %R of Blackstone Group Inc. The current willr is -90.33000767.

The long score for the Williams %R is 0/1.
The longshort score for the Williams %R is -1/(-1 +1).

WILLR < -80: The Williams %R is below -80. This indicates that the price is in oversold territory, suggesting a potential price correction or trend reversal to the upside. -1

Blackstone Group Inc Daily Williams %R Chart

4. Volatility Indicators

4.1 Bollinger Bands

Shows if the price is to high or to low relative to an average.

Lagging volatility indicator
Uses 3 bands: one upper, one lower and one in the middle
Works best when the middle band reflects an intermediate trend (MA20).
When the price is moving closer to the upper band, the market might be overbought
When the price is moving closer to the lower band, the market might be oversold

Score

Let's take a look at the Bollinger Bands of Blackstone Group Inc.

Blackstone Group Inc Daily Bollinger Bands Chart

4.2 Average True Range (ATR)

Measures market volatility

Leading volatility indicator
Can be used to determine stop-loss positions
Calculated by:
- Current high minus the current low
- Current high minus the previous close
- Current low minus the previous close
The larger the range of the candles, the greater the ATR value

Score

Let's take a look at the Average True Range (ATR) of Blackstone Group Inc. The current atr is 3.54942446.

Blackstone Group Inc Daily Average True Range (ATR) Chart

5. Volume Indicators

5.1 On-Balance Volume (OBV)

Measures market volatility

Leading momentum indicator
Calculation:
- If the closing price is above the previous closing price: OBV = previous OBV + current volume
- If the closing price is below the previous closing price: OBV = previous OBV - current volume
- If the closing price is the same as the previous closing price than the OBV is the same.
Can be used to confirm price trends
Can be used with divergences

Score

Let's take a look at the On-Balance Volume (OBV) of Blackstone Group Inc. The current obv is 228,264,895.

Blackstone Group Inc Daily On-Balance Volume (OBV) Chart

5.2 Money Flow Index (MFI)

Measures the flow of money in and out of a security

Lagging momentum indicator
Looks like RSI but uses volume as an extra metric (RSI only considers price)
Above 80 is considered overbought
Below 20 is considered oversold
Can be used with divergences

Score

Let's take a look at the Money Flow Index (MFI) of Blackstone Group Inc. The current mfi is 42.97.

The long score for the Money Flow Index (MFI) is 0/2.
The longshort score for the Money Flow Index (MFI) is -1/(-2 +2).

MFI < 50: -1

Blackstone Group Inc Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for Blackstone Group Inc.

6.2. Trading Signals

Below you will find trading signals as the indicator is commonly used. This doesn't mean you should use it that way. Learn from these, but don't use them blindly. I recommend using at least 4 indicators, 1 from each category: trend, momentum, volatility and volume.

Date	Indicator	Signal
2023-11-27	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-11-28	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-11-29	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-11-30	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-01	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2023-12-04	STOCH	LONG EXIT		The %K line crosses below the %D line.
	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2023-12-06	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2023-12-12	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-13	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-14	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-15	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-18	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2023-12-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-20	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-21	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-29	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-02	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2024-01-03	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-04	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-05	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2024-01-10	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-11	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-01-16	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-18	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2024-01-19	MFI	LONG ENTRY	SHORT CLOSE	20 crossover to upside
2024-01-22	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
2024-01-23	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2024-01-25	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-01-29	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-01-30	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-02	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2024-02-05	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-02-06	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-02-07	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-02-08	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-02-12	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-13	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-14	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-15	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-02-16	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-21	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-02-22	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-23	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-02-27	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-04	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-05	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-03-06	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-03-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-08	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-11	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-03-12	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-03-13	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-14	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-03-18	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-03-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-03-20	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-03-21	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-03-22	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-03-27	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-03-28	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-04-01	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-02	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-03	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-04-05	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-04-09	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-04-10	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-11	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2024-04-12	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-04-15	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-04-16	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-18	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside

6.3. Candlestick Patterns

Blackstone Group Inc Daily Candlestick Chart

Date	Candlestick Pattern

6.4. Technical Score

Let's check the technical score of Blackstone Group Inc based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	39.536
Ma 20	Greater than	Ma 50	127.015
Ma 50	Greater than	Ma 100	126.540
Ma 100	Greater than	Ma 200	123.806
Open	Greater than	Close	121.130
Total			4/5 (80.0%)

Create your own Symbol Scanner

Get notifications about Blackstone Group Inc

I send you an email if I find something interesting about Blackstone Group Inc.

Blackstone Group Inc Buy, Hold or Sell?

Let's analyse Blackstone together

Get notifications about Blackstone Group Inc

Quick analysis of Blackstone (30 sec.)

What can you expect buying and holding a share of Blackstone? (30 sec.)

How much money do you get?

What is your share worth?

+ What do you gain per year?

For what price can you sell your share?

1. Valuation of Blackstone (5 min.)

$120.32

$23.84

$19.71 - $97.11

$43.55 - $120.94

2. Growth of Blackstone (5 min.)

Is Blackstone growing?

How much money is Blackstone making?

How much money comes from the company's main activities?

3. Financial Health of Blackstone (5 min.)

4. Comparing to competitors in the Asset Management industry (5 min.)

Industry Rankings (Asset Management)

What can you expect buying and holding a share of Blackstone? (5 min.)

What can you expect buying and holding a share of Blackstone?

Speculation

Investing

How much money are you going to get?

When do you get the money?

How sure are you?

Linear %

Fundamentals of Blackstone

About Blackstone Group Inc

Financial Health

Valuation

1.1. Profitability of Blackstone Group Inc.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Asset Management)

1.1.2. Return on Assets

Trends

Compared to industry (Asset Management)

1.1.3. Return on Equity

Trends

Compared to industry (Asset Management)

1.2. Operating Efficiency of Blackstone Group Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

Compared to industry (Asset Management)

1.2.2. Operating Ratio

Trends

Compared to industry (Asset Management)

1.3. Liquidity of Blackstone Group Inc.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Asset Management)

1.3.2. Quick Ratio

Trends

Compared to industry (Asset Management)

1.4. Solvency of Blackstone Group Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Asset Management)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Asset Management)

2. Market Valuation of Blackstone Group Inc

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Asset Management)

Blackstone Group Inc
Buy, Hold or Sell?