Gladstone Investment Corporation
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Let's analyse Gladstone Investment Corporation together

Penke I guess you are interested in Gladstone Investment 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 Gladstone Investment 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 Gladstone Investment Corporation (30 sec.)

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

How much money do you get?

$2.33

When do you have the money?

1 year

How often do you get paid?

100.0%

What is your share worth?

Current worth

$12.82

Expected worth in 1 year

$13.11

How sure are you?

90.0%

+ What do you gain per year?

Total Gains per Share

$2.63

Return On Investment

18.6%

For what price can you sell your share?

Current Price per Share

$14.13

Expected price per share

$13.74 - $14.38

How sure are you?

50%

1. Valuation of Gladstone Investment Corporation (5 min.)

Live pricePrice per Share (EOD)

$14.13

Book Value per Share

$12.82

Intrinsic Value Per Share

$-10.58 - $15.37

Total Value Per Share

$2.24 - $28.18

My calculation of the intrinsic value of Gladstone Investment 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: ($-0.04) 3Y: ($-0.09) TTM: ($-0.47)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($0.02) 3Y: ($-0.01) TTM: ($0.17)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$-0.50	$0.09	$-0.60 - $0.24
2	$-1.17	$0.55	$-0.82 - $0.64
3	$-1.99	$1.37	$-1.04 - $1.03
4	$-2.95	$2.52	$-1.26 - $1.43
5	$-4.02	$3.99	$-1.49 - $1.83
6	$-5.19	$5.75	$-1.71 - $2.23
7	$-6.44	$7.78	$-1.93 - $2.62
8	$-7.76	$10.08	$-2.15 - $3.02
9	$-9.15	$12.61	$-2.37 - $3.42
10	$-10.58	$15.37	$-2.59 - $3.82

2. Growth of Gladstone Investment Corporation (5 min.)

Is Gladstone Investment Corporation growing?

	Current year	Previous year	Grow	Grow %
How rich?	$459.9m	$445.9m	$6.9m	1.5%

How much money is Gladstone Investment Corporation making?

	Current year	Previous year	Grow	Grow %
Making money	$19.7m	$9m	$10.6m	54.1%
Net Profit Margin	90.7%	54.9%	-	-

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

Quarterly Yearly

3. Financial Health of Gladstone Investment Corporation (5 min.)

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

Industry Rankings (Asset Management)

Richest
#265 / 758

Most Revenue
#278 / 758

Most Profit
#235 / 758

Most Efficient
#256 / 758

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

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

What can you expect buying and holding a share of Gladstone Investment Corporation?

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

Speculation

The Price per Share of Gladstone Investment Corporation is $14.13. 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 Gladstone Investment 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 Gladstone Investment 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 $12.82. Based on the TTM, the Book Value Change Per Share is $0.07 per quarter. Based on the YOY, the Book Value Change Per Share is $0.06 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 $0.58 per quarter.

Based on historical numbers we can estimate the returns while holding a share of Gladstone Investment 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	0.18	1.3%	0.50	3.5%	0.33	2.3%	0.34	2.4%	0.24	1.7%
Usd Book Value Change Per Share	-0.44	-3.1%	0.07	0.5%	0.06	0.4%	0.07	0.5%	0.16	1.2%
Usd Dividend Per Share	1.20	8.5%	0.58	4.1%	0.30	2.1%	0.31	2.2%	0.24	1.7%
Usd Total Gains Per Share	0.76	5.4%	0.66	4.6%	0.36	2.5%	0.38	2.7%	0.41	2.9%
Usd Price Per Share	14.15	-	13.30	-	13.81	-	12.58	-	10.62	-
Price to Earnings Ratio	19.30	-	12.14	-	15.45	-	129.44	-	68.93	-
Price-to-Total Gains Ratio	18.55	-	38.03	-	56.05	-	53.65	-	-92.30	-
Price to Book Ratio	1.10	-	1.05	-	1.11	-	1.07	-	1.06	-
Price-to-Total Gains Ratio	18.55	-	38.03	-	56.05	-	53.65	-	-92.30	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	14.13
Number of shares	70

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.58	0.31
Usd Book Value Change Per Share	0.07	0.07
Usd Total Gains Per Share	0.66	0.38
Gains per Quarter (70 shares)	45.95	26.65
Gains per Year (70 shares)	183.80	106.61

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	163	21	174	88	19	97
2	326	42	358	175	38	204
3	488	63	542	263	57	311
4	651	84	726	351	76	418
5	814	105	910	438	95	525
6	977	126	1094	526	114	632
7	1140	147	1278	614	133	739
8	1303	168	1462	701	151	846
9	1465	189	1646	789	170	953
10	1628	210	1830	877	189	1060

How sure are you?

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

Linear %

	Trailing 12 Months				3Y				5 Year				10 Year				ALLTIME
				%				%				%				%				%
Earnings Per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	19.0	1.0	0.0	95.0%	36.0	4.0	0.0	90.0%	58.0	17.0	0.0	77.3%
Book Value Change Per Share	1.0	3.0	0.0	25.0%	7.0	5.0	0.0	58.3%	10.0	10.0	0.0	50.0%	25.0	15.0	0.0	62.5%	39.0	35.0	1.0	52.0%
Dividend per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	40.0	0.0	0.0	100.0%	74.0	0.0	1.0	98.7%
Total Gains per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	19.0	1.0	0.0	95.0%	36.0	4.0	0.0	90.0%	57.0	17.0	1.0	76.0%

Fundamentals of Gladstone Investment Corporation

About Gladstone Investment Corporation

https://www.gladstoneinvestment.com
Asset Management
0
1521 Westbranch Drive, McLean, VA, United States, 22102
Google Maps Bing Maps

Gladstone Investment Corporation is business development company, specializes in lower middle market, mature stage, buyouts; refinancing existing debt; senior debt securities such as senior loans, senior term loans, lines of credit, and senior notes; senior subordinated debt securities such as senior subordinated loans and senior subordinated notes; junior subordinated debt securities such as subordinated notes and mezzanine loans; limited liability company interests, and warrants or options. The fund does not invest in start-ups. The fund seeks to invest in manufacturing, consumer products and business/consumer services sector. It seeks to invest in small and mid-sized companies based in the United States. The fund prefers to make debt investments between $5 million and $30 million and equity investments between $10 million and $40 million in companies. The fund seeks to invest in companies with revenue between $20 million and $100 million. The fund invests in companies with EBITDA from $3 million to $20 million. It seeks minority equity ownership and prefers to hold a board seat in its portfolio companies. It also prefers to take majority stake in its portfolio companies. The fund typically holds the investments for seven years and exits via sale or recapitalization, initial public offering, or sale to third party.

Fundamental data was last updated by Penke on 2024-04-11 09:38:03.

Financial Health

Profitability Details

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

Operating Efficiency Details

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

Liquidity Details

	Compared to previous year	Compared to industry
The company is unable to pay all its short-term debts.
The company is just not able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is very able to pay all its debts by selling its assets.
The company is very 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 underpriced.
Based on the earnings, the company is underpriced.
Based on how much money comes from the company's main activities, the company is cheap.

1.1. Profitability of Gladstone Investment Corporation.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Gladstone Investment Corporation earns for each $1 of revenue.

Above 10% is considered healthy but always compare Gladstone Investment Corporation to the Asset Management industry mean.
A Net Profit Margin of 9.9% means that $0.10 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Gladstone Investment Corporation:

The MRQ is 9.9%. The company is making a profit. +1
The TTM is 90.7%. The company is making a huge profit. +2

Trends

Current period		Compared to		+/-
MRQ	9.9%	TTM	90.7%	-80.8%
TTM	90.7%	YOY	54.9%	+35.8%
TTM	90.7%	5Y	60.3%	+30.5%
5Y	60.3%	10Y	67.6%	-7.3%

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	9.9%	62.7%	-52.8%
TTM	90.7%	62.7%	+28.0%
YOY	54.9%	71.1%	-16.2%
5Y	60.3%	59.8%	+0.5%
10Y	67.6%	56.8%	+10.8%

Measures how much net profit Gladstone Investment Corporation earns for each $1 of revenue.

Revenue is the amount of profit Gladstone Investment 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 Gladstone Investment 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 Gladstone Investment Corporation to the Asset Management industry mean.
Can be used to compare companies within the Asset Management industry.

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

Why do investors use net profit margin in their analysis

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

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Gladstone Investment Corporation is 0.10. This means that Gladstone Investment Corporation earned $0.10 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Asset Management industry is 62.7%.
What is the trend?
The trend is important because it shows you how Gladstone Investment Corporation is performing over time. The most recent quarter might be important if Gladstone Investment 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 Gladstone Investment 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 Gladstone Investment Corporation with other companies in the same industry (Asset Management).
Net profit margin should rise over the years.
Can be influenced when Gladstone Investment Corporation sells assets (profit will increase while costs remain the same).
It won’t show what part of Gladstone Investment 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 Gladstone Investment 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 Gladstone Investment Corporation = 6,579
Total revenue MRQ Gladstone Investment Corporation = 66,542
$6,579 / $66,542 = 0.10 or 9.9%

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 Gladstone Investment Corporation is using its assets to generate profit.

Above 5% is considered healthy but always compare Gladstone Investment Corporation to the Asset Management industry mean.
0.7% Return on Assets means that Gladstone Investment Corporation generated $0.01 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Gladstone Investment Corporation:

The MRQ is 0.7%. Using its assets, the company is inefficient in making profit. -1
The TTM is 2.2%. Using its assets, the company is less efficient in making profit.

Trends

Current period		Compared to		+/-
MRQ	0.7%	TTM	2.2%	-1.5%
TTM	2.2%	YOY	1.2%	+1.0%
TTM	2.2%	5Y	1.6%	+0.7%
5Y	1.6%	10Y	2.0%	-0.5%

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	0.7%	1.2%	-0.5%
TTM	2.2%	1.1%	+1.1%
YOY	1.2%	0.7%	+0.5%
5Y	1.6%	1.7%	-0.1%
10Y	2.0%	2.3%	-0.3%

Shows how efficient Gladstone Investment 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 Gladstone Investment Corporation to the Asset Management industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively Gladstone Investment Corporation is using its resources to generate profit. If the return on assets (0.7%) from Gladstone Investment Corporation are higher than the Asset Management mean (1.2%) that means Gladstone Investment 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 Gladstone Investment Corporation is 0.7%. This means the company generated $0.01 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Asset Management industry is 1.2%.
What is the trend?
The trend is important because it shows you how Gladstone Investment Corporation is performing over time. The most recent quarter might be important if Gladstone Investment 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 Gladstone Investment 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 Gladstone Investment Corporation

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

Income statement
Balance sheet

Net income MRQ (income statement) from Gladstone Investment Corporation = 6,579
Total assets MRQ (balance sheet) from Gladstone Investment Corporation = 917,624
6,579 / 917,624 = 0.01 or 0.7%

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

Above 15%-20% is considered healthy but always compare Gladstone Investment Corporation to the Asset Management industry mean.
1.4% Return on Equity means Gladstone Investment Corporation generated $0.01 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Gladstone Investment Corporation:

The MRQ is 1.4%. Using its investors money, the company is inefficient in making profit. -1
The TTM is 4.3%. Using its investors money, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	1.4%	TTM	4.3%	-2.9%
TTM	4.3%	YOY	2.0%	+2.3%
TTM	4.3%	5Y	2.7%	+1.6%
5Y	2.7%	10Y	3.4%	-0.7%

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	1.4%	2.4%	-1.0%
TTM	4.3%	2.2%	+2.1%
YOY	2.0%	1.6%	+0.4%
5Y	2.7%	2.8%	-0.1%
10Y	3.4%	3.4%	+0.0%

Shows how efficient Gladstone Investment 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 Gladstone Investment Corporation to the Asset Management industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

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

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Gladstone Investment Corporation is 1.4%. This means Gladstone Investment Corporation generated $0.01 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Asset Management industry is 2.4%.
What is the trend?
The trend is important because it shows you how Gladstone Investment Corporation is performing over time. The most recent quarter might be important if Gladstone Investment 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 Gladstone Investment Corporation up to 10 years back (depending if Gladstone Investment 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 Gladstone Investment Corporation

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Gladstone Investment Corporation = 6,579
Shareholders equity (balance sheet) MRQ Gladstone Investment Corporation = 459,941
6,579 / 459,941 = 0.01 or 1.4%

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 Gladstone Investment Corporation.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Gladstone Investment Corporation is operating .

Measures how much profit Gladstone Investment 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 Gladstone Investment Corporation to the Asset Management industry mean.
An Operating Margin of 30.0% means the company generated $0.30 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Gladstone Investment Corporation:

The MRQ is 30.0%. The company is operating very efficient. +2
The TTM is 38.9%. The company is operating very efficient. +2

Trends

Current period		Compared to		+/-
MRQ	30.0%	TTM	38.9%	-8.9%
TTM	38.9%	YOY	-40.1%	+79.0%
TTM	38.9%	5Y	15.1%	+23.8%
5Y	15.1%	10Y	46.5%	-31.3%

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	30.0%	63.2%	-33.2%
TTM	38.9%	51.4%	-12.5%
YOY	-40.1%	69.8%	-109.9%
5Y	15.1%	55.2%	-40.1%
10Y	46.5%	51.6%	-5.1%

Measures how efficient Gladstone Investment 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 Gladstone Investment Corporation to the Asset Management industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit Gladstone Investment 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 Gladstone Investment Corporation is 30.0%. This means that Gladstone Investment Corporation earned $0.30 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Asset Management industry is 63.2%.
What is the trend?
The trend is important because it shows you how Gladstone Investment Corporation is performing over time. The most recent quarter might be important if Gladstone Investment 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 Gladstone Investment 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 Gladstone Investment Corporation

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Gladstone Investment Corporation = 19,947
Total revenue MRQ Gladstone Investment Corporation = 66,542
$19,947 / $66,542 = 0.30 or 30.0%

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 Gladstone Investment Corporation is keeping operating costs low.

Below 1 is considered healthy (always compare to Asset Management industry mean).
An Operation Ratio of 0.23 means that the operating costs are $0.23 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Gladstone Investment Corporation:

The MRQ is 0.227. The company is very efficient in keeping operating costs low. +2
The TTM is 0.293. The company is very efficient in keeping operating costs low. +2

Trends

Current period		Compared to		+/-
MRQ	0.227	TTM	0.293	-0.067
TTM	0.293	YOY	0.200	+0.094
TTM	0.293	5Y	0.495	-0.202
5Y	0.495	10Y	0.256	+0.239

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	0.227	0.450	-0.223
TTM	0.293	0.511	-0.218
YOY	0.200	0.368	-0.168
5Y	0.495	0.461	+0.034
10Y	0.256	0.515	-0.259

Measures how efficient Gladstone Investment 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 Gladstone Investment Corporation to the Asset Management industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

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

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of Gladstone Investment Corporation is 22.7%. This means that Gladstone Investment Corporation earned $0.23 for each $1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the Asset Management industry is 0.45.
What is the trend?
The trend is important because it shows you how Gladstone Investment Corporation is performing over time. The most recent quarter might be important if Gladstone Investment 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 Gladstone Investment 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 Gladstone Investment 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
(13,337 +1,752) \ 66,542 = 0.23

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 Gladstone Investment Corporation.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Gladstone Investment Corporation is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Asset Management industry mean).
A Current Ratio of 0.03 means the company has $0.03 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Gladstone Investment Corporation:

The MRQ is 0.031. The company is unable to pay all its short-term debts. -2
The TTM is 0.050. The company is unable to pay all its short-term debts. -2

Trends

Current period		Compared to		+/-
MRQ	0.031	TTM	0.050	-0.020
TTM	0.050	YOY	3.388	-3.337
TTM	0.050	5Y	1.615	-1.565
5Y	1.615	10Y	1.477	+0.138

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	0.031	3.086	-3.055
TTM	0.050	3.144	-3.094
YOY	3.388	4.009	-0.621
5Y	1.615	5.237	-3.622
10Y	1.477	6.647	-5.170

Measures if Gladstone Investment 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 Asset Management industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for Gladstone Investment 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 Gladstone Investment Corporation is 0.03. This means Gladstone Investment Corporation has $0.03 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Asset Management industry is 3.09.
What is the trend?
The trend is important because it shows you how Gladstone Investment Corporation is performing over time. The most recent quarter might be important if Gladstone Investment 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 Gladstone Investment 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 Gladstone Investment Corporation

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
10,160 \ 330,904) = 0.03

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

Above 1 is considered healthy but always compare Gladstone Investment Corporation to the Asset Management industry mean.
A Quick Ratio of 0.04 means the company can pay off $0.04 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Gladstone Investment Corporation:

The MRQ is 0.040. The company is just not able to pay all its short-term debts with the most liquid assets. -1
The TTM is 0.794. The company is just not able to pay all its short-term debts with the most liquid assets. -1

Trends

Current period		Compared to		+/-
MRQ	0.040	TTM	0.794	-0.754
TTM	0.794	YOY	41.731	-40.937
TTM	0.794	5Y	10.356	-9.562
5Y	10.356	10Y	6.004	+4.351

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	0.040	2.988	-2.948
TTM	0.794	3.357	-2.563
YOY	41.731	4.675	+37.056
5Y	10.356	6.479	+3.877
10Y	6.004	6.503	-0.499

Measures if Gladstone Investment 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 Gladstone Investment Corporation to the Asset Management industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use quick ratio in their analysis

Shows how fast Gladstone Investment Corporation can pay off its short term debts. This shows if Gladstone Investment 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 Gladstone Investment Corporation is 0.04. This means that Gladstone Investment Corporation can pay off $0.04 for each $1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the Asset Management industry is 2.99.
What is the trend?
The trend is important because it shows you how Gladstone Investment Corporation is performing over time. The most recent quarter might be important if Gladstone Investment 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 Gladstone Investment 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 Gladstone Investment 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 Gladstone Investment Corporation: (3,585 + 766 +8,726) / 330,904 = 0.04

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 Gladstone Investment Corporation.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Gladstone Investment Corporation assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Gladstone Investment Corporation to Asset Management industry mean.
A Debt to Asset Ratio of 0.50 means that Gladstone Investment Corporation assets are financed with 49.9% credit (debt) and the remaining percentage (100% - 49.9%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Gladstone Investment Corporation:

The MRQ is 0.499. The company is very able to pay all its debts by selling its assets. +2
The TTM is 0.474. The company is very able to pay all its debts by selling its assets. +2

Trends

Current period		Compared to		+/-
MRQ	0.499	TTM	0.474	+0.025
TTM	0.474	YOY	0.406	+0.068
TTM	0.474	5Y	0.404	+0.070
5Y	0.404	10Y	0.404	0.000

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	0.499	0.182	+0.317
TTM	0.474	0.181	+0.293
YOY	0.406	0.173	+0.233
5Y	0.404	0.187	+0.217
10Y	0.404	0.186	+0.218

Measures how much % of Gladstone Investment Corporation assets are financed with debt.

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

How to use debt to asset ratio

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

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

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

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of Gladstone Investment Corporation is 0.50. This means means that Gladstone Investment Corporation is financed with 49.9% 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 Asset Management industry is 308.6%.
What is the trend?
The trend is important because it shows you how Gladstone Investment Corporation is performing over time. The most recent quarter might be important if Gladstone Investment 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 Gladstone Investment 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 Gladstone Investment Corporation has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Gladstone Investment Corporation

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

Balance sheet
Debt to asset ratio = total debt \ total assets
457,683 \ 917,624 = 49.9% or 0.50.

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 Gladstone Investment Corporation is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Gladstone Investment Corporation to the Asset Management industry mean.
A Debt to Equity ratio of 99.5% means that company has $1.00 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Gladstone Investment Corporation:

The MRQ is 0.995. The company is very able to pay all its debts with equity. +2
The TTM is 0.907. The company is very able to pay all its debts with equity. +2

Trends

Current period		Compared to		+/-
MRQ	0.995	TTM	0.907	+0.088
TTM	0.907	YOY	0.684	+0.224
TTM	0.907	5Y	0.689	+0.219
5Y	0.689	10Y	0.688	+0.000

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	0.995	0.206	+0.789
TTM	0.907	0.202	+0.705
YOY	0.684	0.202	+0.482
5Y	0.689	0.246	+0.443
10Y	0.688	0.255	+0.433

Measures if Gladstone Investment 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 Gladstone Investment 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 Gladstone Investment Corporation is 1.00. This means that Gladstone Investment Corporation can pay off $1.00 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Asset Management industry is 0.21.
What is the trend?
The trend is important because it shows you how Gladstone Investment Corporation is performing over time. The most recent quarter might be important if Gladstone Investment 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 Gladstone Investment 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 Gladstone Investment Corporation

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
457,683 \ 459,941 = 1.00 or 99.5%

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 Gladstone Investment 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 Gladstone Investment Corporation generates.

Above 15 is considered overpriced but always compare Gladstone Investment Corporation to the Asset Management industry mean.
A PE ratio of 19.30 means the investor is paying $19.30 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Gladstone Investment Corporation:

The EOD is 19.271. Based on the earnings, the company is fair priced.
The MRQ is 19.298. Based on the earnings, the company is fair priced.
The TTM is 12.140. Based on the earnings, the company is underpriced. +1

Trends

Current period		Compared to		+/-
EOD	19.271	MRQ	19.298	-0.027
MRQ	19.298	TTM	12.140	+7.158
TTM	12.140	YOY	15.453	-3.313
TTM	12.140	5Y	129.441	-117.301
5Y	129.441	10Y	68.927	+60.514

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
EOD	19.271	6.087	+13.184
MRQ	19.298	5.836	+13.462
TTM	12.140	6.041	+6.099
YOY	15.453	3.370	+12.083
5Y	129.441	5.740	+123.701
10Y	68.927	7.751	+61.176

Measures how much money you pay for each share for every $1 in earnings Gladstone Investment 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 Gladstone Investment Corporation to the Asset Management industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

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

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

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

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of Gladstone Investment Corporation is 19.30. This means the investor is paying $19.30 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Asset Management industry is 5.84.
What is the trend?
The trend is important because it shows you how Gladstone Investment Corporation is performing over time. The most recent quarter might be important if Gladstone Investment 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 Gladstone Investment 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 Gladstone Investment 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 \ 34,352 = EPS
PE ratio MRQ = 19.30

* 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 Gladstone Investment Corporation:

The EOD is 6.075. Based on how much money comes from the company's main activities, the company is cheap. +2
The MRQ is 6.084. Based on how much money comes from the company's main activities, the company is cheap. +2
The TTM is 3.582. Based on how much money comes from the company's main activities, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	6.075	MRQ	6.084	-0.009
MRQ	6.084	TTM	3.582	+2.502
TTM	3.582	YOY	-20.514	+24.096
TTM	3.582	5Y	-0.555	+4.138
5Y	-0.555	10Y	-0.895	+0.339

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
EOD	6.075	4.922	+1.153
MRQ	6.084	4.713	+1.371
TTM	3.582	3.487	+0.095
YOY	-20.514	1.706	-22.220
5Y	-0.555	2.481	-3.036
10Y	-0.895	2.490	-3.385

2. Book Value per Share

2.3. Price to Book Ratio

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

At or below 1 is considered healthy (always compare to Asset Management industry mean).
A PB ratio of 1.10 means the investor is paying $1.10 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Gladstone Investment Corporation:

The EOD is 1.103. Based on the equity, the company is underpriced. +1
The MRQ is 1.104. Based on the equity, the company is underpriced. +1
The TTM is 1.055. Based on the equity, the company is underpriced. +1

Trends

Current period		Compared to		+/-
EOD	1.103	MRQ	1.104	-0.002
MRQ	1.104	TTM	1.055	+0.049
TTM	1.055	YOY	1.111	-0.056
TTM	1.055	5Y	1.075	-0.020
5Y	1.075	10Y	1.061	+0.014

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
EOD	1.103	0.934	+0.169
MRQ	1.104	0.910	+0.194
TTM	1.055	0.910	+0.145
YOY	1.111	0.973	+0.138
5Y	1.075	1.012	+0.063
10Y	1.061	1.163	-0.102

2. Total Gains per Share

3. Holders & Insider Transactions

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

3.1. Institutions holding Gladstone Investment Corporation

Institutions are holding 12.472% of the shares of Gladstone Investment Corporation.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	Van Eck Associates Corporation	1.7235	0.0159	618560	58934	10.531
2023-12-31	Two Sigma Investments LLC	0.8377	0.0098	300646	131009	77.229
2023-12-31	Two Sigma Advisers, LLC	0.7251	0.0086	260242	98800	61.1984
2023-12-31	Legal & General Group PLC	0.7173	0.0009	257435	15869	6.5692
2023-12-31	Outfitter Financial LLC	0.5957	2.6444	213795	-1000	-0.4656
2023-12-31	Davenport & Company LLC	0.5791	0.02	207842	-7599	-3.5272
2023-12-31	BlackRock Inc	0.4814	0.0001	172783	28885	20.0732
2023-12-31	LPL Financial Corp	0.4621	0.0014	165841	-20722	-11.1072
2023-12-31	Blair William & Co	0.4306	0.0075	154529	1100	0.7169
2023-12-31	Advisors Asset Management	0.4248	0.0441	152469	-61772	-28.8329
2023-12-31	Marshall Wace Asset Management Ltd	0.4105	0.0035	147318	135627	1160.0975
2023-12-31	Millennium Management LLC	0.4051	0.0009	145386	53287	57.8584
2023-12-31	PFG Advisors	0.2892	0.1186	103804	-21350	-17.059
2023-12-31	Legacy Capital Wealth Partners, LLC	0.2856	0.4109	102491	5047	5.1794
2023-12-31	Baird Financial Group, Inc.	0.2812	0.0033	100936	-2238	-2.1692
2023-12-31	Morgan Stanley - Brokerage Accounts	0.271	0.0001	97248	13989	16.8018
2023-12-31	Atlantic Union Bankshares Corp	0.2571	0.121	92258	-800	-0.8597
2023-09-30	Citadel Advisors Llc	0.2514	0.0003	90225	36458	67.8074
2023-12-31	Royal Bank of Canada	0.1995	0.0002	71618	612	0.8619
2023-12-31	Albert D Mason Inc	0.189	0.6359	67837	-224	-0.3291
Total		9.8169	4.0474	3523263	+463912	+13.2%

3.2. Funds holding Gladstone Investment Corporation

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2024-03-29	VanEck BDC Income ETF	1.9814	0.9862	711141	3492	0.4935
2024-03-28	iShares Listed Private Eq ETF USD Dist	0.3418	0.2223	122674	0	0
2023-09-30	Undrly L&G Pen PMC Multi Asset	0.2875	0.0049	103199	103199	0
2024-03-28	Virtus Private Credit ETF	0.1122	1.5714	40275	0	0
2023-09-01	FT Alternative Income 41 CA	0.0673	3.1397	24151	2459	11.336
2024-02-29	Mediobanca SICAV PE Strat C	0.053	0.2131	19009	0	0
2024-03-28	FlexShares® Listed Priv Eq ETF USD Acc	0.0312	0.058	11200	201	1.8274
2023-12-31	RBC Microcap Value I	0.0284	0.1267	10200	0	0
2023-12-31	The Winton Fund USD Tranche B	0.0172	0.0177	6171	1286	26.3255
2023-09-30	Blackstone Alternative Multi-Strategy I	0.0067	0.0008	2400	0	0
2023-12-31	RAM (Lux) Sys Global Equity Inc R USD	0.0026	0.0264	950	-788	-45.3395
2024-01-31	JHVIT Total Stock Market Index I	0.0021	0.0013	740	0	0
2024-03-28	Fundamentals First ETF	0.0019	0.6333	699	0	0
2023-12-31	Aperio-BLK Active Tax Indexing Total US	0.0013	0.0644	455	455	0
2023-12-31	Aperio-BLK Concentrated Total US Market	0.0013	0.0644	455	455	0
2024-03-28	WHITEWOLF Publicly Listed Priv Eq ETF	0.0007	0.168	238	0	0
2024-03-28	AAM Business Dev Co Opps 2022-2 CA	0.0003	4.068	100	0	0
2024-03-28	AAM Business Dev Co Opps 2022-1 CA	0.0003	4.2104	100	0	0
2024-03-28	AAM Business Dev Co Opps 2023-2 CA	0.0003	2.9914	100	0	0
2023-12-04	AAM Business Dev Co Opps 2021-2 CA	0.0003	1.7651	100	0	0
Total		2.9378	20.3335	1054357	+110759	+10.5%

3.3. Insider Transactions

Insiders are holding 2.05% of the shares of Gladstone Investment Corporation.

Date	Owner	Type	Amount	Price	Post Transaction Amount	Link
2023-11-06	Rachael Z Easton	BUY	650	14.67
2023-08-07	David A R Dullum	BUY	5000	13.39

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Gladstone Investment 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	-	-	-0.438	0.075	-685%	0.060	-831%	0.068	-748%	0.164	-367%
Book Value Per Share	-	-	12.815	12.620	+2%	12.426	+3%	11.656	+10%	10.002	+28%
Current Ratio	-	-	0.031	0.050	-39%	3.388	-99%	1.615	-98%	1.477	-98%
Debt To Asset Ratio	-	-	0.499	0.474	+5%	0.406	+23%	0.404	+23%	0.404	+23%
Debt To Equity Ratio	-	-	0.995	0.907	+10%	0.684	+46%	0.689	+45%	0.688	+45%
Dividend Per Share	-	-	1.201	0.582	+107%	0.295	+307%	0.313	+284%	0.243	+395%
Eps	-	-	0.183	0.498	-63%	0.331	-45%	0.338	-46%	0.242	-24%
Free Cash Flow Per Share	-	-	0.581	-0.465	+180%	-0.112	+119%	-0.049	+108%	-0.039	+107%
Free Cash Flow To Equity Per Share	-	-	0.028	0.005	+444%	-0.180	+743%	-0.001	+104%	-0.008	+129%
Gross Profit Margin	-	-	1.000	1.000	0%	1.000	0%	1.000	0%	1.000	0%
Intrinsic Value_10Y_max	-	-	15.369	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	-10.579	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	0.088	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	-0.498	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	1.372	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	-1.992	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	3.989	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	-4.017	-	-	-	-	-	-	-	-
Market Cap	507128526.000	0%	507846330.000	477160209.000	+6%	495464211.000	+2%	451660221.900	+12%	381153924.000	+33%
Net Profit Margin	-	-	0.099	0.907	-89%	0.549	-82%	0.603	-84%	0.676	-85%
Operating Margin	-	-	0.300	0.389	-23%	-0.401	+234%	0.151	+98%	0.465	-35%
Operating Ratio	-	-	0.227	0.293	-23%	0.200	+14%	0.495	-54%	0.256	-12%
Pb Ratio	1.103	0%	1.104	1.055	+5%	1.111	-1%	1.075	+3%	1.061	+4%
Pe Ratio	19.271	0%	19.298	12.140	+59%	15.453	+25%	129.441	-85%	68.927	-72%
Price Per Share	14.130	0%	14.150	13.295	+6%	13.805	+2%	12.585	+12%	10.620	+33%
Price To Free Cash Flow Ratio	6.075	0%	6.084	3.582	+70%	-20.514	+437%	-0.555	+109%	-0.895	+115%
Price To Total Gains Ratio	18.524	0%	18.550	38.034	-51%	56.053	-67%	53.646	-65%	-92.303	+598%
Quick Ratio	-	-	0.040	0.794	-95%	41.731	-100%	10.356	-100%	6.004	-99%
Return On Assets	-	-	0.007	0.022	-68%	0.012	-41%	0.016	-54%	0.020	-64%
Return On Equity	-	-	0.014	0.043	-67%	0.020	-30%	0.027	-48%	0.034	-58%
Total Gains Per Share	-	-	0.763	0.656	+16%	0.355	+115%	0.381	+100%	0.406	+88%
Usd Book Value	-	-	459941000.000	452946000.000	+2%	445975000.000	+3%	418353450.000	+10%	358966300.000	+28%
Usd Book Value Change Per Share	-	-	-0.438	0.075	-685%	0.060	-831%	0.068	-748%	0.164	-367%
Usd Book Value Per Share	-	-	12.815	12.620	+2%	12.426	+3%	11.656	+10%	10.002	+28%
Usd Dividend Per Share	-	-	1.201	0.582	+107%	0.295	+307%	0.313	+284%	0.243	+395%
Usd Eps	-	-	0.183	0.498	-63%	0.331	-45%	0.338	-46%	0.242	-24%
Usd Free Cash Flow	-	-	20868000.000	-16704000.000	+180%	-4024750.000	+119%	-1747100.000	+108%	-1412800.000	+107%
Usd Free Cash Flow Per Share	-	-	0.581	-0.465	+180%	-0.112	+119%	-0.049	+108%	-0.039	+107%
Usd Free Cash Flow To Equity Per Share	-	-	0.028	0.005	+444%	-0.180	+743%	-0.001	+104%	-0.008	+129%
Usd Market Cap	507128526.000	0%	507846330.000	477160209.000	+6%	495464211.000	+2%	451660221.900	+12%	381153924.000	+33%
Usd Price Per Share	14.130	0%	14.150	13.295	+6%	13.805	+2%	12.585	+12%	10.620	+33%
Usd Profit	-	-	6579000.000	19773500.000	-67%	9074250.000	-27%	11965300.000	-45%	12581950.000	-48%
Usd Revenue	-	-	66542000.000	32143750.000	+107%	19077000.000	+249%	20052150.000	+232%	17419550.000	+282%
Usd Total Gains Per Share	-	-	0.763	0.656	+16%	0.355	+115%	0.381	+100%	0.406	+88%
	EOD	+4 -4	MRQ	TTM	+17 -18	YOY	+18 -17	5Y	+19 -16	10Y	+19 -16

4.2. Fundamental Score

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

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	19.271
Price to Book Ratio (EOD)	Between	0-1	1.103
Net Profit Margin (MRQ)	Greater than	0	0.099
Operating Margin (MRQ)	Greater than	0	0.300
Quick Ratio (MRQ)	Greater than	1	0.040
Current Ratio (MRQ)	Greater than	1	0.031
Debt to Asset Ratio (MRQ)	Less than	1	0.499
Debt to Equity Ratio (MRQ)	Less than	1	0.995
Return on Equity (MRQ)	Greater than	0.15	0.014
Return on Assets (MRQ)	Greater than	0.05	0.007
Total			4/10 (40.0%)

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 Gladstone Investment Corporation based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	55.124
Ma 20	Greater than	Ma 50	13.994
Ma 50	Greater than	Ma 100	13.996
Ma 100	Greater than	Ma 200	14.019
Open	Greater than	Close	14.120
Total			2/5 (40.0%)

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
Total Operating Expenses		-863	-203	-1,066	-345	-1,411	-892	-2,303	4,055	1,752

Latest Balance Sheet

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

Summary

Total Assets	917,624
Total Liabilities	457,683
Total Stockholder Equity	459,941

	As reported
Total Liabilities	457,683
Total Stockholder Equity	+ 459,941
Total Assets	= 917,624

Assets

Total Assets	917,624
Total Current Assets	10,160
Long-term Assets	902,808

Total Current Assets

Total Current Assets (as reported)	10,160
Cash And Cash Equivalents	2,819
Short-term Investments	766
Net Receivables	8,726
Total Current Assets (calculated)	12,311
+/-	2,151

Long-term Assets

Long-term Assets (as reported)	902,808
Long Term Investments	902,808
Other Assets	4,656
Long-term Assets (calculated)	907,464
+/-	4,656

Liabilities & Shareholders' Equity

Total Current Liabilities	330,904
Long-term Liabilities	126,779
Total Stockholder Equity	459,941

Total Current Liabilities

Total Current Liabilities (as reported)	330,904
Short-term Debt	330,904
Accounts payable	5,141
Other Current Liabilities	-5,141
Total Current Liabilities (calculated)	330,904
+/-	0

Long-term Liabilities

Long-term Liabilities (as reported)	126,779
Long-term Liabilities (calculated)	0
+/-	126,779

Total Stockholder Equity

Total Stockholder Equity (as reported)	459,941
Common Stock	35
Retained Earnings	-16,666
Accumulated Other Comprehensive Income	34,304
Other Stockholders Equity	442,268
Total Stockholder Equity (calculated)	459,941
+/-	0

Other

Capital Stock	35
Cash and Short Term Investments	3,585
Common Stock Shares Outstanding	34,352
Liabilities and Stockholders Equity	917,624
Net Debt	410,685
Net Invested Capital	873,445
Net Working Capital	-320,744
Short Long Term Debt Total	413,504

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

> Total Assets

0
231,000
231,000
230,324
228,699
228,136
247,473
323,590
363,080
366,833
372,029
352,293
367,901
365,263
343,087
326,843
315,790
294,350
278,279
297,161
290,910
213,309
278,000
241,109
242,132
295,361
318,621
325,297
350,357
373,532
345,872
379,803
352,947
347,095
317,555
330,694
338,426
361,174
412,036
483,521
501,774
508,192
491,293
506,260
507,039
499,062
486,009
515,195
500,348
529,718
580,615
610,899
639,038
675,398
619,608
635,100
641,946
619,763
582,836
576,377
570,674
628,265
621,702
643,731
713,192
745,932
736,095
740,412
742,896
748,628
771,564
765,644
847,123
928,349
917,624

917,624

928,349

847,123

765,644

771,564

748,628

742,896

740,412

736,095

745,932

713,192

643,731

621,702

628,265

570,674

576,377

582,836

619,763

641,946

635,100

619,608

675,398

639,038

610,899

580,615

529,718

500,348

515,195

486,009

499,062

507,039

506,260

491,293

508,192

501,774

483,521

412,036

361,174

338,426

330,694

317,555

347,095

352,947

379,803

345,872

373,532

350,357

325,297

318,621

295,361

242,132

241,109

278,000

213,309

290,910

297,161

278,279

294,350

315,790

326,843

343,087

365,263

367,901

352,293

372,029

366,833

363,080

323,590

247,473

228,136

228,699

230,324

231,000

> Total Current Assets

0
6,239
16,536
76,669
59,195
49,741
3,336
51,810
36,436
28,016
15,254
15,924
47,037
38,551
17,322
12,781
88,569
89,863
90,823
90,190
138,448
65,268
80,711
87,272
76,304
76,881
91,544
99,043
119,879
105,839
57,347
88,886
38,167
48,712
16,354
7,593
5,423
4,765
6,599
11,279
8,083
8,437
8,096
8,928
7,999
7,069
6,169
7,443
7,716
4,808
5,635
9,456
5,214
4,256
4,868
5,795
4,718
4,898
14,964
6,978
4,246
3,820
3,569
6,595
29,359
4,835
455,623
23,638
456,953
494,556
507,399
5,721
41,578
7,616
10,160

10,160

7,616

41,578

5,721

507,399

494,556

456,953

23,638

455,623

4,835

29,359

6,595

3,569

3,820

4,246

6,978

14,964

4,898

4,718

5,795

4,868

4,256

5,214

9,456

5,635

4,808

7,716

7,443

6,169

7,069

7,999

8,928

8,096

8,437

8,083

11,279

6,599

4,765

5,423

7,593

16,354

48,712

38,167

88,886

57,347

105,839

119,879

99,043

91,544

76,881

76,304

87,272

80,711

65,268

138,448

90,190

90,823

89,863

88,569

12,781

17,322

38,551

47,037

15,924

15,254

28,016

36,436

51,810

3,336

49,741

59,195

76,669

16,536

6,239

Cash And Cash Equivalents

0
189,900
169,300
75,673
58,284
48,447
1,891
37,789
34,596
23,189
13,289
9,360
42,580
33,900
13,123
7,236
84,577
86,311
87,872
87,717
119,318
64,299
80,000
80,580
68,858
72,704
86,470
91,546
113,431
92,940
56,328
85,904
36,498
47,233
15,034
4,553
3,772
6,502
4,909
4,921
6,082
5,694
5,645
4,481
5,233
5,097
3,993
2,868
6,100
2,433
2,733
3,639
2,080
2,168
2,242
1,702
1,960
2,169
12,314
2,778
1,773
1,667
1,794
2,062
26,796
2,184
27,950
14,190
43,880
2,557
1,978
2,683
37,099
2,092
2,819

2,819

2,092

37,099

2,683

1,978

2,557

43,880

14,190

27,950

2,184

26,796

2,062

1,794

1,667

1,773

2,778

12,314

2,169

1,960

1,702

2,242

2,168

2,080

3,639

2,733

2,433

6,100

2,868

3,993

5,097

5,233

4,481

5,645

5,694

6,082

4,921

4,909

6,502

3,772

4,553

15,034

47,233

36,498

85,904

56,328

92,940

113,431

91,546

86,470

72,704

68,858

80,580

80,000

64,299

119,318

87,717

87,872

86,311

84,577

7,236

13,123

33,900

42,580

9,360

13,289

23,189

34,596

37,789

1,891

48,447

58,284

75,673

169,300

189,900

Short-term Investments

0
0
0
18
20
-47
-16
-48
-26
-18
-31
-4
1
44
5
-30
-9
-3
14
42
-29
141,614
0
15
5
44
29
48
30
14
40
18
-27
-12
-27
7
-32
-1
-45
47
-43
-35
-2
44
19
28
-40
21
30
26
21
-47
-18
-17
0
0
0
0
0
0
0
0
0
0
0
0
424,918
442,124
410,917
488,999
501,343
753,543
653
490
766

766

490

653

753,543

501,343

488,999

410,917

442,124

424,918

-17

-18

-47

-40

-2

-35

-43

-45

-1

-32

-27

-12

-27

141,614

-29

-3

-9

-30

-4

-31

-18

-26

-48

-16

-47

Net Receivables

0
100
300
996
912
1,294
4,243
14,021
6,230
4,438
5,378
6,150
4,235
4,401
4,046
4,206
2,368
2,144
2,139
2,169
18,204
2,292
41,000
1,596
2,408
2,090
1,864
2,777
2,544
9,447
12,348
2,986
3,347
2,524
2,667
2,993
2,743
2,890
4,100
6,379
5,969
4,439
4,586
4,428
3,915
4,661
4,334
4,543
4,289
4,418
8,839
5,856
4,874
4,003
5,336
4,093
3,658
4,549
5,111
4,200
3,804
14,373
6,154
4,533
4,386
4,471
4,562
9,448
6,868
5,242
5,899
6,937
6,562
8,146
8,726

8,726

8,146

6,562

6,937

5,899

5,242

6,868

9,448

4,562

4,471

4,386

4,533

6,154

14,373

3,804

4,200

5,111

4,549

3,658

4,093

5,336

4,003

4,874

5,856

8,839

4,418

4,289

4,543

4,334

4,661

3,915

4,428

4,586

4,439

5,969

6,379

4,100

2,890

2,743

2,993

2,667

2,524

3,347

2,986

12,348

9,447

2,544

2,777

1,864

2,090

2,408

1,596

41,000

2,292

18,204

2,169

2,139

2,144

2,368

4,206

4,046

4,401

4,235

6,150

5,378

4,438

6,230

14,021

4,243

1,294

912

996

300

100

Other Current Assets

0
0
0
0
136
273
183
84
25
165
124
91
37
204
153
172
237
445
300
221
261
457
319
224
268
436
297
0
0
0
0
0
0
0
0
0
0
0
0
1,460
0
0
0
1,707
0
0
0
2,131
1,396
922
1,128
828
1,534
1,533
2,661
2,403
2,558
2,470
2,614
1,782
1,896
1,289
-4,360
-2,471
-4,386
238
-1,807
305
-4,712
-8,145
-8,746
-10,185
-44,314
-10,728
-12,311

-12,311

-10,728

-44,314

-10,185

-8,746

-8,145

-4,712

305

-1,807

238

-4,386

-2,471

-4,360

1,289

1,896

1,782

2,614

2,470

2,558

2,403

2,661

1,533

1,534

828

1,128

922

1,396

2,131

1,707

1,460

297

436

268

224

319

457

261

221

300

445

237

172

153

204

124

165

183

273

136

> Long-term Assets

0
40,600
60,700
153,382
169,280
178,047
241,016
271,548
322,026
338,817
352,531
336,369
320,864
326,712
325,765
314,062
227,221
204,487
187,456
206,971
152,462
142,214
151,600
153,837
165,828
218,480
227,077
226,254
230,478
267,693
276,360
289,482
312,127
295,612
298,727
322,093
329,732
353,901
402,145
470,853
487,943
496,535
476,902
489,956
493,281
487,672
474,240
504,379
488,870
521,874
567,979
600,447
631,418
668,417
611,019
627,805
634,846
611,504
563,745
568,197
561,342
608,962
610,888
633,829
678,594
736,503
700,738
714,396
689,513
737,935
760,463
759,923
800,078
915,636
902,808

902,808

915,636

800,078

759,923

760,463

737,935

689,513

714,396

700,738

736,503

678,594

633,829

610,888

608,962

561,342

568,197

563,745

611,504

634,846

627,805

611,019

668,417

631,418

600,447

567,979

521,874

488,870

504,379

474,240

487,672

493,281

489,956

476,902

496,535

487,943

470,853

402,145

353,901

329,732

322,093

298,727

295,612

312,127

289,482

276,360

267,693

230,478

226,254

227,077

218,480

165,828

153,837

151,600

142,214

152,462

206,971

187,456

204,487

227,221

314,062

325,765

326,712

320,864

336,369

352,531

338,817

322,026

271,548

241,016

178,047

169,280

153,382

60,700

40,600

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
314,393
0
0
0
25,053
0
0
0
21,156
490,981
485,972
471,440
48,479
486,770
63,274
76,679
90,047
91,218
90,917
72,124
624,172
631,186
608,336
560,836
565,924
561,342
608,962
610,888
633,829
678,594
736,503
700,738
714,396
689,513
737,935
760,463
753,543
800,078
915,636
902,808

902,808

915,636

800,078

753,543

760,463

737,935

689,513

714,396

700,738

736,503

678,594

633,829

610,888

608,962

561,342

565,924

560,836

608,336

631,186

624,172

72,124

90,917

91,218

90,047

76,679

63,274

486,770

48,479

471,440

485,972

490,981

21,156

25,053

314,393

Other Assets

0
184,161
153,764
273
224
348
3,121
232
4,618
366,800
4,243
352,300
367,900
365,300
343,100
326,800
315,800
294,400
278,300
297,200
290,900
5,827
45,689
241,100
242,100
295,400
318,600
325,300
350,400
373,500
12,165
1,435
2,653
2,771
2,474
1,008
3,271
2,508
3,292
1,389
5,748
3,220
6,295
7,376
5,759
4,321
5,600
3,373
3,762
3,036
7,001
996
2,406
2,725
3,721
1,500
2,382
3,361
4,127
1,202
5,086
15,483
7,245
3,307
5,239
4,594
-420,266
2,378
-403,570
-483,863
-496,298
0
5,467
5,097
4,656

4,656

5,097

5,467

-496,298

-483,863

-403,570

2,378

-420,266

4,594

5,239

3,307

7,245

15,483

5,086

1,202

4,127

3,361

2,382

1,500

3,721

2,725

2,406

996

7,001

3,036

3,762

3,373

5,600

4,321

5,759

7,376

6,295

3,220

5,748

1,389

3,292

2,508

3,271

1,008

2,474

2,771

2,653

1,435

12,165

373,500

350,400

325,300

318,600

295,400

242,100

241,100

45,689

5,827

290,900

297,200

278,300

294,400

315,800

326,800

343,100

365,300

367,900

352,300

4,243

366,800

4,618

232

3,121

348

224

273

153,764

184,161

> Total Liabilities

0
200
600
482
1,058
1,158
21,387
100,772
135,745
147,595
151,656
145,848
130,145
131,855
118,970
112,041
112,860
112,305
103,278
104,183
95,204
27,112
79,300
42,280
42,097
85,942
107,020
118,081
149,470
176,309
116,802
138,840
122,475
105,655
92,890
109,857
111,585
136,401
185,764
210,092
222,020
234,224
229,213
227,238
209,159
206,960
188,627
214,113
179,113
201,170
243,218
256,699
259,230
271,824
208,209
227,990
238,440
212,933
172,338
207,346
209,805
267,739
252,879
261,367
292,654
305,231
295,506
294,582
296,487
306,158
322,373
325,902
410,688
452,683
457,683

457,683

452,683

410,688

325,902

322,373

306,158

296,487

294,582

295,506

305,231

292,654

261,367

252,879

267,739

209,805

207,346

172,338

212,933

238,440

227,990

208,209

271,824

259,230

256,699

243,218

201,170

179,113

214,113

188,627

206,960

209,159

227,238

229,213

234,224

222,020

210,092

185,764

136,401

111,585

109,857

92,890

105,655

122,475

138,840

116,802

176,309

149,470

118,081

107,020

85,942

42,097

42,280

79,300

27,112

95,204

104,183

103,278

112,305

112,860

112,041

118,970

131,855

130,145

145,848

151,656

147,595

135,745

100,772

21,387

1,158

1,058

482

600

200

> Total Current Liabilities

0
32
2
100
12
1,000
20,000
200
134,400
455
150,463
145,759
130,044
131,753
118,831
111,914
112,701
112,157
103,032
103,888
93,890
25,300
75,500
40,871
40,843
84,958
76,862
77,225
108,666
135,829
71,800
61,900
28,500
26,400
11,700
3,200
3,600
3,600
3,500
4,800
5,500
4,000
13,300
5,500
5,800
3,900
5,200
4,500
5,000
4,200
5,800
8,500
15,400
22,900
24,699
41,412
30,897
32,052
34,042
28,986
1,417
1,006
1,239
1,154
124,057
255,626
255,939
2,989
258,071
258,600
258,882
257,436
329,999
330,464
330,904

330,904

330,464

329,999

257,436

258,882

258,600

258,071

2,989

255,939

255,626

124,057

1,154

1,239

1,006

1,417

28,986

34,042

32,052

30,897

41,412

24,699

22,900

15,400

8,500

5,800

4,200

5,000

4,500

5,200

3,900

5,800

5,500

13,300

4,000

5,500

4,800

3,500

3,600

3,200

11,700

26,400

28,500

61,900

71,800

135,829

108,666

77,225

76,862

84,958

40,843

40,871

75,500

25,300

93,890

103,888

103,032

112,157

112,701

111,914

118,831

131,753

130,044

145,759

150,463

455

134,400

200

20,000

1,000

100

Short-term Debt

0
0
0
0
0
0
20,000
0
134,400
146,050
150,463
144,835
129,285
130,965
117,864
110,265
111,940
111,278
101,883
102,812
91,500
25,000
75,400
40,000
40,000
83,906
76,001
76,005
107,502
133,734
44,512
0
26,009
22,005
8,501
5,000
0
0
0
205,296
0
0
0
218,561
0
0
0
209,631
174,126
197,021
237,374
248,211
243,814
0
0
0
0
0
0
0
0
0
0
123,883
124,057
255,626
255,939
256,252
256,565
256,802
257,119
257,436
329,999
330,464
330,904

330,904

330,464

329,999

257,436

257,119

256,802

256,565

256,252

255,939

255,626

124,057

123,883

243,814

248,211

237,374

197,021

174,126

209,631

218,561

205,296

5,000

8,501

22,005

26,009

44,512

133,734

107,502

76,005

76,001

83,906

40,000

75,400

25,000

91,500

102,812

101,883

111,278

111,940

110,265

117,864

130,965

129,285

144,835

150,463

146,050

134,400

20,000

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
5,000
0
0
0
205,296
0
0
0
218,561
0
0
0
209,631
174,126
197,021
237,374
248,211
243,814
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

243,814

248,211

237,374

197,021

174,126

209,631

218,561

205,296

5,000

Accounts payable

0
200
300
100
12
1,000
100
200
200
200
200
208
200
239
250
1,283
500
200
156
206
200
300
100
201
200
100
491
506
628
200
535
1,069
1,219
1,001
852
665
664
1,055
800
1,271
2,113
924
883
1,054
828
1,274
989
578
1,084
956
1,233
916
832
1,619
1,278
892
766
1,753
2,100
1,222
1,417
1,006
1,239
1,154
2,626
3,376
3,609
2,989
3,695
4,004
4,059
3,095
4,573
4,870
5,141

5,141

4,870

4,573

3,095

4,059

4,004

3,695

2,989

3,609

3,376

2,626

1,154

1,239

1,006

1,417

1,222

2,100

1,753

766

892

1,278

1,619

832

916

1,233

956

1,084

578

989

1,274

828

1,054

883

924

2,113

1,271

800

1,055

664

665

852

1,001

1,219

1,069

535

200

628

506

491

100

200

201

100

300

200

206

156

200

500

1,283

250

239

200

208

200

100

1,000

100

300

200

Other Current Liabilities

0
-168
-298
-100
125
-1,000
-100
-200
-200
-145,795
-200
716
559
549
717
366
261
679
993
870
2,190
0
0
2,100
643
952
858
1,895
1,798
-2,634
71,600
60,831
28,300
26,200
11,500
2,535
2,936
2,545
2,700
3,529
3,387
3,076
12,417
4,446
4,972
2,626
4,211
3,922
3,916
3,244
4,567
7,584
14,568
21,281
23,421
40,520
30,131
30,299
31,942
27,764
-1,417
-1,006
-1,239
-1,154
-2,626
-3,376
-3,609
-2,989
-2,189
-2,206
-2,296
-3,095
-4,573
-4,870
-5,141

-5,141

-4,870

-4,573

-3,095

-2,296

-2,206

-2,189

-2,989

-3,609

-3,376

-2,626

-1,154

-1,239

-1,006

-1,417

27,764

31,942

30,299

30,131

40,520

23,421

21,281

14,568

7,584

4,567

3,244

3,916

3,922

4,211

2,626

4,972

4,446

12,417

3,076

3,387

3,529

2,700

2,545

2,936

2,535

11,500

26,200

28,300

60,831

71,600

-2,634

1,798

1,895

858

952

643

2,100

2,190

870

993

679

261

366

717

549

559

716

-200

-145,795

-200

-100

-1,000

125

-100

-298

-168

> Long-term Liabilities

0
176
578
0
1,046
0
1,387
100,100
1,345
147,139
1,193
89
101
102
139
127
159
148
246
295
1,314
2,112
11,858
1,409
1,254
984
30,158
40,856
40,804
40,480
45,000
76,900
94,000
79,300
81,200
106,700
108,000
132,800
182,300
205,300
216,500
230,200
215,900
218,600
203,400
203,100
183,400
209,600
174,100
197,000
237,400
248,200
243,800
248,900
183,510
186,578
207,543
180,881
138,296
178,360
64,596
121,696
89,096
151,379
171,053
269,622
261,035
261,348
261,661
47,558
63,491
68,466
80,689
122,219
126,779

126,779

122,219

80,689

68,466

63,491

47,558

261,661

261,348

261,035

269,622

171,053

151,379

89,096

121,696

64,596

178,360

138,296

180,881

207,543

186,578

183,510

248,900

243,800

248,200

237,400

197,000

174,100

209,600

183,400

203,100

203,400

218,600

215,900

230,200

216,500

205,300

182,300

132,800

108,000

106,700

81,200

79,300

94,000

76,900

45,000

40,480

40,804

40,856

30,158

984

1,254

1,409

11,858

2,112

1,314

295

246

148

159

127

139

102

101

1,193

147,139

1,345

100,100

1,387

1,046

578

176

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
248,211
243,814
248,940
183,510
186,578
207,543
180,881
138,296
178,360
0
0
0
0
0
0
0
0
0
273,402
286,719
292,607
434,765
0
0

434,765

292,607

286,719

273,402

178,360

138,296

180,881

207,543

186,578

183,510

248,940

243,814

248,211

Other Liabilities

0
0
0
0
921
1,004
574
248
593
526
282
297
475
341
389
493
570
567
1,195
1,165
3,303
1,909
3,660
2,079
1,254
984
858
856
804
480
386
613
557
1,205
1,074
1,042
993
984
854
1,761
1,246
870
10,620
2,215
2,542
1,734
2,091
1,937
1,634
1,206
959
584
1,513
1,411
2,272
15,452
5,223
5,136
5,081
14,908
3,938
1,226
1,458
384
563
263
720
330
452
346
869
0
653
489
0

489

653

869

346

452

330

720

263

563

384

1,458

1,226

3,938

14,908

5,081

5,136

5,223

15,452

2,272

1,411

1,513

584

959

1,206

1,634

1,937

2,091

1,734

2,542

2,215

10,620

870

1,246

1,761

854

984

993

1,042

1,074

1,205

557

613

386

480

804

856

858

984

1,254

2,079

3,660

1,909

3,303

1,165

1,195

567

570

493

389

341

475

297

282

526

593

248

574

1,004

921

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
4,529
0
0
0
1,147
0
0
0
1,588
1,491
1,319
1,148
976
879
2,137
1,934
1,730
1,602
1,398
1,195
991
863
846
586
1,359
1,299
1,164
1,030
895
835
701
566
0
372
237
0

237

372

566

701

835

895

1,030

1,164

1,299

1,359

586

846

863

991

1,195

1,398

1,602

1,730

1,934

2,137

879

976

1,148

1,319

1,491

1,588

1,147

4,529

> Total Stockholder Equity

0
230,800
230,400
229,842
227,641
226,978
226,086
222,819
227,334
219,238
220,373
206,445
237,756
233,408
224,117
214,802
202,930
182,045
175,001
192,978
195,706
186,197
198,700
198,829
200,035
209,419
211,601
207,216
200,887
197,223
229,070
240,963
230,472
241,440
224,665
220,837
226,841
224,773
226,272
273,429
279,754
273,968
262,080
279,022
297,880
292,102
297,382
301,082
321,235
328,548
337,397
354,200
379,808
403,574
411,399
407,110
403,506
406,830
410,498
369,031
360,869
360,526
368,823
382,364
420,538
440,701
440,589
445,830
446,409
442,470
449,191
439,742
436,435
475,666
459,941

459,941

475,666

436,435

439,742

449,191

442,470

446,409

445,830

440,589

440,701

420,538

382,364

368,823

360,526

360,869

369,031

410,498

406,830

403,506

407,110

411,399

403,574

379,808

354,200

337,397

328,548

321,235

301,082

297,382

292,102

297,880

279,022

262,080

273,968

279,754

273,429

226,272

224,773

226,841

220,837

224,665

241,440

230,472

240,963

229,070

197,223

200,887

207,216

211,601

209,419

200,035

198,829

198,700

186,197

195,706

192,978

175,001

182,045

202,930

214,802

224,117

233,408

237,756

206,445

220,373

219,238

227,334

222,819

226,086

226,978

227,641

229,842

230,400

230,800

Common Stock

0
0
17
17
17
17
17
17
17
17
17
17
22
22
22
22
22
22
22
22
22
22
22
22
22
22
22
22
22
22
26
26
26
26
26
26
26
26
26
30
30
30
30
30
30
30
30
30
33
33
33
33
33
33
33
33
33
33
33
33
33
33
33
33
33
33
33
33
33
33
33
34
34
34
35

Retained Earnings Total Equity

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
45,306
49,350
37,910
33,996
0
0

33,996

37,910

49,350

45,306

Accumulated Other Comprehensive Income

0
100
-100
100
-1,200
-1,200
-1,400
-3,700
1,800
-5,601
-4,100
-17,744
-27,085
-31,428
-40,667
-42,581
-61,789
-82,528
-89,464
-64,250
-61,532
-71,041
-44,800
-58,550
-57,861
-48,475
-46,425
-50,258
-56,587
-60,251
-50,900
-40,800
-51,400
-67,500
-69,400
-69,700
-63,800
-65,300
-63,300
-39,300
-36,100
-39,500
-48,200
-30,500
-31,400
-36,400
-27,500
-23,600
-22,000
-14,200
-4,600
13,800
32,000
70,900
4,528
34,483
31,141
14,418
-12,428
-43,658
-48,545
-135,722
-148,753
0
-92,332
0
0
0
45,360
34,717
38,083
32,942
32,133
80,930
34,304

34,304

80,930

32,133

32,942

38,083

34,717

45,360

-92,332

-148,753

-135,722

-48,545

-43,658

-12,428

14,418

31,141

34,483

4,528

70,900

32,000

13,800

-4,600

-14,200

-22,000

-23,600

-27,500

-36,400

-31,400

-30,500

-48,200

-39,500

-36,100

-39,300

-63,300

-65,300

-63,800

-69,700

-69,400

-67,500

-51,400

-40,800

-50,900

-60,251

-56,587

-50,258

-46,425

-48,475

-57,861

-58,550

-44,800

-71,041

-61,532

-64,250

-89,464

-82,528

-61,789

-42,581

-40,667

-31,428

-27,085

-17,744

-4,100

-5,601

1,800

-3,700

-1,400

-1,200

100

-100

100

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
330,661
332,301
329,782
329,957
366,422
366,083
365,148
365,036
401,023
0
0
0
0
0
0
0
0
0
397,131
399,808
401,798
402,405
0
0

402,405

401,798

399,808

397,131

401,023

365,036

365,148

366,083

366,422

329,957

329,782

332,301

330,661

Treasury Stock

Other Stockholders Equity

0
230,300
230,300
230,242
230,241
230,178
230,086
226,619
230,034
230,039
230,073
226,689
270,841
274,836
276,484
264,883
276,719
314,573
315,498
300,728
282,238
282,438
257,200
271,779
266,096
266,594
266,726
266,574
217,131
217,131
239,623
287,763
239,094
263,905
250,717
287,137
246,808
246,703
204,913
309,529
190,980
188,026
184,962
311,622
202,964
186,329
182,704
310,382
201,175
200,706
199,974
330,700
214,473
216,760
288,373
366,422
246,831
262,907
291,790
401,023
275,030
358,274
365,168
379,739
427,695
450,766
449,578
458,792
409,178
408,793
410,648
412,293
408,148
406,451
442,268

442,268

406,451

408,148

412,293

410,648

408,793

409,178

458,792

449,578

450,766

427,695

379,739

365,168

358,274

275,030

401,023

291,790

262,907

246,831

366,422

288,373

216,760

214,473

330,700

199,974

200,706

201,175

310,382

182,704

186,329

202,964

311,622

184,962

188,026

190,980

309,529

204,913

246,703

246,808

287,137

250,717

263,905

239,094

287,763

239,623

217,131

266,574

266,726

266,594

266,096

271,779

257,200

282,438

282,238

300,728

315,498

314,573

276,719

264,883

276,484

274,836

270,841

226,689

230,073

230,039

230,034

226,619

230,086

230,178

230,241

230,242

230,300

Balance Sheet

Currency in USD. All numbers in thousands.

	2023-03-31	2022-03-31	2021-03-31	2020-03-31	2019-03-31	2018-03-31	2017-03-31	2016-03-31	2015-03-31	2014-03-31	2013-03-31	2012-03-31	2011-03-31	2010-03-31	2009-03-31	2008-03-31	2007-03-31	2006-03-31
Accounts Payable	3,095	2,989	1,154	1,222	892	916	578	1,054	1,271	665	1,069	506	201	206	1,283	208	200	100
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Other Comprehensive Income	32,942	45,148	-92,209	-129,160	34,483	13,801	-23,590	-30,544	-39,279	-69,700	-40,800	-50,258	-58,550	-64,250	-42,581	-17,744	-3,700	100
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Stock	34	33	33	33	33	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Surpluse	401,798	0	0	401,023	366,422	330,661	310,332	311,608	309,438	0	0	0	0	0	0	0	0	0
Cash	2,683	14,190	2,062	2,778	1,702	3,639	2,868	4,481	4,921	4,553	85,904	91,546	80,580	87,717	7,236	9,360	37,789	75,673
Cash And Equivalents	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash And Short Term Investments	2,683	14,190	2,062	2,778	1,702	3,639	2,868	4,481	4,921	4,600	85,900	91,546	80,580	87,717	7,236	9,360	37,789	75,673
Common Stock	34	33	33	33	33	33	30	30	30	26	26	22	22	22	22	17	17	17
Common Stock Shares Outstanding	33,312	33,205	33,177	32,866	32,808	32,269	30,271	30,268	26,666	26,476	24,189	22,080	22,080	22,080	21,546	16,560	16,560	16,392
Common Stock Total Equity	34	0	33	33	33	33	30	30	30	0	0	0	0	0	0	0	0	0
Current Deferred Revenue	0	-253,263	-122,729	-3,874	0	0	0	0	0	0	-58,885	-1,181	-1,430	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
Deferred Long Term Liab	0	895	1,359	991	1,730	976	1,588	1,147	4,529	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
Good Will	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Inventory	6,286	23,943	0	8,760	8,198	0	0	0	0	0	0	0	0	0	0	0	0	0
Liabilities And Stockholders Equity	765,644	740,412	643,731	576,377	635,100	610,899	515,195	506,260	483,521	330,694	379,803	325,297	241,109	297,161	326,843	352,293	323,590	230,324
Long Term Debt	292,607	0	0	178,360	186,578	248,211	209,631	218,561	205,296	106,701	76,854	40,000	0	0	0	144,835	100,000	0
Long Term Debt Total	292,607	0	0	178,360	186,578	248,211	209,631	218,561	205,296	0	0	0	0	0	0	0	0	0
Long Term Investments	753,543	714,396	633,829	565,924	624,172	599,147	501,579	21,156	25,053	314,393	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
Net Debt	289,924	247,158	149,317	51,518	56,394	108,957	71,928	95,615	118,975	62,148	8,966	-15,541	-40,580	15,095	103,029	135,474	62,211	-75,673
Net Invested Capital	732,349	707,178	533,743	423,327	465,206	466,796	0	0	0	0	0	0	0	0	0	0	0	0
Net Receivables	6,937	9,448	4,533	4,200	4,093	5,856	4,543	4,428	6,379	2,993	2,986	2,777	1,596	2,169	4,206	6,150	14,021	996
Net Tangible Assets	439,742	445,830	382,364	369,031	407,110	354,200	301,082	279,022	273,429	220,837	0	0	0	0	0	0	0	0
Net Working Capital	-251,715	20,649	5,441	5,756	-35,617	-1,317	691	1,779	1,992	2,642	-6,587	21,818	46,401	-13,698	-99,133	-129,835	-60,905	76,334
Non Current Assets Total	753,543	714,396	633,829	565,924	627,805	600,451	504,398	489,910	470,842	322,093	289,482	226,254	153,837	206,971	314,062	336,369	271,548	153,382
Non Current Liabilities Other	565	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Current Liabilities Total	68,466	261,348	151,379	54,296	186,578	248,211	209,631	218,561	205,296	106,700	45,000	40,856	1,409	295	127	89	772	0
Non Currrent Assets Other	-753,543	-714,396	-633,829	-565,924	-624,172	-599,147	-501,579	-487,656	-466,053	-314,393	-286,482	602	552	113	132	765	-270,948	-153,382
Noncontrolling Interest In Consolidated Entity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets	6,380	2,378	3,307	3,475	1,500	3,277	5,624	9,079	5,891	2,759	3,108	325,300	241,100	297,200	326,800	352,300	12,948	508
Other Current Assets	-10,185	-23,943	-7,531	-8,760	-8,198	828	2,131	1,707	1,460	0	0	0	224	221	172	91	84	0
Other Current Liab	-3,095	-2,989	-1,154	-1,222	40,520	7,572	3,904	4,438	3,525	2,535	93,600	1,895	2,100	870	366	716	-200	-100
Other Liab	0	330	384	14,908	15,452	584	1,937	2,196	3,525	2,491	2,901	1,570	2,079	1,165	493	1,013	772	0
Other Stockholder Equity	412,293	413,644	379,739	362,628	251,455	201,091	182,524	181,460	227,767	246,895	239,046	217,131	271,779	300,728	264,883	226,689	226,619	230,242
Preferred Stock Redeemable	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
Property Plant And Equipment Gross	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Property Plant And Equipment Net	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Property Plant Equipment	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Retained Earnings	-5,527	-12,995	2,592	6,370	-7,343	3,660	7,283	6,426	3,511	3,616	2,691	321	165	-43,500	-7,500	-2,500	-3,622	-517
Retained Earnings Total Equity	37,910	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt	0	0	0	0	0	248,211	209,631	218,561	205,296	5,000	0	0	0	0	0	0	0	0
Short Long Term Debt Total	292,607	261,348	151,379	54,296	58,096	112,596	74,796	100,096	123,896	66,701	94,870	76,005	40,000	102,812	110,265	144,835	100,000	0
Short Term Debt	257,436	256,252	123,883	5,096	0	248,211	209,631	218,561	205,296	5,000	58,016	76,005	40,000	102,812	110,265	144,835	100,000	0
Short Term Investments	753,543	442,124	0	0	0	328	1,231	1,107	260	7	18	48	15	42	-30	-4	-48	18
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Assets	765,644	740,412	643,731	576,377	635,100	610,899	515,195	506,260	483,521	330,694	379,803	325,297	241,109	297,161	326,843	352,293	323,590	230,324
Total Current Assets	5,721	23,638	6,595	6,978	5,795	7,171	5,173	7,271	6,788	5,842	87,213	99,043	87,272	90,190	12,781	15,924	39,095	76,434
Total Current Liabilities	257,436	2,989	1,154	1,222	41,412	8,488	4,482	5,492	4,796	3,200	93,800	77,225	40,871	103,888	111,914	145,759	100,000	100
Total Liab	325,902	294,582	261,367	207,346	227,990	256,699	214,113	227,238	210,092	109,857	138,840	118,081	42,280	104,183	112,041	145,848	100,772	482
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Stockholder Equity	439,742	445,830	382,364	369,031	407,110	354,200	301,082	279,022	273,429	220,837	240,963	207,216	198,829	192,978	214,802	206,445	222,819	229,842
Treasury Stock	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

	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
Accounts Payable	5,141	4,870	4,573	3,095	4,059	4,004	3,695	2,989	3,609	3,376	2,626	1,154	1,239	1,006	1,417	1,222	2,100	1,753	766	892	1,278	1,619	832	916	1,233	956	1,084	578	989	1,274	828	1,054	883	924	2,113	1,271	800	1,055	664	665	852	1,001	1,219	1,069	535	200	628	506	491	100	200	201	100	300	200	206	156	200	500	1,283	250	239	200	208	200	200	200	200	100	1,000	12	100	300	200	0
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
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Other Comprehensive Income	34,304	80,930	32,133	32,942	38,083	34,717	45,360	0	0	0	-92,332	0	-148,753	-135,722	-48,545	-43,658	-12,428	14,418	31,141	34,483	4,528	70,900	32,000	13,800	-4,600	-14,200	-22,000	-23,600	-27,500	-36,400	-31,400	-30,500	-48,200	-39,500	-36,100	-39,300	-63,300	-65,300	-63,800	-69,700	-69,400	-67,500	-51,400	-40,800	-50,900	-60,251	-56,587	-50,258	-46,425	-48,475	-57,861	-58,550	-44,800	-71,041	-61,532	-64,250	-89,464	-82,528	-61,789	-42,581	-40,667	-31,428	-27,085	-17,744	-4,100	-5,601	1,800	-3,700	-1,400	-1,200	-1,200	100	-100	100	0
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
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Stock	35	34	34	34	33	33	33	33	33	33	33	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	402,405	401,798	399,808	397,131	0	0	0	0	0	0	0	0	0	401,023	365,036	365,148	366,083	366,422	329,957	329,782	332,301	330,661	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	2,819	2,092	37,099	2,683	1,978	2,557	43,880	14,190	27,950	2,184	26,796	2,062	1,794	1,667	1,773	2,778	12,314	2,169	1,960	1,702	2,242	2,168	2,080	3,639	2,733	2,433	6,100	2,868	3,993	5,097	5,233	4,481	5,645	5,694	6,082	4,921	4,909	6,502	3,772	4,553	15,034	47,233	36,498	85,904	56,328	92,940	113,431	91,546	86,470	72,704	68,858	80,580	80,000	64,299	119,318	87,717	87,872	86,311	84,577	7,236	13,123	33,900	42,580	9,360	13,289	23,189	34,596	37,789	1,891	48,447	58,284	75,673	169,300	189,900	0
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
Cash And Short Term Investments	3,585	2,582	37,752	2,683	503,321	491,556	454,797	14,190	452,868	2,184	26,796	2,062	1,794	1,667	1,773	2,778	12,314	2,169	1,960	1,702	2,242	2,200	2,100	3,600	2,700	2,400	6,100	2,900	4,000	5,100	5,200	4,500	5,600	5,700	6,100	4,900	4,900	3,100	3,800	4,600	15,000	47,200	36,500	85,900	56,300	92,940	113,431	91,546	86,470	72,704	68,858	80,580	80,000	205,913	119,318	87,717	87,872	86,311	84,577	7,236	13,123	33,900	42,580	9,360	13,289	23,189	34,596	37,789	1,891	48,447	58,284	75,673	169,300	189,900	0
Common Stock	35	34	34	34	33	33	33	33	33	33	33	33	33	33	33	33	33	33	33	33	33	33	33	33	33	33	33	30	30	30	30	30	30	30	30	30	26	26	26	26	26	26	26	26	26	22	22	22	22	22	22	22	22	22	22	22	22	22	22	22	22	22	22	17	17	17	17	17	17	17	17	17	17	0	0
Common Stock Shares Outstanding	34,352	33,817	33,592	33,511	33,316	33,219	33,205	33,205	33,205	33,205	33,205	33,205	33,205	33,205	33,092	32,822	32,822	32,822	32,822	32,822	32,822	32,822	32,822	32,526	32,526	32,526	31,474	30,271	30,271	30,271	30,271	30,271	30,271	30,271	30,260	26,476	26,476	26,476	26,476	26,476	26,476	26,476	26,476	26,147	26,147	22,080	22,080	22,080	22,080	22,080	22,080	22,080	22,080	22,080	22,080	22,080	22,080	22,080	22,080	22,080	22,080	22,080	19,943	16,560	16,560	16,560	16,560	16,560	16,560	16,560	16,560	16,560	16,560	16,231	14,400
Common Stock Total Equity	0	0	34	34	33	33	0	0	0	0	33	33	33	33	33	33	33	33	33	33	33	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Current Deferred Revenue	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-9,153	-22,806	-27,028	0	-44,847	4,529	-1,262	-1,181	-488	0	0	-1,430	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 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
Deferred Long Term Liab	0	237	372	0	566	701	835	895	1,030	1,164	1,299	1,359	586	846	863	991	1,195	1,398	1,602	1,730	1,934	2,137	879	976	1,148	1,319	1,491	1,588	0	0	0	1,147	0	0	0	4,529	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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
Good Will	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	6,286	6,925	5,903	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Liabilities And Stockholders Equity	917,624	928,349	847,123	765,644	771,564	748,628	742,896	740,412	736,095	745,932	713,192	643,731	621,702	628,265	570,674	576,377	582,836	619,763	641,946	635,100	619,608	675,398	639,038	610,899	580,615	529,718	500,348	515,195	486,009	499,062	507,039	506,260	491,293	508,192	501,774	483,521	412,036	361,174	338,426	330,694	317,555	347,095	352,947	379,803	345,872	373,532	350,357	325,297	318,621	295,361	242,132	241,109	278,000	213,309	290,910	297,161	278,279	294,350	315,790	326,843	343,087	365,263	367,901	352,293	372,029	366,833	363,080	323,590	247,473	228,136	228,699	230,324	231,000	231,000	0
Long Term Debt	0	0	434,765	292,607	286,719	273,402	0	0	0	0	0	0	0	0	0	178,360	138,296	180,881	207,543	186,578	183,510	248,940	243,814	248,211	237,374	197,021	174,126	209,631	183,435	203,055	163,379	181,746	215,946	230,246	216,496	205,296	182,296	132,846	108,046	106,701	81,200	79,341	94,000	76,854	70,104	102,209	40,000	40,000	0	0	0	0	0	0	0	0	0	0	0	0	0	130,965	129,285	144,835	150,463	146,050	134,400	100,000	20,000	0	0	0	0	0	0
Long Term Debt Total	0	0	434,765	292,607	286,719	273,402	0	0	0	0	0	0	0	0	0	178,360	138,296	180,881	207,543	186,578	183,510	248,940	243,814	248,211	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Long Term Investments	902,808	915,636	800,078	753,543	760,463	737,935	689,513	714,396	700,738	736,503	678,594	633,829	610,888	608,962	561,342	565,924	560,836	608,336	631,186	624,172	72,124	90,917	91,218	90,047	76,679	63,274	486,770	48,479	471,440	485,972	490,981	21,156	0	0	0	25,053	0	0	0	314,393	0	0	0	0	0	0	0	0	0	0	0	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
Net Debt	410,685	407,580	339,060	289,924	284,741	270,845	217,781	247,158	233,085	267,438	144,257	149,317	87,302	120,029	62,823	51,518	-3,008	49,891	76,931	56,394	52,954	118,628	105,923	108,957	99,221	59,363	32,996	71,928	44,803	63,499	79,463	95,615	88,651	102,902	88,764	118,975	95,987	86,344	64,274	62,148	34,667	14,113	43,511	8,966	18,288	40,794	-5,929	-15,541	18,831	11,202	-28,858	-40,580	-4,600	-39,299	-27,818	15,095	14,011	24,967	27,363	103,029	104,741	97,065	86,705	135,474	137,174	122,861	99,804	62,211	18,109	-48,447	-58,284	-75,673	-169,300	-189,900	0
Net Invested Capital	873,445	885,338	812,594	732,349	735,910	715,872	708,070	707,178	701,624	710,323	591,591	533,743	457,919	482,222	425,465	423,327	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	8,726	8,146	6,562	6,937	5,899	5,242	6,868	9,448	4,562	4,471	4,386	4,533	6,154	14,373	3,804	4,200	5,111	4,549	3,658	4,093	5,336	4,003	4,874	5,856	8,839	4,418	4,289	4,543	4,334	4,661	3,915	4,428	4,586	4,439	5,969	6,379	4,100	2,890	2,743	2,993	2,667	2,524	3,347	2,986	12,348	9,447	2,544	2,777	1,864	2,090	2,408	1,596	41,000	2,292	18,204	2,169	2,139	2,144	2,368	4,206	4,046	4,401	4,235	6,150	5,378	4,438	6,230	14,021	4,243	1,294	912	996	300	100	0
Net Tangible Assets	0	475,666	436,435	439,742	449,191	442,470	446,409	445,830	440,589	440,701	420,538	382,364	368,823	360,526	360,869	369,031	410,498	406,830	403,506	407,110	411,399	403,574	379,808	354,200	337,397	328,548	321,235	301,082	297,382	292,102	297,880	279,022	0	0	0	273,429	0	0	0	220,837	0	0	0	0	0	0	0	0	0	0	0	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	-320,744	-322,848	-288,421	-251,715	248,517	235,956	198,882	20,649	199,684	-250,791	-94,698	5,441	2,330	2,814	2,829	-22,008	-19,078	-27,154	-26,179	-35,617	-19,831	-18,644	-10,186	956	-165	608	2,716	2,943	969	3,169	2,199	3,428	-5,204	4,437	2,583	6,479	3,099	1,165	1,823	4,393	4,654	22,312	9,667	26,986	-14,453	-29,990	11,213	21,818	14,682	-8,077	35,461	46,401	5,211	39,968	44,558	-13,698	-12,209	-22,294	-24,132	-99,133	-101,509	-93,202	-83,007	-129,835	-135,208	27,560	-97,964	51,610	-16,664	48,741	59,184	76,569	16,533	6,206	0
Non Current Assets Total	902,808	915,636	800,078	759,923	760,463	737,935	689,513	714,396	700,738	736,503	678,594	633,829	610,888	608,962	561,342	568,197	563,745	611,504	634,846	627,805	611,019	668,417	631,418	600,447	567,979	521,874	488,870	504,379	474,240	487,672	493,281	489,956	476,902	496,535	487,943	470,853	402,145	353,901	329,732	322,093	298,727	295,612	312,127	289,482	276,360	267,693	230,478	226,254	227,077	218,480	165,828	153,837	151,600	142,214	152,462	206,971	187,456	204,487	227,221	314,062	325,765	326,712	320,864	336,369	352,531	338,817	322,026	271,548	241,016	178,047	169,280	153,382	60,700	40,600	0
Non Current Liabilities Other	0	0	653	565	869	346	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	126,779	122,219	80,689	68,466	63,491	47,558	261,661	261,348	261,035	269,622	171,053	151,379	89,096	121,696	64,596	178,360	138,296	180,881	207,543	186,578	183,510	248,900	243,800	248,200	237,400	197,000	174,100	209,600	183,400	203,100	203,400	218,600	215,900	230,200	216,500	205,300	182,300	132,800	108,000	106,700	81,200	79,300	94,000	76,900	45,000	40,480	40,804	40,856	30,158	984	1,254	1,409	11,858	2,112	1,314	295	246	148	159	127	139	102	101	89	1,193	147,139	1,345	100,100	1,387	0	1,046	0	578	176	0
Non Currrent Assets Other	-902,808	-915,636	-800,078	6,380	-760,463	-737,935	-689,513	-714,396	-700,738	-736,503	-678,594	-633,829	-610,888	-608,962	-561,342	-565,924	-560,836	-608,336	-631,186	-624,172	-607,024	-665,117	-629,318	-599,147	-566,379	-520,174	-486,770	-501,579	-471,440	-485,972	-490,981	-487,656	-471,702	-490,635	-481,243	-466,053	-394,145	-346,901	-321,832	-314,393	-290,727	-287,212	-308,327	-286,482	-273,260	1,007	708	602	306	424	533	552	-151,100	-141,614	4,133	113	70	184	212	132	470	456	565	765	-352,031	399	-321,626	-270,948	-240,516	-178,047	-169,280	-153,382	-60,700	-40,600	0
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
Other Assets	4,656	5,097	5,467	0	-496,298	-483,863	-403,570	2,378	-420,266	4,594	5,239	3,307	7,245	15,483	5,086	1,202	4,127	3,361	2,382	1,500	3,721	2,725	2,406	996	7,001	3,036	3,762	3,373	5,600	4,321	5,759	7,376	6,295	3,220	5,748	1,389	3,292	2,508	3,271	1,008	2,474	2,771	2,653	1,435	12,165	373,500	350,400	325,300	318,600	295,400	242,100	241,100	45,689	5,827	290,900	297,200	278,300	294,400	315,800	326,800	343,100	365,300	367,900	352,300	4,243	366,800	4,618	232	3,121	348	224	273	153,764	184,161	0
Other Current Assets	-12,311	-10,728	-44,314	-10,185	-8,746	-8,145	-4,712	305	-1,807	238	-4,386	-2,471	-4,360	1,289	1,896	1,782	2,614	2,470	2,558	2,403	2,661	1,533	1,534	828	1,128	922	1,396	2,131	0	0	0	1,707	0	0	0	1,460	0	0	0	0	0	0	0	0	0	0	0	0	297	436	268	224	319	457	261	221	300	445	237	172	153	204	37	91	124	165	25	84	183	273	136	0	0	0	0
Other Current Liab	-5,141	-4,870	-4,573	-3,095	-2,296	-2,206	-2,189	-2,989	-3,609	-3,376	-2,626	-1,154	-1,239	-1,006	-1,417	27,764	31,942	30,299	30,131	40,520	23,421	21,281	14,568	7,584	4,567	3,244	3,916	3,922	4,211	2,626	4,972	4,446	12,417	3,076	3,387	3,529	2,700	2,545	2,936	2,535	11,500	26,200	28,300	60,831	71,600	-2,634	1,798	1,895	858	952	643	2,100	0	0	2,190	870	993	679	261	366	717	549	559	716	-200	-145,795	-200	-200	-100	-1,000	125	-100	-298	-168	0
Other Liab	0	489	653	0	869	346	452	330	720	263	563	384	1,458	1,226	3,938	14,908	5,081	5,136	5,223	15,452	2,272	1,411	1,513	584	959	1,206	1,634	1,937	2,091	1,734	2,542	2,215	10,620	870	1,246	1,761	854	984	993	1,042	1,074	1,205	557	613	386	480	804	856	858	984	1,254	2,079	3,660	1,909	3,303	1,165	1,195	567	570	493	389	341	475	297	282	526	593	248	574	1,004	921	0	0	0	0
Other Stockholder Equity	442,268	406,451	408,148	412,293	410,648	408,793	409,178	458,792	449,578	450,766	427,695	379,739	365,168	358,274	275,030	401,023	291,790	262,907	246,831	366,422	288,373	216,760	214,473	330,700	199,974	200,706	201,175	310,382	182,704	186,329	202,964	311,622	184,962	188,026	190,980	309,529	204,913	246,703	246,808	287,137	250,717	263,905	239,094	287,763	239,623	217,131	217,131	266,574	266,726	266,594	266,096	271,779	257,200	282,438	282,238	300,728	315,498	314,573	276,719	264,883	276,484	274,836	270,841	226,689	230,073	230,039	230,034	226,619	230,086	230,178	230,241	230,242	230,300	230,300	0
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
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
Property Plant And Equipment Gross	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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 Net	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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 Equipment	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-16,666	-11,749	-3,880	-5,527	427	-1,073	-8,162	-12,995	-9,022	-10,098	-7,190	2,592	3,622	2,219	2,722	6,370	2,113	651	-3,151	-7,343	-9,849	-12,263	-2,509	3,660	6,570	6,784	6,997	7,283	7,509	7,684	7,603	6,426	3,638	3,762	3,194	3,511	3,233	3,344	3,807	3,616	3,322	5,009	2,752	2,691	321	321	321	321	812	682	684	165	-13,700	-25,200	-25,000	-43,500	-50,900	-50,000	-12,000	-7,500	-11,700	-10,000	-6,000	-2,500	-5,617	-5,243	-4,508	-3,622	-2,588	-2,006	-1,410	-517	200	400	0
Retained Earnings Total Equity	0	0	33,996	37,910	49,350	45,306	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	243,814	248,211	237,374	197,021	174,126	209,631	0	0	0	218,561	0	0	0	205,296	0	0	0	5,000	0	0	0	0	0	0	0	0	0	0	0	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	413,504	409,672	376,159	292,607	286,719	273,402	261,661	261,348	261,035	269,622	171,053	151,379	89,096	121,696	64,596	54,296	9,306	52,060	78,891	58,096	55,196	120,796	108,003	112,596	101,954	61,796	39,096	74,796	48,796	68,596	84,696	100,096	94,296	108,596	94,846	123,896	100,896	92,846	68,046	66,701	49,701	61,346	80,009	94,870	74,616	133,734	107,502	76,005	105,301	83,906	40,000	40,000	75,400	25,000	91,500	102,812	101,883	111,278	111,940	110,265	117,864	130,965	129,285	144,835	150,463	146,050	134,400	100,000	20,000	0	0	0	0	0	0
Short Term Debt	330,904	330,464	329,999	257,436	257,119	256,802	256,565	256,252	255,939	255,626	124,057	123,883	0	0	0	0	0	0	0	0	0	0	243,814	248,211	237,374	197,021	174,126	209,631	0	0	0	218,561	0	0	0	205,296	0	0	0	5,000	8,501	22,005	26,009	0	44,512	133,734	107,502	76,005	76,001	83,906	40,000	40,000	75,400	25,000	91,500	102,812	101,883	111,278	111,940	110,265	117,864	130,965	129,285	144,835	150,463	146,050	134,400	0	20,000	0	0	0	0	0	0
Short Term Investments	766	490	653	753,543	501,343	488,999	410,917	442,124	424,918	0	0	0	0	0	0	0	0	0	0	0	0	-17	-18	-47	21	26	30	21	-40	28	19	44	-2	-35	-43	47	-45	-1	-32	7	-27	-12	-27	18	40	14	30	48	29	44	5	15	0	141,614	-29	42	14	-3	-9	-30	5	44	1	-4	-31	-18	-26	-48	-16	-47	20	18	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
Total Assets	917,624	928,349	847,123	765,644	771,564	748,628	742,896	740,412	736,095	745,932	713,192	643,731	621,702	628,265	570,674	576,377	582,836	619,763	641,946	635,100	619,608	675,398	639,038	610,899	580,615	529,718	500,348	515,195	486,009	499,062	507,039	506,260	491,293	508,192	501,774	483,521	412,036	361,174	338,426	330,694	317,555	347,095	352,947	379,803	345,872	373,532	350,357	325,297	318,621	295,361	242,132	241,109	278,000	213,309	290,910	297,161	278,279	294,350	315,790	326,843	343,087	365,263	367,901	352,293	372,029	366,833	363,080	323,590	247,473	228,136	228,699	230,324	231,000	231,000	0
Total Current Assets	10,160	7,616	41,578	5,721	507,399	494,556	456,953	23,638	455,623	4,835	29,359	6,595	3,569	3,820	4,246	6,978	14,964	4,898	4,718	5,795	4,868	4,256	5,214	9,456	5,635	4,808	7,716	7,443	6,169	7,069	7,999	8,928	8,096	8,437	8,083	11,279	6,599	4,765	5,423	7,593	16,354	48,712	38,167	88,886	57,347	105,839	119,879	99,043	91,544	76,881	76,304	87,272	80,711	65,268	138,448	90,190	90,823	89,863	88,569	12,781	17,322	38,551	47,037	15,924	15,254	28,016	36,436	51,810	3,336	49,741	59,195	76,669	16,536	6,239	0
Total Current Liabilities	330,904	330,464	329,999	257,436	258,882	258,600	258,071	2,989	255,939	255,626	124,057	1,154	1,239	1,006	1,417	28,986	34,042	32,052	30,897	41,412	24,699	22,900	15,400	8,500	5,800	4,200	5,000	4,500	5,200	3,900	5,800	5,500	13,300	4,000	5,500	4,800	3,500	3,600	3,600	3,200	11,700	26,400	28,500	61,900	71,800	135,829	108,666	77,225	76,862	84,958	40,843	40,871	75,500	25,300	93,890	103,888	103,032	112,157	112,701	111,914	118,831	131,753	130,044	145,759	150,463	455	134,400	200	20,000	1,000	12	100	2	32	0
Total Liab	457,683	452,683	410,688	325,902	322,373	306,158	296,487	294,582	295,506	305,231	292,654	261,367	252,879	267,739	209,805	207,346	172,338	212,933	238,440	227,990	208,209	271,824	259,230	256,699	243,218	201,170	179,113	214,113	188,627	206,960	209,159	227,238	229,213	234,224	222,020	210,092	185,764	136,401	111,585	109,857	92,890	105,655	122,475	138,840	116,802	176,309	149,470	118,081	107,020	85,942	42,097	42,280	79,300	27,112	95,204	104,183	103,278	112,305	112,860	112,041	118,970	131,855	130,145	145,848	151,656	147,595	135,745	100,772	21,387	1,158	1,058	482	600	200	0
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
Total Stockholder Equity	459,941	475,666	436,435	439,742	449,191	442,470	446,409	445,830	440,589	440,701	420,538	382,364	368,823	360,526	360,869	369,031	410,498	406,830	403,506	407,110	411,399	403,574	379,808	354,200	337,397	328,548	321,235	301,082	297,382	292,102	297,880	279,022	262,080	273,968	279,754	273,429	226,272	224,773	226,841	220,837	224,665	241,440	230,472	240,963	229,070	197,223	200,887	207,216	211,601	209,419	200,035	198,829	198,700	186,197	195,706	192,978	175,001	182,045	202,930	214,802	224,117	233,408	237,756	206,445	220,373	219,238	227,334	222,819	226,086	226,978	227,641	229,842	230,400	230,800	0
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
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

Cash Flow

Currency in USD. All numbers in thousands.

	2023-03-31	2022-03-31	2021-03-31	2020-03-31	2019-03-31	2018-03-31	2017-03-31	2016-03-31	2015-03-31	2014-03-31	2013-03-31	2012-03-31	2011-03-31	2010-03-31	2009-03-31	2008-03-31	2007-03-31	2006-03-31
Begin Period Cash Flow	14,495	2,398	4,060	3,605	3,967	2,868	4,481	4,921	4,553	85,904	91,546	80,580	87,717	7,236	9,360	37,789	75,673	4
Capital Expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash And Cash Equivalents Changes	5,492	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change In Cash	-11,247	12,097	-1,662	455	-362	771	-1,613	-440	368	-81,351	-5,642	10,966	-7,137	80,481	-2,124	-28,429	-37,884	75,669
Change In Working Capital	2,267	10,354	-5,999	-17,191	33,118	6,221	723	-1,344	2,942	-5,067	2,170	1,240	-3,451	1,602	3,063	7,409	-12,667	-619
Change Receivables	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Account Receivables	2,511	-131	16	-621	752	-1,227	485	-923	-567	-7	0	-600	500	300	200	-400	-500	0
Change To Inventory	-244	5,373	377	0	-752	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Liabilities	0	236	-521	330	-24	259	-476	-217	921	-755	2,187	241	0	0	371	192	157	0
Change To Netincome	0	-77,874	-67,937	58,242	-22,703	-97,203	-14,882	-21,336	-151,851	-28,121	0	0	0	0	0	0	0	0
Change To Operating Activities	0	10,249	-5,494	-16,900	33,429	6,740	1,576	6	2,728	-4,424	0	0	0	0	0	0	0	0
Depreciation	12,223	-74,900	-13,942	-51,082	500	500	75	1,908	450	358	815	-9	8	-14,303	19,868	11,803	234	0
Dividends Paid	47,050	38,850	30,858	33,920	30,516	28,930	22,703	22,703	20,584	18,797	14,547	13,579	10,598	10,598	20,756	15,401	14,159	6,458
End Period Cash Flow	3,248	14,495	2,398	4,060	3,605	3,639	2,868	4,481	4,921	4,553	85,904	91,546	80,580	87,717	7,236	9,360	37,789	75,673
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	-4,504	36,599	-29,732	35,309	93,615	-28,827	32,479	4,082	-97,552	-33,612	-39,734	-48,671	67,076	99,272	12,965	-57,401	-122,730	-148,115
Investments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	5,492	467	21,048	3,131	76,623	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	112,150	101,138	-3,800	-54,000	37,300	-25,300	-23,800	57,645	-28,867	0	0	0	0	0	0	0	0
Net Income	35,547	102,316	42,454	-7,234	81,590	60,687	44,763	24,854	50,214	-1,329	17,279	21,966	16,439	-11,071	-11,449	-941	7,268	6,054
Other Cashflows From Financing Activities	102,115	242,819	267,356	188,035	275,816	130,843	79,811	143,318	181,084	200,688	398,676	350,918	-41	397,082	123,525	222,389	102,506	-46
Other Cashflows From Investing Activities	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Non Cash Items	-54,541	-1,171	-52,245	110,816	-21,593	-96,235	-13,082	-19,428	-151,158	-27,574	-59,998	-71,868	54,080	123,044	1,483	-75,672	-117,565	-153,550
Sale Purchase Of Stock	5,492	-94,371	-57,500	3,131	-81,650	22,485	-40,000	43,913	65,820	-75	31,020	40,000	230,617	-155	40,560	0	0	230,290
Stock Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Cash From Financing Activities	-6,743	-24,502	28,070	-34,854	-93,977	29,598	-34,092	-4,522	97,920	-47,739	34,092	59,637	-74,213	-18,791	-15,089	28,972	84,847	223,784
Total Cash From Operating Activities	-4,504	36,599	-29,732	35,309	93,615	-28,827	32,479	4,082	-97,552	-33,612	-39,734	-48,671	67,076	99,272	12,965	-57,401	-122,730	-148,115
Total Cashflows From Investing Activities	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
Begin Period Cash Flow	2,582	37,752	3,248	2,847	2,903	44,276	14,495	28,644	2,422	27,277	2,398	2,660	2,556	3,069	4,060	14,028	3,939	4,018	3,605	4,303	3,301	3,314	3,967	2,733	2,433	6,100	2,868	3,993	5,097	5,233	4,481	5,645	5,694	6,082	4,921	4,909	3,052	3,772	4,553	15,034	47,233	36,498	85,904	56,328	92,940	113,431	91,546	86,470	72,704	68,858	80,580	79,963	64,299	119,318	87,717	87,872	86,311	84,577	7,236	13,123	33,900	42,580	9,360	13,289	23,189	34,596	37,789	1,891	48,447	58,284	75,673	169,347	189,974	200,611	4
Capital Expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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 Cash Equivalents Changes	0	0	8,786	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	1,003	-35,170	34,504	401	-56	-41,373	29,781	-14,149	26,222	-24,855	24,879	-262	104	-513	-991	-9,968	10,089	-79	413	-698	1,002	-13	-653	906	300	-3,667	3,232	-1,125	-1,104	-136	752	-1,164	-49	-388	1,161	12	1,857	-720	-781	-10,481	-32,199	10,735	-49,406	29,576	-36,612	-20,491	21,885	5,076	13,766	3,846	-11,722	617	15,664	-55,019	31,601	-155	1,561	1,734	77,341	-5,887	-20,777	-8,680	33,220	-3,929	-9,901	-11,407	-3,192	35,898	-46,556	-9,837	-17,389	-93,675	-20,627	-10,637	200,607
Change In Working Capital	725	7,861	849	-3,105	2,290	-793	3,875	-6,274	-1,111	6,207	11,532	4,372	3,166	-3,471	-10,066	-8,822	1,042	477	-9,888	17,554	568	6,994	8,002	6,107	-2,595	-633	3,342	-1,180	665	557	681	-8,342	6,536	609	-147	1,359	-524	2,600	-493	-251	-518	-2,823	-1,475	10,491	-2,738	-6,325	742	-653	-396	3,240	-951	37,973	-37,837	14,160	-17,747	-23	625	135	865	634	608	-195	2,016	8,272	-10,859	9,988	10	-12,995	139	-435	624	-301	-124	-667	473
Change Receivables	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-580	-1,208	-788	-788	-1,078	1,626	2,580	-287	-103	-547	806	0	378	320	956	-779	79	29	50	-182	-526	1,000	400	-600	-500	-800	700	-100	-200	800	513	-300	200	-700	-100	-200	0	103	-400	-7	200	200	-400	-300	300	-300	300	-200	300	-600	-100	573	300	-200	400	200	-200	-200	500	100	-200	-100	400	300	8,624	-200	-500	100	-100	-400	-100	-500	-200	0	0
Change To Inventory	0	0	474	1,038	657	-1,626	-2,580	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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 Liabilities	0	-271	864	0	-35	291	708	-546	-131	12	901	-538	233	-401	185	-833	302	1,004	-143	-385	-241	729	-127	-396	2,340	398	800	-476	1,578	-2,166	288	242	0	73	1,243	921	429	424	385	-755	0	0	0	2,187	683	982	51	241	0	181	0	0	0	0	198	0	0	0	0	371	1	0	0	192	387	496	229	157	446	0	0	0	0	0	0
Change To Netincome	0	-115,940	-46,616	-46,616	-22,481	-53,489	24,954	-13,564	35,897	-55,499	-44,708	-22,518	7,936	-57,878	4,523	-4,976	47,606	22,455	-6,843	-17,232	57,955	-33,413	-30,013	-32,706	-46,220	-33,406	15,131	-14,882	13,908	5,015	-3,793	-21,336	0	0	0	-151,851	0	0	0	-28,121	0	0	0	0	0	0	0	0	0	0	0	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	9,340	773	773	3,403	-240	2,281	-5,441	-877	6,742	9,825	6,504	2,555	-3,390	-11,163	-7,210	661	-898	-9,453	18,121	1,348	6,198	7,762	7,133	-2,345	246	2,927	1,452	-670	3,469	-120	6	0	0	0	2,728	0	0	0	-4,424	0	0	0	0	0	0	0	0	0	0	0	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	589	574	820	-5,252	7,053	10,427	-5	-19,984	-54,916	452	-47,519	0	451	373	4,882	0	373	-131	295	0	373	407	93	242	258	481	-1,543	1,875	546	481	75	1,908	485	483	460	-1	404	282	451	-453	366	-409	854	252	-10,207	4,602	6,168	0	106	-9,929	5,013	-24,061	116	103	15,800	-17,804	6,215	20,267	-22,981	6,168	7,535	339	5,826	11,207	-1,551	1,936	210	0	0	0	1,345	0	0	0	0
Dividends Paid	-43,102	12,184	12,093	16,107	12,012	7,475	11,456	11,455	10,458	7,972	8,965	6,973	6,974	6,973	9,938	6,940	9,650	7,680	9,650	6,697	8,666	6,598	8,555	6,348	8,295	6,245	8,042	5,676	5,675	5,676	5,676	5,676	5,675	5,676	5,676	4,963	6,090	4,765	4,766	4,765	6,089	3,971	3,972	3,971	3,952	3,312	3,312	3,974	3,312	3,312	2,981	2,649	2,650	2,649	2,650	2,649	2,650	2,649	2,650	5,300	5,299	5,299	4,858	3,974	3,974	3,726	3,726	3,726	3,478	3,478	3,478	3,478	1,987	994	0
End Period Cash Flow	3,585	2,582	37,752	3,248	2,847	2,903	44,276	14,495	28,644	2,422	27,277	2,398	2,660	2,556	3,069	4,060	14,028	3,939	4,018	3,605	4,303	3,301	3,314	3,639	2,733	2,433	6,100	2,868	3,993	5,097	5,233	4,481	5,645	5,694	6,082	4,921	4,909	3,052	3,772	4,553	15,034	47,233	36,498	85,904	56,328	92,940	113,431	91,546	86,470	72,704	68,858	80,580	79,963	64,299	119,318	87,717	87,872	86,311	84,577	7,236	13,123	33,900	42,580	9,360	13,289	23,189	34,596	37,789	1,891	48,447	58,284	75,673	169,347	189,974	200,611
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
Free Cash Flow	20,868	-60,138	-36,447	8,901	-3,960	-50,757	41,312	-2,694	45,579	-20,705	14,419	2,827	26,824	-54,253	-5,130	-51,027	62,339	34,309	-10,312	3,103	75,387	4,442	10,683	-4,385	-31,305	-20,116	26,979	-21,449	26,074	5,951	21,903	-1,289	19,927	-8,463	-6,093	-40,928	-39,775	-19,490	2,641	-22,264	-14,794	33,895	-30,449	13,664	-5,025	-42,672	-5,701	205	-3,899	-36,311	-8,666	38,705	-32,087	14,127	46,331	-73,552	13,521	15,382	143,921	7,370	-2,325	-5,056	12,976	5,674	-9,931	-19,311	-33,833	-39,974	-62,519	-6,326	-13,911	-90,197	-18,635	-39,776	493
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
Issuance Of Capital Stock	21,130	0	0	2,029	2,996	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	33,100	85,750	85,750	13,000	16,600	16,600	16,600	-8,900	101,550	19,500	66,338	-32,600	57,100	10,300	45,000	-42,600	-26,700	20,500	2,900	-65,600	13,200	-4,500	10,400	39,900	22,700	-35,775	-25,300	-21,503	-17,911	-15,475	-23,800	0	0	0	57,645	0	0	0	-28,867	0	0	0	0	0	0	0	0	0	0	0	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	6,579	47,356	8,786	4,658	15,779	3,075	12,035	16,696	10,346	28,135	47,139	20,514	15,271	6,630	39	-37,602	13,318	11,004	6,046	2,408	16,491	30,364	32,327	21,846	17,144	13,556	8,141	9,376	10,955	-102	24,534	22,618	-6,213	-110	8,559	29,158	7,589	2,697	10,770	937	-10,686	14,939	-6,519	15,949	4,699	-353	-3,017	-411	5,495	12,695	4,187	2,796	15,135	-6,860	5,368	20,628	-4,419	-18,090	-9,190	-3,982	-3,940	957	-4,484	-9,953	5,109	-4,367	8,270	459	2,685	2,848	1,277	2,943	1,615	1,477	20
Other Cashflows From Financing Activities	1,382	99,252	103,844	19,578	41,320	41,292	-75	-11,455	49,001	69,722	29,725	79,684	43,054	66,913	20,205	56,768	31,400	25,492	74,375	14,396	61,781	80,243	37,746	35,708	46,700	40,194	8,241	38,200	6,297	21,789	31,025	13,001	26,499	27,001	76,817	76,903	93,422	29,235	5,944	36,848	45,489	64,820	53,531	86,980	129	136,503	106,903	263,147	78,077	83,969	39,925	39,962	75,401	25,003	90,220	532	15	-13	23,659	-9,475	4,000	76,250	52,750	26,500	48,843	57,980	89,066	79,598	22,941	-33	-18,117	22	8	39	-50
Other Cashflows From Investing Activities	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	12,975	-115,929	-46,902	12,600	-29,082	-63,466	25,407	-13,116	91,260	-55,499	3,267	-22,059	7,936	-57,785	15	-4,603	47,606	22,959	-6,765	-16,859	57,955	-33,323	-29,739	-32,580	-46,112	-33,520	17,039	-29,645	13,908	5,015	-3,387	-15,565	19,119	-9,445	-14,965	-71,444	-47,244	-25,069	-8,087	-22,497	-3,956	22,188	-23,309	-13,028	3,221	-40,596	-9,594	1,269	-9,104	-42,317	-16,915	21,997	-9,501	6,724	42,910	-76,353	11,100	13,070	175,227	4,550	-6,528	-6,157	9,618	-3,851	-2,630	-26,868	-42,323	-27,437	-65,343	-8,739	-17,158	-92,839	-20,126	-40,585	0
Sale Purchase Of Stock	102,325	-4,075	0	0	0	0	0	0	0	0	0	0	0	0	4,093	3,131	0	0	0	76,623	23	74,700	1,900	1,300	1,331	1,331	21,200	22,485	20,070	57,500	17,500	3,663	0	0	43,900	24,400	41,400	0	0	-75	0	0	0	-100	99,261	0	0	40,000	0	0	0	0	0	0	0	-2	25	-146	-32	3,102	0	-100	40,700	0	0	0	0	0	0	0	0	0	0	30,100	0
Stock Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-19,865	24,968	70,951	-8,500	3,904	9,384	-11,531	-11,455	-19,357	-4,150	10,460	-3,089	-26,720	53,740	4,139	41,059	-52,250	-34,388	10,725	-3,801	-74,385	-4,455	-11,336	5,291	31,605	16,449	-23,747	20,324	-27,178	-6,087	-21,151	125	-19,976	8,075	7,254	40,940	41,632	18,770	-3,422	11,783	-17,405	-23,160	-18,957	15,912	-31,587	22,181	27,586	4,871	17,665	40,157	-3,056	-38,088	47,751	-69,146	-14,730	73,397	-11,960	-13,648	-66,580	-13,257	-18,452	-3,624	20,244	-9,602	31	7,904	30,640	75,872	15,963	-3,511	-3,478	-3,478	-1,992	29,139	200,115
Total Cash From Operating Activities	20,868	-60,138	-36,447	8,901	-3,960	-50,757	41,312	-2,694	45,579	-20,705	14,419	2,827	26,824	-54,253	-5,130	-51,027	62,339	34,309	-10,312	3,103	75,387	4,442	10,683	-4,385	-31,305	-20,116	26,979	-21,449	26,074	5,951	21,903	-1,289	19,927	-8,463	-6,093	-40,928	-39,775	-19,490	2,641	-22,264	-14,794	33,895	-30,449	13,664	-5,025	-42,672	-5,701	205	-3,899	-36,311	-8,666	38,705	-32,087	14,127	46,331	-73,552	13,521	15,382	143,921	7,370	-2,325	-5,056	12,976	5,674	-9,931	-19,311	-33,833	-39,974	-62,519	-6,326	-13,911	-90,197	-18,635	-39,776	493
Total Cashflows From Investing Activities	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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.

	2023-03-31	2022-03-31	2021-03-31	2020-03-31	2019-03-31	2018-03-31	2017-03-31	2016-03-31	2015-03-31	2014-03-31	2013-03-31	2012-03-31	2011-03-31	2010-03-31	2009-03-31	2008-03-31	2007-03-31	2006-03-31
Cost Of Revenue	-27,621	35,782	19,563	15,215	30,809	-6,277	-6,606	-6,697	-4,994	11,008	9,282	3,050	-7,361	20,785	25,812	27,893	-3,976	0
Depreciation And Amortization	-54,679	-74,900	-13,924	-39,911	500	500	75	0	450	358	815	-9	8	-14,303	19,868	11,803	234	-2,744
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebit	51,424	118,556	44,781	3,026	101,237	64,721	48,303	29,008	53,753	746	18,406	22,734	17,140	-9,083	-6,100	6,792	7,876	8,798
Ebitda	51,424	43,656	30,857	3,026	101,737	65,221	48,378	29,008	54,203	1,104	19,221	22,725	17,148	-23,386	13,768	18,595	8,110	6,054
Effect Of Accounting Charges	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
Gross Profit	32,655	99,149	48,728	8,006	68,423	71,604	49,395	29,138	55,877	3,363	22,205	21,242	18,703	20,785	25,812	27,893	8,793	7,311
Income Before Tax	35,547	105,478	44,781	-7,234	81,590	60,687	44,763	24,854	50,214	-1,329	17,279	21,966	16,439	-11,071	-11,449	-745	7,411	8,798
Income Tax Expense	54,679	3,162	2,327	10,260	13,500	0	0	0	0	0	0	8,991	969	-19,681	-19,488	-6,456	471	2,744
Interest Expense	15,877	13,078	4,440	3,958	6,147	4,034	3,540	4,154	3,539	2,075	1,127	768	701	1,988	5,349	7,733	608	0
Interest Income	60,276	59,649	47,164	49,554	49,632	48,799	46,147	8,737	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
Net Income	35,547	105,478	44,781	-17,494	81,590	60,687	44,763	24,854	50,214	-1,329	17,279	21,966	16,439	-11,071	-11,449	-745	7,411	6,054
Net Income Applicable To Common Shares	35,547	102,316	42,454	-7,234	81,590	60,687	44,763	24,854	50,214	-1,329	17,279	21,966	16,439	0	0	0	7,268	0
Net Income From Continuing Ops	37,000	102,316	42,454	-7,234	81,590	60,687	44,763	24,854	50,214	-1,329	0	0	0	0	0	0	0	0
Net Interest Income	44,399	46,571	42,724	45,596	43,485	44,765	42,607	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	0	0	0	0	0	0
Non Recurring	0	0	0	0	0	9,005	8,683	7,963	3,921	2,850	0	0	0	0	0	0	0	0
Operating Income	51,424	118,556	44,781	3,026	101,237	64,721	48,303	29,008	53,753	746	18,406	14,511	16,872	12,586	18,737	20,785	19,491	8,798
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Operating Expenses	6,997	6,329	3,947	15,240	10,969	1,637	1,974	2,413	4,325	4,692	4,926	6,731	9,192	8,199	7,075	7,109	6,722	1,487
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Reconciled Depreciation	0	0	0	0	500	500	0	0	0	0	0	0	0	0	0	0	0	0
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling And Marketing Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling General Administrative	6,997	3,237	3,554	6,424	6,121	4,118	4,186	4,236	3,261	3,127	2,613	2,829	2,453	2,335	2,525	2,002	1,857	496
Tax Provision	0	0	0	10,260	13,500	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Operating Expenses	-2,892	-6,329	3,947	15,240	17,642	4,640	4,632	4,284	669	4,692	4,926	2,326	2,264	3,127	374	96	1,382	-1,487
Total Other Income Expense Net	-15,877	-13,078	-4,440	-10,260	-6,147	-4,034	-3,540	-4,154	-3,539	-2,075	-1,127	8,223	268	-21,669	-24,837	-13,993	6	0
Total Revenue	32,655	99,149	48,728	8,006	99,232	65,327	49,395	29,138	50,883	3,363	22,205	24,292	18,703	-7,944	-11,075	-649	8,793	7,311

	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
Cost Of Revenue	13,337	14,166	5,372	4,770	7,388	3,318	6,202	0	0	0	0	0	0	7,180	3,393	38,994	-1,794	-1,593	-1,752	-1,683	-1,730	-1,674	-1,740	-1,661	-1,567	-1,485	-1,564	-1,525	-1,678	-1,722	-1,681	-1,675	17,218	-1,707	-1,559	-1,406	-1,295	-1,158	-1,135	2,586	18,098	3,567	12,743	3,460	2,037	2,123	1,662	3,050	1,436	1,385	1,522	-7,361	2,894	1,610	2,603	4,752	2,027	1,582	1,708	5,956	1,546	1,810	1,746	13,370	1,248	1,922	1,787	-3,976	1,241	1,330	1,282	0	0	0	0
Depreciation And Amortization	-14,670	-4,948	-13,959	-17,475	7,053	10,427	-5	-19,984	-54,916	-75,018	-47,514	0	0	0	0	0	0	-131	295	0	0	407	93	242	258	0	0	0	0	0	75	0	0	0	0	-1	0	0	451	-453	366	-409	854	252	-10,207	4,602	6,168	-3,902	2,053	-9,929	5,013	-24,061	7,544	-9,300	15,800	-17,804	436	20,267	-22,981	6,168	46	140	5,826	11,207	-1,551	1,936	210	-4,197	-2,801	1	0	-2,744	0	0	0
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebit	19,947	23,728	30,861	-26,727	12,643	15,273	17,016	-66,852	14,264	6,501	1,956	7,100	10,089	-13,527	39	-27,342	13,318	12,211	7,105	15,908	16,491	31,890	34,069	23,362	18,179	13,556	8,141	9,376	10,955	-102	25,505	22,618	-6,213	-110	8,559	30,197	7,589	2,697	11,508	1,543	-10,291	15,536	-6,042	16,211	4,988	131	-2,925	3,709	3,627	12,928	4,319	2,939	7,726	2,590	5,642	20,976	1,744	-17,538	-8,488	-2,642	5,372	2,239	-3,382	-9,953	5,109	-2,344	8,270	4,656	5,486	2,847	1,277	5,687	0	0	0
Ebitda	5,277	18,780	16,902	-44,202	19,696	25,700	17,011	20,901	-40,652	31,217	49,439	21,890	16,363	7,685	956	-36,874	14,282	12,080	7,400	3,528	18,250	32,297	34,162	23,604	18,437	14,310	8,870	10,167	11,780	851	25,580	23,653	-5,239	971	9,623	30,196	8,631	3,417	11,959	1,090	-9,925	15,127	-5,188	16,463	-5,219	4,733	3,243	-193	5,680	2,999	9,332	-21,122	15,270	-6,710	21,442	3,172	2,180	2,729	-31,469	3,526	5,418	2,379	2,444	1,254	3,558	-408	8,480	459	2,685	2,848	1,277	2,943	1,615	1,477	20
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
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
Gross Profit	53,205	6,400	16,083	15,242	18,050	19,779	5,645	15,926	6,786	28,704	47,733	22,386	16,638	7,859	1,845	-27,012	14,555	13,513	6,950	17,209	14,580	33,849	33,594	22,528	17,604	14,850	10,345	10,321	13,003	817	25,254	23,749	-5,150	804	9,735	29,410	8,883	2,891	10,994	1,755	-9,402	16,355	-5,345	17,388	5,613	6,974	5,905	5,776	5,169	5,034	5,262	3,778	10,737	4,301	7,248	4,752	5,921	4,943	5,169	5,956	7,002	6,816	6,038	13,370	6,519	7,156	10,261	-1,959	4,016	4,177	2,559	3,209	2,184	1,870	48
Income Before Tax	6,579	47,356	8,786	4,658	15,779	3,075	12,035	17,123	10,908	29,260	48,187	20,810	15,767	7,408	796	-40,189	13,951	11,004	6,643	-630	16,557	32,683	32,980	21,846	17,144	13,556	8,141	9,376	10,955	-102	24,534	22,618	-6,213	-110	8,559	29,158	7,589	2,697	11,067	937	-10,686	14,939	-6,519	15,949	4,699	131	-2,925	-193	5,680	12,928	4,319	2,939	15,270	-6,710	5,642	20,976	10,951	-17,538	-8,488	-2,642	-2,117	2,040	-3,382	-24,962	12,704	-2,344	15,093	4,659	5,487	2,848	1,277	0	0	0	0
Income Tax Expense	6,259	4,948	13,959	-11,715	4,074	3,857	3,784	0	3,918	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-3,320	-6,163	218	185	9,619	819	1,006	135	149	1,435	18,267	13,657	-19,909	-10,933	-5,609	1,785	-1,544	-6,433	-14,230	6	-5,339	6	4,058	2,803	0	0	2,744	-1,615	-1,477	-20
Interest Expense	6,520	6,104	4,974	4,162	4,074	3,857	3,784	3,778	3,918	3,082	2,300	1,376	1,092	1,055	917	728	964	1,207	1,059	1,120	1,759	1,526	1,742	1,516	1,035	754	729	791	825	953	971	1,035	974	1,081	1,064	1,039	1,042	720	738	606	395	597	477	262	289	484	92	218	185	233	132	143	135	149	274	348	385	552	702	1,340	1,823	1,084	1,102	2,053	2,381	2,023	1,414	681	160	0	0	0	0	0	0
Interest Income	21,699	20,277	18,393	17,231	16,067	14,237	12,741	16,015	13,344	14,298	15,992	12,651	12,148	11,840	10,525	11,410	12,126	14,143	11,875	29,953	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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
Net Income	6,579	47,356	8,786	16,373	11,705	-782	8,251	17,123	10,908	29,260	48,187	20,810	15,767	7,408	796	-40,189	13,951	11,004	6,643	-630	16,557	32,683	32,980	21,846	17,144	13,556	8,141	9,376	10,955	-102	24,534	22,618	-6,213	-110	8,559	29,158	7,589	2,697	11,067	937	-10,686	14,939	-6,519	15,949	4,699	-353	-3,017	-411	5,495	12,695	4,187	2,796	15,135	-6,859	5,368	20,628	-4,420	-18,090	-9,190	-3,982	-3,940	956	-4,484	-9,757	5,109	-4,367	8,270	601	2,685	2,848	1,277	2,943	1,615	1,477	20
Net Income Applicable To Common Shares	0	47,356	8,786	8,786	15,779	3,075	12,035	16,696	10,346	28,135	47,139	20,514	15,271	6,630	39	-37,602	13,318	11,004	6,046	2,408	16,491	30,364	32,327	21,846	17,144	13,556	8,141	9,376	10,955	-147,306	24,534	22,618	0	-8,559	8,559	29,158	7,589	2,697	10,770	937	-14,939	14,939	0	15,949	4,699	0	0	16,472	5,494	12,696	4,187	2,796	15,135	-5,368	5,368	20,628	0	0	0	0	-957	957	0	-5,109	5,109	-8,270	8,270	458	2,685	2,848	1,277	0	0	0	0
Net Income From Continuing Ops	6,579	47,356	8,440	4,658	8,569	11,416	13,232	16,696	10,346	28,135	47,139	20,514	15,271	6,630	39	-37,602	13,318	11,004	6,046	2,408	16,491	30,364	32,327	21,846	3,588	5,415	8,141	-212,042	379,577	-147,306	24,534	24,854	0	0	0	50,214	0	0	0	-1,329	0	0	0	0	0	0	0	0	0	0	0	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	15,179	14,173	13,419	13,069	11,993	10,380	8,957	12,237	9,426	11,216	13,692	11,275	11,056	10,785	9,608	10,682	11,162	12,936	10,816	10,843	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Operating Income Net Other	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-4,501	22,510	-11,255	2,251	-3,643	20,536	-10,275	2,065	7,963	0	0	0	3,921	0	0	0	2,850	0	0	0	0	0	0	0	0	0	0	0	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	19,947	18,780	16,902	-26,727	12,643	15,273	17,016	20,901	14,264	31,217	49,439	21,890	16,363	7,685	956	-36,874	14,282	12,211	7,105	3,528	18,250	31,890	34,069	23,362	18,179	14,310	8,870	10,167	11,780	851	25,505	23,653	-5,239	971	9,623	30,197	8,631	3,417	11,508	1,543	-10,291	15,536	-6,042	16,211	4,988	3,935	3,330	3,709	3,627	3,542	3,632	2,076	7,726	2,590	4,481	3,057	3,458	2,923	3,147	4,307	5,410	4,867	4,153	-10,928	12,698	5,018	15,087	4,656	5,486	2,847	1,277	5,687	1,615	1,477	20
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
Other Operating Expenses	1,752	1,497	1,491	8,823	1,521	2,316	1,385	1,197	3,560	556	454	1,576	871	451	1,049	13,177	1,190	916	1,445	16,156	3,707	508	1,126	979	1,107	191	640	580	370	803	961	544	1,063	793	383	1,154	1,296	964	1,208	818	1,284	1,416	1,174	1,439	914	3,039	2,575	2,067	1,542	1,492	1,630	1,702	3,011	1,711	2,767	1,695	2,463	2,020	2,022	1,649	3,415	3,033	1,885	24,298	6,179	2,139	4,826	2,639	1,470	1,330	1,282	2,478	569	394	28
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
Reconciled Depreciation	0	0	0	0	7,053	10,427	-5	-19,984	-54,916	-75,018	-47,514	0	0	0	0	0	0	-131	295	0	0	407	93	242	258	0	0	0	0	0	75	0	0	0	0	-1	0	0	451	-453	366	-409	854	252	-10,207	4,602	6,168	0	0	-9,929	5,013	-24,061	0	0	15,800	-17,804	6,215	20,267	-22,981	6,168	7,535	339	5,826	11,207	-1,551	1,936	210	0	0	0	0	0	0	0	0
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	184	4,386	1,140	0	0	0	0	0	0	0	588	0	0	0	1,988	2,179	0	7,012	0	0	0	601	0	0	0	0	0	0	0
Selling General Administrative	1,752	1,497	1,491	1,288	1,521	2,316	1,872	737	881	914	705	1,189	704	644	1,017	3,963	753	2,247	818	4,226	608	591	696	857	476	1,087	1,698	871	1,464	1,159	692	846	1,103	934	1,353	851	672	964	477	525	1,091	782	728	671	497	2,097	1,846	5,891	352	486	486	4,970	252	1,398	2,500	3,375	1,378	1,674	1,945	4,458	2,224	2,481	2,277	7,881	340	2,384	420	537	311	213	195	182	143	144	0
Tax Provision	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Operating Expenses	1,752	-2,303	-1,411	-1,066	-863	-775	-188	-1,197	-4,122	-556	-454	1,576	871	451	1,049	13,177	604	2,509	307	17,839	-1,977	1,166	614	682	460	1,294	2,204	945	2,048	919	720	1,131	1,063	914	1,176	252	-1	194	-73	818	1,284	1,416	1,174	1,439	914	3,039	2,575	-2,338	1,542	1,492	1,630	-5,226	3,011	1,711	2,767	-3,377	2,463	2,020	2,022	-5,052	3,415	3,033	1,885	17,285	-6,179	2,139	-4,826	5,464	-1,470	1,330	1,282	-2,478	569	394	28
Total Other Income Expense Net	-7,109	28,576	-8,116	31,385	3,136	-12,198	-4,981	-3,778	-3,918	-1,957	-1,252	-1,080	-596	-277	-160	-3,315	-331	-1,207	-462	-4,158	-1,693	793	-1,089	-1,516	-1,035	-754	-729	-791	-825	-953	-971	-1,035	-974	-1,081	-1,064	-1,039	-1,042	-720	-441	-606	-395	-597	-477	-262	-289	-3,804	-6,255	-3,902	2,053	9,386	687	863	7,544	-9,300	1,161	17,919	7,493	-20,461	-11,635	-6,949	-7,527	-2,827	-7,535	-14,034	6	-7,362	6	3	1	1	0	0	0	0	0
Total Revenue	66,542	20,566	21,455	20,012	25,438	23,097	11,847	15,926	6,786	28,704	47,733	22,386	16,638	7,859	1,845	11,982	14,555	13,513	6,950	17,209	14,580	33,849	33,594	22,528	17,604	14,850	10,345	10,321	13,003	817	25,254	23,749	12,068	804	9,735	29,410	7,588	2,891	10,994	1,755	8,696	16,355	7,398	17,388	5,613	6,974	5,905	8,826	5,169	5,034	5,262	-3,583	10,737	4,301	7,248	-23,977	5,921	4,943	5,169	-30,931	7,002	6,816	6,038	-15,172	6,519	7,156	10,261	-1,959	4,016	4,177	2,559	3,209	2,184	1,870	48

Latest Income Statement (annual, 2023-03-31)

Gross Profit (+$)
totalRevenue	32,655
Cost of Revenue	--27,621
Gross Profit	32,655	60,276

Operating Income (+$)
Gross Profit	32,655
Operating Expense	--2,892
Operating Income	51,424	35,547

Operating Expense (+$)
Research Development	0
Selling General Administrative	6,997
Selling And Marketing Expenses	0
Operating Expense	-2,892	6,997

Net Interest Income (+$)
Interest Income	60,276
Interest Expense	-15,877
Other Finance Cost	-0
Net Interest Income	44,399

Pretax Income (+$)
Operating Income	51,424
Net Interest Income	44,399
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	35,547	67,301 EBIT - interestExpense = 35,547 90,226 51,424
Interest Expense	15,877
Earnings Before Interest and Taxes (EBIT)	51,424	51,424
Earnings Before Interest and Taxes (EBITDA)	51,424

After tax Income (+$)
Income Before Tax	35,547
Tax Provision	-0
Net Income From Continuing Ops	37,000	35,547
Net Income	35,547
Net Income Applicable To Common Shares	35,547

Non-recurring Events
Discontinued Operations	0
Extraordinary Items	0
Effect of Accounting Charges	0
Other Items	0
Non Recurring	0
Other Operating Expenses	6,997
Total Other Income/Expenses Net	-15,877	-44,399

Technical Analysis of Gladstone Investment 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 Gladstone Investment Corporation. The general trend of Gladstone Investment Corporation is BULLISH with 42.9% 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 Gladstone Investment 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 (42.9%)		Bearish trend (-42.9%)
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 Gladstone Investment Corporation.

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

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

The bullish price targets are: 14.10 < 14.28 < 14.38.

The bearish price targets are: 13.80 > 13.75 > 13.74.

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Gladstone Investment 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 Gladstone Investment Corporation. The current mas is .

The long score for the Moving Averages is 10/14.
The longshort score for the Moving Averages is 6/(-14 +14).

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

Directionalities and relatives.

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

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

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

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

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

Simple moving average

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

Source: Tradingview.com

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

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

Exponential moving average

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

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

Where:

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

Smoothed moving average

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

Linear weighted moving average

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

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

Where:

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

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

Source: Tradingview.com

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

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

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

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

Gladstone Investment 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 Gladstone Investment Corporation. The current macd is 0.04671363.

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

MACD line > signal line: The MACD line is above the signal line, which indicates a bullish signal in the market. This means that the positive momentum is currently stronger than the average momentum, suggesting that buyers are more active than sellers, and there's a higher probability of the Gladstone Investment Corporation price going up in the near term. +2
MACD > 0: The MACD is above the zero line (centerline), it indicates a bullish signal for Gladstone Investment Corporation. This means that the short-term moving average is higher than the long-term moving average, signaling positive momentum and suggesting a higher likelihood of the Gladstone Investment Corporation price continuing to rise in the near future. It indicates that buyers are gaining control, and there is optimism in the market, leading to potential price increases. +1
Trending up: The MACD line is trending up. This indicates that the short-term moving average is rising faster than the long-term moving average, suggesting positive momentum in the market. This signals that buyers are becoming more active and confident, leading to potential price increases as traders anticipate further gains and are willing to buy at higher prices. +1

Gladstone Investment 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 Gladstone Investment Corporation. The current adx is 7.97619935.

The long score for the Directional Movement Index (DMI) is 1/7.
The longshort score for the Directional Movement Index (DMI) is 1/(-7 +7).

PLUS_ID > MINUS_DI: The +DI line is above the -DI line. This indicates a bullish signal in the market, as the positive directional movement is currently stronger than the negative directional movement, showing that buyers have the upper hand. Market psychology suggests that traders are optimistic, expecting further price increases, and are more willing to buy Gladstone Investment Corporation shares, leading to potential upward momentum in its price. +1
PLUS_ID > MINUS_DI && ADX < 25 && ADX trending down: The ADX is below 25 and indicates a weak or no trend. Also, the ADX is declining so there is no trend indication.

Gladstone Investment 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 Gladstone Investment Corporation. The current sar is 13.77.

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

Close > SAR: The price is above the SAR. It's generally considered a bullish signal. +1

Gladstone Investment 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 Gladstone Investment Corporation. The current rsi is 55.12. The current phase is Continuation in bull market.

The long score for the Relative Strength Index (RSI) is 3/13.
The longshort score for the Relative Strength Index (RSI) is 2/(-13 +13).

Continuation in bull market: Uptrend continues after a consolidation or pullback. Hold or add to existing positions.
Trending down: The RSI is trending down. -1

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

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

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

Original usage

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

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

How you can use RSI (Divergence)

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

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

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

Source: Tradingview.com

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

Use tradingview to add indicators

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

Tradingview

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

View tool on Tradingview.com

RSI divergence

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

There are four types of divergences:

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

Regular bullish divergence

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

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

Source: Tradingview.com

Regular bearish divergence

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

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

Source: Tradingview.com

Hidden bullish divergence

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

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

Source: Tradingview.com

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

Hidden bearish divergence

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

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

Source: Tradingview.com

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

Gladstone Investment 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 Gladstone Investment Corporation. The current phase is Continuation in bull market.

The long score for the Stochastic Oscillator is 1/6.
The longshort score for the Stochastic Oscillator is -2/(-6 +6).

STOCH > 50: The STOCH %K is above 50. There are more buyers than sellers. +1
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 Gladstone Investment Corporation price going down in the near term. -2
Trending down: The STOCH %K is trending down. -1

Gladstone Investment 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 Gladstone Investment Corporation. The current cci is 86.92.

Gladstone Investment 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 Gladstone Investment Corporation. The current cmo is 15.24.

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

CMO > 0: The CMO is above 0, the momentum of the price is positive, indicating a potential uptrend in the price. +1

Gladstone Investment 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 Gladstone Investment Corporation. The current willr is -25.53191489.

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

WILLR between -80 and -20: The Williams %R is between -80 and -20. This indicates that Gladstone Investment Corporation is trading in a neutral price range, neither oversold nor overbought, suggesting a balanced market condition without any extreme price signals.

Gladstone Investment 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 Gladstone Investment Corporation.

Gladstone Investment 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 Gladstone Investment Corporation. The current atr is 0.21149012.

Gladstone Investment 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 Gladstone Investment Corporation. The current obv is 2,052,305.

Gladstone Investment 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 Gladstone Investment Corporation. The current mfi is 44.95.

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

Gladstone Investment Corporation Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for Gladstone Investment 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
2023-12-04	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2023-12-06	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-11	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-13	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-15	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
2023-12-18	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-20	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2023-12-22	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-26	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-27	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-29	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2024-01-02	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-03	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2024-01-04	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-01-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-08	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-09	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-16	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-01-17	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-01-18	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2024-01-22	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-01-23	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-26	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-29	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-01-31	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-01	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-02	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.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-02-07	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-08	RSI	LONG ENTRY	SHORT CLOSE	30 crossover to upside
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-09	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-13	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-14	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-15	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-16	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2024-02-20	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-21	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-22	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-28	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-29	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-03-01	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-03-06	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-08	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-11	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
2024-03-13	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
2024-03-14	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).
2024-03-18	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.
2024-03-19	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-20	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2024-03-21	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-22	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-26	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-27	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-04-01	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-02	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
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-04-03	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2024-04-04	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-04-05	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-09	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-04-10	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2024-04-12	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-04-15	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-04-16	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2024-04-17	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-04-18	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2024-04-19	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2024-04-22	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-04-23	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
2024-04-24	STOCH	LONG EXIT		The %K line crosses below the %D line.

6.3. Candlestick Patterns

Gladstone Investment Corporation Daily Candlestick Chart

Date	Candlestick Pattern

6.4. Technical Score

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

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	55.124
Ma 20	Greater than	Ma 50	13.994
Ma 50	Greater than	Ma 100	13.996
Ma 100	Greater than	Ma 200	14.019
Open	Greater than	Close	14.120
Total			2/5 (40.0%)

Create your own Symbol Scanner

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Gladstone Investment Corporation Buy, Hold or Sell?

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Quick analysis of Gladstone Investment Corporation (30 sec.)

What can you expect buying and holding a share of Gladstone Investment 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 Gladstone Investment Corporation (5 min.)

$14.13

$12.82

$-10.58 - $15.37

$2.24 - $28.18

2. Growth of Gladstone Investment Corporation (5 min.)

Is Gladstone Investment Corporation growing?

How much money is Gladstone Investment Corporation making?

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

3. Financial Health of Gladstone Investment Corporation (5 min.)

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

Industry Rankings (Asset Management)

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

What can you expect buying and holding a share of Gladstone Investment Corporation?

Speculation

Investing

How much money are you going to get?

When do you get the money?

How sure are you?

Linear %

Fundamentals of Gladstone Investment Corporation

About Gladstone Investment Corporation

Financial Health

Valuation

1.1. Profitability of Gladstone Investment Corporation.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Asset Management)

1.1.2. Return on Assets

Trends

Compared to industry (Asset Management)

1.1.3. Return on Equity

Trends

Compared to industry (Asset Management)

1.2. Operating Efficiency of Gladstone Investment Corporation.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

Compared to industry (Asset Management)

1.2.2. Operating Ratio

Trends

Compared to industry (Asset Management)

1.3. Liquidity of Gladstone Investment Corporation.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Asset Management)

1.3.2. Quick Ratio

Trends

Compared to industry (Asset Management)

1.4. Solvency of Gladstone Investment Corporation.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Asset Management)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Asset Management)

2. Market Valuation of Gladstone Investment Corporation

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Asset Management)

Gladstone Investment Corporation
Buy, Hold or Sell?