Forward Air Corporation
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Penke I guess you are interested in Forward Air Corporation. 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 Forward Air Corporation. 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 Forward Air Corporation (30 sec.)

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

How much money do you get?

$0.95

When do you have the money?

1 year

How often do you get paid?

100.0%

What is your share worth?

Current worth

$28.98

Expected worth in 1 year

$31.48

How sure are you?

80.0%

+ What do you gain per year?

Total Gains per Share

$3.44

Return On Investment

15.1%

For what price can you sell your share?

Current Price per Share

$22.75

Expected price per share

$0 - $31.60

How sure are you?

50%

1. Valuation of Forward Air Corporation (5 min.)

Live pricePrice per Share (EOD)

$22.75

Book Value per Share

$28.98

Intrinsic Value Per Share

$22.17 - $62.64

Total Value Per Share

$51.15 - $91.62

My calculation of the intrinsic value of Forward Air Corporation 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: ($0.90) 3Y: ($1.40) TTM: ($1.43)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($-0.01) 3Y: ($0.02) TTM: ($-0.30)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$3.38	$5.70	$3.46 - $5.93
2	$6.45	$11.56	$3.32 - $6.28
3	$9.22	$17.56	$3.18 - $6.62
4	$11.72	$23.70	$3.04 - $6.96
5	$13.97	$29.96	$2.90 - $7.30
6	$16.00	$36.32	$2.76 - $7.65
7	$17.81	$42.79	$2.62 - $7.99
8	$19.44	$49.33	$2.48 - $8.33
9	$20.88	$55.95	$2.34 - $8.67
10	$22.17	$62.64	$2.20 - $9.01

2. Growth of Forward Air Corporation (5 min.)

Is Forward Air Corporation growing?

	Current year	Previous year	Grow	Grow %
How rich?	$764.2m	$666.5m	$30.7m	4.4%

How much money is Forward Air Corporation making?

	Current year	Previous year	Grow	Grow %
Making money	$2.9m	$48.2m	-$45.3m	-1,557.0%
Net Profit Margin	-0.1%	9.8%	-	-

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

Quarterly Yearly

3. Financial Health of Forward Air Corporation (5 min.)

4. Comparing to competitors in the Integrated Freight & Logistics industry (5 min.)

Industry Rankings (Integrated Freight & Logistics)

Richest
#41 / 154

Most Revenue
#62 / 154

Most Profit
#92 / 154

Most Efficient
#120 / 154

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

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

What can you expect buying and holding a share of Forward Air Corporation?

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

Speculation

The Price per Share of Forward Air Corporation is $22.75. 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 Forward Air Corporation.
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 Forward Air Corporation, 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 $28.98. Based on the TTM, the Book Value Change Per Share is $0.62 per quarter. Based on the YOY, the Book Value Change Per Share is $1.16 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 $0.24 per quarter.

Based on historical numbers we can estimate the returns while holding a share of Forward Air Corporation.

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	-2.05	-9.0%	0.11	0.5%	1.79	7.9%	0.77	3.4%	0.65	2.9%
Usd Book Value Change Per Share	3.74	16.4%	0.62	2.7%	1.16	5.1%	0.49	2.2%	0.37	1.6%
Usd Dividend Per Share	0.23	1.0%	0.24	1.0%	0.24	1.1%	0.21	0.9%	0.17	0.8%
Usd Total Gains Per Share	3.97	17.5%	0.86	3.8%	1.40	6.1%	0.70	3.1%	0.55	2.4%
Usd Price Per Share	62.87	-	86.37	-	96.22	-	80.26	-	65.50	-
Price to Earnings Ratio	-7.68	-	23.95	-	13.69	-	20.84	-	22.04	-
Price-to-Total Gains Ratio	15.83	-	-573.48	-	77.61	-	-32.72	-	-64.44	-
Price to Book Ratio	2.17	-	3.30	-	3.90	-	3.59	-	3.33	-
Price-to-Total Gains Ratio	15.83	-	-573.48	-	77.61	-	-32.72	-	-64.44	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	22.75
Number of shares	43

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.24	0.21
Usd Book Value Change Per Share	0.62	0.49
Usd Total Gains Per Share	0.86	0.70
Gains per Quarter (43 shares)	36.99	30.15
Gains per Year (43 shares)	147.97	120.62

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	41	107	138	36	84	111
2	81	215	286	73	168	232
3	122	322	434	109	253	353
4	163	429	582	146	337	474
5	204	536	730	182	421	595
6	244	644	878	218	505	716
7	285	751	1026	255	589	837
8	326	858	1174	291	674	958
9	366	965	1322	328	758	1079
10	407	1073	1470	364	842	1200

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	3.0	1.0	0.0	75.0%	11.0	1.0	0.0	91.7%	18.0	2.0	0.0	90.0%	37.0	3.0	0.0	92.5%	116.0	4.0	0.0	96.7%
Book Value Change Per Share	1.0	3.0	0.0	25.0%	8.0	4.0	0.0	66.7%	14.0	6.0	0.0	70.0%	30.0	10.0	0.0	75.0%	97.0	23.0	0.0	80.8%
Dividend per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	40.0	0.0	0.0	100.0%	81.0	0.0	39.0	67.5%
Total Gains per Share	1.0	3.0	0.0	25.0%	8.0	4.0	0.0	66.7%	15.0	5.0	0.0	75.0%	32.0	8.0	0.0	80.0%	99.0	21.0	0.0	82.5%

Fundamentals of Forward Air Corporation

About Forward Air Corporation

https://www.forwardaircorp.com
Integrated Freight & Logistics
4014
Building N, Greeneville, TN, United States, 37745
Google Maps Bing Maps

Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United States and Canada. It operates in two segments, Expedited Freight and Intermodal. The Expedited Freight segment provides expedited regional, inter-regional, and national less-than-truckload services; local pick-up and delivery services; and other services, which include shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling. This segment offers expedited truckload brokerage, dedicated fleet, and high security and temperature-controlled logistics services. The Intermodal segment provides intermodal container drayage services; and contract and container freight station warehouse and handling services. It serves freight forwarders, third-party logistics companies, integrated air cargo carriers and passenger, passenger and cargo airlines, steamship lines, and retailers. Forward Air Corporation was founded in 1981 and is headquartered in Greeneville, Tennessee.

Fundamental data was last updated by Penke on 2024-04-11 09:35:05.

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 inefficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is just able to pay all its short-term debts.
The company is 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 fair priced.
Based on the earnings, the company is fair priced.
Based on how much money comes from the company's main activities, the company is underpriced.

1.1. Profitability of Forward Air Corporation.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Forward Air Corporation earns for each $1 of revenue.

Above 10% is considered healthy but always compare Forward Air Corporation to the Integrated Freight & Logistics industry mean.
A Net Profit Margin of -15.9% means that $-0.16 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Forward Air Corporation:

The MRQ is -15.9%. The company is making a huge loss. -2
The TTM is -0.1%. The company is not making a profit/loss.

Trends

Current period		Compared to		+/-
MRQ	-15.9%	TTM	-0.1%	-15.9%
TTM	-0.1%	YOY	9.8%	-9.8%
TTM	-0.1%	5Y	4.8%	-4.8%
5Y	4.8%	10Y	5.5%	-0.7%

Compared to industry (Integrated Freight & Logistics)

Period	Company	Industry (mean)	+/-
MRQ	-15.9%	2.8%	-18.7%
TTM	-0.1%	3.1%	-3.2%
YOY	9.8%	3.5%	+6.3%
5Y	4.8%	3.1%	+1.7%
10Y	5.5%	2.8%	+2.7%

Measures how much net profit Forward Air Corporation earns for each $1 of revenue.

Revenue is the amount of profit Forward Air Corporation 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 Forward Air Corporation 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 Forward Air Corporation to the Integrated Freight & Logistics industry mean.
Can be used to compare companies within the Integrated Freight & Logistics industry.

You typically want a high profit margin. This means that for each $1 in sales, Forward Air Corporation makes more profit. This shows the investor how efficiently Forward Air Corporation is operating in general and compared to other companies in the same industry. Forward Air Corporation operates in the Integrated Freight & Logistics industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Forward Air Corporation. If profit margins remain low (compared to the Integrated Freight & Logistics 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 Forward Air Corporation is -0.16. This means that Forward Air Corporation earned $-0.16 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 Integrated Freight & Logistics industry is 2.8%.
What is the trend?
The trend is important because it shows you how Forward Air Corporation is performing over time. The most recent quarter might be important if Forward Air Corporation 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 Forward Air Corporation 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 Forward Air Corporation with other companies in the same industry (Integrated Freight & Logistics).
Net profit margin should rise over the years.
Can be influenced when Forward Air Corporation sells assets (profit will increase while costs remain the same).
It won’t show what part of Forward Air Corporation 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 Forward Air Corporation

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 Forward Air Corporation = -53,948
Total revenue MRQ Forward Air Corporation = 338,428
$-53,948 / $338,428 = -0.16 or -15.9%

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 Forward Air Corporation is using its assets to generate profit.

Above 5% is considered healthy but always compare Forward Air Corporation to the Integrated Freight & Logistics industry mean.
-1.8% Return on Assets means that Forward Air Corporation generated $-0.02 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Forward Air Corporation:

The MRQ is -1.8%. Using its assets, the company is very inefficient in making profit. -2
The TTM is 0.9%. Using its assets, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	-1.8%	TTM	0.9%	-2.7%
TTM	0.9%	YOY	4.1%	-3.1%
TTM	0.9%	5Y	2.1%	-1.1%
5Y	2.1%	10Y	2.3%	-0.2%

Compared to industry (Integrated Freight & Logistics)

Period	Company	Industry (mean)	+/-
MRQ	-1.8%	1.4%	-3.2%
TTM	0.9%	1.6%	-0.7%
YOY	4.1%	2.6%	+1.5%
5Y	2.1%	1.7%	+0.4%
10Y	2.3%	1.7%	+0.6%

Shows how efficient Forward Air Corporation 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 Forward Air Corporation to the Integrated Freight & Logistics 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 Forward Air Corporation is using its resources to generate profit. If the return on assets (-1.8%) from Forward Air Corporation are higher than the Integrated Freight & Logistics mean (1.4%) that means Forward Air Corporation 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 Forward Air Corporation is -1.8%. This means the company generated $-0.02 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Integrated Freight & Logistics industry is 1.4%.
What is the trend?
The trend is important because it shows you how Forward Air Corporation is performing over time. The most recent quarter might be important if Forward Air Corporation 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 Forward Air Corporation 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 Forward Air Corporation

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

Income statement
Balance sheet

Net income MRQ (income statement) from Forward Air Corporation = -53,948
Total assets MRQ (balance sheet) from Forward Air Corporation = 3,041,078
-53,948 / 3,041,078 = -0.02 or -1.8%

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

Above 15%-20% is considered healthy but always compare Forward Air Corporation to the Integrated Freight & Logistics industry mean.
-7.1% Return on Equity means Forward Air Corporation generated $-0.07 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Forward Air Corporation:

The MRQ is -7.1%. Using its investors money, the company is very inefficient in making profit. -2
The TTM is 0.7%. Using its investors money, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	-7.1%	TTM	0.7%	-7.7%
TTM	0.7%	YOY	7.3%	-6.6%
TTM	0.7%	5Y	3.5%	-2.9%
5Y	3.5%	10Y	3.3%	+0.2%

Compared to industry (Integrated Freight & Logistics)

Period	Company	Industry (mean)	+/-
MRQ	-7.1%	3.9%	-11.0%
TTM	0.7%	4.2%	-3.5%
YOY	7.3%	6.2%	+1.1%
5Y	3.5%	3.7%	-0.2%
10Y	3.3%	5.1%	-1.8%

Shows how efficient Forward Air Corporation 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 Forward Air Corporation to the Integrated Freight & Logistics 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 Integrated Freight & Logistics 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 Forward Air Corporation is -7.1%. This means Forward Air Corporation generated $-0.07 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Integrated Freight & Logistics industry is 3.9%.
What is the trend?
The trend is important because it shows you how Forward Air Corporation is performing over time. The most recent quarter might be important if Forward Air Corporation 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 Forward Air Corporation up to 10 years back (depending if Forward Air Corporation 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 Forward Air Corporation

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Forward Air Corporation = -53,948
Shareholders equity (balance sheet) MRQ Forward Air Corporation = 764,261
-53,948 / 764,261 = -0.07 or -7.1%

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 Forward Air Corporation.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Forward Air Corporation is operating .

Measures how much profit Forward Air Corporation 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 Forward Air Corporation to the Integrated Freight & Logistics industry mean.
An Operating Margin of 0.9% means the company generated $0.01 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Forward Air Corporation:

The MRQ is 0.9%. The company is operating inefficient. -1
The TTM is 5.7%. The company is operating less efficient.

Trends

Current period		Compared to		+/-
MRQ	0.9%	TTM	5.7%	-4.8%
TTM	5.7%	YOY	13.4%	-7.8%
TTM	5.7%	5Y	8.5%	-2.8%
5Y	8.5%	10Y	9.2%	-0.8%

Compared to industry (Integrated Freight & Logistics)

Period	Company	Industry (mean)	+/-
MRQ	0.9%	2.7%	-1.8%
TTM	5.7%	2.7%	+3.0%
YOY	13.4%	4.9%	+8.5%
5Y	8.5%	4.1%	+4.4%
10Y	9.2%	4.2%	+5.0%

Measures how efficient Forward Air Corporation 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 Forward Air Corporation to the Integrated Freight & Logistics 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 Forward Air Corporation 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 Forward Air Corporation is 0.9%. This means that Forward Air Corporation earned $0.01 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Integrated Freight & Logistics industry is 2.7%.
What is the trend?
The trend is important because it shows you how Forward Air Corporation is performing over time. The most recent quarter might be important if Forward Air Corporation 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 Forward Air Corporation 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 Forward Air Corporation

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Forward Air Corporation = 3,000
Total revenue MRQ Forward Air Corporation = 338,428
$3,000 / $338,428 = 0.01 or 0.9%

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 Forward Air Corporation is keeping operating costs low.

Below 1 is considered healthy (always compare to Integrated Freight & Logistics industry mean).
An Operation Ratio of 1.12 means that the operating costs are $1.12 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Forward Air Corporation:

The MRQ is 1.122. The company is inefficient in keeping operating costs low. -1
The TTM is 1.196. The company is inefficient in keeping operating costs low. -1

Trends

Current period		Compared to		+/-
MRQ	1.122	TTM	1.196	-0.074
TTM	1.196	YOY	0.866	+0.330
TTM	1.196	5Y	0.966	+0.230
5Y	0.966	10Y	0.933	+0.033

Compared to industry (Integrated Freight & Logistics)

Period	Company	Industry (mean)	+/-
MRQ	1.122	1.617	-0.495
TTM	1.196	1.579	-0.383
YOY	0.866	1.634	-0.768
5Y	0.966	1.566	-0.600
10Y	0.933	1.343	-0.410

Measures how efficient Forward Air Corporation 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 Forward Air Corporation to the Integrated Freight & Logistics 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 Forward Air Corporation is 112.2%. This means that Forward Air Corporation earned $1.12 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 Integrated Freight & Logistics industry is 1.62.
What is the trend?
The trend is important because it shows you how Forward Air Corporation is performing over time. The most recent quarter might be important if Forward Air Corporation 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 Forward Air Corporation 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 Forward Air Corporation

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
(335,428 +44,174) \ 338,428 = 1.12

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 Forward Air Corporation.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Forward Air Corporation is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Integrated Freight & Logistics industry mean).
A Current Ratio of 1.46 means the company has $1.46 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Forward Air Corporation:

The MRQ is 1.464. The company is just able to pay all its short-term debts.
The TTM is 1.386. The company is just able to pay all its short-term debts.

Trends

Current period		Compared to		+/-
MRQ	1.464	TTM	1.386	+0.078
TTM	1.386	YOY	1.789	-0.403
TTM	1.386	5Y	1.609	-0.224
5Y	1.609	10Y	1.989	-0.380

Compared to industry (Integrated Freight & Logistics)

Period	Company	Industry (mean)	+/-
MRQ	1.464	1.398	+0.066
TTM	1.386	1.376	+0.010
YOY	1.789	1.384	+0.405
5Y	1.609	1.372	+0.237
10Y	1.989	1.292	+0.697

Measures if Forward Air Corporation 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 Integrated Freight & Logistics 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 Forward Air Corporation 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 Forward Air Corporation is 1.46. This means Forward Air Corporation has $1.46 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Integrated Freight & Logistics industry is 1.40.
What is the trend?
The trend is important because it shows you how Forward Air Corporation is performing over time. The most recent quarter might be important if Forward Air Corporation 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 Forward Air Corporation 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 Forward Air Corporation

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
347,028 \ 237,094) = 1.46

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

Above 1 is considered healthy but always compare Forward Air Corporation to the Integrated Freight & Logistics industry mean.
A Quick Ratio of 1.35 means the company can pay off $1.35 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Forward Air Corporation:

The MRQ is 1.351. The company is able to pay all its short-term debts with the most liquid assets. +1
The TTM is 1.253. The company is able to pay all its short-term debts with the most liquid assets. +1

Trends

Current period		Compared to		+/-
MRQ	1.351	TTM	1.253	+0.098
TTM	1.253	YOY	1.645	-0.392
TTM	1.253	5Y	1.452	-0.199
5Y	1.452	10Y	1.786	-0.335

Compared to industry (Integrated Freight & Logistics)

Period	Company	Industry (mean)	+/-
MRQ	1.351	0.897	+0.454
TTM	1.253	0.874	+0.379
YOY	1.645	0.965	+0.680
5Y	1.452	0.996	+0.456
10Y	1.786	0.982	+0.804

Measures if Forward Air Corporation 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 Forward Air Corporation to the Integrated Freight & Logistics 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 Forward Air Corporation can pay off its short term debts. This shows if Forward Air Corporation 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 Forward Air Corporation is 1.35. This means that Forward Air Corporation can pay off $1.35 for each $1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the Integrated Freight & Logistics industry is 0.90.
What is the trend?
The trend is important because it shows you how Forward Air Corporation is performing over time. The most recent quarter might be important if Forward Air Corporation 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 Forward Air Corporation 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 Forward Air Corporation

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 Forward Air Corporation: (161,573 + 0 +158,675) / 237,094 = 1.35

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 Forward Air Corporation.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Forward Air Corporation assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Forward Air Corporation to Integrated Freight & Logistics industry mean.
A Debt to Asset Ratio of 0.75 means that Forward Air Corporation assets are financed with 74.9% credit (debt) and the remaining percentage (100% - 74.9%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Forward Air Corporation:

The MRQ is 0.749. The company is able to pay all its debts by selling its assets. +1
The TTM is 0.515. The company is able to pay all its debts by selling its assets. +1

Trends

Current period		Compared to		+/-
MRQ	0.749	TTM	0.515	+0.233
TTM	0.515	YOY	0.440	+0.076
TTM	0.515	5Y	0.463	+0.053
5Y	0.463	10Y	0.348	+0.115

Compared to industry (Integrated Freight & Logistics)

Period	Company	Industry (mean)	+/-
MRQ	0.749	0.534	+0.215
TTM	0.515	0.536	-0.021
YOY	0.440	0.559	-0.119
5Y	0.463	0.547	-0.084
10Y	0.348	0.542	-0.194

Measures how much % of Forward Air Corporation assets are financed with debt.

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

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Forward Air Corporation to Integrated Freight & Logistics 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 Forward Air Corporation is 0.75. This means means that Forward Air Corporation is financed with 74.9% 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 Integrated Freight & Logistics industry is 139.8%.
What is the trend?
The trend is important because it shows you how Forward Air Corporation is performing over time. The most recent quarter might be important if Forward Air Corporation 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 Forward Air Corporation 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 Forward Air Corporation has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Forward Air Corporation

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

Balance sheet
Debt to asset ratio = total debt \ total assets
2,276,817 \ 3,041,078 = 74.9% or 0.75.

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 Forward Air Corporation is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Forward Air Corporation to the Integrated Freight & Logistics industry mean.
A Debt to Equity ratio of 297.9% means that company has $2.98 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Forward Air Corporation:

The MRQ is 2.979. The company is unable to pay all its debts with equity. -1
The TTM is 1.329. The company is able to pay all its debts with equity. +1

Trends

Current period		Compared to		+/-
MRQ	2.979	TTM	1.329	+1.650
TTM	1.329	YOY	0.789	+0.540
TTM	1.329	5Y	0.923	+0.405
5Y	0.923	10Y	0.617	+0.306

Compared to industry (Integrated Freight & Logistics)

Period	Company	Industry (mean)	+/-
MRQ	2.979	1.142	+1.837
TTM	1.329	1.161	+0.168
YOY	0.789	1.275	-0.486
5Y	0.923	1.249	-0.326
10Y	0.617	1.263	-0.646

Measures if Forward Air Corporation 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 Forward Air Corporation 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 Forward Air Corporation is 2.98. This means that Forward Air Corporation can pay off $2.98 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Integrated Freight & Logistics industry is 1.14.
What is the trend?
The trend is important because it shows you how Forward Air Corporation is performing over time. The most recent quarter might be important if Forward Air Corporation 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 Forward Air Corporation 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 Forward Air Corporation

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
2,276,817 \ 764,261 = 2.98 or 297.9%

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

Common shares.
Preferred shares.
Retained earnings.

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

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

2. Market Valuation of Forward Air Corporation

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 Forward Air Corporation generates.

Above 15 is considered overpriced but always compare Forward Air Corporation to the Integrated Freight & Logistics industry mean.
A PE ratio of -7.68 means the investor is paying $-7.68 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Forward Air Corporation:

The EOD is -2.780. Based on the earnings, the company is expensive. -2
The MRQ is -7.683. Based on the earnings, the company is expensive. -2
The TTM is 23.947. Based on the earnings, the company is fair priced.

Trends

Current period		Compared to		+/-
EOD	-2.780	MRQ	-7.683	+4.903
MRQ	-7.683	TTM	23.947	-31.629
TTM	23.947	YOY	13.688	+10.258
TTM	23.947	5Y	20.836	+3.110
5Y	20.836	10Y	22.035	-1.199

Compared to industry (Integrated Freight & Logistics)

Period	Company	Industry (mean)	+/-
EOD	-2.780	11.391	-14.171
MRQ	-7.683	11.627	-19.310
TTM	23.947	11.731	+12.216
YOY	13.688	12.323	+1.365
5Y	20.836	13.385	+7.451
10Y	22.035	18.264	+3.771

Measures how much money you pay for each share for every $1 in earnings Forward Air Corporation 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 Forward Air Corporation to the Integrated Freight & Logistics 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 Forward Air Corporation is -7.68. This means the investor is paying $-7.68 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Integrated Freight & Logistics industry is 11.63.
What is the trend?
The trend is important because it shows you how Forward Air Corporation is performing over time. The most recent quarter might be important if Forward Air Corporation 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 Forward Air Corporation 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 Forward Air Corporation

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 \ 25,671 = EPS
PE ratio MRQ = -7.68

* 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 Forward Air Corporation:

The EOD is 10.238. Based on how much money comes from the company's main activities, the company is cheap. +2
The MRQ is 28.292. Based on how much money comes from the company's main activities, the company is underpriced. +1
The TTM is 18.115. Based on how much money comes from the company's main activities, the company is underpriced. +1

Trends

Current period		Compared to		+/-
EOD	10.238	MRQ	28.292	-18.054
MRQ	28.292	TTM	18.115	+10.177
TTM	18.115	YOY	12.574	+5.540
TTM	18.115	5Y	23.488	-5.374
5Y	23.488	10Y	57.539	-34.051

Compared to industry (Integrated Freight & Logistics)

Period	Company	Industry (mean)	+/-
EOD	10.238	5.390	+4.848
MRQ	28.292	4.730	+23.562
TTM	18.115	7.414	+10.701
YOY	12.574	4.097	+8.477
5Y	23.488	4.494	+18.994
10Y	57.539	2.420	+55.119

2. Book Value per Share

2.3. Price to Book Ratio

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

At or below 1 is considered healthy (always compare to Integrated Freight & Logistics 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 Forward Air Corporation:

The EOD is 0.785. Based on the equity, the company is cheap. +2
The MRQ is 2.169. Based on the equity, the company is underpriced. +1
The TTM is 3.302. Based on the equity, the company is fair priced.

Trends

Current period		Compared to		+/-
EOD	0.785	MRQ	2.169	-1.384
MRQ	2.169	TTM	3.302	-1.133
TTM	3.302	YOY	3.896	-0.594
TTM	3.302	5Y	3.594	-0.293
5Y	3.594	10Y	3.335	+0.260

Compared to industry (Integrated Freight & Logistics)

Period	Company	Industry (mean)	+/-
EOD	0.785	1.427	-0.642
MRQ	2.169	1.626	+0.543
TTM	3.302	1.661	+1.641
YOY	3.896	2.114	+1.782
5Y	3.594	1.975	+1.619
10Y	3.335	2.150	+1.185

2. Total Gains per Share

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of Forward Air Corporation.

3.1. Institutions holding Forward Air Corporation

Institutions are holding 99.811% of the shares of Forward Air Corporation.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	BlackRock Inc	15.5499	0.0066	4100572	152716	3.8683
2023-12-31	Vanguard Group Inc	11.3115	0.0041	2982873	63322	2.1689
2023-12-31	Morgan Stanley - Brokerage Accounts	5.8223	0.0085	1535353	321948	26.5326
2023-12-31	Silvercrest Asset Management Group LLC	4.2833	0.5023	1129531	-109247	-8.8189
2023-12-31	State Street Corporation	4.0796	0.0033	1075816	72672	7.2444
2023-12-31	Dimensional Fund Advisors, Inc.	3.0466	0.0148	803393	25523	3.2811
2023-12-31	NORGES BANK	2.6106	0.0076	688425	370489	116.5294
2023-12-31	ClearBridge Advisors, LLC	2.5636	0.0366	676018	4648	0.6923
2023-12-31	Pacer Advisors, INC.	2.4495	0.1149	645931	203597	46.0279
2023-12-31	Geode Capital Management, LLC	2.3094	0.004	609008	23375	3.9914
2023-12-31	Millennium Management LLC	1.7425	0.0125	459498	175733	61.9291
2023-12-31	Northern Trust Corp	1.572	0.0047	414535	-25870	-5.8741
2023-12-31	Schroder Investment Management Group	1.5573	0.0335	410664	77909	23.4133
2023-09-30	Jacobs Levy Equity Management, Inc.	1.5375	0.1651	405442	405442	0
2023-12-31	River Road Asset Management, LLC	1.5116	0.348	398619	-5097	-1.2625
2023-12-31	P Schoenfeld Asset Mgmt LP(NY)	1.4689	5.6908	387348	86348	28.687
2023-12-31	Nuveen Asset Management, LLC	1.3541	0.0072	357090	106976	42.7709
2023-12-31	Charles Schwab Investment Management Inc	1.3535	0.0057	356921	24567	7.3918
2023-12-31	BTIM Corp	1.1367	0.1422	299755	2710	0.9123
2023-12-31	Bank of New York Mellon Corp	1.0523	0.0035	277491	19611	7.6047
Total		68.3127	7.1159	18014283	+1997372	+11.1%

3.2. Funds holding Forward Air Corporation

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2024-03-28	Pacer US Small Cap Cash Cows 100 ETF	8.0741	0.6809	2129180	7532	0.355
2024-03-28	iShares Core S&P Small-Cap ETF	7.8886	0.0806	2080257	-7788	-0.373
2024-02-29	Vanguard Total Stock Mkt Idx Inv	3.0545	0.0019	805474	-27398	-3.2896
2024-02-29	Vanguard Small Cap Index	2.5081	0.0175	661387	6090	0.9293
2024-03-28	iShares Russell 2000 ETF	2.3992	0.0301	632666	306	0.0484
2024-02-29	Invesco Global Opportunities A	2.3452	0.6441	618437	0	0
2024-02-29	Vanguard Institutional Extnd Mkt Idx Tr	1.4387	0.0138	379388	319	0.0842
2024-03-28	iShares S&P Small-Cap 600 Value ETF	1.4386	0.1634	379366	-3718	-0.9705
2024-02-29	Vanguard Small Cap Growth Index Inv	1.408	0.0395	371290	6193	1.6963
2023-12-31	ClearBridge Small Cap Growth A	1.3723	0.5461	361893	-169285	-31.8697
2024-03-28	SPDR® Portfolio S&P 600 Sm Cap ETF	1.0294	0.0803	271451	280	0.1033
2024-01-31	Fidelity Small Cap Index	0.9883	0.0466	260631	3898	1.5183
2024-03-28	iShares Russell 2000 Growth ETF	0.8476	0.0597	223519	-260	-0.1162
2024-03-28	SPDR® S&P 600 Small Cap Value ETF	0.7957	0.1635	209824	0	0
2024-02-29	Vanguard Tax-Managed Small Cap Adm	0.7603	0.0838	200486	0	0
2024-02-29	ClearBridge Small Cap Growth	0.7293	0.1743	192308	0	0
2024-02-29	DFA US Small Cap I	0.702	0.0443	185127	0	0
2024-02-29	DFA US Micro Cap I	0.7003	0.0956	184669	-6544	-3.4224
2024-02-29	State St Russell Sm/Mid Cp® Indx NL Cl C	0.5893	0.0138	155410	4800	3.187
2024-03-29	Schwab Fundamental US Small Company ETF	0.5875	0.0578	154927	0	0
Total		39.657	3.0376	10457690	-185575	-1.8%

3.3. Insider Transactions

Insiders are holding 1.63% of the shares of Forward Air Corporation.

Date	Owner	Type	Amount	Price
2023-08-25	Chris C Ruble	BUY	1433	69.77
2023-08-25	Kyle R Mitchin	BUY	1093	68.63
2023-08-22	Nancee L Ronning	BUY	315	64.65
2023-08-17	Laurie Anne Tucker	BUY	4000	61.23
2023-08-17	Michael L Hance	BUY	411	60.66
2023-08-17	Thomas Schmitt	BUY	16050	62.7

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Forward Air Corporation 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	-	-	3.738	0.624	+499%	1.157	+223%	0.490	+663%	0.374	+898%
Book Value Per Share	-	-	28.982	26.416	+10%	24.764	+17%	22.367	+30%	19.434	+49%
Current Ratio	-	-	1.464	1.386	+6%	1.789	-18%	1.609	-9%	1.989	-26%
Debt To Asset Ratio	-	-	0.749	0.515	+45%	0.440	+70%	0.463	+62%	0.348	+115%
Debt To Equity Ratio	-	-	2.979	1.329	+124%	0.789	+278%	0.923	+223%	0.617	+383%
Dividend Per Share	-	-	0.235	0.237	-1%	0.240	-2%	0.212	+11%	0.173	+36%
Eps	-	-	-2.046	0.109	-1975%	1.791	-214%	0.769	-366%	0.653	-413%
Free Cash Flow Per Share	-	-	0.556	1.426	-61%	2.028	-73%	1.199	-54%	0.899	-38%
Free Cash Flow To Equity Per Share	-	-	63.489	16.121	+294%	0.671	+9368%	3.640	+1644%	1.896	+3249%
Gross Profit Margin	-	-	1.000	1.000	0%	1.000	0%	1.000	0%	1.000	0%
Intrinsic Value_10Y_max	-	-	62.639	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	22.167	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	5.699	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	3.384	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	17.564	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	9.220	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	29.959	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	13.975	-	-	-	-	-	-	-	-
Market Cap	599926600.000	-176%	1657907048.000	2280537132.000	-27%	2590147212.500	-36%	2182269586.979	-24%	1860005136.062	-11%
Net Profit Margin	-	-	-0.159	-0.001	-100%	0.098	-263%	0.048	-434%	0.055	-391%
Operating Margin	-	-	0.009	0.057	-84%	0.134	-93%	0.085	-90%	0.092	-90%
Operating Ratio	-	-	1.122	1.196	-6%	0.866	+30%	0.966	+16%	0.933	+20%
Pb Ratio	0.785	-176%	2.169	3.302	-34%	3.896	-44%	3.594	-40%	3.335	-35%
Pe Ratio	-2.780	+64%	-7.683	23.947	-132%	13.688	-156%	20.836	-137%	22.035	-135%
Price Per Share	22.750	-176%	62.870	86.370	-27%	96.223	-35%	80.264	-22%	65.500	-4%
Price To Free Cash Flow Ratio	10.238	-176%	28.292	18.115	+56%	12.574	+125%	23.488	+20%	57.539	-51%
Price To Total Gains Ratio	5.727	-176%	15.826	-573.480	+3724%	77.614	-80%	-32.719	+307%	-64.439	+507%
Quick Ratio	-	-	1.351	1.253	+8%	1.645	-18%	1.452	-7%	1.786	-24%
Return On Assets	-	-	-0.018	0.009	-294%	0.041	-144%	0.021	-186%	0.023	-179%
Return On Equity	-	-	-0.071	0.007	-1185%	0.073	-197%	0.035	-301%	0.033	-311%
Total Gains Per Share	-	-	3.973	0.860	+362%	1.397	+184%	0.701	+466%	0.548	+625%
Usd Book Value	-	-	764261000.000	697300750.000	+10%	666515750.000	+15%	608650000.000	+26%	554474275.000	+38%
Usd Book Value Change Per Share	-	-	3.738	0.624	+499%	1.157	+223%	0.490	+663%	0.374	+898%
Usd Book Value Per Share	-	-	28.982	26.416	+10%	24.764	+17%	22.367	+30%	19.434	+49%
Usd Dividend Per Share	-	-	0.235	0.237	-1%	0.240	-2%	0.212	+11%	0.173	+36%
Usd Eps	-	-	-2.046	0.109	-1975%	1.791	-214%	0.769	-366%	0.653	-413%
Usd Free Cash Flow	-	-	14650000.000	37665750.000	-61%	54590250.000	-73%	32620500.000	-55%	25333375.000	-42%
Usd Free Cash Flow Per Share	-	-	0.556	1.426	-61%	2.028	-73%	1.199	-54%	0.899	-38%
Usd Free Cash Flow To Equity Per Share	-	-	63.489	16.121	+294%	0.671	+9368%	3.640	+1644%	1.896	+3249%
Usd Market Cap	599926600.000	-176%	1657907048.000	2280537132.000	-27%	2590147212.500	-36%	2182269586.979	-24%	1860005136.062	-11%
Usd Price Per Share	22.750	-176%	62.870	86.370	-27%	96.223	-35%	80.264	-22%	65.500	-4%
Usd Profit	-	-	-53948000.000	2914750.000	-1951%	48297750.000	-212%	21077100.000	-356%	18633275.000	-390%
Usd Revenue	-	-	338428000.000	395260250.000	-14%	493350750.000	-31%	396689500.000	-15%	326952750.000	+4%
Usd Total Gains Per Share	-	-	3.973	0.860	+362%	1.397	+184%	0.701	+466%	0.548	+625%
	EOD	+3 -5	MRQ	TTM	+16 -19	YOY	+12 -23	5Y	+15 -20	10Y	+17 -18

4.2. Fundamental Score

Let's check the fundamental score of Forward Air Corporation based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	-2.780
Price to Book Ratio (EOD)	Between	0-1	0.785
Net Profit Margin (MRQ)	Greater than	0	-0.159
Operating Margin (MRQ)	Greater than	0	0.009
Quick Ratio (MRQ)	Greater than	1	1.351
Current Ratio (MRQ)	Greater than	1	1.464
Debt to Asset Ratio (MRQ)	Less than	1	0.749
Debt to Equity Ratio (MRQ)	Less than	1	2.979
Return on Equity (MRQ)	Greater than	0.15	-0.071
Return on Assets (MRQ)	Greater than	0.05	-0.018
Total			5/10 (50.0%)

Create your own Stock Scanner

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

4.3. Technical Score

Let's check the technical score of Forward Air Corporation based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	28.021
Ma 20	Greater than	Ma 50	27.664
Ma 50	Greater than	Ma 100	32.293
Ma 100	Greater than	Ma 200	45.357
Open	Greater than	Close	22.710
Total			0/5 (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
Income before Tax	59,798	-11,644	48,154	-20,528	27,626	-14,788	12,838	-33,814	-20,976
Net Income	42,942	-6,574	36,368	-16,417	19,951	-10,663	9,288	-63,236	-53,948
Tax Provision	16,856	-5,070	11,786	-4,111	7,675	-4,125	3,550	-12,725	-9,175
Income Tax Expense	16,856	-5,070	11,786	-4,111	7,675	-4,125	3,550	-9,805	-6,255
Net Income from Continuing Operations	42,942	-6,574	36,368	-16,417	19,951	-10,663	9,288	-32,092	-22,804

Latest Balance Sheet

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

Summary

Total Assets	3,041,078
Total Liabilities	2,276,817
Total Stockholder Equity	764,261

	As reported
Total Liabilities	2,276,817
Total Stockholder Equity	+ 764,261
Total Assets	= 3,041,078

Assets

Total Assets	3,041,078
Total Current Assets	347,028
Long-term Assets	2,694,050

Total Current Assets

Total Current Assets (as reported)	347,028
Cash And Cash Equivalents	161,573
Net Receivables	158,675
Other Current Assets	26,780
Total Current Assets (calculated)	347,028
+/-	0

Long-term Assets

Long-term Assets (as reported)	2,694,050
Property Plant Equipment	369,647
Goodwill	278,706
Intangible Assets	134,789
Long-term Assets Other	58,863
Long-term Assets (calculated)	842,005
+/-	1,852,045

Liabilities & Shareholders' Equity

Total Current Liabilities	237,094
Long-term Liabilities	2,039,723
Total Stockholder Equity	764,261

Total Current Liabilities

Total Current Liabilities (as reported)	237,094
Short-term Debt	56,989
Short Long Term Debt	12,645
Accounts payable	45,430
Other Current Liabilities	103,485
Total Current Liabilities (calculated)	218,549
+/-	18,545

Long-term Liabilities

Long-term Liabilities (as reported)	2,039,723
Long term Debt	1,790,500
Capital Lease Obligations	142,678
Long-term Liabilities Other	47,144
Long-term Liabilities (calculated)	1,980,322
+/-	59,401

Total Stockholder Equity

Total Stockholder Equity (as reported)	764,261
Common Stock	257
Retained Earnings	480,320
Other Stockholders Equity	283,684
Total Stockholder Equity (calculated)	764,261
+/-	0

Other

Capital Stock	257
Cash and Short Term Investments	161,573
Common Stock Shares Outstanding	25,671
Current Deferred Revenue	31,190
Liabilities and Stockholders Equity	3,041,078
Net Debt	1,784,250
Net Invested Capital	2,567,406
Net Working Capital	109,934
Property Plant and Equipment Gross	619,832
Short Long Term Debt Total	1,945,823

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

1994-12-31

1994-09-30

1994-06-30

1994-03-31

> Total Assets

51,500
59,700
68,600
78,000
79,200
85,900
92,000
98,300
96,957
98,668
97,423
99,074
101,982
100,883
105,187
118,331
124,263
140,292
54,854
56,808
59,024
65,265
70,396
79,617
84,630
93,074
103,253
115,968
115,968
123,537
129,914
136,959
141,498
146,323
147,964
145,511
150,881
157,944
166,637
175,087
183,694
192,128
201,256
214,553
213,035
206,818
199,658
212,600
212,189
225,527
207,192
213,014
212,852
199,976
215,964
241,884
264,545
274,023
304,922
307,527
300,988
305,383
306,686
316,730
320,623
330,497
341,813
348,796
368,102
382,979
374,813
341,151
364,760
370,776
386,618
399,187
446,206
468,192
490,802
506,269
534,567
532,489
529,945
541,805
715,387
709,360
698,665
700,171
689,053
644,427
641,513
641,291
635,868
659,687
669,168
687,716
690,207
711,292
743,141
760,215
885,577
936,557
980,633
990,878
1,066,236
1,072,499
1,048,210
1,047,768
1,015,901
1,081,841
1,070,508
1,117,823
1,166,806
1,197,143
1,186,059
1,208,076
1,226,566
1,184,573
1,190,581
3,041,078

3,041,078

1,190,581

1,184,573

1,226,566

1,208,076

1,186,059

1,197,143

1,166,806

1,117,823

1,070,508

1,081,841

1,015,901

1,047,768

1,048,210

1,072,499

1,066,236

990,878

980,633

936,557

885,577

760,215

743,141

711,292

690,207

687,716

669,168

659,687

635,868

641,291

641,513

644,427

689,053

700,171

698,665

709,360

715,387

541,805

529,945

532,489

534,567

506,269

490,802

468,192

446,206

399,187

386,618

370,776

364,760

341,151

374,813

382,979

368,102

348,796

341,813

330,497

320,623

316,730

306,686

305,383

300,988

307,527

304,922

274,023

264,545

241,884

215,964

199,976

212,852

213,014

207,192

225,527

212,189

212,600

199,658

206,818

213,035

214,553

201,256

192,128

183,694

175,087

166,637

157,944

150,881

145,511

147,964

146,323

141,498

136,959

129,914

123,537

115,968

103,253

93,074

84,630

79,617

70,396

65,265

59,024

56,808

54,854

140,292

124,263

118,331

105,187

100,883

101,982

99,074

97,423

98,668

96,957

98,300

92,000

85,900

79,200

78,000

68,600

59,700

51,500

> Total Current Assets

16,200
18,100
19,500
21,600
23,000
20,600
21,700
25,800
25,794
25,532
26,461
28,204
28,809
29,306
33,142
35,829
38,722
20,371
21,680
23,416
24,840
30,995
35,316
36,414
41,382
45,589
50,537
54,925
54,925
60,471
67,682
62,404
82,349
87,444
90,028
88,774
95,367
102,796
113,212
123,166
130,458
140,265
150,600
159,422
159,690
142,050
133,494
136,734
137,316
150,011
124,408
127,563
106,665
80,355
80,644
71,450
76,259
86,208
97,967
91,589
92,309
91,778
94,368
107,226
110,725
122,316
137,141
145,963
163,609
175,951
168,877
139,717
155,442
162,098
181,473
198,396
164,518
177,281
200,624
220,360
145,125
137,158
138,646
149,955
196,735
193,342
185,697
173,457
167,936
163,631
143,960
136,270
139,202
148,151
157,842
162,742
170,073
193,505
201,067
201,082
202,071
193,072
215,711
236,318
241,189
247,291
235,047
249,526
247,986
297,012
289,261
282,807
325,252
315,756
312,967
304,315
257,794
215,787
237,730
347,028

347,028

237,730

215,787

257,794

304,315

312,967

315,756

325,252

282,807

289,261

297,012

247,986

249,526

235,047

247,291

241,189

236,318

215,711

193,072

202,071

201,082

201,067

193,505

170,073

162,742

157,842

148,151

139,202

136,270

143,960

163,631

167,936

173,457

185,697

193,342

196,735

149,955

138,646

137,158

145,125

220,360

200,624

177,281

164,518

198,396

181,473

162,098

155,442

139,717

168,877

175,951

163,609

145,963

137,141

122,316

110,725

107,226

94,368

91,778

92,309

91,589

97,967

86,208

76,259

71,450

80,644

80,355

106,665

127,563

124,408

150,011

137,316

136,734

133,494

142,050

159,690

159,422

150,600

140,265

130,458

123,166

113,212

102,796

95,367

88,774

90,028

87,444

82,349

62,404

67,682

60,471

54,925

50,537

45,589

41,382

36,414

35,316

30,995

24,840

23,416

21,680

20,371

38,722

35,829

33,142

29,306

28,809

28,204

26,461

25,532

25,794

25,800

21,700

20,600

23,000

21,600

19,500

18,100

16,200

Cash And Cash Equivalents

1,500
1,500
1,600
1,000
3,200
1,000
0
3,800
26
26
26
28
538
99
148
686
1,164
900
96
455
117
5,484
7,779
5,989
10,117
10,315
15,355
15,589
15,589
27,727
35,426
19,364
23,706
28,108
33,525
33,642
50,827
60,705
73,660
83,539
87,349
93,866
100,336
78
5,012
8,178
141
332
3,183
13,022
4,356
8,231
5,435
10,336
8,306
4,909
3,235
1,082
17,591
22,093
31,241
24,072
27,230
42,035
44,612
47,916
63,219
74,504
85,681
96,119
87,467
58,801
69,397
68,832
92,988
112,182
71,630
81,101
98,551
127,367
41,044
24,943
24,573
41,429
54,495
42,531
47,444
33,312
38,037
21,679
11,312
8,511
14,335
10,090
12,423
3,893
12,735
20,102
28,911
25,657
42,165
14,777
34,824
64,749
77,245
80,916
42,990
40,254
24,396
50,844
51,930
37,316
61,630
47,386
46,846
45,822
32,028
18,281
18,843
161,573

161,573

18,843

18,281

32,028

45,822

46,846

47,386

61,630

37,316

51,930

50,844

24,396

40,254

42,990

80,916

77,245

64,749

34,824

14,777

42,165

25,657

28,911

20,102

12,735

3,893

12,423

10,090

14,335

8,511

11,312

21,679

38,037

33,312

47,444

42,531

54,495

41,429

24,573

24,943

41,044

127,367

98,551

81,101

71,630

112,182

92,988

68,832

69,397

58,801

87,467

96,119

85,681

74,504

63,219

47,916

44,612

42,035

27,230

24,072

31,241

22,093

17,591

1,082

3,235

4,909

8,306

10,336

5,435

8,231

4,356

13,022

3,183

332

141

8,178

5,012

100,336

93,866

87,349

83,539

73,660

60,705

50,827

33,642

33,525

28,108

23,706

19,364

35,426

27,727

15,589

15,355

10,315

10,117

5,989

7,779

5,484

117

455

900

1,164

686

148

538

3,800

1,000

3,200

1,000

1,600

1,500

Short-term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9,222
25,305
24,968
23,539
20,274
8,271
6,060
3,000
3,000
6,000
6,000
4,000
111,600
111,850
85,771
78,190
79,000
79,455
80,295
60,800
61,650
42,075
10,575
10,600
522
522
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

522

10,600

10,575

42,075

61,650

60,800

80,295

79,455

79,000

78,190

85,771

111,850

111,600

4,000

6,000

3,000

6,060

8,271

20,274

23,539

24,968

25,305

9,222

Net Receivables

13,100
15,000
16,300
18,100
17,600
16,500
17,600
17,800
20,954
21,013
22,815
23,671
23,367
24,458
27,646
28,771
28,998
17,602
19,247
19,754
21,600
22,327
24,178
27,342
28,120
30,448
29,610
35,543
35,543
28,214
28,479
28,764
28,727
28,577
27,849
30,310
30,187
27,816
29,951
31,457
32,468
33,829
37,761
42,139
35,685
40,217
48,137
50,942
44,270
46,216
51,292
51,889
48,908
51,876
55,665
59,734
66,556
77,059
72,263
60,633
48,441
50,039
52,993
55,720
58,425
63,541
62,438
62,763
68,387
69,779
69,574
70,922
75,376
77,557
74,878
75,262
78,092
76,280
83,224
76,500
93,651
97,560
100,016
95,326
120,473
122,356
114,674
109,165
104,317
109,256
115,327
116,602
116,473
123,535
132,100
143,041
146,191
152,393
148,464
156,359
150,623
154,715
157,494
150,197
143,234
130,759
153,070
156,490
203,351
226,186
219,383
216,182
241,154
246,110
247,730
221,028
201,385
175,968
191,758
158,675

158,675

191,758

175,968

201,385

221,028

247,730

246,110

241,154

216,182

219,383

226,186

203,351

156,490

153,070

130,759

143,234

150,197

157,494

154,715

150,623

156,359

148,464

152,393

146,191

143,041

132,100

123,535

116,473

116,602

115,327

109,256

104,317

109,165

114,674

122,356

120,473

95,326

100,016

97,560

93,651

76,500

83,224

76,280

78,092

75,262

74,878

77,557

75,376

70,922

69,574

69,779

68,387

62,763

62,438

63,541

58,425

55,720

52,993

50,039

48,441

60,633

72,263

77,059

66,556

59,734

55,665

51,876

48,908

51,889

51,292

46,216

44,270

50,942

48,137

40,217

35,685

42,139

37,761

33,829

32,468

31,457

29,951

27,816

30,187

30,310

27,849

28,577

28,727

28,764

28,479

28,214

35,543

29,610

30,448

28,120

27,342

24,178

22,327

21,600

19,754

19,247

17,602

28,998

28,771

27,646

24,458

23,367

23,671

22,815

21,013

20,954

17,800

17,600

16,500

17,600

18,100

16,300

15,000

13,100

Inventory

300
300
0
300
0
0
0
400
0
0
0
552
0
0
0
721
0
0
0
389
0
0
0
640
0
0
0
439
439
0
0
379
379
0
0
403
403
0
0
399
399
0
0
422
422
0
0
567
0
0
0
501
0
0
0
558
558
0
0
669
0
0
0
938
0
0
0
830
0
0
0
881
0
0
0
901
0
0
0
1,052
0
0
0
1,056
0
0
0
1,310
0
0
0
1,306
0
0
0
1,425
0
0
0
2,240
0
0
0
2,132
0
11,871
16,925
21,002
0
0
0
0
0
0
0
0
0
0
0
0

21,002

16,925

11,871

2,132

2,240

1,425

1,306

1,310

1,056

1,052

901

881

830

938

669

558

501

567

422

399

403

379

439

640

389

721

552

400

300

Other Current Assets

1,300
1,300
1,600
2,200
2,200
3,100
4,100
3,800
4,814
4,493
3,620
3,953
4,904
4,749
5,348
5,651
8,560
1,869
2,337
2,818
3,123
3,184
3,359
2,443
3,145
4,826
5,572
5,280
3,354
4,530
3,777
4,675
4,611
5,791
5,115
4,145
6,082
8,215
6,601
4,771
4,641
6,570
8,503
5,183
7,143
7,884
7,026
5,893
10,408
10,478
7,960
5,292
10,247
7,568
6,073
5,727
5,946
8,067
8,113
8,194
12,627
17,667
14,145
8,533
7,688
10,859
11,484
7,866
9,541
10,053
11,836
9,113
10,669
15,709
13,607
10,952
14,796
19,900
18,849
16,493
10,430
14,655
14,057
13,200
21,767
28,455
23,579
30,980
25,582
32,696
17,321
11,157
8,394
14,526
13,319
15,808
11,147
21,010
23,692
19,066
9,283
23,580
23,393
21,372
20,710
23,745
22,062
31,780
20,239
19,982
17,948
29,309
22,468
22,260
18,391
37,465
24,381
21,538
27,129
26,780

26,780

27,129

21,538

24,381

37,465

18,391

22,260

22,468

29,309

17,948

19,982

20,239

31,780

22,062

23,745

20,710

21,372

23,393

23,580

9,283

19,066

23,692

21,010

11,147

15,808

13,319

14,526

8,394

11,157

17,321

32,696

25,582

30,980

23,579

28,455

21,767

13,200

14,057

14,655

10,430

16,493

18,849

19,900

14,796

10,952

13,607

15,709

10,669

9,113

11,836

10,053

9,541

7,866

11,484

10,859

7,688

8,533

14,145

17,667

12,627

8,194

8,113

8,067

5,946

5,727

6,073

7,568

10,247

5,292

7,960

10,478

10,408

5,893

7,026

7,884

7,143

5,183

8,503

6,570

4,641

4,771

6,601

8,215

6,082

4,145

5,115

5,791

4,611

4,675

3,777

4,530

3,354

5,280

5,572

4,826

3,145

2,443

3,359

3,184

3,123

2,818

2,337

1,869

8,560

5,651

5,348

4,749

4,904

3,953

3,620

4,493

4,814

3,800

4,100

3,100

2,200

1,600

1,300

> Long-term Assets

35,300
41,600
49,100
56,400
56,200
65,300
70,300
72,500
71,163
73,136
70,962
70,870
73,173
71,577
72,045
82,502
85,541
119,921
33,174
33,392
34,184
34,270
35,080
43,203
43,248
47,485
52,716
61,043
61,043
63,066
62,232
74,555
59,149
58,879
57,936
56,737
55,514
55,148
53,425
51,921
53,236
51,863
50,656
55,131
53,345
64,768
66,164
75,866
74,873
75,516
82,784
85,451
106,187
119,621
135,320
170,434
188,286
187,815
206,955
215,938
208,679
213,605
212,318
209,504
209,898
208,181
204,672
202,833
204,493
207,028
205,936
201,434
209,318
208,678
205,145
200,791
281,688
290,911
290,178
285,909
389,442
395,331
391,299
391,850
518,652
516,018
512,968
526,714
521,117
480,796
497,553
505,021
496,666
511,536
511,326
524,974
520,134
517,787
542,074
559,133
683,506
743,485
764,922
754,560
825,047
825,208
813,163
798,242
767,915
784,829
781,247
835,016
841,554
881,387
873,092
903,761
968,772
968,786
952,851
2,694,050

2,694,050

952,851

968,786

968,772

903,761

873,092

881,387

841,554

835,016

781,247

784,829

767,915

798,242

813,163

825,208

825,047

754,560

764,922

743,485

683,506

559,133

542,074

517,787

520,134

524,974

511,326

511,536

496,666

505,021

497,553

480,796

521,117

526,714

512,968

516,018

518,652

391,850

391,299

395,331

389,442

285,909

290,178

290,911

281,688

200,791

205,145

208,678

209,318

201,434

205,936

207,028

204,493

202,833

204,672

208,181

209,898

209,504

212,318

213,605

208,679

215,938

206,955

187,815

188,286

170,434

135,320

119,621

106,187

85,451

82,784

75,516

74,873

75,866

66,164

64,768

53,345

55,131

50,656

51,863

53,236

51,921

53,425

55,148

55,514

56,737

57,936

58,879

59,149

74,555

62,232

63,066

61,043

52,716

47,485

43,248

43,203

35,080

34,270

34,184

33,392

33,174

119,921

85,541

82,502

72,045

71,577

73,173

70,870

70,962

73,136

71,163

72,500

70,300

65,300

56,200

56,400

49,100

41,600

35,300

Property Plant Equipment

31,600
38,600
48,000
56,000
55,700
64,900
69,900
72,100
70,763
72,590
70,428
70,279
72,559
70,960
71,458
79,197
82,174
18,164
29,687
29,920
30,727
30,769
31,590
32,890
33,165
37,466
43,031
45,061
45,061
44,766
44,363
42,695
41,515
41,650
40,911
37,173
36,063
35,862
34,304
32,912
34,169
32,770
32,810
37,286
35,488
35,602
37,331
47,222
46,523
47,497
50,346
53,315
76,982
92,282
99,369
103,032
103,861
103,748
114,016
122,976
123,931
130,474
130,407
128,726
130,331
129,670
127,339
126,432
129,527
133,198
133,255
129,868
138,607
139,082
136,763
133,557
146,627
157,465
157,599
154,763
171,229
179,381
176,496
172,489
172,527
173,197
172,501
187,288
182,759
188,256
197,234
200,205
193,937
189,559
191,781
206,112
203,600
204,243
210,299
209,895
340,217
358,386
379,820
364,688
380,996
318,520
305,815
313,205
317,803
335,638
338,842
367,293
377,397
383,497
378,207
390,945
403,214
405,510
392,974
369,647

369,647

392,974

405,510

403,214

390,945

378,207

383,497

377,397

367,293

338,842

335,638

317,803

313,205

305,815

318,520

380,996

364,688

379,820

358,386

340,217

209,895

210,299

204,243

203,600

206,112

191,781

189,559

193,937

200,205

197,234

188,256

182,759

187,288

172,501

173,197

172,527

172,489

176,496

179,381

171,229

154,763

157,599

157,465

146,627

133,557

136,763

139,082

138,607

129,868

133,255

133,198

129,527

126,432

127,339

129,670

130,331

128,726

130,407

130,474

123,931

122,976

114,016

103,748

103,861

103,032

99,369

92,282

76,982

53,315

50,346

47,497

46,523

47,222

37,331

35,602

35,488

37,286

32,810

32,770

34,169

32,912

34,304

35,862

36,063

37,173

40,911

41,650

41,515

42,695

44,363

44,766

45,061

43,031

37,466

33,165

32,890

31,590

30,769

30,727

29,920

29,687

18,164

82,174

79,197

71,458

70,960

72,559

70,279

70,428

72,590

70,763

72,100

69,900

64,900

55,700

56,000

48,000

38,600

31,600

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
15,588
15,588
0
0
15,588
15,588
0
0
15,588
15,588
0
0
15,588
15,588
0
0
15,588
15,588
15,588
15,588
15,588
15,588
15,588
15,588
36,053
53,939
45,045
54,957
50,230
43,332
43,332
43,332
43,332
43,332
43,332
43,332
43,332
43,332
43,332
43,332
43,332
43,332
43,332
43,332
43,332
87,860
87,771
88,404
88,496
131,217
138,839
140,678
144,412
202,909
206,530
206,899
205,609
206,517
179,301
184,675
184,675
184,675
191,535
191,535
191,671
191,671
191,671
193,625
199,092
199,092
218,373
220,423
221,105
242,639
240,933
240,933
244,982
250,736
254,993
254,776
266,752
265,639
287,597
288,496
306,184
356,627
356,763
356,763
278,706

278,706

356,763

356,627

306,184

288,496

287,597

265,639

266,752

254,776

254,993

250,736

244,982

240,933

242,639

221,105

220,423

218,373

199,092

193,625

191,671

191,535

184,675

179,301

206,517

205,609

206,899

206,530

202,909

144,412

140,678

138,839

131,217

88,496

88,404

87,771

87,860

43,332

50,230

54,957

45,045

53,939

36,053

15,588

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
9,458
0
0
0
15,083
15,083
0
0
931
931
0
0
478
478
0
0
15,588
0
0
0
15,588
0
12,644
27,913
12,007
11,688
11,369
11,050
10,731
10,912
10,552
18,925
29,991
29,097
37,067
35,953
40,708
39,292
38,144
36,997
35,849
34,701
33,554
32,406
31,259
30,111
28,963
27,816
26,668
25,521
24,373
23,225
22,102
44,651
43,138
41,624
40,110
84,456
74,560
71,778
72,705
140,189
133,262
130,531
127,800
125,893
106,709
109,041
106,650
104,259
116,231
113,562
111,247
108,938
106,741
106,227
113,661
111,150
126,482
130,038
127,798
158,135
148,452
145,086
145,032
147,668
145,813
142,196
154,717
150,638
160,216
155,161
154,801
155,726
151,218
146,710
134,789

134,789

146,710

151,218

155,726

154,801

155,161

160,216

150,638

154,717

142,196

145,813

147,668

145,032

145,086

148,452

158,135

127,798

130,038

126,482

111,150

113,661

106,227

106,741

108,938

111,247

113,562

116,231

104,259

106,650

109,041

106,709

125,893

127,800

130,531

133,262

140,189

72,705

71,778

74,560

84,456

40,110

41,624

43,138

44,651

22,102

23,225

24,373

25,521

26,668

27,816

28,963

30,111

31,259

32,406

33,554

34,701

35,849

36,997

38,144

39,292

40,708

35,953

37,067

29,097

29,991

18,925

10,552

10,912

10,731

11,050

11,369

11,688

12,007

27,913

12,644

15,588

478

931

15,083

9,458

Long-term Assets Other

3,700
3,000
1,100
400
500
400
400
400
400
546
534
591
614
617
587
3,305
3,367
101,757
3,487
3,472
3,457
3,501
3,490
855
10,083
10,019
9,685
899
899
18,300
17,869
956
17,359
8,670
17,025
3,498
11,416
10,657
9,945
3,421
12,067
11,071
8,968
2,257
10,932
16,522
920
1,049
1,074
1,062
5,800
5,817
2,705
1,199
1,438
1,358
1,389
1,955
2,029
2,024
2,124
1,655
1,582
1,597
1,534
1,625
1,595
1,810
1,523
1,535
1,533
1,566
1,858
1,891
1,825
1,800
2,550
2,537
2,551
2,540
2,540
2,551
2,347
2,244
3,027
3,029
3,037
6,017
5,948
6,530
6,603
13,491
13,795
14,211
14,448
15,944
15,925
15,132
31,923
36,485
33,047
40,244
34,641
40,969
43,277
117,303
121,329
95,023
51,708
48,385
45,433
46,254
47,880
4,708
5,859
51,831
255
55,295
56,404
58,863

58,863

56,404

55,295

255

51,831

5,859

4,708

47,880

46,254

45,433

48,385

51,708

95,023

121,329

117,303

43,277

40,969

34,641

40,244

33,047

36,485

31,923

15,132

15,925

15,944

14,448

14,211

13,795

13,491

6,603

6,530

5,948

6,017

3,037

3,029

3,027

2,244

2,347

2,551

2,540

2,551

2,537

2,550

1,800

1,825

1,891

1,858

1,566

1,533

1,535

1,523

1,810

1,595

1,625

1,534

1,597

1,582

1,655

2,124

2,024

2,029

1,955

1,389

1,358

1,438

1,199

2,705

5,817

5,800

1,062

1,074

1,049

920

16,522

10,932

2,257

8,968

11,071

12,067

3,421

9,945

10,657

11,416

3,498

17,025

8,670

17,359

956

17,869

18,300

899

9,685

10,019

10,083

855

3,490

3,501

3,457

3,472

3,487

101,757

3,367

3,305

587

617

614

591

534

546

400

500

400

1,100

3,000

3,700

> Total Liabilities

23,600
29,900
37,100
46,200
46,600
51,900
56,800
61,700
59,369
59,715
57,583
57,810
59,947
56,849
57,899
67,871
70,521
83,719
39,009
37,737
36,358
20,671
21,237
24,665
24,459
24,060
27,689
32,515
32,515
26,783
28,882
30,374
28,825
27,716
32,030
27,165
26,913
26,827
28,263
27,379
28,849
29,833
32,349
33,550
25,922
33,320
34,787
33,784
26,916
26,560
30,126
27,787
27,412
27,730
33,138
70,151
81,963
78,111
96,480
91,093
88,131
89,986
87,927
92,223
92,921
95,091
97,679
92,710
99,833
100,243
103,920
54,249
60,003
51,999
49,641
47,516
65,759
64,437
72,358
70,404
81,185
81,828
83,363
78,242
238,373
220,876
206,309
190,116
178,483
154,945
145,671
142,222
135,240
140,450
163,578
154,227
163,764
169,422
194,731
206,971
332,140
386,515
419,488
413,696
500,395
506,207
496,014
500,439
471,170
531,492
514,972
524,169
555,035
532,793
503,361
500,832
540,933
510,964
524,881
2,276,817

2,276,817

524,881

510,964

540,933

500,832

503,361

532,793

555,035

524,169

514,972

531,492

471,170

500,439

496,014

506,207

500,395

413,696

419,488

386,515

332,140

206,971

194,731

169,422

163,764

154,227

163,578

140,450

135,240

142,222

145,671

154,945

178,483

190,116

206,309

220,876

238,373

78,242

83,363

81,828

81,185

70,404

72,358

64,437

65,759

47,516

49,641

51,999

60,003

54,249

103,920

100,243

99,833

92,710

97,679

95,091

92,921

92,223

87,927

89,986

88,131

91,093

96,480

78,111

81,963

70,151

33,138

27,730

27,412

27,787

30,126

26,560

26,916

33,784

34,787

33,320

25,922

33,550

32,349

29,833

28,849

27,379

28,263

26,827

26,913

27,165

32,030

27,716

28,825

30,374

28,882

26,783

32,515

27,689

24,060

24,459

24,665

21,237

20,671

36,358

37,737

39,009

83,719

70,521

67,871

57,899

56,849

59,947

57,810

57,583

59,715

59,369

61,700

56,800

51,900

46,600

46,200

37,100

29,900

23,600

> Total Current Liabilities

8,000
10,300
11,400
14,700
15,400
15,700
19,300
20,000
21,744
20,937
19,583
22,414
23,165
26,017
28,468
33,900
33,073
17,487
14,221
16,381
17,754
14,215
14,252
16,852
16,984
15,976
18,766
19,133
19,133
14,666
16,617
18,310
16,555
15,177
19,355
18,690
17,950
17,277
18,173
20,290
20,950
20,919
22,587
25,657
18,139
25,854
27,715
25,964
18,779
17,601
22,559
19,133
16,723
16,370
21,328
26,818
27,994
30,792
30,811
26,162
25,398
27,179
25,638
29,783
31,417
32,340
35,381
27,605
34,307
33,870
33,199
33,930
40,247
32,478
29,757
27,920
32,598
29,530
36,649
34,611
44,011
43,671
45,031
43,431
114,013
116,713
113,024
109,044
101,801
100,738
91,124
77,927
58,485
54,654
58,197
60,132
66,331
69,717
75,519
74,723
116,646
136,635
139,775
137,164
143,328
146,852
157,133
172,052
169,133
169,271
158,466
164,692
187,944
167,460
179,559
169,398
165,770
169,226
190,441
237,094

237,094

190,441

169,226

165,770

169,398

179,559

167,460

187,944

164,692

158,466

169,271

169,133

172,052

157,133

146,852

143,328

137,164

139,775

136,635

116,646

74,723

75,519

69,717

66,331

60,132

58,197

54,654

58,485

77,927

91,124

100,738

101,801

109,044

113,024

116,713

114,013

43,431

45,031

43,671

44,011

34,611

36,649

29,530

32,598

27,920

29,757

32,478

40,247

33,930

33,199

33,870

34,307

27,605

35,381

32,340

31,417

29,783

25,638

27,179

25,398

26,162

30,811

30,792

27,994

26,818

21,328

16,370

16,723

19,133

22,559

17,601

18,779

25,964

27,715

25,854

18,139

25,657

22,587

20,919

20,950

20,290

18,173

17,277

17,950

18,690

19,355

15,177

16,555

18,310

16,617

14,666

19,133

18,766

15,976

16,984

16,852

14,252

14,215

17,754

16,381

14,221

17,487

33,073

33,900

28,468

26,017

23,165

22,414

19,583

20,937

21,744

20,000

19,300

15,700

15,400

14,700

11,400

10,300

8,000

Short-term Debt

1,600
2,800
4,200
5,900
7,200
6,800
8,100
9,300
8,716
9,542
8,608
9,498
10,715
12,133
12,125
15,044
14,505
2,758
5,761
5,205
4,459
760
740
1,271
881
788
704
532
978
929
901
916
932
948
966
470
352
233
111
29
29
29
30
39
41
43
1,441
1,542
39
39
40
40
41
42
859
830
701
592
2,416
1,602
1,433
1,231
1,072
919
835
779
672
638
603
583
561
552
521
474
386
276
182
121
92
69
318
294
280
276
56,082
55,906
55,898
55,887
55,891
55,713
41,866
28,012
352
462
466
359
351
344
336
309
44,088
49,567
48,715
52,036
58,934
43,553
41,815
45,481
47,015
47,909
47,849
53,620
54,568
57,003
56,502
56,550
63,762
66,764
66,568
56,989

56,989

66,568

66,764

63,762

56,550

56,502

57,003

54,568

53,620

47,849

47,909

47,015

45,481

41,815

43,553

58,934

52,036

48,715

49,567

44,088

309

336

344

351

359

466

462

352

28,012

41,866

55,713

55,891

55,887

55,898

55,906

56,082

276

280

294

318

121

182

276

386

474

521

552

561

583

603

638

672

779

835

919

1,072

1,231

1,433

1,602

2,416

592

701

830

859

1,542

1,441

111

233

352

470

966

948

932

916

901

929

978

532

704

788

881

1,271

740

760

4,459

5,205

5,761

2,758

14,505

15,044

12,125

12,133

10,715

9,498

8,608

9,542

8,716

9,300

8,100

6,800

7,200

5,900

4,200

2,800

1,600

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
1,551
0
0
0
55,556
0
55,713
41,866
27,665
352
21,445
466
40,947
351
344
336
309
264
197
1,578
1,421
1,433
1,445
1,557
1,801
1,908
1,867
1,841
6,088
6,069
7,505
7,891
9,444
11,619
13,963
15,053
12,645

12,645

15,053

13,963

11,619

9,444

7,891

7,505

6,069

6,088

1,841

1,867

1,908

1,801

1,557

1,445

1,433

1,421

1,578

197

264

309

336

344

351

40,947

466

21,445

352

27,665

41,866

55,713

55,556

1,551

Accounts payable

3,800
4,400
3,700
4,900
4,400
3,900
5,400
5,100
7,267
5,200
4,470
5,525
4,280
3,657
4,049
5,126
4,040
244
2,475
4,120
5,037
5,208
5,762
7,436
7,617
6,242
8,300
9,730
9,730
5,377
5,313
5,086
5,046
5,280
7,710
6,695
5,951
5,372
5,587
7,379
6,833
6,906
9,350
10,026
5,338
12,568
12,552
12,640
6,853
7,219
9,529
7,949
6,777
6,439
9,689
11,714
14,354
13,512
11,175
11,633
7,841
9,477
8,509
10,333
9,837
9,697
11,383
10,687
11,804
15,354
14,603
12,392
16,563
12,278
12,896
11,168
14,285
12,189
17,067
16,267
22,164
21,421
21,395
20,572
21,567
27,616
27,435
23,334
17,810
13,815
18,415
18,012
15,800
17,642
22,377
24,704
30,004
32,036
35,110
34,630
31,124
30,585
32,599
29,986
26,565
27,682
32,581
38,369
40,676
43,655
42,885
44,837
54,430
42,058
50,666
54,601
42,994
37,085
45,702
45,430

45,430

45,702

37,085

42,994

54,601

50,666

42,058

54,430

44,837

42,885

43,655

40,676

38,369

32,581

27,682

26,565

29,986

32,599

30,585

31,124

34,630

35,110

32,036

30,004

24,704

22,377

17,642

15,800

18,012

18,415

13,815

17,810

23,334

27,435

27,616

21,567

20,572

21,395

21,421

22,164

16,267

17,067

12,189

14,285

11,168

12,896

12,278

16,563

12,392

14,603

15,354

11,804

10,687

11,383

9,697

9,837

10,333

8,509

9,477

7,841

11,633

11,175

13,512

14,354

11,714

9,689

6,439

6,777

7,949

9,529

7,219

6,853

12,640

12,552

12,568

5,338

10,026

9,350

6,906

6,833

7,379

5,587

5,372

5,951

6,695

7,710

5,280

5,046

5,086

5,313

5,377

9,730

8,300

6,242

7,617

7,436

5,762

5,208

5,037

4,120

2,475

244

4,040

5,126

4,049

3,657

4,280

5,525

4,470

5,200

7,267

5,100

5,400

3,900

4,400

4,900

3,700

4,400

3,800

Other Current Liabilities

2,600
3,100
3,500
3,900
3,800
5,000
5,800
5,600
5,761
6,195
6,505
4,435
8,170
10,227
12,294
6,871
14,528
14,485
5,985
1,568
8,258
8,247
7,750
2,127
9,009
9,474
10,297
8,425
2,354
8,815
10,860
4,695
11,050
9,429
11,169
3,985
11,647
11,672
12,475
6,700
14,088
13,984
13,207
4,424
12,760
13,243
13,722
4,381
11,887
10,343
12,990
4,557
9,905
9,889
10,780
4,275
12,939
16,688
16,212
612
16,124
16,471
16,057
697
20,745
21,864
23,326
10,164
21,900
17,933
18,035
9,860
23,163
19,726
16,475
4,036
18,131
17,220
19,490
-8,575
21,529
21,956
23,356
-2,597
36,364
33,191
29,691
-10,053
31,153
31,210
30,843
-9,968
34,007
34,921
35,354
5,666
35,976
37,337
40,073
2,610
41,434
6,069
7,049
11,200
5,661
27,576
30,283
46,216
6,817
6,813
4,155
22,828
78,946
23,030
72,391
7,154
59,014
12,112
21,619
103,485

103,485

21,619

12,112

59,014

7,154

72,391

23,030

78,946

22,828

4,155

6,813

6,817

46,216

30,283

27,576

5,661

11,200

7,049

6,069

41,434

2,610

40,073

37,337

35,976

5,666

35,354

34,921

34,007

-9,968

30,843

31,210

31,153

-10,053

29,691

33,191

36,364

-2,597

23,356

21,956

21,529

-8,575

19,490

17,220

18,131

4,036

16,475

19,726

23,163

9,860

18,035

17,933

21,900

10,164

23,326

21,864

20,745

697

16,057

16,471

16,124

612

16,212

16,688

12,939

4,275

10,780

9,889

9,905

4,557

12,990

10,343

11,887

4,381

13,722

13,243

12,760

4,424

13,207

13,984

14,088

6,700

12,475

11,672

11,647

3,985

11,169

9,429

11,050

4,695

10,860

8,815

2,354

8,425

10,297

9,474

9,009

2,127

7,750

8,247

8,258

1,568

5,985

14,485

14,528

6,871

12,294

10,227

8,170

4,435

6,505

6,195

5,761

5,600

5,800

5,000

3,800

3,900

3,500

3,100

2,600

> Long-term Liabilities

15,600
19,600
25,700
31,500
31,200
36,200
37,500
41,700
37,625
38,778
38,000
35,396
36,782
30,832
29,431
33,971
37,448
66,232
24,788
21,356
18,604
6,456
6,985
7,813
7,475
8,084
8,923
13,382
13,382
12,117
12,265
12,064
12,270
12,539
12,675
8,475
8,963
9,550
10,090
7,089
7,899
8,914
9,762
7,893
7,783
7,466
7,072
7,820
8,137
8,959
7,567
8,654
10,689
11,360
11,810
43,333
53,969
47,319
65,669
64,931
62,733
62,807
62,289
62,440
61,504
62,751
62,298
65,105
65,526
66,373
70,721
20,319
19,756
19,521
19,884
19,596
33,161
34,907
35,709
35,793
37,174
38,157
38,332
34,811
124,360
104,163
93,285
81,072
76,682
54,207
54,547
64,295
76,755
85,796
105,381
94,095
97,433
99,705
119,212
132,248
215,494
249,880
279,713
276,532
357,067
359,355
338,881
328,387
302,037
362,221
356,506
359,477
367,091
365,333
323,802
331,434
375,163
341,738
334,440
2,039,723

2,039,723

334,440

341,738

375,163

331,434

323,802

365,333

367,091

359,477

356,506

362,221

302,037

328,387

338,881

359,355

357,067

276,532

279,713

249,880

215,494

132,248

119,212

99,705

97,433

94,095

105,381

85,796

76,755

64,295

54,547

54,207

76,682

81,072

93,285

104,163

124,360

34,811

38,332

38,157

37,174

35,793

35,709

34,907

33,161

19,596

19,884

19,521

19,756

20,319

70,721

66,373

65,526

65,105

62,298

62,751

61,504

62,440

62,289

62,807

62,733

64,931

65,669

47,319

53,969

43,333

11,810

11,360

10,689

8,654

7,567

8,959

8,137

7,820

7,072

7,466

7,783

7,893

9,762

8,914

7,899

7,089

10,090

9,550

8,963

8,475

12,675

12,539

12,270

12,064

12,265

12,117

13,382

8,923

8,084

7,475

7,813

6,985

6,456

18,604

21,356

24,788

66,232

37,448

33,971

29,431

30,832

36,782

35,396

38,000

38,778

37,625

41,700

37,500

36,200

31,200

31,500

25,700

19,600

15,600

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
51,819
51,023
50,883
50,747
50,611
50,473
333
228
139
88
58
37
23
4
3
1,477
1,415
1,346
1,275
70,897
56,926
42,830
28,856
779
909
814
725
13,529
20,983
40,696
40,588
40,522
40,453
40,383
47,335
47,312
57,311
72,738
72,249
136,900
136,549
116,583
117,408
117,156
161,729
161,312
155,466
155,125
147,279
106,934
106,588
150,681
119,766
0
0

119,766

150,681

106,588

106,934

147,279

155,125

155,466

161,312

161,729

117,156

117,408

116,583

136,549

136,900

72,249

72,738

57,311

47,312

47,335

40,383

40,453

40,522

40,588

40,696

20,983

13,529

725

814

909

779

28,856

42,830

56,926

70,897

1,275

1,346

1,415

1,477

139

228

333

50,473

50,611

50,747

50,883

51,023

51,819

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
0
0
0
1,271
2,345
3,193
3,370
4,476
4,605
2,740
3,319
3,055
2,918
3,602
3,749
4,485
4,623
6,047
6,159
8,106
8,371
7,782
8,079
8,860
9,470
6,883
6,805
7,098
9,138
8,985
9,129
8,940
8,292
7,729
8,148
8,356
17,628
13,511
12,198
12,340
14,049
14,071
14,726
21,699
21,440
22,148
22,681
24,104
24,118
59,252
78,829
84,913
78,267
91,817
94,422
102,758
105,787
140,402
146,295
130,690
98,669
97,212
98,013
93,031
97,426
100,743
102,845
110,137
0
0
0
0

110,137

102,845

100,743

97,426

93,031

98,013

97,212

98,669

130,690

146,295

140,402

105,787

102,758

94,422

91,817

78,267

84,913

78,829

59,252

24,118

24,104

22,681

22,148

21,440

21,699

14,726

14,071

14,049

12,340

12,198

13,511

17,628

8,356

8,148

7,729

8,292

8,940

9,129

8,985

9,138

7,098

6,805

6,883

9,470

8,860

8,079

7,782

8,371

8,106

6,159

6,047

4,623

4,485

3,749

3,602

2,918

3,055

3,319

2,740

4,605

4,476

3,370

3,193

2,345

1,271

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
4,885
5,116
6,116
6,408
7,980
12,169
11,126
10,058
12,499
12,991
12,440
23,986
25,899
26,576
26,850
27,405
29,013
28,838
25,180
35,835
33,726
38,257
39,876
44,907
39,227
39,007
41,871
41,786
42,665
42,004
29,403
32,793
33,574
35,756
37,174
38,010
40,452
43,106
43,942
45,488
45,883
45,532
41,986
41,538
41,471
40,659
43,407
45,050
45,369
45,369
51,093
52,950
53,275
0
0

53,275

52,950

51,093

45,369

45,050

43,407

40,659

41,471

41,538

41,986

45,532

45,883

45,488

43,942

43,106

40,452

38,010

37,174

35,756

33,574

32,793

29,403

42,004

42,665

41,786

41,871

39,007

39,227

44,907

39,876

38,257

33,726

35,835

25,180

28,838

29,013

27,405

26,850

26,576

25,899

23,986

12,440

12,991

12,499

10,058

11,126

12,169

7,980

6,408

6,116

5,116

4,885

> Total Stockholder Equity

27,900
29,800
31,500
31,800
32,600
34,000
35,200
36,600
37,588
38,953
39,840
41,264
42,035
44,034
47,288
50,460
53,742
56,573
15,845
19,071
22,666
44,594
49,159
54,952
60,171
69,014
75,564
83,453
83,453
96,754
101,032
106,585
112,673
118,607
115,934
118,346
123,968
131,117
138,374
147,708
154,845
162,295
168,907
181,003
187,113
173,498
164,871
178,816
185,273
198,967
177,066
185,227
185,440
172,246
182,826
171,733
182,582
195,912
208,442
216,434
212,857
215,397
218,759
224,507
227,702
235,406
244,134
256,086
268,269
282,736
270,893
286,902
304,757
318,777
336,977
351,671
380,447
403,755
418,444
435,865
453,382
450,661
446,582
463,563
477,014
488,484
492,356
510,055
510,570
489,482
495,842
499,069
500,628
519,237
505,590
533,489
526,443
541,870
548,410
553,244
553,437
550,042
561,145
577,182
565,841
566,292
552,196
547,329
544,731
550,349
555,536
593,654
611,771
664,350
682,698
707,244
685,633
673,609
665,700
764,261

764,261

665,700

673,609

685,633

707,244

682,698

664,350

611,771

593,654

555,536

550,349

544,731

547,329

552,196

566,292

565,841

577,182

561,145

550,042

553,437

553,244

548,410

541,870

526,443

533,489

505,590

519,237

500,628

499,069

495,842

489,482

510,570

510,055

492,356

488,484

477,014

463,563

446,582

450,661

453,382

435,865

418,444

403,755

380,447

351,671

336,977

318,777

304,757

286,902

270,893

282,736

268,269

256,086

244,134

235,406

227,702

224,507

218,759

215,397

212,857

216,434

208,442

195,912

182,582

171,733

182,826

172,246

185,440

185,227

177,066

198,967

185,273

178,816

164,871

173,498

187,113

181,003

168,907

162,295

154,845

147,708

138,374

131,117

123,968

118,346

115,934

118,607

112,673

106,585

101,032

96,754

83,453

75,564

69,014

60,171

54,952

49,159

44,594

22,666

19,071

15,845

56,573

53,742

50,460

47,288

44,034

42,035

41,264

39,840

38,953

37,588

36,600

35,200

34,000

32,600

31,800

31,500

29,800

27,900

Common Stock

0
0
0
0
0
0
0
0
59
59
59
60
60
60
60
60
61
62
63
126
127
137
138
207
209
211
212
213
213
216
216
216
218
218
214
212
212
213
214
215
215
215
215
324
323
316
311
314
313
315
305
304
302
294
295
286
287
288
289
289
289
289
289
290
290
290
290
290
292
294
285
285
289
289
292
292
300
303
304
305
310
306
302
303
308
308
306
305
304
302
303
301
300
301
295
295
290
291
288
285
284
280
279
279
277
277
273
273
273
271
270
270
269
269
266
265
261
258
257
257

257

258

261

265

266

269

270

271

273

277

279

280

284

285

288

291

290

295

301

300

301

303

302

304

305

306

308

303

302

306

310

305

304

303

300

292

289

285

294

292

290

289

288

287

286

295

294

302

304

305

315

313

314

311

316

323

324

215

214

213

212

214

218

216

213

212

211

209

207

138

137

127

126

Retained Earnings

3,100
4,900
6,300
6,500
79,200
8,400
9,600
11,000
11,554
12,753
13,640
15,002
15,773
17,717
20,893
23,596
25,837
28,293
190
3,177
6,277
9,827
13,832
19,217
23,806
29,924
36,069
42,662
42,662
53,845
57,972
62,544
67,441
72,790
77,350
84,160
89,595
95,945
102,273
109,975
116,783
125,290
134,302
144,396
153,089
161,165
164,559
178,502
184,960
195,775
176,761
184,923
185,138
171,952
180,635
171,447
179,440
189,518
199,588
205,896
200,766
201,581
203,331
207,586
208,976
214,857
221,714
231,496
237,309
247,211
258,056
244,405
252,256
264,384
273,714
286,735
293,754
304,537
315,675
327,834
333,220
326,667
319,764
333,153
329,261
337,364
339,350
348,895
346,540
322,817
321,089
319,256
317,329
330,273
313,943
337,848
328,546
340,206
341,332
342,663
338,980
331,682
339,237
350,034
335,429
332,929
314,426
304,140
296,780
297,612
300,195
334,910
350,058
398,952
414,623
436,124
411,365
395,758
384,803
480,320

480,320

384,803

395,758

411,365

436,124

414,623

398,952

350,058

334,910

300,195

297,612

296,780

304,140

314,426

332,929

335,429

350,034

339,237

331,682

338,980

342,663

341,332

340,206

328,546

337,848

313,943

330,273

317,329

319,256

321,089

322,817

346,540

348,895

339,350

337,364

329,261

333,153

319,764

326,667

333,220

327,834

315,675

304,537

293,754

286,735

273,714

264,384

252,256

244,405

258,056

247,211

237,309

231,496

221,714

214,857

208,976

207,586

203,331

201,581

200,766

205,896

199,588

189,518

179,440

171,447

180,635

171,952

185,138

184,923

176,761

195,775

184,960

178,502

164,559

161,165

153,089

144,396

134,302

125,290

116,783

109,975

102,273

95,945

89,595

84,160

77,350

72,790

67,441

62,544

57,972

53,845

42,662

36,069

29,924

23,806

19,217

13,832

9,827

6,277

3,177

190

28,293

25,837

23,596

20,893

17,717

15,773

15,002

13,640

12,753

11,554

11,000

9,600

8,400

79,200

6,500

6,300

4,900

3,100

Accumulated Other Comprehensive Income

-5,500
-7,000
-8,800
-10,500
-12,100
-14,200
-15,300
-17,600
-20,164
-22,547
-24,735
-27,166
-29,637
-31,266
-33,552
-35,933
-38,272
-4,972
-9,219
-10,152
-11,252
-1,221
-13,117
-14,307
-15,399
-16,605
-17,872
-19,059
-19,059
-21,780
-23,584
29
-3
36
-14
-9
1
38
1
1
1
2
1
4
1
1
1
-43,864
-44,017
-45,086
-46,615
-47,875
-49,374
-51,086
-52,675
-55,322
-58,121
-57,240
-60,247
-63,401
-66,453
-69,345
-72,976
-75,990
-78,323
-82,026
-83,615
-87,272
-88,033
-88,517
-91,023
-93,267
-96,531
-98,174
-101,941
-105,581
-107,439
-109,346
-112,514
-116,287
-121,135
-124,068
-127,259
-132,699
-138,287
-144,638
-150,180
-155,859
-162,172
-166,868
-172,348
-178,816
-182,686
-185,510
-192,109
-193,123
-199,088
-197,264
-199,166
-204,005
-210,750
-214,126
-217,813
-213,706
-216,621
-187,239
-189,042
0
0
0
0
0
0
0
0
0
0
0
0
0

-189,042

-187,239

-216,621

-213,706

-217,813

-214,126

-210,750

-204,005

-199,166

-197,264

-199,088

-193,123

-192,109

-185,510

-182,686

-178,816

-172,348

-166,868

-162,172

-155,859

-150,180

-144,638

-138,287

-132,699

-127,259

-124,068

-121,135

-116,287

-112,514

-109,346

-107,439

-105,581

-101,941

-98,174

-96,531

-93,267

-91,023

-88,517

-88,033

-87,272

-83,615

-82,026

-78,323

-75,990

-72,976

-69,345

-66,453

-63,401

-60,247

-57,240

-58,121

-55,322

-52,675

-51,086

-49,374

-47,875

-46,615

-45,086

-44,017

-43,864

-9

-14

-3

-23,584

-21,780

-19,059

-17,872

-16,605

-15,399

-14,307

-13,117

-1,221

-11,252

-10,152

-9,219

-4,972

-38,272

-35,933

-33,552

-31,266

-29,637

-27,166

-24,735

-22,547

-20,164

-17,600

-15,300

-14,200

-12,100

-10,500

-8,800

-7,000

-5,500

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
20,259
22,130
24,300
30,668
35,231
12,552
42,212
52,212
54,104
62,971
64,644
86,393
98,915
102,465
107,726
119,852
123,688
126,516
130,107
147,445
150,812
152,700
160,855
163,726
166,363
174,450
179,512
182,999
188,663
191,352
195,346
197,607
201,373
206,790
210,296
214,173
218,080
221,629
226,869
230,135
233,086
237,497
242,916
247,678
252,466
255,071
258,474
261,444
265,129
267,809
270,855
274,007
277,593
0
0

277,593

274,007

270,855

267,809

265,129

261,444

258,474

255,071

252,466

247,678

242,916

237,497

233,086

230,135

226,869

221,629

218,080

214,173

210,296

206,790

201,373

197,607

195,346

191,352

188,663

182,999

179,512

174,450

166,363

163,726

160,855

152,700

150,812

147,445

130,107

126,516

123,688

119,852

107,726

102,465

98,915

86,393

64,644

62,971

54,104

52,212

42,212

12,552

35,231

30,668

24,300

22,130

20,259

Treasury Stock

Other Stockholders Equity

30,300
31,900
34,000
35,800
-34,500
39,800
40,900
43,200
46,139
48,688
50,876
53,368
55,839
57,523
59,887
62,737
66,116
33,190
24,811
25,920
27,514
35,851
48,306
49,835
51,555
55,484
57,155
0
59,637
64,473
66,428
69,170
72,006
74,358
68,863
33,983
34,160
34,921
35,886
37,517
37,846
36,788
34,389
36,279
33,700
12,016
311
0
0
2,877
0
0
0
0
1,896
2,855
2,855
6,106
8,565
10,249
11,802
13,527
15,139
16,631
96,759
102,285
105,745
111,572
118,701
123,748
103,575
135,479
148,743
152,278
164,912
170,225
193,832
208,261
214,979
224,013
240,987
247,756
253,775
262,806
285,732
295,450
302,880
316,714
325,898
333,231
346,798
358,328
365,685
374,173
383,461
388,469
396,695
398,637
405,956
414,301
424,923
432,206
439,442
440,575
446,756
420,325
426,539
242,916
247,678
252,466
255,071
258,474
261,444
265,129
267,809
270,855
274,007
277,593
280,640
283,684

283,684

280,640

277,593

274,007

270,855

267,809

265,129

261,444

258,474

255,071

252,466

247,678

242,916

426,539

420,325

446,756

440,575

439,442

432,206

424,923

414,301

405,956

398,637

396,695

388,469

383,461

374,173

365,685

358,328

346,798

333,231

325,898

316,714

302,880

295,450

285,732

262,806

253,775

247,756

240,987

224,013

214,979

208,261

193,832

170,225

164,912

152,278

148,743

135,479

103,575

123,748

118,701

111,572

105,745

102,285

96,759

16,631

15,139

13,527

11,802

10,249

8,565

6,106

2,855

1,896

2,877

311

12,016

33,700

36,279

34,389

36,788

37,846

37,517

35,886

34,921

34,160

33,983

68,863

74,358

72,006

69,170

66,428

64,473

59,637

57,155

55,484

51,555

49,835

48,306

35,851

27,514

25,920

24,811

33,190

66,116

62,737

59,887

57,523

55,839

53,368

50,876

48,688

46,139

43,200

40,900

39,800

-34,500

35,800

34,000

31,900

30,300

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	1994-12-31	1993-12-31
Accounts Payable	45,430	54,601	44,837	38,369	29,986	34,630	24,704	18,012	23,334	20,572	16,267	11,168	12,392	10,687	10,333	11,633	11,714	7,949	12,640	10,026	7,379	6,695	5,086	9,730	7,436	4,120	5,126	5,525	5,100	4,900	3,100
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
Accumulated Depreciation	0	0	0	-190,652	-213,706	-204,005	-193,123	-178,816	-155,859	-132,699	-116,287	-105,581	-93,267	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Other Comprehensive Income	0	0	0	0	-213,706	-204,005	-193,123	-178,816	-155,859	-132,699	-116,287	-105,581	-93,267	-87,272	-75,990	-63,401	-55,322	-47,875	-43,864	4	1	-9	29	-19,059	-14,307	-10,152	-35,933	-27,166	-17,600	-10,500	-5,200
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
Capital Lease Obligations	142,678	161,815	148,941	5,010	4,909	54	365	725	1,074	1,275	3	58	333	883	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Stock	257	265	270	273	279	285	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Surpluse	0	270,855	258,474	242,916	226,869	210,296	195,346	179,512	160,855	130,107	107,726	64,644	42,212	24,300	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash	161,573	45,822	37,316	40,254	64,749	25,657	3,893	8,511	33,312	41,429	127,367	112,182	58,801	74,504	42,035	22,093	4,909	8,231	332	78	83,539	33,642	19,364	15,589	5,989	455	686	28	3,800	1,000	4,200
Cash And Equivalents	0	0	0	0	0	0	0	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	161,573	45,822	37,316	40,254	64,749	25,657	3,893	8,511	33,312	41,429	127,367	112,182	58,801	74,504	42,035	22,093	5,431	69,881	79,332	111,678	86,539	53,916	28,586	15,589	5,989	455	686	28	3,800	1,000	4,200
Common Stock	257	265	270	273	279	285	295	301	305	303	305	292	285	290	290	289	286	304	314	324	215	212	216	213	207	126	60	60	0	0	0
Common Stock Shares Outstanding	26,003	26,926	27,292	27,697	28,308	29,190	30,215	30,744	31,222	31,132	30,762	29,536	29,435	29,111	28,993	29,025	29,962	31,521	32,309	32,782	32,677	33,255	33,509	33,493	31,658	28,738	3,087	3,027	26,987	27,259	21,989
Common Stock Total Equity	0	265	270	273	279	285	295	301	305	303	305	292	285	290	290	289	286	304	314	324	215	212	216	213	207	126	60	60	0	0	0
Current Deferred Revenue	31,190	51,093	61,621	55,413	49,822	0	320	70	0	1,292	0	0	20,513	15,850	17,598	12,315	9,999	6,532	7,401	11,168	8,287	7,203	6,774	6,071	6,018	5,488	6,859	2,956	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
Deferred Long Term Liab	0	51,093	43,407	41,986	43,942	37,174	29,403	41,871	39,876	25,180	26,850	12,440	11,126	6,116	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
Good Will	278,706	306,184	266,752	244,982	221,105	199,092	191,671	184,675	205,609	144,412	88,496	43,332	43,332	43,332	43,332	50,230	36,053	15,588	15,588	15,588	15,588	15,588	15,588	0	0	0	0	0	0	0	0
Intangible Assets	134,789	154,801	154,717	145,032	127,798	113,661	111,247	106,650	127,800	72,705	40,110	22,102	26,668	31,259	35,849	40,708	29,991	10,731	12,007	15,588	15,588	478	931	15,083	9,458	0	0	0	0	0	0
Inventory	0	0	0	21,002	2,132	2,240	1,425	1,306	1,310	1,056	1,052	901	881	830	938	669	558	501	567	422	399	403	379	439	640	389	721	552	400	300	200
Liabilities And Stockholders Equity	3,041,078	1,208,076	1,117,823	1,047,768	990,878	760,215	687,716	641,291	700,171	541,805	506,269	399,187	341,151	348,796	316,638	307,527	241,884	213,014	212,600	214,553	175,087	145,511	136,959	115,968	79,617	56,808	118,331	99,074	98,300	78,000	49,000
Long Term Debt	1,790,500	106,588	165,037	112,398	67,340	47,281	40,223	725	27,782	1,275	3	58	333	50,000	52,169	53,035	31,486	796	837	867	907	935	4,451	7,232	0	0	0	0	0	0	0
Long Term Debt Total	0	106,588	155,466	117,408	72,249	47,335	40,588	725	28,856	1,275	3	58	333	50,883	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	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
Net Debt	1,784,250	232,025	282,750	202,981	161,061	21,987	37,054	20,226	51,431	-39,878	-127,295	-111,848	-57,916	-22,983	11,053	32,544	27,407	-7,395	2,047	828	-82,603	-32,237	-13,997	-7,379	36	24,876	36,763	36,564	41,300	33,200	9,200
Net Invested Capital	2,567,406	823,276	764,779	659,727	644,522	600,525	573,712	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Receivables	158,675	221,028	216,182	156,490	150,197	156,359	143,041	116,602	109,165	95,326	76,500	75,262	70,922	62,763	55,720	57,206	59,734	51,889	50,942	42,139	31,457	30,310	28,764	35,543	27,342	19,754	28,771	23,671	17,800	18,100	12,600
Net Tangible Assets	0	821,953	172,185	272,236	329,804	240,491	230,571	207,744	176,646	246,446	307,259	286,237	216,902	181,495	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Working Capital	109,934	134,917	118,115	74,276	99,154	126,359	102,610	58,343	64,413	106,524	185,749	170,476	105,787	118,358	77,587	65,427	44,632	108,430	110,770	133,765	102,876	70,084	44,094	35,792	19,562	7,035	1,929	5,790	5,800	6,900	9,100
Non Current Assets Total	2,694,050	903,761	835,016	798,242	754,560	559,133	524,974	505,021	526,714	391,850	285,909	200,791	201,434	202,833	209,504	215,938	170,434	85,451	75,866	55,131	51,921	56,737	74,555	61,043	43,203	33,392	82,502	70,870	72,500	56,400	31,000
Non Current Liabilities Other	47,144	59,044	49,624	54,129	58,816	47,739	24,104	21,699	12,340	8,356	8,940	7,098	8,860	8,106	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Current Liabilities Total	2,039,723	331,434	359,477	328,387	276,532	132,248	94,095	64,295	81,072	34,811	35,793	19,596	20,319	65,105	62,440	64,931	43,333	8,654	7,820	7,893	7,089	8,475	12,064	13,382	7,813	21,356	33,971	35,396	41,700	31,500	12,800
Non Currrent Assets Other	58,863	738	46,254	95,023	40,969	36,485	15,944	13,491	6,017	2,244	2,540	1,800	1,566	1,810	1,597	2,024	1,358	5,817	1,049	2,257	3,421	3,498	-6,657	899	855	3,472	3,305	591	400	400	4,700
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
Other Assets	0	51,831	1	30,964	40,969	36,485	15,944	13,491	5,778	2,244	2,540	1,800	1,566	1,810	1,597	2,024	1,358	5,817	1,049	2,257	3,421	3,498	956	899	0	0	0	0	0	0	0
Other Current Assets	26,780	37,465	29,309	31,780	21,372	19,066	15,808	11,157	30,980	13,200	16,493	10,952	9,994	8,696	9,379	12,290	5,727	5,292	5,893	5,183	4,771	4,145	4,675	3,354	2,443	2,818	5,651	3,953	3,800	2,200	1,000
Other Current Liab	103,485	7,154	4,614	32,789	5,320	39,784	34,749	31,833	29,823	21,291	18,275	16,476	473	430	697	612	4,275	4,612	4,381	4,424	4,595	4,322	5,534	2,354	2,127	1,568	6,871	4,435	5,600	3,900	4,400
Other Liab	0	110,137	93,031	130,690	102,758	84,913	53,184	63,570	52,216	8,356	8,940	7,098	8,860	8,106	4,485	3,055	4,476	1,271	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Stockholder Equity	283,684	270,855	258,474	242,916	226,869	414,301	388,469	358,328	316,714	262,806	224,013	170,225	135,479	111,572	16,631	10,249	0	0	0	36,279	37,517	33,983	69,170	59,637	49,835	25,920	62,737	53,368	43,200	35,800	30,000
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
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
Property Plant And Equipment Gross	619,832	249,080	219,095	380,519	364,688	209,895	206,112	200,205	187,288	172,489	154,763	133,557	129,868	126,432	128,726	122,976	103,032	53,315	47,222	37,286	32,912	37,173	42,695	45,061	32,890	29,920	79,197	70,279	72,100	56,000	26,300
Property Plant And Equipment Net	369,647	390,945	367,293	313,205	364,688	209,895	206,112	200,205	187,288	172,489	154,763	133,557	129,868	126,432	128,726	122,976	103,032	53,315	47,222	37,286	32,912	37,173	42,695	45,061	32,890	29,920	79,197	70,279	72,100	56,000	26,300
Property Plant Equipment	0	249,080	367,293	189,867	213,031	209,895	206,112	200,205	187,288	172,489	154,763	133,557	129,868	126,432	128,726	122,976	103,032	53,315	47,222	37,286	32,912	37,173	42,695	45,061	0	0	0	0	0	0	0
Retained Earnings	480,320	436,124	334,910	304,140	350,034	342,663	337,848	319,256	348,895	333,153	327,834	286,735	270,496	231,496	207,730	205,896	171,447	184,923	178,502	144,396	109,975	84,160	62,544	42,662	19,217	3,177	23,596	15,002	11,000	6,500	2,500
Retained Earnings Total Equity	0	436,124	334,910	304,140	350,034	342,663	337,848	319,256	348,895	333,153	327,834	286,735	244,405	231,496	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt	12,645	9,444	6,088	1,801	1,421	309	359	27,665	55,556	1,551	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	1,945,823	277,847	320,066	243,235	225,810	47,644	40,947	28,737	84,743	1,551	72	334	885	51,521	53,088	54,637	32,316	836	2,379	906	936	1,405	5,367	8,210	6,025	25,331	37,449	36,592	45,100	34,200	13,400
Short Term Debt	56,989	56,550	53,620	45,481	52,036	309	359	28,012	55,887	276	69	276	552	638	919	1,602	830	40	1,542	39	29	470	916	978	1,271	5,205	15,044	9,498	9,300	5,900	1,400
Short Term Investments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	522	61,650	79,000	111,600	3,000	20,274	9,222	0	0	0	0	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	0	0
Total Assets	3,041,078	1,208,076	1,117,823	1,047,768	990,878	760,215	687,716	641,291	700,171	541,805	506,269	399,187	341,151	348,796	316,638	307,527	241,884	213,014	212,600	214,553	175,087	145,511	136,959	115,968	79,617	56,808	118,331	99,074	98,300	78,000	49,000
Total Current Assets	347,028	304,315	282,807	249,526	236,318	201,082	162,742	136,270	173,457	149,955	220,360	198,396	139,717	145,963	107,134	91,589	71,450	127,563	136,734	159,422	123,166	88,774	62,404	54,925	36,414	23,416	35,829	28,204	25,800	21,600	18,000
Total Current Liabilities	237,094	169,398	164,692	172,052	137,164	74,723	60,132	77,927	109,044	43,431	34,611	27,920	33,930	27,605	29,547	26,162	26,818	19,133	25,964	25,657	20,290	18,690	18,310	19,133	16,852	16,381	33,900	22,414	20,000	14,700	8,900
Total Liab	2,276,817	500,832	524,169	500,439	413,696	206,971	154,227	142,222	190,116	78,242	70,404	47,516	54,249	92,710	91,987	91,093	70,151	27,787	33,784	33,550	27,379	27,165	30,374	32,515	24,665	37,737	67,871	57,810	61,700	46,200	21,700
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
Total Stockholder Equity	764,261	707,244	593,654	547,329	577,182	553,244	533,489	499,069	510,055	463,563	435,865	351,671	286,902	256,086	224,651	216,434	171,733	185,227	178,816	181,003	147,708	118,346	106,585	83,453	54,952	19,071	50,460	41,264	36,600	31,800	27,300
Treasury Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
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

	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	1994-12-31	1994-09-30	1994-06-30	1994-03-31
Accounts Payable	45,430	45,702	37,085	42,994	54,601	50,666	42,058	54,430	44,837	42,885	43,655	40,676	38,369	32,581	27,682	26,565	29,986	32,599	30,585	31,124	34,630	35,110	32,036	30,004	24,704	22,377	17,642	15,800	18,012	18,415	13,815	17,810	23,334	27,435	27,616	21,567	20,572	21,395	21,421	22,164	16,267	17,067	12,189	14,285	11,168	12,896	12,278	16,563	12,392	14,603	15,354	11,804	10,687	11,383	9,697	9,837	10,333	8,509	9,477	7,841	11,633	11,175	13,512	14,354	11,714	9,689	6,439	6,777	7,949	9,529	7,219	6,853	12,640	12,552	12,568	5,338	10,026	9,350	6,906	6,833	7,379	5,587	5,372	5,951	6,695	7,710	5,280	5,046	5,086	5,313	5,377	9,730	9,730	8,300	6,242	7,617	7,436	5,762	5,208	5,037	4,120	2,475	244	4,040	5,126	4,049	3,657	4,280	5,525	4,470	5,200	7,267	5,100	5,400	3,900	4,400	4,900	3,700	4,400	3,800
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	0	0	0	0	0	0	0	0	0	0
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	-190,652	-189,042	0	0	-213,706	0	0	0	-204,005	0	0	0	-193,123	0	0	0	-178,816	0	0	0	-155,859	0	0	0	-132,699	0	0	0	-116,287	0	0	0	-105,581	0	0	0	-93,267	0	0	-88,033	0	-83,615	-82,026	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0	0	0	-189,042	-187,239	-216,621	-213,706	-217,813	-214,126	-210,750	-204,005	-199,166	-197,264	-199,088	-193,123	-192,109	-185,510	-182,686	-178,816	-172,348	-166,868	-162,172	-155,859	-150,180	-144,638	-138,287	-132,699	-127,259	-124,068	-121,135	-116,287	-112,514	-109,346	-107,439	-105,581	-101,941	-98,174	-96,531	-93,267	-91,023	-88,517	-88,033	-87,272	-83,615	-82,026	-78,323	-75,990	-72,976	-69,345	-66,453	-63,401	-60,247	-57,240	-58,121	-55,322	-52,675	-51,086	-49,374	-47,875	-46,615	-45,086	-44,017	-43,864	1	1	1	4	1	2	1	1	1	38	1	-9	-14	36	-3	29	-23,584	-21,780	-19,059	-19,059	-17,872	-16,605	-15,399	-14,307	-13,117	-1,221	-11,252	-10,152	-9,219	-4,972	-38,272	-35,933	-33,552	-31,266	-29,637	-27,166	-24,735	-22,547	-20,164	-17,600	-15,300	-14,200	-12,100	-10,500	-8,800	-7,000	-5,500
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	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	142,678	162,840	173,061	173,168	161,815	162,634	166,809	163,039	148,941	143,189	149,322	131,319	5,010	116,261	124,512	171,881	4,909	159,690	150,122	133,739	54	0	0	0	365	0	0	0	725	0	0	0	1,074	0	0	0	1,275	0	0	0	3	0	0	0	58	0	0	0	333	0	0	0	883	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	257	257	258	261	265	266	269	269	270	270	271	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	277,593	274,007	270,855	267,809	265,129	261,444	258,474	255,071	252,466	247,678	242,916	237,497	233,086	230,135	226,869	221,629	218,080	214,173	210,296	206,790	201,373	197,607	195,346	191,352	188,663	182,999	179,512	174,450	166,363	163,726	160,855	152,700	150,812	147,445	130,107	126,516	123,688	119,852	107,726	102,465	98,915	86,393	64,644	62,971	54,104	52,212	42,212	12,552	35,231	30,668	24,300	22,130	20,259	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	161,573	18,843	18,281	32,028	45,822	46,846	47,386	61,630	37,316	51,930	50,844	24,396	40,254	42,990	80,916	77,245	64,749	34,824	14,777	42,165	25,657	28,911	20,102	12,735	3,893	12,423	10,090	14,335	8,511	11,312	21,679	38,037	33,312	47,444	42,531	54,495	41,429	24,573	24,943	41,044	127,367	98,551	81,101	71,630	112,182	92,988	68,832	69,397	58,801	87,467	96,119	85,681	74,504	63,219	47,916	44,612	42,035	27,230	24,072	31,241	22,093	17,591	1,082	3,235	4,909	8,306	10,336	5,435	8,231	4,356	13,022	3,183	332	141	8,178	5,012	78	100,336	93,866	87,349	83,539	73,660	60,705	50,827	33,642	33,525	28,108	23,706	19,364	35,426	27,727	15,589	15,589	15,355	10,315	10,117	5,989	7,779	5,484	117	455	96	900	1,164	686	148	99	538	28	26	26	26	3,800	0	1,000	3,200	1,000	1,600	1,500	1,500
Cash And Equivalents	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	161,573	18,843	18,281	32,028	45,822	46,846	47,386	61,630	37,316	51,930	50,844	24,396	40,254	42,990	80,916	77,245	64,749	34,824	14,777	42,165	25,657	28,911	20,102	12,735	3,893	12,423	10,090	14,335	8,511	11,312	21,679	38,037	33,312	47,444	42,531	54,495	41,429	24,573	24,943	41,044	127,367	98,551	81,101	71,630	112,182	92,988	68,832	69,397	58,801	87,467	96,119	85,681	74,504	63,219	47,916	44,612	42,035	27,230	24,072	31,241	22,093	17,591	1,082	3,757	5,431	18,906	20,911	47,510	69,881	65,156	93,317	82,638	79,332	78,331	93,949	116,862	111,678	104,336	99,866	93,349	86,539	76,660	66,765	59,098	53,916	57,064	53,076	49,011	28,586	35,426	27,727	15,589	0	15,355	10,315	10,117	5,989	7,779	5,484	117	455	96	900	1,164	686	148	99	538	28	26	26	26	3,800	0	1,000	3,200	1,000	1,600	1,500	1,500
Common Stock	257	257	258	261	265	266	269	269	270	270	271	273	273	273	277	277	279	279	280	284	285	288	291	290	295	295	301	300	301	303	302	304	305	306	308	308	303	302	306	310	305	304	303	300	292	292	289	289	285	285	294	292	290	290	290	290	290	289	289	289	289	289	288	287	286	295	294	302	304	305	315	313	314	311	316	323	324	215	215	215	215	214	213	212	212	214	218	218	216	216	216	213	213	212	211	209	207	138	137	127	126	63	62	61	60	60	60	60	60	59	59	59	0	0	0	0	0	0	0	0
Common Stock Shares Outstanding	25,671	25,771	26,035	26,479	26,701	26,902	26,989	27,100	27,158	27,144	27,415	27,497	26,135	27,606	27,726	27,948	28,433	28,082	28,373	28,648	28,829	29,095	29,272	29,480	29,725	30,258	30,114	30,304	30,252	30,592	30,503	30,625	30,971	30,998	31,116	30,981	30,804	30,932	31,408	31,314	31,129	30,986	30,736	30,264	29,716	29,660	29,445	29,363	29,363	29,552	29,851	29,371	29,371	29,129	29,119	29,074	29,074	29,026	28,977	28,906	28,906	29,139	29,126	28,982	28,982	29,866	30,162	30,665	30,274	31,235	31,759	31,451	31,451	31,750	32,308	32,196	32,196	33,378	32,723	32,419	32,942	32,736	32,840	32,610	32,610	32,571	33,431	33,389	33,389	32,582	32,338	33,027	31,784	33,468	33,298	32,779	32,779	21,804	21,225	29,048	29,496	28,757	29,036	28,690	28,690	3,108	3,051	26,762	26,762	26,744	26,690	26,433	26,433	25,701	27,843	26,237	26,237	28,111	26,987	29,985
Common Stock Total Equity	0	0	258	261	265	266	269	269	270	270	271	273	273	273	277	277	279	279	280	284	285	288	291	290	295	295	301	300	301	303	302	304	305	306	308	308	303	302	306	310	305	304	303	300	292	292	289	289	285	285	294	292	290	290	290	290	290	289	289	289	289	289	288	287	286	295	294	302	304	305	315	313	314	311	316	323	324	215	215	215	215	214	213	212	212	214	218	218	216	216	216	215	213	212	211	209	207	138	137	127	126	63	62	61	60	60	60	60	60	59	59	59	0	0	0	0	0	0	0	0
Current Deferred Revenue	31,190	56,552	53,265	0	51,093	0	45,369	0	43,407	63,577	70,894	74,625	41,986	52,454	48,041	52,168	43,942	51,412	50,414	0	37,174	0	0	0	29,403	0	1,629	8,326	41,871	0	0	-3,053	39,876	0	0	0	25,180	0	0	0	26,850	0	0	0	12,440	0	0	0	11,126	0	0	0	6,116	0	0	0	17,834	0	0	0	12,315	1,008	0	0	9,999	0	0	0	6,587	0	0	0	7,401	0	0	0	11,168	0	0	0	6,182	0	0	0	7,540	-490	-480	-473	7,613	-457	-455	6,071	0	-535	-528	-523	6,018	0	0	0	5,488	0	0	0	6,859	0	0	0	2,956	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	53,275	52,950	51,093	45,369	45,369	45,050	43,407	40,659	41,471	41,538	41,986	45,532	45,883	45,488	43,942	43,106	40,452	38,010	37,174	35,756	33,574	32,793	29,403	42,004	42,665	41,786	41,871	39,007	39,227	44,907	39,876	38,257	33,726	35,835	25,180	28,838	29,013	27,405	26,850	26,576	25,899	23,986	12,440	12,991	12,499	10,058	11,126	12,169	7,980	6,408	6,116	5,116	4,885	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0
Good Will	278,706	356,763	356,763	356,627	306,184	288,496	287,597	265,639	266,752	254,776	254,993	250,736	244,982	240,933	240,933	242,639	221,105	220,423	218,373	199,092	199,092	193,625	191,671	191,671	191,671	191,535	191,535	184,675	184,675	184,675	179,301	206,517	205,609	206,899	206,530	202,909	144,412	140,678	138,839	131,217	88,496	88,404	87,771	87,860	43,332	43,332	43,332	43,332	43,332	43,332	43,332	43,332	43,332	43,332	43,332	43,332	43,332	43,332	43,332	43,332	50,230	54,957	45,045	53,939	36,053	15,588	15,588	15,588	15,588	15,588	15,588	15,588	15,588	0	0	15,588	15,588	0	0	15,588	15,588	0	0	15,588	15,588	0	0	15,588	15,588	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Intangible Assets	134,789	146,710	151,218	155,726	154,801	155,161	160,216	150,638	154,717	142,196	145,813	147,668	145,032	145,086	148,452	158,135	127,798	130,038	126,482	111,150	113,661	106,227	106,741	108,938	111,247	113,562	116,231	104,259	106,650	109,041	106,709	125,893	127,800	130,531	133,262	140,189	72,705	71,778	74,560	84,456	40,110	41,624	43,138	44,651	22,102	23,225	24,373	25,521	26,668	27,816	28,963	30,111	31,259	32,406	33,554	34,701	35,849	36,997	38,144	39,292	40,708	35,953	37,067	29,097	29,991	18,925	10,552	10,912	10,731	11,050	11,369	11,688	12,007	27,913	12,644	0	15,588	0	0	0	15,588	0	0	478	478	0	0	931	931	0	0	15,083	15,083	0	0	0	9,458	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Inventory	0	0	0	0	0	0	0	0	0	0	0	0	21,002	16,925	11,871	0	2,132	0	0	0	2,240	0	0	0	1,425	0	0	0	1,306	0	0	0	1,310	0	0	0	1,056	0	0	0	1,052	0	0	0	901	0	0	0	881	0	0	0	830	0	0	0	938	0	0	0	669	0	0	558	558	0	0	0	501	0	0	0	567	0	0	422	422	0	0	399	399	0	0	403	403	0	0	379	379	0	0	439	439	0	0	0	640	0	0	0	389	0	0	0	721	0	0	0	552	0	0	0	400	0	0	0	300	0	300	300
Liabilities And Stockholders Equity	3,041,078	1,190,581	1,184,573	1,226,566	1,208,076	1,186,059	1,197,143	1,166,806	1,117,823	1,070,508	1,081,841	1,015,901	1,047,768	1,048,210	1,072,499	1,066,236	990,878	980,633	936,557	885,577	760,215	743,141	711,292	690,207	687,716	669,168	659,687	635,868	641,291	641,513	644,427	689,053	700,171	698,665	709,360	715,387	541,805	529,945	532,489	534,567	506,269	490,802	468,192	446,206	399,187	386,618	370,776	364,760	341,151	374,813	382,979	368,102	348,796	341,813	330,497	320,623	316,730	306,686	305,383	300,988	307,527	304,922	274,023	264,545	241,884	215,964	199,976	212,852	213,014	207,192	225,527	212,189	212,600	199,658	206,818	213,035	214,553	201,256	192,128	183,694	175,087	166,637	157,944	150,881	145,511	147,964	146,323	141,498	136,959	129,914	123,537	115,968	115,968	103,253	93,074	84,630	79,617	70,396	65,265	59,024	56,808	54,854	140,292	124,263	118,331	105,187	100,883	101,982	99,074	97,423	98,668	96,957	98,300	92,000	85,900	79,200	78,000	68,600	59,700	51,500
Long Term Debt	1,790,500	118,857	119,766	150,681	106,588	106,934	147,279	155,125	165,037	161,312	161,729	117,156	112,398	116,583	136,549	136,900	67,340	72,738	57,311	47,312	47,281	40,383	40,453	40,522	40,223	40,696	20,983	13,529	725	814	909	779	27,782	42,830	56,926	70,897	1,275	1,346	1,415	1,477	3	4	23	37	58	88	139	228	333	50,473	50,611	50,747	50,000	51,023	51,819	51,992	52,169	52,404	52,633	52,868	53,035	54,565	36,441	41,359	31,486	983	775	786	796	807	817	827	837	846	849	858	867	884	892	899	907	914	921	928	935	3,729	3,980	4,227	4,451	4,691	4,927	5,157	7,232	3,544	3,682	3,852	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	0	119,766	150,681	106,588	106,934	147,279	155,125	155,466	161,312	161,729	117,156	117,408	116,583	136,549	136,900	72,249	72,738	57,311	47,312	47,335	40,383	40,453	40,522	40,588	40,696	20,983	13,529	725	814	909	779	28,856	42,830	56,926	70,897	1,275	1,346	1,415	1,477	3	4	23	37	58	88	139	228	333	50,473	50,611	50,747	50,883	51,023	51,819	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0
Net Debt	1,784,250	277,907	288,509	303,440	232,025	230,613	274,207	262,603	282,750	254,412	262,074	225,987	202,981	191,411	181,590	232,969	161,061	199,182	192,853	139,150	21,987	11,808	20,695	28,138	37,054	28,739	11,355	-454	20,226	31,368	34,943	32,527	51,431	51,284	70,301	72,484	-39,878	-22,947	-23,234	-39,249	-127,295	-98,455	-80,957	-71,411	-111,848	-92,514	-68,219	-68,648	-57,916	-36,433	-44,925	-34,331	-22,983	-11,524	4,682	8,215	11,053	26,246	29,792	23,060	32,544	39,390	35,951	38,825	27,407	-6,464	-9,519	-4,608	-7,395	-3,509	-12,166	-2,317	2,047	2,146	-7,286	-4,113	828	-99,422	-92,945	-86,421	-82,603	-72,635	-59,551	-49,547	-32,237	-28,830	-23,180	-18,547	-13,997	-29,834	-21,871	-7,379	-12,273	-11,107	-5,845	-5,384	36	-2,986	-478	20,736	24,876	30,239	9,649	38,484	36,763	30,853	33,518	38,357	36,564	39,599	41,638	40,289	41,300	40,900	37,800	24,500	33,200	26,000	19,400	14,500
Net Invested Capital	2,567,406	799,610	807,338	847,933	823,276	797,523	819,134	772,965	764,779	718,689	713,945	663,795	659,727	670,336	704,286	704,174	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	158,675	191,758	175,968	201,385	221,028	247,730	246,110	241,154	216,182	219,383	226,186	203,351	156,490	153,070	130,759	143,234	150,197	157,494	154,715	150,623	156,359	148,464	152,393	146,191	143,041	132,100	123,535	116,473	116,602	115,327	109,256	104,317	109,165	114,674	122,356	120,473	95,326	100,016	97,560	93,651	76,500	83,224	76,280	78,092	75,262	74,878	77,557	75,376	70,922	69,574	69,779	68,387	62,763	62,438	63,541	58,425	55,720	52,993	50,039	48,441	60,633	72,263	77,059	66,556	59,734	55,665	51,876	48,908	51,889	51,292	46,216	44,270	50,942	48,137	40,217	35,685	42,139	37,761	33,829	32,468	31,457	29,951	27,816	30,187	30,310	27,849	28,577	28,727	28,764	28,479	28,214	35,543	35,543	29,610	30,448	28,120	27,342	24,178	22,327	21,600	19,754	19,247	17,602	28,998	28,771	27,646	24,458	23,367	23,671	22,815	21,013	20,954	17,800	17,600	16,500	17,600	18,100	16,300	15,000	13,100
Net Tangible Assets	0	0	793,869	806,658	821,953	239,041	216,537	195,494	172,185	158,564	149,543	146,327	272,236	242,180	685,021	680,221	329,804	673,698	650,794	643,352	240,491	548,410	541,870	526,443	230,571	505,590	519,237	500,628	207,744	495,842	489,482	510,570	176,646	492,356	488,484	477,014	246,446	446,582	450,661	453,382	307,259	418,444	403,755	380,447	286,237	336,977	318,777	304,757	216,902	270,893	282,736	194,826	181,495	168,396	158,520	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	109,934	47,289	46,561	92,024	134,917	133,408	148,296	137,308	118,115	130,795	127,741	78,853	74,276	77,914	100,439	97,861	99,154	75,936	56,437	85,425	126,359	125,548	123,788	103,742	102,610	99,645	93,497	80,717	58,343	52,836	62,893	66,135	64,413	72,673	76,629	82,722	106,524	93,615	93,487	101,114	185,749	163,975	147,751	131,920	170,476	151,716	129,620	115,195	105,787	135,678	142,081	129,302	118,358	101,760	89,976	79,308	77,443	68,730	64,599	66,911	65,427	67,156	55,416	48,265	44,632	59,316	63,985	89,942	108,430	101,849	132,410	118,537	110,770	105,779	116,196	141,551	133,765	128,013	119,346	109,508	102,876	95,039	85,519	77,417	70,084	70,673	72,267	65,794	44,094	51,065	45,805	35,792	35,792	31,771	29,613	24,398	19,562	21,064	16,780	7,086	7,035	7,459	2,884	5,649	1,929	4,674	3,289	5,644	5,790	6,878	4,595	4,050	5,800	2,400	4,900	7,600	6,900	8,100	7,800	8,200
Non Current Assets Total	2,694,050	952,851	968,786	968,772	903,761	873,092	881,387	841,554	835,016	781,247	784,829	767,915	798,242	813,163	825,208	825,047	754,560	764,922	743,485	683,506	559,133	542,074	517,787	520,134	524,974	511,326	511,536	496,666	505,021	497,553	480,796	521,117	526,714	512,968	516,018	518,652	391,850	391,299	395,331	389,442	285,909	290,178	290,911	281,688	200,791	205,145	208,678	209,318	201,434	205,936	207,028	204,493	202,833	204,672	208,181	209,898	209,504	212,318	213,605	208,679	215,938	206,955	187,815	188,286	170,434	135,320	119,621	106,187	85,451	82,784	75,516	74,873	75,866	66,164	64,768	53,345	55,131	50,656	51,863	53,236	51,921	53,425	55,148	55,514	56,737	57,936	58,879	59,149	74,555	62,232	63,066	61,043	61,043	52,716	47,485	43,248	43,203	35,080	34,270	34,184	33,392	33,174	119,921	85,541	82,502	72,045	71,577	73,173	70,870	70,962	73,136	71,163	72,500	70,300	65,300	56,200	56,400	49,100	41,600	35,300
Non Current Liabilities Other	47,144	50,966	48,437	50,507	59,044	57,476	55,374	52,376	49,624	57,354	55,741	57,131	54,129	100,763	58,194	60,299	58,816	51,316	51,365	40,257	47,739	43,073	25,678	24,118	24,104	22,681	22,148	21,440	21,699	14,726	14,071	14,049	12,340	12,198	13,511	17,628	8,356	8,148	7,729	8,292	8,940	9,129	8,985	9,138	7,098	6,805	6,883	9,470	8,860	8,079	7,782	8,371	8,106	6,159	6,047	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	2,039,723	334,440	341,738	375,163	331,434	323,802	365,333	367,091	359,477	356,506	362,221	302,037	328,387	338,881	359,355	357,067	276,532	279,713	249,880	215,494	132,248	119,212	99,705	97,433	94,095	105,381	85,796	76,755	64,295	54,547	54,207	76,682	81,072	93,285	104,163	124,360	34,811	38,332	38,157	37,174	35,793	35,709	34,907	33,161	19,596	19,884	19,521	19,756	20,319	70,721	66,373	65,526	65,105	62,298	62,751	61,504	62,440	62,289	62,807	62,733	64,931	65,669	47,319	53,969	43,333	11,810	11,360	10,689	8,654	7,567	8,959	8,137	7,820	7,072	7,466	7,783	7,893	9,762	8,914	7,899	7,089	10,090	9,550	8,963	8,475	12,675	12,539	12,270	12,064	12,265	12,117	13,382	13,382	8,923	8,084	7,475	7,813	6,985	6,456	18,604	21,356	24,788	66,232	37,448	33,971	29,431	30,832	36,782	35,396	38,000	38,778	37,625	41,700	37,500	36,200	31,200	31,500	25,700	19,600	15,600
Non Currrent Assets Other	58,863	56,404	55,295	255	51,831	5,859	4,708	47,880	46,254	45,433	48,385	51,708	95,023	121,329	117,303	43,277	40,969	34,641	40,244	33,047	36,485	31,923	15,132	15,925	15,944	14,448	14,211	13,795	13,491	6,603	6,530	5,948	6,017	3,037	3,029	3,027	2,244	2,347	2,551	2,540	2,540	2,551	2,537	2,550	1,800	1,825	1,891	1,858	1,566	1,533	1,535	1,523	1,810	1,595	1,625	1,534	1,597	1,582	1,655	2,124	2,024	2,029	1,955	1,389	1,358	1,438	1,199	2,705	5,817	5,800	1,062	1,074	1,049	920	16,522	10,932	2,257	8,968	11,071	12,067	3,421	9,945	10,657	11,416	3,498	17,025	8,670	17,359	956	17,869	18,300	899	899	9,685	10,019	10,083	855	3,490	3,501	3,457	3,472	3,487	101,757	3,367	3,305	587	617	614	591	534	546	400	400	400	400	500	400	1,100	3,000	3,700
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	0	0	0	0	0	0	0	0	0	0
Other Assets	0	0	0	0	51,831	51,228	50,077	47,880	1	45,433	48,385	51,708	30,964	121,329	117,303	43,277	40,969	34,641	40,244	33,047	36,485	31,923	15,132	316,534	318,862	319,545	321,977	302,729	304,816	300,319	292,540	338,358	339,426	340,467	342,821	346,125	219,361	214,803	215,950	218,213	131,146	132,579	133,446	135,061	67,234	68,382	69,596	70,711	71,566	72,681	73,830	74,966	76,401	77,333	78,511	79,567	80,778	81,911	83,131	84,748	92,962	92,939	84,067	84,425	67,402	35,951	27,339	29,205	32,136	32,438	28,019	28,350	28,644	28,833	29,166	17,857	17,845	17,846	19,093	19,067	19,009	19,121	19,286	19,451	19,564	17,025	17,229	17,634	31,860	17,869	18,300	18,573	15,982	9,685	10,019	10,083	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Current Assets	26,780	27,129	21,538	24,381	37,465	18,391	22,260	22,468	29,309	17,948	19,982	20,239	31,780	22,062	23,745	20,710	21,372	23,393	23,580	9,283	19,066	23,692	21,010	11,147	15,808	13,319	14,526	8,394	11,157	17,321	32,696	25,582	30,980	23,579	28,455	21,767	13,200	14,057	14,655	10,430	16,493	18,849	19,900	14,796	10,952	13,607	15,709	10,669	9,113	11,836	10,053	9,541	7,866	11,484	10,859	7,688	8,533	14,145	17,667	12,627	8,194	8,113	8,067	5,946	5,727	6,073	7,568	10,247	5,292	7,960	10,478	10,408	5,893	7,026	7,884	7,143	5,183	8,503	6,570	4,641	4,771	6,601	8,215	6,082	4,145	5,115	5,791	4,611	4,675	3,777	4,530	3,354	5,280	5,572	4,826	3,145	2,443	3,359	3,184	3,123	2,818	2,337	1,869	8,560	5,651	5,348	4,749	4,904	3,953	3,620	4,493	4,814	3,800	4,100	3,100	2,200	2,200	1,600	1,300	1,300
Other Current Liab	103,485	21,619	12,112	59,014	7,154	72,391	23,030	78,946	22,828	4,155	6,813	6,817	46,216	30,283	27,576	5,661	11,200	7,049	6,069	41,434	2,610	40,073	37,337	35,976	5,666	35,354	34,921	34,007	-9,968	30,843	31,210	31,153	-10,053	29,691	33,191	36,364	-2,597	23,356	21,956	21,529	-8,575	19,490	17,220	18,131	4,036	16,475	19,726	23,163	9,860	18,035	17,933	21,900	10,164	23,326	21,864	20,745	697	16,057	16,471	16,124	612	16,212	16,688	12,939	4,275	10,780	9,889	9,905	4,557	12,990	10,343	11,887	4,381	13,722	13,243	12,760	4,424	13,207	13,984	14,088	6,700	12,475	11,672	11,647	3,985	11,169	9,429	11,050	4,695	10,860	8,815	2,354	8,425	10,297	9,474	9,009	2,127	7,750	8,247	8,258	1,568	5,985	14,485	14,528	6,871	12,294	10,227	8,170	4,435	6,505	6,195	5,761	5,600	5,800	5,000	3,800	3,900	3,500	3,100	2,600
Other Liab	0	0	0	0	110,137	102,845	100,743	97,426	93,031	98,013	97,212	98,669	130,690	146,295	140,402	105,787	102,758	94,422	91,817	78,267	84,913	78,829	59,252	24,118	24,104	22,681	22,148	21,440	21,699	14,726	14,071	14,049	12,340	12,198	13,511	17,628	8,356	8,148	7,729	8,292	8,940	9,129	8,985	9,138	7,098	6,805	6,883	9,470	8,860	8,079	7,782	8,371	8,106	6,159	6,047	4,623	4,485	3,749	3,602	2,918	3,055	3,319	2,740	4,605	4,476	3,370	3,193	2,345	1,271	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	283,684	280,640	277,593	274,007	270,855	267,809	265,129	261,444	258,474	255,071	252,466	247,678	242,916	426,539	420,325	446,756	440,575	439,442	432,206	424,923	414,301	405,956	398,637	396,695	388,469	383,461	374,173	365,685	358,328	346,798	333,231	325,898	316,714	302,880	295,450	285,732	262,806	253,775	247,756	240,987	224,013	214,979	208,261	193,832	170,225	164,912	152,278	148,743	135,479	103,575	123,748	118,701	111,572	105,745	102,285	96,759	16,631	15,139	13,527	11,802	10,249	8,565	6,106	2,855	2,855	1,896	0	0	0	0	2,877	0	0	311	12,016	33,700	36,279	34,389	36,788	37,846	37,517	35,886	34,921	34,160	33,983	68,863	74,358	72,006	69,170	66,428	64,473	59,637	0	57,155	55,484	51,555	49,835	48,306	35,851	27,514	25,920	24,811	33,190	66,116	62,737	59,887	57,523	55,839	53,368	50,876	48,688	46,139	43,200	40,900	39,800	-34,500	35,800	34,000	31,900	30,300
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	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	0	0	0	0	0	0	0	0	0	0
Property Plant And Equipment Gross	619,832	392,974	260,663	252,932	249,080	230,924	229,220	224,060	219,095	196,219	335,638	317,803	380,519	305,815	318,520	380,996	364,688	379,820	358,386	340,217	209,895	210,299	204,243	203,600	206,112	191,781	189,559	193,937	200,205	197,234	188,256	182,759	187,288	172,501	173,197	172,527	172,489	176,496	179,381	171,229	154,763	157,599	157,465	146,627	133,557	136,763	139,082	138,607	129,868	133,255	133,198	129,527	126,432	127,339	129,670	130,331	128,726	130,474,000	130,474	123,931	122,976	114,016	103,748	158,354	103,032	152,044	92,282	76,982	53,315	50,346	47,497	46,523	47,222	37,331	35,602	35,488	37,286	32,810	32,770	34,169	32,912	34,304	35,862	36,063	37,173	40,911	41,650	41,515	42,695	44,363	44,766	45,102	45,061	43,031	37,466	33,165	32,890	31,590	30,769	30,727	29,920	29,687	18,164	82,174	79,197	71,458	70,960	72,559	70,279	70,428	72,590	70,763	72,100	69,900	64,900	55,700	56,000	48,000	38,600	31,600
Property Plant And Equipment Net	369,647	392,974	405,510	403,214	390,945	378,207	383,497	377,397	367,293	338,842	335,638	317,803	313,205	305,815	318,520	380,996	364,688	379,820	358,386	340,217	209,895	210,299	204,243	203,600	206,112	191,781	189,559	193,937	200,205	197,234	188,256	182,759	187,288	172,501	173,197	172,527	172,489	176,496	179,381	171,229	154,763	157,599	157,465	146,627	133,557	136,763	139,082	138,607	129,868	133,255	133,198	129,527	126,432	127,339	129,670	130,331	128,726	130,407	130,474	123,931	122,976	114,016	103,748	103,861	103,032	99,369	92,282	76,982	53,315	50,346	47,497	46,523	47,222	37,331	35,602	35,488	37,286	32,810	32,770	34,169	32,912	34,304	35,862	36,063	37,173	40,911	41,650	41,515	42,695	44,363	44,766	45,061	0	43,031	37,466	33,165	32,890	31,590	30,769	30,727	29,920	29,687	18,164	82,174	79,197	71,458	70,960	72,559	70,279	70,428	72,590	70,763	72,100	69,900	64,900	55,700	56,000	48,000	38,600	31,600
Property Plant Equipment	0	0	260,663	252,932	249,080	378,207	383,497	377,397	367,293	338,842	335,638	317,803	189,867	190,264	194,595	209,754	213,031	220,843	208,842	206,856	209,895	210,299	204,243	203,600	206,112	191,781	189,559	193,937	200,205	197,234	188,256	182,759	187,288	172,501	173,197	172,527	172,489	176,496	179,381	171,229	154,763	157,599	157,465	146,627	133,557	136,763	139,082	138,607	129,868	133,255	133,198	129,527	126,432	127,339	129,670	130,331	128,726	130,407	130,474	123,931	122,976	114,016	103,748	103,861	103,032	99,369	92,282	76,982	53,315	50,346	47,497	46,523	47,222	37,331	35,602	35,488	37,286	32,810	32,770	34,169	32,912	34,304	35,862	36,063	37,173	40,911	41,650	41,515	42,695	44,363	44,766	45,102	45,061	43,031	37,466	33,165	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Retained Earnings	480,320	384,803	395,758	411,365	436,124	414,623	398,952	350,058	334,910	300,195	297,612	296,780	304,140	314,426	332,929	335,429	350,034	339,237	331,682	338,980	342,663	341,332	340,206	328,546	337,848	313,943	330,273	317,329	319,256	321,089	322,817	346,540	348,895	339,350	337,364	329,261	333,153	319,764	326,667	333,220	327,834	315,675	304,537	293,754	286,735	273,714	264,384	252,256	244,405	258,056	247,211	237,309	231,496	221,714	214,857	208,976	207,586	203,331	201,581	200,766	205,896	199,588	189,518	179,440	171,447	180,635	171,952	185,138	184,923	176,761	195,775	184,960	178,502	164,559	161,165	153,089	144,396	134,302	125,290	116,783	109,975	102,273	95,945	89,595	84,160	77,350	72,790	67,441	62,544	57,972	53,845	42,662	42,662	36,069	29,924	23,806	19,217	13,832	9,827	6,277	3,177	190	28,293	25,837	23,596	20,893	17,717	15,773	15,002	13,640	12,753	11,554	11,000	9,600	8,400	79,200	6,500	6,300	4,900	3,100
Retained Earnings Total Equity	0	0	395,758	411,365	436,124	414,623	398,952	350,058	334,910	300,195	297,612	296,780	304,140	314,426	332,929	335,429	350,034	339,237	331,682	338,980	342,663	341,332	340,206	328,546	337,848	313,943	330,273	317,329	319,256	321,089	322,817	346,540	348,895	339,350	337,364	329,261	333,153	319,764	326,667	333,220	327,834	315,675	304,537	293,754	286,735	273,714	264,384	252,256	244,405	258,056	247,211	237,309	231,496	221,714	214,857	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	12,645	15,053	13,963	11,619	9,444	7,891	7,505	6,069	6,088	1,841	1,867	1,908	1,801	1,557	1,445	1,433	1,421	1,578	197	264	309	336	344	351	40,947	466	21,445	352	27,665	41,866	55,713	0	55,556	0	0	0	1,551	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	1,945,823	296,750	306,790	335,468	277,847	277,459	321,593	324,233	320,066	306,342	312,918	250,383	243,235	234,401	262,506	310,214	225,810	234,006	207,630	181,315	47,644	40,719	40,797	40,873	40,947	41,162	21,445	13,881	28,737	42,680	56,622	70,564	84,743	98,728	112,832	126,979	1,551	1,626	1,709	1,795	72	96	144	219	334	474	613	749	885	51,034	51,194	51,350	51,521	51,695	52,598	52,827	53,088	53,476	53,864	54,301	54,637	56,981	37,033	42,060	32,316	1,842	817	827	836	847	856	866	2,379	2,287	892	899	906	914	921	928	936	1,025	1,154	1,280	1,405	4,695	4,928	5,159	5,367	5,592	5,856	8,210	3,316	4,248	4,470	4,733	6,025	4,793	5,006	20,853	25,331	30,335	10,549	39,648	37,449	31,001	33,617	38,895	36,592	39,625	41,664	40,315	45,100	40,900	38,800	27,700	34,200	27,600	20,900	16,000
Short Term Debt	56,989	66,568	66,764	63,762	56,550	56,502	57,003	54,568	53,620	47,849	47,909	47,015	45,481	41,815	43,553	58,934	52,036	48,715	49,567	44,088	309	336	344	351	359	466	462	352	28,012	41,866	55,713	55,891	55,887	55,898	55,906	56,082	276	280	294	318	69	92	121	182	276	386	474	521	552	561	583	603	638	672	779	835	919	1,072	1,231	1,433	1,602	2,416	592	701	830	859	42	41	40	40	39	39	1,542	1,441	43	41	39	30	29	29	29	111	233	352	470	966	948	932	916	901	929	978	532	704	788	881	1,271	740	760	4,459	5,205	5,761	2,758	14,505	15,044	12,125	12,133	10,715	9,498	8,608	9,542	8,716	9,300	8,100	6,800	7,200	5,900	4,200	2,800	1,600
Short Term Investments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	522	522	10,600	10,575	42,075	61,650	60,800	80,295	79,455	79,000	78,190	85,771	111,850	111,600	4,000	6,000	6,000	3,000	3,000	6,060	8,271	20,274	23,539	24,968	25,305	9,222	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	3,041,078	1,190,581	1,184,573	1,226,566	1,208,076	1,186,059	1,197,143	1,166,806	1,117,823	1,070,508	1,081,841	1,015,901	1,047,768	1,048,210	1,072,499	1,066,236	990,878	980,633	936,557	885,577	760,215	743,141	711,292	690,207	687,716	669,168	659,687	635,868	641,291	641,513	644,427	689,053	700,171	698,665	709,360	715,387	541,805	529,945	532,489	534,567	506,269	490,802	468,192	446,206	399,187	386,618	370,776	364,760	341,151	374,813	382,979	368,102	348,796	341,813	330,497	320,623	316,730	306,686	305,383	300,988	307,527	304,922	274,023	264,545	241,884	215,964	199,976	212,852	213,014	207,192	225,527	212,189	212,600	199,658	206,818	213,035	214,553	201,256	192,128	183,694	175,087	166,637	157,944	150,881	145,511	147,964	146,323	141,498	136,959	129,914	123,537	115,968	115,968	103,253	93,074	84,630	79,617	70,396	65,265	59,024	56,808	54,854	140,292	124,263	118,331	105,187	100,883	101,982	99,074	97,423	98,668	96,957	98,300	92,000	85,900	79,200	78,000	68,600	59,700	51,500
Total Current Assets	347,028	237,730	215,787	257,794	304,315	312,967	315,756	325,252	282,807	289,261	297,012	247,986	249,526	235,047	247,291	241,189	236,318	215,711	193,072	202,071	201,082	201,067	193,505	170,073	162,742	157,842	148,151	139,202	136,270	143,960	163,631	167,936	173,457	185,697	193,342	196,735	149,955	138,646	137,158	145,125	220,360	200,624	177,281	164,518	198,396	181,473	162,098	155,442	139,717	168,877	175,951	163,609	145,963	137,141	122,316	110,725	107,226	94,368	91,778	92,309	91,589	97,967	86,208	76,259	71,450	80,644	80,355	106,665	127,563	124,408	150,011	137,316	136,734	133,494	142,050	159,690	159,422	150,600	140,265	130,458	123,166	113,212	102,796	95,367	88,774	90,028	87,444	82,349	62,404	67,682	60,471	54,925	54,925	50,537	45,589	41,382	36,414	35,316	30,995	24,840	23,416	21,680	20,371	38,722	35,829	33,142	29,306	28,809	28,204	26,461	25,532	25,794	25,800	21,700	20,600	23,000	21,600	19,500	18,100	16,200
Total Current Liabilities	237,094	190,441	169,226	165,770	169,398	179,559	167,460	187,944	164,692	158,466	169,271	169,133	172,052	157,133	146,852	143,328	137,164	139,775	136,635	116,646	74,723	75,519	69,717	66,331	60,132	58,197	54,654	58,485	77,927	91,124	100,738	101,801	109,044	113,024	116,713	114,013	43,431	45,031	43,671	44,011	34,611	36,649	29,530	32,598	27,920	29,757	32,478	40,247	33,930	33,199	33,870	34,307	27,605	35,381	32,340	31,417	29,783	25,638	27,179	25,398	26,162	30,811	30,792	27,994	26,818	21,328	16,370	16,723	19,133	22,559	17,601	18,779	25,964	27,715	25,854	18,139	25,657	22,587	20,919	20,950	20,290	18,173	17,277	17,950	18,690	19,355	15,177	16,555	18,310	16,617	14,666	19,133	19,133	18,766	15,976	16,984	16,852	14,252	14,215	17,754	16,381	14,221	17,487	33,073	33,900	28,468	26,017	23,165	22,414	19,583	20,937	21,744	20,000	19,300	15,700	15,400	14,700	11,400	10,300	8,000
Total Liab	2,276,817	524,881	510,964	540,933	500,832	503,361	532,793	555,035	524,169	514,972	531,492	471,170	500,439	496,014	506,207	500,395	413,696	419,488	386,515	332,140	206,971	194,731	169,422	163,764	154,227	163,578	140,450	135,240	142,222	145,671	154,945	178,483	190,116	206,309	220,876	238,373	78,242	83,363	81,828	81,185	70,404	72,358	64,437	65,759	47,516	49,641	51,999	60,003	54,249	103,920	100,243	99,833	92,710	97,679	95,091	92,921	92,223	87,927	89,986	88,131	91,093	96,480	78,111	81,963	70,151	33,138	27,730	27,412	27,787	30,126	26,560	26,916	33,784	34,787	33,320	25,922	33,550	32,349	29,833	28,849	27,379	28,263	26,827	26,913	27,165	32,030	27,716	28,825	30,374	28,882	26,783	32,515	32,515	27,689	24,060	24,459	24,665	21,237	20,671	36,358	37,737	39,009	83,719	70,521	67,871	57,899	56,849	59,947	57,810	57,583	59,715	59,369	61,700	56,800	51,900	46,600	46,200	37,100	29,900	23,600
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	0	0	0	0	0	0	0	0	0	0
Total Stockholder Equity	764,261	665,700	673,609	685,633	707,244	682,698	664,350	611,771	593,654	555,536	550,349	544,731	547,329	552,196	566,292	565,841	577,182	561,145	550,042	553,437	553,244	548,410	541,870	526,443	533,489	505,590	519,237	500,628	499,069	495,842	489,482	510,570	510,055	492,356	488,484	477,014	463,563	446,582	450,661	453,382	435,865	418,444	403,755	380,447	351,671	336,977	318,777	304,757	286,902	270,893	282,736	268,269	256,086	244,134	235,406	227,702	224,507	218,759	215,397	212,857	216,434	208,442	195,912	182,582	171,733	182,826	172,246	185,440	185,227	177,066	198,967	185,273	178,816	164,871	173,498	187,113	181,003	168,907	162,295	154,845	147,708	138,374	131,117	123,968	118,346	115,934	118,607	112,673	106,585	101,032	96,754	83,453	83,453	75,564	69,014	60,171	54,952	49,159	44,594	22,666	19,071	15,845	56,573	53,742	50,460	47,288	44,034	42,035	41,264	39,840	38,953	37,588	36,600	35,200	34,000	32,600	31,800	31,500	29,800	27,900
Treasury Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Warrants	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	1994-12-31	1993-12-31
Begin Period Cash Flow	45,822	37,316	40,254	64,749	25,657	3,893	8,511	33,312	41,429	127,367	112,182	58,801	74,504	42,035	22,093	4,909	8,231	332	78	16,362	33,642	19,364	15,589	5,989	455	895	28	3,834	1,000	4,200	0
Capital Expenditures	30,725	40,729	39,109	20,268	30,666	42,293	38,265	42,186	40,495	39,487	35,439	21,353	21,216	15,148	20,847	26,699	47,026	15,454	22,077	11,200	2,874	3,913	4,844	16,547	7,412	11,764	19,074	8,763	24,700	36,500	21,400
Cash And Cash Equivalents Changes	0	8,506	-2,938	-24,495	39,092	21,764	-4,618	-24,801	-8,117	-85,938	15,185	53,381	-15,703	32,469	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	180,248	108,089	43,343	-6,098	-2,565	-1,204	283	-1,378	-280	-215	-1,716	-2,504	-234	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change In Cash	115,751	8,506	-2,938	-24,495	39,092	21,764	-4,618	-24,801	-8,117	-85,938	15,185	53,381	-15,703	32,469	19,942	17,184	-3,322	7,899	254	-16,284	49,897	14,278	3,775	9,600	5,534	-440	658	-3,806	8,600	19,300	26,400
Change In Working Capital	92,491	-11,400	-51,604	-12,432	8,402	-3,464	-26,797	9,332	-28,259	-4,516	3,581	-15,331	-3,257	-6,984	8,025	-11,795	1,492	-6,424	-3,973	-7,343	-1,494	-1,988	5,604	94	-3,879	-15,563	-1,750	-3,854	-200	-3,200	-4,700
Change Receivables	0	-11,031	-60,781	-25,739	2,059	-12,178	-31,308	-9,715	5,403	-12,193	1,447	-6,542	-9,893	-8,580	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Account Receivables	25,147	-19,128	-52,684	-25,740	2,059	-12,178	-31,308	-9,715	5,403	-12,193	1,447	-6,542	-9,893	-8,580	-844	-2,376	-11,474	-6,516	-7,438	-8,886	-4,357	-2,730	2,360	-2,410	-9,128	-4,162	-5,703	-6,423	-100	-5,800	-4,800
Change To Inventory	0	0	0	-23,854	-8,700	-2,565	-1,204	283	-1,378	-280	-215	-1,331	-102,976	-119,784	-76,895	-41	-41	66	-145	-23	4	-24	60	201	-251	-89	-169	-192	-7,700	-100	-9,200
Change To Liabilities	0	12,574	17,179	23,854	9,984	11,279	5,715	18,764	-32,284	7,957	2,349	-7,458	8,393	1,636	3,831	0	6,606	0	615	4,262	1,325	1,064	0	3,207	0	0	0	0	0	0	0
Change To Netincome	0	29,913	26,454	16,935	23,866	21,784	1,785	55,138	21,249	3,874	9,212	10,613	18,121	8,687	5,096	0	6,069	3,743	0	0	2,188	0	3,285	0	0	0	0	0	0	0	0
Change To Operating Activities	0	-4,846	-16,099	-9,424	-6,098	-2,565	-1,204	283	-1,378	-280	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	57,405	47,386	39,552	37,125	42,109	42,183	41,055	38,210	37,157	31,133	23,579	21,021	20,993	20,450	19,722	16,615	10,824	8,934	8,947	6,817	7,263	7,461	8,410	5,783	4,996	4,346	11,210	10,523	-8,700	-6,400	-3,400
Dividends Paid	-24,995	25,865	22,976	20,868	20,494	18,427	18,052	15,529	14,821	14,795	12,141	9,947	8,194	8,121	8,109	8,089	8,305	8,694	7,668	7,073	2,438	2,831	743	0	0	0	0	2,734	0	0	3,000
End Period Cash Flow	161,573	45,822	37,316	40,254	64,749	25,657	3,893	8,511	33,312	41,429	127,367	112,182	58,801	74,504	42,035	22,093	4,909	8,231	332	78	83,539	33,642	19,364	15,589	5,989	455	686	28	9,600	23,500	26,400
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	150,663	218,361	81,152	63,844	130,810	110,261	65,099	88,164	45,227	52,173	55,400	47,233	55,743	38,847	29,332	32,384	15,367	37,013	29,155	26,215	29,868	26,040	30,682	17,286	12,692	-9,867	3,490	3,759	-8,900	-27,300	-19,700
Investments	174,838	-104,462	-88,312	-82,707	-63,915	-55,463	-59,188	-52,393	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
Net Borrowings	0	-49,000	42,577	-21,446	-20,946	-7,302	-97,790	-55,768	23,648	-9,736	-20,375	-551	-50,637	-895	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	42,583	193,191	116,091	52,767	87,099	92,051	87,321	27,670	55,575	61,169	54,467	52,668	47,199	32,036	9,946	42,542	44,925	48,923	44,909	34,421	25,941	21,764	19,882	23,445	16,040	8,079	8,594	3,979	4,500	4,000	2,200
Other Cashflows From Financing Activities	3,340,531	-2,638	-6,731	-20,847	-3,032	9,049	60,573	8,080	142,795	14,261	35,843	-1	11,693	990	-848	46,864	81,011	1,967	1,460	7,073	-210	2,831	593	1,853	-13,364	21,792	6,782	5,528	16,900	24,300	22,300
Other Cashflows From Investing Activities	0	-63,733	8,020	-61,238	-35,706	-13,170	-20,923	-10,207	-60,423	-88,223	-43,484	648	1,545	1,258	372	0	0	0	2,523	1,166	113	58	19	0	0	0	0	0	0	0	0
Other Non Cash Items	-13,693	10,851	3,888	-5,137	5,191	3,141	6,150	43,279	-768	214	-1,822	2,135	1,652	773	9,851	4,303	4,761	-137	1,397	2,009	516	-148	-999	1,724	1,497	3,266	909	127	17,500	12,800	6,900
Sale Purchase Of Stock	-93,811	-62,771	-48,989	-45,248	-56,204	-66,126	-48,983	-39,983	-19,992	-39,972	-354	259	-26,101	195	237	259	-55,134	-41,722	-54,071	-9,577	210	-12,517	150	0	0	0	0	-1,786	0	0	0
Stock Based Compensation	11,495	11,376	10,913	10,448	11,907	10,549	8,103	8,334	7,486	6,681	6,178	6,050	5,971	6,284	6,754	6,267	-205	1,307	0	0	1,864	2,804	2,462	0	0	-124	988	0	-100	200	-100
Total Cash From Financing Activities	1,550,025	-146,122	-34,887	-25,900	-56,012	-75,327	-48,794	-102,758	7,079	-49,888	3,269	5,500	-72,991	-7,636	-10,032	14,289	-31,645	-45,362	-54,078	-2,254	2,438	-15,232	-743	2,618	-1,206	14,645	-2,871	-10,286	8,600	19,300	26,400
Total Cash From Operating Activities	181,388	259,090	120,261	84,112	161,476	152,554	103,364	130,350	85,722	91,660	90,839	68,586	76,959	53,995	50,179	59,083	62,393	52,467	51,232	37,415	32,742	29,953	35,526	33,833	20,104	1,897	22,564	12,522	15,800	9,200	1,700
Total Cashflows From Investing Activities	0	-104,462	-88,312	-81,506	-63,915	-55,463	-59,188	-52,393	-100,918	-127,710	-78,923	-20,705	-19,671	-13,890	0	0	0	794	3,100	0	14,717	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	1994-12-31	1994-09-30	1994-06-30	1994-03-31
Begin Period Cash Flow	18,843	18,281	32,028	45,822	46,846	47,386	61,630	37,316	51,930	50,844	24,396	40,254	42,990	80,916	77,245	64,749	34,824	14,777	42,165	25,657	28,911	20,102	12,735	3,893	12,423	10,090	14,335	8,511	11,312	21,679	38,037	33,312	47,444	42,531	54,495	41,429	24,573	24,943	41,044	127,367	98,551	81,101	71,630	112,182	92,988	68,832	69,397	58,801	87,467	96,119	85,681	74,504	63,219	47,916	44,612	42,035	27,230	24,072	31,241	22,093	17,591	1,082	3,235	4,909	8,306	10,336	5,435	8,231	4,356	13,022	3,183	332	141	8,178	5,012	78	100,336	93,866	87,349	83,539	73,660	60,705	50,827	33,642	33,525	28,108	23,706	19,364	35,426	27,727	22,109	19,681	19,681	10,315	10,117	5,989	7,779	5,484	117	455	96	900	1,164	686	148	99	538	28	26	26	26	3,834	2,000	4,300	1,800	1,000	6,800	4,900	5,000	4,200
Capital Expenditures	7,307	5,843	10,786	6,789	15,328	6,728	8,765	9,908	16,094	14,440	5,880	2,695	3,829	2,225	11,042	3,172	3,564	10,504	12,508	4,090	7,949	16,738	11,385	6,221	24,655	8,948	2,010	2,652	13,461	12,684	13,352	2,688	21,954	6,579	6,733	5,229	2,386	3,681	13,872	19,548	2,173	5,272	15,812	12,182	854	2,181	5,220	13,098	924	4,851	8,112	7,329	3,259	3,150	3,313	5,426	2,019	3,803	10,288	4,737	14,019	7,325	2,710	2,645	2,413	6,078	15,965	22,570	5,540	4,724	2,769	2,421	14,549	5,414	2,059	55	6,171	1,735	336	2,958	359	475	1,490	550	295	1,033	1,886	699	274	1,391	1,423	2,711	2,711	6,869	5,506	1,461	1,511	2,627	1,113	2,161	1,764	6,391	3,026	6,635	8,554	3,500	2,053	4,967	2,735	2,016	2,307	1,705	2,800	7,600	11,800	2,500	10,300	11,200	8,500	6,500
Cash And Cash Equivalents Changes	0	0	-13,747	-13,794	-1,024	-540	-14,244	24,314	-14,614	1,086	26,448	-15,858	-2,736	-37,926	3,671	12,496	29,925	20,047	-27,388	16,508	-3,254	8,809	7,367	8,842	-8,530	2,333	-4,245	5,824	-2,801	-10,367	-16,358	4,725	-14,132	4,913	-11,964	13,066	16,856	-370	-16,101	-86,323	28,816	17,450	9,471	-40,552	19,194	24,156	-565	10,596	-28,666	-8,652	10,438	11,177	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	19,652	47,790	23,256	54,958	45,530	56,504	21,997	31,955	30,338	23,799	5,882	16,508	20,046	907	-1,625	511	-7,683	2,699	2,315	-1,241	-6,354	2,715	207	2,567	-6,131	2,153	-12,800	14,879	-7,054	5,258	153	1,679	-5,828	2,618	1,117	1,032	-9,477	7,048	4,567	178	-1,992	-2,968	267	1,351	-2,205	-1,129	-444	-96	-995	-969	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	142,730	562	-13,747	-13,794	-1,024	-540	-14,244	24,314	-14,614	1,086	26,448	-15,858	-2,736	-37,926	3,671	12,496	29,925	20,047	-27,388	16,508	-3,254	8,809	7,367	8,842	-8,530	2,333	-4,245	5,824	-2,801	-10,367	-16,358	4,725	-14,132	4,913	-11,964	13,066	16,856	-370	-16,101	-86,323	28,816	17,450	9,471	-40,552	19,194	24,156	-565	10,596	-28,666	-8,652	10,438	11,177	11,285	15,303	3,304	2,577	14,805	3,158	-7,169	9,148	4,502	16,509	-2,153	-1,674	-3,397	-2,030	4,901	-2,796	3,875	-8,666	9,839	2,851	191	-8,037	3,166	4,934	-100,258	6,470	6,517	3,810	9,879	12,955	9,878	17,185	117	5,417	4,402	4,342	-16,062	7,699	5,618	-4,092	-4,092	9,366	198	4,128	-1,790	2,295	5,367	-338	359	-804	-264	478	538	49	-439	510	2	0	0	-3,808	1,500	2,000	4,300	800	6,800	6,800	4,900	800
Change In Working Capital	63,147	-2,167	22,384	9,127	-4,841	13,514	-23,197	3,124	-16,075	-1,323	-21,765	-12,951	-13,726	-9,289	5,462	5,122	5,546	4,681	-9,127	7,301	-4,996	8,954	-12,799	5,375	-11,265	-6,416	-18,795	9,679	9,306	9,491	-16,498	7,033	-13,032	3,778	-9,704	-9,303	5,471	-1,529	-8,948	971	6,894	-428	-6,394	3,509	196	1,068	-17,824	1,230	2,122	-2,216	-3,601	438	-5,092	3,345	-5,662	424	7,127	-1,376	-4,080	6,960	3,831	2,532	-12,863	-5,295	-1,085	7,782	-55	-5,150	-307	2,077	-3,124	-5,070	-707	-120	-769	-2,377	-1,876	-2,416	-3,288	237	-83	602	-9	-2,004	-4,620	5,561	-2,024	-905	-6,971	5,260	6,411	4,021	4,021	2,158	5,215	4,836	-1,502	4,284	9,694	51	-424	4,575	-2,765	3,720	-2,745	1,385	-2,355	-146	-1,088	2,283	545	-1,750	3,400	-2,500	-2,700	700	-1,200	300	-900	-100
Change Receivables	0	0	21,630	16,669	24,044	-5,417	-2,989	-26,669	2,523	1,205	-23,147	-41,362	-5,303	-23,415	-3,123	6,102	6,265	-3,939	-4,834	4,567	-8,792	3,346	-7,537	805	-11,891	-10,759	-8,047	-611	-1,715	-6,716	-5,529	4,245	4,537	5,753	-2,555	-2,332	3,682	-3,148	-4,234	-8,493	5,709	-7,458	1,185	2,011	-943	-426	-2,682	-2,491	-1,585	-387	-1,863	-6,058	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	6,273	-19,425	21,630	16,669	24,044	-6,421	-6,473	-30,278	-3,598	1,655	-22,995	-28,023	-5,304	-23,415	-3,123	6,102	6,264	-3,939	-4,834	4,567	-8,792	3,345	-7,537	805	-11,891	-10,759	-8,047	-611	-1,715	-6,716	-5,529	4,245	4,537	5,753	-2,556	-2,332	4,164	-3,148	-4,234	-8,493	5,709	-7,458	1,185	2,011	-943	-426	-2,682	-2,491	-1,585	-387	-1,863	-6,058	-198	500	-5,664	-3,218	-3,214	-3,721	-1,915	8,006	13,716	2,209	-12,864	-5,437	-4,747	-2,415	-3,360	-952	2,637	-5,645	-2,495	-1,013	811	-6,366	-4,361	2,478	-2,582	-3,932	-1,361	-1,011	-3,244	-2,135	2,371	-1,349	-3,645	726	152	37	2,360	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	-1,900	-500
Change To Inventory	0	0	0	0	0	-16,106	0	0	0	0	0	-85,107	-93,709	-484	0	907	-13,258	0	0	2,699	-10,676	0	0	2,715	-110,929	0	0	-78,564	-45,909	0	0	-43,930	-64,469	0	0	-80,104	-105,018	0	0	-94,066	-187,152	0	0	-132,650	-165,860	0	0	-116,120	-105,905	0	0	-130,183	-122,015	0	-92,376	-77,522	-70,232	-69,938	-65,663	0	-70,249	-66,718	-55,315	-41	-46,098	-52,837	-61,174	-440	110	3,562	1,640	-44	119	-48	-188	-28	-87	12	43	9	17	-32	-43	62	-40	35	36	-55	60	0	0	0	201	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-8,000	-100
Change To Liabilities	0	0	1,053	-18,964	-9,199	16,106	-10,308	15,975	-2,398	-3,689	1,721	21,326	1,951	14,610	9,180	-1,887	-1,550	8,109	3,390	35	1,481	5,423	4,288	87	419	1,776	-4,617	8,137	23,821	1,329	-3,916	-2,470	-17,722	-3,654	-1,319	-9,589	190	587	4,764	2,416	-175	6,515	-6,219	2,228	840	-5	-12,939	4,646	3,636	-1,746	-874	7,377	3,022	7,519	4,259	1,856	3,831	701	0	0	0	2,398	2,514	2,614	6,606	1,478	0	0	0	0	0	0	615	656	0	0	4,262	3,012	1,149	640	1,325	0	0	0	1,064	2,116	0	0	0	0	0	0	3,207	0	0	0	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 Netincome	0	0	6,725	6,863	11,783	6,078	6,506	5,546	8,536	10,952	4,422	2,544	11,379	-4,401	4,917	5,040	3,958	8,563	6,354	4,991	5,183	5,277	4,317	7,007	-8,932	3,665	3,947	3,105	3,655	2,853	40,913	7,717	8,655	9,889	-536	3,241	-3,722	2,548	3,202	1,846	-1,536	3,585	3,871	3,292	1,701	3,147	4,230	1,535	6,164	6,158	3,881	1,918	0	0	0	0	5,096	0	0	0	0	0	0	0	6,069	0	0	0	3,743	4,888	2,920	1,753	0	2,848	2,634	2,078	0	0	0	20	2,188	424	0	0	0	0	0	387	3,285	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Operating Activities	0	0	0	0	-19,686	3,829	-6,416	17,427	-10,079	711	-491	-6,254	-9,251	-485	-493	907	-1,625	511	-7,683	2,699	2,315	-1,241	-6,354	2,715	-1,204	2,567	-6,131	2,153	283	16,619	-4,378	0	-1,378	0	0	0	-280	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	17,579	15,506	14,513	13,635	12,392	12,269	11,595	11,130	11,485	9,416	9,414	9,237	9,206	9,172	8,118	10,629	10,073	10,528	10,681	10,827	10,837	10,295	10,362	10,690	10,477	10,326	10,219	10,033	9,801	9,399	9,341	9,668	9,556	9,399	9,519	8,684	8,254	8,115	7,751	7,013	6,202	6,220	5,971	5,186	5,081	5,425	5,394	5,121	5,259	5,430	5,222	5,082	5,167	5,228	5,107	4,949	5,035	5,005	4,824	4,858	4,785	4,134	3,998	3,698	3,095	2,855	2,494	2,380	2,400	2,083	2,052	2,399	2,310	2,815	1,969	1,853	1,729	1,693	1,696	1,699	1,823	1,888	1,775	1,777	1,846	1,849	1,880	1,886	8,410	2,218	2,197	10,021	10,021	-1,457	-1,408	-1,373	8,716	-1,266	-1,255	-1,199	7,523	-1,193	1,222	-3,206	19,328	-2,815	-2,744	-2,559	18,432	-2,687	-2,610	-2,612	-2,400	-2,100	-2,200	-2,000	-2,000	-1,800	-1,500	-1,100
Dividends Paid	-6,197	6,198	6,255	6,345	6,404	6,467	6,492	6,502	5,706	5,705	5,768	5,797	5,778	5,003	5,037	5,050	5,073	5,088	5,144	5,189	5,214	4,385	4,415	4,413	4,468	4,502	4,543	4,539	4,542	3,653	3,656	3,678	3,688	3,700	3,719	3,714	3,654	3,662	3,746	3,733	3,070	3,057	3,047	2,967	2,938	2,937	2,038	2,034	2,007	2,066	2,066	2,055	2,033	2,031	2,028	2,029	2,028	2,028	2,028	2,025	2,027	2,026	2,023	2,013	2,012	2,071	2,095	2,127	2,146	2,141	2,207	2,200	1,886	1,904	3,878	1,013	7,117	0	0	625	210	0	0	0	4,223	0	0	0	150	0	0	0	0	0	0	0	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	161,573	18,843	18,281	32,028	45,822	46,846	47,386	61,630	37,316	51,930	50,844	24,396	40,254	42,990	80,916	77,245	64,749	34,824	14,777	42,165	25,657	28,911	20,102	12,735	3,893	12,423	10,090	14,335	8,511	11,312	21,679	38,037	33,312	47,444	42,531	54,495	41,429	24,573	24,943	41,044	127,367	98,551	81,101	71,630	112,182	92,988	68,832	69,397	58,801	87,467	96,119	85,681	74,504	63,219	47,916	44,612	42,035	27,230	24,072	31,241	22,093	17,591	1,082	3,235	4,909	8,306	10,336	5,435	8,231	4,356	13,022	3,183	332	141	8,178	5,012	78	100,336	93,866	87,349	83,539	73,660	60,705	50,827	33,642	33,525	28,108	23,706	19,364	35,426	27,727	15,589	15,589	19,681	10,315	10,117	5,989	7,779	5,484	117	455	96	900	1,164	686	148	99	538	28	26	26	26	1,500	2,000	4,300	1,800	6,800	6,800	4,900	5,000
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	14,650	24,022	52,787	59,204	46,948	77,266	41,569	52,578	28,317	28,141	16,868	7,316	7,880	18,339	19,721	25,994	40,181	35,463	17,730	37,436	30,760	30,117	14,793	34,592	998	16,782	12,911	34,408	22,281	20,716	10,414	34,753	6,453	32,174	4,370	2,230	24,181	22,197	5,311	484	28,179	17,965	834	8,422	22,053	19,578	745	4,857	21,205	17,420	9,228	7,890	12,875	15,800	5,406	4,766	17,453	5,509	-5,352	11,722	7,042	13,542	3,603	8,197	16,224	12,436	-1,143	-12,150	8,754	11,480	10,265	6,514	2,836	8,617	9,407	8,295	4,567	7,409	7,642	6,597	8,439	9,019	7,257	5,153	5,229	11,323	3,806	5,682	7,271	7,903	5,664	8,410	8,410	4,690	-552	4,738	4,466	1,699	3,127	3,400	4,841	-12,697	1,166	-3,177	-1,104	2,381	4,089	-1,876	2,607	326	779	47	1,400	-3,600	-7,000	300	-8,400	-8,600	-5,700	-4,600
Investments	251,684	-5,739	-9,566	-61,541	-40,051	-6,072	-48,942	-9,397	-52,603	-13,415	-12,774	-9,010	-10,945	-2,605	-10,804	-58,353	86	-21,675	-38,637	-3,689	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	0	-30,750	45,000	-375	-42,001	-9,388	-1,445	-978	-492	44,513	-467	-85,917	147	-340	64,664	-40,418	9,609	9,931	-68	-7,074	-77	-77	-74	-110,075	19,718	7,424	-14,857	-13,943	-13,942	-13,914	-13,969	-13,985	-14,104	-14,147	65,884	-74	-84	-87	-9,491	-24	-48	-75	-20,228	-140	-139	-136	-136	-50,149	-160	-157	-171	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-14,584	9,288	19,951	36,368	42,942	52,133	55,430	42,686	38,197	30,503	30,677	16,714	15,133	16,992	12,266	8,375	24,168	22,195	22,330	18,407	27,685	22,329	24,298	17,741	35,373	18,155	19,550	14,243	12,706	11,931	-10,066	13,099	23,228	15,687	11,824	4,837	17,046	16,744	17,178	10,202	15,585	14,197	13,831	10,855	15,960	12,267	14,167	10,273	14,449	12,912	11,969	7,869	11,817	8,888	7,912	3,419	6,284	3,779	2,843	-3,104	8,336	12,096	12,102	10,008	12,404	10,753	11,475	10,293	12,169	12,725	13,021	11,008	12,197	12,034	11,985	8,693	10,061	9,011	8,541	6,808	7,662	6,457	6,387	5,435	6,958	4,561	5,348	4,897	4,573	4,129	5,015	6,593	6,593	6,145	6,118	4,589	5,385	4,005	3,550	3,100	914	2,468	2,456	2,241	2,703	3,176	1,944	771	1,362	887	1,199	531	1,400	1,200	1,200	700	200	1,400	1,800	600
Other Cashflows From Financing Activities	-154	-23	-9,566	40,708	166	-71,995	18,024	-3,048	149,216	-6,886	-88	-1,626	-3,222	-3,748	-10,911	-2,672	1,726	-262	-49	-2,721	7,002	2,570	-49	-1,823	1,404	20,750	-64	-1,635	2,487	36	44	38	5,782	-5	1,476	135,542	1,555	-353	268	9,396	3,499	2,024	10,988	19,332	31	7,443	374	8,010	3,740	-24,191	3,052	4,926	472	365	5	42	-615	4	90	-228	-123	16,009	11,666	21,319	80,891	346	1	-227	418	126	1,029	394	1,488	2,808	-3,922	1,013	7,117	-130	130	625	-99	4	95	11,460	4,223	-7,239	58	-2,665	-71	-1,443	71	1,757	1,757	-6,702	96	-1,409	-8,006	-2,038	-1,404	-1,916	-2,204	21,602	333	5,733	2,444	3,221	-3,166	4,990	-656	185	-2,079	1,479	3,300	3,800	7,500	2,300	8,100	7,500	5,500	3,300
Other Cashflows From Investing Activities	0	0	1,220	-54,752	-24,723	656	-40,177	511	-36,509	515	-6,894	8,020	-5,915	-380	238	-55,181	1,193	-11,171	-26,129	401	-15,066	-2,596	3,939	553	153	-427	-21,568	919	471	-9,477	322	-1,523	853	544	56	-61,876	-5,510	16	250	-82,979	290	566	771	-45,111	48	211	490	-101	232	345	381	587	0	0	0	39	372	405	356	0	0	0	0	0	0	0	0	0	0	0	0	0	2,523	2,653	2,748	0	1,166	1,163	0	0	113	83	40	0	58	113	24	4	19	0	0	0	0	12	0	25	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Non Cash Items	-35,236	4,178	3,240	1,857	3,426	3,402	2,881	1,142	5,265	2,196	1,508	-5,081	1,476	1,695	-447	229	220	3,148	715	1,108	741	248	1,119	1,033	1,530	2,388	1,004	1,228	-1,065	706	42,980	658	-2,254	1,959	1,117	-1,590	-1,130	716	84	62	-86	1	-384	-1,353	587	697	472	733	-516	516	450	455	-215	-57	535	510	866	763	297	7,925	1,897	1,447	577	382	4,829	-2,594	248	507	-1,073	1,922	-449	47	2,812	305	-305	274	1,976	1	40	-7	682	-128	38	0	2,761	-1	-28	72	-19,885	-95	-4,339	-9,514	0	4,713	-4,971	-1,853	-6,622	-2,697	-7,749	3,609	-1,408	-12,156	-2,773	703	-11,836	4,135	9,297	5,025	-13,364	1,859	3,952	5,583	1,800	7,400	8,500	3,400	4,900	2,700	3,100	2,200
Sale Purchase Of Stock	3,331,122	-14,019	-29,301	-50,491	-14,997	-29,994	-17,780	-17,780	523	-14,997	-23,994	-9,998	1,627	-29,989	294	-15,259	-8,298	-9,289	-24,436	-14,181	-21,141	-16,820	-8,172	-19,993	-7,000	-29,988	-1,999	-9,996	-9,997	-9,995	-9,996	-11,777	-9,996	-9,996	1,440	10,139	4	-19,987	-19,985	9,840	-354	1,687	10,356	17,960	259	7,295	372	8,192	-1,807	218	2,793	4,838	195	0	106	0	237	0	0	0	0	0	0	-23,914	-23,914	0	-23,682	-7,538	-2,948	-33,002	-1,372	-4,400	-5,022	-26,156	-18,784	-4,109	-1,490	-6,277	-1,447	-363	210	0	0	-5,336	-5,336	0	0	0	150	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock Based Compensation	2,143	3,043	3,160	3,149	2,633	2,676	3,306	2,761	2,734	2,601	2,981	2,597	2,596	2,345	2,241	3,266	2,901	2,762	3,197	3,047	3,024	2,847	2,417	2,261	2,138	1,939	2,064	1,962	2,130	2,093	2,159	1,952	1,924	1,886	1,890	1,786	1,676	1,676	1,677	1,652	1,559	1,525	1,536	1,557	1,500	1,427	1,517	1,606	1,514	1,502	1,512	1,443	1,397	1,506	1,618	1,763	1,732	1,607	1,635	1,780	1,696	1,451	1,585	1,535	10	20	943	593	1,307	-1,100	292	224	0	-566	-1,294	171	33	-1	-33	0	1,698	128	-38	0	-148	-1	1	0	21,251	0	0	0	0	0	0	0	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 Cash From Financing Activities	1,659,589	-23,564	-67,754	-18,246	-23,249	-78,462	-15,636	-28,775	-6,422	-28,080	16,474	-16,859	-3,500	-56,692	-16,288	41,683	-11,449	-4,245	-18,989	-21,329	-18,948	-18,712	-11,364	-26,303	-9,681	-14,022	4,412	-29,503	-25,553	-21,607	-27,094	-28,505	-21,438	-27,805	-16,390	72,712	-1,815	-22,583	-21,662	-3,828	347	-1,081	7,866	-3,863	-2,907	4,367	-1,800	5,840	-50,103	-26,417	829	2,700	-1,435	-1,898	-2,055	-2,248	-2,654	-2,414	-2,375	-2,589	-2,471	13,681	-5,621	8,700	4,936	-1,307	-25,569	-9,705	-4,403	-34,978	307	-6,288	-4,423	-24,175	-22,384	-3,096	2,770	-4,188	-1,098	262	1,354	732	330	22	-8,363	-7,412	-83	626	74	-152	199	2,218	2,218	183	879	-662	239	7	2,531	-3,983	-4,442	16,975	-1,128	3,240	2,587	-2,538	-5,223	2,303	-2,761	-2,144	-1,007	-4,374	1,500	2,000	4,300	800	6,800	6,800	4,900	800
Total Cash From Operating Activities	21,957	29,865	63,573	65,993	62,276	83,994	50,334	62,486	44,411	42,581	22,748	10,011	11,709	20,564	30,763	29,166	43,745	45,967	30,238	41,526	38,709	46,855	26,178	40,813	25,653	25,730	14,921	37,060	35,742	33,400	23,766	37,441	28,407	38,753	11,103	7,459	26,567	25,878	19,183	20,032	30,352	23,237	16,646	20,604	22,907	21,759	5,965	17,955	22,129	22,271	17,340	15,219	16,134	18,950	8,719	10,192	19,472	9,312	4,936	16,459	21,061	20,867	6,313	10,842	18,637	18,514	14,822	10,420	14,294	16,204	13,034	8,935	17,385	14,031	11,466	8,350	10,738	9,144	7,978	9,555	8,798	9,494	8,747	5,703	5,524	12,356	5,692	6,381	7,545	9,294	7,087	11,121	11,121	11,559	4,954	6,199	5,977	4,326	4,240	5,561	6,605	-6,306	-1,860	3,458	7,450	5,881	6,142	3,091	5,342	2,342	3,086	1,752	4,200	4,000	4,800	2,800	1,900	2,600	2,800	1,900
Total Cashflows From Investing Activities	0	0	-9,566	-61,541	-40,051	-6,072	-48,942	-9,397	-52,603	-13,415	-12,774	-9,010	-10,551	-1,798	-10,804	-58,353	86	-21,675	-38,637	-3,689	-23,015	-19,334	-7,446	-5,668	-24,502	-9,375	-23,578	-1,733	-12,990	-22,162	-13,030	-4,211	-21,101	-6,035	-6,677	-67,105	-7,896	-3,665	-13,622	-102,527	-1,883	-4,706	-15,041	-57,293	-806	-1,970	-4,730	-13,199	-692	-4,506	-7,731	-6,742	0	0	0	0	0	0	0	0	0	0	0	0	0	0	12,137	0	794	6,810	0	204	3,100	15,871	13,764	0	0	0	0	0	14,717	14,990	12,261	11,460	0	0	0	0	0	0	0	0	0	0	0	0	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	1994-12-31	1993-12-31
Cost Of Revenue	1,282,525	1,426,582	1,297,101	1,040,460	1,122,510	1,054,847	864,302	767,292	768,705	601,956	504,821	446,774	268,961	175,155	144,727	180,986	222,062	193,980	176,464	159,054	139,805	135,506	136,494	124,570	101,078	78,890	108,438	93,879	62,400	59,500	41,500
Depreciation And Amortization	57,405	47,386	39,552	37,122	42,108	42,183	41,055	38,210	37,157	31,133	23,579	21,021	20,993	20,450	19,722	16,615	10,824	8,934	8,947	6,817	7,263	7,461	8,410	5,783	4,996	4,346	11,210	10,523	-8,700	-6,400	-3,400
Discontinued Operations	0	0	-10,232	-29,034	-29,034	-29,034	-29,034	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	88,210	265,976	159,301	73,924	118,823	122,029	108,661	102,425	81,714	96,695	84,454	83,546	77,110	53,739	25,943	70,285	-160,455	-127,780	-118,133	-111,965	-105,376	-108,400	-113,168	-91,681	-76,974	-65,318	-101,022	-92,980	73,200	64,000	10,800
Ebitda	145,615	313,362	198,853	111,046	160,931	164,212	149,716	140,635	118,871	127,828	108,033	104,567	98,103	74,189	45,665	86,900	-149,631	-118,846	-109,186	-105,148	-98,113	-100,939	-104,758	-85,898	-71,978	-60,972	-89,812	-82,457	64,500	57,600	7,400
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
Extraordinary Items	0	0	0	0	0	0	15,901	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	88,210	546,821	365,326	229,113	287,885	266,039	236,514	215,238	190,420	179,003	147,660	137,672	267,441	308,784	272,683	293,450	170,675	158,778	144,470	123,143	101,712	90,566	91,006	90,337	69,765	51,548	81,964	63,219	85,700	75,500	53,800
Income Before Tax	56,639	260,838	154,963	69,360	116,111	120,246	107,452	58,386	79,667	96,085	83,922	83,155	76,565	53,099	18,185	69,411	72,313	78,544	71,237	54,670	40,711	34,158	32,204	37,967	25,990	14,842	14,085	6,438	7,800	7,000	3,400
Income Tax Expense	13,836	67,647	38,872	16,593	29,012	28,195	20,131	30,716	24,092	34,916	29,455	30,487	29,366	21,063	8,239	26,869	27,388	29,621	26,328	20,249	14,896	12,542	12,322	14,522	9,950	5,653	5,491	2,459	3,300	3,000	1,200
Interest Expense	31,571	5,138	4,338	4,561	2,711	1,783	1,209	1,597	2,047	610	532	391	619	730	670	1,236	0	81	0	55	71	342	0	0	0	0	0	0	0	0	0
Interest Income	0	0	0	0	2,711	1,783	1,209	1,597	2,047	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
Net Income	11,302	193,191	105,859	52,767	87,099	92,051	87,321	27,670	55,575	61,169	54,467	52,668	47,199	32,036	9,946	42,542	44,925	48,923	44,909	34,421	25,815	21,616	19,882	23,445	16,040	10,154	8,594	3,979	4,500	4,000	2,200
Net Income Applicable To Common Shares	0	193,191	105,859	23,733	87,099	92,051	87,321	27,670	55,575	61,169	54,467	52,668	47,199	32,036	9,802	42,542	44,925	48,923	44,909	34,421	25,815	21,616	19,882	23,445	0	0	0	0	0	0	0
Net Income From Continuing Ops	42,803	193,191	116,091	52,767	87,099	92,051	87,321	27,670	55,575	61,169	54,467	52,668	47,199	32,036	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Interest Income	-31,571	-5,138	-4,338	-4,561	-2,711	-1,783	-1,209	-1,597	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	-3	-1	-2	-11	4	-58	289	99	14	74	90	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Recurring	0	0	0	0	0	0	0	42,442	42,442	42,442	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	88,210	265,976	159,301	73,924	118,823	122,031	108,672	59,979	81,772	96,406	84,355	83,532	77,110	53,739	18,786	70,285	71,048	75,396	67,437	53,598	40,182	32,737	31,658	37,301	26,444	16,011	16,803	9,341	33,300	29,900	4,300
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
Other Operating Expenses	1,282,525	1,707,427	1,503,126	1,195,649	1,291,572	1,198,855	992,144	880,109	877,353	684,553	568,126	500,914	459,292	360,846	317,441	387,953	551,436	477,309	435,163	393,035	346,293	332,709	339,791	305,815	247,484	195,719	291,520	250,017	114,800	105,100	91,000
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
Reconciled Depreciation	57,405	47,386	39,552	37,125	42,109	42,183	41,055	0	0	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	2,558	2,394	2,053	1,714	0	0	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	-45,042	0	0	0	0	0	0	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	50,133	49,759	42,186	34,912	45,440	35,180	29,578	25,392	21,483	15,736	12,619	11,309	130,651	129,108	118,568	124,603	96,488	86,382	78,490	73,492	64,573	58,104	65,848	54,531	42,339	35,995	72,917	60,117	0	0	0
Tax Provision	13,836	67,647	38,872	16,593	29,012	28,195	20,131	30,716	24,092	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	241,942	280,845	206,025	155,189	169,062	144,008	127,842	112,817	108,648	82,597	63,305	54,140	190,331	185,691	172,714	206,967	329,374	283,329	258,699	233,981	206,488	197,203	203,297	181,245	146,406	116,829	183,082	156,138	52,400	45,600	49,500
Total Other Income Expense Net	-31,571	-5,138	-4,338	-4,564	-2,712	-2	-11	-42,438	-58	289	99	14	74	90	-7,088	362	1,756	3,229	3,904	1,127	600	1,763	877	773	333	37	-96	61	-22,500	-21,300	300
Total Revenue	1,370,735	1,973,403	1,662,427	1,269,573	1,410,395	1,320,886	1,100,816	982,530	959,125	780,959	652,481	584,446	536,402	483,939	417,410	474,436	392,737	352,758	320,934	282,197	241,517	226,072	227,500	214,907	170,843	130,438	190,402	157,098	148,100	135,000	95,300

	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	1994-12-31	1994-09-30	1994-06-30	1994-03-31
Cost Of Revenue	335,428	368,822	314,300	311,404	342,698	364,087	369,216	350,581	347,496	324,293	333,701	291,611	284,717	269,195	235,160	286,339	306,167	288,019	272,338	255,984	283,560	266,079	261,755	243,455	241,772	219,439	208,697	194,395	208,183	194,230	183,226	181,651	201,897	193,756	201,352	171,700	165,345	153,155	148,313	135,143	140,376	131,458	122,799	110,189	117,785	75,413	76,715	71,643	74,760	67,287	65,323	61,591	117,461	45,072	44,377	37,599	41,362	36,692	34,567	32,105	41,850	47,068	43,722	36,414	63,605	55,961	52,376	50,121	52,983	50,185	46,630	44,182	49,386	45,871	42,361	38,847	42,862	40,797	38,200	37,196	37,405	35,142	33,958	33,300	35,091	35,392	33,756	31,266	34,656	32,633	34,244	33,887	33,887	30,595	30,859	29,229	29,228	25,083	24,435	22,332	21,706	20,245	18,924	29,896	30,058	27,748	25,777	24,855	25,014	23,571	22,968	22,326	21,700	13,000	13,400	14,200	-11,000	26,800	23,700	10,400
Depreciation And Amortization	17,579	15,506	14,513	13,635	12,392	12,269	11,595	11,130	11,485	9,416	9,414	9,237	9,206	9,172	8,118	10,629	10,073	10,528	10,681	10,827	10,837	10,295	10,362	10,690	10,477	10,326	10,219	10,033	9,801	9,399	9,341	9,668	9,556	9,399	9,519	8,684	8,254	8,115	7,751	7,013	6,202	6,220	5,971	5,186	5,081	5,425	5,394	5,121	5,259	5,430	5,222	5,082	5,167	5,228	5,107	4,949	5,035	5,005	4,823	4,858	4,785	4,134	3,998	3,698	3,095	2,855	2,494	2,380	2,400	2,083	2,052	2,399	2,310	2,815	1,969	1,853	1,729	1,693	1,696	1,699	1,823	1,888	1,775	1,777	1,846	1,849	1,880	1,886	14,624	-2,217	-2,198	10,021	1,545	-1,457	-1,408	-1,373	8,716	-1,266	-1,255	-1,199	7,523	-1,193	1,222	-3,206	19,328	-2,815	-2,744	-2,559	18,432	-2,687	-2,610	-2,612	-2,400	-2,100	-2,200	-2,000	-2,000	-1,800	-1,500	-1,100
Discontinued Operations	0	0	0	0	0	0	0	0	2,268	-6,967	-6,967	-5,533	-19,576	-345	-6,071	-3,041	-3,041	-3,041	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	3,000	10,183	30,211	50,509	61,415	71,665	75,545	57,351	51,977	42,476	42,124	22,724	20,723	23,510	13,914	11,702	32,851	30,690	30,549	24,733	35,047	29,878	32,869	24,235	28,776	26,896	29,827	23,163	28,375	24,696	27,977	21,376	29,083	24,611	19,819	8,201	25,780	26,851	27,707	16,357	23,230	22,884	22,519	15,822	24,054	19,626	23,083	16,789	23,628	20,320	19,876	13,286	18,678	15,505	13,502	6,055	12,032	6,672	4,873	-5,048	14,046	19,328	20,262	16,804	-46,279	-41,010	-36,432	-36,737	-36,233	-32,746	-29,460	-29,341	-32,694	-28,630	-29,631	-27,180	-28,470	-28,592	-26,845	-28,061	-27,012	-26,755	-25,410	-26,199	-26,694	-29,736	-26,937	-25,031	-30,470	-23,477	-23,768	-24,874	10,681	-18,992	-19,280	-20,059	-73,985	1,839	1,214	1,398	-56,831	222	-2,577	-902	-79,675	266	-1,502	-3,875	-70,077	-3,309	-1,596	-2,180	40,800	11,700	10,900	10,000	48,300	6,300	6,200	3,400
Ebitda	20,579	25,689	44,724	64,144	73,807	83,934	87,140	68,481	63,462	51,892	51,538	31,961	29,929	32,682	22,032	22,331	42,924	41,218	41,230	35,560	45,884	40,173	43,231	34,925	39,253	37,222	40,046	33,196	38,176	34,095	37,318	31,044	38,639	34,010	29,338	16,885	34,034	34,966	35,458	23,370	29,432	29,104	28,490	21,008	29,135	25,051	28,477	21,910	28,887	25,750	25,098	18,368	23,845	20,733	18,609	11,004	17,067	11,677	9,696	-190	18,831	23,462	24,260	20,502	-43,184	-38,155	-33,938	-34,357	-33,833	-30,663	-27,408	-26,942	-30,384	-25,815	-27,662	-25,327	-26,741	-26,899	-25,149	-26,362	-25,189	-24,867	-23,635	-24,422	-24,848	-27,887	-25,057	-23,145	-15,846	-25,694	-25,966	-14,853	12,226	-20,449	-20,688	-21,432	-65,269	573	-41	199	-49,308	-971	-1,355	-4,108	-60,347	-2,549	-4,246	-6,434	-51,645	-5,996	-4,206	-4,792	38,400	9,600	8,700	8,000	46,300	4,500	4,700	2,300
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	0	0	0	0	0	0	0	0	0	0
Extraordinary Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	3,000	44,543	87,882	115,662	138,502	145,936	146,003	116,380	112,433	95,332	86,970	70,591	65,624	62,802	46,518	56,170	75,337	73,644	73,418	65,487	73,001	65,296	68,588	59,153	64,344	60,762	58,821	52,587	56,610	55,322	55,411	47,898	54,523	53,337	48,342	34,218	48,717	48,322	45,539	36,426	40,709	38,575	37,005	31,371	37,740	68,101	71,611	65,438	73,499	68,462	66,869	58,610	15,849	76,450	77,755	69,378	76,656	66,387	65,130	64,511	81,602	74,416	77,841	71,524	50,885	41,785	40,771	37,232	40,225	40,256	40,149	38,148	39,687	38,970	35,127	30,686	34,717	31,108	30,210	27,107	27,779	25,371	25,216	23,346	24,282	22,055	22,599	21,632	21,799	20,724	22,721	23,852	23,852	23,108	23,199	20,178	20,507	17,516	16,346	15,396	15,789	13,109	11,815	22,959	23,381	22,708	19,725	16,150	16,917	15,724	15,925	14,653	16,800	24,500	23,000	21,500	46,800	10,600	10,900	16,800
Income Before Tax	-20,976	12,838	27,626	48,154	59,798	70,121	74,352	56,567	51,100	41,503	40,801	21,559	19,517	22,206	12,716	10,849	32,056	29,929	29,968	24,158	34,590	29,406	32,386	23,864	28,373	26,608	29,591	22,881	28,009	24,480	-14,926	20,823	28,525	24,057	19,249	7,837	25,525	26,679	27,606	16,275	23,099	22,739	22,391	15,694	23,904	19,494	23,002	16,755	23,494	20,199	19,766	13,107	18,557	15,340	13,302	5,900	11,850	6,545	4,743	-5,189	13,686	19,233	19,990	16,503	19,867	17,153	18,741	16,552	19,777	20,564	20,638	17,565	19,125	19,232	18,982	13,899	16,063	14,098	13,612	10,898	11,729	10,126	10,160	8,696	10,278	7,355	8,627	7,898	7,405	6,684	8,126	10,681	10,681	9,949	9,908	7,429	8,610	6,513	5,806	5,061	4,784	3,978	3,495	3,702	4,439	5,188	3,187	1,271	2,205	1,432	1,931	870	2,300	2,100	2,300	1,200	400	2,500	3,100	1,100
Income Tax Expense	-6,255	3,550	7,675	11,786	16,856	17,988	18,922	13,881	12,903	11,000	10,124	4,845	4,384	5,214	3,491	2,474	7,888	7,734	7,638	5,751	6,906	7,077	8,088	6,123	-7,000	8,453	10,041	8,638	15,303	12,549	-4,860	7,724	5,297	8,370	7,425	3,000	8,479	9,935	10,428	6,073	7,514	8,542	8,560	4,839	7,944	7,227	8,835	6,482	9,045	7,287	7,797	5,238	6,740	6,452	5,390	2,481	5,566	2,766	1,899	-2,085	5,350	7,136	7,888	6,495	7,463	6,400	7,266	6,259	7,608	7,839	7,617	6,557	6,928	7,167	7,028	5,206	5,969	5,086	5,104	4,090	4,027	3,797	3,811	3,261	3,468	2,795	3,278	3,001	2,832	2,557	3,108	4,088	4,088	3,804	3,790	2,840	3,225	2,508	2,256	1,961	1,795	1,510	1,328	1,461	1,736	2,012	1,243	500	843	545	732	339	900	900	1,000	500	200	1,000	1,300	500
Interest Expense	23,976	-2,655	2,585	2,355	1,617	1,544	1,193	784	877	973	1,323	1,165	1,206	1,304	1,198	853	795	761	581	575	457	472	483	371	403	288	236	282	366	216	461	553	558	554	570	364	255	172	101	82	131	145	128	128	150	111	79	51	151	131	141	195	173	191	181	185	201	177	150	141	397	210	328	301	301	55	41	40	81	17	16	25	35	24	31	14	55	14	14	14	15	17	18	21	0	90	94	102	0	0	0	0	107	24	24	83	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	853	795	761	581	575	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0
Net Income	-53,948	9,288	19,951	36,368	42,942	52,133	55,430	42,686	40,465	23,536	30,677	11,181	-4,443	16,647	3,154	8,375	24,168	22,195	22,330	18,407	27,684	22,329	24,298	17,741	35,373	18,155	19,550	14,243	12,706	11,931	-10,066	13,099	23,228	15,687	11,824	4,837	17,046	16,744	17,178	10,202	15,585	14,197	13,831	10,855	15,960	12,267	14,167	10,273	14,449	12,912	11,969	7,869	11,817	8,888	7,912	3,419	6,284	3,779	2,844	-3,104	8,336	12,097	12,102	10,008	12,404	10,753	11,475	10,293	12,169	12,725	13,021	11,008	12,197	12,065	11,954	8,693	10,094	9,012	8,508	6,808	7,702	6,329	6,349	5,435	6,810	4,560	5,349	4,897	4,573	4,127	5,018	6,593	6,593	6,145	6,118	4,589	5,385	4,005	3,550	3,100	2,989	2,468	2,456	2,241	2,703	3,176	1,944	771	1,362	887	1,199	531	1,400	1,200	1,300	700	200	1,500	1,800	600
Net Income Applicable To Common Shares	0	0	19,951	36,368	42,942	52,133	55,430	42,438	40,177	23,301	30,421	11,080	-4,443	16,647	3,154	8,375	24,167	22,195	22,330	18,407	27,683	22,329	24,298	17,741	35,373	18,155	19,550	14,243	12,706	11,931	-10,066	13,099	23,227	15,687	11,824	4,837	17,045	16,744	17,178	10,202	15,584	14,197	13,831	10,855	15,961	12,267	14,167	10,273	14,449	12,912	11,969	7,869	11,817	8,888	7,912	3,419	6,284	3,779	2,843	0	8,336	12,096	12,102	10,008	12,404	10,753	11,475	10,293	12,169	12,725	13,021	11,008	12,197	12,065	11,954	8,693	10,094	9,012	8,507	6,808	7,702	6,329	6,349	5,435	6,810	4,561	5,348	4,897	4,573	4,129	5,018	6,162	6,593	6,145	6,118	4,589	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 From Continuing Ops	-22,804	9,288	19,951	36,368	42,942	52,133	55,430	42,686	38,197	30,503	30,677	16,714	765	27,420	16,207	8,375	24,167	22,195	22,330	18,407	27,683	22,329	24,298	17,741	35,373	18,155	19,550	14,243	12,706	11,931	-10,066	13,099	23,227	15,687	11,824	4,837	17,045	16,744	17,178	10,202	15,584	14,197	13,831	10,855	15,961	12,267	14,167	10,273	14,449	12,912	11,969	7,869	0	8,888	7,912	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-23,976	-2,655	-2,585	-2,355	-1,617	-1,544	-1,193	-784	-877	-973	-1,323	-1,165	-1,206	-1,304	-1,198	-853	-795	-761	-581	-575	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	-3	0	0	0	0	1	-1	-1	0	-1	-1	0	-1	-2	18	-26	154	-4	-117	-29	69	10	-89	-48	146	-55	112	86	26	27	14	32	20	-21	-2	17	49	10	31	-16	0	-26	19	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Recurring	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	212,210	-212,210	42,442	0	42,442	0	0	0	42,442	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	3,000	15,493	30,211	50,509	61,415	71,665	75,545	57,351	51,977	42,476	42,124	22,724	20,726	23,510	13,914	11,702	32,852	30,689	30,550	24,734	35,047	29,879	32,870	24,235	28,776	26,898	29,809	23,189	28,223	24,700	-14,348	21,405	29,015	24,601	19,908	8,249	25,635	26,906	27,595	16,271	23,203	22,857	22,505	15,790	24,034	19,626	23,083	16,789	23,628	20,320	19,876	13,286	18,678	15,505	13,502	6,055	12,032	6,671	4,873	-5,026	14,046	19,328	20,262	16,650	19,991	16,904	18,313	15,839	18,885	19,788	19,767	16,956	18,596	18,669	16,791	13,381	15,652	13,807	13,404	10,735	11,575	10,019	10,017	8,571	9,241	7,214	8,492	7,790	7,284	6,523	8,056	10,406	-24,599	9,758	9,766	7,371	-73,824	-599	-1,250	-968	-56,807	-2,162	-2,576	-7,298	-79,674	-5,332	-7,149	-8,963	-70,042	-8,683	-6,800	-7,394	13,200	7,500	6,800	6,000	22,700	2,700	3,300	1,200
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	0	0	0	0	0	0	0	0	0	0
Other Operating Expenses	335,428	766,776	371,971	376,557	419,785	438,358	439,674	409,610	407,952	377,149	378,547	339,478	329,615	308,487	267,764	330,807	348,652	330,974	315,206	296,737	321,514	301,496	297,473	278,373	277,340	253,303	237,709	223,793	236,570	224,852	210,543	208,144	227,405	222,492	229,786	197,669	188,427	174,571	166,257	155,298	157,882	147,176	137,299	125,770	131,491	123,888	125,243	120,292	124,631	115,429	112,316	106,915	165,374	89,909	91,914	83,002	86,808	79,056	76,738	75,075	89,618	98,524	86,305	77,066	160,538	138,452	129,110	123,337	128,526	122,394	115,352	111,037	121,203	112,884	104,897	96,181	105,625	100,192	95,033	92,187	92,027	87,144	84,423	82,699	84,974	86,952	83,064	77,719	86,702	80,996	84,938	82,338	82,338	75,418	75,988	72,071	123,559	43,198	42,031	38,696	94,302	35,516	33,315	60,153	133,113	55,788	52,651	49,968	111,973	47,978	45,693	44,373	25,300	30,000	29,600	29,700	13,100	34,700	31,300	26,000
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	0	0	0	0	0	0	0	0	0	0
Reconciled Depreciation	13,751	15,506	14,513	13,635	12,392	12,269	11,595	11,130	11,485	9,416	9,414	9,237	9,206	9,172	8,118	10,629	10,073	10,528	10,681	10,827	10,837	10,294	10,362	10,690	10,477	10,326	10,219	10,033	9,801	9,400	9,341	9,668	9,556	9,399	9,518	8,684	8,254	8,115	7,751	7,013	6,202	6,220	5,971	5,186	5,081	5,425	5,394	5,121	5,259	5,430	5,222	5,082	5,167	5,228	5,106	4,949	5,035	5,005	4,824	4,858	4,785	4,134	3,998	3,698	3,095	2,855	2,494	2,380	2,400	2,083	2,052	2,399	2,310	2,815	1,969	1,853	1,729	1,693	1,696	1,699	1,823	1,888	1,775	1,777	1,846	1,849	1,880	1,886	14,624	-2,217	-2,198	10,021	1,545	-1,457	-1,408	-1,373	8,716	-1,266	-1,255	-1,199	7,523	-1,193	1,222	-3,206	19,328	-2,815	-2,744	-2,559	18,432	-2,687	-2,610	-2,612	-2,400	-2,100	-2,200	-2,000	-2,000	-1,800	-1,500	-1,100
Research Development	0	0	0	0	2,558	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	9,365	13,626	13,360	13,782	12,502	12,093	13,196	11,968	11,570	9,984	10,891	9,741	8,475	8,671	7,722	11,770	11,909	10,930	13,229	9,371	8,738	9,203	10,086	7,153	8,199	7,844	7,730	5,806	6,180	7,170	6,648	5,395	4,951	5,161	6,240	5,130	4,758	3,747	3,104	4,127	3,455	3,290	3,215	2,660	3,177	31,698	32,536	33,174	35,315	33,402	31,439	30,495	33,426	31,845	33,167	30,670	31,970	28,591	29,187	29,056	32,149	30,320	29,404	26,447	24,982	25,324	23,764	22,417	21,380	21,497	21,750	21,755	21,461	19,168	20,045	17,816	19,008	18,203	18,764	17,519	16,407	16,480	16,040	15,646	12,697	15,646	15,116	14,646	18,069	15,041	16,038	14,137	14,137	13,649	13,699	13,046	11,615	11,110	10,212	9,402	9,399	9,104	8,636	19,882	20,075	18,246	17,903	16,693	15,913	15,791	14,444	13,969	0	0	0	0	0	0	0	0
Tax Provision	-9,175	3,550	7,675	11,786	16,856	17,988	18,922	13,881	12,903	11,000	10,124	4,845	4,384	5,214	3,491	2,474	7,888	7,734	7,638	5,751	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	44,174	397,954	57,671	65,153	77,087	74,271	70,458	59,029	60,456	52,856	44,846	47,867	44,898	39,292	32,604	44,468	42,485	42,955	42,868	40,753	37,954	35,417	35,718	34,918	35,568	33,864	29,012	29,398	28,387	30,622	27,317	26,493	25,508	28,736	28,434	25,969	23,082	21,416	17,944	20,155	17,506	15,718	14,500	15,581	13,706	48,475	48,528	48,649	49,871	48,142	46,993	45,324	47,913	44,837	47,537	45,403	45,446	42,364	42,171	42,970	47,768	51,456	42,583	40,652	96,933	82,491	76,734	73,216	75,543	72,209	68,722	66,855	71,817	67,013	62,536	57,334	62,763	59,395	56,833	54,991	54,622	52,002	50,465	49,399	49,883	51,560	49,308	46,453	52,046	48,363	50,694	48,451	48,451	44,823	45,129	42,842	94,331	18,115	17,596	16,364	72,596	15,271	14,391	30,257	103,055	28,040	26,874	25,113	86,959	24,407	22,725	22,047	3,600	17,000	16,200	15,500	24,100	7,900	7,600	15,600
Total Other Income Expense Net	-23,976	-2,655	-2,585	-2,355	-1,617	-1,544	-1,193	-784	-3,145	-973	-1,323	-1,165	-3	-1,304	-1,198	-853	-1	1	-1	-1	-456	-1	-1	-371	-403	-2	18	-26	152	-4	-42,559	-29	68	10	-89	-48	145	-55	112	86	27	27	14	32	20	-21	-2	17	17	10	31	16	52	26	-19	30	19	51	20	-163	37	115	56	-147	231	304	469	753	915	793	887	634	564	587	2,222	532	424	305	222	177	169	124	161	146	1,093	231	229	210	223	273	190	275	-35,280	191	166	141	161	94	46	32	24	2	1	16	1	32	-159	30	35	10,115	16	10	-22,800	-5,400	200	-4,800	-21,600	-200	100	-100
Total Revenue	338,428	413,365	402,182	427,066	481,200	510,023	515,219	466,961	459,929	419,625	420,671	362,202	350,341	331,997	281,678	342,509	381,504	361,663	345,756	321,471	356,561	331,375	330,343	302,608	306,116	280,201	267,518	246,982	264,793	249,552	238,637	229,549	256,420	247,093	249,694	205,918	214,062	201,477	193,852	171,569	181,085	170,033	159,804	141,560	155,525	143,514	148,326	137,081	148,259	135,749	132,192	120,201	133,310	121,522	122,132	106,977	118,018	103,079	99,697	96,616	123,452	121,484	121,563	107,938	114,490	97,746	93,147	87,353	93,208	90,441	86,779	82,330	89,073	84,841	77,488	69,533	77,579	71,905	68,410	64,303	65,184	60,513	59,174	56,646	59,373	57,447	56,355	52,898	56,455	53,357	56,965	57,739	57,739	53,703	54,058	49,407	49,735	42,599	40,781	37,728	37,495	33,354	30,739	52,855	53,439	50,456	45,502	41,005	41,931	39,295	38,893	36,979	38,500	37,500	36,400	35,700	35,800	37,400	34,600	27,200

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

Gross Profit (+$)
totalRevenue	1,370,735
Cost of Revenue	-1,282,525
Gross Profit	88,210	88,210

Operating Income (+$)
Gross Profit	88,210
Operating Expense	-241,942
Operating Income	88,210	-153,732

Operating Expense (+$)
Research Development	0
Selling General Administrative	50,133
Selling And Marketing Expenses	-45,042
Operating Expense	241,942	5,091

Net Interest Income (+$)
Interest Income	0
Interest Expense	-31,571
Other Finance Cost	-0
Net Interest Income	-31,571

Pretax Income (+$)
Operating Income	88,210
Net Interest Income	-31,571
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	56,639	119,781 EBIT - interestExpense = 56,639 25,138 42,873
Interest Expense	31,571
Earnings Before Interest and Taxes (EBIT)	88,210	88,210
Earnings Before Interest and Taxes (EBITDA)	145,615

After tax Income (+$)
Income Before Tax	56,639
Tax Provision	-13,836
Net Income From Continuing Ops	42,803	42,803
Net Income	11,302
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	1,282,525
Total Other Income/Expenses Net	-31,571	31,571

Technical Analysis of Forward Air Corporation
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 Forward Air Corporation. The general trend of Forward Air Corporation is BEARISH with 100.0% 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 Forward Air Corporation's overall trend. For convenience I use the most commonly used moving averages: 20, 50, 100 & 200. Of course you can use other moving averages or other indicators to determine the trend.

Indicator phases

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

Indicator zone transitions	Bullish trend (-100.0%)		Bearish trend (100.0%)
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 Forward Air Corporation.

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

Between support/resistance: The price is trading between support and resistance lines.

The bullish price targets are: 26.35 < 30.90 < 31.60.

The bearish price targets are: .

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Forward Air Corporation 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 Forward Air Corporation. The current mas is .

The long score for the Moving Averages is 0/14.
The longshort score for the Moving Averages is -14/(-14 +14).

MA 20 trending down: The MA 20 is trending down. -1
Close < MA 20: The price is below the MA 20. -1
MA 20 < MA 50: The MA 20 is lower than the MA 50. -1
MA 20 < MA 100: The MA 20 is lower than the MA 100. -1
MA 20 < MA 200: The MA 20 is lower than the MA 200. -1
MA 50 trending down: The MA 50 is trending down. -1
Close < MA 50: The price is below the MA 50. -1
MA 50 < MA 100: The MA 50 is lower than the MA 100. -1
MA 50 < MA 200: The MA 50 is lower than the MA 200. -1
MA 100 trending down: The MA 100 is trending down. -1
Close < MA 100: The price is below the MA 100. -1
MA 100 < MA 200: The MA 100 is lower than the MA 200. -1
MA 200 trending down: The MA 200 is trending down. -1
Close < MA 200: The price is below the MA 200. -1

Directionalities and relatives.

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

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

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

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

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

Simple moving average

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

Source: Tradingview.com

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

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

Exponential moving average

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

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

Where:

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

Smoothed moving average

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

Linear weighted moving average

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

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

Where:

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

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

Source: Tradingview.com

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

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

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

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

Forward Air Corporation 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 Forward Air Corporation. The current macd is -2.34815195.

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

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

Forward Air Corporation 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 Forward Air Corporation. The current adx is 32.32.

The long score for the Directional Movement Index (DMI) is 0/7.
The longshort score for the Directional Movement Index (DMI) is -4/(-7 +7).

PLUS_ID < MINUS_DI: The +DI line is below the -DI line. This indicates a bearish signal in the market, as the negative directional movement is currently stronger than the positive directional movement, showing that sellers have the upper hand. Market psychology suggests that traders are pessimistic, expecting further price decreases, and are more willing to sell Forward Air Corporation shares, leading to potential downward momentum in its price. -1
PLUS_ID < MINUS_DI && ADX > 25 && ADX trending up: The ADX is above 25 and indicates a strong bearish trend. The ADX is trending up, so the bearish trend is strengthening.

Forward Air Corporation 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 Forward Air Corporation. The current sar is 28.55.

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

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

Forward Air Corporation 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 Forward Air Corporation. The current rsi is 28.02. The current phase is Oversold in bear market.

The long score for the Relative Strength Index (RSI) is 2/13.
The longshort score for the Relative Strength Index (RSI) is 2/(-13 +13).

Oversold in bear market: Short-term excessive selling, potential for relief rally. Be cautious, consider taking short-term long positions. +1
Trending up: The RSI is trending up. +1

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

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

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

Original usage

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

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

How you can use RSI (Divergence)

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

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

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

Source: Tradingview.com

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

Use tradingview to add indicators

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

Tradingview

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

View tool on Tradingview.com

RSI divergence

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

There are four types of divergences:

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

Regular bullish divergence

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

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

Source: Tradingview.com

Regular bearish divergence

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

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

Source: Tradingview.com

Hidden bullish divergence

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

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

Source: Tradingview.com

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

Hidden bearish divergence

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

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

Source: Tradingview.com

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

Forward Air Corporation 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 Forward Air Corporation. The current phase is Oversold in bear market.

The long score for the Stochastic Oscillator is 1/6.
The longshort score for the Stochastic Oscillator is -4/(-6 +6).

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

Forward Air Corporation 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 Forward Air Corporation. The current cci is -204.56530048.

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

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

Forward Air Corporation 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 Forward Air Corporation. The current cmo is -48.96127055.

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

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

Forward Air Corporation 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 Forward Air Corporation. The current willr is -92.45374494.

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

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

Forward Air Corporation 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 Forward Air Corporation.

Forward Air Corporation 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 Forward Air Corporation. The current atr is 1.63229056.

Forward Air Corporation 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 Forward Air Corporation. The current obv is -27,284,835.

Forward Air Corporation 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 Forward Air Corporation. The current mfi is 26.08.

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

MFI < 50: -1

Forward Air Corporation Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for Forward Air Corporation.

6.2. Trading Signals

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

Date	Indicator	Signal
2023-11-27	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	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
2023-11-29	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-01	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2023-12-04	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2023-12-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2023-12-06	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2023-12-11	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2023-12-12	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-13	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2023-12-14	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2023-12-15	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2023-12-19	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
2023-12-20	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
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2023-12-21	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2023-12-22	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
2023-12-26	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-27	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
2023-12-29	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-01-02	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-01-04	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).
2024-01-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-01-08	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-01-09	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-01-10	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-16	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2024-01-17	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-18	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-22	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	MFI	LONG ENTRY	SHORT CLOSE	20 crossover to upside
2024-01-23	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	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).
2024-01-25	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-26	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-29	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-30	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-01	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-06	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-08	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-09	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2024-02-12	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-13	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-14	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	MFI	LONG ENTRY	SHORT CLOSE	20 crossover to upside
2024-02-16	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-02-20	RSI	LONG ENTRY	SHORT CLOSE	30 crossover to upside
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-21	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
2024-02-23	RSI	LONG ENTRY	SHORT CLOSE	30 crossover to upside
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-26	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-02-28	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-02-29	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-03-01	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-03-04	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-08	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.
	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2024-03-18	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-03-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-20	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
2024-03-21	RSI	LONG ENTRY	SHORT CLOSE	30 crossover to upside
	MFI	LONG ENTRY	SHORT CLOSE	20 crossover to upside
2024-03-26	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
2024-03-28	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-04-01	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).
2024-04-03	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2024-04-04	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-09	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
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-04-10	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
2024-04-11	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-04-12	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-16	RSI	LONG ENTRY	SHORT CLOSE	30 crossover to upside
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-17	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).

6.3. Candlestick Patterns

Forward Air Corporation Daily Candlestick Chart

Date	Candlestick Pattern

6.4. Technical Score

Let's check the technical score of Forward Air Corporation based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	28.021
Ma 20	Greater than	Ma 50	27.664
Ma 50	Greater than	Ma 100	32.293
Ma 100	Greater than	Ma 200	45.357
Open	Greater than	Close	22.710
Total			0/5 (0.0%)

Create your own Symbol Scanner

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Quick analysis of Forward Air Corporation (30 sec.)

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

How much money do you get?

What is your share worth?

+ What do you gain per year?

For what price can you sell your share?

1. Valuation of Forward Air Corporation (5 min.)

$22.75

$28.98

$22.17 - $62.64

$51.15 - $91.62

2. Growth of Forward Air Corporation (5 min.)

Is Forward Air Corporation growing?

How much money is Forward Air Corporation making?

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

3. Financial Health of Forward Air Corporation (5 min.)

4. Comparing to competitors in the Integrated Freight & Logistics industry (5 min.)

Industry Rankings (Integrated Freight & Logistics)

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

What can you expect buying and holding a share of Forward Air Corporation?

Speculation

Investing

How much money are you going to get?

When do you get the money?

How sure are you?

Linear %

Fundamentals of Forward Air Corporation

About Forward Air Corporation

Financial Health

Valuation

1.1. Profitability of Forward Air Corporation.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Integrated Freight & Logistics)

1.1.2. Return on Assets

Trends

Compared to industry (Integrated Freight & Logistics)

1.1.3. Return on Equity

Trends

Compared to industry (Integrated Freight & Logistics)

1.2. Operating Efficiency of Forward Air Corporation.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

Compared to industry (Integrated Freight & Logistics)

1.2.2. Operating Ratio

Trends

Compared to industry (Integrated Freight & Logistics)

1.3. Liquidity of Forward Air Corporation.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Integrated Freight & Logistics)

1.3.2. Quick Ratio

Trends

Compared to industry (Integrated Freight & Logistics)

1.4. Solvency of Forward Air Corporation.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Integrated Freight & Logistics)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Integrated Freight & Logistics)

2. Market Valuation of Forward Air Corporation

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Integrated Freight & Logistics)

Forward Air Corporation
Buy, Hold or Sell?