SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2023
 

INMODE LTD.
 


(Exact name of registrant as specified in its charter)
 
Tavor Building, Sha’ar Yokneam
 
P.O. Box 533
 
Yokneam 2069206 Israel
 
(Address of Principal Executive Offices)
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ⌧          Form 40-F ☐
 
Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes ☐          No ⌧


On July 27, 2023, InMode Ltd. announced its second quarter 2023 financial results. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Exhibit No.
 
Description of Exhibit
 
 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
InMode Ltd.
 
 
 
By: /s/ Moshe Mizrahy
 
Moshe Mizrahy
 
Chief Executive Officer and Chairman of The Board of Directors
 
July 27, 2023



Exhibit 99.1



InMode Reports Second Quarter 2023 Financial Results; Record Quarterly Revenue of $136.1M
Represents 20% Year-Over-Year Growth

YOKNEAM, Israel, July 27, 2023- InMode Ltd. (Nasdaq: INMD) (“InMode”), a leading global provider of innovative medical technologies, today announced its consolidated financial results for the second quarter ended June 30, 2023.
 
Second Quarter 2023 Highlights:

Record quarterly revenue of $136.1 million, an increase of 20% compared to the second quarter of 2022. InMode’s proprietary surgical technology platforms engaged in minimally invasive and subdermal ablative treatments represented 81% of quarterly revenues, while 9% came from InMode’s hands-free platforms and 10% from InMode’s traditional laser and non-invasive RF platforms.
   
Record GAAP net income of $55.7 million, compared to $44.0 million in the second quarter of 2022; *non-GAAP net income of $62.2 million, compared to $50.4 million in the second quarter of 2022.
   
Record GAAP diluted earnings per share of $0.65, compared to $0.52 in the second quarter of 2022; *non-GAAP diluted earnings per share of $0.72, compared to $0.59 in the second quarter of 2022.
   
Record quarterly revenues from consumables and service of $21.6 million, an increase of 44% compared to the second quarter of 2022.
   
Total cash position of $629.4 million as of June 30, 2023, including cash and cash equivalents, marketable securities, and short-term bank deposits.

U.S. GAAP Results
(U.S. dollars in thousands, except for per share data)
 
Q2 2023
Q2 2022
Revenues
$136,081
$113,547
Gross Margins
84%
83%
Net Income
$55,729
$44,048
Earnings per Diluted Share
$0.65
$0.52
*Non-GAAP Results
(U.S. dollars in thousands, except for per share data)
 
Q2 2023
Q2 2022
Gross Margins
84%
84%
Net Income
$62,234
$50,401
Earnings per Diluted Share
$0.72
$0.59

*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
 
“We are pleased to report a record quarter with revenue of $136.1 million, as sales from our platforms and disposables were the strongest they’ve ever been,” said Moshe Mizrahy, Chairman and Chief Executive Officer. “Our commitment to innovation supports our growth and leads to a solid brand recognition within the aesthetics industry.”

Shakil Lakhani, President of InMode North America, commented, “Once again, we saw an increase in consumable and platform sales in the second quarter. Revenue from consumables and service for the second quarter grew nearly 44% year-over-year and reached a record level.”


“InMode’s Envision platform, which offers a full periorbital treatment, continued to perform well in Q2, as we gained market traction stemming from the soft launch in Canada last year,” said Dr. Spero Theodorou, Chief Medical Officer.

Second Quarter 2023 Financial Results
 
Total revenues for the second quarter of 2023 reached $136.1 million, an increase of 20% compared to the second quarter of 2022.

“We are happy to deliver another strong quarter, with record revenue and EPS in Q2,” said Yair Malca, Chief Financial Officer. “Our significant international sales growth reached a record level of $49.5 million, and along with the expanded use of InMode’s platforms, we were able to increase our full-year guidance.”

GAAP gross margin for the second quarter of 2023 was 84% compared to a gross margin of 83% 2022. *Non-GAAP gross margin for the second quarter of 2023 and 2022 was 84%.

GAAP operating margin for the second quarter of 2023 was 42%, compared to an operating margin of 43% in the second quarter of 2022. *Non-GAAP operating margin for the second quarter of 2023 was 47% compared to 49% for the second quarter of 2022. This slight decrease was primarily attributable to higher sales and marketing expenses, mainly because of the addition of new sales representatives, higher travel expenses, as well as investment in direct-to-consumer advertising campaigns and hosting in-person events to support the company's growth projections.
 
InMode reported GAAP net income of $55.7 million, or $0.65 per diluted share, in the second quarter of 2023, compared to $44.0 million, or $0.52 per diluted share, in the second quarter of 2022. On a *non-GAAP basis, InMode reported net income of $62.2 million, or $0.72 per diluted share, in the second quarter of 2023, compared to $50.4 million, or $0.59 per diluted share, in the second quarter of 2022.
 
2023 Financial Outlook
 
Management provided an outlook for the full year of 2023 ending December 31, 2023. Based on current estimates, management expects:
 
Revenue between $530 million and $540 million
 
*Non-GAAP gross margin between 83% and 85%
 
*Non-GAAP income from operations between $238 million and $243 million
 
*Non-GAAP earnings per diluted share between $2.62 and $2.66
 
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.
 
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, and 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, Chairman and Chief Executive Officer, Dr. Michael Kreindel, Co-Founder and Chief Technology Officer, Mr. Yair Malca, Chief Financial Officer, Mr. Shakil Lakhani, President of North America, and Dr. Spero Theodorou, Chief Medical Officer, will host a conference call today, July 27, 2023, at 8:30 a.m. Eastern Time to discuss the second quarter 2023 financial results.
 
The Company encourages participants to pre-register for the conference call using the following link:  
https://dpregister.com/sreg/10180180/f9c680d37c.
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=hAHIxqyf
At:
8:30 a.m. Eastern Time
5:30 a.m. Pacific Time
3:30 p.m. Israel 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 July 27, 2023, at 12 p.m. Eastern Time to Aug 10, 2023, 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: 3384563

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 future performance described above under the heading titled “2023 Financial Outlook.” 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, including with respect to the impact of the COVID-19 global outbreak. 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 14, 2023, as well as risk factors relating to the COVID-19 global outbreak 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
Phone: (917) 607-8654
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
June 30,
   
Six months ended
June 30,
 
   
2023
   
2022
   
2023
   
2022
 
REVENUES
   
136,081
     
113,547
     
242,155
     
199,468
 
COST OF REVENUES
   
22,054
     
18,946
     
40,308
     
33,718
 
GROSS PROFIT
   
114,027
     
94,601
     
201,847
     
165,750
 
OPERATING EXPENSES:
                               
Research and development
   
3,567
     
3,183
     
6,669
     
5,998
 
Sales and marketing
   
51,059
     
39,653
     
92,772
     
70,502
 
General and administrative
   
2,392
     
2,562
     
4,400
     
5,039
 
TOTAL OPERATING EXPENSES
   
57,018
     
45,398
     
103,841
     
81,539
 
INCOME FROM OPERATIONS
   
57,009
     
49,203
     
98,006
     
84,211
 
Finance income (expense), net
   
4,445
     
(918
)
   
7,734
     
(539
)
INCOME BEFORE TAXES
   
61,454
     
48,285
     
105,740
     
83,672
 
INCOME TAXES
   
5,725
     
4,237
     
9,506
     
8,649
 
NET INCOME
   
55,729
     
44,048
     
96,234
     
75,023
 
                                 
NET INCOME PER SHARE:
                               
Basic
   
0.67
     
0.54
     
1.16
     
0.91
 
Diluted
   
0.65
     
0.52
     
1.12
     
0.88
 
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (in thousands)
                               
Basic
   
83,405
     
82,216
     
83,280
     
82,590
 
Diluted
   
85,650
     
84,663
     
85,579
     
85,236
 


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

   
June 30,
2023
   
December 31,
2022
 
Assets
           
CURRENT ASSETS:
           
Cash and cash equivalents
   
159,855
     
97,540
 
Marketable securities
   
400,464
     
374,589
 
Short-term bank deposits
   
69,094
     
75,254
 
Accounts receivable, net of allowance for doubtful accounts
   
32,568
     
26,997
 
Other receivables
   
18,656
     
15,094
 
Inventories
   
38,568
     
39,897
 
TOTAL CURRENT ASSETS
   
719,205
     
629,371
 
NON-CURRENT ASSETS:
               
Accounts receivable, net of allowance for doubtful accounts
   
3,871
     
3,973
 
Deferred income tax asset, net
   
2,350
     
3,094
 
Operating lease right-of-use assets
   
5,595
     
5,073
 
Property and equipment, net
   
2,463
     
2,298
 
Other investments
   
600
     
600
 
TOTAL NON-CURRENT ASSETS
   
14,879
     
15,038
 
TOTAL ASSETS
   
734,084
     
644,409
 
Liabilities and shareholders’ equity
               
CURRENT LIABILITIES:
               
Accounts payable
   
13,295
     
16,242
 
Contract liabilities
   
11,098
     
13,798
 
Other liabilities
   
36,340
     
51,980
 
TOTAL CURRENT LIABILITIES
   
60,733
     
82,020
 
NON-CURRENT LIABILITIES:
               
Contract liabilities
   
3,038
     
3,959
 
Other liabilities
   
533
     
303
 
Operating lease liabilities
   
3,622
     
3,509
 
TOTAL NON-CURRENT LIABILITIES
   
7,193
     
7,771
 
TOTAL LIABILITIES
   
67,926
     
89,791
 
                 
TOTAL SHAREHOLDERS’ EQUITY
   
666,158
     
554,618
 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
   
734,084
     
644,409
 


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

   
Three months ended
June 30,
   
Six months ended
June 30,
 
   
2023
   
2022
   
2023
   
2022
 
CASH FLOWS FROM OPERATING ACTIVITIES:
                       
Net income
   
55,729
     
44,048
     
96,234
     
75,023
 
Adjustments required to reconcile net income to net cash provided by operating activities:
                               
Depreciation and amortization
   
184
     
155
     
372
     
293
 
Share-based compensation expenses
   
6,505
     
6,353
     
10,714
     
9,447
 
Allowance for doubtful accounts
   
261
     
142
     
239
     
352
 
Loss on marketable securities, net
   
-
     
23
     
-
     
37
 
Finance expenses (income), net
   
(1,197
)
   
851
     
(2,709
)
   
941
 
Deferred income taxes, net
   
43
     
169
     
62
     
147
 
Changes in operating assets and liabilities:
                               
Increase in accounts receivable
   
(7,949
)
   
(8,247
)
   
(5,708
)
   
(4,294
)
Increase in other receivables
   
(3,791
)
   
(398
)
   
(4,020
)
   
(1,593
)
Decrease (increase) in inventories
   
2,243
     
(4,660
)
   
1,329
     
(8,734
)
Increase (decrease) in accounts payable
   
1,308
     
2,292
     
(2,947
)
   
3,054
 
Increase (decrease) in other liabilities
   
7,211
     
4,105
     
(15,832
)
   
(770
)
Increase (decrease) in contract liabilities
   
(7,547
)
   
2,148
     
(3,621
)
   
4,931
 
Net cash provided by operating activities
   
53,000
     
46,981
     
74,113
     
78,834
 
CASH FLOWS FROM INVESTING ACTIVITIES:
                               
Investment in short-term deposits
   
(100,000
)
   
(22,500
)
   
(106,000
)
   
(45,611
)
Proceeds from short-term deposits
   
106,500
     
23,000
     
112,500
     
43,000
 
Purchase of fixed assets
   
(194
)
   
(561
)
   
(535
)
   
(860
)
Purchase of marketable securities
   
(54,190
)
   
(17,545
)
   
(172,542
)
   
(38,754
)
Proceeds from sale of marketable securities
   
-
     
1,008
     
-
     
2,002
 
Proceeds from maturity of marketable securities
   
60,891
     
14,224
     
152,028
     
25,157
 
Net cash provided by (used in) investing activities
   
13,007
     
(2,374
)
   
(14,549
)
   
(15,066
)
CASH FLOWS FROM FINANCING ACTIVITIES:
                               
Repurchase of ordinary shares
   
-
     
-
     
-
     
(42,637
)
Exercise of options
   
827
     
204
     
2,500
     
365
 
Net cash provided by (used in) financing activities
   
827
     
204
     
2,500
     
(42,272
)
EFFECT OF EXCHANGE RATE CHANGES ON CASH
   
60
     
(1,077
)
   
251
     
(1,228
)
NET INCREASE IN CASH AND CASH EQUIVALENTS
   
66,894
     
43,734
     
62,315
     
20,268
 
                                 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
   
92,961
     
44,670
     
97,540
     
68,136
 
CASH AND CASH EQUIVALENTS AT END OF PERIOD
   
159,855
     
88,404
     
159,855
     
88,404
 


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

 
Three months ended June 30,
   
Six months ended June 30,
 
   
2023
   
2022
   
2023
   
2022
 
Revenues by Category:
                                               
                                                 
Capital Equipment revenues - United States
   
73,828
     
54
%
   
62,960
     
56
%
   
123,579
     
51
%
   
107,720
     
54
%
Capital Equipment revenues - International
   
40,635
     
30
%
   
35,560
     
31
%
   
77,008
     
32
%
   
62,743
     
31
%
Total Capital Equipment revenues
   
114,463
     
84
%
   
98,520
     
87
%
   
200,587
     
83
%
   
170,463
     
85
%
Consumables and service revenues
   
21,618
     
16
%
   
15,027
     
13
%
   
41,568
     
17
%
   
29,005
     
15
%
Total Net Revenue
   
136,081
     
100
%
   
113,547
     
100
%
   
242,155
     
100
%
   
199,468
     
100
%

 
Three months ended June 30,
   
Six months ended June 30,
 
   
2023
   
2022
   
2023
   
2022
 
   
%
   
%
   
%
   
%
 
   
United States
   
International
   
Total
   
United States
   
International
   
Total
   
United States
   
International
   
Total
   
United States
   
International
   
Total
 
Revenues by Technology:
                                                                       
Minimal-Invasive
   
86
     
73
     
81
     
84
     
74
     
80
     
88
     
74
     
83
     
84
     
72
     
79
 
Hands-Free
   
11
     
6
     
9
     
14
     
5
     
11
     
10
     
6
     
8
     
13
     
6
     
11
 
Non-Invasive
   
3
     
21
     
10
     
2
     
21
     
9
     
2
     
20
     
9
     
3
     
22
     
10
 
     
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 June 30, 2023
   
Three months ended June 30, 2022
 
   
GAAP
   
Share Based
Compensation
   
Non-GAAP
   
GAAP
   
Share Based
Compensation
   
Non-GAAP
 
REVENUES
   
136,081
     
-
     
136,081
     
113,547
     
-
     
113,547
 
COST OF REVENUES
   
22,054
     
(547
)
   
21,507
     
18,946
     
(496
)
   
18,450
 
GROSS PROFIT
   
114,027
     
547
     
114,574
     
94,601
     
496
     
95,097
 
OPERATING EXPENSES:
                                               
Research and development
   
3,567
     
(757
)
   
2,810
     
3,183
     
(866
)
   
2,317
 
Sales and marketing
   
51,059
     
(4,731
)
   
46,328
     
39,653
     
(4,459
)
   
35,194
 
General and administrative
   
2,392
     
(470
)
   
1,922
     
2,562
     
(532
)
   
2,030
 
TOTAL OPERATING EXPENSES
   
57,018
     
(5,958
)
   
51,060
     
45,398
     
(5,857
)
   
39,541
 
INCOME FROM OPERATIONS
   
57,009
     
6,505
     
63,514
     
49,203
     
6,353
     
55,556
 
Finance income (expense), net
   
4,445
     
-
     
4,445
     
(918
)
   
-
     
(918
)
INCOME BEFORE TAXES
   
61,454
     
6,505
     
67,959
     
48,285
     
6,353
     
54,638
 
INCOME TAXES
   
5,725
     
-
     
5,725
     
4,237
     
-
     
4,237
 
NET INCOME
   
55,729
     
6,505
     
62,234
     
44,048
     
6,353
     
50,401
 
                                                 
NET INCOME PER SHARE:
                                               
Basic
   
0.67
             
0.75
     
0.54
             
0.61
 
Diluted
   
0.65
             
0.72
     
0.52
             
0.59
 
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (in thousands)
                                               
Basic
   
83,405
             
83,405
     
82,216
             
82,216
 
Diluted
   
85,650
             
86,243
     
84,663
             
85,366
 


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)

 
Six months ended June 30, 2023
   
Six months ended June 30, 2022
 
   
GAAP
   
Share Based
Compensation
   
Non-GAAP
   
GAAP
   
Share Based
Compensation
   
Non-GAAP
 
REVENUES
   
242,155
     
-
     
242,155
     
199,468
     
-
     
199,468
 
COST OF REVENUES
   
40,308
     
(901
)
   
39,407
     
33,718
     
(810
)
   
32,908
 
GROSS PROFIT
   
201,847
     
901
     
202,748
     
165,750
     
810
     
166,560
 
OPERATING EXPENSES:
                                               
Research and development
   
6,669
     
(1,258
)
   
5,411
     
5,998
     
(1,391
)
   
4,607
 
Sales and marketing
   
92,772
     
(7,769
)
   
85,003
     
70,502
     
(6,354
)
   
64,148
 
General and administrative
   
4,400
     
(786
)
   
3,614
     
5,039
     
(892
)
   
4,147
 
TOTAL OPERATING EXPENSES
   
103,841
     
(9,813
)
   
94,028
     
81,539
     
(8,637
)
   
72,902
 
INCOME FROM OPERATIONS
   
98,006
     
10,714
     
108,720
     
84,211
     
9,447
     
93,658
 
Finance income (expense),net
   
7,734
     
-
     
7,734
     
(539
)
   
-
     
(539
)
INCOME BEFORE TAXES
   
105,740
     
10,714
     
116,454
     
83,672
     
9,447
     
93,119
 
INCOME TAXES
   
9,506
     
-
     
9,506
     
8,649
     
-
     
8,649
 
NET INCOME
   
96,234
     
10,714
     
106,948
     
75,023
     
9,447
     
84,470
 
                                                 
NET INCOME PER SHARE:
                                               
Basic
   
1.16
             
1.28
     
0.91
             
1.02
 
Diluted
   
1.12
             
1.24
     
0.88
             
0.98
 
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF NET INCOME PER SHARE (in thousands)
                                               
Basic
   
83,280
             
83,280
     
82,590
             
82,590
 
Diluted
   
85,579
             
86,062
     
85,236
             
85,786
 



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