Exhibit No. | Description | |
AGCO Corporation | |
By: | /s/ Andrew H. Beck |
Andrew H. Beck Senior Vice President and Chief Financial Officer |
For Immediate Release | CONTACT: | |
Tuesday, July 31, 2018 | Greg Peterson | |
Vice President, Investor Relations | ||
770-232-8229 | ||
greg.peterson@agcocorp.com |
• | Reported regional sales results(1): North America +25.4%, Europe/Middle East (“EME”) +21.7%, South America (12.8)%, Asia/Pacific/Africa (“APA”) +4.4% |
• | Constant currency regional sales results(1)(2): North America +24.7%, EME +14.2%, South America +1.3%, APA (0.7)% |
• | Regional operating margin performance: North America 6.3%, EME 13.5%, South America (7.6)%, APA 2.7% |
• | Share repurchase program reduced outstanding shares by 0.5 million during the first six months of 2018 |
Six months ended June 30, 2018 | Tractors Change from Prior Year Period | Combines Change from Prior Year Period | ||
North America(1) | 3% | 15% | ||
South America | (7)% | ~Flat | ||
Western Europe(2) | 1% | 14% |
Three Months Ended June 30, | 2018 | 2017 | % change from 2017 | % change from 2017 due to currency translation(1) | % change from 2017 due to acquisitions(1) | |||||||||
North America | $ | 600.5 | $ | 478.8 | 25.4% | 0.7% | 5.0% | |||||||
South America | 219.6 | 251.9 | (12.8)% | (14.1)% | 2.1% | |||||||||
Europe/Middle East | 1,545.2 | 1,269.5 | 21.7% | 7.5% | 3.7% | |||||||||
Asia/Pacific/Africa | 172.3 | 165.0 | 4.4% | 5.1% | 1.3% | |||||||||
Total | $ | 2,537.6 | $ | 2,165.2 | 17.2% | 3.3% | 3.6% | |||||||
Six Months Ended June 30, | 2018 | 2017 | % change from 2017 | % change from 2017 due to currency translation(1) | % change from 2017 due to acquisitions(1) | |||||||||
North America | $ | 1,103.4 | $ | 861.4 | 28.1% | 1.2% | 10.7% | |||||||
South America | 401.7 | 474.1 | (15.3)% | (9.8)% | 1.7% | |||||||||
Europe/Middle East | 2,708.9 | 2,162.0 | 25.3% | 11.0% | 3.7% | |||||||||
Asia/Pacific/Africa | 331.1 | 295.3 | 12.1% | 7.0% | 2.2% | |||||||||
Total | $ | 4,545.1 | $ | 3,792.8 | 19.8% | 5.9% | 4.9% | |||||||
(1) See appendix for additional disclosures | ||||||||||||||
• | Our financial results depend entirely upon the agricultural industry, and factors that adversely affect the agricultural industry generally, including declines in the general economy, increases in farm input costs, lower commodity prices, lower farm income and changes in the availability of credit for our retail customers, will adversely affect us. |
• | A majority of our sales and manufacturing take place outside the United States, and, as a result, we are exposed to risks related to foreign laws, taxes, economic conditions, labor supply and relations, political conditions and governmental policies. These risks may delay or reduce our realization of value from our international operations. |
• | Most retail sales of the products that we manufacture are financed, either by our joint ventures with Rabobank or by a bank or other private lender. Our joint ventures with Rabobank, which are controlled by Rabobank and are dependent upon Rabobank for financing as well, finance 40% to 50% of the retail sales of our tractors and combines in the markets where the joint ventures operate. Any difficulty by Rabobank to continue to provide that financing, or any business decision by Rabobank as the controlling member not to fund the business or particular aspects of it (for example, a particular country or region), would require the joint ventures to find other sources of financing (which may be difficult to obtain), or us to find another source of retail financing for our customers, or our customers would be required to utilize other retail financing providers. As a result of the recent economic downturn, financing for capital equipment purchases generally has become more difficult in certain regions and in some cases, can be expensive to obtain. To the extent that financing is not available or available only at unattractive prices, our sales would be negatively impacted. |
• | Both AGCO and our finance joint ventures have substantial account receivables from dealers and end customers, and we would be adversely impacted if the collectability of these receivables was not consistent with historical experience; this collectability is dependent upon the financial strength of the farm industry, which in turn is dependent upon the general economy and commodity prices, as well as several of the other factors listed in this section. |
• | We have experienced substantial and sustained volatility with respect to currency exchange rate and interest rate changes, including uncertainty associated with the Euro, which can adversely affect our reported results of operations and the competitiveness of our products. |
• | Our success depends on the introduction of new products, particularly engines that comply with emission requirements, which requires substantial expenditures. |
• | Our production levels and capacity constraints at our facilities, including those resulting from plant expansions and systems upgrades at our manufacturing facilities, could adversely affect our results. |
• | Our expansion plans in emerging markets, including establishing a greater manufacturing and marketing presence and growing our use of component suppliers, could entail significant risks. |
• | We depend on suppliers for components, parts and raw materials for our products, and any failure by our suppliers to provide products as needed, or by us to promptly address supplier issues, will adversely impact our ability to timely and efficiently manufacture and sell |
• | We face significant competition, and if we are unable to compete successfully against other agricultural equipment manufacturers, we would lose customers and our net sales and profitability would decline. |
• | We have a substantial amount of indebtedness, and, as a result, we are subject to certain restrictive covenants and payment obligations that may adversely affect our ability to operate and expand our business. |
June 30, 2018 | December 31, 2017 | ||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 280.6 | $ | 367.7 | |||
Accounts and notes receivable, net | 1,047.1 | 1,019.4 | |||||
Inventories, net | 2,131.9 | 1,872.9 | |||||
Other current assets | 384.3 | 367.7 | |||||
Total current assets | 3,843.9 | 3,627.7 | |||||
Property, plant and equipment, net | 1,392.9 | 1,485.3 | |||||
Investment in affiliates | 411.2 | 409.0 | |||||
Deferred tax assets | 110.8 | 112.2 | |||||
Other assets | 153.5 | 147.1 | |||||
Intangible assets, net | 608.1 | 649.0 | |||||
Goodwill | 1,503.7 | 1,541.4 | |||||
Total assets | $ | 8,024.1 | $ | 7,971.7 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current Liabilities: | |||||||
Current portion of long-term debt | $ | 17.9 | $ | 24.8 | |||
Short-term borrowings | 197.7 | 90.8 | |||||
Accounts payable | 898.3 | 917.5 | |||||
Accrued expenses | 1,385.5 | 1,407.9 | |||||
Other current liabilities | 201.1 | 209.6 | |||||
Total current liabilities | 2,700.5 | 2,650.6 | |||||
Long-term debt, less current portion and debt issuance costs | 1,728.0 | 1,618.1 | |||||
Pensions and postretirement health care benefits | 230.6 | 247.3 | |||||
Deferred tax liabilities | 122.6 | 130.5 | |||||
Other noncurrent liabilities | 244.3 | 229.9 | |||||
Total liabilities | 5,026.0 | 4,876.4 | |||||
Stockholders’ Equity: | |||||||
AGCO Corporation stockholders’ equity: | |||||||
Common stock | 0.8 | 0.8 | |||||
Additional paid-in capital | 121.4 | 136.6 | |||||
Retained earnings | 4,346.1 | 4,253.8 | |||||
Accumulated other comprehensive loss | (1,533.5 | ) | (1,361.6 | ) | |||
Total AGCO Corporation stockholders’ equity | 2,934.8 | 3,029.6 | |||||
Noncontrolling interests | 63.3 | 65.7 | |||||
Total stockholders’ equity | 2,998.1 | 3,095.3 | |||||
Total liabilities and stockholders’ equity | $ | 8,024.1 | $ | 7,971.7 |
Three Months Ended June 30, | |||||||
2018 | 2017 | ||||||
Net sales | $ | 2,537.6 | $ | 2,165.2 | |||
Cost of goods sold | 1,981.3 | 1,689.8 | |||||
Gross profit | 556.3 | 475.4 | |||||
Selling, general and administrative expenses | 271.8 | 234.6 | |||||
Engineering expenses | 93.0 | 76.8 | |||||
Restructuring expenses | 2.7 | 0.4 | |||||
Amortization of intangibles | 18.2 | 13.8 | |||||
Bad debt expense | 2.5 | 1.5 | |||||
Income from operations | 168.1 | 148.3 | |||||
Interest expense, net | 21.2 | 11.3 | |||||
Other expense, net | 27.2 | 17.6 | |||||
Income before income taxes and equity in net earnings of affiliates | 119.7 | 119.4 | |||||
Income tax provision | 38.5 | 36.9 | |||||
Income before equity in net earnings of affiliates | 81.2 | 82.5 | |||||
Equity in net earnings of affiliates | 9.2 | 9.1 | |||||
Net income | 90.4 | 91.6 | |||||
Net loss (income) attributable to noncontrolling interests | 1.0 | (0.1 | ) | ||||
Net income attributable to AGCO Corporation and subsidiaries | $ | 91.4 | $ | 91.5 | |||
Net income per common share attributable to AGCO Corporation and subsidiaries: | |||||||
Basic | $ | 1.15 | $ | 1.15 | |||
Diluted | $ | 1.14 | $ | 1.14 | |||
Cash dividends declared and paid per common share | $ | 0.15 | $ | 0.14 | |||
Weighted average number of common and common equivalent shares outstanding: | |||||||
Basic | 79.3 | 79.5 | |||||
Diluted | 80.2 | 80.1 |
Six Months Ended June 30, | |||||||
2018 | 2017 | ||||||
Net sales | $ | 4,545.1 | $ | 3,792.8 | |||
Cost of goods sold | 3,560.8 | 2,987.1 | |||||
Gross profit | 984.3 | 805.7 | |||||
Selling, general and administrative expenses | 536.4 | 457.3 | |||||
Engineering expenses | 183.9 | 149.9 | |||||
Restructuring expenses | 8.6 | 5.5 | |||||
Amortization of intangibles | 33.9 | 27.2 | |||||
Bad debt expense | 2.9 | 1.8 | |||||
Income from operations | 218.6 | 164.0 | |||||
Interest expense, net | 31.5 | 22.0 | |||||
Other expense, net | 38.7 | 30.7 | |||||
Income before income taxes and equity in net earnings of affiliates | 148.4 | 111.3 | |||||
Income tax provision | 49.9 | 48.0 | |||||
Income before equity in net earnings of affiliates | 98.5 | 63.3 | |||||
Equity in net earnings of affiliates | 16.9 | 20.1 | |||||
Net income | 115.4 | 83.4 | |||||
Net loss (income) attributable to noncontrolling interests | 0.3 | (2.0 | ) | ||||
Net income attributable to AGCO Corporation and subsidiaries | $ | 115.7 | $ | 81.4 | |||
Net income per common share attributable to AGCO Corporation and subsidiaries: | |||||||
Basic | $ | 1.46 | $ | 1.02 | |||
Diluted | $ | 1.44 | $ | 1.02 | |||
Cash dividends declared and paid per common share | $ | 0.30 | $ | 0.28 | |||
Weighted average number of common and common equivalent shares outstanding: | |||||||
Basic | 79.4 | 79.5 | |||||
Diluted | 80.3 | 80.1 | |||||
Six Months Ended June 30, | |||||||
2018 | 2017 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 115.4 | $ | 83.4 | |||
Adjustments to reconcile net income to net cash used in operating activities: | |||||||
Depreciation | 115.1 | 108.9 | |||||
Amortization of intangibles | 33.9 | 27.2 | |||||
Stock compensation expense | 22.5 | 22.6 | |||||
Equity in net earnings of affiliates, net of cash received | (13.4 | ) | (5.6 | ) | |||
Deferred income tax (benefit) provision | (14.3 | ) | 0.6 | ||||
Other | 1.3 | 1.8 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts and notes receivable, net | (83.0 | ) | (94.3 | ) | |||
Inventories, net | (396.3 | ) | (316.5 | ) | |||
Other current and noncurrent assets | (47.3 | ) | (48.4 | ) | |||
Accounts payable | 7.9 | 120.6 | |||||
Accrued expenses | 6.7 | 9.9 | |||||
Other current and noncurrent liabilities | 47.2 | 23.4 | |||||
Total adjustments | (319.7 | ) | (149.8 | ) | |||
Net cash used in operating activities | (204.3 | ) | (66.4 | ) | |||
Cash flows from investing activities: | |||||||
Purchases of property, plant and equipment | (89.8 | ) | (92.3 | ) | |||
Proceeds from sale of property, plant and equipment | 2.3 | 1.6 | |||||
Investment in unconsolidated affiliates | (5.8 | ) | (0.8 | ) | |||
Other | 0.4 | — | |||||
Net cash used in investing activities | (92.9 | ) | (91.5 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from indebtedness, net | 282.1 | 54.8 | |||||
Purchases and retirement of common stock | (34.3 | ) | — | ||||
Payment of dividends to stockholders | (23.8 | ) | (22.2 | ) | |||
Payment of minimum tax withholdings on stock compensation | (3.5 | ) | (4.0 | ) | |||
Investments by noncontrolling interests | — | 0.2 | |||||
Net cash provided by financing activities | 220.5 | 28.8 | |||||
Effects of exchange rate changes on cash and cash equivalents | (10.4 | ) | 17.2 | ||||
Decrease in cash and cash equivalents | (87.1 | ) | (111.9 | ) | |||
Cash and cash equivalents, beginning of period | 367.7 | 429.7 | |||||
Cash and cash equivalents, end of period | $ | 280.6 | $ | 317.8 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Cost of goods sold | $ | 1.1 | $ | 1.0 | $ | 1.9 | $ | 1.6 | |||||||
Selling, general and administrative expenses | 12.5 | 9.8 | 20.9 | 21.2 | |||||||||||
Total stock compensation expense | $ | 13.6 | $ | 10.8 | $ | 22.8 | $ | 22.8 |
2. | RESTRUCTURING EXPENSES |
June 30, 2018 | December 31, 2017 | ||||||
1.056% Senior term loan due 2020 | $ | 232.9 | $ | 239.8 | |||
Credit facility, expires 2020 | 799.9 | 471.2 | |||||
Senior term loan due 2021 | 116.4 | 119.9 | |||||
5⅞% Senior notes due 2021 | 115.9 | 305.3 | |||||
Senior term loans due between 2019 and 2026 | 436.6 | 449.7 | |||||
Other long-term debt | 46.8 | 61.0 | |||||
Debt issuance costs | (2.6 | ) | (4.0 | ) | |||
1,745.9 | 1,642.9 | ||||||
Less: Current portion of other long-term debt | (17.9 | ) | (24.8 | ) | |||
Total long-debt, less current portion | $ | 1,728.0 | $ | 1,618.1 |
June 30, 2018 | December 31, 2017 | ||||||
Finished goods | $ | 781.2 | $ | 684.1 | |||
Repair and replacement parts | 611.4 | 605.9 | |||||
Work in process | 264.1 | 178.7 | |||||
Raw materials | 475.2 | 404.2 | |||||
Inventories, net | $ | 2,131.9 | $ | 1,872.9 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Basic net income per share: | |||||||||||||||
Net income attributable to AGCO Corporation and subsidiaries | $ | 91.4 | $ | 91.5 | $ | 115.7 | $ | 81.4 | |||||||
Weighted average number of common shares outstanding | 79.3 | 79.5 | 79.4 | 79.5 | |||||||||||
Basic net income per share attributable to AGCO Corporation and subsidiaries | $ | 1.15 | $ | 1.15 | $ | 1.46 | $ | 1.02 | |||||||
Diluted net income per share: | |||||||||||||||
Net income attributable to AGCO Corporation and subsidiaries | $ | 91.4 | $ | 91.5 | $ | 115.7 | $ | 81.4 | |||||||
Weighted average number of common shares outstanding | 79.3 | 79.5 | 79.4 | 79.5 | |||||||||||
Dilutive stock-settled appreciation rights, performance share awards and restricted stock units | 0.9 | 0.6 | 0.9 | 0.6 | |||||||||||
Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share | 80.2 | 80.1 | 80.3 | 80.1 | |||||||||||
Diluted net income per share attributable to AGCO Corporation and subsidiaries | $ | 1.14 | $ | 1.14 | $ | 1.44 | $ | 1.02 |
Three Months Ended June 30, | North America | South America | Europe/ Middle East | Asia/ Pacific/Africa | Consolidated | |||||||||||||||
2018 | ||||||||||||||||||||
Net sales | $ | 600.5 | $ | 219.6 | $ | 1,545.2 | $ | 172.3 | $ | 2,537.6 | ||||||||||
Income (loss) from operations | 37.6 | (16.7 | ) | 208.5 | 4.6 | 234.0 | ||||||||||||||
2017 | ||||||||||||||||||||
Net sales | $ | 478.8 | $ | 251.9 | $ | 1,269.5 | $ | 165.0 | $ | 2,165.2 | ||||||||||
Income from operations | 23.6 | 2.8 | 170.3 | 5.7 | 202.4 | |||||||||||||||
Six Months Ended June 30, | North America | South America | Europe/ Middle East | Asia/ Pacific/Africa | Consolidated | |||||||||||||||
2018 | ||||||||||||||||||||
Net sales | $ | 1,103.4 | $ | 401.7 | $ | 2,708.9 | $ | 331.1 | $ | 4,545.1 | ||||||||||
Income (loss) from operations | 64.4 | (33.3 | ) | 307.5 | 9.3 | 347.9 | ||||||||||||||
2017 | ||||||||||||||||||||
Net sales | $ | 861.4 | $ | 474.1 | $ | 2,162.0 | $ | 295.3 | $ | 3,792.8 | ||||||||||
Income from operations | 26.6 | 5.2 | 233.8 | 7.8 | 273.4 | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Segment income from operations | $ | 234.0 | $ | 202.4 | $ | 347.9 | $ | 273.4 | |||||||
Corporate expenses | (32.5 | ) | (30.1 | ) | (65.9 | ) | (55.5 | ) | |||||||
Stock compensation expense | (12.5 | ) | (9.8 | ) | (20.9 | ) | (21.2 | ) | |||||||
Restructuring expenses | (2.7 | ) | (0.4 | ) | (8.6 | ) | (5.5 | ) | |||||||
Amortization of intangibles | (18.2 | ) | (13.8 | ) | (33.9 | ) | (27.2 | ) | |||||||
Consolidated income from operations | $ | 168.1 | $ | 148.3 | $ | 218.6 | $ | 164.0 |
Three Months Ended June 30, | |||||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||||
Income From Operations | Net Income(1) | Net Income Per Share(1) | Income From Operations | Net Income(1) | Net Income Per Share(1) | ||||||||||||||||||
As reported | $ | 168.1 | $ | 91.4 | $ | 1.14 | $ | 148.3 | $ | 91.5 | $ | 1.14 | |||||||||||
Restructuring expenses(2) | 2.7 | 2.0 | 0.02 | 0.4 | 0.3 | 0.01 | |||||||||||||||||
Extinguishment of debt (3) | — | 12.7 | 0.16 | — | — | — | |||||||||||||||||
As adjusted | $ | 170.8 | $ | 106.1 | $ | 1.32 | $ | 148.7 | $ | 91.8 | $ | 1.15 | |||||||||||
(1) | Net income and net income per share amounts are after tax. |
(2) | The restructuring expenses recorded during the three months ended June 30, 2018 and 2017 related primarily to severance costs associated with the Company’s rationalization of certain U.S., European and South American manufacturing operations and various administrative offices. |
(3) | The Company repurchased approximately $185.9 million of its outstanding 57/8% senior notes during the three months ended June 30, 2018. The repurchase resulted in a loss on extinguishment of debt of approximately $15.7 million, including associated fees, offset by approximately $3.0 million of accelerated amortization of the deferred gain related to a terminated interest rate swap instrument associated with the senior notes. |
Six Months Ended June 30, | |||||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||||
Income From Operations | Net Income(1) | Net Income Per Share(1) | Income From Operations | Net Income(1) | Net Income Per Share(1) | ||||||||||||||||||
As reported | $ | 218.6 | $ | 115.7 | $ | 1.44 | $ | 164.0 | $ | 81.4 | $ | 1.02 | |||||||||||
Restructuring expenses(2) | 8.6 | 6.2 | 0.08 | 5.5 | 4.1 | 0.05 | |||||||||||||||||
Extinguishment of debt(3) | — | 12.7 | 0.16 | — | — | — | |||||||||||||||||
Non-cash expense related to waived stock compensation(4) | — | — | — | 4.8 | 4.8 | 0.06 | |||||||||||||||||
As adjusted | $ | 227.2 | $ | 134.6 | $ | 1.68 | $ | 174.3 | $ | 90.3 | $ | 1.13 | |||||||||||
(1) | Net income and net income per share amounts are after tax. |
(2) | The restructuring expenses recorded during the six months ended June 30, 2018 and 2017 related primarily to severance costs associated with the Company’s rationalization of certain U.S., European and South American manufacturing operations and various administrative offices. |
(3) | The Company repurchased approximately $185.9 million of its outstanding 57/8% senior notes during the three months ended June 30, 2018. The repurchase resulted in a loss on extinguishment of debt of approximately $15.7 million, including associated fees, offset by approximately $3.0 million of accelerated amortization of the deferred gain related to a terminated interest rate swap instrument associated with the senior notes. |
(4) | The Company recorded approximately $4.8 million of accelerated stock compensation expense during the three months ended March 31, 2017 associated with a waived award declined by the Company’s CEO. |
Net Income Per Share(1) | |||
As targeted | $ | 3.46 | |
Restructuring expenses | 0.08 | ||
Extinguishment of debt | 0.16 | ||
As adjusted targeted(2) | $ | 3.70 |
(2) | The above reconciliation reflects adjustments to full year 2018 targeted net income per share based upon restructuring expenses and the other adjustments incurred during the six months ended June 30, 2018. Full year restructuring expenses could differ based on future restructuring activity. |
Three Months Ended June 30, | Change due to currency translation | Change due to acquisitions | ||||||||||||||||||||||
2018 | 2017 | % change from 2017 | $ | % | $ | % | ||||||||||||||||||
North America | $ | 600.5 | $ | 478.8 | 25.4 | % | $ | 3.4 | 0.7 | % | $ | 23.8 | 5.0 | % | ||||||||||
South America | 219.6 | 251.9 | (12.8 | )% | (35.6 | ) | (14.1 | )% | 5.4 | 2.1 | % | |||||||||||||
Europe/Middle East | 1,545.2 | 1,269.5 | 21.7 | % | 95.1 | 7.5 | % | 46.9 | 3.7 | % | ||||||||||||||
Asia/Pacific/Africa | 172.3 | 165.0 | 4.4 | % | 8.4 | 5.1 | % | 2.1 | 1.3 | % | ||||||||||||||
$ | 2,537.6 | $ | 2,165.2 | 17.2 | % | $ | 71.3 | 3.3 | % | $ | 78.2 | 3.6 | % | |||||||||||
Six Months Ended June 30, | Change due to currency translation | Change due to acquisitions | ||||||||||||||||||||||
2018 | 2017 | % change from 2017 | $ | % | $ | % | ||||||||||||||||||
North America | $ | 1,103.4 | $ | 861.4 | 28.1 | % | $ | 10.5 | 1.2 | % | $ | 92.3 | 10.7 | % | ||||||||||
South America | 401.7 | 474.1 | (15.3 | )% | (46.3 | ) | (9.8 | )% | 7.9 | 1.7 | % | |||||||||||||
Europe/Middle East | 2,708.9 | 2,162.0 | 25.3 | % | 238.7 | 11.0 | % | 80.9 | 3.7 | % | ||||||||||||||
Asia/Pacific/Africa | 331.1 | 295.3 | 12.1 | % | 20.7 | 7.0 | % | 6.5 | 2.2 | % | ||||||||||||||
$ | 4,545.1 | $ | 3,792.8 | 19.8 | % | $ | 223.6 | 5.9 | % | $ | 187.6 | 4.9 | % | |||||||||||
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end