EX-99.1 2 q22021ex-991pressrelease.htm EX-99.1 EARNINGS RELEASE Document

Exhibit 99.1
uwmlogo.jpg
UWM Holdings Corporation Announces
Second Quarter 2021 Results
$138.7 million in 2Q21 Net Income; Record Quarterly Total Loan Volume of $59.2 billion and Purchase Volume of $24.1 billion in 2Q21
PONTIAC, MI, August 16, 2021 - UWM Holdings Corporation (NYSE: UWMC), the publicly traded indirect parent of United Wholesale Mortgage (“UWM”), the #1 wholesale mortgage lender in America, today announced its results for the second quarter ended June 30, 2021. UWMC reported 2Q21 net income of $138.7 million on $59.2 billion in total originations. The record loan origination volume for the quarter also included a quarterly record of $24.1 billion in purchase volume and net income for the second quarter was inclusive of a $219.1 million decline in fair value of mortgage servicing rights (MSRs).
Mat Ishbia, Chairman and CEO of UWMC, said: "We demonstrated the strength of our business by delivering our best quarter of all-time in terms of overall production and purchase production. As we have said previously, UWM is built to succeed not only when there is a refi boom and margins are at record highs, but also when margins are compressed and purchase business drives the volume. Consumers are increasingly coming to realize that working with a broker is the cheapest, fastest and easiest way to get a mortgage, and as long as the wholesale channel flourishes, so will UWM as the undisputed leader and champion of the channel."
Second Quarter 2021 Financial Highlights
 
•Originations of $59.2 billion, a 90% increase from $31.1 billion in 2Q20
•Purchase originations of $24.1 billion, a 288% increase compared to $6.2 billion in 2Q20
•Total gain margin of 81 bps in 2Q21 compared to 243 bps in 2Q20
•Second quarter 2021 net income of $138.7 million inclusive of a $219.1 million decline in fair value of MSRs as compared to $539.5 million for 2Q20 inclusive of $70.0 million of expenses related to amortization, impairment, and pay-offs of MSRs.
•Total equity of $2.69 billion at June 30, 2021 as compared to $1.47 billion at June 30, 2020
•Unpaid principal balance of mortgage servicing rights increased to $260.5 billion at June 30, 2021 from $109.4 billion at June 30, 2020
•Commenced stock buyback and repurchased 790,599 shares of Class A Common Stock for $6.1 million through June 30, 2021
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Production and Income Statement Highlights (dollars in thousands)
Q2 2021Q1 2021Q2 2020
Closed loan volume(1)
$59,210,747 $49,094,240 $31,137,561 
Total gain margin(1)(2)
0.81 %2.19 %2.43 %
Net income$138,712 $860,005 $539,487 
Adjusted net income(3)
106,841 665,318 411,769 
Adjusted EBITDA(3)
209,651 711,418 531,988 
 
(1)Key operational metric - see discussion below.
(2)Represents total loan production income divided by total production.
(3)Non-GAAP metric - see discussion below.
Balance Sheet Highlights as of Period-end (dollars in thousands)
Q2 2021Q1 2021Q2 2020
Cash and cash equivalents$1,048,177 $1,592,663 $570,439 
Mortgage loans at fair value12,404,112 5,503,271 5,793,106 
Mortgage servicing rights (fair value at Q2 2021 and Q1 2021; amortized cost in Q2 2020)(1)
2,662,556 2,300,434 924,260 
Total assets16,844,098 10,372,626 7,773,873 
Non-funding debt (2)
1,548,088 1,270,167 362,251 
Total equity2,686,986 2,778,036 1,468,151 
Non-funding debt to equity (2)
0.58 0.46 0.25 
 
(1)The Company elected the fair value method of accounting for mortgage servicing rights effective January 1, 2021.
(2)Non-GAAP metric - please see discussion below.
Mortgage Servicing Rights (dollars in thousands)
Q2 2021Q1 2021Q2 2020
Unpaid principal balance$260,514,602 $220,978,670 $109,355,531 
Weighted average interest rate2.97 %3.00 %3.63 %
Weighted average age (months)7 7 5 
Operational and Community Highlights
•We maintained an average application to clear to close time (“Days to Close”) of approximately 18 days in 2Q21 while management estimates that the industry average remains at an average of 47 days during second quarter 2021, as released in the June ICE Mortgage Technology Origination Insight Report
•Our 1.19% 60+ days delinquency and our 1.06% forbearance rates, as of June 30, 2021, are significantly better than the industry averages of 4.37% and 3.76%, respectively, highlighting our strong credit quality
•We launched FutureU, an internship program for children that are aging out of the foster care system, aimed at providing a career launching pad at UWM
Technology Update
 
•In Q2 we launched a proprietary document management software platform that enables end-to-end document management, making our process more efficient. We expect estimated annual costs savings of approximately $8M.









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 Product and Investor Mix - Unpaid Principal Balance as of Period-end (dollars in thousands)
Purchase:Q2 2021Q1 2021Q2 2020
Conventional$17,439,162 $10,310,924 $4,628,755 
Jumbo3,151,864 13,264 61,383 
Government3,471,430 1,893,354 1,515,975 
Total Purchase$24,062,456 $12,217,542 $6,206,113 
Refinance:Q2 2021Q1 2021Q2 2020
Conventional$30,143,310 $33,623,348 $22,852,618 
Jumbo2,737,040 5,446 127,706 
Government2,267,940 3,247,904 1,951,124 
Total Refinance$35,148,290 $36,876,698 $24,931,448 
Total Originations$59,210,746 $49,094,240 $31,137,561 

Chairman and CEO of UWMC, Mat Ishbia, added: “In Q2 we began seeing the return from the foundation we built, particularly in the rapid growth of our purchase production, and also evidenced by the renewed focus on Jumbo, Manufactured Homes, and FHA”
Third Quarter 2021 Outlook
We anticipate third quarter production to be in the $57-$62 billion range, with expected gain margin between 75 and 100 bps.
Dividend
Subsequent to June 30, 2021, the UWMC Board of Directors declared a cash dividend of $0.10 per share on the outstanding shares of Class A common stock. The dividend is payable on October 6, 2021 (the “Dividend Payment Date”) to stockholders of record at the close of business on September 10, 2021. On or before the Dividend Payment Date, the Board, in its capacity as the Manager of UWM Holdings LLC ("Holdings LLC") and pursuant to its authority under the Holdings LLC Amended and Restated Operating Agreement, will determine whether to (a) make distributions from Holdings LLC to only UWM Holdings Corporation, as the owner of the Class A Units of Holdings LLC with the proportional amount due to SFS Holding Corp. ("SFS Corp.") as the owner of the Class B Units of Holdings LLC, being distributed upon the sooner to occur of (i) the Board making a determination to do so or (ii) the date on which Class B Units of Holdings LLC are converted into shares of Class B common stock of UWMC or (b) make proportional and simultaneous distributions from Holdings LLC to both UWM Holdings Corporation, as the owner of the Class A Units of Holdings LLC and to SFS Corp. as the owner of the Class B Units of Holdings LLC.
Recent Developments

Subsequent to June 30, 2021, the Company repurchased an additional 1.5 million shares of Class A common stock for approximately $11.5 million pursuant to the share repurchase plan authorized by the Company's Board of Directors.

Earnings Conference Call Details
As previously announced, UWMC will hold a conference call for financial analysts and investors on Monday, August 16 at 4:30 PM ET to review the results and answer questions. Interested parties may register for a toll-free dial-in number by visiting:
 
• http://www.directeventreg.com/registration/event/6547218
•Conference ID: 6547218
•Conference Call Name: UWM Holdings Corporation 2Q 2021 Earnings Call
Please dial in at least 15 minutes in advance to ensure a timely connection to the call. Audio webcast, taped replay and transcript will be available on the UWMC investor relations website at https://investors.uwm.com/.
Key Operational Metrics
“Closed loan volume” and “Total gain margin” are key operational metrics that UWMC management uses to evaluate the performance of the business. “Closed loan volume” is the aggregate principal of the residential mortgage loans originated by UWMC during a period. “Total gain margin” represents total loan production income divided by total production.

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Non-GAAP Metrics
UWMC's net income for periods prior to the first quarter of 2021 does not reflect a significant income tax provision, since UWM (UWMC's accounting predecessor) is a pass-through entity not subject to federal and most state income taxes. For periods commencing with the first quarter of 2021, UWMC's net income does not reflect the income tax provision that would otherwise be reflected if 100% of the economic interest in UWM was owned by UWMC. Therefore, for comparison purposes, UWMC provides “Adjusted net income”, which is our pre-tax income adjusted for a 23.78% estimated effective tax rate. “Adjusted net income” is a Non-GAAP Metric.

We also disclose Adjusted EBITDA, which we define as earnings before interest expense on non-funding debt, provision for income taxes, depreciation and amortization of premises and equipment, stock-based compensation expense, the change in fair value of MSRs due to valuation inputs or assumptions (for periods subsequent to the election of the fair value method accounting for MSRs), and the impairment or recovery of MSRs (for periods prior to the election of the fair value method of accounting for MSRs), the impact of non-cash deferred compensation expense, and the change in fair value of Public and Private Warrants. We exclude the change in fair value of Public and Private Warrants and the change in fair value of MSRs due to valuation inputs or assumptions, or impairment or recovery of MSRs prior to the election of the fair value method of accounting for MSRs, as these represent non-cash, non-realized adjustments to our earnings, which is not indicative of our performance or results of operations. Adjusted EBITDA includes interest expense on funding facilities, which are recorded as a component of interest expense, as these expenses are a direct operating expense driven by loan origination volume. By contrast, interest expense on non-funding debt is a function of our capital structure and is therefore excluded from Adjusted EBITDA.

In addition, we disclose “Non-funding debt” and the “Non-funding debt to equity ratio” as a Non-GAAP metric. We define “Non-funding debt” as the total of UWMC's senior notes, operating lines of credit, equipment note payable, and finance leases as reported on our balance sheet, and the “Non-funding debt to equity ratio” as Non-funding debt divided by UWMC’s total equity.

Management believes that these Non-GAAP metrics provide useful information to investors. These measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for any other operating performance measure calculated in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies.




























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The following table presents these non-GAAP financial measures along with their most directly comparable financial measure calculated in accordance with GAAP (dollars in thousands):
Adjusted net incomeQ2 2021Q1 2021Q2 2020
Earnings before income taxes$140,174 $872,891 $540,237 
Impact of estimated effective tax rate of 23.78%
(33,333)(207,573)(128,468)
Adjusted net income$106,841 $665,318 $411,769 
Adjusted EBITDAQ2 2021Q1 2021Q2 2020
Net income$138,712 $860,005 $539,487 
Interest expense on non-funding debt22,292 16,343 5,472 
Provision for income taxes1,462 12,886 750 
Depreciation and amortization8,353 7,289 2,676 
Stock-based compensation expense2,327 — — 
Change in fair value of MSRs due to valuation inputs or assumptions 38,035 (197,802)— 
(Recovery)/Impairment of MSRs— — (25,697)
Deferred compensation, net— 30,000 9,300 
Change in fair value of Public and Private Warrants(1,530)(17,303)— 
Adjusted EBITDA$209,651 $711,418 $531,988 
Non-funding debt and non-funding debt to equityQ2 2021Q1 2021Q2 2020
Senior notes$1,483,587 $789,870 $— 
Operating lines of credit— 400,000 335,000 
Equipment note payable2,583 25,424 27,251 
Finance lease liability61,918 54,873 — 
Total non-funding debt
$1,548,088 $1,270,167 $362,251 
Total equity$2,686,986 $2,778,036 $1,468,151 
Non-funding debt to equity
0.58 0.46 0.25 
Forward Looking Statements
This press release and our earnings call include forward-looking statements. These forward-looking statements are generally identified by the use of words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” and similar words indicating that these reflect our views with respect to future events. Forward-looking statements in this press release include statements regarding: (1) our foundation and strategies for growth and the drivers of that growth; (2) our “All-In” initiative and its impact on our business and industry; (3) our performance in shifting market conditions and the comparison of such performance against our competitors; (4) growth of the wholesale channel and the benefits to our business of such growth; (5) our investments in technology and the impact to our operations and financial results; (6) our purchase production and product mix; and (7) our anticipated ranges for production volume and margin in the third quarter of 2021. These statements are based on management’s current expectations, but are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results materially differ from those stated or implied in the forward-looking statements, including (i) UWM’s dependence on macroeconomic and U.S. residential real estate market conditions, including changes in U.S. monetary policies that affect interest rates; (ii) UWM’s reliance on its warehouse facilities and the risk of a decrease in the value of the collateral underlying certain of its facilities causing an unanticipated margin call; (iii) UWM’s ability to sell loans in the secondary market; (iv) UWM’s dependence on the government sponsored entities such as Fannie Mae and Freddie Mac; (v) changes in the GSEs’, FHA, USDA and VA guidelines or GSE and Ginnie Mae guarantees; (vi) UWM’s dependence on Independent Mortgage Advisors to originate mortgage loans; (vii) the risk that an increase in the value of the MBS UWM sells in forward markets to hedge its pipeline may result in an unanticipated margin call; (viii) UWM’s inability to continue to grow, or to effectively manage the growth of, its loan origination volume; (ix) UWM’s ability to continue to attract and retain its Independent Mortgage Advisor relationships; (x) UWM’s ability to implement technological innovation; (xi) UWM’s ability to continue to comply with the complex state and federal laws regulations or practices applicable to mortgage loan origination and servicing in general; and (xii) other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission including those under “Risk Factors” therein. With respect to expectations regarding the share repurchase program, the amount and timing of share repurchases will depend upon, among other things, market conditions, share price, liquidity targets, regulatory requirements. We wish to caution readers that certain important factors may have affected and could in the future affect our results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of us. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.
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About UWM Holdings Corporation and United Wholesale Mortgage
Headquartered in Pontiac, Michigan, UWM Holdings Corporation is the publicly traded indirect parent of United Wholesale Mortgage (“UWM”). UWM is the #1 wholesale lender in the nation six years in a row, providing state-of-the-art technology and unrivaled client service. UWM underwrites and provides closing documentation for residential mortgage loans originated by independent mortgage brokers, correspondents, small banks and local credit unions. UWM focuses on providing highly efficient, accurate and expeditious lending support. UWM’s exceptional teamwork and focus on technology result in the delivery of innovative mortgage solutions that drive the company’s ongoing growth in market share and its leadership position as the foremost advocate for independent mortgage brokers. For more information, visit www.uwm.com.
For inquiries regarding UWM, please contact:
INVESTOR CONTACTMEDIA CONTACT
MATT ROSLINNICOLE YELLAND
InvestorRelations@uwm.comMedia@uwm.com
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UWM HOLDINGS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except shares and per share amounts)
June 30,
2021		December 31,
2020
Assets(Unaudited)
Cash and cash equivalents$1,048,177 $1,223,837 
Mortgage loans at fair value12,404,112 7,916,515 
Derivative assets75,438 61,072 
Accounts receivable, net317,458 253,600 
Mortgage servicing rights2,662,556 1,756,864 
Premises and equipment, net130,864 107,572 
Operating lease right-of-use asset, net
(includes $86,748 and $92,571 with related parties)
87,130 93,098 
Finance lease right-of-use asset
(includes $29,385 and $0 with related parties)		61,356 22,929 
Other assets57,007 57,989 
Total assets$16,844,098 $11,493,476 
Liabilities and Equity
Warehouse lines of credit$11,249,213 $6,941,397 
Accounts payable and accrued expenses1,018,536 847,745 
Accrued distributions and dividends payable160,444 — 
Derivative liabilities82,551 66,237 
Equipment note payable2,583 26,528 
Operating lines of credit— 320,300 
Senior notes1,483,587 789,323 
Operating lease liability
(includes $97,898 and $104,006 with related parties)
98,280 104,534 
Finance lease liability
(includes $29,576 and $0 with related parties)		61,918 23,132 
Total liabilities14,157,112 9,119,196 
Equity:
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of June 30, 2021
— — 
Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 102,318,776 shares issued and outstanding as of June 30, 2021
10 — 
Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of June 30, 2021
— — 
Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of June 30, 2021
— — 
Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of June 30, 2021
150 — 
Additional paid-in capital187 24,839 
Retained earnings109,397 2,349,441 
Non-controlling interest2,577,242 — 
Total equity2,686,986 2,374,280 
Total liabilities and equity$16,844,098 $11,493,476 







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UWM HOLDINGS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except shares and per share amounts)
(Unaudited)

For the three months ended
For the six months ended
June 30,
2021		March 31,
2021		June 30,
2020		June 30,
2021		June 30,
2020
Revenue
Loan production income$479,274 $1,074,665 $755,967 $1,553,939 $1,160,181 
Loan servicing income145,278 123,789 62,056 269,067 112,153 
Change in fair value of mortgage servicing rights(219,104)(59,259)— (278,363)— 
Gain (loss) on sale of mortgage servicing rights10 4,763 (15,275)4,773 (65,497)
Interest income79,194 45,912 27,900 125,106 79,267 
Total revenue, net484,652 1,189,870 830,648 1,674,522 1,286,104 
Expenses
Salaries, commissions and benefits172,951 213,061 134,749 386,012 256,533 
Direct loan production costs15,518 13,162 10,625 28,680 23,179 
Marketing, travel, and entertainment11,330 10,495 2,820 21,825 10,254 
Depreciation and amortization8,353 7,289 2,676 15,642 5,321 
Servicing costs23,067 20,508 12,644 43,575 25,966 
Amortization, impairment and pay-offs of mortgage servicing rights— — 70,046 — 288,800 
General and administrative42,116 16,778 26,826 58,894 42,402 
Interest expense72,673 52,990 30,025 125,663 73,063 
Other (income)/expense(1,530)(17,304)— (18,834)— 
Total expenses344,478 316,979 290,411 661,457 725,518 
Earnings before income taxes140,174 872,891 540,237 1,013,065 560,586 
Provision for income taxes1,462 12,886 750 14,348 750 
Net income138,712 860,005 539,487 998,717 559,836 
Net income attributable to non-controlling interest130,448 812,020 N/A$942,468 N/A
Net income attributable to UWMC$8,264 $47,985 N/A$56,249 N/A
Earnings per share of Class A common stock:
Basic$0.08 $0.47 N/A$0.55 N/A
Diluted$0.07 $0.33 N/A$0.39 N/A
Weighted average shares outstanding:
Basic102,760,823 103,104,205 N/A102,908,906 N/A
Diluted1,605,067,478 1,605,173,992 N/A1,605,215,562 N/A

















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Addendum to Exhibit 99.1

This addendum includes the Company's Condensed Consolidated Balance Sheets as of June 30, 2021 and the preceding four quarters and Statements of Operations for the quarter ended June 30, 2021 and the preceding four quarters, for purposes of providing historical quarterly trending information to investors.

CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except shares and per share amounts)

June 30,
2021		March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020
Assets(Unaudited)(Unaudited)(Unaudited)(Unaudited)
Cash and cash equivalents$1,048,177 $1,592,663 $1,223,837 $755,795 $570,439 
Mortgage loans at fair value12,404,112 5,503,271 7,916,515 5,215,196 5,793,106 
Derivative assets75,438 113,168 61,072 51,053 56,938 
Accounts receivable, net317,458 549,381 253,600 246,862 217,325 
Mortgage servicing rights2,662,556 2,300,434 1,756,864 1,411,272 924,260 
Premises and equipment, net130,864 111,964 107,572 51,548 81,522 
Operating lease right-of-use asset, net
87,130 87,896 93,098 109,680 111,753 
Finance lease right-of-use asset61,356 54,456 22,929 — — 
Other assets57,007 59,393 57,989 66,397 18,530 
Total assets$16,844,098 $10,372,626 $11,493,476 $7,907,803 $7,773,873 
Liabilities and Equity
Warehouse lines of credit$11,249,213 $4,823,740 $6,941,397 $4,913,206 $5,408,390 
Accrued distributions and dividends payable1,018,536 1,185,499 847,745 462,074 360,972 
Accrued dividends payable160,444 160,517 — — — 
Derivative liabilities82,551 55,479 66,237 41,498 50,654 
Equipment note payable2,583 25,424 26,528 25,925 27,251 
Operating lines of credit— 400,000 320,300 320,300 335,000 
Senior notes1,483,587 789,870 789,323 — — 
Operating lease liability
98,280 99,188 104,534 122,439 123,455 
Finance lease liability61,918 54,873 23,132 — — 
Total liabilities14,157,112 7,594,590 9,119,196 5,885,442 6,305,722 
Equity:
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of June 30, 2021— — — — — 
Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 102,318,776 shares issued and outstanding as of June 30, 202110 10 — — — 
Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of June 30, 2021— — — — — 
Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of June 30, 2021— — — — — 
Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of June 30, 2021150 150 — — — 
Additional paid-in capital187 — 24,839 24,839 — 
Retained earnings109,397 113,078 2,349,441 1,997,522 1,468,151 
Non-controlling interest2,577,242 2,664,798 — — — 
Total equity2,686,986 2,778,036 2,374,280 2,022,361 1,468,151 
Total liabilities and equity$16,844,098 $10,372,626 $11,493,476 $7,907,803 $7,773,873 






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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except shares and per share amounts)
(Unaudited)

For the three months ended
June 30,
2021		March 31,
2021		December 31, 2020September 30, 2020June 30,
2020
Revenue
Loan production income$479,274 $1,074,665 $1,667,252 $1,723,981 $755,967 
Loan servicing income145,278 123,789 105,648 70,503 62,056 
Change in fair value of mortgage servicing rights(219,104)(59,259)— — — 
Gain (loss) on sale of mortgage servicing rights10 4,763 3,538 (324)(15,275)
Interest income79,194 45,912 41,852 40,041 27,900 
Total revenue, net484,652 1,189,870 1,818,290 1,834,201 830,648 
Expenses
Salaries, commissions and benefits172,951 213,061 89,437 206,174 134,749 
Direct loan production costs15,518 13,162 14,595 16,685 10,625 
Marketing, travel, and entertainment11,330 10,495 6,452 3,572 2,820 
Depreciation and amortization8,353 7,289 8,749 2,749 2,676 
Servicing costs23,067 20,508 29,549 15,320 12,644 
Amortization, impairment and pay-offs of mortgage servicing rights— — 215,390 68,928 70,046 
General and administrative42,260 16,778 28,024 28,520 26,826 
Interest expense72,673 52,990 53,353 40,620 30,025 
Other (income) expense(1,530)(17,304)— — — 
Total expenses344,478 316,979 445,549 382,568 290,411 
Earnings before income taxes140,174 872,891 1,372,741 1,451,633 540,237 
Provision for income taxes1,462 12,886 950 750 750 
Net income138,712 860,005 1,371,791 1,450,883 539,487 
Net income attributable to non-controlling interest130,448 812,020 N/AN/AN/A
Net income attributable to UWMC$8,264 47,985 N/AN/AN/A
Earning per share of Class A common stock:
Basic$0.08 $0.47 N/AN/AN/A
Diluted$0.07 $0.33 N/AN/AN/A
Weighted average shares outstanding:
Basic102,760,823 103,104,205 N/AN/AN/A
Diluted1,605,067,478 1,605,173,992 N/AN/AN/A
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