EX-99.1 2 exhibit_99-1.htm EXHIBIT 99.1
Exhibit 99.1

InMode Reports Third Quarter 2024 Financial Results; Quarterly GAAP Revenue of $130.2
Million (which consists of $98.3 million of net sales in Q3 and $31.9 million of pre-orders from the
first half of 2024)

YOKNEAM, Israel, October 30, 2024 - InMode Ltd. (Nasdaq: INMD) (“InMode”), a leading global provider of innovative medical technologies, today announced its consolidated financial results for the third quarter ended September 30, 2024.
 
Third Quarter 2024 Highlights:


 ●
Quarterly GAAP revenue of $130.2 million (which consists of $98.3 million of net sales in Q3 and $31.9 million of pre-orders from the first half of 2024).

●
Quarterly revenues from consumables and service of $15.8 million, a decrease of 11% compared to the third quarter of 2023.

●
GAAP operation income of $48.2 million, *non-GAAP operation income of $52.2 million.

●
Total cash position of $684.9 million as of September 30, 2024, including cash and cash equivalents, marketable securities, and short-term bank deposits.

●
Full-year 2024 revenue guidance has been revised to be between $410 million and $420 million, compared to prior guidance of $430 million to $440 million.

U.S. GAAP Results
(U.S. dollars in thousands, except for per share data)
 
         Q3 2024
Q3 2023
Q1-Q3 2024
Q1-Q3 2023
Revenues
             $130,232
$123,112
296,965
365,267
Gross Margins
             82%
84%
81%
83%
Net Income
$50,990
$46,520
98,504
142,754
Earnings per Diluted Share
$0.65
$0.54
1.19
1.66
*Non-GAAP Results
(U.S. dollars in thousands, except for per share data)
 
         Q3 2024
Q3 2023
Q1-Q3 2024
Q1-Q3 2023
Gross Margins
82%
84%
81%
84%
Net Income
$54,971
$53,084
111,626
160,032
Earnings per Diluted Share
$0.70
$0.61
1.34
1.86

*Please refer to “Use of non-GAAP Financial Measures” below for important information about non-GAAP financial measures. A reconciliation between U.S. GAAP and non-GAAP Statement of Income is provided following the financial statements that are included in this release. Non-GAAP results exclude share-based compensation adjustments.
 
Management Comments
 
"The third quarter presented ongoing challenges for InMode,” said Moshe Mizrahy, Chief Executive Officer. “Macroeconomic conditions led to a decrease in demand for our consumables and new platform sales, while the launch of our latest platforms required extended adjustments to our production lines. Nevertheless, we believe our recent management changes will better align our operations with our strategic plan. We also take pride in our dedicated employees, whose hard work has allowed us to make faster-than-expected progress in fulfilling pre-orders.”
 
Third Quarter 2024 Financial Results

Total GAAP revenues for the third quarter of 2024 reached $130.2 million (including $31.9 million in revenue from first half of 2024 pre-orders), an increase of 5.8% compared to $123.1 million in the third quarter of 2023.

“Despite continued headwinds in the third quarter, we are pleased to have fulfilled our pre-orders ahead of schedule, allowing us to focus on execution once market demand recovers,” said Yair Malca, Chief Financial Officer.

GAAP and *non-GAAP gross margin for the third quarter of 2024 was 82% compared to a gross margin of 84% for the third quarter of 2023.

GAAP operating margin for the third quarter of 2024 was 37%, compared to an operating margin of 38% in the third quarter of 2023. *Non-GAAP operating margin for the third quarter of 2024 was 40% compared to 43% for the third quarter of 2023. This decrease was primarily attributable to higher sales and marketing expenses, primarily driven by our recent management changes costs, higher commissions, as well as additional investments in trade shows and workshop activities.
 
InMode reported GAAP net income of $51.0 million, or $0.65 per diluted share, in the third quarter of 2024, compared to $46.5 million, or $0.54 per diluted share, in the third quarter of 2023. On a *non-GAAP basis, InMode reported net income of $55.0 million, or $0.70 per diluted share, in the third quarter of 2024, compared to $53.1 million, or $0.61 per diluted share, in the third quarter of 2023.
 
2024 Financial Outlook
 
Management provided an outlook for the full year of 2024 ending December 31, 2024. Based on our current estimates, management expects:

 ●
Full Year 2024 revenue to be between $410 to $420 million compared to prior guidance of $430 million to $440 million
 
●
*Non-GAAP gross margin between 81% and 82% compared to prior guidance of 82% - 84%
 
●
*Non-GAAP income from operations to be between $140 million and $145 million compared to prior guidance of $150 million to $155 million
 
●
*Non-GAAP earnings per diluted share remains the same as in previous guidance at $1.92 to $1.96 after taking into consideration the estimated shares that will be repurchased as part of the share repurchase programs announced this year
 
This outlook is not a guarantee of future performance, and stockholders should not rely on such forward-looking statements. See “Forward-Looking Statements” for additional information.
 
*Please refer to “Use of non-GAAP Financial Measures” below for important information about non-GAAP financial measures. A reconciliation between U.S. GAAP and non-GAAP Statement of Income is provided following the financial statements that are included in this release. Non-GAAP results exclude share-based compensation adjustments.
 
The Current Situation in Israel
 
Regarding the current situation in Israel, management would like to assure investors that the Company is prioritizing the safety and well-being of its employees, and all its team are safe. However, an inability to promptly receive needed supplies and materials due to the ongoing and unpredictable nature of the conflict in Israel and the surrounding region may adversely impact our ability to commercialize and manufacture our product candidates and products in a timely manner. This could cause several delays and/or issues for our operations, which in turn would have a material adverse impact on our ability to commercialize our product candidates and our financial condition.

Use of Non-GAAP Financial Measures
 
In addition to InMode’s operating results presented in accordance with GAAP, this release contains certain non-GAAP financial measures including non-GAAP net income, non-GAAP earnings per diluted share, non-GAAP operating margin. Because these measures are used in InMode’s internal analysis of financial and operating performance, management believes they provide investors with greater transparency of its view of InMode’s economic performance. Management also believes the presentation of these measures, when analyzed in conjunction with InMode’s GAAP operating results, allows investors to more effectively evaluate and compare InMode’s performance to that of its peers, although InMode’s presentation of its non-GAAP measures may not be strictly comparable to the similarly titled measures of other companies. Schedules reconciling each of these non-GAAP financial measures are provided as a supplement to this release.
 
Conference Call Information
 
Mr. Moshe Mizrahy, Chief Executive Officer, Dr. Michael Kreindel, Co-Founder and Chief Technology Officer and Mr. Yair Malca, Chief Financial Officer, will host a conference call today, October 30, 2024, at 8:30 a.m. Eastern Time to discuss the third quarter 2024 financial results.
 
The Company encourages participants to pre-register for the conference call using the following link:  
https://dpregister.com/sreg/10193479/fdae439271.
Callers will receive a unique dial-in number upon registration, which enables immediate access to the call. Participants may pre-register at any time, including up to and after the call start time.
For callers who opt out of pre-registration, please dial one of the following teleconferencing numbers. Please begin by placing your call 10 minutes before the conference call commences. If you are unable to connect using the toll-free number, please try the international dial-in number.

U.S. Toll-Free Dial-in Number: 1-833-316-0562
Israel Toll- Free Dial-in Number: 1-80-921-2373
International Dial-in Number: 1-412-317-5736
Webcast URL: https://event.choruscall.com/mediaframe/webcast.html?webcastid=X3HVujVC

At:
8:30 a.m. Eastern Time
5:30 a.m. Pacific Time

The conference call will also be webcast live from a link on InMode's website at https://inmodemd.com/investors/events-presentations/. A replay of the conference call will be available from October 30, 2024, at 12 p.m. Eastern Time to November 13, 2024, at 11:59 p.m. Eastern Time. To access the replay, please dial one of the following numbers: 

Replay Dial-in U.S TOLL-FREE: 1-877-344-7529
Replay Dial-in Canada TOLL-FREE: 855-669-9658
Replay Dial-in TOLL/INTERNATIONAL: 1-412-317-0088
Replay Pin Number: 5305602

To access the replay using an international dial-in number, please select the link below:
https://services.choruscall.com/ccforms/replay.html

A replay of the conference call will also be available for 90 days on InMode's website at https://inmodemd.com/investors/.

About InMode
InMode is a leading global provider of innovative medical technologies. InMode develops, manufactures, and markets devices harnessing novel radio frequency (“RF”) technology. InMode strives to enable new emerging surgical procedures as well as improve existing treatments. InMode has leveraged its medically accepted minimally invasive RF technologies to offer a comprehensive line of products across several categories for plastic surgery, gynecology, dermatology, otolaryngology, and ophthalmology. For more information about InMode, please visit www.inmodemd.com.

Forward-Looking Statements

The information in this press release includes forward-looking statements within the meaning of the federal securities laws. These statements generally relate to future events or InMode's future financial or operating performance, including the 2024 revenue projection described above. Actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. In some cases, you can identify these statements because they contain words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "would" and similar expressions that concern our expectations, strategic plans or intentions. Forward-looking statements are based on management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Consequently, actual results could differ materially from those indicated in these forward-looking statements. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in InMode's Annual Report on Form 20-F filed with the Securities and Exchange Commission on February 13, 2024, and our future public filings. InMode undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which pertain only as of the date of this press release.
 
Company Contact:
Yair Malca
Chief Financial Officer
Phone: (949) 305-0108
Email: Yair.Malca@inmodemd.com
Investor Relations Contact:
Miri Segal
MS-IR LLC
Email: ir@inmodemd.com
 

INMODE LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(U.S. dollars in thousands, except for per share data)
(Unaudited)

   
Three months ended
September 30,
    
Nine months ended
September 30,
  
   
2024
    
2023
    
2024
    
2023
  
REVENUES
    
130,232
      
123,112
      
296,965
      
365,267
  
COST OF REVENUES
    
24,055
      
20,136
      
57,536
      
60,444
  
GROSS PROFIT
    
106,177
      
102,976
      
239,429
      
304,823
  
OPERATING EXPENSES:
                                
Research and development
    
3,254
      
3,268
      
10,470
      
9,937
  
Sales and marketing
    
51,863
      
50,819
      
136,713
      
143,591
  
General and administrative
    
2,799
      
2,479
      
7,579
      
6,879
  
TOTAL OPERATING EXPENSES
    
57,916
      
56,566
      
154,762
      
160,407
  
OPERATIONS INCOME
    
48,261
      
46,410
      
84,667
      
144,416
  
Finance income, net
    
9,918
      
4,953
      
26,592
      
12,687
  
INCOME BEFORE INCOME TAXES
    
58,179
      
51,363
      
111,259
      
157,103
  
INCOME TAXES
    
7,189
      
4,843
      
12,755
      
14,349
  
NET INCOME
    
50,990
      
46,520
      
98,504
      
142,754
  
                                 
EARNINGS PER SHARE:
                                
Basic
    
0.66
      
0.56
      
1.20
      
1.71
  
Diluted
    
0.65
      
0.54
      
1.19
      
1.66
  
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF EARNINGS PER SHARE (in thousands)
                                
Basic
    
77,022
      
83,703
      
81,795
      
83,423
  
Diluted
    
77,908
      
85,970
      
83,016
      
85,814
  

INMODE LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except for per share data)
(Unaudited)

   
September 30,
2024
    
December 31,
2023
  
Assets
            
CURRENT ASSETS:
            
Cash and cash equivalents
    
164,838
      
144,411
  
Marketable securities
    
281,458
      
373,647
  
Short-term bank deposits
    
238,592
      
223,547
  
Accounts receivable, net of allowance for credit losses
    
40,777
      
42,362
  
Prepaid expense and other receivables
    
24,447
      
16,268
  
Inventories
    
58,284
      
45,095
  
         TOTAL CURRENT ASSETS
    
808,396
      
845,330
  
    NON-CURRENT ASSETS:
                
Accounts receivable, net of allowance for credit losses
    
2,917
      
3,670
  
Deferred income tax asset
    
1,048
      
1,506
  
Operating lease right-of-use assets
    
8,636
      
9,698
  
Property and equipment, net
    
2,336
      
2,382
  
Other investments
    
700
      
700
  
TOTAL NON-CURRENT ASSETS
    
15,637
      
17,956
  
TOTAL ASSETS
    
824,033
      
863,286
  
Liabilities and shareholders’ equity
                
CURRENT LIABILITIES:
                
Accounts payable
    
14,313
      
13,966
  
Contract liabilities
    
17,230
      
10,923
  
Other liabilities
    
44,155
      
39,247
  
TOTAL CURRENT LIABILITIES
    
75,698
      
64,136
  
    NON-CURRENT LIABILITIES:
                
Contract liabilities
    
3,318
      
3,766
  
Other liabilities
    
2,808
      
1,399
  
Operating lease liabilities
    
5,317
      
6,613
  
TOTAL NON-CURRENT LIABILITIES
    
11,443
      
11,778
  
TOTAL LIABILITIES
    
87,141
      
75,914
  
                 
TOTAL SHAREHOLDERS’ EQUITY
    
736,892
      
787,372
  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
    
824,033
      
863,286
  

INMODE LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands, except for per share data)
(Unaudited)

   
Three months ended
September 30,
    
Nine months ended
September 30,
  
   
2024
    
2023
    
2024
    
2023
  
CASH FLOWS FROM OPERATING ACTIVITIES:
                        
Net income
    
50,990
      
46,520
      
98,504
      
142,754
  
Adjustments required to reconcile net income to net cash provided by operating activities:
                                
Depreciation and amortization
    
138
      
129
      
480
      
501
  
Share-based compensation expenses
    
3,981
      
6,564
      
13,122
      
17,278
  
Change in allowance for credit losses of trade receivable
    
130
      
426
      
414
      
665
  
Loss on marketable securities, net
    
29
      
-
      
170
      
-
  
Finance expenses (income), net
    
3,863
      
(527
)
    
(5,934
)
    
(3,236
)
Deferred income taxes
    
35
      
(216
)
    
(58
)
    
(154
)
Changes in operating assets and liabilities:
                                
Decrease (increase) in accounts receivable
    
(2,570
)
    
(10,753
)
    
1,924
      
(16,461
)
Increase in other receivables
    
(860
)
    
(1,347
)
    
(7,577
)
    
(5,367
)
Increase in inventories
    
(5,657
)
    
(1,421
)
    
(13,189
)
    
(92
)
Increase (decrease) in accounts payable
    
(1,235
)
    
(962
)
    
347
      
(3,909
)
Increase (decrease) in other liabilities
    
11,722
      
3,040
      
6,160
      
(12,792
)
Increase (decrease) in contract liabilities (current and non-current)
    
(26,517
)
    
(9
)
    
5,859
      
(3,630
)
Net cash provided by operating activities
    
34,049
      
41,444
      
100,222
      
115,557
  
CASH FLOWS FROM INVESTING ACTIVITIES:
                                
   Investment in short-term deposits
    
(78,390
)
    
(138,140
)
    
(164,687
)
    
(166,140
)
   Proceeds from short-term deposits
    
138,140
      
50,590
      
151,640
      
85,090
  
   Purchase of fixed assets
    
(77
)
    
(149
)
    
(435
)
    
(684
)
   Purchase of marketable securities
    
(90,820
)
    
(60,588
)
    
(276,513
)
    
(192,707
)
   Proceeds from sale of marketable securities
    
22,233
      
-
      
69,608
      
-
  
   Proceeds from maturity of marketable securities
    
122,969
      
78,465
      
304,777
      
190,070
  
Net cash provided by (used in) investing activities
    
114,055
      
(69,822
)
    
84,390
      
(84,371
)
CASH FLOWS FROM FINANCING ACTIVITIES:
                                
  Repurchase of ordinary shares
    
(76,556
)
    
-
      
(165,536
)
    
-
  
       Exercise of options
    
565
      
2,729
      
1,194
      
5,229
  
Net cash provided by (used in) financing activities
    
(75,991
)
    
2,729
      
(164,342
)
    
5,229
  
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
    
728
      
(473
)
    
157
      
(222
)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
    
72,841
      
(26,122
)
    
20,427
      
36,193
  
                                 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
    
91,997
      
159,855
      
144,411
      
97,540
  
CASH AND CASH EQUIVALENTS AT END OF PERIOD
    
164,838
      
133,733
      
164,838
      
133,733
  

Revision of prior period financial information

The Company revised certain items within the investing activities with no impact on the net cash used in investing activities. The items impacted were “Investment in short-term deposits” and “Proceeds from short-term deposits” which were decreased by $41,000 and $119,000 for the three months and nine months ended September 30,2023 respectively and “Purchase of marketable securities” and “Proceeds from maturity of marketable securities” which were decreased by $0, and $40,423 for the three months and nine months ended September 30, 2023.

These changes have no impact on our previously reported consolidated total cash flows from operating activities, financing activities and investing activities in the periods stated above as well as net income and net change in cash and cash equivalents.

The Company evaluated the materiality of the adjustments, individually and in the aggregate, considering both qualitative and quantitative factors, and concluded that it was immaterial to the Company’s prior periods' consolidated financial information. Since the revision was not material to any prior interim period or annual consolidated financial statements, no amendments to previously filed interim or annual periodic financial information was required. Consequently, the Company has revised the historical consolidated financial information presented herein for the impact of the above.

INMODE LTD.
CONDENSED CONSOLIDATED FINANCIAL HIGHLIGHTS
(U.S. dollars in thousands, except for per share data)
(Unaudited)

 
Three months ended September 30,
    
Nine months ended September 30,
  
   
2024
    
2023
    
2024
    
2023
  
Revenues by Category:
                                                
                                                 
Capital Equipment revenues - United States
    
85,734
      
66
%
    
67,969
      
55
%
    
151,392
      
51
%
    
191,548
      
53
%
Capital Equipment revenues - International
    
28,662
      
22
%
    
37,276
      
30
%
    
86,191
      
29
%
    
114,284
      
31
%
Total Capital Equipment revenues
    
114,396
      
88
%
    
105,245
      
85
%
    
237,583
      
80
%
    
305,832
      
84
%
Consumables and service revenues
    
15,836
      
12
%
    
17,867
      
15
%
    
59,382
      
20
%
    
59,435
      
16
%
Total Revenue
    
130,232
      
100
%
    
123,112
      
100
%
    
296,965
      
100
%
    
365,267
      
100
%

 
Three months ended September 30,
    
Nine months ended September 30,
  
   
2024
    
2023
    
2024
    
2023
  
   
%
    
%
    
%
    
%
  
   
United States
    
International
    
Total
    
United States
    
International
    
Total
    
United States
    
International
    
Total
    
United States
    
International
    
Total
  
Revenues by Technology:
                                                                        
Minimal-Invasive
    
95
      
77
      
90
      
85
      
80
      
83
      
90
      
82
      
88
      
87
      
76
      
83
  
Hands-Free
    
4
      
3
      
4
      
11
      
4
      
9
      
7
      
3
      
5
      
10
      
5
      
8
  
Non-Invasive
    
1
      
20
      
6
      
4
      
16
      
8
      
3
      
15
      
7
      
3
      
19
      
9
  
     
100
      
100
      
100
      
100
      
100
      
100
      
100
      
100
      
100
      
100
      
100
      
100
  

INMODE LTD.
RECONCILIATION OF GAAP CONDENSED CONSOLIDATED STATEMENTS OF
 INCOME TO NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(U.S. dollars in thousands, except for per share data)
(Unaudited)

 
Three months ended September 30, 2024
    
Three months ended September 30, 2023
  
   
GAAP
    
Share Based
Compensation
    
Non-GAAP
    
GAAP
    
Share Based
Compensation
    
Non-GAAP
  
REVENUES
    
130,232
      
-
      
130,232
      
123,112
      
-
      
123,112
  
COST OF REVENUES
    
24,055
      
(481
)
    
23,574
      
20,136
      
(572
)
    
19,564
  
GROSS PROFIT
    
106,177
      
481
      
106,658
      
102,976
      
572
      
103,548
  
OPERATING EXPENSES:
                                                
Research and development
    
3,254
      
(890
)
    
2,364
      
3,268
      
(729
)
    
2,539
  
Sales and marketing
    
51,863
      
(2,300
)
    
49,563
      
50,819
      
(4,787
)
    
46,032
  
General and administrative
    
2,799
      
(310
)
    
2,489
      
2,479
      
(476
)
    
2,003
  
TOTAL OPERATING
EXPENSES
    
57,916
      
(3,500
)
    
54,416
      
56,566
      
(5,992
)
    
50,574
  
OPERATIONS INCOME
    
48,261
      
3,981
      
52,242
      
46,410
      
6,564
      
52,974
  
Finance income, net
    
9,918
      
-
      
9,918
      
4,953
      
-
      
4,953
  
INCOME BEFORE INCOME TAXES
    
58,179
      
3,981
      
62,160
      
51,363
      
6,564
      
57,927
  
INCOME TAXES
    
7,189
      
-
      
7,189
      
4,843
      
-
      
4,843
  
NET INCOME
    
50,990
      
3,981
      
54,971
      
46,520
      
6,564
      
53,084
  
                                                 
EARNINGS PER SHARE:
                                                
Basic
    
0.66
              
0.71
      
0.56
              
0.63
  
Diluted
    
0.65
              
0.70
      
0.54
              
0.61
  
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF EARNINGS PER SHARE (in thousands)
                                                
Basic
    
77,022
              
77,022
      
83,703
              
83,703
  
Diluted
    
77,908
              
78,548
      
85,970
              
86,333
  

 
Nine months ended September 30, 2024
    
Nine months ended September 30, 2023
  
   
GAAP
    
Share Based
Compensation
    
Non-GAAP
    
GAAP
    
Share Based
Compensation
    
Non-GAAP
  
REVENUES
    
296,965
      
-
      
296,965
      
365,267
      
-
      
365,267
  
COST OF REVENUES
    
57,536
      
(1,361
)
    
56,175
      
60,444
      
(1,473
)
    
58,971
  
GROSS PROFIT
    
239,429
      
1,361
      
240,790
      
304,823
      
1,473
      
306,296
  
OPERATING EXPENSES:
                                                
Research and development
    
10,470
      
(1,877
)
    
8,593
      
9,937
      
(1,987
)
    
7,950
  
Sales and marketing
    
136,713
      
(9,007
)
    
127,706
      
143,591
      
(12,556
)
    
131,035
  
General and administrative
    
7,579
      
(877
)
    
6,702
      
6,879
      
(1,262
)
    
5,617
  
TOTAL OPERATING
EXPENSES
    
154,762
      
(11,761
)
    
143,001
      
160,407
      
(15,805
)
    
144,602
  
OPERATIONS INCOME
    
84,667
      
13,122
      
97,789
      
144,416
      
17,278
      
161,694
  
Finance income, net
    
26,592
      
-
      
26,592
      
12,687
      
-
      
12,687
  
INCOME BEFORE INCOME TAXES
    
111,259
      
13,122
      
124,381
      
157,103
      
17,278
      
174,381
  
INCOME TAXES
    
12,755
      
-
      
12,755
      
14,349
      
-
      
14,349
  
NET INCOME
    
98,504
      
13,122
      
111,626
      
142,754
      
17,278
      
160,032
  
                                                 
EARNINGS PER
SHARE:
                                                
Basic
    
1.20
              
1.36
      
1.71
              
1.92
  
Diluted
    
1.19
              
1.34
      
1.66
              
1.86
  
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF EARNINGS PER SHARE (in thousands)
                                                
Basic
    
81,795
              
81,795
      
83,423
              
83,423
  
Diluted
    
83,016
              
83,536
      
85,814
              
86,154