Boeing Reports Second-Quarter Results and Raises 2012 EPS Guidance

Jul 25, 2012

CHICAGO, July 25, 2012 /PRNewswire/ --

  • Earnings per share rose to $1.27, reflecting strong core operating performance
  • Revenue grew to $20.0 billion on increased commercial airplane deliveries
  • Backlog of $374 billion includes $13 billion of new orders
  • $1.7 billion of operating cash flow before pension contributions* of $0.8 billion
  • Cash and marketable securities of $10.3 billion provide strong liquidity
  • 2012 EPS guidance increased to between $4.40 and $4.60

Table 1.  Summary Financial Results







Second Quarter

Change

First Half

Change

(Dollars in Millions, except per share data)

2012

2011

2012

2011








Revenues

$20,005

$16,543

21%

$39,388

$31,453

25%

Earnings From Operations

$1,548

$1,534

1%

$3,118

$2,534

23%

Operating Margin 

7.7%

9.3%

 (1.6)Pts

7.9%

8.1%

 (0.2)Pts

Net Income

$967

$941

3%

$1,890

$1,527

24%

Earnings per Share

$1.27

$1.25

2%

$2.49

$2.04

22%

Operating Cash Flow Before Pension Contributions* 

$1,671

$1,596

5%

$2,508

$643

NM  

Operating Cash Flow

$908

$1,596

(43%)

$1,745

$643

NM  








* Non-GAAP measure.  Complete definitions of Boeing's use of non-GAAP measures, identified by an asterisk (*), are found on page 7, "Non-GAAP Measure Disclosures."

The Boeing Company (NYSE: BA) reported that second-quarter net income rose to $1.0 billion, or $1.27 per share, on revenue of $20.0 billion.  Earnings per share rose 2 percent, reflecting continued strong core performance across the company's businesses, which more than offset higher pension expense (Table 1).  Earnings per share guidance for 2012 increased to between $4.40 and $4.60 reflecting the strong core operating performance.  The company also increased its revenue guidance to between $79.5 and $81.5 billion on higher Defense, Space & Security revenues, and reaffirmed its 2012 operating cash flow outlook.

"Increased revenues and strong operating performance across both our major businesses drove significantly improved first-half 2012 results for Boeing," said Chairman, President and Chief Executive Officer Jim McNerney.  "Commercial airplane deliveries increased 27 percent in the second quarter, and our defense, space and security business also produced higher revenues and strong margins in a difficult market environment.   As a result of this solid first-half performance, we have strengthened our outlook for the year, and our people remain focused on disciplined execution, quality and productivity, and meeting customer commitments,"  McNerney said.

Table 2.  Cash Flow






Second Quarter

First Half

(Millions)

2012

2011

2012

2011






Operating Cash Flow Before Pension Contributions*

$1,671

$1,596

$2,508

$643

   Add Pension Contributions

($763)


($763)


Operating Cash Flow

$908

$1,596

$1,745

$643

   Less Additions to Property, Plant & Equipment

($356)

($345)

($780)

($762)

Free Cash Flow* 

$552

$1,251

$965

($119)

Boeing's quarterly operating cash flow before pension contributions* was $1.7 billion.   Operating cash flow was $0.9 billion, with higher commercial airplane deliveries and strong operating performance more than offsetting continued investment in the 787 program and discretionary pension funding.  Free cash flow* was $0.6 billion in the quarter (Table 2).

Table 3.  Cash, Marketable Securities and Debt Balances




Quarter-End

(Billions)

2Q12

1Q12




Cash

$6.3

$6.7

Marketable Securities1

$4.0

$3.8

   Total

$10.3

$10.5




Debt Balances:



The Boeing Company

$8.6

$9.0

Boeing Capital Corporation

$2.6

$2.6

   Total Consolidated Debt

$11.2

$11.6


1Marketable securities consists primarily of time deposits due within one year classified as "short-term investments." 

Cash and investments in marketable securities totaled $10.3 billion at quarter-end (Table 3), down from $10.5 billion at the beginning of the quarter.  Debt was $11.2 billion, down from $11.6 billion at the beginning of the quarter.

Total company backlog at quarter-end was $374 billion, down from $380 billion at the beginning of the quarter, and included net orders for the quarter of $13 billion. 

Segment Results 

Commercial Airplanes

Table 4. Commercial Airplanes Operating Results 







Second Quarter

Change

First Half


Change

(Dollars in Millions)

2012

2011

2012

2011








Commercial Airplanes Deliveries

150

118

27%

287

222

29%








Revenues

$11,843

$8,843

34%

$22,780

$15,961

43%

Earnings from Operations

$1,211

$920

32%

$2,292

$1,429

60%








Operating Margins

10.2%

10.4%

(0.2) Pts

10.1%

9.0%

1.1 Pts

Boeing Commercial Airplanes second-quarter revenue increased by 34 percent to $11.8 billion on higher delivery volume.  Operating margin was 10.2 percent, reflecting higher period costs and the dilutive impact of 787 and 747-8 deliveries partially offset by the higher deliveries and lower R&D (Table 4). 

During the quarter, final assembly of the first 787 built in South Carolina was completed and the first 747-8 Intercontinental passenger airplane was delivered.

Commercial Airplanes booked 28 net orders during the quarter.  Backlog remains strong with approximately 4,000 airplanes valued at $302 billion.

Boeing Defense, Space & Security

Table 5.  Defense, Space & Security Operating Results






Second Quarter

Change

First Half


Change

(Dollars in Millions)

2012

2011

2012

2011








Revenues







   Boeing Military Aircraft

$4,130

$3,642

13%

$8,438

$7,034

20%

   Network & Space Systems

$1,887

$2,078

(9%)

$3,682

$4,424

(17%)

   Global Services & Support 

$2,175

$1,968

11%

$4,305

$3,847

12%

Total BDS Revenues

$8,192

$7,688

7%

$16,425

$15,305

7%








Earnings from Operations







   Boeing Military Aircraft

$363

$386

(6%)

$800

$755

6%

   Network & Space Systems

$126

$192

(34%)

$199

$333

(40%)

   Global Services & Support 

$259

$220

18%

$491

$381

29%

Total BDS Earnings from Operations

$748

$798

(6%)

$1,490

$1,469

1%








Operating Margins

9.1%

10.4%

  (1.3)Pts

9.1%

9.6%

  (0.5)Pts








Boeing Defense, Space & Security's second-quarter revenue increased to $8.2 billion, while operating margin was 9.1 percent (Table 5).

Boeing Military Aircraft (BMA) second-quarter revenue increased to $4.1 billion, primarily due to higher delivery volume.  Operating margin decreased 1.8 points to 8.8 percent, as strong execution across various programs was more than offset by an inventory adjustment on A160.  During the quarter, BMA was awarded the Apache Block III low rate initial production contract with the U.S. Army.

Network & Space Systems (N&SS) second-quarter revenue decreased to $1.9 billion, driven by lower volume on Brigade Combat Team Modernization. Operating margin was 6.7 percent, reflecting lower earnings in United Launch Alliance.  During the quarter, N&SS was awarded its first international cybersecurity contract. 

Global Services & Support (GS&S) second-quarter revenue increased to $2.2 billion, due to higher volume in integrated logistics.  Operating margin was 11.9 percent, reflecting improved performance in maintenance, modification and upgrades.  During the quarter, GS&S was awarded the F-15 Singapore follow-on performance-based logistics contract.

Backlog at Defense, Space & Security remained at $72 billion, more than two times the unit's projected 2012 revenue. 

Additional Financial Information

Table 6.  Additional Financial Information







Second Quarter

Change

First Half


Change

(Dollars in Millions)

2012

2011

2012

2011








Revenues







    Boeing Capital Corporation

$99

$147

(33%)

$224

$290

(23%)

    Other segment

$42

$38


$66

$74


    Unallocated items and eliminations

($171)

($173)


($107)

($177)









Earnings from Operations







    Boeing Capital Corporation

$31

$62

(50%)

$69

$114

(39%)

    Other segment expense

($50)

($58)


($129)

($80)


    Unallocated items and eliminations

($392)

($188)


($604)

($398)









Other income, net

$10

$14


$22

$27


Interest and debt expense

($112)

($123)


($231)

($253)


Effective tax rate

33.1%

33.9%


35.0%

33.7%


At quarter-end, Boeing Capital Corporation's (BCC) portfolio balance was $4.1 billion, down from $4.2 billion at the beginning of the quarter on portfolio run-off and asset sales.  BCC's debt-to-equity ratio was 5.0-to-1.

The "Other" segment includes unallocated activities of Engineering, Operations and Technology, Shared Services Group as well as certain intercompany guarantees provided to BCC.  Other segment expense was $50 million in the quarter.

The loss in unallocated items and eliminations increased due to higher pension expense.  Total pension expense for the second quarter was $593 million, as compared to $389 million in the same period last year. 

Outlook

The company's 2012 financial guidance (Table 7) has been updated to reflect the strong core performance in both businesses.

Table 7.  Financial Outlook
(Dollars in Billions, except per-share data)

2012





The Boeing Company



  Revenue

$79.5 - 81.5


  Earnings Per Share (GAAP)

$4.40 - 4.60


  Operating Cash Flow1

> $5.0





Boeing Commercial Airplanes 



  Deliveries 2

585 - 600


  Revenue

$47.5 - 49.5


  Operating Margin

~ 9.0%





Boeing Defense, Space & Security



  Revenue



    Boeing Military Aircraft

~ $16.0


    Network & Space Systems

~ $7.25


    Global Services & Support

~ $8.5


  Total BDS Revenue

$31.5 - 32.0





  Operating Margin



    Boeing Military Aircraft

~ 9.25%


    Network & Space Systems

~ 6.5%


    Global Services & Support

~ 11.0%


  Total BDS Operating Margin

> 9.0%





Boeing Capital Corporation



  Portfolio Size

Lower


  Revenue

~ $0.4


  Return on Assets

~ 0.5%





Research & Development

$3.3 - 3.5


Capital Expenditures

~ $2.0


Pension Expense 3

$2.5


After discretionary cash pension contributions of $1.5 billion and assuming new aircraft financings under $0.5 billion.

2012 is sold out and includes an expected 70 to 85 787 and 747-8 deliveries, of which approximately half are 787 aircraft.  

3Approximately $0.8 billion is expected to be recorded in unallocated items and eliminations.  


Earnings per share guidance for 2012 increased to between $4.40 and $4.60, up from between $4.15 and $4.35, reflecting the strong core operating performance.   Total company 2012 revenue increased to between $79.5 and $81.5 billion, from between $78 and $80 billion, on higher Defense, Space & Security revenues.

Commercial Airplanes' operating margin improved to approximately 9 percent, from between 8.5 and 9 percent, reflecting the strong core performance.

Defense, Space & Security's revenue increased to between $31.5 and $32 billion, from between $30 and $30.5 billion, reflecting increased volume.

Non-GAAP Measure Disclosures

Management believes that the non-GAAP (Generally Accepted Accounting Principles) measures (indicated by an asterisk *) used in this report provide investors with important perspectives into the company's ongoing business performance.  The company does not intend for the information to be considered in isolation or as a substitute for the related GAAP measures.  Other companies may define the measures differently.  The following definitions are provided:

Operating Cash Flow Before Pension Contributions

Operating cash flow before pension contributions is defined as GAAP operating cash flow less pension contributions.  Management believes operating cash flow before pension contributions provides additional insights into underlying business performance.  Table 2 provides a reconciliation between GAAP operating cash flow and operating cash flow before pension contributions.

Free Cash Flow

Free cash flow is defined as GAAP operating cash flow less capital expenditures for property, plant and equipment additions.  Management believes free cash flow provides investors with an important perspective on the cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long term value creation.  Free cash flow does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow internally to assess both business performance and overall liquidity.  Table 2 provides a reconciliation between GAAP operating cash flow and free cash flow.

Caution Concerning Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  Words such as "may," "should," "expects," "intends," "projects," "plans," "believes," "estimates," "targets," "anticipates," and similar expressions are used to identify these forward-looking statements.  Examples of forward-looking statements include statements relating to our future financial condition and operating results, as well as any other statement that does not directly relate to any historical or current fact.  Forward-looking statements are based on our current expectations and assumptions, which may not prove to be accurate.  These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements.  Among these factors are risks related to: (1) general conditions in the economy and our industry, including those due to regulatory changes; (2) our reliance on our commercial airline customers; (3) our commercial development programs, planned production rate increases across multiple commercial airline programs and the overall health of our aircraft production system; (4) changing acquisition priorities of the U.S. government; (5) our dependence on U.S. government contracts; (6) our reliance on fixed-price contracts; (7) our reliance on cost-type contracts; (8) uncertainties concerning contracts that include in-orbit incentive payments; (9) our dependence on our subcontractors and suppliers, as well as the availability of raw materials, (10) changes in accounting estimates; (11) changes in the competitive landscape in our markets; (12) our non-U.S. operations, including sales to non-U.S. customers; (13) potential adverse developments in new or pending litigation and/or government investigations; (14) customer and aircraft concentration in Boeing Capital's  customer financing portfolio; (15) changes in our ability to obtain debt on commercially reasonable terms and at competitive rates in order to fund our operations and contractual commitments; (16) realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures; (17) the adequacy of our insurance coverage to cover significant risk exposures; (18) potential business disruptions, including those related to physical security threats, information technology or cyber-attacks or natural disasters; (19) work stoppages or other labor disruptions; (20) significant changes in discount rates and actual investment return on pension assets; (21) potential environmental liabilities; and (22) threats to the security of our or our customers' information.

Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.  Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

Contact:
Investor Relations: Stephanie Pope or Jennifer Mack (312) 544-2140
Communications: Chaz Bickers (312) 544-2002

 

The Boeing Company and Subsidiaries

Consolidated Statements of Operations

 (Unaudited)


Six months ended

Three months ended


June 30

June 30

(Dollars in millions, except per share data)

2012

2011

2012

2011

Sales of products

$34,026

$25,534

$17,341

$13,640

Sales of services

5,362

5,919

2,664

2,903

Total revenues

39,388

31,453

20,005

16,543






Cost of products  

(28,420)

(20,329)

(14,759)

(10,823)

Cost of services

(4,342)

(4,858)

(1,962)

(2,348)

Boeing Capital interest expense

(47)

(62)

(19)

(29)

Total costs and expenses

(32,809)

(25,249)

(16,740)

(13,200)


6,579

6,204

3,265

3,343

Income from operating investments, net

91

150

45

88

General and administrative expense 

(1,858)

(1,736)

(903)

(870)

Research and development expense, net

(1,692)

(2,104)

(857)

(1,047)

(Loss)/gain on dispositions, net

(2)

20

(2)

20

Earnings from operations

3,118

2,534

1,548

1,534

Other income, net

22

27

10

14

Interest and debt expense

(231)

(253)

(112)

(123)

Earnings before income taxes

2,909

2,308

1,446

1,425

Income tax expense

(1,018)

(778)

(479)

(483)

Net earnings from continuing operations

1,891

1,530

967

942

Net loss on disposal of discontinued operations, net of taxes of $1, $1, $0 and $0

(1)

(3)


(1)

Net earnings

$1,890

$1,527

$967

$941






Basic earnings per share from continuing operations

$2.51

$2.06

$1.28

$1.27

Net loss on disposal of discontinued operations, net of taxes





Basic earnings per share

$2.51

$2.06

$1.28

$1.27






Diluted earnings per share from continuing operations

$2.49

$2.04

$1.27

$1.25

Net loss on disposal of discontinued operations, net of taxes





Diluted earnings per share

$2.49

$2.04

$1.27

$1.25

Cash dividends paid per share

$0.88

$0.84

$0.44

$0.42

Weighted average diluted shares (millions)

760.7

750.8

762.0

752.6






The Boeing Company and Subsidiaries

Consolidated Statements of Financial Position

(Unaudited)





June 30

December 31

(Dollars in millions, except per share data)

2012

2011

Assets



Cash and cash equivalents

$  6,305

$  10,049

Short-term and other investments

4,002

1,223

Accounts receivable, net

5,894

5,793

Current portion of customer financing, net

344

476

Deferred income taxes

30

29

Inventories, net of advances and progress billings

35,033

32,240

Total current assets

51,608

49,810

Customer financing, net

4,068

4,296

Property, plant and equipment, net of accumulated depreciation of $14,385 and $13,993



9,453

9,313

Goodwill

4,955

4,945

Acquired intangible assets, net

2,980

3,044

Deferred income taxes

5,781

5,892

Investments

1,004

1,043

Other assets, net of accumulated amortization of $440 and $717

1,746

1,643

Total assets

$ 81,595

$ 79,986

Liabilities and equity



Accounts payable

$ 9,273

$ 8,406

Accrued liabilities

11,699

12,239

Advances and billings in excess of related costs

15,344

15,496

Deferred income taxes and income taxes payable

3,668

2,780

Short-term debt and current portion of long-term debt

2,466

2,353

Total current liabilities

42,450

41,274

Accrued retiree health care

7,478

7,520

Accrued pension plan liability, net

16,164

16,537

Non-current income taxes payable

226

122

Other long-term liabilities 

650

907

Long-term debt

8,735

10,018

Shareholders' equity:



Common stock, par value $5.00 – 1,200,000,000 shares authorized;
    1,012,261,159 shares issued

5,061

5,061

Additional paid-in capital

4,018

4,033

Treasury stock, at cost – 260,913,450 and 267,556,388 shares

(16,202)

(16,603)

Retained earnings

28,743

27,524

Accumulated other comprehensive loss

(15,816)

(16,500)

Total shareholders' equity

5,804

3,515

Noncontrolling interest

88

93

Total equity

5,892

3,608

Total liabilities and equity

$ 81,595

$ 79,986




The Boeing Company and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)





Six months ended


June 30

(Dollars in millions)

2012

2011

Cash flows - operating activities:



    Net earnings

$ 1,890

$ 1,527

    Adjustments to reconcile net earnings to net cash provided by operating activities:



      Non-cash items –



           Share-based plans expense

99

96

           Depreciation and amortization

848

816

           Investment/asset impairment charges, net

45

16

           Customer financing valuation provision

(1)

(65)

           Loss on disposal of discontinued operations

2

4

           Loss/(gain) on dispositions, net

2

(20)

           Other charges and credits, net

361

223

           Excess tax benefits from share-based payment arrangements

(39)

(32)

       Changes in assets and liabilities –



           Accounts receivable

(310)

(747)

           Inventories, net of advances and progress billings

(2,737)

(4,889)

           Accounts payable

742

1,134

           Accrued liabilities

(594)

(268)

           Advances and billings in excess of related costs

(152)

626

           Income taxes receivable, payable and deferred

705

685

           Other long-term liabilities

(15)

54

           Pension and other postretirement plans

686

1,199

           Customer financing, net 

216

210

           Other

(3)

74

Net cash provided by operating activities

1,745

643

Cash flows - investing activities:



    Property, plant and equipment additions

(780)

(762)

    Property, plant and equipment reductions

16

19

    Acquisitions, net of cash acquired

(18)

(16)

    Contributions to investments

(6,396)

(4,454)

    Proceeds from investments

3,596

5,902

    Receipt of economic development program funds


69

    Purchase of distribution rights

(6)


Net cash (used)/provided by investing activities

(3,588)

758

Cash flows - financing activities:



    New borrowings

24

36

    Debt repayments

(1,233)

(851)

    Repayments of distribution rights financing

(72)

(406)

    Stock options exercised, other

71

80

    Excess tax benefits from share-based payment arrangements

39

32

    Employee taxes on certain share-based payment arrangements

(68)

(18)

    Dividends paid

(658)

(620)

Net cash used by financing activities

(1,897)

(1,747)

Effect of exchange rate changes on cash and cash equivalents

(4)

37

Net decrease in cash and cash equivalents

(3,744)

(309)

Cash and cash equivalents at beginning of year

10,049

5,359

Cash and cash equivalents at end of period

$ 6,305

$ 5,050




The Boeing Company and Subsidiaries

Summary of Business Segment Data

(Unaudited)







Six months ended

Three months ended


June 30

June 30

(Dollars in millions)

2012

2011

2012

2011

Revenues:





   Commercial Airplanes

$ 22,780

$ 15,961

$ 11,843

$ 8,843

   Defense, Space & Security:





      Boeing Military Aircraft

8,438

7,034

4,130

3,642

      Network & Space Systems

3,682

4,424

1,887

2,078

      Global Services & Support

4,305

3,847

2,175

1,968

   Total Defense, Space & Security

16,425

15,305

8,192

7,688

   Boeing Capital

224

290

99

147

   Other segment

66

74

42

38

   Unallocated items and eliminations

(107)

(177)

(171)

(173)

Total revenues

$ 39,388

$ 31,453

$ 20,005

$ 16,543






Earnings from operations:





   Commercial Airplanes

$    2,292

$  1,429

$  1,211

$  920

   Defense, Space & Security:





      Boeing Military Aircraft

800

755

363

386

      Network & Space Systems

199

333

126

192

      Global Services & Support

491

381

259

220

   Total Defense, Space & Security

1,490

1,469

748

798

   Boeing Capital

69

114

31

62

   Other segment

(129)

(80)

(50)

(58)

   Unallocated items and eliminations

(604)

(398)

(392)

(188)

Earnings from operations

3,118

2,534

1,548

1,534

Other income, net

22

27

10

14

Interest and debt expense

(231)

(253)

(112)

(123)

Earnings before income taxes

2,909

2,308

1,446

1,425

Income tax expense

(1,018)

(778)

(479)

(483)

Net earnings from continuing operations

1,891

1,530

967

942

Net loss on disposal of discontinued operations, net of taxes of $1, $1, $0 and $0

(1)

(3)


(1)

Net earnings

$    1,890

$  1,527

$    967

$  941






Research and development expense, net:





   Commercial Airplanes

$    1,104

$  1,558

$  560

$  771

   Defense, Space & Security:





      Boeing Military Aircraft

289

250

144

125

      Network & Space Systems

219

217

112

110

      Global Services & Support

54

56

25

27

   Total Defense, Space & Security

562

523

281

262

   Other

26

23

16

14

Total research and development expense, net

$    1,692

$    2,104

$    857

$  1,047






Unallocated items and eliminations:





   Share-based plans 

$     (41)

$  (44)

$  (19)

$  (22)

   Deferred compensation 

(34)

(60)

2

(10)

   Pension

(404)

(158)

(215)

(63)

   Post-retirement

(49)

(33)

(30)

(14)

   Capitalized interest

(37)

(31)

(16)

(16)

   Eliminations and other

(39)

(72)

(114)

(63)

Total

$     (604)

$  (398)

$     (392)

$  (188)






The Boeing Company and Subsidiaries

Operating and Financial Data


(Unaudited)











Six months ended


Three months ended

Deliveries

June 30


June 30

Commercial Airplanes

2012


2011


2012


2011


737

208


181


109


94


747

13




7




767

13


9


6


5


777

42


32


22


19


787

11




6




    Total

287


222


150


118











Defense, Space & Security









Boeing Military Aircraft









     F/A-18 Models

24


25


12


12


     F-15 Models

8


8


3


4


     C-17 Globemaster

5


7


3


4


     KC-767 International Tanker



1






     CH-47 Chinook

22


16


12


9


     AH-64 Apache

3




3




     AEW&C

2




2




     P-8A Poseidon

1

















Network & Space Systems









     Commercial and Civil Satellites

1








     Military Satellites

3


1


1


1























June 30


March 31


December 31


Contractual backlog(Dollars in billions)



2012


2012


2011


   Commercial Airplanes



$300.4


$305.3


$293.3


   Defense, Space & Security:









     Boeing Military Aircraft



29.7


29.0


24.1


     Network & Space Systems



9.9


10.1


9.0


     Global Services & Support



14.6


14.2


13.3


   Total Defense, Space & Security



54.2


53.3


46.4


Total contractual backlog



$354.6


$358.6


$339.7


Unobligated backlog



$19.2


$21.2


$15.8


Total backlog



$373.8


$379.8


$355.5


Workforce



174,200


172,200


171,700











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