Date of report (Date of earliest event reported) | August 7, 2012 |
Marsh & McLennan Companies, Inc. |
(Exact Name of Registrant as Specified in Charter) |
Delaware | 1-5998 | 36-2668272 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
1166 Avenue of the Americas, New York, NY | 10036 |
(Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code | (212) 345-5000 |
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
MARSH & McLENNAN COMPANIES, INC. | ||
By: | /s/ Luciana Fato | |
Name: | Luciana Fato | |
Title: | Deputy General Counsel & | |
Corporate Secretary |
99.1 | Press release issued by Marsh & McLennan Companies, Inc. on August 7, 2012. |
![]() | Marsh & McLennan Companies, Inc. 1166 Avenue of the Americas New York, New York 10036-2774 212 345 5000 www.mmc.com |
▪ | our exposure to potential liabilities arising from errors and omissions claims against us, particularly in our Marsh and Mercer businesses in the U.S. and the U.K.; |
▪ | our ability to make strategic acquisitions and dispositions and to integrate, and realize expected synergies, savings or strategic benefits from the businesses we acquire; |
▪ | changes in the funded status of our global defined benefit pension plans and the impact of any increased pension funding resulting from those changes; |
▪ | the impact of any regional, national or global political, economic, regulatory or market conditions on our results of operations and financial condition, including the European debt crisis and |
▪ | the impact of changes in interest rates and deterioration of counterparty credit quality on our results related to our cash balances and investment portfolios, including corporate and fiduciary funds; |
▪ | the impact on our net income caused by fluctuations in foreign currency exchange rates; |
▪ | the impact on our net income or cash flows and our effective tax rate in a particular period caused by settled tax audits and expired statutes of limitation; |
▪ | the extent to which we retain existing clients and attract new business, and our ability to incentivize and retain key employees; |
▪ | our exposure to potential criminal sanctions or civil remedies if we fail to comply with foreign and U.S. laws and regulations that are applicable to our international operations, including import and export requirements, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and the UK Bribery Act 2010, local laws prohibiting corrupt payments to government officials, as well as various trade sanctions laws; |
▪ | the impact of competition, including with respect to our geographic reach, the sophistication and quality of our services, our pricing relative to competitors, our customers' option to self-insure or utilize internal resources instead of consultants, and our corporate tax rates relative to our competitors; |
▪ | the potential impact of rating agency actions on our cost of financing and ability to borrow, as well as on our operating costs and competitive position; |
▪ | our ability to successfully recover should we experience a disaster or other business continuity problem; |
▪ | our ability to maintain adequate physical, technical and administrative safeguards to protect the security of our data; |
▪ | changes in applicable tax or accounting requirements; and |
▪ | potential income statement effects from the application of FASB's ASC Topic No. 740 (“Income Taxes”) regarding accounting treatment of uncertain tax benefits and valuation allowances, including the effect of any subsequent adjustments to the estimates we use in applying this accounting standard. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||
Revenue | $ | 3,026 | $ | 2,928 | $ | 6,077 | $ | 5,812 | |||||||||
Expense: | |||||||||||||||||
Compensation and Benefits | 1,776 | 1,728 | 3,572 | 3,449 | |||||||||||||
Other Operating Expenses | 732 | 735 | 1,460 | 1,426 | |||||||||||||
Total Expense | 2,508 | 2,463 | 5,032 | 4,875 | |||||||||||||
Operating Income | 518 | 465 | 1,045 | 937 | |||||||||||||
Interest Income | 6 | 5 | 12 | 12 | |||||||||||||
Interest Expense | (45 | ) | (49 | ) | (91 | ) | (100 | ) | |||||||||
Investment Income (Loss) | 4 | (6 | ) | 24 | 13 | ||||||||||||
Income Before Income Taxes | 483 | 415 | 990 | 862 | |||||||||||||
Income Tax Expense | 144 | 129 | 297 | 257 | |||||||||||||
Income from Continuing Operations | 339 | 286 | 693 | 605 | |||||||||||||
Discontinued Operations, Net of Tax | (2 | ) | 3 | (2 | ) | 15 | |||||||||||
Net Income Before Non-Controlling Interest | $ | 337 | $ | 289 | $ | 691 | $ | 620 | |||||||||
Less: Net Income Attributable to Non-Controlling Interest | 8 | 7 | 15 | 13 | |||||||||||||
Net Income Attributable to the Company | $ | 329 | $ | 282 | $ | 676 | $ | 607 | |||||||||
Basic Net Income Per Share | |||||||||||||||||
- Continuing Operations | $ | 0.61 | $ | 0.51 | $ | 1.24 | $ | 1.08 | |||||||||
- Net Income Attributable to the Company | $ | 0.60 | $ | 0.51 | $ | 1.24 | $ | 1.10 | |||||||||
Diluted Net Income Per Share | |||||||||||||||||
- Continuing Operations | $ | 0.60 | $ | 0.50 | $ | 1.23 | $ | 1.06 | |||||||||
- Net Income Attributable to the Company | $ | 0.59 | $ | 0.50 | $ | 1.22 | $ | 1.09 | |||||||||
Average Number of Shares Outstanding - Basic | 545 | 547 | 544 | 545 | |||||||||||||
- Diluted | 553 | 555 | 552 | 554 | |||||||||||||
Shares Outstanding at 6/30 | 544 | 541 | 544 | 541 |
Components of Revenue Change* | ||||||||||||||||||||
Three Months Ended June 30, | % Change GAAP Revenue | Currency Impact | Acquisitions/ Dispositions Impact | Underlying Revenue | ||||||||||||||||
2012 | 2011 | |||||||||||||||||||
Risk and Insurance Services | ||||||||||||||||||||
Marsh | $ | 1,413 | $ | 1,353 | 4 | % | (3 | )% | 2 | % | 6 | % | ||||||||
Guy Carpenter | 275 | 257 | 7 | % | (2 | )% | (1 | )% | 10 | % | ||||||||||
Subtotal | 1,688 | 1,610 | 5 | % | (3 | )% | 2 | % | 6 | % | ||||||||||
Fiduciary Interest Income | 10 | 10 | ||||||||||||||||||
Total Risk and Insurance Services | 1,698 | 1,620 | 5 | % | (3 | )% | 2 | % | 6 | % | ||||||||||
Consulting | ||||||||||||||||||||
Mercer | 960 | 945 | 2 | % | (3 | )% | 2 | % | 3 | % | ||||||||||
Oliver Wyman Group | 381 | 374 | 2 | % | (4 | )% | (3 | )% | 8 | % | ||||||||||
Total Consulting | 1,341 | 1,319 | 2 | % | (3 | )% | 1 | % | 4 | % | ||||||||||
Corporate / Eliminations | (13 | ) | (11 | ) | ||||||||||||||||
Total Revenue | $ | 3,026 | $ | 2,928 | 3 | % | (3 | )% | 1 | % | 5 | % |
Components of Revenue Change* | ||||||||||||||||||||
Three Months Ended June 30, | % Change GAAP Revenue | Currency Impact | Acquisitions/ Dispositions Impact | Underlying Revenue | ||||||||||||||||
2012 | 2011 | |||||||||||||||||||
Marsh: | ||||||||||||||||||||
EMEA | $ | 455 | $ | 445 | 2 | % | (7 | )% | 4 | % | 5 | % | ||||||||
Asia Pacific | 181 | 169 | 6 | % | (3 | )% | — | 10 | % | |||||||||||
Latin America | 87 | 83 | 5 | % | (9 | )% | — | 14 | % | |||||||||||
Total International | 723 | 697 | 4 | % | (6 | )% | 3 | % | 7 | % | ||||||||||
U.S. / Canada | 690 | 656 | 5 | % | (1 | )% | 2 | % | 4 | % | ||||||||||
Total Marsh | $ | 1,413 | $ | 1,353 | 4 | % | (3 | )% | 2 | % | 6 | % | ||||||||
Mercer: | ||||||||||||||||||||
Retirement | $ | 267 | $ | 271 | (2 | )% | (4 | )% | 1 | % | 1 | % | ||||||||
Health and Benefits | 255 | 241 | 6 | % | (3 | )% | 3 | % | 6 | % | ||||||||||
Talent, Rewards & Communications | 132 | 127 | 4 | % | (3 | )% | 7 | % | 1 | % | ||||||||||
Outsourcing | 178 | 188 | (5 | )% | (2 | )% | (3 | )% | 1 | % | ||||||||||
Investments | 128 | 118 | 9 | % | (4 | )% | 6 | % | 7 | % | ||||||||||
Total Mercer | $ | 960 | $ | 945 | 2 | % | (3 | )% | 2 | % | 3 | % |
Notes |
Underlying revenue measures the change in revenue using consistent currency exchange rates, excluding the impact of certain items such as: acquisitions, dispositions and transfers among businesses. |
* Components of revenue change may not add due to rounding. |
Components of Revenue Change* | |||||||||||||||||||
Six Months Ended June 30, | % Change GAAP Revenue | Currency Impact | Acquisitions/ Dispositions Impact | Underlying Revenue | |||||||||||||||
2012 | 2011 | ||||||||||||||||||
Risk and Insurance Services | |||||||||||||||||||
Marsh | $ | 2,792 | $ | 2,635 | 6 | % | (2 | )% | 2 | % | 6 | % | |||||||
Guy Carpenter | 632 | 597 | 6 | % | (1 | )% | (1 | )% | 8 | % | |||||||||
Subtotal | 3,424 | 3,232 | 6 | % | (2 | )% | 2 | % | 7 | % | |||||||||
Fiduciary Interest Income | 21 | 22 | |||||||||||||||||
Total Risk and Insurance Services | 3,445 | 3,254 | 6 | % | (2 | )% | 2 | % | 7 | % | |||||||||
Consulting | |||||||||||||||||||
Mercer | 1,917 | 1,867 | 3 | % | (2 | )% | 1 | % | 3 | % | |||||||||
Oliver Wyman Group | 737 | 713 | 3 | % | (2 | )% | (2 | )% | 7 | % | |||||||||
Total Consulting | 2,654 | 2,580 | 3 | % | (2 | )% | 1 | % | 4 | % | |||||||||
Corporate / Eliminations | (22 | ) | (22 | ) | |||||||||||||||
Total Revenue | $ | 6,077 | $ | 5,812 | 5 | % | (2 | )% | 1 | % | 6 | % |
Components of Revenue Change* | |||||||||||||||||||
Six Months Ended June 30, | % Change GAAP Revenue | Currency Impact | Acquisitions/ Dispositions Impact | Underlying Revenue | |||||||||||||||
2012 | 2011 | ||||||||||||||||||
Marsh: | |||||||||||||||||||
EMEA | $ | 1,032 | $ | 996 | 4 | % | (5 | )% | 4 | % | 5 | % | |||||||
Asia Pacific | 323 | 294 | 10 | % | (1 | )% | 1 | % | 10 | % | |||||||||
Latin America | 161 | 144 | 12 | % | (4 | )% | — | 16 | % | ||||||||||
Total International | 1,516 | 1,434 | 6 | % | (4 | )% | 3 | % | 7 | % | |||||||||
U.S. / Canada | 1,276 | 1,201 | 6 | % | — | 2 | % | 5 | % | ||||||||||
Total Marsh | $ | 2,792 | $ | 2,635 | 6 | % | (2 | )% | 2 | % | 6 | % | |||||||
Mercer: | |||||||||||||||||||
Retirement | $ | 545 | $ | 552 | (1 | )% | (3 | )% | 1 | % | — | ||||||||
Health and Benefits | 508 | 478 | 6 | % | (2 | )% | 2 | % | 6 | % | |||||||||
Talent, Rewards & Communications | 257 | 244 | 5 | % | (2 | )% | 5 | % | 2 | % | |||||||||
Outsourcing | 355 | 364 | (3 | )% | (1 | )% | (4 | )% | 2 | % | |||||||||
Investments | 252 | 229 | 10 | % | (2 | )% | 5 | % | 7 | % | |||||||||
Total Mercer | $ | 1,917 | $ | 1,867 | 3 | % | (2 | )% | 1 | % | 3 | % |
Notes |
Underlying revenue measures the change in revenue, using consistent currency exchange rates, excluding the impact of certain items such as: acquisitions, dispositions, and transfers among businesses. |
* Components of revenue change may not add due to rounding. |
The Company presents below certain additional financial measures that are "non-GAAP measures," within the meaning of Regulation G under the Securities Exchange Act of 1934. These measures are: adjusted operating income (loss); adjusted operating margin; and adjusted income, net of tax. |
The Company presents these non-GAAP measures to provide investors with additional information to analyze the Company's performance from period to period. Management also uses these measures to assess performance for incentive compensation purposes and to allocate resources in managing the Company's businesses. However, investors should not consider these non-GAAP measures in isolation from, or as a substitute for, the financial information that the Company reports in accordance with GAAP. The Company's non-GAAP measures reflect subjective determinations by management, and may differ from similarly titled non-GAAP measures presented by other companies. |
Adjusted Operating Income (Loss) and Adjusted Operating Margin |
Adjusted operating income (loss) is calculated by excluding the impact of certain noteworthy items from the Company's GAAP operating income or loss. The following tables identify these noteworthy items and reconcile adjusted operating income (loss) to GAAP operating income or (loss), on a consolidated and segment basis, for the three months ended June 30, 2012 and 2011. The following tables also present adjusted operating margin, which is calculated by dividing adjusted operating income by consolidated or segment GAAP revenue. |
Risk & Insurance Services | Consulting | Corporate/ Eliminations | Total | |||||||||||||
Three Months Ended June 30, 2012 | ||||||||||||||||
Operating income (loss) | $ | 401 | $ | 172 | $ | (55 | ) | $ | 518 | |||||||
Add (deduct) impact of noteworthy items: | ||||||||||||||||
Restructuring charges (a) | 1 | 4 | 2 | 7 | ||||||||||||
Other (c) | — | — | (2 | ) | (2 | ) | ||||||||||
Operating income adjustments | 1 | 4 | — | 5 | ||||||||||||
Adjusted operating income (loss) | $ | 402 | $ | 176 | $ | (55 | ) | $ | 523 | |||||||
Operating margin | 23.6 | % | 12.8 | % | N/A | 17.1 | % | |||||||||
Adjusted operating margin | 23.7 | % | 13.1 | % | N/A | 17.3 | % | |||||||||
Three Months Ended June 30, 2011 | ||||||||||||||||
Operating income (loss) | $ | 356 | $ | 152 | $ | (43 | ) | $ | 465 | |||||||
Add (deduct) impact of noteworthy items: | ||||||||||||||||
Restructuring charges (a) | (2 | ) | 2 | 1 | 1 | |||||||||||
Settlement, legal and regulatory (b) | (2 | ) | — | — | (2 | ) | ||||||||||
Other (c) | — | — | (2 | ) | (2 | ) | ||||||||||
Operating income adjustments | (4 | ) | 2 | (1 | ) | (3 | ) | |||||||||
Adjusted operating income (loss) | $ | 352 | $ | 154 | $ | (44 | ) | $ | 462 | |||||||
Operating margin | 22.0 | % | 11.5 | % | N/A | 15.9 | % | |||||||||
Adjusted operating margin | 21.7 | % | 11.7 | % | N/A | 15.8 | % |
(a) Includes severance from restructuring activities and related charges, costs for future rent and other real estate costs, and fees and consulting costs related to recent acquisitions and cost reduction activities. |
(b) Reflects settlements of and legal fees arising out of regulatory actions relating to market service agreements and other issues including indemnification of former employees for legal fees. |
(c) Includes credits for payments received related to the Corporate Advisory and Restructuring businesses divested in 2008. |
The Company presents below certain additional financial measures that are “non-GAAP measures,” within the meaning of Regulation G under the Securities Exchange Act of 1934. These measures are: adjusted operating income (loss); adjusted operating margin; and adjusted income, net of tax. |
The Company presents these non-GAAP measures to provide investors with additional information to analyze the Company's performance from period to period. Management also uses these measures to assess performance for incentive compensation purposes and to allocate resources in managing the Company's businesses. However, investors should not consider these non-GAAP measures in isolation from, or as a substitute for, the financial information that the Company reports in accordance with GAAP. The Company's non-GAAP measures reflect subjective determinations by management, and may differ from similarly titled non-GAAP measures presented by other companies. |
Adjusted Operating Income (Loss) and Adjusted Operating Margin |
Adjusted operating income (loss) is calculated by excluding the impact of certain noteworthy items from the Company's GAAP operating income or loss. The following tables identify these noteworthy items and reconcile adjusted operating income (loss) to GAAP operating income or (loss), on a consolidated and segment basis, for the six months ended June 30, 2012 and 2011. The following tables also present adjusted operating margin, which is calculated by dividing adjusted operating income by consolidated or segment GAAP revenue. |
Risk & Insurance Services | Consulting | Corporate/ Eliminations | Total | ||||||||||||
Six Months Ended June 30, 2012 | |||||||||||||||
Operating income (loss) | $ | 818 | $ | 331 | $ | (104 | ) | $ | 1,045 | ||||||
Add (deduct) impact of noteworthy items: | |||||||||||||||
Restructuring charges (a) | — | 7 | 4 | 11 | |||||||||||
Other (c) | — | — | (3 | ) | (3 | ) | |||||||||
Operating income adjustments | — | 7 | 1 | 8 | |||||||||||
Adjusted operating income (loss) | $ | 818 | $ | 338 | $ | (103 | ) | $ | 1,053 | ||||||
Operating margin | 23.7 | % | 12.5 | % | N/A | 17.2 | % | ||||||||
Adjusted operating margin | 23.7 | % | 12.7 | % | N/A | 17.3 | % |
Six Months Ended June 30, 2011 | |||||||||||||||
Operating income (loss) | $ | 739 | $ | 280 | $ | (82 | ) | $ | 937 | ||||||
Add (deduct) impact of noteworthy items: | |||||||||||||||
Restructuring charges (a) | (2 | ) | 5 | 2 | 5 | ||||||||||
Settlement, legal and regulatory (b) | (2 | ) | — | — | (2 | ) | |||||||||
Other (c) | — | — | (5 | ) | (5 | ) | |||||||||
Operating income adjustments | (4 | ) | 5 | (3 | ) | (2 | ) | ||||||||
Adjusted operating income (loss) | $ | 735 | $ | 285 | $ | (85 | ) | $ | 935 | ||||||
Operating margin | 22.7 | % | 10.9 | % | N/A | 16.1 | % | ||||||||
Adjusted operating margin | 22.6 | % | 11.1 | % | N/A | 16.1 | % | ||||||||
(a) Includes severance from restructuring activities and related charges, costs for future rent and other real estate costs, and fees and consulting costs related to recent acquisitions and cost reduction activities. | |||||||||||||||
(b) Reflects settlements of and legal fees arising out of the regulatory actions relating to market service agreements and other issues including indemnification of former employees for legal fees. | |||||||||||||||
(c) Includes credits for payments received related to the Corporate Advisory and Restructuring businesses divested in 2008. |
Adjusted income, net of tax |
Adjusted income, net of tax is calculated as: the Company's GAAP income from continuing operations, adjusted to reflect the after-tax impact of the operating income adjustments set forth in the preceding table. The related adjusted diluted earnings per share as calculated under the two-class method, reflects reductions for the portion of each item attributable to non-controlling interests and participating securities so that the calculation is based only on the amounts attributable to common shareholders. |
Reconciliation of the Impact of Non-GAAP Measures on diluted earnings per share - Three and Six Months Ended June 30, 2012 and 2011: | ||||||||||||
Amount | Diluted EPS | |||||||||||
Three Months Ended June 30, 2012 | ||||||||||||
Income from continuing operations | $ | 339 | ||||||||||
Less: Non-controlling interest, net of tax | 8 | |||||||||||
Amount attributable to participating securities | — | |||||||||||
Subtotal | $ | 331 | $ | 0.60 | ||||||||
Add operating income adjustments | $ | 5 | ||||||||||
Deduct impact of income taxes | (1 | ) | ||||||||||
4 | 0.01 | |||||||||||
Adjusted income, net of tax | $ | 335 | $ | 0.61 | ||||||||
Amount | Diluted EPS | |||||||||||
Six Months Ended June 30, 2012 | ||||||||||||
Income from continuing operations | $ | 693 | ||||||||||
Less: Non-controlling interest, net of tax | 15 | |||||||||||
Amount attributable to participating securities | 1 | |||||||||||
Subtotal | $ | 677 | $ | 1.23 | ||||||||
Add operating income adjustments | $ | 8 | ||||||||||
Deduct impact of income taxes | (2 | ) | ||||||||||
6 | 0.01 | |||||||||||
Adjusted income, net of tax | $ | 683 | $ | 1.24 |
Amount | Diluted EPS | |||||||||||
Three Months Ended June 30, 2011 | ||||||||||||
Income from continuing operations | $ | 286 | ||||||||||
Less: Non-controlling interest, net of tax | 7 | |||||||||||
Amount attributable to participating securities | 2 | |||||||||||
Subtotal | $ | 277 | $ | 0.50 | ||||||||
(Deduct) operating income adjustments | $ | (3 | ) | |||||||||
Add impact of income taxes | 3 | |||||||||||
— | — | |||||||||||
Adjusted income, net of tax | $ | 277 | $ | 0.50 | ||||||||
Amount | Diluted EPS | |||||||||||
Six Months Ended June 30, 2011 | ||||||||||||
Income from continuing operations | $ | 605 | ||||||||||
Less: Non-controlling interest, net of tax | 13 | |||||||||||
Amount attributable to participating securities | 5 | |||||||||||
Subtotal | $ | 587 | $ | 1.06 | ||||||||
(Deduct) operating income adjustments | $ | (2 | ) | |||||||||
Add impact of income taxes | 3 | |||||||||||
1 | — | |||||||||||
Adjusted income, net of tax | $ | 588 | $ | 1.06 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Depreciation and amortization expense | $ | 84 | $ | 82 | $ | 167 | $ | 165 | ||||||||
Stock option expense | $ | 9 | $ | 5 | $ | 20 | $ | 12 | ||||||||
Contingent acquisition consideration expense (income) | $ | 2 | $ | — | $ | 3 | $ | (6 | ) | |||||||
Capital expenditures | $ | 98 | $ | 75 | $ | 149 | $ | 142 |
June 30, 2012 | December 31, 2011 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 1,504 | $ | 2,113 | ||||
Net receivables | 3,102 | 2,906 | ||||||
Other current assets | 589 | 629 | ||||||
Total current assets | 5,195 | 5,648 | ||||||
Goodwill and intangible assets | 7,086 | 6,963 | ||||||
Fixed assets, net | 800 | 804 | ||||||
Pension related assets | 140 | 39 | ||||||
Deferred tax assets | 1,153 | 1,205 | ||||||
Other assets | 828 | 795 | ||||||
TOTAL ASSETS | $ | 15,202 | $ | 15,454 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Short-term debt | $ | 259 | $ | 260 | ||||
Accounts payable and accrued liabilities | 1,758 | 2,016 | ||||||
Accrued compensation and employee benefits | 916 | 1,400 | ||||||
Accrued income taxes | 111 | 63 | ||||||
Dividends payable | 126 | — | ||||||
Total current liabilities | 3,170 | 3,739 | ||||||
Fiduciary liabilities | 4,449 | 4,082 | ||||||
Less - cash and investments held in a fiduciary capacity | (4,449 | ) | (4,082 | ) | ||||
— | — | |||||||
Long-term debt | 2,663 | 2,668 | ||||||
Pension, post-retirement and post-employment benefits | 1,574 | 1,655 | ||||||
Liabilities for errors and omissions | 466 | 468 | ||||||
Other liabilities | 985 | 984 | ||||||
Total equity | 6,344 | 5,940 | ||||||
TOTAL LIABILITIES AND EQUITY | $ | 15,202 | $ | 15,454 |
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