MicroStrategy Incorporated
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Penke I guess you are interested in MicroStrategy Incorporated. 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 MicroStrategy Incorporated. 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 Microstrategy (30 sec.)

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

How much money do you get?

$0.24

When do you have the money?

1 year

How often do you get paid?

15.0%

What is your share worth?

Current worth

$117.82

Expected worth in 1 year

$261.16

How sure are you?

62.5%

+ What do you gain per year?

Total Gains per Share

$143.59

Return On Investment

11.3%

For what price can you sell your share?

Current Price per Share

$1,265.67

Expected price per share

$527.89 - $2,000

How sure are you?

50%

1. Valuation of Microstrategy (5 min.)

Live pricePrice per Share (EOD)

$1,265.67

Book Value per Share

$117.82

Intrinsic Value Per Share

$-1,720.33 - $-1,425.25

Total Value Per Share

$-1,602.52 - $-1,307.43

My calculation of the intrinsic value of Microstrategy 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: ($-8.62) 3Y: ($-24.81) TTM: ($-27.41)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($-1.67) 3Y: ($-1.74) TTM: ($-15.26)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$-112.39	$-50.24	$-127.13 - $-61.29
2	$-243.79	$-124.56	$-155.00 - $-88.08
3	$-391.66	$-221.51	$-182.87 - $-114.88
4	$-553.74	$-339.71	$-210.75 - $-141.68
5	$-727.93	$-477.85	$-238.62 - $-168.47
6	$-912.36	$-634.65	$-266.50 - $-195.27
7	$-1,105.29	$-808.91	$-294.37 - $-222.06
8	$-1,305.18	$-999.49	$-322.24 - $-248.86
9	$-1,510.61	$-1,205.29	$-350.12 - $-275.66
10	$-1,720.33	$-1,425.25	$-377.99 - $-302.45

2. Growth of Microstrategy (5 min.)

Is Microstrategy growing?

	Current year	Previous year	Grow	Grow %
How rich?	$2.1b	$23.1m	$1b	97.8%

How much money is Microstrategy making?

	Current year	Previous year	Grow	Grow %
Making money	$107.2m	-$367.4m	$474.7m	442.5%
Net Profit Margin	89.4%	-297.4%	-	-

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

Quarterly Yearly

3. Financial Health of Microstrategy (5 min.)

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

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

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

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

Speculation

The Price per Share of Microstrategy is $1,266. 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 Microstrategy.
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 Microstrategy, 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 $117.82. Based on the TTM, the Book Value Change Per Share is $35.84 per quarter. Based on the YOY, the Book Value Change Per Share is $-22.70 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 $0.06 per quarter.

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

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	4.85	0.4%	6.85	0.5%	-24.49	-1.9%	-5.22	-0.4%	-2.21	-0.2%
Usd Book Value Change Per Share	61.80	4.9%	35.84	2.8%	-22.70	-1.8%	4.13	0.3%	2.43	0.2%
Usd Dividend Per Share	0.15	0.0%	0.06	0.0%	0.05	0.0%	0.02	0.0%	0.01	0.0%
Usd Total Gains Per Share	61.95	4.9%	35.90	2.8%	-22.65	-1.8%	4.15	0.3%	2.44	0.2%
Usd Price Per Share	631.62	-	398.66	-	251.11	-	320.97	-	239.17	-
Price to Earnings Ratio	32.56	-	22.07	-	-11.52	-	65.03	-	39.03	-
Price-to-Total Gains Ratio	10.20	-	23.78	-	-88.50	-	-51.67	-	53.94	-
Price to Book Ratio	5.36	-	6.96	-	-6.54	-	11.35	-	8.29	-
Price-to-Total Gains Ratio	10.20	-	23.78	-	-88.50	-	-51.67	-	53.94	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	1265.67
Number of shares	0

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.06	0.02
Usd Book Value Change Per Share	35.84	4.13
Usd Total Gains Per Share	35.90	4.15
Gains per Quarter (0 shares)	0.00	0.00
Gains per Year (0 shares)	0.00	0.00

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	0	0	-10	0	0	-10
2	0	0	-10	0	0	-10
3	0	0	-10	0	0	-10
4	0	0	-10	0	0	-10
5	0	0	-10	0	0	-10
6	0	0	-10	0	0	-10
7	0	0	-10	0	0	-10
8	0	0	-10	0	0	-10
9	0	0	-10	0	0	-10
10	0	0	-10	0	0	-10

How sure are you?

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

Linear %

	Trailing 12 Months				3Y				5 Year				10 Year				ALLTIME
				%				%				%				%				%
Earnings Per Share	3.0	1.0	0.0	75.0%	3.0	9.0	0.0	25.0%	9.0	11.0	0.0	45.0%	25.0	15.0	0.0	62.5%	78.0	25.0	0.0	75.7%
Book Value Change Per Share	4.0	0.0	0.0	100.0%	6.0	6.0	0.0	50.0%	9.0	11.0	0.0	45.0%	25.0	15.0	0.0	62.5%	71.0	30.0	2.0	68.9%
Dividend per Share	4.0	0.0	0.0	100.0%	6.0	0.0	6.0	50.0%	6.0	0.0	14.0	30.0%	6.0	0.0	34.0	15.0%	11.0	0.0	92.0	10.7%
Total Gains per Share	4.0	0.0	0.0	100.0%	6.0	6.0	0.0	50.0%	9.0	11.0	0.0	45.0%	25.0	15.0	0.0	62.5%	71.0	30.0	2.0	68.9%

Fundamentals of Microstrategy

About MicroStrategy Incorporated

https://www.microstrategy.com
1934
1850 Towers Crescent Plaza, Tysons Corner, VA, United States, 22182
Google Maps Bing Maps

MicroStrategy Incorporated provides artificial intelligence-powered enterprise analytics software and services in the United States, Europe, the Middle East, Africa, and internationally. It offers MicroStrategy ONE, which provides non-technical users with the ability to directly access novel and actionable insights for decision-making; and MicroStrategy Cloud for Government service, which offers always-on threat monitoring that meets the rigorous technical and regulatory needs of governments and financial institutions. The company also provides MicroStrategy Support that helps customers achieve their system availability and usage goals through highly responsive troubleshooting and assistance; MicroStrategy Consulting, which provides architecture and implementation services to help customers realize their desired results; and MicroStrategy Education that offers free and paid learning options. In addition, it engages in the development of bitcoin. The company offers its services through direct sales force and channel partners. It serves the U.S. government, state and local governments, and government agencies, as well as a range of industries, including retail, banking, technology, manufacturing, insurance, consulting, healthcare, telecommunications, and the public sector. The company was incorporated in 1989 and is headquartered in Tysons Corner, Virginia.

Fundamental data was last updated by Penke on 2024-04-11 15:14:06.

Financial Health

Profitability Details

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

Operating Efficiency Details

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

Liquidity Details

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

Solvency Details

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

Valuation

Valuation Details

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

1.1. Profitability of MicroStrategy Incorporated.

1.1. Profitability

1.1.1. Net Profit Margin

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

Above 10% is considered healthy but always compare Microstrategy to the Software - Application industry mean.
A Net Profit Margin of 71.6% means that $0.72 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of MicroStrategy Incorporated:

The MRQ is 71.6%. The company is making a huge profit. +2
The TTM is 89.4%. The company is making a huge profit. +2

Trends

Current period		Compared to		+/-
MRQ	71.6%	TTM	89.4%	-17.8%
TTM	89.4%	YOY	-297.4%	+386.8%
TTM	89.4%	5Y	-61.7%	+151.1%
5Y	-61.7%	10Y	-26.2%	-35.5%

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

Revenue is the amount of profit Microstrategy 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 Microstrategy 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 Microstrategy to the Software - Application industry mean.
Can be used to compare companies within the Software - Application industry.

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

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Microstrategy. If profit margins remain low (compared to the Software - Application 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 Microstrategy is 0.72. This means that Microstrategy earned $0.72 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 Software - Application industry is .
What is the trend?
The trend is important because it shows you how Microstrategy is performing over time. The most recent quarter might be important if Microstrategy 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 Microstrategy 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 Microstrategy with other companies in the same industry (Software - Application).
Net profit margin should rise over the years.
Can be influenced when Microstrategy sells assets (profit will increase while costs remain the same).
It won’t show what part of Microstrategy 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 Microstrategy

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 Microstrategy = 89,126
Total revenue MRQ Microstrategy = 124,484
$89,126 / $124,484 = 0.72 or 71.6%

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 Microstrategy is using its assets to generate profit.

Above 5% is considered healthy but always compare Microstrategy to the Software - Application industry mean.
1.9% Return on Assets means that Microstrategy generated $0.02 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of MicroStrategy Incorporated:

The MRQ is 1.9%. Using its assets, the company is less efficient in making profit.
The TTM is 3.4%. Using its assets, the company is less efficient in making profit.

Trends

Current period		Compared to		+/-
MRQ	1.9%	TTM	3.4%	-1.5%
TTM	3.4%	YOY	-14.1%	+17.5%
TTM	3.4%	5Y	-3.0%	+6.4%
5Y	-3.0%	10Y	-0.6%	-2.4%

Shows how efficient Microstrategy 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 Microstrategy to the Software - Application 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 Microstrategy is using its resources to generate profit. If the return on assets (1.9%) from Microstrategy are higher than the Software - Application mean () that means Microstrategy 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 Microstrategy is 1.9%. This means the company generated $0.02 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Software - Application industry is .
What is the trend?
The trend is important because it shows you how Microstrategy is performing over time. The most recent quarter might be important if Microstrategy 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 Microstrategy 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 Microstrategy

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

Income statement
Balance sheet

Net income MRQ (income statement) from Microstrategy = 89,126
Total assets MRQ (balance sheet) from Microstrategy = 4,762,528
89,126 / 4,762,528 = 0.02 or 1.9%

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

Above 15%-20% is considered healthy but always compare Microstrategy to the Software - Application industry mean.
4.1% Return on Equity means Microstrategy generated $0.04 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of MicroStrategy Incorporated:

The MRQ is 4.1%. Using its investors money, the company is inefficient in making profit. -1
The TTM is 23.5%. Using its investors money, the company is efficient in making profit. +1

Trends

Current period		Compared to		+/-
MRQ	4.1%	TTM	23.5%	-19.3%
TTM	23.5%	YOY	-3.8%	+27.2%
TTM	23.5%	5Y	-17.5%	+41.0%
5Y	-17.5%	10Y	-7.5%	-10.1%

Shows how efficient Microstrategy 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 Microstrategy to the Software - Application 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 Software - Application 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 Microstrategy is 4.1%. This means Microstrategy generated $0.04 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Software - Application industry is .
What is the trend?
The trend is important because it shows you how Microstrategy is performing over time. The most recent quarter might be important if Microstrategy 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 Microstrategy up to 10 years back (depending if Microstrategy 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 Microstrategy

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Microstrategy = 89,126
Shareholders equity (balance sheet) MRQ Microstrategy = 2,164,972
89,126 / 2,164,972 = 0.04 or 4.1%

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 MicroStrategy Incorporated.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Microstrategy is operating .

Measures how much profit Microstrategy 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 Microstrategy to the Software - Application industry mean.
An Operating Margin of -2.8% means the company generated $-0.03 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of MicroStrategy Incorporated:

The MRQ is -2.8%. The company is operating very inefficient. -2
The TTM is -5.4%. The company is operating very inefficient. -2

Trends

Current period		Compared to		+/-
MRQ	-2.8%	TTM	-5.4%	+2.6%
TTM	-5.4%	YOY	39.7%	-45.2%
TTM	-5.4%	5Y	45.6%	-51.1%
5Y	45.6%	10Y	29.4%	+16.2%

Measures how efficient Microstrategy 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 Microstrategy to the Software - Application 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 Microstrategy 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 Microstrategy is -2.8%. This means that Microstrategy earned $-0.03 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Software - Application industry is .
What is the trend?
The trend is important because it shows you how Microstrategy is performing over time. The most recent quarter might be important if Microstrategy 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 Microstrategy 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 Microstrategy

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Microstrategy = -3,547
Total revenue MRQ Microstrategy = 124,484
$-3,547 / $124,484 = -0.03 or -2.8%

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 Microstrategy is keeping operating costs low.

Below 1 is considered healthy (always compare to Software - Application industry mean).
An Operation Ratio of 1.03 means that the operating costs are $1.03 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of MicroStrategy Incorporated:

The MRQ is 1.028. The company is inefficient in keeping operating costs low. -1
The TTM is 0.999. The company is less efficient in keeping operating costs low.

Trends

Current period		Compared to		+/-
MRQ	1.028	TTM	0.999	+0.029
TTM	0.999	YOY	0.979	+0.020
TTM	0.999	5Y	0.956	+0.043
5Y	0.956	10Y	0.914	+0.043

Measures how efficient Microstrategy 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 Microstrategy to the Software - Application 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 Microstrategy is 102.8%. This means that Microstrategy earned $1.03 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 Software - Application industry is .
What is the trend?
The trend is important because it shows you how Microstrategy is performing over time. The most recent quarter might be important if Microstrategy 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 Microstrategy 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 Microstrategy

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
(28,221 +99,810) \ 124,484 = 1.03

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 MicroStrategy Incorporated.

1.3. Liquidity

1.3.1. Current Ratio

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

Above 1.5 is considered healthy (always compare to Software - Application industry mean).
A Current Ratio of 0.83 means the company has $0.83 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of MicroStrategy Incorporated:

The MRQ is 0.829. The company is just not able to pay all its short-term debts. -1
The TTM is 0.793. The company is just not able to pay all its short-term debts. -1

Trends

Current period		Compared to		+/-
MRQ	0.829	TTM	0.793	+0.035
TTM	0.793	YOY	0.805	-0.012
TTM	0.793	5Y	1.431	-0.637
5Y	1.431	10Y	2.301	-0.870

Measures if Microstrategy 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 Software - Application 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 Microstrategy 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 Microstrategy is 0.83. This means Microstrategy has $0.83 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Software - Application industry is .
What is the trend?
The trend is important because it shows you how Microstrategy is performing over time. The most recent quarter might be important if Microstrategy 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 Microstrategy 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 Microstrategy

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
267,895 \ 323,273) = 0.83

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

Above 1 is considered healthy but always compare Microstrategy to the Software - Application industry mean.
A Quick Ratio of 0.79 means the company can pay off $0.79 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of MicroStrategy Incorporated:

The MRQ is 0.793. The company is just not able to pay all its short-term debts with the most liquid assets. -1
The TTM is 0.719. 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	0.793	TTM	0.719	+0.074
TTM	0.719	YOY	0.699	+0.021
TTM	0.719	5Y	1.572	-0.853
5Y	1.572	10Y	3.005	-1.433

Measures if Microstrategy 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 Microstrategy to the Software - Application 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 Microstrategy can pay off its short term debts. This shows if Microstrategy 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 Microstrategy is 0.79. This means that Microstrategy can pay off $0.79 for each $1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the Software - Application industry is .
What is the trend?
The trend is important because it shows you how Microstrategy is performing over time. The most recent quarter might be important if Microstrategy 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 Microstrategy 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 Microstrategy

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 Microstrategy: (48,673 + 0 +207,715) / 323,273 = 0.79

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 MicroStrategy Incorporated.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

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

Below 1 (100%) is considered healthy but always compare Microstrategy to Software - Application industry mean.
A Debt to Asset Ratio of 0.55 means that Microstrategy assets are financed with 54.5% credit (debt) and the remaining percentage (100% - 54.5%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of MicroStrategy Incorporated:

The MRQ is 0.545. The company is able to pay all its debts by selling its assets. +1
The TTM is 0.727. The company is able to pay all its debts by selling its assets. +1

Trends

Current period		Compared to		+/-
MRQ	0.545	TTM	0.727	-0.181
TTM	0.727	YOY	1.018	-0.292
TTM	0.727	5Y	0.708	+0.018
5Y	0.708	10Y	0.527	+0.181

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

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

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Microstrategy to Software - Application 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 Microstrategy is 0.55. This means means that Microstrategy is financed with 54.5% 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 Software - Application industry is .
What is the trend?
The trend is important because it shows you how Microstrategy is performing over time. The most recent quarter might be important if Microstrategy 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 Microstrategy 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 Microstrategy has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Microstrategy

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

Balance sheet
Debt to asset ratio = total debt \ total assets
2,597,556 \ 4,762,528 = 54.5% or 0.55.

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

Below 2 is considered healthy but always compare Microstrategy to the Software - Application industry mean.
A Debt to Equity ratio of 120.0% means that company has $1.20 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of MicroStrategy Incorporated:

The MRQ is 1.200. The company is able to pay all its debts with equity. +1
The TTM is 3.287. The company is unable to pay all its debts with equity. -1

Trends

Current period		Compared to		+/-
MRQ	1.200	TTM	3.287	-2.087
TTM	3.287	YOY	0.804	+2.483
TTM	3.287	5Y	3.526	-0.239
5Y	3.526	10Y	2.036	+1.490

Measures if Microstrategy 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 Microstrategy 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 Microstrategy is 1.20. This means that Microstrategy can pay off $1.20 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Software - Application industry is .
What is the trend?
The trend is important because it shows you how Microstrategy is performing over time. The most recent quarter might be important if Microstrategy 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 Microstrategy 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 Microstrategy

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
2,597,556 \ 2,164,972 = 1.20 or 120.0%

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 MicroStrategy Incorporated

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 Microstrategy generates.

Above 15 is considered overpriced but always compare Microstrategy to the Software - Application industry mean.
A PE ratio of 32.56 means the investor is paying $32.56 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of MicroStrategy Incorporated:

The EOD is 65.239. Based on the earnings, the company is expensive. -2
The MRQ is 32.557. Based on the earnings, the company is overpriced. -1
The TTM is 22.073. Based on the earnings, the company is fair priced.

Trends

Current period		Compared to		+/-
EOD	65.239	MRQ	32.557	+32.682
MRQ	32.557	TTM	22.073	+10.484
TTM	22.073	YOY	-11.515	+33.589
TTM	22.073	5Y	65.029	-42.956
5Y	65.029	10Y	39.026	+26.003

Measures how much money you pay for each share for every $1 in earnings Microstrategy 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 Microstrategy to the Software - Application 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 Microstrategy is 32.56. This means the investor is paying $32.56 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Software - Application industry is .
What is the trend?
The trend is important because it shows you how Microstrategy is performing over time. The most recent quarter might be important if Microstrategy 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 Microstrategy 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 Microstrategy

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 \ 18,376 = EPS
PE ratio MRQ = 32.56

* 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 MicroStrategy Incorporated:

The EOD is -4.791. Based on how much money comes from the company's main activities, the company is expensive. -2
The MRQ is -2.391. Based on how much money comes from the company's main activities, the company is expensive. -2
The TTM is -5.269. Based on how much money comes from the company's main activities, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	-4.791	MRQ	-2.391	-2.400
MRQ	-2.391	TTM	-5.269	+2.878
TTM	-5.269	YOY	-34.906	+29.637
TTM	-5.269	5Y	3.405	-8.675
5Y	3.405	10Y	17.598	-14.192

2. Book Value per Share

2.3. Price to Book Ratio

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

At or below 1 is considered healthy (always compare to Software - Application industry mean).
A PB ratio of 5.36 means the investor is paying $5.36 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of MicroStrategy Incorporated:

The EOD is 10.743. Based on the equity, the company is expensive. -2
The MRQ is 5.361. Based on the equity, the company is overpriced. -1
The TTM is 6.962. Based on the equity, the company is overpriced. -1

Trends

Current period		Compared to		+/-
EOD	10.743	MRQ	5.361	+5.382
MRQ	5.361	TTM	6.962	-1.600
TTM	6.962	YOY	-6.542	+13.504
TTM	6.962	5Y	11.345	-4.384
5Y	11.345	10Y	8.290	+3.055

2. Total Gains per Share

3. Holders & Insider Transactions

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

3.1. Institutions holding MicroStrategy Incorporated

Institutions are holding 61.628% of the shares of MicroStrategy Incorporated.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	Capital Research & Mgmt Co - Division 3	9.1872	0.2207	1558897	4858	0.3126
2023-12-31	Vanguard Group Inc	6.7891	0.0159	1151977	24997	2.2181
2023-12-31	BlackRock Inc	6.0314	0.0165	1023418	116704	12.8711
2023-12-31	Morgan Stanley - Brokerage Accounts	3.5504	0.0335	602441	299083	98.5908
2023-12-31	FMR Inc	3.2939	0.0271	558914	69876	14.2885
2023-12-31	Susquehanna International Group, LLP	1.6925	0.0345	287180	185011	181.0833
2023-12-31	State Street Corporation	1.6048	0.0084	272305	28044	11.4812
2023-12-31	Geode Capital Management, LLC	1.5989	0.0179	271311	29690	12.2878
2023-12-31	Goldman Sachs Group Inc	0.8057	0.0078	136718	68901	101.5984
2023-12-31	Northern Trust Corp	0.7058	0.0137	119765	11690	10.8166
2023-12-31	Amvescap Plc.	0.684	0.0175	116069	36639	46.1274
2023-12-31	NORGES BANK	0.6624	0.0124	112393	112393	0
2023-12-31	Charles Schwab Investment Management Inc	0.589	0.016	99949	6272	6.6953
2023-12-31	Shaolin Capital Management LLC	0.5702	1.6487	96750	-7750	-7.4163
2023-12-31	Tidal Investments LLC.	0.5556	1.3857	94280	24133	34.4035
2023-12-31	T. Rowe Price Associates, Inc.	0.4593	0.0066	77927	70696	977.6794
2023-12-31	JPMorgan Chase & Co	0.4485	0.0046	76097	14609	23.7591
2023-12-31	Two Sigma Investments LLC	0.4456	0.1097	75606	50200	197.5911
2023-12-31	Capital World Investors	0.4131	0.0079	70100	0	0
2023-12-31	JANE STREET GROUP, LLC	0.335	0.0094	56841	20279	55.4647
Total		40.4224	3.6145	6858938	+1166325	+17.0%

3.2. Funds holding MicroStrategy Incorporated

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	American Funds Growth Fund of Amer A	4.7187	0.2031	800669	0	0
2023-12-31	Capital Group Growth Fnd of Amer Comp	4.7187	0.2031	800669	0	0
2023-12-31	American Funds Fundamental Invs A	3.0042	0.2575	509755	0	0
2023-12-31	Capital Group Fundamental Invtrs Comp	3.0042	0.2575	509755	0	0
2024-03-28	iShares Russell 2000 ETF	2.144	0.9469	363790	944	0.2602
2024-02-29	Vanguard Total Stock Mkt Idx Inv	1.9766	0.0221	335399	-792	-0.2356
2024-02-29	Vanguard Small Cap Index	1.6213	0.2002	275105	2536	0.9304
2023-12-31	Capital Group Growth Composite	1.3935	0.38	236458	0	0
2023-12-31	American Funds IS® Growth 1	1.3935	0.38	236458	0	0
2024-02-29	Vanguard Institutional Extnd Mkt Idx Tr	1.0951	0.1863	185826	524	0.2828
2023-12-31	Fidelity Canadian Growth Company Sr B	0.8977	1.3156	152316	-32600	-17.6296
2023-12-31	Fidelity Global Innovators Cl F	0.8004	1.1542	135813	-36430	-21.1504
2024-02-29	Vanguard Small Cap Growth Index Inv	0.783	0.3894	132866	2381	1.8247
2024-03-28	iShares Russell 2000 Growth ETF	0.7599	1.886	128944	-150	-0.1162
2024-01-31	Fidelity Small Cap Index	0.7276	0.2496	123464	1991	1.639
2024-02-29	Vanguard Information Technology ETF	0.6761	0.1541	114728	6782	6.2828
2024-02-29	State St Russell Sm/Mid Cp® Indx NL Cl C	0.4339	0.1803	73633	2000	2.792
2024-01-31	Fidelity Small Cap Growth	0.4258	0.6317	72247	-11887	-14.1287
2024-02-29	Fidelity Extended Market Index	0.4176	0.1889	70855	646	0.9201
2024-03-29	Schwab US Small-Cap ETF™	0.4121	0.6976	69931	0	0
Total		31.4039	9.8841	5328681	-64055	-1.2%

3.3. Insider Transactions

Insiders are holding 0.319% of the shares of MicroStrategy Incorporated.

Date	Owner	Type	Amount	Price
2024-04-08	Michael J. Saylor	SELL	5000	1537.4
2024-04-05	Michael J. Saylor	SELL	688	1657.49
2024-04-03	Michael J. Saylor	SELL	5000	1638.91
2024-04-01	Michael J. Saylor	SELL	5000	1630.88
2024-03-27	Michael J. Saylor	SELL	1140	1951.33
2024-03-25	Michael J. Saylor	SELL	809	1856.97
2024-03-21	Jarrod M. Patten	SELL	3675	1632.55
2024-03-21	Michael J. Saylor	SELL	1260	1680.49
2024-03-19	Michael J. Saylor	SELL	1331	1416.13
2024-03-15	Michael J. Saylor	SELL	1600	1785.98
2024-03-12	Michael J. Saylor	SELL	1693	1558.03
2024-03-05	Michael J. Saylor	SELL	2063	1259.56
2024-02-27	Wei-ming Shao	SELL	3000	852.74
2024-02-27	Andrew Kang	SELL	3750	870.31
2024-02-27	Phong Le	SELL	10000	861.24
2024-02-26	Stephen X Graham	SELL	4000	770
2024-02-23	Michael J. Saylor	SELL	5000	691.51
2024-02-16	Jarrod M. Patten	SELL	275	722.34
2024-02-13	Michael J. Saylor	SELL	5000	683.33
2024-02-12	Jarrod M. Patten	SELL	1250	707.22

4. Summary

4.1. Key Performance Indicators

The key performance indicators of MicroStrategy Incorporated 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	-	-	61.804	35.837	+72%	-22.695	+137%	4.125	+1398%	2.428	+2445%
Book Value Per Share	-	-	117.815	63.565	+85%	1.542	+7542%	32.182	+266%	32.109	+267%
Current Ratio	-	-	0.829	0.793	+4%	0.805	+3%	1.431	-42%	2.301	-64%
Debt To Asset Ratio	-	-	0.545	0.727	-25%	1.018	-46%	0.708	-23%	0.527	+4%
Debt To Equity Ratio	-	-	1.200	3.287	-64%	0.804	+49%	3.526	-66%	2.036	-41%
Dividend Per Share	-	-	0.148	0.060	+147%	0.045	+229%	0.021	+606%	0.010	+1311%
Eps	-	-	4.850	6.852	-29%	-24.490	+605%	-5.223	+208%	-2.208	+146%
Free Cash Flow Per Share	-	-	-66.037	-27.410	-58%	-4.785	-93%	-18.302	-72%	-8.623	-87%
Free Cash Flow To Equity Per Share	-	-	0.019	-0.014	+170%	-0.367	+1982%	-1.812	+9402%	-0.730	+3847%
Gross Profit Margin	-	-	0.548	0.506	+8%	1.441	-62%	-3.287	+700%	-1.161	+312%
Intrinsic Value_10Y_max	-	-	-1425.249	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	-1720.334	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	-50.242	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	-112.395	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	-221.513	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	-391.664	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	-477.847	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	-727.935	-	-	-	-	-	-	-	-
Market Cap	18990239247.000	+39%	11606649120.000	6607360784.395	+76%	3767717061.250	+208%	4940986220.379	+135%	3651109473.815	+218%
Net Profit Margin	-	-	0.716	0.894	-20%	-2.974	+515%	-0.617	+186%	-0.262	+137%
Operating Margin	-	-	-0.028	-0.054	+91%	0.397	-107%	0.456	-106%	0.294	-110%
Operating Ratio	-	-	1.028	0.999	+3%	0.979	+5%	0.956	+8%	0.914	+13%
Pb Ratio	10.743	+50%	5.361	6.962	-23%	-6.542	+222%	11.345	-53%	8.290	-35%
Pe Ratio	65.239	+50%	32.557	22.073	+47%	-11.515	+135%	65.029	-50%	39.026	-17%
Price Per Share	1265.670	+50%	631.620	398.660	+58%	251.113	+152%	320.967	+97%	239.170	+164%
Price To Free Cash Flow Ratio	-4.791	-100%	-2.391	-5.269	+120%	-34.906	+1360%	3.405	-170%	17.598	-114%
Price To Total Gains Ratio	20.430	+50%	10.195	23.778	-57%	-88.497	+968%	-51.668	+607%	53.942	-81%
Quick Ratio	-	-	0.793	0.719	+10%	0.699	+14%	1.572	-50%	3.005	-74%
Return On Assets	-	-	0.019	0.034	-45%	-0.141	+853%	-0.030	+260%	-0.006	+133%
Return On Equity	-	-	0.041	0.235	-82%	-0.038	+192%	-0.175	+526%	-0.075	+282%
Total Gains Per Share	-	-	61.952	35.897	+73%	-22.650	+137%	4.146	+1394%	2.439	+2440%
Usd Book Value	-	-	2164972000.000	1066924000.000	+103%	23130500.000	+9260%	505507150.000	+328%	493088100.000	+339%
Usd Book Value Change Per Share	-	-	61.804	35.837	+72%	-22.695	+137%	4.125	+1398%	2.428	+2445%
Usd Book Value Per Share	-	-	117.815	63.565	+85%	1.542	+7542%	32.182	+266%	32.109	+267%
Usd Dividend Per Share	-	-	0.148	0.060	+147%	0.045	+229%	0.021	+606%	0.010	+1311%
Usd Eps	-	-	4.850	6.852	-29%	-24.490	+605%	-5.223	+208%	-2.208	+146%
Usd Free Cash Flow	-	-	-1213503000.000	-473131250.000	-61%	-71799000.000	-94%	-286973500.000	-76%	-135566900.000	-89%
Usd Free Cash Flow Per Share	-	-	-66.037	-27.410	-58%	-4.785	-93%	-18.302	-72%	-8.623	-87%
Usd Free Cash Flow To Equity Per Share	-	-	0.019	-0.014	+170%	-0.367	+1982%	-1.812	+9402%	-0.730	+3847%
Usd Market Cap	18990239247.000	+39%	11606649120.000	6607360784.395	+76%	3767717061.250	+208%	4940986220.379	+135%	3651109473.815	+218%
Usd Price Per Share	1265.670	+50%	631.620	398.660	+58%	251.113	+152%	320.967	+97%	239.170	+164%
Usd Profit	-	-	89126000.000	107280250.000	-17%	-367449250.000	+512%	-77466250.000	+187%	-32682675.000	+137%
Usd Revenue	-	-	124484000.000	124065250.000	+0%	124816000.000	0%	123667450.000	+1%	127434750.000	-2%
Usd Total Gains Per Share	-	-	61.952	35.897	+73%	-22.650	+137%	4.146	+1394%	2.439	+2440%
	EOD	+5 -3	MRQ	TTM	+22 -14	YOY	+24 -12	5Y	+28 -8	10Y	+25 -11

4.2. Fundamental Score

Let's check the fundamental score of MicroStrategy Incorporated based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	65.239
Price to Book Ratio (EOD)	Between	0-1	10.743
Net Profit Margin (MRQ)	Greater than	0	0.716
Operating Margin (MRQ)	Greater than	0	-0.028
Quick Ratio (MRQ)	Greater than	1	0.793
Current Ratio (MRQ)	Greater than	1	0.829
Debt to Asset Ratio (MRQ)	Less than	1	0.545
Debt to Equity Ratio (MRQ)	Less than	1	1.200
Return on Equity (MRQ)	Greater than	0.15	0.041
Return on Assets (MRQ)	Greater than	0.05	0.019
Total			2/10 (20.0%)

Create your own Stock Scanner

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4.3. Technical Score

Let's check the technical score of MicroStrategy Incorporated based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	44.685
Ma 20	Greater than	Ma 50	1,456.989
Ma 50	Greater than	Ma 100	1,310.138
Ma 100	Greater than	Ma 200	933.824
Open	Greater than	Close	1,327.010
Total			4/5 (80.0%)

Create your own Symbol Scanner

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

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

Summary

Total Assets	4,762,528
Total Liabilities	2,597,556
Total Stockholder Equity	2,164,972

	As reported
Total Liabilities	2,597,556
Total Stockholder Equity	+ 2,164,972
Total Assets	= 4,762,528

Assets

Total Assets	4,762,528
Total Current Assets	267,895
Long-term Assets	4,494,633

Total Current Assets

Total Current Assets (as reported)	267,895
Cash And Cash Equivalents	48,673
Net Receivables	207,715
Other Current Assets	11,507
Total Current Assets (calculated)	267,895
+/-	0

Long-term Assets

Long-term Assets (as reported)	4,494,633
Property Plant Equipment	86,284
Intangible Assets	3,626,476
Long-term Assets Other	24,300
Long-term Assets (calculated)	3,737,060
+/-	757,573

Liabilities & Shareholders' Equity

Total Current Liabilities	323,273
Long-term Liabilities	2,274,283
Total Stockholder Equity	2,164,972

Total Current Liabilities

Total Current Liabilities (as reported)	323,273
Short-term Debt	10,946
Short Long Term Debt	483
Accounts payable	32,627
Other Current Liabilities	51,538
Total Current Liabilities (calculated)	95,594
+/-	227,679

Long-term Liabilities

Long-term Liabilities (as reported)	2,274,283
Long term Debt	2,182,108
Capital Lease Obligations	61,086
Long-term Liabilities Other	22,208
Long-term Liabilities (calculated)	2,265,402
+/-	8,881

Total Stockholder Equity

Total Stockholder Equity (as reported)	2,164,972
Common Stock	26
Retained Earnings	-999,234
Accumulated Other Comprehensive Income	-11,444
Other Stockholders Equity	3,175,624
Total Stockholder Equity (calculated)	2,164,972
+/-	0

Other

Capital Stock	26
Cash and Short Term Investments	48,673
Common Stock Shares Outstanding	18,376
Current Deferred Revenue	228,162
Liabilities and Stockholders Equity	4,762,528
Net Debt	2,205,467
Net Invested Capital	4,347,563
Net Working Capital	-55,378
Property Plant and Equipment Gross	216,748
Short Long Term Debt Total	2,254,140

Balance Sheet

Currency in USD. All numbers in thousands.

Trend

2023-12-31

2023-09-30

2023-06-30

2023-03-31

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

2016-09-30

2016-06-30

2016-03-31

2015-12-31

2015-09-30

2015-06-30

2015-03-31

2014-12-31

2014-09-30

2014-06-30

2014-03-31

2013-12-31

2013-09-30

2013-06-30

2013-03-31

2012-12-31

2012-09-30

2012-06-30

2012-03-31

2011-12-31

2011-09-30

2011-06-30

2011-03-31

2010-12-31

2010-09-30

2010-06-30

2010-03-31

2009-12-31

2009-09-30

2009-06-30

2009-03-31

2008-12-31

2008-09-30

2008-06-30

2008-03-31

2007-12-31

2007-09-30

2007-06-30

2007-03-31

2006-12-31

2006-09-30

2006-06-30

2006-03-31

2005-12-31

2005-09-30

2005-06-30

2005-03-31

2004-12-31

2004-09-30

2004-06-30

2004-03-31

2003-12-31

2003-09-30

2003-06-30

2003-03-31

2002-12-31

2002-09-30

2002-06-30

2002-03-31

2001-12-31

2001-09-30

2001-06-30

2001-03-31

2000-12-31

2000-09-30

2000-06-30

2000-03-31

1999-12-31

1999-09-30

1999-06-30

1999-03-31

1998-12-31

1998-09-30

1998-06-30

1998-03-31

> Total Assets

0
75,300
76,600
82,700
124,300
131,100
140,300
203,368
203,368
287,677
242,063
259,087
259,087
166,349
128,641
103,632
95,452
95,110
81,862
79,873
80,452
91,942
96,467
114,793
130,842
149,129
291,942
336,956
351,025
239,057
253,792
277,773
242,098
208,446
210,121
248,816
214,912
226,083
230,037
241,387
252,672
266,864
298,887
292,139
303,915
314,266
346,565
383,330
375,497
365,280
355,966
381,566
393,540
403,092
415,194
453,851
448,453
434,317
455,940
477,938
546,129
536,117
552,677
585,514
568,564
568,358
559,733
558,797
581,865
611,138
627,954
656,894
693,178
709,629
735,509
768,319
786,536
797,098
813,652
835,728
949,909
927,327
913,504
855,768
888,344
899,720
888,716
916,571
849,271
833,046
772,905
1,465,612
2,443,079
2,624,359
2,986,244
3,557,124
3,638,387
2,568,365
2,545,286
2,410,272
3,026,402
3,363,104
3,373,941
4,762,528

4,762,528

3,373,941

3,363,104

3,026,402

2,410,272

2,545,286

2,568,365

3,638,387

3,557,124

2,986,244

2,624,359

2,443,079

1,465,612

772,905

833,046

849,271

916,571

888,716

899,720

888,344

855,768

913,504

927,327

949,909

835,728

813,652

797,098

786,536

768,319

735,509

709,629

693,178

656,894

627,954

611,138

581,865

558,797

559,733

568,358

568,564

585,514

552,677

536,117

546,129

477,938

455,940

434,317

448,453

453,851

415,194

403,092

393,540

381,566

355,966

365,280

375,497

383,330

346,565

314,266

303,915

292,139

298,887

266,864

252,672

241,387

230,037

226,083

214,912

248,816

210,121

208,446

242,098

277,773

253,792

239,057

351,025

336,956

291,942

149,129

130,842

114,793

96,467

91,942

80,452

79,873

81,862

95,110

95,452

103,632

128,641

166,349

259,087

242,063

287,677

203,368

140,300

131,100

124,300

82,700

76,600

75,300

> Total Current Assets

0
64,000
62,100
63,500
102,500
105,400
103,400
121,406
121,406
185,388
120,901
154,873
154,873
105,702
74,721
67,935
60,799
63,153
53,153
54,975
57,381
69,507
74,290
89,317
105,462
95,776
129,178
175,177
192,254
116,590
139,172
173,387
147,216
119,700
129,802
175,406
152,871
162,366
169,786
182,723
195,828
209,594
216,748
214,429
225,029
243,322
282,003
305,220
301,346
286,803
275,767
296,858
309,752
305,277
310,393
343,205
332,816
314,896
335,497
358,141
431,404
422,243
441,646
479,948
462,362
466,486
464,257
462,365
483,429
513,449
536,854
565,314
608,119
621,030
649,117
684,987
704,455
715,184
730,854
763,611
876,480
853,536
838,466
778,399
718,412
727,288
721,754
753,446
693,062
672,773
218,436
272,620
250,754
208,458
197,622
267,965
246,988
219,682
202,293
264,566
259,676
209,634
199,565
267,895

267,895

199,565

209,634

259,676

264,566

202,293

219,682

246,988

267,965

197,622

208,458

250,754

272,620

218,436

672,773

693,062

753,446

721,754

727,288

718,412

778,399

838,466

853,536

876,480

763,611

730,854

715,184

704,455

684,987

649,117

621,030

608,119

565,314

536,854

513,449

483,429

462,365

464,257

466,486

462,362

479,948

441,646

422,243

431,404

358,141

335,497

314,896

332,816

343,205

310,393

305,277

309,752

296,858

275,767

286,803

301,346

305,220

282,003

243,322

225,029

214,429

216,748

209,594

195,828

182,723

169,786

162,366

152,871

175,406

129,802

119,700

147,216

173,387

139,172

116,590

192,254

175,177

129,178

95,776

105,462

89,317

74,290

69,507

57,381

54,975

53,153

63,153

60,799

67,935

74,721

105,702

154,873

120,901

185,388

121,406

103,400

105,400

102,500

63,500

62,100

64,000

Cash And Cash Equivalents

0
40,000
29,900
27,500
45,100
34,800
22,400
25,941
25,941
93,823
38,704
67,685
67,685
57,165
42,166
38,409
32,627
36,951
22,323
15,036
21,929
34,874
38,721
51,882
76,321
60,817
74,793
68,314
63,239
50,632
39,614
42,318
42,744
46,940
47,828
78,980
66,978
76,140
75,725
85,194
99,877
119,603
127,287
122,915
162,193
176,167
200,670
224,769
231,862
202,682
184,302
174,097
203,143
193,025
186,300
199,634
211,132
195,540
216,609
224,393
330,195
188,688
163,777
220,171
214,751
111,859
136,006
146,919
165,094
201,146
230,188
292,341
308,887
347,389
365,555
401,975
358,676
379,694
386,855
420,244
152,155
90,427
112,082
109,924
258,743
261,497
375,071
456,727
429,276
420,899
52,653
59,675
82,544
56,399
56,975
63,356
92,677
69,386
60,390
43,835
94,311
65,968
45,009
48,673

48,673

45,009

65,968

94,311

43,835

60,390

69,386

92,677

63,356

56,975

56,399

82,544

59,675

52,653

420,899

429,276

456,727

375,071

261,497

258,743

109,924

112,082

90,427

152,155

420,244

386,855

379,694

358,676

401,975

365,555

347,389

308,887

292,341

230,188

201,146

165,094

146,919

136,006

111,859

214,751

220,171

163,777

188,688

330,195

224,393

216,609

195,540

211,132

199,634

186,300

193,025

203,143

174,097

184,302

202,682

231,862

224,769

200,670

176,167

162,193

122,915

127,287

119,603

99,877

85,194

75,725

76,140

66,978

78,980

47,828

46,940

42,744

42,318

39,614

50,632

63,239

68,314

74,793

60,817

76,321

51,882

38,721

34,874

21,929

15,036

22,323

36,951

32,627

38,409

42,166

57,165

67,685

38,704

93,823

25,941

22,400

34,800

45,100

27,500

29,900

40,000

Short-term Investments

0
0
0
0
0
0
21,400
0
37,226
6,208
2,364
1,085
1,085
3,396
361
904
590
90
53
44
41
0
0
747
0
0
0
37,816
68,385
14
35,868
53,761
28,037
22
15
16
15
11
2,875
2,982
2,222
2,293
514
619
542
1,523
321
549
1,026
1,054
1,061
284
313
470
413
289
337
247
228
86
200
129,087
180,171
137,198
151,080
255,680
218,596
198,547
226,729
226,749
226,689
193,320
227,410
202,697
213,347
187,408
259,816
252,701
259,249
254,927
543,312
609,167
587,093
466,186
292,314
313,349
203,218
108,919
109,946
109,972
0
0
0
0
0
0
0
0
0
0
0
0
0
0

109,972

109,946

108,919

203,218

313,349

292,314

466,186

587,093

609,167

543,312

254,927

259,249

252,701

259,816

187,408

213,347

202,697

227,410

193,320

226,689

226,749

226,729

198,547

218,596

255,680

151,080

137,198

180,171

129,087

200

228

247

337

289

413

470

313

284

1,061

1,054

1,026

549

321

1,523

542

619

514

2,293

2,222

2,982

2,875

28,037

53,761

35,868

68,385

37,816

747

590

904

361

3,396

1,085

2,364

6,208

37,226

21,400

Net Receivables

0
22,500
29,500
33,100
37,200
46,400
54,600
37,586
37,586
40,716
39,465
49,061
49,061
34,374
24,043
22,281
22,652
22,761
19,850
28,195
24,038
28,956
28,207
30,993
23,144
27,456
30,352
40,917
27,903
32,387
28,854
43,052
37,699
34,069
41,701
54,468
34,138
41,215
52,782
52,214
44,726
40,405
45,196
49,670
37,971
41,604
56,010
56,399
43,317
52,608
57,729
82,056
64,094
70,974
77,084
94,723
76,854
78,893
75,474
93,758
69,486
73,397
62,869
86,181
67,742
57,525
57,514
78,633
58,436
56,038
55,039
68,154
56,558
54,887
58,052
83,319
73,394
68,005
66,337
69,500
147,332
125,115
110,761
171,359
133,922
129,144
118,002
163,516
124,935
123,794
148,512
197,461
150,626
131,516
123,748
189,280
126,930
118,645
109,926
189,280
139,178
121,901
128,650
207,715

207,715

128,650

121,901

139,178

189,280

109,926

118,645

126,930

189,280

123,748

131,516

150,626

197,461

148,512

123,794

124,935

163,516

118,002

129,144

133,922

171,359

110,761

125,115

147,332

69,500

66,337

68,005

73,394

83,319

58,052

54,887

56,558

68,154

55,039

56,038

58,436

78,633

57,514

57,525

67,742

86,181

62,869

73,397

69,486

93,758

75,474

78,893

76,854

94,723

77,084

70,974

64,094

82,056

57,729

52,608

43,317

56,399

56,010

41,604

37,971

49,670

45,196

40,405

44,726

52,214

52,782

41,215

34,138

54,468

41,701

34,069

37,699

43,052

28,854

32,387

27,903

40,917

30,352

27,456

23,144

30,993

28,207

28,956

24,038

28,195

19,850

22,761

22,652

22,281

24,043

34,374

49,061

39,465

40,716

37,586

54,600

46,400

37,200

33,100

29,500

22,500

Other Current Assets

0
1,500
2,700
2,900
20,200
24,200
5,000
57,879
57,879
44,641
40,368
11,158
37,042
10,767
8,151
6,341
4,930
3,351
10,927
11,700
11,373
5,677
7,362
6,442
5,997
7,503
24,033
28,130
32,727
33,557
34,836
34,256
38,736
38,669
40,258
41,942
51,740
45,000
41,279
45,315
7,418
8,846
7,663
4,964
24,865
25,551
25,323
24,052
26,167
31,513
33,736
284
42,515
41,278
47,009
48,848
44,830
40,463
43,414
39,990
31,723
31,071
34,829
36,398
28,789
41,422
52,141
38,266
33,170
29,516
24,938
11,499
15,264
16,057
12,163
12,285
12,569
14,784
18,413
18,940
33,681
28,827
28,530
30,930
33,433
23,298
25,463
24,284
28,905
18,108
17,271
15,484
17,584
20,543
16,899
15,329
27,381
31,651
31,977
24,418
24,034
19,680
24,041
11,507

11,507

24,041

19,680

24,034

24,418

31,977

31,651

27,381

15,329

16,899

20,543

17,584

15,484

17,271

18,108

28,905

24,284

25,463

23,298

33,433

30,930

28,530

28,827

33,681

18,940

18,413

14,784

12,569

12,285

12,163

16,057

15,264

11,499

24,938

29,516

33,170

38,266

52,141

41,422

28,789

36,398

34,829

31,071

31,723

39,990

43,414

40,463

44,830

48,848

47,009

41,278

42,515

284

33,736

31,513

26,167

24,052

25,323

25,551

24,865

4,964

7,663

8,846

7,418

45,315

41,279

45,000

51,740

41,942

40,258

38,669

38,736

34,256

34,836

33,557

32,727

28,130

24,033

7,503

5,997

6,442

7,362

5,677

11,373

11,700

10,927

3,351

4,930

6,341

8,151

10,767

37,042

11,158

40,368

44,641

57,879

5,000

24,200

20,200

2,900

2,700

1,500

> Long-term Assets

0
11,300
14,500
19,200
21,800
25,700
36,900
81,962
81,962
102,289
121,162
0
104,214
60,647
53,920
35,697
34,653
31,957
28,709
24,898
23,071
22,435
22,177
25,476
25,380
53,353
162,764
161,779
158,771
122,467
114,620
104,386
94,882
88,746
80,319
73,410
62,041
63,717
60,251
58,664
56,844
57,270
82,139
77,710
78,886
70,944
64,562
78,110
74,151
78,477
80,199
84,708
83,788
97,815
104,801
110,646
115,637
119,421
120,443
119,797
114,725
113,874
111,031
105,566
106,202
101,872
95,476
96,432
98,436
97,689
91,100
91,580
85,059
88,599
86,392
83,332
82,081
81,914
82,798
72,117
73,429
73,791
75,038
77,369
169,932
172,432
166,962
163,125
156,209
160,273
554,469
1,192,992
2,192,325
2,415,901
2,788,622
3,289,159
3,391,399
2,348,683
2,342,993
2,145,706
2,766,726
3,153,470
3,174,376
4,494,633

4,494,633

3,174,376

3,153,470

2,766,726

2,145,706

2,342,993

2,348,683

3,391,399

3,289,159

2,788,622

2,415,901

2,192,325

1,192,992

554,469

160,273

156,209

163,125

166,962

172,432

169,932

77,369

75,038

73,791

73,429

72,117

82,798

81,914

82,081

83,332

86,392

88,599

85,059

91,580

91,100

97,689

98,436

96,432

95,476

101,872

106,202

105,566

111,031

113,874

114,725

119,797

120,443

119,421

115,637

110,646

104,801

97,815

83,788

84,708

80,199

78,477

74,151

78,110

64,562

70,944

78,886

77,710

82,139

57,270

56,844

58,664

60,251

63,717

62,041

73,410

80,319

88,746

94,882

104,386

114,620

122,467

158,771

161,779

162,764

53,353

25,380

25,476

22,177

22,435

23,071

24,898

28,709

31,957

34,653

35,697

53,920

60,647

104,214

121,162

102,289

81,962

36,900

25,700

21,800

19,200

14,500

11,300

Property Plant Equipment

0
8,400
11,700
13,800
17,200
21,500
34,600
30,594
30,594
54,154
61,655
61,409
61,409
31,428
28,860
26,506
24,303
22,291
20,161
18,471
17,313
16,884
16,435
16,113
16,636
16,198
16,121
16,096
15,086
13,950
12,957
12,031
11,305
10,937
10,600
11,102
11,115
10,486
10,136
9,544
8,426
8,954
8,543
8,978
8,611
7,799
7,220
54,906
54,793
58,945
63,732
65,033
64,516
78,931
87,497
95,311
102,238
102,227
101,675
100,514
96,694
93,153
89,165
85,445
82,013
85,023
81,542
77,852
75,732
72,368
68,862
65,664
63,228
61,501
59,668
57,436
55,811
54,490
53,712
53,359
53,414
51,918
51,861
51,919
142,575
143,916
138,987
135,692
130,313
126,843
124,769
116,572
112,458
109,999
106,888
103,347
100,317
99,749
95,935
93,610
90,993
88,771
84,734
86,284

86,284

84,734

88,771

90,993

93,610

95,935

99,749

100,317

103,347

106,888

109,999

112,458

116,572

124,769

126,843

130,313

135,692

138,987

143,916

142,575

51,919

51,861

51,918

53,414

53,359

53,712

54,490

55,811

57,436

59,668

61,501

63,228

65,664

68,862

72,368

75,732

77,852

81,542

85,023

82,013

85,445

89,165

93,153

96,694

100,514

101,675

102,227

102,238

95,311

87,497

78,931

64,516

65,033

63,732

58,945

54,793

54,906

7,220

7,799

8,611

8,978

8,543

8,954

8,426

9,544

10,136

10,486

11,115

11,102

10,600

10,937

11,305

12,031

12,957

13,950

15,086

16,096

16,121

16,198

16,636

16,113

16,435

16,884

17,313

18,471

20,161

22,291

24,303

26,506

28,860

31,428

61,409

61,655

54,154

30,594

34,600

21,500

17,200

13,800

11,700

8,400

Long Term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
380,758
1,054,302
1,946,582
2,051,039
0
0
0
0
0
0
0
0
0
0

2,051,039

1,946,582

1,054,302

380,758

Intangible Assets

0
0
0
0
0
0
0
47,154
47,154
43,078
38,295
34,300
34,300
25,791
21,542
5,402
4,437
3,575
2,735
789
659
639
622
604
586
0
0
0
5,518
4,804
4,229
3,669
3,139
2,608
2,077
1,903
3,866
3,214
2,903
2,340
1,989
4,604
9,573
14,823
18,619
16,890
15,161
13,431
11,724
12,407
10,723
9,059
11,170
10,831
9,188
7,031
5,050
9,425
11,713
10,360
9,007
9,389
11,896
10,295
8,671
7,376
8,458
13,469
17,691
20,303
17,807
15,855
13,902
11,949
9,997
8,497
6,998
5,498
3,999
2,499
1,000
0
0
0
0
0
0
0
0
0
380,758
1,054,302
1,946,582
2,051,039
2,405,739
2,850,210
2,895,619
1,987,781
1,993,032
1,840,028
2,000,392
2,323,252
2,451,374
3,626,476

3,626,476

2,451,374

2,323,252

2,000,392

1,840,028

1,993,032

1,987,781

2,895,619

2,850,210

2,405,739

2,051,039

1,946,582

1,054,302

380,758

1,000

2,499

3,999

5,498

6,998

8,497

9,997

11,949

13,902

15,855

17,807

20,303

17,691

13,469

8,458

7,376

8,671

10,295

11,896

9,389

9,007

10,360

11,713

9,425

5,050

7,031

9,188

10,831

11,170

9,059

10,723

12,407

11,724

13,431

15,161

16,890

18,619

14,823

9,573

4,604

1,989

2,340

2,903

3,214

3,866

1,903

2,077

2,608

3,139

3,669

4,229

4,804

5,518

586

604

622

639

659

789

2,735

3,575

4,437

5,402

21,542

25,791

34,300

38,295

43,078

47,154

Other Assets

0
0
0
0
0
0
0
0
50,989
48,135
59,507
42,805
34,111
29,219
25,060
9,191
10,350
9,666
8,548
6,427
5,758
5,551
5,751
9,363
8,744
37,155
146,643
145,683
143,685
108,517
101,663
92,355
83,577
77,809
69,719
62,308
50,926
53,231
50,115
49,120
48,418
48,316
73,596
68,732
70,275
63,145
57,342
23,204
19,358
19,532
16,467
19,675
19,272
18,884
17,304
15,335
13,399
17,194
18,768
19,283
18,031
20,721
21,866
20,121
24,189
16,849
13,934
18,580
22,704
25,321
22,238
25,916
21,831
27,098
26,724
25,896
26,270
27,424
29,086
18,758
19,015
21,873
23,177
25,450
27,357
28,516
27,975
27,433
25,896
33,430
429,700
1,150,017
2,079,867
2,305,902
2,681,734
3,185,812
0
2,248,934
2,247,058
2,052,096
0
0
3,089,642
0

3,089,642

2,052,096

2,247,058

2,248,934

3,185,812

2,681,734

2,305,902

2,079,867

1,150,017

429,700

33,430

25,896

27,433

27,975

28,516

27,357

25,450

23,177

21,873

19,015

18,758

29,086

27,424

26,270

25,896

26,724

27,098

21,831

25,916

22,238

25,321

22,704

18,580

13,934

16,849

24,189

20,121

21,866

20,721

18,031

19,283

18,768

17,194

13,399

15,335

17,304

18,884

19,272

19,675

16,467

19,532

19,358

23,204

57,342

63,145

70,275

68,732

73,596

48,316

48,418

49,120

50,115

53,231

50,926

62,308

69,719

77,809

83,577

92,355

101,663

108,517

143,685

145,683

146,643

37,155

8,744

9,363

5,751

5,551

5,758

6,427

8,548

9,666

10,350

9,191

25,060

29,219

34,111

42,805

59,507

48,135

50,989

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
2,385
2,309
2,998
3,190
2,731
2,248
3,664
4,079
4,196
3,088
3,204
9,288
4,191
825
1,160
1,462
1,502
2,247
7,989
5,826
9,072
11,103
11,704
13,633
15,871
17,988
13,391
12,041
14,761
15,628
17,316
18,983
20,535
20,520
19,409
18,139
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

18,139

19,409

20,520

20,535

18,983

17,316

15,628

14,761

12,041

13,391

17,988

15,871

13,633

11,704

11,103

9,072

5,826

7,989

2,247

1,502

1,462

1,160

825

4,191

9,288

3,204

3,088

4,196

4,079

3,664

2,248

2,731

3,190

2,998

2,309

2,385

> Total Liabilities

0
34,100
33,200
36,400
33,600
37,100
35,500
101,552
101,552
145,264
264,277
244,510
244,510
331,248
247,722
172,989
229,646
194,139
125,638
114,382
112,332
113,218
70,282
70,446
74,959
81,128
81,518
96,378
91,418
89,704
86,627
97,051
100,041
102,442
105,838
115,665
119,481
118,749
120,692
138,058
145,125
152,448
174,410
154,098
143,351
143,531
154,116
169,102
169,635
175,997
198,726
232,394
239,871
246,596
251,216
284,873
277,916
255,078
265,523
277,627
271,296
262,661
260,595
275,188
262,909
270,233
260,673
234,326
233,546
230,447
219,442
201,613
225,330
219,984
215,608
216,142
214,500
207,411
201,313
245,189
336,327
306,968
278,081
326,037
410,038
397,031
373,297
408,012
387,845
374,586
383,613
912,567
2,078,041
2,546,940
2,524,930
2,578,166
2,775,388
2,755,433
2,745,575
2,793,392
2,583,191
2,543,986
2,533,546
2,597,556

2,597,556

2,533,546

2,543,986

2,583,191

2,793,392

2,745,575

2,755,433

2,775,388

2,578,166

2,524,930

2,546,940

2,078,041

912,567

383,613

374,586

387,845

408,012

373,297

397,031

410,038

326,037

278,081

306,968

336,327

245,189

201,313

207,411

214,500

216,142

215,608

219,984

225,330

201,613

219,442

230,447

233,546

234,326

260,673

270,233

262,909

275,188

260,595

262,661

271,296

277,627

265,523

255,078

277,916

284,873

251,216

246,596

239,871

232,394

198,726

175,997

169,635

169,102

154,116

143,531

143,351

154,098

174,410

152,448

145,125

138,058

120,692

118,749

119,481

115,665

105,838

102,442

100,041

97,051

86,627

89,704

91,418

96,378

81,518

81,128

74,959

70,446

70,282

113,218

112,332

114,382

125,638

194,139

229,646

172,989

247,722

331,248

244,510

264,277

145,264

101,552

35,500

37,100

33,600

36,400

33,200

34,100

> Total Current Liabilities

0
33,000
32,400
35,000
31,800
33,400
31,500
68,297
68,297
131,943
108,594
112,257
112,257
109,677
98,729
91,114
83,322
66,144
68,058
61,895
60,237
66,408
61,085
61,709
66,160
72,049
74,155
89,634
85,344
83,497
81,924
92,682
95,730
98,661
102,466
112,828
115,601
114,002
116,494
126,985
133,114
141,042
163,194
143,151
130,638
130,774
139,399
152,635
150,589
152,945
166,870
186,570
190,454
192,226
193,452
218,393
218,411
193,816
205,135
219,056
216,624
209,227
219,435
233,519
228,722
230,857
222,524
197,300
197,338
188,217
181,176
172,658
195,879
189,121
183,109
185,486
185,952
181,594
176,827
184,858
261,749
236,645
211,864
258,269
264,010
250,647
230,699
269,818
252,637
239,917
243,690
285,618
283,620
274,998
253,910
311,985
304,875
274,100
260,520
317,403
312,399
272,930
267,721
323,273

323,273

267,721

272,930

312,399

317,403

260,520

274,100

304,875

311,985

253,910

274,998

283,620

285,618

243,690

239,917

252,637

269,818

230,699

250,647

264,010

258,269

211,864

236,645

261,749

184,858

176,827

181,594

185,952

185,486

183,109

189,121

195,879

172,658

181,176

188,217

197,338

197,300

222,524

230,857

228,722

233,519

219,435

209,227

216,624

219,056

205,135

193,816

218,411

218,393

193,452

192,226

190,454

186,570

166,870

152,945

150,589

152,635

139,399

130,774

130,638

143,151

163,194

141,042

133,114

126,985

116,494

114,002

115,601

112,828

102,466

98,661

95,730

92,682

81,924

83,497

85,344

89,634

74,155

72,049

66,160

61,709

61,085

66,408

60,237

61,895

68,058

66,144

83,322

91,114

98,729

109,677

112,257

108,594

131,943

68,297

31,500

33,400

31,800

35,000

32,400

33,000

Short-term Debt

0
10,000
7,500
5,000
2,500
0
0
0
0
0
0
0
3,047
6,066
1,097
1,212
22,840
25,115
4,573
4,698
4,824
4,955
16,575
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
24,778
33,034
35,969
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
37,227
32,300
28,626
0
32,539
31,468
38,668
4,955
39,816
41,236
45,454
46,084
44,388
35,960
36,846
454
460
468
475
10,946

10,946

475

468

460

454

36,846

35,960

44,388

46,084

45,454

41,236

39,816

4,955

38,668

31,468

32,539

28,626

32,300

37,227

35,969

33,034

24,778

16,575

4,955

4,824

4,698

4,573

25,115

22,840

1,212

1,097

6,066

3,047

2,500

5,000

7,500

10,000

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
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9,102
0
0
0
0
0
0
0
0
0
0
0
0
0
0
454
460
468
475
483

483

475

468

460

454

9,102

Accounts payable

0
10,300
10,900
11,900
12,800
13,200
15,900
13,582
13,582
46,656
42,382
35,025
35,025
28,086
30,804
18,935
17,210
15,896
16,942
15,267
14,150
15,235
14,069
12,768
14,235
13,562
13,149
18,906
13,955
15,239
15,498
19,550
18,077
17,942
19,853
24,378
21,747
23,077
20,947
23,469
23,610
23,612
50,130
27,697
24,187
21,708
26,191
28,460
23,414
27,370
33,307
36,683
35,746
90,288
99,733
125,692
103,460
88,293
102,752
42,492
45,582
42,386
36,864
39,946
37,887
40,336
34,601
35,458
28,412
24,582
26,609
31,840
27,836
27,524
26,064
36,628
20,794
23,701
25,368
30,711
25,688
22,670
23,002
33,684
37,227
32,300
28,626
33,919
-32,539
-31,468
-38,668
49,249
-39,816
-41,236
-45,454
46,084
44,388
35,960
36,846
42,976
50,604
33,660
34,306
32,627

32,627

34,306

33,660

50,604

42,976

36,846

35,960

44,388

46,084

-45,454

-41,236

-39,816

49,249

-38,668

-31,468

-32,539

33,919

28,626

32,300

37,227

33,684

23,002

22,670

25,688

30,711

25,368

23,701

20,794

36,628

26,064

27,524

27,836

31,840

26,609

24,582

28,412

35,458

34,601

40,336

37,887

39,946

36,864

42,386

45,582

42,492

102,752

88,293

103,460

125,692

99,733

90,288

35,746

36,683

33,307

27,370

23,414

28,460

26,191

21,708

24,187

27,697

50,130

23,612

23,610

23,469

20,947

23,077

21,747

24,378

19,853

17,942

18,077

19,550

15,498

15,239

13,955

18,906

13,149

13,562

14,235

12,768

14,069

15,235

14,150

15,267

16,942

15,896

17,210

18,935

30,804

28,086

35,025

42,382

46,656

13,582

15,900

13,200

12,800

11,900

10,900

10,300

Other Current Liabilities

0
12,700
14,000
18,100
16,500
20,200
15,600
54,715
54,715
85,287
66,212
77,232
77,232
27,362
24,796
49,980
20,476
2,503
23,739
17,969
14,830
18,003
745
20,567
14,908
17,861
21,241
27,054
19,384
21,145
21,654
27,258
18,103
21,925
25,474
31,872
20,665
24,812
30,502
39,214
6,249
8,571
7,338
76,656
51,948
55,516
66,354
74,852
53,909
66,796
81,068
97,239
79,483
89,903
96,000
115,194
98,086
88,293
102,752
74,676
52,124
58,686
64,786
79,917
52,630
58,198
67,216
53,429
37,458
43,862
39,063
40,123
36,606
40,435
41,419
43,323
33,111
34,811
36,039
41,498
34,343
38,617
37,819
48,045
-514
9,261
13,203
48,792
67,746
72,274
82,845
94,368
84,640
92,180
93,213
9,957
9,882
14,082
20,894
56,545
49,567
42,985
53,773
51,538

51,538

53,773

42,985

49,567

56,545

20,894

14,082

9,882

9,957

93,213

92,180

84,640

94,368

82,845

72,274

67,746

48,792

13,203

9,261

-514

48,045

37,819

38,617

34,343

41,498

36,039

34,811

33,111

43,323

41,419

40,435

36,606

40,123

39,063

43,862

37,458

53,429

67,216

58,198

52,630

79,917

64,786

58,686

52,124

74,676

102,752

88,293

98,086

115,194

96,000

89,903

79,483

97,239

81,068

66,796

53,909

74,852

66,354

55,516

51,948

76,656

7,338

8,571

6,249

39,214

30,502

24,812

20,665

31,872

25,474

21,925

18,103

27,258

21,654

21,145

19,384

27,054

21,241

17,861

14,908

20,567

745

18,003

14,830

17,969

23,739

2,503

20,476

49,980

24,796

27,362

77,232

66,212

85,287

54,715

15,600

20,200

16,500

18,100

14,000

12,700

> Long-term Liabilities

0
1,100
800
1,400
1,800
3,700
4,000
33,255
33,255
13,321
155,683
0
132,253
221,571
148,993
81,875
146,324
127,995
57,580
52,487
52,095
46,810
9,197
8,737
8,799
9,079
7,363
6,744
6,074
6,207
4,703
4,369
4,311
3,781
3,372
2,837
3,880
4,747
4,198
11,073
12,011
11,406
11,216
10,947
12,713
12,757
14,717
16,467
19,046
23,052
31,856
45,824
49,417
54,370
57,764
66,480
59,505
61,262
60,388
58,571
54,672
53,434
41,160
41,669
34,187
39,376
38,149
37,026
36,208
42,230
38,266
28,955
29,451
30,863
32,499
30,656
28,548
25,817
24,486
60,331
74,578
70,323
66,217
67,768
146,028
146,384
142,598
138,194
135,208
134,669
139,923
626,949
1,794,421
2,271,942
2,271,020
2,266,181
2,470,513
2,481,333
2,485,055
2,475,989
2,270,792
2,271,056
2,265,825
2,274,283

2,274,283

2,265,825

2,271,056

2,270,792

2,475,989

2,485,055

2,481,333

2,470,513

2,266,181

2,271,020

2,271,942

1,794,421

626,949

139,923

134,669

135,208

138,194

142,598

146,384

146,028

67,768

66,217

70,323

74,578

60,331

24,486

25,817

28,548

30,656

32,499

30,863

29,451

28,955

38,266

42,230

36,208

37,026

38,149

39,376

34,187

41,669

41,160

53,434

54,672

58,571

60,388

61,262

59,505

66,480

57,764

54,370

49,417

45,824

31,856

23,052

19,046

16,467

14,717

12,757

12,713

10,947

11,216

11,406

12,011

11,073

4,198

4,747

3,880

2,837

3,372

3,781

4,311

4,369

4,703

6,207

6,074

6,744

7,363

9,079

8,799

8,737

9,197

46,810

52,095

52,487

57,580

127,995

146,324

81,875

148,993

221,571

132,253

155,683

13,321

33,255

4,000

3,700

1,800

1,400

800

1,100

Long term Debt Total

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
486,366
1,661,914
2,150,927
2,153,034
2,155,151
2,361,865
2,374,863
2,376,935
2,378,560
2,175,918
2,177,974
0
0

2,177,974

2,175,918

2,378,560

2,376,935

2,374,863

2,361,865

2,155,151

2,153,034

2,150,927

1,661,914

486,366

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
2,385
2,309
2,998
3,190
2,731
2,248
3,664
4,079
4,196
3,088
3,204
9,288
4,191
825
1,160
1,462
1,502
2,247
7,989
5,826
9,072
11,103
11,704
13,633
15,871
17,988
13,391
12,041
14,761
15,628
17,316
18,983
20,535
20,520
19,409
18,139
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

18,139

19,409

20,520

20,535

18,983

17,316

15,628

14,761

12,041

13,391

17,988

15,871

13,633

11,704

11,103

9,072

5,826

7,989

2,247

1,502

1,462

1,160

825

4,191

9,288

3,204

3,088

4,196

4,079

3,664

2,248

2,731

3,190

2,998

2,309

2,385

Other Liabilities

0
0
0
0
0
0
0
0
34,514
13,321
142,887
132,253
116,728
94,033
80,331
81,875
77,108
64,161
8,137
7,446
7,483
7,627
9,197
8,737
8,799
9,079
7,363
6,744
6,074
6,207
4,703
4,369
4,311
3,781
3,372
2,837
3,880
4,747
4,198
11,073
12,011
11,406
11,216
10,947
12,713
12,757
14,717
16,467
19,046
23,052
31,856
45,824
49,417
53,985
54,031
55,982
54,131
54,690
54,076
50,221
50,814
51,476
35,733
32,862
32,538
39,320
34,687
33,340
32,980
31,164
30,463
28,771
29,435
30,848
32,372
29,261
28,248
25,507
24,327
60,327
74,578
70,323
66,217
67,768
39,367
38,201
37,307
34,770
34,957
36,386
44,332
56,255
50,658
40,115
39,047
34,422
0
34,308
38,842
30,085
0
0
26,067
0

26,067

30,085

38,842

34,308

34,422

39,047

40,115

50,658

56,255

44,332

36,386

34,957

34,770

37,307

38,201

39,367

67,768

66,217

70,323

74,578

60,327

24,327

25,507

28,248

29,261

32,372

30,848

29,435

28,771

30,463

31,164

32,980

33,340

34,687

39,320

32,538

32,862

35,733

51,476

50,814

50,221

54,076

54,690

54,131

55,982

54,031

53,985

49,417

45,824

31,856

23,052

19,046

16,467

14,717

12,757

12,713

10,947

11,216

11,406

12,011

11,073

4,198

4,747

3,880

2,837

3,372

3,781

4,311

4,369

4,703

6,207

6,074

6,744

7,363

9,079

8,799

8,737

9,197

7,627

7,483

7,446

8,137

64,161

77,108

81,875

80,331

94,033

116,728

132,253

142,887

13,321

34,514

Deferred Long Term Liability

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
10,169
11,039
0
0
16,933
15,988
15,054
13,041
11,412
14,558
16,158
10,718
13,077
14,941
14,347
14,594
21,375
18,100
9,012
10,199
11,387
15,278
14,209
12,934
11,007
9,926
10,185
5,672
5,820
4
37
35
36
34
26
24
24
24
8,211
1,812
1,813
1,811
109
109
105
0
198
198
198
0
0

198

105

109

1,811

1,813

1,812

8,211

5,820

5,672

10,185

9,926

11,007

12,934

14,209

15,278

11,387

10,199

9,012

18,100

21,375

14,594

14,347

14,941

13,077

10,718

16,158

14,558

11,412

13,041

15,054

15,988

16,933

11,039

10,169

> Total Stockholder Equity

0
41,200
43,400
46,300
90,700
94,000
104,800
101,816
101,816
142,413
-22,214
0
14,577
-164,899
-119,081
-69,357
-134,194
-99,029
-43,776
-34,509
-31,880
-21,276
26,185
44,347
55,883
68,001
210,424
240,578
259,607
149,353
167,165
180,722
142,057
106,004
104,283
133,151
95,431
107,334
109,345
103,329
107,547
114,416
124,477
138,041
160,564
170,735
192,449
214,228
205,862
189,283
157,240
149,172
153,669
156,496
163,978
168,978
170,537
179,239
190,417
200,311
274,833
273,456
292,082
310,326
305,655
298,125
299,060
324,471
348,319
380,691
408,512
455,281
467,848
489,645
519,901
552,177
572,036
589,687
612,339
590,539
613,582
620,359
635,423
529,731
478,306
502,689
515,419
508,559
461,426
458,460
389,292
553,045
365,038
77,419
461,314
978,958
862,999
-187,068
-200,289
-383,120
443,211
819,118
840,395
2,164,972

2,164,972

840,395

819,118

443,211

-383,120

-200,289

-187,068

862,999

978,958

461,314

77,419

365,038

553,045

389,292

458,460

461,426

508,559

515,419

502,689

478,306

529,731

635,423

620,359

613,582

590,539

612,339

589,687

572,036

552,177

519,901

489,645

467,848

455,281

408,512

380,691

348,319

324,471

299,060

298,125

305,655

310,326

292,082

273,456

274,833

200,311

190,417

179,239

170,537

168,978

163,978

156,496

153,669

149,172

157,240

189,283

205,862

214,228

192,449

170,735

160,564

138,041

124,477

114,416

107,547

103,329

109,345

107,334

95,431

133,151

104,283

106,004

142,057

180,722

167,165

149,353

259,607

240,578

210,424

68,001

55,883

44,347

26,185

-21,276

-31,880

-34,509

-43,776

-99,029

-134,194

-69,357

-119,081

-164,899

14,577

-22,214

142,413

101,816

104,800

94,000

90,700

46,300

43,400

41,200

Common Stock

0
0
0
0
0
0
0
78
78
80
80
81
81
88
92
92
93
11
14
14
14
14
16
16
16
17
17
16
16
16
16
16
16
16
16
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
18
18
18
18
18
18
18
18
18
18
18
18
18
18
18
18
18
18
18
18
18
18
18
18
18
18
18
19
20
20
20
20
20
22
23
23
26

Retained Earnings Total Equity

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
174,439
179,360
188,360
188,632
195,903
200,666
208,906
260,497
258,944
276,090
292,238
285,756
275,419
274,574
297,273
317,733
340,200
364,093
403,204
417,476
436,360
462,988
494,112
508,979
520,055
537,979
511,755
528,306
533,134
545,833
549,134
541,228
561,622
571,322
583,489
584,146
587,533
573,304
575,965
466,902
167,555
131,419
41,442
-89,309
-1,151,607
-1,178,686
-1,428,355
-967,162
-944,919
0
0

-944,919

-967,162

-1,428,355

-1,178,686

-1,151,607

-89,309

41,442

131,419

167,555

466,902

575,965

573,304

587,533

584,146

583,489

571,322

561,622

541,228

549,134

545,833

533,134

528,306

511,755

537,979

520,055

508,979

494,112

462,988

436,360

417,476

403,204

364,093

340,200

317,733

297,273

274,574

275,419

285,756

292,238

276,090

258,944

260,497

208,906

200,666

195,903

188,632

188,360

179,360

174,439

Accumulated Other Comprehensive Income

0
-2,600
-3,300
-4,700
-6,000
-7,300
-1,000
-11,099
748
-503
-1,107
-26,957
819
920
62
2,448
2,476
2,230
1,975
2,153
2,729
2,759
2,856
2,619
1,872
2,054
2,469
3,206
2,751
1,926
2,280
2,318
2,433
2,703
2,074
3,123
2,969
2,628
2,777
2,929
3,984
3,744
2,523
1,471
1,053
1,014
831
604
-188
-1,315
-1,014
-1,455
-1,433
-1,558
-1,684
-2,052
-1,745
-2,281
-1,875
-1,515
-2,502
-2,330
-1,294
-831
-619
-895
-2,994
-4,363
-6,507
-5,429
-6,047
-7,408
-6,746
-8,238
-7,959
-10,743
-9,961
-7,743
-6,683
-5,968
-4,219
-8,111
-8,718
-10,217
-9,964
-9,310
-11,674
-9,651
-10,198
-9,187
-6,900
-3,885
-5,721
-5,324
-6,781
-7,543
-9,552
-13,665
-18,179
-13,801
-13,063
-13,150
-15,355
-11,444

-11,444

-15,355

-13,150

-13,063

-13,801

-18,179

-13,665

-9,552

-7,543

-6,781

-5,324

-5,721

-3,885

-6,900

-9,187

-10,198

-9,651

-11,674

-9,310

-9,964

-10,217

-8,718

-8,111

-4,219

-5,968

-6,683

-7,743

-9,961

-10,743

-7,959

-8,238

-6,746

-7,408

-6,047

-5,429

-6,507

-4,363

-2,994

-895

-619

-831

-1,294

-2,330

-2,502

-1,515

-1,875

-2,281

-1,745

-2,052

-1,684

-1,558

-1,433

-1,455

-1,014

-1,315

-188

604

831

1,014

1,053

1,471

2,523

3,744

3,984

2,929

2,777

2,628

2,969

3,123

2,074

2,703

2,433

2,318

2,280

1,926

2,751

3,206

2,469

2,054

1,872

2,619

2,856

2,759

2,729

2,153

1,975

2,230

2,476

2,448

920

819

-26,957

-1,107

-503

748

-11,099

-1,000

-7,300

-6,000

-4,700

-3,300

-2,600

Capital Surplus

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
458,782
461,469
457,837
458,817
460,784
466,793
468,087
492,005
492,009
492,453
494,086
495,685
498,768
502,647
506,727
512,259
521,086
525,632
534,651
532,284
536,689
540,038
543,974
548,184
552,541
556,209
559,918
564,661
570,502
573,474
576,957
581,429
584,764
590,158
593,583
597,087
600,851
604,974
763,051
685,943
697,274
1,118,761
1,727,143
1,743,944
1,760,288
1,778,660
1,841,120
2,205,518
2,559,268
0
0

2,559,268

2,205,518

1,841,120

1,778,660

1,760,288

1,743,944

1,727,143

1,118,761

697,274

685,943

763,051

604,974

600,851

597,087

593,583

590,158

584,764

581,429

576,957

573,474

570,502

564,661

559,918

556,209

552,541

548,184

543,974

540,038

536,689

532,284

534,651

525,632

521,086

512,259

506,727

502,647

498,768

495,685

494,086

492,453

492,009

492,005

468,087

466,793

460,784

458,817

457,837

461,469

458,782

Treasury Stock

-782,104

-720,755

-709,627

-658,880

-634,405

-586,161

-475,184

-447,809

-407,865

-380,744

-366,191

-363,170

-357,804

-331,410

-313,516

-268,776

-249,625

-195,613

-136,817

-129,893

-2,331

Other Stockholders Equity

0
43,300
44,200
45,800
89,600
91,000
91,700
150,790
150,790
145,987
150,319
0
152,821
215,098
266,911
239,580
268,368
215,858
299,171
334,410
336,374
344,682
416,499
421,113
422,270
422,960
443,394
452,440
419,138
292,296
296,856
291,563
237,905
184,293
165,979
172,115
131,079
131,369
114,045
90,354
85,274
84,017
83,954
85,233
84,781
84,985
85,345
86,583
72,316
45,119
5,725
-20,265
-16,902
-15,960
-13,399
-17,399
-16,112
-14,681
-8,266
-6,612
17,319
16,495
16,975
19,071
20,882
23,689
27,469
31,180
37,568
45,473
50,401
59,059
57,354
61,267
64,895
69,047
73,039
77,614
81,342
84,766
89,258
95,207
98,572
-9,421
-52,940
-49,951
-43,921
-64,948
-112,738
-119,904
-177,130
-19,053
-96,161
-84,830
336,657
945,039
961,840
978,184
996,556
1,059,016
1,423,414
1,777,164
1,944,087
3,175,624

3,175,624

1,944,087

1,777,164

1,423,414

1,059,016

996,556

978,184

961,840

945,039

336,657

-84,830

-96,161

-19,053

-177,130

-119,904

-112,738

-64,948

-43,921

-49,951

-52,940

-9,421

98,572

95,207

89,258

84,766

81,342

77,614

73,039

69,047

64,895

61,267

57,354

59,059

50,401

45,473

37,568

31,180

27,469

23,689

20,882

19,071

16,975

16,495

17,319

-6,612

-8,266

-14,681

-16,112

-17,399

-13,399

-15,960

-16,902

-20,265

5,725

45,119

72,316

86,583

85,345

84,985

84,781

85,233

83,954

84,017

85,274

90,354

114,045

131,369

131,079

172,115

165,979

184,293

237,905

291,563

296,856

292,296

419,138

452,440

443,394

422,960

422,270

421,113

416,499

344,682

336,374

334,410

299,171

215,858

268,368

239,580

266,911

215,098

152,821

150,319

145,987

150,790

91,700

91,000

89,600

45,800

44,200

43,300

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	1997-12-31
Accounts Payable	32,627	42,976	46,084	-45,119	33,919	33,684	30,711	36,628	31,840	35,458	39,946	42,492	125,692	36,683	28,460	27,697	23,469	24,378	19,550	18,906	12,768	15,267	18,935	35,025	13,582	11,900	9,400
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
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
Accumulated Other Comprehensive Income	-11,444	-13,801	-7,543	-3,885	-9,651	-10,217	-5,968	-10,743	-7,408	-4,363	-831	-1,515	-2,052	-1,455	604	1,471	2,929	3,123	2,318	3,206	2,619	2,153	2,448	819	748	-4,700	-1,100
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
Capital Lease Obligations	61,086	67,344	76,608	84,328	103,424	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Stock	26	20	20	18	18	18	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Surpluse	0	1,841,120	1,727,143	763,051	593,583	576,957	559,918	543,974	534,651	0	494,086	468,087	457,837	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash	48,673	43,835	63,356	59,675	456,727	109,924	420,244	401,975	292,341	146,919	220,171	224,393	199,634	174,097	224,769	122,915	85,194	78,980	42,318	68,314	51,882	15,036	38,409	67,685	25,941	27,500	3,500
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
Cash And Short Term Investments	48,673	43,835	63,356	59,675	565,646	576,110	675,171	589,383	485,661	345,466	357,369	224,393	199,634	174,097	224,769	122,915	85,194	78,996	96,079	106,130	51,882	15,080	39,313	68,770	25,941	27,500	3,500
Common Stock	26	20	20	18	18	18	18	18	18	18	17	17	17	17	17	17	17	17	16	16	16	14	92	81	78	0	0
Common Stock Shares Outstanding	16,566	11,321	10,020	9,684	10,328	11,412	11,547	11,516	11,539	11,356	11,301	11,174	11,066	11,779	12,284	12,303	12,853	13,633	15,436	17,119	14,804	11,986	8,659	798	15,406	13,397	1,180
Common Stock Total Equity	0	20	20	18	18	18	18	18	18	18	17	17	17	17	17	17	17	17	16	16	16	14	92	81	78	0	0
Current Deferred Revenue	228,162	217,428	209,860	191,250	187,107	176,540	112,649	105,535	100,695	108,413	113,656	101,888	103,199	89,331	77,783	66,495	64,302	56,578	45,874	43,674	28,374	23,961	20,987	0	0	0	0
Deferred Long Term Asset Charges	0	0	0	0	19,409	17,316	13,391	11,704	7,989	0	3,204	3,664	2,998	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Long Term Liab	0	198	109	8,211	26	37	10,185	14,209	9,012	10,818	16,158	15,054	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
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
Intangible Assets	3,626,476	1,840,028	2,850,210	1,054,302	0	0	2,499	8,497	15,855	13,469	10,295	10,360	7,031	9,059	13,431	14,823	2,340	1,903	3,669	0	604	789	5,402	34,300	47,154	0	0
Inventory	0	7,033	0	0	0	0	0	0	0	0	0	0	0	40,421	0	36,880	0	0	0	0	0	0	0	0	0	0	0
Liabilities And Stockholders Equity	4,762,528	2,410,272	3,557,124	1,465,612	916,571	855,768	835,728	768,319	656,894	558,797	585,514	477,938	453,851	381,566	383,330	292,139	241,387	248,816	277,773	336,956	114,793	79,873	103,632	259,087	203,368	82,700	30,100
Long Term Debt	2,182,108	2,378,560	2,155,151	486,366	0	0	0	1,101	167	157	1,619	2,119	0	0	0	0	0	0	0	0	0	45,041	0	0	0	0	0
Long Term Debt Total	0	2,378,560	2,155,151	486,366	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Long Term Investments	0	0	0	1,054,302	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
Net Debt	2,205,467	2,402,523	2,168,403	511,019	-353,303	-109,924	-420,244	-401,975	-292,341	-146,919	-220,171	-224,393	-199,634	-174,097	-224,769	-122,915	-85,194	-78,980	-42,318	-68,314	-51,882	34,703	-37,197	-67,685	-25,941	-22,500	100
Net Invested Capital	4,347,563	1,995,894	3,134,109	1,039,411	508,559	529,731	590,539	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Receivables	207,715	189,280	189,280	197,461	163,516	171,359	69,500	83,319	68,154	78,633	86,181	93,758	94,723	82,056	56,399	49,670	52,214	54,468	43,052	40,917	30,993	28,195	22,281	49,061	37,586	33,100	16,100
Net Tangible Assets	0	-2,223,148	978,958	-501,257	508,559	529,731	588,040	543,680	439,426	311,002	300,031	189,951	161,947	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Working Capital	-55,378	-52,837	-44,020	-12,998	483,628	520,130	578,753	499,501	392,656	265,065	246,429	139,085	124,812	110,288	152,585	71,278	55,738	62,578	80,705	85,543	27,608	-6,920	-23,179	42,616	53,109	28,500	-5,800
Non Current Assets Total	4,494,633	2,145,706	3,289,159	1,192,992	163,125	77,369	72,117	83,332	91,580	96,432	105,566	119,797	110,646	84,708	78,110	77,710	58,664	73,410	104,386	161,779	25,476	24,898	35,697	104,214	81,962	19,200	9,100
Non Current Liabilities Other	22,208	17,124	26,224	132,372	138,168	67,731	50,146	16,447	19,943	0	25,511	43,517	45,141	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Current Liabilities Total	2,274,283	2,475,989	2,266,181	626,949	138,194	67,768	60,331	30,656	28,955	37,026	41,669	58,571	66,480	45,824	16,467	10,947	11,073	2,837	4,369	6,744	8,737	52,487	81,875	132,253	33,255	1,400	3,700
Non Currrent Assets Other	24,300	23,916	15,820	-1,038,687	8,024	8,134	2,868	5,695	2,072	3,951	6,622	5,259	5,306	5,587	3,283	53,909	11,433	2,461	5,962	34,865	5,073	5,638	3,789	8,505	4,214	5,400	2,200
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
Other Assets	0	2,052,096	3,185,812	1,150,017	27,433	25,450	16,708	17,399	10,061	5,111	9,826	8,923	8,304	10,616	9,773	53,909	46,780	60,405	88,686	119,318	8,759	5,638	3,789	3,234	0	0	0
Other Current Assets	11,507	24,418	15,329	15,484	24,284	30,930	18,940	12,285	11,499	38,266	36,398	39,990	48,848	284	24,052	4,964	45,315	41,942	34,256	28,130	6,442	11,700	6,341	37,042	57,879	2,900	1,400
Other Current Liab	51,538	56,545	9,957	94,368	14,873	48,045	41,498	43,323	40,123	53,429	79,917	74,676	115,194	97,239	74,852	76,656	39,214	31,872	27,258	27,054	20,567	17,969	49,980	77,232	54,715	18,100	16,500
Other Liab	0	30,085	34,422	56,255	34,770	67,768	56,550	30,656	28,955	33,340	32,862	50,221	55,982	45,824	16,467	10,947	11,073	2,837	4,369	6,744	8,737	7,446	81,875	132,253	0	0	0
Other Stockholder Equity	3,175,624	1,059,016	945,039	-19,053	-65,297	-9,421	84,766	69,047	59,059	31,180	19,071	-6,612	-17,399	-20,265	86,583	85,233	90,354	172,115	291,563	452,440	421,113	334,410	239,580	152,821	150,790	45,800	1,300
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
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	68,650	119,585	0	0	0
Property Plant And Equipment Gross	216,748	93,610	103,347	116,572	135,692	51,919	53,359	57,436	65,664	77,852	85,445	100,514	95,311	65,033	54,906	8,978	9,544	11,102	12,031	16,096	16,113	18,471	26,506	61,409	30,594	13,800	6,900
Property Plant And Equipment Net	86,284	93,610	103,347	116,572	135,692	51,919	53,359	57,436	65,664	77,852	85,445	100,514	95,311	65,033	54,906	8,978	9,544	11,102	12,031	16,096	16,113	18,471	26,506	61,409	30,594	13,800	6,900
Property Plant Equipment	0	32,311	103,347	42,975	50,154	51,919	53,359	57,436	65,664	77,852	85,445	100,514	95,311	65,033	54,906	8,978	9,544	11,102	12,031	16,096	16,113	18,471	26,506	61,409	0	0	0
Retained Earnings	-999,234	-1,428,355	41,442	575,965	583,489	549,134	511,755	494,112	403,204	297,273	292,238	208,906	188,360	170,420	126,628	51,791	9,958	-41,981	-112,857	-177,600	-345,913	-342,010	-380,127	-299,259	-37,953	5,200	-600
Retained Earnings Total Equity	0	-1,428,355	41,442	575,965	583,489	549,134	511,755	494,112	403,204	0	292,238	208,906	188,360	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt	483	454	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt Total	2,254,140	2,446,358	2,231,759	570,694	103,424	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	49,739	1,212	0	0	5,000	3,600
Short Term Debt	10,946	454	46,084	45,119	33,919	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	4,698	1,212	0	0	5,000	900
Short Term Investments	0	0	0	0	108,919	466,186	254,927	187,408	193,320	198,547	137,198	86	289	284	549	619	2,982	16	53,761	37,816	747	44	904	1,085	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
Total Assets	4,762,528	2,410,272	3,557,124	1,465,612	916,571	855,768	835,728	768,319	656,894	558,797	585,514	477,938	453,851	381,566	383,330	292,139	241,387	248,816	277,773	336,956	114,793	79,873	103,632	259,087	203,368	82,700	30,100
Total Current Assets	267,895	264,566	267,965	272,620	753,446	778,399	763,611	684,987	565,314	462,365	479,948	358,141	343,205	296,858	305,220	214,429	182,723	175,406	173,387	175,177	89,317	54,975	67,935	154,873	121,406	63,500	21,000
Total Current Liabilities	323,273	317,403	311,985	285,618	269,818	258,269	184,858	185,486	172,658	197,300	233,519	219,056	218,393	186,570	152,635	143,151	126,985	112,828	92,682	89,634	61,709	61,895	91,114	112,257	68,297	35,000	26,800
Total Liab	2,597,556	2,793,392	2,578,166	912,567	408,012	326,037	245,189	216,142	201,613	234,326	275,188	277,627	284,873	232,394	169,102	154,098	138,058	115,665	97,051	96,378	70,446	114,382	172,989	244,510	101,552	36,400	30,500
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
Total Stockholder Equity	2,164,972	-383,120	978,958	553,045	508,559	529,731	590,539	552,177	455,281	324,471	310,326	200,311	168,978	149,172	214,228	138,041	103,329	133,151	180,722	240,578	44,347	-34,509	-69,357	14,577	101,816	46,300	-400
Treasury Stock	0	-782,104	-782,104	-782,104	-658,880	-586,161	-475,184	-475,184	-475,184	-475,184	-475,184	-475,184	-475,184	-475,184	-366,191	-366,191	-357,804	-268,776	-136,817	-2,331	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

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30	2001-03-31	2000-12-31	2000-09-30	2000-06-30	2000-03-31	1999-12-31	1999-09-30	1999-06-30	1999-03-31	1998-12-31	1998-09-30	1998-06-30	1998-03-31
Accounts Payable	32,627	34,306	33,660	50,604	42,976	36,846	35,960	44,388	46,084	-45,454	-41,236	-39,816	49,249	-38,668	-31,468	-32,539	33,919	28,626	32,300	37,227	33,684	23,002	22,670	25,688	30,711	25,368	23,701	20,794	36,628	26,064	27,524	27,836	31,840	26,609	24,582	28,412	35,458	34,601	40,336	37,887	39,946	36,864	42,386	45,582	42,492	102,752	88,293	103,460	125,692	99,733	90,288	35,746	36,683	33,307	27,370	23,414	28,460	26,191	21,708	24,187	27,697	50,130	23,612	23,610	23,469	20,947	23,077	21,747	24,378	19,853	17,942	18,077	19,550	15,498	15,239	13,955	18,906	13,149	13,562	14,235	12,768	14,069	15,235	14,150	15,267	16,942	15,896	17,210	18,935	30,804	28,086	35,025	35,025	42,382	46,656	13,582	13,582	15,900	13,200	12,800	11,900	10,900	10,300	-
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
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	-11,444	-15,355	-13,150	-13,063	-13,801	-18,179	-13,665	-9,552	-7,543	-6,781	-5,324	-5,721	-3,885	-6,900	-9,187	-10,198	-9,651	-11,674	-9,310	-9,964	-10,217	-8,718	-8,111	-4,219	-5,968	-6,683	-7,743	-9,961	-10,743	-7,959	-8,238	-6,746	-7,408	-6,047	-5,429	-6,507	-4,363	-2,994	-895	-619	-831	-1,294	-2,330	-2,502	-1,515	-1,875	-2,281	-1,745	-2,052	-1,684	-1,558	-1,433	-1,455	-1,014	-1,315	-188	604	831	1,014	1,053	1,471	2,523	3,744	3,984	2,929	2,777	2,628	2,969	3,123	2,074	2,703	2,433	2,318	2,280	1,926	2,751	3,206	2,469	2,054	1,872	2,619	2,856	2,759	2,729	2,153	1,975	2,230	2,476	2,448	62	920	819	-26,957	-1,107	-503	748	-11,099	-1,000	-7,300	-6,000	-4,700	-3,300	-2,600	-
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	61,086	59,720	63,814	65,355	67,344	69,278	72,162	73,956	76,608	78,939	80,900	81,849	84,328	95,591	98,283	100,251	103,424	105,291	108,183	106,661	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	26	23	23	22	20	20	20	20	20	19	18	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	2,559,268	2,205,518	1,841,120	1,778,660	1,760,288	1,743,944	1,727,143	1,118,761	697,274	685,943	763,051	604,974	600,851	597,087	593,583	590,158	584,764	581,429	576,957	573,474	570,502	564,661	559,918	556,209	552,541	548,184	543,974	540,038	536,689	532,284	534,651	525,632	521,086	512,259	506,727	502,647	498,768	495,685	494,086	492,453	492,009	492,005	468,087	466,793	460,784	458,817	457,837	461,469	458,782	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	48,673	45,009	65,968	94,311	43,835	60,390	69,386	92,677	63,356	56,975	56,399	82,544	59,675	52,653	420,899	429,276	456,727	375,071	261,497	258,743	109,924	112,082	90,427	152,155	420,244	386,855	379,694	358,676	401,975	365,555	347,389	308,887	292,341	230,188	201,146	165,094	146,919	136,006	111,859	214,751	220,171	163,777	188,688	330,195	224,393	216,609	195,540	211,132	199,634	186,300	193,025	203,143	174,097	184,302	202,682	231,862	224,769	200,670	176,167	162,193	122,915	127,287	119,603	99,877	85,194	75,725	76,140	66,978	78,980	47,828	46,940	42,744	42,318	39,614	50,632	63,239	68,314	74,793	60,817	76,321	51,882	38,721	34,874	21,929	15,036	22,323	36,951	32,627	38,409	42,166	57,165	67,685	67,685	38,704	93,823	25,941	25,941	22,400	34,800	45,100	27,500	29,900	40,000	-
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	48,673	45,009	65,968	94,311	43,835	60,390	69,386	92,677	63,356	56,975	56,399	82,544	59,675	52,653	530,871	539,222	565,646	578,289	574,846	551,057	576,110	699,175	699,594	695,467	675,171	646,104	632,395	618,492	589,383	578,902	550,086	536,297	485,661	456,877	427,895	391,823	345,466	354,602	367,539	365,831	357,369	343,948	317,775	330,195	224,393	216,609	195,540	211,132	199,634	186,300	193,025	203,143	174,097	184,302	202,682	231,862	224,769	200,670	176,167	162,193	122,915	127,287	119,603	99,877	85,194	75,725	76,151	66,993	78,996	47,843	46,962	70,781	96,079	75,482	50,646	131,624	106,130	74,793	60,817	76,321	51,882	38,721	34,874	21,970	15,080	22,376	37,041	33,217	39,313	42,527	60,561	68,770	0	41,068	100,031	25,941	25,941	43,800	34,800	45,100	27,500	29,900	40,000	-
Common Stock	26	23	23	22	20	20	20	20	20	19	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	16	16	16	16	16	16	16	16	17	17	16	16	16	14	14	14	14	11	93	92	92	88	81	81	80	80	78	78	0	0	0	0	0	0	-
Common Stock Shares Outstanding	18,376	14,221	16,095	14,575	11,386	11,308	11,300	11,289	10,679	9,999	9,746	9,647	9,849	9,616	9,741	10,031	10,301	10,309	10,310	10,328	11,151	11,538	11,493	11,488	11,447	11,499	11,592	11,593	11,558	11,521	11,523	11,479	11,577	11,589	11,510	11,455	11,409	11,301	11,301	11,301	11,301	11,301	11,301	11,295	11,281	11,197	11,121	11,092	11,078	11,072	11,068	11,045	10,671	11,603	12,029	12,303	11,890	12,311	12,256	12,219	11,890	12,306	12,324	12,381	11,927	12,771	12,940	13,159	12,567	13,325	13,678	14,304	13,568	14,357	15,767	16,965	16,224	16,903	17,128	17,253	16,010	15,359	14,940	14,056	13,788	12,629	1,050	11,882	9,338	991	8,325	8,127	8,127	7,998	7,976	7,893	7,893	1,534	7,634	1,456	7,598	7,118	7,067	6,947
Common Stock Total Equity	0	0	23	22	20	20	20	20	20	19	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	18	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	17	16	16	16	16	16	16	16	16	17	17	16	16	16	14	14	14	14	11	93	92	92	88	81	81	80	80	79	78	0	0	0	0	0	0	-
Current Deferred Revenue	228,162	179,167	195,817	211,768	217,428	165,934	188,098	206,217	209,860	160,697	182,818	198,980	191,250	160,845	167,643	184,891	187,107	160,244	176,786	190,070	176,540	151,043	175,358	201,718	112,649	115,420	123,082	132,047	105,535	115,626	121,162	131,437	100,695	115,504	119,773	131,468	108,413	120,707	132,323	138,205	113,656	117,785	108,155	118,918	101,888	102,383	105,523	120,325	103,199	97,452	102,323	110,971	89,331	85,802	86,149	96,680	77,783	73,045	75,258	78,690	66,495	69,757	75,825	78,477	64,302	65,045	66,113	73,189	56,578	57,139	58,794	59,550	45,874	44,772	47,113	52,005	43,674	39,765	40,626	37,017	28,374	29,696	28,215	26,433	23,961	22,804	22,630	22,796	20,987	42,032	48,163	50,036	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	18,139	19,409	20,520	20,535	18,983	17,316	15,628	14,761	12,041	13,391	17,988	15,871	13,633	11,704	11,103	9,072	5,826	7,989	2,247	1,502	1,462	1,160	825	4,191	9,288	3,204	3,088	4,196	4,079	3,664	2,248	2,731	3,190	2,998	2,309	2,385	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	198	198	198	0	105	109	109	1,811	1,813	1,812	8,211	24	24	24	26	34	36	35	37	4	5,820	5,672	10,185	9,926	11,007	12,934	14,209	15,278	11,387	10,199	9,012	18,100	21,375	14,594	14,347	14,941	13,077	10,718	16,158	14,558	11,412	13,041	15,054	15,988	16,933	0	0	11,039	10,169	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Good Will	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Intangible Assets	3,626,476	2,451,374	2,323,252	2,000,392	1,840,028	1,993,032	1,987,781	2,895,619	2,850,210	2,405,739	2,051,039	1,946,582	1,054,302	380,758	0	0	0	0	0	0	0	0	0	1,000	2,499	3,999	5,498	6,998	8,497	9,997	11,949	13,902	15,855	17,807	20,303	17,691	13,469	8,458	7,376	8,671	10,295	11,896	9,389	9,007	10,360	11,713	9,425	5,050	7,031	9,188	10,831	11,170	9,059	10,723	12,407	11,724	13,431	15,161	16,890	18,619	14,823	9,573	4,604	1,989	2,340	2,903	3,214	3,866	1,903	2,077	2,608	3,139	3,669	4,229	4,804	5,518	0	0	0	586	604	622	639	659	789	2,735	3,575	4,437	5,402	21,542	25,791	34,300	34,300	38,295	43,078	47,154	47,154	0	0	0	0	0	0	-
Inventory	0	1,865	2,085	2,153	7,033	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	40,421	0	0	0	0	0	0	0	36,880	36,602	40,740	43,807	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Liabilities And Stockholders Equity	4,762,528	3,373,941	3,363,104	3,026,402	2,410,272	2,545,286	2,568,365	3,638,387	3,557,124	2,986,244	2,624,359	2,443,079	1,465,612	772,905	833,046	849,271	916,571	888,716	899,720	888,344	855,768	913,504	927,327	949,909	835,728	813,652	797,098	786,536	768,319	735,509	709,629	693,178	656,894	627,954	611,138	581,865	558,797	559,733	568,358	568,564	585,514	552,677	536,117	546,129	477,938	455,940	434,317	448,453	453,851	415,194	403,092	393,540	381,566	355,966	365,280	375,497	383,330	346,565	314,266	303,915	292,139	298,887	266,864	252,672	241,387	230,037	226,083	214,912	248,816	210,121	208,446	242,098	277,773	253,792	239,057	351,025	336,956	291,942	149,129	130,842	114,793	96,467	91,942	80,452	79,873	81,862	95,110	95,452	103,632	128,641	166,349	259,087	259,087	242,063	287,677	203,368	203,368	140,300	131,100	124,300	82,700	76,600	75,300	-
Long Term Debt	2,182,108	2,180,038	2,177,974	2,175,918	2,378,560	2,376,935	2,374,863	2,361,865	2,155,151	2,153,034	2,150,927	1,661,914	486,366	0	0	0	0	0	0	106,661	0	0	0	0	0	0	0	0	1,101	0	0	0	167	0	0	0	157	0	0	0	1,619	0	0	0	2,119	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	39,183	44,612	45,041	49,443	551	0	0	0	0	5,884	0	0	0	0	0	0	0	0	0	0	0	-
Long Term Debt Total	0	0	2,177,974	2,175,918	2,378,560	2,376,935	2,374,863	2,361,865	2,155,151	2,153,034	2,150,927	1,661,914	486,366	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Long Term Investments	0	0	0	0	0	0	0	0	0	0	2,051,039	1,946,582	1,054,302	380,758	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	2,205,467	2,195,224	2,176,288	2,147,422	2,402,523	2,385,823	2,377,639	2,343,144	2,168,403	2,174,998	2,175,428	1,661,219	511,019	42,938	-322,616	-329,025	-353,303	-269,780	-153,314	-152,082	-109,924	-112,082	-90,427	-152,155	-420,244	-386,855	-379,694	-358,676	-401,975	-365,555	-347,389	-308,887	-292,341	-230,188	-201,146	-165,094	-146,919	-136,006	-111,859	-214,751	-220,171	-163,777	-188,688	-330,195	-224,393	-216,609	-195,540	-211,132	-199,634	-186,300	-193,025	-203,143	-174,097	-184,302	-202,682	-231,862	-224,769	-200,670	-176,167	-162,193	-122,915	-127,287	-119,603	-99,877	-85,194	-75,725	-76,140	-66,978	-78,980	-47,828	-46,940	-42,744	-42,318	-39,614	-50,632	-63,239	-68,314	-74,793	-60,817	-76,321	-51,882	-38,721	9,264	27,507	34,703	31,693	-36,400	-32,627	-37,197	-41,069	-51,099	-67,685	-67,685	-38,704	-93,823	-25,941	-25,941	-22,400	-34,800	-42,600	-22,500	-22,400	-30,000	-
Net Invested Capital	4,347,563	3,020,908	2,997,560	2,619,589	1,995,894	2,176,646	2,187,795	3,224,864	3,134,109	2,614,348	2,228,346	2,026,952	1,039,411	389,292	458,460	461,426	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	207,715	128,650	121,901	139,178	189,280	109,926	118,645	126,930	189,280	123,748	131,516	150,626	197,461	148,512	123,794	124,935	163,516	118,002	129,144	133,922	171,359	110,761	125,115	147,332	69,500	66,337	68,005	73,394	83,319	58,052	54,887	56,558	68,154	55,039	56,038	58,436	78,633	57,514	57,525	67,742	86,181	62,869	73,397	69,486	93,758	75,474	78,893	76,854	94,723	77,084	70,974	64,094	82,056	57,729	52,608	43,317	56,399	56,010	41,604	37,971	49,670	45,196	40,405	44,726	52,214	52,782	41,215	34,138	54,468	41,701	34,069	37,699	43,052	28,854	32,387	27,903	40,917	30,352	27,456	23,144	30,993	28,207	28,956	24,038	28,195	19,850	22,761	22,652	22,281	24,043	34,374	49,061	49,061	39,465	40,716	37,586	37,586	54,600	46,400	37,200	33,100	29,500	22,500	-
Net Tangible Assets	0	840,395	-1,504,134	-1,557,181	-2,223,148	-2,193,321	-187,068	-2,032,620	978,958	461,314	77,419	-1,581,544	-501,257	8,534	458,460	461,426	508,559	515,419	502,689	478,306	529,731	635,423	620,359	612,582	588,040	608,340	584,189	565,038	543,680	509,904	477,696	453,946	439,426	390,705	360,388	330,628	311,002	290,602	290,749	296,984	300,031	280,186	264,067	265,826	189,951	178,704	169,814	165,487	161,947	154,790	145,665	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Net Working Capital	-55,378	-68,156	-63,296	-52,723	-52,837	-58,227	-54,418	-57,887	-44,020	-56,288	-66,540	-32,866	-12,998	-25,254	432,856	440,425	483,628	491,055	476,641	454,402	520,130	626,602	616,891	614,731	578,753	554,027	533,590	518,503	499,501	466,008	431,909	412,240	392,656	355,678	325,232	286,091	265,065	241,733	235,629	233,640	246,429	222,211	213,016	214,780	139,085	130,362	121,080	114,405	124,812	116,941	113,051	119,298	110,288	108,897	133,858	150,757	152,585	142,604	112,548	94,391	71,278	53,554	68,552	62,714	55,738	53,292	48,364	37,270	62,578	27,336	21,039	51,486	80,705	57,248	33,093	106,910	85,543	55,023	23,727	39,302	27,608	13,205	3,099	-2,856	-6,920	-14,905	-2,991	-22,523	-23,179	-24,008	-3,975	42,616	42,616	12,307	53,445	53,109	53,109	71,900	72,000	70,700	28,500	29,700	31,000	-
Non Current Assets Total	4,494,633	3,174,376	3,153,470	2,766,726	2,145,706	2,342,993	2,348,683	3,391,399	3,289,159	2,788,622	2,415,901	2,192,325	1,192,992	554,469	160,273	156,209	163,125	166,962	172,432	169,932	77,369	75,038	73,791	73,429	72,117	82,798	81,914	82,081	83,332	86,392	88,599	85,059	91,580	91,100	97,689	98,436	96,432	95,476	101,872	106,202	105,566	111,031	113,874	114,725	119,797	120,443	119,421	115,637	110,646	104,801	97,815	83,788	84,708	80,199	78,477	74,151	78,110	64,562	70,944	78,886	77,710	82,139	57,270	56,844	58,664	60,251	63,717	62,041	73,410	80,319	88,746	94,882	104,386	114,620	122,467	158,771	161,779	162,764	53,353	25,380	25,476	22,177	22,435	23,071	24,898	28,709	31,957	34,653	35,697	53,920	60,647	104,214	0	121,162	102,289	81,962	81,962	36,900	25,700	21,800	19,200	14,500	11,300	-
Non Current Liabilities Other	22,208	18,231	92,884	94,676	17,124	108,120	106,365	108,539	26,224	28,934	31,040	130,695	132,372	139,899	134,645	135,184	138,168	142,564	146,348	145,993	67,731	66,213	64,503	68,906	50,146	14,560	14,810	15,614	16,447	17,221	19,476	19,252	19,943	20,166	20,855	21,614	22,679	23,208	26,299	23,469	25,511	26,602	42,022	41,631	43,517	44,400	44,329	43,035	45,141	42,992	43,816	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Non Current Liabilities Total	2,274,283	2,265,825	2,271,056	2,270,792	2,475,989	2,485,055	2,481,333	2,470,513	2,266,181	2,271,020	2,271,942	1,794,421	626,949	139,923	134,669	135,208	138,194	142,598	146,384	146,028	67,768	66,217	70,323	74,578	60,331	24,486	25,817	28,548	30,656	32,499	30,863	29,451	28,955	38,266	42,230	36,208	37,026	38,149	39,376	34,187	41,669	41,160	53,434	54,672	58,571	60,388	61,262	59,505	66,480	57,764	54,370	49,417	45,824	31,856	23,052	19,046	16,467	14,717	12,757	12,713	10,947	11,216	11,406	12,011	11,073	4,198	4,747	3,880	2,837	3,372	3,781	4,311	4,369	4,703	6,207	6,074	6,744	7,363	9,079	8,799	8,737	9,197	46,810	52,095	52,487	57,580	127,995	146,324	81,875	148,993	221,571	132,253	0	155,683	13,321	33,255	33,255	4,000	3,700	1,800	1,400	800	1,100	-
Non Currrent Assets Other	24,300	24,156	21,321	23,825	23,916	20,992	17,786	18,181	15,820	14,857	-2,035,283	-1,931,569	-1,038,687	-365,353	14,596	7,757	8,024	7,455	7,981	8,374	8,134	7,549	7,112	6,974	2,868	7,099	6,055	5,639	5,695	5,624	6,077	2,103	2,072	2,184	3,516	3,551	3,951	4,651	5,282	6,230	6,622	6,882	7,136	4,945	5,259	4,807	5,038	5,159	5,306	5,807	5,668	5,138	5,587	3,979	3,974	2,420	3,283	36,414	35,518	36,288	36,804	37,313	11,907	12,126	11,433	11,417	8,963	7,507	2,461	2,462	1,923	1,958	5,962	6,663	7,427	34,719	34,865	32,895	33,739	4,787	5,073	5,038	4,836	5,099	5,638	5,813	6,091	5,913	3,789	3,518	3,428	8,505	8,505	21,212	5,057	4,214	4,214	2,300	4,200	4,600	5,400	2,800	2,900	-
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	3,089,642	0	0	2,052,096	2,247,058	2,248,934	0	3,185,812	2,681,734	2,305,902	2,079,867	1,150,017	429,700	33,430	25,896	27,433	27,975	28,516	27,357	25,450	23,177	21,873	19,015	18,758	29,086	27,424	26,270	25,896	26,724	27,098	21,831	25,916	22,238	25,321	22,704	18,580	13,934	16,849	24,189	20,121	21,866	20,721	18,031	19,283	18,768	17,194	13,399	15,335	17,304	18,884	19,272	19,675	16,467	19,532	19,358	23,204	57,342	63,145	70,275	68,732	73,596	48,316	48,418	49,120	50,115	53,231	50,926	62,308	69,719	77,809	83,577	92,355	101,663	108,517	143,685	145,683	146,643	37,155	8,744	9,363	5,751	5,551	5,758	6,427	8,548	9,666	10,350	9,191	25,060	29,219	34,111	42,805	59,507	48,135	50,989	0	0	0	0	0	0	0	-
Other Current Assets	11,507	24,041	19,680	24,034	24,418	31,977	31,651	27,381	15,329	16,899	20,543	17,584	15,484	17,271	18,108	28,905	24,284	25,463	23,298	33,433	30,930	28,530	28,827	33,681	18,940	18,413	14,784	12,569	12,285	12,163	16,057	15,264	11,499	24,938	29,516	33,170	38,266	52,141	41,422	28,789	36,398	34,829	31,071	31,723	39,990	43,414	40,463	44,830	48,848	47,009	41,278	42,515	284	33,736	31,513	26,167	24,052	25,323	25,551	24,865	4,964	7,663	8,846	7,418	45,315	41,279	45,000	51,740	41,942	40,258	38,669	38,736	34,256	34,836	33,557	32,727	28,130	24,033	7,503	5,997	6,442	7,362	5,677	11,373	11,700	10,927	3,351	4,930	6,341	8,151	10,767	37,042	11,158	40,368	44,641	57,879	57,879	5,000	24,200	20,200	2,900	2,700	1,500	-
Other Current Liab	51,538	53,773	42,985	49,567	56,545	20,894	14,082	9,882	9,957	93,213	92,180	84,640	94,368	82,845	72,274	67,746	48,792	13,203	9,261	-514	48,045	37,819	38,617	34,343	41,498	36,039	34,811	33,111	43,323	41,419	40,435	36,606	40,123	39,063	43,862	37,458	53,429	67,216	58,198	52,630	79,917	64,786	58,686	52,124	74,676	102,752	88,293	98,086	115,194	96,000	89,903	79,483	97,239	81,068	66,796	53,909	74,852	66,354	55,516	51,948	76,656	7,338	8,571	6,249	39,214	30,502	24,812	20,665	31,872	25,474	21,925	18,103	27,258	21,654	21,145	19,384	27,054	21,241	17,861	14,908	20,567	745	18,003	14,830	17,969	23,739	2,503	20,476	49,980	24,796	27,362	77,232	77,232	66,212	85,287	54,715	54,715	15,600	20,200	16,500	18,100	14,000	12,700	-
Other Liab	0	26,067	0	0	30,085	38,842	34,308	0	34,422	39,047	40,115	50,658	56,255	44,332	36,386	34,957	34,770	37,307	38,201	39,367	67,768	66,217	70,323	74,578	60,327	24,327	25,507	28,248	29,261	32,372	30,848	29,435	28,771	30,463	31,164	32,980	33,340	34,687	39,320	32,538	32,862	35,733	51,476	50,814	50,221	54,076	54,690	54,131	55,982	54,031	53,985	49,417	45,824	31,856	23,052	19,046	16,467	14,717	12,757	12,713	10,947	11,216	11,406	12,011	11,073	4,198	4,747	3,880	2,837	3,372	3,781	4,311	4,369	4,703	6,207	6,074	6,744	7,363	9,079	8,799	8,737	9,197	7,627	7,483	7,446	8,137	64,161	77,108	81,875	80,331	94,033	116,728	132,253	142,887	13,321	34,514	0	0	0	0	0	0	0	-
Other Stockholder Equity	3,175,624	1,944,087	1,777,164	1,423,414	1,059,016	996,556	978,184	961,840	945,039	336,657	-84,830	-96,161	-19,053	-177,130	-119,904	-112,738	-64,948	-43,921	-49,951	-52,940	-9,421	98,572	95,207	89,258	84,766	81,342	77,614	73,039	69,047	64,895	61,267	57,354	59,059	50,401	45,473	37,568	31,180	27,469	23,689	20,882	19,071	16,975	16,495	17,319	-6,612	-8,266	-14,681	-16,112	-17,399	-13,399	-15,960	-16,902	-20,265	5,725	45,119	72,316	86,583	85,345	84,985	84,781	85,233	83,954	84,017	85,274	90,354	114,045	131,369	131,079	172,115	165,979	184,293	237,905	291,563	296,856	292,296	419,138	452,440	443,394	422,960	422,270	421,113	416,499	344,682	336,374	334,410	299,171	215,858	268,368	239,580	266,911	215,098	152,821	0	150,319	145,987	150,790	150,790	91,700	91,000	89,600	45,800	44,200	43,300	-
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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,704	63,283	69,216	68,650	68,662	74,679	120,126	119,585	119,667	119,794	0	0	0	0	0	0	0	0	-
Property Plant And Equipment Gross	216,748	84,734	88,771	90,993	93,610	95,935	0	0	0	0	109,999	112,458	116,572	124,769	126,843	130,313	135,692	138,987	143,916	142,575	51,919	51,861	51,918	53,414	53,359	53,712	54,490	55,811	57,436	59,668	61,501	63,228	65,664	68,862	72,368	75,732	77,852	81,542	85,023	82,013	85,445	89,165	93,153	96,694	100,514	101,675	102,227	102,238	95,311	87,497	78,931	64,516	65,033	63,732	58,945	54,793	54,906	7,220	7,799	8,611	8,978	8,543	8,954	8,426	9,544	10,136	10,486	11,115	11,102	10,600	10,937	11,305	12,031	12,957	13,950	15,086	16,096	16,121	16,198	16,636	16,113	16,435	16,884	17,313	18,471	20,161	22,291	24,303	26,506	28,860	31,428	61,409	61,409	61,655	54,154	39,824	30,594	34,600	21,500	17,200	13,800	11,700	8,400	-
Property Plant And Equipment Net	86,284	84,734	88,771	90,993	93,610	95,935	99,749	100,317	103,347	106,888	109,999	112,458	116,572	124,769	126,843	130,313	135,692	138,987	143,916	142,575	51,919	51,861	51,918	53,414	53,359	53,712	54,490	55,811	57,436	59,668	61,501	63,228	65,664	68,862	72,368	75,732	77,852	81,542	85,023	82,013	85,445	89,165	93,153	96,694	100,514	101,675	102,227	102,238	95,311	87,497	78,931	64,516	65,033	63,732	58,945	54,793	54,906	7,220	7,799	8,611	8,978	8,543	8,954	8,426	9,544	10,136	10,486	11,115	11,102	10,600	10,937	11,305	12,031	12,957	13,950	15,086	16,096	16,121	16,198	16,636	16,113	16,435	16,884	17,313	18,471	20,161	22,291	24,303	26,506	28,860	31,428	61,409	0	61,655	54,154	30,594	30,594	34,600	21,500	17,200	13,800	11,700	8,400	-
Property Plant Equipment	0	84,734	30,507	31,338	32,311	33,033	34,580	35,680	103,347	106,888	109,999	41,091	42,975	45,473	45,300	47,623	50,154	51,993	54,285	54,832	51,919	51,861	51,918	53,414	53,359	53,712	54,490	55,811	57,436	59,668	61,501	63,228	65,664	68,862	72,368	75,732	77,852	81,542	85,023	82,013	85,445	89,165	93,153	96,694	100,514	101,675	102,227	102,238	95,311	87,497	78,931	64,516	65,033	63,732	58,945	54,793	54,906	7,220	7,799	8,611	8,978	8,543	8,954	8,426	9,544	10,136	10,486	11,115	11,102	10,600	10,937	11,305	12,031	12,957	13,950	15,086	16,096	16,121	16,198	16,636	16,113	16,435	16,884	17,313	18,471	20,161	22,291	24,303	26,506	28,860	31,428	59,251	61,409	61,655	54,154	39,824	0	0	0	0	0	0	0	-
Retained Earnings	-999,234	-1,088,360	-944,919	-967,162	-1,428,355	-1,178,686	-1,151,607	-89,309	41,442	131,419	167,555	466,902	575,965	573,304	587,533	584,146	583,489	571,322	561,622	541,228	549,134	545,833	533,134	528,306	511,755	537,979	520,055	508,979	494,112	462,988	436,360	417,476	403,204	364,093	340,200	317,733	297,273	274,574	275,419	285,756	292,238	276,090	258,944	260,497	208,906	200,666	195,903	188,632	188,360	179,360	174,439	171,554	170,420	152,498	145,147	133,529	126,628	106,087	84,733	74,766	51,791	37,506	26,382	18,256	9,958	-7,717	-27,052	-38,665	-41,981	-63,712	-81,305	-97,864	-112,857	-131,707	-144,959	-162,547	-177,600	-202,118	-324,107	-335,534	-345,913	-363,407	-339,049	-341,345	-342,010	-346,640	-349,630	-377,142	-380,127	-359,127	-353,128	-299,259	-299,259	-291,173	-122,945	-37,953	-37,953	14,100	10,300	7,100	5,200	2,500	500	-
Retained Earnings Total Equity	0	0	-944,919	-967,162	-1,428,355	-1,178,686	-1,151,607	-89,309	41,442	131,419	167,555	466,902	575,965	573,304	587,533	584,146	583,489	571,322	561,622	541,228	549,134	545,833	533,134	528,306	511,755	537,979	520,055	508,979	494,112	462,988	436,360	417,476	403,204	364,093	340,200	317,733	297,273	274,574	275,419	285,756	292,238	276,090	258,944	260,497	208,906	200,666	195,903	188,632	188,360	179,360	174,439	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	483	475	468	460	454	0	0	0	0	0	0	0	0	0	0	0	0	0	0	9,102	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Short Long Term Debt Total	2,254,140	2,240,233	2,242,256	2,241,733	2,446,358	2,446,213	2,447,025	2,435,821	2,231,759	2,231,973	2,231,827	1,743,763	570,694	95,591	98,283	100,251	103,424	105,291	108,183	106,661	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	44,138	49,436	49,739	54,016	551	1,212	1,212	1,097	6,066	8,931	0	0	0	0	0	0	0	2,500	5,000	7,500	10,000	-
Short Term Debt	10,946	475	468	460	454	36,846	35,960	44,388	46,084	45,454	41,236	39,816	4,955	38,668	31,468	32,539	0	28,626	32,300	37,227	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	35,969	33,034	24,778	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	16,575	4,955	4,824	4,698	4,573	25,115	22,840	1,212	1,097	6,066	3,047	0	0	0	0	0	0	0	2,500	5,000	7,500	10,000	-
Short Term Investments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	109,972	109,946	108,919	203,218	313,349	292,314	466,186	587,093	609,167	543,312	254,927	259,249	252,701	259,816	187,408	213,347	202,697	227,410	193,320	226,689	226,749	226,729	198,547	218,596	255,680	151,080	137,198	180,171	129,087	200	86	228	247	337	289	413	470	313	284	1,061	1,054	1,026	549	321	1,523	542	619	514	2,293	2,222	2,982	2,875	11	15	16	15	22	28,037	53,761	35,868	14	68,385	37,816	0	0	0	747	0	0	41	44	53	90	590	904	361	3,396	1,085	1,085	2,364	6,208	37,226	0	21,400	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	4,762,528	3,373,941	3,363,104	3,026,402	2,410,272	2,545,286	2,568,365	3,638,387	3,557,124	2,986,244	2,624,359	2,443,079	1,465,612	772,905	833,046	849,271	916,571	888,716	899,720	888,344	855,768	913,504	927,327	949,909	835,728	813,652	797,098	786,536	768,319	735,509	709,629	693,178	656,894	627,954	611,138	581,865	558,797	559,733	568,358	568,564	585,514	552,677	536,117	546,129	477,938	455,940	434,317	448,453	453,851	415,194	403,092	393,540	381,566	355,966	365,280	375,497	383,330	346,565	314,266	303,915	292,139	298,887	266,864	252,672	241,387	230,037	226,083	214,912	248,816	210,121	208,446	242,098	277,773	253,792	239,057	351,025	336,956	291,942	149,129	130,842	114,793	96,467	91,942	80,452	79,873	81,862	95,110	95,452	103,632	128,641	166,349	259,087	259,087	242,063	287,677	203,368	203,368	140,300	131,100	124,300	82,700	76,600	75,300	-
Total Current Assets	267,895	199,565	209,634	259,676	264,566	202,293	219,682	246,988	267,965	197,622	208,458	250,754	272,620	218,436	672,773	693,062	753,446	721,754	727,288	718,412	778,399	838,466	853,536	876,480	763,611	730,854	715,184	704,455	684,987	649,117	621,030	608,119	565,314	536,854	513,449	483,429	462,365	464,257	466,486	462,362	479,948	441,646	422,243	431,404	358,141	335,497	314,896	332,816	343,205	310,393	305,277	309,752	296,858	275,767	286,803	301,346	305,220	282,003	243,322	225,029	214,429	216,748	209,594	195,828	182,723	169,786	162,366	152,871	175,406	129,802	119,700	147,216	173,387	139,172	116,590	192,254	175,177	129,178	95,776	105,462	89,317	74,290	69,507	57,381	54,975	53,153	63,153	60,799	67,935	74,721	105,702	154,873	154,873	120,901	185,388	121,406	121,406	103,400	105,400	102,500	63,500	62,100	64,000	-
Total Current Liabilities	323,273	267,721	272,930	312,399	317,403	260,520	274,100	304,875	311,985	253,910	274,998	283,620	285,618	243,690	239,917	252,637	269,818	230,699	250,647	264,010	258,269	211,864	236,645	261,749	184,858	176,827	181,594	185,952	185,486	183,109	189,121	195,879	172,658	181,176	188,217	197,338	197,300	222,524	230,857	228,722	233,519	219,435	209,227	216,624	219,056	205,135	193,816	218,411	218,393	193,452	192,226	190,454	186,570	166,870	152,945	150,589	152,635	139,399	130,774	130,638	143,151	163,194	141,042	133,114	126,985	116,494	114,002	115,601	112,828	102,466	98,661	95,730	92,682	81,924	83,497	85,344	89,634	74,155	72,049	66,160	61,709	61,085	66,408	60,237	61,895	68,058	66,144	83,322	91,114	98,729	109,677	112,257	112,257	108,594	131,943	68,297	68,297	31,500	33,400	31,800	35,000	32,400	33,000	-
Total Liab	2,597,556	2,533,546	2,543,986	2,583,191	2,793,392	2,745,575	2,755,433	2,775,388	2,578,166	2,524,930	2,546,940	2,078,041	912,567	383,613	374,586	387,845	408,012	373,297	397,031	410,038	326,037	278,081	306,968	336,327	245,189	201,313	207,411	214,500	216,142	215,608	219,984	225,330	201,613	219,442	230,447	233,546	234,326	260,673	270,233	262,909	275,188	260,595	262,661	271,296	277,627	265,523	255,078	277,916	284,873	251,216	246,596	239,871	232,394	198,726	175,997	169,635	169,102	154,116	143,531	143,351	154,098	174,410	152,448	145,125	138,058	120,692	118,749	119,481	115,665	105,838	102,442	100,041	97,051	86,627	89,704	91,418	96,378	81,518	81,128	74,959	70,446	70,282	113,218	112,332	114,382	125,638	194,139	229,646	172,989	247,722	331,248	244,510	244,510	264,277	145,264	101,552	101,552	35,500	37,100	33,600	36,400	33,200	34,100	-
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	2,164,972	840,395	819,118	443,211	-383,120	-200,289	-187,068	862,999	978,958	461,314	77,419	365,038	553,045	389,292	458,460	461,426	508,559	515,419	502,689	478,306	529,731	635,423	620,359	613,582	590,539	612,339	589,687	572,036	552,177	519,901	489,645	467,848	455,281	408,512	380,691	348,319	324,471	299,060	298,125	305,655	310,326	292,082	273,456	274,833	200,311	190,417	179,239	170,537	168,978	163,978	156,496	153,669	149,172	157,240	189,283	205,862	214,228	192,449	170,735	160,564	138,041	124,477	114,416	107,547	103,329	109,345	107,334	95,431	133,151	104,283	106,004	142,057	180,722	167,165	149,353	259,607	240,578	210,424	68,001	55,883	44,347	26,185	-21,276	-31,880	-34,509	-43,776	-99,029	-134,194	-69,357	-119,081	-164,899	14,577	0	-22,214	142,413	101,816	101,816	104,800	94,000	90,700	46,300	43,400	41,200	-
Treasury Stock	0	0	-782,104	-782,104	-782,104	-782,104	-782,104	-782,104	-782,104	-782,104	-782,104	-782,104	-782,104	-782,104	-720,755	-709,627	-658,880	-634,405	-634,405	-634,405	-586,161	-475,184	-475,184	-475,184	-475,184	-475,184	-475,184	-475,184	-475,184	-475,184	-475,184	-475,184	-475,184	-475,184	-475,184	-475,184	-475,184	-475,184	-475,184	-475,184	-475,184	-475,184	-475,184	-475,184	-475,184	-475,184	-475,184	-475,184	-475,184	-475,184	-475,184	-475,184	-475,184	-447,809	-407,865	-380,744	-366,191	-366,191	-366,191	-366,191	-366,191	-366,191	-366,191	-363,170	-357,804	-331,410	-313,516	-313,516	-268,776	-268,776	-249,625	-195,613	-136,817	-129,893	-129,893	-2,331	-2,331	-2,331	0	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	1997-12-31
Begin Period Cash Flow	50,868	64,434	60,759	457,816	110,786	421,182	402,712	292,341	146,919	220,171	224,393	199,634	174,097	224,769	122,915	85,194	78,980	42,318	68,314	51,882	15,036	38,409	33,203	25,941	27,491	3,500	1,700
Capital Expenditures	1,905,237	290,407	2,629,235	1,128,651	10,182	6,846	3,982	2,337	13,082	20,796	16,480	39,264	46,567	18,474	22,483	43,742	6,126	4,806	1,907	5,649	4,179	4,326	1,884	47,420	23,733	9,300	7,900
Cash And Cash Equivalents Changes	0	-10,191	6,283	-401,841	348,404	-306,952	10,248	109,634	145,422	-73,252	-4,222	24,759	25,537	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	1,285,766	10,939	-23,242	19,392	-29,888	-1,298	-4,939	111,728	3,231	26,779	1,017	19,737	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change In Cash	-2,195	-13,566	3,675	-397,057	347,030	-310,396	18,470	109,634	145,422	-73,252	-4,222	24,759	25,537	-50,672	101,854	37,721	6,214	36,662	-25,996	16,432	36,846	-23,373	5,206	41,744	-1,550	24,000	1,900
Change In Working Capital	-21,055	-36,609	11,091	-22,781	4,890	-24,002	33,582	-2,934	-4,525	-27,476	14,832	-79	31,637	14,780	8,665	14,969	4,776	1,338	1,950	9,962	-3,289	-20,273	-6,462	14,162	21,047	-12,900	3,300
Change Receivables	0	-5,292	2,618	-774	-3,672	-8,357	15,348	-16,878	5,003	-276	676	-3,438	-15,141	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Account Receivables	10,307	-5,292	2,618	-774	-3,672	-8,357	15,348	-16,878	5,003	-276	676	-3,438	-15,141	-30,134	-9,264	-2,975	-10,727	-10,727	-3,681	-8,798	-5,047	-5,047	21,654	0	0	0	0
Change To Inventory	0	0	-12,360	-4,402	-2,295	-2,013	32,619	-8,062	1,131	645	-2,699	-1,365	16,300	4,594	13,534	-9,033	2,403	-3,292	0	0	0	0	0	0	0	0	0
Change To Liabilities	0	-22,725	18,459	6,625	-10,830	14,243	19,532	18,883	-15,605	-25,396	13,927	2,263	39,578	18,829	3,117	10,676	3,765	7,105	1,874	0	211	0	0	33,064	0	0	0
Change To Netincome	0	195,691	599,663	63,659	4,923	8,427	14,525	5,420	27,359	11,746	-37,847	4,977	-1,886	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Operating Activities	0	-42,635	-9,986	-11,229	-4,953	3,103	25,998	-7,341	-7,256	-26,230	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	31,270	10,874	11,358	13,332	16,699	3,701	12,572	17,195	21,214	25,295	26,399	24,519	18,526	12,799	10,631	6,399	7,596	7,635	8,496	8,323	8,834	13,111	29,560	35,161	8,108	3,300	1,200
Dividends Paid	4,114	2,082	1,512,410	686,457	0	0	0	0	0	0	0	0	0	0	60	0	0	0	0	0	0	0	192	0	0	0	0
End Period Cash Flow	48,673	50,868	64,434	60,759	457,816	110,786	421,182	401,975	292,341	146,919	220,171	224,393	199,634	174,097	224,769	122,915	85,194	78,980	42,318	68,314	51,882	15,036	38,409	67,685	25,941	27,500	3,600
Exchange Rate Changes	0	0	0	0	0	0	0	-4,160	-5,774	-4,272	-863	949	-1,558	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	-1,892,525	-287,196	-2,535,402	-1,075,032	50,685	3,781	74,340	108,252	136,617	-6,196	13,454	10,620	9,740	57,351	73,960	45,176	91,770	99,613	100,645	79,909	32,879	-3,658	-6,750	-135,226	-23,644	-11,800	-2,900
Investments	-1,905,237	-278,590	-2,629,235	109,958	363,869	-202,218	-65,748	6,681	5,421	-61,150	-137,103	0	3,371	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	2,029,214	46,592	1,000,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	-246	1,550,000	-14,625	650,000	-9	-21	-172	-1,447	-2,326	-2,284	-491	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	429,121	-1,469,797	-535,480	-7,524	34,355	22,501	17,643	90,908	105,931	5,035	83,332	20,546	17,940	43,792	60,507	41,768	58,468	70,876	64,743	168,313	-4,668	38,117	-48,054	-261,306	-33,743	6,900	300
Other Cashflows From Financing Activities	4,114	223,006	4,563,651	1,957,207	-66,150	2,471	1,677	-832	10,625	856	23,921	10,250	115,963	1,895	2,123	422	3,272	4,479	4,322	-74,391	-5,087	-15,928	967	-37,726	-5,000	-12,800	4,500
Other Cashflows From Investing Activities	0	-276,104	-2,626,529	-1,125,000	363,869	-202,218	-65,748	-135	-9,618	-8,560	93,216	-4,717	1,107	0	20,328	0	0	0	0	0	0	0	25,445	14,715	0	0	0
Other Non Cash Items	72,754	1,303,991	847,520	80,269	165	2,065	2,269	-1,020	1,013	1,486	-78,745	-454	-5,652	724	-1,547	4,811	-422	-3,299	-4,387	-118,586	55,624	-30,287	20,090	124,177	4,677	200	200
Sale Purchase Of Stock	-4,114	-2,082	2,854	-123,224	-72,719	-110,977	1,677	1,663	9,529	856	341	10,250	-108,993	-108,993	0	-8,387	-89,028	-131,959	-134,487	-2,331	0	0	-19,783	0	0	0	0
Stock Based Compensation	69,571	63,619	44,126	11,153	10,209	14,636	14,267	11,817	17,299	11,786	2,078	5,431	-741	2,041	2,041	46	1,341	1,341	3,762	11,793	-9,527	-9,527	0	0	0	0	0
Total Cash From Financing Activities	1,889,886	265,188	2,541,685	563,233	-66,150	-108,515	1,656	-1,004	9,178	-1,470	21,637	9,759	6,970	-107,098	2,063	-5,861	-82,465	-121,386	-128,784	3,428	-1,370	-14,933	-15,650	167,796	42,197	35,700	4,600
Total Cash From Operating Activities	12,712	3,211	93,833	53,619	60,867	10,627	78,322	110,589	149,699	14,600	29,934	49,884	56,307	75,825	96,443	88,918	97,896	104,419	102,552	85,558	37,058	668	-4,866	-87,806	89	-2,500	5,000
Total Cashflows From Investing Activities	0	-278,590	-2,629,235	-1,018,693	353,687	-209,064	-69,730	4,209	-7,681	-82,110	-54,930	-35,833	-36,182	0	2,638	0	0	50,332	4,322	0	201	0	26,356	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	46,874	68,053	96,464	50,868	66,968	75,541	98,942	64,434	58,124	57,604	83,738	60,759	53,884	422,120	432,018	457,816	375,869	262,536	259,665	110,786	112,983	91,391	153,180	421,182	387,619	380,527	359,527	402,712	365,555	347,389	308,887	292,341	230,188	201,146	165,094	146,919	136,006	111,859	214,751	220,171	163,777	188,688	330,195	224,393	216,609	195,540	211,132	199,634	186,300	193,025	203,143	174,097	184,302	202,682	231,862	224,769	200,670	176,167	162,193	122,915	127,287	119,603	99,877	85,194	75,725	76,140	66,978	78,980	47,828	46,940	42,744	42,318	39,614	50,632	63,239	68,314	74,793	60,817	76,321	51,882	38,721	34,874	21,929	15,036	22,323	36,951	32,627	38,409	42,166	57,165	86,825	38,704	38,704	93,823	17,534	22,400	22,400	34,900	45,100	27,500	0	40,000	2,300
Capital Expenditures	1,214,687	163,134	347,642	179,774	57,078	6,310	10,878	216,141	591,882	420,405	530,126	1,086,822	702,489	425,000	501	661	800	950	2,421	6,011	2,389	1,813	1,350	1,294	1,700	815	647	820	777	625	742	193	132	98	5,963	6,889	6,686	9,926	2,508	1,676	1,047	4,776	5,160	5,497	3,105	7,167	15,540	13,452	11,532	10,797	16,136	8,102	4,472	7,510	5,081	1,411	16,405	498	231	5,349	32,692	6,418	4,173	459	608	987	720	3,811	2,135	1,049	856	766	623	403	344	537	1,213	1,243	1,174	2,019	939	1,293	1,265	682	3,545	5	204	582	2,075	190	418	5,856	5,856	13,532	18,095	1,867	0	15,100	5,700	4,800	3,200	3,600	1,100
Cash And Cash Equivalents Changes	0	0	-27,825	45,245	-18,322	-6,200	-20,501	34,832	6,881	1,588	-27,325	25,139	4,930	-372,229	-12,615	-21,927	79,395	117,292	1,705	150,012	-2,657	23,256	-57,347	-270,204	32,333	5,346	18,060	-45,491	36,420	18,166	38,502	16,546	62,153	29,042	36,052	18,175	10,913	24,147	-102,892	-5,420	56,394	-24,911	-141,507	105,802	7,784	21,069	-15,592	11,498	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	0	-1,210	33,299	1,277,886	-14,565	-17,423	39,868	-9,635	-11,157	-12,522	44,253	-10,059	-12,655	-19,133	18,605	-2,688	-14,278	3,134	33,224	-27,857	-2,140	3,664	-3,555	3,936	-4,261	-990	17	-377	963	-1,978	-3,547	107,069	2,995	1,097	567	26,572	-2,940	-14,416	-5,985	19,821	17,995	-12,710	1,673	1,512	-1,861	3,080	-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
Change In Cash	1,799	-21,179	-28,411	45,596	-16,100	-8,573	-23,401	34,508	6,310	520	-26,134	22,979	6,875	-368,236	-9,898	-25,798	81,947	113,333	2,871	148,879	-2,197	21,592	-61,789	-268,002	33,563	7,092	21,000	-43,185	36,420	18,166	38,502	16,546	62,153	29,042	36,052	18,175	10,913	24,147	-102,892	-5,420	56,394	-24,911	-141,507	105,802	7,784	21,069	-15,592	11,498	13,334	-6,725	-10,118	29,046	-10,205	-18,380	-29,180	7,093	24,099	24,503	13,974	39,278	-4,372	7,684	19,726	14,683	9,469	-415	9,162	-12,002	31,152	888	4,196	426	2,704	-11,018	-12,607	-5,075	-6,479	13,976	-15,504	24,439	13,161	3,847	12,945	6,893	-7,287	-14,628	4,324	-5,782	-3,757	-14,999	-29,660	28,981	28,981	-55,119	76,289	3,541	3,541	-12,500	-2,100	17,600	-2,400	-2,700	37,700
Change In Working Capital	-13,760	-26,278	-17,818	36,801	-32,121	-13,014	-31,781	40,307	-10,810	-10,305	-9,602	41,808	-5,209	-23,536	-12,743	18,707	-9,311	-11,155	-3,151	28,507	-19,049	-14,598	-1,855	11,500	44,073	-9,819	-6,161	5,489	-20,495	-5,146	-7,838	30,545	-20,565	-534	-6,536	23,110	-43,525	-4,089	8,439	11,699	-8,349	19,177	-11,479	15,483	-6,116	13,234	-24,052	15,859	12,151	-4,550	-2,179	26,215	-4,144	14,608	-8,637	12,953	14,271	-8,102	-7,139	9,635	3,574	-2,124	8,059	4,573	4,854	-6,934	-11,422	18,278	-4,937	-6,011	4,979	7,307	-3,591	-259	-3,867	9,667	2,368	-3,798	-915	12,307	-7,975	273	896	3,517	-11,792	137	-1,899	-6,719	-4,446	14,715	-5,895	-2,770	30,309	-12,401	20,507	38,747	38,747	-8,500	-4,700	-4,500	-1,000	-6,900	46,800
Change Receivables	0	0	7,496	10,241	-10,878	-3,695	1,098	8,183	-8,016	-563	4,423	6,774	-7,213	-14,583	6,616	14,406	-15,453	5,796	-4,281	10,266	-17,657	4,256	4,622	422	-3,456	2,771	6,449	9,584	-25,861	-3,893	961	11,915	-14,508	-147	3,494	16,164	-23,764	-2,955	9,880	16,563	-21,713	11,697	-6,249	16,941	-17,992	2,483	-5,829	17,900	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	3,680	-11,110	7,496	10,241	-10,878	-3,695	1,098	8,183	-8,016	-563	4,423	6,774	-7,213	-14,583	6,616	14,406	-15,453	5,796	-4,281	10,266	-17,657	4,256	4,622	422	-3,456	2,771	6,449	9,584	-25,861	-3,893	961	11,915	-14,508	-147	3,494	16,164	-23,764	-2,955	9,880	16,563	-21,713	11,697	-6,249	16,941	-17,992	2,483	-5,829	17,900	-19,530	-8,760	-5,653	18,802	-25,954	-3,778	-11,587	11,185	-1,364	-14,385	-2,796	9,281	-3,862	3,617	10,656	4,445	-103	1,088	12,954	20,433	-10,727	1,874	9,444	5,145	-3,681	10,665	7,444	12,037	-8,798	648	3,245	7,268	-1,055	1,219	572	4,560	-5,047	2,931	0	90	21,654	21,247	10,174	10,434	0	0	0	1,370	0	0	0	0	0	0	-6,600
Change To Inventory	5,937	115	-6,052	0	0	0	0	0	-940	0	0	-5,349	-3,124	0	0	-4,515	2,898	0	7,318	-4,958	-1,509	-5,393	-720	5,609	39,757	-4,518	-1,804	-816	-1,156	110	-2,757	-4,259	547	2,444	-298	-1,562	-2,364	4,536	-1,184	-343	-684	-263	-632	-1,120	4,447	0	0	-16,867	17,239	0	0	-14,434	929	0	0	3,325	12,812	0	0	0	-3,080	0	0	11,954	-5,359	0	0	17,173	-10,191	0	0	13,107	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	25,400
Change To Liabilities	0	-15,656	-21,908	-4,615	-10,791	7,276	-13,460	-5,750	-5,320	-6,413	-14,001	-7,133	11,319	5,751	1,806	-12,251	8,830	-2,673	-2,004	-14,983	26,465	-16,714	-10,141	14,633	43,593	-8,329	-11,620	-4,112	5,743	-2,216	-6,821	22,177	-7,195	-3,662	-11,127	6,379	-23,634	961	2,638	-5,361	13,726	8,737	-6,634	-1,902	10,006	8,275	-12,911	-3,107	13,836	0	0	0	18,829	2,705	0	0	3,117	0	0	0	10,676	294	0	0	3,765	0	0	0	7,105	0	0	0	1,874	0	0	0	0	0	0	0	211	0	0	0	0	0	0	0	0	0	0	0	33,064	29,588	34,167	9,928	0	0	0	0	0	0	0
Change To Netincome	0	157,379	-30,513	-468,362	-1,030,907	32,266	1,067,020	127,312	99,198	55,603	317,901	124,875	23,081	33,978	1,704	4,896	532	720	1,480	2,191	2,909	2,207	1,065	2,246	8,456	1,360	2,362	2,347	1,818	1,749	396	1,457	2,668	2,475	15,043	7,173	13,115	840	-1,070	-1,139	-3,268	-13,735	2,101	-22,945	114	1,788	2,080	995	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	488	488	488	-16,040	889	-12,754	-12,754	2,526	-3,329	-24	-9,159	1,299	1,054	3,964	-17,546	4,621	-3,852	11,431	-17,153	7,508	-6,279	4,350	-2,476	28,936	-3,678	-694	17	-4,275	963	-1,978	0	-7,256	0	0	0	-26,230	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	15,427	2,744	3,230	3,431	3,957	2,150	2,076	2,691	2,719	2,642	3,215	2,782	12,200	3,514	3,072	2,756	5,156	3,856	4,023	3,664	218	-387	572	3,298	2,734	2,705	3,315	3,818	4,106	4,257	4,279	4,553	5,042	5,856	5,213	5,103	5,990	6,045	6,558	6,702	6,779	6,509	6,655	6,456	6,817	5,890	5,384	6,428	5,621	5,054	4,233	3,618	3,486	3,194	2,937	3,182	2,950	2,920	2,991	1,770	1,574	1,723	1,540	1,562	1,858	1,883	2,022	1,833	1,880	1,869	1,816	2,070	2,091	1,884	2,148	2,373	2,113	2,043	2,106	2,061	2,005	231	3,148	3,450	2,822	3,375	3,421	3,493	2,694	7,418	9,740	11,226	11,226	9,547	8,190	2,908	2,908	2,300	1,400	1,500	1,300	700	600
Dividends Paid	2,723	665	229	497	977	1,725	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	7	1	1	192	0	0	0	0	0	0	0	0	0	2,500	0	0	0
End Period Cash Flow	48,673	46,874	68,053	96,464	50,868	66,968	75,541	98,942	64,434	58,124	57,604	83,738	60,759	53,884	422,120	432,018	457,816	375,869	262,536	259,665	110,786	112,983	91,391	153,180	421,182	387,619	380,527	359,527	401,975	365,555	347,389	308,887	292,341	230,188	201,146	165,094	146,919	136,006	111,859	214,751	220,171	163,777	188,688	330,195	224,393	216,609	195,540	211,132	199,634	186,300	193,025	203,143	174,097	184,302	202,682	231,862	224,769	200,670	176,167	162,193	122,915	127,287	119,603	99,877	85,194	75,725	76,140	66,978	78,980	47,828	46,940	42,744	42,318	39,614	50,632	63,239	68,314	74,793	60,817	76,321	51,882	38,721	34,874	21,929	15,036	22,323	36,951	32,627	38,409	42,166	57,165	67,685	67,685	38,704	93,823	25,941	25,941	22,400	-2,100	45,100	-2,400	-2,700	40,000
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	-5,774	578	-1,203	2,239	-1,498	-1,293	1,335	-4,318	-2,209	-2,399	219	117	-283	1,460	-214	-1,826	983	1,112	-2,556	1,410	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-1,213,503	-170,531	-366,114	-142,377	-75,276	-7,764	-31,697	-172,459	-588,635	-406,494	-516,154	-1,024,119	-677,167	-423,224	-3,049	28,408	7,744	2,171	20,325	20,445	-15,010	-1,892	3,260	17,423	27,339	11,355	9,945	25,701	15,776	26,863	14,979	50,634	26,124	31,312	30,224	48,957	-8,407	-7,975	1,082	9,104	14,298	26,427	-11,615	-15,656	5,592	14,171	-16,465	7,322	12,399	-9,887	-12,878	20,106	15,415	17,046	1,424	23,466	23,232	22,519	10,921	17,288	-3,019	10,763	19,802	17,630	32,554	22,119	8,259	28,838	24,480	17,738	28,335	29,060	29,471	19,898	21,316	29,960	29,691	15,606	11,535	23,077	12,769	7,435	5,971	6,704	-7,144	5,201	3,327	-5,042	40,263	-3,205	-13,976	-11,146	-11,146	-55,425	-34,968	4,456	4,456	-17,000	-5,100	-6,000	400	-7,600	-2,300
Investments	-1,214,687	-163,134	-347,642	-179,774	-45,261	-6,310	-10,878	-216,141	-591,882	-420,405	-530,126	-1,086,822	-702,489	109,886	-501	72	94,999	111,515	-18,949	176,304	123,330	25,148	-63,076	-287,620	4,998	-6,004	7,539	-72,281	26,109	-10,430	24,919	-33,917	33,454	103	19	-28,155	20,115	37,138	-104,556	-13,847	43,012	-51,072	-129,043	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	1,205,269	147,877	335,006	341,062	46,592	0	0	0	596,030	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-128	-259	-160,028	89	-161	-204,867	204,693	-1,050,054	-1,523	500,000	1,025,404	-14,625	650,000	650,000	650,000	0	0	0	0	-9	0	-2	-7	-4	-5	-6	-6	-6	1,054	-1,098	-122	-17	-1,214	-52	-164	-291	-1,694	-85	-256	-247	-1,713	-181	-143	-235	-256	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	89,126	-143,441	22,243	461,193	-249,669	-27,079	-1,062,298	-130,751	-89,977	-36,136	-299,347	-110,020	2,661	-14,229	3,387	657	12,167	9,700	20,394	-7,906	3,301	12,699	4,828	1,673	-26,224	17,924	11,076	14,867	31,124	26,628	18,884	14,272	39,111	23,893	22,467	20,460	22,699	-845	-10,337	-6,482	16,148	17,146	-1,553	51,591	8,240	4,763	7,271	272	9,000	4,921	2,885	1,134	17,922	7,351	11,618	6,901	20,541	21,354	9,953	8,659	13,837	11,507	8,126	8,298	17,675	19,335	11,613	9,845	22,353	16,972	16,558	14,993	18,850	13,253	17,587	15,053	24,518	121,989	11,427	10,379	16,729	-24,358	2,296	665	4,630	2,990	27,512	2,985	11,814	-5,999	-33,298	-8,086	-8,086	-168,228	-52,142	-42,643	-42,643	3,800	3,200	1,900	3,500	1,900	900
Other Cashflows From Financing Activities	2,723	3,695	4,000	7,582	588	1,725	11,196	207,291	-3,368	408,082	488,829	1,049,258	631,759	1,714	1,562	340	-5,442	3,606	329	1,507	-113,448	23,335	2,471	-288,914	-1,677	-6,819	582	1,095	-1,121	2,108	858	-2,232	-5,306	139	4,467	1,935	14,278	26,289	-106,616	-16,061	-341	-55,861	3	23,918	-8,957	5,754	1,967	980	-1,491	2,590	66	3,342	386	232	51	72	142	504	242	-41	-8,206	63	122	56	1,003	78	304	1,887	-129,688	-6	332	1,882	-18,656	-35,187	-127,562	-36,817	-42,184	-2,331	-28,525	-2,438	-87	-5,000	4,287	-683	-676	-13,847	-82	-1,316	1	4,608	-27,712	-6,255	-6,255	-14,803	-27,939	-3,900	-3,900	3,900	-2,500	-21,200	-2,400	-2,500	-9,000
Other Cashflows From Investing Activities	0	0	-347,003	-179,275	-44,626	-5,978	-10,000	-215,500	-591,058	-419,865	-529,231	-1,086,375	-700,000	-425,000	-1,125,000	72	363,869	268,870	157,355	176,304	-202,218	0	0	0	0	0	0	0	-227	101	47	-56	-133	134	-4,185	-5,434	-5,293	-3,177	448	-538	-409	-3,691	-2,193	99,509	151	-3,066	-3,588	1,786	1,158	0	243	0	0	0	0	0	20,328	20,328	20,328	20,328	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	5,240	5,551	0	0	0	188	0	25,445	0	0	0	14,715	0	0	0	0	0	0	0	0	0	0
Other Non Cash Items	33,638	38,190	28,946	-21,420	201,636	5,533	922,336	174,486	151,464	69,641	429,234	197,181	19,903	47,081	2,194	2,881	-768	96	-31	868	1,012	105	783	165	543	-109	791	1,044	-1,031	696	50	-735	59	-58	2,163	-1,151	-921	374	346	1,687	-1,085	-27	2,101	-56,148	-5,317	1,788	9,623	18,694	-9,233	675	-550	16,671	-13,753	791	973	15,955	-2,018	668	253	16,078	3,372	450	-192	859	649	864	374	-1,765	-3,018	142	-243	-1,265	-4,467	476	36	10,572	-15,641	-103,385	91	4,067	-2,768	32,582	896	-246	741	-1,306	-25,503	-4,219	28,126	-19,149	15,895	-5,660	0	129,189	6,572	3,577	3,577	500	700	-100	-200	300	-49,500
Sale Purchase Of Stock	-2,723	-665	-229	-497	-977	-564	-46	3,093	2,854	409,605	244	23,854	-744	-60,605	-11,128	-50,747	-24,475	3,606	329	-48,244	-110,977	0	2,471	0	0	0	582	1,095	506	0	916	241	4,090	0	3,972	1,467	856	0	0	0	0	0	2	339	1,293	6,010	1,967	980	0	0	0	0	-27,375	-39,944	-27,121	-14,553	0	0	0	0	8,387	0	-3,021	-5,366	-26,394	-17,894	0	-44,740	131,959	-19,152	-54,011	-58,796	-6,925	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-6,770	0	0	0	0	0	0	0	0	0	0	0	0	49,000
Stock Based Compensation	19,716	16,806	15,494	17,555	17,032	16,899	15,294	14,394	13,153	12,166	11,096	7,711	3,256	2,560	2,226	3,111	2,322	1,834	3,036	3,017	3,504	3,011	3,378	4,743	3,710	3,668	3,774	3,115	3,393	3,349	3,571	1,504	4,796	4,546	4,360	3,597	3,225	3,879	3,084	1,598	1,634	437	0	-23,579	5,431	0	-7,543	-17,699	9,061	-5,308	-2	-17,707	14,178	-103	0	-15,276	2,041	-200	0	-16,328	46	509	656	44	548	46	18	185	1,341	264	417	404	3,762	0	0	-11,004	11,793	0	-581	-3,966	3,002	0	0	-2,895	-9,527	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Cash From Financing Activities	1,213,861	150,114	338,289	187,622	45,137	1,564	11,196	207,291	595,516	408,082	488,829	1,049,258	682,097	-58,891	-9,566	-50,407	-23,348	3,606	329	-46,737	-110,977	-110,977	2,469	-7	-4	-5	576	1,089	536	1,054	-240	-2,354	4,206	-1,214	4,415	1,771	565	-1,694	-85	-256	-247	-1,713	-178	23,775	1,058	5,754	1,967	980	972	2,590	66	3,342	-25,835	-39,712	-27,070	-14,481	1,358	504	242	-41	212	150	-1,037	-5,186	-24,113	-17,619	484	-41,217	5,446	-18,997	-53,305	-54,530	-8,380	4,206	-127,017	2,407	2,783	-1,767	508	1,904	813	-3,321	1,041	97	-377	-13,811	6	-751	-9,743	-11,840	-17,538	40,337	40,337	1,907	121,173	-2,303	-2,303	6,300	-2,100	40,300	-2,700	-2,700	40,000
Total Cash From Operating Activities	1,184	-7,397	-18,472	37,397	-18,198	-1,454	-20,819	43,682	3,247	13,911	13,972	62,703	25,322	1,776	-2,548	29,069	8,544	3,121	22,746	26,456	-12,621	-79	4,610	18,717	29,039	12,170	10,592	26,521	16,553	27,488	15,721	50,827	26,256	31,410	36,187	55,846	-1,721	1,951	3,590	10,780	15,345	31,203	-6,455	-10,159	8,697	21,338	-925	20,774	23,931	910	3,258	28,208	19,887	24,556	6,505	24,877	39,637	23,017	11,152	22,637	29,673	17,181	23,975	18,089	33,162	23,106	8,979	32,649	26,615	18,787	29,191	29,826	30,094	20,301	21,660	30,497	30,904	16,849	12,709	25,096	13,708	8,728	7,236	7,386	-3,599	5,196	3,531	-4,460	38,188	-3,015	-13,558	-5,290	-5,290	-41,893	-16,873	2,589	2,589	-1,900	600	-1,200	3,600	-4,000	-1,200
Total Cashflows From Investing Activities	0	-163,134	-347,642	-179,774	-45,261	-6,310	-10,878	-216,141	-591,882	-420,405	-530,126	-1,086,822	-702,489	-315,114	-501	-589	94,199	110,565	-21,370	170,293	120,941	23,335	-64,426	-288,914	3,298	-6,819	6,892	-73,101	25,105	-10,954	24,224	-34,166	33,189	139	-5,885	-35,124	14,278	26,289	-106,616	-16,061	41,579	-55,861	-134,660	94,012	-2,954	-7,135	-14,078	-11,666	-36,182	-26,150	-18,730	0	0	0	0	0	2,638	18,972	19,204	19,220	0	0	0	0	0	0	0	0	50,332	52,403	52,048	24,915	4,322	22,978	58,165	0	0	0	0	0	201	2,000	3,604	0	0	0	0	0	26,356	24,122	24,338	22,738	0	0	0	11,271	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	1997-12-31
Cost Of Revenue	109,944	102,989	91,909	91,055	99,974	99,499	96,649	93,147	101,108	135,210	138,569	152,792	142,020	106,091	66,603	63,406	60,494	44,386	36,451	32,871	27,985	27,900	45,643	70,477	28,925	16,500	9,900
Depreciation And Amortization	31,270	10,874	11,358	13,332	16,699	3,701	12,572	17,195	21,214	25,295	26,399	24,519	18,526	12,799	10,631	6,399	7,596	7,635	8,496	8,323	8,834	13,111	29,560	35,161	8,108	3,300	1,200
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	-595	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebit	-115,047	6,083	876,715	127,771	-1,002	3,981	74,355	107,715	134,580	34,568	19,440	30,153	10,983	46,607	87,763	67,095	88,905	101,037	92,444	68,748	62,132	-17,750	-12,150	-43,165	-28,939	7,600	100
Ebitda	-115,047	16,957	888,073	141,103	15,697	7,682	86,927	124,910	155,794	59,863	45,839	54,672	29,509	59,406	98,394	73,494	96,501	108,672	100,940	77,071	70,966	-4,639	17,410	-8,004	-20,831	10,900	1,300
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
Extraordinary Items	0	0	0	0	0	3,106	-44,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Gross Profit	386,317	396,275	418,853	389,680	386,353	398,139	407,894	419,014	428,761	444,620	437,319	441,814	420,130	348,486	311,185	296,987	290,180	269,437	232,211	198,337	147,592	119,927	134,773	153,453	122,333	89,900	43,700
Income Before Tax	-124,525	-1,322,465	-811,389	-19,953	38,263	20,482	72,607	113,046	137,864	11,051	16,751	29,231	19,300	54,960	85,800	70,771	91,187	101,361	98,170	69,320	-7,255	39,307	-45,594	-259,906	-32,497	10,300	700
Income Tax Expense	-553,646	147,332	-275,909	-12,429	3,908	-2,019	54,964	22,138	31,933	6,016	-9,799	8,685	1,360	11,168	25,293	29,003	32,719	30,485	33,427	-98,993	-2,587	1,190	2,460	1,400	1,246	3,400	100
Interest Expense	48,960	53,136	29,149	1,814	39,265	0	0	0	0	0	0	0	0	0	0	0	0	0	94	53	5,109	8,413	0	0	0	0	0
Interest Income	0	0	0	710	10,909	11,855	5,205	2,203	772	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	713	0	0	0
Net Income	429,121	-1,469,797	-535,480	-7,524	34,355	22,501	17,643	90,908	105,931	5,035	83,332	20,546	17,940	43,792	74,837	41,833	58,468	70,876	64,743	168,313	-3,903	38,117	-80,868	-261,306	-33,743	6,900	300
Net Income Applicable To Common Shares	0	-1,469,797	-535,480	-7,524	34,355	22,501	17,643	90,908	105,931	5,035	83,332	20,546	17,940	43,792	60,507	41,768	58,468	70,876	64,743	168,313	0	31,243	0	0	0	0	0
Net Income From Continuing Ops	429,121	-1,469,797	-535,480	-7,524	34,355	22,501	17,643	90,908	105,931	5,035	26,550	20,546	17,940	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Interest Income	-48,960	-53,136	-29,149	710	10,909	11,855	5,205	2,203	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	6,413	2,287	-7,038	28,356	4,646	-6,953	3,218	3,558	5,785	-2,689	-922	4,258	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Recurring	0	0	830,621	70,698	0	0	0	45	279	14,732	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	-115,047	6,083	876,715	127,771	-1,002	3,981	74,355	107,625	134,022	5,104	19,440	30,153	15,042	50,589	86,304	67,800	88,222	99,789	93,867	68,450	27,972	10,423	-66,720	-152,998	-31,733	9,300	400
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
Other Operating Expenses	501,364	488,720	464,668	423,662	487,329	493,657	430,188	404,491	395,568	559,994	556,448	564,453	547,108	403,988	291,484	292,593	262,452	214,034	174,795	162,758	145,906	133,206	207,673	376,928	182,991	97,100	53,200
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
Reconciled Depreciation	14,527	10,874	11,358	21,542	16,699	3,701	12,572	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Research Development	120,530	127,428	117,117	103,561	109,423	102,499	78,766	73,142	65,206	103,355	98,056	94,565	72,618	50,566	41,796	30,571	36,662	34,133	31,471	24,915	27,684	26,297	32,819	61,433	27,998	12,100	5,000
Selling And Marketing Expenses	149,671	146,882	160,141	148,910	191,235	205,525	174,612	158,740	148,522	225,086	215,089	219,845	243,029	165,732	128,472	137,683	111,552	88,416	70,420	69,924	57,475	48,179	0	0	0	0	0
Selling General Administrative	115,312	111,421	95,501	80,136	86,697	86,134	80,161	79,462	80,732	96,343	104,734	97,251	89,441	81,599	54,613	60,933	165,225	135,444	106,802	104,901	90,055	75,814	111,960	209,857	117,960	65,200	0
Tax Provision	-553,646	147,332	-275,909	-12,429	3,908	-2,019	54,964	22,138	31,933	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Operating Expenses	391,420	385,731	372,759	332,607	387,355	394,158	333,539	311,344	294,460	424,784	417,879	411,661	405,088	297,897	224,881	229,187	201,958	169,648	138,344	129,887	117,921	105,306	162,030	306,451	154,066	80,600	43,300
Total Other Income Expense Net	-9,478	-1,328,548	-1,688,104	-147,724	39,265	4,646	-6,953	3,173	3,279	-8,947	-3,186	-1,063	4,059	3,982	-1,459	705	-683	-1,248	1,423	-298	-32,461	32,371	-15,107	-109,833	-2,794	1,700	300
Total Revenue	496,261	499,264	510,762	480,735	486,327	497,638	504,543	512,161	529,869	579,830	575,888	594,606	562,150	454,577	377,788	360,393	350,674	313,823	268,662	231,208	175,577	147,827	180,416	223,930	151,258	106,400	53,600

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30	2001-03-31	2000-12-31	2000-09-30	2000-06-30	2000-03-31	1999-12-31	1999-09-30	1999-06-30	1999-03-31	1998-12-31	1998-09-30	1998-06-30	1998-03-31
Cost Of Revenue	28,221	26,661	27,121	27,941	26,723	25,385	25,204	25,677	24,003	22,319	23,038	22,549	20,785	21,736	23,989	24,545	24,636	23,815	25,350	26,173	25,885	23,389	25,040	25,185	24,753	24,389	24,375	23,132	23,288	22,935	24,101	22,823	23,414	24,684	25,912	27,098	31,635	34,953	35,613	33,009	32,969	33,253	36,446	35,901	39,682	37,485	36,636	38,989	37,652	36,664	34,543	33,161	32,878	27,240	24,349	21,624	19,466	16,539	15,937	14,661	16,066	16,726	16,109	14,045	14,054	16,007	18,114	12,319	12,512	11,709	10,631	9,534	9,382	9,279	9,097	8,693	8,475	8,502	8,139	7,755	7,287	6,792	7,158	6,748	6,963	6,718	7,058	7,161	-2,293	12,881	15,006	29,605	29,605	16,726	18,220	8,725	8,725	7,600	7,100	5,600	4,900	4,500	4,100	-
Depreciation And Amortization	15,427	2,744	3,230	3,431	-5,829	2,150	2,076	2,691	2,719	2,642	3,215	2,782	12,200	3,514	3,072	2,756	5,156	3,856	4,023	3,664	218	-387	572	3,298	2,734	2,705	3,315	3,818	4,106	4,257	4,279	4,553	5,042	5,856	5,213	5,103	5,990	6,045	6,558	6,702	6,779	6,509	6,655	6,456	6,817	5,890	5,384	6,428	5,621	5,054	4,233	3,618	3,486	3,194	2,937	3,182	2,950	2,920	2,991	1,770	1,574	1,723	1,540	1,562	1,858	1,883	2,022	1,833	1,880	1,869	1,816	2,070	2,091	1,884	2,148	2,373	2,113	2,043	2,106	2,061	2,005	231	3,148	3,450	2,822	3,375	3,421	3,493	2,694	7,418	9,740	11,226	11,226	9,547	8,190	2,908	2,908	2,300	1,400	1,500	1,300	700	600	-
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	-595	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-3,547	10,731	-29,938	-2,839	3,913	11,682	4,835	170,222	152,988	80,669	435,301	205,038	41,102	68,213	6,328	-72	4,472	4,586	-4,830	-10,386	-2,375	7,607	-1,797	715	16,022	20,575	15,673	19,351	32,636	30,032	21,095	19,846	45,930	30,903	34,932	22,815	39,479	16,162	-12,726	-8,347	18,523	5,117	-2,048	-8,661	6,676	6,826	8,478	618	8,288	-7,857	3,789	1,709	18,057	11,614	9,260	4,739	26,555	30,807	16,497	12,330	20,342	16,654	15,161	15,237	26,443	29,411	18,393	14,658	32,344	23,351	24,211	30,129	29,692	22,610	21,947	18,195	27,825	18,988	12,497	9,438	12,071	37,443	8,841	3,777	4,911	-2,050	-21,738	1,127	60,773	-10,768	6,210	-78,192	-43,076	107,286	-42,638	-44,433	-46,797	5,600	3,800	2,000	3,200	2,200	1,700	-
Ebitda	11,880	13,475	-26,708	592	-1,916	13,832	6,911	172,913	155,707	83,311	438,516	207,820	53,302	71,727	9,400	2,684	9,628	8,442	-807	-6,722	-2,157	7,220	-1,225	4,013	18,756	23,280	18,988	23,169	36,742	34,289	25,374	24,399	50,972	36,759	40,145	27,918	45,469	22,207	-6,168	-1,645	25,302	11,626	4,607	-2,205	13,493	12,716	13,862	7,046	13,909	-2,803	8,022	5,327	21,543	14,808	12,197	7,921	29,505	33,727	19,488	14,100	21,916	18,377	16,701	16,799	28,301	31,294	20,415	16,491	34,224	25,220	26,027	32,199	31,783	24,494	24,095	20,568	29,938	21,031	14,603	11,499	14,076	37,674	11,989	7,227	7,733	1,325	-18,317	4,620	63,467	-3,350	15,950	-66,966	-31,850	116,833	-34,448	-41,525	-43,889	7,900	5,200	3,500	4,500	2,900	2,300	19,900
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	96,263	102,801	93,279	93,974	105,831	99,975	96,869	93,600	110,512	105,675	102,313	100,353	110,534	105,672	86,595	86,879	108,895	95,878	92,387	89,193	106,032	98,763	95,562	97,782	113,392	100,823	96,235	97,444	116,820	106,961	99,041	96,192	120,108	104,852	107,028	96,773	117,236	116,249	106,240	104,895	132,912	108,666	101,459	94,282	124,771	105,745	105,202	106,096	122,614	105,040	103,608	88,868	106,242	87,290	83,188	71,766	86,305	87,478	71,822	65,579	78,939	73,902	72,747	69,494	83,542	79,837	66,692	60,109	80,042	65,956	63,475	59,964	68,047	56,531	56,340	51,293	63,117	52,124	41,745	41,351	44,385	36,045	36,475	30,687	35,006	26,651	29,772	28,498	37,918	31,317	34,203	28,511	28,511	48,129	32,124	6,533	6,533	47,000	38,500	30,200	30,800	22,500	19,700	19,900
Income Before Tax	-60,644	-33,834	-38,053	8,006	-214,383	-3,118	-926,190	-178,774	-148,440	-59,120	-419,545	-184,284	-4,033	-23,033	4,896	2,217	9,656	9,409	27,614	-8,416	1,981	11,459	5,887	1,155	19,936	20,121	14,218	18,332	41,100	30,042	23,373	18,531	47,006	31,613	31,848	27,397	35,649	-2,013	-13,168	-9,417	17,295	8,493	-2,145	-6,892	11,742	6,641	10,535	313	9,680	5,895	3,196	529	19,749	8,172	16,500	10,539	27,161	30,084	15,008	13,547	22,475	18,665	15,617	14,314	27,551	28,720	19,231	15,685	32,330	23,546	23,829	21,657	30,310	23,589	24,667	19,604	27,138	19,023	12,008	11,151	13,007	-24,016	2,225	1,529	4,689	3,302	27,932	3,384	12,934	-4,996	-33,250	-7,286	-7,286	-167,878	-52,576	-46,797	-46,797	6,100	5,200	3,000	5,100	3,100	1,500	-
Income Tax Expense	-149,770	109,607	-60,296	-453,187	35,286	23,961	136,108	-48,023	-58,463	-22,984	-120,198	-74,264	-6,694	-8,804	1,509	1,560	-2,511	-291	7,220	-510	-1,320	-1,240	1,059	-518	46,160	2,197	3,142	3,465	9,976	3,414	4,489	4,259	7,895	7,720	9,381	6,937	12,950	-1,168	-2,831	-2,935	1,147	-8,653	-592	-1,701	3,502	1,878	3,264	41	680	974	311	-605	1,827	821	4,882	3,638	6,620	8,730	5,056	4,888	8,638	7,593	7,719	5,171	9,876	9,385	7,618	5,840	9,977	6,574	7,271	6,664	11,460	10,336	7,080	4,551	2,620	-102,966	581	772	-3,722	342	-71	864	59	312	420	399	1,120	1,003	48	800	800	350	4,535	-4,154	-4,154	2,300	2,000	1,100	1,600	1,200	600	-600
Interest Expense	11,929	11,006	11,095	14,930	14,837	14,073	13,187	11,039	29,149	10,723	4,401	2,396	1,917	209	563	1,855	2,389	2,941	3,013	2,566	3,157	3,441	3,223	2,034	1,756	1,449	1,163	837	754	507	539	403	155	116	11	2	29	53	32	48	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	19	32	94	12	17	15	53	19	2,049	14	5,109	701	2,049	2,298	8,413	2,772	1,659	1,619	1,836	1,794	1,487	284	37	0	0	0	0	0	0	0	0	0	0	-
Interest Income	0	0	0	0	0	0	0	0	0	0	0	0	1,917	209	563	1,855	2,389	2,941	3,013	2,566	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	713	0	0	0	0	0	0	0	0	0	0	-
Net Income	89,126	-143,441	22,243	461,193	-249,669	-27,079	-1,062,298	-130,751	-89,977	-36,136	-299,347	-110,020	2,661	-14,229	3,387	657	12,167	9,700	20,394	-7,906	3,301	12,699	4,828	1,673	-26,224	17,924	11,076	14,867	31,124	26,628	18,884	14,272	39,111	23,893	22,467	20,460	22,699	-845	-10,337	-6,482	16,148	17,146	-1,553	51,591	8,240	4,763	7,271	272	9,000	4,921	2,885	1,134	17,922	7,351	11,618	6,901	20,541	21,354	9,967	22,975	14,285	11,124	8,126	9,988	17,675	19,335	11,613	9,845	22,353	16,972	16,558	14,993	18,850	13,253	17,587	15,053	24,518	121,989	11,427	10,379	17,494	-24,358	2,296	665	4,630	2,990	27,512	2,985	-95,293	38,924	-33,298	-8,086	-8,086	-168,228	-52,142	-42,643	-42,643	3,800	3,200	1,900	3,500	1,900	900	600
Net Income Applicable To Common Shares	0	-143,441	22,243	461,193	-249,669	-27,079	-1,062,298	-130,751	-89,977	-36,136	-299,347	-110,020	2,661	-14,229	3,387	657	12,167	9,700	20,394	-7,906	3,301	12,699	4,828	1,673	-26,224	17,924	11,076	14,867	31,124	26,628	18,884	14,272	39,111	23,893	22,467	20,460	22,699	-845	-10,337	-6,482	16,148	17,146	-1,553	51,591	8,240	4,763	7,271	272	9,000	4,921	2,885	1,134	17,922	7,351	11,618	6,901	20,541	21,354	9,953	8,659	13,837	11,072	7,898	8,961	18,473	19,402	11,536	9,797	22,353	16,972	16,558	14,993	18,850	13,253	17,587	15,053	24,518	121,989	11,427	10,379	16,729	-2,296	2,296	665	4,630	1,239	24,946	428	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Net Income From Continuing Ops	89,126	-143,441	22,243	461,193	-249,669	-27,079	-1,062,298	-130,751	-89,977	-36,136	-299,347	-110,020	2,661	-14,229	3,387	657	12,167	9,700	20,394	-7,906	3,301	12,699	4,828	1,673	-26,224	17,924	11,076	14,867	31,124	26,628	18,884	14,272	39,111	23,893	22,467	20,460	22,699	-845	-10,337	-6,482	16,148	17,146	-1,553	-5,191	8,240	4,763	7,271	272	0	4,921	2,885	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-11,929	-11,006	-11,095	-14,930	-14,837	-14,073	-13,187	-11,039	-11,629	-10,723	-4,401	-2,396	-1,917	209	563	1,855	2,389	2,941	3,013	2,566	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-250	43,243	-5,829	4,897	5,120	2,225	656	1,264	-897	1,264	-2,506	-2,971	-1,995	434	-2,361	1,882	29,431	-596	981	798	4,461	-1,594	-576	-1,903	-2,618	-1,856	3,604	-473	1,755	-1,668	957	766	-2,915	4,750	2,449	4,928	-474	-1,118	-1,228	-3,133	-97	1,769	-1,751	-72	1,046	-145	0	4,358	-277	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	24,143	18,911	0	727	917,838	170,091	146,587	65,165	424,774	194,095	26,456	44,242	0	0	0	0	0	0	0	0	0	0	0	0	0	0	57	12	8	25	18	86	90	85	3,154	11,578	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-3,547	-25,247	-26,708	-2,839	3,913	11,682	4,835	170,222	-137,467	-49,661	-414,247	-183,152	390	-20,271	6,328	-72	9,628	4,586	-4,830	-10,386	-2,157	7,220	-1,797	715	18,756	20,575	15,673	19,351	36,742	30,008	21,079	19,796	45,894	30,731	34,752	22,645	33,171	-6,994	-12,726	-8,347	18,523	11,626	-2,048	-8,661	13,493	6,713	9,489	458	8,954	1,537	3,473	1,078	18,863	9,797	14,341	7,588	26,555	30,385	16,497	12,866	21,316	17,348	15,059	14,376	26,564	28,602	18,375	14,681	31,958	23,157	23,696	29,978	29,579	22,862	22,955	18,471	27,209	18,826	12,171	10,244	12,520	6,977	4,718	3,757	4,488	1,542	2,675	1,718	27,598	-9,905	-55,707	-43,076	-43,076	-30,976	-47,607	-44,433	-44,433	5,600	4,500	2,500	4,200	2,700	1,700	19,900
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	128,031	121,150	122,965	123,311	128,641	118,575	122,358	119,146	125,395	112,490	114,824	111,959	104,473	103,437	104,256	111,496	123,903	115,107	122,567	125,752	134,074	114,932	122,399	122,252	119,389	104,637	104,937	101,225	103,366	99,876	102,055	99,194	97,610	98,719	98,098	101,141	112,546	146,618	154,579	146,251	147,358	130,293	139,953	138,844	150,960	136,517	132,349	144,627	151,312	140,167	134,678	120,951	120,257	104,733	93,196	85,802	79,216	73,632	71,262	67,374	73,689	73,280	73,797	69,163	71,032	67,242	66,431	57,747	60,596	54,508	50,410	39,520	47,850	42,948	42,482	41,515	44,383	41,800	37,713	38,862	39,152	35,860	37,216	33,678	36,047	31,457	32,993	32,709	14,574	51,196	61,813	101,192	101,192	95,831	97,951	59,691	59,691	49,000	41,100	33,300	31,500	24,300	22,100	-
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	5,122	2,744	3,230	3,431	3,957	2,150	2,076	2,691	2,719	2,642	3,215	2,782	12,200	3,514	1,019	4,809	5,156	3,856	4,023	3,664	218	-387	572	3,298	2,734	2,705	3,315	3,818	4,106	4,257	4,279	4,553	5,042	5,856	5,213	5,103	5,990	6,045	6,558	6,702	6,779	6,509	6,655	6,456	6,817	5,890	5,384	6,428	5,621	5,054	4,233	3,618	3,486	3,194	2,937	3,182	2,950	2,920	2,991	1,770	1,574	1,723	1,540	1,562	1,858	1,883	2,022	1,833	1,880	1,869	1,816	2,070	2,091	1,884	2,148	2,373	2,113	2,043	2,106	2,061	2,005	231	3,148	3,450	2,822	3,375	3,421	3,493	2,694	7,418	9,740	11,226	11,226	9,547	8,190	6,198	2,908	2,300	1,400	1,500	1,300	700	600	-
Research Development	30,158	29,660	29,354	31,358	31,617	30,498	31,790	33,523	30,875	28,211	28,548	29,483	24,955	26,638	25,867	26,101	25,987	27,457	27,764	28,215	28,028	25,829	25,082	23,560	21,419	19,360	19,561	18,426	18,338	18,069	19,160	17,575	17,155	17,789	14,864	15,398	13,886	28,659	32,748	28,062	26,035	21,977	24,227	25,817	26,708	23,465	20,657	23,735	22,312	20,434	16,874	12,998	13,748	13,675	10,812	12,331	11,389	11,400	11,168	7,839	6,122	5,922	8,203	9,736	10,402	9,626	9,621	7,013	8,357	8,794	8,732	8,250	8,372	7,820	8,061	7,218	4,322	7,347	6,516	6,730	6,048	6,905	7,798	6,933	7,851	6,245	6,850	5,351	280	8,814	9,713	13,389	13,389	16,031	15,813	8,398	8,398	8,400	6,100	5,100	4,000	3,200	2,800	-
Selling And Marketing Expenses	40,299	35,606	37,660	36,106	41,371	35,409	36,862	33,240	43,413	38,209	40,321	38,198	39,111	35,330	34,951	39,518	50,267	43,935	48,273	48,760	57,783	45,429	50,978	51,335	51,977	41,806	41,419	39,410	45,292	39,169	37,702	36,577	39,380	36,403	36,219	36,520	47,058	58,195	60,956	58,877	60,891	50,798	52,686	50,714	59,230	52,069	51,117	57,429	69,125	61,451	60,942	51,511	50,982	42,002	39,361	33,387	35,096	31,489	31,357	30,530	137,683	35,888	34,484	28,132	111,552	28,843	26,410	24,797	88,416	21,518	20,313	19,969	70,420	16,652	16,533	17,234	69,924	17,227	14,279	16,406	57,475	13,667	14,279	12,683	48,179	11,148	11,411	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Selling General Administrative	29,353	29,223	28,830	27,906	28,930	27,283	28,502	26,706	27,104	23,751	22,917	21,729	19,622	19,733	19,449	21,332	23,013	19,900	21,180	22,604	22,378	20,285	21,299	22,172	21,240	19,082	19,582	20,257	16,448	19,703	21,092	22,219	17,661	19,843	21,103	22,125	19,967	24,811	25,262	26,303	27,463	24,265	26,594	26,412	25,340	23,498	23,939	24,474	22,223	21,618	22,319	23,281	22,649	21,816	18,674	18,460	13,265	14,204	12,800	14,344	51,501	50,632	49,485	45,382	46,559	41,591	38,678	38,397	39,709	33,987	31,029	30,718	30,079	25,831	25,306	25,586	31,568	25,933	23,041	24,359	25,801	22,145	22,242	19,867	20,721	17,638	18,223	19,232	12,082	25,253	32,845	46,972	46,972	53,527	55,728	39,660	39,660	30,700	26,500	21,100	21,300	15,900	14,600	-
Tax Provision	-149,770	109,607	-60,296	-453,187	35,286	23,961	136,108	-48,023	-58,463	-22,984	-120,198	-74,264	-6,694	-8,804	1,509	1,560	-2,511	-291	7,220	-510	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	99,810	94,489	95,844	95,370	101,918	93,190	97,154	93,469	101,392	90,171	91,786	89,410	83,688	81,701	80,267	86,951	99,267	91,292	97,217	99,579	108,189	91,543	97,359	97,067	94,636	80,248	80,562	78,093	80,078	76,941	77,954	76,371	74,196	74,035	72,186	74,043	80,911	111,665	118,966	113,242	114,389	97,040	103,507	102,943	111,278	99,032	95,713	105,638	113,660	103,503	100,135	87,790	87,379	77,493	68,847	64,178	59,750	57,093	55,325	52,713	57,623	56,554	57,688	55,118	56,978	51,235	48,317	45,428	48,084	42,799	39,779	29,986	38,468	33,669	33,385	32,822	35,908	33,298	29,574	31,107	31,865	29,068	30,058	26,930	29,084	24,739	25,935	25,548	16,867	38,315	46,807	71,587	71,587	79,105	79,731	50,966	50,966	41,400	34,000	27,700	26,600	19,800	18,000	-
Total Other Income Expense Net	-57,097	-31,140	-11,345	10,845	-218,296	-14,800	-931,025	-348,996	-145,931	-63,901	-425,671	-192,831	-28,962	-47,213	-1,995	434	-2,361	1,882	29,431	-596	981	798	4,461	-1,594	-576	-1,903	-2,618	-1,856	3,604	-485	1,747	-1,693	939	680	-3,005	4,665	-705	-6,650	-474	-1,118	-1,262	-3,213	-419	1,708	-1,801	-113	1,011	-160	666	4,340	-316	-631	806	-1,817	2,144	2,849	606	-422	-1,489	536	974	694	-102	-861	121	-809	-18	23	-386	-194	-515	-151	-113	252	1,008	276	-616	-162	-326	806	449	-30,466	-2,424	-20	1,011	3,962	25,575	1,823	-37,911	3,770	-18,814	35,116	35,116	-138,262	-4,969	-2,364	-2,364	500	700	500	1,000	500	-200	-
Total Revenue	124,484	129,462	120,400	121,915	132,554	125,360	122,073	119,277	134,515	127,994	125,351	122,902	131,319	127,408	110,584	111,424	133,531	119,693	117,737	115,366	131,917	122,152	120,602	122,967	138,145	125,212	120,610	120,576	140,108	129,896	123,142	119,015	143,522	129,536	132,940	123,871	148,871	151,202	141,853	137,904	165,881	141,919	137,905	130,183	164,453	143,230	141,838	145,085	160,266	141,704	138,151	122,029	139,120	114,530	107,537	93,390	105,771	104,017	87,759	80,240	95,005	90,628	88,856	83,539	97,596	95,844	84,806	72,428	92,554	77,665	74,106	69,498	77,429	65,810	65,437	59,986	71,592	60,626	49,884	49,106	51,672	42,837	43,633	37,435	41,969	33,369	36,830	35,659	35,625	44,198	49,209	58,116	58,116	64,855	50,344	15,258	15,258	54,600	45,600	35,800	35,700	27,000	23,800	19,900

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

Gross Profit (+$)
totalRevenue	496,261
Cost of Revenue	-109,944
Gross Profit	386,317	386,317

Operating Income (+$)
Gross Profit	386,317
Operating Expense	-391,420
Operating Income	-115,047	-5,103

Operating Expense (+$)
Research Development	120,530
Selling General Administrative	115,312
Selling And Marketing Expenses	149,671
Operating Expense	391,420	385,513

Net Interest Income (+$)
Interest Income	0
Interest Expense	-48,960
Other Finance Cost	-0
Net Interest Income	-48,960

Pretax Income (+$)
Operating Income	-115,047
Net Interest Income	-48,960
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	-124,525	-105,569 EBIT - interestExpense = -164,007 -124,525 478,081
Interest Expense	48,960
Earnings Before Interest and Taxes (EBIT)	-115,047	-75,565
Earnings Before Interest and Taxes (EBITDA)	-115,047

After tax Income (+$)
Income Before Tax	-124,525
Tax Provision	--553,646
Net Income From Continuing Ops	429,121	429,121
Net Income	429,121
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	501,364
Total Other Income/Expenses Net	-9,478	48,960

Technical Analysis of Microstrategy
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 Microstrategy. The general trend of Microstrategy is BULLISH with 57.1% 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 Microstrategy'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 (57.1%)		Bearish trend (-57.1%)
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 MicroStrategy Incorporated.

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: 2,000.

The bearish price targets are: 1,132 > 806.78 > 527.89.

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MicroStrategy Incorporated 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 MicroStrategy Incorporated. The current mas is .

The long score for the Moving Averages is 11/14.
The longshort score for the Moving Averages is 8/(-14 +14).

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

Directionalities and relatives.

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

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

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

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

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

Simple moving average

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

Source: Tradingview.com

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

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

Exponential moving average

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

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

Where:

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

Smoothed moving average

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

Linear weighted moving average

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

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

Where:

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

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

Source: Tradingview.com

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

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

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

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

MicroStrategy Incorporated 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 MicroStrategy Incorporated. The current macd is -39.65207417.

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

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

MicroStrategy Incorporated 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 MicroStrategy Incorporated. The current adx is 20.50.

The long score for the Directional Movement Index (DMI) is 0/7.
The longshort score for the Directional Movement Index (DMI) is -1/(-7 +7).

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

MicroStrategy Incorporated 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 MicroStrategy Incorporated. The current sar is 1,460.

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

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

MicroStrategy Incorporated 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 MicroStrategy Incorporated. The current rsi is 44.69. The current phase is Correction in bull market.

The long score for the Relative Strength Index (RSI) is 0/13.
The longshort score for the Relative Strength Index (RSI) is -4/(-13 +13).

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

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

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

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

Original usage

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

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

How you can use RSI (Divergence)

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

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

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

Source: Tradingview.com

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

Use tradingview to add indicators

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

Tradingview

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

View tool on Tradingview.com

RSI divergence

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

There are four types of divergences:

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

Regular bullish divergence

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

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

Source: Tradingview.com

Regular bearish divergence

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

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

Source: Tradingview.com

Hidden bullish divergence

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

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

Source: Tradingview.com

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

Hidden bearish divergence

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

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

Source: Tradingview.com

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

MicroStrategy Incorporated 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 MicroStrategy Incorporated. The current phase is Correction in bull market.

The long score for the Stochastic Oscillator is 0/6.
The longshort score for the Stochastic Oscillator is -4/(-6 +6).

STOCH < 50: The STOCH %K is below 50. There are more sellers than buyers. -1
STOCH %K line < STOCH %D line: The STOCH %K line is 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 Microstrategy price going down in the near term. -2
Trending down: The STOCH %K is trending down. -1

MicroStrategy Incorporated 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 MicroStrategy Incorporated. The current cci is -74.61620585.

MicroStrategy Incorporated 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 MicroStrategy Incorporated. The current cmo is -17.43189202.

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

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

MicroStrategy Incorporated 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 MicroStrategy Incorporated. The current willr is -75.34761922.

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

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

MicroStrategy Incorporated 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 MicroStrategy Incorporated.

MicroStrategy Incorporated 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 MicroStrategy Incorporated. The current atr is 144.47.

MicroStrategy Incorporated 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 MicroStrategy Incorporated. The current obv is 61,345,794.

MicroStrategy Incorporated 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 MicroStrategy Incorporated. The current mfi is 44.97.

The long score for the Money Flow Index (MFI) is 0/2.
The longshort score for the Money Flow Index (MFI) is -1/(-2 +2).

MFI < 50: -1

MicroStrategy Incorporated Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for MicroStrategy Incorporated.

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	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-04	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-05	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-08	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-11	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2023-12-13	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-15	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-20	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-22	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-26	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-27	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-28	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-29	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-02	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-01-03	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-05	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-01-08	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-01-09	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-10	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2024-01-11	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2024-01-12	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
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-16	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-18	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-23	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2024-01-24	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	MFI	LONG ENTRY	SHORT CLOSE	20 crossover to upside
2024-01-25	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2024-01-26	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
	MFI	LONG ENTRY	SHORT CLOSE	20 crossover to upside
2024-01-29	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-01-31	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-02-01	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-05	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-06	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-07	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-02-08	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-09	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-12	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-13	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
2024-02-14	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-15	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-21	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2024-02-22	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-23	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-26	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-27	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-28	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-29	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-04	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2024-03-05	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2024-03-06	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-03-08	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
2024-03-11	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-12	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2024-03-13	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-03-14	STOCH	LONG EXIT		The %K line crosses below the %D line.
	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2024-03-15	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-18	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.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-03-20	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-21	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-03-22	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-25	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-03-27	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-28	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-01	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-04-04	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-05	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).
2024-04-09	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
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-04-10	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-04-12	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-04-15	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-04-17	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-04-19	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-22	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-24	STOCH	LONG EXIT		The %K line crosses below the %D line.

6.3. Candlestick Patterns

MicroStrategy Incorporated Daily Candlestick Chart

Date	Candlestick Pattern

6.4. Technical Score

Let's check the technical score of MicroStrategy Incorporated based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	44.685
Ma 20	Greater than	Ma 50	1,456.989
Ma 50	Greater than	Ma 100	1,310.138
Ma 100	Greater than	Ma 200	933.824
Open	Greater than	Close	1,327.010
Total			4/5 (80.0%)

Create your own Symbol Scanner

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MicroStrategy Incorporated Buy, Hold or Sell?

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Quick analysis of Microstrategy (30 sec.)

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

$1,265.67

$117.82

$-1,720.33 - $-1,425.25

$-1,602.52 - $-1,307.43

2. Growth of Microstrategy (5 min.)

Is Microstrategy growing?

How much money is Microstrategy making?

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

3. Financial Health of Microstrategy (5 min.)

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

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

Speculation

Investing

How much money are you going to get?

When do you get the money?

How sure are you?

Linear %

Fundamentals of Microstrategy

About MicroStrategy Incorporated

Financial Health

Valuation

1.1. Profitability of MicroStrategy Incorporated.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

1.1.2. Return on Assets

Trends

1.1.3. Return on Equity

Trends

1.2. Operating Efficiency of MicroStrategy Incorporated.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

1.2.2. Operating Ratio

Trends

1.3. Liquidity of MicroStrategy Incorporated.

1.3. Liquidity

1.3.1. Current Ratio

Trends

1.3.2. Quick Ratio

Trends

1.4. Solvency of MicroStrategy Incorporated.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

1.4.2. Debt to Equity Ratio

Trends

2. Market Valuation of MicroStrategy Incorporated

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

2.2. Price To Free Cash Flow Ratio

Trends

2. Book Value per Share

2.3. Price to Book Ratio

Trends

MicroStrategy Incorporated
Buy, Hold or Sell?