SEATTLE--(BUSINESS WIRE)--Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced net earnings attributable to shareholders of $92,843,000 for the fourth quarter of 2011, as compared with $96,502,000 for the same quarter of 2010, a decrease of (4)%. Net revenues for the fourth quarter of 2011 increased 5% to $476,155,000 as compared with $453,362,000 reported for the fourth quarter of 2010. Total revenues and operating income were $1,501,914,000 and $155,064,000 in 2011, as compared with $1,582,135,000 and $148,572,000 for the same quarter of 2010, a decrease of (5)% and an increase of 4%, respectively. Diluted net earnings attributable to shareholders per share for the fourth quarter were $.43, as compared with $.45 for the same quarter in 2010, a decrease of (4)%.
For the year ended December 31, 2011, net earnings attributable to shareholders was $385,679,000, as compared with $344,172,000 in 2010, an increase of 12%. Net revenues for the year increased to $1,896,477,000 from $1,692,786,000 for 2010, up 12%. Total revenues and operating income for the year were $6,150,498,000 and $618,327,000 in 2011, as compared with $5,967,573,000 and $547,230,000 for the same period in 2010, increases of 3% and 13%, respectively. Diluted net earnings attributable to shareholders per share for the year ended December 31, 2011 were $1.79, as compared with $1.59 for the same period of 2010, an increase of 13%.
“From a strategic perspective, our 2011 fourth quarter financial results showed all the things we think are important,” said Peter J. Rose, Chairman and Chief Executive Officer. “Operating income as a percentage of net revenue, at 32.6%, remained well above 30% for the seventh straight quarter while salaries as a percentage of net revenue were very much in line with our historical expectations. All in all, we think the things we can control most, we controlled best. From a tactical perspective, however, we would like to have seen stronger freight volumes as the customary real peak season surge never materialized. The lack of a peak season created irregular demand throughout the quarter. While this resulted in some intermittent spot buying opportunities in both the air and ocean freight markets, ultimately they were not sufficient to compensate for relatively weaker freight demand. Despite this quarters unpredictable shipping patterns, we still managed to grow both net revenue and operating income 5% and 4% respectively. That's something we take great comfort in. For the year ended 2011, net revenue and operating income increased 12% and 13% respectively. That is the kind of annual performance we don't feel particularly compelled to apologize for…particularly in these times,” Rose continued.
“Our third quarter 2011 earnings release highlighted our concerns about global trends for the remainder for 2011 and 2012. While 2011 was a record year, and we are generally optimistic about 2012, the underlying flow of goods both in the global economy and throughout our network in January still give us some cause to reiterate those concerns in the near term. That said, given the outstanding talents and abilities of our people and the support of both our customers and service providers, we remain very confident that we have the wherewithal to successfully address any near term challenges that may occur by staying true to our proven, long-term values and objectives,” concluded Rose.
Expeditors is a global logistics company headquartered in Seattle, Washington. The company employs trained professionals in 185 full-service offices and 64 satellite locations located on six continents linked into a seamless worldwide network through an integrated information management system. Services include air and ocean freight forwarding, vendor consolidation, customs clearance, marine insurance, distribution and other value added international logistics services.
1 Diluted earnings attributable to shareholders per share.
NOTE: See Disclaimer on Forward-Looking Statements on the following page of this release.
| Expeditors International of Washington, Inc. | |||||||||||||||||||||||
| 4th Quarter 2011 Earnings Release, February 21, 2012 | |||||||||||||||||||||||
| Financial Highlights for the Three months and Years ended December 31, 2011 and 2010 (Unaudited) | |||||||||||||||||||||||
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(in 000's of US dollars except share data) |
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| December 31, | Years ended December 31, | ||||||||||||||||||||||
| % | |||||||||||||||||||||||
| Increase | % | ||||||||||||||||||||||
| 2011 | 2010 | (Decrease) | 2011 | 2010 | Increase | ||||||||||||||||||
| Revenues | $ | 1,501,914 | $ | 1,582,135 | (5)% | $ | 6,150,498 | $ | 5,967,573 | 3% | |||||||||||||
| Net revenues | $ | 476,155 | $ | 453,362 | 5% | $ | 1,896,477 | $ | 1,692,786 | 12% | |||||||||||||
| Operating income | $ | 155,064 | $ | 148,572 | 4% | $ | 618,327 | $ | 547,230 | 13% | |||||||||||||
| Net earnings attributable to shareholders | $ | 92,843 | $ | 96,502 | (4)% | $ | 385,679 | $ | 344,172 | 12% | |||||||||||||
| Diluted earnings attributable to shareholders | $ | .43 | $ | .45 | (4)% | $ | 1.79 | $ | 1.59 | 13% | |||||||||||||
| Basic earnings attributable to shareholders | $ | .44 | $ | .45 | (2)% | $ | 1.82 | $ | 1.62 | 12% | |||||||||||||
| Diluted weighted average shares outstanding | 214,159,723 | 216,587,468 | 215,033,580 | 216,446,656 | |||||||||||||||||||
| Basic weighted average shares outstanding | 211,988,482 | 212,217,035 | 212,117,511 | 212,283,966 | |||||||||||||||||||
| Employee headcount as of | |||||||
| December 31, | |||||||
| 2011 | 2010 | ||||||
| North America | 4,666 | 4,400 | |||||
| Asia Pacific | 4,083 | 3,864 | |||||
| Europe and Africa | 2,262 | 2,074 | |||||
| Middle East | 1,250 | 1,169 | |||||
| South America | 645 | 607 | |||||
| Information Systems | 558 | 559 | |||||
| Corporate | 228 | 197 | |||||
| Total | 13,692 | 12,870 | |||||
| Year-over-year percentage | |||||||
| increase (decrease) in: | |||||||
| Ocean freight | |||||||
| Airfreight kilos | FEU | ||||||
| 2011 | |||||||
| October | (14)% | 2% | |||||
| November | (6)% | 1% | |||||
| December | (9)% | 7% | |||||
| Quarter | (10)% | 3% | |||||
During the fourth quarter of 2011, the Company closed one satellite office in Detroit-Ambassador Bridge, United States.
Disclaimer on Forward-Looking Statements:
Certain portions of this release contain forward-looking statements which are based on certain assumptions and expectations of future events that are subject to risks and uncertainties, including comments on future ability to maintain operating income as a percentage of net revenue over 30%, ability to benefit in the future from spot buying opportunities, ability to grow net revenue and operating income, changes in consumer confidence in freight volumes, and ability to succeed in 2012, both from a near and long-term perspective. Actual future results and trends may differ materially from historical results or those projected in any forward-looking statements depending on a variety of factors including, but not limited to, our ability to maintain consistent and stable operating results, future success of our business model, ability to perpetuate profits, changes in customer demand for Expeditors’ services caused by a general economic slow-down, customers’ inventory build-up, decreased consumer confidence, volatility in equity markets, energy prices, political changes, regulatory actions or changes or the unpredictable acts of competitors and other risks, risk factors and uncertainties detailed in our Annual Report as updated by our reports on Form 10-Q, filed with the Securities and Exchange Commission.
| EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. | ||||||||||
| AND SUBSIDIARIES | ||||||||||
| Condensed Consolidated Balance Sheets | ||||||||||
| (In thousands, except share data) | ||||||||||
| (Unaudited) | ||||||||||
| December 31, | December 31, | |||||||||
| 2011 | 2010 | |||||||||
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Assets |
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| Current Assets: | ||||||||||
| Cash and cash equivalents | $ | 1,294,356 | $ | 1,084,465 | ||||||
| Short-term investments | 472 | 524 | ||||||||
| Accounts receivable, net | 934,752 | 1,003,884 | ||||||||
| Deferred Federal and state income taxes | 10,415 | 8,706 | ||||||||
| Other current assets | 46,888 | 42,776 | ||||||||
| Total current assets | 2,286,883 | 2,140,355 | ||||||||
| Property and equipment, net | 538,806 | 498,648 | ||||||||
| Goodwill, net | 7,927 | 7,927 | ||||||||
| Other intangibles, net | 2,630 | 3,716 | ||||||||
| Other assets, net | 30,581 | 28,533 | ||||||||
| $ | 2,866,827 | $ | 2,679,179 | |||||||
|
Liabilities and Equity |
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| Current Liabilities: | ||||||||||
| Accounts payable | 606,628 | 652,161 | ||||||||
| Accrued expenses, primarily salaries and related costs | 169,445 | 177,869 | ||||||||
| Federal, state and foreign income taxes | 20,072 | 31,948 | ||||||||
| Total current liabilities | 796,145 | 861,978 | ||||||||
| Deferred Federal and state income taxes | 60,613 | 69,047 | ||||||||
| Commitments and contingencies | ||||||||||
| Shareholders’ Equity: | ||||||||||
| Preferred stock; none issued | — | — | ||||||||
| Common stock, par value $.01 per share; issued and outstanding 212,003,662 shares at December 31, 2011 and 212,047,774 shares at December 31, 2010 | 2,120 | 2,120 | ||||||||
| Additional paid-in capital | 13,260 | 13,412 | ||||||||
| Retained earnings | 1,991,222 | 1,717,249 | ||||||||
| Accumulated other comprehensive (loss) income | (2,964 | ) | 8,125 | |||||||
| Total shareholders’ equity | 2,003,638 | 1,740,906 | ||||||||
| Noncontrolling interest | 6,431 | 7,248 | ||||||||
| Total equity | 2,010,069 | 1,748,154 | ||||||||
| $ | 2,866,827 | $ | 2,679,179 | |||||||
| EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. | |||||||||||||||||||||
| AND SUBSIDIARIES | |||||||||||||||||||||
| Condensed Consolidated Statements of Earnings | |||||||||||||||||||||
| (In thousands, except share data) | |||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||
| Three months ended | Twelve months ended | ||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||
| 2011 | 2010 | 2011 | 2010 | ||||||||||||||||||
| Revenues: | |||||||||||||||||||||
| Airfreight services | $ | 705,744 | $ | 778,009 | $ | 2,893,474 | $ | 2,821,828 | |||||||||||||
| Ocean freight and ocean services | 441,102 | 481,263 | 1,878,595 | 1,955,400 | |||||||||||||||||
| Customs brokerage and other services | 355,068 | 322,863 | 1,378,429 | 1,190,345 | |||||||||||||||||
| Total revenues | 1,501,914 | 1,582,135 | 6,150,498 | 5,967,573 | |||||||||||||||||
| Operating Expenses: | |||||||||||||||||||||
| Airfreight consolidation | 534,159 | 604,309 | 2,193,122 | 2,181,598 | |||||||||||||||||
| Ocean freight consolidation | 333,567 | 379,250 | 1,443,170 | 1,569,877 | |||||||||||||||||
| Customs brokerage and other services | 158,033 | 145,214 | 617,729 | 523,312 | |||||||||||||||||
| Salaries and related costs | 247,917 | 237,822 | 993,358 | 894,132 | |||||||||||||||||
| Rent and occupancy costs | 20,578 | 19,988 | 84,665 | 77,209 | |||||||||||||||||
| Depreciation and amortization | 9,146 | 9,310 | 36,776 | 36,900 | |||||||||||||||||
| Selling and promotion | 10,447 | 9,593 | 38,974 | 32,055 | |||||||||||||||||
| Other | 33,003 | 28,077 | 124,377 | 105,260 | |||||||||||||||||
| Total operating expenses | 1,346,850 | 1,433,563 | 5,532,171 | 5,420,343 | |||||||||||||||||
| Operating income | 155,064 | 148,572 | 618,327 | 547,230 | |||||||||||||||||
| Interest income | 2,715 | 2,064 | 10,235 | 7,002 | |||||||||||||||||
| Interest expense | (248 | ) | (198 | ) | (970 | ) | (576 | ) | |||||||||||||
| Other, net | (2,330 | ) | 1,181 | 10,436 | 10,412 | ||||||||||||||||
| Other income (expense), net | 137 | 3,047 | 19,701 | 16,838 | |||||||||||||||||
| Earnings before income taxes | 155,201 | 151,619 | 638,028 | 564,068 | |||||||||||||||||
| Income tax expense | 62,061 | 55,171 | 251,785 | 219,863 | |||||||||||||||||
| Net earnings | 93,140 | 96,448 | 386,243 | 344,205 | |||||||||||||||||
|
Less net earnings (losses) attributable to the noncontrolling interest |
297 | (54 | ) | 564 | 33 | ||||||||||||||||
| Net earnings attributable to shareholders | $ | 92,843 | $ | 96,502 | $ | 385,679 | $ | 344,172 | |||||||||||||
| Diluted earnings attributable to shareholders per share | $ | .43 | $ | .45 | $ | 1.79 | $ | 1.59 | |||||||||||||
| Basic earnings attributable to shareholders per share | $ | .44 | $ | .45 | $ | 1.82 | $ | 1.62 | |||||||||||||
| Dividends declared and paid per common share | $ | .25 | $ | .20 | $ | .50 | $ | .40 | |||||||||||||
| Weighted average diluted shares outstanding | 214,159,723 | 216,587,468 | 215,033,580 | 216,446,656 | |||||||||||||||||
| Weighted average basic shares outstanding | 211,988,482 | 212,217,035 | 212,117,511 | 212,283,966 | |||||||||||||||||
| EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. | |||||||||||||||||||||
| AND SUBSIDIARIES | |||||||||||||||||||||
| Condensed Consolidated Statements of Cash Flows | |||||||||||||||||||||
| (In thousands) (Unaudited) | |||||||||||||||||||||
| Three months ended | Twelve months ended | ||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||
| 2011 | 2010 | 2011 | 2010 | ||||||||||||||||||
| Operating Activities: | |||||||||||||||||||||
| Net earnings | $ | 93,140 | $ | 96,448 | $ | 386,243 | $ | 344,205 | |||||||||||||
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||||||||||||
| Provision for losses on accounts receivable | 166 | 305 | 1,327 | 3,414 | |||||||||||||||||
| Deferred income tax expense (benefit) | 5,598 | 8,048 | (4,065 | ) | 10,569 | ||||||||||||||||
| Excess tax benefits from stock plans | (232 | ) | (12,274 | ) | (5,300 | ) | (23,863 | ) | |||||||||||||
| Stock compensation expense | 10,832 | 10,696 | 44,278 | 43,743 | |||||||||||||||||
| Depreciation and amortization | 9,146 | 9,310 | 36,776 | 36,900 | |||||||||||||||||
| Loss (gain) on sale of assets | 414 | 140 | 360 | (321 | ) | ||||||||||||||||
| Other | 308 | 304 | 2,136 | 1,536 | |||||||||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||||||||
| Decrease (increase) in accounts receivable | 58,717 | 77,947 | 46,915 | (188,823 | ) | ||||||||||||||||
| (Increase) decrease in other current assets | (1,620 | ) | 1,484 | (7,483 | ) | (1,475 | ) | ||||||||||||||
| (Decrease) increase in accounts payable and accrued expenses | (54,879 | ) | (60,302 | ) | (40,819 | ) | 130,138 | ||||||||||||||
| (Decrease) increase in income taxes payable, net | (13,654 | ) | 2,725 | (3,237 | ) | 39,495 | |||||||||||||||
| Net cash provided by operating activities | 107,936 | 134,831 | 457,131 | 395,518 | |||||||||||||||||
| Investing Activities: | |||||||||||||||||||||
| Decrease in short-term investments | 6 | 81 | 29 | 188 | |||||||||||||||||
| Purchase of property and equipment | (19,261 | ) | (15,755 | ) | (78,115 | ) | (42,408 | ) | |||||||||||||
| Proceeds from sale of property and equipment | 84 | 92 | 193 | 360 | |||||||||||||||||
| Prepayment on long-term leases, net | — | — | (936 | ) | — | ||||||||||||||||
| Other | 253 | (632 | ) | (1,510 | ) | (319 | ) | ||||||||||||||
| Net cash used in investing activities | (18,918 | ) | (16,214 | ) | (80,339 | ) | (42,179 | ) | |||||||||||||
| Financing Activities: | |||||||||||||||||||||
| Proceeds from issuance of common stock | 2,055 | 38,826 | 56,646 | 99,784 | |||||||||||||||||
| Repurchases of common stock | (3,499 | ) | (106,862 | ) | (112,071 | ) | (246,312 | ) | |||||||||||||
| Excess tax benefits from stock plans | 232 | 12,274 | 5,300 | 23,863 | |||||||||||||||||
| Dividends paid | (52,997 | ) | (42,475 | ) | (106,011 | ) | (84,872 | ) | |||||||||||||
| Distribution to noncontrolling interest | (133 | ) | (88 | ) | (955 | ) | (1,051 | ) | |||||||||||||
| Net cash used in financing activities | (54,342 | ) | (98,325 | ) | (157,091 | ) | (208,588 | ) | |||||||||||||
| Effect of exchange rate changes on cash and cash equivalents | (1,134 | ) | 6,947 | (9,810 | ) | 13,785 | |||||||||||||||
| Increase in cash and cash equivalents | 33,542 | 27,239 | 209,891 | 158,536 | |||||||||||||||||
| Cash and cash equivalents at beginning of period | 1,260,814 | 1,057,226 | 1,084,465 | 925,929 | |||||||||||||||||
| Cash and cash equivalents at end of period | $ | 1,294,356 | $ | 1,084,465 | $ | 1,294,356 | $ | 1,084,465 | |||||||||||||
| Interest and taxes paid: | |||||||||||||||||||||
| Interest | $ | 231 | $ | 57 | $ | 296 | $ | 110 | |||||||||||||
| Income taxes | 83,454 | 42,369 | 266,621 | 171,618 | |||||||||||||||||
| EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. | |||||||||||||||||||||||||||
| AND SUBSIDIARIES | |||||||||||||||||||||||||||
| Business Segment Information | |||||||||||||||||||||||||||
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(In thousands) (Unaudited) |
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| OTHER | MIDDLE | ||||||||||||||||||||||||||
| UNITED | NORTH | LATIN | ASIA | EUROPE and | EAST and | ELIMI- | CONSOLI- | ||||||||||||||||||||
| STATES | AMERICA | AMERICA | PACIFIC | AFRICA | INDIA | NATIONS | DATED | ||||||||||||||||||||
| Three months ended December 31, 2011: | |||||||||||||||||||||||||||
| Revenues from unaffiliated customers | $ | 383,830 | 48,839 | 19,490 | 761,092 | 218,074 | 70,589 | — | 1,501,914 | ||||||||||||||||||
| Transfers between geographic areas | 24,639 | 2,641 | 5,356 | 10,159 | 10,570 | 4,592 | (57,957 | ) | — | ||||||||||||||||||
| Total revenues | $ | 408,469 | 51,480 | 24,846 | 771,251 | 228,644 | 75,181 | (57,957 | ) | 1,501,914 | |||||||||||||||||
| Net revenues | $ | 183,381 | 24,367 | 14,673 | 150,262 | 76,950 | 26,522 | — | 476,155 | ||||||||||||||||||
| Operating income | $ | 41,652 | 10,314 | 5,056 | 68,971 | 19,048 | 10,023 | — | 155,064 | ||||||||||||||||||
| Identifiable assets | $ | 1,521,657 | 86,020 | 48,221 | 667,171 | 401,518 | 141,379 | 861 | 2,866,827 | ||||||||||||||||||
| Capital expenditures | $ | 8,404 | 199 | 166 | 8,760 | 1,288 | 444 | — | 19,261 | ||||||||||||||||||
| Depreciation and amortization | $ | 5,222 | 208 | 226 | 1,605 | 1,400 | 485 | — | 9,146 | ||||||||||||||||||
| Equity | $ | 1,285,812 | 49,571 | 27,346 | 448,613 | 145,998 | 85,605 | (32,876 | ) | 2,010,069 | |||||||||||||||||
| Three months ended December 31, 2010: | |||||||||||||||||||||||||||
| Revenues from unaffiliated customers | $ | 368,584 | 43,083 | 19,010 | 867,844 | 203,958 | 79,656 | — | 1,582,135 | ||||||||||||||||||
| Transfers between geographic areas | 26,804 | 3,114 | 4,850 | 8,976 | 11,371 | 4,266 | (59,381 | ) | — | ||||||||||||||||||
| Total revenues | $ | 395,388 | 46,197 | 23,860 | 876,820 | 215,329 | 83,922 | (59,381 | ) | 1,582,135 | |||||||||||||||||
| Net revenues | $ | 177,438 | 20,322 | 13,509 | 146,191 | 72,528 | 23,374 | — | 453,362 | ||||||||||||||||||
| Operating income | $ | 45,968 | 7,204 | 4,830 | 64,006 | 19,245 | 7,319 | — | 148,572 | ||||||||||||||||||
| Identifiable assets | $ | 1,343,098 | 95,298 | 51,326 | 612,085 | 432,019 | 144,043 | 1,310 | 2,679,179 | ||||||||||||||||||
| Capital expenditures | $ | 4,991 | 157 | 332 | 1,776 | 7,968 | 531 | — | 15,755 | ||||||||||||||||||
| Depreciation and amortization | $ | 5,372 | 321 | 241 | 1,885 | 940 | 551 | — | 9,310 | ||||||||||||||||||
| Equity | $ | 1,089,053 | 46,601 | 27,462 | 371,610 | 160,428 | 84,456 | (31,456 | ) | 1,748,154 | |||||||||||||||||
| Twelve months ended December 31, 2011: | |||||||||||||||||||||||||||
| Revenues from unaffiliated customers | $ | 1,540,477 | 189,843 | 82,312 | 3,144,641 | 891,185 | 302,040 | — | 6,150,498 | ||||||||||||||||||
| Transfers between geographic areas | 101,738 | 11,095 | 21,222 | 40,012 | 43,359 | 17,897 | (235,323 | ) | — | ||||||||||||||||||
| Total revenues | $ | 1,642,215 | 200,938 | 103,534 | 3,184,653 | 934,544 | 319,937 | (235,323 | ) | 6,150,498 | |||||||||||||||||
| Net revenues | $ | 732,299 | 90,432 | 59,968 | 605,151 | 307,471 | 101,156 | — | 1,896,477 | ||||||||||||||||||
| Operating income | $ | 210,702 | 29,209 | 19,151 | 258,952 | 72,248 | 28,065 | — | 618,327 | ||||||||||||||||||
| Identifiable assets | $ | 1,521,657 | 86,020 | 48,221 | 667,171 | 401,518 | 141,379 | 861 | 2,866,827 | ||||||||||||||||||
| Capital expenditures | $ | 23,219 | 1,122 | 628 | 25,295 | 25,856 | 1,995 | — | 78,115 | ||||||||||||||||||
| Depreciation and amortization | $ | 20,037 | 1,038 | 999 | 7,243 | 5,414 | 2,045 | — | 36,776 | ||||||||||||||||||
| Equity | $ | 1,285,812 | 49,571 | 27,346 | 448,613 | 145,998 | 85,605 | (32,876 | ) | 2,010,069 | |||||||||||||||||
| Twelve months ended December 31, 2010: | |||||||||||||||||||||||||||
| Revenues from unaffiliated customers | $ | 1,348,259 | 163,750 | 74,327 | 3,349,960 | 729,022 | 302,255 | — | 5,967,573 | ||||||||||||||||||
| Transfers between geographic areas | 99,547 | 10,836 | 16,932 | 32,837 | 40,778 | 16,184 | (217,114 | ) | — | ||||||||||||||||||
| Total revenues | $ | 1,447,806 | 174,586 | 91,259 | 3,382,797 | 769,800 | 318,439 | (217,114 | ) | 5,967,573 | |||||||||||||||||
| Net revenues | $ | 666,669 | 77,079 | 50,937 | 543,869 | 264,663 | 89,569 | — | 1,692,786 | ||||||||||||||||||
| Operating income | $ | 198,393 | 23,521 | 15,985 | 222,944 | 63,115 | 23,272 | — | 547,230 | ||||||||||||||||||
| Identifiable assets | $ | 1,343,098 | 95,298 | 51,326 | 612,085 | 432,019 | 144,043 | 1,310 | 2,679,179 | ||||||||||||||||||
| Capital expenditures | $ | 18,128 | 574 | 1,320 | 5,743 | 14,383 | 2,260 | — | 42,408 | ||||||||||||||||||
| Depreciation and amortization | $ | 20,125 | 1,344 | 880 | 7,511 | 4,661 | 2,379 | — | 36,900 | ||||||||||||||||||
| Equity | $ | 1,089,053 | 46,601 | 27,462 | 371,610 | 160,428 | 84,456 | (31,456 | ) | 1,748,154 | |||||||||||||||||