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  1. 1. Ticker: MER Sector: Financail Industry: Investment Brokerage Merrill - National Recommendation: DO NOT BUY Lynch & Co. Inc. Pricing Closing Price $65.56 (10/30/07) 52-wk High $98.68 (01/18/07) Company Profile 52-wk Low $59.14 (10/25/07) Merrill Lynch, which was founded in 1914 and is Market Data headquartered in New York, is one of the world’s Market Cap $56.08B Total assets $1,076B leading wealth management, capital markets and Trading vol 16.33M (3mon avg) advisory companies, with offices in 38 countries and territories and total client assets of Valuation approximately $1.7 trillion. EPS (ttm) $4.49 P/E (ttm) 14.59 PEG 2.11 On September 29, 2006, Merrill Lynch completed Div Yield 1.90% the merger of its Merrill Lynch Investment Managers (MLIM) business with BlackRock, Inc. Profitability & Effectiveness (ttm) (BlackRock) (the BlackRock merger). The ROA NA ROE NA Company owns a 45% voting interest and Profit Margin 15.27% approximately half of the economic interest of Oper Margin 26.25% BlackRock. Prior to the BlackRock merger, Merrill Gross Margin 85.25% Lynch operated in three segments: Global Markets tlqhd@mizzou.edu and Investment Banking (GMI), Global Private Client (GPC) and MLIM. Effective with the BlackRock merger, MLIM ceased to exist as a separate business segment. A new business segment, Global Wealth Management (GWM), was created, consisting of GPC and Global Investment Management (GIM). Global Markets and Investment Banking (GMI) GMI provides trading, capital markets services, and investment banking services to issuer and investor clients worldwide. GMI's Global Markets
  2. 2. division facilitates client transactions, and is a market maker in securities, derivatives, currencies, commodities and other financial instruments to satisfy client needs. In addition, GMI also engages in certain trading activities. Global Markets also provides clients with financing, securities clearing, settlement and custody services, and also engages in principal and private equity investing. GMI's Investment Banking division provides a range of securities origination and advisory services for issuer clients, including underwriting and placement of public and private equity, debt and related securities, as well as lending and other financing activities for clients globally. These services also include advising clients on issues, valuation, mergers, acquisitions and restructurings. In fiscal 2006, GMI generated 57% of the Company's net revenues. Global Wealth Management (GWM) GWM, the Company's full-service retail wealth management segment, provides brokerage, investment advisory and financial planning services, offering a range of both proprietary and third-party wealth management products and services globally to individuals, small- to mid-size businesses, and employee benefit plans. GPC provides a range of wealth management products and services to assist clients in managing all aspects of their financial profile through the Total Merrill platform. GPC's offerings include commission and fee-based investment accounts; banking, cash management and credit services, including consumer and small business lending and Visa cards; trust and generational planning; retirement services, and insurance products. GPC serviced individuals and small- and middle-market corporations and institutions through approximately 15,930 financial advisors (FAs) in approximately 680 offices worldwide. GIM includes Merrill Lynch's interests in creating and managing wealth management products, including alternative investment products for clients, for which revenues were previously included within GPC. GIM also includes the Company's share of revenues from its ownership positions in other investment management companies, including BlackRock. In fiscal 2006, GWM generated 43% of the Company's net revenues (included 6% 0f revenue from MLIM). Merrill Lynch offers a broad range of services to private clients, small businesses, and institutions and corporations and conducts major geographic regions of operations include the United States (65% of revenue in 2006), Europe, the Middle East and Africa (EMEA), the Pacific Rim, Canada and Latin America.1 1 http://stocks.us.reuters.com/stocks/
  3. 3. Component of Revenue 2006 Total Revenue by Category2 Principal Transactions and Net Interest Profit Managed Accounts and Other 6% 2% Fee-based Revenues 9% 33% Commissions 14% Investment Banking Other 17% 19% Gain on Merger Revenues from Consolidated Investments Principal transactions revenues include realized gains and losses from the purchase and sale of securities, such as equity securities and fixed income securities including government bonds and municipal securities, in which we act as principal, as well as unrealized gains and losses on trading assets and liabilities, including commodities, derivatives, and loans. Net interest profit is a function of (i) the level and mix of our total assets and liabilities, including trading assets owned, deposits, financing and lending transactions and trading strategies associated with our institutional securities business, and (ii) the prevailing level, term structure and volatility of interest rates. Managed accounts and other fee-based revenues primarily consist of asset- priced portfolio service fees earned from the administration of separately managed and other investment accounts for retail investors, annual account fees, and certain other account-related fees. Commissions revenues primarily arise from agency transactions in listed and OTC equity securities and commodities, insurance products and options. Investment banking revenues include (i) origination revenues representing fees earned from the underwriting of debt, equity and equitylinked securities, as well as loan syndication and commitment fees and (ii) strategic advisory services revenues 2 2006 Annual report
  4. 4. including merger and acquisition and other investment banking advisory fees. Other revenues include realized investment gains and losses, distributions on cost method investments, fair value adjustments on private equity investments that are held for capital appreciation and/or current income, gains related to the sale of mortgages, write-downs of certain available-for-sale securities, and translation gains and losses on foreign denominated assets and liabilities. The gain on merger was $2.0 billion for 2006. This gain entirely relates to the BlackRock merger. Risk Factors3 1. Market Risk: Merrill Lynch exposes to the global market and economic conditions that may cause fluctuations in interest rates, exchange rates, equity and commodity prices and credit spreads. 2. Credit Risk: the increase in trading, lending, and other business activities may adversely increase the credit risk. 3. Liquidity Risk: liquidity risk is the potential inability to repay short-term borrowings with new borrowings or assets that can be quickly converted into cash while meeting other obligations and continuing to operate as a going concern. Competitors In this competitive environment, Merrill Lynch’s direct competitors include Credit Suisse (USA), Inc., Goldman Sachs Group Inc., and Morgan Stanley. DIRECT COMPETITOR COMPARISON 3 2006 Annual Report
  5. 5. MER Pvt1 GS MS Industry Market Cap: 56.08B N/A 95.57B 69.50B 1.82B Employees: 56,300 10,8991 34,809 47,713 555 Qtrly Rev Growth (yoy): -92.70% N/A 62.60% 12.70% 43.30% Revenue (ttm): 28.84B 7.03B1 44.65B 40.34B 1.28B Gross Margin (ttm): 85.25% N/A 91.59% 88.91% 85.25% EBITDA (ttm): N/A N/A N/A N/A 579.85M Oper Margins (ttm): 26.25% N/A 39.37% 37.91% 18.27% Net Income (ttm): 4.14B 127.00M1 11.35B 9.23B 89.14M EPS (ttm): 4.492 N/A 24.353 8.483 1.06 P/E (ttm): 14.59 N/A 9.87 7.72 16.40 PEG (5 yr expected): 2.11 N/A 0.77 0.64 1.04 P/S (ttm): 2.00 N/A 2.17 1.74 2.17 Pvt1 = Credit Suisse (USA), Inc. (privately held) GS = Goldman Sachs Group Inc. MS = Morgan Stanley Industry = Investment Brokerage - National 1 = As of 2005 Due to the release of the third quarter financial report, Merrill Lynch recognized a $7.9 billion third-quarter write-down tied to CDOs and subprime mortgages which caused the largest-ever quarterly loss of $2.24 billions and generated net loss of $2.85 per share. The result significantly influences the performance of Merrill Lynch when compared with its direct competitors.
  6. 6. Although Merrill Lynch beat the S&P 500 in the past five year, the downward trend was showed in recent months and may keep going. When compared with its competitors, Merrill Lynch also has strong performance in the past four years. However, the credit crunch influences Merrill Lynch in the past few months to generate adversary performance. Valuation I adopted Warren Buffett Way Owner’s Earnings Discount Model to calculate Merrill Lynch’s intrinsic value. All know inputs for each model were taken from the year of 2006 financial statements. Determined the discount rate The first step is to calculate the discount rate, or the required rate of return. I used the risk free rate of 4.21% which is based on the 90-day T-Bill rate. I put the beta of 1.88 from Reuters and MSN money, and the market rate of 10.23%. Discount Rate K = Rf + β * (Rm - Rf) K = 3.82% + 1.88 * (10.23% - 3.82%) K = 15.87% Based on the above calculation, the assuming discount rate is 15.87%. Warren Buffett Way Owners’ Earnings Discount Model Due to the over optimism for the future growth rate with 11% in the next five years on analyst report and the significant negative growth performance in the third quarter
  7. 7. financial report, I attempted to reduce the growth rate based on different assumption which listed in the table below. The results showed Merrill Lynch’s intrinsic price is fairly close to the current stock price with 0% growth rate in the first stage and 3% growth rate in the second stage. Sensitivity analysis First stage growth rate for the next five years -5% 0% 5% 10% Second 2% $52.05 $63.23 $76.50 $92.18 stage 3% $54.10 $65.88 $79.88 $96.44 growth rate 4% $56.49 $68.96 $83.82 $101.42 Owing to the great potential risk on the losses of mortgage-related assets, I do not expect Merrill Lynch can have 10% growth rate in the next five years; on the other hand, I believe 0% of growth rate in the next five years is pretty conservative in valuating the intrinsic value with the probability of write-down the uncollectible mortgage-backed assets in the future. Financials Income Statement analysis Quarterly revenue Periods 2004 2005 2006 2007 March 7,963 10,562 15,571 21,379 June 7,334 11,326 16,704 23,716 September 7,577 12,395 17,288 13,985 December 9,705 13,505 18,866 Totals 32,579 47,788 68,429 59,080 Merrill Lynch shows a continuing growth on the revenue; however, a significantly decline in the third quarter of 2007 was due from the decrease on the principle transactions revenue from $3,547 millions in the second quarter to negative $5,930 millions in the third quarter. Quarterly Earnings per share Periods 2004 2005 2006 2007 March 1.21 1.21 0.44 2.22 June 1.04 1.14 1.63 2.22 September 0.93 1.40 3.14 -2.85 December 1.19 1.41 2.37 Totals 4.38 5.17 7.59 1.59 The earnings per share was negative $2.85 in the third quarter of year 2007 result from the write-down $7.9 billions of CDOs and mortgage-related securities.
  8. 8. Balance Sheet analysis Merrill Lynch’s assets increased year by year was mainly due from the expansion on the securities financing assets and trading assets from $421 millions as of December 31, 2005 to $526 millions as of December 31, 2006. Compared with the fiscal year of 2005, Merrill Lynch’s liabilities also expanded in the securities financing liabilities and long-term borrowings from $362 millions to $472 millions as of December 31, 2006. Recent News  Merrill Lynch ousts CEO O’Neal [10/30/2007]  Merrill hit with shareholder lawsuit over subprime [10/30/2007]  Troubled Merrill Lynch’s future is unclear [10/26/2007]  Merrill Takes $8.4 billion credit hit [10/25/2007]  MetroPCS Communications Inc. sues Merrill Lynch over risky investment [10/19/2007] Analyst opinions 1-5 Linear Scale Current 1 Month Ago 2 Months Ago 1 Year Ago BUY (1) 7 9 10 8 OUTPERFORM (2) 2 6 6 5 HOLD (3) 10 3 2 5 UNDERPERFORM (4) 0 0 0 0 SELL (5) 1 1 1 0 No Opinion 0 0 0 0 Mean Rating 2.37 1.84 1.74 1.83 Analyst Ratings Recommendations Current 1 Month Ago 2 Months Ago 3 Months Ago Strong Buy 4 6 6 5 Moderate Buy 1 2 2 1 Hold 5 1 1 2 Moderate Sell 0 0 0 0 Strong Sell 1 1 1 1 Mean Rec. 2.36 1.80 1.80 2.00 Recommendation Due to the change in recent events, I would not recommend to invest in Merrill Lynch right now. Merrill Lynch is a good company with absolutely strong opportunity to
  9. 9. growth; however, subprime mortgage hurts this company a lot and the potential losses on the mortgage-related securities can not be estimated. In addition, Merrill Lynch ousted its CEO, Stan O’Neal, on Tuesday causing the unpredictable successor on management level. Those factors may bring Merrill Lynch toward to an unexpected situation. Therefore, I personally thought it takes great risk to invest in Merrill Lynch at this moment.
  10. 10. Appendix Valuation model Warren Buffett Way Owners' Earnings Discount Model assuming discount rate (k) of 15.87% Owner Earnings in 2006: Net Income $ 7,499,000,000.00 Depreciation $ 523,000,000.00 Capital Expenditures $ - Owner Earnings $ 8,022,000,000.00   2006 Prior Year Owner Earnings $ 8,022,000,000.0 First Stage Growth Rate (add) 0.0% Owner Earnings $ 8,022,000,000.0 Discounted Value per annum $8,022,000,000.0 Sum of present value of owner earnings $46,375,212,408.6 Residual Value Owner Earnings in year 10 $ 9,299,696,624.0 Second Stage Growth Rate (g) (add) 3.00% Owner Earnings in year 11 $ 9,578,687,522.8 Capitalization rate (k-g) 12.87% Value at end of year 10 $ 74,426,476,478.29 Present Value of Residual $17,061,507,025.92 Intrinsic Value of Company $63,436,719,434.55 Shares outstanding assuming dilution 962,962,000 Intrinsic Value per share $65.88 Annual Income statement In Millions of U.S. Dollars 2006 2005 2004 2003 2002 (except for per share items) 12/29/06 12/30/05 12/31/04 12/26/03 12/27/02 Period Length Reclassified Reclassified Restated Restated
  11. 11. 52 Weeks 12/29/06 12/30/05 12/30/05 12/31/04 Period Length Period Length Period Length Period Length 52 Weeks 53 Weeks 52 Weeks 52 Weeks Revenue 65,363 45,601 31,165 26,432 27,368 Other Revenue, Total 3,259 2,195 1,454 1,492 818 Total Revenue 68,622 47,796 32,619 27,924 28,186 Cost of Revenue, Total 54,032 35,071 21,996 18,586 21,236 Selling/Gen/Admin Expense 1,110 937 918 795 809 Advertising Expense 692 599 533 429 540 Sell/General/Admin. Expenses,Total 1,802 1,536 1,451 1,224 1,349 Restructuring Charge -- -- -- -- (61) Litigation -- -- -- -- 291 Impair-Assets Held for Use -- -- -- -- 9 Other Unusual Expnse (In) (1,969) 0 0 (147) (48) Unusual Expense (Income) (1,969) 0 0 (147) 191 Other Operat Expse, Total 4,331 3,958 3,336 3,041 3,098 Total Operating Expense 58,196 40,565 26,783 22,704 25,874 Operating Income 10,426 7,231 5,836 5,220 2,312 Net Income Before Taxes 10,426 7,231 5,836 5,220 2,312 Provision for Income Taxes 2,927 2,115 1,400 1,384 604 Net Income After Taxes 7,499 5,116 4,436 3,836 1,708 Net Income Before Extra. Items 7,499 5,116 4,436 3,836 1,708 Net Income 7,499 5,116 4,436 3,836 1,708 Total Adjust to Net Income (188) (70) (41) (39) (38) Income Available to Common Excl. Extra. Items 7,311 5,046 4,395 3,797 1,670 Income Available to Common Incl. Extra. Items 7,311 5,046 4,395 3,797 1,670 Basic/Primary Weighted Average Shares 868 891 913 901 862 Basic/Primary EPS Excl. Extra. Items 8.422 5.665 4.814 4.216 1.937 Basic/Primary EPS Incl. Extra. Items 8.422 5.665 4.814 4.216 1.937 Dilution Adjustment -- 2.0 3.0 3.0 3.0 Diluted Weighted Average Shares 963 978 1,004 981 947 Diluted EPS Excl. Extra. Items 7.592 5.163 4.381 3.874 1.766 Diluted EPS Incl. Extra. Items 7.592 5.163 4.381 3.874 1.766 DPS - Common Stock Primary Issue 1.00 0.76 0.64 0.64 0.64 Gross Dividend - Common Stock 918 707 602 596 553 Pro Forma Net Income -- -- -- -- -- Depreciation, Supplemental 523 473 506 570 652 Total Special Items (1,969) 0 0 (147) 191 Normalized Income Before Tax 8,457 7,231 5,836 5,073 2,503 Effect of Special Items on Income Taxes (553) 0 0 (39) 50 Inc Tax Ex Impact of Sp Items 2,374 2,115 1,400 1,345 654 Normalized Income After Tax 6,083 5,116 4,436 3,728 1,849 Normalized Inc Avail to Common 5,895 5,046 4,395 3,689 1,811 Basic Normalized EPS 6.790 5.665 4.814 4.096 2.100 Diluted Normalized EPS 6.121 5.163 4.381 3.764 1.915
  12. 12. Annual Balance Sheet In Millions of U.S. Dollars 2006 2005 2004 2003 2002 (except for per share items) 12/29/06 12/30/05 12/31/04 12/26/03 12/27/02 Restated Restated Restated 12/30/05 12/31/04 05/04/04 Cash and Short Term Investments 32,109 14,586 20,790 10,150 10,211 Trade Accounts Receivable, Gross 49,738 40,497 38,275 37,015 -- Provision for Doubtful Accounts (41) (46) (51) (60) -- Trade Accounts Receivable, Net 68,597 52,578 50,333 44,301 43,802 Other Receivables 21,054 15,619 13,954 11,187 11,671 Total Receivables, Net 89,651 68,197 64,287 55,488 55,473 Property/Plant/Equipment - Gross 8,137 7,178 7,767 7,666 7,751 Accumulated Depreciation (5,213) (4,865) (5,259) (5,054) (4,671) Property/Plant/Equipment - Net 2,924 2,313 2,508 2,612 3,080 Goodwill, Gross -- -- -- -- 5,430 Accum. Goodwill Amort. -- -- -- -- (984) Goodwill, Net 2,457 6,035 6,162 4,814 4,446 Long Term Investments 608,895 490,296 438,291 335,273 314,461 Note Rcvble - Long Term 73,029 66,041 53,262 50,993 38,833 Other Assets, Total 32,234 33,547 42,798 36,813 24,871 Total Assets 841,299 681,015 628,098 496,143 451,375 Accounts Payable 73,696 55,147 54,514 47,968 45,110 Notes Payable/Short Term Debt 284,226 221,389 180,058 112,087 98,371 Other Current Liabilities, Total 120,220 108,517 106,256 101,844 102,536 Total Current Liabilities -- -- -- -- -- Total Long Term Debt 185,213 135,501 122,605 86,502 81,713 Total Debt 469,439 356,890 302,663 198,589 180,084 Other Liabilities, Total 138,906 124,861 133,295 118,858 99,497 Total Liabilities 802,261 645,415 596,728 467,259 427,227 Pref. Stock - Non Rdmbl. 3,145 2,673 630 425 425 Treasury Stock - Preferred -- -- 0 -- -- Pref. Stock-Non Rdmbl, Net 3,145 2,673 630 425 425 Common Stock 1,620 1,531 1,465 1,417 1,311 Additional Paid-In Capital 18,958 13,361 12,373 10,719 9,160 Retained Earnings (Accumulated Deficit) 33,217 26,824 22,485 18,692 15,558 Treasury Stock - Common (17,118) (7,945) (4,230) (1,195) (961) Other Equity, Total (784) (844) (1,353) (1,174) (1,345) Total Equity 39,038 35,600 31,370 28,884 24,148 Total Liabilities & Shareholders?Equity 841,299 681,015 628,098 496,143 451,375 Total Common Shares Outstanding 865 916 928 946 867 Trsy. Shrs-Comm. Primary Iss. 351 233 171 117 116 Trsry Shrs-Pref. Iss. 1 0 0 -- -- --
  13. 13. Quarterly Income Statement In Millions of U.S. Dollars 3rd Qtr. 2nd Qtr. 1st Qtr. 4th Qtr. 3rd Qtr. (except for per share items) 09/28/07 06/29/07 03/30/07 12/29/06 09/29/06 Period Length Restated Restated Restated Restated 13 Weeks 09/28/07 09/28/07 09/28/07 09/28/07 Period Length Period Length Period Length Period Length 13 Weeks 13 Weeks 13 Weeks 13 Weeks Revenue 14,903 23,000 20,297 18,046 16,515 Other Revenue, Total (918) 716 1,082 820 773 Total Revenue 13,985 23,716 21,379 18,866 17,288 Cost of Revenue, Total 15,765 19,158 16,793 13,943 13,644 Selling/Gen/Admin Expense 595 576 548 571 535 Advertising Expense 182 201 157 194 163 Sell/General/Admin. Expenses,Total 777 777 705 765 698 Unusual Expense (Income) 0 0 0 0 (1,969) Other Operat Expse, Total 908 790 844 856 825 Total Operating Expense 17,450 20,725 18,342 15,564 13,198 Operating Income (3,465) 2,991 3,037 3,302 4,090 Net Income Before Taxes (3,465) 2,991 3,037 3,302 4,090 Provision for Income Taxes (1,199) 872 919 993 1,071 Net Income After Taxes (2,266) 2,119 2,118 2,309 3,019 Net Income Before Extra. Items (2,266) 2,119 2,118 2,309 3,019 Total Extraordinary Items 25 20 40 37 26 Net Income (2,241) 2,139 2,158 2,346 3,045 Total Adjust to Net Income (73) (72) (52) (50) (50) Income Available to Common Excl. Extra. Items (2,339) 2,047 2,066 2,259 2,969 Income Available to Common Incl. Extra. Items (2,314) 2,067 2,106 2,296 2,995 Basic/Primary Weighted Average Shares 822 834 841 848 856 Basic/Primary EPS Excl. Extra. Items (2.847) 2.455 2.456 2.665 3.469 Basic/Primary EPS Incl. Extra. Items (2.816) 2.479 2.503 2.709 3.500 Diluted Weighted Average Shares 822 923 930 952 945 Diluted EPS Excl. Extra. Items (2.847) 2.217 2.221 2.372 3.141 Diluted EPS Incl. Extra. Items (2.816) 2.239 2.264 2.411 3.168 DPS - Common Stock Primary Issue 0.35 0.35 0.35 0.25 0.25 Pro Forma Net Income -- -- -- -- -- Total Special Items 0 0 0 0 (1,969) Normalized Income Before Tax (3,465) 2,991 3,037 3,302 2,121 Effect of Special Items on Income Taxes 0 0 0 0 (516) Inc Tax Ex Impact of Sp Items (1,199) 872 919 993 555 Normalized Income After Tax (2,266) 2,119 2,118 2,309 1,566 Normalized Inc Avail to Common (2,339) 2,047 2,066 2,259 1,516 Basic Normalized EPS (2.847) 2.455 2.456 2.665 1.771 Diluted Normalized EPS (2.847) 2.217 2.221 2.372 1.603
  14. 14. Quarterly Balance Sheet In Millions of U.S. Dollars 2nd Qtr. 1st Qtr. 4th Qtr. 3rd Qtr. 2nd Qtr. (except for per share items) 06/29/07 03/30/07 12/29/06 09/29/06 06/30/06 Cash and Short Term Investments 38,755 36,997 32,109 30,368 22,450 Trade Accounts Receivable, Gross 56,128 51,247 49,468 43,709 44,937 Provision for Doubtful Accounts (37) (38) (41) (46) (47) Trade Accounts Receivable, Net 85,916 74,451 68,327 56,949 58,734 Other Receivables 23,593 20,669 21,054 25,491 23,279 Total Receivables, Net 109,509 95,120 89,381 82,440 82,013 Property/Plant/Equipment - Gross 7,918 8,163 8,137 7,707 7,683 Accumulated Depreciation (5,205) (5,134) (5,213) (5,078) (5,137) Property/Plant/Equipment - Net 2,713 3,029 2,924 2,629 2,546 Goodwill, Net 3,644 3,606 2,457 2,263 6,936 Long Term Investments 807,897 733,501 609,165 582,673 576,146 Note Rcvble - Long Term 73,465 76,665 73,029 71,058 70,442 Other Assets, Total 40,341 32,896 32,234 33,293 38,655 Total Assets 1,076,324 981,814 841,299 804,724 799,188 Accounts Payable 96,714 92,120 73,696 77,533 73,189 Notes Payable/Short Term Debt 398,759 361,201 284,226 263,405 290,715 Other Current Liabilities, Total 124,462 118,463 120,220 120,227 116,475 Total Current Liabilities -- -- -- -- -- Total Long Term Debt 230,419 208,874 185,213 163,456 143,082 Total Debt 629,178 570,075 469,439 426,861 433,797 Other Liabilities, Total 183,779 159,449 138,906 141,452 139,186 Total Liabilities 1,034,133 940,107 802,261 766,073 762,647 Pref. Stock - Non Rdmbl. 4,624 4,656 3,145 3,147 3,147 Treasury Stock - Preferred -- -- -- (23) 0 Pref. Stock-Non Rdmbl, Net 4,624 4,656 3,145 3,124 3,147 Common Stock 1,672 1,663 1,620 1,598 1,589 Additional Paid-In Capital 21,650 20,929 18,958 17,974 17,309 Retained Earnings (Accumulated Deficit) 36,566 34,808 33,217 31,142 28,383 Treasury Stock - Common (21,691) (19,759) (17,118) (14,310) (12,825) Other Equity, Total (630) (590) (784) (877) (1,062) Total Equity 42,191 41,707 39,038 38,651 36,541 Total Liabilities & Shareholders?Equity 1,076,324 981,814 841,299 804,724 799,188 Total Common Shares Outstanding 859 874 865 880 895 Trsy. Shrs-Comm. Primary Iss. 395 374 351 319 298 Trsry Shrs-Pref. Iss. 1 -- -- 0 0 0

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