Forrester Research Inc
Buy, Hold or Sell?

Let's analyse Forrester together

Penke I guess you are interested in Forrester Research 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 Forrester Research 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.

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Quick analysis of Forrester (30 sec.)

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

How much money do you get?

$0.06

When do you have the money?

1 year

How often do you get paid?

70.0%

What is your share worth?

Current worth

$12.36

Expected worth in 1 year

$13.31

How sure are you?

77.5%

+ What do you gain per year?

Total Gains per Share

$1.01

Return On Investment

5.4%

For what price can you sell your share?

Current Price per Share

$18.61

Expected price per share

$0 - $19.01

How sure are you?

50%

1. Valuation of Forrester (5 min.)

Live pricePrice per Share (EOD)

$18.61

Book Value per Share

$12.36

Intrinsic Value Per Share

$-0.45 - $35.95

Total Value Per Share

$11.91 - $48.31

My calculation of the intrinsic value of Forrester 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: ($0.51) 3Y: ($0.72) TTM: ($0.21)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($0.02) 3Y: ($-0.03) TTM: ($0.13)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$1.71	$2.98	$1.60 - $3.14
2	$2.91	$6.13	$1.14 - $3.40
3	$3.64	$9.44	$0.69 - $3.67
4	$3.97	$12.88	$0.23 - $3.93
5	$3.93	$16.46	$-0.22 - $4.20
6	$3.57	$20.15	$-0.68 - $4.47
7	$2.92	$23.96	$-1.13 - $4.73
8	$2.01	$27.87	$-1.59 - $5.00
9	$0.88	$31.87	$-2.04 - $5.26
10	$-0.45	$35.95	$-2.50 - $5.53

2. Growth of Forrester (5 min.)

Is Forrester growing?

	Current year	Previous year	Grow	Grow %
How rich?	$240.2m	$212m	-$8.7m	-4.3%

How much money is Forrester making?

	Current year	Previous year	Grow	Grow %
Making money	$762.5k	$5.4m	-$4.6m	-615.0%
Net Profit Margin	0.5%	3.9%	-	-

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

Quarterly Yearly

3. Financial Health of Forrester (5 min.)

4. Comparing to competitors in the Consulting Services industry (5 min.)

Industry Rankings (Consulting Services)

Richest
#22 / 56

Most Revenue
#27 / 56

Most Profit
#36 / 56

Most Efficient
#41 / 56

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

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

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

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

Speculation

The Price per Share of Forrester is $18.61. 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 Forrester.
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 Forrester, 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 $12.36. Based on the TTM, the Book Value Change Per Share is $0.24 per quarter. Based on the YOY, the Book Value Change Per Share is $0.23 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 $0.01 per quarter.

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

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	-0.03	-0.2%	0.04	0.2%	0.28	1.5%	0.13	0.7%	0.16	0.8%
Usd Book Value Change Per Share	14.46	77.7%	0.24	1.3%	0.23	1.2%	0.23	1.2%	0.06	0.3%
Usd Dividend Per Share	0.00	0.0%	0.01	0.1%	0.03	0.1%	0.05	0.3%	0.11	0.6%
Usd Total Gains Per Share	14.46	77.7%	0.25	1.4%	0.25	1.4%	0.28	1.5%	0.17	0.9%
Usd Price Per Share	26.81	-	29.29	-	44.01	-	39.73	-	39.21	-
Price to Earnings Ratio	-196.57	-	-37.99	-	2.14	-	-4.26	-	-68.87	-
Price-to-Total Gains Ratio	1.85	-	73.48	-	818.35	-	603.10	-	484.67	-
Price to Book Ratio	2.17	-	-1.83	-	4.06	-	3.26	-	4.31	-
Price-to-Total Gains Ratio	1.85	-	73.48	-	818.35	-	603.10	-	484.67	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	18.61
Number of shares	53

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.01	0.05
Usd Book Value Change Per Share	0.24	0.23
Usd Total Gains Per Share	0.25	0.28
Gains per Quarter (53 shares)	13.42	14.96
Gains per Year (53 shares)	53.66	59.83

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	3	51	44	11	48	50
2	6	101	98	23	97	110
3	9	152	152	34	145	170
4	12	203	206	46	193	230
5	15	254	260	57	242	290
6	18	304	314	69	290	350
7	21	355	368	80	338	410
8	24	406	422	92	387	470
9	26	457	476	103	435	530
10	29	507	530	115	483	590

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	2.0	2.0	0.0	50.0%	9.0	3.0	0.0	75.0%	13.0	7.0	0.0	65.0%	30.0	10.0	0.0	75.0%	96.0	14.0	0.0	87.3%
Book Value Change Per Share	3.0	1.0	0.0	75.0%	9.0	3.0	0.0	75.0%	15.0	5.0	0.0	75.0%	24.0	16.0	0.0	60.0%	73.0	36.0	1.0	66.4%
Dividend per Share	1.0	0.0	3.0	25.0%	6.0	0.0	6.0	50.0%	8.0	0.0	12.0	40.0%	28.0	0.0	12.0	70.0%	37.0	0.0	73.0	33.6%
Total Gains per Share	3.0	1.0	0.0	75.0%	11.0	1.0	0.0	91.7%	18.0	2.0	0.0	90.0%	31.0	9.0	0.0	77.5%	82.0	27.0	1.0	74.5%

Fundamentals of Forrester

About Forrester Research Inc

https://www.forrester.com
Consulting Services
1744
60 Acorn Park Drive, Cambridge, MA, United States, 02140
Google Maps Bing Maps

Forrester Research, Inc. operates as an independent research and advisory company in the United States and internationally. The company operates in three segments: Research, Consulting, and Events. The Research segment primary subscription research services include Forrester Decisions, Forrester Research, and SiriusDecisions Research, which are designed to provide business and technology leaders with a proven path to growth through customer obsession. This segment delivers content, such as future trends, predictions, and market forecasts; deep consumer and business buyer data and insights; curated best practice models and tools to run business functions; operational and performance benchmarking data; and technology and service market landscapes and vendor evaluations. The Consulting segment provides consulting projects, include conducting maturity assessments, prioritizing best practices, developing strategies, building business cases, selecting technology vendors, structuring organizations, developing content marketing strategies and collateral, and sales tools; and advisory services. The Events segment hosts events related to business-to-business marketing, sales and product leadership, customer experience, security and risk, new technology and innovation, and data strategies and insights. The company sells its products and services through direct sales force in various locations. Forrester Research, Inc. was incorporated in 1983 and is headquartered in Cambridge, Massachusetts.

Fundamental data was last updated by Penke on 2024-04-11 08:09:03.

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is not making a profit/loss.
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 less efficient.
The company is less efficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is just not able to pay all its short-term debts.
The company is just not 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 able to pay all its debts with equity.

Valuation

Valuation Details

	Compared to previous year	Compared to industry
Based on the equity, the company is expensive.
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 Forrester Research Inc.

1.1. Profitability

1.1.1. Net Profit Margin

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

Above 10% is considered healthy but always compare Forrester to the Consulting Services industry mean.
A Net Profit Margin of -0.6% means that $-0.01 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Forrester Research Inc:

The MRQ is -0.6%. The company is not making a profit/loss.
The TTM is 0.5%. The company is not making a profit/loss.

Trends

Current period		Compared to		+/-
MRQ	-0.6%	TTM	0.5%	-1.1%
TTM	0.5%	YOY	3.9%	-3.4%
TTM	0.5%	5Y	1.8%	-1.3%
5Y	1.8%	10Y	3.0%	-1.2%

Compared to industry (Consulting Services)

Period	Company	Industry (mean)	+/-
MRQ	-0.6%	5.2%	-5.8%
TTM	0.5%	4.7%	-4.2%
YOY	3.9%	6.8%	-2.9%
5Y	1.8%	6.9%	-5.1%
10Y	3.0%	5.2%	-2.2%

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

Revenue is the amount of profit Forrester 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 Forrester 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 Forrester to the Consulting Services industry mean.
Can be used to compare companies within the Consulting Services industry.

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

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Forrester. If profit margins remain low (compared to the Consulting Services 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 Forrester is -0.01. This means that Forrester earned $-0.01 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 Consulting Services industry is 5.2%.
What is the trend?
The trend is important because it shows you how Forrester is performing over time. The most recent quarter might be important if Forrester 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 Forrester 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 Forrester with other companies in the same industry (Consulting Services).
Net profit margin should rise over the years.
Can be influenced when Forrester sells assets (profit will increase while costs remain the same).
It won’t show what part of Forrester 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 Forrester

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 Forrester = -663
Total revenue MRQ Forrester = 118,089
$-663 / $118,089 = -0.01 or -0.6%

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 Forrester is using its assets to generate profit.

Above 5% is considered healthy but always compare Forrester to the Consulting Services industry mean.
-0.1% Return on Assets means that Forrester generated $0.00 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Forrester Research Inc:

The MRQ is -0.1%. Using its assets, the company is very inefficient in making profit. -2
The TTM is 0.4%. Using its assets, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	-0.1%	TTM	0.4%	-0.6%
TTM	0.4%	YOY	0.9%	-0.4%
TTM	0.4%	5Y	0.5%	0.0%
5Y	0.5%	10Y	0.8%	-0.3%

Compared to industry (Consulting Services)

Period	Company	Industry (mean)	+/-
MRQ	-0.1%	1.7%	-1.8%
TTM	0.4%	1.6%	-1.2%
YOY	0.9%	2.0%	-1.1%
5Y	0.5%	1.9%	-1.4%
10Y	0.8%	2.2%	-1.4%

Shows how efficient Forrester 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 Forrester to the Consulting Services 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 Forrester is using its resources to generate profit. If the return on assets (-0.1%) from Forrester are higher than the Consulting Services mean (1.7%) that means Forrester 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 Forrester is -0.1%. 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 Consulting Services industry is 1.7%.
What is the trend?
The trend is important because it shows you how Forrester is performing over time. The most recent quarter might be important if Forrester 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 Forrester 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 Forrester

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

Income statement
Balance sheet

Net income MRQ (income statement) from Forrester = -663
Total assets MRQ (balance sheet) from Forrester = 564,174
-663 / 564,174 = 0.00 or -0.1%

ROA is an important ratio as it will tell you how effectively Forrester 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 Forrester is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Forrester to the Consulting Services industry mean.
-0.3% Return on Equity means Forrester generated $0.00 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Forrester Research Inc:

The MRQ is -0.3%. Using its investors money, the company is very inefficient in making profit. -2
The TTM is 0.3%. Using its investors money, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	-0.3%	TTM	0.3%	-0.6%
TTM	0.3%	YOY	2.6%	-2.3%
TTM	0.3%	5Y	1.1%	-0.8%
5Y	1.1%	10Y	1.8%	-0.7%

Compared to industry (Consulting Services)

Period	Company	Industry (mean)	+/-
MRQ	-0.3%	4.1%	-4.4%
TTM	0.3%	4.1%	-3.8%
YOY	2.6%	6.2%	-3.6%
5Y	1.1%	3.9%	-2.8%
10Y	1.8%	5.5%	-3.7%

Shows how efficient Forrester 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 Forrester to the Consulting Services 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 Consulting Services 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 Forrester is -0.3%. This means Forrester generated $0.00 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Consulting Services industry is 4.1%.
What is the trend?
The trend is important because it shows you how Forrester is performing over time. The most recent quarter might be important if Forrester 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 Forrester up to 10 years back (depending if Forrester 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 Forrester

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Forrester = -663
Shareholders equity (balance sheet) MRQ Forrester = 240,265
-663 / 240,265 = 0.00 or -0.3%

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 Forrester Research Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Forrester is operating .

Measures how much profit Forrester 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 Forrester to the Consulting Services industry mean.
An Operating Margin of -0.3% means the company generated $0.00 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Forrester Research Inc:

The MRQ is -0.3%. The company is operating very inefficient. -2
The TTM is 4.1%. The company is operating less efficient.

Trends

Current period		Compared to		+/-
MRQ	-0.3%	TTM	4.1%	-4.3%
TTM	4.1%	YOY	7.6%	-3.5%
TTM	4.1%	5Y	5.0%	-0.9%
5Y	5.0%	10Y	6.7%	-1.7%

Compared to industry (Consulting Services)

Period	Company	Industry (mean)	+/-
MRQ	-0.3%	9.8%	-10.1%
TTM	4.1%	9.2%	-5.1%
YOY	7.6%	10.0%	-2.4%
5Y	5.0%	9.9%	-4.9%
10Y	6.7%	8.1%	-1.4%

Measures how efficient Forrester 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 Forrester to the Consulting Services 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 Forrester 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 Forrester is -0.3%. This means that Forrester earned $0.00 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Consulting Services industry is 9.8%.
What is the trend?
The trend is important because it shows you how Forrester is performing over time. The most recent quarter might be important if Forrester 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 Forrester 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 Forrester

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Forrester = -306
Total revenue MRQ Forrester = 118,089
$-306 / $118,089 = 0.00 or -0.3%

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 Forrester is keeping operating costs low.

Below 1 is considered healthy (always compare to Consulting Services industry mean).
An Operation Ratio of 1.00 means that the operating costs are $1.00 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Forrester Research Inc:

The MRQ is 1.003. The company is inefficient in keeping operating costs low. -1
The TTM is 0.963. The company is less efficient in keeping operating costs low.

Trends

Current period		Compared to		+/-
MRQ	1.003	TTM	0.963	+0.040
TTM	0.963	YOY	0.924	+0.039
TTM	0.963	5Y	0.950	+0.013
5Y	0.950	10Y	0.937	+0.013

Compared to industry (Consulting Services)

Period	Company	Industry (mean)	+/-
MRQ	1.003	0.995	+0.008
TTM	0.963	1.058	-0.095
YOY	0.924	0.973	-0.049
5Y	0.950	1.126	-0.176
10Y	0.937	1.119	-0.182

Measures how efficient Forrester 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 Forrester to the Consulting Services 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 Forrester is 100.3%. This means that Forrester earned $1.00 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 Consulting Services industry is 1.00.
What is the trend?
The trend is important because it shows you how Forrester is performing over time. The most recent quarter might be important if Forrester 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 Forrester 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 Forrester

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
(57,276 +61,119) \ 118,089 = 1.00

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 Forrester Research Inc.

1.3. Liquidity

1.3.1. Current Ratio

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

Above 1.5 is considered healthy (always compare to Consulting Services industry mean).
A Current Ratio of 0.80 means the company has $0.80 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Forrester Research Inc:

The MRQ is 0.803. The company is just not able to pay all its short-term debts. -1
The TTM is 0.823. The company is just not able to pay all its short-term debts. -1

Trends

Current period		Compared to		+/-
MRQ	0.803	TTM	0.823	-0.020
TTM	0.823	YOY	0.830	-0.007
TTM	0.823	5Y	0.777	+0.046
5Y	0.777	10Y	0.977	-0.200

Compared to industry (Consulting Services)

Period	Company	Industry (mean)	+/-
MRQ	0.803	1.455	-0.652
TTM	0.823	1.485	-0.662
YOY	0.830	1.561	-0.731
5Y	0.777	1.581	-0.804
10Y	0.977	1.635	-0.658

Measures if Forrester 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 Consulting Services 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 Forrester 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 Forrester is 0.80. This means Forrester has $0.80 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Consulting Services industry is 1.46.
What is the trend?
The trend is important because it shows you how Forrester is performing over time. The most recent quarter might be important if Forrester 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 Forrester 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 Forrester

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
192,793 \ 240,076) = 0.80

The current ratio measures if Forrester 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 Forrester 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 Forrester 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 Forrester 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 Forrester is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Forrester to the Consulting Services industry mean.
A Quick Ratio of 0.98 means the company can pay off $0.98 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Forrester Research Inc:

The MRQ is 0.979. The company is just not able to pay all its short-term debts with the most liquid assets. -1
The TTM is 0.939. The company is just not able to pay all its short-term debts with the most liquid assets. -1

Trends

Current period		Compared to		+/-
MRQ	0.979	TTM	0.939	+0.040
TTM	0.939	YOY	0.755	+0.184
TTM	0.939	5Y	0.714	+0.225
5Y	0.714	10Y	1.018	-0.304

Compared to industry (Consulting Services)

Period	Company	Industry (mean)	+/-
MRQ	0.979	1.075	-0.096
TTM	0.939	1.109	-0.170
YOY	0.755	1.195	-0.440
5Y	0.714	1.228	-0.514
10Y	1.018	1.394	-0.376

Measures if Forrester 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 Forrester to the Consulting Services 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 Forrester can pay off its short term debts. This shows if Forrester 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 Forrester is 0.98. This means that Forrester can pay off $0.98 for each $1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the Consulting Services industry is 1.08.
What is the trend?
The trend is important because it shows you how Forrester is performing over time. The most recent quarter might be important if Forrester 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 Forrester 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 Forrester

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 Forrester: (124,489 + 51,580 +58,999) / 240,076 = 0.98

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 Forrester Research Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

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

Below 1 (100%) is considered healthy but always compare Forrester to Consulting Services industry mean.
A Debt to Asset Ratio of 0.57 means that Forrester assets are financed with 57.4% credit (debt) and the remaining percentage (100% - 57.4%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Forrester Research Inc:

The MRQ is 0.574. The company is able to pay all its debts by selling its assets. +1
The TTM is 0.695. The company is able to pay all its debts by selling its assets. +1

Trends

Current period		Compared to		+/-
MRQ	0.574	TTM	0.695	-0.121
TTM	0.695	YOY	0.655	+0.041
TTM	0.695	5Y	0.701	-0.006
5Y	0.701	10Y	0.635	+0.066

Compared to industry (Consulting Services)

Period	Company	Industry (mean)	+/-
MRQ	0.574	0.574	+0.000
TTM	0.695	0.570	+0.125
YOY	0.655	0.525	+0.130
5Y	0.701	0.527	+0.174
10Y	0.635	0.534	+0.101

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

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

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Forrester to Consulting Services 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 Forrester is 0.57. This means means that Forrester is financed with 57.4% 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 Consulting Services industry is 145.5%.
What is the trend?
The trend is important because it shows you how Forrester is performing over time. The most recent quarter might be important if Forrester 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 Forrester 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 Forrester has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Forrester

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

Balance sheet
Debt to asset ratio = total debt \ total assets
323,909 \ 564,174 = 57.4% or 0.57.

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 Forrester is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Forrester to the Consulting Services industry mean.
A Debt to Equity ratio of 134.8% means that company has $1.35 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Forrester Research Inc:

The MRQ is 1.348. The company is able to pay all its debts with equity. +1
The TTM is 1.155. The company is able to pay all its debts with equity. +1

Trends

Current period		Compared to		+/-
MRQ	1.348	TTM	1.155	+0.193
TTM	1.155	YOY	1.907	-0.752
TTM	1.155	5Y	2.184	-1.029
5Y	2.184	10Y	1.756	+0.428

Compared to industry (Consulting Services)

Period	Company	Industry (mean)	+/-
MRQ	1.348	1.276	+0.072
TTM	1.155	1.176	-0.021
YOY	1.907	1.070	+0.837
5Y	2.184	1.121	+1.063
10Y	1.756	1.251	+0.505

Measures if Forrester 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 Forrester 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 Forrester is 1.35. This means that Forrester can pay off $1.35 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Consulting Services industry is 1.28.
What is the trend?
The trend is important because it shows you how Forrester is performing over time. The most recent quarter might be important if Forrester 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 Forrester 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 Forrester

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
323,909 \ 240,265 = 1.35 or 134.8%

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 Forrester Research 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 Forrester generates.

Above 15 is considered overpriced but always compare Forrester to the Consulting Services industry mean.
A PE ratio of -196.57 means the investor is paying $-196.57 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Forrester Research Inc:

The EOD is -136.446. Based on the earnings, the company is expensive. -2
The MRQ is -196.567. Based on the earnings, the company is expensive. -2
The TTM is -37.985. Based on the earnings, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	-136.446	MRQ	-196.567	+60.121
MRQ	-196.567	TTM	-37.985	-158.582
TTM	-37.985	YOY	2.142	-40.127
TTM	-37.985	5Y	-4.263	-33.722
5Y	-4.263	10Y	-68.870	+64.606

Compared to industry (Consulting Services)

Period	Company	Industry (mean)	+/-
EOD	-136.446	24.264	-160.710
MRQ	-196.567	22.196	-218.763
TTM	-37.985	21.720	-59.705
YOY	2.142	24.626	-22.484
5Y	-4.263	22.269	-26.532
10Y	-68.870	21.601	-90.471

Measures how much money you pay for each share for every $1 in earnings Forrester 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 Forrester to the Consulting Services 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 Forrester is -196.57. This means the investor is paying $-196.57 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Consulting Services industry is 22.20.
What is the trend?
The trend is important because it shows you how Forrester is performing over time. The most recent quarter might be important if Forrester 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 Forrester 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 Forrester

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 \ 19,238 = EPS
PE ratio MRQ = -196.57

* 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 Forrester Research Inc:

The EOD is 8.791. Based on how much money comes from the company's main activities, the company is cheap. +2
The MRQ is 12.665. Based on how much money comes from the company's main activities, the company is cheap. +2
The TTM is 16.293. Based on how much money comes from the company's main activities, the company is underpriced. +1

Trends

Current period		Compared to		+/-
EOD	8.791	MRQ	12.665	-3.874
MRQ	12.665	TTM	16.293	-3.628
TTM	16.293	YOY	267.469	-251.176
TTM	16.293	5Y	73.897	-57.603
5Y	73.897	10Y	47.493	+26.403

Compared to industry (Consulting Services)

Period	Company	Industry (mean)	+/-
EOD	8.791	11.806	-3.015
MRQ	12.665	13.283	-0.618
TTM	16.293	11.361	+4.932
YOY	267.469	10.158	+257.311
5Y	73.897	12.805	+61.092
10Y	47.493	9.720	+37.773

2. Book Value per Share

2.3. Price to Book Ratio

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

At or below 1 is considered healthy (always compare to Consulting Services industry mean).
A PB ratio of 2.17 means the investor is paying $2.17 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Forrester Research Inc:

The EOD is 1.506. Based on the equity, the company is underpriced. +1
The MRQ is 2.170. Based on the equity, the company is underpriced. +1
The TTM is -1.827. Based on the equity, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	1.506	MRQ	2.170	-0.664
MRQ	2.170	TTM	-1.827	+3.996
TTM	-1.827	YOY	4.064	-5.891
TTM	-1.827	5Y	3.263	-5.090
5Y	3.263	10Y	4.313	-1.050

Compared to industry (Consulting Services)

Period	Company	Industry (mean)	+/-
EOD	1.506	2.590	-1.084
MRQ	2.170	2.815	-0.645
TTM	-1.827	2.870	-4.697
YOY	4.064	3.269	+0.795
5Y	3.263	2.989	+0.274
10Y	4.313	3.181	+1.132

2. Total Gains per Share

3. Holders & Insider Transactions

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

3.1. Institutions holding Forrester Research Inc

Institutions are holding 55.43% of the shares of Forrester Research Inc.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	Royce & Associates, LP	11.1545	0.5316	2147017	70646	3.4024
2023-12-31	BlackRock Inc	9.6644	0.0013	1860207	70513	3.9399
2023-12-31	Vanguard Group Inc	7.2286	0.0008	1391355	1672	0.1203
2023-12-31	ArrowMark Colorado Holdings, LLC (ArrowMark Partners)	3.9738	0.2264	764884	119449	18.5067
2023-12-31	Dimensional Fund Advisors, Inc.	3.1707	0.0048	610302	5841	0.9663
2023-12-31	Renaissance Technologies Corp	3.0959	0.0247	595906	-17600	-2.8688
2023-12-31	State Street Corporation	2.3786	0.0006	457842	23810	5.4858
2023-12-31	Geode Capital Management, LLC	1.4022	0.0008	269888	10807	4.1713
2023-12-31	Federated Hermes Inc	1.2915	0.0166	248593	-23546	-8.6522
2023-12-31	Morgan Stanley - Brokerage Accounts	0.8394	0.0004	161567	9752	6.4236
2023-12-31	Portolan Capital Management, LLC	0.7725	0.3485	148688	29730	24.992
2023-12-31	Northern Trust Corp	0.7675	0.0007	147719	5063	3.5491
2023-09-30	American Capital Management Inc	0.6616	0.1419	127350	-1000	-0.7791
2023-12-31	Bank of New York Mellon Corp	0.5383	0.0006	103616	824	0.8016
2023-12-31	Charles Schwab Investment Management Inc	0.4809	0.0006	92558	-213	-0.2296
2023-12-31	Wellington Management Company LLP	0.451	0.0004	86800	86800	0
2023-12-31	Cambiar Investors LLC	0.3946	0.0802	75949	0	0
2023-12-31	M&T Bank Corp	0.3558	0.0067	68482	10909	18.9481
2023-12-31	Goldman Sachs Group Inc	0.3471	0.0002	66814	29829	80.6516
2023-12-31	Principal Financial Group Inc	0.312	0.001	60057	-1677	-2.7165
Total		49.2809	1.3888	9485594	+431609	+4.6%

3.2. Funds holding Forrester Research Inc

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	Royce Premier Invmt	3.7716	1.3625	733345	-27617	-3.6292
2023-12-31	Royce Small-Cap Premier Quality	3.7716	1.3625	733345	-27617	-3.6292
2024-02-29	Vanguard Total Stock Mkt Idx Inv	1.8502	0.0005	359746	0	0
2023-12-31	Royce Pennsylvania Mutual Invmt	1.85	0.5166	359723	13729	3.968
2023-12-31	ArrowMark Small Cap Gro	1.6366	1.3569	318215	56030	21.3704
2023-12-31	Meridian Small Cap Growth Legacy	1.6366	1.3506	318215	56030	21.3704
2024-02-29	Vanguard Small Cap Index	1.5307	0.0043	297630	2818	0.9559
2024-03-28	iShares Russell 2000 ETF	1.5043	0.0096	292497	141	0.0482
2023-12-31	Royce Value Trust	1.4756	0.4127	286922	5497	1.9533
2023-12-31	FTF Royce US Smaller Companies W Acc	1.3752	1.887	267389	38727	16.9364
2024-02-29	Vanguard Small Cap Value Index Inv	1.0455	0.0077	203288	864	0.4268
2024-02-29	Vanguard Institutional Extnd Mkt Idx Tr	0.9846	0.0038	191442	-167	-0.0872
2023-12-31	Royce Micro Cap Trust	0.9711	0.9726	188829	62829	49.8643
2024-02-29	DFA US Micro Cap I	0.9159	0.0501	178079	-14292	-7.4294
2023-12-31	Federated Hermes MDT Small Cap Core IS	0.7508	0.3316	145984	3180	2.2268
2023-12-31	Federated Hermes MDT SCC Institutional	0.7508	0.3308	145984	3180	2.2268
2024-02-29	DFA US Small Cap I	0.7022	0.0178	136541	-5901	-4.1427
2024-01-31	Fidelity Small Cap Index	0.6145	0.0123	119482	874	0.7369
2024-03-28	iShares Russell 2000 Growth ETF	0.5342	0.0192	103861	-121	-0.1164
2023-12-31	Federated Hermes MDT Small Cap Growth IS	0.491	0.5496	95466	-26147	-21.5002
Total		28.163	10.5587	5475983	+142037	+2.6%

3.3. Insider Transactions

Insiders are holding 39.064% of the shares of Forrester Research Inc.

Date	Owner	Type	Amount	Price
2024-02-13	Robert Galford	SELL	13000	20.73
2023-08-07	Scott Chouinard	SELL	100	31.78
2023-08-07	Steven P Peltzman	SELL	1200	32.05
2023-08-03	Carrie Johnson	SELL	1117	32.01
2023-08-01	Ryan Darrah	SELL	2835	31.94
2023-05-16	Anthony J Friscia	SELL	1850	25.54

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Forrester Research 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	-	-	14.459	0.239	+5943%	0.228	+6237%	0.228	+6242%	0.057	+25099%
Book Value Per Share	-	-	12.357	10.456	+18%	10.904	+13%	9.647	+28%	8.439	+46%
Current Ratio	-	-	0.803	0.823	-2%	0.830	-3%	0.777	+3%	0.977	-18%
Debt To Asset Ratio	-	-	0.574	0.695	-17%	0.655	-12%	0.701	-18%	0.635	-10%
Debt To Equity Ratio	-	-	1.348	1.155	+17%	1.907	-29%	2.184	-38%	1.756	-23%
Dividend Per Share	-	-	-	0.014	-100%	0.026	-100%	0.054	-100%	0.111	-100%
Eps	-	-	-0.034	0.039	-187%	0.280	-112%	0.129	-126%	0.156	-122%
Free Cash Flow Per Share	-	-	0.529	0.208	+154%	0.709	-25%	0.625	-15%	0.513	+3%
Free Cash Flow To Equity Per Share	-	-	0.526	-0.028	+105%	0.210	+151%	0.621	-15%	0.313	+68%
Gross Profit Margin	-	-	67.775	14.297	+374%	2.961	+2189%	4.998	+1256%	14.215	+377%
Intrinsic Value_10Y_max	-	-	35.950	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	-0.451	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	2.984	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	1.708	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	9.437	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	3.644	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	16.458	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	3.934	-	-	-	-	-	-	-	-
Market Cap	361854701.000	-44%	521296321.000	569469078.750	-8%	855686230.750	-39%	772543259.150	-33%	762637175.050	-32%
Net Profit Margin	-	-	-0.006	0.005	-215%	0.039	-114%	0.018	-132%	0.030	-119%
Operating Margin	-	-	-0.003	0.041	-106%	0.076	-103%	0.050	-105%	0.067	-104%
Operating Ratio	-	-	1.003	0.963	+4%	0.924	+9%	0.950	+6%	0.937	+7%
Pb Ratio	1.506	-44%	2.170	-1.827	+184%	4.064	-47%	3.263	-34%	4.313	-50%
Pe Ratio	-136.446	+31%	-196.567	-37.985	-81%	2.142	-9277%	-4.263	-98%	-68.870	-65%
Price Per Share	18.610	-44%	26.810	29.288	-8%	44.008	-39%	39.732	-33%	39.214	-32%
Price To Free Cash Flow Ratio	8.791	-44%	12.665	16.293	-22%	267.469	-95%	73.897	-83%	47.493	-73%
Price To Total Gains Ratio	1.287	-44%	1.854	73.479	-97%	818.345	-100%	603.095	-100%	484.668	-100%
Quick Ratio	-	-	0.979	0.939	+4%	0.755	+30%	0.714	+37%	1.018	-4%
Return On Assets	-	-	-0.001	0.004	-127%	0.009	-113%	0.005	-124%	0.008	-115%
Return On Equity	-	-	-0.003	0.003	-188%	0.026	-111%	0.011	-124%	0.018	-115%
Total Gains Per Share	-	-	14.459	0.253	+5612%	0.254	+5596%	0.282	+5023%	0.168	+8488%
Usd Book Value	-	-	240265000.000	203298750.000	+18%	212018500.000	+13%	187568250.000	+28%	164126450.000	+46%
Usd Book Value Change Per Share	-	-	14.459	0.239	+5943%	0.228	+6237%	0.228	+6242%	0.057	+25099%
Usd Book Value Per Share	-	-	12.357	10.456	+18%	10.904	+13%	9.647	+28%	8.439	+46%
Usd Dividend Per Share	-	-	-	0.014	-100%	0.026	-100%	0.054	-100%	0.111	-100%
Usd Eps	-	-	-0.034	0.039	-187%	0.280	-112%	0.129	-126%	0.156	-122%
Usd Free Cash Flow	-	-	10290000.000	4044500.000	+154%	13791500.000	-25%	12151550.000	-15%	9989425.000	+3%
Usd Free Cash Flow Per Share	-	-	0.529	0.208	+154%	0.709	-25%	0.625	-15%	0.513	+3%
Usd Free Cash Flow To Equity Per Share	-	-	0.526	-0.028	+105%	0.210	+151%	0.621	-15%	0.313	+68%
Usd Market Cap	361854701.000	-44%	521296321.000	569469078.750	-8%	855686230.750	-39%	772543259.150	-33%	762637175.050	-32%
Usd Price Per Share	18.610	-44%	26.810	29.288	-8%	44.008	-39%	39.732	-33%	39.214	-32%
Usd Profit	-	-	-663000.000	762500.000	-187%	5451500.000	-112%	2506000.000	-126%	3021925.000	-122%
Usd Revenue	-	-	118089000.000	120194750.000	-2%	134446750.000	-12%	121178100.000	-3%	101767325.000	+16%
Usd Total Gains Per Share	-	-	14.459	0.253	+5612%	0.254	+5596%	0.282	+5023%	0.168	+8488%
	EOD	+3 -5	MRQ	TTM	+18 -18	YOY	+17 -19	5Y	+16 -20	10Y	+20 -16

4.2. Fundamental Score

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

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	-136.446
Price to Book Ratio (EOD)	Between	0-1	1.506
Net Profit Margin (MRQ)	Greater than	0	-0.006
Operating Margin (MRQ)	Greater than	0	-0.003
Quick Ratio (MRQ)	Greater than	1	0.979
Current Ratio (MRQ)	Greater than	1	0.803
Debt to Asset Ratio (MRQ)	Less than	1	0.574
Debt to Equity Ratio (MRQ)	Less than	1	1.348
Return on Equity (MRQ)	Greater than	0.15	-0.003
Return on Assets (MRQ)	Greater than	0.05	-0.001
Total			1/10 (10.0%)

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 Forrester Research Inc based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Open	Greater than	Close	18.460
Total			0/1 (0.0%)

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
Net Debt		-8,934	-11,762	-20,696	-9,424	-30,120	-36,586	-66,706	80,651	13,945

Latest Balance Sheet

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

Summary

Total Assets	564,174
Total Liabilities	323,909
Total Stockholder Equity	240,265

	As reported
Total Liabilities	323,909
Total Stockholder Equity	+ 240,265
Total Assets	= 564,174

Assets

Total Assets	564,174
Total Current Assets	192,793
Long-term Assets	371,381

Total Current Assets

Total Current Assets (as reported)	192,793
Cash And Cash Equivalents	72,909
Short-term Investments	51,580
Net Receivables	58,999
Other Current Assets	9,305
Total Current Assets (calculated)	192,793
+/-	0

Long-term Assets

Long-term Assets (as reported)	371,381
Property Plant Equipment	59,123
Goodwill	244,257
Intangible Assets	37,637
Long-term Assets Other	27,531
Long-term Assets (calculated)	368,548
+/-	2,833

Liabilities & Shareholders' Equity

Total Current Liabilities	240,076
Long-term Liabilities	83,833
Total Stockholder Equity	240,265

Total Current Liabilities

Total Current Liabilities (as reported)	240,076
Short-term Debt	14,181
Accounts payable	1,796
Other Current Liabilities	67,301
Total Current Liabilities (calculated)	83,278
+/-	156,798

Long-term Liabilities

Long-term Liabilities (as reported)	83,833
Long term Debt	35,000
Capital Lease Obligations	51,854
Long-term Liabilities Other	2,481
Long-term Liabilities (calculated)	89,335
+/-	5,502

Total Stockholder Equity

Total Stockholder Equity (as reported)	240,265
Common Stock	247
Retained Earnings	177,681
Accumulated Other Comprehensive Income	-4,571
Other Stockholders Equity	66,908
Total Stockholder Equity (calculated)	240,265
+/-	0

Other

Capital Stock	247
Cash and Short Term Investments	124,489
Common Stock Shares Outstanding	19,238
Current Deferred Revenue	156,798
Liabilities and Stockholders Equity	564,174
Net Debt	13,945
Net Invested Capital	275,265
Net Working Capital	-24,076
Property Plant and Equipment Gross	123,185
Short Long Term Debt Total	86,854

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

2004-12-31

2004-09-30

2004-06-30

2004-03-31

2003-12-31

2003-09-30

2003-06-30

2003-03-31

2002-12-31

2002-09-30

2002-06-30

2002-03-31

2001-12-31

2001-09-30

2001-06-30

2001-03-31

2000-12-31

2000-09-30

2000-06-30

2000-03-31

1999-12-31

1999-09-30

1999-06-30

1999-03-31

1998-12-31

1998-09-30

1998-06-30

1998-03-31

1997-12-31

1997-09-30

1997-06-30

1997-03-31

1996-12-31

1996-09-30

1996-06-30

1996-03-31

1995-12-31

1995-09-30

1995-06-30

1995-03-31

> Total Assets

15,400
15,400
15,400
15,400
15,400
15,400
23,300
56,800
59,700
62,300
67,200
73,500
79,800
82,800
89,500
100,500
107,800
113,200
126,900
159,400
223,458
238,251
279,256
303,803
303,803
305,411
298,113
305,152
288,761
287,732
274,792
278,273
309,912
296,983
289,977
310,975
296,066
291,631
290,783
302,872
297,257
294,315
296,022
311,702
319,183
342,439
347,625
384,143
387,141
386,614
384,143
426,357
424,945
431,862
418,258
454,951
443,870
436,641
435,592
470,196
474,873
469,451
469,825
450,477
454,694
454,184
441,969
487,578
486,589
468,921
464,706
487,832
490,102
391,750
368,828
402,202
374,359
338,875
310,889
332,707
321,060
307,386
292,700
318,991
322,919
316,074
309,639
335,785
327,802
314,193
314,388
345,200
340,736
326,142
328,494
353,524
640,378
624,470
598,331
639,160
608,298
458,249
592,775
644,218
663,719
668,450
654,792
680,130
651,902
614,930
585,240
608,438
593,888
570,674
152,472
564,174

564,174

152,472

570,674

593,888

608,438

585,240

614,930

651,902

680,130

654,792

668,450

663,719

644,218

592,775

458,249

608,298

639,160

598,331

624,470

640,378

353,524

328,494

326,142

340,736

345,200

314,388

314,193

327,802

335,785

309,639

316,074

322,919

318,991

292,700

307,386

321,060

332,707

310,889

338,875

374,359

402,202

368,828

391,750

490,102

487,832

464,706

468,921

486,589

487,578

441,969

454,184

454,694

450,477

469,825

469,451

474,873

470,196

435,592

436,641

443,870

454,951

418,258

431,862

424,945

426,357

384,143

386,614

387,141

384,143

347,625

342,439

319,183

311,702

296,022

294,315

297,257

302,872

290,783

291,631

296,066

310,975

289,977

296,983

309,912

278,273

274,792

287,732

288,761

305,152

298,113

305,411

303,803

279,256

238,251

223,458

159,400

126,900

113,200

107,800

100,500

89,500

82,800

79,800

73,500

67,200

62,300

59,700

56,800

23,300

15,400

> Total Current Assets

0
0
0
14,400
0
0
21,200
54,300
57,000
59,100
63,000
69,000
73,300
75,500
81,600
92,700
100,400
104,300
117,600
146,000
200,791
210,964
236,751
242,422
242,422
237,221
232,167
240,166
228,896
226,928
219,212
221,848
176,124
166,175
159,506
179,824
167,180
164,809
165,988
178,993
173,312
172,353
175,151
198,511
206,596
229,789
235,719
298,879
302,480
307,058
298,879
354,010
289,076
307,255
272,090
310,904
300,931
297,078
332,150
340,801
347,510
343,772
339,751
317,790
317,914
300,849
285,371
337,361
336,183
318,289
301,975
336,565
341,364
243,861
221,723
266,389
242,705
208,599
184,386
207,995
201,464
186,811
172,016
197,727
201,390
195,027
191,493
223,436
216,221
199,990
198,423
236,819
231,848
217,876
207,180
236,093
177,687
166,650
150,870
192,036
172,903
122,485
157,617
217,160
236,272
244,951
238,119
269,490
249,366
222,547
204,284
235,290
225,844
123,615
152,472
192,793

192,793

152,472

123,615

225,844

235,290

204,284

222,547

249,366

269,490

238,119

244,951

236,272

217,160

157,617

122,485

172,903

192,036

150,870

166,650

177,687

236,093

207,180

217,876

231,848

236,819

198,423

199,990

216,221

223,436

191,493

195,027

201,390

197,727

172,016

186,811

201,464

207,995

184,386

208,599

242,705

266,389

221,723

243,861

341,364

336,565

301,975

318,289

336,183

337,361

285,371

300,849

317,914

317,790

339,751

343,772

347,510

340,801

332,150

297,078

300,931

310,904

272,090

307,255

289,076

354,010

298,879

307,058

302,480

298,879

235,719

229,789

206,596

198,511

175,151

172,353

173,312

178,993

165,988

164,809

167,180

179,824

159,506

166,175

176,124

221,848

219,212

226,928

228,896

240,166

232,167

237,221

242,422

236,751

210,964

200,791

146,000

117,600

104,300

100,400

92,700

81,600

75,500

73,300

69,000

63,000

59,100

57,000

54,300

21,200

14,400

Cash And Cash Equivalents

0
0
0
1,000
0
0
1,300
34,400
5,000
1,800
1,900
7,700
3,200
2,800
5,200
10,400
8,100
8,100
15,400
13,400
38,587
27,367
34,535
15,848
15,848
20,863
15,657
17,747
13,094
17,703
19,213
11,479
23,916
13,881
11,342
22,385
38,431
46,068
36,621
37,328
43,890
55,217
52,468
48,538
80,070
84,558
31,622
39,157
38,845
41,190
39,157
53,163
126,510
155,315
124,869
129,478
111,284
94,017
108,177
97,805
135,246
143,912
138,100
86,927
97,600
83,185
73,586
81,047
100,407
87,663
80,900
98,810
143,944
55,083
70,700
74,132
80,501
52,634
56,932
49,650
50,168
50,163
45,586
53,331
78,654
68,856
70,136
76,958
74,176
67,106
79,960
79,790
82,073
92,997
92,057
140,296
75,012
69,762
67,629
67,904
69,815
68,377
73,027
90,257
125,600
146,387
146,350
134,278
112,496
122,613
118,738
123,317
104,217
109,951
101,706
72,909

72,909

101,706

109,951

104,217

123,317

118,738

122,613

112,496

134,278

146,350

146,387

125,600

90,257

73,027

68,377

69,815

67,904

67,629

69,762

75,012

140,296

92,057

92,997

82,073

79,790

79,960

67,106

74,176

76,958

70,136

68,856

78,654

53,331

45,586

50,163

50,168

49,650

56,932

52,634

80,501

74,132

70,700

55,083

143,944

98,810

80,900

87,663

100,407

81,047

73,586

83,185

97,600

86,927

138,100

143,912

135,246

97,805

108,177

94,017

111,284

129,478

124,869

155,315

126,510

53,163

39,157

41,190

38,845

39,157

31,622

84,558

80,070

48,538

52,468

55,217

43,890

37,328

36,621

46,068

38,431

22,385

11,342

13,881

23,916

11,479

19,213

17,703

13,094

17,747

15,657

20,863

15,848

34,535

27,367

38,587

13,400

15,400

8,100

10,400

5,200

2,800

3,200

7,700

1,900

1,800

5,000

34,400

1,300

1,000

Short-term Investments

0
0
0
0
0
0
9,600
0
0
0
0
0
0
0
0
0
0
0
72,100
85,300
121,109
144,305
155,913
158,891
158,891
184,382
186,742
187,435
190,115
186,426
178,194
183,152
116,708
121,749
117,539
104,348
89,331
79,025
91,779
90,112
87,808
76,603
82,090
83,730
76,348
97,581
159,934
168,676
189,604
194,748
168,676
195,811
79,613
73,450
83,258
83,951
114,470
139,357
162,055
152,037
137,650
132,998
136,992
119,990
133,090
135,114
139,033
136,991
142,885
148,777
147,757
134,876
120,608
123,550
86,961
81,013
76,740
81,024
55,497
54,885
60,832
60,677
58,565
47,775
41,356
57,673
63,104
61,147
60,417
58,129
54,019
54,333
54,258
50,090
52,395
0
0
0
0
0
0
0
0
0
0
0
17,018
18,510
19,116
19,388
20,003
19,688
16,759
13,664
9,750
51,580

51,580

9,750

13,664

16,759

19,688

20,003

19,388

19,116

18,510

17,018

52,395

50,090

54,258

54,333

54,019

58,129

60,417

61,147

63,104

57,673

41,356

47,775

58,565

60,677

60,832

54,885

55,497

81,024

76,740

81,013

86,961

123,550

120,608

134,876

147,757

148,777

142,885

136,991

139,033

135,114

133,090

119,990

136,992

132,998

137,650

152,037

162,055

139,357

114,470

83,951

83,258

73,450

79,613

195,811

168,676

194,748

189,604

168,676

159,934

97,581

76,348

83,730

82,090

76,603

87,808

90,112

91,779

79,025

89,331

104,348

117,539

121,749

116,708

183,152

178,194

186,426

190,115

187,435

186,742

184,382

158,891

155,913

144,305

121,109

85,300

72,100

9,600

Net Receivables

0
0
0
5,900
0
0
8,700
8,100
8,200
9,300
12,200
11,200
12,600
13,600
16,500
21,200
17,900
17,500
20,900
37,000
28,615
26,993
31,897
49,923
49,923
19,160
17,174
24,498
15,110
12,206
10,859
17,791
22,624
18,028
19,655
40,013
25,342
26,059
25,113
39,210
28,718
28,056
28,653
52,177
33,344
32,187
29,902
59,727
40,245
37,774
59,727
69,865
50,880
44,884
37,352
64,226
40,559
36,281
36,404
67,436
46,878
39,774
39,229
73,574
48,280
47,714
43,159
81,378
52,249
47,545
44,149
74,623
49,160
39,785
37,009
77,543
49,105
41,182
39,041
67,429
50,000
42,656
37,379
67,355
49,351
42,714
36,024
58,812
55,029
50,954
39,481
70,023
62,154
49,486
38,552
67,318
69,122
65,824
54,612
84,605
59,505
54,108
54,141
84,695
68,822
63,397
52,317
86,965
70,260
59,014
50,602
73,345
58,915
46,277
41,016
58,999

58,999

41,016

46,277

58,915

73,345

50,602

59,014

70,260

86,965

52,317

63,397

68,822

84,695

54,141

54,108

59,505

84,605

54,612

65,824

69,122

67,318

38,552

49,486

62,154

70,023

39,481

50,954

55,029

58,812

36,024

42,714

49,351

67,355

37,379

42,656

50,000

67,429

39,041

41,182

49,105

77,543

37,009

39,785

49,160

74,623

44,149

47,545

52,249

81,378

43,159

47,714

48,280

73,574

39,229

39,774

46,878

67,436

36,404

36,281

40,559

64,226

37,352

44,884

50,880

69,865

59,727

37,774

40,245

59,727

29,902

32,187

33,344

52,177

28,653

28,056

28,718

39,210

25,113

26,059

25,342

40,013

19,655

18,028

22,624

17,791

10,859

12,206

15,110

24,498

17,174

19,160

49,923

31,897

26,993

28,615

37,000

20,900

17,500

17,900

21,200

16,500

13,600

12,600

11,200

12,200

9,300

8,200

8,100

8,700

5,900

Other Current Assets

0
0
0
7,500
0
0
1,600
11,800
43,800
48,000
48,900
50,100
57,500
59,100
59,900
61,100
74,400
78,700
9,200
10,300
12,480
12,299
14,406
17,760
17,760
5,738
4,171
4,444
3,823
3,421
2,802
3,524
4,732
4,784
4,008
5,999
5,799
5,451
5,150
6,834
6,670
6,661
6,314
8,940
8,859
7,784
7,132
31,319
33,786
33,346
10,117
10,631
10,300
9,729
8,497
9,749
34,618
27,423
25,514
23,523
27,736
27,088
25,430
37,299
38,944
34,836
29,593
37,945
40,642
34,304
29,169
18,846
18,036
16,593
18,645
20,762
23,348
22,481
23,207
22,277
27,495
22,330
21,154
15,737
18,713
14,208
12,590
14,467
14,312
13,223
15,817
18,942
18,641
12,789
13,292
12,802
16,299
16,227
14,988
19,201
24,980
21,417
16,041
18,588
19,913
15,923
21,393
-134,278
47,494
40,920
34,944
14,069
62,712
53,993
42,163
9,305

9,305

42,163

53,993

62,712

14,069

34,944

40,920

47,494

-134,278

21,393

15,923

19,913

18,588

16,041

21,417

24,980

19,201

14,988

16,227

16,299

12,802

13,292

12,789

18,641

18,942

15,817

13,223

14,312

14,467

12,590

14,208

18,713

15,737

21,154

22,330

27,495

22,277

23,207

22,481

23,348

20,762

18,645

16,593

18,036

18,846

29,169

34,304

40,642

37,945

29,593

34,836

38,944

37,299

25,430

27,088

27,736

23,523

25,514

27,423

34,618

9,749

8,497

9,729

10,300

10,631

10,117

33,346

33,786

31,319

7,132

7,784

8,859

8,940

6,314

6,661

6,670

6,834

5,150

5,451

5,799

5,999

4,008

4,784

4,732

3,524

2,802

3,421

3,823

4,444

4,171

5,738

17,760

14,406

12,299

12,480

10,300

9,200

78,700

74,400

61,100

59,900

59,100

57,500

50,100

48,900

48,000

43,800

11,800

1,600

7,500

> Long-term Assets

0
0
0
1,000
0
0
2,100
2,500
2,700
3,200
4,200
4,500
6,500
7,300
7,900
7,800
7,400
8,900
9,300
13,400
22,667
27,287
42,505
0
61,381
68,190
65,946
64,986
59,865
60,804
55,580
56,425
133,788
130,808
130,471
131,151
128,886
126,822
124,795
123,879
123,945
121,962
120,871
113,191
112,587
112,650
111,906
0
0
0
85,264
72,347
135,869
124,607
146,168
144,047
142,939
139,563
103,442
129,395
127,363
125,679
130,074
132,687
136,780
153,335
156,598
150,217
150,406
150,632
162,731
151,267
148,738
147,889
147,105
135,813
131,654
130,276
126,503
124,712
119,596
120,575
120,684
121,264
121,529
121,047
118,146
112,349
111,581
114,203
115,965
108,381
108,888
108,266
121,314
117,431
462,691
457,820
447,461
447,124
435,395
429,628
435,158
427,058
427,447
423,499
416,673
410,640
402,536
392,383
380,956
373,148
368,044
360,453
351,171
371,381

371,381

351,171

360,453

368,044

373,148

380,956

392,383

402,536

410,640

416,673

423,499

427,447

427,058

435,158

429,628

435,395

447,124

447,461

457,820

462,691

117,431

121,314

108,266

108,888

108,381

115,965

114,203

111,581

112,349

118,146

121,047

121,529

121,264

120,684

120,575

119,596

124,712

126,503

130,276

131,654

135,813

147,105

147,889

148,738

151,267

162,731

150,632

150,406

150,217

156,598

153,335

136,780

132,687

130,074

125,679

127,363

129,395

103,442

139,563

142,939

144,047

146,168

124,607

135,869

72,347

85,264

111,906

112,650

112,587

113,191

120,871

121,962

123,945

123,879

124,795

126,822

128,886

131,151

130,471

130,808

133,788

56,425

55,580

60,804

59,865

64,986

65,946

68,190

61,381

42,505

27,287

22,667

13,400

9,300

8,900

7,400

7,800

7,900

7,300

6,500

4,500

4,200

3,200

2,700

2,500

2,100

1,000

Property Plant Equipment

0
0
0
1,100
0
0
2,100
2,500
2,700
3,200
4,300
4,500
6,500
7,300
7,900
7,800
7,400
7,400
7,500
11,600
13,401
15,541
19,626
22,128
22,128
24,268
22,878
21,258
16,399
15,386
12,718
10,674
12,002
10,427
9,045
8,266
7,769
5,618
6,025
6,410
7,102
6,558
6,080
5,771
5,233
5,707
5,453
5,611
6,688
6,648
5,611
6,834
6,830
6,598
6,932
6,759
8,202
7,344
6,957
5,823
6,249
6,352
9,322
19,838
30,875
43,090
51,490
50,448
50,361
48,840
48,312
46,300
44,554
42,478
41,058
39,868
37,833
35,789
33,863
32,174
30,571
29,305
27,781
27,569
26,946
25,833
24,846
23,894
23,413
24,439
26,128
25,249
24,487
23,342
22,403
22,005
97,886
99,141
98,702
99,037
92,968
92,856
101,742
96,328
100,323
99,401
97,373
93,250
89,150
85,125
80,690
73,178
70,985
65,356
61,714
59,123

59,123

61,714

65,356

70,985

73,178

80,690

85,125

89,150

93,250

97,373

99,401

100,323

96,328

101,742

92,856

92,968

99,037

98,702

99,141

97,886

22,005

22,403

23,342

24,487

25,249

26,128

24,439

23,413

23,894

24,846

25,833

26,946

27,569

27,781

29,305

30,571

32,174

33,863

35,789

37,833

39,868

41,058

42,478

44,554

46,300

48,312

48,840

50,361

50,448

51,490

43,090

30,875

19,838

9,322

6,352

6,249

5,823

6,957

7,344

8,202

6,759

6,932

6,598

6,830

6,834

5,611

6,648

6,688

5,611

5,453

5,707

5,233

5,771

6,080

6,558

7,102

6,410

6,025

5,618

7,769

8,266

9,045

10,427

12,002

10,674

12,718

15,386

16,399

21,258

22,878

24,268

22,128

19,626

15,541

13,401

11,600

7,500

7,400

7,800

7,900

7,300

6,500

4,500

4,300

3,200

2,700

2,500

2,100

1,100

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
13,244
13,244
13,244
0
69,251
56,126
55,096
57,006
56,858
56,894
56,894
52,875
53,182
52,921
52,915
53,034
53,126
53,279
53,323
53,171
53,218
53,264
53,171
53,677
53,769
53,769
69,253
67,424
66,683
66,953
66,999
68,314
68,025
67,614
68,077
67,958
68,237
71,961
71,677
71,543
71,721
71,388
78,211
78,954
78,152
78,480
79,493
80,001
79,992
79,780
77,793
76,683
74,037
74,525
74,772
74,071
74,992
74,444
74,607
73,193
73,552
75,024
75,815
76,169
76,900
76,551
85,126
85,165
242,543
242,265
238,826
243,895
242,690
243,201
244,990
247,211
245,691
246,235
245,212
244,990
244,069
241,471
238,949
242,149
242,852
243,287
242,061
244,257

244,257

242,061

243,287

242,852

242,149

238,949

241,471

244,069

244,990

245,212

246,235

245,691

247,211

244,990

243,201

242,690

243,895

238,826

242,265

242,543

85,165

85,126

76,551

76,900

76,169

75,815

75,024

73,552

73,193

74,607

74,444

74,992

74,071

74,772

74,525

74,037

76,683

77,793

79,780

79,992

80,001

79,493

78,480

78,152

78,954

78,211

71,388

71,721

71,543

71,677

71,961

68,237

67,958

68,077

67,614

68,025

68,314

66,999

66,953

66,683

67,424

69,253

53,769

53,677

53,171

53,264

53,218

53,171

53,323

53,279

53,126

53,034

52,915

52,921

53,182

52,875

56,894

56,858

57,006

55,096

56,126

69,251

13,244

Long Term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
16,985
17,223
9,565
9,581
9,686
9,789
8,970
8,926
8,920
9,092
0
0
0
0
3,800
0
0
0
3,600
0
0
0
2,800
0
0
0
1,900
1,800
1,800
1,800
2,500
2,400
2,400
2,400
2,500
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

2,500

2,400

2,500

1,800

1,900

2,800

3,600

3,800

9,092

8,920

8,926

8,970

9,789

9,686

9,581

9,565

17,223

16,985

Intangible Assets

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
15,358
15,358
14,852
14,594
14,333
14,251
14,169
14,086
14,004
88,571
72,838
69,200
70,462
67,970
66,625
65,239
59,867
59,184
58,026
57,235
56,564
2,888
2,434
1,965
1,517
1,125
832
1,517
309
150
126
8,102
7,138
7,559
6,903
6,464
12,108
11,203
10,298
9,392
8,487
7,794
12,099
11,170
10,317
9,808
9,029
8,517
7,920
7,291
6,767
6,296
5,777
5,237
4,686
4,019
3,382
2,995
2,801
2,591
2,334
2,165
1,933
1,705
1,464
1,280
1,109
927
732
559
617
5,368
4,951
114,684
108,661
102,915
97,363
92,655
87,994
83,386
77,995
73,898
69,990
66,260
62,730
59,340
55,904
52,496
49,504
46,453
43,406
40,343
37,637

37,637

40,343

43,406

46,453

49,504

52,496

55,904

59,340

62,730

66,260

69,990

73,898

77,995

83,386

87,994

92,655

97,363

102,915

108,661

114,684

4,951

5,368

617

559

732

927

1,109

1,280

1,464

1,705

1,933

2,165

2,334

2,591

2,801

2,995

3,382

4,019

4,686

5,237

5,777

6,296

6,767

7,291

7,920

8,517

9,029

9,808

10,317

11,170

12,099

7,794

8,487

9,392

10,298

11,203

12,108

6,464

6,903

7,559

7,138

8,102

126

150

309

1,517

832

1,125

1,517

1,965

2,434

2,888

56,564

57,235

58,026

59,184

59,867

65,239

66,625

67,970

70,462

69,200

72,838

88,571

14,004

14,086

14,169

14,251

14,333

14,594

14,852

15,358

Other Assets

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9,266
11,746
22,879
39,253
46,072
43,922
43,068
43,728
43,466
45,418
42,862
45,751
121,786
120,381
121,426
122,885
121,117
121,204
118,770
117,469
116,843
115,404
114,791
96,437
107,354
106,943
106,453
79,653
77,973
72,908
70,257
65,513
129,039
118,009
139,236
137,288
134,737
132,179
96,485
123,572
121,114
119,327
120,752
112,849
105,905
110,245
105,108
99,769
100,045
101,792
114,419
104,967
104,184
105,411
106,047
95,945
93,821
94,487
92,640
92,538
89,025
91,270
92,903
93,695
94,583
95,214
93,300
88,455
88,168
89,764
89,837
83,132
5,142
5,956
6,617
2,810
7,578
5,353
4,618
4,329
4,582
-93,864
4,540
74,820
7,535
7,873
654,792
680,130
9,977
9,883
8,821
8,317
7,754
86,606
-351,171
0

-351,171

86,606

7,754

8,317

8,821

9,883

9,977

680,130

654,792

7,873

7,535

74,820

4,540

-93,864

4,582

4,329

4,618

5,353

7,578

2,810

6,617

5,956

5,142

83,132

89,837

89,764

88,168

88,455

93,300

95,214

94,583

93,695

92,903

91,270

89,025

92,538

92,640

94,487

93,821

95,945

106,047

105,411

104,184

104,967

114,419

101,792

100,045

99,769

105,108

110,245

105,905

112,849

120,752

119,327

121,114

123,572

96,485

132,179

134,737

137,288

139,236

118,009

129,039

65,513

70,257

72,908

77,973

79,653

106,453

106,943

107,354

96,437

114,791

115,404

116,843

117,469

118,770

121,204

121,117

122,885

121,426

120,381

121,786

45,751

42,862

45,418

43,466

43,728

43,068

43,922

46,072

39,253

22,879

11,746

9,266

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
6,656
4,550
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

4,550

6,656

> Total Liabilities

0
0
0
13,400
0
0
19,100
23,000
25,100
26,200
29,300
33,000
36,800
36,900
40,800
47,000
48,500
50,700
57,900
80,600
100,659
101,142
119,194
126,875
126,875
99,501
84,573
84,754
76,241
67,945
61,875
64,405
99,283
86,715
81,013
102,653
94,781
92,817
90,702
103,026
100,048
98,349
96,089
112,948
113,593
110,480
108,561
139,238
137,122
128,046
139,238
151,341
153,177
146,850
127,214
151,454
142,374
129,505
125,937
158,251
154,096
144,197
142,375
178,570
182,655
175,857
163,602
196,843
199,098
181,751
168,559
190,762
192,014
174,027
160,861
197,540
199,048
184,954
166,246
191,105
187,839
175,409
163,708
191,689
192,719
179,375
166,720
185,749
194,551
186,819
179,168
204,011
199,441
186,031
181,664
201,924
496,564
474,784
450,679
481,072
450,126
284,840
418,067
458,452
471,482
466,948
453,640
476,220
449,472
404,831
371,351
386,782
371,142
179,613
193,349
323,909

323,909

193,349

179,613

371,142

386,782

371,351

404,831

449,472

476,220

453,640

466,948

471,482

458,452

418,067

284,840

450,126

481,072

450,679

474,784

496,564

201,924

181,664

186,031

199,441

204,011

179,168

186,819

194,551

185,749

166,720

179,375

192,719

191,689

163,708

175,409

187,839

191,105

166,246

184,954

199,048

197,540

160,861

174,027

192,014

190,762

168,559

181,751

199,098

196,843

163,602

175,857

182,655

178,570

142,375

144,197

154,096

158,251

125,937

129,505

142,374

151,454

127,214

146,850

153,177

151,341

139,238

128,046

137,122

139,238

108,561

110,480

113,593

112,948

96,089

98,349

100,048

103,026

90,702

92,817

94,781

102,653

81,013

86,715

99,283

64,405

61,875

67,945

76,241

84,754

84,573

99,501

126,875

119,194

101,142

100,659

80,600

57,900

50,700

48,500

47,000

40,800

36,900

36,800

33,000

29,300

26,200

25,100

23,000

19,100

13,400

> Total Current Liabilities

0
0
0
13,400
0
0
19,100
23,000
25,100
26,200
29,300
33,000
36,700
36,900
40,800
47,000
48,400
50,700
57,900
80,600
100,659
101,142
119,194
126,875
126,875
99,501
84,573
84,754
76,241
67,945
61,875
64,405
99,283
86,715
81,013
102,653
94,781
92,817
90,702
103,026
100,048
98,349
96,089
112,948
113,593
110,480
108,561
132,605
129,920
120,772
132,605
144,483
146,241
139,446
120,320
144,903
136,321
123,081
119,385
150,134
146,427
137,002
134,807
171,650
173,970
164,365
150,543
179,263
180,657
164,307
151,060
181,329
182,696
164,794
151,889
187,398
189,590
175,490
156,941
181,697
178,448
166,094
154,431
182,453
183,465
169,939
156,466
177,474
186,363
178,779
170,380
195,053
191,038
177,937
170,311
189,985
269,798
259,525
248,583
268,931
257,357
170,777
223,646
269,745
284,149
287,560
276,847
312,340
305,478
277,040
247,074
269,389
269,305
179,613
158,349
240,076

240,076

158,349

179,613

269,305

269,389

247,074

277,040

305,478

312,340

276,847

287,560

284,149

269,745

223,646

170,777

257,357

268,931

248,583

259,525

269,798

189,985

170,311

177,937

191,038

195,053

170,380

178,779

186,363

177,474

156,466

169,939

183,465

182,453

154,431

166,094

178,448

181,697

156,941

175,490

189,590

187,398

151,889

164,794

182,696

181,329

151,060

164,307

180,657

179,263

150,543

164,365

173,970

171,650

134,807

137,002

146,427

150,134

119,385

123,081

136,321

144,903

120,320

139,446

146,241

144,483

132,605

120,772

129,920

132,605

108,561

110,480

113,593

112,948

96,089

98,349

100,048

103,026

90,702

92,817

94,781

102,653

81,013

86,715

99,283

64,405

61,875

67,945

76,241

84,754

84,573

99,501

126,875

119,194

101,142

100,659

80,600

57,900

50,700

48,400

47,000

40,800

36,900

36,700

33,000

29,300

26,200

25,100

23,000

19,100

13,400

Short-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
21,614
17,275
17,128
21,659
20,429
19,331
19,869
0
208
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4,742
0
0
0
3,714
0
0
0
2,692
0
0
0
2,050
0
0
0
2,564
0
0
0
4,704
0
0
0
3,912
0
0
0
2,991
7,031
7,813
8,594
21,583
10,156
10,938
11,719
24,472
12,500
12,500
12,500
12,992
0
0
13,455
13,632
13,985
178,476
-57,295
14,181

14,181

-57,295

178,476

13,985

13,632

13,455

12,992

12,500

24,472

11,719

10,938

10,156

21,583

8,594

7,813

7,031

2,991

3,912

4,704

2,564

2,050

2,692

3,714

4,742

208

19,869

19,331

20,429

21,659

17,128

17,275

21,614

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
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
7,031
7,813
8,594
9,375
10,156
10,938
11,719
12,500
12,500
12,500
12,500
0
0
0
0
0
0
0
0
0

12,500

11,719

10,938

10,156

9,375

8,594

7,813

7,031

Accounts payable

0
0
0
400
0
0
700
1,200
900
1,100
1,100
1,300
1,700
1,600
1,400
1,400
900
1,600
1,100
2,700
3,604
2,819
3,660
3,993
3,993
3,046
1,918
2,667
2,048
2,267
1,988
1,601
2,299
2,956
1,757
2,566
2,013
2,950
2,570
3,741
2,254
2,455
1,956
1,716
1,276
3,103
2,003
2,878
2,189
3,241
2,878
4,174
3,347
3,834
3,458
3,532
3,062
2,709
1,952
2,078
2,969
3,424
4,158
3,644
4,675
2,743
5,037
1,223
689
982
933
772
922
1,122
918
1,024
1,168
966
1,035
912
857
698
595
525
1,289
694
634
1,806
328
1,080
613
217
353
614
512
588
1,209
3,462
1,093
505
352
1,201
1,707
657
380
1,037
700
840
887
101
1,069
361
425
1,137
762
1,796

1,796

762

1,137

425

361

1,069

101

887

840

700

1,037

380

657

1,707

1,201

352

505

1,093

3,462

1,209

588

512

614

353

217

613

1,080

328

1,806

634

694

1,289

525

595

698

857

912

1,035

966

1,168

1,024

918

1,122

922

772

933

982

689

1,223

5,037

2,743

4,675

3,644

4,158

3,424

2,969

2,078

1,952

2,709

3,062

3,532

3,458

3,834

3,347

4,174

2,878

3,241

2,189

2,878

2,003

3,103

1,276

1,716

1,956

2,455

2,254

3,741

2,570

2,950

2,013

2,566

1,757

2,956

2,299

1,601

1,988

2,267

2,048

2,667

1,918

3,046

3,993

3,660

2,819

3,604

2,700

1,100

1,600

900

1,400

1,600

1,700

1,300

1,100

900

1,200

700

400

Other Current Liabilities

0
0
0
13,000
0
0
18,400
21,800
24,200
25,100
28,200
31,700
35,000
35,300
39,400
45,600
47,500
49,100
56,800
77,900
97,055
98,323
115,534
121,111
122,882
3,038
2,966
498
384
413
463
20,681
29,384
24,272
27,650
31,457
25,535
25,976
27,363
26,928
24,758
25,933
26,462
24,569
24,857
27,033
31,619
129,727
127,731
117,531
29,852
28,891
25,835
27,555
18,734
27,527
24,847
22,274
23,892
30,168
25,878
25,044
26,066
36,485
31,768
31,266
27,959
25,411
28,260
28,775
25,270
26,364
29,586
26,869
25,184
30,779
28,644
30,586
26,516
34,167
27,174
29,168
29,641
38,688
27,371
30,648
29,654
36,699
29,779
32,349
36,838
45,717
35,260
34,300
41,364
51,074
69,946
67,340
70,888
67,649
51,450
-12,139
54,802
64,648
54,747
63,735
69,483
-213,696
56,507
66,347
51,792
77,375
39,802
-179,613
56,533
67,301

67,301

56,533

-179,613

39,802

77,375

51,792

66,347

56,507

-213,696

69,483

63,735

54,747

64,648

54,802

-12,139

51,450

67,649

70,888

67,340

69,946

51,074

41,364

34,300

35,260

45,717

36,838

32,349

29,779

36,699

29,654

30,648

27,371

38,688

29,641

29,168

27,174

34,167

26,516

30,586

28,644

30,779

25,184

26,869

29,586

26,364

25,270

28,775

28,260

25,411

27,959

31,266

31,768

36,485

26,066

25,044

25,878

30,168

23,892

22,274

24,847

27,527

18,734

27,555

25,835

28,891

29,852

117,531

127,731

129,727

31,619

27,033

24,857

24,569

26,462

25,933

24,758

26,928

27,363

25,976

25,535

31,457

27,650

24,272

29,384

20,681

463

413

384

498

2,966

3,038

122,882

121,111

115,534

98,323

97,055

77,900

56,800

49,100

47,500

45,600

39,400

35,300

35,000

31,700

28,200

25,100

24,200

21,800

18,400

13,000

> Long-term Liabilities

0
0
0
0
0
0
0
0
0
0
0
0
100
0
0
0
100
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
200
0
0
0
0
0
0
0
6,600
6,600
6,700
5,800
5,800
5,800
5,800
0
0
0
6,633
6,858
6,936
7,404
6,894
6,551
6,053
6,424
6,552
8,117
7,669
7,195
7,568
6,920
8,685
11,492
13,059
17,580
18,441
17,444
17,499
9,433
9,318
9,233
8,972
10,142
9,458
9,464
9,305
9,408
9,391
9,315
9,277
9,236
9,254
9,436
10,254
8,275
8,188
8,040
8,788
8,958
8,403
8,094
11,353
11,939
226,766
215,259
202,096
212,141
192,769
114,063
194,421
188,707
187,333
179,388
176,793
163,890
143,994
127,791
124,277
117,393
101,837
95,500
35,000
83,833

83,833

35,000

95,500

101,837

117,393

124,277

127,791

143,994

163,890

176,793

179,388

187,333

188,707

194,421

114,063

192,769

212,141

202,096

215,259

226,766

11,939

11,353

8,094

8,403

8,958

8,788

8,040

8,188

8,275

10,254

9,436

9,254

9,236

9,277

9,315

9,391

9,408

9,305

9,464

9,458

10,142

8,972

9,233

9,318

9,433

17,499

17,444

18,441

17,580

13,059

11,492

8,685

6,920

7,568

7,195

7,669

8,117

6,552

6,424

6,053

6,551

6,894

7,404

6,936

6,858

6,633

5,800

6,700

6,600

200

100

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
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
143,728
131,540
123,355
121,170
104,202
101,235
98,268
95,299
92,319
89,342
86,364
75,000
60,000
50,000
50,000
50,000
35,000
35,000
35,000
0

35,000

50,000

60,000

75,000

86,364

89,342

92,319

95,299

98,268

101,235

104,202

121,170

123,355

131,540

143,728

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
6,656
4,550
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

4,550

6,656

Other Liabilities

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
7,203
7,274
6,068
6,858
6,936
7,404
6,894
6,551
6,053
6,424
6,552
8,117
7,669
7,195
7,568
6,920
8,685
11,492
13,059
8,934
18,441
17,444
17,499
9,072
9,318
9,233
8,972
9,290
9,458
9,464
9,305
9,311
9,391
9,315
9,277
9,032
9,254
9,436
10,254
8,175
8,188
8,040
8,788
8,858
8,403
8,094
11,353
11,939
19,195
18,901
14,912
23,765
22,940
21,512
21,772
21,941
19,567
17,783
21,526
23,554
22,496
20,202
20,673
16,642
18,316
15,669
0
0

15,669

18,316

16,642

20,673

20,202

22,496

23,554

21,526

17,783

19,567

21,941

21,772

21,512

22,940

23,765

14,912

18,901

19,195

11,939

11,353

8,094

8,403

8,858

8,788

8,040

8,188

8,175

10,254

9,436

9,254

9,032

9,277

9,315

9,391

9,311

9,305

9,464

9,458

9,290

8,972

9,233

9,318

9,072

17,499

17,444

18,441

8,934

13,059

11,492

8,685

6,920

7,568

7,195

7,669

8,117

6,552

6,424

6,053

6,551

6,894

7,404

6,936

6,858

6,068

7,274

7,203

Deferred Long Term Liability

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
500
0
0
0
0

500

> Total Stockholder Equity

0
0
0
2,000
0
0
4,200
33,800
34,600
36,100
37,900
40,500
43,000
45,900
48,700
53,500
59,300
62,500
69,000
78,800
122,799
137,109
160,062
176,928
176,928
205,910
213,540
220,398
212,520
219,787
212,917
213,868
210,629
210,268
208,964
208,322
201,285
198,814
200,081
199,846
197,209
195,966
199,933
198,754
205,590
231,959
239,064
244,905
250,018
258,568
244,905
275,016
271,768
285,012
291,044
303,497
301,496
307,136
309,655
311,945
320,777
325,254
327,450
271,907
272,039
278,327
278,367
290,735
287,491
287,170
296,147
297,070
298,088
217,723
207,967
204,662
175,311
153,921
144,643
141,602
133,221
131,977
128,992
127,302
130,200
136,699
142,919
150,036
133,251
127,374
135,220
141,189
141,295
140,111
146,830
151,600
143,814
149,686
147,652
158,088
158,172
173,409
174,708
185,766
192,237
201,502
201,152
203,907
202,430
210,099
213,889
221,656
222,746
231,645
232,890
240,265

240,265

232,890

231,645

222,746

221,656

213,889

210,099

202,430

203,907

201,152

201,502

192,237

185,766

174,708

173,409

158,172

158,088

147,652

149,686

143,814

151,600

146,830

140,111

141,295

141,189

135,220

127,374

133,251

150,036

142,919

136,699

130,200

127,302

128,992

131,977

133,221

141,602

144,643

153,921

175,311

204,662

207,967

217,723

298,088

297,070

296,147

287,170

287,491

290,735

278,367

278,327

272,039

271,907

327,450

325,254

320,777

311,945

309,655

307,136

301,496

303,497

291,044

285,012

271,768

275,016

244,905

258,568

250,018

244,905

239,064

231,959

205,590

198,754

199,933

195,966

197,209

199,846

200,081

198,814

201,285

208,322

208,964

210,268

210,629

213,868

212,917

219,787

212,520

220,398

213,540

205,910

176,928

160,062

137,109

122,799

78,800

69,000

62,500

59,300

53,500

48,700

45,900

43,000

40,500

37,900

36,100

34,600

33,800

4,200

2,000

Common Stock

0
0
0
0
0
0
100
0
0
0
0
0
0
0
0
0
0
0
100
200
207
211
216
218
218
225
228
230
233
237
239
240
241
242
242
243
244
245
246
247
247
249
253
254
258
270
275
279
279
279
279
282
284
288
291
291
291
292
293
294
295
297
298
305
306
307
307
310
310
313
313
315
315
203
204
205
205
207
208
209
209
210
210
211
211
213
215
217
218
219
223
224
225
226
229
230
231
231
232
233
234
234
236
236
238
238
240
241
241
242
244
244
245
245
247
247

247

245

244

242

241

240

238

236

234

233

232

231

230

229

226

225

224

223

219

218

217

215

213

211

210

209

208

207

205

204

203

315

313

310

307

306

305

298

297

295

294

293

292

291

288

284

282

279

275

270

258

254

253

249

247

246

245

244

243

242

241

240

239

237

233

230

228

225

218

216

211

207

200

100

Retained Earnings 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
90,033
95,765
104,662
104,648
109,256
116,504
117,648
116,639
119,197
118,814
118,415
115,214
116,510
116,628
117,318
114,025
116,718
118,131
117,135
115,222
119,456
119,300
121,799
121,069
123,780
124,343
123,010
121,495
125,698
126,006
127,717
114,401
115,956
113,257
118,147
117,477
129,314
125,554
127,981
131,937
140,280
144,802
152,825
156,973
170,847
176,261
174,631
170,556
0
0
0

170,556

174,631

176,261

170,847

156,973

152,825

144,802

140,280

131,937

127,981

125,554

129,314

117,477

118,147

113,257

115,956

114,401

127,717

126,006

125,698

121,495

123,010

124,343

123,780

121,069

121,799

119,300

119,456

115,222

117,135

118,131

116,718

114,025

117,318

116,628

116,510

115,214

118,415

118,814

119,197

116,639

117,648

116,504

109,256

104,648

104,662

95,765

90,033

Accumulated Other Comprehensive Income

0
0
0
-500
0
0
0
-900
-1,100
-1,400
-1,700
-2,100
-2,600
-3,200
-3,200
-4,800
-5,700
-6,700
-200
-7,500
-678
-704
-906
-14,204
-14,204
627
772
-40
-677
-71
690
1,024
649
1,083
298
-1,089
-1,160
-1,981
-586
-1,732
-2,562
-2,488
-2,531
-2,604
-2,618
-2,672
-2,541
-3,000
-3,000
-19,046
-2,612
-747
-1,508
-3,192
-5,227
-1,785
-4,045
-2,297
-1,037
-1,865
-4,128
-7,530
-3,790
-5,472
-3,209
-2,377
-5,167
-6,828
-5,844
-6,841
644
588
-813
-1,167
624
2,454
2,510
2,429
37
-1,613
-4,515
-3,499
-3,628
-4,826
-3,228
-4,654
-4,822
-7,573
-6,766
-4,245
-2,621
-2,012
-450
-3,782
-4,319
-5,154
-5,584
-4,990
-6,604
-4,857
-7,958
-7,028
-4,246
-690
-2,801
-1,939
-3,323
-3,190
-4,371
-8,860
-13,890
-7,918
-6,679
-5,944
-8,349
-4,571

-4,571

-8,349

-5,944

-6,679

-7,918

-13,890

-8,860

-4,371

-3,190

-3,323

-1,939

-2,801

-690

-4,246

-7,028

-7,958

-4,857

-6,604

-4,990

-5,584

-5,154

-4,319

-3,782

-450

-2,012

-2,621

-4,245

-6,766

-7,573

-4,822

-4,654

-3,228

-4,826

-3,628

-3,499

-4,515

-1,613

2,429

2,510

2,454

624

-1,167

-813

588

644

-6,841

-5,844

-6,828

-5,167

-2,377

-3,209

-5,472

-3,790

-7,530

-4,128

-1,865

-1,037

-2,297

-4,045

-1,785

-5,227

-3,192

-1,508

-747

-2,612

-19,046

-3,000

-2,541

-2,672

-2,618

-2,604

-2,531

-2,488

-2,562

-1,732

-586

-1,981

-1,160

-1,089

298

1,083

649

1,024

690

-71

-677

-40

772

627

-14,204

-906

-704

-678

-7,500

-200

-6,700

-5,700

-4,800

-3,200

-2,600

-2,100

-1,700

-1,400

-1,100

-900

-500

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
0
0
0
0
0
0
366,354
368,462
373,591
377,077
382,494
385,873
389,362
392,790
99,914
105,396
109,676
113,182
115,803
120,415
124,942
128,479
129,588
132,172
134,967
138,180
141,869
148,411
157,569
162,159
166,022
175,218
181,910
186,335
189,554
196,803
200,696
206,655
210,378
212,656
216,454
220,308
222,778
225,053
230,128
234,752
237,485
241,968
245,985
251,001
254,937
258,341
261,766
265,691
269,371
273,797
0

273,797

269,371

265,691

261,766

258,341

254,937

251,001

245,985

241,968

237,485

234,752

230,128

225,053

222,778

220,308

216,454

212,656

210,378

206,655

200,696

196,803

189,554

186,335

181,910

175,218

166,022

162,159

157,569

148,411

141,869

138,180

134,967

132,172

129,588

128,479

124,942

120,415

115,803

113,182

109,676

105,396

99,914

392,790

389,362

385,873

382,494

377,077

373,591

368,462

366,354

Treasury Stock

-171,889

-171,585

-166,310

-161,943

-158,402

-143,429

-121,976

-120,185

-117,893

-111,040

-104,977

-99,254

-92,645

-81,028

-55,800

-26,088

-17,071

-424

-210,843

-207,187

-198,052

-188,700

-181,000

-175,990

-171,162

-162,595

-155,201

-146,252

-141,250

-136,084

-130,874

-125,750

-120,851

-116,514

-110,459

-104,902

-90,428

-85,834

-76,462

-73,530

-66,314

-61,243

-54,845

-50,056

-44,923

-41,478

-38,487

-30,300

-28,881

-27,380

-25,330

-20,085

-14,830

-7,920

-3,547

Other Stockholders Equity

0
0
0
500
0
0
-100
34,300
34,300
34,900
35,600
39,600
38,200
40,100
41,100
44,700
49,500
51,500
54,700
61,700
103,527
114,817
133,688
0
144,866
163,114
168,244
178,988
177,222
180,938
174,373
147,850
143,208
142,271
141,566
142,223
135,513
136,210
132,870
130,254
125,708
121,665
122,444
118,679
124,005
146,573
148,227
0
0
0
184,472
194,003
186,486
192,765
194,441
194,298
191,926
189,665
186,623
183,957
189,279
190,254
185,005
195,422
190,379
190,364
187,462
192,591
188,377
184,442
178,686
178,519
181,947
99,490
88,325
83,588
57,382
34,775
27,770
25,688
23,502
18,548
14,279
14,782
17,995
21,684
28,226
35,593
18,730
7,620
13,275
19,967
20,025
17,969
24,914
28,807
34,766
38,489
40,767
44,565
48,419
50,889
53,164
58,239
62,863
62,923
59,433
54,270
49,587
47,870
51,274
54,699
58,624
61,484
62,648
66,908

66,908

62,648

61,484

58,624

54,699

51,274

47,870

49,587

54,270

59,433

62,923

62,863

58,239

53,164

50,889

48,419

44,565

40,767

38,489

34,766

28,807

24,914

17,969

20,025

19,967

13,275

7,620

18,730

35,593

28,226

21,684

17,995

14,782

14,279

18,548

23,502

25,688

27,770

34,775

57,382

83,588

88,325

99,490

181,947

178,519

178,686

184,442

188,377

192,591

187,462

190,364

190,379

195,422

185,005

190,254

189,279

183,957

186,623

189,665

191,926

194,298

194,441

192,765

186,486

194,003

184,472

148,227

146,573

124,005

118,679

122,444

121,665

125,708

130,254

132,870

136,210

135,513

142,223

141,566

142,271

143,208

147,850

174,373

180,938

177,222

178,988

168,244

163,114

144,866

133,688

114,817

103,527

61,700

54,700

51,500

49,500

44,700

41,100

40,100

38,200

39,600

35,600

34,900

34,300

-100

500

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	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31
Accounts Payable	1,796	361	840	657	505	588	217	1,806	525	912	1,024	772	1,223	3,644	2,078	3,532	2,878	2,878	1,716	3,741	2,566	1,601	2,667	3,993	2,700	1,400	1,300	1,200	400
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
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
Accumulated Other Comprehensive Income	-4,571	-7,918	-3,189	-690	-4,857	-5,154	-2,012	-7,573	-4,826	-1,613	2,454	588	-6,828	-5,472	-1,865	-1,785	-2,612	-3,000	-2,604	-1,732	-1,089	1,024	-40	-14,204	-7,500	-4,800	-2,100	-900	-500
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
Capital Lease Obligations	51,854	64,383	78,030	82,295	79,270	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	247	244	241	236	233	230	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	261,766	245,985	230,128	216,454	200,696	181,910	157,569	134,967	124,942	109,676	389,362	373,591	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash	72,909	123,317	134,278	90,257	67,904	140,296	79,790	76,958	53,331	49,650	74,132	98,810	81,047	86,927	97,805	129,478	39,157	39,157	48,538	37,328	22,385	11,479	17,747	15,848	13,400	10,400	7,700	34,400	1,000
Cash And Equivalents	0	103,629	115,769	90,257	0	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	124,489	123,317	134,278	90,257	67,904	140,296	134,123	138,105	101,106	104,535	155,145	233,686	218,038	206,917	249,842	213,429	207,833	0	132,268	127,440	126,733	194,631	205,182	174,739	98,700	10,400	7,700	34,400	1,000
Common Stock	247	244	241	236	233	230	224	217	211	209	205	315	310	305	294	291	279	279	254	247	243	240	230	218	200	0	0	0	0
Common Stock Shares Outstanding	19,258	19,172	19,357	18,935	18,492	18,380	18,240	18,269	18,143	19,007	21,353	22,929	23,164	23,063	22,884	23,585	22,973	22,973	21,876	22,464	22,837	23,653	23,907	24,526	20,067	18,744	17,500	13,113	7,647
Common Stock Total Equity	0	244	241	236	233	230	224	217	211	209	205	315	310	305	294	291	279	279	254	247	243	240	230	218	200	0	0	0	0
Current Deferred Revenue	156,798	178,021	213,696	179,968	179,194	135,332	145,207	134,265	140,676	144,568	152,903	150,479	147,887	131,521	117,888	113,844	99,875	0	86,663	72,357	68,630	42,123	59,930	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
Deferred Long Term Liab	0	500	0	0	0	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
Good Will	244,257	242,149	244,994	247,211	243,895	85,165	76,169	73,193	74,071	76,683	80,001	78,954	71,543	67,958	68,314	67,424	53,171	53,171	53,034	52,875	57,006	0	0	0	0	0	0	0	0
Intangible Assets	37,637	49,504	62,733	77,995	97,363	4,951	732	1,464	2,334	3,382	5,777	7,920	10,317	8,487	12,108	7,138	1,517	1,517	56,564	59,867	70,462	14,004	14,333	15,358	0	0	0	0	0
Inventory	0	24,559	29,631	23,620	20,326	15,677	13,731	12,052	13,529	13,754	12,939	9,410	0	0	0	23,500	21,202	0	5,126	5,509	7,079	5,902	6,042	0	0	0	0	0	0
Liabilities And Stockholders Equity	564,174	608,438	680,129	644,218	639,160	353,524	345,200	335,785	318,991	332,707	402,202	487,832	487,578	450,477	470,196	454,951	384,143	384,143	311,702	302,872	310,975	278,273	305,152	303,803	159,400	100,500	73,500	56,800	15,400
Long Term Debt	35,000	50,000	75,000	95,299	121,170	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Long Term Debt Total	0	50,000	75,000	95,299	121,170	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Long Term Investments	0	0	0	0	2,500	2,500	1,900	2,800	3,600	3,800	0	8,970	9,565	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
Net Debt	13,945	-8,934	18,752	99,837	141,911	-140,296	-79,790	-76,958	-53,331	-49,650	-74,132	-98,810	-81,047	-86,927	-97,805	-129,478	-39,157	-39,157	-48,538	-37,328	-22,385	-11,479	-17,747	-15,848	-13,400	-10,400	-7,700	-34,400	-1,000
Net Invested Capital	275,265	271,656	278,907	293,565	288,633	151,600	141,189	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Receivables	58,999	73,345	86,965	84,695	84,605	67,318	70,023	58,812	67,355	67,429	77,543	74,623	81,378	73,574	67,436	64,226	59,727	59,727	52,177	39,210	40,013	17,791	24,498	49,923	37,000	21,200	11,200	8,100	5,900
Net Tangible Assets	0	-69,997	-103,820	-139,440	-183,170	61,484	64,288	75,379	50,897	61,537	118,884	210,196	208,875	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Working Capital	-24,076	-34,099	-42,848	-52,585	-76,895	46,108	41,766	45,962	15,274	26,298	78,991	155,236	158,098	146,140	190,667	166,001	166,274	166,274	85,563	75,967	77,171	157,443	155,412	115,547	65,400	45,700	36,000	31,300	1,000
Non Current Assets Total	371,381	373,148	410,641	427,058	447,124	117,431	108,381	112,349	121,264	124,712	135,813	151,267	150,217	132,687	129,395	144,047	85,264	0	113,191	123,879	131,151	56,425	64,986	61,381	13,400	7,800	4,500	2,500	1,000
Non Current Liabilities Other	2,481	67,393	88,886	93,408	90,971	4,368	8,958	8,275	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Current Liabilities Total	83,833	117,393	163,886	188,707	212,141	11,939	8,958	8,275	9,236	9,408	10,142	9,433	17,580	6,920	8,117	6,551	6,633	0	0	0	0	0	0	0	0	0	0	0	0
Non Currrent Assets Other	27,531	4,592	5,298	3,324	3,291	5,310	6,231	13,798	17,290	12,473	10,167	9,123	8,344	12,149	17,331	203	630	13,630	915	14,742	12,264	10,117	10,008	23,895	1,800	0	0	0	-100
Noncontrolling Interest In Consolidated Entity	0	0	0	0	0	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	0	7,417	1	74,820	4,329	2,810	4,331	10,998	17,290	8,673	4,467	2,223	444	19,928	27,654	9,226	3,113	11,950	26,615	44,172	42,139	21,729	19,550	23,895	0	0	0	0	0
Other Current Assets	9,305	14,069	18,614	18,588	19,201	12,802	18,942	14,467	15,737	22,277	20,762	18,846	37,945	37,299	23,523	9,749	10,117	31,319	8,940	6,834	5,999	3,524	4,444	17,760	10,300	61,100	50,100	11,800	7,500
Other Current Liab	67,301	77,375	84,808	64,648	67,649	51,074	45,717	36,699	38,688	34,167	30,779	26,364	25,411	36,485	30,168	27,527	29,852	129,727	24,569	26,928	31,457	20,681	498	122,882	77,900	45,600	31,700	21,800	13,000
Other Liab	0	16,642	23,554	21,941	23,765	11,939	8,958	8,275	9,236	9,311	9,290	9,072	8,934	6,920	8,117	6,551	6,858	0	0	0	0	0	0	0	0	0	0	0	0
Other Stockholder Equity	66,908	54,699	54,030	58,239	44,565	28,807	19,967	35,593	14,782	25,688	83,588	178,519	192,591	195,422	183,957	194,298	184,472	0	118,679	130,254	142,223	147,850	178,988	144,866	61,700	44,700	39,600	34,300	500
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
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
Property Plant And Equipment Gross	123,185	139,206	163,211	96,328	99,037	22,005	25,249	23,894	27,569	32,174	39,868	46,300	50,448	19,838	5,823	6,759	5,611	5,611	5,771	6,410	8,266	10,674	21,258	22,128	11,600	7,800	4,500	2,500	1,100
Property Plant And Equipment Net	59,123	73,178	93,254	96,328	99,037	22,005	25,249	23,894	27,569	32,174	39,868	46,300	50,448	19,838	5,823	6,759	5,611	0	5,771	6,410	8,266	10,674	21,258	22,128	11,600	7,800	4,500	2,500	1,100
Property Plant Equipment	0	23,208	28,245	27,032	29,937	22,005	25,249	23,894	27,569	32,174	39,868	46,300	50,448	19,838	5,823	6,759	6,834	5,611	5,771	6,410	8,266	10,674	21,258	22,128	0	0	0	0	0
Retained Earnings	177,681	174,631	152,825	127,981	118,147	127,717	123,010	121,799	117,135	117,318	118,415	117,648	104,662	81,652	129,559	110,693	62,766	62,766	82,425	71,077	66,945	64,754	64,165	46,048	24,400	13,600	3,000	400	2,000
Retained Earnings Total Equity	0	174,631	152,825	127,981	118,147	127,717	123,010	121,799	117,135	117,318	118,415	117,648	104,662	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt	0	0	0	12,500	9,375	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	86,854	114,383	153,030	190,094	209,815	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 Term Debt	14,181	13,632	12,992	24,472	21,583	2,991	3,912	4,704	2,564	2,050	2,692	3,714	4,742	0	0	0	0	0	0	0	0	0	21,659	0	0	0	0	0	0
Short Term Investments	51,580	19,688	18,509	0	0	0	54,333	61,147	47,775	54,885	81,013	134,876	136,991	119,990	152,037	83,951	168,676	168,676	83,730	90,112	104,348	183,152	187,435	158,891	85,300	0	0	0	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	0	0	0	0	0	0	0	0	0
Total Assets	564,174	608,438	680,129	644,218	639,160	353,524	345,200	335,785	318,991	332,707	402,202	487,832	487,578	450,477	470,196	454,951	384,143	384,143	311,702	302,872	310,975	278,273	305,152	303,803	159,400	100,500	73,500	56,800	15,400
Total Current Assets	192,793	235,290	269,488	217,160	192,036	236,093	236,819	223,436	197,727	207,995	266,389	336,565	337,361	317,790	340,801	310,904	298,879	298,879	198,511	178,993	179,824	221,848	240,166	242,422	146,000	92,700	69,000	54,300	14,400
Total Current Liabilities	240,076	269,389	312,336	269,745	268,931	189,985	195,053	177,474	182,453	181,697	187,398	181,329	179,263	171,650	150,134	144,903	132,605	132,605	112,948	103,026	102,653	64,405	84,754	126,875	80,600	47,000	33,000	23,000	13,400
Total Liab	323,909	386,782	476,222	458,452	481,072	201,924	204,011	185,749	191,689	191,105	197,540	190,762	196,843	178,570	158,251	151,454	139,238	139,238	112,948	103,026	102,653	64,405	84,754	126,875	80,600	47,000	33,000	23,000	13,400
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
Total Stockholder Equity	240,265	221,656	203,907	185,766	158,088	151,600	141,189	150,036	127,302	141,602	204,662	297,070	290,735	271,907	311,945	303,497	244,905	244,905	198,754	199,846	208,322	213,868	220,398	176,928	78,800	53,500	40,500	33,800	2,000
Treasury Stock	0	0	0	0	-171,889	-171,889	-161,943	-121,976	-120,185	-99,254	-26,088	-210,843	-181,000	-162,595	-141,250	-120,851	-90,428	-85,834	-73,530	-50,056	-30,300	-20,085	0	0	0	0	0	0	0
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	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	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30	2001-03-31	2000-12-31	2000-09-30	2000-06-30	2000-03-31	1999-12-31	1999-09-30	1999-06-30	1999-03-31	1998-12-31	1998-09-30	1998-06-30	1998-03-31	1997-12-31	1997-09-30	1997-06-30	1997-03-31	1996-12-31	1996-09-30	1996-06-30	1996-03-31	1995-12-31	1995-09-30	1995-06-30	1995-03-31
Accounts Payable	1,796	762	1,137	425	361	1,069	101	887	840	700	1,037	380	657	1,707	1,201	352	505	1,093	3,462	1,209	588	512	614	353	217	613	1,080	328	1,806	634	694	1,289	525	595	698	857	912	1,035	966	1,168	1,024	918	1,122	922	772	933	982	689	1,223	5,037	2,743	4,675	3,644	4,158	3,424	2,969	2,078	1,952	2,709	3,062	3,532	3,458	3,834	3,347	4,174	2,878	3,241	2,189	2,878	2,003	3,103	1,276	1,716	1,956	2,455	2,254	3,741	2,570	2,950	2,013	2,566	1,757	2,956	2,299	1,601	1,988	2,267	2,048	2,667	1,918	3,046	3,993	3,993	3,660	2,819	3,604	2,700	1,100	1,600	900	1,400	1,400	1,600	1,700	1,300	1,100	1,100	900	1,200	700	-	-	400	-	-	-
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	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-4,571	-8,349	-5,944	-6,679	-7,918	-13,890	-8,860	-4,371	-3,190	-3,323	-1,939	-2,801	-690	-4,246	-7,028	-7,958	-4,857	-6,604	-4,990	-5,584	-5,154	-4,319	-3,782	-450	-2,012	-2,621	-4,245	-6,766	-7,573	-4,822	-4,654	-3,228	-4,826	-3,628	-3,499	-4,515	-1,613	37	2,429	2,510	2,454	624	-1,167	-813	588	644	-6,841	-5,844	-6,828	-5,167	-2,377	-3,209	-5,472	-3,790	-7,530	-4,128	-1,865	-1,037	-2,297	-4,045	-1,785	-5,227	-3,192	-1,508	-747	-2,612	-19,046	-3,000	-3,000	-2,541	-2,672	-2,618	-2,604	-2,531	-2,488	-2,562	-1,732	-586	-1,981	-1,160	-1,089	298	1,083	649	1,024	690	-71	-677	-40	772	627	-14,204	-14,204	-906	-704	-678	-7,500	-200	-6,700	-5,700	-4,800	-3,200	-3,200	-2,600	-2,100	-1,700	-1,400	-1,100	-900	0	-	-	-500	-	-	-
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	0	0	0	0	0	0	0	0	0	0	0	0	0	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	51,854	40,843	44,831	48,521	64,383	53,539	57,517	61,476	78,030	68,395	71,577	74,567	82,295	72,940	63,490	63,840	79,270	63,829	64,818	63,843	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	247	247	245	245	244	244	242	241	241	240	238	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	273,797	269,371	265,691	261,766	258,341	254,937	251,001	245,985	241,968	237,485	234,752	230,128	225,053	222,778	220,308	216,454	212,656	210,378	206,655	200,696	196,803	189,554	186,335	181,910	175,218	166,022	162,159	157,569	148,411	141,869	138,180	134,967	132,172	129,588	128,479	124,942	120,415	115,803	113,182	109,676	105,396	99,914	392,790	389,362	385,873	382,494	377,077	373,591	368,462	366,354	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	72,909	101,706	109,951	104,217	123,317	118,738	122,613	112,496	134,278	146,350	146,387	125,600	90,257	73,027	68,377	69,815	67,904	67,629	69,762	75,012	140,296	92,057	92,997	82,073	79,790	79,960	67,106	74,176	76,958	70,136	68,856	78,654	53,331	45,586	50,163	50,168	49,650	56,932	52,634	80,501	74,132	70,700	55,083	143,944	98,810	80,900	87,663	100,407	81,047	73,586	83,185	97,600	86,927	138,100	143,912	135,246	97,805	108,177	94,017	111,284	129,478	124,869	155,315	126,510	53,163	39,157	41,190	38,845	39,157	31,622	84,558	80,070	48,538	52,468	55,217	43,890	37,328	36,621	46,068	38,431	22,385	11,342	13,881	23,916	11,479	19,213	17,703	13,094	17,747	15,657	20,863	15,848	15,848	34,535	27,367	38,587	13,400	15,400	8,100	8,100	10,400	5,200	2,800	3,200	7,700	1,900	1,800	5,000	34,400	1,300	-	-	1,000	-	-	-
Cash And Equivalents	0	101,706	109,951	104,217	103,629	98,735	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	124,489	111,456	123,615	120,976	123,317	118,738	122,613	131,612	134,278	146,350	146,387	125,600	90,257	73,027	68,377	69,815	67,904	67,629	69,762	75,012	140,296	144,452	143,087	136,331	134,123	133,979	125,235	134,593	138,105	133,240	126,529	120,010	101,106	104,151	110,840	111,000	104,535	112,429	133,658	157,241	155,145	157,661	178,633	264,552	233,686	228,657	236,440	243,292	218,038	212,619	218,299	230,690	206,917	275,092	276,910	272,896	249,842	270,232	233,374	225,754	213,429	208,127	228,765	206,123	248,974	207,833	0	0	0	191,556	182,139	156,418	132,268	134,558	131,820	131,698	127,440	128,400	125,093	127,762	126,733	128,881	135,630	140,624	194,631	197,407	204,129	203,209	205,182	202,399	205,245	174,739	0	190,448	171,672	159,696	98,700	87,500	8,100	8,100	10,400	5,200	2,800	3,200	7,700	1,900	1,800	5,000	34,400	10,900	-	-	1,000	-	-	-
Common Stock	247	247	245	245	244	244	242	241	241	240	238	238	236	236	234	234	233	232	231	231	230	229	226	225	224	223	219	218	217	215	213	211	211	210	210	209	209	208	207	205	205	204	203	315	315	313	313	310	310	307	307	306	305	298	297	295	294	293	292	291	291	291	288	284	282	279	279	279	279	275	270	258	254	253	249	247	247	246	245	244	243	242	242	241	240	239	237	233	230	228	225	218	218	216	211	207	200	100	0	0	0	0	0	0	0	0	0	0	0	100	-	-	-	-	-	-
Common Stock Shares Outstanding	19,238	19,289	19,258	19,108	19,051	19,139	19,173	19,264	19,376	19,388	19,377	19,288	19,119	18,872	18,831	18,705	18,720	18,546	18,780	18,363	18,459	18,433	18,290	18,036	18,322	18,051	18,050	18,536	18,572	18,435	18,145	17,925	17,879	18,065	18,268	18,058	18,520	18,549	19,044	19,613	20,341	20,665	21,747	22,658	22,652	22,858	23,023	23,173	23,118	23,082	23,203	23,252	22,713	23,107	23,135	22,877	22,389	22,809	22,944	23,106	22,946	23,793	23,554	23,617	23,048	23,058	23,827	23,752	23,058	23,428	22,826	21,825	21,186	21,931	21,847	21,840	21,611	22,345	22,074	22,255	22,255	22,741	22,718	22,920	22,739	23,263	23,989	23,146	23,146	23,600	22,451	22,054	22,054	25,075	24,727	23,578	19,949	19,333	18,333	19,466	17,273	19,000	17,778	16,250	16,250	16,250	17,143	16,667	16,667	11,667	10,000	10,000	10,000	10,000	6,667	6,667
Common Stock Total Equity	0	0	0	245	244	244	242	241	241	240	238	238	236	236	234	234	233	232	231	231	230	229	226	225	224	223	219	218	217	215	213	211	211	210	210	209	209	208	207	205	205	204	203	315	315	313	313	310	310	307	307	306	305	298	297	295	294	293	292	291	291	291	288	284	282	279	279	279	279	275	270	258	254	253	249	247	247	246	245	244	243	242	242	241	240	239	237	233	230	228	225	218	218	216	211	207	200	100	0	0	0	0	0	0	0	0	0	0	0	100	-	-	-	-	-	-
Current Deferred Revenue	156,798	158,349	179,613	215,093	178,021	180,758	210,592	248,084	213,696	194,164	210,288	216,522	179,968	155,418	170,777	195,399	179,194	168,008	180,910	191,612	135,332	128,435	143,023	155,425	145,207	132,929	145,350	156,256	134,265	126,178	138,597	154,805	140,676	124,195	136,228	150,417	144,568	129,390	143,938	159,778	152,903	125,787	136,803	152,188	150,479	124,857	134,550	151,708	147,887	117,547	130,356	137,527	131,521	104,583	108,534	117,580	117,888	93,541	98,098	108,412	113,844	98,128	108,057	117,059	111,418	99,875	0	0	0	74,939	80,344	87,460	86,663	67,671	69,961	73,036	72,357	60,769	63,891	67,233	68,630	51,606	59,487	67,392	42,123	39,555	45,934	53,380	59,930	62,561	76,142	93,312	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	4,550	6,656	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	500	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0	0	0	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	244,257	242,061	243,287	242,852	242,149	238,949	241,471	244,069	244,990	245,212	246,235	245,691	247,211	244,990	243,201	242,690	243,895	238,826	242,265	242,543	85,165	85,126	76,551	76,900	76,169	75,815	75,024	73,552	73,193	74,607	74,444	74,992	74,071	74,772	74,525	74,037	76,683	77,793	79,780	79,992	80,001	79,493	78,480	78,152	78,954	78,211	71,388	71,721	71,543	71,677	71,961	68,237	67,958	68,077	67,614	68,025	68,314	66,999	66,953	66,683	67,424	69,253	53,769	53,769	53,677	53,171	53,264	53,218	53,171	53,323	53,279	53,126	53,034	52,915	52,921	53,182	52,875	56,894	56,894	56,858	57,006	55,096	56,126	69,251	0	13,244	13,244	13,244	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Intangible Assets	37,637	40,343	43,406	46,453	49,504	52,496	55,904	59,340	62,730	66,260	69,990	73,898	77,995	83,386	87,994	92,655	97,363	102,915	108,661	114,684	4,951	5,368	617	559	732	927	1,109	1,280	1,464	1,705	1,933	2,165	2,334	2,591	2,801	2,995	3,382	4,019	4,686	5,237	5,777	6,296	6,767	7,291	7,920	8,517	9,029	9,808	10,317	11,170	12,099	7,794	8,487	9,392	10,298	11,203	12,108	6,464	6,903	7,559	7,138	8,102	126	150	309	1,517	832	1,125	1,517	1,965	2,434	2,888	56,564	57,235	58,026	59,184	59,867	65,239	66,625	67,970	70,462	69,200	72,838	88,571	14,004	14,086	14,169	14,251	14,333	14,594	14,852	15,358	15,358	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Inventory	0	-42,163	-100,270	-16,759	24,559	0	0	0	-86,965	18,059	19,244	21,937	23,620	14,408	-21,417	18,603	20,326	13,641	14,837	17,254	15,677	10,884	12,514	14,722	13,731	9,146	10,578	12,287	12,052	9,639	11,576	13,316	13,529	9,332	10,985	12,969	13,754	9,709	11,278	13,011	12,939	8,408	8,850	9,616	9,410	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	23,500	18,114	23,877	21,773	24,540	21,202	0	0	0	7,129	7,679	7,975	5,126	5,626	5,816	6,226	5,509	7,325	8,206	8,277	7,079	6,962	7,733	8,144	5,902	8,144	7,172	6,754	6,042	8,423	7,078	189,261	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Liabilities And Stockholders Equity	564,174	193,349	570,674	593,888	608,438	585,240	614,930	651,902	680,130	654,792	668,450	663,719	644,218	592,775	458,249	608,298	639,160	598,331	624,470	640,378	353,524	328,494	326,142	340,736	345,200	314,388	314,193	327,802	335,785	309,639	316,074	322,919	318,991	292,700	307,386	321,060	332,707	310,889	338,875	374,359	402,202	368,828	391,750	490,102	487,832	464,706	468,921	486,589	487,578	441,969	454,184	454,694	450,477	469,825	469,451	474,873	470,196	435,592	436,641	443,870	454,951	418,258	431,862	424,945	426,357	384,143	386,614	387,141	384,143	347,625	342,439	319,183	311,702	296,022	294,315	297,257	302,872	290,783	291,631	296,066	310,975	289,977	296,983	309,912	278,273	274,792	287,732	288,761	305,152	298,113	305,411	303,803	303,803	279,256	238,251	223,458	159,400	126,900	113,200	107,800	100,500	89,500	82,800	79,800	73,500	67,200	62,300	59,700	56,800	23,300	-	-	15,400	-	-	-
Long Term Debt	35,000	35,000	35,000	35,000	50,000	50,000	50,000	60,000	75,000	86,364	89,342	92,319	95,299	98,268	101,235	104,202	121,170	123,355	131,540	143,728	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Long Term Debt Total	0	35,000	35,000	35,000	50,000	50,000	50,000	60,000	75,000	86,364	89,342	92,319	95,299	98,268	101,235	104,202	121,170	123,355	131,540	143,728	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Long Term Investments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2,500	2,400	2,400	2,400	2,500	1,800	1,800	1,800	1,900	0	0	0	2,800	0	0	0	3,600	0	0	0	3,800	0	0	0	0	9,092	8,920	8,926	8,970	9,789	9,686	9,581	9,565	17,223	16,985	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0	0	0	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	13,945	-66,706	-30,120	-20,696	-8,934	-15,199	-15,096	8,980	-134,278	20,909	27,032	53,786	99,837	109,900	45,686	108,383	141,911	128,149	134,409	139,590	-140,296	-92,057	-92,997	-82,073	-79,790	-79,960	-67,106	-74,176	-76,958	-70,136	-68,856	-78,654	-53,331	-45,586	-50,163	-50,168	-49,650	-56,932	-52,634	-80,501	-74,132	-70,700	-55,083	-143,944	-98,810	-80,900	-87,663	-100,407	-81,047	-73,586	-83,185	-97,600	-86,927	-138,100	-143,912	-135,246	-97,805	-108,177	-94,017	-111,284	-129,478	-124,869	-155,315	-126,510	-53,163	-39,157	-41,190	-38,845	-39,157	-31,622	-84,558	-80,070	-48,538	-52,468	-55,217	-43,890	-37,328	-36,621	-46,068	-38,431	-22,385	-11,342	-13,881	-23,708	-11,479	-19,213	-17,703	-13,094	-17,747	-15,657	-20,863	-15,848	-15,848	-34,535	-27,367	-38,587	-13,400	-15,400	-8,100	-8,100	-10,400	-5,200	-2,800	-3,200	-7,700	-1,900	-1,800	-5,000	-34,400	-1,300	-	-	-1,000	-	-	-
Net Invested Capital	275,265	35,000	266,645	257,746	271,656	263,889	260,099	262,430	278,907	300,016	303,344	297,056	293,565	284,695	285,582	272,530	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	58,999	41,016	46,277	58,915	73,345	50,602	59,014	70,260	86,965	52,317	63,397	68,822	84,695	54,141	54,108	59,505	84,605	54,612	65,824	69,122	67,318	38,552	49,486	62,154	70,023	39,481	50,954	55,029	58,812	36,024	42,714	49,351	67,355	37,379	42,656	50,000	67,429	39,041	41,182	49,105	77,543	37,009	39,785	49,160	74,623	44,149	47,545	52,249	81,378	43,159	47,714	48,280	73,574	39,229	39,774	46,878	67,436	36,404	36,281	40,559	64,226	37,352	44,884	50,880	69,865	59,727	37,774	40,245	59,727	29,902	32,187	33,344	52,177	28,653	28,056	28,718	39,210	25,113	26,059	25,342	40,013	19,655	18,028	22,624	17,791	10,859	12,206	15,110	24,498	17,174	19,160	49,923	49,923	31,897	26,993	28,615	37,000	20,900	17,500	17,900	21,200	16,500	13,600	12,600	11,200	12,200	9,300	8,200	8,100	8,700	-	-	5,900	-	-	-
Net Tangible Assets	0	0	-55,048	-66,559	-69,997	-77,556	-100,979	-100,979	-110,320	-114,723	-114,723	-127,352	-139,440	-153,668	-157,786	-177,173	-183,170	-194,089	-201,240	-213,413	61,484	56,336	62,943	63,836	64,288	58,478	51,241	58,419	75,379	66,607	60,322	53,043	50,897	51,629	54,651	56,189	61,537	62,831	69,455	90,082	118,884	122,178	132,476	212,645	210,196	209,419	206,753	205,962	208,875	195,520	194,267	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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 Working Capital	-24,076	-5,877	-33,308	-43,461	-34,099	-42,790	-54,493	-56,112	-42,848	-38,728	-42,609	-47,877	-52,585	-66,029	-68,257	-84,454	-76,895	-97,713	-92,875	-92,111	46,108	36,869	39,939	40,810	41,766	28,043	21,211	29,858	45,962	35,027	25,088	17,925	15,274	17,585	20,717	23,016	26,298	27,445	33,109	53,115	78,991	69,834	79,067	158,668	155,236	150,915	153,982	155,526	158,098	134,828	136,484	143,944	146,140	204,944	206,770	201,083	190,667	212,765	173,997	164,610	166,001	151,770	167,809	142,835	209,527	166,274	186,286	172,560	166,274	127,158	119,309	93,003	85,563	79,062	74,004	73,264	75,967	75,286	71,992	72,399	77,171	78,493	79,460	76,841	157,443	157,337	158,983	152,655	155,412	147,594	137,720	115,547	115,547	117,557	109,822	100,132	65,400	59,700	53,600	52,000	45,700	40,800	38,600	36,600	36,000	33,700	32,900	31,900	31,300	2,100	-	-	-	-	-	-
Non Current Assets Total	371,381	351,171	360,453	368,044	373,148	380,956	392,383	402,536	410,640	416,673	423,499	427,447	427,058	435,158	429,628	435,395	447,124	447,461	457,820	462,691	117,431	121,314	108,266	108,888	108,381	115,965	114,203	111,581	112,349	118,146	121,047	121,529	121,264	120,684	120,575	119,596	124,712	126,503	130,276	131,654	135,813	147,105	147,889	148,738	151,267	162,731	150,632	150,406	150,217	156,598	153,335	136,780	132,687	130,074	125,679	127,363	129,395	103,442	139,563	142,939	144,047	146,168	124,607	135,869	72,347	85,264	0	0	0	111,906	112,650	112,587	113,191	120,871	121,962	123,945	123,879	124,795	126,822	128,886	131,151	130,471	130,808	133,788	56,425	55,580	60,804	59,865	64,986	65,946	68,190	61,381	0	42,505	27,287	22,667	13,400	9,300	8,900	7,400	7,800	7,900	7,300	6,500	4,500	4,200	3,200	2,700	2,500	2,100	-	-	1,000	-	-	-
Non Current Liabilities Other	2,481	11,679	15,669	66,837	67,393	74,277	77,791	83,994	88,886	90,429	18,469	95,014	93,408	96,153	86,727	88,567	90,971	78,741	83,719	83,038	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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 Current Liabilities Total	83,833	35,000	95,500	101,837	117,393	124,277	127,791	143,994	163,890	176,793	179,388	187,333	188,707	194,421	114,063	192,769	212,141	202,096	215,259	226,766	11,939	11,353	8,094	8,403	8,958	8,788	8,040	8,188	8,275	10,254	9,436	9,254	9,236	9,277	9,315	9,391	9,408	9,305	9,464	9,458	10,142	8,972	9,233	9,318	9,433	17,499	17,444	18,441	17,580	13,059	11,492	8,685	6,920	7,568	7,195	7,669	8,117	6,552	6,424	6,053	6,551	6,894	7,404	6,936	6,858	6,633	0	0	0	5,800	5,800	5,800	5,800	6,700	6,600	6,600	0	0	0	0	0	0	0	200	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	100	0	0	0	100	0	0	0	0	0	0	-	-	-	-	-	-
Non Currrent Assets Other	27,531	7,053	8,404	7,754	4,592	8,821	9,883	9,977	9,660	7,828	7,873	7,535	5,524	5,040	5,577	7,082	6,829	7,018	7,753	7,578	5,310	8,417	7,756	6,942	6,231	13,095	13,631	13,336	13,798	16,988	18,837	17,426	17,290	15,540	13,944	11,993	12,473	10,828	10,021	8,592	10,167	11,166	11,244	9,815	9,123	17,902	11,689	8,935	8,344	488	2,544	5,180	12,149	15,468	15,372	15,368	17,331	548	529	495	203	1,050	1,189	849	1,253	630	10,794	13,400	13,630	703	1,043	246	915	1,273	1,260	1,483	14,742	13,822	13,989	13,050	12,264	14,688	12,176	12,313	10,117	9,826	9,640	9,296	10,008	9,955	10,222	23,895	23,895	22,879	11,746	9,266	1,800	1,800	1,500	0	0	0	0	0	0	-100	0	0	0	0	-	-	-100	-	-	-
Noncontrolling Interest In Consolidated Entity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	-351,171	86,606	7,754	8,317	8,821	9,883	9,977	680,130	654,792	7,873	7,535	74,820	4,540	-93,864	4,582	4,329	4,618	5,353	7,578	2,810	6,617	5,956	5,142	83,132	89,837	89,764	88,168	88,455	93,300	95,214	94,583	93,695	92,903	91,270	89,025	92,538	92,640	94,487	93,821	95,945	106,047	105,411	104,184	104,967	114,419	101,792	100,045	99,769	105,108	110,245	105,905	112,849	120,752	119,327	121,114	123,572	96,485	132,179	134,737	137,288	139,236	118,009	129,039	65,513	70,257	72,908	77,973	79,653	106,453	106,943	107,354	96,437	114,791	115,404	116,843	117,469	118,770	121,204	121,117	122,885	121,426	120,381	121,786	45,751	42,862	45,418	43,466	43,728	43,068	43,922	46,072	39,253	22,879	11,746	9,266	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Other Current Assets	9,305	42,163	53,993	62,712	14,069	34,944	40,920	47,494	-134,278	21,393	15,923	19,913	18,588	16,041	21,417	24,980	19,201	14,988	16,227	16,299	12,802	13,292	12,789	18,641	18,942	15,817	13,223	14,312	14,467	12,590	14,208	18,713	15,737	21,154	22,330	27,495	22,277	23,207	22,481	23,348	20,762	18,645	16,593	18,036	18,846	29,169	34,304	40,642	37,945	29,593	34,836	38,944	37,299	25,430	27,088	27,736	23,523	25,514	27,423	34,618	9,749	8,497	9,729	10,300	10,631	10,117	33,346	33,786	31,319	7,132	7,784	8,859	8,940	6,314	6,661	6,670	6,834	5,150	5,451	5,799	5,999	4,008	4,784	4,732	3,524	2,802	3,421	3,823	4,444	4,171	5,738	17,760	17,760	14,406	12,299	12,480	10,300	9,200	78,700	74,400	61,100	59,900	59,100	57,500	50,100	48,900	48,000	43,800	11,800	1,600	-	-	7,500	-	-	-
Other Current Liab	67,301	56,533	-179,613	39,802	77,375	51,792	66,347	56,507	-213,696	69,483	63,735	54,747	64,648	54,802	-12,139	51,450	67,649	70,888	67,340	69,946	51,074	41,364	34,300	35,260	45,717	36,838	32,349	29,779	36,699	29,654	30,648	27,371	38,688	29,641	29,168	27,174	34,167	26,516	30,586	28,644	30,779	25,184	26,869	29,586	26,364	25,270	28,775	28,260	25,411	27,959	31,266	31,768	36,485	26,066	25,044	25,878	30,168	23,892	22,274	24,847	27,527	18,734	27,555	25,835	28,891	29,852	117,531	127,731	129,727	31,619	27,033	24,857	24,569	26,462	25,933	24,758	26,928	27,363	25,976	25,535	31,457	27,650	24,272	29,384	20,681	463	413	384	498	2,966	3,038	122,882	121,111	115,534	98,323	97,055	77,900	56,800	49,100	47,500	45,600	39,400	35,300	35,000	31,700	28,200	25,100	24,200	21,800	18,400	-	-	13,000	-	-	-
Other Liab	0	0	15,669	18,316	16,642	20,673	20,202	22,496	23,554	21,526	17,783	19,567	21,941	21,772	21,512	22,940	23,765	14,912	18,901	19,195	11,939	11,353	8,094	8,403	8,858	8,788	8,040	8,188	8,175	10,254	9,436	9,254	9,032	9,277	9,315	9,391	9,311	9,305	9,464	9,458	9,290	8,972	9,233	9,318	9,072	17,499	17,444	18,441	8,934	13,059	11,492	8,685	6,920	7,568	7,195	7,669	8,117	6,552	6,424	6,053	6,551	6,894	7,404	6,936	6,858	6,068	7,274	7,203	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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 Stockholder Equity	66,908	62,648	61,484	58,624	54,699	51,274	47,870	49,587	54,270	59,433	62,923	62,863	58,239	53,164	50,889	48,419	44,565	40,767	38,489	34,766	28,807	24,914	17,969	20,025	19,967	13,275	7,620	18,730	35,593	28,226	21,684	17,995	14,782	14,279	18,548	23,502	25,688	27,770	34,775	57,382	83,588	88,325	99,490	181,947	178,519	178,686	184,442	188,377	192,591	187,462	190,364	190,379	195,422	185,005	190,254	189,279	183,957	186,623	189,665	191,926	194,298	194,441	192,765	186,486	194,003	184,472	0	0	0	148,227	146,573	124,005	118,679	122,444	121,665	125,708	130,254	132,870	136,210	135,513	142,223	141,566	142,271	143,208	147,850	174,373	180,938	177,222	178,988	168,244	163,114	144,866	0	133,688	114,817	103,527	61,700	54,700	51,500	49,500	44,700	41,100	40,100	38,200	39,600	35,600	34,900	34,300	34,300	-100	-	-	500	-	-	-
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	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0	0	0	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	123,185	61,714	65,356	70,985	139,206	80,690	0	0	0	0	99,401	100,323	96,328	101,742	92,856	92,968	99,037	98,702	99,141	97,886	22,005	22,403	23,342	24,487	25,249	26,128	24,439	23,413	23,894	24,846	25,833	26,946	27,569	27,781	29,305	30,571	32,174	33,863	35,789	37,833	39,868	41,058	42,478	44,554	46,300	48,312	48,840	50,361	50,448	51,490	43,090	30,875	19,838	9,322	6,352	6,249	5,823	6,957	7,344	8,202	6,759	6,932	6,598	6,830	6,834	5,611	6,648	6,688	5,611	5,453	5,707	5,233	5,771	6,080	6,558	7,102	6,410	6,025	5,618	7,769	8,266	9,045	10,427	12,002	10,674	12,718	15,386	16,399	21,258	22,878	24,268	22,128	22,128	19,626	15,541	13,401	11,600	7,500	7,400	7,400	7,800	7,900	7,300	6,500	4,500	4,300	3,200	2,700	2,500	2,100	-	-	1,100	-	-	-
Property Plant And Equipment Net	59,123	61,714	65,356	70,985	73,178	80,690	85,125	89,150	93,250	97,373	99,401	100,323	96,328	101,742	92,856	92,968	99,037	98,702	99,141	97,886	22,005	22,403	23,342	24,487	25,249	26,128	24,439	23,413	23,894	24,846	25,833	26,946	27,569	27,781	29,305	30,571	32,174	33,863	35,789	37,833	39,868	41,058	42,478	44,554	46,300	48,312	48,840	50,361	50,448	51,490	43,090	30,875	19,838	9,322	6,352	6,249	5,823	6,957	7,344	8,202	6,759	6,932	6,598	6,830	6,834	5,611	0	0	0	5,453	5,707	5,233	5,771	6,080	6,558	7,102	6,410	6,025	5,618	7,769	8,266	9,045	10,427	12,002	10,674	12,718	15,386	16,399	21,258	22,878	24,268	22,128	0	19,626	15,541	13,401	11,600	7,500	7,400	7,400	7,800	7,900	7,300	6,500	4,500	4,300	3,200	2,700	2,500	2,100	-	-	1,100	-	-	-
Property Plant Equipment	0	61,714	65,356	22,420	23,208	25,053	26,159	27,064	28,245	29,743	99,401	26,513	27,032	28,531	29,019	28,748	29,937	27,609	25,974	26,357	22,005	22,403	23,342	24,487	25,249	26,128	24,439	23,413	23,894	24,846	25,833	26,946	27,569	27,781	29,305	30,571	32,174	33,863	35,789	37,833	39,868	41,058	42,478	44,554	46,300	48,312	48,840	50,361	50,448	51,490	43,090	30,875	19,838	9,322	6,352	6,249	5,823	6,957	7,344	8,202	6,759	6,932	6,598	6,830	6,834	6,641	6,648	6,688	5,611	5,453	5,707	5,233	5,771	6,080	6,558	7,102	6,410	6,025	5,618	7,769	8,266	9,045	10,427	12,002	10,674	12,718	15,386	16,399	21,258	22,878	24,268	24,719	22,128	19,626	15,541	13,401	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Retained Earnings	177,681	178,344	175,860	170,556	174,631	176,261	170,847	156,973	152,830	144,802	140,280	131,937	127,981	125,554	129,314	117,477	118,147	113,257	115,956	114,401	127,717	126,006	125,698	121,495	123,010	124,343	123,780	121,069	121,799	119,300	119,456	115,222	117,135	118,131	116,718	114,025	117,318	116,628	116,510	115,214	118,415	118,814	119,197	116,639	117,648	116,504	109,256	104,648	104,662	95,765	90,033	84,563	81,652	145,937	142,233	135,331	129,559	123,776	119,476	113,324	110,693	101,539	95,151	86,506	81,478	62,766	69,065	64,563	62,766	93,103	87,788	83,945	82,425	79,767	76,540	73,816	71,077	67,551	64,340	66,688	66,945	66,858	66,672	66,531	64,754	61,290	61,597	58,050	64,165	59,272	56,595	46,048	46,048	38,717	32,778	27,958	24,400	20,600	17,700	15,500	13,600	10,800	9,000	7,400	3,000	4,000	2,600	1,400	400	4,200	-	-	2,000	-	-	-
Retained Earnings Total Equity	0	0	0	170,556	174,631	176,261	170,847	156,973	152,825	144,802	140,280	131,937	127,981	125,554	129,314	117,477	118,147	113,257	115,956	114,401	127,717	126,006	125,698	121,495	123,010	124,343	123,780	121,069	121,799	119,300	119,456	115,222	117,135	118,131	116,718	114,025	117,318	116,628	116,510	115,214	118,415	118,814	119,197	116,639	117,648	116,504	109,256	104,648	104,662	95,765	90,033	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	12,500	12,500	12,500	12,500	11,719	10,938	10,156	9,375	8,594	7,813	7,031	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	86,854	35,000	79,831	83,521	114,383	103,539	107,517	121,476	75,000	167,259	173,419	179,386	190,094	182,927	114,063	178,198	209,815	195,778	204,171	214,602	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	208	0	0	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 Term Debt	14,181	-57,295	178,476	13,985	13,632	13,455	0	0	12,992	12,500	12,500	12,500	24,472	11,719	10,938	10,156	21,583	8,594	7,813	7,031	2,991	0	0	0	3,912	0	0	0	4,704	0	0	0	2,564	0	0	0	2,050	0	0	0	2,692	0	0	0	3,714	0	0	0	4,742	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	208	0	19,869	19,331	20,429	21,659	17,128	17,275	21,614	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Short Term Investments	51,580	9,750	13,664	16,759	19,688	20,003	19,388	19,116	18,510	17,018	0	0	0	0	0	0	0	0	0	0	0	52,395	50,090	54,258	54,333	54,019	58,129	60,417	61,147	63,104	57,673	41,356	47,775	58,565	60,677	60,832	54,885	55,497	81,024	76,740	81,013	86,961	123,550	120,608	134,876	147,757	148,777	142,885	136,991	139,033	135,114	133,090	119,990	136,992	132,998	137,650	152,037	162,055	139,357	114,470	83,951	83,258	73,450	79,613	195,811	168,676	194,748	189,604	168,676	159,934	97,581	76,348	83,730	82,090	76,603	87,808	90,112	91,779	79,025	89,331	104,348	117,539	121,749	116,708	183,152	178,194	186,426	190,115	187,435	186,742	184,382	158,891	158,891	155,913	144,305	121,109	85,300	72,100	0	0	0	0	0	0	0	0	0	0	0	9,600	-	-	-	-	-	-
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	0	0	0	0	0	0	0	0	0	0	0	0	0	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	564,174	152,472	570,674	593,888	608,438	585,240	614,930	651,902	680,130	654,792	668,450	663,719	644,218	592,775	458,249	608,298	639,160	598,331	624,470	640,378	353,524	328,494	326,142	340,736	345,200	314,388	314,193	327,802	335,785	309,639	316,074	322,919	318,991	292,700	307,386	321,060	332,707	310,889	338,875	374,359	402,202	368,828	391,750	490,102	487,832	464,706	468,921	486,589	487,578	441,969	454,184	454,694	450,477	469,825	469,451	474,873	470,196	435,592	436,641	443,870	454,951	418,258	431,862	424,945	426,357	384,143	386,614	387,141	384,143	347,625	342,439	319,183	311,702	296,022	294,315	297,257	302,872	290,783	291,631	296,066	310,975	289,977	296,983	309,912	278,273	274,792	287,732	288,761	305,152	298,113	305,411	303,803	303,803	279,256	238,251	223,458	159,400	126,900	113,200	107,800	100,500	89,500	82,800	79,800	73,500	67,200	62,300	59,700	56,800	23,300	15,400	15,400	15,400	15,400	15,400	15,400
Total Current Assets	192,793	152,472	123,615	225,844	235,290	204,284	222,547	249,366	269,490	238,119	244,951	236,272	217,160	157,617	122,485	172,903	192,036	150,870	166,650	177,687	236,093	207,180	217,876	231,848	236,819	198,423	199,990	216,221	223,436	191,493	195,027	201,390	197,727	172,016	186,811	201,464	207,995	184,386	208,599	242,705	266,389	221,723	243,861	341,364	336,565	301,975	318,289	336,183	337,361	285,371	300,849	317,914	317,790	339,751	343,772	347,510	340,801	332,150	297,078	300,931	310,904	272,090	307,255	289,076	354,010	298,879	307,058	302,480	298,879	235,719	229,789	206,596	198,511	175,151	172,353	173,312	178,993	165,988	164,809	167,180	179,824	159,506	166,175	176,124	221,848	219,212	226,928	228,896	240,166	232,167	237,221	242,422	242,422	236,751	210,964	200,791	146,000	117,600	104,300	100,400	92,700	81,600	75,500	73,300	69,000	63,000	59,100	57,000	54,300	21,200	-	-	14,400	-	-	-
Total Current Liabilities	240,076	158,349	179,613	269,305	269,389	247,074	277,040	305,478	312,340	276,847	287,560	284,149	269,745	223,646	170,777	257,357	268,931	248,583	259,525	269,798	189,985	170,311	177,937	191,038	195,053	170,380	178,779	186,363	177,474	156,466	169,939	183,465	182,453	154,431	166,094	178,448	181,697	156,941	175,490	189,590	187,398	151,889	164,794	182,696	181,329	151,060	164,307	180,657	179,263	150,543	164,365	173,970	171,650	134,807	137,002	146,427	150,134	119,385	123,081	136,321	144,903	120,320	139,446	146,241	144,483	132,605	120,772	129,920	132,605	108,561	110,480	113,593	112,948	96,089	98,349	100,048	103,026	90,702	92,817	94,781	102,653	81,013	86,715	99,283	64,405	61,875	67,945	76,241	84,754	84,573	99,501	126,875	126,875	119,194	101,142	100,659	80,600	57,900	50,700	48,400	47,000	40,800	36,900	36,700	33,000	29,300	26,200	25,100	23,000	19,100	-	-	13,400	-	-	-
Total Liab	323,909	193,349	179,613	371,142	386,782	371,351	404,831	449,472	476,220	453,640	466,948	471,482	458,452	418,067	284,840	450,126	481,072	450,679	474,784	496,564	201,924	181,664	186,031	199,441	204,011	179,168	186,819	194,551	185,749	166,720	179,375	192,719	191,689	163,708	175,409	187,839	191,105	166,246	184,954	199,048	197,540	160,861	174,027	192,014	190,762	168,559	181,751	199,098	196,843	163,602	175,857	182,655	178,570	142,375	144,197	154,096	158,251	125,937	129,505	142,374	151,454	127,214	146,850	153,177	151,341	139,238	128,046	137,122	139,238	108,561	110,480	113,593	112,948	96,089	98,349	100,048	103,026	90,702	92,817	94,781	102,653	81,013	86,715	99,283	64,405	61,875	67,945	76,241	84,754	84,573	99,501	126,875	126,875	119,194	101,142	100,659	80,600	57,900	50,700	48,500	47,000	40,800	36,900	36,800	33,000	29,300	26,200	25,100	23,000	19,100	-	-	13,400	-	-	-
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	0	0	0	0	0	0	0	0	0	0	0	0	0	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	240,265	232,890	231,645	222,746	221,656	213,889	210,099	202,430	203,907	201,152	201,502	192,237	185,766	174,708	173,409	158,172	158,088	147,652	149,686	143,814	151,600	146,830	140,111	141,295	141,189	135,220	127,374	133,251	150,036	142,919	136,699	130,200	127,302	128,992	131,977	133,221	141,602	144,643	153,921	175,311	204,662	207,967	217,723	298,088	297,070	296,147	287,170	287,491	290,735	278,367	278,327	272,039	271,907	327,450	325,254	320,777	311,945	309,655	307,136	301,496	303,497	291,044	285,012	271,768	275,016	244,905	258,568	250,018	244,905	239,064	231,959	205,590	198,754	199,933	195,966	197,209	199,846	200,081	198,814	201,285	208,322	208,964	210,268	210,629	213,868	212,917	219,787	212,520	220,398	213,540	205,910	176,928	176,928	160,062	137,109	122,799	78,800	69,000	62,500	59,300	53,500	48,700	45,900	43,000	40,500	37,900	36,100	34,600	33,800	4,200	-	-	2,000	-	-	-
Treasury Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-171,889	-171,889	-171,889	-171,889	-171,889	-171,889	-171,889	-171,585	-166,310	-161,943	-161,943	-158,402	-143,429	-121,976	-120,185	-120,185	-120,185	-120,185	-117,893	-111,040	-104,977	-99,254	-92,645	-81,028	-55,800	-26,088	-17,071	-424	-210,843	-210,843	-207,187	-198,052	-188,700	-181,000	-181,000	-175,990	-171,162	-162,595	-155,201	-146,252	-141,250	-141,250	-136,084	-130,874	-125,750	-120,851	-116,514	-110,459	-104,902	-90,428	-85,834	-85,834	-85,834	-85,834	-85,834	-76,462	-76,462	-73,530	-66,314	-61,243	-54,845	-50,056	-44,923	-41,478	-38,487	-30,300	-28,881	-27,380	-25,330	-20,085	-14,830	-7,920	-3,547	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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 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	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31
Begin Period Cash Flow	103,629	118,031	90,652	69,192	140,296	79,790	76,958	53,331	49,650	74,132	98,810	81,047	86,927	97,805	129,478	53,163	48,538	48,538	37,328	22,385	11,479	17,747	15,848	13,445	10,400	7,700	34,400	1,000	2,800
Capital Expenditures	5,495	5,663	10,745	8,905	11,890	5,050	7,861	4,140	3,931	1,503	3,127	5,103	39,776	13,426	4,284	3,698	3,334	3,334	3,012	3,664	1,441	1,031	10,046	18,044	8,900	6,100	3,200	2,000	9,900
Cash And Cash Equivalents Changes	0	-6,260	28,628	19,497	-71,701	60,506	2,832	23,627	3,681	-24,482	-24,678	17,763	-5,880	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	-19,105	-42,131	-729	8,807	-1,396	823	9,600	10,006	-195	-2,922	17,807	-1,857	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change In Cash	-30,720	-12,377	27,379	21,460	-71,104	60,506	2,832	23,627	3,681	-24,482	-24,678	17,763	-5,880	-10,878	-31,673	76,315	-9,381	-9,381	11,210	14,943	10,906	-6,268	1,899	2,403	3,000	5,200	1,100	27,700	-1,100
Change In Working Capital	-24,386	-28,879	34,070	-14,584	4,610	2,581	-1,309	3,917	3,118	4,814	-410	17,538	2,141	1,914	5,355	10,619	5,919	80,711	-2,159	2,031	-16,186	-12,947	-9,905	24,423	16,500	1,600	5,900	6,400	2,300
Change Receivables	0	12,835	3,898	234	3,696	2,588	-10,327	7,963	-718	9,140	-2,930	6,959	-7,594	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Account Receivables	14,715	12,835	-3,898	234	3,696	2,588	-10,327	7,963	-718	9,140	-2,930	6,959	-7,594	-7,467	-2,090	-9,966	-7,765	0	-14,444	1,283	0	6,608	24,477	0	0	0	0	0	0
Change To Inventory	0	0	7,770	-10,703	-10,229	1,502	3,711	-1,700	6,088	2,791	4,154	6,655	-146,465	-138,181	-180,880	-146,587	-153,761	0	-71,221	0	0	0	0	0	0	0	0	0	0
Change To Liabilities	0	-6,563	20,627	406	4,699	1,389	14,843	-5,834	2,180	-4,131	5,442	1,693	16,951	5,397	0	6,905	49	4,106	0	0	0	0	0	8,273	0	0	0	0	0
Change To Netincome	0	7,582	9,795	7,310	8,615	11,408	16,026	11,302	7,418	347	4,340	-4,134	19,051	0	0	0	0	0	0	0	0	0	1,950	1,156	0	0	0	0	0
Change To Operating Activities	0	-9,597	1,760	-14,002	-14,872	425	2,032	2,396	7,823	1,976	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	32,066	36,941	35,934	42,959	43,783	9,117	7,429	8,643	9,241	11,496	11,498	11,366	7,921	7,291	7,568	6,312	6,463	6,463	7,066	11,076	15,866	8,406	11,094	7,944	4,000	2,800	1,200	500	300
Dividends Paid	-25	0	9,165	-2,906	2,258	14,502	13,631	12,987	12,179	11,962	12,394	12,588	0	68,414	0	0	0	0	0	0	0	0	0	0	0	0	0	5,600	1,100
End Period Cash Flow	72,909	105,654	118,031	90,652	69,192	140,296	79,790	76,958	53,331	49,650	74,132	98,810	81,047	86,927	97,805	129,478	39,157	39,157	48,538	37,328	22,385	11,479	17,747	15,848	13,400	12,900	35,500	28,700	1,700
Exchange Rate Changes	0	0	0	0	0	-4,044	3,928	-2,872	-1,862	-2,127	433	427	-1,962	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	16,178	33,762	96,322	38,849	36,516	33,369	29,632	37,718	28,535	27,292	27,586	48,044	15,668	25,231	38,815	39,954	42,428	42,428	20,920	14,342	2,674	4,530	18,625	51,924	23,000	6,200	8,700	9,300	-5,300
Investments	5,209	-1,352	-18,607	-4,570	-249,545	54,385	6,548	-13,677	6,373	24,726	60,419	-86	-20,819	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
Net Borrowings	0	-25,000	-34,869	-23,375	128,168	129,025	129,025	129,025	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	3,050	21,806	24,844	9,990	-9,570	15,380	15,140	17,651	11,996	10,865	13,024	25,574	23,010	20,507	18,866	29,215	17,756	17,756	11,348	4,132	2,191	589	18,117	21,614	11,000	7,500	5,600	4,000	1,300
Other Cashflows From Financing Activities	-2,681	-3,111	5,298	-206	169,877	-2,526	-2,527	550	51	9,213	-163	-519	525	1,949	-59,541	8,476	308	308	2,288	54	-9,923	-951	-43,002	-112,213	-39,100	-14,800	400	100	-5,200
Other Cashflows From Investing Activities	0	201	56	4,335	-237,655	-9,250	343	-48	347	1,542	264	1,113	7,559	1,773	0	444	396	2,033	995	1,081	0	61	42	0	0	0	0	0	0
Other Non Cash Items	918	1,666	2,424	189	1,856	110	1,318	1,069	749	1,702	5,079	3,657	3,593	1,715	3,256	-12,323	-1,222	7,295	860	925	2,372	-1	11,781	2,394	-100	100	-500	0	700
Sale Purchase Of Stock	-4,082	-15,112	-20,066	-2,906	-2,258	-9,946	-39,967	-1,791	-20,931	-73,166	-118,210	-29,843	-18,405	-21,345	-20,399	-30,423	-12,304	-12,304	-23,474	-17,756	0	-22,085	0	0	0	0	0	0	0
Stock Based Compensation	15,486	14,543	10,070	10,877	11,684	8,300	8,490	7,976	8,347	7,444	6,051	5,397	3,642	4,874	6,111	8,326	7,210	0	1,556	0	0	11,756	0	0	0	0	0	0	0
Total Cash From Financing Activities	-18,299	-38,871	-49,143	-23,687	129,438	-13,954	-37,619	2,506	-29,712	-75,915	-113,380	-31,735	-6,326	-61,839	-16,117	-3,370	30,530	30,530	-14,511	-12,423	-6,151	-10,801	16,419	44,484	10,200	5,200	1,100	27,700	-1,100
Total Cash From Operating Activities	21,673	39,425	107,067	47,754	48,406	38,419	37,493	41,858	32,466	28,795	30,713	53,147	55,444	38,657	43,099	43,652	45,762	45,762	23,932	18,006	4,115	5,561	28,671	69,968	31,900	12,300	11,900	11,300	4,600
Total Cashflows From Investing Activities	0	-6,814	-29,296	-4,570	-249,545	40,086	-970	-17,865	2,789	24,765	57,556	-4,076	-53,036	15,602	0	38,572	0	0	2,288	8,969	12,972	0	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	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30	2001-03-31	2000-12-31	2000-09-30	2000-06-30	2000-03-31	1999-12-31	1999-09-30	1999-06-30	1999-03-31	1998-12-31	1998-09-30	1998-06-30	1998-03-31	1997-12-31	1997-09-30	1997-06-30	1997-03-31	1996-12-31	1996-09-30
Begin Period Cash Flow	101,706	109,951	106,288	105,654	100,599	105,259	114,695	118,031	131,802	148,927	128,266	90,652	73,410	69,201	70,640	69,192	68,974	71,112	76,368	140,296	92,057	92,997	82,073	79,790	79,960	67,106	74,176	76,958	70,136	68,856	78,654	53,331	45,586	50,163	50,168	49,650	56,932	52,634	80,501	74,132	70,700	55,083	143,944	98,810	80,900	87,663	100,407	81,047	73,586	83,185	97,600	86,927	138,100	143,912	135,246	97,805	108,177	94,017	111,284	129,478	124,869	155,315	126,510	53,163	40,820	31,622	38,845	39,157	31,622	84,558	80,070	48,538	52,468	55,217	43,890	37,328	36,621	46,068	38,431	22,385	11,342	13,881	23,916	11,479	19,213	17,703	13,094	17,747	15,657	20,863	18,706	34,535	34,535	27,367	38,587	13,445	15,400	11,700	14,500	10,400	700	1,200	8,900	7,700	400	200	34,420	34,400	1,300	0
Capital Expenditures	1,592	1,239	637	1,632	1,436	1,529	2,698	1,262	900	4,602	3,775	1,468	1,626	2,169	2,709	2,401	3,528	3,696	1,894	2,772	1,888	617	1,220	1,324	2,055	2,566	1,700	1,540	806	1,016	1,174	1,144	1,615	638	730	948	393	239	191	680	1,078	782	328	939	258	1,600	827	2,418	6,582	7,094	15,389	10,711	7,178	3,806	1,040	1,402	820	674	188	2,602	968	1,056	720	954	1,280	986	868	1,993	986	672	1,348	328	636	393	393	1,590	1,241	1,144	749	530	319	105	948	69	3	62	722	244	920	1,479	2,422	5,172	5,172	6,275	3,880	2,717	5,200	2,200	1,000	500	800	1,300	1,400	2,600	600	1,400	800	400	580	370
Cash And Cash Equivalents Changes	0	0	0	-615	445	422	-5,144	-1,983	-13,986	-15,783	20,305	38,092	14,699	2,535	-1,868	4,131	-1,591	-737	-5,007	-64,366	48,239	-940	10,924	2,283	-170	12,854	-7,070	-2,782	6,822	1,280	-9,798	25,323	7,745	-4,577	-5	518	-7,282	4,298	-27,867	6,369	3,432	15,617	-88,861	45,134	17,910	-6,763	-12,744	19,360	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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 Flows Other Operating	0	0	0	28,711	-4,351	-21,012	-29,186	35,444	-56,311	-20,541	-2,160	36,881	13,121	-14,486	-14,880	15,516	313	-9,893	-7,035	25,422	3,161	-13,456	14,475	-5,576	-1,104	-1,018	3,042	-97	-2,249	9,004	5,633	-2,788	-676	8,424	6,922	-4,664	-3,170	2,111	3,870	-3,006	-7,607	-494	4,114	1,065	9,751	5,175	6,455	-3,574	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change In Cash	-28,797	-120,449	-104,634	634	5,055	-4,660	-9,436	-3,336	-13,771	-17,125	20,661	37,614	17,242	4,209	-1,439	1,448	218	-2,138	-5,256	-63,928	48,239	-940	10,924	2,283	-170	12,854	-7,070	-2,782	6,822	1,280	-9,798	25,323	7,745	-4,577	-5	518	-7,282	4,298	-27,867	6,369	3,432	15,617	-88,861	45,134	17,910	-6,763	-12,744	19,360	7,461	-9,599	-14,415	10,673	-51,173	-5,812	8,666	37,441	-10,372	14,160	-17,267	-18,194	4,609	-30,446	28,805	73,347	12,343	7,535	2,345	-312	7,535	-52,936	4,488	31,532	-3,930	-2,749	11,327	6,562	707	-9,447	7,637	16,046	11,043	-2,539	-10,035	12,437	-7,734	1,510	4,609	-4,653	2,090	-5,206	2,157	-18,687	-18,687	7,168	-11,220	25,142	-2,000	3,700	1,200	4,100	2,100	700	1,200	1,200	500	400	200	-29,400	33,120	550
Change In Working Capital	2,154	-17,696	-11,988	14,755	-10,249	-14,795	-11,758	7,923	50	-4,143	11,277	26,886	1,489	-5,777	-17,800	7,504	-21,899	-1,133	-10,677	38,319	-12,627	1,176	9,169	4,863	-12,654	1,366	-2,304	12,283	-6,682	-4,074	-872	15,545	-4,241	-4,621	137	11,843	-5,881	-13,035	-3,614	27,344	-13,081	-12,137	-4,429	29,237	233	-5,919	-4,408	27,632	-13,030	-5,968	-3,723	24,862	-10,121	-2,395	-550	14,980	-4,857	27,068	-2,508	13,998	-281	-8,019	-2,801	21,720	-3,852	-10,931	13,726	6,286	39,116	1,162	-753	16,441	-8,627	-1,487	523	7,432	-1,152	-872	-2,044	6,099	-4,218	-6,434	-3,971	-1,563	-2,468	-5,196	-6,322	1,039	-4,883	-13,547	-3,226	-16,356	-2,010	10,823	2,233	27,723	10,400	2,300	2,000	1,800	900	900	-1,900	1,700	4,300	-200	-200	2,000	29,200	2,100
Change Receivables	0	0	0	14,691	-21,966	8,096	10,466	16,239	34,950	-10,584	-35,649	15,181	-29,992	271	5,399	24,556	-29,688	10,908	3,237	19,239	-29,269	11,837	12,099	7,921	-30,467	11,683	4,618	3,839	-23,115	6,633	6,307	18,138	-30,229	5,158	7,551	16,802	-28,781	1,711	7,900	28,310	-40,500	3,006	9,378	25,186	-30,237	3,535	4,143	29,518	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Account Receivables	-17,573	4,897	12,700	14,691	-21,966	8,096	10,466	16,239	-34,950	10,584	5,287	15,181	-29,992	271	5,399	24,556	-29,688	10,908	3,237	19,239	-29,269	11,837	12,099	7,921	-30,467	11,683	4,618	3,839	-23,115	6,633	6,307	18,138	-30,229	5,158	7,551	16,802	-28,781	1,711	7,900	28,310	-40,500	3,006	9,378	25,186	-30,237	3,535	4,143	29,518	-38,867	4,113	1,204	25,956	-34,991	1,304	6,411	19,809	-30,491	55	5,095	23,251	-9,966	34,518	25,429	19,802	-7,765	-7,765	21,861	19,457	0	21,816	20,603	19,027	-14,444	9,282	10,114	10,037	1,283	15,541	14,785	15,586	0	9,088	10,534	5,803	6,608	13,541	12,176	9,579	24,477	31,441	29,997	20,119	0	4,328	9,976	8,372	0	0	0	0	0	0	0	0	0	0	0	600	600	0
Change To Inventory	0	0	6,843	0	0	0	0	0	26,560	-1,724	9,142	-26,208	19,141	9,504	-2,142	-37,206	6,042	1,372	-5,065	-12,578	13,681	2,851	5,314	-20,344	10,731	1,814	2,540	-11,374	8,493	-194	7,152	-17,151	13,351	516	5,654	-13,433	10,970	-3,223	2,849	-7,805	5,169	-3,311	859	1,437	2,926	978	-162,833	-156,868	-132,095	-144,221	-139,379	-146,026	-120,765	-209,188	-214,213	-206,812	-164,741	-185,018	-181,220	-172,967	-157,487	0	0	2,473	-206,785	-170,611	0	0	0	0	0	-95,158	-77,689	0	0	-74,318	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-2,200	0
Change To Liabilities	0	0	-35,873	-37,352	23,976	875	9,656	-41,070	27,433	-20,859	-5,846	-22,510	21,704	11,546	-5,437	-27,407	10,421	1,084	-464	-6,342	13,481	2,795	-17,405	2,518	25,565	-9,299	-9,964	8,541	20,512	-13,729	-12,812	195	28,606	-11,795	-14,336	-295	26,070	-16,857	-15,384	2,040	35,026	-14,649	-17,921	2,986	29,640	-14,629	-15,006	1,688	0	0	0	0	5,397	0	0	0	0	0	0	0	6,905	0	0	0	49	0	0	0	4,106	6,304	3,743	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	523	8,273	16,623	6,266	10,759	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Netincome	0	0	1,015	5,091	162	3,860	1,488	2,072	3,568	5,180	429	618	3,034	3,114	-1,147	2,309	8,682	4,672	2,739	-7,478	5,998	1,688	1,254	2,468	9,083	2,804	1,929	2,210	4,747	4,002	131	2,422	4,168	1,024	78	2,148	346	-439	-1,583	2,023	5,881	1,039	-2,900	320	1,704	-4,155	-2,390	707	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,950	0	0	0	1,156	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Operating Activities	0	0	11,185	-47,652	17,834	2,693	13,151	-43,275	14,988	-539	11,836	-24,525	9,926	10,125	1,430	-35,483	-637	2,568	-5,873	-10,930	8,888	4,481	7,522	-20,466	2,032	3,245	4,250	-97	2,396	2,952	5,619	-2,788	7,823	0	0	0	1,976	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	7,245	7,701	9,064	5,170	11,743	8,480	8,347	8,371	8,738	9,079	9,258	8,859	10,889	10,374	10,043	11,653	10,863	11,007	13,680	8,233	2,291	2,367	2,277	2,182	2,072	1,804	1,683	1,870	2,034	2,149	2,286	2,174	2,164	2,429	2,320	2,328	2,655	2,704	2,825	3,312	2,874	2,849	2,856	2,919	3,077	2,841	2,841	2,607	2,688	2,099	1,471	1,663	1,836	1,848	1,783	1,824	2,506	942	1,800	1,748	2,838	897	1,183	1,394	1,410	1,487	1,385	1,488	1,487	1,646	1,616	1,714	880	1,897	1,995	2,294	2,528	2,359	2,641	3,548	4,056	4,746	4,240	2,824	1,291	2,521	2,446	2,148	2,745	2,850	2,815	2,778	2,778	1,984	1,750	1,432	1,100	1,000	1,000	900	900	700	700	500	300	700	100	100	260	150
Dividends Paid	0	0	0	-1,079	136	0	0	1,861	7,840	2,752	115	0	0	0	0	0	0	3,642	0	3,663	3,663	3,643	3,585	3,611	3,426	3,390	3,353	3,462	3,291	3,268	3,227	3,201	3,016	3,037	3,057	3,069	2,909	2,925	2,993	3,135	2,969	3,011	3,064	3,350	3,107	3,125	3,161	3,195	0	0	0	0	68,414	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
End Period Cash Flow	72,909	-10,498	1,654	106,288	105,654	100,599	105,259	114,695	118,031	131,802	148,927	128,266	90,652	73,410	69,201	70,640	69,192	68,974	71,112	76,368	140,296	92,057	92,997	82,073	79,790	79,960	67,106	74,176	76,958	70,136	68,856	78,654	53,331	45,586	50,163	50,168	49,650	56,932	52,634	80,501	74,132	70,700	55,083	143,944	98,810	80,900	87,663	100,407	81,047	73,586	83,185	97,600	86,927	138,100	143,912	135,246	97,805	108,177	94,017	111,284	129,478	124,869	155,315	126,510	53,163	39,157	41,190	38,845	39,157	31,622	84,558	80,070	48,538	52,468	55,217	43,890	37,328	36,621	46,068	38,431	22,385	11,342	13,881	23,916	11,479	19,213	17,703	13,094	17,747	15,657	20,863	15,848	15,848	34,535	27,367	38,587	13,400	15,400	11,700	14,500	2,100	700	1,200	8,900	500	400	200	5,000	34,420	550
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-1,396	-509	-3,559	1,420	394	1,284	1,579	671	-2,002	-214	-1,107	451	-651	-447	859	-1,623	-942	-1,323	103	35	417	1,216	86	-1,286	215	771	-1,537	978	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	10,290	-7,236	2,474	10,650	186	1,519	32,057	21,404	21,175	10,297	25,767	39,083	16,929	2,028	470	19,422	-985	8,638	5,647	23,216	-902	8,529	19,261	6,481	-1,425	7,404	5,739	17,914	5,161	4,253	7,911	20,393	2,633	2,819	7,749	15,334	551	-7,669	2,086	32,324	-2,717	-5,661	1,450	34,514	9,666	2,224	3,686	32,468	2,355	1,270	-9,407	21,450	-6,209	1,532	8,182	21,726	5,810	6,429	8,501	18,075	2,331	1,803	7,022	28,798	6,955	9,005	3,774	19,493	9,005	8,063	4,656	20,704	3,369	3,009	4,733	9,809	3,154	2,805	-566	8,949	801	-1,982	286	3,569	1,671	1,514	-63	1,408	2,357	-6,955	6,202	-3,836	-3,836	16,016	7,726	32,018	10,000	4,300	4,500	4,200	3,600	2,600	-1,000	1,000	5,800	100	300	2,500	5,870	1,340
Investments	-43,063	2,860	2,102	3,036	386	-665	-338	-735	-1,558	-17,049	-3,775	-1,468	-1,626	2,166	-2,709	-2,401	-3,528	-2,438	-1,864	-241,715	52,414	-2,184	4,259	-104	-480	4,101	2,230	697	1,792	-5,592	-16,381	6,504	10,532	1,938	-123	-5,974	281	25,146	-4,589	3,888	14,657	36,255	-4,118	13,625	12,070	712	-6,657	-6,211	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	-15,000	-15,000	-15,000	-10,000	-15,000	-25,494	-3,125	-3,125	-3,125	-2,344	-2,343	-2,344	-16,344	-1,562	-7,563	-11,562	148,855	149,712	149,712	149,712	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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 Income	-663	2,484	5,304	-4,075	-1,630	5,414	13,874	4,148	8,023	4,522	8,343	3,956	2,426	-3,760	11,837	-513	4,890	-2,699	1,555	-13,316	5,375	3,950	7,788	-1,733	2,093	3,953	6,064	3,030	5,790	3,112	7,460	1,289	2,020	4,450	5,750	-224	3,599	3,043	4,289	-66	2,235	2,826	5,622	2,341	4,251	10,373	7,769	3,181	8,897	5,732	5,470	2,911	4,129	3,704	6,902	5,772	5,783	4,300	6,152	2,631	9,154	6,388	8,645	5,028	5,614	7,078	4,502	2,030	7,078	5,315	3,843	1,520	2,658	3,227	2,724	2,739	3,526	3,211	-2,348	-257	87	186	141	1,777	3,464	-307	3,547	-6,115	4,893	2,677	5,682	7,330	7,330	5,940	4,875	3,469	4,000	2,900	2,200	1,900	2,700	1,800	1,700	1,300	2,000	1,400	1,200	1,000	2,500	700
Other Cashflows From Financing Activities	-61	-284	180	1,079	20,838	2,028	24,543	1,722	-520	2,752	115	-480	-5,592	-1,065	-1,059	-902	-5,612	-4,015	878	169,563	-11,234	5,132	1,112	-66	-13,882	7,020	1,668	-56	205	6,115	3,021	14	19	994	568	20	87	2,652	2,708	22	50	4,042	8,695	109	-56	-56	-451	44	-29,866	100	301	31	1,550	139	127	-3,647	-12,757	10,509	-24,931	-32,362	3,162	2,059	2,080	1,175	-46,313	-308	-2,461	-22,657	-308	247	369	6,836	-27,366	-5,071	11,027	-127	54	-10,600	-1,491	-7,687	-1,334	115	-10,117	13,567	-5,994	7,353	2,892	-5,202	-4,044	-3,416	-9,503	-23,733	-23,733	-21,610	-27,335	-39,535	-18,400	-2,900	-6,700	-11,100	-800	100	500	200	400	-1,800	200	-32,300	-5,390	-30
Other Cashflows From Investing Activities	0	10,207	6,108	-62	-45	67	94	85	12	44	44	44	44	4,335	4,335	4,335	-237,655	1,258	30	-238,943	30	-7,961	-1,289	0	143	-24	40	184	1	-14	-15	-20	72	9	62	204	71	34	46	1,391	130	-114	173	75	101	-58	91	979	15,090	13,579	11,422	7,264	1,773	2,165	2,055	1,973	0	438	361	268	444	344	248	202	396	276	399	86	2,033	2,045	153	32	995	788	538	230	1,081	842	529	269	0	0	75	123	61	411	259	139	42	210	93	0	0	64	26	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Non Cash Items	184	-3	276	-8,659	1,880	-158	22,668	-58	663	516	492	753	915	525	-1,879	628	310	530	420	596	-398	7	63	437	-294	899	234	479	-435	1,116	-183	571	365	-76	420	40	395	317	391	599	2,938	808	718	615	1,421	680	864	692	516	1,023	1,262	792	1,044	901	-12	-218	290	-26,767	1,611	348	-15,280	1,915	1,597	-401	-5,034	-5,168	3,708	2,718	1,976	2,164	1,442	-191	1,538	702	260	-1,640	-351	-749	1,935	90	2,070	-329	759	-128	2,066	1,899	2,678	5,112	10,005	1,061	565	2,561	0	-18	-179	30	0	0	100	-200	-200	300	-100	100	0	-200	0	-20	-25,950	-1,240
Sale Purchase Of Stock	0	-3,262	-820	-1,079	-136	-2,720	-15,112	-9,459	-9,420	-7,973	-2,673	2,614	2,192	1,504	55	1,955	738	-304	919	3,361	1,803	-304	-5,275	-4,367	4,640	-3,541	-14,973	-21,453	-1,791	5,840	2,965	-2,292	-2,292	-6,853	-6,063	-5,723	-6,609	-11,617	-25,228	-29,712	-9,017	-17,110	-92,083	-3,656	-3,656	-9,135	-9,352	-7,700	29,959	-5,010	-4,828	-8,567	-7,394	-8,949	-5,002	3,780	-5,166	-5,210	-5,124	-4,899	-4,337	-6,055	-5,557	-14,474	42,526	3	0	0	3	-9,372	0	-2,935	20,150	0	-6,398	-4,789	-5,133	-3,445	0	0	0	-1,402	-1,942	-5,245	-5,255	-8,910	-4,373	-3,547	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	33,230	33,230	0
Stock Based Compensation	4,317	4,144	3,860	3,165	3,507	3,905	3,837	3,294	2,719	2,462	2,397	2,492	2,913	2,698	2,464	2,802	3,079	3,072	2,848	2,685	2,109	2,120	2,108	1,963	2,067	2,178	2,196	2,049	2,245	1,970	1,626	2,135	2,462	2,224	1,475	2,186	2,296	1,983	1,218	1,947	1,463	1,860	868	1,860	1,476	1,409	1,189	1,323	549	1,412	243	1,438	1,188	1,157	1,423	1,106	1,190	1,428	1,301	2,192	8,326	55	-1,615	1,406	7,210	7,210	0	0	0	-1,212	7	1,736	1,556	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-1	1	0	0	0	0	0	0	100	0	0	0	-300	0	0	0	0
Total Cash From Financing Activities	-57	-3,262	-820	-14,239	-82	-499	-15,553	-22,737	-33,615	-9,075	-5,462	-991	-2,230	-3,828	-3,397	-15,291	-847	-10,392	-10,684	151,361	-1,877	1,185	-7,748	-5,514	1,198	89	-16,658	-22,248	1,870	2,847	-206	-2,005	-4,841	-8,896	-8,552	-7,423	-7,243	-11,890	-25,513	-31,269	-9,055	-16,079	-86,452	-1,794	-4,142	-10,412	-8,327	-8,854	4,630	-4,318	-157	-6,481	-59,060	-6,329	-363	3,913	-3,605	-4,471	-3,508	-4,533	156	439	4,957	-8,922	298	7,005	811	811	7,005	-859	20,797	3,587	-5,454	-72	-4,411	-4,574	-2,813	-2,836	401	-7,175	368	-789	-1,008	-4,722	-3,264	-7,529	1,118	-1,126	2,777	3,654	3,435	3,391	3,391	6,588	4,530	29,975	1,200	3,700	1,200	4,100	2,100	700	1,200	1,200	500	400	200	27,840	27,840	-30
Total Cash From Operating Activities	11,882	-5,997	3,111	12,282	1,622	3,048	34,755	22,666	22,075	14,899	29,542	40,551	18,555	4,197	3,179	21,823	2,543	12,334	7,541	25,988	986	9,146	20,481	7,805	630	9,970	7,439	19,454	5,967	5,269	9,085	21,537	4,248	3,457	8,479	16,282	944	-7,430	2,277	33,004	-1,639	-4,879	1,778	35,453	9,924	3,824	4,513	34,886	8,937	8,364	5,982	32,161	969	5,338	9,222	23,128	6,630	7,103	8,689	20,677	3,299	2,859	7,742	29,752	8,235	9,991	4,642	21,486	9,991	8,735	6,004	21,032	4,005	3,402	5,126	11,399	4,395	3,949	183	9,479	1,120	-1,877	1,234	3,638	1,674	1,576	659	1,652	3,277	-5,476	8,624	1,336	1,336	22,291	11,606	34,735	15,200	6,500	5,500	4,700	4,400	3,900	400	3,600	6,400	1,500	1,100	2,900	6,450	1,710
Total Cashflows From Investing Activities	0	6,304	3,444	1,342	-1,095	-2,127	-1,680	-1,912	-2,446	-21,607	-3,775	-1,468	-1,626	2,166	-2,709	-2,401	-3,528	-2,438	-1,864	-241,715	50,526	-10,762	1,750	-1,428	-2,392	1,511	570	-659	987	-6,622	-17,570	5,340	8,989	1,309	-791	-6,718	-41	24,941	-4,734	4,599	13,709	35,359	-4,273	12,761	11,913	-946	-7,393	-7,650	0	0	0	0	15,602	7,390	15,500	12,657	0	0	0	0	38,572	36,697	67,780	51,714	0	0	0	0	0	0	0	6,836	2,288	4,792	10,900	0	8,969	10,301	20,901	13,866	12,972	3,565	3,450	13,567	0	5,043	0	0	0	0	0	0	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	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31
Cost Of Revenue	224,892	223,773	201,815	180,899	196,726	146,502	136,872	128,175	126,261	126,199	117,061	111,228	103,571	94,105	84,266	87,802	73,268	73,268	62,451	54,687	50,047	34,026	49,113	45,470	27,700	22,000	13,700	9,000	5,500
Depreciation And Amortization	32,066	31,987	23,624	29,562	31,191	9,117	7,429	8,643	9,083	11,496	11,498	11,366	7,921	7,248	6,670	6,312	6,463	5,678	7,066	11,076	15,866	8,406	11,094	7,944	4,000	2,800	1,200	500	300
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
Ebit	20,038	32,654	38,642	21,580	7,358	29,573	28,028	33,631	27,711	22,135	28,076	33,200	36,099	27,200	41,987	31,118	13,990	20,042	9,934	14,585	6,223	21,776	20,408	20,251	11,600	6,200	4,300	3,400	1,800
Ebitda	52,104	64,641	62,266	51,142	38,549	38,690	35,457	42,274	36,794	33,631	39,574	44,566	44,020	34,448	48,657	37,430	20,453	25,720	17,000	25,661	22,089	30,182	31,502	28,195	15,600	9,000	5,500	3,900	2,100
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
Extraordinary Items	0	0	0	0	0	-400	-1,600	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Gross Profit	255,887	314,014	292,500	268,085	264,971	211,073	200,801	197,920	187,465	185,863	180,589	181,702	180,045	156,621	149,086	153,073	108,205	108,205	90,778	83,792	75,952	62,910	110,007	111,677	59,600	39,600	26,700	16,000	9,100
Income Before Tax	6,285	30,724	33,191	12,933	-9,599	23,525	27,371	30,709	19,320	18,389	19,992	32,260	38,645	34,300	33,735	44,810	26,094	26,094	19,378	6,233	3,176	278	27,042	34,037	17,600	12,100	9,300	4,700	2,100
Income Tax Expense	3,235	8,918	8,347	2,943	-29	8,145	12,231	13,058	7,324	7,524	7,220	6,236	15,635	13,793	13,965	15,595	10,037	10,037	8,030	2,101	985	-311	8,925	12,423	6,600	4,600	3,700	700	800
Interest Expense	3,060	2,461	4,222	5,340	8,054	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Income	0	2,352	5,722	2,868	8,009	426	479	805	18	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	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 Income	3,050	21,806	24,844	9,990	-9,570	15,380	15,140	17,651	11,996	10,865	12,772	26,024	23,010	20,507	19,770	29,215	17,756	17,756	11,348	4,132	2,191	589	18,117	21,614	11,000	7,500	5,600	4,000	1,300
Net Income Applicable To Common Shares	0	21,806	24,844	9,990	-9,570	15,380	15,140	17,651	11,996	10,865	13,024	25,574	23,010	20,507	18,866	29,215	18,943	16,057	11,348	4,132	2,191	589	18,117	21,614	0	0	0	0	0
Net Income From Continuing Ops	2,083	21,806	24,844	9,990	-9,570	15,380	15,140	17,651	11,996	10,865	13,024	25,574	23,010	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Interest Income	-3,015	-2,461	-4,222	-5,340	-8,054	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	531	-1,229	2,098	-470	1,100	301	-65	493	176	-1,841	851	1,648	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Recurring	0	9,335	334	5,779	8,948	3,787	0	1,026	4,433	1,817	1,905	1,421	375	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	20,038	32,654	38,642	21,580	7,358	22,425	27,549	30,774	18,827	18,213	21,833	30,659	36,997	30,750	32,420	37,964	20,042	20,042	14,656	2,013	1,578	-1,143	20,617	27,144	14,600	9,200	6,800	4,000	1,800
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
Other Operating Expenses	460,741	495,798	455,339	427,030	453,824	331,363	310,124	294,295	290,466	292,032	273,912	260,850	246,244	219,976	195,491	202,911	161,431	161,431	138,573	128,070	121,827	85,909	135,395	130,003	72,700	52,400	33,600	21,000	12,800
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
Reconciled Depreciation	36,564	22,430	24,519	29,562	31,191	9,117	7,429	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0
Selling And Marketing Expenses	167,352	181,940	170,949	166,200	172,865	131,824	123,917	116,898	116,081	115,753	107,073	101,390	101,468	84,663	76,094	79,944	59,626	0	51,152	0	0	0	0	0	0	0	0	0	0
Selling General Administrative	68,497	67,655	58,056	50,369	53,042	43,920	41,906	40,579	39,041	38,584	38,280	36,866	33,284	33,960	28,461	109,667	82,485	82,485	69,056	63,231	55,691	43,477	75,188	76,589	41,000	27,600	18,700	11,500	0
Tax Provision	1,574	8,918	8,347	2,943	-29	8,145	12,231	13,058	7,324	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Operating Expenses	235,849	272,025	253,524	246,131	257,098	184,861	173,252	166,120	164,205	165,833	156,851	149,622	142,673	125,871	111,225	115,109	88,163	88,163	76,122	73,383	71,780	51,883	86,282	84,533	45,000	30,400	19,900	12,000	7,300
Total Other Income Expense Net	-13,753	-1,930	-5,451	-8,647	-16,957	-2,687	-178	-1,091	-3,940	-1,641	-3,746	180	1,273	3,550	-4,126	6,846	6,052	6,052	4,722	-4,176	-2,051	-10,749	3,317	6,893	3,000	3,000	2,500	600	300
Total Revenue	480,779	537,787	494,315	448,984	461,697	357,575	337,673	326,095	313,726	312,062	297,650	292,930	283,616	250,726	233,352	240,875	181,473	181,473	153,229	138,479	125,999	96,936	159,120	157,147	87,300	61,600	40,400	25,000	14,600

	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	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30	2001-03-31	2000-12-31	2000-09-30	2000-06-30	2000-03-31	1999-12-31	1999-09-30	1999-06-30	1999-03-31	1998-12-31	1998-09-30	1998-06-30	1998-03-31	1997-12-31	1997-09-30	1997-06-30	1997-03-31	1996-12-31	1996-09-30	1996-06-30	1996-03-31	1995-12-31	1995-09-30	1995-06-30	1995-03-31
Cost Of Revenue	57,276	47,978	52,405	49,292	56,814	52,717	60,991	53,251	52,244	49,836	52,258	47,477	47,457	46,125	43,964	43,353	50,116	44,929	56,571	45,110	38,965	34,361	39,071	34,105	36,058	32,508	36,910	31,396	32,746	29,889	34,417	31,328	33,718	29,222	32,560	30,761	33,056	30,105	33,558	29,480	31,664	27,584	30,786	27,027	28,726	25,736	29,828	26,938	24,978	25,071	28,024	25,498	25,079	22,399	24,300	21,127	20,960	19,234	21,860	22,212	21,954	21,806	22,894	21,148	21,502	18,577	21,620	19,838	18,577	17,444	20,282	17,627	16,803	15,358	16,514	13,777	13,905	13,266	14,377	13,139	13,667	12,525	14,330	9,525	8,632	7,540	8,873	8,981	11,249	10,428	15,138	13,208	13,208	11,294	11,674	9,295	7,800	6,900	6,500	6,600	6,200	5,200	5,800	4,800	4,300	3,400	3,300	3,000	0	0	-	-	-	-	-	-
Depreciation And Amortization	4,676	5,303	5,259	5,170	5,370	6,072	5,756	8,114	6,065	6,038	6,223	8,859	8,017	7,266	7,161	7,118	7,918	7,775	7,265	8,233	2,291	2,367	2,277	2,182	2,072	1,804	1,683	1,870	2,034	2,149	2,286	2,174	2,163	2,272	2,320	2,328	2,655	2,704	2,825	3,312	2,874	2,849	2,856	2,919	3,077	2,841	2,841	2,607	2,688	2,099	1,471	1,663	1,836	1,848	1,784	1,823	2,506	942	1,800	1,748	2,838	897	1,183	1,394	1,410	1,487	932	923	871	1,646	1,616	1,714	880	1,897	1,995	2,294	2,528	2,359	2,641	3,548	4,056	4,746	4,240	2,824	1,291	2,521	2,446	2,148	2,745	2,850	2,815	2,778	2,778	1,984	1,750	1,432	1,100	1,000	1,000	900	900	700	700	500	300	700	100	100	260	150	-	-	-	-	-	-
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	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-306	5,643	19,334	-3,001	6,288	8,557	20,703	6,471	11,121	6,344	13,098	7,184	5,804	228	11,642	3,906	7,641	881	7,023	-8,187	13,218	6,913	11,705	-2,263	6,933	7,521	10,235	3,339	8,704	8,637	11,548	4,292	4,362	6,952	10,245	6,152	6,451	4,888	9,115	1,681	6,813	4,354	9,678	6,651	7,362	6,747	11,349	6,846	13,457	9,363	9,554	3,725	6,627	5,381	8,954	6,663	12,851	8,062	12,716	8,198	12,907	7,519	7,115	3,974	5,435	5,980	6,784	1,289	7,791	3,186	4,512	732	4,548	3,828	2,733	-346	2,604	1,487	8,619	1,875	4,096	1,489	798	-15	2,767	5,106	1,866	3,817	5,399	6,210	4,652	8,563	9,873	5,188	3,858	2,642	5,500	2,800	1,800	1,300	2,800	1,600	1,200	800	2,000	1,100	800	600	-12,660	6,150	-	-	-	-	-	-
Ebitda	4,370	10,946	24,593	2,169	11,658	14,629	26,459	14,585	17,186	12,382	19,321	16,043	13,821	7,494	18,803	11,024	15,559	8,656	14,288	46	15,509	9,280	13,982	-81	9,005	9,325	11,918	5,209	10,738	10,786	13,834	6,466	6,525	9,224	12,565	8,480	9,106	7,592	11,940	4,993	9,687	7,203	12,534	9,570	10,439	9,588	14,190	9,453	16,145	11,462	11,025	5,388	8,463	7,229	10,738	8,486	15,357	9,004	14,516	9,946	15,745	8,416	8,298	5,368	6,845	7,467	7,716	2,212	8,662	4,832	6,128	2,446	5,428	5,725	4,728	1,948	5,132	3,846	11,260	5,423	8,152	6,235	5,038	2,809	4,058	7,627	4,312	5,965	8,144	9,060	7,467	11,341	12,651	7,172	5,608	4,074	6,600	3,800	2,800	2,200	3,700	2,300	1,900	1,300	2,300	1,800	900	700	-12,400	6,300	5,300	4,700	-7,300	3,500	2,900	2,700
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	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-400	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	60,813	65,453	83,184	64,378	80,077	74,962	87,255	71,720	81,484	68,300	76,412	66,304	73,064	62,452	69,577	62,992	74,153	63,667	71,612	55,539	59,618	50,529	57,282	43,644	54,319	47,861	52,823	45,798	50,700	47,538	53,404	46,073	47,257	45,531	50,251	44,426	47,625	45,258	49,389	43,591	45,857	41,988	47,378	44,472	46,340	42,775	49,265	43,322	49,672	44,703	45,426	40,244	42,037	37,378	40,353	38,053	40,526	34,647	39,718	34,195	40,967	37,700	40,580	33,826	36,917	30,371	33,565	27,479	30,371	26,630	28,202	23,570	24,373	23,667	22,732	20,005	24,045	20,613	20,544	18,590	21,664	19,683	20,394	15,272	14,877	14,398	16,560	17,075	23,402	23,982	31,276	34,706	34,706	28,843	26,606	21,522	19,900	15,100	13,200	11,300	12,200	9,900	9,200	8,300	8,700	6,700	5,800	5,200	8,600	6,300	5,300	4,700	5,500	3,500	2,900	2,700
Income Before Tax	-1,265	4,861	8,072	-5,383	-3,893	8,319	20,271	6,027	10,150	5,288	11,816	5,937	2,711	-1,359	12,075	-494	4,934	-3,434	2,443	-13,542	9,434	5,244	11,278	-2,431	8,022	6,123	10,284	2,942	9,738	6,696	11,891	1,934	4,023	5,745	10,004	-452	6,142	5,052	7,202	-7	2,147	3,691	9,203	3,743	7,808	7,681	11,675	5,096	14,161	10,135	9,678	4,671	7,513	6,245	11,304	9,238	9,883	7,678	11,720	4,454	11,885	10,068	13,745	9,112	11,215	9,602	6,934	3,329	9,602	6,686	7,180	3,046	4,669	5,754	4,465	4,490	5,322	4,829	-3,531	-387	127	269	205	2,575	3,403	-334	3,856	-6,647	6,217	4,216	8,948	11,183	11,183	9,502	7,802	5,550	6,300	4,700	3,600	3,100	4,300	3,000	2,600	2,100	3,300	2,200	2,000	1,700	0	0	-	-	-	-	-	-
Income Tax Expense	-602	2,377	2,768	-1,308	-2,263	2,905	6,397	1,879	2,127	766	3,473	1,981	285	2,401	238	19	44	-735	888	-226	4,059	1,294	3,490	-698	5,929	2,170	4,220	-88	3,948	3,584	4,431	920	2,003	1,295	4,254	-228	2,543	2,009	2,913	59	164	1,590	3,581	1,402	3,107	-2,692	3,906	1,915	5,264	4,403	4,208	1,760	3,384	2,541	4,402	3,466	4,100	3,378	5,568	1,823	2,731	3,680	5,100	4,084	5,601	2,524	2,432	1,299	2,524	2,828	3,330	1,526	2,011	2,527	1,741	1,751	1,796	1,618	-1,183	-130	40	83	64	798	-61	-27	309	-532	1,324	1,539	3,266	3,853	3,853	3,563	2,926	2,081	2,300	1,800	1,400	1,200	1,600	1,100	1,000	800	1,300	900	800	700	-15,160	5,450	-400	-300	-600	-300	-200	-200
Interest Expense	774	763	730	793	729	584	535	613	971	1,056	1,066	1,129	1,236	1,259	1,307	1,538	1,713	1,904	2,085	2,352	2,352	2,352	2,352	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Interest Income	0	763	730	793	846	584	0	0	0	0	0	0	0	0	0	1,525	1,607	1,921	2,093	2,388	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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 Income	-663	2,484	5,304	-4,075	-1,630	5,414	13,874	4,148	8,023	4,522	8,343	3,956	2,426	-3,760	11,837	-513	4,890	-2,699	1,555	-13,316	5,375	3,950	7,788	-1,733	2,093	3,953	6,064	3,030	5,790	3,112	7,460	1,014	2,020	4,450	5,750	-224	3,599	3,043	4,289	-66	1,983	2,101	5,622	2,341	4,701	10,373	7,769	3,181	8,897	5,732	5,470	2,911	4,129	3,704	6,902	5,772	5,783	4,300	6,152	2,631	9,154	6,388	8,645	5,028	5,614	7,078	4,502	2,030	7,078	5,308	3,850	1,520	2,658	3,227	2,724	2,739	3,526	3,211	-2,348	-257	87	186	141	1,777	3,464	-307	3,547	-6,115	4,893	2,677	5,682	7,330	7,330	5,939	4,876	3,469	4,000	2,900	2,200	1,900	2,700	1,900	1,600	1,300	2,000	1,300	1,200	1,000	2,500	700	400	300	600	300	200	200
Net Income Applicable To Common Shares	0	2,484	5,304	-4,075	-1,630	5,414	13,874	4,148	8,023	4,522	8,343	3,956	2,426	-3,760	11,837	-513	4,890	-2,699	1,555	-13,316	5,375	3,950	7,788	-1,733	2,093	3,953	6,064	3,030	5,790	3,112	7,460	1,289	2,020	4,450	5,750	-224	3,599	3,043	4,289	-66	2,626	2,435	5,622	2,341	4,251	10,373	7,769	3,181	8,897	5,732	5,470	2,911	4,129	3,704	6,902	5,772	5,783	4,300	6,152	2,631	9,154	6,388	8,645	5,028	5,614	6,797	4,502	2,030	6,239	4,832	3,655	1,331	4,405	2,485	2,517	2,855	3,526	3,211	0	0	87	186	141	1,777	3,464	-3,547	3,547	0	4,893	2,677	5,682	4,865	7,330	5,940	4,875	3,469	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-
Net Income From Continuing Ops	-663	2,484	5,304	-4,075	-1,630	5,414	13,874	4,148	8,023	4,522	8,343	3,956	2,426	-3,760	11,837	-513	4,890	-2,699	1,555	-13,316	5,375	3,950	7,788	-1,733	2,093	3,953	6,064	3,030	5,790	3,112	7,460	1,289	2,020	4,450	5,750	-224	3,599	3,043	4,289	-66	2,626	2,435	5,622	2,341	9,635	4,989	7,769	3,181	0	5,732	5,470	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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 Interest Income	-774	-763	-730	-793	-729	-584	-535	-613	-971	-1,056	-1,066	-1,129	-1,236	-1,259	-1,307	-1,538	-1,713	-1,904	-2,085	-2,352	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	550	-87	346	103	169	-363	-195	-201	-470	-102	-274	2,151	323	-180	110	-94	-306	628	319	271	-118	53	146	93	9	700	-856	419	-328	-85	404	-89	263	-46	127	122	-27	-2,317	-53	204	325	-335	504	214	468	0	386	62	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	1,589	9,335	0	0	0	0	0	216	118	1,964	328	612	2,875	1,100	2,394	2,487	2,967	2,481	977	329	0	0	0	0	0	-5,020	10,095	11	1,015	928	0	81	3,424	1,817	-71	1,039	849	0	0	314	1,591	-10	37	51	1,343	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-306	5,056	8,288	-3,001	6,288	8,557	20,703	6,471	11,484	6,539	13,083	7,536	4,049	174	11,231	721	6,827	-1,640	4,622	-10,884	8,744	4,942	11,027	-2,288	7,451	6,749	10,213	3,136	9,038	7,552	11,472	2,262	4,108	5,341	10,093	-715	6,188	4,925	7,080	20	4,464	4,058	8,999	3,418	7,393	7,177	11,461	4,628	13,434	9,749	9,616	4,198	7,070	5,813	10,129	7,738	9,067	7,950	12,218	3,185	12,396	8,595	10,430	6,543	8,325	7,791	6,784	1,289	7,791	4,936	5,846	1,889	4,194	4,791	3,599	2,072	4,318	3,158	-4,250	-1,213	1,158	-518	-342	1,280	2,651	-696	2,861	-5,959	5,808	2,105	6,800	9,873	9,873	7,345	5,830	4,096	5,900	3,700	2,700	2,200	3,600	2,300	1,900	1,500	2,700	1,700	1,400	1,200	-12,400	6,300	5,300	4,700	-7,300	3,500	2,900	2,700
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	0	0	0	0	0	0	0	0	0	0	0	0	0	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	118,395	108,356	116,769	117,221	130,633	119,122	127,543	118,500	122,244	111,597	115,371	106,127	114,508	108,075	101,698	102,749	116,342	107,842	121,074	108,566	87,358	78,971	84,997	80,037	82,926	73,620	79,520	74,058	74,408	69,875	76,338	74,124	76,867	68,484	72,637	72,478	74,493	70,509	74,828	72,202	73,057	65,514	68,851	66,490	67,683	61,297	67,581	64,289	60,841	60,025	63,834	61,544	60,046	53,964	54,524	51,442	50,119	45,931	49,360	50,081	50,525	50,911	53,044	48,431	50,094	41,157	48,401	46,028	41,157	39,138	42,638	39,308	36,982	34,234	35,647	31,710	33,987	30,721	32,377	30,985	33,747	31,329	34,326	23,517	20,858	19,552	22,572	32,015	28,843	29,197	39,614	38,041	38,041	32,792	32,450	26,721	21,800	18,300	17,000	15,700	14,800	12,800	13,100	11,600	10,300	8,400	7,700	7,000	21,000	0	-	-	12,800	-	-	-
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	0	0	0	0	0	0	0	0	0	0	0	0	0	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	7,245	5,303	5,259	5,170	5,370	5,726	5,653	8,371	6,065	6,038	6,223	8,859	8,017	7,266	7,161	7,118	10,863	11,007	13,680	8,233	2,291	2,367	2,277	2,182	2,072	1,804	1,683	1,870	2,034	2,149	2,286	2,174	2,164	2,429	2,320	2,328	2,655	2,704	2,825	3,312	2,874	2,849	2,856	2,919	3,077	2,841	2,841	2,607	2,688	2,099	1,471	1,663	1,836	1,848	1,783	1,824	2,506	1,514	1,800	1,748	2,838	897	1,183	1,394	1,410	1,487	932	923	871	1,646	1,616	1,714	880	1,897	1,995	2,294	2,528	2,359	2,641	3,548	4,056	4,746	4,240	2,824	1,291	2,521	2,446	2,148	2,745	2,850	2,815	2,778	2,778	1,984	1,750	1,432	1,100	1,000	1,000	900	900	700	700	500	300	700	100	100	260	150	-	-	-	-	-	-
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	0	0	0	0	0	0	0	0	0	0	0	0	0	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	44,272	39,967	40,774	41,532	48,691	44,231	44,974	44,044	47,774	41,340	42,556	39,279	44,601	42,209	39,117	40,273	45,210	41,605	44,017	42,033	35,053	31,051	32,709	33,011	33,562	29,225	30,508	30,622	29,408	27,751	29,335	30,584	30,509	27,460	28,481	29,631	29,563	27,677	28,630	29,883	27,456	25,771	26,789	27,057	25,681	24,309	26,267	25,133	25,067	24,927	26,009	25,465	23,627	20,228	20,720	20,405	19,558	18,084	19,303	19,149	59,626	34	33	34	71,830	59,626	0	0	0	33	32	35	41,017	33	13,065	35	0	11,036	11,605	0	0	0	0	0	0	7,094	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	16,847	15,108	18,331	21,227	19,758	16,448	15,925	15,524	16,161	14,383	14,334	13,178	14,433	12,475	11,456	12,005	13,098	13,533	13,221	13,190	11,049	11,192	10,940	10,739	11,234	10,083	10,419	10,170	10,220	10,086	10,300	10,038	10,477	9,530	9,276	9,758	9,219	10,023	9,815	9,527	11,063	9,310	8,420	9,487	10,199	8,411	8,645	9,611	8,108	7,928	8,330	8,918	9,547	9,489	7,720	8,087	7,993	7,099	6,397	6,972	26,603	27,811	29,177	26,076	27,233	21,247	25,556	24,875	21,247	20,273	20,968	20,145	18,470	17,231	17,418	15,936	17,843	15,327	15,590	14,471	15,183	14,676	15,549	11,375	10,067	9,983	11,629	11,798	14,849	15,919	21,699	22,055	22,055	19,514	19,026	15,994	12,900	10,400	9,500	8,200	7,700	6,800	6,700	6,300	5,700	4,700	4,300	3,900	0	0	-	-	-	-	-	-
Tax Provision	-602	2,377	2,768	-1,308	-2,263	2,905	6,397	1,879	2,127	766	3,473	1,981	285	2,401	238	19	44	-735	888	-226	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	61,119	60,378	64,364	67,929	73,819	66,405	66,552	65,249	70,000	61,761	63,113	58,650	67,051	61,950	57,734	59,396	66,226	62,913	64,503	63,456	48,393	44,610	45,926	45,932	46,868	41,112	42,610	42,662	41,662	39,986	41,921	42,796	43,149	39,262	40,077	41,717	41,437	40,404	41,270	42,722	41,393	37,930	38,065	39,463	38,957	35,561	37,753	37,351	35,863	34,954	35,810	36,046	34,967	31,565	30,224	30,315	29,159	26,697	27,500	27,869	28,571	29,105	30,150	27,283	28,592	22,580	26,781	26,190	22,580	21,694	22,356	21,681	20,179	18,876	19,133	17,933	20,082	17,455	18,000	17,846	20,080	18,804	19,996	13,992	12,226	12,012	13,699	23,034	17,594	18,769	24,476	24,833	24,833	21,498	20,776	17,426	14,000	11,400	10,500	9,100	8,600	7,600	7,300	6,800	6,000	5,000	4,400	4,000	-21,000	0	-	-	-12,800	-	-	-
Total Other Income Expense Net	-959	549	-10,018	-2,382	-10,181	-238	-432	-444	-363	-195	-417	-588	-2,066	-602	1,539	-2,552	-1,280	-2,284	-2,581	-3,273	-1,791	-675	-78	-143	571	-626	71	-194	700	-856	408	-1,343	-85	-524	-170	-3,161	-46	198	-917	-876	-2,317	-367	-110	-1,266	425	467	163	-875	352	386	62	473	443	432	1,175	1,075	-1,484	460	-498	-1,872	-511	1,473	3,315	2,569	2,890	1,811	150	2,040	1,811	1,750	1,334	1,157	475	963	866	2,418	1,359	1,671	-6,075	-1,131	-2,512	-610	-193	1,295	752	-2,720	995	-9,776	409	-997	2,148	1,310	1,310	2,157	1,972	1,454	400	900	900	900	800	800	700	700	700	600	600	600	0	0	-	-	-	-	-	-
Total Revenue	118,089	113,431	135,589	113,670	136,891	127,679	148,246	124,971	133,728	118,136	128,670	113,781	120,521	108,577	113,541	106,345	124,269	108,596	128,183	100,649	98,583	84,890	96,353	77,749	90,377	80,369	89,733	77,194	83,446	77,427	87,821	77,401	80,975	74,753	82,811	75,187	80,681	75,363	82,947	73,071	77,521	69,572	78,164	71,499	75,066	68,511	79,093	70,260	74,650	69,774	73,450	65,742	67,116	59,777	64,653	59,180	61,486	53,881	61,578	56,407	62,921	59,506	63,474	54,974	58,419	48,948	55,185	47,317	48,948	44,074	48,484	41,197	41,176	39,025	39,246	33,782	37,950	33,879	34,921	31,729	35,331	32,208	34,724	24,797	23,509	21,938	25,433	26,056	34,651	34,410	46,414	47,914	47,914	40,137	38,280	30,817	27,700	22,000	19,700	17,900	18,400	15,100	15,000	13,100	13,000	10,100	9,100	8,200	8,600	6,300	5,300	4,700	5,500	3,500	2,900	2,700

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

Gross Profit (+$)
totalRevenue	480,779
Cost of Revenue	-224,892
Gross Profit	255,887	255,887

Operating Income (+$)
Gross Profit	255,887
Operating Expense	-235,849
Operating Income	20,038	20,038

Operating Expense (+$)
Research Development	0
Selling General Administrative	68,497
Selling And Marketing Expenses	167,352
Operating Expense	235,849	235,849

Net Interest Income (+$)
Interest Income	0
Interest Expense	-3,060
Other Finance Cost	-45
Net Interest Income	-3,015

Pretax Income (+$)
Operating Income	20,038
Net Interest Income	-3,015
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	6,285	33,791 EBIT - interestExpense = 16,978 6,285 6,110
Interest Expense	3,060
Earnings Before Interest and Taxes (EBIT)	20,038	9,345
Earnings Before Interest and Taxes (EBITDA)	52,104

After tax Income (+$)
Income Before Tax	6,285
Tax Provision	-1,574
Net Income From Continuing Ops	2,083	4,711
Net Income	3,050
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	460,741
Total Other Income/Expenses Net	-13,753	3,015

Technical Analysis of Forrester
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 Forrester. The general trend of Forrester is UNKNOWN with 0.0% 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 Forrester'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 State	Bullish trend		Bearish trend
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 Forrester Research Inc.

The long score for the Support & Resistance is 0/1.
The longshort score for the Support & Resistance is -1/(-1 +1).

Around resistance: The price is trading arround resistance levels. This can be considered as a potential exit level. -1

The bullish price targets are: 18.64 < 18.91 < 19.01.

The bearish price targets are: .

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Forrester Research 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 Forrester Research Inc. The current mas is .

Directionalities and relatives.

Moving Average	Amount of candles	Trend	Price +/-	vs. MA 50	vs. MA 100	vs. MA 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.

Forrester Research 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 Forrester Research Inc.

Forrester Research 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 Forrester Research Inc. The current adx is .

Forrester Research 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 Forrester Research Inc.

Forrester Research 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 Forrester Research Inc.

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.

Forrester Research 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 Forrester Research Inc.

Forrester Research 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 Forrester Research Inc.

Forrester Research 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 Forrester Research Inc.

Forrester Research 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 Forrester Research Inc.

Forrester Research 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 Forrester Research Inc.

Forrester Research 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 Forrester Research Inc.

Forrester Research 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 Forrester Research Inc.

Forrester Research 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 Forrester Research Inc.

Forrester Research Inc Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for Forrester Research 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
2023-11-28	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2023-11-29	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2023-11-30	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2023-12-04	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.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	CMO	LONG ENTRY	SHORT CLOSE	Zero line 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).
2023-12-06	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2023-12-07	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2023-12-08	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-11	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	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
2023-12-13	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2023-12-14	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2023-12-15	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2023-12-18	STOCH	LONG EXIT		The %K line crosses below the %D line.
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	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-22	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-26	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-27	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-02	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-03	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-08	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-09	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-10	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-01-12	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-16	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-01-17	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-18	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-01-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-22	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
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-01-24	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
2024-01-25	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-01-29	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-01-30	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-31	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-02	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
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-05	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-02-06	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-02-08	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-09	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-13	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2024-02-14	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-15	RSI	LONG ENTRY	SHORT CLOSE	30 crossover to upside
2024-02-20	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-23	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-26	RSI	LONG ENTRY	SHORT CLOSE	30 crossover to upside
	MFI	LONG ENTRY	SHORT CLOSE	20 crossover to upside
2024-02-27	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-28	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
2024-02-29	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-01	STOCH	SHORT EXIT		The %K line crosses above the %D line.
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	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-03-06	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-08	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
2024-03-11	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-15	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	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).
2024-03-18	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-03-19	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.
2024-03-20	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-03-21	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2024-03-22	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.
2024-03-25	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-03-27	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-04-01	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
2024-04-03	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-04-04	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-04-05	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-04-08	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-04-09	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-10	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-15	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-04-17	STOCH	SHORT EXIT		The %K line crosses above the %D line.

6.3. Candlestick Patterns

Forrester Research Inc Daily Candlestick Chart

Date	Candlestick Pattern

6.4. Technical Score

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

Penke's Symbol Scanner

Indicator	Condition		Value
Open	Greater than	Close	18.460
Total			0/1 (0.0%)

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1. Valuation of Forrester (5 min.)

$18.61

$12.36

$-0.45 - $35.95

$11.91 - $48.31

2. Growth of Forrester (5 min.)

Is Forrester growing?

How much money is Forrester making?

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

3. Financial Health of Forrester (5 min.)

4. Comparing to competitors in the Consulting Services industry (5 min.)

Industry Rankings (Consulting Services)

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

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

Speculation

Investing

How much money are you going to get?

When do you get the money?

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Linear %

Fundamentals of Forrester

About Forrester Research Inc

Financial Health

Valuation

1.1. Profitability of Forrester Research Inc.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Consulting Services)

1.1.2. Return on Assets

Trends

Compared to industry (Consulting Services)

1.1.3. Return on Equity

Trends

Compared to industry (Consulting Services)

1.2. Operating Efficiency of Forrester Research Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

Compared to industry (Consulting Services)

1.2.2. Operating Ratio

Trends

Compared to industry (Consulting Services)

1.3. Liquidity of Forrester Research Inc.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Consulting Services)

1.3.2. Quick Ratio

Trends

Compared to industry (Consulting Services)

1.4. Solvency of Forrester Research Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Consulting Services)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Consulting Services)

2. Market Valuation of Forrester Research Inc

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Consulting Services)

Forrester Research Inc
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