Macatawa Bank Corporation
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Penke I guess you are interested in Macatawa 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 Macatawa 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 Macatawa Bank Corporation (30 sec.)

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

How much money do you get?

$0.33

When do you have the money?

1 year

How often do you get paid?

100.0%

What is your share worth?

Current worth

$3.93

Expected worth in 1 year

$0.66

How sure are you?

90.0%

+ What do you gain per year?

Total Gains per Share

$-2.93

Return On Investment

-20.6%

For what price can you sell your share?

Current Price per Share

$14.28

Expected price per share

$10.49 - $

How sure are you?

50%

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

Live pricePrice per Share (EOD)

$14.28

Book Value per Share

$3.93

Intrinsic Value Per Share

$10.42 - $16.26

Total Value Per Share

$14.35 - $20.18

My calculation of the intrinsic value of Macatawa 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: ($0.19) 3Y: ($0.27) TTM: ($0.32)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($0.01) 3Y: ($0.01) TTM: ($-0.01)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$0.82	$1.17	$0.90 - $1.25
2	$1.71	$2.46	$1.03 - $1.42
3	$2.67	$3.86	$1.17 - $1.58
4	$3.68	$5.37	$1.30 - $1.74
5	$4.73	$6.98	$1.43 - $1.90
6	$5.83	$8.68	$1.57 - $2.07
7	$6.95	$10.46	$1.70 - $2.23
8	$8.09	$12.32	$1.83 - $2.39
9	$9.25	$14.26	$1.97 - $2.56
10	$10.42	$16.26	$2.10 - $2.72

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

Is Macatawa Bank Corporation growing?

	Current year	Previous year	Grow	Grow %
How rich?	$134.9m	$243m	$1.7b	88.0%

How much money is Macatawa Bank Corporation making?

	Current year	Previous year	Grow	Grow %
Making money	$10.8m	$8.6m	$2.1m	19.7%
Net Profit Margin	37.9%	49.6%	-	-

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

Quarterly Yearly

3. Financial Health of Macatawa 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 Macatawa Bank Corporation? (5 min.)

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

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

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

Speculation

The Price per Share of Macatawa Bank Corporation is $14.28. 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 Macatawa 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 Macatawa 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 $3.93. Based on the TTM, the Book Value Change Per Share is $-0.82 per quarter. Based on the YOY, the Book Value Change Per Share is $-0.05 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 $0.08 per quarter.

Based on historical numbers we can estimate the returns while holding a share of Macatawa 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	0.28	1.9%	0.31	2.2%	0.25	1.8%	0.25	1.7%	0.18	1.3%
Usd Book Value Change Per Share	-75.51	-528.8%	-0.82	-5.7%	-0.05	-0.4%	-0.08	-0.6%	0.00	0.0%
Usd Dividend Per Share	0.09	0.6%	0.08	0.6%	0.08	0.6%	0.08	0.5%	0.06	0.4%
Usd Total Gains Per Share	-75.42	-528.2%	-0.73	-5.1%	0.03	0.2%	0.00	0.0%	0.06	0.4%
Usd Price Per Share	11.28	-	9.94	-	9.54	-	9.25	-	8.57	-
Price to Earnings Ratio	10.21	-	8.00	-	10.05	-	9.68	-	13.49	-
Price-to-Total Gains Ratio	-0.15	-	-18.56	-	295.88	-	80.06	-	82.83	-
Price to Book Ratio	2.87	-	0.81	-	1.35	-	1.24	-	1.45	-
Price-to-Total Gains Ratio	-0.15	-	-18.56	-	295.88	-	80.06	-	82.83	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	14.28
Number of shares	70

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.08	0.08
Usd Book Value Change Per Share	-0.82	-0.08
Usd Total Gains Per Share	-0.73	0.00
Gains per Quarter (70 shares)	-51.36	-0.25
Gains per Year (70 shares)	-205.44	-1.00

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	23	-228	-215	22	-23	-11
2	46	-457	-420	44	-46	-12
3	69	-685	-625	65	-68	-13
4	92	-914	-830	87	-91	-14
5	115	-1142	-1035	109	-114	-15
6	138	-1371	-1240	131	-137	-16
7	161	-1599	-1445	153	-160	-17
8	184	-1827	-1650	174	-182	-18
9	207	-2056	-1855	196	-205	-19
10	230	-2284	-2060	218	-228	-20

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%	91.0	12.0	0.0	88.3%
Book Value Change Per Share	2.0	2.0	0.0	50.0%	7.0	5.0	0.0	58.3%	15.0	5.0	0.0	75.0%	33.0	7.0	0.0	82.5%	80.0	23.0	0.0	77.7%
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%	77.0	0.0	26.0	74.8%
Total Gains per Share	2.0	2.0	0.0	50.0%	8.0	4.0	0.0	66.7%	16.0	4.0	0.0	80.0%	36.0	4.0	0.0	90.0%	85.0	18.0	0.0	82.5%

Fundamentals of Macatawa Bank Corporation

About Macatawa Bank Corporation

https://www.macatawabank.com
Banks - Regional
287
10753 Macatawa Drive, Holland, MI, United States, 49424
Google Maps Bing Maps

Macatawa Bank Corporation operates as the bank holding company for Macatawa Bank that engages in the provision of commercial and consumer banking and trust services. The company accepts various deposits, such as checking accounts, savings accounts, time deposits, regular and money market savings accounts, certificates of deposit, and demand deposits. Its loan products include commercial and industrial loans comprising loans to finance operations and equipment; commercial real estate loans, which consist of construction and development, multi-family, and other non-residential real estate loans; and residential mortgage loans, as well as consumer loans, including automobile loans, home equity lines of credit and installment loans, home improvement loans, deposit account loans, and other loans for household and personal purposes. The company also offers ATM and debit card processing, cash management, and brokerage services. In addition, it provides asset management, personal trust, and retirement plan services. It serves individuals, businesses, associations, churches, nonprofit organizations, financial institutions, and government authorities. The company was incorporated in 1997 and is based in Holland, Michigan.

Fundamental data was last updated by Penke on 2024-04-11 14:15:07.

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.
The company is very efficient in keeping operating costs low.

Liquidity Details

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

Solvency Details

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

Valuation

Valuation Details

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

1.1. Profitability of Macatawa Bank Corporation.

1.1. Profitability

1.1.1. Net Profit Margin

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

Above 10% is considered healthy but always compare Macatawa Bank Corporation to the Banks - Regional industry mean.
A Net Profit Margin of 27.7% means that $0.28 for each $1 in revenue is generated as profit.

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

The MRQ is 27.7%. The company is making a huge profit. +2
The TTM is 37.9%. The company is making a huge profit. +2

Trends

Current period		Compared to		+/-
MRQ	27.7%	TTM	37.9%	-10.2%
TTM	37.9%	YOY	49.6%	-11.7%
TTM	37.9%	5Y	39.7%	-1.8%
5Y	39.7%	10Y	32.1%	+7.6%

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
MRQ	27.7%	18.4%	+9.3%
TTM	37.9%	28.0%	+9.9%
YOY	49.6%	25.2%	+24.4%
5Y	39.7%	22.8%	+16.9%
10Y	32.1%	19.8%	+12.3%

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

Revenue is the amount of profit Macatawa 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 Macatawa 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 Macatawa 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, Macatawa Bank Corporation makes more profit. This shows the investor how efficiently Macatawa Bank Corporation is operating in general and compared to other companies in the same industry. Macatawa 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 Macatawa 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 Macatawa Bank Corporation is 0.28. This means that Macatawa Bank Corporation earned $0.28 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 Macatawa Bank Corporation is performing over time. The most recent quarter might be important if Macatawa 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 Macatawa 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 Macatawa Bank Corporation with other companies in the same industry (Banks - Regional).
Net profit margin should rise over the years.
Can be influenced when Macatawa Bank Corporation sells assets (profit will increase while costs remain the same).
It won’t show what part of Macatawa 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 Macatawa 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 Macatawa Bank Corporation = 9,495
Total revenue MRQ Macatawa Bank Corporation = 34,322
$9,495 / $34,322 = 0.28 or 27.7%

Higher is better

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

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

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

1.1.2. Return on Assets

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

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

Let's take a look of the Return on Assets trends of Macatawa 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 Macatawa 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 Macatawa 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 Macatawa Bank Corporation is using its resources to generate profit. If the return on assets (0.4%) from Macatawa Bank Corporation are higher than the Banks - Regional mean (0.1%) that means Macatawa 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 Macatawa 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 Macatawa Bank Corporation is performing over time. The most recent quarter might be important if Macatawa 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 Macatawa 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 Macatawa Bank Corporation

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

Income statement
Balance sheet

Net income MRQ (income statement) from Macatawa Bank Corporation = 9,495
Total assets MRQ (balance sheet) from Macatawa Bank Corporation = 2,596,523
9,495 / 2,596,523 = 0.00 or 0.4%

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

Above 15%-20% is considered healthy but always compare Macatawa Bank Corporation to the Banks - Regional industry mean.
0.4% Return on Equity means Macatawa Bank Corporation generated $0.00 for each $1 the owners (shareholders) invested.

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

The MRQ is 0.4%. Using its investors money, the company is inefficient in making profit. -1
The TTM is 3.3%. Using its investors money, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	0.4%	TTM	3.3%	-2.9%
TTM	3.3%	YOY	3.6%	-0.3%
TTM	3.3%	5Y	3.4%	-0.1%
5Y	3.4%	10Y	2.9%	+0.4%

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
MRQ	0.4%	1.4%	-1.0%
TTM	3.3%	2.5%	+0.8%
YOY	3.6%	2.7%	+0.9%
5Y	3.4%	2.5%	+0.9%
10Y	2.9%	2.8%	+0.1%

Shows how efficient Macatawa 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 Macatawa 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 Macatawa Bank Corporation is 0.4%. This means Macatawa Bank Corporation generated $0.00 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 Macatawa Bank Corporation is performing over time. The most recent quarter might be important if Macatawa 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 Macatawa Bank Corporation up to 10 years back (depending if Macatawa 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 Macatawa Bank Corporation

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Macatawa Bank Corporation = 9,495
Shareholders equity (balance sheet) MRQ Macatawa Bank Corporation = 2,704,258
9,495 / 2,704,258 = 0.00 or 0.4%

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

1.2. Operating Efficiency of Macatawa Bank Corporation.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Macatawa Bank Corporation is operating .

Measures how much profit Macatawa 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 Macatawa Bank Corporation to the Banks - Regional industry mean.
An Operating Margin of 52.0% means the company generated $0.52 for each $1 in revenue (before taxes).

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

The MRQ is 52.0%. The company is operating very efficient. +2
The TTM is 55.8%. The company is operating very efficient. +2

Trends

Current period		Compared to		+/-
MRQ	52.0%	TTM	55.8%	-3.8%
TTM	55.8%	YOY	68.8%	-13.0%
TTM	55.8%	5Y	57.2%	-1.4%
5Y	57.2%	10Y	50.6%	+6.6%

Measures how efficient Macatawa 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 Macatawa 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 Macatawa 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 Macatawa Bank Corporation is 52.0%. This means that Macatawa Bank Corporation earned $0.52 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 Macatawa Bank Corporation is performing over time. The most recent quarter might be important if Macatawa 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 Macatawa 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 Macatawa Bank Corporation

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Macatawa Bank Corporation = -46,636
Total revenue MRQ Macatawa Bank Corporation = 34,322
$-46,636 / $34,322 = 0.52 or 52.0%

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

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

Operation earnings can be calculated in multiple ways:

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

1.2.2. Operating Ratio

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

Below 1 is considered healthy (always compare to Banks - Regional industry mean).
An Operation Ratio of 0.11 means that the operating costs are $0.11 for each $1 in net sales.

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

The MRQ is 0.112. The company is very efficient in keeping operating costs low. +2
The TTM is 0.016. The company is very efficient in keeping operating costs low. +2

Trends

Current period		Compared to		+/-
MRQ	0.112	TTM	0.016	+0.095
TTM	0.016	YOY	-0.120	+0.137
TTM	0.016	5Y	-0.180	+0.197
5Y	-0.180	10Y	0.052	-0.233

Measures how efficient Macatawa 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 Macatawa 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 Macatawa Bank Corporation is 11.2%. This means that Macatawa Bank Corporation earned $0.11 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 Macatawa Bank Corporation is performing over time. The most recent quarter might be important if Macatawa 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 Macatawa 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 Macatawa 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 +3,832) \ 34,322 = 0.11

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 Macatawa Bank Corporation.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Macatawa 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 0.37 means the company has $0.37 in assets for each $1 in short-term debts.

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

The MRQ is 0.368. The company is unable to pay all its short-term debts. -2
The TTM is 0.440. The company is unable to pay all its short-term debts. -2

Trends

Current period		Compared to		+/-
MRQ	0.368	TTM	0.440	-0.072
TTM	0.440	YOY	0.358	+0.082
TTM	0.440	5Y	1.065	-0.625
5Y	1.065	10Y	0.574	+0.490

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
TTM	0.440	0.124	+0.316
YOY	0.358	0.225	+0.133
5Y	1.065	0.219	+0.846
10Y	0.574	0.131	+0.443

Measures if Macatawa 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 Macatawa 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 Macatawa Bank Corporation is 0.37. This means Macatawa Bank Corporation has $0.37 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 Macatawa Bank Corporation is performing over time. The most recent quarter might be important if Macatawa 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 Macatawa 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 Macatawa Bank Corporation

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
483,294 \ 1,313,112) = 0.37

The current ratio measures if Macatawa 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 Macatawa 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 Macatawa 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 Macatawa 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 Macatawa 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 Macatawa Bank Corporation to the Banks - Regional industry mean.
A Quick Ratio of 0.72 means the company can pay off $0.72 for each $1 in debt (using most liquid assets).

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

The MRQ is 0.715. The company is just not able to pay all its short-term debts with the most liquid assets. -1
The TTM is 0.910. The company is just not able to pay all its short-term debts with the most liquid assets. -1

Trends

Current period		Compared to		+/-
MRQ	0.715	TTM	0.910	-0.195
TTM	0.910	YOY	0.565	+0.345
TTM	0.910	5Y	0.817	+0.094
5Y	0.817	10Y	0.544	+0.272

Measures if Macatawa 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 Macatawa 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 Macatawa Bank Corporation can pay off its short term debts. This shows if Macatawa 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 Macatawa Bank Corporation is 0.72. This means that Macatawa Bank Corporation can pay off $0.72 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 Macatawa Bank Corporation is performing over time. The most recent quarter might be important if Macatawa 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 Macatawa 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 Macatawa 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 Macatawa Bank Corporation: (483,294 + 447,249 +8,976) / 1,313,112 = 0.72

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 Macatawa Bank Corporation.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

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

Below 1 (100%) is considered healthy but always compare Macatawa Bank Corporation to Banks - Regional industry mean.
A Debt to Asset Ratio of 0.95 means that Macatawa Bank Corporation assets are financed with 94.8% credit (debt) and the remaining percentage (100% - 94.8%) is financed by its owners/shareholders.

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

The MRQ is 0.948. The company is just able to pay all its debts by selling its assets.
The TTM is 0.245. The company is very able to pay all its debts by selling its assets. +2

Trends

Current period		Compared to		+/-
MRQ	0.948	TTM	0.245	+0.703
TTM	0.245	YOY	0.915	-0.670
TTM	0.245	5Y	0.775	-0.529
5Y	0.775	10Y	0.841	-0.066

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
MRQ	0.948	0.915	+0.033
TTM	0.245	0.917	-0.672
YOY	0.915	0.919	-0.004
5Y	0.775	0.919	-0.144
10Y	0.841	0.927	-0.086

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

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

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Macatawa 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 Macatawa Bank Corporation is 0.95. This means means that Macatawa Bank Corporation is financed with 94.8% 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 Macatawa Bank Corporation is performing over time. The most recent quarter might be important if Macatawa 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 Macatawa 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 Macatawa Bank Corporation has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Macatawa Bank Corporation

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

Balance sheet
Debt to asset ratio = total debt \ total assets
2,461,614 \ 2,596,523 = 94.8% or 0.95.

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

Below 2 is considered healthy but always compare Macatawa Bank Corporation to the Banks - Regional industry mean.
A Debt to Equity ratio of 91.0% means that company has $0.91 debt for each $1 in shareholders equity.

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

The MRQ is 0.910. The company is very able to pay all its debts with equity. +2
The TTM is 0.313. The company is very able to pay all its debts with equity. +2

Trends

Current period		Compared to		+/-
MRQ	0.910	TTM	0.313	+0.598
TTM	0.313	YOY	10.780	-10.468
TTM	0.313	5Y	7.953	-7.640
5Y	7.953	10Y	8.829	-0.876

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
MRQ	0.910	10.829	-9.919
TTM	0.313	11.013	-10.700
YOY	10.780	11.363	-0.583
5Y	7.953	11.437	-3.484
10Y	8.829	13.038	-4.209

Measures if Macatawa 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 Macatawa 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 Macatawa Bank Corporation is 0.91. This means that Macatawa Bank Corporation can pay off $0.91 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 Macatawa Bank Corporation is performing over time. The most recent quarter might be important if Macatawa 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 Macatawa 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 Macatawa Bank Corporation

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
2,461,614 \ 2,704,258 = 0.91 or 91.0%

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 Macatawa 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 Macatawa Bank Corporation generates.

Above 15 is considered overpriced but always compare Macatawa Bank Corporation to the Banks - Regional industry mean.
A PE ratio of 10.21 means the investor is paying $10.21 for every $1 in earnings.

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

The EOD is 12.920. Based on the earnings, the company is underpriced. +1
The MRQ is 10.205. Based on the earnings, the company is underpriced. +1
The TTM is 7.998. Based on the earnings, the company is underpriced. +1

Trends

Current period		Compared to		+/-
EOD	12.920	MRQ	10.205	+2.714
MRQ	10.205	TTM	7.998	+2.207
TTM	7.998	YOY	10.050	-2.052
TTM	7.998	5Y	9.680	-1.681
5Y	9.680	10Y	13.490	-3.810

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
EOD	12.920	7.498	+5.422
MRQ	10.205	6.680	+3.525
TTM	7.998	5.295	+2.703
YOY	10.050	6.943	+3.107
5Y	9.680	9.770	-0.090
10Y	13.490	9.943	+3.547

Measures how much money you pay for each share for every $1 in earnings Macatawa 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 Macatawa 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 Macatawa Bank Corporation is 10.21. This means the investor is paying $10.21 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 Macatawa Bank Corporation is performing over time. The most recent quarter might be important if Macatawa 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 Macatawa 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 Macatawa 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 \ 34,302 = EPS
PE ratio MRQ = 10.21

* 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 Macatawa Bank Corporation:

The EOD is 9.415. Based on how much money comes from the company's main activities, the company is cheap. +2
The MRQ is 7.437. Based on how much money comes from the company's main activities, the company is cheap. +2
The TTM is 8.037. Based on how much money comes from the company's main activities, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	9.415	MRQ	7.437	+1.978
MRQ	7.437	TTM	8.037	-0.600
TTM	8.037	YOY	11.211	-3.174
TTM	8.037	5Y	10.563	-2.526
5Y	10.563	10Y	15.546	-4.983

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
EOD	9.415	-2.096	+11.511
MRQ	7.437	-1.868	+9.305
TTM	8.037	-0.342	+8.379
YOY	11.211	6.448	+4.763
5Y	10.563	0.429	+10.134
10Y	15.546	0.091	+15.455

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of Macatawa 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 2.87 means the investor is paying $2.87 for each $1 in book value.

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

The EOD is 3.637. Based on the equity, the company is fair priced.
The MRQ is 2.873. Based on the equity, the company is underpriced. +1
The TTM is 0.811. Based on the equity, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	3.637	MRQ	2.873	+0.764
MRQ	2.873	TTM	0.811	+2.062
TTM	0.811	YOY	1.347	-0.537
TTM	0.811	5Y	1.243	-0.432
5Y	1.243	10Y	1.452	-0.209

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
EOD	3.637	0.433	+3.204
MRQ	2.873	0.386	+2.487
TTM	0.811	0.470	+0.341
YOY	1.347	0.642	+0.705
5Y	1.243	0.795	+0.448
10Y	1.452	1.025	+0.427

2. Total Gains per Share

3. Holders & Insider Transactions

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

3.1. Institutions holding Macatawa Bank Corporation

Institutions are holding 43.06% of the shares of Macatawa Bank Corporation.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	AllianceBernstein L.P.	5.9328	0.0089	2038609	23044	1.1433
2023-12-31	BlackRock Inc	5.1414	0.0005	1766672	184627	11.6701
2023-12-31	Vanguard Group Inc	4.7023	0.0004	1615788	205435	14.5662
2023-12-31	Dimensional Fund Advisors, Inc.	4.5399	0.0051	1559969	13187	0.8525
2023-12-31	Renaissance Technologies Corp	2.6365	0.0158	905959	14800	1.6608
2023-12-31	Geode Capital Management, LLC	1.6337	0.0007	561379	37424	7.1426
2023-12-31	State Street Corporation	1.6262	0.0003	558796	4315	0.7782
2023-12-31	Elizabeth Park Capital Advisors, Ltd	1.4531	3.9049	499302	-33933	-6.3636
2023-12-31	Rhino Investment Partners, Inc.	1.3304	0.961	457160	-262268	-36.4551
2023-12-31	Siena Capital Management, LLC	1.2792	1.555	439560	0	0
2023-12-31	Morgan Stanley - Brokerage Accounts	1.2545	0.0004	431074	-9680	-2.1962
2023-12-31	Goldman Sachs Group Inc	1.1565	0.0004	397378	193532	94.9403
2023-12-31	Acadian Asset Management LLC	1.1533	0.0173	396277	0	0
2023-12-31	Keeley-Teton Advisors, LLC	0.9129	0.4573	313691	-8728	-2.707
2023-12-31	Bank of New York Mellon Corp	0.9012	0.0007	309656	-25752	-7.6778
2023-12-31	Northern Trust Corp	0.8634	0.0006	296661	60510	25.6234
2023-12-31	American Century Companies Inc	0.6565	0.0018	225580	-28	-0.0124
2023-12-31	Los Angeles Capital Management LLC	0.3465	0.005	119076	17644	17.3949
2023-09-30	Fourthstone LLC	0.3446	0.2408	118394	118394	0
2023-12-31	Raymond James Finl Svs Advisors, Inc.	0.3421	0.0022	117559	88741	307.936
Total		38.207	7.1791	13128540	+621264	+4.7%

3.2. Funds holding Macatawa Bank Corporation

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2024-02-29	Vanguard Total Stock Mkt Idx Inv	2.6961	0.0006	926405	792	0.0856
2024-03-28	iShares Russell 2000 ETF	2.0793	0.0107	714485	345	0.0483
2024-02-29	Vanguard Institutional Extnd Mkt Idx Tr	1.4813	0.0049	508999	0	0
2024-02-29	DFA US Targeted Value I	1.0173	0.0265	349560	-4647	-1.3119
2024-03-29	Avantis US Small Cap Value ETF	0.841	0.0261	288970	0	0
2024-01-31	Keeley Small Cap Dividend Value I	0.8182	1.0939	281159	0	0
2024-01-31	Fidelity Small Cap Index	0.7745	0.0114	266135	5496	2.1087
2024-03-28	iShares Russell 2000 Value ETF	0.7243	0.0194	248875	-158	-0.0634
2024-02-29	DFA US Small Cap I	0.6906	0.015	237308	0	0
2024-02-29	DFA US Micro Cap I	0.6225	0.0292	213910	-16906	-7.3244
2024-03-29	Dimensional US Targeted Value ETF	0.5244	0.0176	180189	0	0
2024-02-29	Fidelity Extended Market Index	0.4243	0.0037	145806	-706	-0.4819
2024-02-29	State St Russell Sm/Mid Cp® Indx NL Cl C	0.3457	0.0028	118791	0	0
2024-03-31	State St Russell Sm Cap® Indx SL Cl I	0.299	0.0103	102730	0	0
2024-02-29	DFA US Core Equity 2 I	0.2873	0.0029	98712	0	0
2024-02-29	Vanguard Russell 2000 ETF	0.28	0.0099	96220	7476	8.4242
2024-03-28	WisdomTree US SmallCap Dividend ETF	0.248	0.0419	85227	0	0
2023-09-30	BlackRock Extended Mkt Composite	0.2342	0.0051	80462	16492	25.7808
2024-03-29	Dimensional US Core Equity 2 ETF	0.2293	0.0028	78789	0	0
2023-12-31	NT R2000 Value Index Fund - NL	0.2277	0.0233	78234	2323	3.0602
Total		14.845	1.358	5100966	+10507	+0.2%

3.3. Insider Transactions

Insiders are holding 22.782% of the shares of Macatawa Bank Corporation.

Date	Owner	Type	Amount	Price
2022-05-13	Thomas P Rosenbach	BUY	3000	8.97
2022-05-11	Thomas P Rosenbach	BUY	3000	8.91
2022-05-09	Thomas P Rosenbach	BUY	1855	8.83
2022-03-09	Thomas P Rosenbach	BUY	7000	9.08
2022-03-07	Thomas P Rosenbach	BUY	1200	9.02

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Macatawa 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	-	-	-75.515	-0.816	-99%	-0.051	-100%	-0.081	-100%	0.002	-4348321%
Book Value Per Share	-	-	3.926	58.729	-93%	7.074	-44%	17.171	-77%	10.915	-64%
Current Ratio	-	-	0.368	0.440	-16%	0.358	+3%	1.065	-65%	0.574	-36%
Debt To Asset Ratio	-	-	0.948	0.245	+286%	0.915	+4%	0.775	+22%	0.841	+13%
Debt To Equity Ratio	-	-	0.910	0.313	+191%	10.780	-92%	7.953	-89%	8.829	-90%
Dividend Per Share	-	-	0.090	0.082	+9%	0.079	+13%	0.078	+15%	0.057	+57%
Eps	-	-	0.276	0.314	-12%	0.253	+9%	0.246	+12%	0.183	+51%
Free Cash Flow Per Share	-	-	0.379	0.315	+20%	0.247	+53%	0.246	+54%	0.191	+98%
Free Cash Flow To Equity Per Share	-	-	-0.583	-1.219	+109%	0.037	-1682%	1.139	-151%	0.908	-164%
Gross Profit Margin	-	-	0.984	0.981	+0%	0.975	+1%	0.974	+1%	0.955	+3%
Intrinsic Value_10Y_max	-	-	16.259	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	10.423	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	1.169	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	0.817	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	3.863	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	2.666	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	6.980	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	4.734	-	-	-	-	-	-	-	-
Market Cap	490683648.000	+21%	387598848.000	341382496.000	+14%	327637856.000	+18%	317827619.200	+22%	294401598.400	+32%
Net Profit Margin	-	-	0.277	0.379	-27%	0.496	-44%	0.397	-30%	0.321	-14%
Operating Margin	-	-	0.520	0.558	-7%	0.688	-24%	0.572	-9%	0.506	+3%
Operating Ratio	-	-	0.112	0.016	+577%	-0.120	+208%	-0.180	+261%	0.052	+113%
Pb Ratio	3.637	+21%	2.873	0.811	+254%	1.347	+113%	1.243	+131%	1.452	+98%
Pe Ratio	12.920	+21%	10.205	7.998	+28%	10.050	+2%	9.680	+5%	13.490	-24%
Price Per Share	14.280	+21%	11.280	9.935	+14%	9.535	+18%	9.250	+22%	8.568	+32%
Price To Free Cash Flow Ratio	9.415	+21%	7.437	8.037	-7%	11.211	-34%	10.563	-30%	15.546	-52%
Price To Total Gains Ratio	-0.189	-27%	-0.150	-18.558	+12309%	295.881	-100%	80.063	-100%	82.825	-100%
Quick Ratio	-	-	0.715	0.910	-21%	0.565	+27%	0.817	-12%	0.544	+31%
Return On Assets	-	-	0.004	0.004	-10%	0.003	+21%	0.003	+10%	0.003	+28%
Return On Equity	-	-	0.004	0.033	-89%	0.036	-90%	0.034	-90%	0.029	-88%
Total Gains Per Share	-	-	-75.425	-0.734	-99%	0.029	-262685%	-0.004	-100%	0.059	-128273%
Usd Book Value	-	-	134909000.000	2018006500.000	-93%	243075750.000	-44%	590025400.000	-77%	375044650.000	-64%
Usd Book Value Change Per Share	-	-	-75.515	-0.816	-99%	-0.051	-100%	-0.081	-100%	0.002	-4348321%
Usd Book Value Per Share	-	-	3.926	58.729	-93%	7.074	-44%	17.171	-77%	10.915	-64%
Usd Dividend Per Share	-	-	0.090	0.082	+9%	0.079	+13%	0.078	+15%	0.057	+57%
Usd Eps	-	-	0.276	0.314	-12%	0.253	+9%	0.246	+12%	0.183	+51%
Usd Free Cash Flow	-	-	13029000.000	10833250.000	+20%	8501000.000	+53%	8462400.000	+54%	6565275.000	+98%
Usd Free Cash Flow Per Share	-	-	0.379	0.315	+20%	0.247	+53%	0.246	+54%	0.191	+98%
Usd Free Cash Flow To Equity Per Share	-	-	-0.583	-1.219	+109%	0.037	-1682%	1.139	-151%	0.908	-164%
Usd Market Cap	490683648.000	+21%	387598848.000	341382496.000	+14%	327637856.000	+18%	317827619.200	+22%	294401598.400	+32%
Usd Price Per Share	14.280	+21%	11.280	9.935	+14%	9.535	+18%	9.250	+22%	8.568	+32%
Usd Profit	-	-	9495000.000	10806000.000	-12%	8682500.000	+9%	8455650.000	+12%	6275025.000	+51%
Usd Revenue	-	-	34322000.000	29056500.000	+18%	18688250.000	+84%	21844700.000	+57%	19093700.000	+80%
Usd Total Gains Per Share	-	-	-75.425	-0.734	-99%	0.029	-262685%	-0.004	-100%	0.059	-128273%
	EOD	+3 -5	MRQ	TTM	+14 -22	YOY	+18 -18	5Y	+16 -20	10Y	+19 -17

4.2. Fundamental Score

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

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	12.920
Price to Book Ratio (EOD)	Between	0-1	3.637
Net Profit Margin (MRQ)	Greater than	0	0.277
Operating Margin (MRQ)	Greater than	0	0.520
Quick Ratio (MRQ)	Greater than	1	0.715
Current Ratio (MRQ)	Greater than	1	0.368
Debt to Asset Ratio (MRQ)	Less than	1	0.948
Debt to Equity Ratio (MRQ)	Less than	1	0.910
Return on Equity (MRQ)	Greater than	0.15	0.004
Return on Assets (MRQ)	Greater than	0.05	0.004
Total			5/10 (50.0%)

Create your own Stock Scanner

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4.3. Technical Score

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

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	86.986
Ma 20	Greater than	Ma 50	10.932
Ma 50	Greater than	Ma 100	10.261
Ma 100	Greater than	Ma 200	10.516
Open	Greater than	Close	14.220
Total			3/5 (60.0%)

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
Long-term Assets Other		-848,022	-26,324	-874,346	21,109	-853,237	19,957	-833,280	2,946,509	2,113,229
Operating Income		17,665	1,964	19,629	-6,843	12,786	1,435	14,221	-60,857	-46,636

Latest Balance Sheet

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

Summary

Total Assets	2,596,523
Total Liabilities	2,461,614
Total Stockholder Equity	2,704,258

	As reported
Total Liabilities	2,461,614
Total Stockholder Equity	+ 2,704,258
Total Assets	= 2,596,523

Assets

Total Assets	2,596,523
Total Current Assets	483,294
Long-term Assets	2,113,229

Total Current Assets

Total Current Assets (as reported)	483,294
Cash And Cash Equivalents	36,045
Short-term Investments	447,249
Net Receivables	8,976
Inventory	-492,270
Other Current Assets	459,328
Total Current Assets (calculated)	459,328
+/-	23,966

Long-term Assets

Long-term Assets (as reported)	2,113,229
Property Plant Equipment	38,604
Long Term Investments	840,321
Long-term Assets Other	2,113,229
Long-term Assets (calculated)	2,992,154
+/-	878,925

Liabilities & Shareholders' Equity

Total Current Liabilities	1,313,112
Long-term Liabilities	1,151,333
Total Stockholder Equity	2,704,258

Total Current Liabilities

Total Current Liabilities (as reported)	1,313,112
Short-term Debt	30,388
Other Current Liabilities	1,282,724
Total Current Liabilities (calculated)	1,313,112
+/-	0

Long-term Liabilities

Long-term Liabilities (as reported)	1,151,333
Long term Debt	30,000
Long-term Liabilities (calculated)	30,000
+/-	1,121,333

Total Stockholder Equity

Total Stockholder Equity (as reported)	2,704,258
Common Stock	220,255
Accumulated Other Comprehensive Income	-22,930
Other Stockholders Equity	2,704,258
Total Stockholder Equity (calculated)	2,901,583
+/-	197,325

Other

Capital Stock	220,255
Cash and Short Term Investments	483,294
Common Stock Shares Outstanding	34,302
Liabilities and Stockholders Equity	4,441,632
Net Debt	-36,045
Net Invested Capital	317,085
Net Working Capital	-829,818
Property Plant and Equipment Gross	78,783
Short Long Term Debt Total	30,797

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

> Total Assets

83,500
141,800
189,200
220,500
268,300
302,000
344,900
392,709
418,334
451,313
499,813
528,257
586,378
633,799
670,203
708,523
1,088,099
1,114,836
1,176,583
1,209,504
1,257,612
1,299,062
1,401,111
1,456,428
1,525,977
1,616,994
1,672,606
1,721,469
1,780,615
1,824,483
1,869,990
1,903,965
1,981,318
2,041,031
2,074,816
2,120,043
2,116,295
2,102,733
2,129,966
2,139,213
2,118,726
2,195,760
2,149,372
2,092,792
2,011,939
1,981,772
1,830,172
1,718,429
1,649,747
1,611,395
1,578,261
1,557,235
1,518,632
1,516,101
1,507,667
1,502,994
1,520,335
1,517,117
1,560,718
1,507,438
1,476,828
1,562,680
1,517,405
1,490,899
1,491,142
1,489,664
1,583,846
1,610,209
1,618,014
1,659,339
1,729,643
1,639,985
1,666,547
1,653,686
1,741,013
1,748,853
1,759,063
1,803,046
1,890,232
1,863,780
1,872,541
1,919,273
1,975,124
1,925,880
1,978,405
2,144,498
2,070,077
2,031,090
2,451,148
2,508,718
2,642,026
2,734,341
2,941,086
2,901,500
2,928,751
2,929,883
2,781,208
2,835,038
2,906,919
2,637,153
2,630,254
2,759,710
2,596,523

2,596,523

2,759,710

2,630,254

2,637,153

2,906,919

2,835,038

2,781,208

2,929,883

2,928,751

2,901,500

2,941,086

2,734,341

2,642,026

2,508,718

2,451,148

2,031,090

2,070,077

2,144,498

1,978,405

1,925,880

1,975,124

1,919,273

1,872,541

1,863,780

1,890,232

1,803,046

1,759,063

1,748,853

1,741,013

1,653,686

1,666,547

1,639,985

1,729,643

1,659,339

1,618,014

1,610,209

1,583,846

1,489,664

1,491,142

1,490,899

1,517,405

1,562,680

1,476,828

1,507,438

1,560,718

1,517,117

1,520,335

1,502,994

1,507,667

1,516,101

1,518,632

1,557,235

1,578,261

1,611,395

1,649,747

1,718,429

1,830,172

1,981,772

2,011,939

2,092,792

2,149,372

2,195,760

2,118,726

2,139,213

2,129,966

2,102,733

2,116,295

2,120,043

2,074,816

2,041,031

1,981,318

1,903,965

1,869,990

1,824,483

1,780,615

1,721,469

1,672,606

1,616,994

1,525,977

1,456,428

1,401,111

1,299,062

1,257,612

1,209,504

1,176,583

1,114,836

1,088,099

708,523

670,203

633,799

586,378

528,257

499,813

451,313

418,334

392,709

344,900

302,000

268,300

220,500

189,200

141,800

83,500

> Total Current Assets

80,900
0
0
0
0
0
0
25,442
24,785
23,867
29,576
26,764
28,317
34,563
32,927
28,658
1,041,673
1,066,651
1,033,476
1,065,151
1,101,535
1,134,088
1,226,023
1,266,767
1,329,506
1,410,653
1,460,759
1,492,882
1,543,234
1,584,397
1,777,196
1,655,257
1,730,407
1,762,030
1,787,350
1,829,085
1,826,940
1,807,647
1,833,045
1,847,539
1,854,502
1,937,387
1,898,500
103,291
126,055
177,211
1,639,061
55,985
149,373
202,523
579
266,348
1,439,551
257,144
10,535
210,442
247,919
237,970
9,787
153,014
160,859
217,105
191,866
130,794
121,229
102,954
132,854
137,749
145,207
127,531
185,098
98,532
128,590
61,574
116,836
117,953
149,353
164,421
112,921
136,052
149,599
188,700
6,425
149,980
236,370
375,771
7,289
212,551
466,019
539,895
6,718
917,879
1,224,856
1,273,943
443,820
382,967
765,310
494,135
762,776
429,520
391,430
520,430
483,294

483,294

520,430

391,430

429,520

762,776

494,135

765,310

382,967

443,820

1,273,943

1,224,856

917,879

6,718

539,895

466,019

212,551

7,289

375,771

236,370

149,980

6,425

188,700

149,599

136,052

112,921

164,421

149,353

117,953

116,836

61,574

128,590

98,532

185,098

127,531

145,207

137,749

132,854

102,954

121,229

130,794

191,866

217,105

160,859

153,014

9,787

237,970

247,919

210,442

10,535

257,144

1,439,551

266,348

579

202,523

149,373

55,985

1,639,061

177,211

126,055

103,291

1,898,500

1,937,387

1,854,502

1,847,539

1,833,045

1,807,647

1,826,940

1,829,085

1,787,350

1,762,030

1,730,407

1,655,257

1,777,196

1,584,397

1,543,234

1,492,882

1,460,759

1,410,653

1,329,506

1,266,767

1,226,023

1,134,088

1,101,535

1,065,151

1,033,476

1,066,651

1,041,673

28,658

32,927

34,563

28,317

26,764

29,576

23,867

24,785

25,442

80,900

Cash And Cash Equivalents

0
0
0
0
0
0
0
23,345
22,353
21,041
26,305
23,505
24,945
30,996
29,680
25,226
36,868
35,238
47,874
35,977
40,281
33,415
41,633
30,991
35,161
38,258
31,711
34,303
37,657
36,767
49,101
31,302
43,346
36,916
39,882
31,719
33,192
33,186
49,816
41,697
41,261
39,284
29,188
22,238
23,057
22,441
24,687
22,948
26,311
36,889
21,274
24,265
21,889
22,878
30,971
206,640
25,673
22,398
33,556
46,585
52,605
60,592
63,714
67,115
70,033
44,731
51,503
47,001
48,853
43,468
49,104
22,499
30,045
31,879
27,690
30,631
31,165
28,318
34,945
26,954
37,105
30,837
40,526
28,143
30,943
50,870
31,942
25,861
33,079
28,294
31,480
26,900
31,051
30,413
23,669
31,957
38,376
33,205
51,215
29,402
40,255
40,687
36,045

36,045

40,687

40,255

29,402

51,215

33,205

38,376

31,957

23,669

30,413

31,051

26,900

31,480

28,294

33,079

25,861

31,942

50,870

30,943

28,143

40,526

30,837

37,105

26,954

34,945

28,318

31,165

30,631

27,690

31,879

30,045

22,499

49,104

43,468

48,853

47,001

51,503

44,731

70,033

67,115

63,714

60,592

52,605

46,585

33,556

22,398

25,673

206,640

30,971

22,878

21,889

24,265

21,274

36,889

26,311

22,948

24,687

22,441

23,057

22,238

29,188

39,284

41,261

41,697

49,816

33,186

33,192

31,719

39,882

36,916

43,346

31,302

49,101

36,767

37,657

34,303

31,711

38,258

35,161

30,991

41,633

33,415

40,281

35,977

47,874

35,238

36,868

25,226

29,680

30,996

24,945

23,505

26,305

21,041

22,353

23,345

Short-term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
4,000
0
0
0
0
0
0
98,654
107,049
120,562
125,885
132,860
0
153,986
161,243
158,875
0
164,576
165,964
192,864
0
195,562
194,066
200,058
0
196,785
169,378
88,224
20,080
73,367
96,013
147,527
75,643
26,657
118,825
161,749
214,853
238,362
244,816
230,681
54,746
184,362
218,721
211,853
123,497
126,795
129,659
135,439
139,659
153,327
152,227
162,101
161,874
155,640
158,866
161,515
166,815
168,041
173,580
184,403
184,433
184,605
184,761
214,182
220,720
214,269
218,770
218,615
226,986
224,645
222,825
209,895
225,249
243,368
229,489
229,928
236,832
233,672
239,955
241,475
416,063
346,114
435,628
453,728
499,257
525,959
512,837
503,277
447,249

447,249

503,277

512,837

525,959

499,257

453,728

435,628

346,114

416,063

241,475

239,955

233,672

236,832

229,928

229,489

243,368

225,249

209,895

222,825

224,645

226,986

218,615

218,770

214,269

220,720

214,182

184,761

184,605

184,433

184,403

173,580

168,041

166,815

161,515

158,866

155,640

161,874

162,101

152,227

153,327

139,659

135,439

129,659

126,795

123,497

211,853

218,721

184,362

54,746

230,681

244,816

238,362

214,853

161,749

118,825

26,657

75,643

147,527

96,013

73,367

20,080

88,224

169,378

196,785

200,058

194,066

195,562

192,864

165,964

164,576

158,875

161,243

153,986

132,860

125,885

120,562

107,049

98,654

4,000

Net Receivables

0
0
0
0
0
0
0
2,098
2,431
2,826
3,271
3,259
3,372
3,567
3,247
3,432
4,851
4,588
4,411
4,687
4,613
4,841
5,095
5,404
5,785
6,352
6,395
7,282
7,520
8,019
8,366
8,973
9,485
10,651
11,233
11,071
11,189
11,263
10,003
9,304
8,487
8,560
7,746
7,686
6,985
7,243
6,460
6,380
4,237
3,885
3,845
3,721
3,588
3,585
3,595
3,802
3,525
3,719
3,411
3,687
3,405
3,250
3,231
3,511
3,264
3,415
3,399
3,670
3,633
3,778
3,622
3,929
3,657
3,823
4,092
4,204
4,084
4,532
4,680
5,200
5,078
5,524
5,279
5,994
5,487
5,335
4,866
5,356
6,014
6,895
5,625
5,994
4,539
4,005
4,088
4,896
5,108
7,202
7,606
8,782
7,499
9,957
8,976

8,976

9,957

7,499

8,782

7,606

7,202

5,108

4,896

4,088

4,005

4,539

5,994

5,625

6,895

6,014

5,356

4,866

5,335

5,487

5,994

5,279

5,524

5,078

5,200

4,680

4,532

4,084

4,204

4,092

3,823

3,657

3,929

3,622

3,778

3,633

3,670

3,399

3,415

3,264

3,511

3,231

3,250

3,405

3,687

3,411

3,719

3,525

3,802

3,595

3,585

3,588

3,721

3,845

3,885

4,237

6,380

6,460

7,243

6,985

7,686

7,746

8,560

8,487

9,304

10,003

11,263

11,189

11,071

11,233

10,651

9,485

8,973

8,366

8,019

7,520

7,282

6,395

6,352

5,785

5,404

5,095

4,841

4,613

4,687

4,411

4,588

4,851

3,432

3,247

3,567

3,372

3,259

3,271

2,826

2,431

2,098

Other Current Assets

80,900
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
999,954
1,026,825
981,191
1,024,487
1,056,641
1,095,832
1,179,295
1,230,372
1,288,560
1,366,043
1,422,653
1,451,297
1,498,057
1,539,611
1,719,729
1,614,982
1,677,576
1,714,463
1,736,235
1,786,295
1,782,559
1,763,198
1,773,226
1,796,538
1,804,754
1,889,543
1,861,566
0
0
0
1,607,914
0
0
0
0
0
1,414,074
0
0
0
0
0
0
0
0
0
0
0
0
0
10,762
0
0
0
11,579
0
0
0
11,883
0
7,268
6,731
11,988
5,200
5,139
5,524
12,694
6,506
6,503
6,652
16,260
7,322
7,691
504,706
-242,457
-239,666
-244,494
2,635
712,056
5,751
286,198
776,097
765,119
429,520
391,430
520,430
459,328

459,328

520,430

391,430

429,520

765,119

776,097

286,198

5,751

712,056

2,635

-244,494

-239,666

-242,457

504,706

7,691

7,322

16,260

6,652

6,503

6,506

12,694

5,524

5,139

5,200

11,988

6,731

7,268

11,883

11,579

10,762

1,414,074

1,607,914

1,861,566

1,889,543

1,804,754

1,796,538

1,773,226

1,763,198

1,782,559

1,786,295

1,736,235

1,714,463

1,677,576

1,614,982

1,719,729

1,539,611

1,498,057

1,451,297

1,422,653

1,366,043

1,288,560

1,230,372

1,179,295

1,095,832

1,056,641

1,024,487

981,191

1,026,825

999,954

80,900

> Long-term Assets

2,600
0
0
100
100
-100
0
41,248
47,965
55,940
60,932
63,935
76,435
87,153
79,684
85,714
46,426
48,185
143,107
144,353
156,077
164,974
175,088
189,661
196,471
206,341
211,847
228,587
237,381
240,086
92,794
248,708
250,911
279,001
287,466
290,958
289,355
295,086
296,921
291,674
264,224
258,373
250,872
62,980
62,327
61,738
191,111
60,444
59,770
57,549
111,940
56,410
79,081
55,597
129,960
54,819
54,534
54,057
168,313
70,978
71,090
69,775
1,163,987
68,245
66,361
65,679
65,159
63,760
63,067
62,330
60,275
59,490
59,061
58,574
1,431,356
58,162
54,495
52,814
1,514,409
50,092
49,867
49,627
225,921
47,465
46,531
46,053
231,062
45,189
45,806
46,170
253,896
46,411
45,665
44,469
594,839
642,092
47,604
843,879
50,018
48,720
49,402
49,625
2,113,229

2,113,229

49,625

49,402

48,720

50,018

843,879

47,604

642,092

594,839

44,469

45,665

46,411

253,896

46,170

45,806

45,189

231,062

46,053

46,531

47,465

225,921

49,627

49,867

50,092

1,514,409

52,814

54,495

58,162

1,431,356

58,574

59,061

59,490

60,275

62,330

63,067

63,760

65,159

65,679

66,361

68,245

1,163,987

69,775

71,090

70,978

168,313

54,057

54,534

54,819

129,960

55,597

79,081

56,410

111,940

57,549

59,770

60,444

191,111

61,738

62,327

62,980

250,872

258,373

264,224

291,674

296,921

295,086

289,355

290,958

287,466

279,001

250,911

248,708

92,794

240,086

237,381

228,587

211,847

206,341

196,471

189,661

175,088

164,974

156,077

144,353

143,107

48,185

46,426

85,714

79,684

87,153

76,435

63,935

60,932

55,940

47,965

41,248

-100

100

2,600

Property Plant Equipment

2,500
5,100
7,100
7,700
8,500
9,200
10,000
11,667
11,906
12,398
12,264
12,117
13,944
14,233
14,850
16,181
18,979
20,868
25,751
30,617
34,367
36,838
38,713
39,894
41,553
44,558
45,784
45,897
47,602
51,347
53,028
54,472
56,569
57,853
60,731
63,478
64,202
64,054
64,564
64,144
64,284
64,149
63,482
62,980
62,327
61,738
61,015
60,444
59,770
57,549
56,988
56,410
56,155
55,597
55,358
54,819
54,534
54,057
53,576
53,284
53,302
52,916
53,641
53,619
53,308
53,292
52,894
52,506
52,132
51,725
51,456
50,944
50,639
50,174
50,026
49,832
48,626
46,822
46,629
46,110
45,907
45,631
44,862
44,805
44,424
43,956
43,417
43,461
43,052
43,733
43,254
43,113
42,906
42,343
41,773
41,413
41,088
40,670
40,306
40,249
39,766
39,399
38,604

38,604

39,399

39,766

40,249

40,306

40,670

41,088

41,413

41,773

42,343

42,906

43,113

43,254

43,733

43,052

43,461

43,417

43,956

44,424

44,805

44,862

45,631

45,907

46,110

46,629

46,822

48,626

49,832

50,026

50,174

50,639

50,944

51,456

51,725

52,132

52,506

52,894

53,292

53,308

53,619

53,641

52,916

53,302

53,284

53,576

54,057

54,534

54,819

55,358

55,597

56,155

56,410

56,988

57,549

59,770

60,444

61,015

61,738

62,327

62,980

63,482

64,149

64,284

64,144

64,564

64,054

64,202

63,478

60,731

57,853

56,569

54,472

53,028

51,347

47,602

45,897

45,784

44,558

41,553

39,894

38,713

36,838

34,367

30,617

25,751

20,868

18,979

16,181

14,850

14,233

13,944

12,117

12,264

12,398

11,906

11,667

10,000

9,200

8,500

7,700

7,100

5,100

2,500

Goodwill

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
23,915
23,915
23,915
23,915
23,915
23,915
23,915
23,915
23,915
23,915
23,915
23,915
23,915
23,915
23,915
23,915
23,915
25,919
25,918
25,919
25,919
25,919
25,919
25,919
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

25,919

25,918

25,919

23,915

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
1,062,166
1,053,026
1,040,660
1,039,346
1,016,715
1,008,277
1,041,039
1,036,878
1,000,572
1,029,499
1,042,742
1,029,097
1,044,012
1,067,808
1,133,453
1,162,041
1,160,186
1,217,990
1,235,483
1,252,617
1,245,396
1,280,454
1,335,409
1,320,672
1,306,787
1,307,729
1,390,744
1,399,383
1,609,391
1,618,183
1,459,531
1,663,168
1,629,521
1,653,289
1,454,441
1,704,300
1,867,194
1,850,607
1,496,813
1,697,656
361,822
379,044
553,066
346,969
436,791
453,962
848,022
526,046
512,837
833,280
840,321

840,321

833,280

512,837

526,046

848,022

453,962

436,791

346,969

553,066

379,044

361,822

1,697,656

1,496,813

1,850,607

1,867,194

1,704,300

1,454,441

1,653,289

1,629,521

1,663,168

1,459,531

1,618,183

1,609,391

1,399,383

1,390,744

1,307,729

1,306,787

1,320,672

1,335,409

1,280,454

1,245,396

1,252,617

1,235,483

1,217,990

1,160,186

1,162,041

1,133,453

1,067,808

1,044,012

1,029,097

1,042,742

1,029,499

1,000,572

1,036,878

1,041,039

1,008,277

1,016,715

1,039,346

1,040,660

1,053,026

1,062,166

Intangible Assets

100
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
27,447
27,317
27,186
27,055
26,937
2,905
2,787
2,669
2,562
2,454
26,262
2,239
2,140
2,040
25,856
1,841
1,748
1,656
25,478
3,360
3,248
3,135
28,942
2,911
2,803
2,696
874
0
0
0
592
592
0
0
322
255
191
0
64
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

191

255

322

592

874

2,696

2,803

2,911

28,942

3,135

3,248

3,360

25,478

1,656

1,748

1,841

25,856

2,040

2,140

2,239

26,262

2,454

2,562

2,669

2,787

2,905

26,937

27,055

27,186

27,317

27,447

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
422,894
514,393
624,331
563,329
520,740
758,845
0
0
0
0
0
0
0
0
0
0
0
0
0
0

758,845

520,740

563,329

624,331

514,393

422,894

Other Assets

0
141,800
189,200
220,400
268,200
302,100
344,900
326,019
345,584
371,507
409,304
437,558
481,626
512,083
557,592
594,151
131,294
133,370
1,319,690
1,353,857
1,413,689
1,464,036
1,576,199
1,646,089
1,722,448
1,823,335
1,884,453
1,950,056
2,017,996
2,064,569
1,962,784
2,152,673
2,232,229
2,320,032
2,362,282
2,411,001
2,405,650
2,397,819
2,426,887
2,430,887
2,382,950
2,454,133
2,400,244
1,926,521
1,823,557
1,742,823
2,021,283
1,602,000
1,440,604
1,351,323
1,465,742
1,234,477
1,597,713
1,203,360
1,367,172
1,237,733
1,217,882
1,225,090
1,382,618
1,283,446
1,244,879
1,275,800
161,552
1,291,860
1,303,552
1,321,031
1,385,833
1,408,700
1,409,740
1,469,478
1,484,270
1,481,963
1,478,896
1,533,538
192,821
1,572,738
1,555,215
1,585,811
262,902
1,677,636
1,673,075
1,680,946
1,742,778
1,728,435
1,695,504
1,722,674
1,831,726
1,773,350
1,939,323
1,922,653
2,381,412
1,770,051
1,670,565
1,583,088
1,890,092
1,904,824
1,968,294
1,497,024
2,094,125
2,158,913
2,189,422
2,189,655
0

2,189,655

2,189,422

2,158,913

2,094,125

1,497,024

1,968,294

1,904,824

1,890,092

1,583,088

1,670,565

1,770,051

2,381,412

1,922,653

1,939,323

1,773,350

1,831,726

1,722,674

1,695,504

1,728,435

1,742,778

1,680,946

1,673,075

1,677,636

262,902

1,585,811

1,555,215

1,572,738

192,821

1,533,538

1,478,896

1,481,963

1,484,270

1,469,478

1,409,740

1,408,700

1,385,833

1,321,031

1,303,552

1,291,860

161,552

1,275,800

1,244,879

1,283,446

1,382,618

1,225,090

1,217,882

1,237,733

1,367,172

1,203,360

1,597,713

1,234,477

1,465,742

1,351,323

1,440,604

1,602,000

2,021,283

1,742,823

1,823,557

1,926,521

2,400,244

2,454,133

2,382,950

2,430,887

2,426,887

2,397,819

2,405,650

2,411,001

2,362,282

2,320,032

2,232,229

2,152,673

1,962,784

2,064,569

2,017,996

1,950,056

1,884,453

1,823,335

1,722,448

1,646,089

1,576,199

1,464,036

1,413,689

1,353,857

1,319,690

133,370

131,294

594,151

557,592

512,083

481,626

437,558

409,304

371,507

345,584

326,019

344,900

302,100

268,200

220,400

189,200

141,800

> Total Liabilities

62,900
121,700
169,600
201,000
234,300
267,800
310,400
357,707
382,498
414,322
461,684
488,923
525,441
568,000
603,701
641,343
977,158
1,002,965
1,062,609
1,093,351
1,138,924
1,178,775
1,279,211
1,331,565
1,403,387
1,490,178
1,543,532
1,591,301
1,644,647
1,685,152
1,728,246
1,758,812
1,833,419
1,885,906
1,917,967
1,956,637
1,952,771
1,939,002
1,969,341
1,976,227
1,957,900
2,043,662
2,000,159
1,948,148
1,895,305
1,884,098
1,742,181
1,651,512
1,583,507
1,544,403
1,510,419
1,488,082
1,426,479
1,422,772
1,413,241
1,404,107
1,417,936
1,407,686
1,430,211
1,374,533
1,343,576
1,427,173
1,384,883
1,355,711
1,353,050
1,349,195
1,441,327
1,464,628
1,471,171
1,509,606
1,577,666
1,484,744
1,508,085
1,491,441
1,578,774
1,582,708
1,588,888
1,629,582
1,717,246
1,688,404
1,692,827
1,735,297
1,784,271
1,727,914
1,772,886
1,932,713
1,852,608
1,807,510
2,221,810
2,274,853
2,402,183
2,491,962
2,692,869
2,649,287
2,674,746
2,684,281
2,538,099
2,598,484
2,659,881
30,000
30,000
30,000
2,461,614

2,461,614

30,000

2,659,881

2,598,484

2,538,099

2,684,281

2,674,746

2,649,287

2,692,869

2,491,962

2,402,183

2,274,853

2,221,810

1,807,510

1,852,608

1,932,713

1,772,886

1,727,914

1,784,271

1,735,297

1,692,827

1,688,404

1,717,246

1,629,582

1,588,888

1,582,708

1,578,774

1,491,441

1,508,085

1,484,744

1,577,666

1,509,606

1,471,171

1,464,628

1,441,327

1,349,195

1,353,050

1,355,711

1,384,883

1,427,173

1,343,576

1,374,533

1,430,211

1,407,686

1,417,936

1,404,107

1,413,241

1,422,772

1,426,479

1,488,082

1,510,419

1,544,403

1,583,507

1,651,512

1,742,181

1,884,098

1,895,305

1,948,148

2,000,159

2,043,662

1,957,900

1,976,227

1,969,341

1,939,002

1,952,771

1,956,637

1,917,967

1,885,906

1,833,419

1,758,812

1,728,246

1,685,152

1,644,647

1,591,301

1,543,532

1,490,178

1,403,387

1,331,565

1,279,211

1,178,775

1,138,924

1,093,351

1,062,609

1,002,965

977,158

641,343

603,701

568,000

525,441

488,923

461,684

414,322

382,498

357,707

310,400

267,800

234,300

201,000

169,600

121,700

62,900

> Total Current Liabilities

0
0
2,000
0
0
3,500
0
0
0
0
457,700
484,900
525,400
568,000
603,700
75,312
972,100
998,000
1,062,600
1,062,600
0
1,158,900
1,259,500
1,290,400
50,000
1,449,000
1,502,300
66,700
1,603,400
1,644,000
1,687,000
1,717,600
1,792,200
1,844,700
1,876,800
1,915,400
1,911,600
1,897,800
1,931,100
1,935,000
1,917,900
2,002,500
1,959,000
1,906,900
1,853,100
1,841,200
1,699,300
1,608,600
1,540,600
1,501,500
1,467,500
1,445,200
1,383,600
1,379,900
1,370,300
1,361,200
1,375,000
1,364,800
1,387,300
1,331,600
1,300,700
1,386,000
1,343,700
1,314,500
1,311,900
1,308,000
1,400,100
1,423,400
1,430,000
1,468,400
1,536,500
1,443,500
1,466,900
1,450,200
1,537,600
1,541,500
1,547,700
1,588,400
1,676,000
1,647,200
1,651,600
1,694,100
1,743,033
1,686,676
1,731,648
1,891,475
1,830,682
1,786,891
2,201,191
321,322
2,311,564
322,842
361,822
137,569
2,577,958
2,599,281
1,543,646
1,587,581
1,596,242
1,299,639
1,306,906
683,052
1,313,112

1,313,112

683,052

1,306,906

1,299,639

1,596,242

1,587,581

1,543,646

2,599,281

2,577,958

137,569

361,822

322,842

2,311,564

321,322

2,201,191

1,786,891

1,830,682

1,891,475

1,731,648

1,686,676

1,743,033

1,694,100

1,651,600

1,647,200

1,676,000

1,588,400

1,547,700

1,541,500

1,537,600

1,450,200

1,466,900

1,443,500

1,536,500

1,468,400

1,430,000

1,423,400

1,400,100

1,308,000

1,311,900

1,314,500

1,343,700

1,386,000

1,300,700

1,331,600

1,387,300

1,364,800

1,375,000

1,361,200

1,370,300

1,379,900

1,383,600

1,445,200

1,467,500

1,501,500

1,540,600

1,608,600

1,699,300

1,841,200

1,853,100

1,906,900

1,959,000

2,002,500

1,917,900

1,935,000

1,931,100

1,897,800

1,911,600

1,915,400

1,876,800

1,844,700

1,792,200

1,717,600

1,687,000

1,644,000

1,603,400

66,700

1,502,300

1,449,000

50,000

1,290,400

1,259,500

1,158,900

1,062,600

998,000

972,100

75,312

603,700

568,000

525,400

484,900

457,700

3,500

2,000

Short-term Debt

0
0
2,000
0
0
3,500
0
0
0
0
55,000
66,588
62,588
62,588
75,638
75,312
102,400
97,309
0
0
0
0
0
0
50,000
0
0
66,700
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
129,485
0
0
0
138,197
0
104,840
84,173
125,905
102,785
124,418
2,118
52,118
40,667
20,667
10,000
10,000
0
0
0
0
0
0
0
66,700
0
101,248
137,569
0
0
0
0
360
0
30,000
30,000
30,388

30,388

30,000

360

137,569

101,248

66,700

10,000

20,667

40,667

52,118

2,118

124,418

102,785

125,905

84,173

104,840

138,197

129,485

66,700

50,000

97,309

102,400

75,312

75,638

62,588

66,588

55,000

3,500

2,000

Short Long Term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
129,485
0
0
0
138,197
0
104,840
84,173
125,905
102,785
124,418
2,118
52,118
40,667
20,667
10,000
10,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

10,000

20,667

40,667

52,118

2,118

124,418

102,785

125,905

84,173

104,840

138,197

129,485

Accounts payable

0
0
0
0
0
0
0
321,585
335,011
366,617
398,617
418,712
459,430
502,488
526,192
561,864
862,264
877,974
920,873
965,567
972,939
999,946
1,109,399
1,109,276
1,151,347
1,322,563
1,351,516
1,361,832
1,337,641
1,457,484
1,507,772
1,542,567
1,573,101
1,632,816
1,667,557
1,639,332
1,661,686
1,522,003
1,523,553
1,570,428
1,604,012
1,693,601
1,665,761
1,624,703
1,576,052
1,546,311
1,416,337
1,370,767
1,312,701
1,279,710
1,276,620
1,264,665
6,765
5,723
6,461
9,259
12,042
28,228
9,240
9,597
10,452
7,903
3,920
8,921
7,314
3,761
5,657
6,038
5,284
5,350
4,747
7,832
6,929
7,403
4,639
5,539
4,875
10,048
4,880
5,627
5,461
6,316
6,294
8,812
10,542
11,335
17,388
11,511
12,900
13,655
12,977
13,398
2,600,076
2,553,175
2,577,958
16,984
2,494,583
12,287
14,739
15,690
14,890
0
0

14,890

15,690

14,739

12,287

2,494,583

16,984

2,577,958

2,553,175

2,600,076

13,398

12,977

13,655

12,900

11,511

17,388

11,335

10,542

8,812

6,294

6,316

5,461

5,627

4,880

10,048

4,875

5,539

4,639

7,403

6,929

7,832

4,747

5,350

5,284

6,038

5,657

3,761

7,314

8,921

3,920

7,903

10,452

9,597

9,240

28,228

12,042

9,259

6,461

5,723

6,765

1,264,665

1,276,620

1,279,710

1,312,701

1,370,767

1,416,337

1,546,311

1,576,052

1,624,703

1,665,761

1,693,601

1,604,012

1,570,428

1,523,553

1,522,003

1,661,686

1,639,332

1,667,557

1,632,816

1,573,101

1,542,567

1,507,772

1,457,484

1,337,641

1,361,832

1,351,516

1,322,563

1,151,347

1,109,276

1,109,399

999,946

972,939

965,567

920,873

877,974

862,264

561,864

526,192

502,488

459,430

418,712

398,617

366,617

335,011

321,585

Other Current Liabilities

0
0
0
0
0
0
0
0
0
0
402,700
418,312
462,812
505,412
528,062
0
869,700
900,691
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,202,556
1,200,558
1,215,289
1,214,471
1,235,517
1,244,748
1,286,261
1,231,390
1,199,578
1,288,041
1,249,734
1,216,778
1,215,724
1,216,089
1,306,325
1,320,516
1,327,813
1,366,849
1,435,512
1,340,834
1,355,078
1,358,627
1,448,724
1,433,146
1,459,990
1,506,178
1,579,010
1,560,872
1,580,461
1,617,743
1,676,739
1,617,864
1,661,106
1,820,140
1,753,294
1,705,380
2,118,291
321,322
2,298,587
322,842
260,574
2,553,175
2,577,958
2,582,297
1,543,646
1,587,581
1,595,882
1,299,639
1,276,906
653,052
1,282,724

1,282,724

653,052

1,276,906

1,299,639

1,595,882

1,587,581

1,543,646

2,582,297

2,577,958

2,553,175

260,574

322,842

2,298,587

321,322

2,118,291

1,705,380

1,753,294

1,820,140

1,661,106

1,617,864

1,676,739

1,617,743

1,580,461

1,560,872

1,579,010

1,506,178

1,459,990

1,433,146

1,448,724

1,358,627

1,355,078

1,340,834

1,435,512

1,366,849

1,327,813

1,320,516

1,306,325

1,216,089

1,215,724

1,216,778

1,249,734

1,288,041

1,199,578

1,231,390

1,286,261

1,244,748

1,235,517

1,214,471

1,215,289

1,200,558

1,202,556

900,691

869,700

528,062

505,412

462,812

418,312

402,700

> Long-term Liabilities

0
0
0
0
0
0
0
35,000
40,000
1,000
4,000
4,000
0
0
0
0
5,100
5,000
111,833
108,716
136,644
157,769
165,335
187,058
168,985
162,854
165,223
142,101
256,802
188,434
186,399
180,960
228,960
243,293
233,256
212,998
285,998
340,331
395,290
375,014
337,013
336,347
326,028
309,928
310,878
330,911
320,911
274,891
264,891
259,224
228,224
217,158
217,158
216,491
191,491
180,377
170,377
134,710
134,710
133,546
133,546
131,229
131,229
130,012
130,012
129,345
129,345
138,074
138,074
137,407
137,407
136,078
146,078
125,411
125,411
144,023
124,023
113,356
133,356
121,905
106,905
111,238
101,238
101,238
101,238
101,238
1,852,608
90,619
90,619
90,619
90,619
90,619
80,619
85,000
85,000
85,000
30,000
2,598,484
2,659,881
30,000
30,000
30,000
1,151,333

1,151,333

30,000

2,659,881

2,598,484

30,000

85,000

80,619

90,619

1,852,608

101,238

111,238

106,905

121,905

133,356

113,356

124,023

144,023

125,411

146,078

136,078

137,407

138,074

129,345

130,012

131,229

133,546

134,710

170,377

180,377

191,491

216,491

217,158

228,224

259,224

264,891

274,891

320,911

330,911

310,878

309,928

326,028

336,347

337,013

375,014

395,290

340,331

285,998

212,998

233,256

243,293

228,960

180,960

186,399

188,434

256,802

142,101

165,223

162,854

168,985

187,058

165,335

157,769

136,644

108,716

111,833

5,000

5,100

4,000

1,000

40,000

35,000

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
217,158
216,491
191,491
180,377
170,377
134,710
134,710
133,546
133,546
131,229
131,229
130,012
130,012
129,345
41,238
41,238
41,238
41,238
41,238
41,238
41,238
41,238
41,238
41,238
41,238
41,238
41,238
41,238
41,238
41,238
41,238
41,238
41,238
41,238
20,619
20,619
20,619
20,619
20,619
20,619
20,619
0
0
0
0
0
0
0
0
0
0

20,619

41,238

129,345

130,012

131,229

133,546

134,710

170,377

180,377

191,491

216,491

217,158

Other Liabilities

0
0
0
0
0
0
0
1,122
1,487
1,705
1,868
3,622
3,423
2,895
1,871
4,167
7,413
10,473
9,903
5,568
6,341
4,601
4,477
9,148
2,824
4,761
4,662
5,879
7,639
7,820
8,266
8,656
5,657
9,797
5,164
8,429
5,087
8,694
4,031
13,413
9,563
13,714
8,370
13,517
8,375
6,876
4,933
5,854
5,915
5,469
5,575
6,259
6,765
5,723
6,461
9,259
12,042
28,228
9,240
9,597
10,452
7,903
3,920
8,921
7,314
3,761
5,657
6,038
5,284
5,350
4,747
7,832
6,929
7,403
4,639
5,539
4,875
10,048
4,880
5,627
5,461
6,316
6,294
0
10,542
11,335
0
0
0
0
12,977
0
0
11,112
11,788
0
0
0
0
61
0
0
0

11,788

11,112

12,977

11,335

10,542

6,294

6,316

5,461

5,627

4,880

10,048

4,875

5,539

4,639

7,403

6,929

7,832

4,747

5,350

5,284

6,038

5,657

3,761

7,314

8,921

3,920

7,903

10,452

9,597

9,240

28,228

12,042

9,259

6,461

5,723

6,765

6,259

5,575

5,469

5,915

5,854

4,933

6,876

8,375

13,517

8,370

13,714

9,563

13,413

4,031

8,694

5,087

8,429

5,164

9,797

5,657

8,656

8,266

7,820

7,639

5,879

4,662

4,761

2,824

9,148

4,477

4,601

6,341

5,568

9,903

10,473

7,413

4,167

1,871

2,895

3,423

3,622

1,868

1,705

1,487

1,122

> Total Stockholder Equity

20,700
20,100
19,600
19,500
34,000
34,200
34,500
35,002
35,836
36,991
38,128
39,335
60,938
65,828
66,502
67,180
110,941
111,871
113,974
116,153
118,688
120,287
121,900
124,863
122,590
126,816
129,074
130,168
135,968
139,331
141,744
145,153
147,899
155,125
156,849
163,406
163,524
163,731
160,625
162,986
160,826
152,098
149,213
144,644
116,634
97,674
87,991
66,917
66,240
66,992
67,842
69,153
92,153
93,329
94,426
98,887
102,399
109,431
130,507
132,905
133,252
135,507
132,522
135,188
138,092
140,469
142,519
145,581
146,843
149,733
151,977
155,241
158,462
162,245
162,239
166,145
170,175
173,464
172,986
175,376
179,714
183,976
190,853
197,966
205,519
211,785
217,469
223,580
229,338
233,865
239,843
242,379
248,217
252,213
254,005
245,602
243,109
236,554
247,038
260,568
263,819
269,877
2,704,258

2,704,258

269,877

263,819

260,568

247,038

236,554

243,109

245,602

254,005

252,213

248,217

242,379

239,843

233,865

229,338

223,580

217,469

211,785

205,519

197,966

190,853

183,976

179,714

175,376

172,986

173,464

170,175

166,145

162,239

162,245

158,462

155,241

151,977

149,733

146,843

145,581

142,519

140,469

138,092

135,188

132,522

135,507

133,252

132,905

130,507

109,431

102,399

98,887

94,426

93,329

92,153

69,153

67,842

66,992

66,240

66,917

87,991

97,674

116,634

144,644

149,213

152,098

160,826

162,986

160,625

163,731

163,524

163,406

156,849

155,125

147,899

145,153

141,744

139,331

135,968

130,168

129,074

126,816

122,590

124,863

121,900

120,287

118,688

116,153

113,974

111,871

110,941

67,180

66,502

65,828

60,938

39,335

38,128

36,991

35,836

35,002

34,500

34,200

34,000

19,500

19,600

20,100

20,700

Common Stock

22,300
22,300
22,300
22,300
36,900
36,900
36,900
36,883
36,883
36,883
36,890
38,653
59,220
62,334
62,334
66,625
107,469
105,169
105,201
105,559
114,486
114,531
114,568
114,689
124,088
124,114
124,389
124,843
135,828
136,150
136,583
137,337
152,951
153,333
153,728
157,155
165,940
163,514
163,522
163,779
163,964
164,157
164,327
164,484
166,980
167,210
167,183
167,211
167,245
167,289
167,321
167,338
187,788
187,739
187,709
187,709
187,709
187,709
187,718
188,048
188,080
188,112
216,263
216,230
216,308
216,394
216,460
216,581
216,422
216,544
216,540
216,687
216,799
216,917
216,731
216,845
216,959
217,099
217,081
217,573
217,675
217,785
217,783
217,842
217,942
218,052
218,109
218,207
218,349
218,445
218,528
218,687
218,846
218,991
219,082
219,266
219,456
219,583
219,578
219,733
219,909
220,089
220,255

220,255

220,089

219,909

219,733

219,578

219,583

219,456

219,266

219,082

218,991

218,846

218,687

218,528

218,445

218,349

218,207

218,109

218,052

217,942

217,842

217,783

217,785

217,675

217,573

217,081

217,099

216,959

216,845

216,731

216,917

216,799

216,687

216,540

216,544

216,422

216,581

216,460

216,394

216,308

216,230

216,263

188,112

188,080

188,048

187,718

187,709

187,739

187,788

167,338

167,321

167,289

167,245

167,211

167,183

167,210

166,980

164,484

164,327

164,157

163,964

163,779

163,522

163,514

165,940

157,155

153,728

153,333

152,951

137,337

136,583

136,150

135,828

124,843

124,389

124,114

124,088

114,689

114,568

114,531

114,486

105,559

105,201

105,169

107,469

66,625

62,334

59,220

38,653

36,890

36,883

36,900

22,300

Retained Earnings

-1,600
-2,300
-2,700
-2,700
-2,700
-2,400
-2,000
-1,434
-611
336
1,136
211
1,154
2,133
3,180
3,180
1,702
3,805
5,931
7,948
1,103
3,329
5,300
7,130
93
1,152
4,277
7,485
320
4,338
8,040
11,412
42
4,105
4,840
7,544
367
612
-4,208
-3,973
-4,009
-12,415
-48,289
-53,370
-84,715
-105,591
-114,800
-135,940
-134,192
-133,489
-132,654
-131,363
-128,962
-127,911
-126,825
-122,340
-119,154
-112,569
-91,335
-88,862
-86,258
-84,020
-81,786
-79,824
-77,745
-75,659
-74,002
-71,839
-69,629
-67,439
-64,910
-62,427
-59,695
-56,108
-53,008
-49,905
-46,491
-43,307
-42,804
-38,836
-34,149
-29,321
-24,652
-19,384
-13,764
-7,978
-2,184
1,507
6,425
10,825
17,101
22,156
27,251
31,728
35,220
38,492
42,332
49,648
59,036
67,092
74,670
83,349
89,760

89,760

83,349

74,670

67,092

59,036

49,648

42,332

38,492

35,220

31,728

27,251

22,156

17,101

10,825

6,425

1,507

-2,184

-7,978

-13,764

-19,384

-24,652

-29,321

-34,149

-38,836

-42,804

-43,307

-46,491

-49,905

-53,008

-56,108

-59,695

-62,427

-64,910

-67,439

-69,629

-71,839

-74,002

-75,659

-77,745

-79,824

-81,786

-84,020

-86,258

-88,862

-91,335

-112,569

-119,154

-122,340

-126,825

-127,911

-128,962

-131,363

-132,654

-133,489

-134,192

-135,940

-114,800

-105,591

-84,715

-53,370

-48,289

-12,415

-4,009

-3,973

-4,208

612

367

7,544

4,840

4,105

11,412

8,040

4,338

320

7,485

4,277

1,152

7,130

5,300

3,329

1,103

7,948

5,931

3,805

1,702

3,180

2,133

1,154

211

1,136

336

-611

-1,434

-2,000

-2,400

-2,700

-2,300

-1,600

Accumulated Other Comprehensive Income

-100
200
-300
-400
-400
-600
-800
-447
-436
-228
101
471
563
1,361
988
555
1,770
2,897
2,842
2,646
3,099
2,427
2,032
3,044
-1,591
1,550
408
-2,160
-180
-1,157
-2,879
-3,596
-5,094
-2,313
-1,719
-1,293
-2,783
-395
1,311
3,180
871
356
2,538
2,902
1,415
2,891
2,444
2,482
23
28
11
14
163
337
378
354
680
1,127
960
855
-1,434
-1,449
-1,955
-1,218
-471
-266
61
839
50
628
347
981
1,358
1,436
-1,484
-795
-293
-328
-1,291
-3,361
-3,812
-4,488
-2,278
-492
1,341
1,711
1,544
3,866
4,564
4,595
4,214
1,536
2,120
1,494
-297
-12,156
-18,679
-32,677
-31,576
-26,257
-30,760
-33,561
-22,930

-22,930

-33,561

-30,760

-26,257

-31,576

-32,677

-18,679

-12,156

-297

1,494

2,120

1,536

4,214

4,595

4,564

3,866

1,544

1,711

1,341

-492

-2,278

-4,488

-3,812

-3,361

-1,291

-328

-293

-795

-1,484

1,436

1,358

981

347

628

839

-266

-471

-1,218

-1,955

-1,449

-1,434

855

960

1,127

680

354

378

337

163

2,482

2,444

2,891

1,415

2,902

2,538

356

871

3,180

1,311

-395

-2,783

-1,293

-1,719

-2,313

-5,094

-3,596

-2,879

-1,157

-180

-2,160

408

1,550

-1,591

3,044

2,032

2,427

3,099

2,646

2,842

2,897

1,770

555

988

1,361

563

471

101

-228

-436

-447

-800

-600

-400

-300

200

-100

Capital Surplus

Treasury Stock

Other Stockholders Equity

100
-100
300
300
200
300
400
-447
-436
-228
101
471
563
1,361
988
555
1,770
2,897
0
0
0
114,531
114,568
114,689
124,088
124,114
0
124,843
135,828
136,150
0
137,337
152,951
153,333
153,728
157,155
165,940
163,514
163,522
163,779
163,964
164,157
164,327
0
2,350
167,210
167,183
167,211
167,245
167,289
167,321
167,338
187,788
187,739
187,709
187,709
187,709
187,709
960
855
-1,434
-1,449
1,509,840
-1,218
-471
-266
61
839
50
628
347
981
1,358
1,436
1,673,584
-795
-293
-328
1,752,303
-3,361
-3,812
-4,488
190,853
-492
1,341
1,711
217,469
3,866
4,564
4,595
239,843
1,536
2,120
1,494
254,005
-12,156
-18,679
-32,677
247,038
-26,257
-30,760
0
2,704,258

2,704,258

-30,760

-26,257

247,038

-32,677

-18,679

-12,156

254,005

1,494

2,120

1,536

239,843

4,595

4,564

3,866

217,469

1,711

1,341

-492

190,853

-4,488

-3,812

-3,361

1,752,303

-328

-293

-795

1,673,584

1,436

1,358

981

347

628

839

-266

-471

-1,218

1,509,840

-1,449

-1,434

855

960

187,709

187,739

187,788

167,338

167,321

167,289

167,245

167,211

167,183

167,210

2,350

164,327

164,157

163,964

163,779

163,522

163,514

165,940

157,155

153,728

153,333

152,951

137,337

136,150

135,828

124,843

124,114

124,088

114,689

114,568

114,531

2,897

1,770

555

988

1,361

563

471

101

-228

-436

-447

400

300

200

300

-100

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	14,739	2,577,958	12,977	17,388	6,294	4,880	4,639	4,747	5,657	3,920	9,240	6,461	1,276,620	1,416,337	1,665,761	1,523,553	1,667,557	1,507,772	1,351,516	1,109,399	920,873	526,192	398,617	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	-22,930	-31,576	-297	4,214	1,544	-2,278	-1,291	-1,484	347	61	-1,955	960	378	11	2,444	2,538	1,311	-1,719	-2,879	408	2,032	2,842	988	101	-396	5
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	220,255	219,578	219,082	218,528	218,109	217,783	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	36,045	51,215	23,669	31,480	31,942	40,526	34,945	27,690	49,104	51,503	63,714	33,556	30,971	21,274	24,687	29,188	49,816	39,882	49,101	31,711	41,633	47,874	29,680	26,305	20,554	17,953
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	483,294	755,170	439,732	268,312	257,191	267,512	255,665	212,123	215,919	213,377	203,373	157,053	30,971	21,274	24,687	29,188	49,816	39,882	49,101	31,711	41,633	47,874	29,680	26,305	20,554	17,953
Common Stock	220,255	219,578	219,082	218,528	218,109	217,783	217,081	216,731	216,540	216,460	216,263	187,718	187,709	167,321	167,183	164,327	163,522	153,728	136,583	124,389	114,568	105,201	62,334	36,890	36,883	22,261
Common Stock Shares Outstanding	34,302	34,260	34,202	34,120	34,056	34,019	33,953	33,923	33,873	33,803	27,162	27,087	22,740	17,686	17,450	17,045	17,283	18,265	27,262	30,909	17,821	16,485	10,426	8,195	7,075	4,581
Common Stock Total Equity	0	219,578	219,082	218,528	218,109	217,783	217,081	216,731	216,540	216,460	216,263	187,718	187,709	0	0	0	0	0	136,583	124,389	114,568	105,201	62,334	36,890	36,883	22,261
Current Deferred Revenue	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
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	563,329	440,051	445,835	329,679	405,377	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Good Will	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	25,919	23,915	23,915	23,915	23,915	23,915	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0	0	0	64	322	592	874	28,942	25,478	25,856	26,262	2,787	27,186	0	0	0	0
Inventory	-492,270	-765,119	-1,158,219	-791,898	-280,064	3,380	5,778	12,253	17,572	30,589	38,711	59,712	84,689	60,521	37,832	23,396	8,831	4,759	2,858	5,000	4,518	19,172	4,571	0	0	0
Liabilities And Stockholders Equity	4,441,632	2,906,919	2,928,751	2,642,026	2,070,077	1,975,124	1,890,232	1,741,013	1,729,643	1,583,846	1,517,405	1,560,718	1,507,667	1,578,261	1,830,172	2,149,372	2,129,966	2,074,816	1,869,990	1,672,606	1,401,111	1,176,583	670,203	499,813	344,921	189,229
Long Term Debt	30,000	30,000	85,000	20,619	20,619	41,238	41,238	41,238	41,238	41,238	131,229	134,710	191,491	181,491	158,224	235,905	254,808	186,256	139,199	142,323	80,692	73,879	65,374	55,000	0	0
Long Term Debt Total	0	0	0	20,619	20,619	41,238	41,238	41,238	41,238	41,238	131,229	134,710	191,491	0	0	0	0	0	0	0	0	0	0	0	0	0
Long Term Investments	840,321	848,022	553,066	1,496,813	1,454,441	1,459,531	1,390,744	1,335,409	1,235,483	1,133,453	1,042,742	1,041,039	1,040,660	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	-36,045	-21,215	61,331	59,139	48,677	60,712	98,411	97,721	88,303	77,842	67,515	101,154	160,520	206,950	296,224	296,840	345,474	193,374	137,298	133,512	123,702	63,959	45,958	28,695	9,446	-15,953
Net Invested Capital	317,085	30,000	85,000	330,462	298,088	292,091	306,342	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Receivables	8,976	7,606	4,088	5,625	4,866	5,279	4,680	4,092	3,622	3,399	3,231	3,411	3,595	3,845	6,460	7,746	10,003	11,233	8,366	6,395	5,095	4,411	3,247	3,271	1,904	1,226
Net Tangible Assets	0	247,038	254,005	239,843	217,469	190,853	172,986	162,239	151,977	142,519	132,522	97,343	61,262	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Working Capital	-829,818	-833,466	-1,179,351	-1,188,660	-700,301	-1,470,242	-1,563,087	-1,420,700	-1,351,330	-1,267,246	-1,151,834	-1,166,835	-1,123,663	-1,227,528	-60,239	-60,500	-98,055	-89,450	90,196	-41,541	-33,477	-29,124	-570,773	-428,124	-287,942	17,179
Non Current Assets Total	2,292,202	50,018	594,839	359,554	351,386	342,182	353,176	303,837	60,275	65,159	212,548	181,373	55,358	56,988	191,111	250,872	296,921	287,466	92,794	211,847	175,088	143,107	79,684	60,932	38,279	34,133
Non Current Liabilities Other	0	30,000	85,000	70,000	60,000	60,000	92,118	84,173	96,169	88,107	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Current Liabilities Total	1,151,333	2,659,881	85,000	90,619	80,619	101,238	133,356	125,411	137,407	129,345	131,229	134,710	191,491	228,224	320,911	326,028	395,290	233,256	186,399	165,223	165,335	111,833	0	4,000	15,000	0
Non Currrent Assets Other	66,458	-848,022	-594,839	-359,554	-351,386	-342,182	-353,176	-303,837	-218,671	-193,459	-212,548	-181,373	-55,046	-9,203	-190,519	874	28,942	25,478	25,856	26,262	26,702	27,186	-79,684	-60,932	-38,279	-34,133
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	2,113,229	2,094,125	1,890,092	2,008,535	1,456,634	1,360,151	1,424,135	1,320,340	1,484,270	1,385,833	1,112,991	1,158,880	1,205,672	1,281,301	2,021,283	2,400,244	2,426,887	2,362,282	1,962,784	1,884,453	1,576,199	1,319,690	557,592	409,304	284,184	135,916
Other Current Assets	459,328	765,119	1,158,219	791,898	280,064	-232,265	-225,400	11,883	11,579	10,762	0	0	0	0	1,607,914	1,861,566	1,773,226	1,736,235	1,719,729	1,422,653	1,179,295	981,191	0	0	0	0
Other Current Liab	1,282,724	1,595,882	1,622,760	1,452,597	962,358	1,743,033	1,676,008	1,448,724	1,435,512	1,306,325	1,249,734	1,286,261	1,215,289	0	0	0	0	0	0	0	0	0	528,062	402,700	295,400	0
Other Liab	0	0	11,788	12,977	18,695	6,294	4,880	4,639	4,747	5,657	3,920	9,240	6,461	5,575	4,933	8,370	4,031	5,164	8,266	4,662	4,477	9,903	1,871	1,868	0	0
Other Stockholder Equity	2,704,258	2,865,254	2,836,627	2,376,523	2,008,302	1,888,441	1,752,303	1,673,584	347	61	1,509,840	960	187,709	167,321	167,183	164,327	163,522	153,728	0	0	114,568	0	988	101	-396	5
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	33,164	33,164	33,164	33,164	30,637	0	0	0	0	0	0	0	0	0	0
Property Plant And Equipment Gross	78,783	79,093	82,547	43,254	43,417	44,862	46,629	50,026	51,456	52,894	53,641	53,576	55,358	56,988	61,015	63,482	64,564	60,731	53,028	45,784	38,713	25,751	14,850	12,264	9,998	7,126
Property Plant And Equipment Net	38,604	40,306	41,773	43,254	43,417	44,862	46,629	50,026	51,456	52,894	53,641	53,576	55,358	56,988	61,015	63,482	64,564	60,731	53,028	45,784	38,713	25,751	14,850	12,264	9,998	7,126
Property Plant Equipment	0	40,306	41,773	43,254	43,417	44,862	46,629	50,026	51,456	52,894	53,641	53,576	55,358	56,988	61,015	63,482	64,564	60,731	53,028	45,784	38,713	25,751	14,850	12,264	0	0
Retained Earnings	89,760	59,036	35,220	17,101	-2,184	-24,652	-42,804	-53,008	-64,910	-74,002	-81,786	-91,335	-126,825	-132,654	-114,800	-48,289	-4,208	4,840	8,040	4,277	5,300	5,931	3,180	1,136	-1,961	-2,654
Retained Earnings Total Equity	0	59,036	35,220	17,101	-2,184	-24,652	-42,804	-53,008	-64,910	-74,002	-81,786	-91,335	-126,825	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt	0	0	0	0	0	10,000	52,118	125,905	138,197	129,485	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt Total	30,797	30,000	85,000	90,619	80,619	101,238	133,356	125,411	137,407	129,345	131,229	134,710	191,491	228,224	320,911	326,028	395,290	233,256	186,399	165,223	165,335	111,833	75,638	55,000	30,000	2,000
Short Term Debt	30,388	360	411	10,000	0	10,000	52,118	125,905	138,197	129,485	0	0	0	0	0	0	0	0	0	0	0	0	75,638	55,000	15,000	2,000
Short Term Investments	447,249	499,257	416,063	236,832	225,249	226,986	220,720	184,433	166,815	161,874	139,659	123,497	212,071	214,853	75,643	20,080	0	0	0	0	107,049	0	4,000	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
Total Assets	2,596,523	2,906,919	2,928,751	2,642,026	2,070,077	1,975,124	1,890,232	1,741,013	1,729,643	1,583,846	1,517,405	1,560,718	1,507,667	1,578,261	1,830,172	2,149,372	2,129,966	2,074,816	1,869,990	1,672,606	1,401,111	1,176,583	670,203	499,813	344,921	189,229
Total Current Assets	483,294	762,776	443,820	273,937	262,057	272,791	112,921	116,836	185,098	132,854	191,866	220,465	246,637	239,972	1,639,061	1,898,500	1,833,045	1,787,350	1,777,196	1,460,759	1,226,023	1,033,476	32,927	29,576	22,458	19,179
Total Current Liabilities	1,313,112	1,596,242	1,623,171	1,462,597	962,358	1,743,033	1,676,008	1,537,536	1,536,428	1,400,100	1,343,700	1,387,300	1,370,300	1,467,500	1,699,300	1,959,000	1,931,100	1,876,800	1,687,000	1,502,300	1,259,500	1,062,600	603,700	457,700	310,400	2,000
Total Liab	2,461,614	2,659,881	85,000	90,619	80,619	1,784,271	1,717,246	1,578,774	1,577,666	1,441,327	1,384,883	1,430,211	1,413,241	1,510,419	1,742,181	2,000,159	1,969,341	1,917,967	1,728,246	1,543,532	1,279,211	1,062,609	603,701	461,684	310,395	169,617
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	2,704,258	247,038	254,005	239,843	217,469	190,853	172,986	162,239	151,977	142,519	132,522	130,507	94,426	67,842	87,991	149,213	160,625	156,849	141,744	129,074	121,900	113,974	66,502	38,128	34,526	19,611
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	0	0	0	0	0	0	0	0	0	0	0	0	0	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30	2001-03-31	2000-12-31	2000-09-30	2000-06-30	2000-03-31	1999-12-31	1999-09-30	1999-06-30	1999-03-31	1998-12-31	1998-09-30	1998-06-30
Accounts Payable	0	0	14,890	15,690	14,739	12,287	2,494,583	16,984	2,577,958	2,553,175	2,600,076	13,398	12,977	13,655	12,900	11,511	17,388	11,335	10,542	8,812	6,294	6,316	5,461	5,627	4,880	10,048	4,875	5,539	4,639	7,403	6,929	7,832	4,747	5,350	5,284	6,038	5,657	3,761	7,314	8,921	3,920	7,903	10,452	9,597	9,240	28,228	12,042	9,259	6,461	5,723	6,765	1,264,665	1,276,620	1,279,710	1,312,701	1,370,767	1,416,337	1,546,311	1,576,052	1,624,703	1,665,761	1,693,601	1,604,012	1,570,428	1,523,553	1,522,003	1,661,686	1,639,332	1,667,557	1,632,816	1,573,101	1,542,567	1,507,772	1,457,484	1,337,641	1,361,832	1,351,516	1,322,563	1,151,347	1,109,276	1,109,399	999,946	972,939	965,567	920,873	877,974	862,264	561,864	526,192	502,488	459,430	418,712	398,617	366,617	335,011	321,585	0	0	0	0	0	0	0
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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
Accumulated Other Comprehensive Income	-22,930	-33,561	-30,760	-26,257	-31,576	-32,677	-18,679	-12,156	-297	1,494	2,120	1,536	4,214	4,595	4,564	3,866	1,544	1,711	1,341	-492	-2,278	-4,488	-3,812	-3,361	-1,291	-328	-293	-795	-1,484	1,436	1,358	981	347	628	50	839	61	-266	-471	-1,218	-1,955	-1,449	-1,434	855	960	1,127	680	354	378	337	163	14	11	28	23	2,482	2,444	2,891	1,415	2,902	2,538	356	871	3,180	1,311	-395	-2,783	-1,293	-1,719	-2,313	-5,094	-3,596	-2,879	-1,157	-180	-2,160	408	1,550	-1,591	3,044	2,032	2,427	3,099	2,646	2,842	2,897	1,770	555	988	1,361	563	471	101	-228	-436	-447	-800	-600	-400	-400	-300	200	-100
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
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
Capital Stock	220,255	220,089	219,909	219,733	219,578	219,583	219,456	219,266	219,082	218,991	218,846	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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
Cash	36,045	40,687	40,255	29,402	51,215	33,205	38,376	31,957	23,669	30,413	31,051	26,900	31,480	28,294	33,079	25,861	31,942	50,870	30,943	28,143	40,526	30,837	37,105	26,954	34,945	28,318	31,165	30,631	27,690	31,879	30,045	22,499	49,104	43,468	48,853	47,001	51,503	44,731	70,033	67,115	63,714	60,592	52,605	46,585	33,556	22,398	25,673	206,640	30,971	22,878	21,889	24,265	21,274	36,889	26,311	22,948	24,687	22,441	23,057	22,238	29,188	39,284	41,261	41,697	49,816	33,186	33,192	31,719	39,882	36,916	43,346	31,302	49,101	36,767	37,657	34,303	31,711	38,258	35,161	30,991	41,633	33,415	40,281	35,977	47,874	35,238	36,868	25,226	29,680	30,996	24,945	23,505	26,305	21,041	22,353	23,345	0	0	0	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
Cash And Short Term Investments	483,294	510,473	383,931	420,738	755,170	486,933	474,004	378,071	439,732	271,888	271,006	260,572	268,312	258,222	262,568	269,229	257,191	260,765	253,768	252,788	267,512	249,452	255,875	241,223	255,665	242,500	215,926	215,236	212,123	216,282	203,625	190,540	215,919	204,983	207,719	202,641	213,377	206,832	222,260	220,442	203,373	196,031	182,264	173,380	157,053	22,398	25,673	206,640	30,971	22,878	21,889	24,265	21,274	36,889	26,311	22,948	24,687	22,441	23,057	22,238	29,188	39,284	41,261	41,697	49,816	33,186	33,192	31,719	39,882	36,916	43,346	31,302	49,101	36,767	37,657	34,303	31,711	38,258	35,161	30,991	41,633	33,415	40,281	35,977	47,874	35,238	36,868	25,226	29,680	30,996	24,945	23,505	26,305	21,041	22,353	23,345	0	0	0	0	0	0	0
Common Stock	220,255	220,089	219,909	219,733	219,578	219,583	219,456	219,266	219,082	218,991	218,846	218,687	218,528	218,445	218,349	218,207	218,109	218,052	217,942	217,842	217,783	217,785	217,675	217,573	217,081	217,099	216,959	216,845	216,731	216,917	216,799	216,687	216,540	216,544	216,422	216,581	216,460	216,394	216,308	216,230	216,263	188,112	188,080	188,048	187,718	187,709	187,709	187,709	187,709	187,739	187,788	167,338	167,321	167,289	167,245	167,211	167,183	167,210	166,980	164,484	164,327	164,157	163,964	163,779	163,522	163,514	165,940	157,155	153,728	153,333	152,951	137,337	136,583	136,150	135,828	124,843	124,389	124,114	124,088	114,689	114,568	114,531	114,486	105,559	105,201	105,169	107,469	66,625	62,334	62,334	59,220	38,653	36,890	36,883	36,883	36,883	36,900	36,900	36,900	22,300	22,300	22,300	22,300
Common Stock Shares Outstanding	34,302	34,291	34,292	34,297	34,278	34,252	34,254	34,255	34,230	34,190	34,193	34,196	34,155	34,110	34,109	34,107	34,080	34,061	34,043	34,040	34,031	34,014	34,017	34,012	33,965	33,947	33,948	33,949	33,923	33,922	33,923	33,925	33,891	33,867	33,867	33,867	33,837	33,795	33,788	33,791	27,277	27,261	27,261	27,212	27,099	27,083	27,083	27,083	27,083	27,083	27,084	17,680	17,680	17,677	17,692	17,697	17,697	17,669	17,260	17,162	17,162	16,998	17,015	17,414	17,414	17,550	17,654	18,131	18,131	18,027	18,315	16,986	16,986	17,236	19,602	16,831	19,166	19,163	17,199	17,885	17,343	16,990	16,728	17,854	17,329	35,601	16,991	12,228	12,228	11,780	19,152	8,453	8,171	8,195	8,040	7,993	7,880	8,060	5,570	5,470	5,520	5,470	5,250
Common Stock Total Equity	0	0	219,909	219,733	219,578	219,583	219,456	219,266	219,082	218,991	218,846	218,687	218,528	218,445	218,349	218,207	218,109	218,052	217,942	217,842	217,783	217,785	217,675	217,573	217,081	217,099	216,959	216,845	216,731	216,917	216,799	216,687	216,540	216,544	216,422	216,581	216,460	216,394	216,308	216,230	216,263	188,112	188,080	188,048	187,718	187,709	187,709	187,709	187,709	187,739	187,788	0	0	0	0	0	0	0	166,980	164,484	0	0	0	0	0	0	0	0	0	0	0	137,337	136,583	136,150	135,828	124,843	124,389	124,114	124,088	114,689	114,568	114,531	114,486	105,559	105,201	105,169	107,469	66,625	62,334	62,334	59,220	38,653	36,890	36,883	36,883	36,883	36,900	36,900	36,900	22,300	22,300	22,300	22,300
Current Deferred Revenue	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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
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
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	758,845	520,740	563,329	624,331	514,393	422,894	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Good Will	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	25,919	25,919	25,919	25,919	25,919	25,918	25,919	23,915	23,915	23,915	23,915	23,915	23,915	23,915	23,915	23,915	23,915	23,915	23,915	23,915	23,915	23,915	23,915	23,915	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	64	0	191	255	322	0	0	592	592	0	0	0	874	2,696	2,803	2,911	28,942	3,135	3,248	3,360	25,478	1,656	1,748	1,841	25,856	2,040	2,140	2,239	26,262	2,454	2,562	2,669	2,787	2,905	26,937	27,055	27,186	27,317	27,447	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	100
Inventory	-492,270	-520,430	-391,430	-429,520	-765,119	-776,097	2,343	2,343	2,343	2,343	2,343	2,371	2,537	2,624	2,624	2,626	2,748	3,109	3,360	3,670	3,380	3,465	3,872	7,089	6,975	8,860	10,281	14,841	14,434	15,123	15,204	18,421	20,348	28,566	31,417	29,406	30,589	29,668	32,932	34,229	38,711	45,779	50,398	55,569	59,712	68,841	68,676	74,798	84,689	71,840	65,899	65,934	60,521	61,733	50,103	47,291	37,832	36,353	24,327	20,513	23,396	10,337	8,217	10,589	8,831	7,336	7,275	6,793	4,759	4,907	4,019	2,416	2,858	5,876	5,394	6,208	5,000	1,942	1,910	4,829	4,518	8,490	20,145	12,308	19,172	13,905	4,023	942	4,571	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Liabilities And Stockholders Equity	4,441,632	2,759,710	2,630,254	2,637,153	2,906,919	2,835,038	2,781,208	2,929,883	2,928,751	2,901,500	2,941,086	2,734,341	2,642,026	2,508,718	2,451,148	2,031,090	2,070,077	2,144,498	1,978,405	1,925,880	1,975,124	1,919,273	1,872,541	1,863,780	1,890,232	1,803,046	1,759,063	1,748,853	1,741,013	1,653,686	1,666,547	1,639,985	1,729,643	1,659,339	1,618,014	1,610,209	1,583,846	1,489,664	1,491,142	1,490,899	1,517,405	1,562,680	1,476,828	1,507,438	1,560,718	1,517,117	1,520,335	1,502,994	1,507,667	1,516,101	1,518,632	1,557,235	1,578,261	1,611,395	1,649,747	1,718,429	1,830,172	1,981,772	2,011,939	2,092,792	2,149,372	2,195,760	2,118,726	2,139,213	2,129,966	2,102,733	2,116,295	2,120,043	2,074,816	2,041,031	1,981,318	1,903,965	1,869,990	1,824,483	1,780,615	1,721,469	1,672,606	1,616,994	1,525,977	1,456,428	1,401,111	1,299,062	1,257,612	1,209,504	1,176,583	1,114,836	1,088,099	708,523	670,203	633,799	586,378	528,257	499,813	451,313	418,334	392,709	344,900	302,000	268,300	220,500	189,200	141,800	83,500
Long Term Debt	30,000	30,000	30,000	30,000	30,000	30,000	30,000	85,000	85,000	85,000	80,619	20,619	20,619	20,619	20,619	20,619	20,619	41,238	41,238	41,238	41,238	41,238	41,238	41,238	41,238	41,238	41,238	41,238	41,238	41,238	41,238	41,238	41,238	41,238	41,238	41,238	41,238	129,345	130,012	130,012	131,229	131,229	133,546	133,546	134,710	134,710	170,377	180,377	191,491	216,491	217,158	217,158	228,224	42,888	42,888	42,888	280,911	42,888	42,188	41,238	276,028	286,347	287,013	375,014	395,290	340,331	285,998	308,876	233,256	223,293	228,960	180,960	186,399	188,434	191,802	148,801	165,223	162,854	218,985	187,058	165,335	157,769	136,644	108,716	111,833	102,318	107,481	75,312	75,638	62,588	62,588	66,588	55,000	41,000	40,000	35,000	0	0	0	0	0	0	0
Long Term Debt Total	0	0	0	0	0	0	0	0	0	0	20,619	20,619	20,619	20,619	20,619	20,619	20,619	41,238	41,238	41,238	41,238	41,238	41,238	41,238	41,238	41,238	41,238	41,238	41,238	41,238	41,238	41,238	41,238	41,238	41,238	41,238	41,238	129,345	130,012	130,012	131,229	131,229	133,546	133,546	134,710	134,710	170,377	180,377	191,491	216,491	217,158	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	840,321	833,280	512,837	526,046	848,022	453,962	436,791	346,969	553,066	379,044	361,822	1,697,656	1,496,813	1,850,607	1,867,194	1,704,300	1,454,441	1,653,289	1,629,521	1,663,168	1,459,531	1,618,183	1,609,391	1,399,383	1,390,744	1,307,729	1,306,787	1,320,672	1,335,409	1,280,454	1,245,396	1,252,617	1,235,483	1,217,990	1,160,186	1,162,041	1,133,453	1,067,808	1,044,012	1,029,097	1,042,742	1,029,499	1,000,572	1,036,878	1,041,039	1,008,277	1,016,715	1,039,346	1,040,660	1,053,026	1,062,166	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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
Net Debt	-36,045	-10,687	-10,255	598	-21,215	-3,205	-8,376	53,043	61,331	54,587	49,568	63,719	59,139	62,325	57,540	64,758	48,677	50,368	70,295	73,095	60,712	80,401	69,800	94,951	98,411	85,038	92,858	113,392	97,721	93,532	116,033	113,579	88,303	93,939	89,221	91,073	77,842	84,614	59,979	62,897	67,515	70,637	80,941	86,961	101,154	112,312	144,704	-26,263	160,520	193,613	195,269	192,893	206,950	222,335	238,580	251,943	296,224	308,470	287,821	287,690	296,840	297,063	295,752	333,317	345,474	307,145	252,806	181,279	193,374	206,377	185,614	149,658	137,298	151,667	219,145	174,498	133,512	124,596	183,824	156,067	123,702	124,354	96,363	72,739	63,959	67,080	70,613	50,086	45,958	31,592	37,643	43,083	28,695	-20,041	17,647	11,655	0	3,500	0	0	2,000	0	0
Net Invested Capital	317,085	299,877	293,819	290,568	30,000	266,554	273,109	330,602	85,000	337,213	328,836	332,998	330,462	324,484	319,957	314,199	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Receivables	8,976	9,957	7,499	8,782	7,606	7,202	5,108	4,896	4,088	4,005	4,539	5,994	5,625	6,895	6,014	5,356	4,866	5,335	5,487	5,994	5,279	5,524	5,078	5,200	4,680	4,532	4,084	4,204	4,092	3,823	3,657	3,929	3,622	3,778	3,633	3,670	3,399	3,415	3,264	3,511	3,231	3,250	3,405	3,687	3,411	3,719	3,525	3,802	3,595	3,585	3,588	3,721	3,845	3,885	4,237	6,380	6,460	7,243	6,985	7,686	7,746	8,560	8,487	9,304	10,003	11,263	11,189	11,071	11,233	10,651	9,485	8,973	8,366	8,019	7,520	7,282	6,395	6,352	5,785	5,404	5,095	4,841	4,613	4,687	4,411	4,588	4,851	3,432	3,247	3,567	3,372	3,259	3,271	2,826	2,431	2,098	0	0	0	0	0	0	0
Net Tangible Assets	0	0	263,819	260,568	247,038	236,554	243,109	245,602	254,005	252,213	248,217	242,379	239,843	233,865	229,338	223,580	217,469	211,785	205,519	197,966	190,853	183,976	179,714	175,376	172,986	173,464	170,175	166,145	162,239	162,245	158,462	155,241	151,977	149,733	146,843	145,581	142,519	140,469	138,092	135,188	132,522	102,643	100,388	100,041	97,343	76,267	69,235	65,723	61,262	60,165	58,989	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-829,818	-162,622	-915,476	-870,119	-833,466	-1,093,446	-778,336	-2,216,314	-2,134,138	1,136,374	863,034	595,037	-2,304,846	218,573	-1,735,172	-1,574,340	-1,823,393	-1,515,704	-1,495,278	-1,536,696	-1,736,608	-1,505,400	-1,502,001	-1,511,148	-1,563,079	-1,423,979	-1,398,347	-1,423,547	-1,420,764	-1,388,626	-1,338,310	-1,344,968	-1,351,402	-1,340,869	-1,284,793	-1,285,651	-1,267,246	-1,205,046	-1,190,671	-1,183,706	-1,151,834	-1,168,895	-1,139,841	-1,178,586	-1,377,513	-1,126,830	-1,127,081	-1,150,758	-1,359,765	-1,122,756	55,951	-1,178,852	-1,466,921	-1,298,977	-1,391,227	-1,552,615	-60,239	-1,663,989	-1,727,045	-1,803,609	-60,500	-65,113	-63,398	-87,461	-98,055	-90,153	-84,660	-86,315	-89,450	-82,670	-61,793	-62,343	90,196	-59,603	-60,166	1,426,182	-41,541	-38,347	1,279,506	-23,633	-33,477	-24,812	0	2,551	-29,124	68,651	69,573	-46,654	-570,773	-533,437	-497,083	-458,136	-428,124	0	0	0	0	0	0	0	0	0	0
Non Current Assets Total	2,113,229	49,625	49,402	48,720	50,018	843,879	47,604	642,092	594,839	44,469	45,665	46,411	253,896	46,170	45,806	45,189	231,062	46,053	46,531	47,465	225,921	49,627	49,867	50,092	1,514,409	52,814	54,495	58,162	1,431,356	58,574	59,061	59,490	60,275	62,330	63,067	63,760	65,159	65,679	66,361	68,245	1,163,987	69,775	71,090	70,978	168,313	54,057	54,534	54,819	129,960	55,597	79,081	56,410	111,940	57,549	59,770	60,444	191,111	61,738	62,327	62,980	250,872	258,373	264,224	291,674	296,921	295,086	289,355	290,958	287,466	279,001	250,911	248,708	92,794	240,086	237,381	228,587	211,847	206,341	196,471	189,661	175,088	164,974	156,077	144,353	143,107	48,185	46,426	85,714	79,684	87,153	76,435	63,935	60,932	55,940	47,965	41,248	0	-100	100	100	0	0	2,600
Non Current Liabilities Other	0	0	30,000	30,000	30,000	30,000	30,000	85,000	85,000	85,000	60,000	70,000	70,000	70,000	70,000	70,000	60,000	60,000	60,000	60,000	60,000	70,000	65,667	80,667	92,118	72,118	82,785	102,785	84,173	84,173	104,840	94,840	96,169	96,169	96,836	96,836	88,107	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	1,151,333	30,000	30,000	30,000	2,659,881	2,598,484	30,000	85,000	85,000	85,000	80,619	90,619	90,619	90,619	90,619	90,619	1,852,608	101,238	101,238	101,238	101,238	111,238	106,905	121,905	133,356	113,356	124,023	144,023	125,411	125,411	146,078	136,078	137,407	137,407	138,074	138,074	129,345	129,345	130,012	130,012	131,229	131,229	133,546	133,546	134,710	134,710	170,377	180,377	191,491	216,491	217,158	217,158	228,224	259,224	264,891	274,891	320,911	330,911	310,878	309,928	326,028	336,347	337,013	375,014	395,290	340,331	285,998	212,998	233,256	243,293	228,960	180,960	186,399	188,434	256,802	142,101	165,223	162,854	168,985	187,058	165,335	157,769	136,644	108,716	111,833	5,000	5,100	0	0	0	0	4,000	4,000	1,000	40,000	35,000	0	0	0	0	0	0	0
Non Currrent Assets Other	2,113,229	-833,280	-853,237	-874,346	-848,022	-10,185	-788,349	-642,092	-594,839	-379,044	-361,822	-322,842	-105,658	-321,322	-318,684	-325,882	-120,324	-291,890	-301,879	-294,981	-116,261	-290,303	-298,339	-304,782	1,161,233	-276,109	-253,579	-253,078	1,127,519	-243,296	-222,953	-219,344	-218,671	-201,949	-202,095	-198,682	-193,459	-193,845	-171,350	-172,502	951,439	-154,434	-135,039	-132,175	-13,060	-120,428	-96,818	-89,045	19,556	-41,987	1,146,523	-12,660	45,749	-20,211	-20,195	-115,440	1,785,281	-142,480	-159,850	-176,380	874	28,615	28,722	28,830	28,942	29,054	29,166	29,279	25,478	25,571	25,663	25,756	25,856	25,955	26,055	26,154	26,262	26,369	26,477	26,584	26,702	26,820	26,937	27,055	27,186	27,317	27,447	-85,714	-79,684	-87,153	-76,435	-63,935	-60,932	-55,940	-47,965	-41,248	-10,000	-9,200	-8,500	-7,700	-7,100	-5,100	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
Other Assets	0	2,189,655	2,189,422	2,158,913	2,094,125	1,497,024	1,968,294	1,904,824	1,890,092	1,583,088	1,670,565	1,770,051	2,381,412	1,922,653	1,939,323	1,773,350	1,831,726	1,722,674	1,695,504	1,728,435	1,742,778	1,680,946	1,673,075	1,677,636	262,902	1,585,811	1,555,215	1,572,738	192,821	1,533,538	1,478,896	1,481,963	1,484,270	1,469,478	1,409,740	1,408,700	1,385,833	1,321,031	1,303,552	1,291,860	161,552	1,275,800	1,244,879	1,283,446	1,382,618	1,225,090	1,217,882	1,237,733	1,367,172	1,203,360	1,597,713	1,234,477	1,465,742	1,351,323	1,440,604	1,602,000	2,021,283	1,742,823	1,823,557	1,926,521	2,400,244	2,454,133	2,382,950	2,430,887	2,426,887	2,397,819	2,405,650	2,411,001	2,362,282	2,320,032	2,232,229	2,152,673	1,962,784	2,064,569	2,017,996	1,950,056	1,884,453	1,823,335	1,722,448	1,646,089	1,576,199	1,464,036	1,413,689	1,353,857	1,319,690	133,370	131,294	594,151	557,592	512,083	481,626	437,558	409,304	371,507	345,584	326,019	344,900	302,100	268,200	220,400	189,200	141,800	0
Other Current Assets	459,328	520,430	391,430	429,520	765,119	776,097	286,198	5,751	712,056	2,635	-244,494	-239,666	-242,457	504,706	7,691	7,322	16,260	6,652	6,503	6,506	12,694	5,524	5,139	5,200	11,988	6,731	7,268	0	11,883	0	0	0	11,579	0	0	0	10,762	0	0	0	0	0	0	0	0	0	0	0	0	0	1,414,074	0	0	0	0	0	1,607,914	0	0	0	1,861,566	1,889,543	1,804,754	1,796,538	1,773,226	1,763,198	1,782,559	1,786,295	1,736,235	1,714,463	1,677,576	1,614,982	1,719,729	1,539,611	1,498,057	1,451,297	1,422,653	1,366,043	1,288,560	1,230,372	1,179,295	1,095,832	1,056,641	1,024,487	981,191	1,026,825	999,954	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	80,900
Other Current Liab	1,282,724	653,052	1,276,906	1,299,639	1,595,882	1,587,581	1,543,646	2,582,297	2,577,958	2,553,175	260,574	322,842	2,298,587	321,322	2,118,291	1,705,380	1,753,294	1,820,140	1,661,106	1,617,864	1,676,739	1,617,743	1,580,461	1,560,872	1,579,010	1,506,178	1,459,990	1,433,146	1,448,724	1,358,627	1,355,078	1,340,834	1,435,512	1,366,849	1,327,813	1,320,516	1,306,325	1,216,089	1,215,724	1,216,778	1,249,734	1,288,041	1,199,578	1,231,390	1,286,261	1,244,748	1,235,517	1,214,471	1,215,289	1,200,558	1,202,556	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	900,691	869,700	0	528,062	505,412	462,812	418,312	402,700	0	0	0	0	0	0	0	0	0	0
Other Liab	0	0	0	61	0	0	0	0	11,788	11,112	0	0	12,977	0	0	0	0	11,335	10,542	0	6,294	6,316	5,461	5,627	4,880	10,048	4,875	5,539	4,639	7,403	6,929	7,832	4,747	5,350	5,284	6,038	5,657	3,761	7,314	8,921	3,920	7,903	10,452	9,597	9,240	28,228	12,042	9,259	6,461	5,723	6,765	6,259	5,575	5,469	5,915	5,854	4,933	6,876	8,375	13,517	8,370	13,714	9,563	13,413	4,031	8,694	5,087	8,429	5,164	9,797	5,657	8,656	8,266	7,820	7,639	5,879	4,662	4,761	2,824	9,148	4,477	4,601	6,341	5,568	9,903	10,473	7,413	4,167	1,871	2,895	3,423	3,622	1,868	1,705	1,487	1,122	0	0	0	0	0	0	0
Other Stockholder Equity	2,704,258	0	-30,760	-26,257	247,038	-32,677	-18,679	-12,156	254,005	1,494	2,120	1,536	239,843	4,595	4,564	3,866	217,469	1,711	1,341	-492	190,853	-4,488	-3,812	-3,361	1,752,303	-328	-293	-795	1,673,584	1,436	1,358	981	347	628	50	839	61	-266	-471	-1,218	1,509,840	-1,449	-1,434	855	960	187,709	187,709	187,709	187,709	187,739	187,788	167,338	167,321	167,289	167,245	167,211	167,183	167,210	2,350	0	164,327	164,157	163,964	163,779	163,522	163,514	165,940	157,155	153,728	153,333	152,951	137,337	0	136,150	135,828	124,843	0	124,114	124,088	114,689	114,568	114,531	0	0	0	2,897	1,770	555	988	1,361	563	471	101	-228	-436	-447	400	300	200	300	300	-100	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
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	32,864	32,864	32,864	33,164	33,164	33,164	33,164	33,164	33,164	33,164	33,164	33,164	33,164	33,164	33,164	33,164	33,164	32,954	30,628	30,637	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
Property Plant And Equipment Gross	78,783	0	0	0	79,093	0	0	0	0	0	42,906	43,113	43,254	43,733	43,052	43,461	43,417	43,956	44,424	44,805	44,862	45,631	45,907	46,110	46,629	46,822	48,626	49,832	50,026	50,174	50,639	50,944	51,456	51,725	52,132	52,506	52,894	53,292	53,308	53,619	53,641	52,916	53,302	53,284	53,576	54,057	54,534	54,819	55,358	55,597	56,155	56,410	56,988	57,549	59,770	60,444	61,015	61,738	62,327	62,980	63,482	64,149	64,284	64,144	64,564	64,054	64,202	63,478	60,731	57,853	56,569	54,472	53,028	51,347	47,602	45,897	45,784	44,558	41,553	39,894	38,713	36,838	34,367	30,617	25,751	20,868	18,979	16,181	14,850	14,233	13,944	12,117	12,264	12,398	11,906	11,667	10,000	9,200	8,500	7,700	7,100	5,100	2,500
Property Plant And Equipment Net	38,604	39,399	39,766	40,249	40,306	40,670	41,088	41,413	41,773	42,343	42,906	43,113	43,254	43,733	43,052	43,461	43,417	43,956	44,424	44,805	44,862	45,631	45,907	46,110	46,629	46,822	48,626	49,832	50,026	50,174	50,639	50,944	51,456	51,725	52,132	52,506	52,894	53,292	53,308	53,619	53,641	52,916	53,302	53,284	53,576	54,057	54,534	54,819	55,358	55,597	56,155	56,410	56,988	57,549	59,770	60,444	61,015	61,738	62,327	62,980	63,482	64,149	64,284	64,144	64,564	64,054	64,202	63,478	60,731	57,853	56,569	54,472	53,028	51,347	47,602	45,897	45,784	44,558	41,553	39,894	38,713	36,838	34,367	30,617	25,751	20,868	18,979	16,181	14,850	14,233	13,944	12,117	12,264	12,398	11,906	11,667	10,000	9,200	8,500	7,700	7,100	5,100	2,500
Property Plant Equipment	0	0	39,766	40,249	40,306	40,670	41,088	41,413	41,773	42,343	42,906	43,113	43,254	43,733	43,052	43,461	43,417	43,956	44,424	44,805	44,862	45,631	45,907	46,110	46,629	46,822	48,626	49,832	50,026	50,174	50,639	50,944	51,456	51,725	52,132	52,506	52,894	53,292	53,308	53,619	53,641	52,916	53,302	53,284	53,576	54,057	54,534	54,819	55,358	55,597	121,587	56,410	56,988	57,549	59,770	60,444	61,015	61,738	62,327	62,980	63,482	64,149	64,284	64,144	64,564	64,054	64,202	63,478	60,731	57,853	56,569	54,472	53,028	51,347	47,602	45,897	45,784	44,558	41,553	39,894	38,713	36,838	34,367	30,617	25,751	20,868	18,979	16,181	14,850	14,232	13,944	12,117	12,264	12,398	11,906	11,667	0	0	0	0	0	0	0
Retained Earnings	89,760	83,349	74,670	67,092	59,036	49,648	42,332	38,492	35,220	31,728	27,251	22,156	17,101	10,825	6,425	1,507	-2,184	-7,978	-13,764	-19,384	-24,652	-29,321	-34,149	-38,836	-42,804	-43,307	-46,491	-49,905	-53,008	-56,108	-59,695	-62,427	-64,910	-67,439	-69,629	-71,839	-74,002	-75,659	-77,745	-79,824	-81,786	-84,020	-86,258	-88,862	-91,335	-112,569	-119,154	-122,340	-126,825	-127,911	-128,962	-131,363	-132,654	-133,489	-134,192	-135,940	-114,800	-105,591	-84,715	-53,370	-48,289	-12,415	-4,009	-3,973	-4,208	612	367	7,544	4,840	4,105	42	11,412	8,040	4,338	320	7,485	4,277	1,152	93	7,130	5,300	3,329	1,103	7,948	5,931	3,805	1,702	3,180	3,180	2,133	1,154	211	1,136	336	-611	-1,434	-2,000	-2,400	-2,700	-2,700	-2,700	-2,300	-1,600
Retained Earnings Total Equity	0	0	74,670	67,092	59,036	49,648	42,332	38,492	35,220	31,728	27,251	22,156	17,101	10,825	6,425	1,507	-2,184	-7,978	-13,764	-19,384	-24,652	-29,321	-34,149	-38,836	-42,804	-43,307	-46,491	-49,905	-53,008	-56,108	-59,695	-62,427	-64,910	-67,439	-69,629	-71,839	-74,002	-75,659	-77,745	-79,824	-81,786	-84,020	-86,258	-88,862	-91,335	-112,569	-119,154	-122,340	-126,825	-127,911	-128,962	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	10,000	10,000	20,667	40,667	52,118	2,118	124,418	102,785	125,905	84,173	104,840	0	138,197	0	0	0	129,485	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	30,797	30,000	30,000	30,000	30,000	30,000	30,000	85,000	85,000	85,000	80,619	90,619	90,619	90,619	90,619	90,619	80,619	101,238	101,238	101,238	101,238	111,238	106,905	121,905	133,356	113,356	124,023	144,023	125,411	125,411	146,078	136,078	137,407	137,407	138,074	138,074	129,345	129,345	130,012	130,012	131,229	131,229	133,546	133,546	134,710	134,710	170,377	180,377	191,491	216,491	217,158	217,158	228,224	259,224	264,891	274,891	320,911	330,911	310,878	309,928	326,028	336,347	337,013	375,014	395,290	340,331	285,998	212,998	233,256	243,293	228,960	180,960	186,399	188,434	256,802	208,801	165,223	162,854	218,985	187,058	165,335	157,769	136,644	108,716	111,833	102,318	107,481	75,312	75,638	62,588	62,588	66,588	55,000	1,000	40,000	35,000	0	3,500	0	0	2,000	0	0
Short Term Debt	30,388	30,000	30,000	0	360	0	0	0	0	137,569	101,248	0	66,700	0	0	0	0	0	0	0	10,000	10,000	20,667	40,667	52,118	2,118	124,418	102,785	125,905	84,173	104,840	0	138,197	0	0	0	129,485	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	66,700	0	0	50,000	0	0	0	0	0	0	97,309	102,400	75,312	75,638	62,588	62,588	66,588	55,000	0	0	0	0	3,500	0	0	2,000	0	0
Short Term Investments	447,249	503,277	512,837	525,959	499,257	453,728	435,628	346,114	416,063	241,475	239,955	233,672	236,832	229,928	229,489	243,368	225,249	209,895	222,825	224,645	226,986	218,615	218,770	214,269	220,720	214,182	184,761	184,605	184,433	184,403	173,580	168,041	166,815	161,515	158,866	155,640	161,874	162,101	152,227	153,327	139,659	135,439	129,659	126,795	123,497	211,853	218,721	184,362	54,746	230,681	244,816	238,362	214,853	161,749	118,825	26,657	75,643	147,527	96,013	73,367	20,080	88,224	169,378	196,785	0	200,058	194,066	195,562	0	192,864	165,964	164,576	0	158,875	161,243	153,986	0	132,860	125,885	120,562	107,049	98,654	0	0	0	0	0	0	4,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Assets	2,596,523	2,759,710	2,630,254	2,637,153	2,906,919	2,835,038	2,781,208	2,929,883	2,928,751	2,901,500	2,941,086	2,734,341	2,642,026	2,508,718	2,451,148	2,031,090	2,070,077	2,144,498	1,978,405	1,925,880	1,975,124	1,919,273	1,872,541	1,863,780	1,890,232	1,803,046	1,759,063	1,748,853	1,741,013	1,653,686	1,666,547	1,639,985	1,729,643	1,659,339	1,618,014	1,610,209	1,583,846	1,489,664	1,491,142	1,490,899	1,517,405	1,562,680	1,476,828	1,507,438	1,560,718	1,517,117	1,520,335	1,502,994	1,507,667	1,516,101	1,518,632	1,557,235	1,578,261	1,611,395	1,649,747	1,718,429	1,830,172	1,981,772	2,011,939	2,092,792	2,149,372	2,195,760	2,118,726	2,139,213	2,129,966	2,102,733	2,116,295	2,120,043	2,074,816	2,041,031	1,981,318	1,903,965	1,869,990	1,824,483	1,780,615	1,721,469	1,672,606	1,616,994	1,525,977	1,456,428	1,401,111	1,299,062	1,257,612	1,209,504	1,176,583	1,114,836	1,088,099	708,523	670,203	633,799	586,378	528,257	499,813	451,313	418,334	392,709	344,900	302,000	268,300	220,500	189,200	141,800	83,500
Total Current Assets	483,294	520,430	391,430	429,520	762,776	494,135	765,310	382,967	443,820	1,273,943	1,224,856	917,879	6,718	539,895	466,019	212,551	7,289	375,771	236,370	149,980	6,425	188,700	149,599	136,052	112,921	164,421	149,353	117,953	116,836	61,574	128,590	98,532	185,098	127,531	145,207	137,749	132,854	102,954	121,229	130,794	191,866	217,105	160,859	153,014	9,787	237,970	247,919	210,442	10,535	257,144	1,439,551	266,348	579	202,523	149,373	55,985	1,639,061	177,211	126,055	103,291	1,898,500	1,937,387	1,854,502	1,847,539	1,833,045	1,807,647	1,826,940	1,829,085	1,787,350	1,762,030	1,730,407	1,655,257	1,777,196	1,584,397	1,543,234	1,492,882	1,460,759	1,410,653	1,329,506	1,266,767	1,226,023	1,134,088	1,101,535	1,065,151	1,033,476	1,066,651	1,041,673	28,658	32,927	34,563	28,317	26,764	29,576	23,867	24,785	25,442	0	0	0	0	0	0	80,900
Total Current Liabilities	1,313,112	683,052	1,306,906	1,299,639	1,596,242	1,587,581	1,543,646	2,599,281	2,577,958	137,569	361,822	322,842	2,311,564	321,322	2,201,191	1,786,891	1,830,682	1,891,475	1,731,648	1,686,676	1,743,033	1,694,100	1,651,600	1,647,200	1,676,000	1,588,400	1,547,700	1,541,500	1,537,600	1,450,200	1,466,900	1,443,500	1,536,500	1,468,400	1,430,000	1,423,400	1,400,100	1,308,000	1,311,900	1,314,500	1,343,700	1,386,000	1,300,700	1,331,600	1,387,300	1,364,800	1,375,000	1,361,200	1,370,300	1,379,900	1,383,600	1,445,200	1,467,500	1,501,500	1,540,600	1,608,600	1,699,300	1,841,200	1,853,100	1,906,900	1,959,000	2,002,500	1,917,900	1,935,000	1,931,100	1,897,800	1,911,600	1,915,400	1,876,800	1,844,700	1,792,200	1,717,600	1,687,000	1,644,000	1,603,400	66,700	1,502,300	1,449,000	50,000	1,290,400	1,259,500	1,158,900	0	1,062,600	1,062,600	998,000	972,100	75,312	603,700	568,000	525,400	484,900	457,700	0	0	0	0	3,500	0	0	2,000	0	0
Total Liab	2,461,614	30,000	30,000	30,000	2,659,881	2,598,484	2,538,099	2,684,281	2,674,746	2,649,287	2,692,869	2,491,962	2,402,183	2,274,853	2,221,810	1,807,510	1,852,608	1,932,713	1,772,886	1,727,914	1,784,271	1,735,297	1,692,827	1,688,404	1,717,246	1,629,582	1,588,888	1,582,708	1,578,774	1,491,441	1,508,085	1,484,744	1,577,666	1,509,606	1,471,171	1,464,628	1,441,327	1,349,195	1,353,050	1,355,711	1,384,883	1,427,173	1,343,576	1,374,533	1,430,211	1,407,686	1,417,936	1,404,107	1,413,241	1,422,772	1,426,479	1,488,082	1,510,419	1,544,403	1,583,507	1,651,512	1,742,181	1,884,098	1,895,305	1,948,148	2,000,159	2,043,662	1,957,900	1,976,227	1,969,341	1,939,002	1,952,771	1,956,637	1,917,967	1,885,906	1,833,419	1,758,812	1,728,246	1,685,152	1,644,647	1,591,301	1,543,532	1,490,178	1,403,387	1,331,565	1,279,211	1,178,775	1,138,924	1,093,351	1,062,609	1,002,965	977,158	641,343	603,701	568,000	525,441	488,923	461,684	414,322	382,498	357,707	310,400	267,800	234,300	201,000	169,600	121,700	62,900
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
Total Stockholder Equity	2,704,258	269,877	263,819	260,568	247,038	236,554	243,109	245,602	254,005	252,213	248,217	242,379	239,843	233,865	229,338	223,580	217,469	211,785	205,519	197,966	190,853	183,976	179,714	175,376	172,986	173,464	170,175	166,145	162,239	162,245	158,462	155,241	151,977	149,733	146,843	145,581	142,519	140,469	138,092	135,188	132,522	135,507	133,252	132,905	130,507	109,431	102,399	98,887	94,426	93,329	92,153	69,153	67,842	66,992	66,240	66,917	87,991	97,674	116,634	144,644	149,213	152,098	160,826	162,986	160,625	163,731	163,524	163,406	156,849	155,125	147,899	145,153	141,744	139,331	135,968	130,168	129,074	126,816	122,590	124,863	121,900	120,287	118,688	116,153	113,974	111,871	110,941	67,180	66,502	65,828	60,938	39,335	38,128	36,991	35,836	35,002	34,500	34,200	34,000	19,500	19,600	20,100	20,700
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
Warrants	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

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

	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
Cost Of Revenue	0	0	-1,763	0	0	0	0	0	403	0	0	0	0	0	0	0	0	0	0	0	3,717	2,525	1,882	1,737	1,642	1,138	837	765	954	970	515	1,170	-1,056	1,056	893	359	759	620	372	495	749	295	843	1,200	1,541	1,127	828	0	3,118	2,149	1,708	2,805	5,200	6,557	8,520	27,619	30,884	31,920	31,763	22,858	27,285	16,203	32,571	19,320	28,950	23,196	20,313	19,747	24,270	18,186	16,721	14,627	13,481	12,502	10,996	9,254	8,929	10,625	7,507	7,138	6,705	6,478	6,468	6,795	7,005	7,041	7,107	5,070	5,297	5,999	5,945	5,971	5,588	5,142	4,883	4,056	2,940	2,550	2,190	1,750	1,550	1,050	450
Depreciation And Amortization	1,834	24	82	160	65	289	467	737	861	720	645	498	516	648	736	721	537	347	696	632	668	637	723	534	850	462	436	537	656	746	744	659	802	645	838	684	701	880	784	774	806	809	652	800	799	755	712	704	809	769	758	781	755	798	507	896	913	926	923	931	976	979	958	966	1,027	951	927	797	824	859	859	843	839	695	758	808	757	697	754	763	537	616	838	712	631	669	670	398	461	369	330	313	329	319	335	249	230	200	170	140	110	80	50
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
Ebit	17,858	14,197	12,704	19,629	17,665	13,637	8,653	7,869	8,093	9,484	10,385	10,328	11,707	9,881	10,857	10,031	12,881	13,283	13,203	12,529	11,653	10,947	10,345	8,817	8,316	8,520	8,228	7,691	7,113	7,174	6,689	6,165	6,347	5,907	6,028	5,444	4,636	5,338	5,358	5,311	4,940	5,008	5,643	5,565	4,417	9,237	5,764	7,303	4,204	4,451	6,109	5,546	5,635	6,710	9,770	-13,231	-11,310	-10,143	-13,139	5,436	-26,902	16,288	17,113	20,029	14,275	23,050	26,133	26,004	22,479	26,535	24,392	21,650	20,793	19,858	17,639	15,009	14,173	9,772	11,014	10,121	9,868	10,009	9,993	10,038	10,361	10,416	9,681	6,609	6,790	7,436	7,228	7,086	6,752	5,827	5,112	4,095	3,360	2,850	2,230	1,680	1,160	400	-470
Ebitda	19,692	14,221	12,786	19,789	17,730	13,926	9,120	8,606	8,954	10,204	11,030	10,826	12,223	10,529	11,593	10,752	13,418	13,630	13,899	13,161	12,321	11,584	11,068	9,351	9,166	8,982	8,664	8,228	7,769	7,920	7,433	6,824	7,149	6,552	6,866	6,128	5,337	6,218	6,142	6,085	5,746	5,817	6,295	6,365	5,216	9,992	6,476	8,007	5,013	5,220	6,867	6,327	6,390	7,508	10,277	-12,335	-10,397	-9,217	-12,216	6,367	-25,926	17,267	18,071	20,995	15,302	24,001	27,060	26,801	23,303	27,394	25,251	22,493	21,632	20,553	18,397	15,817	14,930	10,469	11,768	10,884	10,405	10,625	10,831	10,750	10,992	11,085	10,351	7,007	7,251	7,806	7,558	7,398	7,081	6,146	5,447	4,345	3,590	3,050	2,400	1,820	1,270	480	-420
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
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
Gross Profit	34,322	29,787	25,357	26,760	13,673	24,255	19,568	17,257	17,769	19,547	20,238	20,653	23,585	20,399	20,901	19,884	20,764	20,702	20,722	20,348	20,033	19,274	18,745	17,576	17,927	17,295	17,159	16,586	17,148	16,528	15,578	16,024	15,964	15,461	15,103	14,220	14,790	13,870	13,588	13,985	14,228	14,075	14,019	14,446	14,779	17,998	15,322	14,992	15,089	15,428	15,398	15,277	16,791	16,163	19,140	16,496	16,921	16,828	17,622	18,119	17,459	18,974	20,142	19,700	18,999	19,866	20,355	19,794	20,896	20,586	20,604	19,508	19,714	19,754	18,856	17,517	17,172	15,880	15,321	13,690	13,413	13,722	12,688	11,914	12,488	11,543	10,515	7,127	7,150	6,599	6,033	5,659	5,265	4,846	4,597	3,943	760	750	640	520	370	320	350
Income Before Tax	11,761	14,221	12,786	14,979	15,078	12,533	8,061	7,391	7,585	8,938	9,658	9,544	10,819	8,733	9,397	7,840	10,121	10,040	9,919	9,360	8,786	8,422	8,162	6,980	6,674	7,032	6,891	6,426	5,910	5,954	5,424	4,895	5,099	4,601	4,635	4,085	3,277	3,968	3,986	3,816	3,192	3,213	3,799	3,615	2,376	6,860	3,186	4,485	1,086	1,052	2,401	1,291	835	703	3,051	-21,140	-20,594	-20,483	-24,272	-6,892	-40,337	2,510	3,001	3,409	-4,405	3,494	6,785	7,132	3,934	8,839	8,471	7,723	8,107	8,211	7,769	6,655	6,569	3,047	4,948	4,208	4,363	4,572	4,395	4,238	4,346	4,080	3,495	2,244	2,189	2,003	1,784	1,637	1,579	1,119	823	527	420	300	40	-70	-390	-650	-920
Income Tax Expense	2,266	2,808	2,474	2,975	2,961	2,488	1,493	1,391	1,369	1,736	1,840	1,766	1,822	1,613	1,759	1,429	1,949	1,882	1,916	1,714	1,743	1,570	1,434	1,225	4,480	2,157	2,129	1,966	1,802	1,350	1,679	1,400	1,561	1,400	1,420	1,245	960	1,206	1,231	1,177	958	975	1,196	1,142	-18,858	275	0	0	0	0	0	0	1,303	-1,303	1,303	-11,386	-11,386	-600	6,134	-2,750	-5,280	639	830	971	-1,793	1,037	2,195	2,297	1,089	2,830	2,715	2,501	2,565	2,661	2,507	2,120	2,121	931	1,602	1,342	1,388	1,509	1,463	1,428	1,431	1,345	1,145	730	717	653	582	546	527	172	4,289	3,569	2,940	2,550	2,190	1,750	1,550	1,050	450
Interest Expense	160	7,543	5,974	4,650	2,587	1,104	592	478	508	546	727	784	888	1,148	1,460	2,191	2,760	3,243	3,284	3,169	2,868	2,525	2,183	1,837	1,642	1,488	1,337	1,265	1,204	1,220	1,265	1,270	1,248	1,306	1,393	1,359	1,359	1,370	1,372	1,495	1,749	1,795	1,844	1,950	2,041	2,377	2,578	2,818	3,118	3,399	3,708	4,255	4,800	6,007	6,719	7,909	9,284	10,340	11,133	12,328	13,435	13,778	14,112	16,620	18,680	19,556	19,348	18,872	18,545	17,696	15,921	13,927	12,686	11,647	9,870	8,354	7,604	6,725	6,066	5,913	5,505	5,437	5,598	5,800	6,015	6,336	6,186	4,365	4,601	5,433	5,444	5,449	5,173	4,708	4,289	3,569	2,940	2,550	2,190	1,750	1,550	1,050	450
Interest Income	29,637	29,787	27,120	27,266	25,454	20,875	15,435	13,143	13,334	14,842	15,184	15,274	17,401	15,822	16,507	17,494	18,434	19,079	19,239	19,189	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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
Net Income	9,495	11,413	10,312	12,004	12,117	10,045	6,568	6,000	6,216	7,202	7,818	7,778	8,997	7,120	7,638	6,411	8,172	8,158	8,003	7,646	7,043	6,852	6,728	5,755	2,194	4,875	4,762	4,460	4,108	4,604	3,745	3,495	3,538	3,201	3,215	2,840	2,317	2,762	2,755	2,639	2,234	2,238	2,603	2,473	21,234	6,585	3,186	4,485	1,086	1,052	2,401	1,291	835	703	1,748	-21,140	-9,208	-19,883	-30,406	-4,142	-35,057	1,871	2,171	2,438	-2,612	2,457	4,590	4,835	2,845	6,009	5,756	5,222	5,542	5,550	5,262	4,535	4,448	2,116	3,346	2,866	2,975	3,063	2,932	2,810	2,915	2,735	2,350	1,514	1,472	1,351	1,202	1,091	1,051	947	823	527	420	300	40	-70	-390	-650	-920
Net Income Applicable To Common Shares	0	0	10,312	12,004	12,118	10,045	6,568	6,000	6,216	7,202	7,818	7,778	8,996	7,120	7,638	6,411	8,172	8,158	8,003	7,646	7,044	6,852	6,728	5,755	2,195	4,875	4,762	4,460	4,107	4,604	3,745	3,495	3,538	3,201	3,215	2,840	2,317	2,762	2,755	2,639	-15,340	2,238	2,603	2,473	21,234	6,585	3,186	4,485	1,086	1,052	2,401	1,291	835	703	1,748	0	0	0	0	0	-1,871	1,871	-2,438	2,438	6,813	2,456	4,590	4,835	2,845	6,009	5,755	5,222	5,542	5,550	5,262	4,535	4,448	2,116	3,346	2,866	2,975	3,062	2,932	2,811	2,915	2,734	2,350	1,514	1,472	1,350	1,203	1,091	1,052	947	823	527	0	0	0	0	0	0	0
Net Income From Continuing Ops	9,495	11,413	10,312	12,004	12,118	10,045	6,568	6,000	6,216	7,202	7,818	7,778	8,996	7,120	7,638	6,411	8,172	8,158	8,003	7,646	7,044	6,852	6,728	5,755	2,195	4,875	4,762	4,460	4,107	4,604	3,745	3,495	3,538	3,201	3,215	2,840	2,317	2,762	2,755	2,639	2,235	2,238	2,603	2,473	21,234	6,585	3,186	4,485	0	1,052	2,401	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	21,440	22,244	21,146	22,616	22,867	19,771	14,843	12,665	12,826	14,296	14,457	14,490	16,513	14,674	15,047	15,303	15,675	15,836	15,955	16,020	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Operating Income Net Other	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-17,575	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Recurring	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-202	202	51	1,464	-928	225	1,462	-787	188	0	833	0	0	0	846	0	0	0	0	0	0	0	0	0	-1,934	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-46,636	14,221	12,786	19,629	17,665	13,637	8,653	7,869	8,093	9,484	10,385	10,328	11,707	9,881	10,857	10,031	12,881	13,283	13,203	12,529	11,653	10,947	10,345	8,817	8,316	8,520	8,228	7,691	7,113	7,174	6,689	6,165	6,347	5,907	6,028	5,444	4,636	5,338	5,358	5,311	4,940	5,008	5,643	5,565	4,417	9,237	5,764	7,303	4,204	4,451	6,109	5,546	5,635	6,710	9,770	-13,231	-11,310	-10,143	-13,139	5,436	-26,902	16,288	17,113	20,029	14,275	23,050	26,133	26,004	22,479	26,535	24,392	21,650	20,793	19,858	17,639	15,009	14,173	9,772	11,014	10,121	9,868	10,009	9,993	10,038	10,361	10,416	9,681	6,609	6,790	7,436	7,228	7,086	6,752	5,827	5,112	4,095	420	300	40	-70	-390	-650	-920
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
Other Operating Expenses	22,561	225	205	219	608	196	195	9,388	22,783	175	175	175	22,481	239	239	238	22,359	228	233	228	22,590	228	229	229	21,867	226	225	227	22,466	275	275	275	22,440	263	263	305	21,114	226	238	239	20,817	245	246	247	25,722	213	210	210	24,143	228	224	224	29,634	214	215	215	28,433	226	229	223	21,181	503	687	660	4,724	658	652	568	1,583	532	580	579	1,079	604	587	578	2,999	450	549	338	12,844	565	2,695	1,876	2,127	1,127	834	518	360	838	1,195	1,426	1,487	981	515	152	9,160	8,100	7,170	5,850	5,410	4,120	2,620
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Reconciled Depreciation	50	24	82	160	65	289	467	737	861	720	645	498	516	648	736	721	537	347	696	632	668	637	723	534	850	462	436	537	656	746	744	659	802	645	838	684	701	880	784	774	806	809	652	800	799	755	712	704	809	769	758	781	755	798	507	896	913	926	923	931	976	979	958	966	1,027	951	927	797	824	859	859	843	839	695	758	808	757	697	754	763	537	616	838	712	631	669	670	398	461	369	330	313	329	319	335	249	230	200	170	140	110	80	50
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
Selling And Marketing Expenses	155	225	205	219	217	196	195	195	198	175	175	175	175	239	239	238	230	228	233	228	196	228	229	229	204	226	225	227	175	275	275	275	120	263	263	305	229	226	238	239	132	245	246	247	295	213	210	210	157	228	224	224	192	214	215	215	229	226	229	223	112	169	353	357	253	345	346	317	79	319	321	356	450	395	388	391	343	295	287	286	194	270	256	201	280	166	160	116	193	97	122	124	128	93	75	70	2,940	2,550	2,190	1,750	1,550	1,050	450
Selling General Administrative	8,584	7,402	7,295	8,105	4,411	7,953	7,652	7,483	6,241	7,433	7,627	7,601	6,787	7,476	5,842	7,556	5,784	7,110	7,362	6,364	6,392	7,345	7,428	7,131	6,575	7,119	7,136	6,934	6,485	7,205	7,207	7,229	6,477	7,207	7,217	7,185	6,243	6,898	6,610	6,151	5,978	6,151	6,612	6,265	6,425	7,941	9,392	8,799	15,776	7,161	10,182	9,220	9,168	9,683	9,504	9,803	15,654	9,820	9,136	8,799	6,245	6,526	6,875	6,901	6,562	6,461	6,345	6,129	6,267	6,193	6,293	6,000	5,798	5,755	5,430	5,405	4,921	4,950	4,848	4,487	4,254	4,418	4,109	3,590	3,854	3,580	3,239	2,160	2,221	2,231	2,041	1,866	1,701	1,810	1,705	1,648	3,280	3,000	2,790	2,350	2,310	2,020	1,720
Tax Provision	2,266	2,808	2,474	2,975	2,961	2,488	1,493	1,391	1,369	1,736	1,840	1,766	1,822	1,613	1,759	1,429	1,950	1,882	1,916	1,714	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	3,832	225	205	219	608	196	195	-9,388	-23,186	175	175	175	-22,481	239	239	238	-22,359	228	233	228	-22,590	228	229	229	21,867	226	225	227	22,466	275	275	275	22,440	263	263	305	21,114	226	238	239	20,817	245	246	247	-25,722	213	210	210	-24,143	228	224	224	-29,634	214	215	215	28,433	226	229	223	21,181	503	687	660	-4,724	658	652	568	1,583	532	580	579	1,079	604	587	578	-2,999	450	549	338	12,844	565	-2,695	-1,876	-2,127	-1,127	-834	-518	-360	838	1,195	1,426	1,487	981	515	152	6,220	5,550	4,980	4,100	3,860	3,070	2,170
Total Other Income Expense Net	11,761	14,221	12,786	-4,650	-2,587	-1,104	-592	-478	-508	-546	-727	-784	-888	-1,148	-1,460	-2,191	-2,760	-3,243	-3,284	-3,169	-2,867	-2,525	-2,183	-1,837	-1,642	-1,488	-1,337	-1,265	-1,203	-1,220	-1,265	-1,270	-1,248	-1,306	-1,393	-1,359	-1,359	-1,370	-1,372	-1,495	-1,748	-1,795	-1,844	-1,950	-2,041	-2,377	-2,578	-2,818	-3,118	-3,399	-3,708	-4,255	-4,800	-6,007	-6,719	-7,909	-9,284	-10,340	-11,133	-12,328	-13,435	-13,778	-14,112	-16,620	-18,680	-19,556	-19,348	-18,872	-18,545	-17,696	-15,921	-13,927	-12,686	-11,647	-9,870	-8,354	-7,604	-6,725	-6,066	-5,913	-5,505	-5,437	-5,598	-5,800	-6,015	-6,336	-6,186	-4,365	-4,601	-5,433	-5,444	-5,449	-5,173	-4,708	0	0	0	0	0	0	0	0	0
Total Revenue	34,322	29,787	25,357	26,760	13,673	24,255	19,568	17,257	18,172	19,547	20,238	20,653	23,585	20,399	20,901	19,884	20,764	20,702	20,722	20,348	20,033	19,274	18,745	17,576	17,927	17,295	17,159	16,586	17,148	16,528	15,578	16,024	15,964	15,461	15,103	14,220	14,790	13,870	13,588	13,985	14,228	14,075	14,019	14,446	14,779	17,998	15,322	14,992	15,089	15,428	15,398	15,277	16,791	16,163	19,140	16,496	16,921	16,828	17,622	18,119	17,459	18,974	20,142	19,700	18,999	19,866	20,355	19,794	20,896	20,586	20,604	19,508	19,714	19,754	18,856	17,517	17,172	15,880	15,321	13,690	13,413	13,722	12,688	11,914	12,488	11,543	10,515	7,127	7,150	6,599	6,033	5,659	5,265	4,846	4,597	3,943	3,700	3,300	2,830	2,270	1,920	1,370	800

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

Gross Profit (+$)
totalRevenue	132,252
Cost of Revenue	-113,811
Gross Profit	18,441	18,441

Operating Income (+$)
Gross Profit	18,441
Operating Expense	-14,564
Operating Income	53,747	3,877

Operating Expense (+$)
Research Development	0
Selling General Administrative	30,430
Selling And Marketing Expenses	803
Operating Expense	14,564	31,233

Net Interest Income (+$)
Interest Income	113,811
Interest Expense	-634
Other Finance Cost	-25,730
Net Interest Income	87,447

Pretax Income (+$)
Operating Income	53,747
Net Interest Income	87,447
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	53,747	0 EBIT - interestExpense = 51,013 53,747 43,858
Interest Expense	634
Earnings Before Interest and Taxes (EBIT)	51,647	54,381
Earnings Before Interest and Taxes (EBITDA)	53,747

After tax Income (+$)
Income Before Tax	53,747
Tax Provision	-10,523
Net Income From Continuing Ops	43,224	43,224
Net Income	43,224
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	78,505
Total Other Income/Expenses Net	53,747	-87,447

Technical Analysis of Macatawa 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 Macatawa Bank Corporation. The general trend of Macatawa Bank Corporation is BULLISH with 85.7% 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 Macatawa 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 (85.7%)		Bearish trend (-85.7%)
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 Macatawa 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: .

The bearish price targets are: 11.34 > 11.21 > 10.49.

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Macatawa 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 Macatawa Bank Corporation. The current mas is .

The long score for the Moving Averages is 13/14.
The longshort score for the Moving Averages is 12/(-14 +14).

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

Directionalities and relatives.

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

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

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

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

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

Simple moving average

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

Source: Tradingview.com

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

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

Exponential moving average

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

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

Where:

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

Smoothed moving average

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

Linear weighted moving average

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

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

Where:

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

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

Source: Tradingview.com

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

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

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

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

Macatawa 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 Macatawa Bank Corporation. The current macd is 1.14328695.

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

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

Macatawa 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 Macatawa Bank Corporation. The current adx is 35.44.

The long score for the Directional Movement Index (DMI) is 4/7.
The longshort score for the Directional Movement Index (DMI) is 4/(-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 Macatawa Bank Corporation shares, leading to potential upward momentum in its price. +1
PLUS_ID > MINUS_DI && ADX > 25 && ADX trending up: The ADX is above 25 and indicates a strong bullish trend. The ADX is trending up, so the bullish trend is strengthening.

Macatawa 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 Macatawa Bank Corporation. The current sar is 10.37.

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

Macatawa 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 Macatawa Bank Corporation. The current rsi is 86.99. The current phase is Overbought in bull market.

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

Overbought in bull market: Short-term excessive buying, potential for pullback. Consider taking profits, be cautious of potential correction. -1
Trending up: The RSI is trending up. +1

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

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

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

Original usage

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

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

How you can use RSI (Divergence)

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

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

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

Source: Tradingview.com

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

Use tradingview to add indicators

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

Tradingview

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

View tool on Tradingview.com

RSI divergence

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

There are four types of divergences:

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

Regular bullish divergence

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

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

Source: Tradingview.com

Regular bearish divergence

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

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

Source: Tradingview.com

Hidden bullish divergence

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

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

Source: Tradingview.com

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

Hidden bearish divergence

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

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

Source: Tradingview.com

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

Macatawa 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 Macatawa Bank Corporation. The current phase is Overbought in bull market.

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

STOCH > 50: The STOCH %K is above 50. There are more buyers than sellers. +1
STOCH > 80: The STOCH %K is above 80 and overbought. +2
STOCH %K line < STOCH %D line: The STOCH %K line is below the STOCH %D line, which indicates a bearish signal in the market. This means that the negative momentum is currently stronger than the average momentum, suggesting that sellers are more active than buyers, and there's a higher probability of the Macatawa Bank Corporation price going down in the near term. -2
Trending down: The STOCH %K is trending down. -1

Macatawa 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 Macatawa Bank Corporation. The current cci is 123.24.

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

CCI > 100: The CCI is above 100, it indicates that the price is significantly above its average, suggesting a potential overbought condition. +1

Macatawa 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 Macatawa Bank Corporation. The current cmo is 83.40.

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

Macatawa 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 Macatawa Bank Corporation. The current willr is -3.22580645.

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

WILLR > -20: The Williams %R is above -20. This indicates that the price is in overbought territory, suggesting a potential price correction or trend reversal to the downside. +1

Macatawa 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 Macatawa Bank Corporation.

Macatawa 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 Macatawa Bank Corporation. The current atr is 0.46097106.

Macatawa 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 Macatawa Bank Corporation. The current obv is 2,514,152.

Macatawa 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 Macatawa Bank Corporation. The current mfi is 87.90.

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

MFI > 50: +1
MFI > 80: +1

Macatawa Bank Corporation Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for Macatawa 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
2023-12-01	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).
2023-12-04	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-05	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-12	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-13	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-14	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2023-12-15	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-18	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2023-12-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-21	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.
2023-12-26	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-28	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2024-01-02	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
2024-01-09	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-11	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.
2024-01-16	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-01-17	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-18	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2024-01-19	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-01-22	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).
2024-01-24	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-01-25	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal 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.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-01-31	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.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-01	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-02-02	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-02-06	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.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-15	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-16	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-02-20	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-22	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-02-26	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-28	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-03-01	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-03-04	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-05	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-08	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
2024-03-12	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-14	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-03-15	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-03-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-20	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-03-22	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-03-26	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-03-27	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-03-28	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
2024-04-01	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-04-03	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-04	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-04-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-04-08	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-04-10	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
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-11	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-15	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-04-16	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2024-04-23	STOCH	LONG EXIT		The %K line crosses below the %D line.

6.3. Candlestick Patterns

Macatawa Bank Corporation Daily Candlestick Chart

Date	Candlestick Pattern

6.4. Technical Score

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

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	86.986
Ma 20	Greater than	Ma 50	10.932
Ma 50	Greater than	Ma 100	10.261
Ma 100	Greater than	Ma 200	10.516
Open	Greater than	Close	14.220
Total			3/5 (60.0%)

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Quick analysis of Macatawa Bank Corporation (30 sec.)

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

$14.28

$3.93

$10.42 - $16.26

$14.35 - $20.18

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

Is Macatawa Bank Corporation growing?

How much money is Macatawa Bank Corporation making?

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

3. Financial Health of Macatawa 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 Macatawa Bank Corporation? (5 min.)

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

About Macatawa Bank Corporation

Financial Health

Valuation

1.1. Profitability of Macatawa 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 Macatawa Bank Corporation.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

1.2.2. Operating Ratio

Trends

1.3. Liquidity of Macatawa 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 Macatawa 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 Macatawa Bank Corporation

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Banks - Regional)

Macatawa Bank Corporation
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