Shutterstock
Buy, Hold or Sell?

Let's analyse Shutterstock together

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

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

How much money do you get?

$1.07

When do you have the money?

1 year

How often do you get paid?

45.0%

What is your share worth?

Current worth

$14.76

Expected worth in 1 year

$17.15

How sure are you?

87.5%

+ What do you gain per year?

Total Gains per Share

$3.45

Return On Investment

8.5%

For what price can you sell your share?

Current Price per Share

$40.86

Expected price per share

$38.86 - $54.41

How sure are you?

50%

1. Valuation of Shutterstock (5 min.)

Live pricePrice per Share (EOD)

$40.86

Book Value per Share

$14.76

Intrinsic Value Per Share

$-28.31 - $32.07

Total Value Per Share

$-13.55 - $46.83

My calculation of the intrinsic value of Shutterstock 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: ($0.60) 3Y: ($0.82) TTM: ($0.58)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($0.01) 3Y: ($-0.08) TTM: ($-0.15)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$1.52	$3.28	$1.07 - $3.37
2	$1.75	$6.54	$-0.25 - $3.46
3	$0.82	$9.80	$-1.58 - $3.55
4	$-1.13	$13.03	$-2.91 - $3.64
5	$-3.98	$16.26	$-4.24 - $3.73
6	$-7.63	$19.46	$-5.57 - $3.82
7	$-11.97	$22.65	$-6.89 - $3.91
8	$-16.92	$25.81	$-8.22 - $4.00
9	$-22.39	$28.95	$-9.55 - $4.09
10	$-28.31	$32.07	$-10.88 - $4.18

2. Growth of Shutterstock (5 min.)

Is Shutterstock growing?

	Current year	Previous year	Grow	Grow %
How rich?	$527m	$437.8m	$75.8m	14.8%

How much money is Shutterstock making?

	Current year	Previous year	Grow	Grow %
Making money	$27.5m	$19m	$8.5m	31.0%
Net Profit Margin	12.7%	9.3%	-	-

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

Quarterly Yearly

3. Financial Health of Shutterstock (5 min.)

4. Comparing to competitors in the Internet Content & Information industry (5 min.)

Industry Rankings (Internet Content & Information)

Richest
#49 / 142

Most Revenue
#55 / 142

Most Profit
#30 / 142

Most Efficient
#35 / 142

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

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

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

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

Speculation

The Price per Share of Shutterstock is $40.86. 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 Shutterstock.
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 Shutterstock, 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 $14.76. Based on the TTM, the Book Value Change Per Share is $0.60 per quarter. Based on the YOY, the Book Value Change Per Share is $-0.03 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 $0.27 per quarter.

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

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	-0.03	-0.1%	0.76	1.9%	0.52	1.3%	0.51	1.2%	0.35	0.9%
Usd Book Value Change Per Share	0.02	0.1%	0.60	1.5%	-0.03	-0.1%	0.33	0.8%	0.24	0.6%
Usd Dividend Per Share	0.27	0.7%	0.27	0.7%	0.24	0.6%	0.18	0.4%	0.24	0.6%
Usd Total Gains Per Share	0.29	0.7%	0.86	2.1%	0.20	0.5%	0.51	1.2%	0.48	1.2%
Usd Price Per Share	48.28	-	51.90	-	63.32	-	61.40	-	56.39	-
Price to Earnings Ratio	-428.32	-	-96.79	-	36.72	-	19.47	-	9.23	-
Price-to-Total Gains Ratio	165.61	-	82.18	-	625.77	-	441.48	-	354.98	-
Price to Book Ratio	3.27	-	3.71	-	5.29	-	5.31	-	6.10	-
Price-to-Total Gains Ratio	165.61	-	82.18	-	625.77	-	441.48	-	354.98	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	40.86
Number of shares	24

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.27	0.18
Usd Book Value Change Per Share	0.60	0.33
Usd Total Gains Per Share	0.86	0.51
Gains per Quarter (24 shares)	20.72	12.26
Gains per Year (24 shares)	82.89	49.02

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	26	57	73	17	32	39
2	51	115	156	34	64	88
3	77	172	239	51	96	137
4	103	229	322	67	129	186
5	128	286	405	84	161	235
6	154	344	488	101	193	284
7	180	401	571	118	225	333
8	205	458	654	135	257	382
9	231	515	737	152	289	431
10	256	573	820	169	322	480

How sure are you?

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

Linear %

	Trailing 12 Months				3Y				5 Year				10 Year				ALLTIME
				%				%				%				%				%
Earnings Per Share	3.0	1.0	0.0	75.0%	11.0	1.0	0.0	91.7%	19.0	1.0	0.0	95.0%	38.0	2.0	0.0	95.0%	51.0	2.0	0.0	96.2%
Book Value Change Per Share	4.0	0.0	0.0	100.0%	9.0	3.0	0.0	75.0%	16.0	4.0	0.0	80.0%	31.0	9.0	0.0	77.5%	38.0	12.0	3.0	71.7%
Dividend per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	16.0	0.0	4.0	80.0%	18.0	0.0	22.0	45.0%	23.0	0.0	30.0	43.4%
Total Gains per Share	4.0	0.0	0.0	100.0%	11.0	1.0	0.0	91.7%	19.0	1.0	0.0	95.0%	35.0	5.0	0.0	87.5%	43.0	7.0	3.0	81.1%

Fundamentals of Shutterstock

About Shutterstock

https://www.shutterstock.com
Internet Content & Information
1274
350 Fifth Avenue, New York, NY, United States, 10118
Google Maps Bing Maps

Shutterstock, Inc. provides platform to connect brands and businesses to high quality content in North America, Europe, and internationally. The company offers image services consisting of photographs, vectors, and illustrations, which is used in visual communications, such as websites, digital and print marketing materials, corporate communications, books, publications, and others; footage services, including video clips, filmed by industry experts and cinema grade video effects in HD and 4K formats that are integrated into websites, social media, marketing campaigns, and cinematic productions; and music services comprising music tracks and sound effects, which are used to complement images and footage. It also provides 3 dimensional models consisting of 3D models used in various industries, such as advertising, media and video production, gaming, retail, education, design, and architecture; and generative AI content comprising images generated from algorithms trained with ethically sourced content. The company offers its services under the Shutterstock, Pond5, TurboSquid, PicMonkey, PremiumBeat, Splash News, Bigstock, and Offset brand names. In addition, it operates a collection of graphics interchange format visuals and stickers that supplies casual conversational content. The company serves corporate professionals and organizations, media and broadcast companies, and small and medium-sized businesses, and individual creators through digital, live sales, and client management channels. Shutterstock, Inc. was founded in 2003 and is headquartered in New York, New York.

Fundamental data was last updated by Penke on 2024-04-05 02:12:03.

Financial Health

Profitability Details

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

Operating Efficiency Details

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

Liquidity Details

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

Solvency Details

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

Valuation

Valuation Details

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

1.1. Profitability of Shutterstock.

1.1. Profitability

1.1.1. Net Profit Margin

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

Above 10% is considered healthy but always compare Shutterstock to the Internet Content & Information industry mean.
A Net Profit Margin of -0.5% means that $0.00 for each $1 in revenue is generated as profit.

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

The MRQ is -0.5%. The company is not making a profit/loss.
The TTM is 12.7%. The company is making a huge profit. +2

Trends

Current period		Compared to		+/-
MRQ	-0.5%	TTM	12.7%	-13.2%
TTM	12.7%	YOY	9.3%	+3.4%
TTM	12.7%	5Y	9.6%	+3.2%
5Y	9.6%	10Y	7.7%	+1.8%

Compared to industry (Internet Content & Information)

Period	Company	Industry (mean)	+/-
MRQ	-0.5%	1.3%	-1.8%
TTM	12.7%	-0.5%	+13.2%
YOY	9.3%	3.1%	+6.2%
5Y	9.6%	-0.6%	+10.2%
10Y	7.7%	-2.5%	+10.2%

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

Revenue is the amount of profit Shutterstock 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 Shutterstock 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 Shutterstock to the Internet Content & Information industry mean.
Can be used to compare companies within the Internet Content & Information industry.

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

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Shutterstock. If profit margins remain low (compared to the Internet Content & Information 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 Shutterstock is 0.00. This means that Shutterstock earned $0.00 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 Internet Content & Information industry is 1.3%.
What is the trend?
The trend is important because it shows you how Shutterstock is performing over time. The most recent quarter might be important if Shutterstock 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 Shutterstock 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 Shutterstock with other companies in the same industry (Internet Content & Information).
Net profit margin should rise over the years.
Can be influenced when Shutterstock sells assets (profit will increase while costs remain the same).
It won’t show what part of Shutterstock 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 Shutterstock

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 Shutterstock = -1,006
Total revenue MRQ Shutterstock = 217,219
$-1,006 / $217,219 = 0.00 or -0.5%

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 Shutterstock is using its assets to generate profit.

Above 5% is considered healthy but always compare Shutterstock to the Internet Content & Information industry mean.
-0.1% Return on Assets means that Shutterstock generated $0.00 profit for each $1 in assets.

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

The MRQ is -0.1%. Using its assets, the company is very inefficient in making profit. -2
The TTM is 2.9%. Using its assets, the company is less efficient in making profit.

Trends

Current period		Compared to		+/-
MRQ	-0.1%	TTM	2.9%	-3.0%
TTM	2.9%	YOY	2.3%	+0.6%
TTM	2.9%	5Y	2.3%	+0.6%
5Y	2.3%	10Y	1.9%	+0.4%

Compared to industry (Internet Content & Information)

Period	Company	Industry (mean)	+/-
MRQ	-0.1%	0.4%	-0.5%
TTM	2.9%	-0.3%	+3.2%
YOY	2.3%	0.5%	+1.8%
5Y	2.3%	-0.4%	+2.7%
10Y	1.9%	-0.6%	+2.5%

Shows how efficient Shutterstock 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 Shutterstock to the Internet Content & Information 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 Shutterstock is using its resources to generate profit. If the return on assets (-0.1%) from Shutterstock are higher than the Internet Content & Information mean (0.4%) that means Shutterstock 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 Shutterstock is -0.1%. 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 Internet Content & Information industry is 0.4%.
What is the trend?
The trend is important because it shows you how Shutterstock is performing over time. The most recent quarter might be important if Shutterstock 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 Shutterstock 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 Shutterstock

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

Income statement
Balance sheet

Net income MRQ (income statement) from Shutterstock = -1,006
Total assets MRQ (balance sheet) from Shutterstock = 1,036,015
-1,006 / 1,036,015 = 0.00 or -0.1%

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

Above 15%-20% is considered healthy but always compare Shutterstock to the Internet Content & Information industry mean.
-0.2% Return on Equity means Shutterstock generated $0.00 for each $1 the owners (shareholders) invested.

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

The MRQ is -0.2%. Using its investors money, the company is very inefficient in making profit. -2
The TTM is 5.4%. Using its investors money, the company is less efficient in making profit.

Trends

Current period		Compared to		+/-
MRQ	-0.2%	TTM	5.4%	-5.6%
TTM	5.4%	YOY	4.4%	+1.1%
TTM	5.4%	5Y	4.2%	+1.2%
5Y	4.2%	10Y	3.4%	+0.8%

Compared to industry (Internet Content & Information)

Period	Company	Industry (mean)	+/-
MRQ	-0.2%	1.1%	-1.3%
TTM	5.4%	0.6%	+4.8%
YOY	4.4%	1.1%	+3.3%
5Y	4.2%	-	+4.2%
10Y	3.4%	-0.1%	+3.5%

Shows how efficient Shutterstock 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 Shutterstock to the Internet Content & Information 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 Internet Content & Information 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 Shutterstock is -0.2%. This means Shutterstock generated $0.00 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Internet Content & Information industry is 1.1%.
What is the trend?
The trend is important because it shows you how Shutterstock is performing over time. The most recent quarter might be important if Shutterstock 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 Shutterstock up to 10 years back (depending if Shutterstock 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 Shutterstock

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Shutterstock = -1,006
Shareholders equity (balance sheet) MRQ Shutterstock = 527,094
-1,006 / 527,094 = 0.00 or -0.2%

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 Shutterstock.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Shutterstock is operating .

Measures how much profit Shutterstock 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 Shutterstock to the Internet Content & Information industry mean.
An Operating Margin of -8.4% means the company generated $-0.08 for each $1 in revenue (before taxes).

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

The MRQ is -8.4%. The company is operating very inefficient. -2
The TTM is 4.5%. The company is operating less efficient.

Trends

Current period		Compared to		+/-
MRQ	-8.4%	TTM	4.5%	-12.9%
TTM	4.5%	YOY	15.8%	-11.3%
TTM	4.5%	5Y	9.7%	-5.2%
5Y	9.7%	10Y	6.8%	+2.8%

Compared to industry (Internet Content & Information)

Period	Company	Industry (mean)	+/-
MRQ	-8.4%	2.4%	-10.8%
TTM	4.5%	1.2%	+3.3%
YOY	15.8%	2.1%	+13.7%
5Y	9.7%	0.6%	+9.1%
10Y	6.8%	0.1%	+6.7%

Measures how efficient Shutterstock 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 Shutterstock to the Internet Content & Information 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 Shutterstock 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 Shutterstock is -8.4%. This means that Shutterstock earned $-0.08 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Internet Content & Information industry is 2.4%.
What is the trend?
The trend is important because it shows you how Shutterstock is performing over time. The most recent quarter might be important if Shutterstock 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 Shutterstock 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 Shutterstock

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Shutterstock = 2,124
Total revenue MRQ Shutterstock = 217,219
$2,124 / $217,219 = -0.08 or -8.4%

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 Shutterstock is keeping operating costs low.

Below 1 is considered healthy (always compare to Internet Content & Information industry mean).
An Operation Ratio of 0.99 means that the operating costs are $0.99 for each $1 in net sales.

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

The MRQ is 0.990. The company is less efficient in keeping operating costs low.
The TTM is 0.922. The company is less efficient in keeping operating costs low.

Trends

Current period		Compared to		+/-
MRQ	0.990	TTM	0.922	+0.068
TTM	0.922	YOY	0.864	+0.058
TTM	0.922	5Y	0.897	+0.025
5Y	0.897	10Y	0.908	-0.011

Compared to industry (Internet Content & Information)

Period	Company	Industry (mean)	+/-
MRQ	0.990	1.102	-0.112
TTM	0.922	1.121	-0.199
YOY	0.864	1.175	-0.311
5Y	0.897	1.146	-0.249
10Y	0.908	1.110	-0.202

Measures how efficient Shutterstock 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 Shutterstock to the Internet Content & Information 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 Shutterstock is 99.0%. This means that Shutterstock earned $0.99 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 Internet Content & Information industry is 1.10.
What is the trend?
The trend is important because it shows you how Shutterstock is performing over time. The most recent quarter might be important if Shutterstock 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 Shutterstock 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 Shutterstock

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
(95,832 +119,263) \ 217,219 = 0.99

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 Shutterstock.

1.3. Liquidity

1.3.1. Current Ratio

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

Above 1.5 is considered healthy (always compare to Internet Content & Information industry mean).
A Current Ratio of 0.65 means the company has $0.65 in assets for each $1 in short-term debts.

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

The MRQ is 0.645. The company is unable to pay all its short-term debts. -2
The TTM is 0.631. The company is unable to pay all its short-term debts. -2

Trends

Current period		Compared to		+/-
MRQ	0.645	TTM	0.631	+0.015
TTM	0.631	YOY	0.643	-0.012
TTM	0.631	5Y	1.184	-0.554
5Y	1.184	10Y	1.537	-0.353

Compared to industry (Internet Content & Information)

Period	Company	Industry (mean)	+/-
MRQ	0.645	1.933	-1.288
TTM	0.631	1.933	-1.302
YOY	0.643	2.079	-1.436
5Y	1.184	2.385	-1.201
10Y	1.537	2.375	-0.838

Measures if Shutterstock 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 Internet Content & Information 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 Shutterstock 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 Shutterstock is 0.65. This means Shutterstock has $0.65 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Internet Content & Information industry is 1.93.
What is the trend?
The trend is important because it shows you how Shutterstock is performing over time. The most recent quarter might be important if Shutterstock 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 Shutterstock 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 Shutterstock

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
291,973 \ 452,386) = 0.65

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

Above 1 is considered healthy but always compare Shutterstock to the Internet Content & Information industry mean.
A Quick Ratio of 0.42 means the company can pay off $0.42 for each $1 in debt (using most liquid assets).

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

The MRQ is 0.424. The company is just not able to pay all its short-term debts with the most liquid assets. -1
The TTM is 0.407. The company is just not able to pay all its short-term debts with the most liquid assets. -1

Trends

Current period		Compared to		+/-
MRQ	0.424	TTM	0.407	+0.017
TTM	0.407	YOY	0.548	-0.141
TTM	0.407	5Y	1.057	-0.650
5Y	1.057	10Y	1.529	-0.472

Compared to industry (Internet Content & Information)

Period	Company	Industry (mean)	+/-
MRQ	0.424	1.514	-1.090
TTM	0.407	1.571	-1.164
YOY	0.548	1.716	-1.168
5Y	1.057	1.937	-0.880
10Y	1.529	1.897	-0.368

Measures if Shutterstock 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 Shutterstock to the Internet Content & Information 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 Shutterstock can pay off its short term debts. This shows if Shutterstock 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 Shutterstock is 0.42. This means that Shutterstock can pay off $0.42 for each $1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the Internet Content & Information industry is 1.51.
What is the trend?
The trend is important because it shows you how Shutterstock is performing over time. The most recent quarter might be important if Shutterstock 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 Shutterstock 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 Shutterstock

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 Shutterstock: (100,490 + 0 +91,139) / 452,386 = 0.42

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 Shutterstock.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

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

Below 1 (100%) is considered healthy but always compare Shutterstock to Internet Content & Information industry mean.
A Debt to Asset Ratio of 0.49 means that Shutterstock assets are financed with 49.1% credit (debt) and the remaining percentage (100% - 49.1%) is financed by its owners/shareholders.

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

The MRQ is 0.491. The company is very able to pay all its debts by selling its assets. +2
The TTM is 0.471. The company is very able to pay all its debts by selling its assets. +2

Trends

Current period		Compared to		+/-
MRQ	0.491	TTM	0.471	+0.020
TTM	0.471	YOY	0.479	-0.008
TTM	0.471	5Y	0.462	+0.009
5Y	0.462	10Y	0.433	+0.029

Compared to industry (Internet Content & Information)

Period	Company	Industry (mean)	+/-
MRQ	0.491	0.380	+0.111
TTM	0.471	0.370	+0.101
YOY	0.479	0.371	+0.108
5Y	0.462	0.400	+0.062
10Y	0.433	0.420	+0.013

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

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

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Shutterstock to Internet Content & Information 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 Shutterstock is 0.49. This means means that Shutterstock is financed with 49.1% 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 Internet Content & Information industry is 193.3%.
What is the trend?
The trend is important because it shows you how Shutterstock is performing over time. The most recent quarter might be important if Shutterstock 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 Shutterstock 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 Shutterstock has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Shutterstock

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

Balance sheet
Debt to asset ratio = total debt \ total assets
508,921 \ 1,036,015 = 49.1% or 0.49.

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

Below 2 is considered healthy but always compare Shutterstock to the Internet Content & Information industry mean.
A Debt to Equity ratio of 96.6% means that company has $0.97 debt for each $1 in shareholders equity.

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

The MRQ is 0.966. The company is very able to pay all its debts with equity. +2
The TTM is 0.894. The company is very able to pay all its debts with equity. +2

Trends

Current period		Compared to		+/-
MRQ	0.966	TTM	0.894	+0.071
TTM	0.894	YOY	0.922	-0.028
TTM	0.894	5Y	0.864	+0.030
5Y	0.864	10Y	0.775	+0.089

Compared to industry (Internet Content & Information)

Period	Company	Industry (mean)	+/-
MRQ	0.966	0.579	+0.387
TTM	0.894	0.542	+0.352
YOY	0.922	0.530	+0.392
5Y	0.864	0.625	+0.239
10Y	0.775	0.647	+0.128

Measures if Shutterstock 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 Shutterstock 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 Shutterstock is 0.97. This means that Shutterstock can pay off $0.97 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Internet Content & Information industry is 0.58.
What is the trend?
The trend is important because it shows you how Shutterstock is performing over time. The most recent quarter might be important if Shutterstock 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 Shutterstock 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 Shutterstock

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
508,921 \ 527,094 = 0.97 or 96.6%

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 Shutterstock

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 Shutterstock generates.

Above 15 is considered overpriced but always compare Shutterstock to the Internet Content & Information industry mean.
A PE ratio of -428.32 means the investor is paying $-428.32 for every $1 in earnings.

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

The EOD is -362.490. Based on the earnings, the company is expensive. -2
The MRQ is -428.317. Based on the earnings, the company is expensive. -2
The TTM is -96.793. Based on the earnings, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	-362.490	MRQ	-428.317	+65.827
MRQ	-428.317	TTM	-96.793	-331.524
TTM	-96.793	YOY	36.723	-133.516
TTM	-96.793	5Y	19.475	-116.268
5Y	19.475	10Y	9.228	+10.247

Compared to industry (Internet Content & Information)

Period	Company	Industry (mean)	+/-
EOD	-362.490	2.678	-365.168
MRQ	-428.317	2.357	-430.674
TTM	-96.793	4.492	-101.285
YOY	36.723	0.283	+36.440
5Y	19.475	11.405	+8.070
10Y	9.228	8.143	+1.085

Measures how much money you pay for each share for every $1 in earnings Shutterstock 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 Shutterstock to the Internet Content & Information 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 Shutterstock is -428.32. This means the investor is paying $-428.32 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Internet Content & Information industry is 2.36.
What is the trend?
The trend is important because it shows you how Shutterstock is performing over time. The most recent quarter might be important if Shutterstock 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 Shutterstock 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 Shutterstock

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 \ 35,699 = EPS
PE ratio MRQ = -428.32

* 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 Shutterstock:

The EOD is 16.101. Based on how much money comes from the company's main activities, the company is underpriced. +1
The MRQ is 19.025. Based on how much money comes from the company's main activities, the company is underpriced. +1
The TTM is 0.700. Based on how much money comes from the company's main activities, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	16.101	MRQ	19.025	-2.924
MRQ	19.025	TTM	0.700	+18.325
TTM	0.700	YOY	35.218	-34.518
TTM	0.700	5Y	8.714	-8.014
5Y	8.714	10Y	25.529	-16.815

Compared to industry (Internet Content & Information)

Period	Company	Industry (mean)	+/-
EOD	16.101	7.383	+8.718
MRQ	19.025	8.380	+10.645
TTM	0.700	7.065	-6.365
YOY	35.218	5.734	+29.484
5Y	8.714	8.714	0.000
10Y	25.529	6.477	+19.052

2. Book Value per Share

2.3. Price to Book Ratio

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

At or below 1 is considered healthy (always compare to Internet Content & Information industry mean).
A PB ratio of 3.27 means the investor is paying $3.27 for each $1 in book value.

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

The EOD is 2.767. Based on the equity, the company is underpriced. +1
The MRQ is 3.270. Based on the equity, the company is fair priced.
The TTM is 3.708. Based on the equity, the company is fair priced.

Trends

Current period		Compared to		+/-
EOD	2.767	MRQ	3.270	-0.503
MRQ	3.270	TTM	3.708	-0.438
TTM	3.708	YOY	5.290	-1.582
TTM	3.708	5Y	5.313	-1.604
5Y	5.313	10Y	6.102	-0.789

Compared to industry (Internet Content & Information)

Period	Company	Industry (mean)	+/-
EOD	2.767	1.990	+0.777
MRQ	3.270	1.907	+1.363
TTM	3.708	2.077	+1.631
YOY	5.290	2.311	+2.979
5Y	5.313	3.269	+2.044
10Y	6.102	3.908	+2.194

2. Total Gains per Share

3. Holders & Insider Transactions

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

3.1. Institutions holding Shutterstock

Institutions are holding 84.956% of the shares of Shutterstock.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	BlackRock Inc	12.4324	0.0054	4419032	166851	3.9239
2023-12-31	Vanguard Group Inc	8.0976	0.003	2878237	-15874	-0.5485
2023-12-31	Copeland Capital Management, LLC	3.9226	1.3493	1394278	378450	37.2553
2023-12-31	LSV Asset Management	3.8567	0.1444	1370843	433906	46.3111
2023-12-31	Goldman Sachs Group Inc	3.6933	0.0057	1312758	796556	154.3109
2023-12-31	Trigran Investments Inc	3.4175	5.6468	1214726	163268	15.5278
2023-12-31	Bank of New York Mellon Corp	2.7326	0.0095	971300	401706	70.525
2023-12-31	State Street Corporation	2.6285	0.0022	934275	25735	2.8326
2023-12-31	Wellington Management Company LLP	2.5887	0.0083	920125	-24418	-2.5852
2023-12-31	TD Asset Management Inc	2.55	0.043	906391	747180	469.3017
2023-12-31	Dimensional Fund Advisors, Inc.	2.306	0.0116	819656	13899	1.725
2023-12-31	Morgan Stanley - Brokerage Accounts	1.9866	0.003	706139	28061	4.1383
2023-12-31	BTIM Corp	1.6437	0.2128	584234	-4316	-0.7333
2023-12-31	Renaissance Technologies Corp	1.641	0.0436	583301	-305700	-34.3869
2023-12-31	TD Global Investment Solutions – TD Epoch	1.4735	0.1151	523733	374280	250.4332
2023-12-31	Geode Capital Management, LLC	1.4519	0.0026	516056	24249	4.9306
2023-12-31	Man Group PLC	1.4294	0.0683	508067	-54274	-9.6514
2023-09-30	VOLORIDGE INVESTMENT MANAGEMENT, LLC	1.2778	0.0852	454199	54846	13.7337
2023-12-31	Invenomic Capital Management, LP	1.2777	1.0002	454136	-67756	-12.9828
2023-12-31	Brown Advisory Holdings Inc	1.2378	0.0299	439983	439983	0
Total		61.6453	8.7899	21911469	+3576632	+16.3%

3.2. Funds holding Shutterstock

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2024-02-29	iShares Core S&P Small-Cap ETF	4.5866	0.1026	1630264	2628	0.1615
2024-02-29	Vanguard Total Stock Mkt Idx Inv	2.1874	0.0025	777507	0	0
2024-02-29	Vanguard Small Cap Index	1.8129	0.0224	644369	6033	0.9451
2024-02-29	iShares Russell 2000 ETF	1.6954	0.0471	602630	-98	-0.0163
2024-02-29	Brown Advisory Small-Cap Fdmtl Val Inv	1.547	2.0118	549884	-1838	-0.3331
2023-06-30	Delaware Ivy Mid Cap Growth A	1.5195	0.4209	540084	-357472	-39.8273
2023-10-31	Invenomic Institutional	1.2758	1.1964	453484	214458	89.7216
2023-12-31	TD U.S. Capital Reinvestment I	1.053	0.3435	374300	91322	32.2718
2024-02-29	Vanguard Small Cap Growth Index Inv	1.0178	0.0506	361770	6030	1.6951
2024-02-29	Vanguard Institutional Extnd Mkt Idx Tr	0.9906	0.0168	352114	266	0.0756
2023-12-31	Fidelity Small Cap Index	0.6949	0.0469	247015	3610	1.4831
2024-02-29	Boston Trust Walden Small Cap	0.6629	0.8922	235621	-2425	-1.0187
2024-01-31	DFA US Small Cap I	0.6084	0.069	216256	0	0
2024-02-29	SPDR® Portfolio S&P 600 Sm Cap ETF	0.6068	0.1024	215678	44	0.0204
2024-02-29	iShares Russell 2000 Growth ETF	0.6062	0.0925	215468	-251	-0.1164
2024-02-29	Columbia Small Cap Value II Inst	0.5405	0.7435	192125	1300	0.6813
2024-02-29	Vanguard Tax-Managed Small Cap Adm	0.5259	0.1026	186935	0	0
2024-01-31	American Beacon Small Cp Val R5	0.4826	0.1689	171522	1803	1.0623
2024-01-31	JHancock Small Cap Value NAV	0.4401	1.3684	156428	0	0
2024-01-31	DFA US Micro Cap I	0.4395	0.1078	156204	0	0
Total		23.2938	7.9088	8279658	-34590	-0.4%

3.3. Insider Transactions

Insiders are holding 31.491% of the shares of Shutterstock.

Date	Owner	Type	Amount	Price
2024-02-05	John Caine	SELL	5440	47.2
2024-01-24	Jonathan Oringer	SELL	836	50.07
2024-01-22	Jonathan Oringer	SELL	38807	50.4
2024-01-19	Jonathan Oringer	SELL	4360	50.05
2023-12-22	Jonathan Oringer	SELL	100	50
2023-08-01	Jonathan Oringer	SELL	5690	50.17
2023-07-11	Jonathan Oringer	SELL	130465	53.26
2023-07-05	Jonathan Oringer	SELL	33630	50.04
2023-06-01	Jonathan Oringer	SELL	1994	50.04
2023-04-14	Jonathan Oringer	SELL	5400	75.24

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Shutterstock compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	0.021	0.596	-96%	-0.034	+257%	0.335	-94%	0.241	-91%
Book Value Per Share	-	-	14.765	14.202	+4%	11.982	+23%	11.516	+28%	9.677	+53%
Current Ratio	-	-	0.645	0.631	+2%	0.643	+0%	1.184	-45%	1.537	-58%
Debt To Asset Ratio	-	-	0.491	0.471	+4%	0.479	+3%	0.462	+6%	0.433	+13%
Debt To Equity Ratio	-	-	0.966	0.894	+8%	0.922	+5%	0.864	+12%	0.775	+25%
Dividend Per Share	-	-	0.270	0.267	+1%	0.237	+14%	0.176	+54%	0.235	+15%
Eps	-	-	-0.028	0.758	-104%	0.519	-105%	0.506	-106%	0.355	-108%
Free Cash Flow Per Share	-	-	0.634	0.583	+9%	0.676	-6%	0.784	-19%	0.600	+6%
Free Cash Flow To Equity Per Share	-	-	0.089	-0.124	+239%	0.138	-35%	0.421	-79%	0.296	-70%
Gross Profit Margin	-	-	63.291	15.475	+309%	-2.414	+104%	-0.020	+100%	1.921	+3194%
Intrinsic Value_10Y_max	-	-	32.067	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	-28.314	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	3.276	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	1.521	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	9.795	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	0.823	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	16.257	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	-3.978	-	-	-	-	-	-	-	-
Market Cap	1452344184.000	-19%	1723547720.000	1880913697.500	-8%	2321129767.500	-26%	2246144887.300	-23%	2044088334.356	-16%
Net Profit Margin	-	-	-0.005	0.127	-104%	0.093	-105%	0.096	-105%	0.077	-106%
Operating Margin	-	-	-0.084	0.045	-287%	0.158	-153%	0.097	-187%	0.068	-223%
Operating Ratio	-	-	0.990	0.922	+7%	0.864	+15%	0.897	+10%	0.908	+9%
Pb Ratio	2.767	-18%	3.270	3.708	-12%	5.290	-38%	5.313	-38%	6.102	-46%
Pe Ratio	-362.490	+15%	-428.317	-96.793	-77%	36.723	-1266%	19.475	-2299%	9.228	-4742%
Price Per Share	40.860	-18%	48.280	51.900	-7%	63.320	-24%	61.399	-21%	56.391	-14%
Price To Free Cash Flow Ratio	16.101	-18%	19.025	0.700	+2617%	35.218	-46%	8.714	+118%	25.529	-25%
Price To Total Gains Ratio	140.161	-18%	165.614	82.179	+102%	625.773	-74%	441.478	-62%	354.984	-53%
Quick Ratio	-	-	0.424	0.407	+4%	0.548	-23%	1.057	-60%	1.529	-72%
Return On Assets	-	-	-0.001	0.029	-103%	0.023	-104%	0.023	-104%	0.019	-105%
Return On Equity	-	-	-0.002	0.054	-104%	0.044	-104%	0.042	-105%	0.034	-106%
Total Gains Per Share	-	-	0.292	0.863	-66%	0.203	+44%	0.511	-43%	0.476	-39%
Usd Book Value	-	-	527094000.000	513774500.000	+3%	437895250.000	+20%	419129500.000	+26%	349946000.000	+51%
Usd Book Value Change Per Share	-	-	0.021	0.596	-96%	-0.034	+257%	0.335	-94%	0.241	-91%
Usd Book Value Per Share	-	-	14.765	14.202	+4%	11.982	+23%	11.516	+28%	9.677	+53%
Usd Dividend Per Share	-	-	0.270	0.267	+1%	0.237	+14%	0.176	+54%	0.235	+15%
Usd Eps	-	-	-0.028	0.758	-104%	0.519	-105%	0.506	-106%	0.355	-108%
Usd Free Cash Flow	-	-	22648000.000	21202750.000	+7%	24583500.000	-8%	28610550.000	-21%	21784450.000	+4%
Usd Free Cash Flow Per Share	-	-	0.634	0.583	+9%	0.676	-6%	0.784	-19%	0.600	+6%
Usd Free Cash Flow To Equity Per Share	-	-	0.089	-0.124	+239%	0.138	-35%	0.421	-79%	0.296	-70%
Usd Market Cap	1452344184.000	-19%	1723547720.000	1880913697.500	-8%	2321129767.500	-26%	2246144887.300	-23%	2044088334.356	-16%
Usd Price Per Share	40.860	-18%	48.280	51.900	-7%	63.320	-24%	61.399	-21%	56.391	-14%
Usd Profit	-	-	-1006000.000	27567250.000	-104%	19025750.000	-105%	18506450.000	-105%	12895275.000	-108%
Usd Revenue	-	-	217219000.000	218646750.000	-1%	206956500.000	+5%	189651850.000	+15%	155520875.000	+40%
Usd Total Gains Per Share	-	-	0.292	0.863	-66%	0.203	+44%	0.511	-43%	0.476	-39%
	EOD	+3 -5	MRQ	TTM	+17 -19	YOY	+16 -20	5Y	+10 -26	10Y	+14 -22

4.2. Fundamental Score

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

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	-362.490
Price to Book Ratio (EOD)	Between	0-1	2.767
Net Profit Margin (MRQ)	Greater than	0	-0.005
Operating Margin (MRQ)	Greater than	0	-0.084
Quick Ratio (MRQ)	Greater than	1	0.424
Current Ratio (MRQ)	Greater than	1	0.645
Debt to Asset Ratio (MRQ)	Less than	1	0.491
Debt to Equity Ratio (MRQ)	Less than	1	0.966
Return on Equity (MRQ)	Greater than	0.15	-0.002
Return on Assets (MRQ)	Greater than	0.05	-0.001
Total			2/10 (20.0%)

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 Shutterstock based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Open	Greater than	Close	40.630
Total			0/1 (0.0%)

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
Net Income	7,046	25,797	32,843	17,170	50,013	-21,594	28,419	-29,425	-1,006
EBIT	44,975	-4,606	40,369	-30,986	9,383	-2,055	7,328	-25,560	-18,232
Net Income from Continuing Operations	7,046	25,797	32,843	17,170	50,013	-21,594	28,419	-29,425	-1,006

Latest Balance Sheet

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

Summary

Total Assets	1,036,015
Total Liabilities	508,921
Total Stockholder Equity	527,094

	As reported
Total Liabilities	508,921
Total Stockholder Equity	+ 527,094
Total Assets	= 1,036,015

Assets

Total Assets	1,036,015
Total Current Assets	291,973
Long-term Assets	744,042

Total Current Assets

Total Current Assets (as reported)	291,973
Cash And Cash Equivalents	100,490
Net Receivables	91,139
Other Current Assets	100,344
Total Current Assets (calculated)	291,973
+/-	0

Long-term Assets

Long-term Assets (as reported)	744,042
Property Plant Equipment	79,695
Goodwill	383,325
Intangible Assets	184,396
Long-term Assets Other	51,752
Long-term Assets (calculated)	699,168
+/-	44,874

Liabilities & Shareholders' Equity

Total Current Liabilities	452,386
Long-term Liabilities	56,535
Total Stockholder Equity	527,094

Total Current Liabilities

Total Current Liabilities (as reported)	452,386
Short-term Debt	39,076
Short Long Term Debt	30,000
Accounts payable	9,108
Other Current Liabilities	200,739
Total Current Liabilities (calculated)	278,923
+/-	173,463

Long-term Liabilities

Long-term Liabilities (as reported)	56,535
Capital Lease Obligations	29,404
Long-term Liabilities Other	22,949
Long-term Liabilities (calculated)	52,353
+/-	4,182

Total Stockholder Equity

Total Stockholder Equity (as reported)	527,094
Common Stock	399
Retained Earnings	342,653
Accumulated Other Comprehensive Income	-11,974
Other Stockholders Equity	196,016
Total Stockholder Equity (calculated)	527,094
+/-	0

Other

Capital Stock	399
Cash and Short Term Investments	100,490
Common Stock Shares Outstanding	35,699
Current Deferred Revenue	203,463
Liabilities and Stockholders Equity	1,036,015
Net Debt	-32,010
Net Invested Capital	557,094
Net Working Capital	-159,813
Property Plant and Equipment Gross	353,850
Short Long Term Debt Total	68,480

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

> Total Assets

13,863
0
0
0
24,855
27,574
44,859
46,671
147,114
157,710
172,548
258,956
278,488
306,760
333,319
356,003
383,777
420,768
449,359
465,007
469,121
469,323
468,377
507,333
501,778
486,560
510,964
552,549
577,776
606,547
593,255
513,220
531,488
587,497
592,953
617,237
630,512
614,965
626,331
688,282
729,644
755,144
795,852
841,177
851,710
795,978
848,568
840,180
881,184
842,523
1,004,261
1,015,920
1,036,015

1,036,015

1,015,920

1,004,261

842,523

881,184

840,180

848,568

795,978

851,710

841,177

795,852

755,144

729,644

688,282

626,331

614,965

630,512

617,237

592,953

587,497

531,488

513,220

593,255

606,547

577,776

552,549

510,964

486,560

501,778

507,333

468,377

469,323

469,121

465,007

449,359

420,768

383,777

356,003

333,319

306,760

278,488

258,956

172,548

157,710

147,114

46,671

44,859

27,574

24,855

13,863

> Total Current Assets

0
0
0
0
18,074
19,796
36,432
38,228
125,975
134,745
148,618
233,446
243,188
250,547
274,024
296,589
323,530
289,742
313,390
330,238
335,675
329,269
328,815
351,905
339,838
316,305
332,932
316,056
340,469
363,040
361,892
280,590
306,721
320,968
333,111
363,977
376,980
369,696
386,491
450,661
489,070
440,588
484,417
375,676
388,215
339,719
163,256
161,052
215,671
178,900
273,415
269,465
291,973

291,973

269,465

273,415

178,900

215,671

161,052

163,256

339,719

388,215

375,676

484,417

440,588

489,070

450,661

386,491

369,696

376,980

363,977

333,111

320,968

306,721

280,590

361,892

363,040

340,469

316,056

332,932

316,305

339,838

351,905

328,815

329,269

335,675

330,238

313,390

289,742

323,530

296,589

274,024

250,547

243,188

233,446

148,618

134,745

125,975

38,228

36,432

19,796

18,074

Cash And Cash Equivalents

6,544
0
0
0
14,097
14,044
15,042
28,793
102,096
107,013
112,803
195,519
155,355
157,978
180,851
210,760
233,453
190,479
211,479
229,607
241,304
220,563
210,918
237,997
224,190
195,395
210,550
212,782
253,428
284,882
289,841
206,409
230,852
240,141
259,069
285,396
303,261
295,711
311,157
383,127
428,574
363,926
411,046
300,579
314,017
258,112
84,046
76,244
115,154
95,832
87,146
75,228
100,490

100,490

75,228

87,146

95,832

115,154

76,244

84,046

258,112

314,017

300,579

411,046

363,926

428,574

383,127

311,157

295,711

303,261

285,396

259,069

240,141

230,852

206,409

289,841

284,882

253,428

212,782

210,550

195,395

224,190

237,997

210,918

220,563

241,304

229,607

211,479

190,479

233,453

210,760

180,851

157,978

155,355

195,519

112,803

107,013

102,096

28,793

15,042

14,044

14,097

6,544

Short-term Investments

0
0
0
0
0
0
0
0
243
0
0
0
54,429
54,994
54,997
49,720
54,844
54,992
54,891
52,491
47,078
54,980
54,974
52,407
54,972
54,901
54,963
22,500
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

22,500

54,963

54,901

54,972

52,407

54,974

54,980

47,078

52,491

54,891

54,992

54,844

49,720

54,997

54,994

54,429

243

Net Receivables

0
0
0
0
1,779
2,645
2,311
3,477
3,111
4,836
6,877
7,976
8,164
11,155
14,017
16,696
17,702
26,451
27,526
29,572
28,464
34,960
37,519
38,294
38,107
37,962
38,178
44,896
49,932
44,583
44,729
45,850
41,028
45,449
44,295
46,872
47,016
45,216
48,744
48,225
43,846
49,261
49,756
45,323
47,707
44,774
48,816
52,713
67,249
48,303
61,715
85,406
91,139

91,139

85,406

61,715

48,303

67,249

52,713

48,816

44,774

47,707

45,323

49,756

49,261

43,846

48,225

48,744

45,216

47,016

46,872

44,295

45,449

41,028

45,850

44,729

44,583

49,932

44,896

38,178

37,962

38,107

38,294

37,519

34,960

28,464

29,572

27,526

26,451

17,702

16,696

14,017

11,155

8,164

7,976

6,877

4,836

3,111

3,477

2,311

2,645

1,779

Inventory

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

> Long-term Assets

0
0
0
0
6,781
7,778
8,427
8,443
21,139
22,965
23,930
25,510
35,300
56,213
59,295
59,414
60,247
131,026
135,969
134,769
133,446
140,054
139,562
155,428
161,940
170,255
178,031
236,494
237,307
243,507
231,363
232,630
224,767
266,529
259,842
253,260
253,532
245,269
239,840
237,621
240,574
314,556
311,435
465,501
463,495
456,259
685,312
679,128
665,513
663,623
730,846
746,455
744,042

744,042

746,455

730,846

663,623

665,513

679,128

685,312

456,259

463,495

465,501

311,435

314,556

240,574

237,621

239,840

245,269

253,532

253,260

259,842

266,529

224,767

232,630

231,363

243,507

237,307

236,494

178,031

170,255

161,940

155,428

139,562

140,054

133,446

134,769

135,969

131,026

60,247

59,414

59,295

56,213

35,300

25,510

23,930

22,965

21,139

8,443

8,427

7,778

6,781

Property Plant Equipment

1,703
0
0
0
3,844
4,689
5,479
5,402
5,255
5,660
6,778
8,634
20,256
25,798
27,575
26,422
26,744
27,143
28,964
29,877
32,094
37,884
41,347
49,814
56,101
63,878
69,468
77,770
85,698
88,190
84,693
81,183
76,188
118,866
113,158
107,115
104,287
100,326
96,337
93,542
90,458
88,274
86,326
85,060
82,644
83,141
86,842
88,087
72,141
73,423
76,667
78,158
79,695

79,695

78,158

76,667

73,423

72,141

88,087

86,842

83,141

82,644

85,060

86,326

88,274

90,458

93,542

96,337

100,326

104,287

107,115

113,158

118,866

76,188

81,183

84,693

88,190

85,698

77,770

69,468

63,878

56,101

49,814

41,347

37,884

32,094

29,877

28,964

27,143

26,744

26,422

27,575

25,798

20,256

8,634

6,778

5,660

5,255

5,402

5,479

4,689

3,844

1,703

Goodwill

1,423
0
0
0
1,423
1,423
1,423
1,423
1,423
1,423
1,423
1,423
1,423
10,186
10,186
10,186
10,186
53,508
54,740
52,170
50,934
52,385
51,423
50,523
49,271
49,689
50,977
90,524
98,654
89,641
87,995
88,802
88,576
88,889
88,427
88,034
88,974
88,144
88,167
88,727
89,413
149,040
149,069
219,822
219,816
219,176
377,654
379,505
381,920
382,640
383,045
382,166
383,325

383,325

382,166

383,045

382,640

381,920

379,505

377,654

219,176

219,816

219,822

149,069

149,040

89,413

88,727

88,167

88,144

88,974

88,034

88,427

88,889

88,576

88,802

87,995

89,641

98,654

90,524

50,977

49,689

49,271

50,523

51,423

52,385

50,934

52,170

54,740

53,508

10,186

1,423

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
6,000
0
15,000
15,000
15,000
15,000
15,000
15,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

15,000

6,000

Intangible Assets

2,671
0
0
0
1,029
1,162
1,098
1,045
1,040
984
928
871
853
4,717
4,546
4,710
4,934
31,595
32,159
30,818
29,781
29,231
27,618
30,763
30,157
29,930
30,157
43,016
34,197
32,180
30,259
30,611
29,540
29,048
26,532
25,679
26,669
25,499
25,182
24,459
25,765
45,762
46,409
130,196
123,822
116,859
185,860
172,916
173,087
167,807
202,090
193,785
184,396

184,396

193,785

202,090

167,807

173,087

172,916

185,860

116,859

123,822

130,196

46,409

45,762

25,765

24,459

25,182

25,499

26,669

25,679

26,532

29,048

29,540

30,611

30,259

32,180

34,197

43,016

30,157

29,930

30,157

30,763

27,618

29,231

29,781

30,818

32,159

31,595

4,934

4,710

4,546

4,717

853

871

928

984

1,040

1,045

1,098

1,162

1,029

2,671

Long-term Assets Other

0
0
0
0
427
427
427
427
182
2,008
2,015
2,016
2,048
2,095
1,891
1,903
1,899
1,939
1,974
1,913
1,946
2,765
2,807
2,807
3,398
4,986
5,117
6,842
8,997
24,249
18,060
18,068
18,088
18,090
18,083
18,645
19,215
16,497
16,427
16,228
21,372
21,324
21,764
21,702
26,701
25,524
26,247
6,229
1,832
2,039
47,435
52,801
51,752

51,752

52,801

47,435

2,039

1,832

6,229

26,247

25,524

26,701

21,702

21,764

21,324

21,372

16,228

16,427

16,497

19,215

18,645

18,083

18,090

18,088

18,068

18,060

24,249

8,997

6,842

5,117

4,986

3,398

2,807

2,765

1,946

1,913

1,974

1,939

1,899

1,903

1,891

2,095

2,048

2,016

2,015

2,008

182

427

Deferred Long Term Asset Charges

0
0
0
0
0
0
0
146
13,239
12,890
12,786
12,566
10,720
13,417
15,097
16,193
16,484
16,841
18,132
19,991
18,691
17,789
16,367
21,521
23,013
21,772
22,312
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

22,312

21,772

23,013

21,521

16,367

17,789

18,691

19,991

18,132

16,841

16,484

16,193

15,097

13,417

10,720

12,566

12,786

12,890

13,239

146

> Total Liabilities

31,355
0
0
0
82,783
88,091
76,774
76,550
70,180
74,162
76,946
85,756
95,889
107,639
117,854
125,770
132,344
158,954
165,737
172,107
180,556
192,171
194,244
213,988
215,082
210,639
219,421
245,169
263,191
249,383
234,342
244,622
244,821
292,513
289,032
300,984
302,367
287,238
282,831
298,042
307,719
314,640
330,518
366,281
383,228
351,555
419,475
409,597
433,702
365,989
484,754
483,957
508,921

508,921

483,957

484,754

365,989

433,702

409,597

419,475

351,555

383,228

366,281

330,518

314,640

307,719

298,042

282,831

287,238

302,367

300,984

289,032

292,513

244,821

244,622

234,342

249,383

263,191

245,169

219,421

210,639

215,082

213,988

194,244

192,171

180,556

172,107

165,737

158,954

132,344

125,770

117,854

107,639

95,889

85,756

76,946

74,162

70,180

76,550

76,774

88,091

82,783

31,355

> Total Current Liabilities

30,957
0
0
0
46,510
53,273
75,983
71,096
69,291
73,291
75,106
84,047
91,928
98,087
106,060
114,070
120,327
141,374
147,710
154,848
160,784
170,425
183,817
202,822
203,497
196,137
205,694
230,366
245,742
230,921
216,004
226,649
223,303
232,210
228,818
247,858
245,894
232,306
228,882
245,230
256,929
265,323
282,536
315,454
333,784
303,886
367,951
360,073
383,734
313,462
407,565
424,264
452,386

452,386

424,264

407,565

313,462

383,734

360,073

367,951

303,886

333,784

315,454

282,536

265,323

256,929

245,230

228,882

232,306

245,894

247,858

228,818

232,210

223,303

226,649

216,004

230,921

245,742

230,366

205,694

196,137

203,497

202,822

183,817

170,425

160,784

154,848

147,710

141,374

120,327

114,070

106,060

98,087

91,928

84,047

75,106

73,291

69,291

71,096

75,983

53,273

46,510

30,957

Short-term Debt

0
0
0
0
16,136
17,813
39,643
20,462
6,000
26,982
24,999
28,666
32,818
29,941
33,318
34,633
37,006
44,536
44,907
46,569
49,471
50,590
51,033
59,257
61,579
56,328
65,145
72,061
78,822
78,232
69,647
78,536
74,356
79,043
77,288
88,422
79,057
78,931
75,802
86,353
94,245
93,681
104,206
124,559
128,533
0
50,000
50,000
50,000
0
30,000
30,000
39,076

39,076

30,000

50,000

128,533

124,559

104,206

93,681

94,245

86,353

75,802

78,931

79,057

88,422

77,288

79,043

74,356

78,536

69,647

78,232

78,822

72,061

65,145

56,328

61,579

59,257

51,033

50,590

49,471

46,569

44,907

44,536

37,006

34,633

33,318

29,941

32,818

28,666

24,999

26,982

6,000

20,462

39,643

17,813

16,136

Short Long Term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
11,933
0
0
0
17,822
18,890
19,270
19,286
20,473
23,759
20,777
20,072
20,088
23,189
0
0
0
9,060
0
0
0
0
0
0
0
0
0
0
0
0
50,000
50,000
50,000
0
30,000
30,000
30,000

30,000

50,000

9,060

23,189

20,088

20,072

20,777

23,759

20,473

19,286

19,270

18,890

17,822

11,933

Accounts payable

468
0
0
0
1,838
3,144
2,624
2,325
2,606
2,792
3,213
5,248
4,164
5,446
5,483
5,686
5,334
8,949
9,298
9,045
6,816
8,989
10,590
15,303
7,305
11,699
3,042
10,210
7,160
8,705
4,607
4,022
7,212
4,941
3,888
4,186
6,104
4,125
4,504
4,109
2,442
6,088
5,402
5,118
10,092
7,208
5,889
6,467
7,183
7,778
6,095
7,147
9,108

9,108

7,147

6,095

7,778

7,183

6,467

5,889

7,208

10,092

5,118

5,402

6,088

2,442

4,109

4,504

4,125

6,104

4,186

3,888

4,941

7,212

4,022

4,607

8,705

7,160

10,210

3,042

11,699

7,305

15,303

10,590

8,989

6,816

9,045

9,298

8,949

5,334

5,686

5,483

5,446

4,164

5,248

3,213

2,792

2,606

2,325

2,624

3,144

1,838

468

Other Current Liabilities

30,173
0
0
0
85
90
90
12,095
22,751
181
158
204
2,846
1,845
822
1,901
2,198
4,204
4,226
4,920
6,258
5,346
10,936
10,385
12,378
1,298
1,517
1,665
1,957
4,486
1,871
2,679
2,131
10,858
10,511
17,739
18,811
10,367
10,347
10,111
10,399
11,924
10,993
14,646
14,180
117,944
133,709
129,222
139,481
124,986
163,987
184,017
200,739

200,739

184,017

163,987

124,986

139,481

129,222

133,709

117,944

14,180

14,646

10,993

11,924

10,399

10,111

10,347

10,367

18,811

17,739

10,511

10,858

2,131

2,679

1,871

4,486

1,957

1,665

1,517

1,298

12,378

10,385

10,936

5,346

6,258

4,920

4,226

4,204

2,198

1,901

822

1,845

2,846

204

158

181

22,751

12,095

30,173

> Long-term Liabilities

0
0
0
0
36,273
34,818
791
5,454
889
871
1,840
1,709
3,961
9,552
11,794
11,700
12,017
17,580
18,027
17,259
19,772
21,746
10,427
11,166
11,585
14,502
13,727
14,803
17,449
18,462
18,338
17,973
21,518
60,303
60,214
53,126
56,473
54,932
53,949
52,812
50,790
49,317
47,982
50,827
49,444
47,669
51,524
49,524
49,968
52,527
77,189
59,693
56,535

56,535

59,693

77,189

52,527

49,968

49,524

51,524

47,669

49,444

50,827

47,982

49,317

50,790

52,812

53,949

54,932

56,473

53,126

60,214

60,303

21,518

17,973

18,338

18,462

17,449

14,803

13,727

14,502

11,585

11,166

10,427

21,746

19,772

17,259

18,027

17,580

12,017

11,700

11,794

9,552

3,961

1,709

1,840

871

889

5,454

791

34,818

36,273

Capital Lease Obligations Min Short Term Debt

0
0
0
0
-16,136
-17,813
-39,643
-20,462
-6,000
-26,982
-24,999
-28,666
-32,818
-29,941
-33,318
-34,633
-37,006
-44,536
-44,907
-46,569
-49,471
-50,590
-51,033
-59,257
-61,579
-56,328
-65,145
-72,061
-78,822
-78,232
-69,647
-78,536
-74,356
-30,452
-30,281
-42,380
-31,744
-33,409
-31,522
-43,399
-52,625
-53,619
-65,528
-86,350
-91,567
35,857
-12,603
-14,129
-14,389
34,017
3,382
1,451
-9,672

-9,672

1,451

3,382

34,017

-14,389

-14,129

-12,603

35,857

-91,567

-86,350

-65,528

-53,619

-52,625

-43,399

-31,522

-33,409

-31,744

-42,380

-30,281

-30,452

-74,356

-78,536

-69,647

-78,232

-78,822

-72,061

-65,145

-56,328

-61,579

-59,257

-51,033

-50,590

-49,471

-46,569

-44,907

-44,536

-37,006

-34,633

-33,318

-29,941

-32,818

-28,666

-24,999

-26,982

-6,000

-20,462

-39,643

-17,813

-16,136

Deferred Long Term Asset Charges

0
0
0
0
0
0
0
146
13,239
12,890
12,786
12,566
10,720
13,417
15,097
16,193
16,484
16,841
18,132
19,991
18,691
17,789
16,367
21,521
23,013
21,772
22,312
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

22,312

21,772

23,013

21,521

16,367

17,789

18,691

19,991

18,132

16,841

16,484

16,193

15,097

13,417

10,720

12,566

12,786

12,890

13,239

146

Warrants

0
0
0
0
0
0
0
27,675
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

27,675

Long-term Liabilities Other

0
0
0
0
0
0
0
5,454
889
871
1,840
1,709
3,961
9,552
11,794
11,700
12,017
13,441
13,689
13,234
15,994
18,234
7,519
8,967
9,438
12,479
11,891
13,139
15,963
17,227
18,338
17,973
21,441
60,303
13,207
7,084
56,473
54,932
53,949
52,812
50,790
9,255
47,982
9,425
46,663
45,152
46,932
46,029
9,892
13,744
59,934
23,870
22,949

22,949

23,870

59,934

13,744

9,892

46,029

46,932

45,152

46,663

9,425

47,982

9,255

50,790

52,812

53,949

54,932

56,473

7,084

13,207

60,303

21,441

17,973

18,338

17,227

15,963

13,139

11,891

12,479

9,438

8,967

7,519

18,234

15,994

13,234

13,689

13,441

12,017

11,700

11,794

9,552

3,961

1,709

1,840

871

889

5,454

Deferred Long Term Liability

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4,139
4,338
4,025
3,778
3,512
2,908
2,199
2,147
2,023
1,836
1,664
1,486
1,235
0
0
77
0
0
0
0
0
0
0
0
0
0
3,193
2,781
2,517
4,592
3,495
4,465
4,766
17,255
0
0

17,255

4,766

4,465

3,495

4,592

2,517

2,781

3,193

1,235

1,486

1,664

1,836

2,023

2,147

2,199

2,908

3,512

3,778

4,025

4,338

4,139

> Total Stockholder Equity

0
0
0
0
-57,928
-60,517
-31,915
-57,554
76,934
83,548
95,602
173,200
182,599
199,121
215,465
230,233
251,433
261,814
283,622
292,900
288,565
277,152
274,133
293,345
286,696
275,921
291,543
307,380
314,585
357,164
358,913
268,598
286,667
294,984
303,921
316,253
328,145
327,727
343,500
390,240
421,925
440,504
465,334
474,896
468,482
444,423
429,093
430,583
447,482
476,534
519,507
531,963
527,094

527,094

531,963

519,507

476,534

447,482

430,583

429,093

444,423

468,482

474,896

465,334

440,504

421,925

390,240

343,500

327,727

328,145

316,253

303,921

294,984

286,667

268,598

358,913

357,164

314,585

307,380

291,543

275,921

286,696

293,345

274,133

277,152

288,565

292,900

283,622

261,814

251,433

230,233

215,465

199,121

182,599

173,200

95,602

83,548

76,934

-57,554

-31,915

-60,517

-57,928

Common Stock

0
0
0
0
5,699
5,699
283
5,699
335
335
337
351
351
352
353
354
356
357
360
360
361
365
366
368
369
371
372
373
373
375
375
376
376
378
379
380
381
381
382
387
389
391
392
392
392
394
395
396
396
396
398
399
399

399

398

396

395

394

392

391

389

387

382

381

380

379

378

376

375

373

372

371

369

368

366

365

361

360

357

356

354

353

352

351

337

335

5,699

283

5,699

Retained Earnings Total Equity

0
0
0
0
0
0
0
0
28,317
33,882
40,745
46,937
54,796
59,714
64,573
69,852
76,885
80,127
85,465
89,568
96,437
102,570
109,819
119,210
129,065
135,015
138,068
143,070
145,139
183,903
183,649
86,171
101,079
108,601
111,900
116,834
121,187
119,218
132,147
148,580
168,305
190,173
211,956
220,302
229,537
247,403
258,183
272,590
271,051
294,232
334,520
0
0

334,520

294,232

271,051

272,590

258,183

247,403

229,537

220,302

211,956

190,173

168,305

148,580

132,147

119,218

121,187

116,834

111,900

108,601

101,079

86,171

183,649

183,903

145,139

143,070

138,068

135,015

129,065

119,210

109,819

102,570

96,437

89,568

85,465

80,127

76,885

69,852

64,573

59,714

54,796

46,937

40,745

33,882

28,317

Accumulated Other Comprehensive Income

0
0
0
0
-2,610
-3,078
-3,646
-4,311
-5,006
-4,150
-5,041
-5,996
9
20
44
-72
-629
-3,719
-232
-3,839
-6,449
-4,529
-8,636
-10,838
-17,061
-14,846
-8,926
-4,601
-3,557
-2,482
-6,663
-4,939
-6,471
-6,426
-7,453
-8,749
-6,220
-8,668
-8,414
-9,128
-7,681
-7,455
-7,391
-9,233
-10,788
-11,674
-16,619
-22,720
-15,439
-14,020
-14,131
-15,588
-11,974

-11,974

-15,588

-14,131

-14,020

-15,439

-22,720

-16,619

-11,674

-10,788

-9,233

-7,391

-7,455

-7,681

-9,128

-8,414

-8,668

-6,220

-8,749

-7,453

-6,426

-6,471

-4,939

-6,663

-2,482

-3,557

-4,601

-8,926

-14,846

-17,061

-10,838

-8,636

-4,529

-6,449

-3,839

-232

-3,719

-629

-72

-5,996

-5,041

-4,150

-5,006

-4,311

-3,646

-3,078

-2,610

Capital Surplus

0
0
0
0
0
0
0
0
48,282
49,331
54,520
125,912
127,443
139,035
150,495
160,099
174,821
185,048
198,029
206,811
213,851
222,207
232,312
244,333
251,890
255,408
262,056
268,565
272,657
275,395
281,579
287,017
291,710
292,458
299,122
307,815
312,824
316,823
319,412
350,428
360,939
357,422
360,404
368,320
376,537
373,765
370,934
380,325
391,482
395,934
402,728
0
0

402,728

395,934

391,482

380,325

370,934

373,765

376,537

368,320

360,404

357,422

360,939

350,428

319,412

316,823

312,824

307,815

299,122

292,458

291,710

287,017

281,579

275,395

272,657

268,565

262,056

255,408

251,890

244,333

232,312

222,207

213,851

206,811

198,029

185,048

174,821

160,099

150,495

139,035

127,443

125,912

54,520

49,331

48,282

Treasury Stock

-200,008

-165,465

-127,196

-104,885

-100,027

-77,567

-59,728

-43,461

-15,635

Other Stockholders Equity

0
0
0
0
2,610
3,078
-19,394
4,311
-93,826
53,481
59,561
131,908
134,561
146,920
160,314
171,761
175,192
185,329
214,862
206,972
197,767
179,217
172,948
184,767
174,262
155,535
162,103
168,937
173,073
174,886
181,889
187,051
191,212
192,005
198,642
208,039
212,577
217,128
218,971
250,273
260,912
257,395
260,377
263,435
249,341
208,300
187,134
180,317
191,474
195,926
198,720
193,849
196,016

196,016

193,849

198,720

195,926

191,474

180,317

187,134

208,300

249,341

263,435

260,377

257,395

260,912

250,273

218,971

217,128

212,577

208,039

198,642

192,005

191,212

187,051

181,889

174,886

173,073

168,937

162,103

155,535

174,262

184,767

172,948

179,217

197,767

206,972

214,862

185,329

175,192

171,761

160,314

146,920

134,561

131,908

59,561

53,481

-93,826

4,311

-19,394

3,078

2,610

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

	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
Cost Of Revenue	95,832	94,219	84,416	78,163	87,925	79,911	77,019	69,451	78,436	69,634	67,757	61,832	66,308	60,331	63,811	69,123	71,797	68,635	68,526	69,218	68,829	66,461	67,891	64,490	64,590	58,812	57,289	52,411	52,637	50,184	52,245	48,063	47,944	44,512	42,545	39,526	35,607	33,260	32,047	29,108	26,102	22,936	21,768	19,821	18,794	16,208	15,436	14,567	12,975	11,373	10,977	10,179	8,999	8,023	7,484	6,973
Depreciation And Amortization	20,356	21,271	19,206	18,896	18,636	18,268	16,549	14,331	15,040	13,488	10,152	10,091	10,239	9,750	10,851	10,519	12,604	11,992	13,403	11,916	11,718	11,707	11,284	10,943	10,542	10,227	7,765	6,956	5,765	5,176	4,821	4,184	4,478	3,869	3,499	2,995	2,160	2,125	2,081	1,551	1,132	1,013	946	779	752	728	632	528	487	409	337	287	0	-	-	-
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebit	-18,232	7,328	9,383	40,369	44,975	28,685	25,374	31,918	14,594	23,930	31,948	40,628	22,890	29,347	22,545	6,379	-6,801	3,809	3,639	8,260	3,921	7,358	-5,659	-45,067	-3,351	5,762	1,990	9,938	7,434	11,226	10,730	10,866	10,551	4,218	6,167	5,240	10,064	6,765	6,349	7,548	11,361	8,901	9,987	9,204	2,205	8,166	6,211	3,794	6,107	5,939	6,407	4,436	0	0	0	0
Ebitda	2,124	28,599	28,589	59,265	63,611	46,953	41,923	46,249	29,634	37,418	42,100	50,719	33,129	39,097	33,396	16,898	5,803	15,801	17,042	20,176	15,639	19,065	5,625	-34,124	7,191	15,989	9,755	16,894	13,199	16,402	15,551	15,050	15,029	8,087	9,666	8,235	12,224	8,890	8,430	9,099	12,493	9,914	10,933	9,983	2,957	8,894	6,843	4,322	6,594	6,348	6,744	4,723	0	-	-	-
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Extraordinary Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Gross Profit	121,387	139,029	124,424	137,117	129,801	124,185	129,853	129,681	127,347	124,805	122,155	121,449	114,636	104,896	95,419	92,162	94,574	90,444	93,215	94,114	93,243	85,114	88,693	88,529	87,239	82,251	76,706	77,813	77,536	72,889	72,174	68,589	68,058	62,748	61,820	57,996	55,619	50,470	48,191	43,669	41,929	36,622	35,041	31,296	30,363	26,052	25,189	23,007	21,753	19,783	17,935	15,296	51,494	0	0	0
Income Before Tax	2,060	27,613	51,381	41,414	8,509	27,139	22,713	32,676	14,112	20,420	34,548	35,656	32,356	28,179	22,694	6,294	8,619	3,648	3,654	8,995	16,687	6,916	-1,394	43,904	8,828	5,700	4,795	10,758	12,032	11,390	10,265	10,810	11,669	7,320	9,609	5,673	11,806	8,840	8,411	9,120	12,517	9,934	10,953	9,971	2,908	8,888	6,213	3,797	6,109	5,941	6,408	4,442	5,921	4,317	4,511	5,065
Income Tax Expense	3,066	-806	1,368	8,571	1,463	4,099	3,268	6,104	-2,774	4,391	5,094	6,142	6,477	5,597	3,707	1,976	4,266	-1,286	355	1,473	1,774	-531	-1,140	11,323	6,772	698	1,729	4,155	2,177	1,999	3,016	4,677	4,800	3,217	4,272	2,431	4,774	3,562	3,550	4,202	4,660	3,740	4,090	4,406	-26,111	146	141	86	321	253	273	189	262	191	199	224
Interest Expense	570	562	493	-1,045	691	439	205	24	0	0	0	0	0	0	0	0	0	0	0	0	2,003	0	0	2,003	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Income	2,057	1,894	668	0	0	0	0	24	31	12	46	48	60	2	17	1,111	920	1,091	1,153	1,057	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	-1,006	28,419	50,013	32,843	7,046	23,040	19,445	26,572	16,886	16,029	29,454	29,514	25,879	22,582	18,987	4,318	4,353	4,934	3,299	7,522	14,913	7,447	-254	32,581	2,056	5,002	3,066	6,603	9,855	9,391	7,249	6,133	6,869	4,103	5,337	3,242	7,032	5,278	4,861	4,918	7,857	6,194	6,863	5,565	29,019	8,742	6,072	3,711	5,788	5,688	6,135	4,253	5,659	4,126	4,312	4,841
Net Income Applicable To Common Shares	0	28,419	50,013	32,843	7,046	23,040	19,445	26,572	16,886	16,029	29,454	29,514	25,879	22,582	18,987	4,318	4,353	4,934	3,299	7,522	14,913	7,447	-254	32,581	2,056	5,002	3,066	6,603	9,855	9,391	7,249	6,133	6,869	4,103	5,337	3,241	7,020	5,269	4,851	4,918	7,836	6,192	6,841	5,546	29,020	6,556	6,071	3,711	5,788	5,688	6,135	4,253	5,659	4,126	4,312	4,841
Net Income From Continuing Ops	-1,006	28,419	50,013	32,843	7,046	23,040	19,445	26,572	16,886	16,029	29,454	29,514	25,879	22,582	18,987	4,318	4,353	4,934	3,299	7,522	14,913	7,447	-254	32,581	2,056	5,002	3,066	6,603	9,855	9,391	7,249	6,133	6,870	4,103	5,337	3,242	7,032	5,278	4,861	4,918	7,857	6,194	6,863	5,565	0	8,742	0	0	0	0	0	0	0	0	0	0
Net Interest Income	1,487	1,332	175	-231	-691	-439	-205	24	31	12	46	48	60	2	17	1,111	920	1,091	1,153	1,057	0	0	0	0	0	0	0	0	0	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	42,666	1,045	862	-1,546	-2,661	758	-482	-1,749	1,323	-2,462	4,763	-1,168	149	513	2,816	465	584	896	1,048	217	-7,019	39,415	1,637	130	1,510	455	-1,167	102	-212	-12	-3,360	-767	-57	-2,562	-418	-50	-19	21	24	20	20	-12	0	-3	0	0	0	0	0	0	0	-	-	-
Non Recurring	0	0	0	0	18,664	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	2,124	17,192	8,715	40,369	44,975	28,685	25,374	31,918	14,594	22,169	33,225	38,118	27,593	29,347	22,545	5,781	5,803	3,183	3,070	8,099	15,639	6,699	5,625	4,489	7,191	5,570	3,285	10,303	13,199	11,288	10,477	10,822	15,029	8,087	9,666	8,235	12,224	8,890	8,430	9,099	12,493	9,914	10,933	9,983	2,957	8,891	6,211	3,794	6,107	5,940	6,407	4,436	5,911	4,313	4,507	5,064
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
Other Operating Expenses	215,095	216,056	200,125	174,911	191,415	175,411	181,498	167,214	191,189	172,270	156,687	145,163	153,351	135,880	136,685	155,504	160,568	155,896	158,671	155,233	146,433	144,876	150,959	148,530	144,638	135,493	130,710	119,921	116,974	111,785	113,942	105,830	100,973	99,173	94,699	89,287	79,002	74,840	71,808	63,678	55,538	49,644	45,876	41,134	46,200	33,369	34,414	33,780	28,621	25,216	22,505	21,039	0	0	0	0
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Reconciled Depreciation	20,356	21,271	19,206	18,896	18,636	18,259	16,510	15,065	15,040	13,488	10,152	10,091	10,239	9,750	10,851	10,519	12,604	11,992	13,403	11,916	11,718	11,707	11,284	10,943	10,542	10,227	7,765	6,956	5,765	5,176	4,821	4,184	4,478	3,869	3,499	2,995	2,160	2,125	2,081	1,551	1,132	1,013	946	779	752	728	632	528	487	409	337	287	0	-	-	-
Research Development	23,440	28,098	29,218	15,406	17,112	17,534	17,162	13,626	15,725	13,565	11,993	10,731	9,867	10,617	12,485	13,069	15,103	13,533	13,594	14,986	11,689	14,032	16,728	16,448	15,210	13,340	12,892	11,044	12,989	11,604	11,971	11,225	9,622	10,827	10,189	10,684	11,379	9,870	9,275	7,777	6,464	5,685	5,060	4,555	5,675	3,992	3,441	3,484	2,711	2,811	2,368	1,887	1,357	1,199	1,121	914
Selling And Marketing Expenses	62,665	56,165	48,392	47,527	47,819	47,777	54,229	53,329	62,605	54,456	45,896	41,921	44,369	36,655	35,557	42,660	47,182	45,614	44,488	44,446	43,034	41,028	42,018	40,368	40,844	36,008	37,109	32,503	34,990	32,977	31,571	27,088	26,709	27,393	27,429	25,105	21,235	21,122	20,492	19,276	16,499	14,947	13,314	11,978	12,022	9,633	11,093	12,140	9,600	8,493	6,875	6,961	0	-	-	-
Selling General Administrative	33,158	37,574	38,099	33,815	38,559	30,189	33,088	30,808	34,423	34,615	31,041	30,679	32,807	28,277	24,832	30,652	26,486	28,114	32,063	26,583	22,881	23,355	24,322	27,224	23,994	27,333	23,420	23,963	16,358	17,020	18,155	19,454	16,698	16,441	14,536	13,972	10,781	10,588	9,994	7,517	6,473	6,076	5,734	4,780	9,709	3,536	4,444	3,589	3,335	2,539	2,285	2,012	8,693	8,363	7,386	6,383
Tax Provision	3,066	-806	1,368	8,571	1,463	4,099	3,268	6,104	-2,774	4,391	5,094	6,142	6,477	5,597	3,707	1,976	4,266	-1,286	355	1,473	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Total Operating Expenses	119,263	121,837	115,709	96,748	103,490	95,500	104,479	97,763	112,753	102,636	88,930	83,331	87,043	75,549	72,874	86,381	88,771	87,261	90,145	86,015	77,604	78,415	83,068	84,040	80,048	76,681	73,421	67,510	64,337	61,601	61,697	57,767	53,029	54,661	52,154	49,761	43,395	41,580	39,761	34,570	29,436	26,708	24,108	21,313	27,406	17,161	18,978	19,213	15,646	13,843	11,528	10,860	0	0	0	0
Total Other Income Expense Net	-64	10,421	42,491	1,045	-36,466	-1,546	-2,661	758	-482	-1,761	1,277	-2,510	4,703	-1,168	149	-598	2,816	-626	-569	-161	1,048	-659	-7,019	39,415	1,637	-192	1,295	365	-1,167	62	-253	-44	-3,360	-767	-57	-2,562	-418	-50	-19	21	24	20	20	-12	-49	-3	2	3	2	1	1	6	0	0	0	0
Total Revenue	217,219	233,248	208,840	215,280	217,726	204,096	206,872	199,132	205,783	194,439	189,912	183,281	180,944	165,227	159,230	161,285	166,371	159,079	161,741	163,332	162,072	151,575	156,584	153,019	151,829	141,063	133,995	130,224	130,173	123,073	124,419	116,652	116,002	107,260	104,365	97,522	91,226	83,730	80,238	72,777	68,031	59,558	56,809	51,117	49,157	42,260	40,625	37,574	34,728	31,156	28,912	25,475	23,863	20,920	19,580	18,610

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

Gross Profit (+$)
totalRevenue	874,587
Cost of Revenue	-357,630
Gross Profit	516,957	516,957

Operating Income (+$)
Gross Profit	516,957
Operating Expense	-445,557
Operating Income	71,400	71,400

Operating Expense (+$)
Research Development	96,162
Selling General Administrative	142,646
Selling And Marketing Expenses	214,749
Operating Expense	445,557	453,557

Net Interest Income (+$)
Interest Income	4,784
Interest Expense	-1,856
Other Finance Cost	-2,251
Net Interest Income	677

Pretax Income (+$)
Operating Income	71,400
Net Interest Income	677
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	122,468	20,332 EBIT - interestExpense = 69,544 122,468 112,125
Interest Expense	1,856
Earnings Before Interest and Taxes (EBIT)	71,400	124,324
Earnings Before Interest and Taxes (EBITDA)	151,129

After tax Income (+$)
Income Before Tax	122,468
Tax Provision	-10,596
Net Income From Continuing Ops	118,321	111,872
Net Income	110,269
Net Income Applicable To Common Shares	0

Non-recurring Events
Discontinued Operations	0
Extraordinary Items	0
Effect of Accounting Charges	0
Other Items	0
Non Recurring	0
Other Operating Expenses	803,187
Total Other Income/Expenses Net	51,068	-677

Technical Analysis of Shutterstock
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 Shutterstock. The general trend of Shutterstock is UNKNOWN with 0.0% 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 Shutterstock'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 State	Bullish trend		Bearish trend
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 Shutterstock.

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: 42.31 < 45.84 < 54.41.

The bearish price targets are: 43.63 > 39.41 > 38.86.

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Shutterstock 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 Shutterstock. The current mas is .

Directionalities and relatives.

Moving Average	Amount of candles	Trend	Price +/-	vs. MA 50	vs. MA 100	vs. MA 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.

Shutterstock 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 Shutterstock.

Shutterstock 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 Shutterstock. The current adx is .

Shutterstock 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 Shutterstock.

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 Shutterstock.

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.

Shutterstock 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 Shutterstock.

Shutterstock 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 Shutterstock.

Shutterstock 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 Shutterstock.

Shutterstock 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 Shutterstock.

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 Shutterstock.

Shutterstock 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 Shutterstock.

Shutterstock 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 Shutterstock.

Shutterstock 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 Shutterstock.

Shutterstock Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for Shutterstock.

6.2. Trading Signals

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

Date	Indicator	Signal
2023-11-28	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-11-29	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-11-30	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2023-12-01	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-04	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2023-12-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2023-12-06	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2023-12-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-08	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-12	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-13	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-14	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-18	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2023-12-19	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal 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.
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2023-12-26	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-28	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-29	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-03	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-01-04	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-05	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-08	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-01-12	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-18	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-19	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-01-22	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-24	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-26	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-29	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-01-31	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-02	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-06	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-07	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-08	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-09	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2024-02-12	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
	MFI	LONG ENTRY	SHORT CLOSE	20 crossover to upside
2024-02-13	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	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).
2024-02-14	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-15	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2024-02-16	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-20	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-02-21	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-23	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-02-26	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.
2024-02-27	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-02-29	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-03-01	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2024-03-04	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-05	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.
2024-03-06	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2024-03-08	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-14	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-03-15	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2024-03-18	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-03-19	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2024-03-20	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-22	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-03-26	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-04-01	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-03	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2024-04-04	MFI	LONG ENTRY	SHORT CLOSE	20 crossover to upside
2024-04-05	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-04-10	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-11	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-12	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-15	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2024-04-16	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-17	MFI	LONG ENTRY	SHORT CLOSE	20 crossover to upside

6.3. Candlestick Patterns

Date	Candlestick Pattern

6.4. Technical Score

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Penke's Symbol Scanner

Indicator	Condition		Value
Open	Greater than	Close	40.630
Total			0/1 (0.0%)

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1. Valuation of Shutterstock (5 min.)

$40.86

$14.76

$-28.31 - $32.07

$-13.55 - $46.83

2. Growth of Shutterstock (5 min.)

Is Shutterstock growing?

How much money is Shutterstock making?

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3. Financial Health of Shutterstock (5 min.)

4. Comparing to competitors in the Internet Content & Information industry (5 min.)

Industry Rankings (Internet Content & Information)

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Fundamentals of Shutterstock

About Shutterstock

Financial Health

Valuation

1.1. Profitability of Shutterstock.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Internet Content & Information)

1.1.2. Return on Assets

Trends

Compared to industry (Internet Content & Information)

1.1.3. Return on Equity

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Compared to industry (Internet Content & Information)

1.2. Operating Efficiency of Shutterstock.

1.2. Operating Efficiency

1.2.1. Operating Margin

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Compared to industry (Internet Content & Information)

1.2.2. Operating Ratio

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Compared to industry (Internet Content & Information)

1.3. Liquidity of Shutterstock.

1.3. Liquidity

1.3.1. Current Ratio

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Compared to industry (Internet Content & Information)

1.3.2. Quick Ratio

Trends

Compared to industry (Internet Content & Information)

1.4. Solvency of Shutterstock.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

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Compared to industry (Internet Content & Information)

1.4.2. Debt to Equity Ratio

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Compared to industry (Internet Content & Information)

2. Market Valuation of Shutterstock

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Internet Content & Information)

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