Hertz Global Holdings Inc
Buy, Hold or Sell?

Let's analyse Hertz together

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

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

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

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Quick analysis of Hertz (30 sec.)

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

How much money do you get?

$0.37

When do you have the money?

1 year

How often do you get paid?

12.5%

What is your share worth?

Current worth

$10.10

Expected worth in 1 year

$12.59

How sure are you?

47.5%

+ What do you gain per year?

Total Gains per Share

$2.85

Return On Investment

47.7%

For what price can you sell your share?

Current Price per Share

$5.97

Expected price per share

$0 - $7.8

How sure are you?

50%

1. Valuation of Hertz (5 min.)

Live pricePrice per Share (EOD)

$5.97

Book Value per Share

$10.10

Intrinsic Value Per Share

$-231.05 - $-196.17

Total Value Per Share

$-220.94 - $-186.07

My calculation of the intrinsic value of Hertz 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: ($-5.98) 3Y: ($-4.91) TTM: ($-5.68)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($-0.04) 3Y: ($-0.09) TTM: ($1.26)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$-23.93	$-19.67	$-25.37 - $-20.28
2	$-47.84	$-39.38	$-26.84 - $-20.91
3	$-71.66	$-59.10	$-28.30 - $-21.55
4	$-95.31	$-78.81	$-29.77 - $-22.18
5	$-118.75	$-98.51	$-31.23 - $-22.82
6	$-141.91	$-118.17	$-32.70 - $-23.46
7	$-164.76	$-137.78	$-34.16 - $-24.09
8	$-187.25	$-157.33	$-35.63 - $-24.73
9	$-209.36	$-176.79	$-37.09 - $-25.36
10	$-231.05	$-196.17	$-38.56 - $-26.00

2. Growth of Hertz (5 min.)

Is Hertz growing?

	Current year	Previous year	Grow	Grow %
How rich?	$3b	$2.7b	$314.5m	10.4%

How much money is Hertz making?

	Current year	Previous year	Grow	Grow %
Making money	$154m	$514.7m	-$360.7m	-234.3%
Net Profit Margin	5.7%	23.1%	-	-

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

Quarterly Yearly

3. Financial Health of Hertz (5 min.)

4. Comparing to competitors in the Rental & Leasing Services industry (5 min.)

Industry Rankings (Rental & Leasing Services)

Richest
#10 / 87

Most Revenue
#8 / 87

Most Profit
#10 / 87

Most Efficient
#51 / 87

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

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

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

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

Speculation

The Price per Share of Hertz is $5.97. 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 Hertz.
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 Hertz, 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 $10.10. Based on the TTM, the Book Value Change Per Share is $0.62 per quarter. Based on the YOY, the Book Value Change Per Share is $0.32 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 $0.09 per quarter.

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

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	-1.14	-19.0%	0.46	7.7%	1.25	20.9%	0.04	0.7%	0.00	0.1%
Usd Book Value Change Per Share	-0.26	-4.4%	0.62	10.4%	0.32	5.3%	0.32	5.4%	0.10	1.7%
Usd Dividend Per Share	0.00	0.0%	0.09	1.5%	0.00	0.0%	0.72	12.0%	0.36	6.0%
Usd Total Gains Per Share	-0.26	-4.4%	0.71	11.9%	0.32	5.3%	1.04	17.4%	0.46	7.7%
Usd Price Per Share	10.39	-	14.33	-	17.42	-	8.58	-	4.29	-
Price to Earnings Ratio	-2.28	-	4.11	-	5.49	-	1.91	-	0.96	-
Price-to-Total Gains Ratio	-39.60	-	6.25	-	12.00	-	6.98	-	6.98	-
Price to Book Ratio	1.03	-	1.54	-	2.62	-	1.14	-	0.57	-
Price-to-Total Gains Ratio	-39.60	-	6.25	-	12.00	-	6.98	-	6.98	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	5.97
Number of shares	167

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.09	0.72
Usd Book Value Change Per Share	0.62	0.32
Usd Total Gains Per Share	0.71	1.04
Gains per Quarter (167 shares)	118.88	173.59
Gains per Year (167 shares)	475.52	694.34

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	61	415	466	479	215	684
2	122	829	942	959	430	1378
3	183	1244	1418	1438	645	2072
4	244	1658	1894	1918	860	2766
5	305	2073	2370	2397	1075	3460
6	366	2487	2846	2876	1290	4154
7	427	2902	3322	3356	1505	4848
8	488	3316	3798	3835	1720	5542
9	549	3731	4274	4314	1935	6236
10	610	4145	4750	4794	2150	6930

How sure are you?

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

Linear %

	Trailing 12 Months				3Y				5 Year				10 Year				ALLTIME
				%				%				%				%				%
Earnings Per Share	3.0	1.0	0.0	75.0%	9.0	3.0	0.0	75.0%	11.0	9.0	0.0	55.0%	20.0	20.0	0.0	50.0%	39.0	33.0	0.0	54.2%
Book Value Change Per Share	3.0	1.0	0.0	75.0%	8.0	4.0	0.0	66.7%	10.0	10.0	0.0	50.0%	18.0	22.0	0.0	45.0%	34.0	36.0	2.0	47.2%
Dividend per Share	1.0	0.0	3.0	25.0%	4.0	0.0	8.0	33.3%	5.0	0.0	15.0	25.0%	5.0	0.0	35.0	12.5%	23.0	0.0	49.0	31.9%
Total Gains per Share	3.0	1.0	0.0	75.0%	9.0	3.0	0.0	75.0%	11.0	9.0	0.0	55.0%	19.0	21.0	0.0	47.5%	37.0	33.0	2.0	51.4%

Fundamentals of Hertz

About Hertz Global Holdings Inc

https://www.hertz.com
Rental & Leasing Services
27000
8501 Williams Road, Estero, FL, United States, 33928
Google Maps Bing Maps

Hertz Global Holdings, Inc. operates as a vehicle rental company. The company operates through two segments, Americas Rental Car and International Rental Car. It offers vehicle rental services under the Hertz, Dollar, and Thrifty brands from company-operated, licensee, and franchisee locations in the United States, Africa, Asia, Australia, Canada, the Caribbean, Europe, Latin America, the Middle East, and New Zealand. The company sells vehicles and value-added services. Hertz Global Holdings, Inc. was founded in 1918 and is headquartered in Estero, Florida.

Fundamental data was last updated by Penke on 2024-04-09 18:31:04.

Financial Health

Profitability Details

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

Operating Efficiency Details

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

Liquidity Details

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

Solvency Details

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

Valuation

Valuation Details

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

1.1. Profitability of Hertz Global Holdings Inc.

1.1. Profitability

1.1.1. Net Profit Margin

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

Above 10% is considered healthy but always compare Hertz to the Rental & Leasing Services industry mean.
A Net Profit Margin of -15.9% means that $-0.16 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Hertz Global Holdings Inc:

The MRQ is -15.9%. The company is making a huge loss. -2
The TTM is 5.7%. The company is making a profit. +1

Trends

Current period		Compared to		+/-
MRQ	-15.9%	TTM	5.7%	-21.6%
TTM	5.7%	YOY	23.1%	-17.5%
TTM	5.7%	5Y	-1.6%	+7.2%
5Y	-1.6%	10Y	-1.2%	-0.3%

Compared to industry (Rental & Leasing Services)

Period	Company	Industry (mean)	+/-
MRQ	-15.9%	9.3%	-25.2%
TTM	5.7%	9.5%	-3.8%
YOY	23.1%	7.1%	+16.0%
5Y	-1.6%	5.9%	-7.5%
10Y	-1.2%	4.5%	-5.7%

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

Revenue is the amount of profit Hertz 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 Hertz 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 Hertz to the Rental & Leasing Services industry mean.
Can be used to compare companies within the Rental & Leasing Services industry.

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

Why do investors use net profit margin in their analysis

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

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Hertz is -0.16. This means that Hertz earned $-0.16 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Rental & Leasing Services industry is 9.3%.
What is the trend?
The trend is important because it shows you how Hertz is performing over time. The most recent quarter might be important if Hertz 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 Hertz 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 Hertz with other companies in the same industry (Rental & Leasing Services).
Net profit margin should rise over the years.
Can be influenced when Hertz sells assets (profit will increase while costs remain the same).
It won’t show what part of Hertz 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 Hertz

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 Hertz = -348,000
Total revenue MRQ Hertz = 2,184,000
$-348,000 / $2,184,000 = -0.16 or -15.9%

Higher is better

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

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

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

1.1.2. Return on Assets

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

Above 5% is considered healthy but always compare Hertz to the Rental & Leasing Services industry mean.
-1.4% Return on Assets means that Hertz generated $-0.01 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Hertz Global Holdings Inc:

The MRQ is -1.4%. Using its assets, the company is very inefficient in making profit. -2
The TTM is 0.6%. Using its assets, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	-1.4%	TTM	0.6%	-2.0%
TTM	0.6%	YOY	2.4%	-1.8%
TTM	0.6%	5Y	0.3%	+0.3%
5Y	0.3%	10Y	0.1%	+0.2%

Compared to industry (Rental & Leasing Services)

Period	Company	Industry (mean)	+/-
MRQ	-1.4%	1.4%	-2.8%
TTM	0.6%	1.5%	-0.9%
YOY	2.4%	1.5%	+0.9%
5Y	0.3%	1.0%	-0.7%
10Y	0.1%	0.8%	-0.7%

Shows how efficient Hertz 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 Hertz to the Rental & Leasing Services industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively Hertz is using its resources to generate profit. If the return on assets (-1.4%) from Hertz are higher than the Rental & Leasing Services mean (1.4%) that means Hertz 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 Hertz is -1.4%. 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 Rental & Leasing Services industry is 1.4%.
What is the trend?
The trend is important because it shows you how Hertz is performing over time. The most recent quarter might be important if Hertz 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 Hertz 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 Hertz

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

Income statement
Balance sheet

Net income MRQ (income statement) from Hertz = -348,000
Total assets MRQ (balance sheet) from Hertz = 24,605,000
-348,000 / 24,605,000 = -0.01 or -1.4%

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

Above 15%-20% is considered healthy but always compare Hertz to the Rental & Leasing Services industry mean.
-11.3% Return on Equity means Hertz generated $-0.11 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Hertz Global Holdings Inc:

The MRQ is -11.3%. Using its investors money, the company is very inefficient in making profit. -2
The TTM is 4.8%. Using its investors money, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	-11.3%	TTM	4.8%	-16.1%
TTM	4.8%	YOY	18.9%	-14.1%
TTM	4.8%	5Y	-30.0%	+34.8%
5Y	-30.0%	10Y	-16.3%	-13.7%

Compared to industry (Rental & Leasing Services)

Period	Company	Industry (mean)	+/-
MRQ	-11.3%	4.8%	-16.1%
TTM	4.8%	4.8%	+0.0%
YOY	18.9%	4.5%	+14.4%
5Y	-30.0%	3.2%	-33.2%
10Y	-16.3%	3.4%	-19.7%

Shows how efficient Hertz 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 Hertz to the Rental & Leasing Services industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

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

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Hertz is -11.3%. This means Hertz generated $-0.11 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Rental & Leasing Services industry is 4.8%.
What is the trend?
The trend is important because it shows you how Hertz is performing over time. The most recent quarter might be important if Hertz 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 Hertz up to 10 years back (depending if Hertz 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 Hertz

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Hertz = -348,000
Shareholders equity (balance sheet) MRQ Hertz = 3,092,000
-348,000 / 3,092,000 = -0.11 or -11.3%

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

1.2. Operating Efficiency of Hertz Global Holdings Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Hertz is operating .

Measures how much profit Hertz 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 Hertz to the Rental & Leasing Services industry mean.
An Operating Margin of -8.3% means the company generated $-0.08 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Hertz Global Holdings Inc:

The MRQ is -8.3%. The company is operating very inefficient. -2
The TTM is 9.0%. The company is operating less efficient.

Trends

Current period		Compared to		+/-
MRQ	-8.3%	TTM	9.0%	-17.3%
TTM	9.0%	YOY	12.4%	-3.4%
TTM	9.0%	5Y	2.0%	+7.0%
5Y	2.0%	10Y	-2.7%	+4.7%

Compared to industry (Rental & Leasing Services)

Period	Company	Industry (mean)	+/-
MRQ	-8.3%	13.8%	-22.1%
TTM	9.0%	12.7%	-3.7%
YOY	12.4%	11.6%	+0.8%
5Y	2.0%	10.8%	-8.8%
10Y	-2.7%	11.0%	-13.7%

Measures how efficient Hertz 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 Hertz to the Rental & Leasing Services industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit Hertz 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 Hertz is -8.3%. This means that Hertz earned $-0.08 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Rental & Leasing Services industry is 13.8%.
What is the trend?
The trend is important because it shows you how Hertz is performing over time. The most recent quarter might be important if Hertz 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 Hertz 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 Hertz

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Hertz = -279,000
Total revenue MRQ Hertz = 2,184,000
$-279,000 / $2,184,000 = -0.08 or -8.3%

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

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

Operation earnings can be calculated in multiple ways:

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

1.2.2. Operating Ratio

Measures how efficient Hertz is keeping operating costs low.

Below 1 is considered healthy (always compare to Rental & Leasing Services industry mean).
An Operation Ratio of 1.08 means that the operating costs are $1.08 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Hertz Global Holdings Inc:

The MRQ is 1.083. The company is inefficient in keeping operating costs low. -1
The TTM is 0.909. The company is less efficient in keeping operating costs low.

Trends

Current period		Compared to		+/-
MRQ	1.083	TTM	0.909	+0.175
TTM	0.909	YOY	0.876	+0.033
TTM	0.909	5Y	0.944	-0.036
5Y	0.944	10Y	0.951	-0.006

Compared to industry (Rental & Leasing Services)

Period	Company	Industry (mean)	+/-
MRQ	1.083	1.006	+0.077
TTM	0.909	0.933	-0.024
YOY	0.876	0.896	-0.020
5Y	0.944	0.940	+0.004
10Y	0.951	0.922	+0.029

Measures how efficient Hertz 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 Hertz to the Rental & Leasing Services industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

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

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of Hertz is 108.3%. This means that Hertz earned $1.08 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 Rental & Leasing Services industry is 1.01.
What is the trend?
The trend is important because it shows you how Hertz is performing over time. The most recent quarter might be important if Hertz 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 Hertz 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 Hertz

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
(2,119,000 +247,000) \ 2,184,000 = 1.08

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 Hertz Global Holdings Inc.

1.3. Liquidity

1.3.1. Current Ratio

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

Above 1.5 is considered healthy (always compare to Rental & Leasing Services industry mean).
A Current Ratio of 0.77 means the company has $0.77 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Hertz Global Holdings Inc:

The MRQ is 0.774. The company is just not able to pay all its short-term debts. -1
The TTM is 1.368. The company is just able to pay all its short-term debts.

Trends

Current period		Compared to		+/-
MRQ	0.774	TTM	1.368	-0.594
TTM	1.368	YOY	1.974	-0.606
TTM	1.368	5Y	1.854	-0.486
5Y	1.854	10Y	1.377	+0.477

Compared to industry (Rental & Leasing Services)

Period	Company	Industry (mean)	+/-
MRQ	0.774	1.276	-0.502
TTM	1.368	1.282	+0.086
YOY	1.974	1.430	+0.544
5Y	1.854	1.354	+0.500
10Y	1.377	1.282	+0.095

Measures if Hertz 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 Rental & Leasing Services industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for Hertz 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 Hertz is 0.77. This means Hertz has $0.77 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Rental & Leasing Services industry is 1.28.
What is the trend?
The trend is important because it shows you how Hertz is performing over time. The most recent quarter might be important if Hertz 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 Hertz 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 Hertz

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
2,397,000 \ 3,096,000) = 0.77

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

Above 1 is considered healthy but always compare Hertz to the Rental & Leasing Services industry mean.
A Quick Ratio of 0.63 means the company can pay off $0.63 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Hertz Global Holdings Inc:

The MRQ is 0.631. The company is just not able to pay all its short-term debts with the most liquid assets. -1
The TTM is 0.836. 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	0.631	TTM	0.836	-0.205
TTM	0.836	YOY	1.129	-0.293
TTM	0.836	5Y	1.146	-0.309
5Y	1.146	10Y	0.868	+0.278

Compared to industry (Rental & Leasing Services)

Period	Company	Industry (mean)	+/-
MRQ	0.631	0.716	-0.085
TTM	0.836	0.832	+0.004
YOY	1.129	0.955	+0.174
5Y	1.146	0.993	+0.153
10Y	0.868	0.946	-0.078

1.4. Solvency of Hertz Global Holdings Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

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

Below 1 (100%) is considered healthy but always compare Hertz to Rental & Leasing Services industry mean.
A Debt to Asset Ratio of 0.87 means that Hertz assets are financed with 87.4% credit (debt) and the remaining percentage (100% - 87.4%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Hertz Global Holdings Inc:

The MRQ is 0.874. The company is just able to pay all its debts by selling its assets.
The TTM is 0.879. The company is just able to pay all its debts by selling its assets.

Trends

Current period		Compared to		+/-
MRQ	0.874	TTM	0.879	-0.005
TTM	0.879	YOY	0.876	+0.003
TTM	0.879	5Y	0.905	-0.026
5Y	0.905	10Y	0.915	-0.010

Compared to industry (Rental & Leasing Services)

Period	Company	Industry (mean)	+/-
MRQ	0.874	0.690	+0.184
TTM	0.879	0.693	+0.186
YOY	0.876	0.679	+0.197
5Y	0.905	0.692	+0.213
10Y	0.915	0.646	+0.269

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

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

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Hertz to Rental & Leasing Services industry mean.
Can be very different between industries.
Can be used to compare companies.

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

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

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of Hertz is 0.87. This means means that Hertz is financed with 87.4% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Rental & Leasing Services industry is 127.6%.
What is the trend?
The trend is important because it shows you how Hertz is performing over time. The most recent quarter might be important if Hertz 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 Hertz 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 Hertz has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Hertz

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

Balance sheet
Debt to asset ratio = total debt \ total assets
21,513,000 \ 24,605,000 = 87.4% or 0.87.

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

Below 2 is considered healthy but always compare Hertz to the Rental & Leasing Services industry mean.
A Debt to Equity ratio of 695.8% means that company has $6.96 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Hertz Global Holdings Inc:

The MRQ is 6.958. The company is unable to pay all its debts with equity. -1
The TTM is 7.312. The company is unable to pay all its debts with equity. -1

Trends

Current period		Compared to		+/-
MRQ	6.958	TTM	7.312	-0.355
TTM	7.312	YOY	7.050	+0.263
TTM	7.312	5Y	31.019	-23.707
5Y	31.019	10Y	22.603	+8.416

Compared to industry (Rental & Leasing Services)

Period	Company	Industry (mean)	+/-
MRQ	6.958	2.221	+4.737
TTM	7.312	2.278	+5.034
YOY	7.050	2.117	+4.933
5Y	31.019	2.293	+28.726
10Y	22.603	2.254	+20.349

Measures if Hertz 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 Hertz 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 Hertz is 6.96. This means that Hertz can pay off $6.96 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Rental & Leasing Services industry is 2.22.
What is the trend?
The trend is important because it shows you how Hertz is performing over time. The most recent quarter might be important if Hertz 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 Hertz 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 Hertz

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
21,513,000 \ 3,092,000 = 6.96 or 695.8%

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

Common shares.
Preferred shares.
Retained earnings.

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

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

2. Market Valuation of Hertz Global Holdings Inc

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

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

Above 15 is considered overpriced but always compare Hertz to the Rental & Leasing Services industry mean.
A PE ratio of -2.28 means the investor is paying $-2.28 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Hertz Global Holdings Inc:

The EOD is -1.312. Based on the earnings, the company is expensive. -2
The MRQ is -2.284. Based on the earnings, the company is expensive. -2
The TTM is 4.110. Based on the earnings, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	-1.312	MRQ	-2.284	+0.972
MRQ	-2.284	TTM	4.110	-6.394
TTM	4.110	YOY	5.490	-1.381
TTM	4.110	5Y	1.914	+2.196
5Y	1.914	10Y	0.957	+0.957

Compared to industry (Rental & Leasing Services)

Period	Company	Industry (mean)	+/-
EOD	-1.312	9.734	-11.046
MRQ	-2.284	9.884	-12.168
TTM	4.110	10.717	-6.607
YOY	5.490	10.746	-5.256
5Y	1.914	11.355	-9.441
10Y	0.957	12.176	-11.219

Measures how much money you pay for each share for every $1 in earnings Hertz 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 Hertz to the Rental & Leasing Services industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

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

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

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

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of Hertz is -2.28. This means the investor is paying $-2.28 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Rental & Leasing Services industry is 9.88.
What is the trend?
The trend is important because it shows you how Hertz is performing over time. The most recent quarter might be important if Hertz 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 Hertz 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 Hertz

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 \ 306,000 = EPS
PE ratio MRQ = -2.28

* 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 Hertz Global Holdings Inc:

The EOD is -0.677. Based on how much money comes from the company's main activities, the company is expensive. -2
The MRQ is -1.178. Based on how much money comes from the company's main activities, the company is expensive. -2
The TTM is -0.811. Based on how much money comes from the company's main activities, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	-0.677	MRQ	-1.178	+0.501
MRQ	-1.178	TTM	-0.811	-0.366
TTM	-0.811	YOY	-1.012	+0.201
TTM	-0.811	5Y	-0.821	+0.010
5Y	-0.821	10Y	-0.410	-0.410

Compared to industry (Rental & Leasing Services)

Period	Company	Industry (mean)	+/-
EOD	-0.677	0.627	-1.304
MRQ	-1.178	0.451	-1.629
TTM	-0.811	1.155	-1.966
YOY	-1.012	-1.334	+0.322
5Y	-0.821	0.612	-1.433
10Y	-0.410	-0.095	-0.315

2. Book Value per Share

2.3. Price to Book Ratio

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

At or below 1 is considered healthy (always compare to Rental & Leasing Services industry mean).
A PB ratio of 1.03 means the investor is paying $1.03 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Hertz Global Holdings Inc:

The EOD is 0.591. Based on the equity, the company is cheap. +2
The MRQ is 1.028. Based on the equity, the company is underpriced. +1
The TTM is 1.537. Based on the equity, the company is underpriced. +1

Trends

Current period		Compared to		+/-
EOD	0.591	MRQ	1.028	-0.437
MRQ	1.028	TTM	1.537	-0.509
TTM	1.537	YOY	2.623	-1.087
TTM	1.537	5Y	1.142	+0.395
5Y	1.142	10Y	0.571	+0.571

Compared to industry (Rental & Leasing Services)

Period	Company	Industry (mean)	+/-
EOD	0.591	1.242	-0.651
MRQ	1.028	1.495	-0.467
TTM	1.537	1.460	+0.077
YOY	2.623	1.354	+1.269
5Y	1.142	1.553	-0.411
10Y	0.571	1.662	-1.091

2. Total Gains per Share

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of Hertz Global Holdings Inc.

3.1. Institutions holding Hertz Global Holdings Inc

Institutions are holding 98.678% of the shares of Hertz Global Holdings Inc.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	Knighthead Capital Management, LLC	59.4359	50.898	181455469	0	0
2023-12-31	Vanguard Group Inc	3.9974	0.0028	12203852	-62945	-0.5131
2023-12-31	BlackRock Inc	3.8511	0.0031	11757392	-842725	-6.6882
2023-12-31	Goldman Sachs Group Inc	3.7007	0.0105	11298052	6150167	119.4698
2023-12-31	Pentwater Capital Management LP	3.0032	1.068	9168800	3666474	66.635
2023-12-31	Marathon Asset Management LLC	2.2142	25.0405	6759810	0	0
2023-12-31	Dimensional Fund Advisors, Inc.	1.9659	0.0182	6001739	786555	15.082
2023-12-31	State Street Corporation	1.6422	0.0025	5013708	645527	14.7779
2023-12-31	Discovery Capital Management LLC	1.4231	6.8271	4344734	-359700	-7.646
2023-09-30	Citadel Advisors Llc	1.1116	0.0089	3393691	15768	0.4668
2023-12-31	VR Advisory Services Ltd	1.0571	12.7333	3227240	32128	1.0055
2023-12-31	CPV Partners, LLC	1.0515	24.2369	3210268	0	0
2023-12-31	Man Group PLC	1.0318	0.0911	3150054	2426378	335.2851
2023-12-31	Allianz Asset Management AG	0.8529	0.0442	2603852	82358	3.2662
2023-12-31	Morgan Stanley - Brokerage Accounts	0.7969	0.0022	2432992	1282281	111.4338
2023-12-31	AQR Capital Management LLC	0.7516	0.0449	2294634	790802	52.5858
2023-12-31	Geode Capital Management, LLC	0.7494	0.0025	2287864	19473	0.8584
2023-12-31	Squarepoint Ops LLC	0.7375	0.0443	2251663	1922434	583.92
2023-12-31	First Trust Advisors L.P.	0.6089	0.0211	1858799	412187	28.4933
2023-12-31	Ameriprise Financial Inc	0.4701	0.0045	1435258	220834	18.1843
Total		90.453	121.1046	276149871	+17187996	+6.2%

3.2. Funds holding Hertz Global Holdings Inc

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2024-02-29	iShares Core S&P Mid-Cap ETF	1.3221	0.0393	4036337	290	0.0072
2024-02-29	Vanguard Total Stock Mkt Idx Inv	1.2622	0.002	3853393	0	0
2024-02-29	Vanguard Small Cap Index	1.0511	0.0179	3209032	29578	0.9303
2024-02-29	Vanguard Small Cap Value Index Inv	0.7184	0.0324	2193338	10192	0.4668
2024-02-29	First Trust Cnsmr Discret AlphaDEX® ETF	0.6375	1.0009	1946232	0	0
2024-02-29	Vanguard Institutional Extnd Mkt Idx Tr	0.6362	0.0149	1942340	7540	0.3897
2023-06-30	BSF Global Event Driven Z2 USD	0.3832	0.6354	1170000	0	0
2024-02-29	Avantis US Small Cap Value ETF	0.3637	0.0881	1110419	444	0.04
2024-02-29	SPDR® S&P MIDCAP 400 ETF Trust	0.3463	0.0395	1057165	3978	0.3777
2024-02-29	Invesco S&P MidCap 400® Pure Value ETF	0.2809	2.0899	857643	0	0
2024-01-31	DFA US Targeted Value I	0.2691	0.0532	821634	0	0
2024-02-29	State St Russell Sm/Mid Cp® Indx NL Cl C	0.2588	0.0149	790057	19900	2.5839
2023-12-31	Columbia Small Cap Value I	0.2571	0.5975	785000	9100	1.1728
2024-02-29	iShares S&P Mid-Cap 400 Value ETF	0.2552	0.084	779123	0	0
2024-01-31	DFA US Small Cap Value I	0.2522	0.0425	769869	0	0
2024-01-31	Fidelity Extended Market Index	0.2415	0.0172	737249	6924	0.9481
2024-02-29	Dimensional US Targeted Value ETF	0.2243	0.0564	684803	0	0
2024-02-29	State St S&P Midcap® Indx SL Cl II	0.2108	0.0401	643500	0	0
2024-02-29	SPDR® S&P Kensho New Economies Comps ETF	0.1983	0.2493	605305	444	0.0734
2024-02-29	Dimensional US Small Cap Value ETF	0.1711	0.1561	522506	0	0
Total		9.34	5.2715	28514945	+88390	+0.3%

3.3. Insider Transactions

Insiders are holding 0.966% of the shares of Hertz Global Holdings Inc.

Date	Owner	Type	Amount	Price	Post Transaction Amount	Link
2023-05-08	Eric Leef	SELL	1946	16.23

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Hertz Global Holdings Inc compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	-0.262	0.621	-142%	0.315	-183%	0.322	-182%	0.103	-354%
Book Value Per Share	-	-	10.105	9.518	+6%	6.801	+49%	6.066	+67%	5.405	+87%
Current Ratio	-	-	0.774	1.368	-43%	1.974	-61%	1.854	-58%	1.377	-44%
Debt To Asset Ratio	-	-	0.874	0.879	-1%	0.876	0%	0.905	-3%	0.915	-4%
Debt To Equity Ratio	-	-	6.958	7.312	-5%	7.050	-1%	31.019	-78%	22.603	-69%
Dividend Per Share	-	-	-	0.091	-100%	-	0%	0.718	-100%	0.359	-100%
Eps	-	-	-1.137	0.459	-348%	1.249	-191%	0.041	-2878%	0.005	-24185%
Free Cash Flow Per Share	-	-	-2.206	-5.679	+157%	-5.116	+132%	-5.522	+150%	-5.977	+171%
Free Cash Flow To Equity Per Share	-	-	-3.905	-4.647	+19%	-4.851	+24%	-5.428	+39%	-5.814	+49%
Gross Profit Margin	-	-	1.000	1.000	0%	1.000	0%	1.000	0%	1.000	0%
Intrinsic Value_10Y_max	-	-	-196.175	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	-231.049	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	-19.673	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	-23.933	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	-59.098	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	-71.659	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	-98.510	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	-118.746	-	-	-	-	-	-	-	-
Market Cap	1822617120.000	-74%	3179340000.000	4559902500.000	-30%	7109440000.000	-55%	3397609500.000	-6%	1698804750.000	+87%
Net Profit Margin	-	-	-0.159	0.057	-382%	0.231	-169%	-0.016	-90%	-0.012	-92%
Operating Margin	-	-	-0.083	0.090	-193%	0.124	-167%	0.020	-523%	-0.027	-67%
Operating Ratio	-	-	1.083	0.909	+19%	0.876	+24%	0.944	+15%	0.951	+14%
Pb Ratio	0.591	-74%	1.028	1.537	-33%	2.623	-61%	1.142	-10%	0.571	+80%
Pe Ratio	-1.312	+43%	-2.284	4.110	-156%	5.490	-142%	1.914	-219%	0.957	-339%
Price Per Share	5.970	-74%	10.390	14.330	-27%	17.415	-40%	8.576	+21%	4.288	+142%
Price To Free Cash Flow Ratio	-0.677	+43%	-1.178	-0.811	-31%	-1.012	-14%	-0.821	-30%	-0.410	-65%
Price To Total Gains Ratio	-22.752	+43%	-39.596	6.253	-733%	12.004	-430%	6.979	-667%	6.979	-667%
Quick Ratio	-	-	0.631	0.836	-24%	1.129	-44%	1.146	-45%	0.868	-27%
Return On Assets	-	-	-0.014	0.006	-335%	0.024	-160%	0.003	-597%	0.001	-1347%
Return On Equity	-	-	-0.113	0.048	-334%	0.189	-160%	-0.300	+167%	-0.163	+45%
Total Gains Per Share	-	-	-0.262	0.712	-137%	0.315	-183%	1.039	-125%	0.462	-157%
Usd Book Value	-	-	3092000000.000	3023750000.000	+2%	2709250000.000	+14%	2133250000.000	+45%	1936115000.000	+60%
Usd Book Value Change Per Share	-	-	-0.262	0.621	-142%	0.315	-183%	0.322	-182%	0.103	-354%
Usd Book Value Per Share	-	-	10.105	9.518	+6%	6.801	+49%	6.066	+67%	5.405	+87%
Usd Dividend Per Share	-	-	-	0.091	-100%	-	0%	0.718	-100%	0.359	-100%
Usd Eps	-	-	-1.137	0.459	-348%	1.249	-191%	0.041	-2878%	0.005	-24185%
Usd Free Cash Flow	-	-	-675000000.000	-1807000000.000	+168%	-2052000000.000	+204%	-1829050000.000	+171%	-2037400000.000	+202%
Usd Free Cash Flow Per Share	-	-	-2.206	-5.679	+157%	-5.116	+132%	-5.522	+150%	-5.977	+171%
Usd Free Cash Flow To Equity Per Share	-	-	-3.905	-4.647	+19%	-4.851	+24%	-5.428	+39%	-5.814	+49%
Usd Market Cap	1822617120.000	-74%	3179340000.000	4559902500.000	-30%	7109440000.000	-55%	3397609500.000	-6%	1698804750.000	+87%
Usd Price Per Share	5.970	-74%	10.390	14.330	-27%	17.415	-40%	8.576	+21%	4.288	+142%
Usd Profit	-	-	-348000000.000	154000000.000	-326%	514750000.000	-168%	63500000.000	-648%	26475000.000	-1414%
Usd Revenue	-	-	2184000000.000	2342750000.000	-7%	2171250000.000	+1%	2021550000.000	+8%	2236275000.000	-2%
Usd Total Gains Per Share	-	-	-0.262	0.712	-137%	0.315	-183%	1.039	-125%	0.462	-157%
	EOD	+3 -5	MRQ	TTM	+14 -21	YOY	+15 -18	5Y	+16 -19	10Y	+16 -19

4.2. Fundamental Score

Let's check the fundamental score of Hertz Global Holdings Inc based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	-1.312
Price to Book Ratio (EOD)	Between	0-1	0.591
Net Profit Margin (MRQ)	Greater than	0	-0.159
Operating Margin (MRQ)	Greater than	0	-0.083
Quick Ratio (MRQ)	Greater than	1	0.631
Current Ratio (MRQ)	Greater than	1	0.774
Debt to Asset Ratio (MRQ)	Less than	1	0.874
Debt to Equity Ratio (MRQ)	Less than	1	6.958
Return on Equity (MRQ)	Greater than	0.15	-0.113
Return on Assets (MRQ)	Greater than	0.05	-0.014
Total			2/10 (20.0%)

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.
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4.3. Technical Score

Let's check the technical score of Hertz Global Holdings Inc based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	29.136
Ma 20	Greater than	Ma 50	7.223
Ma 50	Greater than	Ma 100	7.480
Ma 100	Greater than	Ma 200	8.339
Open	Greater than	Close	5.970
Total			0/5 (0.0%)

Create your own Symbol Scanner

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

Reversals in quarterly reports

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

	2022-12-31		2023-03-31		2023-06-30		2023-09-30		2023-12-31
Inventory	475,000	39,000	514,000	-30,000	484,000	-22,000	462,000	-746,000	-284,000
Long-term Assets Other	-1,360,000	1,358,777	-1,223	-1,191,777	-1,193,000	15,000	-1,178,000	1,904,000	726,000
Net Working Capital	1,674,000	-237,000	1,437,000	-583,000	854,000	361,000	1,215,000	-1,914,000	-699,000
Income before Tax	127,000	-65,000	62,000	96,000	158,000	401,000	559,000	-1,052,000	-493,000
Net Income	116,000	80,000	196,000	-57,000	139,000	490,000	629,000	-977,000	-348,000
EBIT	135,000	45,000	180,000	266,000	446,000	20,000	466,000	-648,000	-182,000
Operating Income	135,000	45,000	180,000	296,000	476,000	18,000	494,000	-773,000	-279,000
Net Income from Continuing Operations	896,000	-700,000	196,000	-57,000	139,000	490,000	629,000	-977,000	-348,000

Latest Balance Sheet

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

Summary

Total Assets	24,605,000
Total Liabilities	21,513,000
Total Stockholder Equity	3,092,000

	As reported
Total Liabilities	21,513,000
Total Stockholder Equity	+ 3,092,000
Total Assets	= 24,605,000

Assets

Total Assets	24,605,000
Total Current Assets	2,397,000
Long-term Assets	22,208,000

Total Current Assets

Total Current Assets (as reported)	2,397,000
Cash And Cash Equivalents	764,000
Net Receivables	1,191,000
Inventory	-284,000
Other Current Assets	726,000
Total Current Assets (calculated)	2,397,000
+/-	0

Long-term Assets

Long-term Assets (as reported)	22,208,000
Property Plant Equipment	17,575,000
Goodwill	1,044,000
Intangible Assets	2,863,000
Long-term Assets Other	726,000
Long-term Assets (calculated)	22,208,000
+/-	0

Liabilities & Shareholders' Equity

Total Current Liabilities	3,096,000
Long-term Liabilities	18,417,000
Total Stockholder Equity	3,092,000

Total Current Liabilities

Total Current Liabilities (as reported)	3,096,000
Short-term Debt	1,378,000
Short Long Term Debt	1,378,000
Accounts payable	701,000
Other Current Liabilities	1,017,000
Total Current Liabilities (calculated)	4,474,000
+/-	1,378,000

Long-term Liabilities

Long-term Liabilities (as reported)	18,417,000
Long term Debt	14,313,000
Capital Lease Obligations	2,142,000
Long-term Liabilities Other	471,000
Long-term Liabilities (calculated)	16,926,000
+/-	1,491,000

Total Stockholder Equity

Total Stockholder Equity (as reported)	3,092,000
Common Stock	5,000
Retained Earnings	360,000
Accumulated Other Comprehensive Income	-248,000
Other Stockholders Equity	2,975,000
Total Stockholder Equity (calculated)	3,092,000
+/-	0

Other

Capital Stock	5,000
Cash and Short Term Investments	764,000
Common Stock Shares Outstanding	306,000
Liabilities and Stockholders Equity	24,605,000
Net Debt	17,069,000
Net Invested Capital	18,783,000
Net Working Capital	-699,000
Property Plant and Equipment Gross	20,503,000
Short Long Term Debt Total	17,833,000

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

> Total Assets

0
0
19,465,395
18,677,401
18,526,803
19,852,351
20,225,201
19,255,662
19,362,920
20,690,915
19,894,959
16,451,367
14,685,866
15,650,038
16,156,660
16,002,419
16,278,365
17,855,827
18,126,630
17,332,221
16,827,585
18,307,634
19,089,966
17,673,527
18,280,109
19,429,489
19,539,105
23,286,038
24,076,248
25,932,300
25,571,800
24,588,400
0
0
0
23,985,000
24,602,000
25,969,000
24,569,000
23,358,000
24,028,000
22,020,000
21,127,000
19,155,000
19,656,000
22,433,000
21,344,000
20,058,000
22,321,000
22,771,000
22,460,000
21,382,000
24,030,000
26,354,000
25,541,000
24,627,000
25,842,000
23,116,000
18,757,000
16,908,000
16,610,000
19,007,000
19,593,000
19,783,000
20,941,000
22,066,000
21,693,000
22,497,000
23,749,000
26,095,000
25,554,000
24,605,000

24,605,000

25,554,000

26,095,000

23,749,000

22,497,000

21,693,000

22,066,000

20,941,000

19,783,000

19,593,000

19,007,000

16,610,000

16,908,000

18,757,000

23,116,000

25,842,000

24,627,000

25,541,000

26,354,000

24,030,000

21,382,000

22,460,000

22,771,000

22,321,000

20,058,000

21,344,000

22,433,000

19,656,000

19,155,000

21,127,000

22,020,000

24,028,000

23,358,000

24,569,000

25,969,000

24,602,000

23,985,000

24,588,400

25,571,800

25,932,300

24,076,248

23,286,038

19,539,105

19,429,489

18,280,109

17,673,527

19,089,966

18,307,634

16,827,585

17,332,221

18,126,630

17,855,827

16,278,365

16,002,419

16,156,660

15,650,038

14,685,866

16,451,367

19,894,959

20,690,915

19,362,920

19,255,662

20,225,201

19,852,351

18,526,803

18,677,401

19,465,395

> Total Current Assets

0
0
3,110,051
3,365,648
2,576,631
2,567,547
3,142,116
3,518,794
2,866,929
3,148,489
3,626,046
3,619,622
2,309,218
2,204,171
3,010,475
3,069,673
2,844,909
3,433,690
4,314,596
4,378,510
3,394,751
3,033,987
3,250,181
3,361,936
2,713,362
2,730,842
3,051,990
3,567,333
3,295,087
3,425,900
3,554,600
3,605,200
0
0
0
3,642,000
3,361,000
3,361,000
3,408,000
3,806,000
3,432,000
3,563,000
3,812,000
2,955,000
2,582,000
3,978,000
3,820,000
3,556,000
4,382,000
3,269,000
3,822,000
3,899,000
3,676,000
3,278,000
3,491,000
3,889,000
4,625,000
4,440,000
3,727,000
4,468,000
4,019,000
4,903,000
4,998,000
4,426,000
4,253,000
3,632,000
3,494,000
3,547,000
3,256,000
3,489,000
3,297,000
2,397,000

2,397,000

3,297,000

3,489,000

3,256,000

3,547,000

3,494,000

3,632,000

4,253,000

4,426,000

4,998,000

4,903,000

4,019,000

4,468,000

3,727,000

4,440,000

4,625,000

3,889,000

3,491,000

3,278,000

3,676,000

3,899,000

3,822,000

3,269,000

4,382,000

3,556,000

3,820,000

3,978,000

2,582,000

2,955,000

3,812,000

3,563,000

3,432,000

3,806,000

3,408,000

3,361,000

3,642,000

3,605,200

3,554,600

3,425,900

3,295,087

3,567,333

3,051,990

2,730,842

2,713,362

3,361,936

3,250,181

3,033,987

3,394,751

4,378,510

4,314,596

3,433,690

2,844,909

3,069,673

3,010,475

2,204,171

2,309,218

3,619,622

3,626,046

3,148,489

2,866,929

3,518,794

3,142,116

2,567,547

2,576,631

3,365,648

3,110,051

Cash And Cash Equivalents

0
0
440,748
674,549
476,883
401,630
397,263
730,203
728,869
811,394
731,539
594,266
557,071
570,889
926,717
985,642
800,749
896,848
1,483,320
2,374,170
1,365,759
747,582
385,788
931,779
594,701
586,201
453,361
533,255
653,783
483,100
548,700
423,200
0
0
0
490,000
585,000
537,000
509,000
486,000
857,000
1,285,000
1,430,000
816,000
785,000
1,141,000
748,000
1,072,000
1,046,000
685,000
761,000
1,127,000
554,000
415,000
465,000
865,000
1,017,000
1,366,000
1,137,000
1,096,000
1,087,000
1,820,000
2,703,000
2,258,000
1,521,000
1,041,000
1,006,000
943,000
728,000
682,000
594,000
764,000

764,000

594,000

682,000

728,000

943,000

1,006,000

1,041,000

1,521,000

2,258,000

2,703,000

1,820,000

1,087,000

1,096,000

1,137,000

1,366,000

1,017,000

865,000

465,000

415,000

554,000

1,127,000

761,000

685,000

1,046,000

1,072,000

748,000

1,141,000

785,000

816,000

1,430,000

1,285,000

857,000

486,000

509,000

537,000

585,000

490,000

423,200

548,700

483,100

653,783

533,255

453,361

586,201

594,701

931,779

385,788

747,582

1,365,759

2,374,170

1,483,320

896,848

800,749

985,642

926,717

570,889

557,071

594,266

731,539

811,394

728,869

730,203

397,263

401,630

476,883

674,549

440,748

Short-term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
99,000
145,000
0
21,000
30,000
24,000
0

24,000

30,000

21,000

145,000

99,000

Net Receivables

0
0
1,523,147
1,656,542
1,439,251
1,411,789
1,834,067
1,690,956
1,526,560
1,608,626
1,902,541
1,911,084
1,069,172
1,057,120
1,266,926
1,325,332
1,446,373
1,400,306
1,674,946
1,356,553
1,311,755
1,447,170
1,996,038
1,616,382
1,398,702
1,448,271
1,731,795
1,886,596
1,555,520
1,656,000
1,700,900
1,512,600
0
0
0
1,597,000
1,304,000
1,390,000
1,623,000
2,074,000
1,518,000
1,323,000
1,456,000
1,283,000
1,034,000
1,210,000
1,524,000
1,365,000
1,332,000
1,426,000
1,805,000
1,587,000
1,563,000
1,698,000
1,966,000
1,840,000
2,095,000
1,566,000
1,416,000
777,000
793,000
1,024,000
890,000
758,000
800,000
975,000
1,053,000
974,000
1,034,000
1,292,000
1,407,000
1,191,000

1,191,000

1,407,000

1,292,000

1,034,000

974,000

1,053,000

975,000

800,000

758,000

890,000

1,024,000

793,000

777,000

1,416,000

1,566,000

2,095,000

1,840,000

1,966,000

1,698,000

1,563,000

1,587,000

1,805,000

1,426,000

1,332,000

1,365,000

1,524,000

1,210,000

1,034,000

1,283,000

1,456,000

1,323,000

1,518,000

2,074,000

1,623,000

1,390,000

1,304,000

1,597,000

1,512,600

1,700,900

1,656,000

1,555,520

1,886,596

1,731,795

1,448,271

1,398,702

1,616,382

1,996,038

1,447,170

1,311,755

1,356,553

1,674,946

1,400,306

1,446,373

1,325,332

1,266,926

1,057,120

1,069,172

1,911,084

1,902,541

1,608,626

1,526,560

1,690,956

1,834,067

1,411,789

1,439,251

1,656,542

1,523,147

Other Current Assets

0
0
1,026,562
922,438
545,724
624,282
786,682
978,638
480,200
586,540
862,308
1,018,085
589,857
473,580
717,558
665,284
504,854
1,047,731
1,068,715
560,358
619,765
739,236
773,879
729,797
620,432
594,658
760,852
470,120
550,670
765,300
677,000
717,200
0
0
0
917,000
990,000
938,000
934,000
846,000
651,000
594,000
569,000
578,000
497,000
565,000
519,000
687,000
1,110,000
922,000
991,000
902,000
1,107,000
926,000
830,000
689,000
1,121,000
563,000
429,000
373,000
786,000
1,184,000
642,000
1,017,000
1,932,000
1,616,000
933,000
1,155,000
980,000
1,031,000
834,000
726,000

726,000

834,000

1,031,000

980,000

1,155,000

933,000

1,616,000

1,932,000

1,017,000

642,000

1,184,000

786,000

373,000

429,000

563,000

1,121,000

689,000

830,000

926,000

1,107,000

902,000

991,000

922,000

1,110,000

687,000

519,000

565,000

497,000

578,000

569,000

594,000

651,000

846,000

934,000

938,000

990,000

917,000

717,200

677,000

765,300

550,670

470,120

760,852

594,658

620,432

729,797

773,879

739,236

619,765

560,358

1,068,715

1,047,731

504,854

665,284

717,558

473,580

589,857

1,018,085

862,308

586,540

480,200

978,638

786,682

624,282

545,724

922,438

1,026,562

> Long-term Assets

0
0
16,355,344
15,311,753
15,950,172
17,284,804
17,083,085
15,736,868
16,495,991
17,542,426
16,268,913
12,831,745
12,376,648
13,445,867
13,146,185
12,932,746
13,433,456
14,422,137
13,812,034
12,953,711
13,432,834
15,273,647
15,839,785
14,311,591
15,566,747
16,698,647
16,487,115
19,718,722
20,781,121
22,506,400
22,017,200
20,983,200
0
0
0
20,343,000
21,241,000
22,608,000
21,161,000
19,552,000
20,596,000
18,457,000
17,315,000
16,200,000
17,074,000
18,455,000
17,524,000
16,502,000
17,939,000
19,502,000
18,638,000
17,483,000
20,354,000
23,076,000
22,050,000
20,738,000
21,217,000
18,676,000
15,030,000
12,440,000
12,591,000
14,104,000
14,595,000
15,357,000
16,688,000
18,434,000
18,199,000
18,950,000
20,493,000
22,606,000
22,256,000
22,208,000

22,208,000

22,256,000

22,606,000

20,493,000

18,950,000

18,199,000

18,434,000

16,688,000

15,357,000

14,595,000

14,104,000

12,591,000

12,440,000

15,030,000

18,676,000

21,217,000

20,738,000

22,050,000

23,076,000

20,354,000

17,483,000

18,638,000

19,502,000

17,939,000

16,502,000

17,524,000

18,455,000

17,074,000

16,200,000

17,315,000

18,457,000

20,596,000

19,552,000

21,161,000

22,608,000

21,241,000

20,343,000

20,983,200

22,017,200

22,506,400

20,781,121

19,718,722

16,487,115

16,698,647

15,566,747

14,311,591

15,839,785

15,273,647

13,432,834

12,953,711

13,812,034

14,422,137

13,433,456

12,932,746

13,146,185

13,445,867

12,376,648

12,831,745

16,268,913

17,542,426

16,495,991

15,736,868

17,083,085

17,284,804

15,950,172

15,311,753

16,355,344

Property Plant Equipment

0
0
12,048,177
11,173,565
10,459,027
13,156,194
12,953,499
11,653,408
12,396,696
13,451,213
12,204,871
9,946,098
9,501,489
10,523,786
10,240,308
10,039,714
10,562,448
11,567,878
10,961,280
10,102,978
10,587,769
12,443,895
12,880,579
11,357,263
12,531,095
13,702,228
13,500,930
14,344,722
15,426,421
17,171,600
16,706,200
15,707,700
0
0
0
14,975,000
15,907,000
17,303,000
15,903,000
14,376,000
15,439,000
13,721,000
12,586,000
11,676,000
12,541,000
14,025,000
13,207,000
12,176,000
13,651,000
15,219,000
14,358,000
13,197,000
16,053,000
18,764,000
17,723,000
16,417,000
16,906,000
14,508,000
10,887,000
8,403,000
8,577,000
10,112,000
10,625,000
11,400,000
12,741,000
14,497,000
14,273,000
15,019,000
16,567,000
18,679,000
18,331,000
17,575,000

17,575,000

18,331,000

18,679,000

16,567,000

15,019,000

14,273,000

14,497,000

12,741,000

11,400,000

10,625,000

10,112,000

8,577,000

8,403,000

10,887,000

14,508,000

16,906,000

16,417,000

17,723,000

18,764,000

16,053,000

13,197,000

14,358,000

15,219,000

13,651,000

12,176,000

13,207,000

14,025,000

12,541,000

11,676,000

12,586,000

13,721,000

15,439,000

14,376,000

15,903,000

17,303,000

15,907,000

14,975,000

15,707,700

16,706,200

17,171,600

15,426,421

14,344,722

13,500,930

13,702,228

12,531,095

11,357,263

12,880,579

12,443,895

10,587,769

10,102,978

10,961,280

11,567,878

10,562,448

10,039,714

10,240,308

10,523,786

9,501,489

9,946,098

12,204,871

13,451,213

12,396,696

11,653,408

12,953,499

13,156,194

10,459,027

11,173,565

12,048,177

Goodwill

0
0
1,118,163
964,693
978,983
985,347
991,918
959,993
980,909
988,176
974,655
264,061
262,451
287,414
285,588
295,350
290,311
290,550
295,825
300,174
309,495
307,212
379,861
392,094
471,430
452,408
454,663
1,341,900
1,352,700
1,366,300
1,366,300
1,347,500
0
0
0
1,359,000
1,356,000
1,360,000
1,358,000
1,354,000
1,353,000
1,257,000
1,256,000
1,081,000
1,081,000
1,082,000
1,083,000
1,084,000
1,084,000
1,083,000
1,083,000
1,083,000
1,083,000
1,083,000
1,082,000
1,083,000
1,080,000
1,080,000
1,081,000
1,045,000
1,045,000
1,045,000
1,045,000
1,045,000
1,044,000
1,044,000
1,043,000
1,044,000
1,044,000
1,044,000
1,044,000
1,044,000

1,044,000

1,043,000

1,044,000

1,045,000

1,081,000

1,080,000

1,083,000

1,082,000

1,083,000

1,084,000

1,083,000

1,082,000

1,081,000

1,256,000

1,257,000

1,353,000

1,354,000

1,358,000

1,360,000

1,356,000

1,359,000

1,347,500

1,366,300

1,352,700

1,341,900

454,663

452,408

471,430

392,094

379,861

307,212

309,495

300,174

295,825

290,550

290,311

295,350

285,588

287,414

262,451

264,061

974,655

988,176

980,909

959,993

991,918

985,347

978,983

964,693

1,118,163

Intangible Assets

0
0
3,189,004
3,173,495
3,158,508
3,143,263
3,137,668
3,123,467
3,118,386
3,103,037
3,089,387
2,621,586
2,612,708
2,634,667
2,620,289
2,597,682
2,580,697
2,563,709
2,554,929
2,550,559
2,535,570
2,522,540
2,579,345
2,562,234
2,564,222
2,544,011
2,531,522
4,032,100
4,002,000
3,968,500
3,944,700
3,928,000
0
0
0
4,009,000
3,978,000
3,945,000
3,900,000
3,822,000
3,804,000
3,479,000
3,473,000
3,332,000
3,325,000
3,239,000
3,234,000
3,242,000
3,204,000
3,200,000
3,197,000
3,203,000
3,218,000
3,229,000
3,245,000
3,238,000
3,231,000
3,088,000
3,062,000
2,992,000
2,969,000
2,947,000
2,925,000
2,912,000
2,903,000
2,893,000
2,883,000
2,887,000
2,882,000
2,883,000
2,881,000
2,863,000

2,863,000

2,881,000

2,883,000

2,882,000

2,887,000

2,883,000

2,893,000

2,903,000

2,912,000

2,925,000

2,947,000

2,969,000

2,992,000

3,062,000

3,088,000

3,231,000

3,238,000

3,245,000

3,229,000

3,218,000

3,203,000

3,197,000

3,200,000

3,204,000

3,242,000

3,234,000

3,239,000

3,325,000

3,332,000

3,473,000

3,479,000

3,804,000

3,822,000

3,900,000

3,945,000

3,978,000

4,009,000

3,928,000

3,944,700

3,968,500

4,002,000

4,032,100

2,531,522

2,544,011

2,564,222

2,562,234

2,579,345

2,522,540

2,535,570

2,550,559

2,554,929

2,563,709

2,580,697

2,597,682

2,620,289

2,634,667

2,612,708

2,621,586

3,089,387

3,103,037

3,118,386

3,123,467

3,137,668

3,143,263

3,158,508

3,173,495

3,189,004

Other 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
-17
40
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
6,076,000
6,360,000
7,990,000
8,563,000
11,192,000
12,949,000
12,688,000
12,153,000
12,765,000
14,129
13,611,000
1,000
12,197,000

12,197,000

1,000

13,611,000

14,129

12,765,000

12,153,000

12,688,000

12,949,000

11,192,000

8,563,000

7,990,000

6,360,000

6,076,000

-17

> Total Liabilities

0
0
17,996,292
16,113,213
16,025,060
17,198,312
17,375,596
16,321,245
16,482,631
17,689,577
17,006,381
14,963,085
13,377,785
13,856,915
14,035,751
13,904,978
14,338,330
15,942,143
15,983,246
15,200,898
14,792,892
16,175,996
16,824,359
15,438,852
16,074,615
17,163,551
16,996,794
20,778,733
22,039,086
23,768,100
22,750,900
21,817,200
0
0
0
21,521,000
22,253,000
23,582,000
22,231,000
21,339,000
21,990,000
20,411,000
19,554,000
18,080,000
18,738,000
21,677,000
20,478,000
18,538,000
21,183,000
21,702,000
21,233,000
20,262,000
23,025,000
25,284,000
23,552,000
22,739,000
24,351,000
22,443,000
18,357,000
16,815,000
16,320,000
15,368,000
15,375,000
16,806,000
18,239,000
19,337,000
18,932,000
19,852,000
20,975,000
23,256,000
22,164,000
21,513,000

21,513,000

22,164,000

23,256,000

20,975,000

19,852,000

18,932,000

19,337,000

18,239,000

16,806,000

15,375,000

15,368,000

16,320,000

16,815,000

18,357,000

22,443,000

24,351,000

22,739,000

23,552,000

25,284,000

23,025,000

20,262,000

21,233,000

21,702,000

21,183,000

18,538,000

20,478,000

21,677,000

18,738,000

18,080,000

19,554,000

20,411,000

21,990,000

21,339,000

22,231,000

23,582,000

22,253,000

21,521,000

21,817,200

22,750,900

23,768,100

22,039,086

20,778,733

16,996,794

17,163,551

16,074,615

15,438,852

16,824,359

16,175,996

14,792,892

15,200,898

15,983,246

15,942,143

14,338,330

13,904,978

14,035,751

13,856,915

13,377,785

14,963,085

17,006,381

17,689,577

16,482,631

16,321,245

17,375,596

17,198,312

16,025,060

16,113,213

17,996,292

> Total Current Liabilities

0
0
1,730,713
1,723,745
2,176,553
2,582,232
2,148,144
2,220,992
2,778,095
17,689,577
17,006,381
2,197,570
1,939,610
2,227,094
1,826,568
1,791,849
2,253,538
2,541,079
2,244,490
2,123,995
2,309,949
2,739,191
2,389,196
2,151,750
2,663,879
2,717,072
2,200,618
4,984,009
5,720,445
6,466,300
5,804,800
5,073,900
0
0
0
5,196,000
5,562,000
5,859,000
5,168,000
4,685,000
5,142,000
3,025,000
2,644,000
2,306,000
2,597,000
3,712,000
2,765,000
2,396,000
3,049,000
3,354,000
3,138,000
2,574,000
2,901,000
3,037,000
2,421,000
2,425,000
2,854,000
1,580,000
1,514,000
2,979,000
2,266,000
1,969,000
1,731,000
1,592,000
1,810,000
2,176,000
1,903,000
1,738,000
1,819,000
2,635,000
2,082,000
3,096,000

3,096,000

2,082,000

2,635,000

1,819,000

1,738,000

1,903,000

2,176,000

1,810,000

1,592,000

1,731,000

1,969,000

2,266,000

2,979,000

1,514,000

1,580,000

2,854,000

2,425,000

2,421,000

3,037,000

2,901,000

2,574,000

3,138,000

3,354,000

3,049,000

2,396,000

2,765,000

3,712,000

2,597,000

2,306,000

2,644,000

3,025,000

5,142,000

4,685,000

5,168,000

5,859,000

5,562,000

5,196,000

5,073,900

5,804,800

6,466,300

5,720,445

4,984,009

2,200,618

2,717,072

2,663,879

2,151,750

2,389,196

2,739,191

2,309,949

2,123,995

2,244,490

2,541,079

2,253,538

1,791,849

1,826,568

2,227,094

1,939,610

2,197,570

17,006,381

17,689,577

2,778,095

2,220,992

2,148,144

2,582,232

2,176,553

1,723,745

1,730,713

Short-term Debt

0
0
0
0
0
0
0
0
0
12,693,814
12,844,178
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,685,800
3,058,100
3,662,500
3,395,500
2,860,900
0
0
0
2,906,000
2,866,000
3,198,000
2,899,000
2,532,000
2,504,000
570,000
583,000
340,000
317,000
1,202,000
612,000
370,000
256,000
543,000
647,000
146,000
146,000
146,000
146,000
146,000
741,000
131,000
159,000
250,000
750,000
12,000
13,000
9,000
8,000
263,000
129,000
135,000
151,000
500,000
181,000
1,378,000

1,378,000

181,000

500,000

151,000

135,000

129,000

263,000

8,000

9,000

13,000

12,000

750,000

250,000

159,000

131,000

741,000

146,000

647,000

543,000

256,000

370,000

612,000

1,202,000

317,000

340,000

583,000

570,000

2,504,000

2,532,000

2,899,000

3,198,000

2,866,000

2,906,000

2,860,900

3,395,500

3,662,500

3,058,100

2,685,800

12,844,178

12,693,814

Short Long Term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
159,000
140,000
122,000
169,000
161,000
146,000
140,000
263,000
129,000
135,000
151,000
500,000
181,000
1,378,000

1,378,000

181,000

500,000

151,000

135,000

129,000

263,000

140,000

146,000

161,000

169,000

122,000

140,000

159,000

Accounts payable

0
0
675,821
654,327
1,166,444
1,511,908
1,009,077
1,064,878
1,592,954
1,707,949
860,190
931,336
932,727
1,184,588
747,326
658,671
1,223,859
1,467,148
928,108
944,973
1,204,927
1,560,856
997,287
897,489
1,320,805
1,487,086
975,098
999,061
1,304,849
1,484,500
952,400
967,900
0
0
0
1,008,000
1,401,000
16,724,000
917,000
15,072,000
1,382,000
1,239,000
792,000
821,000
1,141,000
1,381,000
954,000
946,000
1,458,000
1,491,000
1,004,000
988,000
1,279,000
1,369,000
870,000
943,000
998,000
516,000
585,000
418,000
531,000
780,000
586,000
572,000
675,000
659,000
614,000
657,000
720,000
935,000
790,000
701,000

701,000

790,000

935,000

720,000

657,000

614,000

659,000

675,000

572,000

586,000

780,000

531,000

418,000

585,000

516,000

998,000

943,000

870,000

1,369,000

1,279,000

988,000

1,004,000

1,491,000

1,458,000

946,000

954,000

1,381,000

1,141,000

821,000

792,000

1,239,000

1,382,000

15,072,000

917,000

16,724,000

1,401,000

1,008,000

967,900

952,400

1,484,500

1,304,849

999,061

975,098

1,487,086

1,320,805

897,489

997,287

1,560,856

1,204,927

944,973

928,108

1,467,148

1,223,859

658,671

747,326

1,184,588

932,727

931,336

860,190

1,707,949

1,592,954

1,064,878

1,009,077

1,511,908

1,166,444

654,327

675,821

Other Current Liabilities

0
0
1,054,892
1,069,418
1,010,109
1,070,324
1,139,067
1,156,114
1,185,141
339,213
325,628
1,266,234
1,006,883
1,042,506
1,079,242
1,133,178
1,029,679
1,073,931
1,316,382
1,179,022
1,105,022
1,178,335
1,391,909
1,254,261
1,343,074
1,229,986
1,225,520
1,180,538
1,213,907
1,184,400
1,285,800
1,104,700
0
0
0
1,148,000
1,160,000
1,128,000
1,216,000
1,106,000
1,090,000
1,037,000
1,073,000
-1,004,000
966,000
963,000
1,022,000
-140,000
1,172,000
1,158,000
1,306,000
348,000
1,330,000
1,358,000
1,246,000
212,000
982,000
836,000
651,000
1,581,000
824,000
945,000
904,000
1,000
1,127,000
-4,000
150,000
-414,000
948,000
1,200,000
1,111,000
1,017,000

1,017,000

1,111,000

1,200,000

948,000

-414,000

150,000

-4,000

1,127,000

1,000

904,000

945,000

824,000

1,581,000

651,000

836,000

982,000

212,000

1,246,000

1,358,000

1,330,000

348,000

1,306,000

1,158,000

1,172,000

-140,000

1,022,000

963,000

966,000

-1,004,000

1,073,000

1,037,000

1,090,000

1,106,000

1,216,000

1,128,000

1,160,000

1,148,000

1,104,700

1,285,800

1,184,400

1,213,907

1,180,538

1,225,520

1,229,986

1,343,074

1,254,261

1,391,909

1,178,335

1,105,022

1,179,022

1,316,382

1,073,931

1,029,679

1,133,178

1,079,242

1,042,506

1,006,883

1,266,234

325,628

339,213

1,185,141

1,156,114

1,139,067

1,070,324

1,010,109

1,069,418

1,054,892

> Long-term Liabilities

0
0
16,265,579
14,389,468
13,848,507
14,616,080
15,227,452
14,100,253
13,704,536
0
0
12,765,515
11,438,175
11,629,821
12,209,183
12,113,129
12,084,792
13,401,064
13,738,756
13,076,903
12,482,943
13,436,805
14,435,163
13,287,102
13,410,736
14,446,479
14,796,176
15,794,724
16,318,641
17,301,800
16,946,100
16,743,300
0
0
0
16,325,000
16,691,000
17,723,000
17,063,000
16,654,000
16,848,000
17,386,000
16,910,000
15,774,000
16,141,000
17,965,000
17,713,000
16,142,000
18,134,000
18,348,000
18,095,000
17,688,000
20,124,000
22,247,000
21,131,000
20,314,000
21,497,000
20,863,000
16,843,000
13,836,000
14,054,000
13,399,000
13,644,000
15,214,000
16,429,000
17,161,000
17,029,000
18,114,000
19,156,000
20,621,000
20,082,000
18,417,000

18,417,000

20,082,000

20,621,000

19,156,000

18,114,000

17,029,000

17,161,000

16,429,000

15,214,000

13,644,000

13,399,000

14,054,000

13,836,000

16,843,000

20,863,000

21,497,000

20,314,000

21,131,000

22,247,000

20,124,000

17,688,000

18,095,000

18,348,000

18,134,000

16,142,000

17,713,000

17,965,000

16,141,000

15,774,000

16,910,000

17,386,000

16,848,000

16,654,000

17,063,000

17,723,000

16,691,000

16,325,000

16,743,300

16,946,100

17,301,800

16,318,641

15,794,724

14,796,176

14,446,479

13,410,736

13,287,102

14,435,163

13,436,805

12,482,943

13,076,903

13,738,756

13,401,064

12,084,792

12,113,129

12,209,183

11,629,821

11,438,175

12,765,515

13,704,536

14,100,253

15,227,452

14,616,080

13,848,507

14,389,468

16,265,579

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
1,433,000
0
0
0
0
0
0
0
0
0

1,433,000

Other Liabilities

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,218,000
1,259,000
1,970,000
2,104,000
2,797,000
2,853,000
2,539,000
2,527,000
2,449,000
2,415,000
0
0
0

2,415,000

2,449,000

2,527,000

2,539,000

2,853,000

2,797,000

2,104,000

1,970,000

1,259,000

1,218,000

Deferred Long Term Liability

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
851,000
1,010,000
1,113,000
1,258,000
1,306,000
1,360,000
1,223,000
1,193,000
0
0

1,193,000

1,223,000

1,360,000

1,306,000

1,258,000

1,113,000

1,010,000

851,000

> Total Stockholder Equity

0
0
1,453,151
2,534,562
2,482,820
2,633,870
2,826,162
2,913,389
2,854,427
2,975,755
2,864,354
1,470,618
1,290,128
1,776,544
2,103,737
2,080,148
1,922,139
1,895,771
2,125,775
2,114,821
2,014,543
2,116,901
2,245,100
2,234,656
2,205,474
2,265,919
2,542,292
2,507,286
2,037,143
2,164,200
2,820,900
2,771,200
0
0
0
2,464,000
2,349,000
2,387,000
2,338,000
2,019,000
2,038,000
1,609,000
1,573,000
1,075,000
918,000
756,000
866,000
1,520,000
1,138,000
1,069,000
1,227,000
1,120,000
922,000
964,000
1,874,000
1,888,000
1,372,000
559,000
341,000
56,000
265,000
3,620,000
4,206,000
2,977,000
2,702,000
2,729,000
2,761,000
2,645,000
2,774,000
2,839,000
3,390,000
3,092,000

3,092,000

3,390,000

2,839,000

2,774,000

2,645,000

2,761,000

2,729,000

2,702,000

2,977,000

4,206,000

3,620,000

265,000

56,000

341,000

559,000

1,372,000

1,888,000

1,874,000

964,000

922,000

1,120,000

1,227,000

1,069,000

1,138,000

1,520,000

866,000

756,000

918,000

1,075,000

1,573,000

1,609,000

2,038,000

2,019,000

2,338,000

2,387,000

2,349,000

2,464,000

2,771,200

2,820,900

2,164,200

2,037,143

2,507,286

2,542,292

2,265,919

2,205,474

2,234,656

2,245,100

2,116,901

2,014,543

2,114,821

2,125,775

1,895,771

1,922,139

2,080,148

2,103,737

1,776,544

1,290,128

1,470,618

2,864,354

2,975,755

2,854,427

2,913,389

2,826,162

2,633,870

2,482,820

2,534,562

1,453,151

Common Stock

0
0
2,324
3,206
3,206
3,214
3,216
3,219
3,225
3,227
3,230
3,230
3,234
3,769
4,096
4,102
4,114
4,120
4,123
4,135
4,149
4,164
4,167
4,170
4,197
4,203
4,209
4,215
4,230
4,200
4,500
4,500
0
0
0
5,000
5,000
5,000
4,000
4,000
4,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
2,000
2,000
2,000
2,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000

5,000

2,000

1,000

4,000

5,000

4,500

4,200

4,230

4,215

4,209

4,203

4,197

4,170

4,167

4,164

4,149

4,135

4,123

4,120

4,114

4,102

4,096

3,769

3,234

3,230

3,227

3,225

3,219

3,216

3,214

3,206

2,324

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
-2,055,000
-2,315,000
-1,889,000
-949,000
-372,000
-256,000
-60,000
79,000
0
0

79,000

-60,000

-256,000

-372,000

-949,000

-1,889,000

-2,315,000

-2,055,000

Accumulated Other Comprehensive Income

0
0
0
94,528
101,900
154,613
174,393
170,507
158,387
219,033
81,874
-100,135
-126,396
-54,175
-4,243
-3,331
-16,233
-30,783
32,094
37,823
68,873
97,262
21,845
-28,414
3,922
-38,057
-14,829
-26,892
-51,165
-73,300
-51,400
7,100
0
0
0
-115,000
-161,000
-150,000
-190,000
-245,000
-191,000
-121,000
-103,000
-171,000
-158,000
-165,000
-150,000
-118,000
-121,000
-135,000
-135,000
-192,000
-185,000
-187,000
-198,000
-189,000
-228,000
-221,000
-216,000
-212,000
-195,000
-202,000
-226,000
-214,000
-221,000
-280,000
-359,000
-294,000
-280,000
-276,000
-323,000
-248,000

-248,000

-323,000

-276,000

-280,000

-294,000

-359,000

-280,000

-221,000

-214,000

-226,000

-202,000

-195,000

-212,000

-216,000

-221,000

-228,000

-189,000

-198,000

-187,000

-185,000

-192,000

-135,000

-121,000

-118,000

-150,000

-165,000

-158,000

-171,000

-103,000

-121,000

-191,000

-245,000

-190,000

-150,000

-161,000

-115,000

7,100

-51,400

-73,300

-51,165

-26,892

-14,829

-38,057

3,922

-28,414

21,845

97,262

68,873

37,823

32,094

-30,783

-16,233

-3,331

-4,243

-54,175

-126,396

-100,135

81,874

219,033

158,387

170,507

174,393

154,613

101,900

94,528

Capital Surplus

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
6,482,000
6,209,000
6,237,000
6,274,000
6,308,000
6,326,000
6,346,000
6,369,000
0
0

6,369,000

6,346,000

6,326,000

6,308,000

6,274,000

6,237,000

6,209,000

6,482,000

Treasury Stock

-3,338,000

-3,237,000

-3,136,000

-2,821,000

-2,321,000

-1,430,000

-708,000

Other Stockholders Equity

0
0
1,396,053
2,427,293
2,434,389
2,449,044
2,458,846
2,469,213
2,480,069
2,489,502
2,497,593
2,503,819
2,513,095
2,922,893
3,135,299
3,141,695
3,146,981
3,160,278
3,170,761
3,183,225
3,184,496
3,203,452
3,213,201
3,205,964
3,200,750
3,210,281
3,220,500
3,233,948
2,770,100
2,797,900
3,217,700
3,138,400
0
0
0
3,238,000
3,239,000
3,243,000
2,985,000
2,651,000
2,667,000
2,213,000
2,117,000
2,127,000
2,131,000
2,134,000
2,137,000
2,143,000
2,150,000
2,153,000
2,156,000
2,161,000
2,162,000
2,167,000
2,919,000
2,924,000
2,922,000
2,948,000
2,947,000
2,947,000
2,949,000
5,043,000
5,049,000
5,501,000
4,807,000
3,953,000
3,487,000
3,190,000
3,109,000
3,031,000
3,000,000
2,975,000

2,975,000

3,000,000

3,031,000

3,109,000

3,190,000

3,487,000

3,953,000

4,807,000

5,501,000

5,049,000

5,043,000

2,949,000

2,947,000

2,948,000

2,922,000

2,924,000

2,919,000

2,167,000

2,162,000

2,161,000

2,156,000

2,153,000

2,150,000

2,143,000

2,137,000

2,134,000

2,131,000

2,127,000

2,117,000

2,213,000

2,667,000

2,651,000

2,985,000

3,243,000

3,239,000

3,238,000

3,138,400

3,217,700

2,797,900

2,770,100

3,233,948

3,220,500

3,210,281

3,200,750

3,205,964

3,213,201

3,203,452

3,184,496

3,183,225

3,170,761

3,160,278

3,146,981

3,141,695

3,135,299

2,922,893

2,513,095

2,503,819

2,497,593

2,489,502

2,480,069

2,469,213

2,458,846

2,449,044

2,434,389

2,427,293

1,396,053

Balance Sheet

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31
Accounts Payable	701,000	657,000	572,000	418,000	943,000	988,000	946,000	821,000	15,072,000	1,008,000	967,900	999,061	897,489	944,973	658,671	931,336	1,064,878	654,327	621,876	-	-	-	-
Accumulated Amortization	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	-	-	-	-
Accumulated Other Comprehensive Income	-248,000	-294,000	-214,000	-212,000	-189,000	-192,000	-118,000	-171,000	-245,000	-115,000	7,100	-26,892	-28,414	37,823	-3,331	-100,135	170,507	94,528	-7,472	-	-	-	-
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Capital Lease Obligations	2,142,000	1,802,000	1,510,000	1,636,000	1,848,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Capital Stock	5,000	5,000	5,000	2,000	1,000	1,000	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Capital Surpluse	0	6,326,000	6,209,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Cash	764,000	943,000	2,258,000	1,096,000	865,000	1,127,000	1,072,000	816,000	486,000	490,000	423,200	533,255	931,779	2,374,170	985,642	594,266	730,203	674,549	843,908	-	-	-	-
Cash And Equivalents	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Cash And Short Term Investments	764,000	943,000	2,258,000	1,096,000	865,000	1,127,000	1,072,000	816,000	486,000	490,000	423,200	533,255	931,779	2,374,170	985,642	594,266	730,203	674,549	843,908	-	-	-	-
Common Stock	5,000	5,000	5,000	2,000	1,000	1,000	1,000	1,000	4,000	5,000	4,500	4,215	4,170	4,135	4,102	3,230	3,219	3,206	2,295	-	-	-	-
Common Stock Shares Outstanding	326,000	403,000	315,000	150,000	117,000	96,000	95,000	84,000	91,000	91,000	464,000	448,000	444,800	411,941	371,456	322,701	325,487	243,354	229,500	229,500	229,500	229,500	229,500
Common Stock Total Equity	0	5,000	5,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Current Deferred Revenue	0	1,360,000	0	880,000	0	136,000	160,000	165,000	-14,025,000	134,000	140,400	118,610	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	-	-	-	-
Deferred Long Term Liab	0	1,360,000	1,010,000	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	-	-	-	-
Good Will	1,044,000	1,044,000	1,045,000	1,045,000	1,083,000	1,083,000	1,084,000	1,081,000	1,354,000	1,359,000	1,347,500	1,341,900	392,094	300,174	295,350	264,061	959,993	964,693	1,022,381	-	-	-	-
Intangible Assets	2,863,000	2,887,000	2,912,000	2,992,000	3,238,000	3,203,000	3,242,000	3,332,000	3,822,000	4,009,000	3,928,000	4,032,100	2,562,234	2,550,559	2,597,682	2,621,586	3,123,467	3,173,495	3,235,265	-	-	-	-
Inventory	-284,000	475,000	393,000	2,222,000	495,000	283,000	432,000	278,000	51,000	67,000	92,300	105,728	83,978	87,429	93,415	96,187	118,997	112,119	105,532	-	-	-	-
Liabilities And Stockholders Equity	24,605,000	22,497,000	19,783,000	16,908,000	24,627,000	21,382,000	20,058,000	19,155,000	23,358,000	23,985,000	24,588,400	23,286,038	17,673,527	17,332,221	16,002,419	16,451,367	19,255,662	18,677,401	18,571,950	14,096,400	12,579,000	11,128,900	10,158,400
Long Term Debt	14,313,000	13,728,000	10,761,000	6,127,000	16,646,000	15,896,000	14,202,000	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Long Term Debt Total	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Long Term Investments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Net Debt	17,069,000	14,722,000	10,159,000	6,807,000	18,072,000	15,197,000	13,793,000	12,725,000	15,421,000	15,503,000	15,886,200	14,915,345	10,385,311	8,932,259	9,656,553	10,378,031	11,229,923	11,601,635	11,671,097	-	-	-	-
Net Invested Capital	18,783,000	16,508,000	13,884,000	6,323,000	18,858,000	17,385,000	16,385,000	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Net Receivables	1,191,000	974,000	758,000	777,000	1,840,000	1,587,000	1,365,000	1,283,000	2,074,000	1,597,000	1,512,600	1,886,596	1,616,382	1,356,553	1,325,332	1,911,084	1,690,956	1,656,542	1,823,188	-	-	-	-
Net Tangible Assets	0	-1,286,000	-980,000	-3,981,000	-2,552,000	-3,225,000	-2,806,000	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Net Working Capital	-699,000	1,674,000	2,688,000	1,219,000	1,167,000	1,043,000	867,000	649,000	-879,000	-1,554,000	-1,468,700	-1,416,676	1,210,186	2,254,515	1,277,824	1,422,052	1,297,802	1,641,903	2,150,752	-	-	-	-
Non Current Assets Total	22,208,000	18,950,000	15,357,000	12,440,000	20,738,000	17,483,000	16,502,000	16,200,000	19,552,000	20,343,000	20,983,200	19,718,722	14,311,591	12,953,711	12,932,746	12,831,745	15,736,868	15,311,753	15,122,635	-	-	-	-
Non Current Liabilities Other	471,000	2,419,000	2,834,000	5,453,000	399,000	418,000	427,000	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Non Current Liabilities Total	18,417,000	18,114,000	15,214,000	13,836,000	20,314,000	17,688,000	16,142,000	15,774,000	16,654,000	16,325,000	16,743,300	15,794,724	13,287,102	13,076,903	12,113,129	12,765,515	14,100,253	14,389,468	14,367,547	-	-	-	-
Non Currrent Assets Other	726,000	-1,360,000	-1,010,000	1,811,000	-1,124,000	-1,092,000	-1,220,000	111,000	0	0	0	0	0	0	0	0	0	0	-15,122,635	-	-	-	-
Noncontrolling Interest In Consolidated Entity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Other Assets	0	12,765,000	11,192,000	6,076,000	13,814,000	12,440,000	11,353,000	0	0	0	0	-17	0	0	0	0	0	0	676,687	14,096,400	12,579,000	11,128,900	-
Other Current Assets	726,000	1,155,000	1,017,000	373,000	689,000	902,000	687,000	578,000	846,000	917,000	717,200	470,120	729,797	560,358	665,284	1,018,085	978,638	922,438	0	-	-	-	-
Other Current Liab	1,017,000	-414,000	1,011,000	1,431,000	1,336,000	1,304,000	920,000	980,000	1,106,000	1,148,000	1,104,700	1,180,538	1,254,261	1,179,022	1,133,178	1,266,234	1,156,114	1,069,418	-621,876	-	-	-	-
Other Liab	0	2,449,000	2,797,000	1,218,000	1,677,000	1,510,000	1,647,000	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Other Stockholder Equity	2,975,000	3,190,000	5,501,000	2,947,000	3,043,000	2,161,000	2,143,000	2,127,000	2,651,000	3,238,000	3,138,400	3,233,948	3,205,964	3,183,225	3,141,695	2,503,819	2,469,213	2,427,293	2,292,705	2,670,200	2,225,400	1,921,900	-
Preferred Stock Redeemable	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	-	-	-	-
Property Plant And Equipment Gross	20,503,000	16,805,000	13,010,000	9,881,000	21,025,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Property Plant And Equipment Net	17,575,000	15,019,000	11,400,000	8,403,000	16,417,000	13,197,000	12,176,000	11,676,000	14,376,000	14,975,000	15,707,700	14,344,722	11,357,263	10,102,978	10,039,714	9,946,098	11,653,408	11,173,565	10,864,989	-	-	-	-
Property Plant Equipment	0	12,495,000	608,000	2,341,000	2,628,000	778,000	840,000	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Retained Earnings	360,000	-256,000	-2,315,000	-2,681,000	-967,000	-909,000	-506,000	-882,000	-391,000	-664,000	-378,800	-703,985	-947,064	-1,110,362	-1,062,318	-936,296	270,450	9,535	-21,346	-	-	-	-
Retained Earnings Total Equity	0	-256,000	-2,315,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Short Long Term Debt	1,378,000	135,000	146,000	140,000	443,000	428,000	663,000	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Short Long Term Debt Total	17,833,000	15,665,000	12,417,000	7,903,000	18,937,000	16,324,000	14,865,000	13,541,000	15,907,000	15,993,000	16,309,400	15,448,600	11,317,090	11,306,429	10,642,195	10,972,297	11,960,126	12,276,184	12,515,005	-	-	-	-
Short Term Debt	1,378,000	135,000	9,000	250,000	146,000	146,000	370,000	340,000	2,532,000	2,906,000	2,860,900	2,685,800	0	0	0	0	0	0	0	-	-	-	-
Short Term Investments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Total Assets	24,605,000	22,497,000	19,783,000	16,908,000	24,627,000	21,382,000	20,058,000	19,155,000	23,358,000	23,985,000	24,588,400	23,286,038	17,673,527	17,332,221	16,002,419	16,451,367	19,255,662	18,677,401	18,571,950	14,096,400	12,579,000	11,128,900	10,158,400
Total Current Assets	2,397,000	3,547,000	4,426,000	4,468,000	3,889,000	3,899,000	3,556,000	2,955,000	3,806,000	3,642,000	3,605,200	3,567,333	3,361,936	4,378,510	3,069,673	3,619,622	3,518,794	3,365,648	2,772,628	-	-	-	-
Total Current Liabilities	3,096,000	1,738,000	1,592,000	2,979,000	2,425,000	2,574,000	2,396,000	2,306,000	4,685,000	5,196,000	5,073,900	4,984,009	2,151,750	2,123,995	1,791,849	2,197,570	2,220,992	1,723,745	621,876	-	-	-	-
Total Liab	21,513,000	19,852,000	16,806,000	16,815,000	22,739,000	20,262,000	18,538,000	18,080,000	21,339,000	21,521,000	21,817,200	20,778,733	15,438,852	15,200,898	13,904,978	14,963,085	16,321,245	16,113,213	16,296,839	11,426,200	10,353,600	9,207,000	-
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Total Stockholder Equity	3,092,000	2,645,000	2,977,000	56,000	1,888,000	1,120,000	1,520,000	1,075,000	2,019,000	2,464,000	2,771,200	2,507,286	2,234,656	2,114,821	2,080,148	1,470,618	2,913,389	2,534,562	2,266,182	2,670,200	2,225,400	1,921,900	1,984,400
Treasury Stock	0	-3,136,000	-708,000	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	-	-	-	-

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

Cash Flow

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31
Begin Period Cash Flow	1,418,000	2,651,000	1,578,000	1,360,000	545,000	1,504,000	816,000	474,000	490,000	411,000	545,500	931,779	2,374,170	985,642	594,266	730,203	674,549	843,908	677,965
Capital Expenditures	9,702,000	10,746,000	7,225,000	5,640,000	13,938,000	12,670,000	10,769,000	11,091,000	12,985,000	11,663,000	10,612,200	9,926,025	9,736,006	8,620,081	7,628,018	10,202,849	11,734,097	11,868,784	13,107,054
Cash And Cash Equivalents Changes	0	-1,208,000	1,107,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	543,000	860,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change In Cash	-212,000	-1,233,000	1,073,000	218,000	-50,000	-94,000	256,000	342,000	-4,000	79,000	-122,300	-398,524	-1,442,391	1,388,528	391,376	-135,937	55,654	-169,359	165,943
Change In Working Capital	-371,000	-204,000	-418,000	187,000	-159,000	-22,000	-190,000	-146,000	6,000	60,000	6,500	-162,732	-202,791	-7,565	-604,258	-340,588	378,591	290,346	-304,052
Change Receivables	0	-264,000	-210,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Account Receivables	-216,000	-264,000	-210,000	195,000	-88,000	-136,000	-75,000	-174,000	-58,000	-90,000	-34,700	-157,732	-208,722	-60,632	0	0	84,541	229,663	0
Change To Inventory	-155,000	0	0	-21,000	-108,000	0	-131,000	-33,000	-22,000	-64,000	-28,000	-30,802	478	-61,886	5,568	17,956	709	-17,128	0
Change To Liabilities	0	215,000	-154,000	98,000	65,000	70,000	20,000	0	0	0	0	0	0	0	0	0	0	0	0
Change To Netincome	0	-210,000	627,000	-63,000	71,000	-11,000	-751,000	0	0	0	0	0	0	0	0	0	0	0	0
Change To Operating Activities	0	-56,000	-162,000	-54,000	-150,000	52,000	-112,000	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	2,571,000	951,000	796,000	2,484,000	2,994,000	2,764,000	2,962,000	2,796,000	3,042,000	3,320,000	2,771,800	2,325,056	2,037,657	2,008,647	2,157,110	2,433,294	2,243,067	2,016,046	190,698
Dividends Paid	0	-3,000	239,000	239,000	239,000	239,000	0	0	0	0	0	0	3,536,427	4,159,908	15,050	24,150	13,475	1,270,348	1,185,000
End Period Cash Flow	1,206,000	1,418,000	2,651,000	1,578,000	495,000	1,410,000	1,072,000	816,000	486,000	490,000	423,200	533,255	931,779	2,374,170	985,642	594,266	730,203	674,549	843,908
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	-7,228,000	-8,208,000	-5,419,000	-4,687,000	-11,038,000	-10,114,000	-8,375,000	-8,562,000	-9,653,000	-8,211,000	-7,022,600	-7,208,042	-7,502,667	-6,411,402	-5,853,020	-8,107,347	-8,644,609	-9,254,219	-11,654,235
Investments	-4,868,000	-16,000	-3,544,000	74,000	74,000	-24,000	16,000	0	0	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	0	0	3,072,000	28,000	748,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	2,965,000	-262,000	-5,248,000	767,000	1,569,000	1,052,000	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	616,000	2,059,000	365,000	-1,723,000	-50,000	-227,000	327,000	-474,000	273,000	-82,000	346,200	243,079	195,730	-30,661	-111,343	-1,206,746	264,559	115,943	349,977
Other Cashflows From Financing Activities	8,483,000	9,607,000	22,941,000	6,206,000	15,988,000	14,558,000	12,792,000	14,316,000	9,368,000	6,831,000	11,848,400	3,856,815	6,958,272	8,223,465	2,029,786	624,897	4,755	690,188	-4,745,380
Other Cashflows From Investing Activities	0	-4,067,000	-3,473,000	-1,000	-1,000	-6,000	-6,000	0	0	0	0	0	0	0	0	0	0	0	0
Other Non Cash Items	-49,000	-699,000	783,000	360,000	70,000	93,000	198,000	418,000	-9,000	137,000	189,000	153,565	103,512	227,821	186,792	1,416,329	107,474	298,814	1,630,842
Sale Purchase Of Stock	-315,000	-2,461,000	-2,537,000	0	0	0	0	-100,000	-605,000	0	-554,700	0	-11,465	-7,836	-2,219	0	305,132	0	14,830,792
Stock Based Compensation	87,000	130,000	10,000	-2,000	18,000	14,000	19,000	13,000	17,000	11,000	34,800	30,255	31,093	36,560	35,464	28,023	36,054	-136,938	9,058
Total Cash From Financing Activities	1,313,000	487,000	2,845,000	-5,372,000	1,474,000	1,561,000	988,000	-183,000	-540,000	-159,000	126,900	1,624,525	-1,486,666	133,754	-129,071	-695,324	-734,087	-583,865	5,265,032
Total Cash From Operating Activities	2,474,000	2,538,000	1,806,000	953,000	2,900,000	2,556,000	2,394,000	2,529,000	3,332,000	3,452,000	3,589,600	2,717,983	2,233,339	2,208,679	1,774,998	2,095,502	3,089,488	2,614,565	1,452,819
Total Cashflows From Investing Activities	0	-4,233,000	-3,544,000	4,591,000	-4,425,000	-4,197,000	-3,000,000	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
Begin Period Cash Flow	1,056,000	1,166,000	1,242,000	1,418,000	1,508,000	1,563,000	2,122,000	2,651,000	3,466,000	2,695,000	2,440,000	1,578,000	1,882,000	2,311,000	1,409,000	1,360,000	695,000	654,000	1,006,000	1,410,000	1,026,000	921,000	1,940,000	1,504,000	748,000	1,141,000	785,000	816,000	1,430,000	1,285,000	857,000	486,000	509,000	537,000	585,000	490,000	629,000	540,000	498,000	411,000	548,700	483,100	653,783	533,255	453,361	586,201	594,701	931,779	385,788	747,582	1,365,759	2,374,170	1,483,320	896,848	800,749	985,642	926,717	570,889	557,071	594,266	731,539	811,394	728,869	730,203	397,263	401,630	476,883	674,549	440,748	512,375	679,412	843,908
Capital Expenditures	1,239,000	1,797,000	3,797,000	2,869,000	2,789,000	1,809,000	3,133,000	3,015,000	1,989,000	1,084,000	2,627,000	1,526,000	363,000	249,000	623,000	4,405,000	2,232,000	2,641,000	5,038,000	4,027,000	2,475,000	2,505,000	4,081,000	3,609,000	1,962,000	1,995,000	3,896,000	2,916,000	1,742,000	2,009,000	3,660,000	3,680,000	2,725,000	2,099,000	4,626,000	3,535,000	2,989,000	2,527,000	3,490,000	2,657,000	1,024,800	2,593,800	3,660,560	3,333,040	2,015,567	2,074,398	3,113,143	2,722,917	1,669,121	2,474,659	3,571,642	2,020,584	1,341,425	1,756,708	3,256,187	2,265,761	2,364,534	1,674,639	2,050,482	1,538,363	1,416,225	2,141,140	3,724,350	2,921,134	1,876,624	2,512,045	3,937,009	3,408,419	2,332,811	1,734,415	3,810,103	3,991,455
Cash And Cash Equivalents Changes	0	0	-78,000	-187,000	-115,000	-30,000	-535,000	-528,000	-803,000	785,000	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	0	0	0	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	354,000	394,000	95,000	389,000	119,000	-60,000	117,000	109,000	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	0	0	0	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	150,000	-110,000	-76,000	-176,000	-90,000	-55,000	-559,000	-529,000	-815,000	771,000	255,000	862,000	-304,000	-429,000	902,000	49,000	665,000	41,000	-352,000	-404,000	384,000	105,000	-1,019,000	436,000	324,000	-393,000	356,000	-31,000	-614,000	145,000	428,000	371,000	-23,000	-28,000	-48,000	95,000	-139,000	89,000	42,000	87,000	-125,500	65,600	-170,683	120,528	79,894	-132,840	-8,500	-337,078	545,991	-361,794	-618,177	-1,008,411	890,850	586,472	96,099	-184,893	58,925	355,828	13,818	-37,195	-137,273	-79,855	82,525	-1,334	332,940	-4,367	-75,253	-197,666	233,801	-71,627	-167,037	-164,496
Change In Working Capital	54,000	-85,000	-221,000	-119,000	-135,000	-36,000	-155,000	122,000	-119,000	-159,000	-103,000	-37,000	-165,000	43,000	286,000	23,000	-18,000	128,000	-240,000	-29,000	-8,000	184,000	-109,000	-89,000	-143,000	123,000	-171,000	1,000	-57,000	113,000	-110,000	-92,000	-83,000	144,000	-189,000	51,000	15,000	315,000	-270,000	16,000	-52,200	264,600	-206,480	580	-86,911	23,850	-51,713	-47,958	-47,379	114,123	-56,752	-212,783	-26,268	-30,759	213,699	-164,237	-59,545	-175,542	-902,597	533,426	91,878	-995,378	-10,897	573,809	210,729	-854,933	403,461	619,334	8,773	-780,726	325,551	736,748
Change Receivables	0	0	-284,000	-50,000	-30,000	-34,000	-157,000	-43,000	13,000	-9,000	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	0	0	0	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	167,000	-49,000	-284,000	-50,000	-30,000	-34,000	-157,000	-43,000	13,000	-9,000	-141,000	-73,000	-36,000	-56,000	61,000	226,000	44,000	184,000	-283,000	-33,000	81,000	58,000	-168,000	-107,000	109,000	-4,000	-203,000	23,000	-3,000	43,000	-165,000	-49,000	44,000	62,000	-151,000	-13,000	97,000	97,000	-199,000	-85,000	130,400	62,300	-194,189	-33,211	-27,839	52,178	-110,892	-90,932	9,510	127,246	-157,630	-187,848	88,960	27,932	0	0	0	0	0	0	0	-353,366	46,395	223,005	186,932	-371,647	45,344	223,912	-111,895	0	0	0
Change To Inventory	-113,000	-36,000	63,000	0	0	0	0	0	0	0	0	11,000	-88,000	67,000	49,000	-134,000	-31,000	-61,000	5,000	-21,000	-37,000	0	0	-58,000	-110,000	104,000	-68,000	-57,000	14,000	34,000	-31,000	-17,000	-12,000	32,000	23,000	-65,000	-6,000	-7,000	-26,000	-25,000	-5,400	36,000	-16,491	-42,109	-24,704	26,958	-27,585	-5,471	13,094	45,262	-9,598	-48,280	-14,282	-19,529	-22,737	-5,338	5,820	-191	-8,521	8,460	79,816	70,281	-92,067	-40,074	45,278	556	-28,613	-16,512	17,661	0	0	0
Change To Liabilities	0	0	127,000	3,000	-13,000	-25,000	-83,000	205,000	-155,000	-139,000	54,000	40,000	-126,000	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Netincome	0	0	114,000	-30,000	57,000	-24,000	-292,000	49,000	829,000	151,000	278,000	-316,000	-50,000	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Operating Activities	0	0	0	-43,000	-176,000	-27,000	63,000	84,000	-42,000	-9,000	-71,000	-40,000	45,000	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	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	981,000	639,000	450,000	501,000	335,000	402,000	201,000	13,000	137,000	135,000	210,000	314,000	507,000	474,000	717,000	786,000	787,000	779,000	736,000	692,000	646,000	699,000	720,000	699,000	691,000	741,000	788,000	742,000	714,000	742,000	572,000	768,000	730,000	776,000	761,000	775,000	929,000	818,000	776,000	797,000	684,100	730,400	703,726	653,574	610,250	602,721	559,551	552,534	561,984	555,421	453,265	466,987	426,517	554,966	511,989	515,175	519,009	555,242	539,431	543,428	593,391	654,247	592,722	592,934	563,225	594,224	556,719	528,899	3,599,681	-2,557,481	501,287	472,559
Dividends Paid	0	0	0	118,000	0	0	0	0	5,447,000	0	239,000	239,000	239,000	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	266,885	1,431,695	635,010	840,618	322,215	0	0	193,233	0	4,655	2,975	3,150	3,850	5,250	2,800	11,200	7,000	0	0	7,700	2,275	0	0	271,100	2,450	0	0
End Period Cash Flow	1,206,000	1,056,000	1,166,000	1,242,000	1,418,000	1,508,000	1,563,000	2,122,000	2,651,000	3,466,000	2,695,000	2,440,000	1,578,000	1,882,000	2,311,000	1,409,000	1,360,000	695,000	654,000	1,006,000	1,410,000	1,026,000	921,000	1,940,000	1,072,000	748,000	1,141,000	785,000	816,000	1,430,000	1,285,000	857,000	486,000	509,000	537,000	585,000	490,000	629,000	540,000	498,000	423,200	548,700	483,100	653,783	533,255	453,361	586,201	594,701	931,779	385,788	747,582	1,365,759	2,374,170	1,483,320	896,848	800,749	985,642	926,717	570,889	557,071	594,266	731,539	811,394	728,869	730,203	397,263	401,630	476,883	674,549	440,748	512,375	679,412
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
Free Cash Flow	-675,000	-946,000	-3,300,000	-2,307,000	-2,512,000	-877,000	-2,425,000	-2,394,000	-1,391,000	-341,000	-2,362,000	-1,326,000	-338,000	53,000	-446,000	-3,956,000	-1,565,000	-1,462,000	-4,498,000	-3,513,000	-1,936,000	-1,430,000	-3,540,000	-3,208,000	-1,545,000	-1,000,000	-3,412,000	-2,418,000	-1,264,000	-972,000	-3,223,000	-3,103,000	-2,076,000	-867,000	-3,957,000	-2,753,000	-2,266,000	-1,200,000	-2,848,000	-1,897,000	-286,800	-1,200,800	-2,945,514	-2,589,486	-1,427,532	-1,102,862	-2,446,732	-2,230,916	-1,084,326	-1,513,022	-3,050,375	-1,854,944	-919,326	-1,020,705	-2,506,782	-1,964,589	-1,896,738	-1,065,797	-2,318,335	-572,150	-895,518	-2,402,838	-3,016,051	-1,792,940	-1,000,199	-2,501,508	-2,859,250	-2,283,652	-1,915,813	-1,643,381	-2,908,527	-2,786,498
Investments	84,000	-383,000	-1,000	-1,488,000	-1,000	-222,000	-1,710,000	-15,000	-1,104,000	-124,000	-2,298,000	-18,000	969,000	3,522,000	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	0	0	0	0	0	0	0	0	0	4,000	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	0	1,765,000	858,000	693,000	-235,000	1,362,000	1,159,000	2,185,000	175,000	-3,092,000	709,000	-1,242,000	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	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	-348,000	629,000	139,000	196,000	116,000	577,000	940,000	426,000	-261,000	608,000	-170,000	189,000	-291,000	-223,000	-852,000	-357,000	-115,000	172,000	41,000	-148,000	-102,000	140,000	-63,000	-202,000	616,000	92,000	-158,000	-223,000	-438,000	44,000	-29,000	-51,000	70,000	250,000	23,000	-70,000	-234,000	150,000	71,000	-69,000	-7,900	214,700	121,437	17,963	-36,396	242,920	92,888	-56,333	52,078	212,509	60,085	-128,942	-24,690	161,304	-20,448	-146,827	-27,632	68,971	7,738	-160,420	-1,217,953	17,664	51,247	-57,704	80,743	162,707	83,675	-62,566	39,823	107,538	17,818	-49,236
Other Cashflows From Financing Activities	1,126,000	2,103,000	2,777,000	2,595,000	1,368,000	899,000	2,685,000	4,655,000	10,841,000	1,510,000	14,365,000	1,639,000	466,000	52,000	598,000	5,090,000	3,210,000	4,426,000	5,081,000	4,019,000	2,327,000	2,668,000	4,272,000	5,291,000	4,667,000	1,871,000	4,069,000	2,185,000	2,178,000	2,400,000	6,826,000	2,812,000	1,858,000	501,000	3,251,000	3,496,000	1,892,000	1,479,000	1,828,000	1,632,000	4,930,400	1,712,800	3,895,160	1,310,040	1,591,751	527,040	2,860,658	1,227,803	-16,442	638,182	1,479,213	2,472,344	354,230	1,553,298	48,748	343,639	1,878,940	-539,870	616,946	71,551	-1,086,687	715,393	1,349,934	-364,440	10	523,501	772,700	161,012	-1,366,060	752,005	414,551	-93,932
Other Cashflows From Investing Activities	0	0	-2,158,000	-1,443,000	-713,000	-177,000	2,000	-1,496,000	-1,074,000	154,000	-190,000	-190,000	-190,000	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	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	-1,000	-281,000	135,000	98,000	30,000	-95,000	-460,000	-71,000	689,000	5,000	376,000	36,000	86,000	11,000	17,000	16,000	40,000	23,000	7,000	-1,000	26,000	14,000	27,000	26,000	34,000	-2,000	124,000	42,000	351,000	74,000	36,000	-43,000	14,000	-20,000	42,000	38,000	41,000	33,000	34,000	13,000	33,200	101,200	27,139	27,461	68,729	21,699	29,264	33,873	-28,890	14,801	59,836	57,765	34,493	67,592	69,905	55,831	-11,511	45,785	65,969	35,159	1,285,491	70,789	3,053	28,357	39,049	31,352	26,273	10,800	-2,954,163	3,186,542	51,316	15,119
Sale Purchase Of Stock	-43,000	-50,000	-104,000	-118,000	-309,000	-505,000	-881,000	-766,000	-2,537,000	-10,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-343,000	0	0	0	0	0	0	0	-87,500	0	48	-467,248	0	-74	-1,482	-18,494	-40	-44	0	0	-2,166	0	1,964,097	-5,262	0	1,974,170	0	0	0	0	0	0	-1,147,352	0	0	0	0	4,900	0	0
Stock Based Compensation	22,000	22,000	22,000	21,000	34,000	32,000	36,000	28,000	7,000	13,000	30,000	-364,000	-2,000	35,000	201,000	-6,000	4,000	6,000	5,000	3,000	4,000	3,000	4,000	3,000	3,000	4,000	5,000	7,000	-3,000	4,000	6,000	6,000	3,000	5,000	5,000	4,000	-3,000	1,000	5,000	8,000	2,300	12,800	11,716	7,984	7,995	7,283	7,462	7,515	6,655	7,808	7,552	9,078	8,549	8,703	10,311	8,997	36,164	34,188	9,138	7,364	7,720	6,798	38,572	3,572	-18,958	34,980	-32,470	52,502	-246,486	92,592	-12,227	29,183
Total Cash From Financing Activities	-520,000	-568,000	1,662,000	739,000	368,000	-740,000	467,000	392,000	-297,000	166,000	2,284,000	692,000	-1,326,000	-4,268,000	-1,479,000	1,701,000	-1,077,000	-472,000	2,084,000	939,000	-747,000	-232,000	663,000	1,877,000	-264,000	-983,000	1,844,000	391,000	-1,217,000	-684,000	1,519,000	199,000	-1,011,000	-1,298,000	1,270,000	499,000	-949,000	-187,000	1,278,000	-301,000	-1,074,200	-562,400	1,446,651	316,849	978,265	-58,211	825,738	-121,267	-1,300,725	-18,589	724,441	-891,793	-1,161,841	-123,878	1,347,324	72,149	58,585	643,853	369,120	-1,200,629	-1,694,487	442,140	1,009,065	-452,042	-1,208,006	370,962	668,234	-565,277	-778,262	20,325	296,679	-122,607
Total Cash From Operating Activities	564,000	851,000	497,000	562,000	277,000	932,000	708,000	621,000	598,000	743,000	265,000	200,000	25,000	302,000	177,000	449,000	667,000	1,179,000	540,000	514,000	539,000	1,075,000	541,000	401,000	417,000	995,000	484,000	498,000	478,000	1,037,000	437,000	577,000	649,000	1,232,000	669,000	782,000	723,000	1,327,000	642,000	760,000	738,000	1,393,000	715,046	743,554	588,035	971,536	666,411	492,001	584,795	961,637	521,267	165,640	422,099	736,003	749,405	301,172	467,796	608,842	-267,853	966,213	520,707	-261,698	708,299	1,128,194	876,425	10,537	1,077,759	1,124,767	416,998	91,034	901,576	1,204,957
Total Cashflows From Investing Activities	0	0	-2,237,000	-1,488,000	-760,000	-222,000	-1,710,000	-1,541,000	-1,104,000	-124,000	-2,298,000	-18,000	969,000	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

Income Statement

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31
Cost Of Revenue	7,643,000	5,651,000	4,613,000	5,659,000	8,051,000	8,045,000	7,756,000	7,533,000	8,658,000	9,348,000	8,277,500	6,943,900	4,566,400	4,282,400	4,084,200	4,930,000	4,644,148	4,475,974	4,189,302	3,734,400	3,316,100	3,093,000	3,248,000
Depreciation And Amortization	2,571,000	951,000	796,000	2,484,000	2,994,000	2,764,000	2,962,000	2,796,000	3,042,000	3,320,000	2,771,800	2,325,056	1,905,700	1,868,100	1,931,400	2,194,200	2,243,067	2,016,046	190,698	1,463,300	1,523,400	1,499,500	-
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Ebit	754,000	2,073,000	2,056,000	-1,056,000	-2,176,000	-2,282,000	-2,814,000	-2,350,000	-2,079,000	625,000	-1,392,700	-1,224,556	1,086,500	759,800	509,300	1,800,200	1,262,242	1,101,308	2,450,661	887,000	592,500	582,800	1,869,700
Ebitda	3,325,000	3,024,000	2,852,000	1,428,000	818,000	482,000	148,000	446,000	963,000	3,945,000	1,379,100	1,100,500	2,992,200	2,627,900	2,440,700	3,994,400	3,505,309	3,117,354	2,641,359	2,350,300	2,115,900	2,082,300	1,869,700
Effect Of Accounting Charges	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	-	-	-	-
Gross Profit	1,728,000	3,034,000	2,723,000	-401,000	1,728,000	1,459,000	1,047,000	1,270,000	1,877,000	1,698,000	2,494,400	2,076,900	3,732,000	3,280,100	3,017,300	3,595,100	4,041,483	3,582,431	3,279,912	2,941,600	2,617,600	2,545,400	2,348,900
Income Before Tax	286,000	2,449,000	683,000	-2,052,000	13,000	-257,000	-575,000	-470,000	341,000	-23,000	663,100	450,600	324,300	-13,600	-171,000	-1,382,800	386,820	200,651	541,688	502,600	237,500	216,400	2,700
Income Tax Expense	-330,000	390,000	318,000	-329,000	63,000	-30,000	-902,000	4,000	68,000	59,000	316,900	207,500	128,500	17,000	-59,700	-200,600	102,571	67,994	179,089	133,900	78,900	72,400	-20,600
Interest Expense	793,000	328,000	469,000	608,000	805,000	739,000	637,000	624,000	622,000	648,000	716,000	649,900	699,700	773,400	680,300	869,950	0	0	0	-	-	-	-
Interest Income	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Minority Interest	0	2,000	-1,000	9,000	-8,000	2,000	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Net Income	616,000	2,059,000	366,000	-1,723,000	-50,000	-225,000	327,000	-491,000	273,000	-82,000	346,200	243,100	176,200	-48,000	-126,000	-1,203,000	264,559	115,943	349,977	365,500	158,600	-150,000	23,300
Net Income Applicable To Common Shares	0	2,059,000	-84,000	-1,714,000	-58,000	-225,000	327,000	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Net Income From Continuing Ops	1,080,000	2,839,000	1,001,000	-1,723,000	-50,000	-227,000	327,000	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Net Interest Income	-703,000	-328,000	-469,000	-608,000	-805,000	-739,000	-637,000	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Non Operating Income Net Other	0	702,000	-883,000	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	-	-	-	-
Operating Income	915,000	2,073,000	2,056,000	-1,056,000	-2,176,000	442,000	167,000	371,000	832,000	610,000	1,472,200	1,131,077	1,080,985	747,524	444,825	631,241	1,262,242	1,101,308	1,041,670	887,000	592,500	582,800	1,869,700
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Other Operating Expenses	8,605,000	6,610,000	5,301,000	6,323,000	9,020,000	9,062,000	8,636,000	8,432,000	9,703,000	10,436,000	9,299,700	7,889,700	7,217,400	6,815,000	6,656,700	7,893,800	7,423,389	6,957,097	6,427,544	5,789,000	5,341,200	5,055,600	3,727,200
Preferred Stock And Other Adjustments	0	0	450,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Reconciled Depreciation	1,925,000	951,000	796,000	2,484,000	2,994,000	2,764,000	2,962,000	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Selling And Marketing Expenses	0	0	0	0	318,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Selling General Administrative	936,000	959,000	688,000	664,000	651,000	1,017,000	880,000	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Tax Provision	-174,000	390,000	318,000	-329,000	63,000	-30,000	-902,000	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-
Total Operating Expenses	962,000	959,000	688,000	664,000	969,000	1,017,000	880,000	899,000	1,045,000	1,088,000	1,022,200	945,800	2,651,000	2,532,600	2,572,500	2,963,800	2,779,241	2,481,123	2,238,242	2,054,600	2,025,100	1,962,600	479,200
Total Other Income Expense Net	313,000	376,000	-1,373,000	-996,000	2,189,000	40,000	-105,000	-217,000	131,000	15,000	-104,700	-35,500	-62,500	-761,117	-615,834	-1,168,900	-875,422	-900,657	-499,982	-384,400	-355,000	-366,400	-1,867,000
Total Revenue	9,371,000	8,685,000	7,336,000	5,258,000	9,779,000	9,504,000	8,803,000	8,803,000	10,535,000	11,046,000	10,771,900	9,020,800	8,298,400	7,562,500	7,101,500	8,525,100	8,685,631	8,058,405	7,469,214	6,676,000	5,933,700	5,638,400	5,596,900

	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
Cost Of Revenue	2,119,000	2,023,000	1,708,000	1,637,000	1,671,000	1,850,000	1,672,000	1,414,000	1,186,000	1,241,000	1,112,000	1,070,000	1,249,000	1,179,000	1,314,000	1,918,000	2,011,000	2,159,000	2,022,000	1,858,000	1,982,000	2,131,000	2,036,000	1,897,000	1,877,000	2,048,000	1,998,000	1,833,000	1,816,000	2,048,000	1,896,000	2,047,000	2,082,000	2,281,000	2,201,000	2,115,000	2,430,000	2,448,000	2,302,000	2,169,000	2,082,300	2,202,100	2,047,000	1,938,200	1,804,400	1,241,100	1,188,900	1,115,100	1,057,790	1,247,600	1,187,300	1,073,700	1,036,830	1,157,500	1,075,000	1,013,000	1,021,687	1,118,600	988,600	955,320	1,128,191	1,351,800	1,278,507	1,171,530	1,148,996	1,216,114	1,164,714	1,114,324	1,091,822	1,128,051	1,137,219	1,070,150
Depreciation And Amortization	981,000	639,000	450,000	501,000	335,000	402,000	201,000	13,000	137,000	135,000	210,000	314,000	507,000	474,000	717,000	786,000	787,000	779,000	736,000	692,000	646,000	699,000	720,000	699,000	691,000	741,000	788,000	742,000	714,000	742,000	572,000	768,000	730,000	776,000	761,000	775,000	929,000	818,000	776,000	797,000	684,100	730,400	703,726	653,574	610,250	560,500	519,800	514,100	561,984	523,300	419,700	436,100	426,517	501,000	456,700	459,200	519,009	499,100	479,400	543,428	593,391	595,000	592,722	592,934	563,225	594,224	556,719	528,899	3,599,681	-2,557,481	501,287	472,559
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
Ebit	-182,000	466,000	446,000	180,000	135,000	406,000	413,000	163,000	576,000	815,000	599,000	66,000	-670,000	-54,000	-652,000	-186,000	-698,000	451,000	243,000	34,000	-581,000	-330,000	-606,000	-764,000	-698,000	319,000	-1,000	-164,000	-745,000	264,000	139,000	88,000	-526,000	465,000	-555,000	68,000	-120,000	367,000	285,000	94,000	-448,700	-219,800	-308,026	-404,574	-470,050	514,300	310,300	125,000	260,322	465,000	271,200	89,900	218,228	360,500	182,700	23,300	114,610	245,100	194,600	-44,965	-1,213,333	240,800	303,807	140,381	295,479	495,276	332,473	139,014	270,727	3,271,470	269,883	147,013
Ebitda	799,000	1,105,000	896,000	681,000	470,000	808,000	614,000	176,000	713,000	950,000	809,000	380,000	-163,000	420,000	65,000	600,000	89,000	1,230,000	979,000	726,000	65,000	369,000	114,000	-65,000	-7,000	1,060,000	787,000	578,000	-31,000	1,006,000	711,000	856,000	204,000	1,241,000	206,000	843,000	809,000	1,185,000	1,061,000	891,000	235,400	510,600	395,700	249,000	140,200	1,074,800	830,100	639,100	822,306	988,300	690,900	526,000	644,745	861,500	639,400	482,500	633,619	744,200	674,000	498,463	-619,942	835,800	896,529	733,315	858,704	1,089,500	889,192	667,913	3,870,408	713,989	771,170	619,572
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
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
Gross Profit	65,000	680,000	729,000	410,000	364,000	646,000	672,000	396,000	763,000	985,000	761,000	219,000	-14,000	89,000	-482,000	5,000	315,000	677,000	489,000	249,000	312,000	627,000	353,000	166,000	214,000	524,000	226,000	83,000	193,000	494,000	374,000	264,000	331,000	695,000	491,000	339,000	129,000	673,000	528,000	367,000	474,000	867,300	667,600	498,300	514,100	1,275,100	1,036,200	845,800	956,028	1,184,700	885,000	706,300	798,926	1,028,800	2,684,200	647,900	719,035	922,800	765,900	609,566	660,552	1,070,100	996,770	867,631	989,827	1,233,498	1,010,950	807,208	898,762	894,556	903,414	716,444
Income Before Tax	-493,000	559,000	158,000	62,000	127,000	647,000	1,119,000	556,000	-136,000	768,000	-215,000	268,000	-387,000	-259,000	-1,044,000	-361,000	-130,000	247,000	44,000	-149,000	-120,000	181,000	-86,000	-231,000	-179,000	143,000	-245,000	-294,000	-466,000	108,000	-35,000	-69,000	49,000	307,000	50,000	-86,000	-284,000	203,000	121,000	-62,000	62,300	328,300	211,900	72,200	-40,300	368,900	158,700	-36,800	92,816	295,700	94,600	-158,900	-7,798	158,300	-6,200	-157,800	-67,425	75,800	30,700	-210,074	-1,446,132	26,200	92,985	-55,820	81,308	255,126	140,959	-90,573	42,707	52,648	57,273	-63,300
Income Tax Expense	-145,000	-70,000	19,000	-134,000	11,000	70,000	179,000	130,000	125,000	160,000	-46,000	79,000	-97,000	-36,000	-192,000	-4,000	-15,000	74,000	4,000	-1,000	-18,000	41,000	-23,000	-29,000	-795,000	50,000	-87,000	-71,000	-28,000	64,000	-7,000	-18,000	-21,000	70,000	27,000	-16,000	-50,000	54,000	49,000	7,000	62,900	113,600	90,500	54,200	-3,900	126,000	65,800	19,500	40,738	83,200	34,500	-30,000	16,892	-3,000	14,200	-11,000	-39,793	6,900	22,900	-49,654	-232,819	2,900	36,067	-2,950	-4,720	86,870	52,538	-32,117	-1,558	23,184	35,417	-17,323
Interest Expense	218,000	225,000	188,000	162,000	128,000	70,000	86,000	44,000	69,000	63,000	189,000	148,000	130,000	127,000	176,000	175,000	219,000	204,000	199,000	183,000	185,000	188,000	200,000	166,000	172,000	176,000	158,000	130,000	143,000	156,000	174,000	157,000	155,000	158,000	156,000	154,000	164,000	164,000	164,000	156,000	173,100	182,300	183,800	176,800	180,500	154,900	152,200	162,300	167,664	169,300	165,800	196,900	201,298	202,200	188,900	181,100	182,035	169,300	163,900	165,109	232,799	220,077	210,822	0	0	0	0	0	0	0	0	0
Interest Income	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-2,000	-3,000	1,000	1,000	2,000	1,000	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	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	-348,000	629,000	139,000	196,000	116,000	577,000	940,000	426,000	-260,000	605,000	-168,000	190,000	-289,000	-222,000	-847,000	-356,000	-118,000	169,000	38,000	-147,000	-101,000	141,000	-63,000	-202,000	616,000	93,000	-158,000	-223,000	-440,000	42,000	-43,000	-51,000	70,000	237,000	23,000	-70,000	-234,000	149,000	72,000	-69,000	-600	214,700	121,400	18,000	-36,400	242,900	92,900	-56,300	47,049	206,700	55,000	-132,600	-29,158	156,600	-25,100	-150,400	-30,903	64,500	7,800	-163,509	-1,217,953	17,700	51,247	-57,704	80,743	162,707	83,675	-62,566	39,823	25,373	17,818	-49,236
Net Income Applicable To Common Shares	0	0	139,000	196,000	116,000	577,000	940,000	426,000	-677,000	571,000	-168,000	190,000	-289,000	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income From Continuing Ops	-348,000	629,000	139,000	196,000	896,000	577,000	940,000	426,000	373,000	608,000	-169,000	189,000	-291,000	-223,000	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	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	-218,000	-225,000	-188,000	-162,000	-128,000	-70,000	-86,000	-44,000	-69,000	-63,000	-189,000	-148,000	-130,000	-127,000	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	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	-98,000	35,000	112,000	79,000	459,000	52,000	-628,000	7,000	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Recurring	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	-279,000	494,000	476,000	180,000	135,000	406,000	413,000	163,000	-66,000	808,000	589,000	63,000	-158,000	-54,000	-650,000	-203,000	67,000	445,000	231,000	15,000	61,000	362,000	88,000	-68,000	-6,000	307,000	3,000	-137,000	-20,000	267,000	140,000	-3,000	108,000	436,000	196,000	73,000	-114,000	370,000	264,000	91,000	242,500	590,500	392,600	246,582	183,684	513,589	309,896	123,909	259,421	463,809	269,727	36,152	191,614	359,093	175,844	20,973	102,769	243,991	145,051	-46,986	-48,785	240,747	298,898	140,381	295,479	495,276	332,473	139,014	270,727	276,860	269,883	147,013
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
Other Operating Expenses	2,366,000	2,232,000	1,993,000	1,858,000	1,892,000	2,096,000	1,929,000	1,649,000	1,374,000	1,418,000	1,284,000	1,226,000	1,392,000	1,322,000	1,482,000	2,126,000	2,259,000	2,391,000	2,280,000	2,092,000	2,233,000	2,396,000	2,301,000	2,131,000	2,098,000	2,265,000	2,221,000	2,053,000	2,029,000	2,275,000	2,130,000	2,314,000	2,306,000	2,540,000	2,496,000	2,381,000	2,673,000	2,751,000	2,566,000	2,445,000	2,304,500	2,478,900	2,322,000	2,189,900	2,134,800	2,002,600	1,915,300	1,837,000	1,754,397	1,968,500	1,802,600	1,495,100	1,644,142	1,827,200	1,703,700	1,639,900	1,637,953	1,797,400	1,609,500	1,611,872	1,837,528	2,181,100	1,976,379	1,898,780	1,843,344	1,954,336	1,843,191	1,782,518	1,719,857	1,745,747	1,770,750	1,639,581
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	416,000	34,000	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	0	0	0	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	981,000	639,000	450,000	501,000	335,000	402,000	201,000	13,000	137,000	135,000	210,000	314,000	507,000	474,000	717,000	786,000	787,000	779,000	736,000	692,000	646,000	699,000	720,000	699,000	691,000	741,000	788,000	742,000	714,000	742,000	572,000	768,000	730,000	776,000	761,000	775,000	929,000	818,000	776,000	797,000	684,100	730,400	703,726	653,574	610,250	602,721	559,551	552,534	561,984	555,421	453,265	466,987	426,517	554,966	511,989	515,175	519,009	555,242	539,431	543,428	593,391	654,247	592,722	592,934	563,225	594,224	556,719	528,899	3,599,681	-2,557,481	501,287	472,559
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
Selling And Marketing Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling General Administrative	247,000	209,000	285,000	221,000	221,000	246,000	257,000	235,000	183,000	177,000	172,000	156,000	145,000	143,000	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Tax Provision	-145,000	-70,000	19,000	-134,000	11,000	70,000	179,000	130,000	125,000	160,000	-46,000	79,000	-97,000	-36,000	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	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	247,000	209,000	285,000	221,000	221,000	246,000	257,000	235,000	188,000	177,000	172,000	156,000	143,000	143,000	168,000	208,000	248,000	232,000	258,000	234,000	251,000	265,000	265,000	234,000	221,000	217,000	223,000	220,000	213,000	227,000	234,000	267,000	224,000	259,000	295,000	266,000	243,000	303,000	264,000	276,000	222,200	276,800	275,000	251,700	330,400	761,500	726,400	721,900	696,607	720,900	615,300	421,400	607,312	669,700	628,700	626,900	616,266	678,800	620,900	656,552	709,337	829,300	697,872	727,250	694,348	738,222	678,477	668,194	628,035	617,696	633,531	569,431
Total Other Income Expense Net	-93,000	313,000	-98,000	-118,000	-8,000	241,000	706,000	393,000	-642,000	23,000	-615,000	353,000	-100,000	-78,000	-218,000	17,000	22,000	6,000	12,000	19,000	4,000	7,000	26,000	3,000	-172,000	12,000	-90,000	-27,000	-303,000	-3,000	-1,000	91,000	97,000	29,000	10,000	-5,000	-6,000	-3,000	21,000	3,000	-20,700	-83,400	1,100	600	-46,100	9,500	600	500	158	-29	-10,800	-51,900	-199,412	-200,803	-182,082	-178,820	-170,194	-168,228	-114,324	-163,088	-1,397,347	-214,587	-205,913	-196,201	-214,171	-240,150	-191,514	-229,587	-228,020	-224,212	-212,610	-210,313
Total Revenue	2,184,000	2,703,000	2,437,000	2,047,000	2,035,000	2,496,000	2,344,000	1,810,000	1,949,000	2,226,000	1,873,000	1,289,000	1,235,000	1,268,000	832,000	1,923,000	2,326,000	2,836,000	2,511,000	2,107,000	2,294,000	2,758,000	2,389,000	2,063,000	2,091,000	2,572,000	2,224,000	1,916,000	2,009,000	2,542,000	2,270,000	2,311,000	2,413,000	2,976,000	2,692,000	2,454,000	2,559,000	3,121,000	2,830,000	2,536,000	2,556,300	3,069,400	2,714,600	2,436,500	2,318,500	2,516,200	2,225,100	1,960,900	2,013,818	2,432,300	2,072,300	1,780,000	1,835,756	2,186,300	3,759,200	1,660,900	1,740,722	2,041,400	1,754,500	1,564,886	1,788,743	2,421,900	2,275,277	2,039,161	2,138,823	2,449,612	2,175,664	1,921,532	1,990,584	2,022,607	2,040,633	1,786,594

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

Gross Profit (+$)
totalRevenue	9,371,000
Cost of Revenue	-7,643,000
Gross Profit	1,728,000	1,728,000

Operating Income (+$)
Gross Profit	1,728,000
Operating Expense	-962,000
Operating Income	915,000	766,000

Operating Expense (+$)
Research Development	0
Selling General Administrative	936,000
Selling And Marketing Expenses	0
Operating Expense	962,000	936,000

Net Interest Income (+$)
Interest Income	0
Interest Expense	-793,000
Other Finance Cost	-90,000
Net Interest Income	-703,000

Pretax Income (+$)
Operating Income	915,000
Net Interest Income	-703,000
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	286,000	602,000 EBIT - interestExpense = -39,000 286,000 1,409,000
Interest Expense	793,000
Earnings Before Interest and Taxes (EBIT)	754,000	1,079,000
Earnings Before Interest and Taxes (EBITDA)	3,325,000

After tax Income (+$)
Income Before Tax	286,000
Tax Provision	--174,000
Net Income From Continuing Ops	1,080,000	460,000
Net Income	616,000
Net Income Applicable To Common Shares	0

Non-recurring Events
Discontinued Operations	0
Extraordinary Items	0
Effect of Accounting Charges	0
Other Items	0
Non Recurring	0
Other Operating Expenses	8,605,000
Total Other Income/Expenses Net	313,000	703,000

Technical Analysis of Hertz
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 Hertz. The general trend of Hertz is BEARISH with 100.0% confidence. It is very important for your mental being to use each indicator with this in mind. But beware, also the general trend flips once in a while! You can use moving averages to determine Hertz's overall trend. For convenience I use the most commonly used moving averages: 20, 50, 100 & 200. Of course you can use other moving averages or other indicators to determine the trend.

Indicator phases

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

Indicator zone transitions	Bullish trend (-100.0%)		Bearish trend (100.0%)
Overbought to neutral	Bullish pullback	=	Bearish reversal
Upper to lower neutral	Bullish correction	=	Bearish continuation
Nuetral to oversold	Oversold	=	Oversold
Oversold to neutral	Bullish reversal	=	Bearish correction
Lower to upper neutral	Bullish continuation	=	Bearish pullback
Nuetral to overbought	Overbought	=	Overbought

1. Price Targets

1.1 Support & Resistance

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

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

Score

Let's take a look at the Support & Resistance of Hertz Global Holdings Inc.

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

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

The bullish price targets are: 6.88 < 7.05 < 7.8.

The bearish price targets are: .

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Hertz Global Holdings Inc Daily Support & Resistance Chart

2. Trend Indicators

2.1 Moving Averages

Shows the moving average of the selected period.

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

Score

Let's take a look at the Moving Averages of Hertz Global Holdings Inc. The current mas is .

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

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

Directionalities and relatives.

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

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

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

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

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

Simple moving average

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

Source: Tradingview.com

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

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

Exponential moving average

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

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

Where:

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

Smoothed moving average

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

Linear weighted moving average

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

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

Where:

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

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

Source: Tradingview.com

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

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

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

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

Hertz Global Holdings Inc Daily Moving Averages Chart

2.2 Moving Average Convergence/Divergence (MACD)

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

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

Score

Let's take a look at the Moving Average Convergence/Divergence (MACD) of Hertz Global Holdings Inc. The current macd is -0.38056524.

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

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

Hertz Global Holdings Inc Daily Moving Average Convergence/Divergence (MACD) Chart

2.3 Directional Movement Index (DMI)

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

Score

Let's take a look at the Directional Movement Index (DMI) of Hertz Global Holdings Inc. The current adx is 21.03.

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

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

Hertz Global Holdings Inc Daily Directional Movement Index (DMI) Chart

2.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

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

Score

Let's take a look at the Parabolic SAR of Hertz Global Holdings Inc. The current sar is 7.46488058.

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

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

Hertz Global Holdings Inc Daily Parabolic SAR Chart

3. Momentum Indicators

3.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

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

Score

Let's take a look at the Relative Strength Index (RSI) of Hertz Global Holdings Inc. The current rsi is 29.14. The current phase is Oversold in bear market.

The long score for the Relative Strength Index (RSI) is 1/13.
The longshort score for the Relative Strength Index (RSI) is 0/(-13 +13).

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

Hertz Global Holdings Inc Daily Relative Strength Index (RSI) Chart

3.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

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

Score

Let's take a look at the Stochastic Oscillator of Hertz Global Holdings Inc. The current phase is Oversold in bear market.

The long score for the Stochastic Oscillator is 3/6.
The longshort score for the Stochastic Oscillator is 0/(-6 +6).

STOCH < 50: The STOCH %K is below 50. There are more sellers than buyers. -1
STOCH < 20: The STOCH %K is below 20 and oversold. -2
STOCH %K line > STOCH %D line: The STOCH %K line is above the STOCH %D 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 Hertz price going up in the near term. +2
Trending up: The STOCH %K is trending up. +1

Hertz Global Holdings Inc Daily Stochastic Oscillator Chart

3.3 Commodity Channel Index (CCI)

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

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

Score

Let's take a look at the Commodity Channel Index (CCI) of Hertz Global Holdings Inc. The current cci is -192.82632628.

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

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

Hertz Global Holdings Inc Daily Commodity Channel Index (CCI) Chart

3.4 Chande Momentum Oscillator (CMO)

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

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

Score

Let's take a look at the Chande Momentum Oscillator (CMO) of Hertz Global Holdings Inc. The current cmo is -54.43889943.

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

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

Hertz Global Holdings Inc Daily Chande Momentum Oscillator (CMO) Chart

3.5 Williams %R

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

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

Score

Let's take a look at the Williams %R of Hertz Global Holdings Inc. The current willr is -92.89340102.

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

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

Hertz Global Holdings Inc Daily Williams %R Chart

4. Volatility Indicators

4.1 Bollinger Bands

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

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

Score

Let's take a look at the Bollinger Bands of Hertz Global Holdings Inc.

Hertz Global Holdings Inc Daily Bollinger Bands Chart

4.2 Average True Range (ATR)

Measures market volatility

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

Score

Let's take a look at the Average True Range (ATR) of Hertz Global Holdings Inc. The current atr is 0.35587189.

Hertz Global Holdings Inc Daily Average True Range (ATR) Chart

5. Volume Indicators

5.1 On-Balance Volume (OBV)

Measures market volatility

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

Score

Let's take a look at the On-Balance Volume (OBV) of Hertz Global Holdings Inc. The current obv is -171,996,080.

Hertz Global Holdings Inc Daily On-Balance Volume (OBV) Chart

5.2 Money Flow Index (MFI)

Measures the flow of money in and out of a security

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

Score

Let's take a look at the Money Flow Index (MFI) of Hertz Global Holdings Inc. The current mfi is 27.51.

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

Hertz Global Holdings Inc Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for Hertz Global Holdings Inc.

6.2. Trading Signals

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

Date	Indicator	Signal
2023-11-29	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-01	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-04	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2023-12-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-06	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2023-12-07	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-11	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-12	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2023-12-13	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
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-14	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-15	STOCH	LONG EXIT		The %K line crosses below the %D line.
	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2023-12-18	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2023-12-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-20	STOCH	LONG EXIT		The %K line crosses below the %D line.
	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2023-12-21	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-27	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-28	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2024-01-03	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
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-04	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-08	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-10	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-11	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-01-12	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2024-01-16	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-18	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
	MFI	LONG ENTRY	SHORT CLOSE	20 crossover to upside
2024-01-19	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-23	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-24	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-25	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-26	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
2024-01-31	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-02-01	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2024-02-02	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-05	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-06	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-08	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-02-12	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-13	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-15	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-16	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-02-20	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-02-22	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-28	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
2024-03-01	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-04	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-03-05	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-03-06	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-08	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-11	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2024-03-12	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-14	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-03-18	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-03-20	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.
2024-03-25	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-03-26	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
2024-03-27	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-03-28	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
2024-04-03	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-04	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-05	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-04-08	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-09	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.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-04-10	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-11	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-04-12	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-04-15	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-16	STOCH	LONG EXIT		The %K line crosses below the %D line.
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-04-18	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).

6.3. Candlestick Patterns

Hertz Global Holdings Inc Daily Candlestick Chart

Date	Candlestick Pattern

6.4. Technical Score

Let's check the technical score of Hertz Global Holdings Inc based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	29.136
Ma 20	Greater than	Ma 50	7.223
Ma 50	Greater than	Ma 100	7.480
Ma 100	Greater than	Ma 200	8.339
Open	Greater than	Close	5.970
Total			0/5 (0.0%)

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Quick analysis of Hertz (30 sec.)

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1. Valuation of Hertz (5 min.)

$5.97

$10.10

$-231.05 - $-196.17

$-220.94 - $-186.07

2. Growth of Hertz (5 min.)

Is Hertz growing?

How much money is Hertz making?

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

3. Financial Health of Hertz (5 min.)

4. Comparing to competitors in the Rental & Leasing Services industry (5 min.)

Industry Rankings (Rental & Leasing Services)

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

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

Speculation

Investing

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Linear %

Fundamentals of Hertz

About Hertz Global Holdings Inc

Financial Health

Valuation

1.1. Profitability of Hertz Global Holdings Inc.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Rental & Leasing Services)

1.1.2. Return on Assets

Trends

Compared to industry (Rental & Leasing Services)

1.1.3. Return on Equity

Trends

Compared to industry (Rental & Leasing Services)

1.2. Operating Efficiency of Hertz Global Holdings Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

Compared to industry (Rental & Leasing Services)

1.2.2. Operating Ratio

Trends

Compared to industry (Rental & Leasing Services)

1.3. Liquidity of Hertz Global Holdings Inc.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Rental & Leasing Services)

1.3.2. Quick Ratio

Trends

Compared to industry (Rental & Leasing Services)

1.4. Solvency of Hertz Global Holdings Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Rental & Leasing Services)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Rental & Leasing Services)

2. Market Valuation of Hertz Global Holdings Inc

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Rental & Leasing Services)

Hertz Global Holdings Inc
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