Mercantile Bank Corporation
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Let's analyse Mercantile Bank Corporation together

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

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

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

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Quick analysis of Mercantile Bank Corporation (30 sec.)

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

How much money do you get?

$1.30

When do you have the money?

1 year

How often do you get paid?

100.0%

What is your share worth?

Current worth

$32.39

Expected worth in 1 year

$37.39

How sure are you?

90.0%

+ What do you gain per year?

Total Gains per Share

$6.31

Return On Investment

17.3%

For what price can you sell your share?

Current Price per Share

$36.49

Expected price per share

$32.68 - $39.70

How sure are you?

50%

1. Valuation of Mercantile Bank Corporation (5 min.)

Live pricePrice per Share (EOD)

$36.49

Book Value per Share

$32.39

Intrinsic Value Per Share

$-47.70 - $31.32

Total Value Per Share

$-15.32 - $63.71

My calculation of the intrinsic value of Mercantile Bank Corporation is based how much money is coming from the company's main activities (Free Cash Flow).

The following numbers are based on moving averages and per share and per quarter.
I use a 6% discount rate for the low estimation and 3% for the high estimation.
The current Free Cash Flow Per Share is 10Y: ($0.72) 3Y: ($1.24) TTM: ($0.98)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($-0.02) 3Y: ($-0.12) TTM: ($-0.63)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$1.58	$4.69	$0.89 - $4.68
2	$1.27	$8.99	$-1.10 - $4.41
3	$-0.73	$12.91	$-3.08 - $4.14
4	$-4.22	$16.48	$-5.07 - $3.87
5	$-9.03	$19.71	$-7.05 - $3.60
6	$-15.00	$22.61	$-9.03 - $3.33
7	$-21.98	$25.21	$-11.02 - $3.06
8	$-29.83	$27.52	$-13.00 - $2.79
9	$-38.45	$29.55	$-14.99 - $2.52
10	$-47.70	$31.32	$-16.97 - $2.25

2. Growth of Mercantile Bank Corporation (5 min.)

Is Mercantile Bank Corporation growing?

	Current year	Previous year	Grow	Grow %
How rich?	$522.1m	$430.7m	$57m	11.7%

How much money is Mercantile Bank Corporation making?

	Current year	Previous year	Grow	Grow %
Making money	$20.5m	$15.2m	$5.2m	25.7%
Net Profit Margin	34.4%	31.5%	-	-

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

Quarterly Yearly

3. Financial Health of Mercantile Bank Corporation (5 min.)

4. Comparing to competitors in the Banks - Regional industry (5 min.)

Industry Rankings (Banks - Regional)

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

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

What can you expect buying and holding a share of Mercantile Bank Corporation?

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

Speculation

The Price per Share of Mercantile Bank Corporation is $36.49. 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 Mercantile Bank Corporation.
The technials: based on market psychology, we can make a calculated estimate of what the price will do in the future. We can do this through technical analysis. We can calculate the probabilities and the expected value (millionaire math). That's called speculation.
The book value: what is the market price compared to it's book value.

Investing

If you really want to invest in Mercantile Bank Corporation, you will have to let go of the thought of selling in the future. If you have to sell the share for less than you bought it, it can still be a good investment. Focus on what it means to hold the stock forever:

You own a part of the company. The equity of this part can grow or shrink. The current Book Value per Share is $32.39. Based on the TTM, the Book Value Change Per Share is $1.25 per quarter. Based on the YOY, the Book Value Change Per Share is $-0.23 per quarter.
You may receive quarterly/yearly dividend in the form of additional shares.
You may receive quarterly/yearly dividend in the form of cash. Based on the TTM the Dividend per Share is $0.33 per quarter.

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

How much money are you going to get?

	MRQ		TTM		YOY		5Y		10Y
	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share
Usd Eps	1.24	3.4%	1.27	3.5%	0.95	2.6%	0.91	2.5%	0.68	1.9%
Usd Book Value Change Per Share	2.41	6.6%	1.25	3.4%	-0.23	-0.6%	0.49	1.3%	0.57	1.6%
Usd Dividend Per Share	0.33	0.9%	0.33	0.9%	0.30	0.8%	0.29	0.8%	0.29	0.8%
Usd Total Gains Per Share	2.75	7.5%	1.58	4.3%	0.07	0.2%	0.78	2.1%	0.86	2.3%
Usd Price Per Share	40.38	-	32.37	-	32.64	-	30.67	-	29.05	-
Price to Earnings Ratio	8.13	-	6.36	-	9.26	-	8.86	-	13.10	-
Price-to-Total Gains Ratio	14.70	-	27.05	-	-68.54	-	21.53	-	59.33	-
Price to Book Ratio	1.25	-	1.07	-	1.22	-	1.13	-	1.24	-
Price-to-Total Gains Ratio	14.70	-	27.05	-	-68.54	-	21.53	-	59.33	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	36.49
Number of shares	27

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.33	0.29
Usd Book Value Change Per Share	1.25	0.49
Usd Total Gains Per Share	1.58	0.78
Gains per Quarter (27 shares)	42.60	21.05
Gains per Year (27 shares)	170.39	84.19

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	35	135	160	31	53	74
2	70	270	330	63	106	158
3	106	406	500	94	158	242
4	141	541	670	125	211	326
5	176	676	840	157	264	410
6	211	811	1010	188	317	494
7	246	946	1180	220	370	578
8	281	1082	1350	251	423	662
9	317	1217	1520	282	475	746
10	352	1352	1690	314	528	830

How sure are you?

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

Linear %

	Trailing 12 Months				3Y				5 Year				10 Year				ALLTIME
				%				%				%				%				%
Earnings Per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	40.0	0.0	0.0	100.0%	92.0	12.0	0.0	88.5%
Book Value Change Per Share	4.0	0.0	0.0	100.0%	8.0	4.0	0.0	66.7%	16.0	4.0	0.0	80.0%	32.0	8.0	0.0	80.0%	81.0	22.0	1.0	77.9%
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%	82.0	0.0	22.0	78.8%
Total Gains per Share	4.0	0.0	0.0	100.0%	9.0	3.0	0.0	75.0%	17.0	3.0	0.0	85.0%	36.0	4.0	0.0	90.0%	88.0	15.0	1.0	84.6%

Fundamentals of Mercantile Bank Corporation

About Mercantile Bank Corporation

https://www.mercbank.com
Banks - Regional
631
310 Leonard Street NW, Grand Rapids, MI, United States, 49504
Google Maps Bing Maps

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services to small- to medium-sized businesses and individuals in the United States. It accepts various deposit products, including checking, savings, and term certificate accounts; time deposits; and certificates of deposit. The company also provides commercial and industrial loans; vacant land, land development, and residential construction loans; owner and non-owner occupied real estate loans; multi-family and residential rental property loans; single-family residential real estate loans; home equity line of credit programs; and consumer loans, such as new and used automobile and boat loans, and credit cards, as well as overdraft protection services; and residential mortgage and instalment loans. In addition, it offers courier services and safe deposit facilities; and insurance products, such as private passenger automobile, homeowners, personal inland marine, boat owners, recreational vehicle, dwelling fire, umbrella policies, small business, and life insurance products. The company was incorporated in 1997 and is headquartered in Grand Rapids, Michigan.

Fundamental data was last updated by Penke on 2024-04-11 14:15:04.

Financial Health

Profitability Details

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

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating very efficient.

Liquidity Details

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

1.1. Profitability of Mercantile Bank Corporation.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Mercantile Bank Corporation earns for each $1 of revenue.

Above 10% is considered healthy but always compare Mercantile Bank Corporation to the Banks - Regional industry mean.
A Net Profit Margin of 27.1% means that $0.27 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Mercantile Bank Corporation:

The MRQ is 27.1%. The company is making a huge profit. +2
The TTM is 34.4%. The company is making a huge profit. +2

Trends

Current period		Compared to		+/-
MRQ	27.1%	TTM	34.4%	-7.3%
TTM	34.4%	YOY	31.5%	+2.9%
TTM	34.4%	5Y	31.6%	+2.9%
5Y	31.6%	10Y	28.0%	+3.5%

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
MRQ	27.1%	18.4%	+8.7%
TTM	34.4%	28.0%	+6.4%
YOY	31.5%	25.2%	+6.3%
5Y	31.6%	22.8%	+8.8%
10Y	28.0%	19.8%	+8.2%

Measures how much net profit Mercantile Bank Corporation earns for each $1 of revenue.

Revenue is the amount of profit Mercantile Bank Corporation generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you $3. The company does not earn $3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is $1.5.

The $3 you pay for a cup of coffee is called revenue.
The $1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit Mercantile Bank Corporation earns for each $1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Mercantile Bank Corporation to the Banks - Regional industry mean.
Can be used to compare companies within the Banks - Regional industry.

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

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Mercantile Bank Corporation. If profit margins remain low (compared to the Banks - Regional 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 Mercantile Bank Corporation is 0.27. This means that Mercantile Bank Corporation earned $0.27 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 Banks - Regional industry is 18.4%.
What is the trend?
The trend is important because it shows you how Mercantile Bank Corporation is performing over time. The most recent quarter might be important if Mercantile Bank Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Mercantile Bank Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare Mercantile Bank Corporation with other companies in the same industry (Banks - Regional).
Net profit margin should rise over the years.
Can be influenced when Mercantile Bank Corporation sells assets (profit will increase while costs remain the same).
It won’t show what part of Mercantile Bank Corporation is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of Mercantile Bank Corporation

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ Mercantile Bank Corporation = 20,030
Total revenue MRQ Mercantile Bank Corporation = 73,803
$20,030 / $73,803 = 0.27 or 27.1%

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 Mercantile Bank Corporation is using its assets to generate profit.

Above 5% is considered healthy but always compare Mercantile Bank Corporation to the Banks - Regional industry mean.
0.4% Return on Assets means that Mercantile Bank Corporation generated $0.00 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Mercantile Bank Corporation:

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

Trends

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

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
MRQ	0.4%	0.1%	+0.3%
TTM	0.4%	0.2%	+0.2%
YOY	0.3%	0.2%	+0.1%
5Y	0.3%	0.2%	+0.1%
10Y	0.3%	0.2%	+0.1%

Shows how efficient Mercantile Bank Corporation is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare Mercantile Bank Corporation to the Banks - Regional 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 Mercantile Bank Corporation is using its resources to generate profit. If the return on assets (0.4%) from Mercantile Bank Corporation are higher than the Banks - Regional mean (0.1%) that means Mercantile Bank Corporation is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Mercantile Bank Corporation is 0.4%. This means the company generated $0.00 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Banks - Regional industry is 0.1%.
What is the trend?
The trend is important because it shows you how Mercantile Bank Corporation is performing over time. The most recent quarter might be important if Mercantile Bank Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Mercantile Bank Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example Mercantile Bank Corporation

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

Income statement
Balance sheet

Net income MRQ (income statement) from Mercantile Bank Corporation = 20,030
Total assets MRQ (balance sheet) from Mercantile Bank Corporation = 5,360,056
20,030 / 5,360,056 = 0.00 or 0.4%

ROA is an important ratio as it will tell you how effectively Mercantile Bank Corporation is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient Mercantile Bank Corporation is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Mercantile Bank Corporation to the Banks - Regional industry mean.
3.8% Return on Equity means Mercantile Bank Corporation generated $0.04 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Mercantile Bank Corporation:

The MRQ is 3.8%. Using its investors money, the company is inefficient in making profit. -1
The TTM is 4.2%. Using its investors money, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	3.8%	TTM	4.2%	-0.4%
TTM	4.2%	YOY	3.5%	+0.7%
TTM	4.2%	5Y	3.3%	+0.9%
5Y	3.3%	10Y	2.8%	+0.6%

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
MRQ	3.8%	1.4%	+2.4%
TTM	4.2%	2.5%	+1.7%
YOY	3.5%	2.7%	+0.8%
5Y	3.3%	2.5%	+0.8%
10Y	2.8%	2.8%	0.0%

Shows how efficient Mercantile Bank Corporation is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare Mercantile Bank Corporation to the Banks - Regional 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 Banks - Regional 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 Mercantile Bank Corporation is 3.8%. This means Mercantile Bank Corporation generated $0.04 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Banks - Regional industry is 1.4%.
What is the trend?
The trend is important because it shows you how Mercantile Bank Corporation is performing over time. The most recent quarter might be important if Mercantile Bank Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Mercantile Bank Corporation up to 10 years back (depending if Mercantile Bank Corporation existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of Mercantile Bank Corporation

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Mercantile Bank Corporation = 20,030
Shareholders equity (balance sheet) MRQ Mercantile Bank Corporation = 522,145
20,030 / 522,145 = 0.04 or 3.8%

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 Mercantile Bank Corporation.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Mercantile Bank Corporation is operating .

Measures how much profit Mercantile Bank Corporation makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Mercantile Bank Corporation to the Banks - Regional industry mean.
An Operating Margin of 30.6% means the company generated $0.31 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Mercantile Bank Corporation:

The MRQ is 30.6%. The company is operating very efficient. +2
The TTM is 53.3%. The company is operating very efficient. +2

Trends

Current period		Compared to		+/-
MRQ	30.6%	TTM	53.3%	-22.7%
TTM	53.3%	YOY	51.5%	+1.7%
TTM	53.3%	5Y	53.5%	-0.3%
5Y	53.5%	10Y	50.1%	+3.4%

Measures how efficient Mercantile Bank Corporation is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Mercantile Bank Corporation to the Banks - Regional 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 Mercantile Bank Corporation is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Mercantile Bank Corporation is 30.6%. This means that Mercantile Bank Corporation earned $0.31 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Banks - Regional industry is .
What is the trend?
The trend is important because it shows you how Mercantile Bank Corporation is performing over time. The most recent quarter might be important if Mercantile Bank Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Mercantile Bank Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Mercantile Bank Corporation

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Mercantile Bank Corporation = 25,209
Total revenue MRQ Mercantile Bank Corporation = 73,803
$25,209 / $73,803 = 0.31 or 30.6%

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 Mercantile Bank Corporation is keeping operating costs low.

Below 1 is considered healthy (always compare to Banks - Regional industry mean).
An Operation Ratio of -0.66 means that the operating costs are $-0.66 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Mercantile Bank Corporation:

The MRQ is -0.658.
The TTM is -596.887.

Trends

Current period		Compared to		+/-
MRQ	-0.658	TTM	-596.887	+596.229
TTM	-596.887	YOY	-0.138	-596.749
TTM	-596.887	5Y	-119.680	-477.208
5Y	-119.680	10Y	-60.009	-59.670

Measures how efficient Mercantile Bank Corporation is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Mercantile Bank Corporation to the Banks - Regional 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 Mercantile Bank Corporation is -65.8%. This means that Mercantile Bank Corporation earned $-0.66 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 Banks - Regional industry is .
What is the trend?
The trend is important because it shows you how Mercantile Bank Corporation is performing over time. The most recent quarter might be important if Mercantile Bank Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Mercantile Bank Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Mercantile Bank Corporation

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
(0 +-48,594) \ 73,803 = -0.66

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 Mercantile Bank Corporation.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Mercantile Bank Corporation is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Banks - Regional industry mean).
A Current Ratio of 0.08 means the company has $0.08 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Mercantile Bank Corporation:

The MRQ is 0.077. The company is unable to pay all its short-term debts. -2
The TTM is 2,216.266. The company is very able to pay all its short-term debts. +2

Trends

Current period		Compared to		+/-
MRQ	0.077	TTM	2,216.266	-2,216.189
TTM	2,216.266	YOY	16.841	+2,199.425
TTM	2,216.266	5Y	1,815.635	+400.631
5Y	1,815.635	10Y	1,651.489	+164.146

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
TTM	2,216.266	0.124	+2,216.142
YOY	16.841	0.225	+16.616
5Y	1,815.635	0.219	+1,815.416
10Y	1,651.489	0.131	+1,651.358

Measures if Mercantile Bank Corporation is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Banks - Regional 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 Mercantile Bank Corporation if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Mercantile Bank Corporation is 0.08. This means Mercantile Bank Corporation has $0.08 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Banks - Regional industry is .
What is the trend?
The trend is important because it shows you how Mercantile Bank Corporation is performing over time. The most recent quarter might be important if Mercantile Bank Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Mercantile Bank Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example Mercantile Bank Corporation

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
150,233 \ 1,945,441) = 0.08

The current ratio measures if Mercantile Bank Corporation is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if Mercantile Bank Corporation is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then Mercantile Bank Corporation does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate Mercantile Bank Corporation is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if Mercantile Bank Corporation is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Mercantile Bank Corporation to the Banks - Regional industry mean.
A Quick Ratio of 353.71 means the company can pay off $353.71 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Mercantile Bank Corporation:

The MRQ is 353.708. The company is very able to pay all its short-term debts with the most liquid assets. +2
The TTM is 2,337.329. The company is very able to pay all its short-term debts with the most liquid assets. +2

Trends

Current period		Compared to		+/-
MRQ	353.708	TTM	2,337.329	-1,983.621
TTM	2,337.329	YOY	92.899	+2,244.429
TTM	2,337.329	5Y	522.330	+1,814.998
5Y	522.330	10Y	288.648	+233.682

Measures if Mercantile Bank Corporation is able to pay off Short-term Debt but only using the most liquid assets.

How to use quick ratio

Higher is better.
Above 1 is considered healthy but always compare Mercantile Bank Corporation to the Banks - Regional industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use quick ratio in their analysis

Shows how fast Mercantile Bank Corporation can pay off its short term debts. This shows if Mercantile Bank Corporation can survive emergencies due to market changes or other reasons.

The three steps every investor should look at:

What is the current Quick Ratio?
The current most recent quarter (MRQ) quickRatio of Mercantile Bank Corporation is 353.71. This means that Mercantile Bank Corporation can pay off $353.71 for each $1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the Banks - Regional industry is .
What is the trend?
The trend is important because it shows you how Mercantile Bank Corporation is performing over time. The most recent quarter might be important if Mercantile Bank Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Mercantile Bank Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Incorporates only most liquid assets.

How to calculate quick ratio

Quick ratio = cash and equivalents + marketable securities + accounts receivable / current liabilities

Real life example Mercantile Bank Corporation

You need the following data to determine operating ratio:

Balance sheet
Quick ratio = cash and short-term investments + short-term investments + netReceivables / total current liabilities
MRQ quick ratio Mercantile Bank Corporation: (687,500,000 + 617,092 +0) / 1,945,441 = 353.71

The quick ratio measures the same thing as the current ratio, only it uses the most liquid assets a company has. Meaning, the assets that can be sold for cash the easiest and fastest.

As the quick ratio only incorporates the most liquid assets, you should also check the current ratio which also includes less liquid assets. But they may be harder to sell.

1.4. Solvency of Mercantile Bank Corporation.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Mercantile Bank Corporation assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Mercantile Bank Corporation to Banks - Regional industry mean.
A Debt to Asset Ratio of 0.90 means that Mercantile Bank Corporation assets are financed with 90.3% credit (debt) and the remaining percentage (100% - 90.3%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Mercantile Bank Corporation:

The MRQ is 0.903. The company is just able to pay all its debts by selling its assets.
The TTM is 0.905. The company is just able to pay all its debts by selling its assets.

Trends

Current period		Compared to		+/-
MRQ	0.903	TTM	0.905	-0.003
TTM	0.905	YOY	0.914	-0.009
TTM	0.905	5Y	0.903	+0.003
5Y	0.903	10Y	0.895	+0.008

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
MRQ	0.903	0.915	-0.012
TTM	0.905	0.917	-0.012
YOY	0.914	0.919	-0.005
5Y	0.903	0.919	-0.016
10Y	0.895	0.927	-0.032

Measures how much % of Mercantile Bank Corporation assets are financed with debt.

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

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Mercantile Bank Corporation to Banks - Regional 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 Mercantile Bank Corporation is 0.90. This means means that Mercantile Bank Corporation is financed with 90.3% 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 Banks - Regional industry is .
What is the trend?
The trend is important because it shows you how Mercantile Bank Corporation is performing over time. The most recent quarter might be important if Mercantile Bank Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Mercantile Bank Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why Mercantile Bank Corporation has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Mercantile Bank Corporation

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

Balance sheet
Debt to asset ratio = total debt \ total assets
4,837,911 \ 5,360,056 = 90.3% or 0.90.

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 Mercantile Bank Corporation is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Mercantile Bank Corporation to the Banks - Regional industry mean.
A Debt to Equity ratio of 926.5% means that company has $9.27 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Mercantile Bank Corporation:

The MRQ is 9.265. The company is unable to pay all its debts with equity. -1
The TTM is 9.585. The company is unable to pay all its debts with equity. -1

Trends

Current period		Compared to		+/-
MRQ	9.265	TTM	9.585	-0.320
TTM	9.585	YOY	10.685	-1.100
TTM	9.585	5Y	9.399	+0.186
5Y	9.399	10Y	8.615	+0.784

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
MRQ	9.265	10.829	-1.564
TTM	9.585	11.013	-1.428
YOY	10.685	11.363	-0.678
5Y	9.399	11.437	-2.038
10Y	8.615	13.038	-4.423

Measures if Mercantile Bank Corporation is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of Mercantile Bank Corporation is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of Mercantile Bank Corporation is 9.27. This means that Mercantile Bank Corporation can pay off $9.27 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Banks - Regional industry is 10.83.
What is the trend?
The trend is important because it shows you how Mercantile Bank Corporation is performing over time. The most recent quarter might be important if Mercantile Bank Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Mercantile Bank Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example Mercantile Bank Corporation

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
4,837,911 \ 522,145 = 9.27 or 926.5%

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 Mercantile Bank Corporation

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

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

Above 15 is considered overpriced but always compare Mercantile Bank Corporation to the Banks - Regional industry mean.
A PE ratio of 8.13 means the investor is paying $8.13 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Mercantile Bank Corporation:

The EOD is 7.343. Based on the earnings, the company is cheap. +2
The MRQ is 8.125. Based on the earnings, the company is underpriced. +1
The TTM is 6.361. Based on the earnings, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	7.343	MRQ	8.125	-0.783
MRQ	8.125	TTM	6.361	+1.764
TTM	6.361	YOY	9.263	-2.902
TTM	6.361	5Y	8.862	-2.500
5Y	8.862	10Y	13.101	-4.239

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
EOD	7.343	7.548	-0.205
MRQ	8.125	6.680	+1.445
TTM	6.361	5.295	+1.066
YOY	9.263	6.943	+2.320
5Y	8.862	9.770	-0.908
10Y	13.101	9.943	+3.158

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

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare Mercantile Bank Corporation to the Banks - Regional 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 Mercantile Bank Corporation is 8.13. This means the investor is paying $8.13 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Banks - Regional industry is 6.68.
What is the trend?
The trend is important because it shows you how Mercantile Bank Corporation is performing over time. The most recent quarter might be important if Mercantile Bank Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Mercantile Bank Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example Mercantile Bank Corporation

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
0 \ 16,044 = EPS
PE ratio MRQ = 8.13

* 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 Mercantile Bank Corporation:

The EOD is -33.441. Based on how much money comes from the company's main activities, the company is expensive. -2
The MRQ is -37.006. Based on how much money comes from the company's main activities, the company is expensive. -2
The TTM is -4.765. Based on how much money comes from the company's main activities, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	-33.441	MRQ	-37.006	+3.565
MRQ	-37.006	TTM	-4.765	-32.241
TTM	-4.765	YOY	4.652	-9.417
TTM	-4.765	5Y	-24.174	+19.409
5Y	-24.174	10Y	4.456	-28.630

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
EOD	-33.441	-2.110	-31.331
MRQ	-37.006	-1.868	-35.138
TTM	-4.765	-0.342	-4.423
YOY	4.652	6.448	-1.796
5Y	-24.174	0.429	-24.603
10Y	4.456	0.091	+4.365

2. Book Value per Share

2.3. Price to Book Ratio

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

At or below 1 is considered healthy (always compare to Banks - Regional industry mean).
A PB ratio of 1.25 means the investor is paying $1.25 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Mercantile Bank Corporation:

The EOD is 1.127. Based on the equity, the company is underpriced. +1
The MRQ is 1.247. Based on the equity, the company is underpriced. +1
The TTM is 1.066. Based on the equity, the company is underpriced. +1

Trends

Current period		Compared to		+/-
EOD	1.127	MRQ	1.247	-0.120
MRQ	1.247	TTM	1.066	+0.181
TTM	1.066	YOY	1.221	-0.155
TTM	1.066	5Y	1.133	-0.067
5Y	1.133	10Y	1.244	-0.111

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
EOD	1.127	0.436	+0.691
MRQ	1.247	0.386	+0.861
TTM	1.066	0.470	+0.596
YOY	1.221	0.642	+0.579
5Y	1.133	0.795	+0.338
10Y	1.244	1.025	+0.219

2. Total Gains per Share

3. Holders & Insider Transactions

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

3.1. Institutions holding Mercantile Bank Corporation

Institutions are holding 60.89% of the shares of Mercantile Bank Corporation.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	BlackRock Inc	9.6479	0.0016	1554923	130877	9.1905
2023-12-31	Dimensional Fund Advisors, Inc.	7.1462	0.0136	1151731	317	0.0275
2023-12-31	Vanguard Group Inc	4.8628	0.0007	783718	-16147	-2.0187
2023-12-31	Renaissance Technologies Corp	3.3407	0.0337	538413	3700	0.692
2023-12-31	Banc Funds Co LLC	2.9259	1.877	471558	-21600	-4.3799
2023-12-31	State Street Corporation	2.4875	0.0008	400905	6294	1.595
2023-12-31	NorthStar Asset Management, Inc.	2.248	0.7484	362309	1677	0.465
2023-12-31	Geode Capital Management, LLC	2.0842	0.0014	335905	13892	4.3141
2023-12-31	Tributary Capital Management, LLC	1.944	1.065	313311	-5600	-1.756
2023-12-31	LSV Asset Management	1.3196	0.0187	212678	0	0
2023-12-31	American Century Companies Inc	1.3094	0.0059	211035	45897	27.7931
2023-12-31	Charles Schwab Investment Management Inc	1.235	0.002	199041	3232	1.6506
2023-12-31	Northern Trust Corp	1.2072	0.0014	194563	5154	2.7211
2023-12-31	Stieven Capital Advisors, L.p.	1.1738	1.64	189173	-25000	-11.6728
2023-12-31	Hotchkis & Wiley Capital Management LLC	0.7982	0.0185	128640	-8540	-6.2254
2023-12-31	Bank of New York Mellon Corp	0.7561	0.001	121864	-3256	-2.6023
2023-12-31	Mercer Global Advisors Inc.	0.6973	0.0137	112377	25736	29.7042
2023-12-31	Morgan Stanley - Brokerage Accounts	0.6793	0.0004	109476	12090	12.4145
2023-12-31	Royal Bank of Canada	0.5751	0.0009	92692	11434	14.0712
2023-12-31	Bridgeway Capital Management, LLC	0.5605	0.0782	90337	3840	4.4395
Total		46.9987	5.5229	7574649	+183997	+2.4%

3.2. Funds holding Mercantile Bank Corporation

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2024-02-29	Vanguard Total Stock Mkt Idx Inv	2.7611	0.0011	445144	0	0
2024-03-28	iShares Russell 2000 ETF	2.5704	0.0244	414407	8004	1.9695
2024-02-29	DFA US Small Cap Value I	2.1251	0.0821	342612	0	0
2024-03-29	Avantis US Small Cap Value ETF	1.3557	0.0776	218576	0	0
2024-02-29	Vanguard Institutional Extnd Mkt Idx Tr	1.2706	0.0074	204856	3996	1.9894
2024-02-29	Tributary Small Cap Equity	1.1872	0.8154	191397	1719	0.9063
2024-02-29	DFA US Targeted Value I	1.047	0.0482	168796	0	0
2024-01-31	Fidelity Small Cap Index	0.9907	0.0258	159728	2827	1.8018
2024-02-29	Tributary Small Company Instl	0.9906	0.8153	159713	1906	1.2078
2024-03-28	iShares Russell 2000 Value ETF	0.9645	0.0477	155497	-99	-0.0636
2024-02-29	DFA US Small Cap I	0.7388	0.0283	119105	0	0
2024-03-28	SPDR® S&P Regional Banking ETF	0.6048	0.1257	97508	492	0.5071
2024-03-31	First Trust RBA Amer Indl RenaisTM ETF	0.586	0.4171	94470	0	0
2024-02-29	State St Russell Sm/Mid Cp® Indx NL Cl C	0.5794	0.0082	93416	1000	1.0821
2024-03-29	Dimensional US Targeted Value ETF	0.5558	0.0343	89607	0	0
2024-02-29	Fidelity Extended Market Index	0.5091	0.0079	82080	-398	-0.4826
2023-12-31	Schwab Small-Cap Equity	0.4998	0.5394	80576	0	0
2024-02-29	DFA US Micro Cap I	0.4993	0.0414	80498	0	0
2024-03-29	Schwab US Small-Cap ETF™	0.425	0.0154	68520	0	0
2023-12-31	Oberweis Micro-Cap Growth	0.3833	0.5519	61800	0	0
Total		20.6442	3.7146	3328306	+19447	+0.6%

3.3. Insider Transactions

Insiders are holding 3.308% of the shares of Mercantile Bank Corporation.

Date	Owner	Type	Amount	Price
2024-03-11	Nelson F Sanchez	BUY	100	36.51
2023-07-26	Michael H Price	SELL	4000	34.29
2023-04-21	David B Ramaker	BUY	3000	28.98

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Mercantile Bank Corporation compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	2.415	1.252	+93%	-0.235	+110%	0.489	+394%	0.572	+322%
Book Value Per Share	-	-	32.387	30.260	+7%	26.720	+21%	27.147	+19%	23.787	+36%
Current Ratio	-	-	0.077	2216.266	-100%	16.841	-100%	1815.635	-100%	1651.489	-100%
Debt To Asset Ratio	-	-	0.903	0.905	0%	0.914	-1%	0.903	0%	0.895	+1%
Debt To Equity Ratio	-	-	9.265	9.585	-3%	10.685	-13%	9.399	-1%	8.615	+8%
Dividend Per Share	-	-	0.331	0.326	+2%	0.304	+9%	0.290	+14%	0.285	+16%
Eps	-	-	1.242	1.275	-3%	0.947	+31%	0.913	+36%	0.683	+82%
Free Cash Flow Per Share	-	-	-0.273	0.983	-128%	1.812	-115%	0.926	-129%	0.718	-138%
Free Cash Flow To Equity Per Share	-	-	4.114	6.613	-38%	-5.061	+223%	6.039	-32%	3.689	+12%
Gross Profit Margin	-	-	0.922	0.980	-6%	0.983	-6%	0.988	-7%	0.994	-7%
Intrinsic Value_10Y_max	-	-	31.321	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	-47.702	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	4.691	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	1.581	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	12.911	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	-0.731	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	19.705	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	-9.033	-	-	-	-	-	-	-	-
Market Cap	588299078.000	-11%	651014436.000	521915919.500	+25%	526228608.000	+24%	497244315.170	+31%	475131668.547	+37%
Net Profit Margin	-	-	0.271	0.344	-21%	0.315	-14%	0.316	-14%	0.280	-3%
Operating Margin	-	-	0.306	0.533	-43%	0.515	-41%	0.535	-43%	0.501	-39%
Operating Ratio	-	-	-0.658	-596.887	+90553%	-0.138	-79%	-119.680	+18077%	-60.009	+9014%
Pb Ratio	1.127	-11%	1.247	1.066	+17%	1.221	+2%	1.133	+10%	1.244	+0%
Pe Ratio	7.343	-11%	8.125	6.361	+28%	9.263	-12%	8.862	-8%	13.101	-38%
Price Per Share	36.490	-11%	40.380	32.373	+25%	32.640	+24%	30.666	+32%	29.050	+39%
Price To Free Cash Flow Ratio	-33.441	+10%	-37.006	-4.765	-87%	4.652	-895%	-24.174	-35%	4.456	-930%
Price To Total Gains Ratio	13.287	-11%	14.704	27.045	-46%	-68.545	+566%	21.525	-32%	59.333	-75%
Quick Ratio	-	-	353.708	2337.329	-85%	92.899	+281%	522.330	-32%	288.648	+23%
Return On Assets	-	-	0.004	0.004	-6%	0.003	+22%	0.003	+16%	0.003	+31%
Return On Equity	-	-	0.038	0.042	-9%	0.035	+8%	0.033	+15%	0.028	+39%
Total Gains Per Share	-	-	2.746	1.578	+74%	0.069	+3879%	0.780	+252%	0.857	+220%
Usd Book Value	-	-	522145000.000	487857500.000	+7%	430780750.000	+21%	440059600.000	+19%	388847075.000	+34%
Usd Book Value Change Per Share	-	-	2.415	1.252	+93%	-0.235	+110%	0.489	+394%	0.572	+322%
Usd Book Value Per Share	-	-	32.387	30.260	+7%	26.720	+21%	27.147	+19%	23.787	+36%
Usd Dividend Per Share	-	-	0.331	0.326	+2%	0.304	+9%	0.290	+14%	0.285	+16%
Usd Eps	-	-	1.242	1.275	-3%	0.947	+31%	0.913	+36%	0.683	+82%
Usd Free Cash Flow	-	-	-4398000.000	15843250.000	-128%	29211250.000	-115%	14968000.000	-129%	11702300.000	-138%
Usd Free Cash Flow Per Share	-	-	-0.273	0.983	-128%	1.812	-115%	0.926	-129%	0.718	-138%
Usd Free Cash Flow To Equity Per Share	-	-	4.114	6.613	-38%	-5.061	+223%	6.039	-32%	3.689	+12%
Usd Market Cap	588299078.000	-11%	651014436.000	521915919.500	+25%	526228608.000	+24%	497244315.170	+31%	475131668.547	+37%
Usd Price Per Share	36.490	-11%	40.380	32.373	+25%	32.640	+24%	30.666	+32%	29.050	+39%
Usd Profit	-	-	20030000.000	20554000.000	-3%	15265500.000	+31%	14794650.000	+35%	11136300.000	+80%
Usd Revenue	-	-	73803000.000	60635250.000	+22%	47580000.000	+55%	46549600.000	+59%	38268850.000	+93%
Usd Total Gains Per Share	-	-	2.746	1.578	+74%	0.069	+3879%	0.780	+252%	0.857	+220%
	EOD	+3 -5	MRQ	TTM	+16 -20	YOY	+27 -9	5Y	+22 -14	10Y	+23 -13

4.2. Fundamental Score

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

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	7.343
Price to Book Ratio (EOD)	Between	0-1	1.127
Net Profit Margin (MRQ)	Greater than	0	0.271
Operating Margin (MRQ)	Greater than	0	0.306
Quick Ratio (MRQ)	Greater than	1	353.708
Current Ratio (MRQ)	Greater than	1	0.077
Debt to Asset Ratio (MRQ)	Less than	1	0.903
Debt to Equity Ratio (MRQ)	Less than	1	9.265
Return on Equity (MRQ)	Greater than	0.15	0.038
Return on Assets (MRQ)	Greater than	0.05	0.004
Total			5/10 (50.0%)

Create your own Stock Scanner

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

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

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	51.110
Ma 20	Greater than	Ma 50	36.264
Ma 50	Greater than	Ma 100	36.718
Ma 100	Greater than	Ma 200	37.953
Open	Greater than	Close	36.480
Total			2/5 (40.0%)

Create your own Symbol Scanner

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

Reversals in quarterly reports

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

		2022-12-31		2023-03-31		2023-06-30		2023-09-30		2023-12-31
Other Current Liabilities		-78,211	8,141	-70,070	-6,558	-76,628	-30,088	-106,716	1,730,469	1,623,753
Net Working Capital		621,497	-24,443	597,054	677,431,318	678,028,372	-677,478,232	550,140	-2,345,348	-1,795,208

Latest Balance Sheet

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

Summary

Total Assets	5,360,056
Total Liabilities	4,837,911
Total Stockholder Equity	522,145

	As reported
Total Liabilities	4,837,911
Total Stockholder Equity	+ 522,145
Total Assets	= 5,360,056

Assets

Total Assets	5,360,056
Total Current Assets	150,233
Long-term Assets	5,209,823

Total Current Assets

Total Current Assets (as reported)	150,233
Cash And Cash Equivalents	130,533
Short-term Investments	617,092
Total Current Assets (calculated)	747,625
+/-	597,392

Long-term Assets

Long-term Assets (as reported)	5,209,823
Property Plant Equipment	50,928
Goodwill	49,473
Long Term Investments	617,092
Intangible Assets	49,423,527
Other Assets	0
Long-term Assets (calculated)	50,141,020
+/-	44,931,197

Liabilities & Shareholders' Equity

Total Current Liabilities	1,945,441
Long-term Liabilities	2,892,470
Total Stockholder Equity	522,145

Total Current Liabilities

Total Current Liabilities (as reported)	1,945,441
Short-term Debt	321,688
Other Current Liabilities	1,623,753
Total Current Liabilities (calculated)	1,945,441
+/-	0

Long-term Liabilities

Long-term Liabilities (as reported)	2,892,470
Long term Debt	606,525
Long-term Liabilities (calculated)	606,525
+/-	2,285,945

Total Stockholder Equity

Total Stockholder Equity (as reported)	522,145
Common Stock	295,106
Retained Earnings	277,526
Accumulated Other Comprehensive Income	-50,487
Total Stockholder Equity (calculated)	522,145
+/-	0

Other

Capital Stock	295,106
Cash and Short Term Investments	687,500,000
Common Stock Shares Outstanding	16,044
Liabilities and Stockholders Equity	5,360,056
Net Debt	709,418
Net Invested Capital	1,128,670
Net Working Capital	-1,795,208
Property Plant and Equipment Gross	94,717
Short Long Term Debt Total	839,951

Balance Sheet

Currency in USD. All numbers in thousands.

Trend

2023-12-31

2023-09-30

2023-06-30

2023-03-31

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

2016-09-30

2016-06-30

2016-03-31

2015-12-31

2015-09-30

2015-06-30

2015-03-31

2014-12-31

2014-09-30

2014-06-30

2014-03-31

2013-12-31

2013-09-30

2013-06-30

2013-03-31

2012-12-31

2012-09-30

2012-06-30

2012-03-31

2011-12-31

2011-09-30

2011-06-30

2011-03-31

2010-12-31

2010-09-30

2010-06-30

2010-03-31

2009-12-31

2009-09-30

2009-06-30

2009-03-31

2008-12-31

2008-09-30

2008-06-30

2008-03-31

2007-12-31

2007-09-30

2007-06-30

2007-03-31

2006-12-31

2006-09-30

2006-06-30

2006-03-31

2005-12-31

2005-09-30

2005-06-30

2005-03-31

2004-12-31

2004-09-30

2004-06-30

2004-03-31

2003-12-31

2003-09-30

2003-06-30

2003-03-31

2002-12-31

2002-09-30

2002-06-30

2002-03-31

2001-12-31

2001-09-30

2001-06-30

2001-03-31

2000-12-31

2000-09-30

2000-06-30

2000-03-31

1999-12-31

1999-09-30

1999-06-30

1999-03-31

1998-12-31

1998-09-30

1998-06-30

1998-03-31

> Total Assets

93,100
139,600
178,500
216,200
261,700
291,900
331,000
368,000
409,739
440,317
476,039
512,746
560,402
617,888
646,633
698,682
728,056
781,977
870,382
921,855
967,787
1,034,774
1,153,883
1,202,832
1,293,931
1,378,626
1,474,949
1,536,119
1,664,876
1,709,153
1,796,770
1,838,210
1,896,974
1,969,429
2,026,834
2,067,268
2,089,577
2,103,520
2,106,427
2,121,403
2,115,948
2,163,354
2,207,359
2,208,010
2,239,764
2,071,372
2,017,350
1,906,208
1,902,923
1,804,062
1,813,383
1,632,421
1,576,935
1,537,874
1,477,985
1,433,229
1,401,596
1,385,245
1,388,364
1,422,926
1,385,355
1,343,750
1,422,003
1,426,966
1,413,515
2,879,282
2,863,104
2,893,379
2,877,184
2,875,944
2,881,377
2,903,556
2,926,056
2,999,936
3,063,964
3,082,571
3,018,919
3,143,336
3,254,655
3,286,704
3,293,900
3,288,521
3,300,106
3,363,907
3,551,754
3,576,139
3,710,380
3,632,915
3,657,387
4,314,379
4,420,610
4,437,344
4,710,354
4,757,414
4,964,412
5,257,749
5,175,899
5,058,555
5,016,934
4,872,619
4,895,874
5,137,587
5,251,012
5,360,056

5,360,056

5,251,012

5,137,587

4,895,874

4,872,619

5,016,934

5,058,555

5,175,899

5,257,749

4,964,412

4,757,414

4,710,354

4,437,344

4,420,610

4,314,379

3,657,387

3,632,915

3,710,380

3,576,139

3,551,754

3,363,907

3,300,106

3,288,521

3,293,900

3,286,704

3,254,655

3,143,336

3,018,919

3,082,571

3,063,964

2,999,936

2,926,056

2,903,556

2,881,377

2,875,944

2,877,184

2,893,379

2,863,104

2,879,282

1,413,515

1,426,966

1,422,003

1,343,750

1,385,355

1,422,926

1,388,364

1,385,245

1,401,596

1,433,229

1,477,985

1,537,874

1,576,935

1,632,421

1,813,383

1,804,062

1,902,923

1,906,208

2,017,350

2,071,372

2,239,764

2,208,010

2,207,359

2,163,354

2,115,948

2,121,403

2,106,427

2,103,520

2,089,577

2,067,268

2,026,834

1,969,429

1,896,974

1,838,210

1,796,770

1,709,153

1,664,876

1,536,119

1,474,949

1,378,626

1,293,931

1,202,832

1,153,883

1,034,774

967,787

921,855

870,382

781,977

728,056

698,682

646,633

617,888

560,402

512,746

476,039

440,317

409,739

368,000

331,000

291,900

261,700

216,200

178,500

139,600

93,100

> Total Current Assets

91,700
138,100
177,000
214,200
8,500
8,700
11,600
15,500
10,843
11,204
19,486
14,451
15,699
17,463
21,272
17,278
18,476
19,322
32,873
26,740
31,951
37,663
36,742
20,407
34,772
39,262
40,942
26,306
46,138
42,012
46,933
44,482
47,621
56,189
49,538
38,298
63,363,000
58,412,000
40,441,000
33,609
41,572,000
46,086,000
34,825,000
21,396
55,784,000
25,894,000
24,318,000
23,071
29,138,000
32,269,000
31,471,000
22,216,000
26,705,000
218,783,000
196,911,000
15,080
168,050,000
149,891,000
154,910,000
162,490,000
158,294,000
150,583,000
160,777,000
17,420
170,781,000
2,286,921
2,293,237
2,346,558
2,350,822
2,391,062
2,403,876
2,447,598
2,474,899
2,570,225
2,633,244
2,649,625
2,581,836
2,716,894
2,821,330
2,847,853
2,854,095
2,854,290
2,869,960
2,923,186
3,109,212
3,122,285
3,256,552
3,187,620
3,233,181
3,895,018
3,995,513
3,939,129
4,169,118
4,141,739
643,368,000
1,567,903
1,375,865
692,805
867,013
699,708
667,124
678,105,000
656,856
150,233

150,233

656,856

678,105,000

667,124

699,708

867,013

692,805

1,375,865

1,567,903

643,368,000

4,141,739

4,169,118

3,939,129

3,995,513

3,895,018

3,233,181

3,187,620

3,256,552

3,122,285

3,109,212

2,923,186

2,869,960

2,854,290

2,854,095

2,847,853

2,821,330

2,716,894

2,581,836

2,649,625

2,633,244

2,570,225

2,474,899

2,447,598

2,403,876

2,391,062

2,350,822

2,346,558

2,293,237

2,286,921

170,781,000

17,420

160,777,000

150,583,000

158,294,000

162,490,000

154,910,000

149,891,000

168,050,000

15,080

196,911,000

218,783,000

26,705,000

22,216,000

31,471,000

32,269,000

29,138,000

23,071

24,318,000

25,894,000

55,784,000

21,396

34,825,000

46,086,000

41,572,000

33,609

40,441,000

58,412,000

63,363,000

38,298

49,538

56,189

47,621

44,482

46,933

42,012

46,138

26,306

40,942

39,262

34,772

20,407

36,742

37,663

31,951

26,740

32,873

19,322

18,476

17,278

21,272

17,463

15,699

14,451

19,486

11,204

10,843

15,500

11,600

8,700

8,500

214,200

177,000

138,100

91,700

Cash And Cash Equivalents

0
0
0
0
7,200
7,300
10,000
13,700
8,607
9,021
16,947
11,693
12,770
14,720
18,206
14,467
15,305
16,357
29,429
23,404
28,091
34,202
32,600
16,309
29,948
35,005
35,304
20,662
39,255
35,462
38,894
36,208
38,247
47,142
39,100
51,098
52,098
48,190
29,298
29,138
31,903
37,632
25,694
16,754
17,155
15,601
14,445
18,896
12,606
79,883
15,854
6,674
11,277
23,489
28,520
22,043
23,986
28,990
25,983
31,124
25,183
22,897
39,635
23,538
32,118
106,880
122,150
161,531
138,425
128,585
93,695
89,292
101,181
106,983
141,730
183,596
52,976
101,609
177,051
200,101
211,157
125,740
80,017
75,354
214,894
150,425
228,538
233,731
236,719
471,227
554,591
626,006
652,344
759,531
825,361
975,160
770,204
479,105
284,014
96,772
57,938
207,796
265,987
130,533

130,533

265,987

207,796

57,938

96,772

284,014

479,105

770,204

975,160

825,361

759,531

652,344

626,006

554,591

471,227

236,719

233,731

228,538

150,425

214,894

75,354

80,017

125,740

211,157

200,101

177,051

101,609

52,976

183,596

141,730

106,983

101,181

89,292

93,695

128,585

138,425

161,531

122,150

106,880

32,118

23,538

39,635

22,897

25,183

31,124

25,983

28,990

23,986

22,043

28,520

23,489

11,277

6,674

15,854

79,883

12,606

18,896

14,445

15,601

17,155

16,754

25,694

37,632

31,903

29,138

29,298

48,190

52,098

51,098

39,100

47,142

38,247

36,208

38,894

35,462

39,255

20,662

35,304

35,005

29,948

16,309

32,600

34,202

28,091

23,404

29,429

16,357

15,305

14,467

18,206

14,720

12,770

11,693

16,947

9,021

8,607

13,700

10,000

7,300

7,200

Short-term Investments

0
0
0
0
0
0
0
0
0
0
0
6,409
0
0
0
5,471
0
0
0
4,713
0
0
0
255
0
0
0
149
0
0
0
545
0
0
0
282
268,000
251,000
534,000
510
537,000
137,000
87,000
392
30,032,000
2,560,000
1,804
1,471
9,475
9,470
9,474
9,600
9,543
199,785,000
173,134,000
172,992
149,981,000
127,591,000
135,660,000
138,314
140,013
130,134
123,793
131,178
141,097
475,275
454,009
432,912
413,693
373,446
367,173
346,992
343,805
323,452
325,443
328,060
332,441
322,258
330,090
335,744
336,988
331,142
326,531
337,366
337,876
347,924
345,533
334,655
312,147
307,661
312,424
387,347
434,257
506,125
559,564
592,743
605,661
603,638
582,999
602,936
619,973
608,972
592,305
617,092

617,092

592,305

608,972

619,973

602,936

582,999

603,638

605,661

592,743

559,564

506,125

434,257

387,347

312,424

307,661

312,147

334,655

345,533

347,924

337,876

337,366

326,531

331,142

336,988

335,744

330,090

322,258

332,441

328,060

325,443

323,452

343,805

346,992

367,173

373,446

413,693

432,912

454,009

475,275

141,097

131,178

123,793

130,134

140,013

138,314

135,660,000

127,591,000

149,981,000

172,992

173,134,000

199,785,000

9,543

9,600

9,474

9,470

9,475

1,471

1,804

2,560,000

30,032,000

392

87,000

137,000

537,000

510

534,000

251,000

268,000

282

545

149

255

4,713

5,471

6,409

Net Receivables

0
0
0
0
1,300
1,400
1,600
1,800
2,235
2,183
2,539
2,758
2,929
2,744
3,066
2,811
3,171
2,965
3,444
3,336
3,860
3,461
4,142
4,098
4,824
4,257
5,638
5,644
6,883
6,550
8,039
8,274
9,374
9,047
10,438
10,287
10,997
9,971
11,143
9,957
9,132
8,317
9,044
8,513
8,597
7,733
8,069
7,088
7,057
6,278
6,143
5,942
5,885
5,010
4,887
4,403
4,427
3,895
3,939
3,874
3,899
3,660
3,777
3,649
3,861
7,711
37,876
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,520,637
3,687,826
3,841,838
3,874,373
3,922,651
4,007,122
0
0

4,007,122

3,922,651

3,874,373

3,841,838

3,687,826

3,520,637

37,876

7,711

3,861

3,649

3,777

3,660

3,899

3,874

3,939

3,895

4,427

4,403

4,887

5,010

5,885

5,942

6,143

6,278

7,057

7,088

8,069

7,733

8,597

8,513

9,044

8,317

9,132

9,957

11,143

9,971

10,997

10,287

10,438

9,047

9,374

8,274

8,039

6,550

6,883

5,644

5,638

4,257

4,824

4,098

4,142

3,461

3,860

3,336

3,444

2,965

3,171

2,811

3,066

2,744

2,929

2,758

2,539

2,183

2,235

1,800

1,600

1,400

1,300

Other Current Assets

91,700
138,100
177,000
214,200
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,697,055
1,679,202
1,752,115
1,798,704
1,889,031
1,943,008
2,011,314
2,029,913
2,139,790
2,166,071
2,137,969
2,196,419
2,293,027
2,314,189
2,312,008
2,305,950
2,397,408
2,463,412
2,510,466
2,556,442
2,623,936
2,682,481
2,619,234
2,684,315
3,116,130
3,128,498
2,925,776
3,082,517
2,876,083
2,911,396
2,988,981
14,746
-389,938
298,002
112,248
76,023
225,419
285,645
150,233

150,233

285,645

225,419

76,023

112,248

298,002

-389,938

14,746

2,988,981

2,911,396

2,876,083

3,082,517

2,925,776

3,128,498

3,116,130

2,684,315

2,619,234

2,682,481

2,623,936

2,556,442

2,510,466

2,463,412

2,397,408

2,305,950

2,312,008

2,314,189

2,293,027

2,196,419

2,137,969

2,166,071

2,139,790

2,029,913

2,011,314

1,943,008

1,889,031

1,798,704

1,752,115

1,679,202

1,697,055

214,200

177,000

138,100

91,700

> Long-term Assets

1,400
1,500
1,500
2,000
30,000
32,600
39,200
44,700
50,073
52,733
56,648
63,900
66,565
73,230
79,077
88,546
86,266
94,670
98,580
108,494
113,092
115,875
119,482
132,093
128,802
137,652
159,939
170,888
187,274
196,462
201,420
204,478
210,556
211,877
220,328
1,822,382
34,294,000
34,797,000
34,492,000
1,946,016
34,178,000
33,557,000
32,958,000
2,037,560
31,697,000
30,854,000
30,247,000
1,979,908
29,141,000
28,636,000
28,251,000
27,873,000
27,518,000
27,144,000
26,865,000
1,428,405
51,572,000
51,449,000
48,901,000
47,934,000
46,147,000
45,093,000
44,930,000
1,268,305
40,635,000
592,361
569,867
546,821
526,362
484,882
477,501
455,958
451,157
429,711
430,720
432,946
437,083
426,442
433,325
438,851
439,805
434,231
430,146
440,721
442,542
453,854
453,828
445,295
424,206
419,361
425,097
498,215
541,236
615,675
668,091
700,865
712,324
705,413
685,330
704,468
101,407
102,055,000
101,916
5,209,823

5,209,823

101,916

102,055,000

101,407

704,468

685,330

705,413

712,324

700,865

668,091

615,675

541,236

498,215

425,097

419,361

424,206

445,295

453,828

453,854

442,542

440,721

430,146

434,231

439,805

438,851

433,325

426,442

437,083

432,946

430,720

429,711

451,157

455,958

477,501

484,882

526,362

546,821

569,867

592,361

40,635,000

1,268,305

44,930,000

45,093,000

46,147,000

47,934,000

48,901,000

51,449,000

51,572,000

1,428,405

26,865,000

27,144,000

27,518,000

27,873,000

28,251,000

28,636,000

29,141,000

1,979,908

30,247,000

30,854,000

31,697,000

2,037,560

32,958,000

33,557,000

34,178,000

1,946,016

34,492,000

34,797,000

34,294,000

1,822,382

220,328

211,877

210,556

204,478

201,420

196,462

187,274

170,888

159,939

137,652

128,802

132,093

119,482

115,875

113,092

108,494

98,580

94,670

86,266

88,546

79,077

73,230

66,565

63,900

56,648

52,733

50,073

44,700

39,200

32,600

30,000

2,000

1,500

1,400

Property Plant Equipment

1,300
1,400
1,400
1,900
2,200
3,200
3,500
3,500
3,430
3,389
4,033
4,119
4,758
6,248
8,410
9,557
9,967
10,933
11,328
12,174
12,459
14,171
15,229
15,305
16,580
18,468
21,319
24,572
26,576
29,118
30,791
30,206
29,885
30,824
32,309
33,539
34,294
34,797
34,492
34,351
34,178
33,557
32,958
32,334
31,697
30,854
30,247
29,684
29,141
28,636
28,251
27,873
27,518
27,144
26,865
26,802
26,467
26,164
26,100
25,919
25,665
25,382
25,159
24,898
24,867
49,003
48,570
48,812
48,367
47,902
47,509
46,862
45,963
45,558
45,212
45,456
45,848
45,999
45,606
46,034
46,300
47,102
48,104
48,321
50,109
51,823
54,585
57,327
59,143
59,155
60,446
58,959
55,388
58,250
57,465
57,298
56,078
51,402
52,117
51,476
51,510
52,291
52,231
50,928

50,928

52,231

52,291

51,510

51,476

52,117

51,402

56,078

57,298

57,465

58,250

55,388

58,959

60,446

59,155

59,143

57,327

54,585

51,823

50,109

48,321

48,104

47,102

46,300

46,034

45,606

45,999

45,848

45,456

45,212

45,558

45,963

46,862

47,509

47,902

48,367

48,812

48,570

49,003

24,867

24,898

25,159

25,382

25,665

25,919

26,100

26,164

26,467

26,802

26,865

27,144

27,518

27,873

28,251

28,636

29,141

29,684

30,247

30,854

31,697

32,334

32,958

33,557

34,178

34,351

34,492

34,797

34,294

33,539

32,309

30,824

29,885

30,206

30,791

29,118

26,576

24,572

21,319

18,468

16,580

15,305

15,229

14,171

12,459

12,174

11,328

10,933

9,967

9,557

8,410

6,248

4,758

4,119

4,033

3,389

3,430

3,500

3,200

2,200

1,900

1,400

1,300

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
50,870
50,870
49,473
49,473
49,473
49,473
49,473
49,473
49,473
49,473
49,473
49,473
49,473
49,473
49,473
49,473
49,473
49,473
49,473
49,473
49,473
49,473
49,473
49,473
49,473
49,473
49,473
49,473
49,473
49,473
49,473
49,473
49,473
49,473
49,473
49,473
49,473
49,473
49,473

49,473

50,870

Long Term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,084,279
1,054,686
1,035,890
1,020,731
1,031,307
1,007,526
1,012,512
996,921
1,033,715
1,050,292
1,030,422
1,045,842
2,052,626
2,047,891
2,069,236
2,099,710
2,155,271
2,201,269
2,262,046
2,279,406
2,362,830
2,388,851
2,360,659
2,423,038
2,508,986
2,535,079
2,539,051
2,868,218
2,946,831
3,002,256
3,068,071
3,114,380
3,205,364
3,254,132
3,167,433
3,188,862
3,608,471
3,627,396
3,565,738
3,759,932
506,125
559,564
592,743
605,661
603,638
582,999
602,936
619,973
608,972
592,305
617,092

617,092

592,305

608,972

619,973

602,936

582,999

603,638

605,661

592,743

559,564

506,125

3,759,932

3,565,738

3,627,396

3,608,471

3,188,862

3,167,433

3,254,132

3,205,364

3,114,380

3,068,071

3,002,256

2,946,831

2,868,218

2,539,051

2,535,079

2,508,986

2,423,038

2,360,659

2,388,851

2,362,830

2,279,406

2,262,046

2,201,269

2,155,271

2,099,710

2,069,236

2,047,891

2,052,626

1,045,842

1,030,422

1,050,292

1,033,715

996,921

1,012,512

1,007,526

1,031,307

1,020,731

1,035,890

1,054,686

1,084,279

Intangible Assets

100
100
100
100
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
17,213
16,418
15,624
14,829
14,061
13,346
12,631
11,916
11,228
10,592
9,957
9,321
8,712
8,156
7,600
7,044
6,514
6,038
5,561
5,084
4,634
4,237
3,840
3,443
3,072
2,754
2,436
2,118
1,827
1,589
1,351
1,112
900
741
583
424
291
212
49,423,527

49,423,527

212

291

424

583

741

900

1,112

1,351

1,589

1,827

2,118

2,436

2,754

3,072

3,443

3,840

4,237

4,634

5,084

5,561

6,038

6,514

7,044

7,600

8,156

8,712

9,321

9,957

10,592

11,228

11,916

12,631

13,346

14,061

14,829

15,624

16,418

17,213

100

Earning Assets

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
524,450
458,676
507,798
533,126
517,087
712,374
0
0
0
0
0
0
0
0
0
0
0
0
0
0

712,374

517,087

533,126

507,798

458,676

524,450

Other Assets

0
0
0
0
223,200
250,600
280,200
307,800
348,823
376,380
399,905
434,395
478,138
527,194
546,284
592,858
623,314
667,985
738,929
786,621
822,744
881,236
997,659
1,050,332
1,130,357
1,201,712
1,274,068
1,338,925
1,431,464
1,470,679
1,548,417
1,589,250
1,638,797
1,701,363
1,756,968
206,588
-95,567,423
-91,105,480
-72,826,573
141,778
-73,634,052
-77,479,646
-65,575,641
149,054
-85,241,236
-54,676,628
-52,547,650
-96,771
-56,376,077
-59,100,938
-57,908,617
-48,456,579
-52,646,065
-244,389,126
-222,298,015
-10,256
-218,220,404
-199,954,755
-202,422,636
-209,001,074
-203,055,645
-194,332,250
-204,284,997
141,241
-210,002,485
3,471,643
3,432,971
3,440,200
3,403,546
3,360,826
3,358,878
3,359,514
3,377,213
3,429,647
3,494,684
3,515,517
3,456,002
3,569,778
3,687,980
3,725,555
3,733,705
3,722,752
3,730,252
3,804,628
3,994,296
4,029,993
4,164,208
4,078,210
3,657,387
4,314,379
4,420,610
4,437,344
4,710,354
4,757,414
-639,071,679
2,988,981
3,087,710
3,660,337
3,464,591
3,468,443
4,127,343
-775,022,413
4,492,240
0

4,492,240

-775,022,413

4,127,343

3,468,443

3,464,591

3,660,337

3,087,710

2,988,981

-639,071,679

4,757,414

4,710,354

4,437,344

4,420,610

4,314,379

3,657,387

4,078,210

4,164,208

4,029,993

3,994,296

3,804,628

3,730,252

3,722,752

3,733,705

3,725,555

3,687,980

3,569,778

3,456,002

3,515,517

3,494,684

3,429,647

3,377,213

3,359,514

3,358,878

3,360,826

3,403,546

3,440,200

3,432,971

3,471,643

-210,002,485

141,241

-204,284,997

-194,332,250

-203,055,645

-209,001,074

-202,422,636

-199,954,755

-218,220,404

-10,256

-222,298,015

-244,389,126

-52,646,065

-48,456,579

-57,908,617

-59,100,938

-56,376,077

-96,771

-52,547,650

-54,676,628

-85,241,236

149,054

-65,575,641

-77,479,646

-73,634,052

141,778

-72,826,573

-91,105,480

-95,567,423

206,588

1,756,968

1,701,363

1,638,797

1,589,250

1,548,417

1,470,679

1,431,464

1,338,925

1,274,068

1,201,712

1,130,357

1,050,332

997,659

881,236

822,744

786,621

738,929

667,985

623,314

592,858

546,284

527,194

478,138

434,395

399,905

376,380

348,823

307,800

280,200

250,600

223,200

> Total Liabilities

80,700
127,600
151,900
189,500
234,700
264,900
303,500
340,000
365,353
395,078
445,772
480,892
520,572
577,440
579,224
627,219
655,285
706,953
792,802
842,021
886,257
951,317
1,031,726
1,072,631
1,160,860
1,244,354
1,337,014
1,394,502
1,520,375
1,559,953
1,644,450
1,683,085
1,738,064
1,807,769
1,859,286
1,895,353
1,914,100
1,928,989
1,928,703
1,943,248
1,941,653
1,995,641
2,036,011
2,033,638
2,070,419
1,889,680
1,840,059
1,766,104
1,764,703
1,665,019
1,678,649
1,506,485
1,450,121
1,406,957
1,341,252
1,268,230
1,234,512
1,235,583
1,243,806
1,276,336
1,235,663
1,192,812
1,272,169
1,273,641
1,255,826
2,563,144
2,542,111
2,565,241
2,544,396
2,546,973
2,552,557
2,569,752
2,587,503
2,655,359
2,714,493
2,741,760
2,670,869
2,785,837
2,892,109
2,920,834
2,925,560
2,913,602
2,920,641
2,988,658
3,168,025
3,176,022
3,303,180
3,216,354
3,238,998
3,889,158
3,988,710
3,995,790
4,269,111
4,305,526
4,512,134
4,801,190
4,739,428
4,629,572
4,600,673
4,431,211
4,428,502
4,658,885
4,767,801
4,837,911

4,837,911

4,767,801

4,658,885

4,428,502

4,431,211

4,600,673

4,629,572

4,739,428

4,801,190

4,512,134

4,305,526

4,269,111

3,995,790

3,988,710

3,889,158

3,238,998

3,216,354

3,303,180

3,176,022

3,168,025

2,988,658

2,920,641

2,913,602

2,925,560

2,920,834

2,892,109

2,785,837

2,670,869

2,741,760

2,714,493

2,655,359

2,587,503

2,569,752

2,552,557

2,546,973

2,544,396

2,565,241

2,542,111

2,563,144

1,255,826

1,273,641

1,272,169

1,192,812

1,235,663

1,276,336

1,243,806

1,235,583

1,234,512

1,268,230

1,341,252

1,406,957

1,450,121

1,506,485

1,678,649

1,665,019

1,764,703

1,766,104

1,840,059

1,889,680

2,070,419

2,033,638

2,036,011

1,995,641

1,941,653

1,943,248

1,928,703

1,928,989

1,914,100

1,895,353

1,859,286

1,807,769

1,738,064

1,683,085

1,644,450

1,559,953

1,520,375

1,394,502

1,337,014

1,244,354

1,160,860

1,072,631

1,031,726

951,317

886,257

842,021

792,802

706,953

655,285

627,219

579,224

577,440

520,572

480,892

445,772

395,078

365,353

340,000

303,500

264,900

234,700

189,500

151,900

127,600

80,700

> Total Current Liabilities

5,400
10,900
15,900
189,500
17,000
264,900
287,400
324,100
365,400
395,100
429,800
464,800
504,500
561,300
563,000
611,000
638,900
690,500
776,300
15,000
839
45,000
70,000
45,000
100,000
120,000
1,319,000
120,000
1,485,500
135,000
135,000
130,000
130,000
130,000
1,823,200
75,885
1,877,600
1,892,400
1,891,900
93,307
20,843
20,402
1,983,600
97,313
2,020,600
1,839,900
1,790,200
98,513
1,714,900
1,615,200
1,633,800
1,461,700
1,405,400
1,372,300
1,306,600
80,137
1,200,100
1,201,200
1,209,400
6,933
4,614
6,179
6,990
65,939
6,420
10,252
16,200
12,263
14,000
13,285
17,296
16,445
17,745
16,457
15,548
15,230
16,168
14,020
107,355
14,204
14,925
13,360
13,424
25,232
15,447
16,604
21,389
22,414
19,261
18,129
18,267
24,309
23,826
22,614
25,219
24,644
39,800
53,035
80,391
78,211
70,070
76,628
106,716
1,945,441

1,945,441

106,716

76,628

70,070

78,211

80,391

53,035

39,800

24,644

25,219

22,614

23,826

24,309

18,267

18,129

19,261

22,414

21,389

16,604

15,447

25,232

13,424

13,360

14,925

14,204

107,355

14,020

16,168

15,230

15,548

16,457

17,745

16,445

17,296

13,285

14,000

12,263

16,200

10,252

6,420

65,939

6,990

6,179

4,614

6,933

1,209,400

1,201,200

1,200,100

80,137

1,306,600

1,372,300

1,405,400

1,461,700

1,633,800

1,615,200

1,714,900

98,513

1,790,200

1,839,900

2,020,600

97,313

1,983,600

20,402

20,843

93,307

1,891,900

1,892,400

1,877,600

75,885

1,823,200

130,000

135,000

1,485,500

120,000

1,319,000

120,000

100,000

45,000

70,000

45,000

839

15,000

776,300

690,500

638,900

611,000

563,000

561,300

504,500

464,800

429,800

395,100

365,400

324,100

287,400

264,900

17,000

189,500

15,900

10,900

5,400

Short-term Debt

5,100
10,600
15,400
0
17,000
17,900
0
0
27,171
29,078
0
0
0
0
0
0
0
1,300
516
15,000
839
45,000
70,000
45,000
100,000
120,000
0
120,000
120,000
135,000
135,000
130,000
130,000
130,000
0
75,885
0
0
0
93,307
0
0
0
97,313
0
0
0
98,513
0
0
0
0
0
45,000
45,000
80,137
45,000
35,000
35,000
35,000
35,000
35,000
45,000
65,939
45,000
57,044
57,033
54,022
48,011
48,000
68,000
68,000
98,000
178,000
178,000
175,000
205,000
245,000
107,355
220,000
220,000
230,000
240,000
350,000
384,000
374,000
364,000
354,000
394,000
394,000
394,000
130,000
130,000
394,000
394,000
374,000
382,263
298,292
279,958
275,784
336,390
310,887
255,262
321,688

321,688

255,262

310,887

336,390

275,784

279,958

298,292

382,263

374,000

394,000

130,000

394,000

354,000

364,000

374,000

384,000

350,000

240,000

230,000

220,000

107,355

245,000

205,000

175,000

178,000

98,000

68,000

48,000

48,011

54,022

57,033

57,044

45,000

65,939

45,000

35,000

45,000

80,137

45,000

98,513

97,313

93,307

75,885

130,000

135,000

120,000

100,000

45,000

70,000

45,000

839

15,000

516

1,300

29,078

27,171

17,900

17,000

15,400

10,600

5,100

Short Long Term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
276,063
0
0
0
277,925
0
314,690
324,843
351,545
331,679
401,096
387,627
20,000
30,000
20,000
30,000
40,000
30,000
40,000
40,000
40,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

40,000

30,000

40,000

30,000

20,000

30,000

20,000

387,627

401,096

331,679

351,545

324,843

314,690

277,925

276,063

Accounts payable

300
300
500
500
0
0
0
0
334,449
361,613
389,792
425,740
467,093
520,222
518,734
569,077
595,976
644,648
722,150
754,113
801,097
843,587
889,581
902,892
995,334
1,046,069
1,144,857
1,159,181
1,290,017
1,321,844
1,397,280
1,419,352
1,482,219
1,547,912
1,614,703
1,646,903
1,686,157
1,639,010
1,640,984
23,799
20,843
20,402
1,575,713
1,599,575
1,651,283
1,478,633
1,450,968
1,401,627
1,420,209
1,340,160
1,351,864
1,273,832
1,253,644
8,107
6,875
4,162
4,234
7,709
6,786
6,933
4,614
6,179
6,990
7,435
6,420
10,252
16,200
12,263
14,000
13,285
17,296
16,445
17,745
16,457
15,548
15,230
16,168
14,020
15,439
14,204
14,925
13,360
13,424
25,232
15,447
16,604
21,389
22,414
19,261
18,129
18,267
24,309
23,826
22,614
25,219
24,644
39,800
53,035
80,391
78,211
70,070
76,628
106,716
0

106,716

76,628

70,070

78,211

80,391

53,035

39,800

24,644

25,219

22,614

23,826

24,309

18,267

18,129

19,261

22,414

21,389

16,604

15,447

25,232

13,424

13,360

14,925

14,204

15,439

14,020

16,168

15,230

15,548

16,457

17,745

16,445

17,296

13,285

14,000

12,263

16,200

10,252

6,420

7,435

6,990

6,179

4,614

6,933

6,786

7,709

4,234

4,162

6,875

8,107

1,253,644

1,273,832

1,351,864

1,340,160

1,420,209

1,401,627

1,450,968

1,478,633

1,651,283

1,599,575

1,575,713

20,402

20,843

23,799

1,640,984

1,639,010

1,686,157

1,646,903

1,614,703

1,547,912

1,482,219

1,419,352

1,397,280

1,321,844

1,290,017

1,159,181

1,144,857

1,046,069

995,334

902,892

889,581

843,587

801,097

754,113

722,150

644,648

595,976

569,077

518,734

520,222

467,093

425,740

389,792

361,613

334,449

500

300

Other Current Liabilities

0
0
0
189,000
0
247,000
287,400
324,100
338,229
366,022
429,800
464,800
504,500
561,300
563,000
611,000
638,900
689,200
775,784
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-23,799
-20,843
-20,402
0
0
0
0
0
0
0
0
0
0
0
1,247,932
1,185,333
1,112,075
1,093,434
1,105,630
1,107,566
-6,933
-4,614
-6,179
-6,990
-7,435
-6,420
-10,252
-16,200
-12,263
-14,000
-13,285
-17,296
-16,445
-17,745
-16,457
-15,548
-15,230
-16,168
-14,020
-15,439
-14,204
-14,925
-13,360
-13,424
-25,232
-15,447
-16,604
-21,389
-22,414
-19,261
-18,129
-18,267
-24,309
-23,826
-22,614
-25,219
-24,644
-39,800
-53,035
-80,391
-78,211
-70,070
-76,628
-106,716
1,623,753

1,623,753

-106,716

-76,628

-70,070

-78,211

-80,391

-53,035

-39,800

-24,644

-25,219

-22,614

-23,826

-24,309

-18,267

-18,129

-19,261

-22,414

-21,389

-16,604

-15,447

-25,232

-13,424

-13,360

-14,925

-14,204

-15,439

-14,020

-16,168

-15,230

-15,548

-16,457

-17,745

-16,445

-17,296

-13,285

-14,000

-12,263

-16,200

-10,252

-6,420

-7,435

-6,990

-6,179

-4,614

-6,933

1,107,566

1,105,630

1,093,434

1,112,075

1,185,333

1,247,932

-20,402

-20,843

-23,799

775,784

689,200

638,900

611,000

563,000

561,300

504,500

464,800

429,800

366,022

338,229

324,100

287,400

247,000

189,000

> Long-term Liabilities

0
0
0
0
0
0
16,000
16,000
16,000
16,000
16,000
16,100
16,100
16,100
16,200
16,200
16,400
16,500
16,500
576
31,000
922
1,012
62,114
17,856
17,909
138,003
34,599
159,906
35,059
35,201
35,337
35,781
35,947
151,137
131,306
126,470
171,643
171,829
37,003
37,076
47,235
337,383
322,518
309,815
284,840
274,857
254,880
239,819
209,826
204,821
109,794
109,723
79,711
79,704
79,424
79,404
69,413
69,423
69,434
67,990
67,990
77,990
77,990
77,990
125,523
111,334
108,494
102,653
102,813
122,983
123,154
142,324
222,494
222,665
219,835
250,006
290,176
265,347
265,517
265,688
275,858
286,029
396,199
430,369
420,540
410,710
400,881
441,051
441,222
441,392
441,563
441,733
441,904
442,074
495,890
519,106
499,305
80,391
78,211
70,070
606,011
596,268
2,892,470

2,892,470

596,268

606,011

70,070

78,211

80,391

499,305

519,106

495,890

442,074

441,904

441,733

441,563

441,392

441,222

441,051

400,881

410,710

420,540

430,369

396,199

286,029

275,858

265,688

265,517

265,347

290,176

250,006

219,835

222,665

222,494

142,324

123,154

122,983

102,813

102,653

108,494

111,334

125,523

77,990

67,990

69,434

69,423

69,413

79,404

79,424

79,704

79,711

109,723

109,794

204,821

209,826

239,819

254,880

274,857

284,840

309,815

322,518

337,383

47,235

37,076

37,003

171,829

171,643

126,470

131,306

151,137

35,947

35,781

35,337

35,201

35,059

159,906

34,599

138,003

17,909

17,856

62,114

1,012

922

31,000

576

16,500

16,400

16,200

16,100

16,000

Long term Debt Total

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
34,711
34,704
34,424
34,404
34,413
34,423
34,434
32,990
32,990
32,990
32,990
32,990
68,479
54,301
54,472
54,642
54,813
54,983
55,154
44,324
44,494
44,665
44,835
45,006
45,176
45,347
45,517
45,688
45,858
46,029
46,199
46,369
46,540
46,710
46,881
47,051
47,222
47,392
47,563
47,733
47,904
48,074
121,890
136,843
137,042
137,329
137,586
137,844
138,101
0
0

138,101

137,844

137,586

137,329

137,042

136,843

121,890

48,074

47,904

47,733

47,563

47,392

47,222

47,051

46,881

46,710

46,540

46,369

46,199

46,029

45,858

45,688

45,517

45,347

45,176

45,006

44,835

44,665

44,494

44,324

55,154

54,983

54,813

54,642

54,472

54,301

68,479

32,990

34,434

34,423

34,413

34,404

34,424

34,704

34,711

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
1,138
1,138
1,138
1,138
1,138
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

1,138

Other Liabilities

0
0
0
0
0
0
0
0
3,719
4,353
6,263
6,944
7,331
6,319
6,343
5,418
5,630
4,906
6,001
5,997
6,083
6,118
6,823
7,080
6,057
6,416
7,463
9,405
10,244
12,016
13,975
16,595
15,508
18,079
19,335
21,872
23,428
24,249
23,907
23,799
20,843
20,402
16,929
17,132
17,339
16,622
11,387
7,242
6,056
6,762
5,723
5,880
5,933
8,107
6,875
4,162
4,234
7,709
6,786
6,933
4,614
4,686
5,439
7,435
6,420
10,252
16,200
12,263
14,000
13,285
17,296
16,445
17,745
16,457
15,548
15,230
16,168
14,020
15,439
14,204
14,925
11,507
11,249
22,983
8,743
9,664
14,247
14,660
10,804
11,339
12,210
17,539
17,499
14,112
14,804
14,813
24,023
0
0
45,465
39,454
40,036
0
0

40,036

39,454

45,465

24,023

14,813

14,804

14,112

17,499

17,539

12,210

11,339

10,804

14,660

14,247

9,664

8,743

22,983

11,249

11,507

14,925

14,204

15,439

14,020

16,168

15,230

15,548

16,457

17,745

16,445

17,296

13,285

14,000

12,263

16,200

10,252

6,420

7,435

5,439

4,686

4,614

6,933

6,786

7,709

4,234

4,162

6,875

8,107

5,933

5,880

5,723

6,762

6,056

7,242

11,387

16,622

17,339

17,132

16,929

20,402

20,843

23,799

23,907

24,249

23,428

21,872

19,335

18,079

15,508

16,595

13,975

12,016

10,244

9,405

7,463

6,416

6,057

7,080

6,823

6,118

6,083

5,997

6,001

4,906

5,630

5,418

6,343

6,319

7,331

6,944

6,263

4,353

3,719

> Total Stockholder Equity

12,300
12,000
26,600
26,700
27,000
27,100
27,500
28,000
28,386
29,239
30,267
31,854
39,830
40,447
67,410
71,463
72,771
75,024
77,580
79,834
81,530
83,457
122,157
130,201
133,071
134,272
137,935
141,617
144,501
149,200
152,320
155,125
158,910
161,660
167,548
171,915
175,477
174,531
177,724
178,155
174,295
167,713
171,348
174,372
169,345
181,692
177,291
140,104
138,220
139,043
134,734
125,936
126,814
130,917
136,733
164,999
167,084
149,662
144,558
146,590
149,692
150,938
149,834
153,325
157,689
316,138
320,993
328,138
332,788
328,971
328,820
333,804
338,553
344,577
349,471
340,811
348,050
357,499
362,546
365,870
368,340
374,919
379,465
375,249
383,729
400,117
407,200
416,561
418,389
425,221
431,900
441,554
441,243
451,888
452,278
456,559
436,471
428,983
416,261
441,408
467,372
478,702
483,211
522,145

522,145

483,211

478,702

467,372

441,408

416,261

428,983

436,471

456,559

452,278

451,888

441,243

441,554

431,900

425,221

418,389

416,561

407,200

400,117

383,729

375,249

379,465

374,919

368,340

365,870

362,546

357,499

348,050

340,811

349,471

344,577

338,553

333,804

328,820

328,971

332,788

328,138

320,993

316,138

157,689

153,325

149,834

150,938

149,692

146,590

144,558

149,662

167,084

164,999

136,733

130,917

126,814

125,936

134,734

139,043

138,220

140,104

177,291

181,692

169,345

174,372

171,348

167,713

174,295

178,155

177,724

174,531

175,477

171,915

167,548

161,660

158,910

155,125

152,320

149,200

144,501

141,617

137,935

134,272

133,071

130,201

122,157

83,457

81,530

79,834

77,580

75,024

72,771

71,463

67,410

40,447

39,830

31,854

30,267

29,239

28,386

28,000

27,500

27,100

27,000

26,700

26,600

12,000

12,300

Common Stock

13,900
13,900
28,200
28,200
0
0
28,200
28,200
28,182
28,182
28,182
29,935
36,775
36,684
61,807
69,406
69,397
69,375
69,375
75,530
75,560
75,595
113,118
118,560
130,795
130,902
130,935
131,010
131,113
148,373
148,472
148,533
160,648
160,872
161,045
161,223
176,332,000
176,461,000
176,610,000
176,755
173,134,000
172,640,000
172,480,000
172,353
172,194,000
173,415,000
173,500,000
172,438
173,631,000
173,769,000
173,906,000
173,815,000
173,870,000
172,801
173,972,000
172,841
172,872
172,888
166,728
166,074
165,353
164,548
163,629
162,999
162,076
318,452
317,374
317,904
316,537
310,136
304,378
304,819
302,360
303,336
304,027
305,488
307,371
308,343
309,033
309,772
310,601
311,720
312,544
308,005
305,346
306,669
304,065
305,035
299,584
300,897
301,896
302,029
299,358
293,232
285,033
285,752
286,831
288,199
289,219
290,436
291,516
292,906
293,961
295,106

295,106

293,961

292,906

291,516

290,436

289,219

288,199

286,831

285,752

285,033

293,232

299,358

302,029

301,896

300,897

299,584

305,035

304,065

306,669

305,346

308,005

312,544

311,720

310,601

309,772

309,033

308,343

307,371

305,488

304,027

303,336

302,360

304,819

304,378

310,136

316,537

317,904

317,374

318,452

162,076

162,999

163,629

164,548

165,353

166,074

166,728

172,888

172,872

172,841

173,972,000

172,801

173,870,000

173,815,000

173,906,000

173,769,000

173,631,000

172,438

173,500,000

173,415,000

172,194,000

172,353

172,480,000

172,640,000

173,134,000

176,755

176,610,000

176,461,000

176,332,000

161,223

161,045

160,872

160,648

148,533

148,472

148,373

131,113

131,010

130,935

130,902

130,795

118,560

113,118

75,595

75,560

75,530

69,375

69,397

69,406

61,807

36,684

36,775

29,935

28,182

28,200

13,900

Retained Earnings

-1,500
-1,800
-1,700
-1,500
-1,200
-700
-100
600
1,088
1,724
2,503
1,628
2,544
3,320
4,658
1,649
3,253
4,969
7,125
3,250
5,050
7,157
8,951
11,421
1,666
4,166
6,635
10,475
14,116
821
4,287
8,000
5,912
4,070
8,230
11,794
11,794
1,038
2,220
4,948
-60
-2,672
-1,593
-1,281
-5,770
-12,158
-17,764
-54,170
-57,134
-57,818
-63,500
-68,781
-67,693
-65,312
-62,630
-32,639
-30,087
-26,799
-24,183
-21,134
-16,734
-12,718
-9,264
-4,101
-521
673
5,948
10,218
14,487
18,766
23,673
27,722
33,697
38,553
43,655
40,904
45,596
50,012
55,258
60,132
68,283
74,084
80,275
75,483
83,107
90,618
98,876
107,831
114,012
118,239
124,451
134,039
143,642
157,150
167,541
174,536
181,532
188,452
199,505
216,313
232,123
247,313
262,838
277,526

277,526

262,838

247,313

232,123

216,313

199,505

188,452

181,532

174,536

167,541

157,150

143,642

134,039

124,451

118,239

114,012

107,831

98,876

90,618

83,107

75,483

80,275

74,084

68,283

60,132

55,258

50,012

45,596

40,904

43,655

38,553

33,697

27,722

23,673

18,766

14,487

10,218

5,948

673

-521

-4,101

-9,264

-12,718

-16,734

-21,134

-24,183

-26,799

-30,087

-32,639

-62,630

-65,312

-67,693

-68,781

-63,500

-57,818

-57,134

-54,170

-17,764

-12,158

-5,770

-1,281

-1,593

-2,672

-60

4,948

2,220

1,038

11,794

8,230

4,070

5,912

8,000

4,287

821

14,116

10,475

6,635

4,166

1,666

11,421

8,951

7,157

5,050

3,250

7,125

4,969

3,253

1,649

4,658

3,320

2,544

1,628

2,503

1,724

1,088

600

-100

-700

-1,200

-1,500

-1,700

-1,800

-1,500

Capital Surplus

Treasury Stock

Other Stockholders Equity

-100
0
0
200
28,300
27,800
-600
-800
-884
-667
-418
290
511
443
944
408
121
680
1,080
0
0
0
0
0
0
0
0
0
0
0
0
0
0
160,872
161,045
161,223
-176,155,668
176,461
176,610
172,938
173,134
172,640
172,480
172,353
172,194
-173,241,585
-173,326,500
173,576
-173,457,369
-173,595,231
-173,732,094
-173,641,185
-173,696,130
1,138
-173,798,028
173,979
1,138
1,138
2,013
1,650
1,073
-892
-4,531
246,493
-3,866
-2,987
-2,329
16
1,764
69
769
1,263
2,496
2,688
1,789
-5,581
-4,917
-856
3,220,053
848,363
-10,502
-10,885
-13,354
-8,239
-4,724
2,830
4,259
3,695
4,793
6,085
5,553
-5,480,514
-1,757
1,506
-296
285,752
-31,892
-47,668
-72,463
-65,341
-56,267
-61,517
-73,588
0

-73,588

-61,517

-56,267

-65,341

-72,463

-47,668

-31,892

285,752

-296

1,506

-1,757

-5,480,514

5,553

6,085

4,793

3,695

4,259

2,830

-4,724

-8,239

-13,354

-10,885

-10,502

848,363

3,220,053

-856

-4,917

-5,581

1,789

2,688

2,496

1,263

769

1,764

-2,329

-2,987

-3,866

246,493

-4,531

-892

1,073

1,650

2,013

1,138

173,979

-173,798,028

1,138

-173,696,130

-173,641,185

-173,732,094

-173,595,231

-173,457,369

173,576

-173,326,500

-173,241,585

172,194

172,353

172,480

172,640

173,134

172,938

176,610

176,461

-176,155,668

161,223

161,045

160,872

1,080

680

121

408

944

443

511

290

-418

-667

-884

-800

-600

27,800

28,300

200

-100

Balance Sheet

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31
Accounts Payable	0	78,211	24,644	24,309	22,414	25,232	14,204	15,230	16,445	12,263	7,435	6,933	4,162	1,273,832	1,401,627	1,599,575	23,799	1,646,903	1,419,352	1,159,181	902,892	754,113	569,077	425,740	0	0
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
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
Accumulated Other Comprehensive Income	-50,487	-65,341	-3,729	5,486	3,695	-8,239	-4,034	-5,581	1,263	16	-5,573	1,650	3,328	825	859	3,300	269	-1,102	-1,408	132	220	1,054	408	290	-800	0
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Stock	295,106	290,436	285,752	302,029	305,035	308,005	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Surpluse	0	0	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	130,533	96,772	975,160	626,006	233,731	75,354	200,101	183,596	89,292	161,531	23,538	31,124	22,043	6,674	18,896	16,754	29,138	51,098	36,208	20,662	16,309	23,404	14,467	11,693	13,700	6,456
Cash And Equivalents	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash And Short Term Investments	-70,408	699,708	1,567,903	1,013,353	568,386	412,720	535,845	511,656	436,284	594,443	154,716	169,438	22,043	16,274	20,367	16,754	29,138	51,098	36,208	20,662	16,309	23,404	14,467	11,693	13,700	6,456
Common Stock	295,106	290,436	285,752	302,029	305,035	308,005	309,772	305,488	304,819	317,904	162,999	166,074	172,841	173,815,000	172,438	172,353	176,755	161,223	148,533	131,010	118,560	75,530	69,406	29,935	28,200	0
Common Stock Shares Outstanding	16,016	15,860	15,987	16,269	16,409	16,606	16,489	16,311	16,642	13,556	8,725	8,850	8,878	8,508	8,490	8,471	8,453	8,944	9,398	8,923	7,562	7,021	5,461	3,856	3,694	3,121
Common Stock Total Equity	0	290,436	285,752	302,029	305,035	308,005	309,772	305,488	304,819	317,904	162,999	166,074	172,841	0	0	0	0	0	148,533	131,010	118,560	75,530	69,406	29,935	28,200	0
Current Deferred Revenue	0	-197,573	-266,819	-114,056	-120,261	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
Deferred Long Term Liab	0	0	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	533,126	363,870	491,754	469,482	401,621	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Good Will	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	583	1,351	2,436	3,840	5,561	7,600	9,957	12,631	15,624	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Inventory	0	0	0	701	452	811	2,260	469	1,293	1,574	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Liabilities And Stockholders Equity	5,360,056	4,872,619	5,257,749	4,437,344	3,632,915	3,363,907	3,286,704	3,082,571	2,903,556	2,893,379	1,426,966	1,422,926	1,433,229	1,632,421	1,906,208	2,208,010	2,121,403	2,067,268	1,838,210	1,536,119	1,202,832	921,855	698,682	512,746	368,000	216,237
Long Term Debt	606,525	445,849	495,890	47,563	46,881	46,199	45,517	44,835	55,154	54,472	32,990	34,434	34,424	99,794	189,880	252,518	137,003	51,306	65,337	89,599	62,114	21,576	16,239	16,057	0	0
Long Term Debt Total	0	137,586	121,890	47,563	46,881	46,199	45,517	44,835	55,154	54,472	32,990	34,434	34,424	0	0	0	0	0	0	0	0	0	0	0	0	0
Long Term Investments	617,092	602,936	592,743	3,565,738	3,167,433	3,068,071	2,539,051	2,360,659	2,262,046	2,069,236	1,030,422	1,012,512	1,035,890	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
Net Debt	709,418	349,077	-479,270	-184,443	167,150	320,845	65,416	36,239	33,862	-53,037	54,452	38,310	57,381	103,120	235,984	305,764	7,865	80,208	129,129	133,937	90,805	-7,828	1,533	4,364	2,300	10,544
Net Invested Capital	1,128,670	887,257	952,449	883,117	817,442	771,448	631,387	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Receivables	0	3,874,373	0	0	0	0	0	0	0	0	3,649	3,874	4,403	5,942	7,088	8,513	9,957	10,287	8,274	5,644	4,098	3,336	2,811	2,758	1,800	0
Net Tangible Assets	0	391,352	405,735	389,645	363,248	320,215	308,797	281,381	271,700	263,041	153,325	146,590	144,668	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Working Capital	-1,795,208	621,497	1,543,259	989,044	545,972	2,897,954	2,833,649	2,634,395	2,431,153	2,334,295	-48,519	162,483,067	-65,057	20,754,300	-75,442	-75,917	-59,698	-37,587	-85,518	-93,694	-24,593	11,740	-593,722	-450,349	-308,600	-183,044
Non Current Assets Total	5,209,823	704,468	700,865	498,215	445,295	440,721	438,851	432,946	455,958	546,821	156,076	47,934,000	199,794	27,873,000	272,858	259,540	236,646	228,731	204,478	170,888	132,093	108,494	88,546	63,900	44,700	0
Non Current Liabilities Other	0	194,340	197,463	118,365	102,675	103,519	118,748	131,710	154,771	167,569	69,305	64,765	72,569	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Current Liabilities Total	2,892,470	78,211	495,890	441,563	400,881	396,199	265,517	219,835	123,154	108,494	77,990	69,434	79,424	109,794	254,880	322,518	37,003	131,306	35,337	34,599	62,114	576	16,200	16,100	16,000	0
Non Currrent Assets Other	4,982,358	-28,931	-11,640	-11,635	-7,366	2,576,167	2,502,405	2,317,308	2,087,830	1,904,172	-156,076	25,754,767	-199,794	27,614,697	-272,858	-259,540	-236,646	-228,731	-204,478	-170,888	-132,093	-108,494	-88,546	-63,900	-44,700	0
Noncontrolling Interest In Consolidated Entity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets	0	3,468,443	2,988,981	2,925,776	2,619,234	3,804,628	3,725,555	3,515,517	3,359,514	3,440,200	1,253,470	-209,001,074	1,218,355	-48,456,579	1,610,279	1,927,074	1,851,148	1,800,239	1,589,250	1,338,925	1,050,332	786,621	592,858	434,395	307,800	216,237
Other Current Assets	150,233	112,248	984,471	637,568	244,127	2,510,466	2,312,008	2,137,969	2,011,314	1,752,115	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Current Liab	1,623,753	-78,211	-24,644	-24,309	-22,414	-25,232	-14,204	-15,230	-16,445	-12,263	-7,435	-6,933	1,112,075	0	0	0	-23,799	0	0	0	0	0	611,000	464,800	324,100	189,500
Other Liab	0	45,465	14,813	17,539	14,660	22,983	12,285	13,638	14,966	12,263	7,435	6,933	4,162	5,880	7,242	17,132	23,799	21,872	16,595	9,405	7,080	5,997	5,418	6,944	0	0
Other Stockholder Equity	0	-65,341	285,752	-5,480,514	-305	-239	848,363	-5,581	1,263	16	246,493	1,650	173,979	-173,641,185	173,576	172,353	172,938	161,223	0	0	0	0	408	290	-800	26,701
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
Preferred Stock Total Equity	0	0	0	0	0	0	0	0	0	0	0	0	20,331	20,077	19,839	0	0	0	0	0	0	0	0	0	0	0
Property Plant And Equipment Gross	94,717	90,338	94,253	58,959	57,327	48,321	46,034	45,456	46,862	48,812	24,898	25,919	26,802	27,873	29,684	32,334	34,351	33,539	30,206	24,572	15,305	12,174	9,557	4,119	3,500	0
Property Plant And Equipment Net	50,928	51,476	57,298	58,959	57,327	48,321	46,034	45,456	46,862	48,812	24,898	25,919	26,802	27,873	29,684	32,334	34,351	33,539	30,206	24,572	15,305	12,174	9,557	4,119	3,500	0
Property Plant Equipment	0	51,476	57,298	58,959	57,327	48,321	46,034	45,456	46,862	48,812	24,898	25,919	26,802	27,873	29,684	32,334	34,351	33,539	30,206	24,572	15,305	12,174	9,557	4,119	0	0
Retained Earnings	277,526	216,313	174,536	134,039	107,831	75,483	60,132	40,904	27,722	10,218	-4,101	-21,134	-32,639	-68,781	-54,170	-1,281	4,948	11,794	8,000	10,475	11,421	3,250	1,649	1,628	600	0
Retained Earnings Total Equity	0	216,313	174,536	134,039	107,831	75,483	61,001	40,904	27,722	10,218	-4,101	-21,134	-32,639	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt	0	0	0	0	40,000	40,000	20,000	351,545	277,925	276,063	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt Total	839,951	445,849	495,890	441,563	400,881	396,199	265,517	219,835	123,154	108,494	77,990	69,434	79,424	109,794	254,880	322,518	37,003	131,306	165,337	154,599	107,114	15,576	16,000	16,057	16,000	17,000
Short Term Debt	321,688	275,784	291,463	138,365	142,675	350,000	220,000	175,000	68,000	54,022	65,939	35,000	80,137	0	98,513	97,313	93,307	75,885	130,000	120,000	45,000	15,000	0	0	0	0
Short Term Investments	617,092	602,936	592,743	387,347	334,655	337,366	335,744	328,060	346,992	432,912	131,178	138,314	172,992	9,600	1,471	392	510	282	545	149	255	4,713	5,471	6,409	0	0
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Assets	5,360,056	4,872,619	5,257,749	4,437,344	3,632,915	3,363,907	3,286,704	3,082,571	2,903,556	2,893,379	1,426,966	1,422,926	1,433,229	1,632,421	1,906,208	2,208,010	2,121,403	2,067,268	1,838,210	1,536,119	1,202,832	921,855	698,682	512,746	368,000	216,237
Total Current Assets	150,233	699,708	1,567,903	1,013,353	568,386	2,923,186	2,847,853	2,649,625	2,447,598	2,346,558	17,420	162,490,000	15,080	22,216,000	23,071	21,396	33,609	38,298	44,482	26,306	20,407	26,740	17,278	14,451	15,500	6,456
Total Current Liabilities	1,945,441	78,211	24,644	24,309	22,414	25,232	14,204	15,230	16,445	12,263	65,939	6,933	80,137	1,461,700	98,513	97,313	93,307	75,885	130,000	120,000	45,000	15,000	611,000	464,800	324,100	189,500
Total Liab	4,837,911	4,431,211	4,801,190	3,995,790	3,216,354	2,988,658	2,920,834	2,741,760	2,569,752	2,565,241	1,273,641	1,276,336	1,268,230	1,506,485	1,766,104	2,033,638	1,943,248	1,895,353	1,683,085	1,394,502	1,072,631	842,021	627,219	480,892	340,000	189,536
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Stockholder Equity	522,145	441,408	456,559	441,554	416,561	375,249	365,870	340,811	333,804	328,138	153,325	146,590	164,999	125,936	140,104	174,372	178,155	171,915	155,125	141,617	130,201	79,834	71,463	31,854	28,000	26,701
Treasury Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Warrants	0	0	0	0	0	0	0	0	0	0	0	0	1,138	0	0	0	0	0	0	0	0	0	0	0	0	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30	2001-03-31	2000-12-31	2000-09-30	2000-06-30	2000-03-31	1999-12-31	1999-09-30	1999-06-30	1999-03-31	1998-12-31	1998-09-30	1998-06-30	1998-03-31
Accounts Payable	0	106,716	76,628	70,070	78,211	80,391	53,035	39,800	24,644	25,219	22,614	23,826	24,309	18,267	18,129	19,261	22,414	21,389	16,604	15,447	25,232	13,424	13,360	14,925	14,204	15,439	14,020	16,168	15,230	15,548	16,457	17,745	16,445	17,296	13,285	14,000	12,263	16,200	10,252	6,420	7,435	6,990	6,179	4,614	6,933	6,786	7,709	4,234	4,162	6,875	8,107	1,253,644	1,273,832	1,351,864	1,340,160	1,420,209	1,401,627	1,450,968	1,478,633	1,651,283	1,599,575	1,575,713	20,402	20,843	23,799	1,640,984	1,639,010	1,686,157	1,646,903	1,614,703	1,547,912	1,482,219	1,419,352	1,397,280	1,321,844	1,290,017	1,159,181	1,144,857	1,046,069	995,334	902,892	889,581	843,587	801,097	754,113	722,150	644,648	595,976	569,077	518,734	520,222	467,093	425,740	389,792	361,613	334,449	0	0	0	0	500	500	300	300
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Other Comprehensive Income	-50,487	-73,588	-61,517	-56,267	-65,341	-72,463	-47,668	-31,892	-3,729	-296	1,506	-1,757	5,486	5,553	6,085	4,793	3,695	4,259	2,830	-4,724	-8,239	-13,354	-10,885	-10,544	-4,034	-1,745	-856	-4,917	-5,581	1,789	2,688	2,496	1,263	769	69	1,764	16	-2,329	-2,987	-3,866	-5,573	-4,531	-892	1,073	1,650	2,013	2,435	2,765	3,328	5,125	2,088	499	825	4,312	3,137	1,827	859	1,773	710	2,921	3,300	461	-2,255	1,221	269	-1,106	-2,968	-855	-1,102	-1,727	-3,282	-1,738	-1,408	-439	6	-728	132	365	-796	610	220	88	705	920	1,054	1,080	680	121	408	944	443	511	290	-418	-667	-884	-800	-500	0	-100	-200	100	-100	0
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	295,106	293,961	292,906	291,516	290,436	289,219	288,199	286,831	285,752	285,033	293,232	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Surpluse	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	130,533	265,987	207,796	57,938	96,772	284,014	479,105	770,204	975,160	825,361	759,531	652,344	626,006	554,591	471,227	236,719	233,731	228,538	150,425	214,894	75,354	80,017	125,740	211,157	200,101	177,051	101,609	52,976	183,596	141,730	106,983	101,181	89,292	93,695	128,585	138,425	161,531	122,150	106,880	32,118	23,538	39,635	22,897	25,183	31,124	25,983	28,990	23,986	22,043	28,520	23,489	11,277	6,674	15,854	79,883	12,606	18,896	14,445	15,601	17,155	16,754	25,694	37,632	31,903	29,138	29,298	48,190	52,098	51,098	39,100	47,142	38,247	36,208	38,894	35,462	39,255	20,662	35,304	35,005	29,948	16,309	32,600	34,202	28,091	23,404	29,429	16,357	15,305	14,467	18,206	14,720	12,770	11,693	16,947	9,021	8,607	13,700	10,000	7,300	7,200	0	0	0	0
Cash And Equivalents	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	687,500,000	656,856	678,105,000	667,124	699,708	867,013	1,082,743	1,375,865	1,567,903	1,384,925	1,265,656	1,086,601	1,013,353	867,015	778,888	548,866	568,386	574,071	498,349	552,770	412,720	406,548	456,882	548,145	535,845	507,141	423,867	385,417	511,656	467,173	430,435	444,986	436,284	460,868	502,031	552,118	594,443	576,159	582,155	173,215	154,716	163,428	153,031	165,196	169,438	25,983	28,990	23,986	22,043	28,520	23,489	20,820	16,274	25,328	25,991	22,081	20,367	16,249	15,601	17,155	16,754	25,694	37,632	31,903	29,138	29,298	48,190	52,098	51,098	39,100	47,142	38,247	36,208	38,894	35,462	39,255	20,662	35,304	35,005	29,948	16,309	32,600	34,202	28,091	23,404	29,429	16,357	15,305	14,467	18,206	14,720	12,770	11,693	16,947	9,021	8,607	13,700	10,000	7,300	7,200	0	0	0	0
Common Stock	295,106	293,961	292,906	291,516	290,436	289,219	288,199	286,831	285,752	285,033	293,232	299,358	302,029	301,896	300,897	299,584	305,035	304,065	306,669	305,346	308,005	312,544	311,720	310,601	309,772	309,033	308,343	307,371	305,488	304,027	303,336	302,360	304,819	304,378	310,136	316,537	317,904	317,374	318,452	162,076	162,999	163,629	164,548	165,353	166,074	166,728	172,888	172,872	172,841	173,972,000	172,801	173,870,000	173,815,000	173,906,000	173,769,000	173,631,000	172,438	173,500,000	173,415,000	172,194,000	172,353	172,480,000	172,640,000	173,134,000	176,755	176,610,000	176,461,000	176,332,000	161,223	161,045	160,872	160,648	148,533	148,472	148,373	131,113	131,010	130,935	130,902	130,795	118,560	113,118	75,595	75,560	75,530	69,375	69,375	69,397	69,406	61,807	36,684	36,775	29,935	28,182	28,182	28,182	28,200	28,200	0	0	28,200	28,200	13,900	13,900
Common Stock Shares Outstanding	16,044	16,018	16,003	15,996	15,888	15,862	15,849	15,841	15,696	15,860	16,117	16,283	16,279	16,234	16,213	16,352	16,376	16,393	16,435	16,435	16,600	16,619	16,611	16,604	16,536	16,495	16,485	16,449	16,374	16,307	16,269	16,325	16,352	16,462	16,804	16,979	16,989	16,926	11,436	8,741	8,735	8,725	8,719	8,719	8,674	8,654	9,044	8,991	8,605	8,868	8,873	8,885	8,599	8,507	8,505	8,502	8,502	8,493	8,488	8,481	8,481	8,530	8,469	8,465	8,465	8,492	8,503	8,945	8,859	8,524	8,952	9,379	8,792	8,947	9,376	9,375	8,342	8,895	8,477	8,890	8,702	6,883	6,741	6,728	6,579	6,685	6,697	6,680	6,570	5,499	5,603	3,586	3,586	3,479	3,479	3,479	3,479	3,490	3,490	3,490	3,510	3,020	2,100	2,100
Common Stock Total Equity	0	0	292,906	291,516	290,436	289,219	288,199	286,831	285,752	285,033	293,232	299,358	302,029	301,896	300,897	299,584	305,035	304,065	306,669	305,346	308,005	312,544	311,720	310,601	309,772	309,033	308,343	307,371	305,488	304,027	303,336	302,360	304,819	304,378	310,136	316,537	317,904	317,374	318,452	162,076	162,999	163,629	164,548	165,353	166,074	166,728	172,888	172,872	172,841	172,834	172,801	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	160,648	148,533	148,472	148,373	131,113	131,010	130,935	130,902	130,795	118,560	113,118	75,595	75,560	75,530	69,375	69,375	69,397	69,406	61,807	36,684	36,775	29,935	28,182	28,182	28,182	28,200	28,200	0	0	28,200	28,200	13,900	13,900
Current Deferred Revenue	0	-148,546	-234,259	-266,320	-197,573	-199,567	-245,257	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Long Term Liab	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	712,374	517,087	533,126	507,798	458,676	524,450	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	49,473	50,870	50,870	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Intangible Assets	49,423,527	212	291	424	583	741	900	1,112	1,351	1,589	1,827	2,118	2,436	2,754	3,072	3,443	3,840	4,237	4,634	5,084	5,561	6,038	6,514	7,044	7,600	8,156	8,712	9,321	9,957	10,592	11,228	11,916	12,631	13,346	14,061	14,829	15,624	16,418	17,213	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	100	100	100
Inventory	0	51	661	661	0	0	0	0	0	111	404	374	701	512	198	271	452	243	446	396	811	948	842	1,864	2,553	4,112	1,868	1,927	1,035	3,338	2,879	544	1,316	4,329	2,397	3,429	1,574	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2,504	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Liabilities And Stockholders Equity	5,360,056	5,251,012	5,137,587	4,895,874	4,872,619	5,016,934	5,058,555	5,175,899	5,257,749	4,964,412	4,757,414	4,710,354	4,437,344	4,420,610	4,314,379	3,657,387	3,632,915	3,710,380	3,576,139	3,551,754	3,363,907	3,300,106	3,288,521	3,293,900	3,286,704	3,254,655	3,143,336	3,018,919	3,082,571	3,063,964	2,999,936	2,926,056	2,903,556	2,881,377	2,875,944	2,877,184	2,893,379	2,863,104	2,879,282	1,413,515	1,426,966	1,422,003	1,343,750	1,385,355	1,422,926	1,388,364	1,385,245	1,401,596	1,433,229	1,477,985	1,537,874	1,576,935	1,632,421	1,813,383	1,804,062	1,902,923	1,906,208	2,017,350	2,071,372	2,239,764	2,208,010	2,207,359	2,163,354	2,115,948	2,121,403	2,106,427	2,103,520	2,089,577	2,067,268	2,026,834	1,969,429	1,896,974	1,838,210	1,796,770	1,709,153	1,664,876	1,536,119	1,474,949	1,378,626	1,293,931	1,202,832	1,153,883	1,034,774	967,787	921,855	870,382	781,977	728,056	698,682	646,633	617,888	560,402	512,746	476,039	440,317	409,739	368,000	331,000	291,900	261,700	216,200	178,500	139,600	93,100
Long Term Debt	606,525	596,268	606,011	515,754	445,849	137,329	499,305	519,106	495,890	442,074	441,904	47,733	47,563	47,392	47,222	47,051	46,881	46,710	46,540	46,369	46,199	46,029	45,858	45,688	45,517	45,347	45,176	45,006	44,835	44,665	44,494	44,324	55,154	54,983	54,813	54,642	54,472	54,301	68,479	32,990	32,990	32,990	32,990	32,990	34,434	34,423	34,413	34,404	34,424	34,704	34,711	109,723	109,794	204,821	209,826	239,819	254,880	274,857	284,840	309,815	322,518	337,383	332,235	267,076	217,003	171,829	171,643	126,470	131,306	151,137	165,947	165,781	165,337	170,201	170,059	159,906	154,599	138,003	137,909	117,856	107,114	87,012	61,922	31,839	31,576	16,516	16,463	16,406	16,239	16,205	16,112	16,095	16,057	16,048	16,034	16,014	0	0	0	0	0	0	0	0
Long Term Debt Total	0	0	138,101	137,844	137,586	137,329	137,042	136,843	121,890	48,074	47,904	47,733	47,563	47,392	47,222	47,051	46,881	46,710	46,540	46,369	46,199	46,029	45,858	45,688	45,517	45,347	45,176	45,006	44,835	44,665	44,494	44,324	55,154	54,983	54,813	54,642	54,472	54,301	68,479	32,990	32,990	32,990	32,990	32,990	34,434	34,423	34,413	34,404	34,424	34,704	34,711	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	617,092	592,305	608,972	619,973	602,936	582,999	603,638	605,661	592,743	559,564	506,125	3,759,932	3,565,738	3,627,396	3,608,471	3,188,862	3,167,433	3,254,132	3,205,364	3,114,380	3,068,071	3,002,256	2,946,831	2,868,218	2,539,051	2,535,079	2,508,986	2,423,038	2,360,659	2,388,851	2,362,830	2,279,406	2,262,046	2,201,269	2,155,271	2,099,710	2,069,236	2,047,891	2,052,626	1,045,842	1,030,422	1,050,292	1,033,715	996,921	1,012,512	1,007,526	1,031,307	1,020,731	1,035,890	1,054,686	1,084,279	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt	709,418	330,281	398,215	457,816	349,077	191,578	20,200	-251,098	-479,270	-383,287	-317,627	-210,611	-184,443	-113,199	-30,005	204,332	167,150	182,172	270,115	215,475	320,845	206,012	150,118	54,531	65,416	88,296	188,567	197,030	36,239	80,935	115,511	41,143	33,862	29,288	-25,772	-35,772	-53,037	-10,816	18,643	45,872	54,452	38,355	45,093	44,332	38,310	43,440	40,423	55,418	57,381	51,184	56,222	98,446	103,120	188,967	129,943	227,213	235,984	260,412	269,239	292,660	305,764	311,689	9,603	5,173	7,865	142,531	123,453	74,372	80,208	112,037	118,805	127,534	129,129	131,307	134,597	120,651	133,937	102,699	102,904	87,908	90,805	38,412	11,720	3,748	-7,828	-12,913	943	21,968	1,533	-2,001	1,392	3,325	4,364	-900	20,091	18,577	2,300	6,000	10,600	9,800	17,000	15,400	10,600	5,100
Net Invested Capital	1,128,670	1,079,479	1,084,713	983,126	887,257	891,853	928,288	955,577	952,449	894,352	893,792	882,976	883,117	873,292	866,443	859,440	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	4,007,122	3,922,651	3,874,373	3,841,838	3,687,826	3,520,637	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	37,876	7,711	3,861	3,649	3,777	3,660	3,899	3,874	3,939	3,895	4,427	4,403	4,887	5,010	5,885	5,942	6,143	6,278	7,057	7,088	8,069	7,733	8,597	8,513	9,044	8,317	9,132	9,957	11,143	9,971	10,997	10,287	10,438	9,047	9,374	8,274	8,039	6,550	6,883	5,644	5,638	4,257	4,824	4,098	4,142	3,461	3,860	3,336	3,444	2,965	3,171	2,811	3,066	2,744	2,929	2,758	2,539	2,183	2,235	1,800	1,600	1,400	1,300	0	0	0	0
Net Tangible Assets	0	433,526	428,938	417,475	391,352	366,047	378,610	385,886	405,735	401,216	400,588	389,652	389,645	379,673	372,676	365,473	363,248	353,490	346,010	329,172	320,215	323,954	318,932	311,823	308,797	304,917	299,314	289,256	281,381	289,406	283,876	277,164	271,700	266,001	265,437	268,486	263,041	253,705	248,055	157,689	153,325	149,834	150,938	149,692	146,590	144,558	149,662	146,688	144,668	116,467	110,715	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-1,795,208	550,140	678,028,372	597,054	621,497	786,622	639,770	1,336,065	1,543,259	643,342,781	4,119,125	4,145,292	3,914,820	3,977,246	3,876,889	3,213,920	3,165,206	3,235,163	3,105,681	3,093,765	2,897,954	2,856,536	2,840,930	2,839,170	2,833,649	2,713,975	2,702,874	2,565,668	2,634,395	2,617,696	2,553,768	2,457,154	2,431,153	2,386,580	2,377,777	2,336,822	2,334,295	2,277,037	2,276,669	170,774,580	-48,519	160,770,010	150,576,821	158,289,386	162,483,067	153,700,600	148,689,800	166,849,900	-65,057	195,604,400	217,410,700	25,299,600	20,754,300	29,837,200	30,653,800	27,423,100	-75,442	22,527,800	24,054,100	53,763,400	-75,917	32,841,400	46,065,598	41,551,157	-59,698	38,549,100	56,519,600	61,485,400	-37,587	-1,773,662	-73,811	-82,379	-85,518	-88,067	-92,988	-1,439,362	-93,694	-1,278,058	-80,738	-65,228	-24,593	-33,258	-7,337	31,112	11,740	-743,427	-671,178	-620,424	-593,722	-541,728	-543,837	-488,801	-450,349	-410,314	-383,896	-354,557	-308,600	-275,800	-256,200	-8,500	24,700	161,100	127,200	86,300
Non Current Assets Total	5,209,823	101,916	102,055,000	101,407	704,468	685,330	705,413	712,324	700,865	668,091	615,675	541,236	498,215	425,097	419,361	424,206	445,295	453,828	453,854	442,542	440,721	430,146	434,231	439,805	438,851	433,325	426,442	437,083	432,946	430,720	429,711	451,157	455,958	477,501	484,882	526,362	546,821	569,867	592,361	40,635,000	1,268,305	44,930,000	45,093,000	46,147,000	47,934,000	48,901,000	51,449,000	51,572,000	1,428,405	26,865,000	27,144,000	27,518,000	27,873,000	28,251,000	28,636,000	29,141,000	1,979,908	30,247,000	30,854,000	31,697,000	2,037,560	32,958,000	33,557,000	34,178,000	1,946,016	34,492,000	34,797,000	34,294,000	1,822,382	220,328	211,877	210,556	204,478	201,420	196,462	187,274	170,888	159,939	137,652	128,802	132,093	119,482	115,875	113,092	108,494	98,580	94,670	86,266	88,546	79,077	73,230	66,565	63,900	56,648	52,733	50,073	44,700	39,200	32,600	30,000	2,000	1,500	1,500	1,400
Non Current Liabilities Other	0	0	219,457	227,453	194,340	198,605	203,339	204,271	197,463	175,850	169,737	158,590	118,365	157,017	167,527	133,270	102,675	103,990	119,669	111,235	103,519	112,378	94,573	104,894	118,748	122,280	110,920	126,679	131,710	146,843	136,690	162,312	154,771	158,149	152,081	148,219	167,569	142,869	124,108	63,165	69,305	65,680	57,328	68,744	64,765	60,031	52,831	57,440	72,569	69,340	71,207	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Current Liabilities Total	2,892,470	596,268	606,011	70,070	78,211	80,391	499,305	519,106	495,890	442,074	441,904	441,733	441,563	441,392	441,222	441,051	400,881	410,710	420,540	430,369	396,199	286,029	275,858	265,688	265,517	265,347	290,176	250,006	219,835	222,665	222,494	142,324	123,154	122,983	102,813	102,653	108,494	111,334	125,523	77,990	77,990	77,990	67,990	67,990	69,434	69,423	69,413	79,404	79,424	79,704	79,711	109,723	109,794	204,821	209,826	239,819	254,880	274,857	284,840	309,815	322,518	337,383	47,235	37,076	37,003	171,829	171,643	126,470	131,306	151,137	35,947	35,781	35,337	35,201	35,059	159,906	34,599	138,003	17,909	17,856	62,114	1,012	922	31,000	576	16,500	16,500	16,400	16,200	16,200	16,100	16,100	16,100	16,000	16,000	16,000	16,000	16,000	0	0	0	0	0	0
Non Currrent Assets Other	4,982,358	-592,305	101,343,973	-619,973	-28,931	-685,330	127,573	155,013	-650,041	176,672	-564,375	-489,645	3,313,123	-55,287,487	-80,620,982	2,684,315	2,846,920	2,682,481	2,623,936	2,556,442	2,576,167	2,463,412	2,397,408	2,305,950	2,717,453	2,314,189	2,293,027	2,196,419	2,317,308	2,166,071	2,139,790	2,110,746	2,087,830	2,015,034	1,995,186	1,915,083	1,904,172	1,816,640	-9,238,000	24,701,036	1,112,229	25,010,048	25,226,484	25,499,322	25,754,767	25,938,240	26,010,245	26,290,552	1,228,611	26,665,001	26,917,071	27,273,618	27,614,697	27,998,932	28,390,247	28,889,435	1,707,050	29,992,142	30,602,216	31,438,368	1,778,020	32,716,934	33,330,506	33,943,989	1,709,370	34,257,402	34,565,041	34,061,720	1,593,651	-220,328	-211,877	-210,556	-204,478	-201,420	-196,462	-187,274	-170,888	-159,939	-137,652	-128,802	-132,093	-119,482	-115,875	-113,092	-108,494	-98,580	-94,670	-86,266	-88,546	-79,077	-73,230	-66,565	-63,900	-56,648	-52,733	-50,073	-44,700	-39,200	-32,600	-30,000	0	0	0	0
Noncontrolling Interest In Consolidated Entity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets	0	4,492,240	-775,022,413	4,127,343	3,468,443	3,464,591	3,660,337	3,087,710	2,988,981	-639,071,679	4,757,414	4,710,354	4,437,344	4,420,610	4,314,379	3,657,387	4,078,210	4,164,208	4,029,993	3,994,296	3,804,628	3,730,252	3,722,752	3,733,705	3,725,555	3,687,980	3,569,778	3,456,002	3,515,517	3,494,684	3,429,647	3,377,213	3,359,514	3,358,878	3,360,826	3,403,546	3,440,200	3,432,971	3,471,643	-210,002,485	141,241	-204,284,997	-194,332,250	-203,055,645	-209,001,074	-202,422,636	-199,954,755	-218,220,404	-10,256	-222,298,015	-244,389,126	-52,646,065	-48,456,579	-57,908,617	-59,100,938	-56,376,077	-96,771	-52,547,650	-54,676,628	-85,241,236	149,054	-65,575,641	-77,479,646	-73,634,052	141,778	-72,826,573	-91,105,480	-95,567,423	206,588	1,756,968	1,701,363	1,638,797	1,589,250	1,548,417	1,470,679	1,431,464	1,338,925	1,274,068	1,201,712	1,130,357	1,050,332	997,659	881,236	822,744	786,621	738,929	667,985	623,314	592,858	546,284	527,194	478,138	434,395	399,905	376,380	348,823	307,800	280,200	250,600	223,200	0	0	0	0
Other Current Assets	150,233	285,645	225,419	76,023	112,248	298,002	-389,938	14,746	2,988,981	2,911,396	2,876,083	3,082,517	2,925,776	3,128,498	3,116,130	2,684,315	2,619,234	2,682,481	2,623,936	2,556,442	2,510,466	2,463,412	2,397,408	2,305,950	2,312,008	2,314,189	2,293,027	2,196,419	2,137,969	2,166,071	2,139,790	2,029,913	2,011,314	1,943,008	1,889,031	1,798,704	1,752,115	1,679,202	1,697,055	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	214,200	177,000	138,100	91,700
Other Current Liab	1,623,753	-106,716	-76,628	-70,070	-78,211	-80,391	-53,035	-39,800	-24,644	-25,219	-22,614	-23,826	-24,309	-18,267	-18,129	-19,261	-22,414	-21,389	-16,604	-15,447	-25,232	-13,424	-13,360	-14,925	-14,204	-15,439	-14,020	-16,168	-15,230	-15,548	-16,457	-17,745	-16,445	-17,296	-13,285	-14,000	-12,263	-16,200	-10,252	-6,420	-7,435	-6,990	-6,179	-4,614	-6,933	1,107,566	1,105,630	1,093,434	1,112,075	1,185,333	1,247,932	0	0	0	0	0	0	0	0	0	0	0	-20,402	-20,843	-23,799	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	775,784	689,200	638,900	611,000	563,000	561,300	504,500	464,800	429,800	366,022	338,229	324,100	287,400	247,000	0	189,000	0	0	0
Other Liab	0	0	40,036	39,454	45,465	0	0	24,023	14,813	14,804	14,112	17,499	17,539	12,210	11,339	10,804	14,660	14,247	9,664	8,743	22,983	11,249	11,507	14,925	14,204	15,439	14,020	16,168	15,230	15,548	16,457	17,745	16,445	17,296	13,285	14,000	12,263	16,200	10,252	6,420	7,435	5,439	4,686	4,614	6,933	6,786	7,709	4,234	4,162	6,875	8,107	5,933	5,880	5,723	6,762	6,056	7,242	11,387	16,622	17,339	17,132	16,929	20,402	20,843	23,799	23,907	24,249	23,428	21,872	19,335	18,079	15,508	16,595	13,975	12,016	10,244	9,405	7,463	6,416	6,057	7,080	6,823	6,118	6,083	5,997	6,001	4,906	5,630	5,418	6,343	6,319	7,331	6,944	6,263	4,353	3,719	0	0	0	0	0	0	0	0
Other Stockholder Equity	0	-73,588	-61,517	-56,267	-65,341	-72,463	-47,668	-31,892	285,752	-296	1,506	-1,757	-5,480,514	5,553	6,085	4,793	3,695	4,259	2,830	-4,724	-8,239	-13,354	-10,885	-10,502	848,363	3,220,053	-856	-4,917	-5,581	1,789	2,688	2,496	1,263	769	69	1,764	16	-2,329	-2,987	-3,866	246,493	-4,531	-892	1,073	1,650	2,013	1,138	1,138	173,979	-173,798,028	1,138	-173,696,130	-173,641,185	-173,732,094	-173,595,231	-173,457,369	173,576	-173,326,500	-173,241,585	172,194	172,353	172,480	172,640	173,134	172,938	176,610	176,461	-176,155,668	161,223	161,045	160,872	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,080	680	121	408	944	443	511	290	-418	-667	-884	-800	-600	27,800	28,300	200	0	0	-100
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Total Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	20,396	20,331	20,266	20,202	20,138	20,077	20,016	19,955	19,896	19,839	19,782	19,725	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	94,717	94,806	93,386	91,641	90,338	89,483	0	0	0	0	58,250	55,388	58,959	60,446	59,155	59,143	57,327	54,585	51,823	50,109	48,321	48,104	47,102	46,300	46,034	45,606	45,999	45,848	45,456	45,212	45,558	45,963	46,862	47,509	47,902	48,367	48,812	48,570	49,003	24,867	24,898	25,159	25,382	25,665	25,919	26,100	26,164	26,467	26,802	26,865	27,144	27,518	27,873	28,251	28,636	29,141	29,684	30,247	30,854	31,697	32,334	32,958	33,557	34,178	34,351	34,492	34,797	34,294	33,539	32,309	30,824	29,885	30,206	30,791	29,118	26,576	24,572	21,319	18,468	16,580	15,305	15,229	14,171	12,459	12,174	11,328	10,933	9,967	9,557	8,410	6,248	4,758	4,119	4,033	3,389	3,430	3,500	3,500	3,200	2,200	1,900	1,400	1,400	1,300
Property Plant And Equipment Net	50,928	52,231	52,291	51,510	51,476	52,117	51,402	56,078	57,298	57,465	58,250	55,388	58,959	60,446	59,155	59,143	57,327	54,585	51,823	50,109	48,321	48,104	47,102	46,300	46,034	45,606	45,999	45,848	45,456	45,212	45,558	45,963	46,862	47,509	47,902	48,367	48,812	48,570	49,003	24,867	24,898	25,159	25,382	25,665	25,919	26,100	26,164	26,467	26,802	26,865	27,144	27,518	27,873	28,251	28,636	29,141	29,684	30,247	30,854	31,697	32,334	32,958	33,557	34,178	34,351	34,492	34,797	34,294	33,539	32,309	30,824	29,885	30,206	30,791	29,118	26,576	24,572	21,319	18,468	16,580	15,305	15,229	14,171	12,459	12,174	11,328	10,933	9,967	9,557	8,410	6,248	4,758	4,119	4,033	3,389	3,430	3,500	3,500	3,200	2,200	1,900	1,400	1,400	1,300
Property Plant Equipment	0	52,231	52,291	51,510	51,476	52,117	51,402	56,078	57,298	57,465	58,250	55,388	58,959	60,446	59,155	59,143	57,327	54,585	51,823	50,109	48,321	48,104	47,102	46,300	46,034	45,606	45,999	45,848	45,456	45,212	45,558	45,963	46,862	47,509	47,902	48,367	48,812	48,570	49,003	24,867	24,898	25,159	25,382	25,665	25,919	26,100	26,164	26,467	26,802	26,865	27,144	27,518	27,873	28,251	28,636	29,141	29,684	30,247	30,854	31,697	32,334	32,958	33,557	34,178	34,351	34,492	34,797	34,294	33,539	32,309	30,824	29,885	30,206	30,791	29,118	26,576	24,572	21,319	18,468	16,580	15,305	15,229	14,171	12,459	12,174	11,328	10,933	9,967	9,557	8,410	6,248	4,758	4,119	4,033	3,389	3,430	0	0	0	0	0	0	0	0
Retained Earnings	277,526	262,838	247,313	232,123	216,313	199,505	188,452	181,532	174,536	167,541	157,150	143,642	134,039	124,451	118,239	114,012	107,831	98,876	90,618	83,107	75,483	80,275	74,084	68,283	60,132	55,258	50,012	45,596	40,904	43,655	38,553	33,697	27,722	23,673	18,766	14,487	10,218	5,948	673	-521	-4,101	-9,264	-12,718	-16,734	-21,134	-24,183	-26,799	-30,087	-32,639	-62,630	-65,312	-67,693	-68,781	-63,500	-57,818	-57,134	-54,170	-17,764	-12,158	-5,770	-1,281	-1,593	-2,672	-60	4,948	2,220	1,038	11,794	11,794	8,230	4,070	5,912	8,000	4,287	821	14,116	10,475	6,635	4,166	1,666	11,421	8,951	7,157	5,050	3,250	7,125	4,969	3,253	1,649	4,658	3,320	2,544	1,628	2,503	1,724	1,088	600	-100	-700	-1,200	-1,500	-1,700	-1,800	-1,500
Retained Earnings Total Equity	0	0	247,313	232,123	216,313	199,505	188,452	181,532	174,536	167,541	157,150	143,642	134,039	124,451	118,239	114,012	107,831	98,876	90,618	83,107	75,483	80,275	74,084	68,241	61,001	55,258	50,012	45,596	40,904	43,655	38,553	33,697	27,722	23,673	18,766	14,487	10,218	5,948	673	-521	-4,101	-9,264	-12,718	-16,734	-21,134	-24,183	-26,799	-30,087	-32,639	-62,630	-65,312	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	40,000	40,000	40,000	30,000	40,000	30,000	20,000	30,000	20,000	387,627	401,096	331,679	351,545	324,843	314,690	0	277,925	0	0	0	276,063	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	839,951	596,268	606,011	515,754	445,849	475,592	499,305	519,106	495,890	442,074	441,904	441,733	441,563	441,392	441,222	441,051	400,881	410,710	420,540	430,369	396,199	286,029	275,858	265,688	265,517	265,347	290,176	250,006	219,835	222,665	222,494	142,324	123,154	122,983	102,813	102,653	108,494	111,334	125,523	77,990	77,990	77,990	67,990	69,515	69,434	69,423	69,413	79,404	79,424	79,704	79,711	109,723	109,794	204,821	209,826	239,819	254,880	274,857	284,840	309,815	322,518	337,383	47,235	37,076	37,003	171,829	171,643	126,470	131,306	151,137	165,947	165,781	165,337	170,201	170,059	159,906	154,599	138,003	137,909	117,856	107,114	71,012	45,922	31,839	15,576	16,516	17,300	37,273	16,000	16,205	16,112	16,095	16,057	16,048	29,112	27,185	16,000	16,000	17,900	17,000	17,000	15,400	10,600	5,100
Short Term Debt	321,688	255,262	310,887	336,390	275,784	279,958	298,292	382,263	374,000	394,000	394,000	130,000	130,000	394,000	394,000	394,000	354,000	364,000	374,000	384,000	350,000	240,000	230,000	220,000	220,000	107,355	245,000	205,000	175,000	178,000	178,000	98,000	68,000	68,000	48,000	48,011	54,022	57,033	57,044	45,000	65,939	45,000	35,000	35,000	35,000	35,000	35,000	45,000	80,137	45,000	45,000	0	0	0	0	0	98,513	0	0	0	97,313	0	0	0	93,307	0	0	0	75,885	0	130,000	130,000	130,000	135,000	135,000	120,000	120,000	0	120,000	100,000	45,000	70,000	45,000	839	15,000	516	1,300	0	0	0	0	0	0	0	29,078	27,171	0	0	17,900	17,000	0	15,400	10,600	5,100
Short Term Investments	617,092	592,305	608,972	619,973	602,936	582,999	603,638	605,661	592,743	559,564	506,125	434,257	387,347	312,424	307,661	312,147	334,655	345,533	347,924	337,876	337,366	326,531	331,142	336,988	335,744	330,090	322,258	332,441	328,060	325,443	323,452	343,805	346,992	367,173	373,446	413,693	432,912	454,009	475,275	141,097	131,178	123,793	130,134	140,013	138,314	135,660,000	127,591,000	149,981,000	172,992	173,134,000	199,785,000	9,543	9,600	9,474	9,470	9,475	1,471	1,804	2,560,000	30,032,000	392	87,000	137,000	537,000	510	534,000	251,000	268,000	282	0	0	0	545	0	0	0	149	0	0	0	255	0	0	0	4,713	0	0	0	5,471	0	0	0	6,409	0	0	0	0	0	0	0	0	0	0	0
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Assets	5,360,056	5,251,012	5,137,587	4,895,874	4,872,619	5,016,934	5,058,555	5,175,899	5,257,749	4,964,412	4,757,414	4,710,354	4,437,344	4,420,610	4,314,379	3,657,387	3,632,915	3,710,380	3,576,139	3,551,754	3,363,907	3,300,106	3,288,521	3,293,900	3,286,704	3,254,655	3,143,336	3,018,919	3,082,571	3,063,964	2,999,936	2,926,056	2,903,556	2,881,377	2,875,944	2,877,184	2,893,379	2,863,104	2,879,282	1,413,515	1,426,966	1,422,003	1,343,750	1,385,355	1,422,926	1,388,364	1,385,245	1,401,596	1,433,229	1,477,985	1,537,874	1,576,935	1,632,421	1,813,383	1,804,062	1,902,923	1,906,208	2,017,350	2,071,372	2,239,764	2,208,010	2,207,359	2,163,354	2,115,948	2,121,403	2,106,427	2,103,520	2,089,577	2,067,268	2,026,834	1,969,429	1,896,974	1,838,210	1,796,770	1,709,153	1,664,876	1,536,119	1,474,949	1,378,626	1,293,931	1,202,832	1,153,883	1,034,774	967,787	921,855	870,382	781,977	728,056	698,682	646,633	617,888	560,402	512,746	476,039	440,317	409,739	368,000	331,000	291,900	261,700	216,200	178,500	139,600	93,100
Total Current Assets	150,233	656,856	678,105,000	667,124	699,708	867,013	692,805	1,375,865	1,567,903	643,368,000	4,141,739	4,169,118	3,939,129	3,995,513	3,895,018	3,233,181	3,187,620	3,256,552	3,122,285	3,109,212	2,923,186	2,869,960	2,854,290	2,854,095	2,847,853	2,821,330	2,716,894	2,581,836	2,649,625	2,633,244	2,570,225	2,474,899	2,447,598	2,403,876	2,391,062	2,350,822	2,346,558	2,293,237	2,286,921	170,781,000	17,420	160,777,000	150,583,000	158,294,000	162,490,000	154,910,000	149,891,000	168,050,000	15,080	196,911,000	218,783,000	26,705,000	22,216,000	31,471,000	32,269,000	29,138,000	23,071	24,318,000	25,894,000	55,784,000	21,396	34,825,000	46,086,000	41,572,000	33,609	40,441,000	58,412,000	63,363,000	38,298	49,538	56,189	47,621	44,482	46,933	42,012	46,138	26,306	40,942	39,262	34,772	20,407	36,742	37,663	31,951	26,740	32,873	19,322	18,476	17,278	21,272	17,463	15,699	14,451	19,486	11,204	10,843	15,500	11,600	8,700	8,500	214,200	177,000	138,100	91,700
Total Current Liabilities	1,945,441	106,716	76,628	70,070	78,211	80,391	53,035	39,800	24,644	25,219	22,614	23,826	24,309	18,267	18,129	19,261	22,414	21,389	16,604	15,447	25,232	13,424	13,360	14,925	14,204	107,355	14,020	16,168	15,230	15,548	16,457	17,745	16,445	17,296	13,285	14,000	12,263	16,200	10,252	6,420	65,939	6,990	6,179	4,614	6,933	1,209,400	1,201,200	1,200,100	80,137	1,306,600	1,372,300	1,405,400	1,461,700	1,633,800	1,615,200	1,714,900	98,513	1,790,200	1,839,900	2,020,600	97,313	1,983,600	20,402	20,843	93,307	1,891,900	1,892,400	1,877,600	75,885	1,823,200	130,000	130,000	130,000	135,000	135,000	1,485,500	120,000	1,319,000	120,000	100,000	45,000	70,000	45,000	839	15,000	776,300	690,500	638,900	611,000	563,000	561,300	504,500	464,800	429,800	395,100	365,400	324,100	287,400	264,900	17,000	189,500	15,900	10,900	5,400
Total Liab	4,837,911	4,767,801	4,658,885	4,428,502	4,431,211	4,600,673	4,629,572	4,739,428	4,801,190	4,512,134	4,305,526	4,269,111	3,995,790	3,988,710	3,889,158	3,238,998	3,216,354	3,303,180	3,176,022	3,168,025	2,988,658	2,920,641	2,913,602	2,925,560	2,920,834	2,892,109	2,785,837	2,670,869	2,741,760	2,714,493	2,655,359	2,587,503	2,569,752	2,552,557	2,546,973	2,544,396	2,565,241	2,542,111	2,563,144	1,255,826	1,273,641	1,272,169	1,192,812	1,235,663	1,276,336	1,243,806	1,235,583	1,234,512	1,268,230	1,341,252	1,406,957	1,450,121	1,506,485	1,678,649	1,665,019	1,764,703	1,766,104	1,840,059	1,889,680	2,070,419	2,033,638	2,036,011	1,995,641	1,941,653	1,943,248	1,928,703	1,928,989	1,914,100	1,895,353	1,859,286	1,807,769	1,738,064	1,683,085	1,644,450	1,559,953	1,520,375	1,394,502	1,337,014	1,244,354	1,160,860	1,072,631	1,031,726	951,317	886,257	842,021	792,802	706,953	655,285	627,219	579,224	577,440	520,572	480,892	445,772	395,078	365,353	340,000	303,500	264,900	234,700	189,500	151,900	127,600	80,700
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	522,145	483,211	478,702	467,372	441,408	416,261	428,983	436,471	456,559	452,278	451,888	441,243	441,554	431,900	425,221	418,389	416,561	407,200	400,117	383,729	375,249	379,465	374,919	368,340	365,870	362,546	357,499	348,050	340,811	349,471	344,577	338,553	333,804	328,820	328,971	332,788	328,138	320,993	316,138	157,689	153,325	149,834	150,938	149,692	146,590	144,558	149,662	167,084	164,999	136,733	130,917	126,814	125,936	134,734	139,043	138,220	140,104	177,291	181,692	169,345	174,372	171,348	167,713	174,295	178,155	177,724	174,531	175,477	171,915	167,548	161,660	158,910	155,125	152,320	149,200	144,501	141,617	137,935	134,272	133,071	130,201	122,157	83,457	81,530	79,834	77,580	75,024	72,771	71,463	67,410	40,447	39,830	31,854	30,267	29,239	28,386	28,000	27,500	27,100	27,000	26,700	26,600	12,000	12,300
Treasury Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Warrants	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,138	1,138	1,138	1,138	1,138	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

Cash Flow

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31
Begin Period Cash Flow	96,772	975,160	626,006	233,731	75,354	200,101	183,596	89,891	172,738	146,965	136,003	76,372	64,198	21,735	25,804	29,430	51,380	36,753	20,811	16,564	28,117	19,938	18,102	13,650	6,500	0
Capital Expenditures	10,187	3,017	5,602	8,989	13,484	6,318	5,423	2,025	1,081	2,150	326	571	556	118	44	673	3,513	5,911	7,677	10,516	4,293	3,527	5,994	1,099	1,900	1,080
Cash And Cash Equivalents Changes	0	-878,388	349,154	392,275	158,377	-124,747	16,505	93,705	-82,847	25,773	10,962	59,631	12,174	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	-231	-16,632	-11,693	-9,012	-3,813	-2,878	-9,028	-10,215	-5,293	6,880	-80	4,597	0	0	0	0	0	0	0	0	0	0	0	0	0
Change In Cash	33,761	-878,388	349,154	392,275	158,377	-124,747	16,505	93,705	-82,847	25,773	10,962	59,631	12,174	42,463	-4,069	-3,626	-21,950	14,627	15,942	4,247	-11,553	8,179	1,836	4,451	7,200	-650
Change In Working Capital	-20,267	25,922	-14,416	-9,914	-10,502	7,710	-2,353	-1,572	-951	-8,038	8,421	981	3,123	6,792	-27,006	-48,094	1,521	2,196	1,026	-1,444	-1,836	-1,839	-6,794	2,582	-1,500	-189,500
Change Receivables	0	-6,165	1,528	-917	-48	-1,126	-1,056	122	-321	-11	225	529	1,539	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Account Receivables	-4,330	-6,165	1,528	-917	-48	-1,126	-1,056	122	-321	-11	225	529	1,539	1,146	1,425	1,444	330	0	0	0	0	0	0	0	0	0
Change To Inventory	0	0	0	0	0	0	2,454	3,979	3,883	2,030	3,052	0	730	691	0	1,285	0	0	0	0	0	0	0	0	0	0
Change To Liabilities	0	32,524	335	1,895	-2,818	11,029	-943	-1,046	4,185	-9,822	-269	2,257	-1,187	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Netincome	0	19,726	6,643	-4,971	-2,364	3,857	1,910	3,065	3,681	4,596	2,430	-458	-22,128	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Operating Activities	0	32,087	-15,944	-8,997	-10,454	8,836	-1,297	-1,694	-630	-8,027	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	11,496	12,945	13,678	9,425	9,553	9,766	10,358	9,576	11,654	7,613	2,208	2,238	2,200	2,440	2,577	2,762	3,080	2,887	2,555	1,699	1,948	1,366	651	590	500	270
Dividends Paid	21,004	19,602	18,524	17,930	17,108	27,500	12,046	18,731	9,516	24,464	3,889	1,270	1,620	610	1,108	2,625	4,677	4,035	3,189	2,556	1,845	1	0	0	0	0
End Period Cash Flow	130,533	96,772	975,160	626,006	233,731	75,354	200,101	183,596	89,891	172,738	146,965	136,003	76,372	64,198	21,735	25,804	29,430	51,380	36,753	20,811	16,564	28,117	19,938	18,102	13,700	-650
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	64,936	116,845	58,971	28,888	31,283	55,419	33,242	32,577	34,923	12,264	28,181	16,450	21,950	29,484	-8,819	12,962	17,201	23,841	17,365	7,831	9,314	6,489	-5,491	6,947	1,200	-660
Investments	-249,054	-551,173	-486,175	-389,979	-84,206	-206,898	-188,287	-89,640	-98,089	-29,320	-19,991	48,953	217,216	0	0	0	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	891	867	877	814	729	1,165	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	-54,215	132,733	55,690	3,156	114,771	32,038	83,939	1,202	40,780	14,715	-17,794	-74,780	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	82,217	61,063	59,021	44,138	49,456	42,024	31,274	31,913	27,020	17,331	17,033	12,535	37,485	-13,316	-52,087	-4,959	8,966	19,847	17,901	13,721	10,016	7,757	4,483	2,795	2,100	-1,109
Other Cashflows From Financing Activities	188,107	-330,516	839,115	796,911	270,010	86,274	1,576	187,556	7,975	209	-1,270	28,136	-206,064	-118,208	-184,949	287,473	136,187	322,421	351,391	335,885	347,557	214,192	182,861	136,498	148,400	178,690
Other Cashflows From Investing Activities	0	-809	-3,730	162	4,852	2,736	2,238	-4,896	2,967	96,233	7,898	18,348	11,062	14,900	6,158	3,160	0	0	0	0	0	0	0	0	0	0
Other Non Cash Items	329	17,908	486	-3,956	-6,697	199	-3,426	-5,962	-6,815	-7,712	-7,720	-4,423	6,998	33,458	57,157	65,484	9,250	4,822	3,560	4,371	3,479	2,732	2,163	2,079	2,000	190,759
Sale Purchase Of Stock	390,082	948	-21,380	-6,591	-7,183	-5,943	223,206	-11,762	-15,762	-26,358	341	-21,000	97	0	0	0	0	0	0	0	0	0	0	0	0	14,300
Stock Based Compensation	3,384	3,377	3,784	2,325	2,931	2,410	1,981	1,459	684	714	473	54	61	275	611	0	0	0	0	0	0	0	0	0	0	0
Total Cash From Financing Activities	363,080	-443,251	780,088	753,204	206,448	23,996	169,312	155,664	-22,648	-53,404	-5,126	-24,120	-238,054	-258,818	-237,861	94,548	41,510	203,386	278,540	316,834	270,712	214,191	182,861	136,498	148,400	192,990
Total Cash From Operating Activities	75,123	119,862	64,573	37,877	44,767	61,737	38,665	34,602	36,004	14,414	28,507	17,021	22,506	29,602	-8,775	13,635	20,714	29,752	25,042	18,347	13,607	10,016	503	8,046	3,100	420
Total Cashflows From Investing Activities	0	-554,999	-495,507	-398,806	-92,838	-210,480	-191,472	-96,561	-96,203	64,763	-12,419	66,730	227,722	271,679	242,567	0	0	0	0	0	0	0	0	0	0	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30	2001-03-31	2000-12-31	2000-09-30	2000-06-30	2000-03-31	1999-12-31	1999-09-30	1999-06-30	1999-03-31	1998-12-31	1998-09-30	1998-06-30	1998-03-31
Begin Period Cash Flow	265,987	207,796	57,938	96,772	284,014	479,105	770,204	975,160	825,361	759,531	652,344	626,006	554,591	471,227	236,719	233,731	228,538	150,425	214,894	75,354	80,017	125,740	211,157	200,101	177,051	101,609	52,976	183,596	141,730	106,983	101,181	89,891	103,849	138,431	148,790	172,738	132,252	118,853	109,947	146,965	125,918	57,977	114,777	136,003	103,995	82,466	85,008	76,372	125,703	126,999	76,888	64,198	171,996	79,883	96,433	21,735	66,675	38,902	137,286	25,804	30,601	37,769	32,440	29,430	29,298	48,441	65,766	51,380	55,276	47,413	38,636	36,753	73,086	57,459	73,597	20,811	41,131	35,972	35,665	16,564	44,630	37,339	28,294	28,117	41,636	16,551	16,988	19,938	23,463	33,261	33,395	18,102	16,947	11,294	10,665	13,650	10,000	12,900	18,500	6,500	3,580	1,380	2,230	0
Capital Expenditures	4,046	1,461	2,172	2,508	851	1,767	67	332	1,352	695	1,952	1,603	1,788	2,772	1,270	3,159	4,375	3,750	2,627	2,732	1,234	1,987	1,668	1,429	1,231	2,031	1,023	1,138	974	744	797	574	149	343	301	288	983	293	563	311	76	116	54	80	156	278	67	70	334	130	36	56	34	54	16	14	15	3	14	12	28	69	55	521	549	403	1,282	1,279	1,861	2,129	1,591	330	37	2,263	2,999	2,378	3,592	3,150	2,195	1,579	379	1,366	1,997	551	1,099	616	1,185	627	1,365	2,284	1,597	748	204	754	66	75	0	400	1,100	400	510	60	100	410
Cash And Cash Equivalents Changes	0	0	149,858	-38,834	-187,242	-195,091	-291,099	-204,956	149,799	65,830	107,187	26,338	71,415	83,364	234,508	2,988	5,193	78,113	-64,469	139,540	-4,663	-45,723	-85,417	11,056	23,050	75,442	48,633	-130,620	41,866	34,747	5,802	11,290	-13,958	-34,582	-10,359	-23,948	40,486	13,399	8,906	-37,018	21,047	67,941	-56,800	-21,226	32,008	21,529	-2,542	8,636	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-1,469	131	97	11,441	-8,901	-2,868	-1,330	-6,299	-7,771	-1,232	-4,877	-1,615	-5,283	82	-636	-6,195	-2,597	416	271	-383	-2,472	-1,229	1,052	-961	-1,788	-1,181	-919	-2,436	-1,955	-3,718	-4,116	-2,930	-2,502	-667	-3,069	571	-3,130	335	-5,547	1,392	9,404	1,631	-4,535	3,342	326	787	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-135,454	58,191	149,858	-38,834	-187,242	-195,091	-291,099	-204,956	149,799	65,830	107,187	26,338	71,415	83,364	234,508	2,988	5,193	78,113	-64,469	139,540	-4,663	-45,723	-85,417	11,056	23,050	75,442	48,633	-130,620	41,866	34,747	5,802	11,290	-13,958	-34,582	-10,359	-23,948	40,486	13,399	8,906	-37,018	21,047	67,941	-56,800	-21,226	32,008	21,529	-2,542	8,636	-49,331	-1,296	50,111	12,690	-107,798	92,113	-16,550	74,698	-44,940	27,773	-98,384	111,482	-4,797	-7,168	5,329	3,010	132	-19,143	-17,325	14,386	-3,896	7,863	8,777	1,883	-36,333	15,627	-16,138	52,786	-20,320	5,159	307	19,101	-28,066	7,291	9,045	177	-13,519	25,085	-437	-2,950	-3,525	-9,799	-134	15,294	1,154	5,653	630	-2,986	3,700	-2,900	-5,600	12,000	-7,840	3,580	1,380	2,230
Change In Working Capital	-22,284	-2,645	1,614	-7,311	-1,054	11,907	4,112	10,957	-810	-4,000	-6,785	-2,821	1,582	-3,099	-5,735	-2,662	1,113	-1,175	-338	-10,102	12,450	-778	-2,998	-964	760	290	-3,234	-169	1,019	-3,026	-1,209	1,644	-3,653	1,782	-1,057	1,977	-2,798	1,970	-6,549	-661	-4,351	1,996	10,847	-71	-3,773	1,345	2,732	677	-704	321	2,280	1,226	6,732	-869	1,618	-689	-12,129	-8,616	-3,679	-2,582	-42,042	-3,074	417	-3,395	1,933	-989	-1,302	1,879	5,449	-1,483	-161	-1,609	1,791	641	359	-1,765	903	-161	-681	-1,505	-145	-581	-980	-130	9,786	-9,873	-1,866	114	-1,598	-880	-4,312	-4	195	1,347	647	394	-200	-800	-300	-200	-152,300	38,900	46,400	350
Change Receivables	0	0	461	-1,947	-1,488	-3,104	-229	-1,344	675	-335	2,159	-971	163	-1,734	434	220	561	-75	930	-1,464	91	-727	330	-820	348	-1,125	549	-828	350	-796	934	-366	0	-533	925	-713	258	-581	524	-212	128	-117	239	-25	65	-44	532	-24	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-199	-2,645	461	-1,947	-1,488	-3,104	-229	-1,344	675	-335	2,159	-971	163	-1,734	434	220	561	-75	930	-1,464	91	-727	330	-820	348	-1,125	549	-828	350	-796	934	-366	0	-533	925	-713	258	-581	524	-212	128	-117	239	-25	65	-44	508	0	1,539	1,055	932	57	1,146	945	810	31	1,425	444	780	0	1,444	913	1,640	825	330	0	316	0	0	0	0	0	0	0	0	0	0	0	0	0	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 Inventory	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3,486	1,077	1,425	2,454	0	911	0	3,979	440	0	1,315	3,883	2,348	882	0	2,030	765	433	0	3,052	2,642	915	867	0	0	0	0	730	0	2,262	2,200	691	0	1,282	1,971	0	34	0	31	1,285	404	330	199	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Liabilities	0	0	2,622	-5,495	464	3,669	13,235	15,156	-575	2,605	-1,212	-483	6,042	138	-1,132	-3,153	1,025	4,785	1,157	-9,785	11,808	64	-1,565	722	-1,221	1,431	-2,133	980	-237	-796	-1,291	1,278	-569	3,858	-644	1,540	-4,667	689	-4,784	-1,060	507	592	837	-2,205	605	-1,248	2,828	72	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Netincome	0	0	-5,451	1,353	13,103	1,596	3,033	1,994	31,517	-17,477	8,995	-16,431	2,998	18,343	-7,730	-18,582	7,811	-7,173	-2,278	-724	680	2,045	124	1,008	3,206	-1,086	1,302	-1,512	2,318	80	-890	1,557	5,584	-277	207	-1,833	8,282	-906	-127	-2,653	5,709	-347	-1,877	-1,055	10,065	-6,011	-3,221	-1,291	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Operating Activities	0	0	0	-5,364	434	15,011	4,341	12,301	-1,485	-3,665	-8,944	-1,850	1,419	-1,365	-6,169	-2,882	552	-1,100	-1,268	-8,638	12,359	-51	-3,328	-144	-1,297	1,415	-3,783	-321	-1,694	-1,434	-852	0	-630	0	0	0	-8,027	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	2,639	2,927	2,881	3,049	3,090	3,163	3,234	3,458	3,478	3,445	3,298	3,457	3,163	2,877	2,403	982	2,556	2,274	2,545	2,178	2,421	2,417	2,445	2,483	2,538	2,468	2,804	2,548	2,846	2,455	1,508	2,767	3,058	3,008	2,755	2,833	2,879	2,767	1,455	512	579	543	533	553	569	581	578	510	506	545	574	575	565	569	691	615	405	700	758	714	757	790	689	526	790	802	827	661	527	781	794	785	753	728	584	490	446	405	436	412	446	535	516	451	442	315	308	301	283	166	140	62	151	143	148	148	200	100	100	100	90	70	70	40
Dividends Paid	5,342	5,330	5,168	5,164	4,995	4,978	4,817	4,812	4,644	4,660	4,584	4,636	4,494	4,474	4,470	4,492	4,362	4,342	4,204	4,200	16,366	3,932	3,603	3,599	3,105	3,091	2,927	2,923	10,836	2,743	2,578	2,574	2,431	2,429	2,279	2,377	2,028	2,019	19,376	1,041	1,038	1,037	950	864	774	134	99	263	1,620	0	0	2	2	610	261	347	336	356	84	332	338	339	12,000	18,000	1,184	1,185	1,183	1,125	1,041	1,038	1,045	911	840	830	798	721	653	641	645	617	545	434	433	433	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
End Period Cash Flow	130,533	265,987	207,796	57,938	96,772	284,014	479,105	770,204	975,160	825,361	759,531	652,344	626,006	554,591	471,227	236,719	233,731	228,538	150,425	214,894	75,354	80,017	125,740	211,157	200,101	177,051	101,609	52,976	183,596	141,730	106,983	101,181	89,891	103,849	138,431	148,790	172,738	132,252	118,853	109,947	146,965	125,918	57,977	114,777	136,003	103,995	82,466	85,008	76,372	125,703	126,999	76,888	64,198	171,996	79,883	96,433	21,735	66,675	38,902	137,286	25,804	30,601	37,769	32,440	29,430	29,298	48,441	65,766	51,380	55,276	47,413	38,636	36,753	73,086	57,459	73,597	20,811	41,131	35,972	35,665	16,564	44,630	37,339	28,294	28,117	41,636	16,551	16,988	19,938	23,463	33,261	33,395	18,102	16,947	11,294	10,665	13,700	10,000	12,900	18,500	-7,840	3,580	1,380	2,230
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	-4,398	34,984	17,230	15,557	36,218	31,029	22,042	27,556	44,052	-3,705	21,648	-3,024	19,783	25,923	-3,881	-12,937	20,259	2,466	8,845	-287	25,611	11,552	6,640	11,616	12,671	7,033	7,054	6,484	11,469	5,608	5,740	10,067	10,288	10,119	6,998	7,518	8,993	8,196	-5,116	191	6,463	5,401	13,098	3,219	9,661	-1,042	4,967	2,864	6,529	492	7,298	7,631	13,263	1,177	7,725	7,319	-13,233	1,945	-537	3,006	6,568	326	4,376	1,692	3,920	4,340	2,590	6,351	9,343	3,772	5,704	5,022	8,180	4,245	3,506	1,434	3,195	1,273	1,896	1,467	3,853	2,121	712	2,628	12,390	-7,259	-345	1,703	-599	-1,205	-4,262	575	1,511	1,884	2,000	1,552	1,100	100	-300	300	60	520	-80	-1,160
Investments	-198,881	-51,726	-86,017	-54,628	-46,674	-167,851	-185,837	-150,811	-176,217	-121,279	-68,048	-236,480	55,662	-37,547	-408,692	598	78,922	-39,260	-79,795	-44,073	-64,898	-60,490	-80,073	-1,437	-15,219	-33,853	-72,810	-66,405	12,314	-28,482	-60,189	-13,283	-41,507	-38,247	-12,347	-5,988	8,648	26,566	-44,330	-20,204	12,845	-15,873	-29,072	12,109	-14,937	19,605	14,201	30,084	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	217	214	218	213	222	229	237	198	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	64,797	119,967	-34,265	-28,734	-20,988	29,772	75,248	6,113	28,427	22,945	-38,652	-10,510	34,257	70,595	-11,315	-25,679	-1,566	41,716	101,141	27,805	-321	-13,854	-3,532	-13,640	24,241	24,969	-18,133	10,153	54,378	37,541	-3,378	26,068	3,862	-25,350	17,806	9,927	19,128	-6,081	3,693	18,410	-11,448	4,060	4,745	7,210	-14,600	-15,149	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	20,030	20,855	20,358	20,974	21,803	16,031	11,737	11,492	11,639	15,051	18,092	14,239	14,082	10,686	8,697	10,673	13,317	12,600	11,715	11,824	11,574	10,123	9,446	10,881	7,979	8,337	7,343	7,615	8,085	7,845	7,434	8,549	6,480	7,336	6,558	6,646	6,293	5,949	1,509	3,580	5,163	3,454	4,016	4,400	3,048	2,616	3,991	2,880	30,323	3,024	2,718	1,420	-4,953	-5,357	-363	-2,643	-36,087	-5,286	-6,225	-4,489	312	1,079	-2,612	-3,738	95	2,367	2,221	4,283	4,605	5,202	5,111	4,929	4,549	4,300	4,690	4,362	4,488	3,114	3,146	2,973	3,015	2,228	2,540	2,233	2,281	2,156	1,716	1,604	1,453	1,338	777	915	880	778	636	500	700	500	500	400	210	120	-300	-1,140
Other Cashflows From Financing Activities	183	88,802	253,813	15,537	-137,527	-32,530	-103,335	-57,124	309,463	204,133	52,309	273,858	1,560	99,256	212	51,090	-77,899	132,216	179	198,998	50,150	6,829	164	3,902	29,829	140	141	1,145	522	60,108	138,128	54,267	36,793	3,057	7,607	-16,011	23,511	-20,678	-15,241	-16,741	1,384	78,604	-42,913	-38,345	32,464	1,853	6,598	-33,743	-70,017	-64,455	-39,145	-20,155	-82,366	19,686	-71,522	15,994	-49,828	-34,381	-121,632	41,726	106,246	282,567	242,980	38,132	39,690	155,121	134,112	47,264	68,619	80,379	102,311	71,112	40,742	122,633	47,879	140,137	61,232	91,642	83,241	88,881	66,090	117,227	65,060	44,180	49,222	84,754	52,370	27,845	52,056	26,883	57,790	46,132	34,438	32,785	29,091	40,183	35,800	37,900	29,700	45,000	37,640	24,150	46,770	70,130
Other Cashflows From Investing Activities	0	0	0	0	-4,478	3,021	635	13	-1,502	288	-2,674	158	-313	-313	207	268	-1,842	362	3,811	2,521	175	146	2,005	410	-1,276	477	218	2,819	601	86	-6,157	574	1,536	300	377	754	1,243	1,244	92,969	777	1,393	846	3,020	2,639	5,595	1,257	1,782	9,714	11,062	7,921	4,873	2,187	14,900	9,271	7,962	4,923	6,158	2,816	1,887	487	3,160	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Non Cash Items	420	12,663	-6,586	500	12,251	905	2,229	1,170	37,652	-13,193	20,300	-8,619	12,188	24,494	-8,557	-18,077	10,254	-5,994	-2,671	-1,786	921	1,824	-798	632	1,728	-2,386	723	-2,636	1,338	-637	-2,653	-451	211	-193	489	-2,734	-564	-1,258	-170	-1,095	-455	1,261	-669	1	1,094	-378	-385	-407	-437	-2,714	1,740	4,444	11,056	6,762	5,669	9,924	34,448	14,994	8,468	9,220	47,569	1,600	5,937	8,820	1,651	2,563	2,126	807	623	1,401	1,551	1,247	1,124	839	872	725	950	1,065	1,190	1,166	916	1,305	633	625	980	759	682	311	628	455	730	350	489	370	635	585	400	700	500	400	152,570	-38,510	-46,150	0
Sale Purchase Of Stock	151,304	-231	245	227	226	230	224	268	-1,582	-8,947	-7,313	-3,538	-309	218	670,920	-6,282	-73	-3,509	16,516	-3,601	-5,224	197	19,286	232	189	129,596	126,816	-62,885	30,274	406	-474	-11,288	-539	-6,113	-7,126	-1,984	185	254	75	0	289	0	27	25	80	-28,303	11	27	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	14,300	0	0
Stock Based Compensation	879	824	828	853	979	790	797	811	2,059	448	634	643	223	736	741	625	732	711	744	744	647	627	539	597	550	496	459	476	558	285	286	330	159	166	147	212	350	13	233	118	119	118	118	118	40	5	5	4	-5	22	22	22	-103	126	126	126	145	156	155	155	0	155,000	155,000	155,000	0	84,000	85,000	84,000	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
Total Cash From Financing Activities	70,726	73,472	218,645	237	-172,308	-61,290	-127,939	-81,714	283,466	190,526	40,412	265,684	-3,717	94,988	646,874	15,059	-92,146	114,545	2,670	181,379	34,449	3,069	-13,989	467	26,874	101,785	114,171	-73,518	17,482	57,535	66,759	13,888	15,725	-6,754	-5,387	-26,232	21,602	-22,607	-34,617	-17,782	346	77,567	-43,846	-39,193	31,689	1,709	-23,492	-34,026	-71,917	-64,462	-45,291	-56,384	-172,309	14,681	-100,640	-550	-70,141	-44,720	-159,260	36,260	-2,892	43,528	53,780	132	13,506	-1,064	12,929	16,139	32,578	49,341	66,266	55,201	35,240	81,803	37,081	124,416	54,973	91,001	82,596	88,264	45,545	116,793	64,627	43,747	49,222	84,754	52,370	27,845	52,056	26,883	57,790	46,132	34,438	32,785	29,091	40,183	35,800	37,900	29,700	45,000	37,640	38,450	46,770	70,130
Total Cash From Operating Activities	-352	36,445	19,402	18,065	37,069	32,796	22,109	27,888	45,404	-3,010	23,600	-1,421	21,571	28,695	-2,611	-9,778	24,634	6,216	11,472	2,445	26,845	13,539	8,308	13,045	13,902	9,064	8,077	7,622	12,443	6,352	5,740	10,067	10,437	10,462	7,299	7,806	9,976	8,489	-4,553	502	6,539	5,517	13,152	3,299	9,817	-764	5,034	2,934	6,863	622	7,334	7,687	13,297	1,231	7,741	7,333	-13,218	1,948	-523	3,018	6,596	395	4,431	2,213	4,469	4,743	3,872	7,630	11,204	5,901	7,295	5,352	8,217	6,508	6,505	3,812	6,787	4,423	4,091	3,046	4,232	3,487	2,709	3,179	13,489	-6,643	840	2,330	766	1,079	-2,665	1,323	1,715	2,638	2,066	1,627	1,100	500	800	700	570	580	20	-750
Total Cashflows From Investing Activities	0	0	-88,189	-57,136	-52,003	-166,597	-185,269	-151,130	-179,071	-121,686	43,175	-237,925	53,561	-40,319	-409,755	-2,293	72,705	-42,648	-78,611	-44,284	-65,957	-62,331	-79,736	-2,456	-17,726	-35,407	-73,615	-64,724	11,941	-29,140	-66,697	-12,665	-40,120	-38,290	-12,271	-5,522	8,908	27,517	48,076	-19,738	14,162	-15,143	-26,106	14,668	-9,498	20,584	15,916	39,728	227,722	211,999	149,455	61,387	271,679	220,465	144,264	67,915	242,567	204,148	133,603	72,204	0	0	0	665	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

Income Statement

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31
Cost Of Revenue	0	0	0	0	0	22,999	18,745	15,490	10,154	8,340	3,586	10,116	26,732	63,594	112,576	96,063	99,694	81,448	50,628	31,269	27,147	26,980	30,571	26,415	0	0
Depreciation And Amortization	11,496	12,945	13,678	9,425	9,553	9,766	10,358	9,576	11,654	7,613	2,208	2,238	2,200	2,440	2,577	2,762	3,080	2,887	2,555	1,699	1,948	1,366	651	590	500	270
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
Ebit	0	99,385	73,716	54,848	60,460	73,721	61,878	59,477	49,985	36,536	35,911	31,387	29,956	18,431	6,979	65,028	100,625	104,484	72,884	45,452	37,148	34,902	34,674	28,658	15,800	4,520
Ebitda	11,496	112,330	87,394	64,273	70,013	83,487	72,236	69,053	61,639	44,149	38,119	33,625	32,156	20,871	9,556	67,790	103,705	107,371	75,439	47,151	39,096	36,268	35,325	29,248	16,300	4,790
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
Extraordinary Items	0	0	0	0	0	0	-1,336	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Gross Profit	303,501	190,321	179,224	167,418	151,490	139,092	128,749	126,905	117,212	87,806	54,328	54,695	58,519	65,593	58,891	53,491	61,427	66,848	60,953	46,729	35,672	26,707	18,297	13,467	10,200	3,060
Income Before Tax	102,699	75,790	73,716	54,848	60,460	51,822	46,083	46,887	38,831	25,196	25,125	18,171	10,124	-13,363	-46,597	-9,835	12,001	28,811	26,046	18,857	13,801	10,924	6,473	4,098	2,400	-1,109
Income Tax Expense	20,482	14,727	14,695	10,710	11,004	9,798	14,809	14,974	11,811	7,865	8,092	5,636	-27,361	-47	5,490	-4,876	3,035	8,964	8,145	5,136	3,785	3,167	1,990	1,303	300	0
Interest Expense	22,369	23,595	19,432	26,067	33,803	21,899	15,795	12,590	11,154	11,340	10,786	13,216	19,832	31,794	53,576	74,863	88,624	75,673	46,838	26,595	23,347	23,978	28,201	24,560	13,400	5,629
Interest Income	255,834	181,839	143,494	148,313	158,337	141,981	125,543	118,457	112,328	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	82,217	61,063	59,021	44,138	49,456	42,024	31,274	31,913	27,020	17,331	17,033	12,535	37,485	-13,316	-52,087	-4,959	8,966	19,847	17,901	13,721	10,016	7,757	4,483	2,795	2,100	-1,109
Net Income Applicable To Common Shares	0	61,063	59,021	44,138	49,456	42,024	31,274	31,913	27,020	17,331	17,033	11,505	36,142	0	0	0	8,966	19,847	17,901	13,721	10,016	7,757	4,483	2,795	0	0
Net Income From Continuing Ops	83,990	61,063	59,021	44,138	49,456	42,024	31,274	31,913	38,831	25,196	25,125	18,171	10,124	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Interest Income	195,554	158,244	124,062	122,246	124,534	120,082	109,748	105,867	101,174	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	-3,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Recurring	0	0	0	0	0	0	0	0	0	5,447	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	269,627	99,385	73,716	54,848	60,460	73,721	61,878	59,477	49,985	36,536	35,911	31,387	29,956	18,431	6,979	65,028	100,625	104,484	72,884	45,452	37,148	34,902	34,674	28,658	15,800	4,520
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
Other Operating Expenses	200,802	90,936	105,508	112,570	91,030	65,371	66,871	67,428	67,227	51,270	18,417	23,308	28,563	47,162	51,912	11,537	39,198	37,636	11,931	1,277	1,476	8,195	16,377	15,191	5,600	1,460
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	1,030	1,343	0	0	0	0	0	0	0	0	0	0	0	0	0
Reconciled Depreciation	11,947	12,945	13,678	9,425	9,553	9,766	10,358	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling And Marketing Expenses	1,565	1,445	1,175	1,292	1,446	1,648	1,608	1,586	1,363	1,315	1,113	1,167	747	906	650	559	585	600	554	465	325	300	248	197	200	0
Selling General Administrative	71,059	77,483	77,551	70,239	63,068	59,467	54,579	52,699	52,007	34,885	21,091	26,429	23,453	25,265	22,857	22,493	22,876	18,983	18,635	13,956	11,371	7,771	5,712	4,274	3,300	0
Tax Provision	20,371	14,727	14,695	10,710	11,004	9,798	14,809	14,974	11,811	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Operating Expenses	33,874	-90,936	-105,508	-112,570	-91,030	-65,371	-66,871	-67,428	-67,227	-51,270	-18,417	-23,308	-28,563	-47,162	-51,912	11,537	39,198	37,636	11,931	-1,277	1,476	8,195	16,377	15,191	5,600	1,460
Total Other Income Expense Net	102,699	-23,595	73,716	54,848	60,460	-21,899	-15,795	-12,590	-11,154	-11,340	-10,786	-13,216	-19,832	-31,794	-53,576	-74,863	-88,624	-75,673	-46,838	-26,595	-23,347	-23,978	-28,201	-24,560	-13,400	-5,629
Total Revenue	303,501	190,321	179,224	167,418	151,490	139,092	128,749	126,905	117,212	87,806	54,328	54,695	58,519	65,593	58,891	53,491	61,427	66,848	60,953	46,729	35,672	26,707	18,297	13,467	10,200	3,060

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30	2001-03-31	2000-12-31	2000-09-30	2000-06-30	2000-03-31	1999-12-31	1999-09-30	1999-06-30	1999-03-31	1998-12-31	1998-09-30	1998-06-30	1998-03-31
Cost Of Revenue	0	-12,946	-65,862,804	5,150	0	0	0	0	-1	0	0	0	0	0	0	0	-1	0	0	0	-1	6,046	5,794	4,782	5,100	5,390	4,460	3,795	1	3,855	4,147	3,607	3,417	2,375	2,022	2,340	2,974	2,511	2,231	624	179	972	1,180	1,255	3,229	2,784	419	3,684	5,971	5,849	7,002	7,910	13,636	18,200	14,475	17,283	35,918	24,126	25,916	26,616	21,629	20,015	24,747	29,672	27,118	25,529	24,486	22,561	23,145	21,478	19,600	17,225	15,628	13,587	11,638	9,775	8,637	8,163	7,360	7,109	6,709	7,189	6,779	6,518	7,012	6,916	6,586	6,466	7,051	7,633	8,044	7,843	7,581	6,978	6,204	5,652	0	0	0	0	2,040	1,710	1,300	580
Depreciation And Amortization	2,639	2,927	43,690,266	3,049	3,090	3,163	3,234	3,458	3,478	3,445	3,298	3,457	3,163	2,877	2,403	982	2,556	2,274	2,545	2,178	2,421	2,417	2,445	2,483	2,538	2,468	2,804	2,548	2,846	2,455	1,508	2,767	3,058	3,008	2,755	2,833	2,879	2,767	1,455	512	579	543	533	553	569	581	578	510	506	545	574	575	565	569	691	615	405	700	758	714	757	790	689	526	790	802	827	661	527	781	794	785	753	728	584	490	446	405	436	412	446	535	516	451	442	315	308	301	283	166	140	62	151	143	148	148	200	100	100	100	90	70	70	40
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebit	22,570	23,060	43,734	35,188	34,492	25,726	19,849	19,317	19,733	23,346	27,238	22,831	23,512	19,278	17,332	20,794	24,241	24,265	23,166	22,589	20,607	18,144	16,755	18,215	16,957	16,429	14,313	14,179	15,326	14,727	13,918	15,507	12,025	13,585	11,934	12,442	11,884	11,458	5,404	7,787	10,380	8,128	8,451	8,952	7,248	7,040	9,266	7,833	7,033	7,773	8,020	7,130	3,846	1,724	7,050	5,810	-10,053	3,286	4,865	8,881	17,445	19,247	13,920	14,416	21,918	25,917	25,116	27,674	28,224	27,659	25,490	23,111	21,146	18,879	17,519	15,340	13,597	11,360	10,501	9,994	9,919	8,769	9,462	8,998	9,195	9,086	8,337	8,284	8,427	9,120	8,384	8,742	8,314	7,768	6,784	5,792	5,000	4,300	3,600	3,000	2,250	1,830	1,000	-560
Ebitda	25,209	25,987	43,734,000	38,237	37,582	28,889	23,083	22,775	23,211	26,791	30,536	26,288	26,675	22,155	19,735	21,776	26,797	26,539	25,711	24,767	23,028	20,561	19,200	20,698	19,495	18,897	17,117	16,727	18,172	17,182	15,426	18,274	15,083	16,593	14,689	15,275	14,763	14,225	6,859	8,299	10,959	8,671	8,984	9,505	7,817	7,621	9,844	8,343	7,539	8,318	8,594	7,705	4,411	2,293	7,741	6,425	-9,648	3,986	5,623	9,595	18,202	20,037	14,609	14,942	22,708	26,719	25,943	28,335	28,751	28,440	26,284	23,896	21,899	19,607	18,103	15,830	14,043	11,765	10,937	10,406	10,365	9,304	9,978	9,449	9,637	9,401	8,645	8,585	8,711	9,286	8,524	8,804	8,465	7,912	6,932	5,940	5,200	4,400	3,700	3,100	2,340	1,900	1,070	-520
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Extraordinary Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Gross Profit	73,803	71,153	65,918,000	50,185	58,462	49,629	42,067	40,162	45,167	46,692	44,369	42,996	46,182	42,816	41,555	36,867	38,480	38,281	37,450	37,277	36,189	34,548	33,775	34,580	32,905	33,249	31,235	31,360	31,038	31,734	31,164	32,968	29,705	29,902	29,062	28,543	28,506	28,888	17,841	12,570	14,286	13,677	13,084	13,281	13,800	13,641	13,451	13,803	14,358	14,099	14,861	15,201	15,992	16,224	16,417	16,961	16,484	14,898	14,017	13,492	14,323	13,545	12,350	13,273	14,608	15,557	15,369	15,892	16,676	16,909	16,921	16,342	16,860	15,402	14,826	13,865	13,188	12,012	11,001	10,528	10,039	9,116	8,746	7,771	7,607	7,201	6,296	5,603	5,572	4,790	4,063	3,871	3,630	3,547	3,270	3,021	2,700	2,900	2,500	2,100	1,910	1,540	970	610
Income Before Tax	25,209	25,987	25,367	26,136	26,871	19,973	14,625	14,320	15,219	18,582	22,335	17,579	17,741	13,193	10,739	13,177	15,845	15,554	14,463	14,597	14,230	12,498	11,661	13,433	12,457	12,039	10,603	10,984	12,045	11,471	10,871	12,500	9,108	10,709	9,312	9,702	8,910	8,547	2,475	5,263	7,701	5,455	5,771	6,197	4,320	3,856	5,847	4,149	2,962	3,024	2,718	1,420	-2,990	-6,075	-1,225	-3,073	-20,671	-9,040	-9,551	-7,335	-184	1,132	-4,627	-6,156	-300	3,188	2,980	6,133	6,779	7,531	7,390	7,111	6,788	6,187	6,781	6,290	5,960	4,397	4,371	4,129	4,172	2,972	3,540	3,117	3,163	3,050	2,433	2,278	2,111	1,943	1,071	1,348	1,273	1,160	939	725	700	800	600	0	210	120	-300	-1,140
Income Tax Expense	5,179	5,132	5,010	5,162	5,068	3,943	2,888	2,828	3,580	3,531	4,244	3,340	3,659	2,507	2,041	2,504	2,528	2,954	2,748	2,773	2,657	2,375	2,215	2,552	4,478	3,702	3,260	3,369	3,960	3,626	3,437	3,951	2,628	3,373	2,754	3,056	2,617	2,600	966	1,683	2,538	2,002	1,755	1,797	1,271	1,240	1,856	1,269	-27,361	0	0	1,963	1,963	-718	-862	-430	15,416	-3,754	-3,326	-2,846	-496	53	-2,015	-2,418	-395	821	759	1,850	2,174	2,329	2,279	2,182	2,239	1,887	2,091	1,928	1,472	1,283	1,225	1,156	1,157	744	1,000	884	882	894	717	674	658	605	294	433	393	382	303	225	0	200	100	2,600	2,040	1,710	1,300	580
Interest Expense	25,154	22,192	18,367	12,101	7,621	5,753	5,224	4,997	4,512	4,764	4,903	5,252	5,771	6,085	6,593	7,617	8,396	8,711	8,703	7,992	6,377	5,646	5,094	4,782	4,500	4,390	3,710	3,195	3,280	3,256	3,047	3,007	2,917	2,876	2,622	2,740	2,974	2,911	2,929	2,524	2,678	2,673	2,680	2,755	2,929	3,184	3,419	3,684	4,071	4,749	5,302	5,710	6,836	7,799	8,275	8,883	10,618	12,326	14,416	16,216	17,629	18,115	18,547	20,572	22,218	22,729	22,136	21,541	21,445	20,128	18,100	16,000	14,358	12,692	10,738	9,050	7,637	6,963	6,130	5,865	5,747	5,797	5,922	5,881	6,032	6,036	5,904	6,006	6,316	7,178	7,314	7,394	7,041	6,608	5,844	5,067	4,300	3,500	3,000	2,600	2,040	1,710	1,300	580
Interest Income	73,802	71,153	65,918	60,485	58,278	48,129	39,550	35,882	37,046	35,888	35,774	34,785	37,620	35,594	37,164	37,934	39,564	40,316	39,819	38,637	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	20,030	20,855	20,357	20,974	21,803	16,030	11,737	11,492	11,639	15,051	18,091	14,239	14,082	10,686	8,698	10,673	13,317	12,600	11,715	11,824	11,573	10,123	9,446	10,881	7,979	8,337	7,343	7,615	8,085	7,845	7,434	8,549	6,480	7,336	6,558	6,646	6,293	5,947	1,509	3,580	5,163	3,453	4,016	4,400	3,049	2,616	3,991	2,880	30,323	3,024	2,718	1,420	-4,953	-5,357	-363	-2,643	-36,087	-5,286	-6,225	-4,489	312	1,079	-2,612	-3,738	95	2,367	2,221	4,283	4,605	5,202	5,111	4,929	4,549	4,300	4,690	4,362	4,488	3,114	3,146	2,973	3,015	2,228	2,540	2,233	2,281	2,156	1,716	1,604	1,453	1,338	777	915	880	778	636	500	700	600	500	400	210	120	-300	-1,140
Net Income Applicable To Common Shares	0	20,855	20,357	20,974	21,804	16,030	11,737	11,492	11,639	15,051	18,091	14,239	14,081	10,686	8,698	10,673	13,317	12,600	11,715	11,824	11,574	10,123	9,446	10,881	7,979	8,337	7,343	7,615	8,085	7,845	7,434	8,549	6,480	7,336	6,558	6,646	6,295	5,947	1,509	3,580	5,164	3,453	4,016	4,400	3,049	2,616	3,288	2,552	29,991	2,682	2,381	1,088	0	0	0	0	0	0	0	0	312	1,079	0	0	95	2,367	2,221	4,283	4,605	5,202	5,111	4,929	4,549	4,300	4,690	4,362	4,488	3,114	3,146	2,973	3,015	2,228	2,540	2,233	2,281	2,156	1,716	1,604	1,453	1,338	777	915	880	778	637	500	0	0	0	0	0	0	0	0
Net Income From Continuing Ops	20,030	20,855	20,357	20,974	21,803	16,030	11,737	11,492	11,639	15,051	18,091	14,239	14,081	10,686	8,698	10,673	13,317	12,600	11,715	11,824	11,574	10,123	9,446	10,881	7,979	8,337	7,343	7,615	-2,929	11,471	10,871	12,500	9,108	10,709	9,312	9,702	8,911	8,547	2,475	5,263	7,702	5,455	5,771	6,197	4,319	3,856	5,847	4,149	0	3,024	2,718	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	48,648	48,961	47,551	48,384	50,657	42,376	34,326	30,885	32,534	31,124	30,871	29,533	31,849	29,509	30,571	30,317	31,168	31,605	31,116	30,645	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-400	-3,000	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
Non Recurring	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	5,447	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	25,209	25,987	43,734	35,188	34,492	25,726	19,849	19,317	19,733	23,346	27,238	22,831	23,512	19,278	17,332	20,794	24,241	24,265	23,166	22,589	20,607	18,144	16,755	18,215	-136,502	16,429	14,313	14,179	15,326	14,727	13,918	15,507	12,025	13,585	11,934	12,442	11,884	11,458	5,404	7,787	10,380	8,128	8,451	8,952	7,248	7,040	9,266	7,833	7,033	7,773	8,020	7,130	3,846	1,724	7,050	5,810	-10,053	3,286	4,865	8,881	17,445	19,247	13,920	14,416	21,918	25,917	25,116	27,674	28,224	27,659	25,490	23,111	21,146	18,879	17,519	15,340	13,597	11,360	10,501	9,994	9,919	8,769	9,462	8,998	9,195	9,086	8,337	8,284	8,427	9,120	8,384	8,742	8,314	7,768	6,784	5,792	5,000	4,300	3,600	3,000	210	120	-300	-1,140
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Operating Expenses	48,594	45,166	65,862,804	40,338	57,045	23,903	22,218	20,845	25,435	23,346	17,131	20,165	22,670	23,538	24,223	16,073	1	14,016	14,284	14,688	1	16,404	17,020	16,365	40,658	16,820	16,922	17,181	1	17,007	17,246	17,461	17,680	16,317	17,128	16,101	16,622	17,430	12,437	4,783	3,906	5,549	4,633	4,329	6,552	6,601	4,185	5,970	7,325	6,326	6,841	8,071	12,146	14,500	9,367	11,151	26,537	11,612	9,152	4,611	3,122	5,702	1,570	1,143	7,310	10,360	9,747	11,782	11,548	10,750	8,569	6,769	4,286	3,477	2,693	1,475	409	652	500	534	120	347	716	1,227	1,588	1,885	2,041	2,681	2,855	4,330	4,321	4,871	4,684	4,221	3,514	2,771	2,300	1,400	1,100	900	5,770	4,840	3,870	2,920
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	-1	0	703	328	0	342	337	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	2,639	2,927	2,881	3,049	3,090	3,163	3,234	3,458	3,478	3,445	3,298	3,457	3,163	2,877	2,403	982	2,556	2,274	2,545	2,178	2,421	2,417	2,445	2,483	2,538	2,468	2,804	2,548	2,846	2,455	1,508	2,767	3,058	3,008	2,755	2,833	2,879	2,767	1,455	512	579	543	533	553	569	581	578	510	506	545	574	575	565	569	691	615	405	700	758	714	757	790	689	526	790	802	827	661	527	781	794	785	753	728	584	490	446	405	436	412	446	535	516	451	442	315	308	301	283	166	140	62	151	143	148	148	200	100	100	100	90	70	70	40
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling And Marketing Expenses	1,565	0	0	0	1,445	0	0	0	1,175	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	747	0	0	0	906	0	0	0	650	0	0	0	559	0	0	0	585	0	0	0	600	0	0	0	554	0	0	0	465	0	0	0	325	0	0	0	300	0	0	0	248	0	0	0	197	0	0	0	200	0	0	0	2,040	1,710	1,300	580
Selling General Administrative	20,658	17,258	16,461	16,682	20,438	19,795	18,767	18,483	22,159	18,721	18,969	17,703	18,058	19,410	16,759	16,011	16,232	16,022	15,581	15,231	15,025	15,082	14,894	14,465	13,920	13,957	13,208	13,493	12,683	13,500	13,136	13,379	13,190	13,058	13,429	12,331	10,759	11,016	7,261	5,407	5,393	5,813	5,435	5,233	6,210	5,143	5,151	4,995	7,808	5,275	5,083	5,287	7,941	5,746	5,726	5,851	3,610	6,018	7,043	6,186	5,462	5,584	5,673	5,774	5,546	5,425	6,521	5,384	4,804	4,731	4,683	4,765	5,088	4,983	4,405	4,159	3,574	3,589	3,510	3,283	3,086	3,029	2,759	2,497	2,123	2,020	1,950	1,678	1,599	1,467	1,402	1,244	1,042	1,168	1,126	938	1,000	900	800	700	1,690	1,420	1,270	1,760
Tax Provision	5,179	5,132	5,010	5,162	5,068	3,943	2,888	2,828	3,580	3,531	4,244	3,340	3,659	2,507	2,041	2,504	2,528	2,954	2,748	2,773	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-48,594	-45,166	-65,874,266	40,338	57,045	-23,903	-22,218	-20,845	-25,434	-23,346	-17,131	-20,165	-22,670	-23,538	-24,223	-16,073	-14,240	-14,016	-14,284	-14,688	-15,582	-16,404	-17,020	-16,365	40,658	-16,820	-16,922	-17,181	-15,712	-17,007	-17,246	-17,461	-17,680	-16,317	-17,128	-16,101	-16,622	-17,430	-12,437	-4,783	-3,906	-5,549	-4,633	-4,329	-6,552	-6,601	-4,185	-5,970	-7,325	-6,326	-6,841	-8,071	-12,146	-14,500	-9,367	-11,151	-26,537	-11,612	-9,152	-4,611	3,122	5,702	1,570	1,143	7,310	10,360	9,747	11,782	11,548	10,750	8,569	6,769	4,286	3,477	2,693	1,475	409	-652	-500	-534	-120	-347	716	1,227	1,588	1,885	2,041	2,681	2,855	4,330	4,321	4,871	4,684	4,221	3,514	2,771	2,300	1,400	1,100	900	3,730	3,130	2,570	2,340
Total Other Income Expense Net	25,209	25,987	-18,367	-9,052	-7,621	-5,753	-5,224	-4,997	-4,513	-4,764	-4,903	-5,252	-5,771	-6,085	-6,593	-7,617	-8,396	-8,711	-8,703	-7,992	-6,377	-5,646	-5,094	-4,782	102,876	-4,390	-3,710	-3,195	-3,281	-3,256	-3,047	-3,007	-2,917	-2,876	-2,622	-2,740	-2,974	-2,911	-2,929	-2,524	-2,679	-2,673	-2,680	-2,755	-2,928	-3,184	-3,419	-3,684	-4,071	-4,749	-5,302	-5,710	-6,836	-7,799	-8,275	-8,883	-10,618	-12,326	-14,416	-16,216	-17,629	-18,115	-18,547	-20,572	-22,218	-22,729	-22,136	-21,541	-21,445	-20,128	-18,100	-16,000	-14,358	-12,692	-10,738	-9,050	-7,637	-6,963	-6,130	-5,865	-5,747	-5,797	-5,922	-5,881	-6,032	-6,036	-5,904	-6,006	-6,316	-7,178	-7,314	-7,394	-7,041	-6,608	-5,844	-5,067	-4,300	-3,500	-3,000	0	0	0	0	0
Total Revenue	73,803	58,207	55,196	55,335	58,462	49,629	42,067	40,162	45,166	46,692	44,369	42,996	46,182	42,816	41,555	36,867	38,480	38,281	37,450	37,277	36,188	34,548	33,775	34,580	32,905	33,249	31,235	31,360	31,039	31,734	31,164	32,968	29,705	29,902	29,062	28,543	28,506	28,888	17,841	12,570	14,286	13,677	13,084	13,281	13,800	13,641	13,451	13,803	14,358	14,099	14,861	15,201	15,992	16,224	16,417	16,961	16,484	14,898	14,017	13,492	14,323	13,545	12,350	13,273	14,608	15,557	15,369	15,892	16,676	16,909	16,921	16,342	16,860	15,402	14,826	13,865	13,188	12,012	11,001	10,528	10,039	9,116	8,746	7,771	7,607	7,201	6,296	5,603	5,572	4,790	4,063	3,871	3,630	3,547	3,270	3,021	2,700	2,900	2,500	2,100	1,910	1,540	970	610

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

Gross Profit (+$)
totalRevenue	303,501
Cost of Revenue	-0
Gross Profit	303,501	303,501

Operating Income (+$)
Gross Profit	303,501
Operating Expense	-33,874
Operating Income	269,627	269,627

Operating Expense (+$)
Research Development	0
Selling General Administrative	71,059
Selling And Marketing Expenses	1,565
Operating Expense	33,874	72,624

Net Interest Income (+$)
Interest Income	255,834
Interest Expense	-22,369
Other Finance Cost	-37,911
Net Interest Income	195,554

Pretax Income (+$)
Operating Income	269,627
Net Interest Income	195,554
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	102,699	166,928 EBIT - interestExpense = -22,369 102,699 104,586
Interest Expense	22,369
Earnings Before Interest and Taxes (EBIT)	0	125,068
Earnings Before Interest and Taxes (EBITDA)	11,496

After tax Income (+$)
Income Before Tax	102,699
Tax Provision	-20,371
Net Income From Continuing Ops	83,990	82,328
Net Income	82,217
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	200,802
Total Other Income/Expenses Net	102,699	-195,554

Technical Analysis of Mercantile Bank Corporation
The psychology behind the price

Technical indicators reflecting market sentiment and the collective psychology of you and other traders. Your emotions and other traders' emotions, such as fear and greed, play a significant role in driving price movements.

General trend

First of all, I'm going to put something in the back of your mind. One of the most stable factors that gives you more confidence as a trader: the general trend of Mercantile Bank Corporation. The general trend of Mercantile Bank Corporation is BULLISH with 14.3% 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 Mercantile Bank Corporation's overall trend. For convenience I use the most commonly used moving averages: 20, 50, 100 & 200. Of course you can use other moving averages or other indicators to determine the trend.

Indicator phases

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

Indicator zone transitions	Bullish trend (14.3%)		Bearish trend (-14.3%)
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 Mercantile Bank Corporation.

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

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

The bullish price targets are: 38.52 < 38.54 < 39.70.

The bearish price targets are: 33.46 > 33.09 > 32.68.

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Mercantile Bank Corporation Daily Support & Resistance Chart

2. Trend Indicators

2.1 Moving Averages

Shows the moving average of the selected period.

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

Score

Let's take a look at the Moving Averages of Mercantile Bank Corporation. The current mas is .

The long score for the Moving Averages is 8/14.
The longshort score for the Moving Averages is 2/(-14 +14).

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

Mercantile Bank Corporation Daily Moving Averages Chart

2.2 Moving Average Convergence/Divergence (MACD)

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

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

Score

Let's take a look at the Moving Average Convergence/Divergence (MACD) of Mercantile Bank Corporation. The current macd is -0.19494266.

The long score for the Moving Average Convergence/Divergence (MACD) is 3/4.
The longshort score for the Moving Average Convergence/Divergence (MACD) is 2/(-4 +4).

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

Mercantile Bank Corporation Daily Moving Average Convergence/Divergence (MACD) Chart

2.3 Directional Movement Index (DMI)

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

Score

Let's take a look at the Directional Movement Index (DMI) of Mercantile Bank Corporation. The current adx is 12.10.

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

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

Mercantile Bank Corporation Daily Directional Movement Index (DMI) Chart

2.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

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

Score

Let's take a look at the Parabolic SAR of Mercantile Bank Corporation. The current sar is 33.81.

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

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

Mercantile Bank Corporation Daily Parabolic SAR Chart

3. Momentum Indicators

3.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

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

Score

Let's take a look at the Relative Strength Index (RSI) of Mercantile Bank Corporation. The current rsi is 51.11. The current phase is Continuation in bull market.

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

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

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

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

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

Original usage

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

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

How you can use RSI (Divergence)

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

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

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

Source: Tradingview.com

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

Use tradingview to add indicators

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

Tradingview

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

View tool on Tradingview.com

RSI divergence

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

There are four types of divergences:

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

Regular bullish divergence

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

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

Source: Tradingview.com

Regular bearish divergence

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

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

Source: Tradingview.com

Hidden bullish divergence

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

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

Source: Tradingview.com

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

Hidden bearish divergence

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

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

Source: Tradingview.com

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

Mercantile Bank Corporation Daily Relative Strength Index (RSI) Chart

3.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

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

Score

Let's take a look at the Stochastic Oscillator of Mercantile Bank Corporation. The current phase is Continuation in bull market.

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

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

Mercantile Bank Corporation Daily Stochastic Oscillator Chart

3.3 Commodity Channel Index (CCI)

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

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

Score

Let's take a look at the Commodity Channel Index (CCI) of Mercantile Bank Corporation. The current cci is 11.31.

Mercantile Bank Corporation Daily Commodity Channel Index (CCI) Chart

3.4 Chande Momentum Oscillator (CMO)

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

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

Score

Let's take a look at the Chande Momentum Oscillator (CMO) of Mercantile Bank Corporation. The current cmo is 7.53965381.

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

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

Mercantile Bank Corporation Daily Chande Momentum Oscillator (CMO) Chart

3.5 Williams %R

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

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

Score

Let's take a look at the Williams %R of Mercantile Bank Corporation. The current willr is -24.43890274.

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 Mercantile Bank Corporation is trading in a neutral price range, neither oversold nor overbought, suggesting a balanced market condition without any extreme price signals.

Mercantile Bank Corporation Daily Williams %R Chart

4. Volatility Indicators

4.1 Bollinger Bands

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

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

Score

Let's take a look at the Bollinger Bands of Mercantile Bank Corporation.

Mercantile Bank Corporation Daily Bollinger Bands Chart

4.2 Average True Range (ATR)

Measures market volatility

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

Score

Let's take a look at the Average True Range (ATR) of Mercantile Bank Corporation. The current atr is 1.02887521.

Mercantile Bank Corporation Daily Average True Range (ATR) Chart

5. Volume Indicators

5.1 On-Balance Volume (OBV)

Measures market volatility

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

Score

Let's take a look at the On-Balance Volume (OBV) of Mercantile Bank Corporation. The current obv is 1,350,318.

Mercantile Bank Corporation Daily On-Balance Volume (OBV) Chart

5.2 Money Flow Index (MFI)

Measures the flow of money in and out of a security

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

Score

Let's take a look at the Money Flow Index (MFI) of Mercantile Bank Corporation. The current mfi is 55.62.

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

MFI > 50: +1

Mercantile Bank Corporation Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for Mercantile Bank Corporation.

6.2. Trading Signals

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

Date	Indicator	Signal
2023-12-04	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2023-12-05	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-06	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-11	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-12	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
2023-12-13	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-14	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-20	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-22	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-28	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-29	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
2024-01-02	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-01-03	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-04	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-05	CMO	LONG ENTRY	SHORT CLOSE	Zero line 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.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-11	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.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-01-12	STOCH	LONG EXIT		The %K line crosses below the %D line.
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-01-16	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-19	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-01-22	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-01-23	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-24	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-01-25	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-26	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-29	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-01-31	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-01	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2024-02-05	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2024-02-06	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-02-07	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-02-08	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-13	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	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.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-16	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-02-20	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2024-02-21	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-22	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-23	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-26	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-02-28	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-02-29	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-01	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-03-04	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.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-03-06	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-03-08	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-11	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-12	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-03-13	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-03-14	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-03-15	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-18	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-20	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-03-21	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
2024-03-22	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-25	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-26	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2024-03-27	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.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-03-28	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-04-01	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-02	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-04-04	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.
2024-04-08	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-04-10	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to 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).
2024-04-12	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-15	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-04-16	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).
2024-04-18	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-19	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-04-22	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
2024-04-23	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-04-25	STOCH	LONG EXIT		The %K line crosses below the %D line.

6.3. Candlestick Patterns

Mercantile Bank Corporation Daily Candlestick Chart

Date	Candlestick Pattern

6.4. Technical Score

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

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	51.110
Ma 20	Greater than	Ma 50	36.264
Ma 50	Greater than	Ma 100	36.718
Ma 100	Greater than	Ma 200	37.953
Open	Greater than	Close	36.480
Total			2/5 (40.0%)

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Quick analysis of Mercantile Bank Corporation (30 sec.)

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

How much money do you get?

What is your share worth?

+ What do you gain per year?

For what price can you sell your share?

1. Valuation of Mercantile Bank Corporation (5 min.)

$36.49

$32.39

$-47.70 - $31.32

$-15.32 - $63.71

2. Growth of Mercantile Bank Corporation (5 min.)

Is Mercantile Bank Corporation growing?

How much money is Mercantile Bank Corporation making?

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

3. Financial Health of Mercantile Bank Corporation (5 min.)

4. Comparing to competitors in the Banks - Regional industry (5 min.)

Industry Rankings (Banks - Regional)

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

What can you expect buying and holding a share of Mercantile Bank Corporation?

Speculation

Investing

How much money are you going to get?

When do you get the money?

How sure are you?

Linear %

Fundamentals of Mercantile Bank Corporation

About Mercantile Bank Corporation

Financial Health

Valuation

1.1. Profitability of Mercantile Bank Corporation.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Banks - Regional)

1.1.2. Return on Assets

Trends

Compared to industry (Banks - Regional)

1.1.3. Return on Equity

Trends

Compared to industry (Banks - Regional)

1.2. Operating Efficiency of Mercantile Bank Corporation.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

1.2.2. Operating Ratio

Trends

1.3. Liquidity of Mercantile Bank Corporation.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Banks - Regional)

1.3.2. Quick Ratio

Trends

1.4. Solvency of Mercantile Bank Corporation.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Banks - Regional)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Banks - Regional)

2. Market Valuation of Mercantile Bank Corporation

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Banks - Regional)

Mercantile Bank Corporation
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