Lazard Ltd
Buy, Hold or Sell?

Let's analyse Lazard together

Penke I guess you are interested in Lazard Ltd. 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 Lazard Ltd. 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 Lazard (30 sec.)

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

How much money do you get?

$1.90

When do you have the money?

1 year

How often do you get paid?

100.0%

What is your share worth?

Current worth

$6.00

Expected worth in 1 year

$-1.37

How sure are you?

75.0%

+ What do you gain per year?

Total Gains per Share

$-5.47

Return On Investment

-14.4%

For what price can you sell your share?

Current Price per Share

$37.91

Expected price per share

$36.31 - $42.24

How sure are you?

50%

1. Valuation of Lazard (5 min.)

Live pricePrice per Share (EOD)

$37.91

Book Value per Share

$6.00

Intrinsic Value Per Share

$35.63 - $44.50

Total Value Per Share

$41.63 - $50.50

My calculation of the intrinsic value of Lazard 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: ($1.37) 3Y: ($1.31) TTM: ($0.04)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($0.00) 3Y: ($-0.01) TTM: ($-0.16)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$4.98	$5.33	$5.12 - $5.40
2	$9.58	$10.44	$5.01 - $5.34
3	$13.82	$15.35	$4.91 - $5.28
4	$17.75	$20.05	$4.80 - $5.21
5	$21.36	$24.56	$4.70 - $5.15
6	$24.70	$28.89	$4.59 - $5.09
7	$27.78	$33.05	$4.49 - $5.03
8	$30.62	$37.02	$4.38 - $4.96
9	$33.23	$40.84	$4.28 - $4.90
10	$35.63	$44.50	$4.17 - $4.84

2. Growth of Lazard (5 min.)

Is Lazard growing?

	Current year	Previous year	Grow	Grow %
How rich?	$569.8m	$1.1b	-$651.6m	-120.2%

How much money is Lazard making?

	Current year	Previous year	Grow	Grow %
Making money	-$17.1m	$91.1m	-$108.3m	-632.4%
Net Profit Margin	-3.1%	12.8%	-	-

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

Quarterly Yearly

3. Financial Health of Lazard (5 min.)

4. Comparing to competitors in the Capital Markets industry (5 min.)

Industry Rankings (Capital Markets)

Richest
#112 / 370

Most Revenue
#43 / 370

Most Profit
#339 / 370

Most Efficient
#257 / 370

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

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

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

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

Speculation

The Price per Share of Lazard is $37.91. 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 Lazard.
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 Lazard, 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 $6.00. Based on the TTM, the Book Value Change Per Share is $-1.84 per quarter. Based on the YOY, the Book Value Change Per Share is $-0.34 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 $0.47 per quarter.

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

How much money are you going to get?

	MRQ		TTM		YOY		5Y		10Y
	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share
Usd Eps	0.67	1.8%	-0.23	-0.6%	0.87	2.3%	0.66	1.7%	0.82	2.2%
Usd Book Value Change Per Share	0.68	1.8%	-1.84	-4.9%	-0.34	-0.9%	-0.08	-0.2%	0.03	0.1%
Usd Dividend Per Share	0.46	1.2%	0.47	1.2%	0.45	1.2%	0.47	1.2%	0.51	1.4%
Usd Total Gains Per Share	1.14	3.0%	-1.37	-3.6%	0.11	0.3%	0.38	1.0%	0.55	1.4%
Usd Price Per Share	34.80	-	32.73	-	33.35	-	35.78	-	40.87	-
Price to Earnings Ratio	13.00	-	23.57	-	11.02	-	14.20	-	13.08	-
Price-to-Total Gains Ratio	30.44	-	47.50	-	-647.05	-	-98.48	-	-32.03	-
Price to Book Ratio	5.80	-	5.54	-	3.04	-	4.52	-	5.53	-
Price-to-Total Gains Ratio	30.44	-	47.50	-	-647.05	-	-98.48	-	-32.03	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	37.91
Number of shares	26

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.47	0.47
Usd Book Value Change Per Share	-1.84	-0.08
Usd Total Gains Per Share	-1.37	0.38
Gains per Quarter (26 shares)	-35.56	9.99
Gains per Year (26 shares)	-142.25	39.95

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	49	-192	-152	49	-9	30
2	99	-383	-294	97	-17	70
3	148	-575	-436	146	-26	110
4	197	-766	-578	194	-34	150
5	246	-958	-720	243	-43	190
6	296	-1149	-862	291	-51	230
7	345	-1341	-1004	340	-60	270
8	394	-1532	-1146	388	-69	310
9	444	-1724	-1288	437	-77	350
10	493	-1915	-1430	485	-86	390

How sure are you?

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

Linear %

	Trailing 12 Months				3Y				5 Year				10 Year				ALLTIME
				%				%				%				%				%
Earnings Per Share	2.0	2.0	0.0	50.0%	10.0	2.0	0.0	83.3%	18.0	2.0	0.0	90.0%	37.0	3.0	0.0	92.5%	72.0	9.0	0.0	88.9%
Book Value Change Per Share	1.0	3.0	0.0	25.0%	7.0	5.0	0.0	58.3%	10.0	10.0	0.0	50.0%	22.0	18.0	0.0	55.0%	46.0	33.0	2.0	56.8%
Dividend per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	40.0	0.0	0.0	100.0%	76.0	0.0	5.0	93.8%
Total Gains per Share	2.0	2.0	0.0	50.0%	8.0	4.0	0.0	66.7%	14.0	6.0	0.0	70.0%	30.0	10.0	0.0	75.0%	58.0	21.0	2.0	71.6%

Fundamentals of Lazard

About Lazard Ltd

https://www.lazard.com
Capital Markets
3291
30 Rockefeller Plaza, New York, NY, United States, 10112
Google Maps Bing Maps

Lazard, Inc., together with its subsidiaries, operates as a financial advisory and asset management firm in North and South America, Europe, the Middle East, Asia, and Australia. It operates in two segments, Financial Advisory and Asset Management. The Financial Advisory segment offers financial advisory services, such as mergers and acquisitions, capital markets, shareholder, sovereign, geopolitical advisory, and other strategic advisory services, as well as restructuring and liability management, and capital raising and placement services. This segment offers its services to corporate, partnership, institutional, government, sovereign, and individual clients to various industry areas, including consumers, financial institutions, healthcare and life sciences, industrials, power and energy/infrastructure, real estate, technology, telecommunication, and media and entertainment. The Asset Management segment offers a range of investment solutions; investment and wealth management services in equity and fixed income strategies; asset allocation strategies; and alternative investments and private equity funds to corporations, public funds, sovereign entities, endowments and foundations, labor funds, financial intermediaries, and private clients. Lazard, Inc. was incorporated in 1848 and is headquartered in New York, New York.

Fundamental data was last updated by Penke on 2024-04-04 17:40:03.

Financial Health

Profitability Details

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

Operating Efficiency Details

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

Liquidity Details

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

Solvency Details

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

1.1. Profitability of Lazard Ltd.

1.1. Profitability

1.1.1. Net Profit Margin

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

Above 10% is considered healthy but always compare Lazard to the Capital Markets industry mean.
A Net Profit Margin of 7.7% means that $0.08 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Lazard Ltd:

The MRQ is 7.7%. The company is making a profit. +1
The TTM is -3.1%. The company is making a loss. -1

Trends

Current period		Compared to		+/-
MRQ	7.7%	TTM	-3.1%	+10.8%
TTM	-3.1%	YOY	12.8%	-15.9%
TTM	-3.1%	5Y	10.1%	-13.2%
5Y	10.1%	10Y	15.3%	-5.2%

Compared to industry (Capital Markets)

Period	Company	Industry (mean)	+/-
MRQ	7.7%	8.8%	-1.1%
TTM	-3.1%	10.3%	-13.4%
YOY	12.8%	12.8%	+0.0%
5Y	10.1%	12.9%	-2.8%
10Y	15.3%	11.5%	+3.8%

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

Revenue is the amount of profit Lazard 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 Lazard 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 Lazard to the Capital Markets industry mean.
Can be used to compare companies within the Capital Markets industry.

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

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Lazard. If profit margins remain low (compared to the Capital Markets 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 Lazard is 0.08. This means that Lazard earned $0.08 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 Capital Markets industry is 8.8%.
What is the trend?
The trend is important because it shows you how Lazard is performing over time. The most recent quarter might be important if Lazard 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 Lazard 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 Lazard with other companies in the same industry (Capital Markets).
Net profit margin should rise over the years.
Can be influenced when Lazard sells assets (profit will increase while costs remain the same).
It won’t show what part of Lazard 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 Lazard

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 Lazard = 63,567
Total revenue MRQ Lazard = 825,763
$63,567 / $825,763 = 0.08 or 7.7%

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 Lazard is using its assets to generate profit.

Above 5% is considered healthy but always compare Lazard to the Capital Markets industry mean.
1.4% Return on Assets means that Lazard generated $0.01 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Lazard Ltd:

The MRQ is 1.4%. Using its assets, the company is less efficient in making profit.
The TTM is -0.4%. Using its assets, the company is very inefficient in making profit. -2

Trends

Current period		Compared to		+/-
MRQ	1.4%	TTM	-0.4%	+1.7%
TTM	-0.4%	YOY	1.5%	-1.8%
TTM	-0.4%	5Y	1.2%	-1.6%
5Y	1.2%	10Y	2.2%	-1.0%

Compared to industry (Capital Markets)

Period	Company	Industry (mean)	+/-
MRQ	1.4%	0.4%	+1.0%
TTM	-0.4%	0.3%	-0.7%
YOY	1.5%	0.4%	+1.1%
5Y	1.2%	0.4%	+0.8%
10Y	2.2%	0.5%	+1.7%

Shows how efficient Lazard 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 Lazard to the Capital Markets 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 Lazard is using its resources to generate profit. If the return on assets (1.4%) from Lazard are higher than the Capital Markets mean (0.4%) that means Lazard 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 Lazard 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 Capital Markets industry is 0.4%.
What is the trend?
The trend is important because it shows you how Lazard is performing over time. The most recent quarter might be important if Lazard 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 Lazard 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 Lazard

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

Income statement
Balance sheet

Net income MRQ (income statement) from Lazard = 63,567
Total assets MRQ (balance sheet) from Lazard = 4,635,781
63,567 / 4,635,781 = 0.01 or 1.4%

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

Above 15%-20% is considered healthy but always compare Lazard to the Capital Markets industry mean.
15.0% Return on Equity means Lazard generated $0.15 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Lazard Ltd:

The MRQ is 15.0%. Using its investors money, the company is efficient in making profit. +1
The TTM is -5.2%. Using its investors money, the company is very inefficient in making profit. -2

Trends

Current period		Compared to		+/-
MRQ	15.0%	TTM	-5.2%	+20.2%
TTM	-5.2%	YOY	13.7%	-18.9%
TTM	-5.2%	5Y	9.8%	-15.0%
5Y	9.8%	10Y	12.0%	-2.2%

Compared to industry (Capital Markets)

Period	Company	Industry (mean)	+/-
MRQ	15.0%	1.5%	+13.5%
TTM	-5.2%	1.8%	-7.0%
YOY	13.7%	2.2%	+11.5%
5Y	9.8%	2.2%	+7.6%
10Y	12.0%	2.2%	+9.8%

Shows how efficient Lazard 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 Lazard to the Capital Markets 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 Capital Markets 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 Lazard is 15.0%. This means Lazard generated $0.15 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Capital Markets industry is 1.5%.
What is the trend?
The trend is important because it shows you how Lazard is performing over time. The most recent quarter might be important if Lazard 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 Lazard up to 10 years back (depending if Lazard 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 Lazard

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Lazard = 63,567
Shareholders equity (balance sheet) MRQ Lazard = 423,759
63,567 / 423,759 = 0.15 or 15.0%

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 Lazard Ltd.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Lazard is operating .

Measures how much profit Lazard 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 Lazard to the Capital Markets industry mean.
An Operating Margin of 11.1% means the company generated $0.11 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Lazard Ltd:

The MRQ is 11.1%. The company is operating less efficient.
The TTM is -2.8%. The company is operating very inefficient. -2

Trends

Current period		Compared to		+/-
MRQ	11.1%	TTM	-2.8%	+13.9%
TTM	-2.8%	YOY	18.1%	-21.0%
TTM	-2.8%	5Y	13.6%	-16.4%
5Y	13.6%	10Y	16.4%	-2.9%

Compared to industry (Capital Markets)

Period	Company	Industry (mean)	+/-
MRQ	11.1%	15.5%	-4.4%
TTM	-2.8%	11.7%	-14.5%
YOY	18.1%	18.3%	-0.2%
5Y	13.6%	10.0%	+3.6%
10Y	16.4%	10.2%	+6.2%

Measures how efficient Lazard 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 Lazard to the Capital Markets 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 Lazard 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 Lazard is 11.1%. This means that Lazard earned $0.11 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Capital Markets industry is 15.5%.
What is the trend?
The trend is important because it shows you how Lazard is performing over time. The most recent quarter might be important if Lazard 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 Lazard 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 Lazard

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Lazard = 91,639
Total revenue MRQ Lazard = 825,763
$91,639 / $825,763 = 0.11 or 11.1%

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 Lazard is keeping operating costs low.

Below 1 is considered healthy (always compare to Capital Markets industry mean).
An Operation Ratio of 0.90 means that the operating costs are $0.90 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Lazard Ltd:

The MRQ is 0.902. The company is less efficient in keeping operating costs low.
The TTM is 1.027. The company is inefficient in keeping operating costs low. -1

Trends

Current period		Compared to		+/-
MRQ	0.902	TTM	1.027	-0.125
TTM	1.027	YOY	0.966	+0.061
TTM	1.027	5Y	0.888	+0.139
5Y	0.888	10Y	0.845	+0.043

Compared to industry (Capital Markets)

Period	Company	Industry (mean)	+/-
MRQ	0.902	1.056	-0.154
TTM	1.027	1.001	+0.026
YOY	0.966	0.950	+0.016
5Y	0.888	0.932	-0.044
10Y	0.845	0.886	-0.041

Measures how efficient Lazard 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 Lazard to the Capital Markets 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 Lazard is 90.2%. This means that Lazard earned $0.90 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 Capital Markets industry is 1.06.
What is the trend?
The trend is important because it shows you how Lazard is performing over time. The most recent quarter might be important if Lazard 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 Lazard 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 Lazard

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
(10,771 +734,124) \ 825,763 = 0.90

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 Lazard Ltd.

1.3. Liquidity

1.3.1. Current Ratio

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

Above 1.5 is considered healthy (always compare to Capital Markets industry mean).
A Current Ratio of 2.22 means the company has $2.22 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Lazard Ltd:

The MRQ is 2.219. The company is able to pay all its short-term debts. +1
The TTM is 2.713. The company is able to pay all its short-term debts. +1

Trends

Current period		Compared to		+/-
MRQ	2.219	TTM	2.713	-0.495
TTM	2.713	YOY	2.531	+0.182
TTM	2.713	5Y	2.523	+0.190
5Y	2.523	10Y	3.092	-0.569

Compared to industry (Capital Markets)

Period	Company	Industry (mean)	+/-
MRQ	2.219	2.115	+0.104
TTM	2.713	1.698	+1.015
YOY	2.531	1.795	+0.736
5Y	2.523	2.025	+0.498
10Y	3.092	2.044	+1.048

Measures if Lazard 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 Capital Markets 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 Lazard 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 Lazard is 2.22. This means Lazard has $2.22 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Capital Markets industry is 2.12.
What is the trend?
The trend is important because it shows you how Lazard is performing over time. The most recent quarter might be important if Lazard 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 Lazard 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 Lazard

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
2,290,426 \ 1,032,394) = 2.22

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

Above 1 is considered healthy but always compare Lazard to the Capital Markets industry mean.
A Quick Ratio of 1.92 means the company can pay off $1.92 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Lazard Ltd:

The MRQ is 1.925. The company is very able to pay all its short-term debts with the most liquid assets. +2
The TTM is 3.111. The company is very able to pay all its short-term debts with the most liquid assets. +2

Trends

Current period		Compared to		+/-
MRQ	1.925	TTM	3.111	-1.187
TTM	3.111	YOY	3.072	+0.040
TTM	3.111	5Y	3.155	-0.044
5Y	3.155	10Y	3.787	-0.632

Compared to industry (Capital Markets)

Period	Company	Industry (mean)	+/-
MRQ	1.925	1.561	+0.364
TTM	3.111	1.249	+1.862
YOY	3.072	1.279	+1.793
5Y	3.155	1.595	+1.560
10Y	3.787	1.583	+2.204

1.4. Solvency of Lazard Ltd.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

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

Below 1 (100%) is considered healthy but always compare Lazard to Capital Markets industry mean.
A Debt to Asset Ratio of 0.88 means that Lazard assets are financed with 87.7% credit (debt) and the remaining percentage (100% - 87.7%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Lazard Ltd:

The MRQ is 0.877. The company is just able to pay all its debts by selling its assets.
The TTM is 0.880. The company is just able to pay all its debts by selling its assets.

Trends

Current period		Compared to		+/-
MRQ	0.877	TTM	0.880	-0.003
TTM	0.880	YOY	0.810	+0.071
TTM	0.880	5Y	0.838	+0.042
5Y	0.838	10Y	0.795	+0.044

Compared to industry (Capital Markets)

Period	Company	Industry (mean)	+/-
MRQ	0.877	0.621	+0.256
TTM	0.880	0.616	+0.264
YOY	0.810	0.609	+0.201
5Y	0.838	0.608	+0.230
10Y	0.795	0.611	+0.184

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

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

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Lazard to Capital Markets 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 Lazard is 0.88. This means means that Lazard is financed with 87.7% 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 Capital Markets industry is 211.5%.
What is the trend?
The trend is important because it shows you how Lazard is performing over time. The most recent quarter might be important if Lazard 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 Lazard 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 Lazard has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Lazard

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

Balance sheet
Debt to asset ratio = total debt \ total assets
4,065,919 \ 4,635,781 = 87.7% or 0.88.

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

Below 2 is considered healthy but always compare Lazard to the Capital Markets industry mean.
A Debt to Equity ratio of 959.5% means that company has $9.59 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Lazard Ltd:

The MRQ is 9.595. The company is unable to pay all its debts with equity. -1
The TTM is 10.072. The company is unable to pay all its debts with equity. -1

Trends

Current period		Compared to		+/-
MRQ	9.595	TTM	10.072	-0.477
TTM	10.072	YOY	7.687	+2.385
TTM	10.072	5Y	7.727	+2.345
5Y	7.727	10Y	5.553	+2.174

Compared to industry (Capital Markets)

Period	Company	Industry (mean)	+/-
MRQ	9.595	1.558	+8.037
TTM	10.072	1.589	+8.483
YOY	7.687	1.580	+6.107
5Y	7.727	1.556	+6.171
10Y	5.553	1.741	+3.812

Measures if Lazard 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 Lazard 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 Lazard is 9.59. This means that Lazard can pay off $9.59 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Capital Markets industry is 1.56.
What is the trend?
The trend is important because it shows you how Lazard is performing over time. The most recent quarter might be important if Lazard 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 Lazard 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 Lazard

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
4,065,919 \ 423,759 = 9.59 or 959.5%

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

Common shares.
Preferred shares.
Retained earnings.

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

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

2. Market Valuation of Lazard Ltd

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 Lazard generates.

Above 15 is considered overpriced but always compare Lazard to the Capital Markets industry mean.
A PE ratio of 13.00 means the investor is paying $13.00 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Lazard Ltd:

The EOD is 14.162. Based on the earnings, the company is underpriced. +1
The MRQ is 13.001. Based on the earnings, the company is underpriced. +1
The TTM is 23.568. Based on the earnings, the company is fair priced.

Trends

Current period		Compared to		+/-
EOD	14.162	MRQ	13.001	+1.162
MRQ	13.001	TTM	23.568	-10.568
TTM	23.568	YOY	11.022	+12.546
TTM	23.568	5Y	14.198	+9.370
5Y	14.198	10Y	13.083	+1.115

Compared to industry (Capital Markets)

Period	Company	Industry (mean)	+/-
EOD	14.162	7.077	+7.085
MRQ	13.001	6.643	+6.358
TTM	23.568	6.587	+16.981
YOY	11.022	9.314	+1.708
5Y	14.198	10.214	+3.984
10Y	13.083	11.318	+1.765

Measures how much money you pay for each share for every $1 in earnings Lazard 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 Lazard to the Capital Markets 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 Lazard is 13.00. This means the investor is paying $13.00 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Capital Markets industry is 6.64.
What is the trend?
The trend is important because it shows you how Lazard is performing over time. The most recent quarter might be important if Lazard 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 Lazard 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 Lazard

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 \ 94,989 = EPS
PE ratio MRQ = 13.00

* 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 Lazard Ltd:

The EOD is 3.879. Based on how much money comes from the company's main activities, the company is cheap. +2
The MRQ is 3.561. Based on how much money comes from the company's main activities, the company is cheap. +2
The TTM is 8.408. Based on how much money comes from the company's main activities, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	3.879	MRQ	3.561	+0.318
MRQ	3.561	TTM	8.408	-4.848
TTM	8.408	YOY	0.847	+7.562
TTM	8.408	5Y	2.935	+5.474
5Y	2.935	10Y	5.957	-3.022

Compared to industry (Capital Markets)

Period	Company	Industry (mean)	+/-
EOD	3.879	0.118	+3.761
MRQ	3.561	0.123	+3.438
TTM	8.408	-0.085	+8.493
YOY	0.847	0.567	+0.280
5Y	2.935	-0.150	+3.085
10Y	5.957	-0.097	+6.054

2. Book Value per Share

2.3. Price to Book Ratio

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

At or below 1 is considered healthy (always compare to Capital Markets industry mean).
A PB ratio of 5.80 means the investor is paying $5.80 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Lazard Ltd:

The EOD is 6.319. Based on the equity, the company is overpriced. -1
The MRQ is 5.801. Based on the equity, the company is overpriced. -1
The TTM is 5.542. Based on the equity, the company is overpriced. -1

Trends

Current period		Compared to		+/-
EOD	6.319	MRQ	5.801	+0.518
MRQ	5.801	TTM	5.542	+0.258
TTM	5.542	YOY	3.042	+2.500
TTM	5.542	5Y	4.519	+1.024
5Y	4.519	10Y	5.531	-1.013

Compared to industry (Capital Markets)

Period	Company	Industry (mean)	+/-
EOD	6.319	1.032	+5.287
MRQ	5.801	0.950	+4.851
TTM	5.542	0.954	+4.588
YOY	3.042	1.175	+1.867
5Y	4.519	1.268	+3.251
10Y	5.531	1.432	+4.099

2. Total Gains per Share

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of Lazard Ltd.

3.1. Institutions holding Lazard Ltd

Institutions are holding 55.96% of the shares of Lazard Ltd.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-09-30	Vanguard Group Inc	12.0328	0.008	10519785	42455	0.4052
2023-09-30	FMR Inc	10.939	0.0256	9563521	436034	4.7772
2023-09-30	Ariel Investments, LLC	8.1991	2.3523	7168099	-92563	-1.2749
2023-09-30	BlackRock Inc	4.9158	0.0038	4297659	-331603	-7.1632
2023-09-30	Charles Schwab Investment Management Inc	3.2322	0.0251	2825805	84312	3.0754
2023-09-30	State Street Corporation	2.5771	0.0039	2253035	167913	8.0529
2023-09-30	Morgan Stanley - Brokerage Accounts	2.5189	0.0069	2202203	-2105626	-48.8791
2023-09-30	TD Global Investment Solutions – TD Epoch	2.5002	0.4322	2185852	-114254	-4.9673
2023-09-30	Geode Capital Management, LLC	1.8462	0.006	1614052	-153096	-8.6635
2023-09-30	Alyeska Investment Group, L.P.	1.2425	0.2288	1086255	514846	90.1011
2023-09-30	UBS Group AG	1.1657	0.0109	1019121	466301	84.3495
2023-09-30	HSBC Holdings PLC	0.9049	0.0257	791158	574379	264.9606
2023-09-30	Royce & Associates, LP	0.8945	0.2469	781992	131653	20.2437
2023-09-30	Southeastern Asset Management Inc	0.8163	0.8197	713694	-1042834	-59.3691
2023-09-30	Invenomic Capital Management, LP	0.7057	0.8037	616981	-51698	-7.7314
2023-09-30	Citigroup Inc	0.6307	0.0128	551360	70871	14.7498
2023-09-30	Northern Trust Corp	0.621	0.0033	542945	122756	29.2145
2023-09-30	Federated Hermes Inc	0.6003	0.0434	524852	179708	52.0675
2023-09-30	Dimensional Fund Advisors, Inc.	0.5804	0.0052	507433	-283279	-35.8258
2023-09-30	Goldman Sachs Group Inc	0.5441	0.003	475664	413153	660.9285
Total		57.4674	5.0672	50241466	-970572	-1.9%

3.2. Funds holding Lazard Ltd

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2024-02-29	Vanguard Total Stock Mkt Idx Inv	3.8429	0.0084	3359667	-9406	-0.2792
2024-02-29	Vanguard Small Cap Index	3.1582	0.0757	2761067	25406	0.9287
2023-12-31	Fidelity Low-Priced Stock	2.9923	0.3309	2616078	0	0
2024-02-29	iShares Select Dividend ETF	2.8121	0.5243	2458502	-793	-0.0322
2023-12-31	Ariel Fund Investor	2.4897	2.7655	2176682	-413205	-15.9546
2024-02-29	Vanguard Small Cap Value Index Inv	2.1524	0.1364	1881725	10035	0.5361
2024-02-29	Schwab US Dividend Equity ETF™	2.0495	0.1307	1791799	1040	0.0581
2024-02-29	Vanguard Institutional Extnd Mkt Idx Tr	1.9074	0.063	1667586	1279	0.0768
2023-12-31	Fidelity Small Cap Value Fund	1.1773	0.7367	1029300	0	0
2023-12-31	Fidelity Series Small Cap Opps	1.0773	0.6009	941840	-14800	-1.5471
2024-01-31	Fidelity Mid-Cap Stock	0.8354	0.3936	730386	0	0
2023-12-31	Ariel Appreciation Investor	0.8149	2.3204	712454	0	0
2024-02-29	State St Russell Sm/Mid Cp® Indx NL Cl C	0.7584	0.0612	663009	14300	2.2044
2024-01-31	Fidelity Extended Market Index	0.7271	0.0692	635681	13409	2.1548
2024-02-29	Schwab US Small-Cap ETF™	0.6074	0.1258	530996	0	0
2024-02-29	Vanguard High Dividend Yield ETF	0.556	0.029	486083	-1012	-0.2078
2023-10-31	Invenomic Institutional	0.554	0.8723	484371	144409	42.478
2023-12-31	Third Avenue Value Instl	0.5505	2.2035	481253	0	0
2023-12-31	Third Avenue Value Equity	0.5505	2.2113	481253	0	0
2023-12-31	Fidelity Series Intrinsic Opps	0.5463	0.56	477600	0	0
Total		30.1596	14.2188	26367332	-229338	-0.9%

3.3. Insider Transactions

Insiders are holding 3.465% of the shares of Lazard Ltd.

Date	Owner	Type	Amount	Price	Post Transaction Amount	Link
2024-03-13	Evan L Russo	SELL	75000	39.35
2024-02-14	Michael Gathy	SELL	385	37.22

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Lazard Ltd 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	-	-	0.683	-1.842	+370%	-0.339	+150%	-0.083	+112%	0.034	+1929%
Book Value Per Share	-	-	5.999	5.943	+1%	11.828	-49%	8.823	-32%	8.395	-29%
Current Ratio	-	-	2.219	2.713	-18%	2.531	-12%	2.523	-12%	3.092	-28%
Debt To Asset Ratio	-	-	0.877	0.880	0%	0.810	+8%	0.838	+5%	0.795	+10%
Debt To Equity Ratio	-	-	9.595	10.072	-5%	7.687	+25%	7.727	+24%	5.553	+73%
Dividend Per Share	-	-	0.460	0.474	-3%	0.451	+2%	0.467	-1%	0.513	-10%
Eps	-	-	0.669	-0.231	+135%	0.873	-23%	0.660	+1%	0.816	-18%
Free Cash Flow Per Share	-	-	2.443	0.038	+6364%	2.042	+20%	1.291	+89%	1.366	+79%
Free Cash Flow To Equity Per Share	-	-	0.853	-4.373	+613%	-1.543	+281%	-0.660	+177%	-0.203	+124%
Gross Profit Margin	-	-	0.571	0.598	-4%	0.743	-23%	0.739	-23%	0.782	-27%
Intrinsic Value_10Y_max	-	-	44.497	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	35.632	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	5.328	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	4.977	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	15.345	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	13.823	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	24.565	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	21.365	-	-	-	-	-	-	-	-
Market Cap	3314312078.000	+0%	3305628684.000	2992418216.990	+10%	3368741564.365	-2%	3853550291.013	-14%	4953505997.303	-33%
Net Profit Margin	-	-	0.077	-0.031	+140%	0.128	-40%	0.101	-24%	0.153	-50%
Operating Margin	-	-	0.111	-0.028	+126%	0.181	-39%	0.136	-18%	0.164	-33%
Operating Ratio	-	-	0.902	1.027	-12%	0.966	-7%	0.888	+2%	0.845	+7%
Pb Ratio	6.319	+8%	5.801	5.542	+5%	3.042	+91%	4.519	+28%	5.531	+5%
Pe Ratio	14.162	+8%	13.001	23.568	-45%	11.022	+18%	14.198	-8%	13.083	-1%
Price Per Share	37.910	+8%	34.800	32.730	+6%	33.353	+4%	35.778	-3%	40.866	-15%
Price To Free Cash Flow Ratio	3.879	+8%	3.561	8.408	-58%	0.847	+321%	2.935	+21%	5.957	-40%
Price To Total Gains Ratio	33.155	+8%	30.435	47.504	-36%	-647.048	+2226%	-98.484	+424%	-32.033	+205%
Quick Ratio	-	-	1.925	3.111	-38%	3.072	-37%	3.155	-39%	3.787	-49%
Return On Assets	-	-	0.014	-0.004	+127%	0.015	-6%	0.012	+12%	0.022	-38%
Return On Equity	-	-	0.150	-0.052	+135%	0.137	+10%	0.098	+53%	0.120	+25%
Total Gains Per Share	-	-	1.143	-1.368	+220%	0.112	+923%	0.384	+198%	0.546	+109%
Usd Book Value	-	-	569862000.000	542138250.000	+5%	1193744750.000	-52%	948826250.000	-40%	997985275.000	-43%
Usd Book Value Change Per Share	-	-	0.683	-1.842	+370%	-0.339	+150%	-0.083	+112%	0.034	+1929%
Usd Book Value Per Share	-	-	5.999	5.943	+1%	11.828	-49%	8.823	-32%	8.395	-29%
Usd Dividend Per Share	-	-	0.460	0.474	-3%	0.451	+2%	0.467	-1%	0.513	-10%
Usd Eps	-	-	0.669	-0.231	+135%	0.873	-23%	0.660	+1%	0.816	-18%
Usd Free Cash Flow	-	-	232090000.000	8912750.000	+2504%	196118250.000	+18%	139667300.000	+66%	164190025.000	+41%
Usd Free Cash Flow Per Share	-	-	2.443	0.038	+6364%	2.042	+20%	1.291	+89%	1.366	+79%
Usd Free Cash Flow To Equity Per Share	-	-	0.853	-4.373	+613%	-1.543	+281%	-0.660	+177%	-0.203	+124%
Usd Market Cap	3314312078.000	+0%	3305628684.000	2992418216.990	+10%	3368741564.365	-2%	3853550291.013	-14%	4953505997.303	-33%
Usd Price Per Share	37.910	+8%	34.800	32.730	+6%	33.353	+4%	35.778	-3%	40.866	-15%
Usd Profit	-	-	63567000.000	-17126500.000	+127%	91188250.000	-30%	75663600.000	-16%	102383200.000	-38%
Usd Revenue	-	-	825763000.000	648290500.000	+27%	713773250.000	+16%	701789900.000	+18%	669247675.000	+23%
Usd Total Gains Per Share	-	-	1.143	-1.368	+220%	0.112	+923%	0.384	+198%	0.546	+109%
	EOD	+4 -4	MRQ	TTM	+28 -8	YOY	+16 -20	5Y	+17 -19	10Y	+15 -21

4.2. Fundamental Score

Let's check the fundamental score of Lazard Ltd based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	14.162
Price to Book Ratio (EOD)	Between	0-1	6.319
Net Profit Margin (MRQ)	Greater than	0	0.077
Operating Margin (MRQ)	Greater than	0	0.111
Quick Ratio (MRQ)	Greater than	1	1.925
Current Ratio (MRQ)	Greater than	1	2.219
Debt to Asset Ratio (MRQ)	Less than	1	0.877
Debt to Equity Ratio (MRQ)	Less than	1	9.595
Return on Equity (MRQ)	Greater than	0.15	0.150
Return on Assets (MRQ)	Greater than	0.05	0.014
Total			7/10 (70.0%)

Create your own Stock Scanner

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

4.3. Technical Score

Let's check the technical score of Lazard Ltd based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	40.976
Ma 20	Greater than	Ma 50	39.742
Ma 50	Greater than	Ma 100	39.147
Ma 100	Greater than	Ma 200	37.293
Open	Greater than	Close	37.940
Total			4/5 (80.0%)

Create your own Symbol Scanner

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

Reversals in quarterly reports

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

		2022-12-31		2023-03-31		2023-06-30		2023-09-30		2023-12-31
Depreciation and Amortization		15	33	48	47	95	10,518	10,613	-18,540	-7,927

Latest Balance Sheet

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

Summary

Total Assets	4,635,781
Total Liabilities	4,065,919
Total Stockholder Equity	423,759

	As reported
Total Liabilities	4,065,919
Total Stockholder Equity	+ 423,759
Total Assets	= 4,635,781

Assets

Total Assets	4,635,781
Total Current Assets	2,290,426
Long-term Assets	2,345,355

Total Current Assets

Total Current Assets (as reported)	2,290,426
Cash And Cash Equivalents	1,005,407
Short-term Investments	219,576
Net Receivables	762,319
Total Current Assets (calculated)	1,987,302
+/-	303,124

Long-term Assets

Long-term Assets (as reported)	2,345,355
Property Plant Equipment	639,729
Goodwill	394,898
Long Term Investments	640,284
Intangible Assets	30
Long-term Assets Other	108,605
Long-term Assets (calculated)	1,783,546
+/-	561,809

Liabilities & Shareholders' Equity

Total Current Liabilities	1,032,394
Long-term Liabilities	3,033,525
Total Stockholder Equity	423,759

Total Current Liabilities

Total Current Liabilities (as reported)	1,032,394
Short-term Debt	82,321
Accounts payable	950,073
Other Current Liabilities	-140,417
Total Current Liabilities (calculated)	891,977
+/-	140,417

Long-term Liabilities

Long-term Liabilities (as reported)	3,033,525
Long term Debt	1,690,200
Capital Lease Obligations	485,191
Long-term Liabilities Other	49,073
Long-term Liabilities (calculated)	2,224,464
+/-	809,061

Total Stockholder Equity

Total Stockholder Equity (as reported)	423,759
Common Stock	1,128
Retained Earnings	1,402,636
Accumulated Other Comprehensive Income	-289,950
Other Stockholders Equity	-690,055
Total Stockholder Equity (calculated)	423,759
+/-	0

Other

Capital Stock	1,128
Cash and Short Term Investments	1,005,407
Common Stock Shares Outstanding	94,989
Current Deferred Revenue	140,417
Liabilities and Stockholders Equity	4,635,781
Net Debt	1,169,984
Net Invested Capital	2,113,959
Net Working Capital	1,258,032
Property Plant and Equipment Gross	1,054,276
Short Long Term Debt Total	2,175,391

Balance Sheet

Currency in USD. All numbers in thousands.

Trend

2023-12-31

2023-09-30

2023-06-30

2023-03-31

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

2016-09-30

2016-06-30

2016-03-31

2015-12-31

2015-09-30

2015-06-30

2015-03-31

2014-12-31

2014-09-30

2014-06-30

2014-03-31

2013-12-31

2013-09-30

2013-06-30

2013-03-31

2012-12-31

2012-09-30

2012-06-30

2012-03-31

2011-12-31

2011-09-30

2011-06-30

2011-03-31

2010-12-31

2010-09-30

2010-06-30

2010-03-31

2009-12-31

2009-09-30

2009-06-30

2009-03-31

2008-12-31

2008-09-30

2008-06-30

2008-03-31

2007-12-31

2007-09-30

2007-06-30

2007-03-31

2006-12-31

2006-09-30

2006-06-30

2006-03-31

2005-12-31

2005-09-30

2005-06-30

2005-03-31

2004-12-31

2004-09-30

2004-06-30

2004-03-31

2003-12-31

> Total Assets

3,257,229
0
0
3,447,576
3,499,224
3,850,341
2,098,790
1,809,259
1,910,897
1,778,044
2,109,518
2,031,261
3,208,665
2,614,790
3,109,662
3,514,194
3,840,413
3,356,900
3,632,311
3,324,739
2,862,931
2,396,215
2,653,330
2,899,588
3,147,762
2,885,530
2,808,884
3,123,698
3,422,532
3,159,360
3,081,014
3,136,469
3,081,936
2,907,998
2,977,854
2,994,946
2,986,893
2,728,167
2,921,229
2,956,456
3,011,137
2,898,203
3,079,476
3,042,890
3,349,978
2,827,731
4,151,941
4,148,037
4,486,766
4,011,591
4,215,621
4,302,303
4,556,508
4,385,258
4,769,762
4,836,388
4,926,709
4,485,095
4,627,992
4,944,778
4,997,241
5,499,477
5,507,473
5,551,879
5,664,402
5,095,123
5,312,118
5,466,997
5,971,861
6,209,559
6,406,800
6,726,580
7,147,181
6,848,346
6,024,791
6,207,925
5,852,561
4,567,517
4,602,937
4,295,506
4,635,781

4,635,781

4,295,506

4,602,937

4,567,517

5,852,561

6,207,925

6,024,791

6,848,346

7,147,181

6,726,580

6,406,800

6,209,559

5,971,861

5,466,997

5,312,118

5,095,123

5,664,402

5,551,879

5,507,473

5,499,477

4,997,241

4,944,778

4,627,992

4,485,095

4,926,709

4,836,388

4,769,762

4,385,258

4,556,508

4,302,303

4,215,621

4,011,591

4,486,766

4,148,037

4,151,941

2,827,731

3,349,978

3,042,890

3,079,476

2,898,203

3,011,137

2,956,456

2,921,229

2,728,167

2,986,893

2,994,946

2,977,854

2,907,998

3,081,936

3,136,469

3,081,014

3,159,360

3,422,532

3,123,698

2,808,884

2,885,530

3,147,762

2,899,588

2,653,330

2,396,215

2,862,931

3,324,739

3,632,311

3,356,900

3,840,413

3,514,194

3,109,662

2,614,790

3,208,665

2,031,261

2,109,518

1,778,044

1,910,897

1,809,259

2,098,790

3,850,341

3,499,224

3,447,576

3,257,229

> Total Current Assets

0
0
0
0
1,165,192
1,269,956
1,343,689
1,125,033
512,905
1,043,145
1,301,616
1,221,093
2,204,379
1,521,532
1,922,983
1,980,037
2,153,022
1,792,300
2,069,520
1,969,366
1,622,233
1,225,624
1,433,014
1,320,811
1,586,804
1,431,457
1,441,490
1,659,357
2,134,938
1,853,992
1,765,097
1,853,151
1,923,537
1,545,956
1,559,073
1,583,931
1,909,101
1,360,618
1,531,997
1,557,227
1,661,082
1,528,522
1,618,757
1,613,937
1,875,226
1,464,503
1,524,106
1,673,837
2,054,105
1,637,430
1,842,605
1,961,615
2,245,765
2,025,252
2,401,365
2,493,751
3,026,422
2,538,474
2,597,315
2,827,039
2,977,419
2,884,077
2,965,616
2,956,736
3,118,697
2,504,265
2,744,777
2,919,820
3,311,968
3,343,546
3,524,337
3,861,162
4,235,823
3,948,551
3,348,135
3,703,110
3,292,158
1,854,273
1,854,459
1,638,908
2,290,426

2,290,426

1,638,908

1,854,459

1,854,273

3,292,158

3,703,110

3,348,135

3,948,551

4,235,823

3,861,162

3,524,337

3,343,546

3,311,968

2,919,820

2,744,777

2,504,265

3,118,697

2,956,736

2,965,616

2,884,077

2,977,419

2,827,039

2,597,315

2,538,474

3,026,422

2,493,751

2,401,365

2,025,252

2,245,765

1,961,615

1,842,605

1,637,430

2,054,105

1,673,837

1,524,106

1,464,503

1,875,226

1,613,937

1,618,757

1,528,522

1,661,082

1,557,227

1,531,997

1,360,618

1,909,101

1,583,931

1,559,073

1,545,956

1,923,537

1,853,151

1,765,097

1,853,992

2,134,938

1,659,357

1,441,490

1,431,457

1,586,804

1,320,811

1,433,014

1,225,624

1,622,233

1,969,366

2,069,520

1,792,300

2,153,022

1,980,037

1,922,983

1,521,532

2,204,379

1,221,093

1,301,616

1,043,145

512,905

1,125,033

1,343,689

1,269,956

1,165,192

Cash And Cash Equivalents

315,817
0
0
0
273,668
234,227
320,784
371,983
492,309
404,172
442,355
530,292
969,483
682,227
1,029,036
959,122
1,055,844
1,329,300
758,664
774,948
909,707
826,599
903,888
795,074
917,329
704,107
818,063
871,880
1,566,234
1,323,115
1,232,956
1,257,800
1,289,828
1,023,371
1,075,593
1,099,620
850,190
586,111
601,485
688,367
841,482
666,589
684,491
820,584
1,066,580
606,336
701,172
859,984
1,132,083
701,324
646,454
853,887
1,158,785
891,455
955,639
1,254,010
1,483,836
962,280
845,167
1,132,395
1,246,537
1,011,353
919,221
959,001
1,231,593
793,477
896,843
1,109,745
1,389,876
974,696
979,899
1,184,772
1,465,022
878,167
907,472
1,000,102
1,234,773
596,601
697,756
653,355
1,005,407

1,005,407

653,355

697,756

596,601

1,234,773

1,000,102

907,472

878,167

1,465,022

1,184,772

979,899

974,696

1,389,876

1,109,745

896,843

793,477

1,231,593

959,001

919,221

1,011,353

1,246,537

1,132,395

845,167

962,280

1,483,836

1,254,010

955,639

891,455

1,158,785

853,887

646,454

701,324

1,132,083

859,984

701,172

606,336

1,066,580

820,584

684,491

666,589

841,482

688,367

601,485

586,111

850,190

1,099,620

1,075,593

1,023,371

1,289,828

1,257,800

1,232,956

1,323,115

1,566,234

871,880

818,063

704,107

917,329

795,074

903,888

826,599

909,707

774,948

758,664

1,329,300

1,055,844

959,122

1,029,036

682,227

969,483

530,292

442,355

404,172

492,309

371,983

320,784

234,227

273,668

315,817

Short-term Investments

348,714
0
0
0
266,148
39,650
0
0
20,596
0
0
0
32,881
32,387
32,051
29,946
29,826
14,914
16,993
10,649
23,490
12,396
7,904
19,678
22,522
18,973
20,631
24,449
453,459
406,714
349,106
334,125
367,495
332,187
403,129
328,543
292,494
254,143
344,839
273,168
244,879
274,391
322,280
240,728
207,760
217,626
287,677
276,585
389,861
387,550
667,313
534,865
419,668
572,496
756,507
652,484
935,431
862,865
1,000,662
1,015,872
1,006,969
1,138,010
1,301,520
1,289,288
1,180,686
1,080,737
1,155,539
1,193,717
1,134,463
1,014,145
1,111,347
1,360,957
1,347,544
1,638,519
1,700,961
1,341,514
779,246
522,560
446,777
319,382
219,576

219,576

319,382

446,777

522,560

779,246

1,341,514

1,700,961

1,638,519

1,347,544

1,360,957

1,111,347

1,014,145

1,134,463

1,193,717

1,155,539

1,080,737

1,180,686

1,289,288

1,301,520

1,138,010

1,006,969

1,015,872

1,000,662

862,865

935,431

652,484

756,507

572,496

419,668

534,865

667,313

387,550

389,861

276,585

287,677

217,626

207,760

240,728

322,280

274,391

244,879

273,168

344,839

254,143

292,494

328,543

403,129

332,187

367,495

334,125

349,106

406,714

453,459

24,449

20,631

18,973

22,522

19,678

7,904

12,396

23,490

10,649

16,993

14,914

29,826

29,946

32,051

32,387

32,881

20,596

39,650

266,148

348,714

Net Receivables

0
0
0
0
891,524
996,079
1,022,905
753,050
748,020
638,973
859,261
690,801
1,234,896
839,305
893,947
1,020,915
1,097,178
463,000
1,310,856
1,194,418
712,526
399,025
529,126
525,737
669,475
727,350
623,427
787,477
568,704
530,877
532,141
595,351
633,709
522,585
483,480
484,311
615,437
459,880
524,906
536,151
512,675
523,082
544,325
507,915
557,596
593,841
501,531
502,409
497,213
514,522
495,316
537,695
638,282
527,614
654,739
551,888
571,616
674,686
714,397
640,787
685,534
695,412
705,114
668,167
663,138
588,653
652,112
575,098
743,141
739,615
818,800
700,136
805,809
816,640
739,702
740,395
652,758
698,127
674,558
632,133
762,319

762,319

632,133

674,558

698,127

652,758

740,395

739,702

816,640

805,809

700,136

818,800

739,615

743,141

575,098

652,112

588,653

663,138

668,167

705,114

695,412

685,534

640,787

714,397

674,686

571,616

551,888

654,739

527,614

638,282

537,695

495,316

514,522

497,213

502,409

501,531

593,841

557,596

507,915

544,325

523,082

512,675

536,151

524,906

459,880

615,437

484,311

483,480

522,585

633,709

595,351

532,141

530,877

568,704

787,477

623,427

727,350

669,475

525,737

529,126

399,025

712,526

1,194,418

1,310,856

463,000

1,097,178

1,020,915

893,947

839,305

1,234,896

690,801

859,261

638,973

748,020

753,050

1,022,905

996,079

891,524

Other Current Assets

0
0
0
0
0
0
738,818
667,974
654,572
718,754
791,374
793,588
987,341
1,076,298
1,169,544
1,349,865
1,499,482
0
1,163,098
1,169,138
1,065,554
992,874
1,038,607
1,267,072
1,243,178
1,137,776
448,553
388,524
-27,493
-6,084
72,180
-76,488
-138,382
34,204
1,024,613
-361,645
150,980
60,484
60,767
59,541
165,193
64,460
67,661
44,710
154,491
46,700
33,726
34,859
173,749
34,034
33,522
35,168
114,386
33,687
34,480
35,369
152,489
38,643
37,089
37,985
181,007
39,302
39,761
40,280
160,976
41,398
40,283
41,260
228,343
615,090
614,291
615,297
855,606
615,225
617,057
621,099
843,222
-1,331,713
-1,407,682
-1,319,526
-1,767,726

-1,767,726

-1,319,526

-1,407,682

-1,331,713

843,222

621,099

617,057

615,225

855,606

615,297

614,291

615,090

228,343

41,260

40,283

41,398

160,976

40,280

39,761

39,302

181,007

37,985

37,089

38,643

152,489

35,369

34,480

33,687

114,386

35,168

33,522

34,034

173,749

34,859

33,726

46,700

154,491

44,710

67,661

64,460

165,193

59,541

60,767

60,484

150,980

-361,645

1,024,613

34,204

-138,382

-76,488

72,180

-6,084

-27,493

388,524

448,553

1,137,776

1,243,178

1,267,072

1,038,607

992,874

1,065,554

1,169,138

1,163,098

1,499,482

1,349,865

1,169,544

1,076,298

987,341

793,588

791,374

718,754

654,572

667,974

738,818

> Long-term Assets

0
0
0
0
216,658
205,373
190,216
178,032
15,996
174,032
179,623
178,105
185,255
186,332
187,038
364,666
373,418
1,136,800
399,693
366,222
346,587
339,462
357,711
482,622
484,693
471,549
450,449
472,718
511,963
516,409
518,447
545,090
561,528
586,042
592,457
611,854
1,077,792
1,367,549
1,389,232
1,399,229
1,350,055
1,369,681
1,460,719
1,428,953
1,474,752
1,363,228
2,627,835
2,474,200
2,432,661
2,374,161
2,373,016
2,340,688
2,310,743
2,360,006
2,368,397
2,342,637
1,900,287
1,946,621
2,030,677
2,117,739
2,019,822
2,615,400
2,541,857
2,595,143
2,545,705
2,590,858
2,567,341
2,547,177
2,659,893
2,866,013
2,882,463
2,865,418
2,911,358
2,899,795
813,454
2,504,815
2,560,403
2,713,244
2,748,478
2,656,598
2,345,355

2,345,355

2,656,598

2,748,478

2,713,244

2,560,403

2,504,815

813,454

2,899,795

2,911,358

2,865,418

2,882,463

2,866,013

2,659,893

2,547,177

2,567,341

2,590,858

2,545,705

2,595,143

2,541,857

2,615,400

2,019,822

2,117,739

2,030,677

1,946,621

1,900,287

2,342,637

2,368,397

2,360,006

2,310,743

2,340,688

2,373,016

2,374,161

2,432,661

2,474,200

2,627,835

1,363,228

1,474,752

1,428,953

1,460,719

1,369,681

1,350,055

1,399,229

1,389,232

1,367,549

1,077,792

611,854

592,457

586,042

561,528

545,090

518,447

516,409

511,963

472,718

450,449

471,549

484,693

482,622

357,711

339,462

346,587

366,222

399,693

1,136,800

373,418

364,666

187,038

186,332

185,255

178,105

179,623

174,032

15,996

178,032

190,216

205,373

216,658

Property Plant Equipment

192,476
0
0
186,642
199,453
188,587
173,933
161,780
156,630
157,887
163,095
161,525
168,310
169,372
169,903
180,374
185,509
197,100
197,721
179,987
171,443
161,745
168,098
170,917
166,913
155,252
143,616
154,177
150,524
153,572
153,006
150,708
168,429
190,080
198,289
216,412
225,033
239,576
241,949
249,780
248,796
242,977
236,288
227,359
222,569
209,211
213,745
209,814
207,165
206,856
201,929
204,300
209,021
206,143
200,301
200,800
205,301
213,923
216,183
214,279
212,946
489,099
477,432
558,723
551,504
533,252
525,193
517,583
513,923
492,089
479,238
468,524
466,054
701,598
435,450
638,564
681,681
674,544
663,144
642,798
639,729

639,729

642,798

663,144

674,544

681,681

638,564

435,450

701,598

466,054

468,524

479,238

492,089

513,923

517,583

525,193

533,252

551,504

558,723

477,432

489,099

212,946

214,279

216,183

213,923

205,301

200,800

200,301

206,143

209,021

204,300

201,929

206,856

207,165

209,814

213,745

209,211

222,569

227,359

236,288

242,977

248,796

249,780

241,949

239,576

225,033

216,412

198,289

190,080

168,429

150,708

153,006

153,572

150,524

154,177

143,616

155,252

166,913

170,917

168,098

161,745

171,443

179,987

197,721

197,100

185,509

180,374

169,903

169,372

168,310

161,525

163,095

157,887

156,630

161,780

173,933

188,587

199,453

186,642

192,476

Goodwill

16,547
0
0
15,847
17,205
16,786
16,283
16,252
15,996
16,145
16,528
16,580
16,945
16,960
17,135
0
178,446
191,967
196,254
181,024
170,277
173,194
185,434
252,258
261,703
261,990
254,295
267,722
313,229
316,101
320,411
350,921
356,657
360,638
360,993
364,761
364,328
365,649
348,549
350,619
345,453
349,716
352,043
343,776
335,402
324,963
326,822
316,989
320,761
327,050
322,939
346,044
373,117
379,808
381,902
385,486
385,292
383,107
377,264
374,994
371,561
372,353
371,536
366,892
371,773
355,720
368,069
373,195
383,861
381,752
380,687
379,682
379,421
379,480
377,884
375,784
377,240
394,260
394,622
394,049
394,898

394,898

394,049

394,622

394,260

377,240

375,784

377,884

379,480

379,421

379,682

380,687

381,752

383,861

373,195

368,069

355,720

371,773

366,892

371,536

372,353

371,561

374,994

377,264

383,107

385,292

385,486

381,902

379,808

373,117

346,044

322,939

327,050

320,761

316,989

326,822

324,963

335,402

343,776

352,043

349,716

345,453

350,619

348,549

365,649

364,328

364,761

360,993

360,638

356,657

350,921

320,411

316,101

313,229

267,722

254,295

261,990

261,703

252,258

185,434

173,194

170,277

181,024

196,254

191,967

178,446

17,135

16,960

16,945

16,580

16,528

16,145

15,996

16,252

16,283

16,786

17,205

15,847

16,547

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
677,203
712,283
417,410
407,147
435,139
346,912
378,521
378,273
439,683
439,435
414,673
406,256
449,364
469,722
478,105
417,295
538,924
549,922
620,352
486,746
557,751
575,204
541,911
460,281
491,346
462,758
459,422
382,074
421,727
426,948
427,186
354,952
505,194
609,595
575,148
615,781
575,424
535,848
531,995
505,753
523,366
535,245
658,532
782,351
867,707
914,975
1,007,339
869,844
787,139
584,759
698,977
741,868
690,199
657,880
640,284

640,284

657,880

690,199

741,868

698,977

584,759

787,139

869,844

1,007,339

914,975

867,707

782,351

658,532

535,245

523,366

505,753

531,995

535,848

575,424

615,781

575,148

609,595

505,194

354,952

427,186

426,948

421,727

382,074

459,422

462,758

491,346

460,281

541,911

575,204

557,751

486,746

620,352

549,922

538,924

417,295

478,105

469,722

449,364

406,256

414,673

439,435

439,683

378,273

378,521

346,912

435,139

407,147

417,410

712,283

677,203

Intangible Assets

16,547
0
0
15,847
17,205
16,786
16,283
16,252
15,996
16,145
16,528
16,580
16,945
16,960
17,135
184,292
187,909
200,210
201,972
186,235
175,144
177,717
189,613
311,705
317,780
316,297
306,833
318,541
48,210
46,736
365,441
43,461
36,442
35,324
33,175
30,681
28,494
27,668
26,658
25,782
18,424
17,205
16,499
12,478
12,036
11,003
9,147
8,635
6,215
5,571
5,242
7,806
8,907
8,100
7,314
6,582
6,072
5,221
5,096
4,247
3,757
3,329
2,900
2,104
1,821
1,525
1,090
646
210
195
180
165
150
135
120
105
90
394,260
60
45
30

394,260

105

120

135

150

165

180

195

210

646

1,090

1,525

1,821

2,104

2,900

3,329

3,757

4,247

5,096

5,221

6,072

6,582

7,314

8,100

8,907

7,806

5,242

5,571

6,215

8,635

9,147

11,003

12,036

12,478

16,499

17,205

18,424

25,782

26,658

27,668

28,494

30,681

33,175

35,324

36,442

43,461

365,441

46,736

48,210

318,541

306,833

316,297

317,780

311,705

189,613

177,717

175,144

186,235

201,972

200,210

187,909

184,292

17,135

16,960

16,945

16,580

16,528

16,145

15,996

16,252

16,283

16,786

17,205

15,847

16,547

Long-term Assets Other

0
0
0
0
-216,658
-205,373
-190,216
-178,032
-156,630
-174,032
-179,623
-178,105
-185,255
-186,332
-187,038
-364,666
-373,418
-1,136,800
-399,693
-366,222
-346,587
-339,462
-357,711
-482,622
-484,693
-471,549
-450,449
-472,718
-511,963
-516,409
-518,447
-545,090
-561,528
-586,042
-592,457
-611,854
45,264
567,976
564,661
553,106
508,073
585,465
553,253
522,777
506,962
540,516
264,930
250,498
226,014
248,384
228,191
212,734
184,499
248,774
243,625
222,951
228,143
351,037
308,485
304,235
258,634
543,134
525,489
530,393
477,042
625,062
586,380
563,388
564,919
702,790
662,287
621,539
623,086
519,511
506,322
460,859
394,758
534,917
476,400
453,874
108,605

108,605

453,874

476,400

534,917

394,758

460,859

506,322

519,511

623,086

621,539

662,287

702,790

564,919

563,388

586,380

625,062

477,042

530,393

525,489

543,134

258,634

304,235

308,485

351,037

228,143

222,951

243,625

248,774

184,499

212,734

228,191

248,384

226,014

250,498

264,930

540,516

506,962

522,777

553,253

585,465

508,073

553,106

564,661

567,976

45,264

-611,854

-592,457

-586,042

-561,528

-545,090

-518,447

-516,409

-511,963

-472,718

-450,449

-471,549

-484,693

-482,622

-357,711

-339,462

-346,587

-366,222

-399,693

-1,136,800

-373,418

-364,666

-187,038

-186,332

-185,255

-178,105

-179,623

-174,032

-156,630

-178,032

-190,216

-205,373

-216,658

> Total Liabilities

2,552,426
0
0
2,954,730
2,939,706
3,321,765
2,957,659
2,622,280
2,669,839
2,493,260
2,812,019
2,701,202
3,393,521
2,765,930
3,205,275
3,539,761
3,717,299
3,320,500
3,058,855
2,932,422
2,551,179
2,150,294
2,277,348
2,274,995
2,624,665
2,316,607
2,223,946
2,487,704
2,626,415
2,318,899
2,223,222
2,218,487
2,215,080
2,047,220
2,151,446
2,161,120
2,335,353
2,151,066
2,329,018
2,299,395
2,381,139
2,342,562
2,512,775
2,405,230
2,580,505
2,290,426
3,282,572
2,936,164
3,119,460
2,788,843
3,011,277
3,001,161
3,262,695
3,172,071
3,467,049
3,467,913
3,666,536
3,428,914
3,514,888
3,823,193
4,027,148
4,728,105
4,789,595
4,865,658
4,982,828
4,535,506
4,628,150
4,688,299
4,972,428
4,767,860
4,899,945
5,173,866
5,494,217
5,303,718
5,309,129
4,952,106
4,593,691
3,969,636
4,103,469
3,794,164
4,065,919

4,065,919

3,794,164

4,103,469

3,969,636

4,593,691

4,952,106

5,309,129

5,303,718

5,494,217

5,173,866

4,899,945

4,767,860

4,972,428

4,688,299

4,628,150

4,535,506

4,982,828

4,865,658

4,789,595

4,728,105

4,027,148

3,823,193

3,514,888

3,428,914

3,666,536

3,467,913

3,467,049

3,172,071

3,262,695

3,001,161

3,011,277

2,788,843

3,119,460

2,936,164

3,282,572

2,290,426

2,580,505

2,405,230

2,512,775

2,342,562

2,381,139

2,299,395

2,329,018

2,151,066

2,335,353

2,161,120

2,151,446

2,047,220

2,215,080

2,218,487

2,223,222

2,318,899

2,626,415

2,487,704

2,223,946

2,316,607

2,624,665

2,274,995

2,277,348

2,150,294

2,551,179

2,932,422

3,058,855

3,320,500

3,717,299

3,539,761

3,205,275

2,765,930

3,393,521

2,701,202

2,812,019

2,493,260

2,669,839

2,622,280

2,957,659

3,321,765

2,939,706

2,954,730

2,552,426

> Total Current Liabilities

0
0
0
0
0
0
1,839,800
1,520,800
1,559,500
1,384,800
1,565,500
1,461,100
2,165,500
1,538,200
1,512,600
1,845,800
2,032,600
1,583,000
1,979,500
1,731,400
1,374,600
928,300
382,334
1,235,000
1,555,500
349,718
1,151,400
1,408,200
1,543,200
330,390
273,465
342,704
288,427
274,690
338,514
262,206
538,811
246,792
385,985
289,872
275,434
350,114
401,002
278,334
314,284
377,511
375,835
399,824
506,665
525,439
721,171
587,059
472,283
625,797
829,993
702,014
992,338
955,723
1,055,244
1,056,342
1,154,207
1,315,867
1,480,684
1,405,836
1,246,200
1,144,992
1,230,920
1,244,562
1,201,150
1,239,716
1,228,248
1,450,764
1,442,701
1,748,858
1,831,825
1,499,812
921,834
697,088
587,838
581,387
1,032,394

1,032,394

581,387

587,838

697,088

921,834

1,499,812

1,831,825

1,748,858

1,442,701

1,450,764

1,228,248

1,239,716

1,201,150

1,244,562

1,230,920

1,144,992

1,246,200

1,405,836

1,480,684

1,315,867

1,154,207

1,056,342

1,055,244

955,723

992,338

702,014

829,993

625,797

472,283

587,059

721,171

525,439

506,665

399,824

375,835

377,511

314,284

278,334

401,002

350,114

275,434

289,872

385,985

246,792

538,811

262,206

338,514

274,690

288,427

342,704

273,465

330,390

1,543,200

1,408,200

1,151,400

349,718

1,555,500

1,235,000

382,334

928,300

1,374,600

1,731,400

1,979,500

1,583,000

2,032,600

1,845,800

1,512,600

1,538,200

2,165,500

1,461,100

1,565,500

1,384,800

1,559,500

1,520,800

1,839,800

Short-term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,064,184
0
0
0
1,060,365
0
0
0
1,194,075
0
1,184,000
1,184,721
1,358,988
1,374,979
1,365,789
1,379,078
1,372,684
1,405,805
1,394,252
0
0
1,844
2,261
1,555
12,894
12,123
10,127
1,681,487
1,682,741
1,683,362
1,683,984
1,684,606
6,828
536,910
520,025
502,206
78,922
701,194
589,388
464,565
82,321

82,321

464,565

589,388

701,194

78,922

502,206

520,025

536,910

6,828

1,684,606

1,683,984

1,683,362

1,682,741

1,681,487

10,127

12,123

12,894

1,555

2,261

1,844

1,394,252

1,405,805

1,372,684

1,379,078

1,365,789

1,374,979

1,358,988

1,184,721

1,184,000

1,194,075

1,060,365

1,064,184

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
1,064,184
0
0
0
1,060,365
0
0
0
1,194,075
0
1,184,000
1,184,721
1,358,988
1,374,979
1,365,789
1,379,078
1,372,684
1,405,805
1,394,252
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

1,394,252

1,405,805

1,372,684

1,379,078

1,365,789

1,374,979

1,358,988

1,184,721

1,184,000

1,194,075

1,060,365

1,064,184

Accounts payable

1,186,767
0
0
1,492,862
1,226,500
1,941,606
949,588
577,892
521,433
548,129
815,536
680,300
1,175,785
810,258
814,430
923,471
829,290
766,100
1,095,801
873,665
526,614
317,448
382,334
286,580
304,093
349,718
227,850
321,227
501,699
330,390
273,465
342,704
288,427
274,690
338,514
262,206
471,226
279,224
340,953
386,759
528,094
341,744
483,641
529,592
628,184
345,097
387,467
455,966
570,409
234,741
270,468
375,512
541,588
288,987
378,279
490,844
593,781
331,734
403,495
489,090
585,484
309,794
331,636
418,779
602,777
338,913
365,989
451,180
734,544
485,739
644,777
711,779
972,303
501,325
494,464
0
58,408
442,890
0
0
950,073

950,073

442,890

58,408

494,464

501,325

972,303

711,779

644,777

485,739

734,544

451,180

365,989

338,913

602,777

418,779

331,636

309,794

585,484

489,090

403,495

331,734

593,781

490,844

378,279

288,987

541,588

375,512

270,468

234,741

570,409

455,966

387,467

345,097

628,184

529,592

483,641

341,744

528,094

386,759

340,953

279,224

471,226

262,206

338,514

274,690

288,427

342,704

273,465

330,390

501,699

321,227

227,850

349,718

304,093

286,580

382,334

317,448

526,614

873,665

1,095,801

766,100

829,290

923,471

814,430

810,258

1,175,785

680,300

815,536

548,129

521,433

577,892

949,588

1,941,606

1,226,500

1,492,862

1,186,767

Other Current Liabilities

181,043
0
0
163,467
204,898
67,721
1,839,800
1,520,800
1,559,500
1,384,800
1,565,500
1,461,100
2,165,500
1,538,200
1,512,600
1,845,800
2,032,600
816,900
1,979,500
1,731,400
1,374,600
928,300
-382,334
1,235,000
1,555,500
-349,718
1,151,400
1,408,200
1,543,200
-330,390
-273,465
-342,704
-288,427
-274,690
-338,514
-262,206
269,048
246,792
385,985
289,872
136,677
350,114
401,002
278,334
132,728
377,511
375,835
399,824
128,496
525,439
721,171
587,059
124,721
625,797
829,993
702,014
155,551
955,723
1,055,244
1,056,342
166,112
1,315,867
1,480,684
1,405,836
179,275
1,144,992
1,230,920
1,244,562
180,724
1,239,716
-1,683,984
4,588
367,283
1,748,858
-520,025
4,301
-137,330
697,088
1,550
1,724
-140,417

-140,417

1,724

1,550

697,088

-137,330

4,301

-520,025

1,748,858

367,283

4,588

-1,683,984

1,239,716

180,724

1,244,562

1,230,920

1,144,992

179,275

1,405,836

1,480,684

1,315,867

166,112

1,056,342

1,055,244

955,723

155,551

702,014

829,993

625,797

124,721

587,059

721,171

525,439

128,496

399,824

375,835

377,511

132,728

278,334

401,002

350,114

136,677

289,872

385,985

246,792

269,048

-262,206

-338,514

-274,690

-288,427

-342,704

-273,465

-330,390

1,543,200

1,408,200

1,151,400

-349,718

1,555,500

1,235,000

-382,334

928,300

1,374,600

1,731,400

1,979,500

816,900

2,032,600

1,845,800

1,512,600

1,538,200

2,165,500

1,461,100

1,565,500

1,384,800

1,559,500

1,520,800

1,839,800

67,721

204,898

163,467

181,043

> Long-term Liabilities

0
0
0
0
2,939,706
3,321,765
2,957,659
2,622,280
2,669,839
2,493,260
2,812,019
2,701,202
3,393,521
2,765,930
3,205,275
3,539,761
3,717,299
1,737,500
3,058,855
2,932,422
2,551,179
2,150,294
1,236,850
2,274,995
2,624,665
1,236,850
2,223,946
2,487,704
2,626,415
1,226,850
1,226,850
1,076,850
1,209,625
1,076,850
1,076,850
1,076,850
1,796,542
1,904,274
1,943,033
2,009,523
2,105,705
1,992,448
2,111,773
2,126,896
2,266,221
1,912,915
2,906,737
2,536,340
2,612,795
2,263,404
2,290,106
2,414,102
2,790,412
2,546,274
2,637,056
2,765,899
2,674,198
2,473,191
2,459,644
2,766,851
2,872,941
3,412,238
3,308,911
3,459,822
3,736,628
3,390,514
3,397,230
3,443,737
3,771,278
3,528,144
3,671,697
3,723,102
4,051,516
3,554,860
3,477,304
3,452,294
3,671,857
3,272,548
3,515,631
3,212,777
3,033,525

3,033,525

3,212,777

3,515,631

3,272,548

3,671,857

3,452,294

3,477,304

3,554,860

4,051,516

3,723,102

3,671,697

3,528,144

3,771,278

3,443,737

3,397,230

3,390,514

3,736,628

3,459,822

3,308,911

3,412,238

2,872,941

2,766,851

2,459,644

2,473,191

2,674,198

2,765,899

2,637,056

2,546,274

2,790,412

2,414,102

2,290,106

2,263,404

2,612,795

2,536,340

2,906,737

1,912,915

2,266,221

2,126,896

2,111,773

1,992,448

2,105,705

2,009,523

1,943,033

1,904,274

1,796,542

1,076,850

1,209,625

1,076,850

1,226,850

2,626,415

2,487,704

2,223,946

1,236,850

2,624,665

2,274,995

1,236,850

2,150,294

2,551,179

2,932,422

3,058,855

1,737,500

3,717,299

3,539,761

3,205,275

2,765,930

3,393,521

2,701,202

2,812,019

2,493,260

2,669,839

2,622,280

2,957,659

3,321,765

2,939,706

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
1,247,015
1,248,599
1,249,753
1,250,314
1,249,951
1,098,426
1,096,934
1,096,741
1,095,143
1,094,998
1,094,713
1,093,245
1,093,018
1,092,944
1,064,184
1,063,596
1,062,880
1,061,239
1,060,365
1,008,534
1,996,524
1,531,942
1,531,340
1,512,396
1,512,125
1,512,148
1,709,415
1,708,830
1,702,323
1,702,757
1,500,658
1,468,045
1,468,440
1,710,865
1,704,900
2,006,263
1,925,084
1,925,874
1,926,906
1,901,991
1,902,735
1,903,377
221,451
1,894,598
1,895,220
1,895,842
2,260,227
1,878,338
1,878,944
2,265,587
2,271,185
1,806,898
1,772,540
1,771,360
0

1,771,360

1,772,540

1,806,898

2,271,185

2,265,587

1,878,944

1,878,338

2,260,227

1,895,842

1,895,220

1,894,598

221,451

1,903,377

1,902,735

1,901,991

1,926,906

1,925,874

1,925,084

2,006,263

1,704,900

1,710,865

1,468,440

1,468,045

1,500,658

1,702,757

1,702,323

1,708,830

1,709,415

1,512,148

1,512,125

1,512,396

1,531,340

1,531,942

1,996,524

1,008,534

1,060,365

1,061,239

1,062,880

1,063,596

1,064,184

1,092,944

1,093,018

1,093,245

1,094,713

1,094,998

1,095,143

1,096,741

1,096,934

1,098,426

1,249,951

1,250,314

1,249,753

1,248,599

1,247,015

Capital Lease Obligations Min Short Term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-1,064,184
0
0
0
-1,060,365
0
0
0
-1,194,075
0
-1,184,000
-1,184,721
-1,358,988
-1,374,979
-1,365,789
-1,379,078
-1,372,684
-1,405,805
-1,394,252
0
0
566,264
553,063
651,126
631,451
611,803
608,235
-1,071,637
-1,075,778
-1,101,184
-1,116,258
-1,129,706
545,694
0
0
0
434,766
-191,433
-82,231
27,471
402,870

402,870

27,471

-82,231

-191,433

434,766

545,694

-1,129,706

-1,116,258

-1,101,184

-1,075,778

-1,071,637

608,235

611,803

631,451

651,126

553,063

566,264

-1,394,252

-1,405,805

-1,372,684

-1,379,078

-1,365,789

-1,374,979

-1,358,988

-1,184,721

-1,184,000

-1,194,075

-1,060,365

-1,064,184

Warrants

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
575,000
575,000
575,000
575,000
575,000
575,710
0
583,471
89,472
0
0
0

89,472

583,471

575,710

575,000

Long-term Liabilities Other

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
459,553
509,110
513,410
600,967
512,682
523,023
440,131
454,362
459,589
499,705
499,651
531,805
509,062
529,820
513,427
587,108
565,252
536,065
559,346
559,284
522,746
548,432
499,942
505,473
497,467
517,065
530,241
539,656
547,488
568,017
573,588
663,892
580,525
560,415
576,986
1,095,229
1,049,474
1,113,171
1,178,613
1,148,647
1,125,585
1,086,598
1,131,501
1,145,605
775,210
771,817
841,464
830,776
776,344
722,536
734,879
1,017,967
717,828
534,451
49,073

49,073

534,451

717,828

1,017,967

734,879

722,536

776,344

830,776

841,464

771,817

775,210

1,145,605

1,131,501

1,086,598

1,125,585

1,148,647

1,178,613

1,113,171

1,049,474

1,095,229

576,986

560,415

580,525

663,892

573,588

568,017

547,488

539,656

530,241

517,065

497,467

505,473

499,942

548,432

522,746

559,284

559,346

536,065

565,252

587,108

513,427

529,820

509,062

531,805

499,651

499,705

459,589

454,362

440,131

523,023

512,682

600,967

513,410

509,110

459,553

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
7,162
0
0
0
11,104
10,794
10,046
9,377
9,168
8,801
8,966
4,281
9,407
9,520
7,184
6,481
5,571
952
2,717
1,998
3,511
963
2,921
2,582
1,041
2,202
1,335
1,323
1,827
15,884
13,606
0
3,920
4,793
0
0
0

4,793

3,920

13,606

15,884

1,827

1,323

1,335

2,202

1,041

2,582

2,921

963

3,511

1,998

2,717

952

5,571

6,481

7,184

9,520

9,407

4,281

8,966

8,801

9,168

9,377

10,046

10,794

11,104

7,162

> Total Stockholder Equity

535,725
0
0
346,623
384,798
387,268
-958,743
-917,481
-870,671
-822,234
-745,085
-713,302
-240,353
-206,866
-143,918
-74,539
70,339
36,400
352,829
293,332
250,580
231,003
324,076
427,670
355,391
397,812
430,585
488,571
652,398
693,726
710,516
773,299
726,143
738,334
704,425
713,827
569,656
496,600
518,084
582,774
560,209
485,844
500,062
572,570
706,159
473,083
810,204
1,154,655
1,313,455
1,165,328
1,146,201
1,243,175
1,235,987
1,153,077
1,243,026
1,307,842
1,201,071
996,561
1,055,162
1,067,125
916,851
701,221
618,802
613,442
609,991
486,433
600,597
693,813
911,772
765,005
826,883
877,807
975,220
849,826
715,662
560,636
556,463
451,426
359,978
361,318
423,759

423,759

361,318

359,978

451,426

556,463

560,636

715,662

849,826

975,220

877,807

826,883

765,005

911,772

693,813

600,597

486,433

609,991

613,442

618,802

701,221

916,851

1,067,125

1,055,162

996,561

1,201,071

1,307,842

1,243,026

1,153,077

1,235,987

1,243,175

1,146,201

1,165,328

1,313,455

1,154,655

810,204

473,083

706,159

572,570

500,062

485,844

560,209

582,774

518,084

496,600

569,656

713,827

704,425

738,334

726,143

773,299

710,516

693,726

652,398

488,571

430,585

397,812

355,391

427,670

324,076

231,003

250,580

293,332

352,829

36,400

70,339

-74,539

-143,918

-206,866

-240,353

-713,302

-745,085

-822,234

-870,671

-917,481

-958,743

387,268

384,798

346,623

535,725

Common Stock

0
0
0
0
0
0
375
375
375
375
375
375
516
516
516
517
517
500
687
760
763
765
870
922
922
1,014
1,128
1,166
1,197
1,197
1,204
1,229
1,230
1,231
1,232
1,232
1,282
1,282
1,290
1,290
1,291
1,291
1,298
1,298
1,298
1,298
1,298
1,298
1,298
1,298
1,298
1,298
1,298
1,298
1,298
1,298
1,298
1,298
1,298
1,298
1,298
1,298
1,298
1,298
1,128
1,128
1,128
1,128
1,128
1,128
1,128
1,128
1,128
1,128
-694,409
1,128
1,128
1,128
1,128
1,128
1,128

1,128

-694,409

1,128

1,298

1,291

1,290

1,282

1,232

1,231

1,230

1,229

1,204

1,197

1,166

1,128

1,014

922

870

765

763

760

687

500

517

516

375

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
35,487
83,348
166,468
204,666
244,633
285,575
258,646
262,100
264,682
270,245
182,647
197,297
193,958
219,319
203,236
242,818
285,476
333,294
464,655
338,165
664,001
1,014,145
1,123,728
970,808
998,132
1,058,189
1,134,186
1,101,988
1,166,026
1,219,303
1,080,413
1,005,548
1,092,381
1,140,610
1,195,563
1,171,754
1,179,901
1,168,382
1,193,570
1,119,176
1,140,015
1,160,310
1,295,386
1,278,907
1,348,121
1,402,191
1,560,636
1,583,005
1,628,182
0
1,676,713
1,604,650
0
0
0

1,604,650

1,676,713

1,628,182

1,583,005

1,560,636

1,402,191

1,348,121

1,278,907

1,295,386

1,160,310

1,140,015

1,119,176

1,193,570

1,168,382

1,179,901

1,171,754

1,195,563

1,140,610

1,092,381

1,005,548

1,080,413

1,219,303

1,166,026

1,101,988

1,134,186

1,058,189

998,132

970,808

1,123,728

1,014,145

664,001

338,165

464,655

333,294

285,476

242,818

203,236

219,319

193,958

197,297

182,647

270,245

264,682

262,100

258,646

285,575

244,633

204,666

166,468

83,348

35,487

Accumulated Other Comprehensive Income

0
0
0
0
384,798
287,268
-20,208
-3,996
-34,342
-27,785
-7,738
-8,066
32,494
32,590
38,783
52,187
52,491
69,000
41,047
-11,715
-79,435
-97,535
-47,759
-26,501
-57,048
-75,173
-117,794
-70,519
-46,158
-26,567
-17,827
-57,712
-88,364
-71,903
-94,171
-81,408
-110,541
-124,758
-141,489
-127,852
-133,004
-126,383
-127,480
-152,184
-201,127
-233,494
-235,349
-252,525
-234,356
-221,572
-237,030
-236,088
-314,222
-296,699
-277,785
-261,673
-232,562
-219,124
-253,499
-260,365
-273,818
-268,858
-271,984
-288,621
-293,648
-333,412
-308,921
-279,785
-238,368
-255,711
-226,648
-246,534
-223,847
-237,626
-290,029
-334,382
-295,854
-282,957
-281,886
-293,059
-289,950

-289,950

-293,059

-281,886

-282,957

-295,854

-334,382

-290,029

-237,626

-223,847

-246,534

-226,648

-255,711

-238,368

-279,785

-308,921

-333,412

-293,648

-288,621

-271,984

-268,858

-273,818

-260,365

-253,499

-219,124

-232,562

-261,673

-277,785

-296,699

-314,222

-236,088

-237,030

-221,572

-234,356

-252,525

-235,349

-233,494

-201,127

-152,184

-127,480

-126,383

-133,004

-127,852

-141,489

-124,758

-110,541

-81,408

-94,171

-71,903

-88,364

-57,712

-17,827

-26,567

-46,158

-70,519

-117,794

-75,173

-57,048

-26,501

-47,759

-97,535

-79,435

-11,715

41,047

69,000

52,491

52,187

38,783

32,590

32,494

-8,066

-7,738

-27,785

-34,342

-3,996

-20,208

287,268

384,798

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
643,921
666,705
758,841
612,101
642,269
685,800
659,013
638,868
700,064
750,647
846,050
605,166
659,365
693,741
737,899
556,711
612,952
657,279
702,800
509,383
527,454
569,535
600,034
526,298
569,154
623,512
688,231
608,073
673,242
732,981
788,140
619,430
652,013
701,849
750,692
535,926
582,342
682,003
41,020
0
52,274
95,143
135,439
0
58,000
110,470
144,729
0
71,918
126,746
167,890
94,312
167,622
202,617
0

202,617

167,622

94,312

167,890

126,746

71,918

144,729

110,470

58,000

135,439

95,143

52,274

41,020

682,003

582,342

535,926

750,692

701,849

652,013

619,430

788,140

732,981

673,242

608,073

688,231

623,512

569,154

526,298

600,034

569,535

527,454

509,383

702,800

657,279

612,952

556,711

737,899

693,741

659,365

605,166

846,050

750,647

700,064

638,868

659,013

685,800

642,269

612,101

758,841

666,705

643,921

Treasury Stock

-507,426

-389,448

-353,718

-259,319

-281,813

-282,983

-283,899

-300,459

-332,079

-949,620

-872,755

-738,899

-756,884

-516,267

-437,031

-410,591

-437,530

-384,067

-319,755

-261,583

-273,506

-203,736

-185,353

-111,504

-177,249

-177,798

-147,200

-142,269

-261,243

-267,117

-272,184

-188,593

-249,213

-203,724

-195,040

-182,387

-349,782

-226,889

-167,382

-91,962

-104,382

-141,593

-159,763

-97,671

-227,950

-192,129

-132,157

-140,581

-191,140

-337,480

-346,406

-323,768

-321,852

-254,786

-217,764

-184,138

-69,296

-72,204

-4,177

-4,179

Other Stockholders Equity

0
0
0
0
559,518
528,576
-950,276
-913,860
-885,690
-859,877
-822,715
-800,145
-400,971
-375,417
-342,704
-321,806
-231,220
-282,500
33,984
111,926
107,842
168,329
191,821
247,766
358,791
465,811
511,764
474,576
530,891
514,430
482,506
544,207
554,631
546,906
532,682
523,758
496,268
422,779
464,325
490,017
488,686
368,118
340,768
390,162
441,557
367,114
380,254
391,737
422,785
414,794
383,801
419,776
414,725
346,490
353,487
348,914
350,610
208,839
214,982
185,582
-6,192
-202,973
-290,413
-267,617
-291,059
-300,459
-231,625
-187,840
-146,374
-259,319
-295,718
-278,978
-362,697
-496,681
-218,111
-788,508
-825,524
-871,395
-790,445
-735,259
-690,055

-690,055

-735,259

-790,445

-871,395

-825,524

-788,508

-218,111

-496,681

-362,697

-278,978

-295,718

-259,319

-146,374

-187,840

-231,625

-300,459

-291,059

-267,617

-290,413

-202,973

-6,192

185,582

214,982

208,839

350,610

348,914

353,487

346,490

414,725

419,776

383,801

414,794

422,785

391,737

380,254

367,114

441,557

390,162

340,768

368,118

488,686

490,017

464,325

422,779

496,268

523,758

532,682

546,906

554,631

544,207

482,506

514,430

530,891

474,576

511,764

465,811

358,791

247,766

191,821

168,329

107,842

111,926

33,984

-282,500

-231,220

-321,806

-342,704

-375,417

-400,971

-800,145

-822,715

-859,877

-885,690

-913,860

-950,276

528,576

559,518

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	950,073	58,408	50,075	-1,216	8,834	585,484	593,781	541,588	570,409	628,184	528,094	471,226	288,427	501,699	304,093	526,614	829,290	1,175,785	521,433	601,582	570,061	-	-
Accumulated Amortization	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	-	-
Accumulated Other Comprehensive Income	-289,950	-295,854	-223,847	-238,368	-293,648	-273,818	-232,562	-314,222	-234,356	-201,127	-133,004	-110,541	-88,364	-46,158	-57,048	-79,435	52,491	32,494	-34,342	384,798	0	-	-
Additional Paid In Capital	0	0	0	0	0	0	788,140	688,231	1,367,306	770,057	629,998	651,540	0	0	0	0	0	0	0	0	0	-	-
Capital Lease Obligations	485,191	513,688	552,522	606,963	644,345	0	0	7,205	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Capital Stock	1,128	1,128	1,128	1,128	1,128	1,298	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Capital Surpluse	0	167,890	144,729	135,439	41,020	750,692	788,140	688,231	600,034	702,800	737,899	846,050	659,013	758,841	0	0	0	0	0	0	0	-	-
Cash	1,005,407	1,234,773	1,465,022	1,389,876	1,231,593	1,246,537	1,483,836	1,158,785	1,132,083	1,066,580	841,482	850,190	1,289,828	1,566,234	917,329	909,707	1,055,844	969,483	492,309	273,668	315,817	-	-
Cash And Equivalents	0	2,014,019	3,430,014	2,568,827	2,455,559	2,291,885	2,454,806	1,607,483	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Cash And Short Term Investments	1,005,407	2,014,019	2,812,566	2,524,339	2,412,279	2,253,506	2,419,267	1,578,453	1,521,944	1,274,340	1,086,361	1,142,684	1,289,828	1,566,234	917,329	909,707	1,055,844	969,483	492,309	273,668	0	-	-
Common Stock	1,128	1,128	1,128	1,128	1,128	1,298	1,298	1,298	1,298	1,298	1,291	1,282	1,230	1,197	922	763	517	516	375	0	0	-	-
Common Stock Shares Outstanding	88,994	100,998	113,675	113,483	116,080	129,768	132,480	132,634	133,245	133,813	133,737	129,326	137,630	138,470	78,312	60,875	62,213	44,166	37,561	37,500	37,500	37,500	37,500
Common Stock Total Equity	0	1,128	1,128	1,128	1,128	1,298	1,298	1,298	1,298	1,298	1,291	1,282	1,230	1,197	922	763	517	516	375	0	0	-	-
Current Deferred Revenue	140,417	921,834	1,442,701	1,201,150	1,246,200	1,154,207	992,338	472,283	506,665	314,284	275,434	269,763	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	-	-
Deferred Long Term Liab	0	3,920	1,827	1,041	3,511	5,571	9,407	9,168	11,104	7,162	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	-	-
Good Will	394,898	377,240	379,421	383,861	371,773	371,561	385,292	373,117	320,761	335,402	345,453	364,328	356,657	313,229	261,703	170,277	178,446	16,945	15,996	17,205	16,547	-	-
Intangible Assets	30	90	150	210	1,821	3,757	6,072	8,907	6,215	12,036	18,424	28,494	36,442	48,210	317,780	175,144	187,909	16,945	15,996	17,205	16,547	-	-
Inventory	0	-217,841	3,555,005	2,271,140	2,040,856	-142,628	-116,950	-85,356	-138,801	-111,201	-103,147	-85,748	193,019	183,981	543,291	404,175	919,229	550,143	272,176	606,347	500,044	-	-
Liabilities And Stockholders Equity	4,635,781	5,852,561	7,147,181	5,971,861	5,664,402	4,997,241	4,926,709	4,556,508	4,486,766	3,349,978	3,011,137	2,986,893	3,081,936	3,422,532	3,143,891	2,862,036	3,840,413	3,208,665	1,910,897	3,499,224	3,257,229	2,460,725	3,569,362
Long Term Debt	1,690,200	1,687,714	1,685,227	221,451	1,926,906	1,704,900	1,500,658	1,709,415	1,531,340	1,060,365	1,064,184	1,094,713	1,096,934	1,249,753	1,279,486	1,279,745	1,794,065	1,312,502	1,277,779	518,661	429,429	-	-
Long Term Debt Total	0	2,271,185	2,260,227	221,451	1,926,906	1,704,900	1,500,658	1,709,415	1,531,340	1,060,365	1,064,184	1,094,713	1,096,934	1,249,753	0	0	0	0	0	0	0	-	-
Long Term Investments	640,284	698,977	1,007,339	658,532	531,995	575,148	427,186	459,422	541,911	620,352	478,105	414,673	378,521	417,410	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	-	-
Net Debt	1,169,984	966,629	772,727	899,828	1,092,314	187,723	-293,453	29,815	-133,733	-18,230	206,868	226,660	-212,978	-339,384	319,521	178,043	708,778	343,019	753,617	148,655	0	-	-
Net Invested Capital	2,113,959	2,244,177	2,660,447	2,594,513	2,289,553	2,351,111	2,390,186	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Net Receivables	762,319	652,758	805,809	743,141	663,138	685,534	571,616	638,282	497,213	557,596	512,675	478,043	504,455	568,704	669,475	711,901	1,097,178	1,234,896	748,020	891,524	0	-	-
Net Tangible Assets	0	762,604	595,649	527,701	236,397	541,533	808,439	853,963	986,479	359,306	196,332	176,834	333,044	290,959	0	0	0	0	0	0	0	-	-
Net Working Capital	1,258,032	2,370,324	2,793,122	1,932,676	1,633,639	1,623,911	1,865,349	1,773,482	1,547,440	1,560,942	1,385,648	1,416,196	-288,209	-1,542,990	-1,553,814	-1,372,799	-2,032,477	-2,161,887	-1,559,450	0	0	-	-
Non Current Assets Total	2,345,355	2,560,403	2,911,358	2,659,893	2,545,705	2,019,822	1,900,287	2,310,743	2,432,661	1,474,752	1,350,055	1,300,934	561,528	511,963	484,693	346,587	373,418	185,255	172,626	216,658	0	-	-
Non Current Liabilities Other	49,073	734,879	841,464	1,131,501	1,178,613	576,986	573,588	530,241	499,942	559,346	513,427	499,651	440,131	513,410	0	0	0	0	0	0	0	-	-
Non Current Liabilities Total	3,033,525	3,671,857	4,051,516	3,771,278	3,736,628	2,872,941	2,674,198	2,790,412	2,612,795	2,266,221	2,105,705	2,065,590	1,189,541	2,626,415	2,620,794	2,550,284	3,717,299	3,393,521	2,669,839	2,939,706	0	-	-
Non Currrent Assets Other	108,605	394,758	623,086	564,919	477,042	258,634	228,143	184,499	226,014	506,962	508,073	493,439	-561,528	-511,963	-484,693	-346,587	-373,418	-185,255	-172,626	-216,658	0	-	-
Noncontrolling Interest In Consolidated Entity	0	118,936	102,744	87,661	71,583	53,242	59,102	57,826	53,851	63,313	69,789	81,884	140,713	143,719	0	0	0	0	0	0	0	-	-
Other Assets	1,985,401	1,033,038	4,585,302	4,197,914	924,948	868,236	910,415	1,320,328	1,130,595	266,651	259,277	268,406	2,520,190	2,910,359	2,657,512	2,513,648	3,466,872	3,023,397	1,738,221	2,117,374	3,257,229	2,460,725	-
Other Current Assets	-1,767,726	843,222	-2,937,557	-2,226,652	-1,997,576	181,007	152,489	114,386	173,749	154,491	165,193	150,980	-138,382	-27,493	1,243,178	1,065,554	1,499,482	987,341	654,572	0	0	-	-
Other Current Liab	-140,417	-137,330	-130,664	-90,715	-97,964	296,373	155,551	124,721	128,496	132,728	136,677	147,194	-288,427	1,543,200	1,555,500	1,374,600	2,032,600	2,161,900	1,559,500	204,898	181,043	-	-
Other Liab	0	1,337,252	2,284,165	1,948,180	1,690,544	1,706,162	1,599,171	1,304,026	1,298,385	197,104	153,783	884,493	755,401	1,012,212	1,035,907	737,845	1,093,944	886,005	721,538	862,064	725,613	-	-
Other Stockholder Equity	-690,055	-825,524	-362,697	-146,374	-291,059	-6,192	350,610	414,725	422,785	441,557	488,686	496,268	554,631	530,891	358,791	107,842	-231,220	-400,971	-885,690	559,518	535,725	648,911	-
Preferred Stock Redeemable	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	1,367,306	770,057	629,998	651,540	0	0	0	0	0	0	0	0	0	-	-
Property Plant And Equipment Gross	1,054,276	681,681	466,054	513,923	771,346	212,946	205,301	209,021	207,165	222,569	248,796	225,033	168,429	150,524	166,913	171,443	185,509	168,310	156,630	199,453	0	-	-
Property Plant And Equipment Net	639,729	681,681	466,054	513,923	551,504	212,946	205,301	209,021	207,165	222,569	248,796	225,033	168,429	150,524	166,913	171,443	185,509	168,310	156,630	199,453	0	-	-
Property Plant Equipment	0	681,681	466,054	257,587	219,842	212,946	205,301	209,021	207,165	222,569	248,796	225,033	168,429	150,524	166,913	171,443	185,509	168,310	156,630	199,453	192,476	-	-
Retained Earnings	1,402,636	1,676,713	1,560,636	1,295,386	1,193,570	1,195,563	1,080,413	1,134,186	1,123,728	464,655	203,236	182,647	258,646	166,468	53,635	221,410	248,551	127,608	48,986	0	0	-	-
Retained Earnings Total Equity	0	1,676,713	1,560,636	1,295,386	1,193,570	1,195,563	1,080,413	1,134,186	1,123,728	464,655	203,236	182,647	258,646	166,468	0	0	0	0	0	0	0	-	-
Short Long Term Debt	0	0	0	0	0	0	1,372,684	1,358,988	1,194,075	1,060,365	1,064,184	0	0	0	0	0	0	0	0	0	0	-	-
Short Long Term Debt Total	2,175,391	2,201,402	2,237,749	2,289,704	2,323,907	1,434,260	1,190,383	1,188,600	998,350	1,048,350	1,048,350	1,076,850	1,076,850	1,226,850	1,236,850	1,087,750	1,764,622	1,312,502	1,245,926	422,323	0	-	-
Short Term Debt	82,321	78,922	80,589	91,931	89,130	3,929	7,338	4,482	1,194,075	1,060,365	1,064,184	0	0	0	0	0	0	0	0	0	0	-	-
Short Term Investments	219,576	779,246	1,347,544	1,134,463	1,180,686	1,006,969	935,431	419,668	389,861	207,760	244,879	292,494	291,989	360,548	2,305	8,907	5,241	32,881	23,358	266,148	348,714	-	-
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	1,367,306	770,057	629,998	651,540	0	0	0	0	0	0	0	0	0	-	-
Total Assets	4,635,781	5,852,561	7,147,181	5,971,861	5,664,402	4,997,241	4,926,709	4,556,508	4,486,766	3,349,978	3,011,137	2,986,893	3,081,936	3,422,532	3,143,891	2,862,036	3,840,413	3,208,665	1,910,897	3,499,224	3,257,229	2,460,725	3,569,362
Total Current Assets	2,290,426	3,292,158	4,235,823	3,311,968	3,118,697	2,977,419	3,026,422	2,245,765	2,054,105	1,875,226	1,661,082	1,685,959	218	210	1,686	1,801	123	13	50	1,165,192	0	-	-
Total Current Liabilities	1,032,394	921,834	1,442,701	1,201,150	1,246,200	1,154,207	992,338	472,283	506,665	314,284	275,434	269,763	288,427	1,543,200	1,555,500	1,374,600	2,032,600	2,161,900	1,559,500	0	0	-	-
Total Liab	4,065,919	4,593,691	5,494,217	4,972,428	4,982,828	4,027,148	3,666,536	3,262,695	3,119,460	2,580,505	2,381,139	2,335,353	2,215,080	2,626,415	2,620,794	2,550,284	3,717,299	3,393,521	2,669,839	2,939,706	2,721,504	1,811,814	-
Total Permanent Equity	0	0	0	0	0	0	0	0	1,367,306	770,057	629,998	651,540	0	0	0	0	0	0	0	0	0	-	-
Total Stockholder Equity	423,759	556,463	975,220	911,772	609,991	916,851	1,201,071	1,235,987	1,313,455	706,159	560,209	569,656	726,143	652,398	355,391	250,580	70,339	-240,353	-870,671	384,798	535,725	648,911	704,697
Treasury Stock	0	0	-507,426	-281,813	-332,079	-756,884	-437,530	-273,506	-177,249	-261,243	-249,213	-349,782	-104,382	-227,950	-191,140	-321,852	-69,296	-4,179	0	0	0	-	-
Warrants	0	583,471	575,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31
Accounts Payable	950,073	0	0	442,890	58,408	0	494,464	501,325	972,303	711,779	644,777	485,739	734,544	451,180	365,989	338,913	602,777	418,779	331,636	309,794	585,484	489,090	403,495	331,734	593,781	490,844	378,279	288,987	541,588	375,512	270,468	234,741	570,409	455,966	387,467	345,097	628,184	529,592	483,641	341,744	528,094	386,759	340,953	279,224	471,226	262,206	338,514	274,690	288,427	342,704	273,465	330,390	501,699	321,227	227,850	349,718	304,093	286,580	382,334	317,448	526,614	873,665	1,095,801	766,100	829,290	923,471	814,430	810,258	1,175,785	680,300	815,536	548,129	521,433	577,892	949,588	1,941,606	1,226,500	1,492,862	0	0	1,186,767
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Other Comprehensive Income	-289,950	-293,059	-281,886	-282,957	-295,854	-334,382	-290,029	-237,626	-223,847	-246,534	-226,648	-255,711	-238,368	-279,785	-308,921	-333,412	-293,648	-288,621	-271,984	-268,858	-273,818	-260,365	-253,499	-219,124	-232,562	-261,673	-277,785	-296,699	-314,222	-236,088	-237,030	-221,572	-234,356	-252,525	-235,349	-233,494	-201,127	-152,184	-127,480	-126,383	-133,004	-127,852	-141,489	-124,758	-110,541	-81,408	-94,171	-71,903	-88,364	-57,712	-17,827	-26,567	-46,158	-70,519	-117,794	-75,173	-57,048	-26,501	-47,759	-97,535	-79,435	-11,715	41,047	69,000	52,491	52,187	38,783	32,590	32,494	-8,066	-7,738	-27,785	-34,342	-3,996	-20,208	287,268	384,798	0	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	701,849	652,013	619,430	788,140	732,981	673,242	608,073	688,231	623,512	0	1,222,748	1,367,306	1,211,873	869,369	537,305	770,057	637,660	566,701	555,641	629,998	657,061	592,211	577,101	651,540	833,826	0	0	0	0	0	0	0	635,994	584,938	0	0	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	485,191	492,036	507,157	509,761	513,688	502,206	520,025	536,910	552,522	554,900	567,726	582,178	606,963	609,850	618,362	623,926	644,345	652,681	555,324	568,108	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	1,128	1,128	1,128	1,128	1,128	1,128	1,128	1,128	1,128	1,128	1,128	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	202,617	167,622	94,312	167,890	126,746	71,918	0	144,729	110,470	58,000	0	135,439	95,143	52,274	0	41,020	682,003	582,342	535,926	750,692	701,849	652,013	619,430	788,140	732,981	673,242	608,073	688,231	623,512	569,154	526,298	600,034	569,535	527,454	509,383	702,800	657,279	612,952	556,711	737,899	693,741	659,365	605,166	846,050	750,647	700,064	638,868	659,013	685,800	642,269	612,101	758,841	666,705	643,921	0	0	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	1,005,407	653,355	697,756	596,601	1,234,773	1,000,102	907,472	878,167	1,465,022	1,184,772	979,899	974,696	1,389,876	1,109,745	896,843	793,477	1,231,593	959,001	919,221	1,011,353	1,246,537	1,132,395	845,167	962,280	1,483,836	1,254,010	955,639	891,455	1,158,785	853,887	646,454	701,324	1,132,083	859,984	701,172	606,336	1,066,580	820,584	684,491	666,589	841,482	688,367	601,485	586,111	850,190	1,099,620	1,075,593	1,023,371	1,289,828	1,257,800	1,232,956	1,323,115	1,566,234	871,880	818,063	704,107	917,329	795,074	903,888	826,599	909,707	774,948	758,664	1,329,300	1,055,844	959,122	1,029,036	682,227	969,483	530,292	442,355	404,172	492,309	371,983	320,784	234,227	273,668	0	0	0	315,817
Cash And Equivalents	0	972,737	1,144,533	1,119,161	2,014,019	2,962,715	3,225,490	3,131,911	3,430,014	3,161,026	2,705,537	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	1,005,407	972,737	1,144,533	1,119,161	2,014,019	2,341,616	2,608,433	2,516,686	2,812,566	2,545,729	2,091,246	1,988,841	2,524,339	2,303,462	2,052,382	1,874,214	2,412,279	2,248,289	2,220,741	2,149,363	2,253,506	2,148,267	1,845,829	1,825,145	2,419,267	1,906,494	1,712,146	1,463,951	1,578,453	1,388,752	1,313,767	1,088,874	1,521,944	1,136,569	988,849	823,962	1,274,340	1,061,312	1,006,771	940,980	1,086,361	961,535	946,324	840,254	1,142,684	1,099,620	1,075,593	1,023,371	1,289,828	1,257,800	1,232,956	1,323,115	1,566,234	871,880	818,063	704,107	917,329	795,074	903,888	826,599	909,707	774,948	758,664	1,329,300	1,055,844	959,122	1,029,036	682,227	969,483	530,292	442,355	404,172	492,309	371,983	320,784	234,227	273,668	0	0	0	0
Common Stock	1,128	1,128	1,128	1,128	1,128	1,128	-694,409	1,128	1,128	1,128	1,128	1,128	1,128	1,128	1,128	1,128	1,128	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,291	1,291	1,290	1,290	1,282	1,282	1,232	1,232	1,231	1,230	1,229	1,204	1,197	1,197	1,166	1,128	1,014	922	922	870	765	763	760	687	500	517	517	516	516	516	375	375	375	375	375	375	0	0	0	0	0	0
Common Stock Shares Outstanding	94,989	94,309	88,730	87,592	94,186	98,865	102,753	108,187	112,279	112,994	113,603	115,822	115,144	113,182	111,488	114,120	113,442	113,882	116,175	120,820	126,819	129,860	130,249	132,142	119,867	132,394	132,140	132,689	132,981	132,321	132,342	132,891	133,321	133,115	132,806	133,736	134,084	133,567	133,576	134,026	135,426	134,242	132,464	132,816	117,708	135,380	134,637	136,594	119,230	136,858	139,348	138,591	115,335	138,094	139,944	89,736	89,736	87,645	85,323	70,144	70,144	66,002	63,356	55,198	49,980	58,172	62,738	59,108	51,439	41,578	43,980	41,043	37,503	37,529	33,333	37,500	37,500	37,500	37,500	37,500	0
Common Stock Total Equity	0	0	0	1,128	1,128	0	1,128	1,128	1,128	1,128	1,128	1,128	1,128	1,128	1,128	1,128	1,128	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,298	1,291	1,291	1,290	1,290	1,282	1,282	1,232	1,232	1,231	1,230	1,229	1,204	1,197	1,197	1,166	1,128	1,014	922	922	870	765	763	760	687	500	517	517	516	516	516	375	375	375	375	375	375	0	0	0	0	0	0
Current Deferred Revenue	140,417	0	0	0	921,834	1,499,812	1,831,825	1,748,858	1,442,701	1,450,764	1,228,248	1,239,716	1,201,150	1,244,562	1,230,920	1,144,992	1,246,200	1,405,836	1,480,684	1,315,867	1,154,207	1,056,342	1,055,244	955,723	992,338	702,014	829,993	625,797	472,283	587,059	721,171	525,439	506,665	399,824	375,835	377,511	314,284	278,334	401,002	350,114	275,434	289,872	385,985	246,792	269,763	0	0	0	0	0	0	0	0	0	0	0	0	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 Asset Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Long Term Liab	0	0	0	4,793	3,920	0	13,606	15,884	1,827	1,323	1,335	2,202	1,041	2,582	2,921	963	3,511	1,998	2,717	952	5,571	6,481	7,184	9,520	9,407	4,281	8,966	8,801	9,168	9,377	10,046	10,794	11,104	0	0	0	7,162	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Good Will	394,898	394,049	394,622	394,260	377,240	375,784	377,884	379,480	379,421	379,682	380,687	381,752	383,861	373,195	368,069	355,720	371,773	366,892	371,536	372,353	371,561	374,994	377,264	383,107	385,292	385,486	381,902	379,808	373,117	346,044	322,939	327,050	320,761	316,989	326,822	324,963	335,402	343,776	352,043	349,716	345,453	350,619	348,549	365,649	364,328	364,761	360,993	360,638	356,657	350,921	320,411	316,101	313,229	267,722	254,295	261,990	261,703	252,258	185,434	173,194	170,277	181,024	196,254	191,967	178,446	0	17,135	16,960	16,945	16,580	16,528	16,145	15,996	16,252	16,283	16,786	17,205	15,847	0	0	16,547
Intangible Assets	30	45	60	394,260	90	105	120	135	150	165	180	195	210	646	1,090	1,525	1,821	2,104	2,900	3,329	3,757	4,247	5,096	5,221	6,072	6,582	7,314	8,100	8,907	7,806	5,242	5,571	6,215	8,635	9,147	11,003	12,036	12,478	16,499	17,205	18,424	25,782	26,658	27,668	28,494	30,681	33,175	35,324	36,442	43,461	365,441	46,736	48,210	318,541	306,833	316,297	317,780	311,705	189,613	177,717	175,144	186,235	201,972	200,210	187,909	184,292	17,135	16,960	16,945	16,580	16,528	16,145	15,996	16,252	16,283	16,786	17,205	15,847	0	0	16,547
Inventory	0	1,353,564	1,443,050	1,368,698	-217,841	0	0	0	-238,158	0	0	0	-183,855	0	0	0	-117,696	0	0	0	-142,628	35,701	38,719	79,284	-116,950	45,186	43,606	41,908	-85,356	41,809	78,764	95,579	-138,801	104,753	111,428	110,852	-111,201	95,245	76,621	65,563	-103,147	62,968	59,465	56,640	50,940	233,439	232,584	179,587	193,019	148,314	209,794	184,239	183,981	497,882	441,798	503,251	543,291	564,697	393,858	346,703	404,175	490,245	637,661	687,735	919,229	765,168	648,170	608,763	550,143	395,110	405,050	353,581	272,176	300,894	335,559	648,761	606,347	586,140	0	0	500,044
Liabilities And Stockholders Equity	4,635,781	4,295,506	4,602,937	4,567,517	5,852,561	6,207,925	6,024,791	6,848,346	7,147,181	6,726,580	6,406,800	6,209,559	5,971,861	5,466,997	5,312,118	5,095,123	5,664,402	5,551,879	5,507,473	5,499,477	4,997,241	4,944,778	4,627,992	4,485,095	4,926,709	4,836,388	4,769,762	4,385,258	4,556,508	4,302,303	4,215,621	4,011,591	4,486,766	4,148,037	4,151,941	2,827,731	3,349,978	3,042,890	3,079,476	2,898,203	3,011,137	2,956,456	2,921,229	2,728,167	2,986,893	2,994,946	2,977,854	2,907,998	3,081,936	3,136,469	3,081,014	3,159,360	3,422,532	3,123,698	2,808,884	2,885,530	3,147,762	2,899,588	2,653,330	2,396,215	2,862,931	3,324,739	3,632,311	3,356,900	3,840,413	3,514,194	3,109,662	2,614,790	3,208,665	2,031,261	2,109,518	1,778,044	1,910,897	1,809,259	2,098,790	3,850,341	3,499,224	0	0	0	0
Long Term Debt	1,690,200	1,689,579	1,688,957	1,806,898	1,687,714	1,687,092	1,686,471	1,685,849	1,685,227	1,684,606	1,683,984	1,894,598	221,451	1,903,377	1,902,735	1,901,991	1,926,906	1,925,874	1,925,084	2,006,263	1,704,900	1,710,865	1,468,440	1,468,045	1,500,658	1,702,757	1,702,323	1,708,830	1,709,415	1,512,148	1,512,125	1,512,396	1,531,340	1,531,942	1,996,524	1,008,534	1,060,365	1,061,239	1,062,880	1,063,596	1,064,184	1,092,944	1,093,018	1,093,245	1,094,713	1,094,998	1,095,143	1,096,741	1,096,934	1,098,426	1,249,951	1,250,314	1,249,753	1,248,599	1,247,015	1,259,422	1,261,478	1,262,755	1,262,329	1,261,776	1,264,575	1,328,298	1,331,559	1,770,005	1,764,622	1,764,025	1,762,935	1,212,887	1,312,502	1,308,202	1,314,205	1,239,695	1,245,926	1,230,525	1,256,236	400,594	422,323	412,998	0	0	420,078
Long Term Debt Total	0	1,771,360	1,772,540	1,806,898	2,271,185	2,265,587	1,878,944	1,878,338	2,260,227	1,895,842	1,895,220	1,894,598	221,451	1,903,377	1,902,735	1,901,991	1,926,906	1,925,874	1,925,084	2,006,263	1,704,900	1,710,865	1,468,440	1,468,045	1,500,658	1,702,757	1,702,323	1,708,830	1,709,415	1,512,148	1,512,125	1,512,396	1,531,340	1,531,942	1,996,524	1,008,534	1,060,365	1,061,239	1,062,880	1,063,596	1,064,184	1,092,944	1,093,018	1,093,245	1,094,713	1,094,998	1,095,143	1,096,741	1,096,934	1,098,426	1,249,951	1,250,314	1,249,753	1,248,599	1,247,015	0	0	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	640,284	657,880	690,199	741,868	698,977	584,759	787,139	869,844	1,007,339	914,975	867,707	782,351	658,532	535,245	523,366	505,753	531,995	535,848	575,424	615,781	575,148	609,595	505,194	354,952	427,186	426,948	421,727	382,074	459,422	462,758	491,346	460,281	541,911	575,204	557,751	486,746	620,352	549,922	538,924	417,295	478,105	469,722	449,364	406,256	414,673	439,435	439,683	378,273	378,521	346,912	435,139	407,147	417,410	712,283	677,203	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt	1,169,984	1,528,260	1,498,358	1,601,495	966,629	1,189,196	-387,447	1,344,592	772,727	1,054,734	1,271,811	1,290,844	899,828	1,181,592	1,402,364	1,510,653	1,092,314	1,372,601	1,314,234	1,316,052	187,723	301,307	346,110	228,550	-293,453	-64,074	233,850	297,588	29,815	144,638	343,657	288,411	-133,733	138,366	297,178	392,014	-18,230	227,766	363,859	381,761	206,868	388,483	475,365	490,739	244,523	-22,770	1,257	53,479	-192,894	-180,950	-6,106	-96,265	-316,481	354,970	408,787	532,743	344,149	441,776	332,962	435,177	354,868	553,350	572,895	440,700	708,778	810,254	737,359	626,668	343,019	777,910	871,850	835,523	753,617	858,542	935,452	66,367	148,655	0	0	0	0
Net Invested Capital	2,113,959	2,050,897	2,048,935	2,139,761	2,244,177	2,247,728	2,402,133	2,535,675	2,660,447	2,562,413	2,510,867	2,448,367	2,594,513	2,375,300	2,281,442	2,166,637	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	762,319	632,133	674,558	698,127	652,758	740,395	739,702	816,640	805,809	700,136	818,800	739,615	743,141	575,098	652,112	588,653	663,138	668,167	705,114	695,412	685,534	640,787	714,397	674,686	571,616	551,888	654,739	527,614	638,282	537,695	495,316	514,522	497,213	502,409	501,531	593,841	557,596	507,915	544,325	523,082	512,675	536,151	524,906	459,880	615,437	484,311	483,480	522,585	633,709	595,351	532,141	530,877	568,704	787,477	623,427	727,350	669,475	525,737	529,126	399,025	712,526	1,194,418	1,310,856	463,000	1,097,178	1,020,915	893,947	839,305	1,234,896	690,801	859,261	638,973	748,020	753,050	1,022,905	996,079	891,524	0	0	0	0
Net Tangible Assets	0	-32,776	0	146,638	762,604	184,747	337,658	1,045,211	595,649	497,960	446,016	958,058	527,701	319,972	231,438	129,188	236,397	244,446	244,366	325,539	541,533	687,884	672,802	608,233	808,439	915,774	853,810	765,169	853,963	889,325	818,020	832,707	986,479	829,031	474,235	137,117	359,306	216,316	131,520	118,923	196,332	206,373	142,877	103,283	176,834	318,385	310,257	342,372	333,044	378,917	345,075	330,889	290,959	170,030	123,752	0	0	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	1,258,032	1,057,521	1,266,621	1,157,185	2,370,324	2,203,298	2,133,367	2,199,693	2,793,122	2,410,398	2,296,089	2,103,830	1,932,676	1,675,258	1,513,857	1,359,273	1,872,497	1,550,900	1,484,932	1,568,210	1,823,212	1,770,697	1,542,071	1,582,751	2,034,084	1,791,737	1,571,372	1,399,455	1,773,482	1,374,556	1,121,434	1,111,991	1,547,440	1,274,013	1,148,271	1,086,992	1,560,942	1,335,603	1,217,755	1,178,408	1,385,648	1,267,355	1,146,012	1,113,826	1,370,290	1,321,725	1,220,559	1,271,266	1,635,110	1,510,447	1,491,632	1,523,602	591,738	251,157	290,090	1,081,739	31,304	85,811	1,050,680	297,324	247,633	237,966	90,020	209,300	120,422	134,237	410,383	-16,668	38,879	-240,007	-263,884	-341,655	-1,046,595	-395,767	-496,111	0	0	0	0	0	0
Non Current Assets Total	2,345,355	2,656,598	2,748,478	2,713,244	2,560,403	2,504,815	813,454	2,899,795	2,911,358	2,865,418	2,882,463	2,866,013	2,659,893	2,547,177	2,567,341	2,590,858	2,545,705	2,595,143	2,541,857	2,615,400	2,019,822	2,117,739	2,030,677	1,946,621	1,900,287	2,342,637	2,368,397	2,360,006	2,310,743	2,340,688	2,373,016	2,374,161	2,432,661	2,474,200	2,627,835	1,363,228	1,474,752	1,428,953	1,460,719	1,369,681	1,350,055	1,399,229	1,389,232	1,367,549	1,077,792	611,854	592,457	586,042	561,528	545,090	518,447	516,409	511,963	472,718	450,449	471,549	484,693	482,622	357,711	339,462	346,587	366,222	399,693	1,136,800	373,418	364,666	187,038	186,332	185,255	178,105	179,623	174,032	15,996	178,032	190,216	205,373	216,658	0	0	0	0
Non Current Liabilities Other	49,073	534,451	717,828	1,017,967	734,879	722,536	776,344	830,776	841,464	771,817	775,210	1,145,605	1,131,501	1,086,598	1,125,585	1,148,647	1,178,613	1,113,171	1,049,474	1,095,229	576,986	560,415	580,525	663,892	573,588	568,017	547,488	539,656	530,241	517,065	497,467	505,473	499,942	548,432	522,746	559,284	559,346	536,065	565,252	587,108	513,427	529,820	509,062	531,805	499,651	499,705	459,589	454,362	440,131	523,023	512,682	600,967	513,410	509,110	459,553	0	0	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	3,033,525	3,212,777	3,515,631	3,272,548	3,671,857	3,452,294	3,477,304	3,554,860	4,051,516	3,723,102	3,671,697	3,528,144	3,771,278	3,443,737	3,397,230	3,390,514	3,736,628	3,459,822	3,308,911	3,412,238	2,872,941	2,766,851	2,459,644	2,473,191	2,674,198	2,765,899	2,637,056	2,546,274	2,790,412	2,414,102	2,290,106	2,263,404	2,612,795	2,536,340	2,906,737	1,912,915	2,266,221	2,126,896	2,111,773	1,992,448	2,105,705	2,009,523	1,943,033	1,904,274	1,796,542	1,076,850	1,076,850	1,076,850	1,209,625	1,076,850	1,226,850	1,226,850	2,626,415	2,487,704	2,223,946	1,236,850	2,624,665	2,274,995	1,236,850	2,150,294	2,551,179	2,932,422	3,058,855	1,737,500	3,717,299	3,539,761	3,205,275	2,765,930	3,393,521	2,701,202	2,812,019	2,493,260	2,669,839	2,622,280	2,957,659	3,321,765	2,939,706	0	0	0	0
Non Currrent Assets Other	108,605	453,874	476,400	534,917	394,758	460,859	506,322	519,511	623,086	621,539	662,287	702,790	564,919	563,388	586,380	625,062	477,042	530,393	525,489	543,134	258,634	304,235	308,485	351,037	228,143	222,951	243,625	248,774	184,499	212,734	228,191	248,384	226,014	250,498	264,930	540,516	506,962	522,777	553,253	585,465	508,073	553,106	564,661	567,976	45,264	-611,854	-592,457	-586,042	-561,528	-545,090	-518,447	-516,409	-511,963	-472,718	-450,449	-471,549	-484,693	-482,622	-357,711	-339,462	-346,587	-366,222	-399,693	-1,136,800	-373,418	-364,666	-187,038	-186,332	-185,255	-178,105	-179,623	-174,032	-156,630	-178,032	-190,216	-205,373	-216,658	0	0	0	0
Noncontrolling Interest In Consolidated Entity	0	0	0	56,983	118,936	0	111,295	119,802	102,744	99,907	104,972	101,694	87,661	84,885	83,371	73,184	71,583	72,779	99,076	70,151	53,242	54,460	57,942	59,620	59,102	60,633	59,687	60,110	57,826	57,967	58,143	57,420	53,851	57,218	59,165	64,222	63,313	65,090	66,639	69,797	69,789	74,287	74,127	80,501	81,884	119,999	121,983	122,444	140,713	144,683	147,276	146,735	143,719	147,423	154,353	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets	4,635,781	541,990	559,421	404,640	1,033,038	2,679,864	1,863,202	3,522,818	3,053,682	5,541,808	5,426,901	1,431,843	4,197,914	1,235,311	1,253,447	1,269,124	924,948	1,162,003	1,163,669	591,704	868,236	1,126,208	1,137,745	1,653,414	1,652,733	2,096,651	2,124,490	2,111,955	2,061,757	2,094,579	2,092,323	2,071,726	2,125,242	2,159,633	2,302,662	1,043,165	1,082,138	1,106,349	1,147,810	1,061,141	1,033,336	1,086,481	1,087,818	1,071,333	1,024,961	799,161	826,324	776,000	596,871	738,228	797,470	788,959	775,631	991,623	916,945	982,524	1,076,265	1,096,155	862,605	831,129	894,111	989,151	1,163,098	427,800	1,313,973	1,169,491	999,641	906,926	819,031	632,063	628,279	560,867	1,381,996	506,194	564,885	2,375,012	2,117,374	428,166	0	0	516,409
Other Current Assets	-1,767,726	-1,319,526	-1,407,682	-1,331,713	843,222	621,099	617,057	615,225	855,606	615,297	614,291	615,090	228,343	41,260	40,283	41,398	160,976	40,280	39,761	39,302	181,007	37,985	37,089	38,643	152,489	35,369	34,480	33,687	114,386	35,168	33,522	34,034	173,749	34,859	33,726	46,700	154,491	44,710	67,661	64,460	165,193	59,541	60,767	60,484	150,980	-361,645	1,024,613	34,204	-138,382	-76,488	72,180	-6,084	-27,493	388,524	448,553	1,137,776	1,243,178	1,267,072	1,038,607	992,874	1,065,554	1,169,138	1,163,098	0	1,499,482	1,349,865	1,169,544	1,076,298	987,341	793,588	791,374	718,754	654,572	667,974	738,818	0	0	0	0	0	0
Other Current Liab	-140,417	1,724	1,550	697,088	-137,330	4,301	-520,025	1,748,858	367,283	4,588	-1,683,984	1,239,716	180,724	1,244,562	1,230,920	1,144,992	179,275	1,405,836	1,480,684	1,315,867	166,112	1,056,342	1,055,244	955,723	155,551	702,014	829,993	625,797	124,721	587,059	721,171	525,439	128,496	399,824	375,835	377,511	132,728	278,334	401,002	350,114	136,677	289,872	385,985	246,792	269,048	-262,206	-338,514	-274,690	-288,427	-342,704	-273,465	-330,390	1,543,200	1,408,200	1,151,400	-349,718	1,555,500	1,235,000	-382,334	928,300	1,374,600	1,731,400	1,979,500	816,900	2,032,600	1,845,800	1,512,600	1,538,200	2,165,500	1,461,100	1,565,500	1,384,800	1,559,500	1,520,800	1,839,800	67,721	204,898	163,467	0	0	181,043
Other Liab	0	1,112,213	0	0	1,337,252	2,231,312	2,608,169	2,579,634	2,284,165	2,222,581	1,997,947	2,012,302	1,948,180	1,944,415	1,951,915	1,877,059	1,690,544	2,107,632	2,216,175	2,085,472	1,707,102	1,890,774	1,913,566	936,833	528,164	1,074,917	1,055,795	1,048,237	730,667	1,027,176	977,299	1,016,245	701,044	1,069,263	1,507,316	584,734	197,104	539,387	619,923	584,360	153,783	530,440	510,558	533,892	147,867	499,949	465,572	463,398	108,915	524,237	513,506	600,538	195,728	509,674	459,773	539,642	185,923	533,713	493,255	479,629	262,529	593,032	521,846	640,825	220,106	505,244	430,221	460,371	147,407	423,369	424,740	515,299	205,737	547,746	559,808	583,341	657,166	474,129	0	0	544,570
Other Stockholder Equity	-690,055	-735,259	-790,445	-871,395	-825,524	-788,508	-218,111	-496,681	-362,697	-278,978	-295,718	-259,319	-146,374	-187,840	-231,625	-300,459	-291,059	-267,617	-290,413	-202,973	-6,192	185,582	214,982	208,839	350,610	348,914	353,487	346,490	414,725	419,776	383,801	414,794	422,785	391,737	380,254	367,114	441,557	390,162	340,768	368,118	488,686	490,017	464,325	422,779	496,268	523,758	532,682	546,906	554,631	544,207	482,506	514,430	530,891	474,576	511,764	465,811	358,791	247,766	191,821	168,329	107,842	111,926	33,984	-282,500	-231,220	-321,806	-342,704	-375,417	-400,971	-800,145	-822,715	-859,877	-885,690	-913,860	-950,276	528,576	559,518	0	0	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	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	1,222,748	1,367,306	1,211,873	869,369	537,305	770,057	637,660	566,701	555,641	629,998	657,061	592,211	577,101	651,540	833,826	0	0	0	0	0	0	0	635,994	584,938	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Property Plant And Equipment Gross	1,054,276	642,798	663,144	674,544	681,681	638,564	0	0	0	0	731,240	742,627	513,923	751,064	753,814	753,570	771,346	775,691	683,888	698,715	212,946	214,279	216,183	213,923	205,301	200,800	200,301	206,143	209,021	204,300	201,929	206,856	207,165	209,814	213,745	209,211	222,569	227,359	236,288	242,977	248,796	249,780	241,949	239,576	225,033	216,412	198,289	190,080	168,429	150,708	153,006	153,572	150,524	154,177	143,616	155,252	166,913	170,917	168,098	161,745	171,443	179,987	197,721	197,100	185,509	180,374	169,903	169,372	168,310	161,525	163,095	157,887	156,630	161,780	173,933	188,587	199,453	0	0	0	0
Property Plant And Equipment Net	639,729	642,798	663,144	674,544	681,681	638,564	435,450	701,598	466,054	468,524	479,238	492,089	513,923	517,583	525,193	533,252	551,504	558,723	477,432	489,099	212,946	214,279	216,183	213,923	205,301	200,800	200,301	206,143	209,021	204,300	201,929	206,856	207,165	209,814	213,745	209,211	222,569	227,359	236,288	242,977	248,796	249,780	241,949	239,576	225,033	216,412	198,289	190,080	168,429	150,708	153,006	153,572	150,524	154,177	143,616	155,252	166,913	170,917	168,098	161,745	171,443	179,987	197,721	197,100	185,509	180,374	169,903	169,372	168,310	161,525	163,095	157,887	156,630	161,780	173,933	188,587	199,453	0	0	0	0
Property Plant Equipment	0	642,798	663,144	245,685	681,681	638,564	666,952	249,406	466,054	468,524	731,240	250,538	257,587	233,481	228,621	220,318	219,842	216,968	206,456	209,616	212,946	214,279	216,183	213,923	205,301	200,800	200,301	206,143	209,021	204,300	201,929	206,856	207,165	209,814	213,745	209,211	222,569	227,359	236,288	242,977	248,796	249,780	241,949	239,576	225,033	216,412	198,289	190,080	168,429	150,708	153,006	153,572	150,524	154,177	143,616	155,252	166,913	170,917	168,098	161,745	171,443	179,987	197,721	197,136	185,509	180,374	169,903	169,372	168,310	161,525	163,095	157,887	156,630	161,780	173,933	188,587	199,453	186,642	0	0	192,476
Retained Earnings	1,402,636	1,388,508	1,431,181	1,604,650	1,676,713	1,682,398	1,628,182	1,583,005	1,560,636	1,402,191	1,348,121	1,278,907	1,295,386	1,160,310	1,140,015	1,119,176	1,193,570	1,168,382	1,179,901	1,171,754	1,195,563	1,140,610	1,092,381	1,005,548	1,080,413	1,219,303	1,166,026	1,101,988	1,134,186	1,058,189	998,132	970,808	1,123,728	1,014,145	664,001	338,165	464,655	333,294	285,476	242,818	203,236	219,319	193,958	197,297	182,647	270,245	264,682	262,100	258,646	285,575	244,633	204,666	166,468	83,348	35,487	6,160	52,726	205,483	179,144	159,444	221,410	192,361	277,111	249,400	248,551	194,563	159,487	135,445	127,608	94,534	84,993	65,053	48,986	28,427	11,366	0	0	0	0	0	0
Retained Earnings Total Equity	0	0	0	1,604,650	1,676,713	0	1,628,182	1,583,005	1,560,636	1,402,191	1,348,121	1,278,907	1,295,386	1,160,310	1,140,015	1,119,176	1,193,570	1,168,382	1,179,901	1,171,754	1,195,563	1,140,610	1,092,381	1,005,548	1,080,413	1,219,303	1,166,026	1,101,988	1,134,186	1,058,189	998,132	970,808	1,123,728	1,014,145	664,001	338,165	464,655	333,294	285,476	242,818	203,236	219,319	193,958	197,297	182,647	270,245	264,682	262,100	258,646	285,575	244,633	204,666	166,468	83,348	35,487	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,394,252	1,405,805	1,372,684	1,379,078	1,365,789	1,374,979	1,358,988	1,184,721	1,184,000	0	1,194,075	0	0	0	1,060,365	0	0	0	1,064,184	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	2,175,391	2,181,615	2,196,114	2,198,096	2,201,402	2,189,298	520,025	2,222,759	2,237,749	2,239,506	2,251,710	2,265,540	2,289,704	2,291,337	2,299,207	2,304,130	2,323,907	2,331,602	2,233,455	2,327,405	1,434,260	1,433,702	1,191,277	1,190,830	1,190,383	1,189,936	1,189,489	1,189,043	1,188,600	998,525	990,111	989,735	998,350	998,350	998,350	998,350	1,048,350	1,048,350	1,048,350	1,048,350	1,048,350	1,076,850	1,076,850	1,076,850	1,094,713	1,076,850	1,076,850	1,076,850	1,096,934	1,076,850	1,226,850	1,226,850	1,249,753	1,226,850	1,226,850	1,236,850	1,261,478	1,236,850	1,236,850	1,261,776	1,264,575	1,328,298	1,331,559	1,770,000	1,764,622	1,769,376	1,766,395	1,308,895	1,312,502	1,308,202	1,314,205	1,239,695	1,245,926	1,230,525	1,256,236	300,594	422,323	0	0	0	0
Short Term Debt	82,321	464,565	589,388	701,194	78,922	502,206	520,025	536,910	6,828	1,684,606	1,683,984	1,683,362	1,682,741	1,681,487	10,127	12,123	12,894	1,555	2,261	1,844	0	0	1,394,252	1,405,805	1,372,684	1,379,078	1,365,789	1,374,979	1,358,988	1,184,721	1,184,000	0	1,194,075	0	0	0	1,060,365	0	0	0	1,064,184	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Term Investments	219,576	319,382	446,777	522,560	779,246	1,341,514	1,700,961	1,638,519	1,347,544	1,360,957	1,111,347	1,014,145	1,134,463	1,193,717	1,155,539	1,080,737	1,180,686	1,289,288	1,301,520	1,138,010	1,006,969	1,015,872	1,000,662	862,865	935,431	652,484	756,507	572,496	419,668	534,865	667,313	387,550	389,861	276,585	287,677	217,626	207,760	240,728	322,280	274,391	244,879	273,168	344,839	254,143	292,494	328,543	403,129	332,187	367,495	334,125	349,106	406,714	453,459	24,449	20,631	18,973	22,522	19,678	7,904	12,396	23,490	10,649	16,993	14,914	29,826	29,946	32,051	32,387	32,881	0	0	0	20,596	0	0	39,650	266,148	0	0	0	348,714
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	1,222,748	1,367,306	1,211,873	869,369	537,305	770,057	637,660	566,701	555,641	629,998	657,061	592,211	577,101	651,540	833,826	0	0	0	0	0	0	0	635,994	584,938	0	0	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	4,635,781	4,295,506	4,602,937	4,567,517	5,852,561	6,207,925	6,024,791	6,848,346	7,147,181	6,726,580	6,406,800	6,209,559	5,971,861	5,466,997	5,312,118	5,095,123	5,664,402	5,551,879	5,507,473	5,499,477	4,997,241	4,944,778	4,627,992	4,485,095	4,926,709	4,836,388	4,769,762	4,385,258	4,556,508	4,302,303	4,215,621	4,011,591	4,486,766	4,148,037	4,151,941	2,827,731	3,349,978	3,042,890	3,079,476	2,898,203	3,011,137	2,956,456	2,921,229	2,728,167	2,986,893	2,994,946	2,977,854	2,907,998	3,081,936	3,136,469	3,081,014	3,159,360	3,422,532	3,123,698	2,808,884	2,885,530	3,147,762	2,899,588	2,653,330	2,396,215	2,862,931	3,324,739	3,632,311	3,356,900	3,840,413	3,514,194	3,109,662	2,614,790	3,208,665	2,031,261	2,109,518	1,778,044	1,910,897	1,809,259	2,098,790	3,850,341	3,499,224	3,447,576	0	0	3,257,229
Total Current Assets	2,290,426	1,638,908	1,854,459	1,854,273	3,292,158	3,703,110	3,348,135	3,948,551	4,235,823	3,861,162	3,524,337	3,343,546	3,311,968	2,919,820	2,744,777	2,504,265	3,118,697	2,956,736	2,965,616	2,884,077	2,977,419	2,827,039	2,597,315	2,538,474	3,026,422	2,493,751	2,401,365	2,025,252	2,245,765	1,961,615	1,842,605	1,637,430	2,054,105	1,673,837	1,524,106	1,464,503	1,875,226	1,613,937	1,618,757	1,528,522	1,661,082	1,557,227	1,531,997	1,360,618	1,909,101	1,583,931	1,559,073	1,545,956	1,923,537	1,853,151	1,765,097	1,853,992	2,134,938	1,659,357	1,441,490	1,431,457	1,586,804	1,320,811	1,433,014	1,225,624	1,622,233	1,969,366	2,069,520	1,792,300	2,153,022	1,980,037	1,922,983	1,521,532	2,204,379	1,221,093	1,301,616	1,043,145	512,905	1,125,033	1,343,689	1,269,956	1,165,192	0	0	0	0
Total Current Liabilities	1,032,394	581,387	587,838	697,088	921,834	1,499,812	1,831,825	1,748,858	1,442,701	1,450,764	1,228,248	1,239,716	1,201,150	1,244,562	1,230,920	1,144,992	1,246,200	1,405,836	1,480,684	1,315,867	1,154,207	1,056,342	1,055,244	955,723	992,338	702,014	829,993	625,797	472,283	587,059	721,171	525,439	506,665	399,824	375,835	377,511	314,284	278,334	401,002	350,114	275,434	289,872	385,985	246,792	538,811	262,206	338,514	274,690	288,427	342,704	273,465	330,390	1,543,200	1,408,200	1,151,400	349,718	1,555,500	1,235,000	382,334	928,300	1,374,600	1,731,400	1,979,500	1,583,000	2,032,600	1,845,800	1,512,600	1,538,200	2,165,500	1,461,100	1,565,500	1,384,800	1,559,500	1,520,800	1,839,800	0	0	0	0	0	0
Total Liab	4,065,919	3,794,164	4,103,469	3,969,636	4,593,691	4,952,106	5,309,129	5,303,718	5,494,217	5,173,866	4,899,945	4,767,860	4,972,428	4,688,299	4,628,150	4,535,506	4,982,828	4,865,658	4,789,595	4,728,105	4,027,148	3,823,193	3,514,888	3,428,914	3,666,536	3,467,913	3,467,049	3,172,071	3,262,695	3,001,161	3,011,277	2,788,843	3,119,460	2,936,164	3,282,572	2,290,426	2,580,505	2,405,230	2,512,775	2,342,562	2,381,139	2,299,395	2,329,018	2,151,066	2,335,353	2,161,120	2,151,446	2,047,220	2,215,080	2,218,487	2,223,222	2,318,899	2,626,415	2,487,704	2,223,946	2,316,607	2,624,665	2,274,995	2,277,348	2,150,294	2,551,179	2,932,422	3,058,855	3,320,500	3,717,299	3,539,761	3,205,275	2,765,930	3,393,521	2,701,202	2,812,019	2,493,260	2,669,839	2,622,280	2,957,659	3,321,765	2,939,706	2,954,730	0	0	2,552,426
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,121,585	1,113,104	1,056,181	0	1,368,475	1,302,713	1,213,187	0	1,301,142	1,204,344	1,222,748	1,367,306	1,211,873	869,369	537,305	770,057	637,660	566,701	555,641	629,998	657,061	592,211	577,101	651,540	833,826	0	0	0	0	0	0	0	635,994	584,938	0	0	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	423,759	361,318	359,978	451,426	556,463	560,636	715,662	849,826	975,220	877,807	826,883	765,005	911,772	693,813	600,597	486,433	609,991	613,442	618,802	701,221	916,851	1,067,125	1,055,162	996,561	1,201,071	1,307,842	1,243,026	1,153,077	1,235,987	1,243,175	1,146,201	1,165,328	1,313,455	1,154,655	810,204	473,083	706,159	572,570	500,062	485,844	560,209	582,774	518,084	496,600	569,656	713,827	704,425	738,334	726,143	773,299	710,516	693,726	652,398	488,571	430,585	397,812	355,391	427,670	324,076	231,003	250,580	293,332	352,829	36,400	70,339	-74,539	-143,918	-206,866	-240,353	-713,302	-745,085	-822,234	-870,671	-917,481	-958,743	387,268	384,798	346,623	0	0	535,725
Treasury Stock	0	0	0	0	0	0	0	0	-507,426	-389,448	-353,718	-259,319	-281,813	-282,983	-283,899	-300,459	-332,079	-949,620	-872,755	-738,899	-756,884	-516,267	-437,031	-410,591	-437,530	-384,067	-319,755	-261,583	-273,506	-203,736	-185,353	-111,504	-177,249	-177,798	-147,200	-142,269	-261,243	-267,117	-272,184	-188,593	-249,213	-203,724	-195,040	-182,387	-349,782	-226,889	-167,382	-91,962	-104,382	-141,593	-159,763	-97,671	-227,950	-192,129	-132,157	-140,581	-191,140	-337,480	-346,406	-323,768	-321,852	-254,786	-217,764	-184,138	-69,296	-72,204	-4,177	-4,179	-4,179	-4,179	-4,179	0	0	0	0	0	0	0	0	0	0
Warrants	0	0	0	89,472	583,471	0	575,710	575,000	575,000	575,000	575,000	575,000	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	0	0	0

Cash Flow

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31
Begin Period Cash Flow	1,860,154	3,430,014	2,568,827	2,455,559	2,291,885	2,454,806	1,158,785	1,132,083	1,066,580	841,482	850,190	1,003,791	1,209,695	917,329	909,707	1,055,844	969,483	492,309	305,753	315,817	0
Capital Expenditures	28,297	49,511	39,698	64,286	42,757	49,593	27,670	38,749	26,629	22,184	60,964	89,301	46,438	13,382	11,913	18,509	14,526	8,192	7,815	19,012	56,230
Cash And Cash Equivalents Changes	0	-604,489	1,022,859	-34,359	191,655	-73,275	325,051	26,702	65,503	225,098	-8,708	-153,601	-205,904	292,366	0	0	0	0	0	0	0
Cash Flows Other Operating	0	588,270	2,039	215,793	367,909	59,361	107,989	324,739	546,256	-153,387	-63,631	-6,687	-155,154	-305,574	0	0	0	0	0	0	0
Change In Cash	-854,747	-790,614	861,187	113,268	163,674	-162,921	325,051	26,702	65,503	225,098	-8,708	-153,601	-205,904	292,366	7,622	-146,137	86,361	477,174	186,556	-42,149	0
Change In Working Capital	-240,868	-109,293	-299,466	-322,000	-131,493	-268,465	56,585	-256,881	52,549	-50,355	-58,528	-6,385	-118,581	-389,830	56,709	221,195	-398,810	-42,973	618,076	74,449	0
Change Receivables	0	140,745	-81,609	-72,154	35,692	-131,637	95,976	-156,129	33,145	-76,200	-30,126	31,157	61,153	-52,690	0	0	0	0	0	0	0
Change To Account Receivables	-100,501	140,745	-81,609	-439	35,692	-131,637	95,976	-156,129	33,145	-76,200	0	31,157	61,153	0	57,676	348,408	229,505	-387,922	-85,872	0	0
Change To Inventory	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	67,309	0	0
Change To Liabilities	0	-372,619	274,146	-52,643	-90,313	152,853	18,969	-61,087	20,839	179,232	35,229	0	0	0	0	0	0	0	0	0	0
Change To Netincome	0	42,709	204,992	47,148	31,377	51,909	501,163	66,808	-1,064,954	15,628	65,211	-4,457	-10,957	8,540	0	0	0	0	0	0	0
Change To Operating Activities	0	-250,038	-217,857	-249,846	-167,185	-136,828	-25,718	-69,438	19,404	7,538	-29,651	0	0	0	0	0	0	0	0	0	0
Depreciation	106,739	42,396	38,375	36,890	54,982	18,206	41,012	68,511	38,606	40,851	44,864	39,214	36,495	30,579	27,531	25,421	149,252	40,600	17,284	16,938	0
Dividends Paid	173,075	181,880	195,944	196,598	254,924	359,639	341,450	336,138	290,684	146,241	121,620	135,108	70,572	50,581	33,451	100,636	18,308	13,480	593,885	0	0
End Period Cash Flow	1,005,407	2,639,400	3,430,014	2,568,827	2,455,559	2,291,885	1,483,836	1,158,785	1,132,083	1,066,580	841,482	850,190	1,003,791	1,209,695	917,329	909,707	1,055,844	969,483	492,309	273,668	315,817
Exchange Rate Changes	0	0	0	0	0	0	76,922	-49,980	-49,037	-55,451	6,220	12,644	-6,070	-10,271	0	0	0	0	0	0	0
Free Cash Flow	136,365	784,473	826,381	511,645	635,196	649,445	987,772	562,538	860,667	713,833	465,733	392,607	351,364	155,416	232,862	487,381	57,204	229,847	885,788	407,269	150,291
Investments	-53,893	-56,438	-39,056	-62,939	-42,248	-46,209	-26,920	-37,653	0	0	0	0	0	373,238	0	0	0	0	0	0	0
Issuance Of Capital Stock	0	0	575,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	0	0	0	236,286	235,359	-7,337	193,697	-114,652	-2,171	-87,725	-2,519	-134,151	-12,775	0	0	0	0	0	0	0
Net Income	-79,919	392,483	542,545	402,692	297,716	532,449	259,847	393,692	992,932	434,063	165,114	92,785	190,559	194,423	-188,245	3,138	155,042	92,985	143,486	246,974	250,383
Other Cashflows From Financing Activities	-1,298,145	-508,450	222,929	-255,526	69,275	-48,952	-84,865	-44,294	-168,696	-94,300	-145,250	-71,129	-144,329	-57,301	-88,963	-6,856	424,285	-65,892	-279,652	-453,466	0
Other Cashflows From Investing Activities	0	-6,927	642	1,347	509	3,384	750	1,096	677	2,085	6,411	4,368	1,161	51,869	0	0	0	0	0	0	100,000
Other Non Cash Items	30,255	60,656	468,138	64,714	425,874	6,523	359,381	-9,520	35,831	295,830	50,757	360,751	-18,171	9,278	108,511	650,762	74,317	78,697	-54,515	87,920	0
Sale Purchase Of Stock	-102,051	-691,705	-406,149	-95,227	-494,687	-552,872	-306,741	-300,217	-172,772	-192,657	-132,477	-354,464	-205,629	-157,229	-50,479	-277,064	-68,052	-4,179	-621,555	0	0
Stock Based Compensation	429,523	406,242	23,645	346,926	6,505	371,434	359,381	341,825	320,472	295,830	310,036	360,751	300,286	316,232	263,703	-362,974	108,320	73,020	176,830	0	0
Total Cash From Financing Activities	-1,573,271	-1,382,035	195,836	-547,351	-444,050	-726,104	-740,393	-486,952	-746,804	-435,369	-487,072	-563,220	-552,359	-277,886	-165,562	-437,015	243,270	229,889	-697,701	-469,887	0
Total Cash From Operating Activities	164,662	833,984	866,079	575,931	677,953	699,038	1,015,442	601,287	887,296	736,017	526,697	481,908	397,802	168,798	244,775	505,890	71,730	238,039	893,603	426,281	206,521
Total Cashflows From Investing Activities	0	-56,438	-39,056	-62,939	-42,248	-46,209	-26,920	-37,653	-25,952	-20,099	-54,553	-84,933	-45,277	411,725	0	0	0	0	3,879	0	53,978

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31
Begin Period Cash Flow	687,393	1,179,901	1,156,146	2,639,400	2,962,715	3,225,490	3,131,911	3,430,014	3,161,026	2,705,537	2,603,931	2,568,827	2,344,722	2,092,665	1,915,612	2,455,559	2,288,569	2,260,502	2,188,665	2,291,885	2,186,252	1,882,918	1,863,788	2,454,806	1,254,010	955,639	891,455	1,158,785	853,887	646,454	701,324	1,132,083	859,984	701,172	606,336	1,066,580	820,584	684,491	666,589	841,482	688,367	601,485	586,111	850,190	832,940	751,238	765,686	1,003,791	989,894	984,012	1,015,934	1,209,695	847,431	797,432	704,107	917,329	795,074	895,984	826,599	909,707	774,948	758,664	729,098	1,055,844	959,122	1,029,036	682,227	969,483	530,292	442,355	404,172	492,309	371,983	320,784	234,227	313,938	271,839	166,442	274,538	350,891	0	-	-	-
Capital Expenditures	8,792	7,515	7,378	4,612	24,525	5,289	6,187	13,510	14,408	7,920	9,872	7,498	30,076	9,313	12,886	12,011	2,088	22,605	12,193	5,871	10,250	7,300	15,885	16,158	12,207	6,055	5,561	3,847	16,679	10,952	5,664	5,454	8,150	5,041	9,383	4,055	8,023	8,331	2,677	3,153	6,620	12,997	12,149	29,198	17,579	22,781	22,093	26,848	29,161	11,601	3,722	1,954	3,309	4,608	3,021	2,444	3,334	4,448	1,573	2,558	6,535	2,809	5,979	3,186	5,797	3,318	2,235	3,176	3,541	1,926	1,286	1,439	4,531	1,451	984	849	3,851	9,798	3,270	2,093	56,230	0	0	0
Cash And Cash Equivalents Changes	0	0	0	-1,498,959	0	0	249,724	-246,281	312,954	510,781	84,815	114,309	128,712	175,952	139,073	-478,096	102,484	111,853	50,798	-73,480	128,924	322,927	65,892	-591,018	229,826	298,371	64,184	-267,330	304,898	207,433	-54,870	-430,759	272,099	158,812	94,836	-460,244	245,996	136,093	17,902	-174,893	153,115	86,882	15,374	-264,079	17,250	81,702	-14,448	-238,105	13,897	5,882	-31,922	-193,761	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Cash Flows Other Operating	0	0	0	-44,061	0	0	169,740	125,523	-4,840	30,261	77,805	-101,187	45,615	83,068	118,874	-31,764	85,999	120,561	165,930	-4,581	107,583	-54,940	-31,529	38,247	-126,962	64,202	84,969	85,780	93,140	95,436	-38,797	174,960	42,027	-413,442	834,545	83,126	-2,523	-45,853	-103,609	-1,402	92,884	10,004	-287,278	120,759	132,477	83,743	-28,043	-194,864	-51,835	233,733	-58,671	-278,381	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Change In Cash	318,014	-173,126	23,755	-1,483,254	-323,315	-262,775	93,579	-298,103	268,988	455,489	101,606	35,104	224,105	252,057	177,053	-539,947	166,990	28,067	71,837	-103,220	105,633	303,334	19,130	-591,018	229,826	298,371	64,184	-267,330	304,898	207,433	-54,870	-430,759	272,099	158,812	94,836	-460,244	245,996	136,093	17,902	-174,893	153,115	86,882	15,374	-264,079	17,250	81,702	-14,448	-238,105	13,897	5,882	-31,922	-193,761	362,264	49,999	93,325	-213,222	122,255	-100,910	69,385	-83,108	134,759	16,284	29,566	-326,746	96,722	-69,914	346,809	-287,256	439,191	87,937	38,183	-88,137	120,326	51,199	86,557	-79,711	1,829	105,397	-108,096	-76,353	0	-	-	-
Change In Working Capital	50,755	-119,497	298,690	-571,530	173,540	154,317	41,611	-478,761	102,475	151,073	-182,318	-370,696	18,191	80,792	-69,136	-351,847	160,145	87,822	14,962	-394,422	198,865	33,439	-184,009	-316,760	85,397	193,397	-84,640	-137,569	61,020	57,895	-67,423	-308,373	171,390	106,840	-22,496	-203,185	55,655	113,308	-94,593	-124,725	153,503	9,360	-33,647	-187,744	132,136	81,769	-6,997	-213,293	31,595	146,219	-59,223	-237,172	-73,827	9,912	24,894	-350,809	182,884	-51,704	-43,360	-31,111	272,610	114,819	-27,022	-139,212	50,654	34,384	-154,769	-329,079	-8,002	58,461	27,681	-121,113	69,888	-18,506	512,820	53,874	-187,742	125,315	12,597	124,279	0	-	-	-
Change Receivables	0	0	0	-43,689	0	0	61,499	-15,160	-108,062	110,435	-76,496	-7,486	-158,192	84,147	-58,070	59,961	28,826	26,386	-5,531	-13,989	-49,476	72,269	-59,122	-95,308	-16,523	110,272	-112,816	115,043	-112,536	-43,713	11,877	-11,757	-1,246	-4,632	103,344	-64,321	-63,218	16,501	-20,334	-9,149	25,390	-644	-66,205	11,333	8,042	5,698	28,871	-11,454	89,834	-81,158	5,352	47,125	0	0	0	0	0	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	-118,971	36,549	36,549	36,549	97,512	-3,106	61,499	61,499	-108,062	110,435	-83,982	-7,486	-439	86,038	-58,070	59,961	28,826	26,386	-5,531	-13,989	-49,476	72,269	-59,122	-95,308	95,976	112,499	2,227	115,043	-156,129	0	120	0	33,145	34,391	39,023	0	-76,200	0	0	0	0	0	0	11,333	31,157	23,115	17,417	0	61,153	0	52,477	47,125	0	0	1,653	0	57,676	196,158	183,039	286,997	348,408	0	0	96,391	229,505	274,167	343,841	399,710	0	90,965	0	119,434	-85,872	0	0	0	0	0	0	0	0	-	-	-
Change To Inventory	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	67,309	0	0	0	0	0	0	0	0	-	-	-
Change To Liabilities	0	0	0	-359,848	0	0	-52,198	-481,402	307,635	122,421	-11,368	-144,542	212,485	-3,692	1,576	-263,012	123,188	45,927	-3,380	-256,048	208,888	78,992	22,914	-157,941	105,066	95,130	60,825	-242,052	166,269	85,506	41,574	-354,436	130,609	104,122	8,098	-221,990	121,396	142,660	29,350	-114,174	35,229	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	248,154	0	0	0	-	-	-
Change To Netincome	0	31,759	31,759	40,235	14,821	43,019	17,137	26,261	61,519	34,747	58,317	29,673	16,468	7,270	11,888	11,522	31,285	-13,836	5,223	8,705	18,099	13,011	14,401	6,398	450,464	10,763	22,416	17,520	17,624	24,025	13,573	11,586	-44,126	138,660	-1,219,707	60,219	15,628	0	0	0	65,211	0	0	0	-4,457	0	0	0	7,214	-18,171	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Change To Operating Activities	0	-156,046	273,080	273,080	76,028	157,423	-19,888	-19,888	210,537	40,638	-105,822	-363,210	176,383	-3,355	-11,066	-411,808	131,319	61,436	20,493	-380,433	248,341	-38,830	-124,887	-221,452	-25,718	83,125	28,176	-10,560	-69,438	101,608	-79,000	57,820	19,404	0	0	0	7,538	0	0	0	-29,651	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	10,771	10,613	10,611	11,192	10,456	10,865	10,802	10,273	10,015	9,392	9,592	9,376	9,815	8,860	8,783	9,432	20,591	9,632	13,103	11,656	6,371	2,776	-41	9,100	12,800	8,010	8,966	11,236	42,088	8,819	8,571	9,033	10,954	8,862	9,881	8,909	8,573	12,696	9,503	10,079	16,641	9,749	9,538	8,936	10,570	10,166	10,385	8,093	13,423	8,072	7,610	7,390	9,190	7,728	6,670	6,991	8,030	7,699	5,767	6,035	-181,163	73,321	126,884	6,379	40,716	51,125	29,215	28,196	11,748	10,708	9,884	8,260	5,344	4,045	3,961	3,934	4,369	5,527	4,260	2,782	0	-	-	-
Dividends Paid	43,708	43,442	43,401	42,524	42,966	46,238	46,012	46,664	48,351	48,629	49,523	49,441	49,365	49,341	49,133	48,759	49,365	50,235	51,922	103,402	51,789	52,622	52,844	202,384	49,157	49,866	50,163	192,264	46,812	47,241	47,703	194,382	43,925	44,124	44,245	158,390	36,649	36,611	37,064	35,917	60,689	30,593	30,338	2,617	68,889	23,208	23,847	19,164	19,163	18,554	18,740	14,115	13,867	13,692	12,231	10,791	10,235	9,777	6,744	6,695	84,452	6,321	4,885	4,978	4,496	4,553	29,739	38,998	3,365	3,365	9,848	16,598	20,805	294,798	709,959	157,919	0	0	0	0	0	-	-	-
End Period Cash Flow	1,005,407	1,006,775	1,179,901	1,156,146	2,639,400	2,962,715	3,225,490	3,131,911	3,430,014	3,161,026	2,705,537	2,603,931	2,568,827	2,344,722	2,092,665	1,915,612	2,455,559	2,288,569	2,260,502	2,188,665	2,291,885	2,186,252	1,882,918	1,863,788	1,483,836	1,254,010	955,639	891,455	1,158,785	853,887	646,454	701,324	1,132,083	859,984	701,172	606,336	1,066,580	820,584	684,491	666,589	841,482	688,367	601,485	586,111	850,190	832,940	751,238	765,686	1,003,791	989,894	984,012	1,015,934	1,209,695	847,431	797,432	704,107	917,329	795,074	895,984	826,599	909,707	774,948	758,664	729,098	1,055,844	959,122	1,029,036	682,227	969,483	530,292	442,355	404,172	492,309	371,983	320,784	234,227	273,668	271,839	166,442	274,538	350,891	-	-	-
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	49,406	11,114	25,913	28,026	11,869	-50,028	-1,508	-10,631	12,187	-17,632	-8,635	14,405	-37,175	-28,365	-29,896	815	1,995	13,529	12,064	-3,478	-15,895	6,341	7,549	-9,241	7,995	-6,307	-19,172	9,638	9,771	0	0	0	0	0	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	232,090	25,973	193,618	-416,030	289,798	429,271	292,444	-227,040	438,447	390,227	128,545	-130,838	290,449	246,397	142,786	-167,987	357,456	213,239	231,623	-167,122	397,328	219,384	87,600	-54,867	325,173	393,620	178,443	90,536	285,483	269,902	112,498	-105,345	359,752	303,051	166,951	30,913	312,572	277,449	73,159	50,653	352,210	141,312	74,494	-102,283	224,503	182,556	94,603	-109,055	87,021	255,152	80,831	-71,640	118,851	133,440	136,416	-233,291	113,546	70,570	71,655	-22,909	340,088	97,637	114,585	-64,929	186,502	172,493	-58,939	-242,852	87,137	106,283	88,543	-52,116	131,685	71,353	542,175	140,575	-39,072	172,660	118,695	154,986	150,291	-	-	-
Investments	-8,654	-7,263	-7,280	-15,126	-24,224	-12,730	-5,976	-13,508	-14,465	-7,823	-9,898	-6,870	-28,880	-9,297	-12,820	-11,942	-1,677	-22,592	-12,178	-5,801	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Issuance Of Capital Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Net Borrowings	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	157	-84,078	320,207	-11	235,387	-9	-8	-8	-9	-6,924	-396	194,931	-399	-418	-417	-391	-416	-480	-113,365	-433	-570	-585	-583	-85,633	-550	-538	-1,004	-641	-542	-596	-740	-722	-132,032	-722	-675	0	0	0	0	0	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	62,044	6,774	-120,376	-15,199	57,065	122,792	91,651	120,975	211,290	115,513	124,916	90,826	194,770	76,515	73,076	58,331	79,531	48,196	73,513	96,476	113,684	108,725	148,379	161,661	-82,954	111,470	120,901	110,430	128,987	112,618	81,364	70,723	155,341	399,790	375,155	62,646	172,805	89,920	85,909	85,429	52,796	62,748	31,921	17,649	-4,106	33,673	34,162	29,056	-8,123	67,133	71,566	59,983	111,435	70,354	53,528	-40,894	-198,275	53,197	43,427	-86,594	37,979	-76,957	28,934	13,182	59,125	40,267	29,296	26,354	36,596	13,158	23,545	19,686	23,934	18,603	27,593	73,356	112,658	39,900	79,363	15,053	78,459	69,951	64,983	36,990
Other Cashflows From Financing Activities	-107,394	-130,337	-128,200	-930,966	-658,707	-255,430	202,469	203,218	1,192,871	221,534	116,912	-158,388	-113,568	-21,120	45,354	-166,192	-141,612	27,405	114,775	68,864	27,658	3,536	158,301	-238,447	-3,560	-3,731	-6,412	-71,162	-7,554	20,108	2,918	-59,766	-12,610	-49,461	-7,317	-99,308	-2,191	-24,612	16,859	-84,356	-12,327	-7,968	-7,595	-117,360	-14,489	-14,492	5,466	-48,950	-3,844	-47,286	-9,536	-83,663	8,371	-19,165	-22,049	-35,929	-6,437	-33,101	-1,250	-37,229	-290,399	-67,815	356,355	-15,295	8,445	-101,492	583,130	-3,176	346,062	-11,183	-21,315	-14,802	21,309	291,828	316,572	-42,634	-44,131	-52,260	-113,168	-243,907	0	-	-	-
Other Cashflows From Investing Activities	0	-10,164	-10,416	-10,514	-6,927	-7,228	211	2	642	97	602	628	1,196	16	66	69	411	13	15	70	2,019	38	96	1,231	467	90	58	135	230	707	55	104	206	135	292	44	1,062	673	100	250	568	104	3,108	2,631	2,210	105	444	1,609	808	154	155	44	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	100,000	-	-	-
Other Non Cash Items	238,149	118,800	159,130	56,065	-318,755	59,343	137,430	17,089	-304,115	111,993	148,680	17,210	-265,206	82,273	131,061	15,489	-297,326	104,030	137,015	15,624	-294,380	68,733	124,755	100,892	-285,162	76,035	116,361	92,766	-286,234	77,497	82,077	117,140	-246,129	74,732	-186,206	106,379	-227,896	69,856	75,017	83,023	-188,600	72,452	78,831	88,074	-252,812	79,729	79,146	93,937	-228,213	45,329	64,600	100,113	-248,986	50,054	54,345	153,865	-116,028	65,826	67,394	91,319	611,823	-10,737	-8,232	57,908	-50,125	50,035	39,554	34,853	50,336	25,882	28,719	42,490	-132,222	68,662	-1,215	10,260	35,494	11,716	25,745	14,965	0	-	-	-
Sale Purchase Of Stock	0	-2,954	-172	-98,925	-79,530	-236,990	-199,388	-175,797	-119,956	-52,448	-111,093	-122,652	95,227	-36	-408	-95,227	-64,406	-78,569	-159,615	-192,097	-246,281	-82,796	-77,846	-145,949	-54,203	-67,646	-78,844	-106,048	-71,352	-34,136	-111,589	-83,140	-13,301	-41,738	-34,770	-82,963	-98,470	-50,340	-35,382	-106,935	-54,543	-27,487	-20,279	-30,168	-131,785	-70,266	-81,873	-70,540	-46,218	-32,380	-93,548	-33,483	-45,841	-88,655	-21,753	-980	-10,946	1,160	-46,010	-5,629	-160,213	0	0	-116,851	-68,052	0	0	0	0	0	0	2,677	-854,818	0	0	0	0	0	0	0	0	-	-	-
Stock Based Compensation	-140,513	3,228	7,490	108,254	406,242	74,916	0	90,633	394,114	51	23,579	100,271	346,926	0	0	101,097	365,821	0	2,262	104,953	371,434	6,523	0	100,892	359,381	0	0	92,766	341,825	0	0	117,140	320,472	0	0	106,379	295,830	0	0	83,023	310,036	0	0	88,074	360,751	0	0	93,937	300,286	0	0	100,113	316,232	0	0	-302,608	263,703	0	0	-136,801	-362,974	0	0	-393,203	108,320	0	0	-246,504	0	0	0	-174,881	176,830	0	0	0	0	0	0	0	0	-	-	-
Total Cash From Financing Activities	-151,102	-176,733	-171,773	-1,072,415	-781,203	-538,658	-42,931	-19,243	-125,436	120,457	-43,704	244,519	-162,933	-70,461	-3,779	-310,178	-255,383	-101,399	-180,840	93,572	-270,423	103,505	27,602	-586,788	-106,928	-121,252	-142,343	-369,870	69,213	-61,668	-156,792	-337,705	-70,227	-135,739	-86,812	-454,026	-39,273	-112,133	-56,172	-227,791	-213,192	-66,598	-58,750	-148,532	-215,804	-108,508	-100,254	-138,654	-67,625	-230,252	-122,546	-131,936	-52,111	-122,042	-56,033	-47,700	-17,568	-42,137	-54,831	-51,026	-147,718	-74,832	-86,861	-127,604	-14,495	-106,433	407,083	-42,885	342,452	-18,550	-55,763	-38,250	-4,592	-32,135	-441,135	-219,839	-46,165	-57,202	-118,715	-247,805	0	-	-	-
Total Cash From Operating Activities	240,882	33,488	200,996	-411,418	314,323	434,560	298,631	-213,530	452,855	398,147	138,417	-123,340	320,525	255,710	155,672	-155,976	359,544	235,844	243,816	-161,251	407,578	226,684	103,485	-38,709	337,380	399,675	184,004	94,383	302,162	280,854	118,162	-99,891	367,902	308,092	176,334	34,968	320,595	285,780	75,836	53,806	358,830	154,309	86,643	-73,085	242,082	205,337	116,696	-82,207	116,182	266,753	84,553	-69,686	122,160	138,048	139,437	-230,847	116,880	75,018	73,228	-20,351	346,623	100,446	120,564	-61,743	192,299	175,811	-56,704	-239,676	90,678	108,209	89,829	-50,677	136,216	72,804	543,159	141,424	-35,221	182,458	121,965	157,079	206,521	-	-	-
Total Cashflows From Investing Activities	0	-29,669	-22,406	-15,126	-56,438	-32,214	-5,976	-13,508	-14,465	-7,823	-9,898	-6,870	-28,880	-9,297	-12,820	-11,942	-1,677	-22,592	-12,178	-5,801	-8,231	-7,262	-15,789	-14,927	-11,740	-5,965	-5,503	-3,712	-16,449	-10,245	-5,609	-5,350	-7,944	-4,906	-9,091	-4,011	-6,961	-7,658	-2,577	-2,903	-6,052	-12,893	-9,041	-26,567	-15,369	-22,676	-21,649	-25,239	-28,353	-11,447	-3,567	-1,910	411,725	113,244	99,012	77,035	0	0	24,800	0	0	0	0	0	0	0	0	0	0	0	0	0	3,879	6,477	0	0	0	0	0	0	53,978	-	-	-

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	106,739	1,737,973	1,976,627	1,631,315	1,643,580	1,573,216	1,566,391	1,390,835	1,370,905	1,376,176	1,357,915	1,432,694	1,329,882	1,333,865	1,447,252	1,283,242	1,284,202	979,356	787,887	899,605	780,036	-	-
Depreciation And Amortization	106,739	60	60	3,590	38,820	18,206	41,012	68,511	5,821	6,387	10,114	8,359	11,915	7,867	4,990	4,596	149,252	40,600	17,284	16,938	0	-	-
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Ebit	-164,632	516,848	723,848	502,141	392,698	630,766	803,462	519,444	-16,620	519,465	216,807	123,885	325,625	470,837	-1,218	185,864	372,768	266,051	298,412	288,209	250,383	297,447	305,777
Ebitda	-57,893	516,908	723,908	505,731	431,518	648,972	844,474	587,955	-10,799	525,852	226,921	132,244	337,540	478,704	3,772	190,460	522,020	306,651	315,696	305,147	250,383	297,447	305,777
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	-	-
Extraordinary Items	0	0	0	0	0	0	-421,000	0	0	0	0	0	0	0	0	0	0	0	0	5,507	0	-	-
Gross Profit	2,451,950	1,117,120	1,297,189	1,015,454	1,023,378	1,311,617	1,131,438	992,828	1,033,862	986,841	706,818	561,319	499,630	555,226	83,266	273,965	633,487	514,199	513,555	1,274,305	453,509	-	-
Income Before Tax	-79,957	516,848	723,848	502,141	392,698	680,766	825,446	517,461	-16,620	519,465	216,807	123,885	235,499	243,650	-182,234	-239	235,658	161,797	220,047	269,842	438,736	357,861	304,880
Income Tax Expense	-22,650	124,365	181,303	99,449	94,982	148,317	565,599	123,769	-1,009,552	85,402	51,693	31,100	44,940	49,227	6,011	25,379	80,616	68,812	58,985	28,375	188,353	60,414	-897
Interest Expense	77,673	81,522	80,768	80,631	80,185	58,481	53,518	50,292	51,159	62,570	79,381	81,565	90,126	97,709	87,110	139,899	137,110	104,254	78,365	53,875	0	0	0
Interest Income	50,582	29,457	5,551	5,666	15,787	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Minority Interest	-24,946	-34,966	-14,481	231	11,216	5,324	6,264	5,994	6,559	6,786	4,902	8,476	15,642	19,444	0	0	182,637	165,412	122,315	87,920	94,550	-	-
Net Income	-79,919	357,517	528,064	402,461	286,500	527,125	253,583	387,698	986,373	427,277	160,212	84,309	174,917	174,979	-130,242	3,138	155,042	92,985	161,062	246,974	250,383	297,447	305,777
Net Income Applicable To Common Shares	0	351,785	528,064	402,461	286,500	527,125	253,583	387,698	986,373	427,277	160,212	84,309	174,917	174,979	0	3,138	155,042	92,985	161,062	241,467	250,383	-	-
Net Income From Continuing Ops	-71,736	392,483	542,545	402,692	297,716	532,449	259,847	393,692	992,932	434,063	165,114	92,785	190,559	194,423	0	0	0	0	0	0	0	-	-
Net Interest Income	-26,820	-81,522	-80,768	-80,631	-80,185	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Non Operating Income Net Other	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Non Recurring	0	0	0	0	0	0	237,045	202,101	256,033	196,560	0	0	0	0	0	0	0	0	0	0	0	-	-
Operating Income	-164,632	516,848	723,848	502,141	392,698	680,766	825,446	517,461	-16,620	519,465	216,807	123,885	235,499	243,650	-182,234	25,140	418,295	327,209	342,362	288,209	250,383	297,447	305,777
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Other Operating Expenses	2,723,321	2,338,245	2,549,968	2,142,833	2,254,850	2,219,964	1,862,869	1,830,955	2,421,387	1,843,552	1,847,926	1,870,128	1,594,013	1,661,718	1,712,752	1,532,067	1,499,394	1,166,346	959,080	986,096	250,383	297,447	305,777
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Reconciled Depreciation	42,872	60	60	36,890	54,982	18,206	41,012	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Selling And Marketing Expenses	99,357	83,103	42,755	42,426	115,033	108,644	89,205	83,202	81,541	88,029	84,214	95,573	88,411	77,057	64,047	81,282	74,508	0	0	0	0	-	-
Selling General Administrative	220,425	191,786	205,742	193,986	195,001	182,456	172,774	154,817	159,396	158,093	165,589	157,121	1,304,950	1,315,486	1,416,787	1,278,712	1,123,068	891,421	698,683	573,779	388,266	391,010	410,005
Tax Provision	-6,978	124,365	181,303	99,449	94,982	148,317	565,599	123,769	-1,009,552	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Total Operating Expenses	2,616,582	600,272	573,341	511,518	611,270	646,748	296,478	440,120	1,050,482	467,376	490,011	437,434	264,131	327,853	265,500	248,825	215,192	186,990	171,193	-986,096	250,383	297,447	305,777
Total Other Income Expense Net	84,675	-34,966	-60	-1,795	-19,410	15,897	-9,514	-35,247	-6,559	-6,786	-4,902	-8,476	-15,642	-19,444	58,003	3,377	-182,637	-165,412	-139,891	-18,367	188,353	60,414	-897
Total Revenue	2,558,689	2,855,093	3,273,816	2,646,769	2,666,958	2,884,833	2,697,829	2,383,663	2,404,767	2,363,017	2,064,733	1,994,013	1,829,512	1,889,091	1,530,518	1,557,207	1,917,689	1,493,555	1,301,442	1,274,305	1,233,545	-	-

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31
Cost Of Revenue	10,771	364,605	591,435	469,442	494,314	440,624	409,803	418,093	580,234	440,005	535,045	421,343	544,908	374,969	371,540	339,898	449,373	411,368	392,581	390,258	366,607	358,306	429,749	418,554	388,197	375,059	427,378	375,757	395,505	365,950	320,272	309,108	346,688	331,363	348,216	344,638	322,901	354,124	361,633	337,518	386,601	321,978	351,442	297,894	164,854	320,506	327,573	375,028	-47,852	311,027	324,283	304,022	23,382	317,392	296,924	331,588	411,517	288,459	271,140	231,815	410,034	472,173	321,060	237,542	-48,404	357,780	287,042	243,201	-1,000,404	202,775	256,804	221,859	-951,606	237,827	183,361	157,896	209,971	163,022	337,075	0	241,333	189,400	183,706	179,591
Depreciation And Amortization	-7,927	10,613	95	48	15	15	15	15	15	15	15	15	9,815	8,860	8,783	9,432	20,591	9,632	13,103	11,656	6,371	2,776	-41	9,100	12,800	8,010	8,966	11,236	42,088	8,819	330	644	2,420	511	1,857	1,033	441	4,020	706	1,220	7,356	877	1,004	877	10,570	2,494	2,560	1,118	13,423	1,716	1,706	1,474	9,190	1,719	1,769	1,770	8,030	2,032	5,767	6,035	-181,163	73,321	126,884	6,379	40,716	51,125	29,215	28,196	11,748	10,708	9,884	8,260	5,344	4,045	3,961	3,934	4,369	5,527	4,260	2,782	0	-	-	-
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebit	91,639	3,878	-110,073	-36,924	73,140	158,142	125,838	159,728	268,338	154,959	166,261	134,290	208,556	96,736	87,992	75,557	118,138	44,785	98,666	114,947	145,088	124,203	183,015	178,460	354,758	136,546	166,049	146,109	181,588	150,718	113,236	98,377	139,349	570,744	-801,376	74,663	199,593	113,712	98,980	107,180	73,154	81,118	40,938	21,597	-66,598	67,384	64,854	58,245	6,444	109,902	112,515	96,764	155,534	103,540	91,169	87,591	-194,810	107,881	85,825	-762	239,116	-35,009	90,684	7,799	112,332	106,625	79,151	74,660	87,942	45,373	69,886	59,625	57,300	58,203	79,230	88,647	155,041	53,391	91,744	45,009	0	0	0	0
Ebitda	83,712	14,491	-109,978	-36,876	73,155	158,157	125,838	159,743	268,353	154,974	166,276	134,305	218,371	105,596	96,775	84,989	138,729	54,417	111,769	126,603	151,459	126,979	182,974	187,560	367,558	144,556	175,015	157,345	223,676	159,537	113,566	99,021	141,769	571,255	-799,519	75,696	200,034	117,732	99,686	108,400	80,510	81,995	41,942	22,474	-56,028	69,878	67,414	59,363	19,867	111,618	114,221	98,238	164,724	105,259	92,938	89,361	-186,780	109,913	91,592	5,273	57,953	38,312	217,568	14,178	153,048	157,750	108,366	102,856	99,690	56,081	79,770	67,885	62,644	62,248	83,191	92,581	159,410	58,918	96,004	47,791	0	-	-	-
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Extraordinary Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	5,507	-5,507	5,507	0	0	0	0	0
Gross Profit	814,992	178,565	70,883	92,469	237,546	305,807	250,855	298,051	432,607	297,802	308,219	258,561	353,418	223,053	220,724	218,259	294,033	199,705	258,220	271,420	337,693	282,494	341,779	349,651	304,135	263,072	302,568	261,663	310,298	255,152	226,370	201,008	258,289	253,953	272,373	249,247	326,435	227,599	220,972	211,835	244,835	178,545	159,274	124,164	477,404	108,300	109,337	111,011	499,630	151,392	153,009	130,575	571,503	133,845	122,111	106,623	83,266	123,256	104,228	16,580	-34,114	-66,353	146,328	109,309	633,487	184,268	134,318	125,997	1,473,281	94,737	130,104	114,399	1,318,683	119,076	134,002	297,978	1,283,226	-2,352	-3,407	-1,758	453,509	0	0	0
Income Before Tax	71,897	-4,857	-110,073	-36,924	73,140	158,142	125,838	159,728	268,338	154,959	166,261	134,290	217,499	104,680	95,865	84,097	118,977	52,373	101,685	119,663	156,317	138,681	199,940	185,828	358,536	144,212	172,501	150,197	156,856	148,992	113,236	98,377	139,349	570,744	-801,376	74,663	199,593	113,712	98,980	107,180	73,154	81,118	40,938	21,597	-5,197	46,726	44,533	37,823	-14,887	87,738	89,202	73,446	131,613	79,467	67,051	-34,481	-221,576	73,165	56,946	-90,769	28,727	-68,653	52,427	12,639	74,083	68,551	49,609	43,415	60,581	23,311	42,279	35,626	32,476	36,188	63,374	81,412	130,984	43,714	81,828	32,139	135,982	116,870	87,302	49,200
Income Tax Expense	403	-11,631	10,303	-21,725	16,075	35,350	34,187	38,753	57,048	39,446	41,345	43,464	22,729	28,165	22,789	25,766	39,446	4,177	28,172	23,187	42,633	29,956	51,561	24,167	441,490	32,742	51,600	39,767	27,869	36,374	31,872	27,654	-15,992	170,954	-1,176,531	12,017	26,788	23,792	13,071	21,751	20,358	18,370	9,017	3,948	-1,091	13,053	10,371	8,767	-6,764	20,605	17,636	13,463	20,178	9,113	13,523	6,413	-23,301	19,968	13,519	-4,175	-5,875	8,304	18,110	4,840	14,958	28,284	20,313	17,061	23,985	10,153	18,734	15,940	8,542	17,177	25,463	8,056	15,161	872	14,951	2,121	44,421	0	0	0
Interest Expense	19,742	19,252	19,204	19,475	81,522	19,687	21,112	7,099	913	20,378	20,127	19,797	80,631	20,344	19,972	20,143	80,185	20,005	20,111	18,004	58,481	14,319	13,590	13,507	53,518	13,272	12,766	13,956	50,292	12,194	11,962	11,898	51,159	11,798	11,497	16,136	62,570	15,512	15,709	15,953	79,381	20,169	20,311	20,155	20,164	20,658	20,321	20,422	21,331	22,164	23,313	23,318	23,921	24,073	24,118	25,597	26,766	26,559	27,108	27,457	29,226	33,644	38,257	38,772	38,249	38,074	29,542	31,245	27,361	26,510	26,384	23,999	24,824	24,598	19,035	16,150	24,057	9,677	9,916	12,870	50,161	0	0	0
Interest Income	6,926	11,543	10,946	12,607	15,486	8,148	4,062	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-7,927	365	-3,637	6,973	-14,701	-16,995	3,829	-7,099	-913	-8,304	679,972	3,526	4,881	1,423	-382	-5,691	2,554	1,492	7,736	-566	288	1,651	1,416	1,969	604	2,260	523	2,877	1,005	82	1,007	3,900	-2,445	1,269	1,042	6,693	421	1,061	717	4,587	-421	2,466	568	2,289	1,259	372	3,341	3,504	-3,330	4,434	9,562	4,976	11,585	6,263	8,956	0	-15,779	15,779	15,240	0	21,989	-35,311	35,311	5,383	58,195	50,035	39,554	34,853	54,626	25,882	42,414	42,490	44,608	41,101	26,346	10,260	35,127	11,716	25,746	14,964	94,550	0	0	0
Net Income	63,567	7,139	-124,013	-15,199	57,065	103,894	91,651	112,143	210,377	107,209	123,178	87,300	189,889	75,092	73,458	64,022	76,977	46,704	65,777	97,042	113,396	107,074	146,963	159,692	-83,558	109,210	120,378	107,553	127,982	112,536	80,357	66,823	157,786	398,521	374,113	55,953	172,384	88,859	85,192	80,842	53,217	60,282	31,353	15,360	-5,365	33,301	30,821	25,552	-4,793	62,699	62,004	55,007	99,850	64,091	44,572	-33,534	-142,351	37,418	28,187	-53,496	37,979	-76,957	34,317	7,799	59,125	40,267	29,296	26,354	36,596	13,158	23,545	19,686	41,510	18,603	27,593	73,356	112,658	39,900	79,363	15,053	78,459	69,951	64,983	36,990
Net Income Applicable To Common Shares	0	6,110	-124,776	-22,172	41,358	105,797	95,480	113,876	210,377	107,209	121,629	87,300	189,889	75,092	73,458	64,022	76,977	46,704	65,777	97,042	113,396	107,074	146,963	159,692	-83,558	109,210	120,378	107,553	127,982	112,536	80,357	66,823	157,786	398,521	374,113	55,953	172,384	88,859	85,192	80,842	53,217	60,282	31,353	15,360	-5,365	33,301	30,821	25,552	-4,793	62,699	62,004	55,007	99,850	64,091	44,572	0	-37,418	37,418	28,187	0	37,979	-34,317	34,317	7,799	59,125	40,267	29,296	26,354	36,596	13,158	23,545	19,686	23,934	19,011	37,911	80,206	126,355	42,843	66,877	15,924	78,459	69,951	64,983	36,990
Net Income From Continuing Ops	71,494	6,774	-120,376	-15,199	57,065	122,792	91,651	120,975	211,290	115,513	124,916	90,826	194,770	76,515	73,076	58,331	79,531	48,196	73,513	96,476	113,684	108,725	148,379	161,661	-82,954	111,470	120,901	110,430	128,987	112,618	81,364	66,823	155,341	399,790	375,155	62,646	172,805	89,920	85,909	85,429	52,796	62,748	31,921	17,649	-4,106	33,673	34,162	29,056	-8,123	67,133	71,566	59,983	0	70,354	53,528	0	0	0	0	0	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	-12,816	-19,252	-19,204	-19,475	-19,471	-19,687	-21,112	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Non Operating Income Net Other	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-94,629	94,629	134,036	237,064	-183,249	49,194	80,470	253,232	-177,131	45,530	256,033	0	0	0	196,560	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	91,639	-4,857	-110,073	-36,924	73,140	158,142	125,838	159,728	268,338	154,959	166,261	134,290	217,499	104,680	95,865	84,097	118,977	52,373	101,685	119,663	156,317	138,681	199,940	185,828	358,536	144,212	172,501	150,197	156,856	148,992	113,236	98,377	139,349	570,744	-801,376	74,663	199,593	113,712	98,980	107,180	73,154	81,118	40,938	21,597	123,885	46,726	44,533	37,823	235,499	87,738	89,202	73,446	243,650	79,467	67,051	-34,481	-182,234	73,165	56,946	-90,769	25,140	-134,713	87,738	18,022	418,295	118,586	89,163	78,268	327,209	49,193	84,693	78,116	342,362	77,289	89,720	88,647	155,041	53,391	91,744	45,009	135,982	116,870	87,302	49,200
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Operating Expenses	734,124	528,679	772,391	598,835	658,720	588,289	923,511	556,416	744,503	582,848	677,003	545,614	680,391	492,884	495,944	473,614	614,553	557,678	544,074	538,545	550,412	507,970	580,071	581,511	329,285	493,747	556,188	483,649	515,537	471,247	433,406	411,739	465,628	14,572	1,421,965	519,222	449,743	468,011	483,625	442,173	558,282	419,405	469,778	400,461	3,305,172	382,080	392,377	448,216	2,923,895	374,681	388,090	364,577	2,995,583	373,770	351,984	472,692	3,160,004	338,550	318,679	339,164	2,815,309	540,533	379,650	290,057	2,783,596	423,462	332,197	290,930	1,186,620	248,319	302,215	258,142	979,718	279,614	227,643	209,331	1,128,185	55,743	95,151	46,767	0	0	0	0
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Reconciled Depreciation	10,771	10,613	95	48	15	10,865	15	15	15	15	15	15	9,815	8,860	8,783	9,432	20,591	9,632	13,103	11,656	6,371	2,776	-41	9,100	12,800	8,010	8,966	11,236	42,088	8,819	8,571	9,033	10,954	8,862	9,881	8,909	8,573	12,696	9,503	10,079	16,641	9,749	9,538	8,936	10,570	10,166	10,385	8,093	13,423	8,072	7,610	7,390	9,190	7,728	6,670	6,991	8,030	7,699	5,767	6,035	-181,163	73,321	126,884	6,379	40,716	51,125	29,215	28,196	11,748	10,708	9,884	8,260	5,344	4,045	3,961	3,934	4,369	5,527	4,260	2,782	0	-	-	-
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling And Marketing Expenses	27,259	20,754	28,582	22,762	26,674	19,633	22,673	14,123	16,850	9,922	9,332	6,651	8,161	7,562	6,517	20,186	30,947	27,318	28,784	27,984	32,889	21,868	28,228	25,659	25,628	19,798	24,027	19,752	22,710	16,927	23,877	19,688	25,783	18,244	18,324	19,190	28,775	19,127	20,894	19,233	23,568	17,077	25,377	18,192	25,888	19,096	22,322	28,267	29,577	19,844	20,879	18,111	25,699	17,503	18,252	15,603	20,736	14,070	15,788	13,453	17,230	18,368	25,220	20,464	40,646	16,898	16,964	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Selling General Administrative	56,565	53,559	54,202	56,099	52,199	46,361	45,958	47,268	58,462	47,713	49,871	49,696	53,922	46,019	47,302	46,743	57,431	44,961	50,097	42,512	51,632	42,201	45,954	42,669	51,605	40,161	42,062	38,946	41,797	37,843	38,408	36,769	42,407	37,036	41,155	38,798	39,119	40,584	42,487	35,903	36,931	40,297	50,444	37,917	878,287	318,471	317,337	372,161	374,025	307,968	320,569	312,443	395,493	321,403	299,829	329,403	657,246	278,778	263,492	234,878	372,353	432,777	280,021	0	330,832	323,152	249,046	220,038	276,152	180,982	234,148	200,139	216,455	215,199	161,148	127,487	244,663	109,153	107,916	140,860	0	0	0	0
Tax Provision	403	-11,631	10,303	-21,725	16,075	35,350	34,187	38,753	57,048	39,446	41,345	43,464	22,729	28,165	22,789	25,766	39,446	4,177	28,172	23,187	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	734,124	164,074	180,956	129,393	164,406	147,665	513,708	138,323	164,269	142,843	141,958	124,271	135,483	117,915	124,404	133,716	165,180	146,310	151,493	148,287	183,805	149,664	150,322	162,957	-58,912	118,688	128,810	107,892	120,032	105,297	113,134	102,631	118,940	-316,791	1,073,749	174,584	126,842	113,887	121,992	104,655	171,681	97,427	118,336	102,567	1,788,563	61,574	64,804	73,188	1,594,013	63,654	63,807	60,555	1,661,718	56,378	55,060	141,104	1,712,752	50,091	47,539	107,349	1,532,067	68,360	58,590	52,515	1,499,394	65,682	45,155	47,729	1,166,346	45,544	45,411	36,283	959,080	41,787	44,282	-209,331	-1,128,185	55,743	95,151	46,767	0	0	0	0
Total Other Income Expense Net	-19,742	-96	-3,637	-48	-842	-16,995	3,829	-7,099	913	-8,304	-1,738	-3,526	-436	-458	-455	-446	-9,876	-1,022	-5,042	-3,470	2,429	5,851	8,483	-866	-4,511	-172	-1,257	-3,574	-33,410	-863	-1,007	-3,900	-581,933	-1,269	-1,042	-6,693	-18,176	-1,061	-717	-4,587	0	-2,466	-568	-2,289	-129,082	-372	-3,341	-3,504	-250,386	-4,434	-9,562	-4,976	-112,037	-6,263	-8,956	7,360	-39,342	-15,779	-15,240	33,098	19,603	66,060	-35,311	-5,383	-344,212	-50,035	-39,554	-34,853	-266,628	-25,882	-42,414	-42,490	-320,865	-41,509	-36,664	-7,235	-24,057	-9,677	-9,916	-12,870	0	0	0	0
Total Revenue	825,763	543,170	662,318	561,911	731,860	746,431	660,658	716,144	1,012,841	737,807	843,264	679,904	898,326	598,022	592,264	558,157	743,406	611,073	650,801	661,678	704,300	640,800	771,528	768,205	692,332	638,131	729,946	637,420	705,803	621,102	546,642	510,116	604,977	585,316	620,589	593,885	649,336	581,723	582,605	549,353	631,436	500,523	510,716	422,058	642,258	428,806	436,910	486,039	451,778	462,419	477,292	434,597	594,885	451,237	419,035	438,211	494,783	411,715	375,368	248,395	375,920	405,820	467,388	346,851	585,083	542,048	421,360	369,198	472,877	297,512	386,908	336,258	367,077	356,903	317,363	297,978	1,283,226	-2,352	-3,407	-1,758	377,315	306,270	271,008	228,791

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

Gross Profit (+$)
totalRevenue	2,558,689
Cost of Revenue	-106,739
Gross Profit	2,451,950	2,451,950

Operating Income (+$)
Gross Profit	2,451,950
Operating Expense	-2,616,582
Operating Income	-164,632	-164,632

Operating Expense (+$)
Research Development	0
Selling General Administrative	220,425
Selling And Marketing Expenses	99,357
Operating Expense	2,616,582	319,782

Net Interest Income (+$)
Interest Income	50,582
Interest Expense	-77,673
Other Finance Cost	-271
Net Interest Income	-26,820

Pretax Income (+$)
Operating Income	-164,632
Net Interest Income	-26,820
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	-79,957	-249,307 EBIT - interestExpense = -242,305 -102,569 -2,246
Interest Expense	77,673
Earnings Before Interest and Taxes (EBIT)	-164,632	-2,284
Earnings Before Interest and Taxes (EBITDA)	-57,893

After tax Income (+$)
Income Before Tax	-79,957
Tax Provision	--6,978
Net Income From Continuing Ops	-71,736	-72,979
Net Income	-79,919
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	2,723,321
Total Other Income/Expenses Net	84,675	26,820

Technical Analysis of Lazard
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 Lazard. The general trend of Lazard is BULLISH with 42.9% confidence. It is very important for your mental being to use each indicator with this in mind. But beware, also the general trend flips once in a while! You can use moving averages to determine Lazard's overall trend. For convenience I use the most commonly used moving averages: 20, 50, 100 & 200. Of course you can use other moving averages or other indicators to determine the trend.

Indicator phases

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

Indicator zone transitions	Bullish trend (42.9%)		Bearish trend (-42.9%)
Overbought to neutral	Bullish pullback	=	Bearish reversal
Upper to lower neutral	Bullish correction	=	Bearish continuation
Nuetral to oversold	Oversold	=	Oversold
Oversold to neutral	Bullish reversal	=	Bearish correction
Lower to upper neutral	Bullish continuation	=	Bearish pullback
Nuetral to overbought	Overbought	=	Overbought

1. Price Targets

1.1 Support & Resistance

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

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

Score

Let's take a look at the Support & Resistance of Lazard Ltd.

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: 39.68 < 41.72 < 42.24.

The bearish price targets are: 37.01 > 36.87 > 36.31.

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Lazard Ltd 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 Lazard Ltd. The current mas is .

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

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

Directionalities and relatives.

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

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

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

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

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

Simple moving average

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

Source: Tradingview.com

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

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

Exponential moving average

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

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

Where:

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

Smoothed moving average

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

Linear weighted moving average

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

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

Where:

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

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

Source: Tradingview.com

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

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

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

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

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 Lazard Ltd. The current macd is -0.4776179.

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 Lazard price going down in the near term. -2
MACD < 0: The MACD is below the zero line (centerline), it indicates a bearish signal for Lazard. 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 Lazard 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

Lazard Ltd 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 Lazard Ltd. The current adx is 16.88.

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 Lazard 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

Lazard Ltd 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 Lazard Ltd. The current sar is 40.21.

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

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 Lazard Ltd. The current rsi is 40.98. The current phase is Correction in bull market.

The long score for the Relative Strength Index (RSI) is 1/13.
The longshort score for the Relative Strength Index (RSI) is -2/(-13 +13).

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

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

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

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

Original usage

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

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

How you can use RSI (Divergence)

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

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

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

Source: Tradingview.com

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

Use tradingview to add indicators

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

Tradingview

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

View tool on Tradingview.com

RSI divergence

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

There are four types of divergences:

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

Regular bullish divergence

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

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

Source: Tradingview.com

Regular bearish divergence

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

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

Source: Tradingview.com

Hidden bullish divergence

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

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

Source: Tradingview.com

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

Hidden bearish divergence

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

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

Source: Tradingview.com

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

Lazard Ltd 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 Lazard Ltd. The current phase is Correction in bull market.

The long score for the Stochastic Oscillator is 3/6.
The longshort score for the Stochastic Oscillator is 2/(-6 +6).

STOCH < 50: The STOCH %K is below 50. There are more sellers than buyers. -1
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 Lazard price going up in the near term. +2
Trending up: The STOCH %K is trending up. +1

Lazard Ltd 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 Lazard Ltd. The current cci is -104.21506442.

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

Lazard Ltd 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 Lazard Ltd. The current cmo is -25.59502104.

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

Lazard Ltd 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 Lazard Ltd. The current willr is -77.75510204.

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

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

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 Lazard Ltd.

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 Lazard Ltd. The current atr is 1.10256493.

Lazard Ltd 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 Lazard Ltd. The current obv is 12,612,484.

Lazard Ltd 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 Lazard Ltd. The current mfi is 47.65.

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

Lazard Ltd Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for Lazard Ltd.

6.2. Trading Signals

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

Date	Indicator	Signal
2023-11-28	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2023-12-04	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-11	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2023-12-12	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-13	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-14	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-18	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-20	STOCH	LONG EXIT		The %K line crosses below the %D line.
	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2023-12-22	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2023-12-27	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-28	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-29	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
2024-01-02	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.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-01-03	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-01-04	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-05	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2024-01-08	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-09	STOCH	LONG EXIT		The %K line crosses below the %D line.
	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2024-01-11	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-01-12	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-01-16	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2024-01-17	STOCH	LONG EXIT		The %K line crosses below the %D line.
	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2024-01-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-22	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2024-01-23	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-25	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2024-01-29	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-01-30	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2024-01-31	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2024-02-01	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-05	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-06	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2024-02-08	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-02-09	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-02-12	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-02-13	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.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-15	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-21	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-22	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-23	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
2024-02-27	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-02-29	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-01	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-03-04	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-03-05	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2024-03-06	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2024-03-08	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-12	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.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-03-13	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-14	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-03-15	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-18	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-03-19	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-21	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.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2024-03-22	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-25	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-03-27	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-04-01	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-03	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-04	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-05	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-09	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-10	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-11	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2024-04-12	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-16	STOCH	SHORT EXIT		The %K line crosses above the %D line.

6.3. Candlestick Patterns

Date	Candlestick Pattern

6.4. Technical Score

Let's check the technical score of Lazard Ltd based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	40.976
Ma 20	Greater than	Ma 50	39.742
Ma 50	Greater than	Ma 100	39.147
Ma 100	Greater than	Ma 200	37.293
Open	Greater than	Close	37.940
Total			4/5 (80.0%)

Create your own Symbol Scanner

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Quick analysis of Lazard (30 sec.)

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

How much money do you get?

What is your share worth?

+ What do you gain per year?

For what price can you sell your share?

1. Valuation of Lazard (5 min.)

$37.91

$6.00

$35.63 - $44.50

$41.63 - $50.50

2. Growth of Lazard (5 min.)

Is Lazard growing?

How much money is Lazard making?

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

3. Financial Health of Lazard (5 min.)

4. Comparing to competitors in the Capital Markets industry (5 min.)

Industry Rankings (Capital Markets)

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

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

Speculation

Investing

How much money are you going to get?

When do you get the money?

How sure are you?

Linear %

Fundamentals of Lazard

About Lazard Ltd

Financial Health

Valuation

1.1. Profitability of Lazard Ltd.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Capital Markets)

1.1.2. Return on Assets

Trends

Compared to industry (Capital Markets)

1.1.3. Return on Equity

Trends

Compared to industry (Capital Markets)

1.2. Operating Efficiency of Lazard Ltd.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

Compared to industry (Capital Markets)

1.2.2. Operating Ratio

Trends

Compared to industry (Capital Markets)

1.3. Liquidity of Lazard Ltd.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Capital Markets)

1.3.2. Quick Ratio

Trends

Compared to industry (Capital Markets)

1.4. Solvency of Lazard Ltd.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Capital Markets)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Capital Markets)

2. Market Valuation of Lazard Ltd

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Capital Markets)

Lazard Ltd
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