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Revenue excluding traffic acquisition costs ("Revenue ex-TAC") was
Non-GAAP income from operations of
In the second quarter of 2012, non-GAAP net earnings per diluted share
increased 47 percent year over year to
|
Financials at a Glance |
||||||
| Quarterly Results (in millions, except percentages and per share amounts) | ||||||
| Q2 2011 | Q2 2012 | Percent Change | ||||
| Revenue ex-TAC |
|
|
0% | |||
| GAAP revenue |
|
|
(1)% | |||
| Non-GAAP income from operations |
|
|
0% | |||
| Income from operations |
|
|
(71)% | |||
| Non-GAAP net earnings per diluted share |
|
|
47% |
|||
| Net earnings per diluted share |
|
|
2% | |||
"In the second quarter, non-GAAP earnings per share exceeded consensus
and both display and search revenue ex-TAC showed modest growth," said
Business Highlights
Second Quarter 2012 Revenue Highlights
Conference Call
Note Regarding Non-GAAP Financial Measures
This press release and its attachments include the following financial
measures defined as non-GAAP financial measures by the
About
"Affiliates" refers to the third-party entities that have integrated Yahoo!'s advertising offerings into their Websites or other offerings (those Websites and other offerings, "Affiliate sites").
"Search Agreement" refers to the Search and Advertising Services and
Sales Agreement between
"TAC" refers to traffic acquisition costs. TAC consists of
payments to Affiliates and payments made to companies that direct
consumer and business traffic to
"Yahoo! Properties" refers to the online properties and services that
This press release contains forward-looking statements concerning
|
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|||||||||||||||||
| Unaudited Condensed Consolidated Statements of Income | |||||||||||||||||
| (in thousands, except per share amounts) | |||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||
|
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||||||||||||||||
| 2011 | 2012 | 2011 | 2012 | ||||||||||||||
| Revenue | $ | 1,229,024 | $ | 1,217,794 | $ | 2,443,381 | $ | 2,439,027 | |||||||||
| Operating expenses: | |||||||||||||||||
| Cost of revenue - Traffic acquisition costs | 152,896 | 137,025 | 302,927 | 281,116 | |||||||||||||
| Cost of revenue - Other | 231,388 | 278,453 | 481,014 | 532,432 | |||||||||||||
| Sales and marketing | 280,159 | 272,910 | 542,308 | 558,178 | |||||||||||||
| Product development | 233,045 | 199,628 | 454,328 | 428,106 | |||||||||||||
| General and administrative | 131,822 | 136,117 | 254,720 | 260,388 | |||||||||||||
| Amortization of intangibles | 8,582 | 9,756 | 16,632 | 19,809 | |||||||||||||
| Restructuring charges, net | 237 | 129,092 | 10,812 | 134,809 | |||||||||||||
| Total operating expenses | 1,038,129 | 1,162,981 | 2,062,741 | 2,214,838 | |||||||||||||
| Income from operations | 190,895 | 54,813 | 380,640 | 224,189 | |||||||||||||
| Other (expense) income, net | (5,666 | ) | 20,175 | (639 | ) | 22,453 | |||||||||||
| Income before income taxes and earnings in equity interests | 185,229 | 74,988 | 380,001 | 246,642 | |||||||||||||
| Provision for income taxes | (55,629 | ) | (26,523 | ) | (107,749 | ) | (82,942 | ) | |||||||||
| Earnings in equity interests | 108,902 | 179,991 | 191,082 | 352,234 | |||||||||||||
| Net income | 238,502 | 228,456 | 463,334 | 515,934 | |||||||||||||
| Less: Net income attributable to noncontrolling interests | (1,530 | ) | (1,825 | ) | (3,370 | ) | (2,960 | ) | |||||||||
|
Net income attributable to |
$ | 236,972 | $ | 226,631 | $ | 459,964 | $ | 512,974 | |||||||||
|
Net income attributable to |
$ | 0.18 | $ | 0.18 | $ | 0.35 | $ | 0.42 | |||||||||
| Shares used in per share calculation - diluted | 1,308,359 | 1,221,719 | 1,314,272 | 1,224,102 | |||||||||||||
| Stock-based compensation expense by function: | |||||||||||||||||
| Cost of revenue - Other | $ | 875 | $ | 2,614 | $ | 1,523 | $ | 5,508 | |||||||||
| Sales and marketing | 19,373 | 18,981 | 26,070 | 40,078 | |||||||||||||
| Product development | 25,531 | 17,808 | 43,203 | 37,279 | |||||||||||||
| General and administrative | 13,269 | 10,168 | 23,368 | 22,672 | |||||||||||||
| Restructuring expense reversals, net | (526 | ) | (3,429 | ) | (1,278 | ) | (3,429 | ) | |||||||||
|
Supplemental Financial Data: |
|
||||||||||||||||
| Revenue ex-TAC | $ | 1,076,128 | $ | 1,080,769 | $ | 2,140,454 | $ | 2,157,911 | |||||||||
| Free cash flow | $ | 95,601 | $ | 93,390 | $ | 152,076 | $ | 289,213 | |||||||||
|
|
|||||||||||||||||
| (1) |
The impact of outstanding stock awards of entities in which the
Company holds equity interests that are accounted for using the
equity method reduced the Company's diluted earnings per share by
|
Note to Unaudited Condensed Consolidated
Statements of Income
This press release and its attachments include the non-GAAP financial
measures of revenue excluding traffic acquisition costs ("revenue
ex-TAC"), free cash flow, non-GAAP income from operations, non-GAAP net
income, and non-GAAP net income per diluted share, which are reconciled
to revenue, cash flow from operating activities, income from operations,
net income attributable to
Revenue ex-TAC is a non-GAAP financial measure defined as GAAP revenue
less TAC. TAC consists of payments made to third-party entities that
have integrated our advertising offerings into their Websites or other
offerings (those Websites and other offerings, "Affiliate sites") and
payments made to companies that direct consumer and business traffic to
Yahoo!'s online properties and services ("Yahoo! Properties"). Based on
the terms of the Search Agreement with Microsoft, Microsoft retains a
revenue share of 12 percent of the net (after TAC) search revenue
generated on
Free cash flow is a non-GAAP financial measure defined as cash flow from operating activities (adjusted to include excess tax benefits from stock-based awards), less acquisition of property and equipment, net and dividends received from equity investees. We consider free cash flow to be a liquidity measure which provides useful information to management and investors about the amount of cash generated by the business after the acquisition of property and equipment, which can then be used for strategic opportunities including, among others, investing in the Company's business, making strategic acquisitions, strengthening the balance sheet, and repurchasing stock. A limitation of free cash flow is that it does not represent the total increase or decrease in the cash balance for the period. Management compensates for this limitation by also relying on the net change in cash and cash equivalents as presented in the Company's unaudited condensed consolidated statements of cash flows prepared in accordance with GAAP which incorporates all cash movements during the period.
Non-GAAP income from operations is defined as income from operations excluding certain gains, losses, and expenses that we do not believe are indicative of our ongoing operating results. We consider non-GAAP income from operations to be a profitability measure which facilitates the forecasting of our operating results for future periods and allows for the comparison of our results to historical periods. A limitation of non-GAAP income from operations is that it does not include all items that impact our income from operations for the period. Management compensates for this limitation by also relying on the comparable GAAP financial measure of income from operations which includes the gains, losses, and expenses that are excluded from non-GAAP income from operations.
Non-GAAP net income is defined as net income attributable to
|
|
||||||||||||||||
| Supplemental Financial Data | ||||||||||||||||
| (in thousands) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
|
|
June 30, | |||||||||||||||
| 2011 | 2012 | 2011 | 2012 | |||||||||||||
| Revenue for groups of similar services: | ||||||||||||||||
| Display | $ | 523,537 | $ | 534,972 | $ | 1,046,160 | $ | 1,046,189 | ||||||||
| Search | 466,674 | 460,969 | 921,795 | 931,366 | ||||||||||||
| Other | 238,813 | 221,853 | 475,426 | 461,472 | ||||||||||||
| Total revenue | $ | 1,229,024 | $ | 1,217,794 | $ | 2,443,381 | $ | 2,439,027 | ||||||||
| Revenue excluding traffic acquisition costs ("revenue ex-TAC") for groups of similar services: | ||||||||||||||||
| GAAP display revenue | $ | 523,537 | $ | 534,972 | $ | 1,046,160 | $ | 1,046,189 | ||||||||
| TAC associated with display revenue | (56,890 | ) | (61,552 | ) | (108,739 | ) | (118,978 | ) | ||||||||
| Display revenue ex-TAC | $ | 466,647 | $ | 473,420 | $ | 937,421 | $ | 927,211 | ||||||||
| GAAP search revenue | $ | 466,674 | $ | 460,969 | $ | 921,795 | $ | 931,366 | ||||||||
| TAC associated with search revenue for non-transitioned markets | (95,866 | ) | (75,473 | ) | (194,048 | ) | (162,138 | ) | ||||||||
| Search revenue ex-TAC | $ | 370,808 | $ | 385,496 | $ | 727,747 | $ | 769,228 | ||||||||
| Other GAAP revenue | $ | 238,813 | $ | 221,853 | $ | 475,426 | $ | 461,472 | ||||||||
| TAC associated with other GAAP revenue | (140 | ) | - | (140 | ) | - | ||||||||||
| Other revenue ex-TAC | $ | 238,673 | $ | 221,853 | $ | 475,286 | $ | 461,472 | ||||||||
| Revenue ex-TAC: | ||||||||||||||||
| GAAP revenue | $ | 1,229,024 | $ | 1,217,794 | $ | 2,443,381 | $ | 2,439,027 | ||||||||
| TAC | (152,896 | ) | (137,025 | ) | (302,927 | ) | (281,116 | ) | ||||||||
| Revenue ex-TAC | $ | 1,076,128 | $ | 1,080,769 | $ | 2,140,454 | $ | 2,157,911 | ||||||||
| Revenue ex-TAC by segment: | ||||||||||||||||
|
|
||||||||||||||||
| GAAP revenue | $ | 808,038 | $ | 821,751 | $ | 1,626,969 | $ | 1,657,784 | ||||||||
| TAC | (39,404 | ) | (45,910 | ) | (77,545 | ) | (88,865 | ) | ||||||||
| Revenue ex-TAC | $ | 768,634 | $ | 775,841 | $ | 1,549,424 | $ | 1,568,919 | ||||||||
| EMEA: | ||||||||||||||||
| GAAP revenue | $ | 162,601 | $ | 128,099 | $ | 316,651 | $ | 262,061 | ||||||||
| TAC | (57,648 | ) | (34,187 | ) | (115,160 | ) | (79,849 | ) | ||||||||
| Revenue ex-TAC | $ | 104,953 | $ | 93,912 | $ | 201,491 | $ | 182,212 | ||||||||
|
|
||||||||||||||||
| GAAP revenue | $ | 258,385 | $ | 267,944 | $ | 499,761 | $ | 519,182 | ||||||||
| TAC | (55,844 | ) | (56,928 | ) | (110,222 | ) | (112,402 | ) | ||||||||
| Revenue ex-TAC | $ | 202,541 | $ | 211,016 | $ | 389,539 | $ | 406,780 | ||||||||
| Total revenue ex-TAC | $ | 1,076,128 | $ | 1,080,769 | $ | 2,140,454 | $ | 2,157,911 | ||||||||
| Direct costs by segment (2): | ||||||||||||||||
|
|
$ | 171,042 | $ | 181,510 | $ | 333,940 | $ | 360,735 | ||||||||
| EMEA | 42,768 | 41,277 | 81,374 | 81,498 | ||||||||||||
|
|
57,728 | 56,248 | 109,050 | 107,739 | ||||||||||||
| Global operating costs (3)(4) | 393,037 | 410,519 | 808,663 | 832,417 | ||||||||||||
| Restructuring charges, net | 237 | 129,092 | 10,812 | 134,809 | ||||||||||||
| Depreciation and amortization | 161,373 | 157,739 | 321,811 | 310,987 | ||||||||||||
| Stock-based compensation expense | 59,048 | 49,571 | 94,164 | 105,537 | ||||||||||||
| Income from operations | $ | 190,895 | $ | 54,813 | $ | 380,640 | $ | 224,189 | ||||||||
| Reconciliation of cash flow from operating activities to free cash flow: | ||||||||||||||||
| Cash flow from operating activities | $ | 330,620 | $ | 274,560 | $ | 536,306 | $ | 572,013 | ||||||||
| Acquisition of property and equipment, net | (171,515 | ) | (106,131 | ) | (339,064 | ) | (215,922 | ) | ||||||||
| Dividends received from equity investees | (75,391 | ) | (83,648 | ) | (75,391 | ) | (83,648 | ) | ||||||||
| Excess tax benefits from stock-based awards | 11,887 | 8,609 | 30,225 | 16,770 | ||||||||||||
| Free cash flow | $ | 95,601 | $ | 93,390 | $ | 152,076 | $ | 289,213 | ||||||||
| (2) | Direct costs for each segment include cost of revenue (excluding TAC) and other operating expenses that are directly attributable to the segment such as employee compensation expense (excluding stock-based compensation expense), local sales and marketing expenses, and facilities expenses. Beginning in 2012, marketing and customer advocacy costs are managed locally and included as direct costs for each segment. Prior period amounts have been revised to conform to the current presentation. |
| (3) | Global operating costs include product development, service engineering and operations, general and administrative, and other corporate expenses that are managed on a global basis and that are not directly attributable to any particular segment. Prior to 2012, marketing and customer advocacy costs were managed on a global basis and included as global operating costs. Prior period amounts have been revised to conform to the current presentation. |
| (4) | The net cost reimbursements from Microsoft are primarily included in global operating costs. |
|
|
||||||||||||||||||||||||
| GAAP to Non-GAAP Reconciliations | ||||||||||||||||||||||||
| (in thousands, except per share amounts) | ||||||||||||||||||||||||
|
Three Months Ended |
||||||||||||||||||||||||
| June 30, | ||||||||||||||||||||||||
| 2011 | 2012 | |||||||||||||||||||||||
| GAAP Income from operations | $ | 190,895 | $ | 54,813 | ||||||||||||||||||||
| (a) |
Restructuring charges, net |
237 | 129,092 | |||||||||||||||||||||
| (b) |
Deal-related expenses (5) |
- | 6,500 | |||||||||||||||||||||
| Non-GAAP Income from operations | $ | 191,132 | $ | 190,405 | ||||||||||||||||||||
|
GAAP Net income attributable to |
$ | 236,972 | $ | 226,631 | ||||||||||||||||||||
| (a) |
Restructuring charges, net |
237 | 129,092 | |||||||||||||||||||||
| (b) |
Deal-related expenses (5) |
- | 6,500 | |||||||||||||||||||||
| (c) |
To adjust the provision for income taxes to exclude the tax
impact of items (a) and (b) above for the three months ended |
(75 | ) | (35,674 | ) | |||||||||||||||||||
| Non-GAAP Net income | $ | 237,134 | $ | 326,549 | ||||||||||||||||||||
|
GAAP Net income attributable to |
$ | 0.18 | $ | 0.18 | ||||||||||||||||||||
| Non-GAAP Net income per share - diluted | $ | 0.18 | $ | 0.27 | ||||||||||||||||||||
| Shares used in per share calculation - diluted | 1,308,359 | 1,221,719 | ||||||||||||||||||||||
| Six Months Ended | ||||||||||||||||||||||||
| June 30, | ||||||||||||||||||||||||
| 2011 | 2012 | |||||||||||||||||||||||
| GAAP Income from operations | $ | 380,640 | $ | 224,189 | ||||||||||||||||||||
| (a) |
Restructuring charges, net |
10,812 | 134,809 | |||||||||||||||||||||
| (b) |
Deal-related expenses (5) |
- | 6,500 | |||||||||||||||||||||
| Non-GAAP Income from operations | $ | 391,452 | $ | 365,498 | ||||||||||||||||||||
|
GAAP Net income attributable to |
$ | 459,964 | $ | 512,974 | ||||||||||||||||||||
| (a) |
Restructuring charges, net |
10,812 | 134,809 | |||||||||||||||||||||
| (b) |
Deal-related expenses (5) |
- | 6,500 | |||||||||||||||||||||
| (c) |
To adjust the provision for income taxes to exclude the tax
impact of items (a) and (b) above for the six months ended |
(3,437 | ) | (37,721 | ) | |||||||||||||||||||
| Non-GAAP Net income | $ | 467,339 | $ | 616,562 | ||||||||||||||||||||
|
GAAP Net income attributable to |
$ | 0.35 | $ | 0.42 | ||||||||||||||||||||
| Non-GAAP Net income per share - diluted (6) | $ | 0.35 | $ | 0.50 | ||||||||||||||||||||
| Shares used in per share calculation - diluted | 1,314,272 | 1,224,102 | ||||||||||||||||||||||
| (1) |
The impact of outstanding stock awards of entities in which the
Company holds equity interests that are accounted for using the
equity method reduced the Company's diluted earnings per share by
|
| (5) |
Deal-related expenses relate to, among other matters, the
agreement |
| (6) |
The impact of outstanding stock awards of entities in which the
Company holds equity interests that are accounted for using the
equity method reduced the Company's non-GAAP diluted earnings per
share by |
|
|
|||||||||||||||||
| Unaudited Condensed Consolidated Statements of Cash Flows | |||||||||||||||||
| (in thousands) | |||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||
|
|
June 30, | ||||||||||||||||
| 2011 | 2012 | 2011 | 2012 | ||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||
| Net income | $ | 238,502 | $ | 228,456 | $ | 463,334 | $ | 515,934 | |||||||||
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||||||||||||||
| Depreciation | 136,724 | 131,789 | 275,901 | 254,539 | |||||||||||||
| Amortization of intangible assets | 29,492 | 28,864 | 58,993 | 60,209 | |||||||||||||
| Stock-based compensation expense, net | 58,522 | 46,142 | 92,886 | 102,108 | |||||||||||||
| Non-cash restructuring charges | - | 38,638 | - | 38,638 | |||||||||||||
| Tax benefits from stock-based awards | (125 | ) | (4,949 | ) | 12,483 | (3,935 | ) | ||||||||||
| Excess tax benefits from stock-based awards | (11,887 | ) | (8,609 | ) | (30,225 | ) | (16,770 | ) | |||||||||
| Deferred income taxes | 23,250 | (14,075 | ) | 45,831 | (18,474 | ) | |||||||||||
| Earnings in equity interests | (108,902 | ) | (179,991 | ) | (191,082 | ) | (352,234 | ) | |||||||||
| Dividends received from equity investee | 75,391 | 83,648 | 75,391 | 83,648 | |||||||||||||
|
Gain from sale of investments, assets, and other, net |
14,577 | (19,995 | ) | 22,792 | (24,507 | ) | |||||||||||
| Changes in assets and liabilities, net of effects of acquisitions: | |||||||||||||||||
| Accounts receivable, net | (19,875 | ) | (112,549 | ) | 86,692 | (9,908 | ) | ||||||||||
| Prepaid expenses and other | (6,584 | ) | 33,381 | 53,293 | 111,242 | ||||||||||||
| Accounts payable | 21,041 | 6,728 | (10,821 | ) | (35,714 | ) | |||||||||||
| Accrued expenses and other liabilities | (109,522 | ) | 20,190 | (386,044 | ) | (110,434 | ) | ||||||||||
| Deferred revenue | (9,984 | ) | (3,108 | ) | (33,118 | ) | (22,329 | ) | |||||||||
| Net cash provided by operating activities | 330,620 | 274,560 | 536,306 | 572,013 | |||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||
| Acquisition of property and equipment, net | (171,515 | ) | (106,131 | ) | (339,064 | ) | (215,922 | ) | |||||||||
| Purchases of marketable debt securities | (508,547 | ) | (469,046 | ) | (1,124,596 | ) | (645,266 | ) | |||||||||
| Proceeds from sales of marketable debt securities | 443,681 | 414,478 | 882,229 | 548,439 | |||||||||||||
| Proceeds from maturities of marketable debt securities | 294,755 | 120,798 | 657,916 | 198,498 | |||||||||||||
| Proceeds from the sale of investments | - | 26,132 | - | 26,132 | |||||||||||||
| Purchases of intangible assets | (7,618 | ) | (1,286 | ) | (10,960 | ) | (3,088 | ) | |||||||||
| Acquisitions, net of cash acquired | (37,022 | ) | - | (68,812 | ) | - | |||||||||||
| Other investing activities, net | - | (2,141 | ) | 149 | (9,421 | ) | |||||||||||
| Net cash provided by (used in) investing activities | 13,734 | (17,196 | ) | (3,138 | ) | (100,628 | ) | ||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||
| Proceeds from issuance of common stock, net | 75,839 | 66,248 | 98,547 | 77,871 | |||||||||||||
| Repurchases of common stock | (471,651 | ) | (455,507 | ) | (609,019 | ) | (526,007 | ) | |||||||||
| Excess tax benefits from stock-based awards | 11,887 | 8,609 | 30,225 | 16,770 | |||||||||||||
|
Tax withholdings related to net share settlements of restricted stock awards and restricted stock units |
(7,366 | ) | (6,990 | ) | (33,669 | ) | (38,494 | ) | |||||||||
| Other financing activities, net | (6,799 | ) | (1,209 | ) | (7,521 | ) | (2,222 | ) | |||||||||
| Net cash used in financing activities | (398,090 | ) | (388,849 | ) | (521,437 | ) | (472,082 | ) | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | 15,396 | (49,214 | ) | 42,679 | (22,424 | ) | |||||||||||
| Net change in cash and cash equivalents | (38,340 | ) | (180,699 | ) | 54,410 | (23,121 | ) | ||||||||||
| Cash and cash equivalents, beginning of period | 1,619,177 | 1,719,968 | 1,526,427 | 1,562,390 | |||||||||||||
| Cash and cash equivalents, end of period | $ | 1,580,837 | $ | 1,539,269 | $ | 1,580,837 | $ | 1,539,269 | |||||||||
|
|
||||||||||||||
| Unaudited Condensed Consolidated Balance Sheets | ||||||||||||||
| (in thousands) | ||||||||||||||
|
December 31, |
June 30, |
|||||||||||||
| 2011 | 2012 | |||||||||||||
| ASSETS | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | 1,562,390 | $ | 1,539,269 | ||||||||||
| Short-term marketable debt securities | 493,189 | 371,204 | ||||||||||||
| Accounts receivable, net | 1,037,474 | 1,040,893 | ||||||||||||
| Prepaid expenses and other current assets | 359,483 | 318,932 | ||||||||||||
| Total current assets | 3,452,536 | 3,270,298 | ||||||||||||
| Long-term marketable debt securities | 474,338 | 490,570 | ||||||||||||
| Property and equipment, net | 1,730,888 | 1,663,665 | ||||||||||||
| Goodwill | 3,900,752 | 3,887,360 | ||||||||||||
| Intangible assets, net | 254,600 | 196,729 | ||||||||||||
| Other long-term assets | 220,628 | 209,669 | ||||||||||||
| Investments in equity interests | 4,749,044 | 4,939,938 | ||||||||||||
| Total assets | $ | 14,782,786 | $ | 14,658,229 | ||||||||||
| LIABILITIES AND EQUITY | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Accounts payable | $ | 166,595 | $ | 132,105 | ||||||||||
| Accrued expenses and other current liabilities | 846,044 | 768,080 | ||||||||||||
| Deferred revenue | 194,722 | 176,960 | ||||||||||||
| Total current liabilities | 1,207,361 | 1,077,145 | ||||||||||||
| Long-term deferred revenue | 43,639 | 38,757 | ||||||||||||
| Capital lease and other long-term liabilities | 134,905 | 130,149 | ||||||||||||
| Deferred and other long-term tax liabilities, net | 815,534 | 895,941 | ||||||||||||
| Total liabilities | 2,201,439 | 2,141,992 | ||||||||||||
|
Total |
12,541,067 | 12,472,997 | ||||||||||||
| Noncontrolling interests | 40,280 | 43,240 |
|
|||||||||||
| Total equity | 12,581,347 | 12,516,237 | ||||||||||||
| Total liabilities and equity | $ | 14,782,786 | $ | 14,658,229 | ||||||||||
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