Realty Income Corp
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Let's analyse Realty Income Corp together

Penke I guess you are interested in Realty Income Corp. 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 Realty Income Corp. 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 Realty Income Corp (30 sec.)

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

How much money do you get?

$2.45

When do you have the money?

1 year

How often do you get paid?

100.0%

What is your share worth?

Current worth

$38.45

Expected worth in 1 year

$43.40

How sure are you?

97.5%

+ What do you gain per year?

Total Gains per Share

$7.40

Return On Investment

13.9%

For what price can you sell your share?

Current Price per Share

$53.39

Expected price per share

$43.75 - $61.48

How sure are you?

50%

1. Valuation of Realty Income Corp (5 min.)

Live pricePrice per Share (EOD)

$53.39

Book Value per Share

$38.45

Intrinsic Value Per Share

$20.46 - $50.90

Total Value Per Share

$58.91 - $89.34

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

The following numbers are based on moving averages and per share and per quarter.
I use a 6% discount rate for the low estimation and 3% for the high estimation.
The current Free Cash Flow Per Share is 10Y: ($0.37) 3Y: ($0.66) TTM: ($0.85)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($0.02) 3Y: ($0.04) TTM: ($0.03)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$1.60	$2.99	$1.76 - $3.30
2	$3.35	$6.53	$2.03 - $3.97
3	$5.23	$10.59	$2.29 - $4.64
4	$7.22	$15.13	$2.55 - $5.31
5	$9.29	$20.13	$2.81 - $5.98
6	$11.44	$25.55	$3.08 - $6.65
7	$13.64	$31.36	$3.34 - $7.32
8	$15.88	$37.54	$3.60 - $7.99
9	$18.16	$44.06	$3.86 - $8.67
10	$20.46	$50.90	$4.13 - $9.34

2. Growth of Realty Income Corp (5 min.)

Is Realty Income Corp growing?

	Current year	Previous year	Grow	Grow %
How rich?	$33.1b	$26.9b	$4.4b	14.3%

How much money is Realty Income Corp making?

	Current year	Previous year	Grow	Grow %
Making money	$218m	$217.3m	$725.2k	0.3%
Net Profit Margin	21.4%	26.0%	-	-

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

Quarterly Yearly

3. Financial Health of Realty Income Corp (5 min.)

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

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

What can you expect buying and holding a share of Realty Income Corp?

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

Speculation

The Price per Share of Realty Income Corp is $53.39. 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 Realty Income Corp.
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 Realty Income Corp, 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 $38.45. Based on the TTM, the Book Value Change Per Share is $1.24 per quarter. Based on the YOY, the Book Value Change Per Share is $1.08 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 $0.61 per quarter.

Based on historical numbers we can estimate the returns while holding a share of Realty Income Corp.

How much money are you going to get?

	MRQ		TTM		YOY		5Y		10Y
	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share
Usd Eps	0.25	0.5%	0.25	0.5%	0.25	0.5%	0.17	0.3%	0.13	0.2%
Usd Book Value Change Per Share	1.49	2.8%	1.24	2.3%	1.08	2.0%	1.45	2.7%	0.80	1.5%
Usd Dividend Per Share	0.65	1.2%	0.61	1.1%	0.53	1.0%	0.40	0.8%	0.29	0.5%
Usd Total Gains Per Share	2.14	4.0%	1.85	3.5%	1.60	3.0%	1.85	3.5%	1.10	2.1%
Usd Price Per Share	57.42	-	57.62	-	64.80	-	62.96	-	57.63	-
Price to Earnings Ratio	56.60	-	57.27	-	64.45	-	303.34	-	231.84	-
Price-to-Total Gains Ratio	26.88	-	35.27	-	47.57	-	96.79	-	153.01	-
Price to Book Ratio	1.49	-	1.59	-	2.08	-	3.80	-	5.29	-
Price-to-Total Gains Ratio	26.88	-	35.27	-	47.57	-	96.79	-	153.01	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	53.39
Number of shares	18

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.61	0.40
Usd Book Value Change Per Share	1.24	1.45
Usd Total Gains Per Share	1.85	1.85
Gains per Quarter (18 shares)	33.32	33.34
Gains per Year (18 shares)	133.27	133.35

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	44	89	123	29	104	123
2	88	178	256	58	209	256
3	132	267	389	87	313	389
4	177	356	522	116	418	522
5	221	446	655	144	522	655
6	265	535	788	173	627	788
7	309	624	921	202	731	921
8	353	713	1054	231	836	1054
9	397	802	1187	260	940	1187
10	441	891	1320	289	1045	1320

How sure are you?

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

Linear %

	Trailing 12 Months				3Y				5 Year				10 Year				ALLTIME
				%				%				%				%				%
Earnings Per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	40.0	0.0	0.0	100.0%	117.0	0.0	0.0	100.0%
Book Value Change Per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	18.0	2.0	0.0	90.0%	32.0	8.0	0.0	80.0%	64.0	53.0	0.0	54.7%
Dividend per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	40.0	0.0	0.0	100.0%	114.0	0.0	3.0	97.4%
Total Gains per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	39.0	1.0	0.0	97.5%	115.0	2.0	0.0	98.3%

Fundamentals of Realty Income Corp

About Realty Income Corp

https://www.realtyincome.com
418
11995 El Camino Real, San Diego, CA, United States, 92130
Google Maps Bing Maps

Realty Income, The Monthly Dividend Company, is an S&P 500 company and member of the S&P 500 Dividend Aristocrats index. We invest in people and places to deliver dependable monthly dividends that increase over time. The company is structured as a real estate investment trust (REIT), and its monthly dividends are supported by the cash flow from over 15,450 real estate properties (including properties acquired in the Spirit merger in January 2024) primarily owned under long-term net lease agreements with commercial clients. To date, the company has declared 644 consecutive monthly dividends on its shares of common stock throughout its 55-year operating history and increased the dividend 123 times since Realty Income's public listing in 1994 (NYSE: O).

Fundamental data was last updated by Penke on 2024-04-04 21:21:05.

Financial Health

Profitability Details

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

Operating Efficiency Details

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

Liquidity Details

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

Valuation

Valuation Details

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

1.1. Profitability of Realty Income Corp.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Realty Income Corp earns for each $1 of revenue.

Above 10% is considered healthy but always compare Realty Income Corp to the REIT - Retail industry mean.
A Net Profit Margin of 20.3% means that $0.20 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Realty Income Corp:

The MRQ is 20.3%. The company is making a huge profit. +2
The TTM is 21.4%. The company is making a huge profit. +2

Trends

Current period		Compared to		+/-
MRQ	20.3%	TTM	21.4%	-1.1%
TTM	21.4%	YOY	26.0%	-4.6%
TTM	21.4%	5Y	23.9%	-2.5%
5Y	23.9%	10Y	25.8%	-1.9%

Measures how much net profit Realty Income Corp earns for each $1 of revenue.

Revenue is the amount of profit Realty Income Corp 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 Realty Income Corp 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 Realty Income Corp to the REIT - Retail industry mean.
Can be used to compare companies within the REIT - Retail industry.

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

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Realty Income Corp. If profit margins remain low (compared to the REIT - Retail 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 Realty Income Corp is 0.20. This means that Realty Income Corp earned $0.20 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 REIT - Retail industry is .
What is the trend?
The trend is important because it shows you how Realty Income Corp is performing over time. The most recent quarter might be important if Realty Income Corp 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 Realty Income Corp 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 Realty Income Corp with other companies in the same industry (REIT - Retail).
Net profit margin should rise over the years.
Can be influenced when Realty Income Corp sells assets (profit will increase while costs remain the same).
It won’t show what part of Realty Income Corp 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 Realty Income Corp

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 Realty Income Corp = 218,405
Total revenue MRQ Realty Income Corp = 1,076,285
$218,405 / $1,076,285 = 0.20 or 20.3%

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 Realty Income Corp is using its assets to generate profit.

Above 5% is considered healthy but always compare Realty Income Corp to the REIT - Retail industry mean.
0.4% Return on Assets means that Realty Income Corp generated $0.00 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Realty Income Corp:

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

Trends

Current period		Compared to		+/-
MRQ	0.4%	TTM	0.4%	0.0%
TTM	0.4%	YOY	0.5%	-0.1%
TTM	0.4%	5Y	0.5%	-0.1%
5Y	0.5%	10Y	0.5%	-0.1%

Shows how efficient Realty Income Corp 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 Realty Income Corp to the REIT - Retail 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 Realty Income Corp is using its resources to generate profit. If the return on assets (0.4%) from Realty Income Corp are higher than the REIT - Retail mean () that means Realty Income Corp 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 Realty Income Corp is 0.4%. This means the company generated $0.00 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the REIT - Retail industry is .
What is the trend?
The trend is important because it shows you how Realty Income Corp is performing over time. The most recent quarter might be important if Realty Income Corp 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 Realty Income Corp 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 Realty Income Corp

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

Income statement
Balance sheet

Net income MRQ (income statement) from Realty Income Corp = 218,405
Total assets MRQ (balance sheet) from Realty Income Corp = 57,779,357
218,405 / 57,779,357 = 0.00 or 0.4%

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

Above 15%-20% is considered healthy but always compare Realty Income Corp to the REIT - Retail industry mean.
0.7% Return on Equity means Realty Income Corp generated $0.01 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Realty Income Corp:

The MRQ is 0.7%. Using its investors money, the company is inefficient in making profit. -1
The TTM is 0.7%. Using its investors money, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	0.7%	TTM	0.7%	0.0%
TTM	0.7%	YOY	0.8%	-0.1%
TTM	0.7%	5Y	0.9%	-0.2%
5Y	0.9%	10Y	1.0%	-0.1%

Shows how efficient Realty Income Corp 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 Realty Income Corp to the REIT - Retail 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 REIT - Retail 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 Realty Income Corp is 0.7%. This means Realty Income Corp generated $0.01 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the REIT - Retail industry is .
What is the trend?
The trend is important because it shows you how Realty Income Corp is performing over time. The most recent quarter might be important if Realty Income Corp 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 Realty Income Corp up to 10 years back (depending if Realty Income Corp 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 Realty Income Corp

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Realty Income Corp = 218,405
Shareholders equity (balance sheet) MRQ Realty Income Corp = 32,941,467
218,405 / 32,941,467 = 0.01 or 0.7%

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 Realty Income Corp.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Realty Income Corp is operating .

Measures how much profit Realty Income Corp 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 Realty Income Corp to the REIT - Retail industry mean.
An Operating Margin of 46.7% means the company generated $0.47 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Realty Income Corp:

The MRQ is 46.7%. The company is operating very efficient. +2
The TTM is 43.4%. The company is operating very efficient. +2

Trends

Current period		Compared to		+/-
MRQ	46.7%	TTM	43.4%	+3.4%
TTM	43.4%	YOY	38.6%	+4.8%
TTM	43.4%	5Y	47.3%	-3.9%
5Y	47.3%	10Y	47.7%	-0.4%

Measures how efficient Realty Income Corp 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 Realty Income Corp to the REIT - Retail 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 Realty Income Corp 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 Realty Income Corp is 46.7%. This means that Realty Income Corp earned $0.47 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the REIT - Retail industry is .
What is the trend?
The trend is important because it shows you how Realty Income Corp is performing over time. The most recent quarter might be important if Realty Income Corp 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 Realty Income Corp 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 Realty Income Corp

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Realty Income Corp = 482,666
Total revenue MRQ Realty Income Corp = 1,076,285
$482,666 / $1,076,285 = 0.47 or 46.7%

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 Realty Income Corp is keeping operating costs low.

Below 1 is considered healthy (always compare to REIT - Retail industry mean).
An Operation Ratio of 0.55 means that the operating costs are $0.55 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Realty Income Corp:

The MRQ is 0.554. The company is very efficient in keeping operating costs low. +2
The TTM is 0.580. The company is very efficient in keeping operating costs low. +2

Trends

Current period		Compared to		+/-
MRQ	0.554	TTM	0.580	-0.027
TTM	0.580	YOY	0.609	-0.028
TTM	0.580	5Y	0.549	+0.031
5Y	0.549	10Y	0.531	+0.018

Measures how efficient Realty Income Corp 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 Realty Income Corp to the REIT - Retail 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 Realty Income Corp is 55.4%. This means that Realty Income Corp earned $0.55 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 REIT - Retail industry is .
What is the trend?
The trend is important because it shows you how Realty Income Corp is performing over time. The most recent quarter might be important if Realty Income Corp 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 Realty Income Corp 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 Realty Income Corp

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
(81,883 +513,871) \ 1,076,285 = 0.55

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 Realty Income Corp.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Realty Income Corp is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to REIT - Retail industry mean).
A Current Ratio of 1.53 means the company has $1.53 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Realty Income Corp:

The MRQ is 1.533. The company is able to pay all its short-term debts. +1
The TTM is 0.771. The company is just not able to pay all its short-term debts. -1

Trends

Current period		Compared to		+/-
MRQ	1.533	TTM	0.771	+0.762
TTM	0.771	YOY	0.332	+0.439
TTM	0.771	5Y	0.766	+0.005
5Y	0.766	10Y	0.523	+0.243

Measures if Realty Income Corp 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 REIT - Retail 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 Realty Income Corp 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 Realty Income Corp is 1.53. This means Realty Income Corp has $1.53 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the REIT - Retail industry is .
What is the trend?
The trend is important because it shows you how Realty Income Corp is performing over time. The most recent quarter might be important if Realty Income Corp 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 Realty Income Corp 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 Realty Income Corp

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
2,897,717 \ 1,890,713) = 1.53

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

Above 1 is considered healthy but always compare Realty Income Corp to the REIT - Retail industry mean.
A Quick Ratio of 1.49 means the company can pay off $1.49 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Realty Income Corp:

The MRQ is 1.492. The company is able to pay all its short-term debts with the most liquid assets. +1
The TTM is 0.759. 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	1.492	TTM	0.759	+0.733
TTM	0.759	YOY	0.309	+0.450
TTM	0.759	5Y	2.284	-1.525
5Y	2.284	10Y	1.275	+1.009

Measures if Realty Income Corp 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 Realty Income Corp to the REIT - Retail 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 Realty Income Corp can pay off its short term debts. This shows if Realty Income Corp 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 Realty Income Corp is 1.49. This means that Realty Income Corp can pay off $1.49 for each $1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the REIT - Retail industry is .
What is the trend?
The trend is important because it shows you how Realty Income Corp is performing over time. The most recent quarter might be important if Realty Income Corp 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 Realty Income Corp 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 Realty Income Corp

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 Realty Income Corp: (232,923 + -6,056 +2,593,629) / 1,890,713 = 1.49

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 Realty Income Corp.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Realty Income Corp assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Realty Income Corp to REIT - Retail industry mean.
A Debt to Asset Ratio of 0.43 means that Realty Income Corp assets are financed with 42.7% credit (debt) and the remaining percentage (100% - 42.7%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Realty Income Corp:

The MRQ is 0.427. The company is very able to pay all its debts by selling its assets. +2
The TTM is 0.424. The company is very able to pay all its debts by selling its assets. +2

Trends

Current period		Compared to		+/-
MRQ	0.427	TTM	0.424	+0.003
TTM	0.424	YOY	0.417	+0.008
TTM	0.424	5Y	0.443	-0.019
5Y	0.443	10Y	0.459	-0.016

Measures how much % of Realty Income Corp assets are financed with debt.

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

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Realty Income Corp to REIT - Retail 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 Realty Income Corp is 0.43. This means means that Realty Income Corp is financed with 42.7% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the REIT - Retail industry is .
What is the trend?
The trend is important because it shows you how Realty Income Corp is performing over time. The most recent quarter might be important if Realty Income Corp 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 Realty Income Corp 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 Realty Income Corp has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Realty Income Corp

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

Balance sheet
Debt to asset ratio = total debt \ total assets
24,672,388 \ 57,779,357 = 42.7% or 0.43.

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 Realty Income Corp is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Realty Income Corp to the REIT - Retail industry mean.
A Debt to Equity ratio of 74.9% means that company has $0.75 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Realty Income Corp:

The MRQ is 0.749. The company is very able to pay all its debts with equity. +2
The TTM is 0.740. The company is very able to pay all its debts with equity. +2

Trends

Current period		Compared to		+/-
MRQ	0.749	TTM	0.740	+0.009
TTM	0.740	YOY	0.717	+0.024
TTM	0.740	5Y	0.801	-0.061
5Y	0.801	10Y	0.857	-0.056

Measures if Realty Income Corp 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 Realty Income Corp 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 Realty Income Corp is 0.75. This means that Realty Income Corp can pay off $0.75 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the REIT - Retail industry is .
What is the trend?
The trend is important because it shows you how Realty Income Corp is performing over time. The most recent quarter might be important if Realty Income Corp 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 Realty Income Corp 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 Realty Income Corp

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
24,672,388 \ 32,941,467 = 0.75 or 74.9%

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 Realty Income Corp

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 Realty Income Corp generates.

Above 15 is considered overpriced but always compare Realty Income Corp to the REIT - Retail industry mean.
A PE ratio of 56.60 means the investor is paying $56.60 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Realty Income Corp:

The EOD is 52.626. Based on the earnings, the company is expensive. -2
The MRQ is 56.599. Based on the earnings, the company is expensive. -2
The TTM is 57.274. Based on the earnings, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	52.626	MRQ	56.599	-3.972
MRQ	56.599	TTM	57.274	-0.675
TTM	57.274	YOY	64.454	-7.180
TTM	57.274	5Y	303.336	-246.062
5Y	303.336	10Y	231.839	+71.497

Measures how much money you pay for each share for every $1 in earnings Realty Income Corp 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 Realty Income Corp to the REIT - Retail 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 Realty Income Corp is 56.60. This means the investor is paying $56.60 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the REIT - Retail industry is .
What is the trend?
The trend is important because it shows you how Realty Income Corp is performing over time. The most recent quarter might be important if Realty Income Corp 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 Realty Income Corp 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 Realty Income Corp

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 \ 726,859 = EPS
PE ratio MRQ = 56.60

* 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 Realty Income Corp:

The EOD is 15.552. Based on how much money comes from the company's main activities, the company is underpriced. +1
The MRQ is 16.726. Based on how much money comes from the company's main activities, the company is underpriced. +1
The TTM is 16.893. Based on how much money comes from the company's main activities, the company is underpriced. +1

Trends

Current period		Compared to		+/-
EOD	15.552	MRQ	16.726	-1.174
MRQ	16.726	TTM	16.893	-0.167
TTM	16.893	YOY	22.513	-5.621
TTM	16.893	5Y	36.847	-19.954
5Y	36.847	10Y	48.167	-11.320

2. Book Value per Share

2.3. Price to Book Ratio

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

At or below 1 is considered healthy (always compare to REIT - Retail industry mean).
A PB ratio of 1.49 means the investor is paying $1.49 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Realty Income Corp:

The EOD is 1.389. Based on the equity, the company is underpriced. +1
The MRQ is 1.494. Based on the equity, the company is underpriced. +1
The TTM is 1.586. Based on the equity, the company is underpriced. +1

Trends

Current period		Compared to		+/-
EOD	1.389	MRQ	1.494	-0.105
MRQ	1.494	TTM	1.586	-0.093
TTM	1.586	YOY	2.080	-0.493
TTM	1.586	5Y	3.802	-2.216
5Y	3.802	10Y	5.290	-1.488

2. Total Gains per Share

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of Realty Income Corp.

3.1. Institutions holding Realty Income Corp

Institutions are holding 72.032% of the shares of Realty Income Corp.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	Vanguard Group Inc	13.2292	0.1429	113920054	3046630	2.7478
2023-12-31	BlackRock Inc	8.1714	0.103	70366289	5597338	8.642
2023-12-31	State Street Corporation	7.0085	0.1693	60352238	4410813	7.8847
2023-12-31	Cohen & Steers Inc	4.917	4.9197	42341746	-709253	-1.6475
2023-12-31	Geode Capital Management, LLC	2.0456	0.1056	17615052	912777	5.465
2023-12-31	Bank of America Corp	1.8221	0.0908	15690941	-736405	-4.4828
2023-12-31	Morgan Stanley - Brokerage Accounts	1.4012	0.0611	12065811	948782	8.5345
2023-12-31	Amvescap Plc.	1.3524	0.1591	11645447	56764	0.4898
2023-12-31	Legal & General Group PLC	1.2176	0.1545	10485003	1602590	18.0423
2023-12-31	Dimensional Fund Advisors, Inc.	1.1081	0.16	9542160	227621	2.4437
2023-12-31	Daiwa Securities Group Inc	1.0472	3.2209	9018048	-253230	-2.7313
2023-12-31	NORGES BANK	1.0244	0.0885	8821427	3835700	76.9336
2023-12-31	Northern Trust Corp	0.9688	0.0867	8342434	-821229	-8.9618
2023-12-31	Apg Investments Us Inc	0.9547	2.8939	8221575	771313	10.3528
2023-12-31	JPMorgan Chase & Co	0.8971	0.0426	7725479	-1699628	-18.033
2023-12-31	Charles Schwab Investment Management Inc	0.8736	0.1097	7522670	369442	5.1647
2023-12-31	Resolution Capital Limited	0.715	6.412	6156728	1114948	22.1142
2023-12-31	CenterSquare Investment Management LLC	0.6896	3.8117	5938568	-113258	-1.8715
2023-12-31	Bank of New York Mellon Corp	0.6247	0.0626	5379678	-55384	-1.019
2023-12-31	UBS Asset Mgmt Americas Inc	0.6198	0.1206	5337639	144154	2.7757
Total		50.688	22.9152	436488987	+18650485	+4.3%

3.2. Funds holding Realty Income Corp

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2024-02-29	Vanguard Real Estate Index Investor	3.942	2.7692	33945220	56605	0.167
2024-02-29	Vanguard Total Stock Mkt Idx Inv	3.0273	0.0876	26068713	-53193	-0.2036
2024-02-29	Vanguard Institutional 500 Index Trust	2.4108	0.1012	20759911	209732	1.0206
2024-02-29	Vanguard Mid Cap Index Institutional	2.1585	0.6048	18586977	-49481	-0.2655
2024-01-31	Fidelity 500 Index	1.1466	0.1109	9873613	1366600	16.0644
2024-02-29	SPDR® S&P 500 ETF Trust	1.1314	0.1011	9742445	61132	0.6314
2024-02-29	iShares Core S&P 500 ETF	1.0047	0.101	8651961	26288	0.3048
2024-02-29	SPDR® S&P Dividend ETF	0.918	2.0301	7905099	928	0.0117
2023-12-31	Cohen & Steers Instl Realty Shares	0.7345	5.6881	6324922	204990	3.3495
2023-09-19	Daiwa US-REIT Open Mother Fund	0.7262	6.32	6253519	281038	4.7055
2023-12-31	Cohen & Steers Real Estate Opportunities	0.7157	4.8251	6163276	-208166	-3.2672
2023-12-31	Cohen & Steers Real Estate Securities A	0.7157	4.842	6163276	-208166	-3.2672
2024-02-29	Vanguard Mid-Cap Growth ETF	0.6929	1.2853	5967077	35439	0.5975
2024-02-29	Vanguard Institutional Index I	0.6363	0.1009	5479182	-20321	-0.3695
2024-02-29	Vanguard Real Estate II Index	0.577	3.0076	4968283	-14086	-0.2827
2024-02-29	Real Estate Select Sector SPDR®	0.5762	4.368	4961730	-6572	-0.1323
2024-01-31	DFA Real Estate Securities I	0.5573	3.7281	4799361	-34662	-0.717
2024-02-29	Schwab US REIT ETF™	0.5002	3.555	4307255	2037	0.0473
2023-12-31	Cohen & Steers Realty Shares L	0.4686	4.1606	4035034	-1388687	-25.604
2024-02-29	State St S&P 500® Indx SL Cl III	0.4674	0.1004	4024859	16199	0.4041
Total		23.1073	47.887	198981713	+277654	+0.1%

3.3. Insider Transactions

Insiders are holding 0.139% of the shares of Realty Income Corp.

Date	Owner	Type	Amount	Price	Post Transaction Amount	Link
2023-12-18	A. Larry Chapman	SELL	3500	56.98

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Realty Income Corp 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	-	-	1.491	1.238	+20%	1.078	+38%	1.451	+3%	0.804	+85%
Book Value Per Share	-	-	38.446	36.472	+5%	31.264	+23%	21.690	+77%	14.709	+161%
Current Ratio	-	-	1.533	0.771	+99%	0.332	+362%	0.766	+100%	0.523	+193%
Debt To Asset Ratio	-	-	0.427	0.424	+1%	0.417	+3%	0.443	-4%	0.459	-7%
Debt To Equity Ratio	-	-	0.749	0.740	+1%	0.717	+5%	0.801	-6%	0.857	-13%
Dividend Per Share	-	-	0.646	0.613	+5%	0.526	+23%	0.401	+61%	0.293	+121%
Eps	-	-	0.254	0.253	+0%	0.252	+0%	0.170	+49%	0.127	+100%
Free Cash Flow Per Share	-	-	0.858	0.853	+1%	0.734	+17%	0.521	+65%	0.375	+129%
Free Cash Flow To Equity Per Share	-	-	2.943	2.722	+8%	2.400	+23%	1.737	+69%	1.070	+175%
Gross Profit Margin	-	-	1.000	1.000	0%	1.000	0%	1.000	0%	1.000	0%
Intrinsic Value_10Y_max	-	-	50.898	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	20.462	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	2.989	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	1.603	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	10.590	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	5.233	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	20.131	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	9.291	-	-	-	-	-	-	-	-
Market Cap	45975408651.520	-8%	49445738242.560	49615810226.240	0%	55798680316.480	-11%	54213674012.880	-9%	49624563551.375	0%
Net Profit Margin	-	-	0.203	0.214	-5%	0.260	-22%	0.239	-15%	0.258	-21%
Operating Margin	-	-	0.467	0.434	+8%	0.386	+21%	0.473	-1%	0.477	-2%
Operating Ratio	-	-	0.554	0.580	-5%	0.609	-9%	0.549	+1%	0.531	+4%
Pb Ratio	1.389	-8%	1.494	1.586	-6%	2.080	-28%	3.802	-61%	5.290	-72%
Pe Ratio	52.626	-8%	56.599	57.274	-1%	64.454	-12%	303.336	-81%	231.839	-76%
Price Per Share	53.390	-8%	57.420	57.618	0%	64.798	-11%	62.957	-9%	57.628	0%
Price To Free Cash Flow Ratio	15.552	-8%	16.726	16.893	-1%	22.513	-26%	36.847	-55%	48.167	-65%
Price To Total Gains Ratio	24.991	-8%	26.878	35.273	-24%	47.573	-44%	96.787	-72%	153.006	-82%
Quick Ratio	-	-	1.492	0.759	+97%	0.309	+382%	2.284	-35%	1.275	+17%
Return On Assets	-	-	0.004	0.004	-6%	0.005	-20%	0.005	-22%	0.005	-31%
Return On Equity	-	-	0.007	0.007	-5%	0.008	-18%	0.009	-25%	0.010	-35%
Total Gains Per Share	-	-	2.136	1.851	+15%	1.605	+33%	1.852	+15%	1.096	+95%
Usd Book Value	-	-	33106969000.000	31407217000.000	+5%	26922287500.000	+23%	18678011200.000	+77%	12666197050.000	+161%
Usd Book Value Change Per Share	-	-	1.491	1.238	+20%	1.078	+38%	1.451	+3%	0.804	+85%
Usd Book Value Per Share	-	-	38.446	36.472	+5%	31.264	+23%	21.690	+77%	14.709	+161%
Usd Dividend Per Share	-	-	0.646	0.613	+5%	0.526	+23%	0.401	+61%	0.293	+121%
Usd Eps	-	-	0.254	0.253	+0%	0.252	+0%	0.170	+49%	0.127	+100%
Usd Free Cash Flow	-	-	739073000.000	734296000.000	+1%	631865750.000	+17%	448565800.000	+65%	322798700.000	+129%
Usd Free Cash Flow Per Share	-	-	0.858	0.853	+1%	0.734	+17%	0.521	+65%	0.375	+129%
Usd Free Cash Flow To Equity Per Share	-	-	2.943	2.722	+8%	2.400	+23%	1.737	+69%	1.070	+175%
Usd Market Cap	45975408651.520	-8%	49445738242.560	49615810226.240	0%	55798680316.480	-11%	54213674012.880	-9%	49624563551.375	0%
Usd Price Per Share	53.390	-8%	57.420	57.618	0%	64.798	-11%	62.957	-9%	57.628	0%
Usd Profit	-	-	218405000.000	218077250.000	+0%	217352000.000	+0%	146657050.000	+49%	112138125.000	+95%
Usd Revenue	-	-	1076285000.000	1019748250.000	+6%	835920250.000	+29%	632493500.000	+70%	456335925.000	+136%
Usd Total Gains Per Share	-	-	2.136	1.851	+15%	1.605	+33%	1.852	+15%	1.096	+95%
	EOD	+4 -4	MRQ	TTM	+26 -9	YOY	+26 -9	5Y	+25 -10	10Y	+26 -9

4.2. Fundamental Score

Let's check the fundamental score of Realty Income Corp based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	52.626
Price to Book Ratio (EOD)	Between	0-1	1.389
Net Profit Margin (MRQ)	Greater than	0	0.203
Operating Margin (MRQ)	Greater than	0	0.467
Quick Ratio (MRQ)	Greater than	1	1.492
Current Ratio (MRQ)	Greater than	1	1.533
Debt to Asset Ratio (MRQ)	Less than	1	0.427
Debt to Equity Ratio (MRQ)	Less than	1	0.749
Return on Equity (MRQ)	Greater than	0.15	0.007
Return on Assets (MRQ)	Greater than	0.05	0.004
Total			6/10 (60.0%)

Create your own Stock Scanner

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

4.3. Technical Score

Let's check the technical score of Realty Income Corp based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	55.814
Ma 20	Greater than	Ma 50	52.757
Ma 50	Greater than	Ma 100	52.500
Ma 100	Greater than	Ma 200	53.909
Open	Greater than	Close	53.230
Total			3/5 (60.0%)

Create your own Symbol Scanner

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

Reversals in quarterly reports

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

		2022-12-31		2023-03-31		2023-06-30		2023-09-30		2023-12-31
Other Current Liabilities		-103,935	-9,164	-113,099	-62,132	-175,231	65,952	-109,279	856,831	747,552
Net Working Capital		-2,525,287	1,431,221	-1,094,066	253,187	-840,879	177,462	-663,417	1,670,421	1,007,004

Latest Balance Sheet

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

Summary

Total Assets	57,779,357
Total Liabilities	24,672,388
Total Stockholder Equity	32,941,467

	As reported
Total Liabilities	24,672,388
Total Stockholder Equity	+ 32,941,467
Total Assets	= 57,779,357

Assets

Total Assets	57,779,357
Total Current Assets	2,897,717
Long-term Assets	54,881,640

Total Current Assets

Total Current Assets (as reported)	2,897,717
Cash And Cash Equivalents	232,923
Short-term Investments	-6,056
Net Receivables	2,593,629
Inventory	31,466
Total Current Assets (calculated)	2,851,962
+/-	45,755

Long-term Assets

Long-term Assets (as reported)	54,881,640
Property Plant Equipment	1,301,549
Goodwill	3,731,478
Long Term Investments	1,178,174
Intangible Assets	5,017,907
Long-term Assets Other	104,812
Long-term Assets (calculated)	11,333,920
+/-	43,547,720

Liabilities & Shareholders' Equity

Total Current Liabilities	1,890,713
Long-term Liabilities	22,781,675
Total Stockholder Equity	32,941,467

Total Current Liabilities

Total Current Liabilities (as reported)	1,890,713
Short-term Debt	764,390
Short Long Term Debt	764,390
Accounts payable	66,576
Other Current Liabilities	747,552
Total Current Liabilities (calculated)	2,342,908
+/-	452,195

Long-term Liabilities

Long-term Liabilities (as reported)	22,781,675
Long term Debt	20,755,747
Capital Lease Obligations	469,558
Long-term Liabilities Other	1,436,750
Long-term Liabilities (calculated)	22,662,055
+/-	119,620

Total Stockholder Equity

Total Stockholder Equity (as reported)	32,941,467
Common Stock	39,629,709
Retained Earnings	-6,762,136
Accumulated Other Comprehensive Income	73,894
Total Stockholder Equity (calculated)	32,941,467
+/-	0

Other

Capital Stock	39,629,709
Cash and Short Term Investments	232,923
Common Stock Shares Outstanding	726,859
Current Deferred Revenue	312,195
Liabilities and Stockholders Equity	57,779,357
Net Debt	21,756,772
Net Invested Capital	54,461,604
Net Working Capital	1,007,004
Property Plant and Equipment Gross	1,301,549
Short Long Term Debt Total	21,989,695

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

1997-12-31

1997-09-30

1997-06-30

1997-03-31

1996-12-31

1996-09-30

1996-06-30

1996-03-31

1995-12-31

1995-09-30

1995-06-30

1995-03-31

1994-12-31

1994-09-30

> Total Assets

356,200
352,800
353,600
379,200
411,900
417,639
415,400
411,800
421,400
454,097
467,700
500,300
558,500
577,021
620,600
666,000
697,600
759,234
796,500
849,500
890,300
905,404
911,721
928,392
953,029
934,766
912,828
909,325
941,495
1,003,708
1,001,581
1,080,320
1,075,654
1,080,230
1,093,926
1,119,114
1,161,044
1,360,257
1,433,334
1,424,863
1,437,644
1,442,315
1,523,222
1,571,583
1,798,707
1,920,988
1,929,932
1,975,597
2,160,190
2,546,508
2,575,313
2,544,892
3,076,262
3,077,352
3,039,464
3,042,937
3,090,131
2,994,179
2,931,631
2,932,558
2,901,375
2,914,787
2,905,703
3,143,155
3,285,534
3,535,590
3,770,556
3,991,053
4,274,774
4,419,389
4,398,433
4,576,559
2,059,501
5,443,363
8,763,603
9,415,533
9,880,927
9,924,441
10,480,781
10,812,402
10,939,840
11,012,622
11,092,153
11,728,314
11,738,569
11,865,870
12,037,103
12,249,431
12,536,453
13,152,871
13,422,186
13,574,116
13,701,419
14,058,166
14,474,093
14,674,074
15,095,325
15,260,483
15,762,908
16,748,630
17,179,904
18,554,796
18,796,442
19,102,547
19,785,370
20,740,285
20,979,570
21,984,941
23,711,094
43,137,502
44,062,017
44,951,918
45,892,475
49,673,092
51,101,438
53,980,666
55,336,920
57,779,357

57,779,357

55,336,920

53,980,666

51,101,438

49,673,092

45,892,475

44,951,918

44,062,017

43,137,502

23,711,094

21,984,941

20,979,570

20,740,285

19,785,370

19,102,547

18,796,442

18,554,796

17,179,904

16,748,630

15,762,908

15,260,483

15,095,325

14,674,074

14,474,093

14,058,166

13,701,419

13,574,116

13,422,186

13,152,871

12,536,453

12,249,431

12,037,103

11,865,870

11,738,569

11,728,314

11,092,153

11,012,622

10,939,840

10,812,402

10,480,781

9,924,441

9,880,927

9,415,533

8,763,603

5,443,363

2,059,501

4,576,559

4,398,433

4,419,389

4,274,774

3,991,053

3,770,556

3,535,590

3,285,534

3,143,155

2,905,703

2,914,787

2,901,375

2,932,558

2,931,631

2,994,179

3,090,131

3,042,937

3,039,464

3,077,352

3,076,262

2,544,892

2,575,313

2,546,508

2,160,190

1,975,597

1,929,932

1,920,988

1,798,707

1,571,583

1,523,222

1,442,315

1,437,644

1,424,863

1,433,334

1,360,257

1,161,044

1,119,114

1,093,926

1,080,230

1,075,654

1,080,320

1,001,581

1,003,708

941,495

909,325

912,828

934,766

953,029

928,392

911,721

905,404

890,300

849,500

796,500

759,234

697,600

666,000

620,600

577,021

558,500

500,300

467,700

454,097

421,400

411,800

415,400

417,639

411,900

379,200

353,600

352,800

356,200

> Total Current Assets

800
0
0
0
0
5,708
5,400
4,000
4,300
6,030
7,200
6,700
11,000
8,529
7,000
8,100
7,000
20,977
23,400
34,400
19,600
19,258
24,295
20,174
75,367
22,358
36,724
34,098
59,471
18,832
42,429
67,699
21,241
13,329
6,949
7,998
9,093
8,787
8,766
17,964
11,097
6,216
14,588
5,487
5,831
70,748
8,700
15,560
118,644
16,526
11,038
14,933
272,742
200,243
21,655
81,140
43,488
57,439
20,560
46,242
29,624
20,422
10,366
10,995
165,980
28,908
140,213
166,570
17,608
19,540
22,761
23,664
35,119
120,626
39,252
171,271
154,764
61,602
66,616
98,815
138,917
83,078
88,415
98,024
95,397
131,739
93,463
117,600
180,328
140,579
143,147
130,555
119,794
133,105
176,270
226,872
207,908
171,963
176,402
211,112
415,278
332,755
248,792
631,505
1,027,595
1,129,181
513,501
598,624
903,651
715,817
704,235
739,569
735,302
768,600
806,380
891,616
1,042,497
2,897,717

2,897,717

1,042,497

891,616

806,380

768,600

735,302

739,569

704,235

715,817

903,651

598,624

513,501

1,129,181

1,027,595

631,505

248,792

332,755

415,278

211,112

176,402

171,963

207,908

226,872

176,270

133,105

119,794

130,555

143,147

140,579

180,328

117,600

93,463

131,739

95,397

98,024

88,415

83,078

138,917

98,815

66,616

61,602

154,764

171,271

39,252

120,626

35,119

23,664

22,761

19,540

17,608

166,570

140,213

28,908

165,980

10,995

10,366

20,422

29,624

46,242

20,560

57,439

43,488

81,140

21,655

200,243

272,742

14,933

11,038

16,526

118,644

15,560

8,700

70,748

5,831

5,487

14,588

6,216

11,097

17,964

8,766

8,787

9,093

7,998

6,949

13,329

21,241

67,699

42,429

18,832

59,471

34,098

36,724

22,358

75,367

20,174

24,295

19,258

19,600

34,400

23,400

20,977

7,000

8,100

7,000

8,529

11,000

6,700

7,200

6,030

4,300

4,000

5,400

5,708

800

Cash And Cash Equivalents

0
0
0
0
0
1,650
2,000
1,000
1,000
1,559
3,000
3,000
6,000
2,123
2,000
3,000
3,000
2,533
6,000
17,000
3,000
773
2,103
2,449
5,297
3,815
1,992
1,180
11,624
2,467
3,730
21,242
8,391
8,921
3,606
4,719
5,709
4,837
5,550
15,040
8,483
2,141
11,076
1,948
2,244
65,704
4,107
10,746
113,374
10,573
5,399
8,914
266,644
193,101
13,343
39,373
112,562
46,815
10,438
35,823
20,042
10,026
849
872
155,582
17,607
129,707
155,671
5,543
4,165
5,194
6,064
5,819
5,248
4,159
22,575
9,960
10,257
14,142
8,908
16,936
3,852
12,190
18,741
7,074
40,294
8,695
20,443
29,801
9,420
27,598
10,945
3,199
6,898
20,627
30,717
6,666
10,387
2,997
27,136
236,064
54,011
41,804
35,345
724,750
824,476
183,984
231,164
516,983
258,579
151,624
172,849
187,745
171,102
164,576
253,693
344,129
232,923

232,923

344,129

253,693

164,576

171,102

187,745

172,849

151,624

258,579

516,983

231,164

183,984

824,476

724,750

35,345

41,804

54,011

236,064

27,136

2,997

10,387

6,666

30,717

20,627

6,898

3,199

10,945

27,598

9,420

29,801

20,443

8,695

40,294

7,074

18,741

12,190

3,852

16,936

8,908

14,142

10,257

9,960

22,575

4,159

5,248

5,819

6,064

5,194

4,165

5,543

155,671

129,707

17,607

155,582

872

849

10,026

20,042

35,823

10,438

46,815

112,562

39,373

13,343

193,101

266,644

8,914

5,399

10,573

113,374

10,746

4,107

65,704

2,244

1,948

11,076

2,141

8,483

15,040

5,550

4,837

5,709

4,719

3,606

8,921

8,391

21,242

3,730

2,467

11,624

1,180

1,992

3,815

5,297

2,449

2,103

773

3,000

17,000

6,000

2,533

3,000

2,000

2,123

6,000

3,000

1,559

1,000

2,000

1,650

Short-term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,648
0
0
0
0
0
0
3,174
0
0
0
4,479
609
399
5,687
6,361
6,148
5,999
2,830
50
2,239
6,449
4,753
1,805
37,353
14,448
7,344
10,158
460
5,280
27,340
36,540
18,300
8,083
17,437
4,179
8,247
21,074
11,586
4,246
25,327
8,550
23,698
8,179
7,974
7,054
4,808
0
0
0
0
0
0
300,000
0
0
0
0
23,682,107
7,492
7,506
5,902
4,700
0
11,600
15,200
23,000
-6,056

-6,056

23,000

15,200

11,600

4,700

5,902

7,506

7,492

23,682,107

300,000

4,808

7,054

7,974

8,179

23,698

8,550

25,327

4,246

11,586

21,074

8,247

4,179

17,437

8,083

18,300

36,540

27,340

5,280

460

10,158

7,344

14,448

37,353

1,805

4,753

6,449

2,239

2,830

5,999

6,148

6,361

5,687

399

609

4,479

3,174

2,648

Net Receivables

800
0
0
0
0
2,131
1,100
0
0
2,288
2,288
0
0
3,236
0
0
0
2,973
0
0
0
3,407
3,180
3,048
3,558
5,053
3,696
3,270
3,606
4,857
3,294
3,284
3,116
4,408
3,343
3,279
3,384
3,950
3,216
2,924
2,614
4,075
3,512
3,539
3,587
5,044
4,593
4,814
5,270
5,953
5,639
6,019
6,098
7,142
8,312
9,130
8,858
10,624
10,122
10,419
9,582
10,396
9,517
10,123
10,398
11,301
10,506
10,899
12,065
15,375
17,567
17,600
17,187
84,865
24,594
104,423
108,861
39,323
40,329
62,288
66,292
64,386
66,831
70,318
74,977
81,678
82,990
87,166
99,917
104,584
103,759
107,147
113,721
119,533
125,690
126,126
135,866
144,991
151,341
165,470
163,444
181,969
185,632
255,609
261,752
285,701
307,017
327,920
341,729
426,768
468,165
500,384
529,248
567,963
617,359
620,599
678,441
2,593,629

2,593,629

678,441

620,599

617,359

567,963

529,248

500,384

468,165

426,768

341,729

327,920

307,017

285,701

261,752

255,609

185,632

181,969

163,444

165,470

151,341

144,991

135,866

126,126

125,690

119,533

113,721

107,147

103,759

104,584

99,917

87,166

82,990

81,678

74,977

70,318

66,831

64,386

66,292

62,288

40,329

39,323

108,861

104,423

24,594

84,865

17,187

17,600

17,567

15,375

12,065

10,899

10,506

11,301

10,398

10,123

9,517

10,396

9,582

10,419

10,122

10,624

8,858

9,130

8,312

7,142

6,098

6,019

5,639

5,953

5,270

4,814

4,593

5,044

3,587

3,539

3,512

4,075

2,614

2,924

3,216

3,950

3,384

3,279

3,343

4,408

3,116

3,284

3,294

4,857

3,606

3,270

3,696

5,053

3,558

3,048

3,180

3,407

2,973

3,236

2,288

1,100

2,131

800

Other Current Assets

0
0
0
0
0
1,927
2,300
3,000
3,300
2,183
4,200
3,700
5,000
3,170
5,000
5,100
4,000
15,471
17,400
17,400
16,600
15,078
19,012
14,677
66,512
13,490
31,036
29,648
44,241
11,508
35,405
43,173
9,734
11,517
17,068
23,418
50,667
1,334,264
54,648
12,013
11,212
1,418,893
22,273
25,992
26,933
1,833,034
26,762
26,154
28,186
2,512,776
35,822
32,256
40,114
2,859,903
34,614
62,794
64,385
2,919,534
4,102
5,540
4,574
7,738
8,053
7,550
6,970
8,431
8,971
8,926
8,236
9,833
9,415
9,010
8,615
30,513
60,000
44,273
35,943
33,854
26,628
27,619
55,689
65,517
42,860
30,038
44,075
28,204
26,029
44,759
50,610
45,227
54,027
35,405
39,839
27,704
54,164
92,904
86,434
32,609
48,050
40,891
48,543
127,946
121,140
135,804
65,157
53,019
50,999
99,554
94,624
145,633
220,505
142,260
152,156
71,422
-1,784,199
-2,493,247
-2,762,052
2,028,433

2,028,433

-2,762,052

-2,493,247

-1,784,199

71,422

152,156

142,260

220,505

145,633

94,624

99,554

50,999

53,019

65,157

135,804

121,140

127,946

48,543

40,891

48,050

32,609

86,434

92,904

54,164

27,704

39,839

35,405

54,027

45,227

50,610

44,759

26,029

28,204

44,075

30,038

42,860

65,517

55,689

27,619

26,628

33,854

35,943

44,273

60,000

30,513

8,615

9,010

9,415

9,833

8,236

8,926

8,971

8,431

6,970

7,550

8,053

7,738

4,574

5,540

4,102

2,919,534

64,385

62,794

34,614

2,859,903

40,114

32,256

35,822

2,512,776

28,186

26,154

26,762

1,833,034

26,933

25,992

22,273

1,418,893

11,212

12,013

54,648

1,334,264

50,667

23,418

17,068

11,517

9,734

43,173

35,405

11,508

44,241

29,648

31,036

13,490

66,512

14,677

19,012

15,078

16,600

17,400

15,471

4,000

5,100

5,000

3,170

5,000

3,700

4,200

2,183

3,300

3,000

2,300

1,927

> Long-term Assets

340,100
338,500
347,500
373,000
406,200
411,931
410,000
407,800
417,100
448,067
460,500
493,600
547,500
568,492
613,600
657,900
690,600
738,257
773,100
815,100
870,700
886,146
887,426
908,218
877,662
912,408
876,104
875,227
882,024
984,876
959,152
1,012,621
1,054,413
1,055,384
1,069,909
1,087,698
17,206
17,206
17,206
1,394,886
17,206
17,206
17,206
1,540,104
17,206
17,206
17,206
8,169
8,009
17,206
7,469
7,309
7,148
17,206
7,223
2,931,640
2,894,241
17,206
2,911,071
2,886,316
2,871,751
2,894,365
2,895,337
3,132,160
3,119,554
3,506,682
3,630,343
3,824,483
4,257,166
4,399,849
4,375,672
4,552,895
2,024,382
5,322,737
8,724,351
9,244,262
9,726,163
9,862,839
10,414,165
10,713,587
10,800,923
10,929,544
11,003,738
11,630,290
11,643,172
11,734,131
11,943,640
12,131,831
12,356,125
13,012,292
13,279,039
13,443,561
13,581,625
13,925,061
14,297,823
14,447,202
14,887,417
15,088,520
15,586,506
16,537,518
16,764,626
18,222,041
18,547,650
18,471,042
18,757,775
19,611,104
20,466,069
21,386,317
22,807,443
42,421,685
43,357,782
44,212,349
45,157,173
48,904,492
50,295,058
53,089,050
54,294,423
54,881,640

54,881,640

54,294,423

53,089,050

50,295,058

48,904,492

45,157,173

44,212,349

43,357,782

42,421,685

22,807,443

21,386,317

20,466,069

19,611,104

18,757,775

18,471,042

18,547,650

18,222,041

16,764,626

16,537,518

15,586,506

15,088,520

14,887,417

14,447,202

14,297,823

13,925,061

13,581,625

13,443,561

13,279,039

13,012,292

12,356,125

12,131,831

11,943,640

11,734,131

11,643,172

11,630,290

11,003,738

10,929,544

10,800,923

10,713,587

10,414,165

9,862,839

9,726,163

9,244,262

8,724,351

5,322,737

2,024,382

4,552,895

4,375,672

4,399,849

4,257,166

3,824,483

3,630,343

3,506,682

3,119,554

3,132,160

2,895,337

2,894,365

2,871,751

2,886,316

2,911,071

17,206

2,894,241

2,931,640

7,223

17,206

7,148

7,309

7,469

17,206

8,009

8,169

17,206

1,540,104

17,206

1,394,886

17,206

1,087,698

1,069,909

1,055,384

1,054,413

1,012,621

959,152

984,876

882,024

875,227

876,104

912,408

877,662

908,218

887,426

886,146

870,700

815,100

773,100

738,257

690,600

657,900

613,600

568,492

547,500

493,600

460,500

448,067

417,100

407,800

410,000

411,931

406,200

373,000

347,500

338,500

340,100

Property Plant Equipment

340,100
338,500
347,500
373,000
383,600
389,364
387,700
385,700
395,200
426,233
438,900
472,200
526,400
547,591
592,900
637,500
670,400
718,280
753,400
795,600
851,400
867,093
868,604
889,627
859,302
894,278
858,205
857,559
864,587
967,670
941,946
995,415
1,037,207
1,038,178
1,052,703
1,070,492
1,084,078
1,320,645
1,352,714
1,377,680
1,398,129
1,406,710
1,469,155
1,522,898
1,748,737
1,754,963
1,877,264
1,916,677
1,996,154
2,485,081
2,511,247
2,480,497
2,746,200
2,824,255
2,965,989
2,914,434
2,877,035
2,862,153
2,840,378
2,815,317
2,800,502
2,816,882
2,821,489
3,056,073
3,039,722
3,401,247
3,492,909
3,633,063
4,018,076
4,157,855
4,137,783
4,285,216
4,727,578
5,042,137
7,702,917
8,230,711
8,703,802
8,784,587
9,341,080
9,611,531
9,686,084
9,766,700
9,843,747
10,480,701
10,495,965
10,609,117
10,866,489
10,998,155
11,238,843
11,877,216
12,084,050
12,194,735
12,344,902
12,669,825
12,971,560
13,160,013
13,621,598
13,826,932
164,974
162,247
159,655
157,434
208,452
217,738
230,031
230,634
226,404
211,586
538,604
849,847
980,509
1,040,477
1,034,273
1,071,017
1,127,923
1,127,405
1,270,660
1,301,549

1,301,549

1,270,660

1,127,405

1,127,923

1,071,017

1,034,273

1,040,477

980,509

849,847

538,604

211,586

226,404

230,634

230,031

217,738

208,452

157,434

159,655

162,247

164,974

13,826,932

13,621,598

13,160,013

12,971,560

12,669,825

12,344,902

12,194,735

12,084,050

11,877,216

11,238,843

10,998,155

10,866,489

10,609,117

10,495,965

10,480,701

9,843,747

9,766,700

9,686,084

9,611,531

9,341,080

8,784,587

8,703,802

8,230,711

7,702,917

5,042,137

4,727,578

4,285,216

4,137,783

4,157,855

4,018,076

3,633,063

3,492,909

3,401,247

3,039,722

3,056,073

2,821,489

2,816,882

2,800,502

2,815,317

2,840,378

2,862,153

2,877,035

2,914,434

2,965,989

2,824,255

2,746,200

2,480,497

2,511,247

2,485,081

1,996,154

1,916,677

1,877,264

1,754,963

1,748,737

1,522,898

1,469,155

1,406,710

1,398,129

1,377,680

1,352,714

1,320,645

1,084,078

1,070,492

1,052,703

1,038,178

1,037,207

995,415

941,946

967,670

864,587

857,559

858,205

894,278

859,302

889,627

868,604

867,093

851,400

795,600

753,400

718,280

670,400

637,500

592,900

547,591

526,400

472,200

438,900

426,233

395,200

385,700

387,700

389,364

383,600

373,000

347,500

338,500

340,100

Goodwill

0
0
0
0
0
22,567
22,567
0
0
21,834
21,834
0
0
20,901
0
0
0
19,977
0
0
0
19,053
18,822
18,591
18,360
18,130
17,899
17,668
17,437
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,190
17,094
17,010
16,945
15,975
15,834
15,739
15,660
15,598
15,556
15,535
15,470
15,425
15,386
15,372
15,321
15,283
15,220
15,165
15,067
15,036
15,001
14,989
14,970
14,943
14,902
14,861
14,630
14,597
14,536
14,503
14,430
14,397
14,383
14,282
14,180
14,114
14,017
13,947
3,676,705
3,711,981
3,731,478
3,731,478
3,731,478
3,731,478
3,731,478
3,731,478
3,731,478

3,731,478

3,711,981

3,676,705

13,947

14,017

14,114

14,180

14,282

14,383

14,397

14,430

14,503

14,536

14,597

14,630

14,861

14,902

14,943

14,970

14,989

15,001

15,036

15,067

15,165

15,220

15,283

15,321

15,372

15,386

15,425

15,470

15,535

15,556

15,598

15,660

15,739

15,834

15,975

16,945

17,010

17,094

17,190

17,206

17,437

17,668

17,899

18,130

18,360

18,591

18,822

19,053

19,977

20,901

21,834

22,567

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
17,276
12,022
12,145
9,598
15,757
14,840
9,394
8,965
13,346
9,767
1,778
9,991
24,815
26,575
11,790
12,463
2,874
6,674
29,953
70,029
65,376
16,585
22,064
18,506
15,770
96,775
0
0
0
0
0
0
0
140,967
141,191
113,562
5,926
5,951
5,977
6,003
6,030
1,178,174

1,178,174

6,030

6,003

5,977

5,951

5,926

113,562

141,191

140,967

96,775

15,770

18,506

22,064

16,585

65,376

70,029

29,953

6,674

2,874

12,463

11,790

26,575

24,815

9,991

1,778

9,767

13,346

8,965

9,394

14,840

15,757

9,598

12,145

12,022

17,276

Intangible Assets

0
0
0
0
22,600
0
22,300
22,100
21,900
0
21,600
21,400
21,100
0
20,700
20,400
20,200
0
0
0
0
0
0
0
0
18,130
0
0
0
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
17,206
8,169
8,009
27,636
7,469
7,309
7,148
28,417
7,223
17,206
28,010
27,740
691
676
662
28,134
632
618
603
26,221
58,358
106,551
150,124
153,336
149,356
147,899
276,819
242,125
848,666
972,049
955,893
935,459
986,063
1,048,139
1,059,879
1,039,724
1,056,845
1,051,713
1,043,554
1,034,417
1,017,411
1,063,045
1,087,648
1,082,320
1,108,096
1,180,182
1,165,013
1,194,930
1,262,252
1,228,580
1,212,679
1,199,597
1,205,147
1,308,564
1,313,798
1,493,383
1,516,819
1,508,177
1,610,457
1,710,655
1,820,146
1,969,793
2,156,008
5,275,304
5,187,280
5,154,994
5,064,322
5,168,366
5,256,795
5,238,400
5,089,293
5,017,907

5,017,907

5,089,293

5,238,400

5,256,795

5,168,366

5,064,322

5,154,994

5,187,280

5,275,304

2,156,008

1,969,793

1,820,146

1,710,655

1,610,457

1,508,177

1,516,819

1,493,383

1,313,798

1,308,564

1,205,147

1,199,597

1,212,679

1,228,580

1,262,252

1,194,930

1,165,013

1,180,182

1,108,096

1,082,320

1,087,648

1,063,045

1,017,411

1,034,417

1,043,554

1,051,713

1,056,845

1,039,724

1,059,879

1,048,139

986,063

935,459

955,893

972,049

848,666

242,125

276,819

147,899

149,356

153,336

150,124

106,551

58,358

26,221

603

618

632

28,134

662

676

691

27,740

28,010

17,206

7,223

28,417

7,148

7,309

7,469

27,636

8,009

8,169

17,206

18,130

20,200

20,400

20,700

21,100

21,400

21,600

21,900

22,100

22,300

22,600

Other Assets

15,300
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
906,438
922,895
944,174
925,898
907,140
904,875
926,265
996,384
994,557
1,055,794
1,064,147
11,517
17,068
23,418
1,134,745
1,334,264
1,407,362
12,013
1,409,341
1,418,893
1,491,428
25,992
1,775,670
1,833,034
1,904,026
1,951,868
2,033,537
2,512,776
2,556,806
2,522,650
2,796,372
2,859,903
3,010,586
30,157
152,402
2,919,534
2,883,435
2,857,331
2,843,813
2,858,876
2,863,509
3,101,141
3,083,924
3,468,988
3,592,395
3,786,789
4,214,616
4,359,134
4,330,619
4,501,470
4,973,989
5,341,047
8,611,399
9,259,913
9,742,226
9,783,848
10,391,545
10,721,870
10,815,121
10,872,765
10,958,931
11,597,753
11,605,561
11,705,243
11,913,498
12,099,104
12,377,908
13,011,240
13,227,727
13,411,730
13,536,670
13,895,445
3,657
4,633
3,867
16,101
9,081
15,132
17,917
16,324
12,512
13,893
10,361
434,297
19,611,104
21,425,857
22,852,382
2,836,052
39,645,801
40,480,871
41,425,695
45,173,014
46,435,348
23,995
50,562,945
0

50,562,945

23,995

46,435,348

45,173,014

41,425,695

40,480,871

39,645,801

2,836,052

22,852,382

21,425,857

19,611,104

434,297

10,361

13,893

12,512

16,324

17,917

15,132

9,081

16,101

3,867

4,633

3,657

13,895,445

13,536,670

13,411,730

13,227,727

13,011,240

12,377,908

12,099,104

11,913,498

11,705,243

11,605,561

11,597,753

10,958,931

10,872,765

10,815,121

10,721,870

10,391,545

9,783,848

9,742,226

9,259,913

8,611,399

5,341,047

4,973,989

4,501,470

4,330,619

4,359,134

4,214,616

3,786,789

3,592,395

3,468,988

3,083,924

3,101,141

2,863,509

2,858,876

2,843,813

2,857,331

2,883,435

2,919,534

152,402

30,157

3,010,586

2,859,903

2,796,372

2,522,650

2,556,806

2,512,776

2,033,537

1,951,868

1,904,026

1,833,034

1,775,670

25,992

1,491,428

1,418,893

1,409,341

12,013

1,407,362

1,334,264

1,134,745

23,418

17,068

11,517

1,064,147

1,055,794

994,557

996,384

926,265

904,875

907,140

925,898

944,174

922,895

906,438

15,300

> Total Liabilities

13,100
12,600
15,900
44,200
57,200
36,218
33,300
32,900
45,300
79,856
95,900
131,300
191,700
143,706
161,300
209,500
244,400
309,025
350,000
340,600
351,400
370,573
381,803
405,536
436,147
419,197
394,935
317,547
345,325
331,915
322,150
403,792
350,747
357,775
375,182
402,494
446,943
532,491
537,876
501,279
549,714
528,580
614,083
666,002
806,456
931,774
826,747
878,303
962,428
970,516
1,006,351
981,884
1,524,862
1,539,260
1,518,177
1,534,616
1,520,507
1,439,518
1,396,186
1,413,721
1,398,966
1,426,778
1,438,264
1,694,060
1,658,550
1,688,625
1,660,408
1,900,060
1,999,232
2,164,535
1,937,494
2,103,676
1,039,524
3,030,569
3,622,214
4,310,447
4,834,601
4,503,083
5,126,013
4,947,988
5,349,454
5,371,523
5,417,691
5,743,841
5,674,733
5,312,537
5,536,613
5,429,354
5,765,956
6,365,818
6,367,463
6,553,064
6,327,492
6,667,458
7,176,434
7,161,605
7,384,071
7,139,505
7,753,832
7,886,036
7,861,807
8,750,638
8,378,803
8,728,628
9,285,582
9,722,555
9,412,557
10,111,262
10,341,981
18,008,102
18,483,292
18,549,039
19,028,218
20,829,803
21,714,100
22,669,523
23,513,502
24,672,388

24,672,388

23,513,502

22,669,523

21,714,100

20,829,803

19,028,218

18,549,039

18,483,292

18,008,102

10,341,981

10,111,262

9,412,557

9,722,555

9,285,582

8,728,628

8,378,803

8,750,638

7,861,807

7,886,036

7,753,832

7,139,505

7,384,071

7,161,605

7,176,434

6,667,458

6,327,492

6,553,064

6,367,463

6,365,818

5,765,956

5,429,354

5,536,613

5,312,537

5,674,733

5,743,841

5,417,691

5,371,523

5,349,454

4,947,988

5,126,013

4,503,083

4,834,601

4,310,447

3,622,214

3,030,569

1,039,524

2,103,676

1,937,494

2,164,535

1,999,232

1,900,060

1,660,408

1,688,625

1,658,550

1,694,060

1,438,264

1,426,778

1,398,966

1,413,721

1,396,186

1,439,518

1,520,507

1,534,616

1,518,177

1,539,260

1,524,862

981,884

1,006,351

970,516

962,428

878,303

826,747

931,774

806,456

666,002

614,083

528,580

549,714

501,279

537,876

532,491

446,943

402,494

375,182

357,775

350,747

403,792

322,150

331,915

345,325

317,547

394,935

419,197

436,147

405,536

381,803

370,573

351,400

340,600

350,000

309,025

244,400

209,500

161,300

143,706

191,700

131,300

95,900

79,856

45,300

32,900

33,300

36,218

57,200

44,200

15,900

12,600

13,100

> Total Current Liabilities

0
0
0
0
0
17,000
8,000
8,000
8,000
10,000
8,000
9,000
14,000
11,000
13,000
12,000
17,000
14,000
16,000
18,000
18,000
22,000
15,000
14,000
20,000
15,000
19,000
18,000
17,000
17,000
18,000
18,000
19,000
18,000
20,000
20,000
22,000
26,000
25,000
21,000
27,000
25,000
31,000
26,000
35,000
40,000
38,000
41,000
42,000
51,000
40,000
52,000
55,000
69,000
48,000
218
308
70,000
46,186
63,721
48,966
55,371
88,264
82,305
58,550
66,070
44,160
72,364
55,898
80,175
57,172
353,676
78,211
233,039
207,437
834,500
603,065
271,963
851,983
238,128
198,278
389,962
493,060
589,913
584,063
404,170
791,811
696,047
1,320,788
1,296,391
144,523
821,879
811,051
280,322
1,237,283
720,778
958,893
453,554
1,021,483
237,611
237,889
958,102
878,264
911,111
1,145,748
327,027
963,830
1,635,566
770,867
2,049,423
1,974,748
1,676,660
2,485,640
3,293,887
1,900,446
1,732,495
1,705,914
1,890,713

1,890,713

1,705,914

1,732,495

1,900,446

3,293,887

2,485,640

1,676,660

1,974,748

2,049,423

770,867

1,635,566

963,830

327,027

1,145,748

911,111

878,264

958,102

237,889

237,611

1,021,483

453,554

958,893

720,778

1,237,283

280,322

811,051

821,879

144,523

1,296,391

1,320,788

696,047

791,811

404,170

584,063

589,913

493,060

389,962

198,278

238,128

851,983

271,963

603,065

834,500

207,437

233,039

78,211

353,676

57,172

80,175

55,898

72,364

44,160

66,070

58,550

82,305

88,264

55,371

48,966

63,721

46,186

70,000

308

218

48,000

69,000

55,000

52,000

40,000

51,000

42,000

41,000

38,000

40,000

35,000

26,000

31,000

25,000

27,000

21,000

25,000

26,000

22,000

20,000

18,000

19,000

18,000

17,000

18,000

19,000

15,000

20,000

14,000

15,000

22,000

18,000

16,000

14,000

17,000

12,000

13,000

11,000

14,000

9,000

8,000

10,000

8,000

17,000

Short-term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,470,000
0
0
0
0
0
39,900
26,900
0
0
0
0
96,600
0
0
183,600
0
158,000
116,600
701,000
468,400
128,000
740,100
70,800
45,000
223,000
370,000
430,000
439,000
238,000
653,000
512,000
1,082,000
1,120,000
-97,116
648,000
658,000
110,000
1,082,000
534,000
774,000
252,000
838,000
8,000
-68,678
704,335
615,176
628,551
856,142
-20,203
675,000
1,285,306
405,000
1,551,376
1,519,625
1,169,121
1,920,159
2,729,040
1,304,858
990,257
858,260
764,390

764,390

858,260

990,257

1,304,858

2,729,040

1,920,159

1,169,121

1,519,625

1,551,376

405,000

1,285,306

675,000

-20,203

856,142

628,551

615,176

704,335

-68,678

8,000

838,000

252,000

774,000

534,000

1,082,000

110,000

658,000

648,000

-97,116

1,120,000

1,082,000

512,000

653,000

238,000

439,000

430,000

370,000

223,000

45,000

70,800

740,100

128,000

468,400

701,000

116,600

158,000

183,600

96,600

26,900

39,900

1,470,000

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
4,942,094
0
0
0
4,825,702
0
512,000
1,082,000
5,844,621
5,428,720
5,993,219
71,300
441,900
79,600
8,500
7,300
90,700
29,800
18,200
1,200
334,300
615,176
628,551
856,142
0
675,000
1,285,306
405,000
1,551,376
1,519,625
1,169,121
1,920,159
2,729,040
1,304,858
990,257
858,260
764,390

764,390

858,260

990,257

1,304,858

2,729,040

1,920,159

1,169,121

1,519,625

1,551,376

405,000

1,285,306

675,000

856,142

628,551

615,176

334,300

1,200

18,200

29,800

90,700

7,300

8,500

79,600

441,900

71,300

5,993,219

5,428,720

5,844,621

1,082,000

512,000

4,825,702

4,942,094

Accounts payable

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
6,206
4,845
8,194
5,969
7,544
5,957
6,096
5,834
6,228
5,578
6,903
5,047
7,715
7,393
8,423
11,479
10,521
7,471
12,021
9,579
14,698
14,323
16,731
20,391
17,406
19,879
20,483
27,004
16,192
26,227
29,242
38,112
20,513
37,377
21,913
38,027
17,860
36,557
11,209
38,445
19,400
38,375
26,846
13,779
11,271
51,963
34,538
18,809
34,419
116,158
78,211
94,171
51,724
116,691
108,658
102,511
70,340
143,326
121,560
123,287
77,594
112,824
97,219
115,826
86,328
130,024
21,162
121,156
86,638
115,595
92,947
109,523
92,379
122,379
119,144
133,765
114,225
156,859
163,154
177,039
182,177
201,176
206,626
241,336
200,168
259,805
269,587
351,128
305,574
353,573
408,482
399,137
422,365
559,383
660,366
66,576

66,576

660,366

559,383

422,365

399,137

408,482

353,573

305,574

351,128

269,587

259,805

200,168

241,336

206,626

201,176

182,177

177,039

163,154

156,859

114,225

133,765

119,144

122,379

92,379

109,523

92,947

115,595

86,638

121,156

21,162

130,024

86,328

115,826

97,219

112,824

77,594

123,287

121,560

143,326

70,340

102,511

108,658

116,691

51,724

94,171

78,211

116,158

34,419

18,809

34,538

51,963

11,271

13,779

26,846

38,375

19,400

38,445

11,209

36,557

17,860

38,027

21,913

37,377

20,513

38,112

29,242

26,227

16,192

27,004

20,483

19,879

17,406

20,391

16,731

14,323

14,698

9,579

12,021

7,471

10,521

11,479

8,423

7,393

7,715

5,047

6,903

5,578

6,228

5,834

6,096

5,957

7,544

5,969

8,194

4,845

6,206

Other Current Liabilities

0
0
0
0
0
17,000
8,000
8,000
8,000
10,000
8,000
9,000
14,000
11,000
13,000
12,000
17,000
14,000
16,000
18,000
18,000
22,000
15,000
14,000
20,000
15,000
19,000
18,000
17,000
17,000
18,000
18,000
19,000
18,000
20,000
20,000
22,000
26,000
25,000
21,000
27,000
25,000
31,000
26,000
35,000
40,000
38,000
41,000
42,000
51,000
40,000
52,000
55,000
69,000
48,000
65,000
-1,469,692
70,000
28,326
27,164
48,966
16,926
11,981
11,755
31,704
52,291
32,889
20,401
21,360
61,366
22,753
30,925
23,704
54,110
24,021
116,691
108,658
10,308
13,335
143,326
121,560
7,553
14,533
17,193
21,531
7,504
20,563
24,280
131,147
-18,863
44,533
-54,893
-43,416
-44,485
-49,093
-47,415
-32,336
-47,591
-33,386
-39,549
19,559
-50,959
-36,380
-35,133
-29,023
-24,337
-64,521
-62,565
-60,191
-95,203
-104,182
-89,136
-101,033
-103,935
-113,099
-175,231
-109,279
747,552

747,552

-109,279

-175,231

-113,099

-103,935

-101,033

-89,136

-104,182

-95,203

-60,191

-62,565

-64,521

-24,337

-29,023

-35,133

-36,380

-50,959

19,559

-39,549

-33,386

-47,591

-32,336

-47,415

-49,093

-44,485

-43,416

-54,893

44,533

-18,863

131,147

24,280

20,563

7,504

21,531

17,193

14,533

7,553

121,560

143,326

13,335

10,308

108,658

116,691

24,021

54,110

23,704

30,925

22,753

61,366

21,360

20,401

32,889

52,291

31,704

11,755

11,981

16,926

48,966

27,164

28,326

70,000

-1,469,692

65,000

48,000

69,000

55,000

52,000

40,000

51,000

42,000

41,000

38,000

40,000

35,000

26,000

31,000

25,000

27,000

21,000

25,000

26,000

22,000

20,000

18,000

19,000

18,000

17,000

18,000

19,000

15,000

20,000

14,000

15,000

22,000

18,000

16,000

14,000

17,000

12,000

13,000

11,000

14,000

9,000

8,000

10,000

8,000

17,000

> Long-term Liabilities

13,100
12,600
15,900
44,200
57,200
19,000
25,000
25,000
37,000
70,000
88,000
122,000
178,000
133,000
148,000
198,000
227,000
295,000
334,000
323,000
333,000
349,000
367,000
392,000
416,000
404,000
376,000
300,000
328,000
315,000
304,000
386,000
332,000
357,775
375,182
402,494
446,943
532,491
537,876
501,279
549,714
528,580
614,083
666,002
806,456
931,774
826,747
878,303
962,428
970,516
1,006,351
981,884
1,524,862
1,539,260
1,518,177
1,470,000
1,470,000
1,439,518
1,350,000
1,350,000
1,350,000
1,371,407
1,350,000
1,611,755
1,600,000
1,622,555
1,616,248
1,827,696
1,943,334
2,084,360
1,880,322
1,750,000
961,313
2,797,530
3,414,777
3,475,947
4,231,536
4,231,120
4,274,030
4,709,860
5,151,176
4,981,561
4,924,631
5,153,928
5,090,670
4,908,367
4,744,802
4,733,307
4,445,168
5,069,427
6,222,940
5,731,185
5,516,441
6,387,136
5,939,151
6,440,827
6,425,178
6,685,951
6,732,349
7,648,425
7,623,918
7,792,536
7,500,539
7,817,517
8,139,834
9,395,528
8,448,727
8,475,696
9,571,114
15,958,679
16,508,544
16,872,379
16,542,578
17,535,916
19,813,654
20,937,028
21,807,588
22,781,675

22,781,675

21,807,588

20,937,028

19,813,654

17,535,916

16,542,578

16,872,379

16,508,544

15,958,679

9,571,114

8,475,696

8,448,727

9,395,528

8,139,834

7,817,517

7,500,539

7,792,536

7,623,918

7,648,425

6,732,349

6,685,951

6,425,178

6,440,827

5,939,151

6,387,136

5,516,441

5,731,185

6,222,940

5,069,427

4,445,168

4,733,307

4,744,802

4,908,367

5,090,670

5,153,928

4,924,631

4,981,561

5,151,176

4,709,860

4,274,030

4,231,120

4,231,536

3,475,947

3,414,777

2,797,530

961,313

1,750,000

1,880,322

2,084,360

1,943,334

1,827,696

1,616,248

1,622,555

1,600,000

1,611,755

1,350,000

1,371,407

1,350,000

1,439,518

1,470,000

1,518,177

1,539,260

1,524,862

981,884

1,006,351

970,516

962,428

878,303

826,747

931,774

806,456

666,002

614,083

528,580

549,714

501,279

537,876

532,491

446,943

402,494

375,182

357,775

332,000

386,000

304,000

315,000

328,000

300,000

376,000

404,000

416,000

392,000

367,000

349,000

333,000

323,000

334,000

295,000

227,000

198,000

148,000

133,000

178,000

122,000

88,000

70,000

37,000

25,000

19,000

57,200

44,200

15,900

12,600

13,100

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
1,600,000
1,809,606
1,818,150
0
0
0
0
2,725,868
3,284,140
3,347,109
4,081,058
4,038,840
4,078,066
4,522,411
4,937,239
4,707,947
4,655,036
4,875,524
4,812,549
4,603,486
832,949
815,329
822,255
4,719,605
1,191,282
697,625
660,362
771,227
632,614
631,239
629,777
871,179
6,177,427
7,066,288
7,037,389
7,197,212
6,920,438
7,246,226
7,579,719
8,817,467
7,857,495
7,880,081
8,844,362
13,891,261
14,411,870
14,785,374
14,421,523
15,381,693
17,578,618
18,641,564
20,453,147
0

20,453,147

18,641,564

17,578,618

15,381,693

14,421,523

14,785,374

14,411,870

13,891,261

8,844,362

7,880,081

7,857,495

8,817,467

7,579,719

7,246,226

6,920,438

7,197,212

7,037,389

7,066,288

6,177,427

871,179

629,777

631,239

632,614

771,227

660,362

697,625

1,191,282

4,719,605

822,255

815,329

832,949

4,603,486

4,812,549

4,875,524

4,655,036

4,707,947

4,937,239

4,522,411

4,078,066

4,038,840

4,081,058

3,347,109

3,284,140

2,725,868

1,818,150

1,809,606

1,600,000

Other Liabilities

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,841
3,526
4,883
4,314
4,254
3,956
4,208
4,543
4,345
4,118
4,888
6,227
5,798
6,085
6,259
7,030
6,183
4,799
5,313
6,286
7,089
7,631
9,156
9,562
9,937
10,259
9,740
8,416
9,497
10,724
9,840
15,304
11,728
11,233
11,859
14,698
11,485
10,296
11,357
16,807
11,981
11,755
13,750
22,555
16,248
18,090
28,584
29,179
30,444
30,925
39,499
52,530
123,887
138,897
169,735
192,280
195,964
211,451
245,655
269,217
265,120
273,852
273,492
300,174
287,920
292,841
358,011
344,806
385,470
385,966
382,165
380,339
421,505
429,144
413,961
432,339
420,064
449,568
456,312
467,093
452,288
445,473
436,789
578,061
591,232
595,615
726,752
2,067,418
1,615,424
2,087,005
2,121,055
1,664,658
2,235,036
0
1,817,175
0

1,817,175

2,235,036

1,664,658

2,121,055

2,087,005

1,615,424

2,067,418

726,752

595,615

591,232

578,061

436,789

445,473

452,288

467,093

456,312

449,568

420,064

432,339

413,961

429,144

421,505

380,339

382,165

385,966

385,470

344,806

358,011

292,841

287,920

300,174

273,492

273,852

265,120

269,217

245,655

211,451

195,964

192,280

169,735

138,897

123,887

52,530

39,499

30,925

30,444

29,179

28,584

18,090

16,248

22,555

13,750

11,755

11,981

16,807

11,357

10,296

11,485

14,698

11,859

11,233

11,728

15,304

9,840

10,724

9,497

8,416

9,740

10,259

9,937

9,562

9,156

7,631

7,089

6,286

5,313

4,799

6,183

7,030

6,259

6,085

5,798

6,227

4,888

4,118

4,345

4,543

4,208

3,956

4,254

4,314

4,883

3,526

3,841

Deferred Long Term Liability

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
27,445
0
0
0
10,226
0
0
0
7,303
0
0
0
4,366
3,638
2,911
2,206
14,248
13,406
12,564
12,339
11,453
10,274
9,418
8,562
7,705
6,849
5,993
5,137
4,352
3,661
19,663
18,430
17,196
0
0
13,497
0

13,497

17,196

18,430

19,663

3,661

4,352

5,137

5,993

6,849

7,705

8,562

9,418

10,274

11,453

12,339

12,564

13,406

14,248

2,206

2,911

3,638

4,366

7,303

10,226

27,445

> Total Stockholder Equity

339,500
335,400
332,700
329,700
346,200
381,421
382,100
378,900
376,100
374,241
371,800
369,000
366,800
433,315
459,300
456,500
453,200
450,209
446,500
508,900
538,900
534,831
529,918
522,856
516,882
515,569
517,893
591,778
596,170
671,793
679,431
676,528
724,907
722,455
718,744
716,620
714,101
827,766
895,458
923,584
887,930
913,735
909,139
905,581
992,251
989,214
1,103,185
1,097,294
1,197,762
1,575,992
1,568,962
1,563,008
1,551,400
1,538,092
1,521,287
1,508,321
1,569,624
1,554,661
1,535,445
1,518,837
1,502,409
1,488,009
1,467,439
1,449,095
1,626,984
1,846,965
2,110,148
2,090,993
2,275,542
2,254,854
2,460,939
2,472,883
1,008,935
2,412,794
5,127,591
5,068,879
5,010,248
5,385,447
5,325,638
5,835,701
5,561,790
5,613,401
5,650,036
5,960,203
6,039,648
6,531,596
6,478,999
6,800,641
6,754,731
6,766,804
7,034,943
7,001,406
7,354,429
7,371,501
7,267,980
7,475,750
7,676,240
8,088,742
7,983,895
8,837,502
9,293,419
9,774,456
10,388,015
10,344,449
10,470,527
10,985,483
11,534,872
11,839,532
13,335,093
25,052,574
25,502,179
26,326,612
26,737,119
28,713,149
29,259,106
31,143,211
31,657,144
32,941,467

32,941,467

31,657,144

31,143,211

29,259,106

28,713,149

26,737,119

26,326,612

25,502,179

25,052,574

13,335,093

11,839,532

11,534,872

10,985,483

10,470,527

10,344,449

10,388,015

9,774,456

9,293,419

8,837,502

7,983,895

8,088,742

7,676,240

7,475,750

7,267,980

7,371,501

7,354,429

7,001,406

7,034,943

6,766,804

6,754,731

6,800,641

6,478,999

6,531,596

6,039,648

5,960,203

5,650,036

5,613,401

5,561,790

5,835,701

5,325,638

5,385,447

5,010,248

5,068,879

5,127,591

2,412,794

1,008,935

2,472,883

2,460,939

2,254,854

2,275,542

2,090,993

2,110,148

1,846,965

1,626,984

1,449,095

1,467,439

1,488,009

1,502,409

1,518,837

1,535,445

1,554,661

1,569,624

1,508,321

1,521,287

1,538,092

1,551,400

1,563,008

1,568,962

1,575,992

1,197,762

1,097,294

1,103,185

989,214

992,251

905,581

909,139

913,735

887,930

923,584

895,458

827,766

714,101

716,620

718,744

722,455

724,907

676,528

679,431

671,793

596,170

591,778

517,893

515,569

516,882

522,856

529,918

534,831

538,900

508,900

446,500

450,209

453,200

456,500

459,300

433,315

366,800

369,000

371,800

374,241

376,100

378,900

382,100

381,421

346,200

329,700

332,700

335,400

339,500

Common Stock

0
0
0
0
0
22,976
0
0
0
22,980
0
0
0
25,698
0
0
0
26,817
0
0
0
636,611
636,002
633,083
631,802
630,932
632,023
710,875
717,312
795,505
806,227
806,467
855,635
855,818
857,020
857,393
857,770
969,030
1,037,491
1,038,081
1,038,767
1,038,973
1,039,551
1,040,144
1,133,730
1,134,300
1,255,671
1,256,793
1,366,504
1,540,365
1,541,491
1,543,269
1,544,117
1,545,037
1,546,180
1,548,052
1,623,659
1,624,622
1,625,795
1,627,180
1,628,239
1,629,237
1,629,346
1,630,974
1,829,223
2,066,287
2,351,962
2,354,676
2,560,612
2,563,048
2,564,184
2,567,148
1,586
2,572,092
5,325,854
5,329,715
5,333,761
5,767,878
5,774,395
6,357,084
6,361,400
6,464,987
6,569,610
6,953,679
7,107,662
7,666,428
7,699,837
8,105,229
8,144,983
8,228,594
8,987,933
9,046,533
9,488,043
9,624,264
9,625,200
9,925,543
10,220,092
10,754,495
10,748,467
11,722,036
12,294,138
12,873,849
13,604,055
13,704,121
14,050,494
14,700,050
15,371,016
15,827,231
17,449,122
29,578,212
30,236,374
31,303,383
32,003,069
34,159,509
34,958,608
37,149,380
38,031,829
39,629,709

39,629,709

38,031,829

37,149,380

34,958,608

34,159,509

32,003,069

31,303,383

30,236,374

29,578,212

17,449,122

15,827,231

15,371,016

14,700,050

14,050,494

13,704,121

13,604,055

12,873,849

12,294,138

11,722,036

10,748,467

10,754,495

10,220,092

9,925,543

9,625,200

9,624,264

9,488,043

9,046,533

8,987,933

8,228,594

8,144,983

8,105,229

7,699,837

7,666,428

7,107,662

6,953,679

6,569,610

6,464,987

6,361,400

6,357,084

5,774,395

5,767,878

5,333,761

5,329,715

5,325,854

2,572,092

1,586

2,567,148

2,564,184

2,563,048

2,560,612

2,354,676

2,351,962

2,066,287

1,829,223

1,630,974

1,629,346

1,629,237

1,628,239

1,627,180

1,625,795

1,624,622

1,623,659

1,548,052

1,546,180

1,545,037

1,544,117

1,543,269

1,541,491

1,540,365

1,366,504

1,256,793

1,255,671

1,134,300

1,133,730

1,040,144

1,039,551

1,038,973

1,038,767

1,038,081

1,037,491

969,030

857,770

857,393

857,020

855,818

855,635

806,467

806,227

795,505

717,312

710,875

632,023

630,932

631,802

633,083

636,002

636,611

26,817

25,698

22,980

22,976

Retained Earnings

-132,500
-137,100
453,000
-142,800
-146,200
-157,674
-156,900
-160,000
-162,800
-164,743
-167,400
-170,200
-172,600
-174,833
-177,600
-180,500
-183,300
-186,277
-190,100
-194,200
-197,400
-201,459
-205,487
-209,595
-214,288
-214,731
-213,498
-218,465
-220,510
-223,080
-226,164
-229,307
-230,096
-232,731
-237,644
-240,141
-243,037
-240,632
-241,401
-243,932
-247,266
-249,025
-254,216
-258,367
-265,283
-268,890
-276,290
-283,303
-292,546
-302,154
-310,319
-318,051
-330,507
-344,735
-362,683
-377,521
-391,825
-407,751
-428,140
-446,133
-463,620
-479,018
-499,697
-519,669
-540,029
-557,112
-579,604
-601,473
-622,860
-645,984
-678,172
-703,628
1,004,852
-768,661
-807,626
-870,199
-932,876
-991,794
-1,058,120
-1,130,746
-1,194,987
-1,246,964
-1,314,952
-1,388,854
-1,463,392
-1,530,210
-1,616,216
-1,699,966
-1,785,630
-1,857,168
-1,952,990
-2,045,127
-2,133,614
-2,252,763
-2,357,220
-2,449,793
-2,543,852
-2,657,655
-2,752,775
-2,869,937
-2,987,120
-3,082,291
-3,173,468
-3,306,588
-3,527,521
-3,659,933
-3,827,660
-3,968,333
-4,112,953
-4,530,571
-4,772,112
-4,999,150
-5,241,012
-5,493,193
-5,772,923
-6,102,226
-6,416,534
-6,762,136

-6,762,136

-6,416,534

-6,102,226

-5,772,923

-5,493,193

-5,241,012

-4,999,150

-4,772,112

-4,530,571

-4,112,953

-3,968,333

-3,827,660

-3,659,933

-3,527,521

-3,306,588

-3,173,468

-3,082,291

-2,987,120

-2,869,937

-2,752,775

-2,657,655

-2,543,852

-2,449,793

-2,357,220

-2,252,763

-2,133,614

-2,045,127

-1,952,990

-1,857,168

-1,785,630

-1,699,966

-1,616,216

-1,530,210

-1,463,392

-1,388,854

-1,314,952

-1,246,964

-1,194,987

-1,130,746

-1,058,120

-991,794

-932,876

-870,199

-807,626

-768,661

1,004,852

-703,628

-678,172

-645,984

-622,860

-601,473

-579,604

-557,112

-540,029

-519,669

-499,697

-479,018

-463,620

-446,133

-428,140

-407,751

-391,825

-377,521

-362,683

-344,735

-330,507

-318,051

-310,319

-302,154

-292,546

-283,303

-276,290

-268,890

-265,283

-258,367

-254,216

-249,025

-247,266

-243,932

-241,401

-240,632

-243,037

-240,141

-237,644

-232,731

-230,096

-229,307

-226,164

-223,080

-220,510

-218,465

-213,498

-214,731

-214,288

-209,595

-205,487

-201,459

-197,400

-194,200

-190,100

-186,277

-183,300

-180,500

-177,600

-174,833

-172,600

-170,200

-167,400

-164,743

-162,800

-160,000

-156,900

-157,674

-146,200

-142,800

453,000

-137,100

-132,500

Capital Surplus

Treasury Stock

Other Stockholders Equity

472,000
472,500
-120,300
472,500
492,400
642,181
539,000
538,900
538,900
654,311
539,200
539,200
539,400
734,656
636,900
637,000
636,500
781,224
636,600
703,100
736,300
195,386
201,520
191,831
196,407
212,379
218,246
224,291
228,587
233,848
238,754
233,736
247,234
254,250
261,535
260,988
265,399
272,647
279,814
286,895
293,190
301,728
309,489
320,031
329,763
341,193
353,399
366,053
381,048
35,627
414,089
432,314
450,222
1,538,092
492,073
512,082
530,586
1,554,661
573,039
593,621
612,622
630,840
651,841
673,979
690,511
711,615
736,770
761,077
786,863
814,126
844,005
870,165
-609,363
0
0
0
0
0
0
0
0
-1,246,964
0
0
0
-1,530,210
3,183,494
3,172,712
3,138,472
-1,857,168
-1,952,990
-2,045,127
-2,133,614
-2,252,763
-2,357,220
-2,449,793
-2,543,852
-98
203
403
401
-102
428
-53,084
-52,446
-54,634
366
-3,987,699
-4,114,029
4,933
37,917
-450,246
-5,265,950
-5,446,360
-5,699,502
-6,006,169
-6,374,685
-6,688,242

-6,688,242

-6,374,685

-6,006,169

-5,699,502

-5,446,360

-5,265,950

-450,246

37,917

4,933

-4,114,029

-3,987,699

366

-54,634

-52,446

-53,084

428

-102

401

403

203

-98

-2,543,852

-2,449,793

-2,357,220

-2,252,763

-2,133,614

-2,045,127

-1,952,990

-1,857,168

3,138,472

3,172,712

3,183,494

-1,530,210

-1,246,964

-609,363

870,165

844,005

814,126

786,863

761,077

736,770

711,615

690,511

673,979

651,841

630,840

612,622

593,621

573,039

1,554,661

530,586

512,082

492,073

1,538,092

450,222

432,314

414,089

35,627

381,048

366,053

353,399

341,193

329,763

320,031

309,489

301,728

293,190

286,895

279,814

272,647

265,399

260,988

261,535

254,250

247,234

233,736

238,754

233,848

228,587

224,291

218,246

212,379

196,407

191,831

201,520

195,386

736,300

703,100

636,600

781,224

636,500

637,000

636,900

734,656

539,400

539,200

654,311

538,900

539,000

642,181

492,400

472,500

-120,300

472,500

472,000

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	1996-12-31	1995-12-31	1994-12-31	1993-12-31
Accounts Payable	66,576	399,137	351,128	241,336	177,039	133,765	109,523	121,156	115,826	123,287	102,511	94,171	58,770	13,779	38,445	38,027	38,112	27,004	20,391	9,579	11,479	5,047	5,834	5,969	0	0	0	0	0	0	0
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
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
Accumulated Other Comprehensive Income	73,894	46,833	4,933	-54,634	-17,102	-8,098	0	0	0	0	0	0	-814,126	-711,615	-630,840	-1,554,661	-1,538,092	-35,627	-341,193	-301,728	-272,647	-254,250	-233,848	-212,379	-195,386	-171,555	-152,206	-138,307	-126,062	0	0
Additional Paid In Capital	0	0	0	0	0	0	9,624,264	395,378	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	469,558	1,379,436	505,735	120,815	128,231	5,636	5,326	5,016	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	39,629,709	34,159,509	29,578,212	14,700,050	12,873,849	10,754,495	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Surpluse	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash	232,923	171,102	258,579	824,476	54,011	10,387	6,898	9,420	40,294	3,852	10,257	5,248	4,165	17,607	10,026	46,815	193,101	10,573	65,704	2,141	4,837	8,921	2,467	3,815	773	2,533	2,123	1,559	1,650	0	29,329
Cash And Equivalents	0	171,102	258,579	824,476	54,011	10,387	6,898	9,420	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	232,923	171,102	258,579	824,476	54,011	10,387	6,898	9,420	40,294	3,852	10,257	5,248	4,165	17,607	10,026	46,815	193,101	10,573	65,704	2,141	4,837	8,921	2,467	3,815	773	2,533	2,123	1,559	1,650	0	29,329
Common Stock	39,629,709	34,159,509	29,578,212	14,700,050	12,873,849	10,754,495	9,624,264	8,228,594	7,666,428	6,464,987	5,767,878	2,572,092	2,563,048	2,066,287	1,629,237	1,624,622	1,545,037	1,540,365	1,134,300	1,038,973	969,030	855,818	795,505	630,932	636,611	26,817	25,698	22,980	22,976	0	0
Common Stock Shares Outstanding	693,024	612,181	414,770	345,415	316,159	289,924	273,937	255,624	236,208	218,768	191,782	132,885	126,189	105,943	103,581	101,210	100,334	89,918	80,209	78,599	71,223	67,976	56,555	53,638	53,860	53,277	47,027	45,956	39,560	39,036	39,512
Common Stock Total Equity	0	34,159,509	29,578,212	14,700,050	12,873,849	10,754,495	9,624,264	8,228,594	7,666,428	6,464,987	5,767,878	2,572,092	2,563,048	2,066,287	1,629,237	1,624,622	1,545,037	1,540,365	1,134,300	1,038,973	969,030	855,818	795,505	630,932	636,611	26,817	25,698	22,980	22,976	0	0
Current Deferred Revenue	312,195	269,645	242,122	130,231	127,687	115,380	105,284	74,098	42,840	36,122	31,144	20,929	0	0	16,926	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Long Term Asset Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Long Term Liab	0	17,196	4,352	7,705	11,453	14,248	4,366	7,303	10,226	27,445	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
Good Will	3,731,478	3,731,478	3,676,705	14,180	14,430	14,630	14,970	15,067	15,321	15,470	15,660	16,945	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	18,130	19,053	19,977	20,901	21,834	22,567	0	0
Intangible Assets	5,017,907	5,168,366	5,275,304	1,710,655	1,493,383	1,199,597	1,194,930	1,082,320	1,034,417	1,039,724	935,459	242,125	153,336	26,221	28,134	27,740	28,417	17,206	17,206	17,206	17,206	17,206	17,206	18,130	0	0	0	0	0	0	0
Inventory	31,466	29,535	1,066,186	1,260,482	0	-16,024	-21,030	-18,652	-18,437	-50,677	-21,832	19,219	2,153	3,631	8,266	6,660	56,156	137,962	47,083	17,155	60,110	6,528	23,356	33,130	0	0	0	0	0	0	0
Liabilities And Stockholders Equity	57,779,357	49,673,092	43,137,502	20,740,285	18,554,796	15,260,483	14,058,166	13,152,871	11,865,870	11,012,622	9,924,441	5,443,363	4,419,389	3,535,590	2,914,787	2,994,179	3,077,352	2,546,508	1,920,988	1,442,315	1,360,257	1,080,230	1,003,708	934,766	905,404	759,234	577,021	454,097	417,639	352,800	384,474
Long Term Debt	20,755,747	15,381,693	13,891,261	8,817,467	7,197,212	871,179	771,227	4,719,605	4,603,486	4,707,947	4,038,840	2,725,868	2,044,491	1,600,000	1,354,600	1,350,000	1,370,000	820,000	891,700	503,600	506,400	339,700	315,300	404,000	0	0	0	0	0	0	0
Long Term Debt Total	0	15,381,693	13,891,261	8,817,467	7,197,212	871,179	771,227	4,719,605	4,603,486	4,707,947	4,038,840	2,725,868	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Long Term Investments	1,178,174	5,951	140,967	0	96,775	16,585	6,674	26,575	9,767	14,840	12,022	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
Net Debt	21,756,772	19,319,067	15,184,058	7,992,991	7,847,536	6,489,589	6,104,573	5,830,185	4,801,192	4,927,095	4,156,583	2,918,681	2,051,016	1,582,393	1,344,574	1,323,185	1,276,899	909,427	825,996	501,459	501,563	330,779	312,833	400,185	348,427	292,267	130,477	68,441	16,947	12,600	-29,074
Net Invested Capital	54,461,604	46,823,882	40,495,211	19,802,950	17,676,003	14,588,718	13,482,972	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	2,593,629	567,963	426,768	285,701	181,969	144,991	119,533	104,584	81,678	64,386	39,323	84,865	15,375	11,301	10,396	10,624	7,142	5,953	5,044	4,075	3,950	4,408	4,857	5,053	3,407	2,973	3,236	2,288	2,131	0	0
Net Tangible Assets	0	19,813,305	16,100,565	9,274,828	8,281,073	6,874,515	6,161,601	5,274,039	5,086,480	4,162,829	3,824,965	1,786,486	0	1,829,759	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Working Capital	1,007,004	-2,525,287	-1,333,606	911,715	-603,930	-380,947	-222,285	-1,155,812	-272,431	-306,884	-210,361	-112,413	-60,635	-37,162	-1,406,356	-1,312,561	131,243	-34,474	30,748	-18,784	-17,213	-4,671	1,832	7,358	-2,742	6,977	-2,471	-3,970	-11,292	0	0
Non Current Assets Total	54,881,640	48,904,492	42,421,685	19,611,104	18,222,041	15,088,520	13,925,061	13,012,292	11,734,131	10,929,544	9,862,839	5,322,737	4,399,849	3,506,682	2,894,365	17,206	17,206	17,206	17,206	17,206	17,206	1,055,384	984,876	912,408	886,146	738,257	568,492	448,067	411,931	338,500	0
Non Current Liabilities Other	1,436,750	4,883,263	3,618,794	578,061	595,324	5,814,772	5,615,909	349,822	304,881	273,614	192,280	52,530	0	1,622,555	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Current Liabilities Total	22,781,675	17,535,916	15,958,679	9,395,528	7,792,536	6,685,951	6,387,136	5,069,427	4,908,367	4,981,561	4,231,120	2,797,530	2,084,360	1,622,555	1,371,407	1,370,000	1,539,260	970,516	931,774	528,580	532,491	357,775	315,000	404,000	349,000	295,000	133,000	70,000	19,000	12,600	255
Non Currrent Assets Other	104,812	38,927,680	1,369,579	17,669,815	16,571,224	13,874,293	12,715,161	11,914,905	10,684,393	9,874,350	8,911,720	5,063,667	222,635	62,008	60,277	-2,862,153	-2,824,255	-2,485,081	-1,754,963	-1,406,710	-1,320,645	-1,055,384	0	0	0	0	0	0	0	-338,500	0
Noncontrolling Interest In Consolidated Entity	0	130,140	76,826	32,247	29,702	32,236	19,207	20,249	21,737	27,698	35,911	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets	0	45,173,014	2,836,052	19,611,104	16,324	16,101	4,481	8,047	4,179	50,168	47,794	49,329	38,417	29,114	21,598	2,919,534	2,859,903	2,512,776	1,833,034	1,418,893	1,334,264	11,517	11,508	13,490	0	0	0	0	0	0	0
Other Current Assets	2,028,433	71,422	-1,035,716	-1,241,478	-327,554	32,609	27,704	45,227	28,204	65,517	33,854	30,513	9,833	8,431	7,738	2,919,534	2,859,903	2,512,776	1,833,034	1,418,893	1,334,264	11,517	11,508	13,490	15,078	15,471	3,170	2,183	1,927	0	0
Other Current Liab	747,552	-103,935	-95,203	-44,540	-50,959	-47,591	-44,485	-18,863	7,504	7,553	10,308	54,110	21,405	52,291	16,807	-1,370,000	69,000	51,000	40,000	25,000	26,000	18,000	17,000	15,000	22,000	14,000	11,000	10,000	17,000	0	0
Other Liab	0	1,664,658	2,067,418	578,061	467,093	432,339	380,339	344,806	300,174	312,892	233,732	76,275	50,584	41,606	33,733	31,491	31,148	23,512	19,683	15,401	14,612	13,028	10,781	9,228	0	0	0	0	0	0	0
Other Stockholder Equity	-6,688,242	-5,446,360	-4,525,638	-3,714,567	-3,099,393	-98	-2,252,763	-1,857,168	-1,530,210	-1,246,964	0	0	814,126	711,615	630,840	1,554,661	1,538,092	35,627	341,193	301,728	272,647	254,250	233,848	212,379	195,386	781,224	734,656	654,311	642,181	472,500	0
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Total Equity	0	0	0	0	0	0	0	395,378	395,378	395,378	609,363	609,363	13,900	13,900	13,900	13,900	13,900	13,900	5,100	5,100	4,126	4,126	99,368	99,368	0	0	0	0	0	0	0
Property Plant And Equipment Gross	1,301,549	1,071,017	849,847	230,634	157,434	0	0	0	0	0	0	0	4,157,855	3,401,247	2,816,882	2,862,153	2,824,255	2,485,081	1,754,963	1,406,710	1,320,645	1,038,178	967,670	894,278	867,093	718,280	547,591	426,233	389,364	0	0
Property Plant And Equipment Net	1,301,549	1,071,017	849,847	230,634	157,434	0	0	0	0	0	0	0	4,160,008	3,401,247	2,816,882	2,862,153	2,824,255	2,485,081	1,754,963	1,406,710	1,320,645	1,038,178	967,670	894,278	867,093	718,280	547,591	426,233	389,364	338,500	0
Property Plant Equipment	0	37,752,421	31,959,130	17,466,152	16,399,997	13,826,932	12,669,825	11,877,216	10,609,117	9,766,700	8,784,587	5,042,137	849	3,404,878	1,058	1,277	1,356	463	0	0	0	0	0	0	0	0	0	0	0	0	0
Retained Earnings	-6,762,136	-5,493,193	-4,530,571	-3,659,933	-3,082,291	-2,657,655	-2,252,763	-1,857,168	-1,530,210	-1,246,964	-991,794	-768,661	-645,984	-557,112	-479,018	-407,751	-344,735	-302,154	-268,890	-249,025	-240,632	-232,731	-223,080	-214,731	-201,459	-186,277	-174,833	-164,743	-157,674	-137,100	0
Retained Earnings Total Equity	0	-5,493,193	-4,530,571	-3,659,933	-3,082,291	-2,657,655	-2,252,763	-1,857,168	-1,530,210	-1,246,964	-991,794	-768,661	0	-557,112	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt	764,390	2,729,040	1,551,376	0	334,300	90,700	441,900	5,844,621	4,825,702	4,942,094	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	21,989,695	19,490,169	15,442,637	8,817,467	7,901,547	6,499,976	6,111,471	5,839,605	4,841,486	4,930,947	4,166,840	2,923,929	2,055,181	1,600,000	1,354,600	1,370,000	1,470,000	920,000	891,700	503,600	506,400	339,700	315,300	404,000	349,200	294,800	132,600	70,000	18,597	12,600	255
Short Term Debt	764,390	2,729,040	1,551,376	704,335	704,335	252,000	110,000	1,120,000	238,000	223,000	128,000	158,000	0	0	1,354,600	1,370,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Term Investments	-6,056	0	7,492	0	0	0	8,179	4,246	4,179	36,540	10,158	1,805	50	6,361	4,479	3,174	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Assets	57,779,357	49,673,092	43,137,502	20,740,285	18,554,796	15,260,483	14,058,166	13,152,871	11,865,870	11,012,622	9,924,441	5,443,363	4,419,389	3,535,590	2,914,787	2,994,179	3,077,352	2,546,508	1,920,988	1,442,315	1,360,257	1,080,230	1,003,708	934,766	905,404	759,234	577,021	454,097	417,639	352,800	384,474
Total Current Assets	2,897,717	768,600	715,817	1,129,181	332,755	171,963	133,105	140,579	131,739	83,078	61,602	120,626	19,540	28,908	20,422	57,439	200,243	16,526	70,748	6,216	8,787	13,329	18,832	22,358	19,258	20,977	8,529	6,030	5,708	0	29,329
Total Current Liabilities	1,890,713	3,293,887	2,049,423	327,027	958,102	453,554	280,322	1,296,391	404,170	389,962	271,963	233,039	80,175	66,070	1,426,778	1,370,000	69,000	51,000	40,000	25,000	26,000	18,000	17,000	15,000	22,000	14,000	11,000	10,000	17,000	0	0
Total Liab	24,672,388	20,829,803	18,008,102	9,722,555	8,750,638	7,139,505	6,667,458	6,365,818	5,312,537	5,371,523	4,503,083	3,030,569	2,164,535	1,688,625	1,426,778	1,439,518	1,539,260	970,516	931,774	528,580	532,491	357,775	331,915	419,197	370,573	309,025	143,706	79,856	36,218	12,600	255
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
Total Stockholder Equity	32,941,467	28,713,149	25,052,574	10,985,483	9,774,456	8,088,742	7,371,501	6,766,804	6,531,596	5,613,401	5,385,447	2,412,794	2,254,854	1,846,965	1,488,009	1,554,661	1,538,092	1,575,992	989,214	913,735	827,766	722,455	671,793	515,569	534,831	450,209	433,315	374,241	381,421	335,400	381,904
Treasury Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
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

	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	1997-12-31	1997-09-30	1997-06-30	1997-03-31	1996-12-31	1996-09-30	1996-06-30	1996-03-31	1995-12-31	1995-09-30	1995-06-30	1995-03-31	1994-12-31	1994-09-30
Accounts Payable	66,576	660,366	559,383	422,365	399,137	408,482	353,573	305,574	351,128	269,587	259,805	200,168	241,336	206,626	201,176	182,177	177,039	163,154	156,859	114,225	133,765	119,144	122,379	92,379	109,523	92,947	115,595	86,638	121,156	21,162	130,024	86,328	115,826	97,219	112,824	77,594	123,287	121,560	143,326	70,340	102,511	108,658	116,691	51,724	94,171	78,211	116,158	34,419	18,809	34,538	51,963	11,271	13,779	26,846	38,375	19,400	38,445	11,209	36,557	17,860	38,027	21,913	37,377	20,513	38,112	29,242	26,227	16,192	27,004	20,483	19,879	17,406	20,391	16,731	14,323	14,698	9,579	12,021	7,471	10,521	11,479	8,423	7,393	7,715	5,047	6,903	5,578	6,228	5,834	6,096	5,957	7,544	5,969	8,194	4,845	6,206	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Accumulated Other Comprehensive Income	73,894	41,849	96,057	73,421	46,833	-24,938	22,379	37,917	4,933	-1,076	-19,366	-8,484	-54,634	-52,446	-53,084	-42,572	-17,102	-13,599	-14,597	-11,797	-8,098	0	0	0	0	0	0	0	0	-3,138,472	-3,172,712	-3,183,494	0	0	0	0	0	0	0	0	0	0	0	0	0	2,497	-870,165	-844,005	-814,126	-786,863	-761,077	-736,770	-711,615	-690,511	-673,979	-651,841	-630,840	-612,622	-593,621	-573,039	-1,554,661	-530,586	-512,082	-492,073	-1,538,092	-450,222	-432,314	-414,089	-35,627	-381,048	-366,053	-353,399	-341,193	-329,763	-320,031	-309,489	-301,728	-293,190	-286,895	-279,814	-272,647	-265,399	-260,988	-261,535	-254,250	-247,234	-233,736	-238,754	-233,848	-228,587	-224,291	-218,246	-212,379	-196,407	-191,831	-201,520	-195,386	0	0	0	-171,555	0	0	0	-152,206	0	0	-138,307	-138,307	0	0	-126,062	-126,062	0	0	0	0	-
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	9,624,264	0	0	0	395,378	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	469,558	468,826	477,386	1,445,133	1,379,436	1,368,525	1,346,648	481,250	505,735	221,336	117,236	118,286	120,815	123,326	125,818	127,813	128,231	130,217	132,569	134,858	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	39,629,709	38,031,829	37,149,380	34,958,608	34,159,509	32,003,069	31,303,383	30,236,374	29,578,212	17,449,122	15,827,231	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Capital Surpluse	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Cash	232,923	344,129	253,693	164,576	171,102	187,745	172,849	151,624	258,579	516,983	231,164	183,984	824,476	724,750	35,345	41,804	54,011	236,064	27,136	2,997	10,387	6,666	30,717	20,627	6,898	3,199	10,945	27,598	9,420	29,801	20,443	8,695	40,294	7,074	18,741	12,190	3,852	16,936	8,908	14,142	10,257	9,960	22,575	4,159	5,248	5,819	6,064	5,194	4,165	5,543	155,671	129,707	17,607	155,582	872	849	10,026	20,042	35,823	10,438	46,815	112,562	39,373	13,343	193,101	266,644	8,914	5,399	10,573	113,374	10,746	4,107	65,704	2,244	1,948	11,076	2,141	8,483	15,040	5,550	4,837	5,709	4,719	3,606	8,921	8,391	21,242	3,730	2,467	11,624	1,180	1,992	3,815	5,297	2,449	2,103	773	3,000	17,000	6,000	2,533	3,000	3,000	2,000	2,123	6,000	3,000	3,000	1,559	1,000	1,000	2,000	1,650	0	0	0	0	-
Cash And Equivalents	0	344,129	253,693	164,576	171,102	187,745	172,849	151,624	258,579	516,983	231,164	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	232,923	344,129	253,693	164,576	171,102	187,745	172,849	151,624	258,579	516,983	231,164	183,984	824,476	724,750	335,345	41,804	54,011	236,064	27,136	2,997	10,387	6,666	30,717	20,627	6,898	3,199	10,945	27,598	9,420	29,801	20,443	8,695	40,294	7,074	18,741	12,190	3,852	16,936	8,908	14,142	10,257	9,960	22,575	4,159	5,248	5,819	6,064	5,194	4,165	5,543	155,671	129,707	17,607	155,582	872	849	10,026	20,042	35,823	10,438	46,815	112,562	39,373	13,343	193,101	266,644	8,914	5,399	10,573	113,374	10,746	4,107	65,704	2,244	1,948	11,076	2,141	8,483	15,040	5,550	4,837	5,709	4,719	3,606	8,921	8,391	21,242	3,730	2,467	11,624	1,180	1,992	3,815	5,297	2,449	2,103	773	3,000	17,000	6,000	2,533	3,000	3,000	2,000	2,123	6,000	3,000	3,000	1,559	1,000	1,000	2,000	1,650	0	0	0	0	-
Common Stock	39,629,709	38,031,829	37,149,380	34,958,608	34,159,509	32,003,069	31,303,383	30,236,374	29,578,212	17,449,122	15,827,231	15,371,016	14,700,050	14,050,494	13,704,121	13,604,055	12,873,849	12,294,138	11,722,036	10,748,467	10,754,495	10,220,092	9,925,543	9,625,200	9,624,264	9,488,043	9,046,533	8,987,933	8,228,594	8,144,983	8,105,229	7,699,837	7,666,428	7,107,662	6,953,679	6,569,610	6,464,987	6,361,400	6,357,084	5,774,395	5,767,878	5,333,761	5,329,715	5,325,854	2,572,092	1,586	2,567,148	2,564,184	2,563,048	2,560,612	2,354,676	2,351,962	2,066,287	1,829,223	1,630,974	1,629,346	1,629,237	1,628,239	1,627,180	1,625,795	1,624,622	1,623,659	1,548,052	1,546,180	1,545,037	1,544,117	1,543,269	1,541,491	1,540,365	1,366,504	1,256,793	1,255,671	1,134,300	1,133,730	1,040,144	1,039,551	1,038,973	1,038,767	1,038,081	1,037,491	969,030	857,770	857,393	857,020	855,818	855,635	806,467	806,227	795,505	717,312	710,875	632,023	630,932	631,802	633,083	636,002	636,611	0	0	0	26,817	0	0	0	25,698	0	0	0	22,980	0	0	0	22,976	0	0	0	0	-
Common Stock Shares Outstanding	726,859	709,543	674,593	661,239	635,637	617,957	602,031	594,042	591,262	392,050	374,341	371,602	357,367	346,749	343,685	336,977	329,364	320,263	311,322	303,820	293,352	291,207	285,372	284,345	276,600	276,051	273,099	263,934	259,609	258,674	253,974	250,698	249,509	236,740	232,886	225,826	221,931	222,236	221,361	207,324	203,327	196,620	196,076	172,054	171,659	132,932	132,829	132,704	132,577	126,583	126,202	119,109	118,961	103,977	103,766	103,686	103,606	103,482	103,450	103,445	103,439	100,420	100,394	100,366	100,280	100,253	100,246	100,276	100,055	89,267	88,466	83,412	83,209	79,844	79,676	79,659	79,582	79,350	79,323	76,321	76,010	70,200	69,854	69,360	69,360	69,076	66,738	66,108	66,108	59,609	56,656	53,483	53,483	53,638	53,513	53,634	53,587	53,171	52,973	53,651	53,514	53,846	55,676	52,105	52,105	45,946	46,286	45,556	45,556	46,471	46,061	46,471	46,471	39,355	38,667	38,710	39,259	39,259
Common Stock Total Equity	0	0	37,149,380	34,958,608	34,159,509	32,003,069	31,303,383	30,236,374	29,578,212	17,449,122	15,827,231	14,700,050	14,700,050	14,050,494	13,704,121	13,604,055	12,873,849	12,294,138	11,722,036	10,748,467	10,754,495	10,220,092	9,925,543	9,625,200	9,624,264	9,488,043	9,046,533	8,987,933	8,228,594	8,144,983	8,105,229	7,699,837	7,666,428	7,107,662	6,953,679	6,569,610	6,464,987	6,361,400	6,357,084	5,774,395	5,767,878	5,333,761	5,329,715	5,325,854	2,572,092	2,569,871	2,567,148	2,564,184	2,563,048	2,560,612	2,354,676	2,351,962	2,066,287	1,829,223	1,630,974	1,629,346	1,629,237	1,628,239	1,627,180	1,625,795	1,624,622	1,623,659	1,548,052	1,546,180	1,545,037	1,544,117	1,543,269	1,541,491	1,540,365	1,366,504	1,256,793	1,255,671	1,134,300	1,133,730	1,040,144	1,039,551	1,038,973	1,038,767	1,038,081	1,037,491	969,030	857,770	857,393	857,020	855,818	855,635	806,467	806,227	795,505	717,312	710,875	632,023	630,932	631,802	633,083	636,002	636,611	0	0	0	26,817	0	0	0	25,698	0	0	22,980	22,980	0	0	22,976	22,976	0	0	0	0	-
Current Deferred Revenue	312,195	296,567	358,086	286,322	269,645	258,032	243,102	253,731	242,122	156,471	153,020	153,183	130,231	112,003	116,517	117,291	127,687	123,854	112,301	102,644	115,380	98,085	111,814	111,997	105,284	103,520	113,177	110,468	74,098	86,479	29,743	31,920	42,840	26,313	29,896	30,933	36,122	31,718	24,002	28,208	31,144	26,007	16,809	15,092	20,929	0	22,993	0	0	0	0	0	0	0	5,275	16,983	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Deferred Long Term Asset Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Deferred Long Term Liab	0	13,497	0	0	17,196	18,430	19,663	3,661	4,352	5,137	5,993	6,849	7,705	8,562	9,418	10,274	11,453	12,339	12,564	13,406	14,248	2,206	2,911	3,638	4,366	0	0	0	7,303	0	0	0	10,226	0	0	0	27,445	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Good Will	3,731,478	3,731,478	3,731,478	3,731,478	3,731,478	3,731,478	3,731,478	3,711,981	3,676,705	13,947	14,017	14,114	14,180	14,282	14,383	14,397	14,430	14,503	14,536	14,597	14,630	14,861	14,902	14,943	14,970	14,989	15,001	15,036	15,067	15,165	15,220	15,283	15,321	15,372	15,386	15,425	15,470	15,535	15,556	15,598	15,660	15,739	15,834	15,975	16,945	17,010	17,094	17,190	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,437	17,668	17,899	18,130	18,360	18,591	18,822	19,053	0	0	0	19,977	0	0	0	20,901	0	0	21,834	21,834	0	0	22,567	22,567	0	0	0	0	-
Intangible Assets	5,017,907	5,089,293	5,238,400	5,256,795	5,168,366	5,064,322	5,154,994	5,187,280	5,275,304	2,156,008	1,969,793	1,820,146	1,710,655	1,610,457	1,508,177	1,516,819	1,493,383	1,313,798	1,308,564	1,205,147	1,199,597	1,212,679	1,228,580	1,262,252	1,194,930	1,165,013	1,180,182	1,108,096	1,082,320	1,087,648	1,063,045	1,017,411	1,034,417	1,043,554	1,051,713	1,056,845	1,039,724	1,059,879	1,048,139	986,063	935,459	955,893	972,049	848,666	242,125	276,819	147,899	149,356	153,336	150,124	106,551	58,358	26,221	603	618	632	28,134	662	676	691	27,740	28,010	17,206	7,223	28,417	7,148	7,309	7,469	27,636	8,009	8,169	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	17,206	0	0	0	18,130	0	0	0	0	0	0	0	0	20,200	20,400	20,700	0	21,100	21,400	21,600	0	21,900	22,100	22,300	0	22,600	0	0	0	-
Inventory	31,466	19,927	17,324	24,445	29,535	18,309	66,336	-136,059	-115,163	-49,685	-60,014	-28,499	-34,015	-24,064	-95,253	-99,784	-31,171	-32,773	-22,385	-25,986	-16,024	-21,058	-22,875	-24,211	-21,030	-36,965	-22,942	-42,237	-18,652	0	-34,768	-24,251	-18,437	-30,729	-21,073	-33,466	-50,677	0	0	-14,483	-21,832	0	0	-49,501	19,219	0	0	0	2,153	0	0	0	3,631	0	0	0	8,266	0	0	0	6,660	0	0	0	56,156	0	0	0	137,962	0	0	0	47,083	0	0	0	17,155	0	0	0	60,110	0	0	0	6,528	0	0	0	23,356	0	0	0	33,130	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	57,779,357	55,336,920	53,980,666	51,101,438	49,673,092	45,892,475	44,951,918	44,062,017	43,137,502	23,711,094	21,984,941	20,979,570	20,740,285	19,785,370	19,102,547	18,796,442	18,554,796	17,179,904	16,748,630	15,762,908	15,260,483	15,095,325	14,674,074	14,474,093	14,058,166	13,701,419	13,574,116	13,422,186	13,152,871	12,536,453	12,249,431	12,037,103	11,865,870	11,738,569	11,728,314	11,092,153	11,012,622	10,939,840	10,812,402	10,480,781	9,924,441	9,880,927	9,415,533	8,763,603	5,443,363	2,059,501	4,576,559	4,398,433	4,419,389	4,274,774	3,991,053	3,770,556	3,535,590	3,285,534	3,143,155	2,905,703	2,914,787	2,901,375	2,932,558	2,931,631	2,994,179	3,090,131	3,042,937	3,039,464	3,077,352	3,076,262	2,544,892	2,575,313	2,546,508	2,160,190	1,975,597	1,929,932	1,920,988	1,798,707	1,571,583	1,523,222	1,442,315	1,437,644	1,424,863	1,433,334	1,360,257	1,161,044	1,119,114	1,093,926	1,080,230	1,075,654	1,080,320	1,001,581	1,003,708	941,495	909,325	912,828	934,766	953,029	928,392	911,721	905,404	890,300	849,500	796,500	759,234	697,600	666,000	620,600	577,021	558,500	500,300	467,700	454,097	421,400	411,800	415,400	417,639	411,900	379,200	353,600	352,800	356,200
Long Term Debt	20,755,747	20,453,147	18,641,564	17,578,618	15,381,693	14,421,523	14,785,374	14,411,870	13,891,261	8,844,362	7,880,081	7,857,495	8,817,467	7,579,719	7,246,226	6,920,438	7,197,212	7,037,389	7,066,288	6,177,427	871,179	629,777	631,239	632,614	771,227	660,362	697,625	1,191,282	4,719,605	822,255	815,329	832,949	4,603,486	4,812,549	4,875,524	4,655,036	4,707,947	4,937,239	4,522,411	4,078,066	4,038,840	4,081,058	3,347,109	3,284,140	2,725,868	2,492,394	1,990,261	1,849,878	2,044,491	1,818,150	1,809,606	1,600,000	1,600,000	1,600,000	1,626,900	1,389,900	1,354,600	1,350,000	1,350,000	1,350,000	1,350,000	1,350,000	1,350,000	1,350,000	1,370,000	1,370,000	930,000	965,800	920,000	920,000	837,300	788,600	891,700	770,500	634,800	583,100	503,600	523,400	480,000	513,200	506,400	425,300	382,100	354,800	339,700	332,200	385,800	303,600	315,300	327,500	300,200	376,300	404,000	416,300	392,300	366,900	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Long Term Debt Total	0	20,453,147	18,641,564	17,578,618	15,381,693	14,421,523	14,785,374	14,411,870	13,891,261	8,844,362	7,880,081	7,857,495	8,817,467	7,579,719	7,246,226	6,920,438	7,197,212	7,037,389	7,066,288	6,177,427	871,179	629,777	631,239	632,614	771,227	660,362	697,625	1,191,282	4,719,605	822,255	815,329	832,949	4,603,486	4,812,549	4,875,524	4,655,036	4,707,947	4,937,239	4,522,411	4,078,066	4,038,840	4,081,058	3,347,109	3,284,140	2,725,868	0	0	0	0	1,818,150	1,809,606	1,600,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Long Term Investments	1,178,174	6,030	6,003	5,977	5,951	5,926	113,562	141,191	140,967	0	0	0	0	0	0	0	96,775	15,770	18,506	22,064	16,585	65,376	70,029	29,953	6,674	2,874	12,463	11,790	26,575	24,815	9,991	1,778	9,767	13,346	8,965	9,394	14,840	15,757	9,598	12,145	12,022	17,276	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Net Debt	21,756,772	20,109,018	19,378,128	20,164,033	19,319,067	17,522,462	17,128,294	17,130,241	15,184,058	8,732,379	8,934,223	8,348,511	7,992,991	7,711,111	7,839,432	7,493,810	7,847,536	6,801,325	7,047,152	7,012,430	6,489,589	6,772,993	6,509,485	6,573,615	6,104,573	5,783,828	5,977,103	5,396,028	5,830,185	5,490,880	4,927,161	5,096,403	4,801,192	5,244,475	5,286,783	5,012,846	4,927,095	4,946,548	4,759,072	4,804,024	4,156,583	4,677,191	4,141,915	3,396,581	2,918,681	951,310	1,927,536	1,844,684	2,051,016	1,909,207	1,653,935	1,470,293	1,582,393	1,444,418	1,626,028	1,389,051	1,344,574	1,329,958	1,314,177	1,339,562	1,323,185	1,357,438	1,430,627	1,456,657	1,276,899	1,203,356	921,086	960,401	909,427	806,626	826,554	784,493	825,996	752,756	632,852	572,024	501,459	514,917	464,960	507,650	501,563	419,591	377,381	351,194	330,779	323,809	364,558	299,870	312,833	315,876	299,020	374,308	400,185	411,003	389,851	364,797	348,427	329,500	306,300	327,900	292,267	224,000	194,900	146,000	130,477	171,600	119,000	85,200	68,441	35,600	23,600	22,600	16,947	57,200	44,200	15,900	12,600	13,100
Net Invested Capital	54,461,604	52,110,291	50,775,032	48,142,582	46,823,882	43,078,801	42,281,107	41,433,674	40,495,211	22,584,455	21,004,919	20,067,367	19,802,950	18,906,388	18,219,226	17,923,629	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	2,593,629	678,441	620,599	617,359	567,963	529,248	500,384	468,165	426,768	341,729	327,920	307,017	285,701	261,752	255,609	185,632	181,969	163,444	165,470	151,341	144,991	135,866	126,126	125,690	119,533	113,721	107,147	103,759	104,584	99,917	87,166	82,990	81,678	74,977	70,318	66,831	64,386	66,292	62,288	40,329	39,323	108,861	104,423	24,594	84,865	17,187	17,600	17,567	15,375	12,065	10,899	10,506	11,301	10,398	10,123	9,517	10,396	9,582	10,419	10,122	10,624	8,858	9,130	8,312	7,142	6,098	6,019	5,639	5,953	5,270	4,814	4,593	5,044	3,587	3,539	3,512	4,075	2,614	2,924	3,216	3,950	3,384	3,279	3,343	4,408	3,116	3,284	3,294	4,857	3,606	3,270	3,696	5,053	3,558	3,048	3,180	3,407	0	0	0	2,973	0	0	0	3,236	0	0	2,288	2,288	0	0	1,100	2,131	0	0	0	0	800
Net Tangible Assets	0	22,836,373	22,173,333	20,270,833	19,813,305	17,941,319	17,440,140	16,602,918	16,100,565	11,179,085	9,869,739	9,714,726	9,274,828	8,860,070	8,836,272	8,871,196	8,281,073	7,965,118	7,514,402	6,764,151	6,874,515	6,448,700	6,232,268	5,990,785	6,161,601	6,174,427	5,806,223	5,911,811	5,274,039	5,651,918	5,326,998	5,050,927	5,086,480	4,585,344	4,497,726	4,182,388	4,162,829	4,090,999	4,162,643	3,714,614	3,824,965	3,429,253	4,443,682	4,502,253	1,786,486	0	0	0	0	2,258,336	2,073,787	2,092,942	1,829,759	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Net Working Capital	1,007,004	-663,417	-840,879	-1,094,066	-2,525,287	-1,750,338	-937,091	-1,270,513	-1,333,606	132,784	-1,036,942	-450,329	911,715	-39,744	-145,502	-497,599	-625,347	177,389	-26,499	-845,081	-281,591	-750,985	-493,906	-1,061,013	-147,217	-691,257	-691,324	-1,376	-1,155,812	-1,140,460	-578,447	-698,348	-272,431	-488,666	-491,889	-404,645	-306,884	-59,361	-139,313	-785,367	-210,361	-448,301	-663,229	-168,185	-112,413	-43,092	-330,012	-34,411	-60,635	-38,290	94,206	96,053	-37,162	107,430	-71,310	-77,898	-34,949	-19,342	-17,479	-25,626	-12,561	43,180	80,922	-26,345	131,243	217,742	-37,067	-28,962	-34,474	76,644	-25,440	-29,300	30,748	-29,169	-20,513	-16,412	-18,784	-15,903	-3,036	-16,234	-17,213	-12,907	-12,002	-13,051	-4,671	2,241	49,699	24,429	1,832	42,471	16,098	17,724	7,358	55,367	6,174	9,295	-2,742	1,600	16,400	7,400	6,977	-10,000	-3,900	-6,000	-2,471	-3,000	-2,300	-800	-3,970	-3,700	-4,000	-2,600	-11,292	0	0	0	0	-
Non Current Assets Total	54,881,640	54,294,423	53,089,050	50,295,058	48,904,492	45,157,173	44,212,349	43,357,782	42,421,685	22,807,443	21,386,317	20,466,069	19,611,104	18,757,775	18,471,042	18,547,650	18,222,041	16,764,626	16,537,518	15,586,506	15,088,520	14,887,417	14,447,202	14,297,823	13,925,061	13,581,625	13,443,561	13,279,039	13,012,292	12,356,125	12,131,831	11,943,640	11,734,131	11,643,172	11,630,290	11,003,738	10,929,544	10,800,923	10,713,587	10,414,165	9,862,839	9,726,163	9,244,262	8,724,351	5,322,737	2,024,382	4,552,895	4,375,672	4,399,849	4,257,166	3,824,483	3,630,343	3,506,682	3,119,554	3,132,160	2,895,337	2,894,365	2,871,751	2,886,316	2,911,071	17,206	2,894,241	2,931,640	7,223	17,206	7,148	7,309	7,469	17,206	8,009	8,169	17,206	17,206	17,206	1,540,104	17,206	17,206	17,206	1,394,886	17,206	17,206	17,206	1,087,698	1,069,909	1,055,384	1,054,413	1,012,621	959,152	984,876	882,024	875,227	876,104	912,408	877,662	908,218	887,426	886,146	870,700	815,100	773,100	738,257	690,600	657,900	613,600	568,492	547,500	493,600	460,500	448,067	417,100	407,800	410,000	411,931	406,200	373,000	347,500	338,500	340,100
Non Current Liabilities Other	1,436,750	2,212,701	2,295,464	3,539,894	4,883,263	4,041,214	3,256,126	2,096,674	3,618,794	726,752	595,615	1,266,232	578,061	1,416,257	571,291	580,101	595,324	586,529	582,137	554,922	5,814,772	5,795,401	5,809,588	5,306,537	5,615,909	4,856,079	5,033,560	5,031,658	349,822	3,709,392	3,917,978	3,911,853	304,881	278,121	278,404	269,595	273,614	245,655	211,451	195,964	192,280	176,485	145,647	130,637	52,530	0	0	0	0	28,584	18,090	16,248	1,622,555	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	22,781,675	21,807,588	20,937,028	19,813,654	17,535,916	16,542,578	16,872,379	16,508,544	15,958,679	9,571,114	8,475,696	8,448,727	9,395,528	8,139,834	7,817,517	7,500,539	7,792,536	7,623,918	7,648,425	6,732,349	6,685,951	6,425,178	6,440,827	5,939,151	6,387,136	5,516,441	5,731,185	6,222,940	5,069,427	4,445,168	4,733,307	4,744,802	4,908,367	5,090,670	5,153,928	4,924,631	4,981,561	5,151,176	4,709,860	4,274,030	4,231,120	4,231,536	3,475,947	3,414,777	2,797,530	961,313	1,750,000	1,880,322	2,084,360	1,943,334	1,827,696	1,616,248	1,622,555	1,600,000	1,611,755	1,350,000	1,371,407	1,350,000	1,350,000	1,350,000	1,439,518	1,470,000	1,470,000	1,518,177	1,539,260	1,524,862	981,884	1,006,351	970,516	962,428	878,303	826,747	931,774	806,456	666,002	614,083	528,580	549,714	501,279	537,876	532,491	446,943	402,494	375,182	357,775	332,000	386,000	304,000	315,000	328,000	300,000	376,000	404,000	416,000	392,000	367,000	349,000	333,000	323,000	334,000	295,000	227,000	198,000	148,000	133,000	178,000	122,000	88,000	70,000	37,000	25,000	25,000	19,000	57,200	44,200	15,900	12,600	13,100
Non Currrent Assets Other	104,812	45,473,652	44,119,172	40,172,885	38,927,680	35,321,174	34,171,838	33,336,821	1,369,579	20,112,831	19,204,938	18,419,519	17,669,815	16,917,287	16,745,127	16,822,379	16,571,224	15,276,670	15,052,171	14,201,788	13,874,293	13,659,877	13,203,720	13,020,628	12,715,161	12,401,623	12,248,378	12,155,907	11,914,905	11,253,312	11,053,566	10,910,946	10,684,393	10,584,246	10,563,191	9,931,468	9,874,350	9,725,509	9,649,892	9,412,504	8,911,720	8,754,531	8,256,379	7,859,710	5,063,667	271,757	250,585	220,699	71,452	221,884	174,214	61,870	62,008	62,626	58,881	56,642	60,277	54,043	53,793	53,487	-2,862,153	-2,894,241	-2,931,640	-2,975,972	-2,824,255	-2,756,258	-2,490,394	-2,520,984	-2,485,081	-2,005,351	-1,925,714	-1,877,264	-1,754,963	-1,748,737	-1,540,104	-1,469,155	-1,406,710	-1,398,129	-1,394,886	-1,352,714	-1,320,645	-1,084,078	-1,087,698	-1,069,909	-1,055,384	0	0	0	0	0	0	0	0	0	0	0	0	19,300	19,500	19,700	0	0	0	0	0	0	0	0	0	0	0	0	0	-406,200	-373,000	-347,500	-338,500	-340,100
Noncontrolling Interest In Consolidated Entity	0	0	167,932	128,232	130,140	127,138	76,267	76,546	76,826	34,020	34,147	32,141	32,247	29,261	29,470	29,624	29,702	24,678	25,092	25,181	32,236	35,014	36,719	29,679	19,207	19,498	19,646	19,780	20,249	0	19,436	21,491	21,737	24,188	24,270	24,426	27,698	28,596	28,713	29,130	35,911	36,078	36,207	13,798	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Other Assets	0	50,562,945	23,995	46,435,348	45,173,014	41,425,695	40,480,871	39,645,801	2,836,052	22,852,382	21,425,857	19,611,104	434,297	10,361	13,893	12,512	16,324	17,917	15,132	9,081	16,101	3,867	4,633	3,657	13,895,445	13,536,670	13,411,730	13,227,727	13,011,240	12,377,908	12,099,104	11,913,498	11,705,243	11,605,561	11,597,753	10,958,931	10,872,765	10,815,121	10,721,870	10,391,545	9,783,848	9,742,226	9,259,913	8,611,399	5,341,047	4,973,989	4,501,470	4,330,619	4,359,134	4,214,616	3,786,789	3,592,395	3,468,988	3,083,924	3,101,141	2,863,509	2,858,876	2,843,813	2,857,331	2,883,435	2,919,534	152,402	30,157	3,010,586	2,859,903	2,796,372	2,522,650	2,556,806	2,512,776	2,033,537	1,951,868	1,904,026	1,833,034	1,775,670	25,992	1,491,428	1,418,893	1,409,341	12,013	1,407,362	1,334,264	1,134,745	23,418	17,068	11,517	1,064,147	1,055,794	994,557	996,384	926,265	904,875	907,140	925,898	944,174	922,895	906,438	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	15,300
Other Current Assets	2,028,433	-2,762,052	-2,493,247	-1,784,199	71,422	152,156	142,260	220,505	145,633	94,624	99,554	50,999	53,019	65,157	135,804	121,140	127,946	48,543	40,891	48,050	32,609	86,434	92,904	54,164	27,704	39,839	35,405	54,027	45,227	50,610	44,759	26,029	28,204	44,075	30,038	42,860	65,517	55,689	27,619	26,628	33,854	35,943	44,273	60,000	30,513	8,615	9,010	9,415	9,833	8,236	8,926	8,971	8,431	6,970	7,550	8,053	7,738	4,574	5,540	4,102	2,919,534	64,385	62,794	34,614	2,859,903	40,114	32,256	35,822	2,512,776	28,186	26,154	26,762	1,833,034	26,933	25,992	22,273	1,418,893	11,212	12,013	54,648	1,334,264	50,667	23,418	17,068	11,517	9,734	43,173	35,405	11,508	44,241	29,648	31,036	13,490	66,512	14,677	19,012	15,078	16,600	17,400	17,400	15,471	4,000	5,100	5,000	3,170	5,000	3,700	4,200	2,183	3,300	3,000	2,300	1,927	0	0	0	0	-
Other Current Liab	747,552	-109,279	-175,231	-113,099	-103,935	-101,033	-89,136	-104,182	-95,203	-60,191	-62,565	-64,521	-24,337	-29,023	-35,133	-36,380	-50,959	19,559	-39,549	-33,386	-47,591	-32,336	-47,415	-49,093	-44,485	-43,416	-54,893	44,533	-18,863	131,147	24,280	20,563	7,504	21,531	17,193	14,533	7,553	121,560	143,326	13,335	10,308	108,658	116,691	24,021	54,110	23,704	30,925	22,753	61,366	21,360	20,401	32,889	52,291	31,704	11,755	11,981	16,926	48,966	27,164	28,326	70,000	-1,469,692	65,000	48,000	69,000	55,000	52,000	40,000	51,000	42,000	41,000	38,000	40,000	35,000	26,000	31,000	25,000	27,000	21,000	25,000	26,000	22,000	20,000	20,000	18,000	19,000	18,000	18,000	17,000	17,000	18,000	19,000	15,000	20,000	14,000	15,000	22,000	18,000	18,000	16,000	14,000	17,000	12,000	13,000	11,000	14,000	9,000	8,000	10,000	8,000	8,000	8,000	17,000	0	0	0	0	-
Other Liab	0	1,817,175	0	2,235,036	1,664,658	2,121,055	2,087,005	1,615,424	2,067,418	726,752	595,615	591,232	578,061	436,789	445,473	452,288	467,093	456,312	449,568	420,064	432,339	413,961	429,144	421,505	380,339	382,165	385,966	385,470	344,806	358,011	292,841	287,920	300,174	273,492	273,852	265,120	269,217	245,655	211,451	195,964	192,280	169,735	138,897	123,887	52,530	39,499	30,925	30,444	29,179	28,584	18,090	16,248	22,555	13,750	11,755	11,981	16,807	11,357	10,296	11,485	14,698	11,859	11,233	11,728	15,304	9,840	10,724	9,497	8,416	9,740	10,259	9,937	9,562	9,156	7,631	7,089	6,286	5,313	4,799	6,183	7,030	6,259	6,085	5,798	6,227	4,888	4,118	4,345	4,543	4,208	3,956	4,254	4,314	4,883	3,526	3,841	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Other Stockholder Equity	-6,688,242	-6,374,685	-6,006,169	-5,699,502	-5,446,360	-5,265,950	-450,246	37,917	4,933	-4,114,029	-3,987,699	366	-54,634	-52,446	-53,084	428	-102	401	403	203	-98	-2,543,852	-2,449,793	-2,357,220	-2,252,763	-2,133,614	-2,045,127	-1,952,990	-1,857,168	3,138,472	3,172,712	3,183,494	-1,530,210	0	0	0	-1,246,964	0	0	0	0	0	0	0	0	-609,363	870,165	844,005	814,126	786,863	761,077	736,770	711,615	690,511	673,979	651,841	630,840	612,622	593,621	573,039	1,554,661	530,586	512,082	492,073	1,538,092	450,222	432,314	414,089	35,627	381,048	366,053	353,399	341,193	329,763	320,031	309,489	301,728	293,190	286,895	279,814	272,647	265,399	260,988	261,535	254,250	247,234	233,736	238,754	233,848	228,587	224,291	218,246	212,379	196,407	191,831	201,520	195,386	736,300	703,100	636,600	781,224	636,500	637,000	636,900	734,656	539,400	539,200	539,200	654,311	538,900	538,900	539,000	642,181	492,400	472,500	-120,300	472,500	472,000
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	395,378	395,378	395,378	395,378	395,378	395,378	395,378	395,378	395,378	395,377	609,363	609,363	609,363	609,363	609,363	609,363	609,363	252	252	238	139	13,900	13,900	13,900	13,900	13,900	13,900	13,900	13,900	13,900	13,900	13,900	13,900	13,900	13,900	13,900	13,900	13,900	13,900	13,900	13,900	5,100	5,100	5,100	5,100	5,100	5,100	5,100	5,100	4,000	4,126	4,126	4,126	4,126	4,126	4,126	4,126	4,126	4,126	4,126	4,126	4,126	4,126	4,126	4,126	4,126	4,126	4,126	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Property Plant And Equipment Gross	1,301,549	1,270,660	1,127,405	1,127,923	1,071,017	1,034,273	0	0	0	0	211,586	230,634	230,634	230,031	217,738	208,452	157,434	159,655	162,247	164,974	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	4,727,578	4,285,216	4,129,203	4,157,855	4,013,918	3,626,709	3,492,909	3,401,247	3,039,722	3,056,073	2,821,489	2,816,882	2,800,502	2,815,317	2,840,378	2,862,153	2,887,120	2,914,434	2,965,989	2,824,255	2,746,200	2,480,497	2,511,247	2,485,081	1,996,154	1,916,677	1,877,264	1,754,963	1,748,737	1,522,898	1,469,155	1,406,710	1,398,129	1,377,680	1,352,714	1,320,645	1,084,078	1,070,492	1,052,703	1,038,178	1,037,207	995,415	941,946	967,670	864,587	857,559	858,205	894,278	859,302	889,627	868,604	867,093	851,400	795,600	753,400	718,280	670,400	637,500	592,900	547,591	526,400	472,200	438,900	426,233	395,200	385,700	387,700	389,364	0	0	0	0	-
Property Plant And Equipment Net	1,301,549	1,270,660	1,127,405	1,127,923	1,071,017	1,034,273	1,040,477	980,509	849,847	538,604	211,586	226,404	230,634	230,031	217,738	208,452	157,434	159,655	162,247	164,974	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	4,727,578	4,285,216	4,137,783	4,157,855	4,018,076	3,633,063	3,492,909	3,401,247	3,039,722	3,056,073	2,821,489	2,816,882	2,800,502	2,815,317	2,840,378	2,862,153	2,877,035	2,914,434	2,965,989	2,824,255	2,746,200	2,480,497	2,511,247	2,485,081	1,996,154	1,916,677	1,877,264	1,754,963	1,748,737	1,522,898	1,469,155	1,406,710	1,398,129	1,377,680	1,352,714	1,320,645	1,084,078	1,070,492	1,052,703	1,038,178	1,037,207	995,415	941,946	967,670	864,587	857,559	858,205	894,278	859,302	889,627	868,604	867,093	851,400	795,600	753,400	718,280	670,400	637,500	592,900	547,591	526,400	472,200	438,900	426,233	395,200	385,700	387,700	389,364	383,600	373,000	347,500	338,500	340,100
Property Plant Equipment	0	42,254,146	41,178,471	38,940,234	37,752,421	34,209,478	33,319,240	32,637,521	31,959,130	19,777,780	18,900,314	18,175,686	17,466,152	16,741,673	16,502,311	16,570,581	16,399,997	15,130,956	14,921,760	14,119,830	13,826,932	13,621,598	13,160,013	12,971,560	12,669,825	12,344,902	12,194,735	12,084,050	11,877,216	11,238,843	10,998,155	10,866,489	10,609,117	10,495,965	10,480,701	9,843,747	9,766,700	9,686,084	9,611,531	9,341,080	8,784,587	8,703,802	8,230,711	7,702,917	5,042,137	882	864	912	849	4,018,076	3,633,063	3,496,973	3,404,878	863	924	986	1,058	1,117	1,165	1,222	1,277	1,345	1,379	1,426	1,356	0	0	0	463	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Retained Earnings	-6,762,136	-6,416,534	-6,102,226	-5,772,923	-5,493,193	-5,241,012	-4,999,150	-4,772,112	-4,530,571	-4,112,953	-3,968,333	-3,827,660	-3,659,933	-3,527,521	-3,306,588	-3,173,468	-3,082,291	-2,987,120	-2,869,937	-2,752,775	-2,657,655	-2,543,852	-2,449,793	-2,357,220	-2,252,763	-2,133,614	-2,045,127	-1,952,990	-1,857,168	-1,785,630	-1,699,966	-1,616,216	-1,530,210	-1,463,392	-1,388,854	-1,314,952	-1,246,964	-1,194,987	-1,130,746	-1,058,120	-991,794	-932,876	-870,199	-807,626	-768,661	1,004,852	-703,628	-678,172	-645,984	-622,860	-601,473	-579,604	-557,112	-540,029	-519,669	-499,697	-479,018	-463,620	-446,133	-428,140	-407,751	-391,825	-377,521	-362,683	-344,735	-330,507	-318,051	-310,319	-302,154	-292,546	-283,303	-276,290	-268,890	-265,283	-258,367	-254,216	-249,025	-247,266	-243,932	-241,401	-240,632	-243,037	-240,141	-237,644	-232,731	-230,096	-229,307	-226,164	-223,080	-220,510	-218,465	-213,498	-214,731	-214,288	-209,595	-205,487	-201,459	-197,400	-194,200	-190,100	-186,277	-183,300	-180,500	-177,600	-174,833	-172,600	-170,200	-167,400	-164,743	-162,800	-160,000	-156,900	-157,674	-146,200	-142,800	453,000	-137,100	-132,500
Retained Earnings Total Equity	0	0	-6,102,226	-5,772,923	-5,493,193	-5,241,012	-4,999,150	-4,772,112	-4,530,571	-4,112,953	-3,968,333	-3,827,660	-3,659,933	-3,527,521	-3,306,588	-3,173,468	-3,082,291	-2,987,120	-2,869,937	-2,752,775	-2,657,655	-2,543,852	-2,449,793	-2,357,220	-2,252,763	-2,133,614	-2,045,127	-1,952,990	-1,857,168	-1,785,630	-1,699,966	-1,616,216	-1,530,210	-1,463,392	-1,388,854	-1,314,952	-1,246,964	-1,194,987	-1,130,746	-1,058,120	-991,794	-932,876	-870,199	-807,626	-768,661	0	0	0	0	-622,860	-601,473	-579,604	-557,112	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Short Long Term Debt	764,390	858,260	990,257	1,304,858	2,729,040	1,920,159	1,169,121	1,519,625	1,551,376	405,000	1,285,306	675,000	0	856,142	628,551	615,176	334,300	1,200	18,200	29,800	90,700	7,300	8,500	79,600	441,900	71,300	5,993,219	5,428,720	5,844,621	1,082,000	512,000	0	4,825,702	0	0	0	4,942,094	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	21,989,695	20,453,147	19,631,821	20,328,609	19,490,169	17,710,207	17,301,143	17,281,865	15,442,637	9,249,362	9,165,387	8,532,495	8,817,467	8,435,861	7,874,777	7,535,614	7,901,547	7,037,389	7,074,288	7,015,427	6,499,976	6,779,659	6,540,202	6,594,242	6,111,471	5,787,027	5,988,048	5,423,626	5,839,605	5,520,681	4,947,604	5,105,098	4,841,486	5,251,549	5,305,524	5,025,036	4,930,947	4,963,484	4,767,980	4,818,166	4,166,840	4,687,151	4,164,490	3,400,740	2,923,929	957,129	1,933,600	1,849,878	2,055,181	1,914,750	1,809,606	1,600,000	1,600,000	1,600,000	1,626,900	1,389,900	1,354,600	1,350,000	1,350,000	1,350,000	1,370,000	1,470,000	1,470,000	1,470,000	1,470,000	1,470,000	930,000	965,800	920,000	920,000	837,300	788,600	891,700	755,000	634,800	583,100	503,600	523,400	480,000	513,200	506,400	425,300	382,100	354,800	339,700	332,200	385,800	303,600	315,300	327,500	300,200	376,300	404,000	416,300	392,300	366,900	349,200	332,500	323,300	333,900	294,800	227,000	197,900	148,000	132,600	177,600	122,000	88,200	70,000	36,600	24,600	24,600	18,597	57,200	44,200	15,900	12,600	13,100
Short Term Debt	764,390	858,260	990,257	1,304,858	2,729,040	1,920,159	1,169,121	1,519,625	1,551,376	405,000	1,285,306	675,000	-20,203	856,142	628,551	615,176	704,335	-68,678	8,000	838,000	252,000	774,000	534,000	1,082,000	110,000	658,000	648,000	-97,116	1,120,000	1,082,000	512,000	653,000	238,000	439,000	430,000	370,000	223,000	45,000	70,800	740,100	128,000	468,400	701,000	116,600	158,000	0	183,600	0	0	96,600	0	0	0	0	26,900	39,900	0	0	0	0	0	1,470,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Short Term Investments	-6,056	23,000	15,200	11,600	0	4,700	5,902	7,506	7,492	23,682,107	0	0	0	0	300,000	0	0	0	0	0	0	4,808	7,054	7,974	8,179	23,698	8,550	25,327	4,246	11,586	21,074	8,247	4,179	17,437	8,083	18,300	36,540	27,340	5,280	460	10,158	7,344	14,448	37,353	1,805	4,753	6,449	2,239	50	2,830	5,999	6,148	6,361	5,687	399	609	4,479	0	0	0	3,174	0	0	0	0	0	0	2,648	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	57,779,357	55,336,920	53,980,666	51,101,438	49,673,092	45,892,475	44,951,918	44,062,017	43,137,502	23,711,094	21,984,941	20,979,570	20,740,285	19,785,370	19,102,547	18,796,442	18,554,796	17,179,904	16,748,630	15,762,908	15,260,483	15,095,325	14,674,074	14,474,093	14,058,166	13,701,419	13,574,116	13,422,186	13,152,871	12,536,453	12,249,431	12,037,103	11,865,870	11,738,569	11,728,314	11,092,153	11,012,622	10,939,840	10,812,402	10,480,781	9,924,441	9,880,927	9,415,533	8,763,603	5,443,363	2,059,501	4,576,559	4,398,433	4,419,389	4,274,774	3,991,053	3,770,556	3,535,590	3,285,534	3,143,155	2,905,703	2,914,787	2,901,375	2,932,558	2,931,631	2,994,179	3,090,131	3,042,937	3,039,464	3,077,352	3,076,262	2,544,892	2,575,313	2,546,508	2,160,190	1,975,597	1,929,932	1,920,988	1,798,707	1,571,583	1,523,222	1,442,315	1,437,644	1,424,863	1,433,334	1,360,257	1,161,044	1,119,114	1,093,926	1,080,230	1,075,654	1,080,320	1,001,581	1,003,708	941,495	909,325	912,828	934,766	953,029	928,392	911,721	905,404	890,300	849,500	796,500	759,234	697,600	666,000	620,600	577,021	558,500	500,300	467,700	454,097	421,400	411,800	415,400	417,639	411,900	379,200	353,600	352,800	356,200
Total Current Assets	2,897,717	1,042,497	891,616	806,380	768,600	735,302	739,569	704,235	715,817	903,651	598,624	513,501	1,129,181	1,027,595	631,505	248,792	332,755	415,278	211,112	176,402	171,963	207,908	226,872	176,270	133,105	119,794	130,555	143,147	140,579	180,328	117,600	93,463	131,739	95,397	98,024	88,415	83,078	138,917	98,815	66,616	61,602	154,764	171,271	39,252	120,626	35,119	23,664	22,761	19,540	17,608	166,570	140,213	28,908	165,980	10,995	10,366	20,422	29,624	46,242	20,560	57,439	43,488	81,140	21,655	200,243	272,742	14,933	11,038	16,526	118,644	15,560	8,700	70,748	5,831	5,487	14,588	6,216	11,097	17,964	8,766	8,787	9,093	7,998	6,949	13,329	21,241	67,699	42,429	18,832	59,471	34,098	36,724	22,358	75,367	20,174	24,295	19,258	19,600	34,400	23,400	20,977	7,000	8,100	7,000	8,529	11,000	6,700	7,200	6,030	4,300	4,000	5,400	5,708	0	0	0	0	800
Total Current Liabilities	1,890,713	1,705,914	1,732,495	1,900,446	3,293,887	2,485,640	1,676,660	1,974,748	2,049,423	770,867	1,635,566	963,830	327,027	1,145,748	911,111	878,264	958,102	237,889	237,611	1,021,483	453,554	958,893	720,778	1,237,283	280,322	811,051	821,879	144,523	1,296,391	1,320,788	696,047	791,811	404,170	584,063	589,913	493,060	389,962	198,278	238,128	851,983	271,963	603,065	834,500	207,437	233,039	78,211	353,676	57,172	80,175	55,898	72,364	44,160	66,070	58,550	82,305	88,264	55,371	48,966	63,721	46,186	70,000	308	218	48,000	69,000	55,000	52,000	40,000	51,000	42,000	41,000	38,000	40,000	35,000	26,000	31,000	25,000	27,000	21,000	25,000	26,000	22,000	20,000	20,000	18,000	19,000	18,000	18,000	17,000	17,000	18,000	19,000	15,000	20,000	14,000	15,000	22,000	18,000	18,000	16,000	14,000	17,000	12,000	13,000	11,000	14,000	9,000	8,000	10,000	8,000	8,000	8,000	17,000	0	0	0	0	-
Total Liab	24,672,388	23,513,502	22,669,523	21,714,100	20,829,803	19,028,218	18,549,039	18,483,292	18,008,102	10,341,981	10,111,262	9,412,557	9,722,555	9,285,582	8,728,628	8,378,803	8,750,638	7,861,807	7,886,036	7,753,832	7,139,505	7,384,071	7,161,605	7,176,434	6,667,458	6,327,492	6,553,064	6,367,463	6,365,818	5,765,956	5,429,354	5,536,613	5,312,537	5,674,733	5,743,841	5,417,691	5,371,523	5,349,454	4,947,988	5,126,013	4,503,083	4,834,601	4,310,447	3,622,214	3,030,569	1,039,524	2,103,676	1,937,494	2,164,535	1,999,232	1,900,060	1,660,408	1,688,625	1,658,550	1,694,060	1,438,264	1,426,778	1,398,966	1,413,721	1,396,186	1,439,518	1,520,507	1,534,616	1,518,177	1,539,260	1,524,862	981,884	1,006,351	970,516	962,428	878,303	826,747	931,774	806,456	666,002	614,083	528,580	549,714	501,279	537,876	532,491	446,943	402,494	375,182	357,775	350,747	403,792	322,150	331,915	345,325	317,547	394,935	419,197	436,147	405,536	381,803	370,573	351,400	340,600	350,000	309,025	244,400	209,500	161,300	143,706	191,700	131,300	95,900	79,856	45,300	32,900	33,300	36,218	57,200	44,200	15,900	12,600	13,100
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	7,512,469	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	32,941,467	31,657,144	31,143,211	29,259,106	28,713,149	26,737,119	26,326,612	25,502,179	25,052,574	13,335,093	11,839,532	11,534,872	10,985,483	10,470,527	10,344,449	10,388,015	9,774,456	9,293,419	8,837,502	7,983,895	8,088,742	7,676,240	7,475,750	7,267,980	7,371,501	7,354,429	7,001,406	7,034,943	6,766,804	6,754,731	6,800,641	6,478,999	6,531,596	6,039,648	5,960,203	5,650,036	5,613,401	5,561,790	5,835,701	5,325,638	5,385,447	5,010,248	5,068,879	5,127,591	2,412,794	1,008,935	2,472,883	2,460,939	2,254,854	2,275,542	2,090,993	2,110,148	1,846,965	1,626,984	1,449,095	1,467,439	1,488,009	1,502,409	1,518,837	1,535,445	1,554,661	1,569,624	1,508,321	1,521,287	1,538,092	1,551,400	1,563,008	1,568,962	1,575,992	1,197,762	1,097,294	1,103,185	989,214	992,251	905,581	909,139	913,735	887,930	923,584	895,458	827,766	714,101	716,620	718,744	722,455	724,907	676,528	679,431	671,793	596,170	591,778	517,893	515,569	516,882	522,856	529,918	534,831	538,900	508,900	446,500	450,209	453,200	456,500	459,300	433,315	366,800	369,000	371,800	374,241	376,100	378,900	382,100	381,421	346,200	329,700	332,700	335,400	339,500
Treasury Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	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	1996-12-31	1995-12-31	1994-12-31	1993-12-31
Begin Period Cash Flow	226,881	332,369	850,679	71,005	21,071	12,142	15,681	40,294	3,852	10,257	5,248	4,165	17,607	10,026	46,815	193,101	10,573	65,704	2,141	4,837	8,921	2,467	3,815	773	2,533	2,123	1,559	1,650	11,673	29,300	0
Capital Expenditures	68,692	8,981,950	6,332,156	26,773	3,487,206	1,652,399	1,261,541	1,713,222	1,212,609	1,138,669	1,311,197	971,693	957,347	15,385	860	397	507,357	655,086	426,841	195,470	0	0	0	56,142	174,056	192,588	140,389	55,705	65,890	3,500	0
Cash And Cash Equivalents Changes	0	-84,977	-538,386	775,243	59,730	8,929	-3,539	-30,874	36,442	-6,405	5,009	1,083	0	7,581	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	0	-710	-4,585	-2,255	-2,733	-3,250	-1,639	3,043	820	806	0	0	-2,148	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change In Cash	65,294	-105,488	-518,310	779,674	49,934	8,929	-3,539	-30,874	36,442	-6,405	5,009	1,083	-13,442	7,581	-36,789	-146,286	182,528	-55,131	63,563	-2,696	-4,084	6,454	-1,348	3,042	-1,760	410	564	-91	-10,023	-46,400	38,485
Change In Working Capital	174,007	-34,814	-35,073	-59,520	15,102	11,794	26,004	33,236	3,527	17,168	9,715	11,619	14,353	17,787	4,463	745	21,626	7,800	4,998	44	6,945	2,227	1,076	2,639	907	1,706	243	750	-200	-800	0
Change Receivables	0	-29,524	-38,292	-79,240	-8,954	-6,901	-92	-1,232	-2,641	-4,311	-3,131	2,775	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Account Receivables	-111,286	-29,524	-38,292	-79,240	-8,954	-6,901	-92	-1,232	-2,641	-4,311	-3,131	2,775	5,209	5,270	3,607	-930	-49	4,418	-3,292	1,094	1,751	202	1,125	485	25	100	-844	-600	0	-1,000	0
Change To Inventory	111,286	29,524	38,292	79,240	8,954	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,662	0	0	0	0	0
Change To Liabilities	0	-5,290	3,219	19,720	24,056	18,695	26,096	34,468	6,168	21,479	12,846	8,844	0	12,517	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Netincome	0	116,863	100,904	98,113	17,266	21,058	26,298	538	-9,899	-32,341	-44,358	13,181	0	6,702	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Operating Activities	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	1,895,177	1,670,389	897,835	677,038	593,961	539,780	498,788	449,943	409,215	374,661	306,577	149,597	121,751	95,513	91,383	95,781	77,192	59,492	46,450	40,339	34,416	31,428	29,426	29,003	25,952	21,935	18,596	16,422	14,849	13,800	0
Dividends Paid	2,111,793	1,813,431	1,169,026	964,167	852,134	761,582	695,462	637,596	560,318	517,556	451,152	275,793	243,550	206,753	202,261	193,908	182,242	139,070	117,978	106,483	93,555	87,755	74,583	67,974	61,154	52,300	0	48,100	36,700	44,700	0
End Period Cash Flow	292,175	226,881	332,369	850,679	71,005	21,071	12,142	9,420	40,294	3,852	10,257	5,248	4,165	17,607	10,026	46,815	193,101	10,573	65,704	2,141	4,837	8,921	2,467	3,815	773	2,533	2,123	1,559	1,650	-17,100	38,485
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	2,890,077	2,563,856	1,322,189	1,115,543	1,068,937	940,742	875,850	804,045	692,303	627,692	518,906	326,469	298,952	227,983	225,847	245,758	-189,188	-568,141	-317,284	-17,133	73,957	124,807	90,035	448	-101,902	-127,943	-87,697	-7,632	-25,578	25,000	38,485
Investments	-10,496,496	109,689	9,955	-2,032,379	-14,603	5,067	-7,377	12,515	-11,541	350	-10,656	-6,554	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	6,001,899	4,556,028	1,263,235	728,883	845,061	0	0	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	1,888,035	-839,910	1,566,904	1,253,957	373,044	99,163	971,972	-93,612	602,881	94,524	1,074,000	0	237,440	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	876,914	872,416	360,747	396,506	437,478	364,598	319,318	316,477	284,855	269,140	179,180	145,971	151,137	121,416	131,127	116,846	127,383	106,065	89,217	84,098	79,209	73,077	67,558	54,788	46,596	41,304	34,770	32,223	25,600	25,200	29,318
Other Cashflows From Financing Activities	-77,273	30,742,497	3,642,225	1,054,377	4,976,889	1,080,476	4,114,117	4,632,985	2,078,056	2,412,232	30,502	-17,967	-474	-5,798	4,489	-3,196	952,206	-110,000	670,566	404,187	606,967	332,700	196,300	157,665	340,378	-1	179,276	21	-10	-800	0
Other Cashflows From Investing Activities	0	485,185	-115,494	259,459	108,911	149,934	181,387	98,692	99,371	59,066	116,635	23	20,266	4,033	14,565	23,794	6,017	8,867	0	34,175	20,773	18,530	0	0	0	0	0	0	0	0	0
Other Non Cash Items	-108,819	34,248	-24,894	4,429	-1,953	-1,590	4,765	-4,664	-7,045	-11,404	-5,671	-966	11,711	8,652	-266	32,783	91,968	-86,412	-31,108	53,856	-46,613	18,075	-8,025	-29,840	-1,301	-300	-917	-1,322	63	-9,700	9,167
Sale Purchase Of Stock	82,607,168	4,567,682	10,115,593	5,728,530	-21,123	-2,752	-408,750	-9,026	-6,750	-220,000	3,444,700	-127,500	752,936	858,331	0	0	0	1,009,060	0	-206,284	0	0	-169	-6,499	0	312,136	0	-188	50,600	0	0
Stock Based Compensation	26,227	21,617	41,773	16,503	13,662	27,267	13,946	12,007	10,391	11,959	20,785	10,001	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Cash From Financing Activities	6,437,356	5,738,243	4,577,120	1,692,079	2,492,602	707,871	375,118	866,192	523,194	540,762	818,114	682,988	622,469	461,571	-217,772	-222,568	362,980	503,204	358,547	-20,164	181,773	-3,654	1,365	-19,492	92,424	125,583	83,829	3,136	15,920	-46,400	0
Total Cash From Operating Activities	2,958,769	2,563,856	1,322,189	1,115,543	1,068,937	940,742	875,850	804,045	692,303	627,692	518,906	326,469	298,952	243,368	226,707	246,155	318,169	86,945	109,557	178,337	73,957	124,807	90,035	56,590	72,154	64,645	52,692	48,073	40,312	28,500	38,485
Total Cashflows From Investing Activities	0	-8,387,076	-6,437,695	-2,032,379	-3,501,809	-1,639,684	-1,254,507	-1,701,111	-1,179,055	-1,174,859	-1,332,011	-1,008,374	0	-697,358	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	1997-12-31	1997-09-30	1997-06-30	1997-03-31	1996-12-31	1996-09-30	1996-06-30	1996-03-31	1995-12-31	1995-09-30	1995-06-30	1995-03-31	1994-12-31
Begin Period Cash Flow	430,664	314,862	243,765	226,881	288,913	273,665	242,850	332,369	546,098	266,985	193,330	850,679	739,011	130,318	137,157	71,005	259,289	39,892	22,334	21,071	15,728	44,800	26,582	12,142	3,199	10,945	27,598	9,420	29,801	20,443	8,695	40,294	7,074	18,741	12,190	3,852	16,936	8,908	14,142	10,257	9,960	22,575	4,159	5,248	2,794	6,064	5,194	4,165	5,543	155,671	129,707	17,607	155,582	872	849	10,026	20,042	35,823	10,438	46,815	112,562	39,373	13,343	193,101	266,644	8,914	5,399	10,573	113,374	10,746	4,107	65,704	2,244	1,948	11,076	2,141	8,483	15,040	5,550	4,837	5,709	4,719	3,606	8,921	8,391	21,242	3,730	2,467	11,624	1,180	1,992	3,815	5,297	2,449	2,103	773	2,900	41,500	27,400	2,500	15,800	36,800	33,500	2,100	43,800	20,800	8,900	1,600	1,300	0	0	1,700	4,400	19,500	6,200	11,700	0
Capital Expenditures	21,585	6,749,247	3,027,262	1,688,996	3,935,744	36,393	1,656,410	1,539,307	2,611,103	1,615,014	2,106,039	1,028,431	1,114,700	611,459	152,571	350,670	1,524,307	397,609	1,066,776	498,514	275,614	577,476	305,700	493,609	354,474	245,724	314,253	347,090	735,124	391,844	283,221	303,033	196,835	119,218	714,704	181,852	111,302	144,951	289,757	592,659	117,687	518,183	633,057	42,270	5,041,255	18	213,046	8,913	191,199	462,384	186,287	32,067	3,404,015	-61	-62	28,713	-59	-48	-57	2,439	-68	-34	-47	181,054	129,155	277,244	39,774	61,184	409,563	99,131	58,169	88,223	417,347	0	61,960	81,070	36,875	35,479	15,905	107,211	0	27,157	34,538	30,566	0	0	79,143	8,424	0	27,243	6,896	7,542	2,116	8,064	24,763	21,199	19,856	69,300	45,200	39,700	55,788	34,800	49,900	52,100	26,189	57,300	39,000	17,900	35,805	14,500	2,200	3,200	9,790	14,500	29,000	12,600	0
Cash And Cash Equivalents Changes	0	0	63,567	3,339	-123,533	72,305	49,707	-83,456	-237,516	281,792	74,735	-657,397	108,502	605,253	-7,593	69,081	-179,095	219,271	18,291	1,263	5,343	-29,072	18,218	14,440	2,682	-7,746	-16,653	18,178	0	9,358	11,748	-31,599	33,220	-11,667	6,551	8,338	-13,084	8,028	-5,234	3,885	297	-12,615	18,416	-1,089	0	0	0	0	0	-191,287	67,123	112,100	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	0	0	0	0	22,893	-7,480	590	-1,880	2,374	-400	-804	-3,311	-2,336	-502	1,564	-1,792	-327	-136	0	331	-265	-792	-2,007	-2,022	-369	471	-1,330	0	-2,051	2,108	5,778	-4,095	7,138	0	0	0	0	0	820	806	0	0	0	0	0	0	0	0	2,878	-1,126	7,495	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-138,489	115,802	71,097	16,884	-62,032	15,248	30,815	-89,519	-213,729	279,113	73,655	-657,349	111,668	608,693	-6,839	66,152	-188,284	219,397	17,558	1,263	5,343	-29,072	18,218	14,440	8,943	-7,746	-16,653	18,178	-20,381	9,358	11,748	-31,599	33,220	-11,667	6,551	8,338	-13,084	8,028	-5,234	3,885	297	-12,615	18,416	-1,089	2,454	-3,270	870	1,029	-1,378	-150,128	25,964	112,100	-137,975	154,710	23	-9,177	-10,016	-15,781	25,385	-36,377	-65,747	73,189	26,030	-179,758	-73,543	257,730	3,515	-5,174	-102,801	102,628	6,639	-61,597	63,460	296	-9,128	8,935	-6,342	-6,557	9,490	713	-872	990	1,113	-5,315	530	-12,851	17,512	1,263	-9,157	10,444	-812	-1,823	-1,482	2,848	346	1,330	-2,127	26,000	41,500	24,900	41,583	15,800	36,800	31,400	11,929	43,800	20,800	7,300	22,636	1,300	-10,800	-10,000	-2,480	4,400	19,500	-5,500	-8,700
Change In Working Capital	30,018	-43,271	61,911	80,564	-210,643	76,731	162,287	-63,189	-27,651	46,405	-441	-53,386	6,309	12,143	-47,026	-30,946	8,978	22,053	21,129	-37,058	17,384	-26,093	33,699	-13,196	18,279	-35,841	37,308	6,258	22,940	22,627	35,813	-48,144	37,336	-24,918	34,113	-43,004	35,199	-14,933	30,249	-33,347	31,539	-7,145	34,582	-49,261	33,968	-23,510	27,670	-26,509	20,898	-9,105	26,173	-23,613	25,784	-9,158	19,256	-18,095	20,306	-13,336	16,493	-19,000	17,623	-12,369	17,773	-22,282	21,671	-3,365	11,424	-8,104	6,403	-3,352	3,999	750	-2,371	5,803	-2,421	3,987	-3,842	5,085	-3,364	2,165	2,004	1,305	572	3,064	-3,582	3,300	-586	3,095	-2,378	2,427	-2,424	3,451	-4,103	5,324	-852	2,270	-8,293	5,400	-3,400	7,200	-6,894	4,800	-3,200	7,000	-10,957	6,200	7,800	-2,800	-1,450	1,600	-400	1,000	400	-1,600	-200	1,200	-8,600
Change Receivables	0	0	-16,348	42,081	-237,362	73,819	151,717	-17,698	8,378	21,300	-46,603	-21,367	-19,493	1,344	-64,096	3,005	-1,068	3,364	-5,065	-6,185	-5,361	-4,325	5,258	-2,473	2,250	-4,288	1,807	139	0	-3,982	1,865	5,081	-4,992	573	886	892	-16,731	-325	3,145	9,600	-4,612	3,905	-463	-1,961	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-93,748	-43,271	-16,348	42,081	-237,362	73,819	151,717	-17,698	8,378	21,300	-46,603	-21,367	-19,493	1,344	-64,096	3,005	-1,068	3,364	-5,065	-6,185	-5,361	-4,325	5,258	-2,473	2,250	-4,288	1,807	139	-4,196	-3,982	1,865	5,081	-4,992	573	886	892	-16,731	-325	3,145	9,600	-4,612	3,905	-463	-1,961	-2,829	3,784	1,986	-166	-3,463	846	317	7,509	-1,753	948	414	5,661	-1,399	2,060	-1,051	3,997	-2,265	1,567	-61	-171	-777	-262	961	29	-615	505	1,423	3,105	-3,909	1,005	-2,030	1,642	-2,504	1,061	1,140	1,397	-981	285	761	1,686	-3,130	836	549	1,947	-1,506	337	358	1,936	-1,247	618	598	516	-2,075	600	200	1,300	-1,800	200	400	1,300	-1,744	300	-100	700	-1,700	400	100	600	0	-1,400	300	300	-3,600
Change To Inventory	-125,349	0	16,348	0	237,362	-73,819	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Liabilities	0	44,785	78,259	38,483	26,719	2,912	10,570	-45,491	-36,029	25,105	46,162	-32,019	25,802	10,799	17,070	-33,951	10,046	18,689	26,194	-30,873	22,745	-21,768	28,441	-10,723	16,029	-31,553	35,501	6,119	34,468	26,609	33,948	-53,225	42,328	-25,491	33,227	-43,896	51,930	-14,608	27,104	-42,947	36,151	-11,050	35,045	-47,300	0	0	0	0	0	15,905	0	-31,122	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Netincome	0	-5,485	15,764	-14,671	205,137	-47,068	-29,407	-11,799	52,926	3,458	-7,144	44,048	7,426	91,465	18,579	-19,357	-4,170	13,553	9,185	-1,302	8,096	1,167	-1,326	13,121	28,057	-1,745	3,675	-3,689	-12,906	4,776	-623	-860	-3,100	-1,646	-125	-5,028	-20,462	-9,961	-478	-1,440	-8,873	-2,198	852	-34,139	0	0	0	0	0	-696	0	2,344	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Operating Activities	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	475,856	495,566	472,278	451,477	438,174	419,016	409,437	403,762	333,229	198,832	187,789	177,985	175,041	169,084	168,328	164,585	156,594	149,424	150,426	137,517	137,711	136,967	133,999	131,103	127,033	127,569	123,089	121,097	117,751	113,917	110,342	107,933	105,739	104,338	101,101	98,037	96,537	95,260	92,894	89,970	84,974	74,323	77,472	69,808	41,315	37,722	35,310	35,250	34,209	31,792	28,940	26,810	24,892	23,866	23,500	23,255	22,667	22,829	22,936	22,951	24,017	25,934	22,870	22,960	21,060	19,489	18,518	18,125	16,531	14,637	14,773	13,551	11,519	12,882	11,232	10,817	10,259	10,132	10,159	9,789	9,997	8,148	8,198	8,073	8,181	8,564	7,209	7,474	7,824	7,234	7,158	7,210	8,498	6,913	6,844	6,748	6,952	6,700	6,200	6,100	5,835	5,600	5,400	5,100	4,896	4,800	4,400	4,500	4,222	4,100	4,000	4,100	4,049	3,900	3,600	3,300	3,400
Dividends Paid	556,114	543,343	515,091	497,245	470,736	458,586	445,829	438,280	371,179	273,791	263,359	260,697	247,632	242,241	240,470	233,824	222,476	216,248	208,864	204,546	196,835	191,703	187,488	185,556	179,307	174,607	172,874	168,674	163,512	161,963	158,006	154,115	147,241	141,260	138,365	133,452	129,374	132,574	131,712	123,896	121,161	117,357	117,175	95,459	71,112	69,649	68,624	66,408	64,084	61,208	61,072	57,186	53,863	51,089	50,974	50,827	184,071	82,763	50,528	50,425	50,199	48,272	47,820	47,617	47,340	45,582	44,598	44,722	39,413	34,459	33,592	31,606	31,383	29,217	28,765	28,613	99,579	44,248	25,922	25,230	24,458	23,179	23,040	22,878	22,698	24,149	21,269	19,639	22,276	19,144	17,847	15,316	18,960	15,140	16,962	16,912	19,554	13,400	14,500	13,700	13,500	13,300	13,000	12,500	0	10,900	10,800	10,900	10,800	10,600	10,700	16,000	0	0	8,800	8,800	8,800
End Period Cash Flow	292,175	430,664	314,862	243,765	226,881	288,913	273,665	242,850	332,369	546,098	266,985	193,330	850,679	739,011	130,318	137,157	71,005	259,289	39,892	22,334	21,071	15,728	44,800	26,582	12,142	3,199	10,945	27,598	9,420	29,801	20,443	8,695	40,294	7,074	18,741	12,190	3,852	16,936	8,908	14,142	10,257	9,960	22,575	4,159	5,248	2,794	6,064	5,194	4,165	5,543	155,671	129,707	17,607	155,582	872	849	10,026	20,042	35,823	10,438	46,815	112,562	39,373	13,343	193,101	266,644	8,914	5,399	10,573	113,374	10,746	4,107	65,704	2,244	1,948	11,076	2,141	8,483	15,040	5,550	4,837	5,709	4,719	3,606	8,921	8,391	21,242	3,730	2,467	11,624	1,180	1,992	3,815	5,297	2,449	2,103	773	26,000	41,500	27,400	41,583	15,800	36,800	33,500	11,929	43,800	20,800	8,900	22,636	1,300	-10,800	-8,300	-2,480	4,400	19,500	6,200	-8,700
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	739,073	731,998	734,879	731,234	630,490	640,412	743,082	513,479	352,123	388,932	314,681	266,453	305,738	295,161	249,428	265,216	291,231	288,043	277,636	212,027	250,900	212,573	263,740	213,529	235,752	179,481	247,486	213,131	224,835	217,783	225,137	136,290	219,355	151,238	203,858	117,852	187,611	141,305	184,580	114,196	173,239	124,234	165,159	56,274	117,941	52,595	105,607	50,326	99,705	62,279	95,442	9,459	86,607	46,245	73,989	7,814	77,883	42,015	71,191	33,179	71,908	45,055	81,079	-132,941	-29,841	-230,646	78,132	-6,833	-450,460	-56,046	-11,943	-49,692	-378,045	12,919	-40,092	-45,602	-364	2,389	35,746	-54,904	13,117	-23,135	-8,711	425	29,526	36,419	-47,350	18,645	26,409	-14,321	11,992	24,274	14,331	-7,106	-6,846	69	-3,602	-48,000	-30,200	-20,100	-41,743	-16,200	-36,200	-33,800	-16,597	-41,500	-22,700	-6,900	-23,432	-2,100	9,000	8,900	2,122	-5,300	-19,700	-2,700	6,400
Investments	-2,716,295	-1,991,951	25,591	-23,599	23,356	99,402	3,759	-16,828	15,387	5,721	-1,031,850	-993,726	-920,553	-308,693	-298,720	-1,280	-7,430	2,446	-9,619	-498,514	-200	0	5,677	-410	-7,469	31	31	30	-911	29	-11,009	23,466	-11,541	0	0	0	-42,222	0	350	0	-105	2,327	-1,613	-11,265	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	1,589,499	873,280	2,180,493	796,190	2,151,936	691,396	1,056,602	656,094	0	593,940	295	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	1,062,851	968,573	2,102,515	813,806	-85,713	535,689	624,253	-809,889	1,008,154	603,105	-1,014,500	1,182,702	379,010	340,386	-335,194	707,674	-25,668	57,186	514,765	-293,546	238,839	-56,060	483,811	154,538	-202,009	563,556	-416,922	977,246	302,599	-157,994	250,661	-408,429	-52,688	271,801	95,704	170,515	164,864	-342,801	610,303	-358,312	495,228	582,600	-624,992	0	0	0	0	0	236,720	0	-43	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	219,762	233,473	197,153	226,122	228,336	220,287	223,822	199,971	4,467	135,276	124,768	96,236	118,150	23,143	108,070	147,143	129,553	101,275	95,420	111,230	85,303	99,283	96,697	83,315	60,952	88,072	81,259	89,035	92,724	77,202	76,067	70,484	83,111	67,813	66,350	67,581	78,374	73,628	62,222	54,916	48,645	47,537	50,665	32,333	32,783	35,375	39,401	38,412	39,570	37,786	38,178	35,603	32,691	31,654	31,048	29,451	35,331	33,152	32,560	30,047	29,933	29,017	28,107	29,789	30,049	30,808	31,991	34,535	32,819	25,649	22,709	24,888	23,730	22,268	21,485	21,734	21,933	20,649	21,476	20,040	24,216	18,955	17,996	18,042	19,474	19,486	16,537	17,580	18,423	17,186	13,476	18,473	16,662	12,351	12,863	12,912	13,096	13,100	10,500	9,900	10,604	10,500	10,300	9,900	10,070	8,400	8,100	8,200	8,823	7,900	7,600	7,900	7,700	6,100	5,800	6,000	17,100
Other Cashflows From Financing Activities	68,249,910	7,948,054	-10,241	6,342,172	9,711,096	10,279,584	7,775,979	2,975,838	5,031,784	1,011,388	452,453	-49,112	2,250,065	1,536,865	2,162,228	-12,783	1,779,201	568,540	2,529,171	-2,244	505,339	288,685	290,961	1,053,491	1,677,264	854,805	53,907	44,329	1,415,084	928,162	15,481	30,258	36,303	252,903	1,295,527	98,753	191,970	-910	47,056	729,201	47,132	-11,262	-1,898	-3,470	955,982	531,124	283,199	-1,836	235,402	503	140,546	-2,081	-4,061	267,872	525,373	56,748	137,971	32,225	43	-224	12,664	4	-3,192	-8	-31	816,837	65,491	9	-271,997	275,897	87,000	103,100	165,570	232,573	10,700	20,500	149,885	101,275	-19,600	-6,800	330,061	75,554	58,407	147,801	135,900	30,900	131,200	34,700	97,400	54,100	16,200	28,600	27,265	-24,000	51,900	31,800	139,278	67,300	133,900	66,500	99	33,800	56,500	54,700	12,776	55,300	31,600	18,200	33,439	11,900	-100	21,300	-2,480	4,400	28,300	3,300	100
Other Cashflows From Investing Activities	0	110,688	32,782	34,876	54,451	142,443	150,164	138,127	-239,027	31,917	-11,153	34,705	74,660	51,048	6,979	126,772	36,310	21,549	28,596	22,456	63,064	35,508	36,399	14,963	118,607	22,758	27,042	12,980	6,911	0	21,817	-4,088	26,896	20,707	11,411	40,357	32,844	11,779	2,213	12,230	25,203	29,539	39,787	22,106	15,687	34,283	14,754	1,864	20,266	46,761	4,372	-37,116	10,394	15,294	6,352	797	14,565	9,549	6,365	1,093	23,794	8,098	425	0	6,017	2,795	1,174	127	8,867	0	0	0	0	0	0	0	34,175	0	0	0	20,773	11,955	7,980	2,441	18,530	14,294	6,017	2,174	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Non Cash Items	88,423	2,959	-26,520	-33,229	169,748	-44,328	-59,105	-32,067	-19,626	-1,902	-4,577	1,211	4,105	-2,375	1,824	875	-762	-92	-586	-513	21	-238	-1,022	-351	2,309	576	1,463	417	-922	-992	-750	-2,000	-1,781	-3,010	-71	-2,183	-3,198	-4,373	-2,091	-1,742	-1,532	302	-2,494	-1,947	9,875	3,008	3,226	3,173	5,028	198	3,977	4,997	3,240	1,318	31,233	3,766	-421	578	1,298	1,620	335	2,473	13,026	17,646	26,534	-334	55,973	9,795	-96,650	6,151	4,745	-658	6,424	-28,034	-8,435	-1,070	8,161	2,002	23,380	20,313	-23,100	-24,386	-939	1,812	5,453	5,069	8,633	-1,080	2,540	-13,925	678	2,682	-4,610	-23,630	-938	-662	4,499	-3,900	1,700	-3,600	4,500	-2,300	1,200	-3,700	5,583	-3,600	-4,000	1,100	778	-1,200	0	-900	-237	800	100	-600	-5,500
Sale Purchase Of Stock	-22,997,886	3,849,963	23,871,166	798,901	2,154,882	694,373	1,059,534	658,893	3,024	1,907,606	3,990,005	1,413,694	2,187	2,107	2,449	846,532	2,178	-898	846,995	-20,225	-2,752	239,123	281,517	2,346	2,118	8,164	284,250	790,812	383,572	-9,026	1,020,982	1,178,453	389,000	152,908	382,301	-6,750	-118,118	553,748	671,167	2,126	528,400	1,313,100	750,600	852,600	0	0	0	-127,500	0	339,492	0	38,600	203,500	0	0	0	0	0	0	0	0	0	0	0	0	0	0	69,900	729,160	0	0	-24,100	0	0	64,002	177,221	2	27,350	-93,986	128,273	0	0	-4,815	-41	0	0	0	0	0	0	0	-169	-871	-1,465	-3,212	-951	0	0	0	0	167,036	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock Based Compensation	6,073	6,231	7,623	6,300	4,875	5,099	6,641	5,002	29,289	4,315	4,472	3,697	3,083	3,020	4,882	5,518	3,184	3,187	4,527	2,764	14,740	3,870	4,995	3,662	3,305	3,426	4,462	2,753	2,803	2,652	3,947	2,605	2,793	2,236	2,810	2,552	4,306	2,204	2,752	2,697	6,550	6,737	3,653	3,845	0	0	0	0	0	1,698	-1,715	-2,180	0	-1,347	-1,715	-1,761	0	-1,114	-1,709	-1,143	0	-828	-1,374	0	0	0	0	0	0	0	0	0	0	0	-354	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Cash From Financing Activities	1,795,208	1,394,747	2,297,577	949,824	3,103,914	1,004,144	809,112	821,073	2,245,104	1,470,236	791,904	69,876	723,317	618,785	194,701	155,276	1,061,411	326,391	817,050	287,750	26,455	335,821	51,849	293,746	107,756	61,189	35,814	170,359	482,526	173,856	83,006	126,804	-2,337	-42,891	514,167	54,255	-80,193	33,734	104,413	482,808	-52,336	375,197	463,406	31,847	267,312	356,056	99,629	-40,009	77,277	239,380	79,546	226,266	177,768	118,783	182,199	-17,179	-46,100	-50,538	-50,485	-70,649	-150,319	26,226	-50,850	-47,625	-47,283	488,875	-80,002	1,390	347,657	154,294	15,226	-13,973	89,726	197,896	22,968	47,957	-20,781	-17,853	-31,182	49,652	165,519	20,150	4,285	-8,181	-15,174	-28,745	61,019	-20,754	45,151	14,789	-15,424	-43,151	-32,131	7,576	5,226	-163	24	26,000	41,500	24,900	41,583	15,800	36,800	31,400	11,929	43,800	20,800	7,300	22,636	1,300	-10,800	-10,000	-2,480	4,400	19,500	-5,500	-8,700
Total Cash From Operating Activities	760,658	731,998	734,879	731,234	630,490	676,805	743,082	513,479	352,123	388,932	314,681	266,453	305,738	295,161	249,428	265,216	291,231	288,043	277,636	212,027	250,900	212,573	263,740	213,529	235,752	179,481	247,486	213,131	224,835	217,783	225,137	136,290	219,355	151,238	203,858	117,852	187,611	141,305	184,580	114,196	173,239	124,234	165,159	56,274	117,941	52,595	105,607	50,326	99,705	62,279	95,442	41,526	86,607	46,245	73,989	36,527	77,883	42,015	71,191	35,618	71,908	45,055	81,079	48,113	99,314	46,598	117,906	54,351	-40,897	43,085	46,226	38,531	39,302	12,919	21,868	35,468	36,511	37,868	51,651	52,307	13,117	4,022	25,827	30,991	29,526	36,419	31,793	27,069	26,409	12,922	18,888	31,816	16,447	958	17,917	21,268	16,254	21,300	15,000	19,600	14,045	18,600	13,700	18,300	9,592	15,800	16,300	11,000	12,373	12,400	11,200	12,100	11,912	9,200	9,300	9,900	6,400
Total Cashflows From Investing Activities	0	-6,638,559	-2,968,889	-1,677,719	-3,857,937	-1,608,644	-1,502,487	-1,418,008	-2,834,743	-1,577,376	-1,031,850	-993,726	-920,553	-308,693	-451,722	-351,411	-1,531,737	-395,163	-1,076,395	-498,514	-272,012	-577,466	-297,371	-492,835	-340,826	-248,416	-299,953	-365,312	-1,700,707	-382,281	-296,395	-294,693	-183,798	-120,014	-711,474	-163,769	-120,502	-167,011	-294,227	-593,119	-120,606	-512,046	-610,149	-89,210	-1,008,374	-625,575	-213,654	0	0	-600,811	0	-155,692	0	0	0	0	0	0	3,333	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	5,236	9,512	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

Income Statement

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31	1994-12-31	1993-12-31
Cost Of Revenue	316,964	226,330	133,605	104,603	88,585	66,326	69,480	62,865	55,352	53,871	38,838	7,269	7,436	7,332	6,914	118,168	103,407	80,370	65,697	56,626	47,228	42,963	40,173	38,687	0	0	0	0	0	0	0
Depreciation And Amortization	1,895,177	1,670,389	897,835	677,038	593,961	539,780	498,788	449,943	409,215	374,661	306,577	149,597	121,751	95,513	91,383	90,732	77,192	59,492	46,450	40,339	34,416	31,428	29,426	29,003	25,952	21,935	18,596	16,422	14,849	13,800	0
Discontinued Operations	0	0	0	0	0	0	0	0	0	2,800	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebit	1,790,084	1,258,247	963,098	873,003	750,497	639,210	605,333	537,083	497,737	418,809	389,436	274,406	259,458	216,853	207,661	210,802	191,714	160,538	130,166	49,966	106,183	96,273	83,546	79,623	69,768	40,504	41,914	29,268	25,582	72,100	25,735
Ebitda	3,685,261	2,928,636	1,860,933	1,550,041	1,344,458	1,178,990	1,104,121	987,026	906,952	793,470	696,013	424,003	381,209	312,366	299,044	301,534	268,906	220,030	176,616	90,305	140,599	127,701	112,972	108,626	95,720	62,439	60,510	45,690	40,431	85,900	25,735
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
Extraordinary Items	0	0	0	0	0	0	0	0	0	2,800	67,103	13,181	5,895	9,368	8,994	14,995	13,026	4,716	9,902	19,299	7,226	5,590	0	0	0	0	0	0	0	0	0
Gross Profit	3,762,029	3,117,351	1,946,858	1,547,022	1,403,006	1,261,512	1,146,288	1,040,307	967,933	879,634	739,537	468,241	413,623	337,677	320,667	330,200	296,513	240,100	196,676	175,555	156,114	140,980	126,271	118,310	104,510	85,132	67,897	56,957	51,555	48,900	49,018
Income Before Tax	928,935	917,599	392,404	411,199	443,636	369,938	325,362	319,739	288,024	272,601	181,914	147,401	152,607	122,809	122,810	118,076	128,775	106,812	90,030	84,797	81,912	74,821	69,354	54,788	0	41,504	0	32,268	0	0	0
Income Tax Expense	52,021	45,183	31,657	14,693	6,158	5,340	6,044	3,262	3,169	3,461	2,734	1,430	1,470	1,393	76,534	78,961	1,392	747	31,047	699	19,748	17,606	15,988	24,835	23,527	-300	7,144	-1,455	-18	56,900	-29,318
Interest Expense	779,045	445,448	323,644	309,336	290,991	266,020	247,413	219,974	233,079	216,366	180,916	116,302	108,301	93,237	85,528	93,956	0	0	40,949	0	26,974	23,536	26,466	31,547	24,473	0	8,226	0	0	0	0
Interest Income	73,460	19,759	1,816	4,585	2,255	0	0	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	-4,605	3,008	1,291	1,020	996	984	520	906	1,089	-1,305	719	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	872,309	869,408	359,456	395,486	436,482	363,614	318,798	315,571	283,766	270,635	245,564	159,152	157,032	130,784	131,127	131,841	140,409	110,781	99,119	103,397	86,435	78,667	67,558	54,788	46,241	41,304	34,770	32,223	25,600	15,200	29,318
Net Income Applicable To Common Shares	872,309	869,408	359,456	395,486	436,482	363,614	301,514	288,491	256,686	227,558	203,634	114,538	126,884	106,531	97,880	92,593	103,130	94,703	79,814	70,869	69,496	63,364	56,419	45,076	0	0	0	0	0	0	0
Net Income From Continuing Ops	876,914	872,416	360,747	391,921	523,808	406,281	347,900	357,363	317,964	283,806	218,018	145,971	0	121,416	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Interest Income	-737,612	-465,223	-323,644	-305,204	-288,239	-268,753	-248,406	-221,613	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	127,387	-30,325	66,413	29,996	0	-42,426	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Recurring	0	39,757	206,380	147,232	40,186	26,269	14,751	20,664	10,560	4,126	13,303	10,703	0	807	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	1,724,862	1,258,247	963,098	873,003	750,497	637,584	589,054	538,398	509,420	453,888	376,133	280,646	260,918	216,853	207,661	210,802	191,714	158,983	130,166	49,966	106,183	96,273	83,546	79,623	69,768	41,004	41,914	30,768	25,582	72,100	25,735
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
Other Operating Expenses	2,356,677	2,035,178	1,128,420	854,856	749,029	690,254	626,714	564,774	513,865	479,617	402,242	194,864	161,611	128,156	119,920	119,398	104,799	81,117	66,510	125,589	49,931	44,707	42,725	38,687	34,742	44,128	25,983	26,189	25,973	23,200	23,283
Preferred Stock And Other Adjustments	0	0	0	0	0	0	17,284	27,080	27,080	43,077	41,930	44,614	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Reconciled Depreciation	1,895,177	1,670,389	897,835	677,038	593,961	539,780	498,788	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling And Marketing Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling General Administrative	144,536	138,459	96,980	73,215	66,483	84,148	58,446	51,966	49,298	51,085	56,827	37,998	30,954	25,311	20,946	21,618	22,694	17,539	15,421	13,119	11,182	9,454	7,836	6,839	6,968	6,680	5,437	5,181	4,821	0	0
Tax Provision	52,021	45,183	31,657	14,693	6,158	5,340	6,044	3,262	3,169	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	2,039,713	1,808,848	994,815	750,253	660,444	623,928	557,234	501,909	458,513	425,746	363,404	187,595	154,175	120,824	119,920	119,398	104,799	81,117	66,510	125,589	49,931	44,707	42,725	38,687	34,742	44,128	25,983	26,189	25,973	-23,200	23,283
Total Other Income Expense Net	-55,769	-340,648	-570,694	-461,804	-306,861	-1,626	-16,279	1,315	11,683	35,079	-13,303	-10,703	-10	-807	0	0	-62,939	-1,555	0	34,831	0	0	0	0	0	500	0	1,500	0	0	0
Total Revenue	4,078,993	3,343,681	2,080,463	1,651,625	1,491,591	1,327,838	1,215,768	1,103,172	1,023,285	933,505	778,375	475,510	421,059	345,009	327,581	330,200	296,513	240,100	196,676	175,555	156,114	140,980	126,271	118,310	104,510	85,132	67,897	56,957	51,555	48,900	49,018

	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	1997-12-31	1997-09-30	1997-06-30	1997-03-31	1996-12-31	1996-09-30	1996-06-30	1996-03-31	1995-12-31	1995-09-30	1995-06-30	1995-03-31	1994-12-31	1994-09-30
Cost Of Revenue	81,883	70,981	94,703	69,397	69,089	52,719	52,180	52,342	43,710	29,662	31,734	28,499	27,135	25,410	26,452	25,606	25,253	20,354	21,342	21,636	17,732	15,806	16,236	16,552	16,652	17,267	16,486	19,075	17,411	15,678	14,671	15,105	12,897	13,542	14,937	13,976	20,397	12,770	10,127	10,577	13,056	5,898	3,283	3,772	769	2,797	2,090	2,536	2,334	1,698	1,656	1,983	1,977	1,763	1,684	2,176	6,914	2,103	1,884	2,233	29,382	29,473	29,632	28,673	27,278	26,525	25,144	23,904	22,353	19,439	19,745	18,609	17,632	16,370	15,859	15,648	14,679	14,062	13,967	13,354	12,496	11,112	11,132	11,013	10,932	10,719	10,165	10,255	10,297	10,079	9,735	9,937	11,133	9,172	8,732	8,837	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Depreciation And Amortization	475,856	495,566	472,278	451,477	438,174	419,016	409,437	403,762	333,229	198,832	187,789	177,985	175,041	169,084	168,328	164,585	156,594	149,424	150,426	137,517	137,711	136,967	133,999	131,103	127,033	127,569	123,089	121,097	117,752	113,917	110,342	107,933	105,739	104,338	101,101	98,037	96,537	95,260	92,894	89,970	85,245	74,323	77,472	69,808	41,315	26,309	35,475	35,250	34,209	31,869	29,001	26,810	24,892	24,100	23,524	23,255	22,667	22,930	22,961	22,951	24,017	22,869	22,870	22,960	21,060	19,489	18,518	18,125	16,531	14,637	14,773	13,551	11,519	12,882	11,232	10,817	10,259	10,132	10,159	9,789	9,997	8,148	8,198	8,073	8,181	8,564	7,209	7,474	7,824	7,234	7,158	7,210	8,498	6,913	6,844	6,748	6,952	6,700	6,200	6,100	5,835	5,600	5,400	5,100	4,896	4,800	4,400	4,500	4,222	4,100	4,000	4,100	4,049	3,900	3,600	3,300	3,400	-
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	2,800	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	503,156	437,032	440,279	392,088	342,208	316,604	310,842	321,346	285,096	261,625	238,153	255,512	197,038	282,587	212,837	180,541	192,342	199,511	181,131	177,513	148,365	168,025	156,861	165,959	177,647	144,249	144,249	139,189	136,134	132,661	129,652	131,394	128,318	127,788	124,768	116,861	91,509	113,898	111,356	108,551	101,026	100,094	89,307	98,532	67,031	83,212	68,400	67,364	68,921	66,219	63,614	61,093	59,215	55,145	51,331	51,123	52,451	52,423	51,479	51,457	52,659	52,483	52,327	53,258	52,768	47,141	45,020	46,955	46,525	41,259	36,460	10,053	37,225	32,487	31,313	12,676	13,341	12,700	30,129	28,521	51,190	18,925	17,826	17,766	25,683	24,565	21,998	22,480	43,332	14,380	12,987	12,522	43,328	11,331	10,987	10,926	-27,632	34,100	31,600	30,400	-38,496	27,900	26,100	24,900	-22,686	22,000	21,000	20,400	-25,832	18,200	18,000	18,500	-26,218	17,800	17,400	16,700	13,900	-
Ebitda	979,012	932,598	912,557	843,565	780,382	735,620	720,279	725,108	618,325	460,457	425,942	433,497	372,079	451,671	381,165	345,126	348,936	348,935	331,557	315,030	286,076	304,992	290,860	297,062	304,680	271,818	267,338	260,286	253,886	246,578	239,994	239,327	234,057	232,126	225,869	214,898	188,046	209,158	204,250	198,521	186,271	174,417	166,779	168,340	108,346	109,521	103,875	102,614	103,130	98,088	92,615	87,903	84,107	79,245	74,855	74,378	75,118	75,353	74,440	74,408	76,676	75,352	75,197	76,218	73,828	66,630	63,538	65,080	63,056	55,896	51,233	23,604	48,744	45,369	42,545	23,493	23,600	22,832	40,288	38,310	61,187	27,073	26,024	25,839	33,864	33,129	29,207	29,954	51,156	21,614	20,145	19,732	51,826	18,244	17,831	17,674	-20,680	40,800	37,800	36,500	-32,661	33,500	31,500	30,000	-17,790	26,800	25,400	24,900	-21,610	22,300	22,000	22,600	-22,169	21,700	21,000	20,000	17,300	26,900
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	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	2,800	0	0	0	67,103	0	0	0	13,181	0	0	0	5,895	0	0	0	9,368	0	0	0	8,994	0	0	0	14,995	0	0	0	13,026	0	0	0	4,716	0	0	0	9,902	0	0	0	19,299	0	0	0	7,226	0	0	0	5,590	0	0	0	0	0	0	0	0	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	994,402	968,123	924,502	875,002	819,561	784,550	758,239	755,001	641,309	462,213	432,548	414,305	390,941	379,162	388,184	388,735	372,276	353,893	344,108	332,729	324,844	322,275	312,650	301,743	294,002	289,653	283,684	278,950	270,432	261,496	256,368	252,011	250,771	245,347	238,923	232,891	227,176	222,943	218,519	210,995	202,644	193,406	181,036	167,923	124,809	43,265	113,553	112,187	111,093	105,598	100,970	95,773	89,809	85,410	81,782	81,089	74,483	79,858	79,754	80,661	82,668	82,535	82,432	83,423	80,616	74,089	70,693	71,301	69,108	59,307	56,504	55,315	53,385	49,166	47,473	46,743	45,329	44,112	44,540	42,396	46,824	37,590	36,505	35,682	37,152	36,055	33,901	33,659	33,773	31,007	29,926	31,565	31,629	29,885	28,441	28,355	27,510	28,100	24,900	23,900	23,132	21,800	20,600	19,500	18,397	17,400	16,300	15,600	14,457	14,100	13,800	14,400	14,255	13,100	12,300	11,900	12,300	12,200
Income Before Tax	235,565	245,213	210,085	238,072	237,717	230,450	238,480	210,952	14,595	141,355	133,993	102,461	122,650	27,735	110,908	149,906	131,289	103,097	96,575	112,675	86,910	100,585	97,905	84,538	64,376	89,206	81,700	90,082	93,173	78,096	77,021	71,448	83,832	68,558	66,978	68,655	79,477	74,324	62,791	56,007	50,105	45,966	51,558	33,004	32,998	-64,316	39,999	38,817	39,938	38,036	38,335	35,971	33,817	30,010	31,048	29,728	30,829	33,152	30,013	30,224	30,095	28,543	28,028	30,187	30,493	31,253	32,344	34,780	33,008	25,711	24,733	23,482	23,991	22,261	21,712	21,932	22,111	21,279	21,769	20,193	20,088	19,433	18,351	18,318	19,511	18,362	24,038	23,210	18,607	17,087	13,637	12,532	16,643	12,909	12,863	12,250	0	36,500	0	0	0	0	26,700	25,300	0	23,200	21,400	20,800	-25,232	18,800	18,400	19,900	0	0	0	0	0	-
Income Tax Expense	15,803	11,336	12,932	11,950	9,381	10,163	14,658	10,981	10,128	6,079	9,225	6,225	4,500	4,592	2,838	2,763	1,736	1,822	1,155	1,445	1,607	1,302	1,208	1,223	3,424	1,133	441	1,047	449	894	953	964	721	745	628	1,074	1,103	697	570	1,091	670	671	722	671	215	405	405	405	368	367	368	368	21,338	335	21,576	277	17,120	21,374	18,919	21,373	18,328	17,786	19,276	398	444	350	353	245	189	96	231	231	9,397	9,365	203	198	178	177	191	153	23,707	-1,088	-2,468	8	5,575	2,745	4,679	4,551	24,909	-2,806	-164	-5,951	26,666	-231	-938	-1,324	-40,373	22,200	21,200	20,500	-49,100	17,400	16,100	15,200	-32,756	14,100	13,100	12,400	-34,355	10,600	10,600	11,300	-33,818	11,700	11,600	10,700	6,800	5,300
Interest Expense	219,798	195,813	177,846	154,132	69,669	130,753	110,121	106,403	100,739	72,127	69,585	68,754	78,764	76,806	77,841	75,925	75,073	73,410	72,488	70,020	70,635	69,342	66,628	59,415	61,477	62,951	63,679	59,305	48,935	52,188	57,409	60,678	51,982	63,950	58,680	58,468	59,120	49,532	49,046	51,720	50,645	46,746	38,656	41,468	28,825	10,512	28,806	28,952	28,983	28,550	25,647	25,122	25,131	25,135	21,576	21,395	21,377	21,374	21,367	21,410	22,726	23,915	23,929	23,399	22,945	16,459	1,758	2,119	14,020	13,311	12,569	13,647	11,869	10,228	163	9,236	8,704	8,704	8,638	8,617	7,402	82	72	5,887	6,209	5,919	5,883	5,781	5,849	6,169	6,698	8,135	8,743	8,451	7,838	7,515	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Interest Income	18,216	2,813	2,141	10,322	2,579	23,555	853	19,301	2,986	2,374	400	804	3,311	2,336	502	1,564	1,792	327	136	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-1,357	-404	-1,738	1,106	1,071	720	615	-602	426	-280	34,147	296	219	239	246	316	256	226	226	288	231	284	317	152	99	133	123	165	283	130	253	241	171	338	263	317	-2,320	344	339	332	297	336	77	9	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	218,405	233,473	195,415	225,016	227,265	219,567	223,207	199,369	4,041	134,996	124,479	95,940	117,931	22,904	107,824	146,827	129,297	101,049	95,194	110,942	85,072	98,999	96,380	83,163	60,852	87,940	81,136	88,870	92,441	77,072	75,815	70,243	82,941	67,475	66,087	67,264	77,788	73,283	61,902	57,661	64,336	51,571	54,670	71,804	39,023	-64,495	43,407	39,263	41,005	40,780	39,248	35,999	37,877	31,654	31,048	30,205	35,331	33,152	32,560	30,084	34,331	34,697	33,051	29,761	33,176	33,973	36,936	36,323	32,696	26,558	26,640	24,888	27,828	23,122	24,666	23,503	26,556	25,203	26,788	24,851	27,483	20,329	20,590	18,034	20,108	21,820	18,445	18,294	18,423	17,186	13,476	18,473	16,662	12,351	12,863	12,912	12,741	13,100	10,400	9,900	10,604	10,500	10,300	9,900	10,070	8,500	8,100	8,200	8,823	7,900	7,600	7,900	7,600	6,100	5,800	6,000	7,100	-5,300
Net Income Applicable To Common Shares	0	233,473	195,415	225,016	227,265	219,567	223,207	199,369	4,041	134,996	124,479	95,940	117,931	22,904	107,824	146,827	129,297	101,049	95,194	110,942	85,072	98,999	96,380	83,163	60,852	87,940	81,136	71,586	85,671	70,302	69,045	63,473	76,170	60,705	59,317	60,494	71,018	57,941	51,420	47,179	57,035	41,089	44,188	61,322	22,966	22,548	26,835	27,452	32,724	34,717	33,185	29,936	27,251	23,241	22,888	23,101	24,773	24,248	23,643	23,858	23,725	22,171	21,748	23,530	23,611	24,428	25,441	28,010	28,437	23,164	22,026	20,729	21,430	19,708	19,036	19,172	19,606	17,557	15,641	16,821	17,544	15,806	14,533	15,030	16,729	15,430	14,355	14,485	15,700	14,365	16,980	9,324	14,234	9,923	10,435	10,484	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Net Income From Continuing Ops	219,762	233,877	197,153	226,122	228,336	220,287	223,822	199,971	5,271	135,276	124,768	95,432	62,781	20,807	134,020	174,313	152,977	121,302	116,626	132,903	97,210	107,276	105,146	96,649	54,395	101,021	94,906	97,578	542,665	88,545	82,081	83,300	90,882	75,131	77,612	74,339	73,778	75,422	70,384	64,222	89,554	45,295	50,836	32,333	0	0	0	0	0	37,669	37,967	35,603	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-210,112	-184,121	-183,857	-154,132	-131,290	-117,409	-110,121	-106,403	-100,739	-76,156	-73,674	-73,075	-77,748	-75,683	-76,535	-75,239	-74,379	-72,716	-71,802	-69,342	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	11,255	7,009	32,837	44,710	36,878	12,962	-15,265	8,111	14,901	-38,072	22,667	13,736	1,323	28,687	14,131	1,674	6,891	7,300	0	0	0	0	-42,426	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	0	0	0	0	0	-
Non Recurring	0	0	30,156	14,485	10,384	5,396	10,420	13,557	145,322	27,794	30,544	2,720	23,790	105,095	13,869	4,478	8,950	13,503	13,061	4,672	1,235	6,862	3,951	14,221	6,679	365	2,274	5,433	36,977	8,763	6,269	1,923	1,379	3,864	3,230	2,087	1,449	495	499	1,683	428	240	605	12,030	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	-
Operating Income	482,666	437,032	440,279	392,088	342,208	316,604	310,842	321,346	122,529	239,568	222,910	146,770	199,226	193,564	200,793	203,186	199,352	188,009	175,097	180,104	152,955	168,976	160,697	154,956	151,749	148,203	144,814	144,288	139,122	135,476	132,041	131,760	132,065	74,323	70,343	121,992	115,053	67,126	64,992	108,139	100,389	49,163	52,607	86,502	73,271	-54,068	39,999	67,769	68,931	38,036	38,335	61,093	60,022	29,675	29,755	50,846	52,451	52,423	51,479	51,457	52,659	52,483	52,281	53,258	52,768	47,066	45,020	46,955	46,525	39,700	36,432	10,053	35,599	32,487	31,302	12,676	13,341	12,549	30,083	28,521	51,190	19,117	18,055	18,042	25,683	24,565	22,912	22,845	43,332	14,380	13,312	12,522	43,328	12,120	11,925	11,588	-27,632	35,300	31,600	30,400	-38,496	27,900	26,400	25,100	-22,686	22,600	21,200	20,600	-25,532	18,500	18,200	19,200	-26,218	17,800	17,400	16,700	13,900	26,900
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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Other Operating Expenses	595,754	609,770	603,810	555,041	544,788	505,831	495,756	488,803	407,461	252,307	241,372	227,280	218,850	211,008	213,843	211,155	198,177	186,238	190,353	174,261	189,621	169,105	168,189	163,339	158,904	158,717	155,356	153,737	148,722	141,698	138,998	135,356	131,602	128,741	128,647	124,875	132,520	119,055	114,608	113,433	114,812	103,395	93,056	85,193	52,307	31,490	47,243	47,359	44,496	41,077	39,012	36,663	31,764	32,028	32,135	32,142	28,946	29,538	30,159	31,437	30,009	30,052	30,151	30,165	27,848	27,023	25,673	24,346	22,583	19,607	20,072	45,262	17,786	16,679	16,171	34,067	31,988	31,563	14,457	13,875	4,366	18,473	18,450	17,640	11,469	11,490	10,989	10,814	9,559	16,627	16,614	19,043	11,699	17,765	16,516	16,767	55,142	7,200	6,700	6,500	61,628	6,100	5,800	5,600	41,083	5,200	4,900	5,000	39,989	4,400	4,400	4,800	40,473	4,700	5,100	4,800	1,600	14,700
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	17,284	0	6,770	6,770	6,770	6,770	6,770	6,770	6,770	6,771	15,342	10,482	10,482	10,484	10,482	10,482	10,482	0	0	0	0	0	6,063	6,063	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Reconciled Depreciation	475,856	495,566	472,278	451,477	438,174	419,016	409,437	403,762	333,229	198,832	187,789	177,985	175,041	169,084	168,328	164,585	156,594	149,424	150,426	137,517	137,711	136,967	133,999	131,103	127,033	127,569	123,089	121,097	117,751	113,917	110,342	107,933	105,739	104,338	101,101	98,037	96,537	95,260	92,894	89,970	84,974	74,323	77,472	69,808	41,315	37,722	35,310	35,250	34,209	31,792	28,940	26,810	24,892	23,866	23,500	23,255	22,667	22,829	22,936	22,951	24,017	25,934	22,870	22,960	21,060	19,489	18,518	18,125	16,531	14,637	14,773	13,551	11,519	12,882	11,232	10,817	10,259	10,132	10,159	9,789	9,997	8,148	8,198	8,073	8,181	8,564	7,209	7,474	7,824	7,234	7,158	7,210	8,498	6,913	6,844	6,748	6,952	6,700	6,200	6,100	5,835	5,600	5,400	5,100	4,896	4,800	4,400	4,500	4,222	4,100	4,000	4,100	4,049	3,900	3,600	3,300	3,400	-
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Selling And Marketing Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	6,614	0	0	4,923	0	0	4,987	5,798	0	0	0	5,659	4,988	0	0	0	0	0	4,029	3,572	0	0	0	0	0	0	2,544	2,636	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Selling General Administrative	38,015	35,525	36,829	34,167	37,525	34,096	34,139	32,699	30,522	23,813	21,849	20,796	16,674	16,514	19,063	20,964	16,330	16,460	18,585	15,108	34,178	16,332	17,954	15,684	15,219	13,881	15,781	13,565	13,559	12,103	13,985	12,318	12,966	10,861	12,609	12,862	15,586	11,025	11,587	12,886	16,511	16,628	12,075	11,613	10,223	2,384	9,273	9,168	7,953	7,143	7,987	7,870	5,785	6,165	6,650	97	5,084	4,906	83	5,950	5,054	110	126	5,544	5,475	6,290	179	103	4,856	4,083	4,355	4,245	3,494	137	134	4,056	3,496	3,202	3,260	3,162	3,091	93	71	2,747	2,404	2,313	2,348	2,389	2,016	1,914	1,866	2,040	1,481	1,863	1,735	1,684	1,768	1,800	1,800	1,600	1,880	1,700	1,700	1,500	1,537	1,300	1,300	1,300	1,281	1,300	1,300	1,300	1,721	1,300	800	900	0	2,700
Tax Provision	15,803	11,336	12,932	11,950	9,381	10,163	14,658	10,981	10,128	6,079	9,225	6,225	4,500	4,592	2,838	2,763	1,736	1,822	1,155	1,445	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	513,871	538,789	509,107	485,644	475,699	453,112	443,576	436,461	363,751	222,645	209,638	198,781	191,715	185,598	187,391	185,549	172,924	165,884	169,011	152,625	171,889	153,299	151,953	146,787	142,252	141,450	138,870	134,662	131,311	126,020	124,327	120,251	118,705	115,199	113,710	110,899	112,123	106,285	104,481	102,856	101,756	97,497	89,773	81,421	51,538	28,693	45,153	44,823	42,162	39,379	37,356	34,680	29,787	30,265	30,451	32,142	22,032	29,538	30,159	29,204	30,009	30,052	30,151	30,165	27,848	27,023	25,673	24,346	22,583	19,607	20,072	45,262	17,786	16,679	16,171	34,067	31,988	31,563	14,457	13,875	-4,366	18,473	18,450	17,640	11,469	11,490	10,989	10,814	-9,559	16,627	16,614	19,043	-11,699	17,765	16,516	16,767	55,142	-7,200	-6,700	-6,500	61,628	-6,100	-5,800	-5,600	41,083	-5,200	-4,900	-5,000	39,989	-4,400	-4,400	-4,800	40,473	-4,700	-5,100	-4,800	-1,600	-14,700
Total Other Income Expense Net	-34,854	-191,819	-21,453	-154,016	-104,491	-86,154	-72,362	-110,394	-162,224	-22,057	-15,243	-39,988	2,188	-89,023	-12,044	22,645	7,010	-11,502	-6,034	2,591	4,590	951	3,836	-11,003	-25,897	3,954	565	5,099	2,987	-2,377	2,389	366	3,748	2,360	445	5,131	23,544	9,958	481	-412	-138	-836	1,133	-12,030	-5,208	-68,376	-28,806	-28,952	-28,993	-28,550	-25,647	-25,122	0	-24,800	1,293	-21,118	0	2,103	0	0	0	0	0	-23,071	-22,275	-15,813	-12,676	-12,175	-13,517	-1,555	-11,699	13,429	0	0	-9,590	9,256	8,770	8,730	-8,314	-8,328	0	316	296	276	0	0	1,126	365	0	0	325	0	0	789	938	662	0	1,200	0	0	0	0	300	200	0	600	200	200	300	300	200	700	0	0	0	0	0	-
Total Revenue	1,076,285	1,039,104	1,019,205	944,399	888,650	837,269	810,419	807,343	685,019	491,875	464,282	442,804	418,076	404,572	414,636	414,341	397,529	374,247	365,450	354,365	342,576	338,081	328,886	318,295	310,654	306,920	300,170	298,025	287,843	277,174	271,039	267,116	263,668	258,889	253,860	246,867	247,573	235,713	228,646	221,572	215,700	199,304	184,319	171,695	125,578	46,062	115,643	114,723	113,427	107,296	102,626	97,756	91,786	87,173	83,466	83,265	81,397	81,961	81,638	82,894	82,668	82,535	82,432	83,423	80,616	74,089	70,693	71,301	69,108	59,307	56,504	55,315	53,385	49,166	47,473	46,743	45,329	44,112	44,540	42,396	46,824	37,590	36,505	35,682	37,152	36,055	33,901	33,659	33,773	31,007	29,926	31,565	31,629	29,885	28,441	28,355	27,510	28,100	24,900	23,900	23,132	21,800	20,600	19,500	18,397	17,400	16,300	15,600	14,457	14,100	13,800	14,400	14,255	13,100	12,300	11,900	12,300	12,200

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

Gross Profit (+$)
totalRevenue	4,078,993
Cost of Revenue	-316,964
Gross Profit	3,762,029	3,762,029

Operating Income (+$)
Gross Profit	3,762,029
Operating Expense	-2,039,713
Operating Income	1,724,862	1,722,316

Operating Expense (+$)
Research Development	0
Selling General Administrative	144,536
Selling And Marketing Expenses	0
Operating Expense	2,039,713	144,536

Net Interest Income (+$)
Interest Income	73,460
Interest Expense	-779,045
Other Finance Cost	-32,027
Net Interest Income	-737,612

Pretax Income (+$)
Operating Income	1,724,862
Net Interest Income	-737,612
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	928,935	1,780,631 EBIT - interestExpense = 1,011,039 924,330 1,651,354
Interest Expense	779,045
Earnings Before Interest and Taxes (EBIT)	1,790,084	1,707,980
Earnings Before Interest and Taxes (EBITDA)	3,685,261

After tax Income (+$)
Income Before Tax	928,935
Tax Provision	-52,021
Net Income From Continuing Ops	876,914	876,914
Net Income	872,309
Net Income Applicable To Common Shares	872,309

Non-recurring Events
Discontinued Operations	0
Extraordinary Items	0
Effect of Accounting Charges	0
Other Items	0
Non Recurring	0
Other Operating Expenses	2,356,677
Total Other Income/Expenses Net	-55,769	737,612

Technical Analysis of Realty Income Corp
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 Realty Income Corp. The general trend of Realty Income Corp is BULLISH with 14.3% confidence. It is very important for your mental being to use each indicator with this in mind. But beware, also the general trend flips once in a while! You can use moving averages to determine Realty Income Corp's overall trend. For convenience I use the most commonly used moving averages: 20, 50, 100 & 200. Of course you can use other moving averages or other indicators to determine the trend.

Indicator phases

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

Indicator zone transitions	Bullish trend (14.3%)		Bearish trend (-14.3%)
Overbought to neutral	Bullish pullback	=	Bearish reversal
Upper to lower neutral	Bullish correction	=	Bearish continuation
Nuetral to oversold	Oversold	=	Oversold
Oversold to neutral	Bullish reversal	=	Bearish correction
Lower to upper neutral	Bullish continuation	=	Bearish pullback
Nuetral to overbought	Overbought	=	Overbought

1. Price Targets

1.1 Support & Resistance

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

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

Score

Let's take a look at the Support & Resistance of Realty Income Corp.

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: 54.39 < 58.97 < 61.48.

The bearish price targets are: 48.37 > 43.75.

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Realty Income Corp 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 Realty Income Corp. The current mas is .

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

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

Realty Income Corp 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 Realty Income Corp. The current macd is -0.02784393.

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

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

Realty Income Corp 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 Realty Income Corp. The current adx is 15.40.

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

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

Realty Income Corp 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 Realty Income Corp. The current sar is 50.70.

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

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

Realty Income Corp 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 Realty Income Corp. The current rsi is 55.81. The current phase is Continuation in bull market.

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

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

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

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

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

Original usage

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

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

How you can use RSI (Divergence)

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

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

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

Source: Tradingview.com

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

Use tradingview to add indicators

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

Tradingview

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

View tool on Tradingview.com

RSI divergence

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

There are four types of divergences:

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

Regular bullish divergence

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

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

Source: Tradingview.com

Regular bearish divergence

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

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

Source: Tradingview.com

Hidden bullish divergence

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

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

Source: Tradingview.com

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

Hidden bearish divergence

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

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

Source: Tradingview.com

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

Realty Income Corp 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 Realty Income Corp. The current phase is Continuation in bull market.

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

STOCH > 50: The STOCH %K is above 50. There are more buyers than sellers. +1
STOCH %K line > STOCH %D line: The STOCH %K line is above the STOCH %D line, which indicates a bullish signal in the market. This means that the positive momentum is currently stronger than the average momentum, suggesting that buyers are more active than sellers, and there's a higher probability of the Realty Income Corp price going up in the near term. +2
Trending up: The STOCH %K is trending up. +1

Realty Income Corp 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 Realty Income Corp. The current cci is 65.97.

Realty Income Corp 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 Realty Income Corp. The current cmo is 19.27.

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

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

Realty Income Corp 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 Realty Income Corp. The current willr is -26.73796791.

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 Realty Income Corp is trading in a neutral price range, neither oversold nor overbought, suggesting a balanced market condition without any extreme price signals.

Realty Income Corp 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 Realty Income Corp.

Realty Income Corp 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 Realty Income Corp. The current atr is 0.8800307.

Realty Income Corp 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 Realty Income Corp. The current obv is -119,609,433.

Realty Income Corp 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 Realty Income Corp. The current mfi is 50.91.

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

MFI > 50: +1

Realty Income Corp Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for Realty Income Corp.

6.2. Trading Signals

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

Date	Indicator	Signal
2023-11-30	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-01	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2023-12-04	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2023-12-05	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2023-12-07	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2023-12-11	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2023-12-12	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-13	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.
	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).
2023-12-14	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-15	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-18	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
2023-12-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-20	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-21	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-26	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2023-12-27	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2023-12-29	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).
2024-01-02	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	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-05	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-08	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-01-09	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-11	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-01-12	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-17	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-18	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-01-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-22	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-24	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2024-01-25	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2024-01-26	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-29	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-30	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2024-02-01	MFI	LONG ENTRY	SHORT CLOSE	20 crossover to upside
2024-02-02	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2024-02-05	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
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-06	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	MFI	LONG ENTRY	SHORT CLOSE	20 crossover to upside
2024-02-07	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-02-08	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-02-13	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-15	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-16	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
2024-02-22	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
2024-02-26	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-28	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2024-02-29	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-04	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-03-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-08	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-11	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-03-12	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-13	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-03-14	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-03-15	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-19	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-20	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-22	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-03-26	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-27	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-04-01	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-02	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2024-04-03	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-04-04	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2024-04-05	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-04-08	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
2024-04-09	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2024-04-10	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-11	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-04-12	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-04-15	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-04-16	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-04-17	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-19	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-04-22	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.
2024-04-23	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.

6.3. Candlestick Patterns

Realty Income Corp Daily Candlestick Chart

Date	Candlestick Pattern

6.4. Technical Score

Let's check the technical score of Realty Income Corp based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	55.814
Ma 20	Greater than	Ma 50	52.757
Ma 50	Greater than	Ma 100	52.500
Ma 100	Greater than	Ma 200	53.909
Open	Greater than	Close	53.230
Total			3/5 (60.0%)

Create your own Symbol Scanner

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Quick analysis of Realty Income Corp (30 sec.)

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

$53.39

$38.45

$20.46 - $50.90

$58.91 - $89.34

2. Growth of Realty Income Corp (5 min.)

Is Realty Income Corp growing?

How much money is Realty Income Corp making?

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

3. Financial Health of Realty Income Corp (5 min.)

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

What can you expect buying and holding a share of Realty Income Corp?

Speculation

Investing

How much money are you going to get?

When do you get the money?

How sure are you?

Linear %

Fundamentals of Realty Income Corp

About Realty Income Corp

Financial Health

Valuation

1.1. Profitability of Realty Income Corp.

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 Realty Income Corp.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

1.2.2. Operating Ratio

Trends

1.3. Liquidity of Realty Income Corp.

1.3. Liquidity

1.3.1. Current Ratio

Trends

1.3.2. Quick Ratio

Trends

1.4. Solvency of Realty Income Corp.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

1.4.2. Debt to Equity Ratio

Trends

2. Market Valuation of Realty Income Corp

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

Realty Income Corp
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