Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) today
announced third quarter 2010 net income of $76.0 million, or $0.25
per diluted share. This compares to third quarter 2009 net income
of $2,188.3 million, or $7.58 per diluted share. Relative to the
third quarter 2009 results, the third quarter 2010 results reflect
significantly reduced unrealized mark-to-market gains in the credit
derivatives portfolio as the remaining exposure of the CDO of ABS
portfolio which drove the unrealized gains in 2009 was commuted in
June 2010. Third quarter 2010 results also reflect lower loss and
loss expenses.
Third Quarter 2010
Summary
- As previously announced, on November 1,
2010, Ambac did not make a regularly scheduled interest payment on
Company debentures due May 1, 2023, and filed for bankruptcy
protection under Chapter 11 of the United States Bankruptcy Code on
November 8, 2010.
- Net change in fair value of credit
derivatives was positive $9.4 million in the current quarter, down
from $2,132.9 million in the third quarter 2009.
- Net loss and loss expenses incurred
amounted to $165.4 million for the current quarter, down from
$459.2 million in the third quarter of 2009.
- During the third quarter 2010, AAC
commuted the reinsurance arrangement with its subsidiary, Ambac
Assurance UK Ltd (“Ambac UK”) resulting in a net gain of $157.8
million (included in “Other income” in the Consolidated Statements
of Operations).
- The financial services segment recorded
a $77.4 million operating loss primarily related to the impact of
lower interest rates on the derivative products business.
- Statutory surplus of Ambac Assurance
Corporation (“AAC”) decreased to approximately $912 million at
September 30, 2010 from $1.5 billion at June 30, 2010, driven
primarily by statutory loss and loss expenses.
Financial Results
Implementation of New Accounting Standards
Effective January 1, 2010, Ambac adopted Accounting Standards
Update No. (“ASU”) 2009-17, “Consolidations (Topic 810):
Improvements to Financial Reporting by Enterprises Involved with
Variable Interest Entities”. See prior quarters’ earnings releases
for information on the financial impact of adoption. As of
September 30, 2010, the Company's balance sheet included 23
consolidated VIEs with $19.2 billion of assets and $18.9 billion of
liabilities.
Net Premiums Earned
Net premiums earned for the third quarter of 2010 were $143.1
million, down 40% from $238.4 million earned in the third quarter
of 2009. Net premiums earned include accelerated premiums, which
result from calls, terminations and other accelerations recognized
during the quarter. Accelerated premiums were $30.0 million in the
third quarter of 2010, down from $90.3 million in the third quarter
2009. Normal net premiums earned, which exclude accelerated
premiums, were $113.1 million in the third quarter of 2010, down
24% from $148.1 million in the third quarter of 2009. Normal net
premiums earned for the period have been negatively impacted by the
lack of new business written and the high level of refundings and
terminations over the past several quarters, as well as
non-recognition of premiums earned on VIEs that have been
consolidated as a result of implementation of ASU 2009-17,
effective January 1, 2010.
Net Investment Income
Net investment income for the third quarter of 2010 was $69.8
million, representing a decrease of 49% from $137.6 million in the
third quarter of 2009. The decrease was primarily driven by three
factors: (i) a decrease in the invested asset base resulting from
the second quarter 2010 commutation settlement on CDO of ABS
transactions; (ii) the average yield on the portfolio decreased as
the asset mix changed period to period; and (iii) a reduction in
interest income related to securities in the financial guarantee
investment portfolio that have insurance policies from AAC that
were allocated to the Segregated Account. These insurance policies
are subject to the payment moratorium ordered by the Office of the
Commissioner of Insurance of the State of Wisconsin (“OCI”) in
connection with the rehabilitation plan for the Segregated Account
of AAC.
Other-Than-Temporary Impairment Losses
Other-than-temporary impairment (“OTTI”) losses in the financial
guarantee investment portfolio were $6.6 million in the third
quarter of 2010, compared to OTTI losses of $32.5 million in the
third quarter of 2009. The third quarter 2010 OTTI loss was driven
primarily by impairment write downs on AAC-wrapped securities
(which had insurance policies allocated to the Segregated Account)
within its investment portfolio. The third quarter 2009 OTTI
impairment loss was driven by write-downs of certain RMBS
securities rated below investment grade within the investment
portfolio that management intended to sell in connection with its
revised investment strategies.
Net Change in Fair Value of Credit Derivatives
The net change in fair value of credit derivatives, which
comprises realized gains/(losses) and other settlements from credit
derivatives and unrealized gains/(losses) on credit derivatives,
was a gain of $9.4 million for the third quarter of 2010, compared
to a gain of $2,132.9 million for the third quarter of 2009. Third
quarter of 2009 results included the impact of fair value changes
to the CDO of ABS portfolio, which was fully commuted in June 2010.
The CDO of ABS portfolio contributed significantly to the
volatility of the net change in fair value of credit derivatives
throughout 2009.
Realized losses and other settlements from credit derivative
contracts represent the normal accretion into income of fees
received for transactions executed in credit derivative format,
offset by loss and settlement payments on such transactions. Net
realized gains/(losses) and other settlements from credit
derivative contracts in the third quarter of 2010 and 2009 amounted
to $4.9 million and ($732.9) million, respectively. The third
quarter 2009 net realized loss was primarily driven by settlement
and commutation payments on certain CDO of ABS transactions during
that period.
Net unrealized gains on credit derivative contracts in the third
quarter of 2010 and 2009 amounted to $4.5 million and $2,865.8
million, respectively. The net unrealized gain during the third
quarter of 2010 is primarily the result of the net amortization of
par outstanding on the underlying reference obligations of the
remaining credit derivative portfolio. The third quarter 2009 net
unrealized gain primarily reflects the effect of AAC’s widening
credit spreads during that period on the fair value of CDO of ABS
derivative liabilities, pricing improvements on underlying
reference obligations, and the reclassification of $732.9 million
to realized losses, partially offset by the negative impact of
rating downgrades on the fair value of CDO of ABS.
Financial Guarantee Loss Reserves
Total net loss and loss expenses were $165.4 million in the
third quarter of 2010, compared to $459.2 million in the third
quarter of 2009. Losses and loss expenses in the third quarter of
2010 primarily relate to credit deterioration in certain first-lien
RMBS and student loan transactions and increased loss expense
estimates related to loss mitigation and remediation strategies of
the RMBS portfolio, partially offset by increased estimates in
remediation recoveries on certain RMBS transactions. Third quarter
of 2009 loss and loss expenses were driven by credit deterioration
in non-RMBS transactions.
Loss and loss expenses paid during the third quarter 2010, net
of recoveries from all policies (allocated and not allocated to the
Segregated Account), amounted to $63.9 million and include a
commutation payment on a non-RMBS structured finance transaction,
partially offset by RMBS recoveries. Total insurance claims
presented for payment during the quarter but not paid as a result
of the moratorium imposed in March 2010 by the OCI on all policies
allocated to the Segregated Account amounted to $428.3 million,
largely related to RMBS policies. Total net claims paid in the
third quarter of 2009 were $315.1 million, primarily related to
RMBS transactions.
Loss and loss expense reserves for all RMBS insurance exposures
as of September 30, 2010, were $2,746.0 million (including $1,074.2
million representing claims presented but not paid since March 24,
2010 due to the claims moratorium). RMBS reserves as of September
30, 2010, are net of $2,395.5 million of estimated net remediation
recoveries. The estimate of net remediation recoveries related to
material representation and warranty breaches increased from
$2,227.2 million as of June 30, 2010, primarily as a result of
additional breaches identified during the re-underwriting of
additional loan files within transactions identified in previous
periods and increased credit deterioration in certain transactions
thereby increasing the remediation recovery estimated for same.
Ambac has initiated and may continue to initiate lawsuits seeking
compliance with the repurchase obligations in the securitization
documents with respect to sponsors who disregard their obligations
to repurchase. Additionally, Ambac is in the process of
re-underwriting additional transactions that have drastically
underperformed expectations and the forensic results of those
transactions are expected to be available over the next few
quarters.
Financial Guarantee Interest Expense
Financial guarantee interest expense for the third quarter of
2010 amounted to $27.5 million. This interest charge results from
the accrual of interest plus the accretion of discount on all
surplus notes issued prior to September 30, 2010. No such surplus
notes were outstanding in 2009.
Reinsurance Cancellations
During the third quarter of 2010, AAC commuted its reinsurance
arrangement with its subsidiary, Ambac UK. Prior to the
termination, AAC had assumed 90% of all financial guarantee
policies written by Ambac UK on a quota-share basis and also
provided excess of loss protection for the aggregate of all
incurred losses in excess of an attachment point of £0.5 million of
net paid losses per calendar year. The net income impact of the
termination in 2010 was a gain of $157.8 million, included in the
Consolidated Statement of Operations as part of Other Income. The
gain resulted primarily from the recognition of foreign currency
gains that, prior to the termination, had not been
reflected in AAC’s assets or liabilities such as unearned
premium reserves and deferred acquisition costs, since these assets
and liabilities (referred to as “non-monetary assets and
liabilities” for foreign exchange accounting purposes) were
required to be recorded based on their historical foreign exchange
rates. During the third quarter 2009, Ambac cancelled reinsurance
contracts with three reinsurers and recaptured approximately $15.3
billion of par outstanding. The net income impact of the
cancellations in 2009, included in the Consolidated Statement of
Operations as part of Other Income and as a reduction in Operating
Expenses, amounted to approximately $285.5 million and ($17.5)
million, respectively.
Financial Services
The financial services segment comprises the investment
agreement business and the derivative products business, both of
which are in run-off. Gross interest income less gross interest
expense and operating expenses from investment and payment
agreements, plus operating results from the derivative products
business was ($77.4) million for the third quarter of 2010, up from
($213.7) million for the third quarter of 2009. Beginning in the
second half of 2009, the financial services segment has been
positioned to record gains in a rising interest rate environment in
order to provide a hedge against certain exposures within the
financial guarantee segment. The third quarter 2010 result was
impacted by declining interest rates on the financial services
derivative portfolio during the period partially offset by the
effect of valuation adjustments relating to Ambac’s credit risk on
uncollateralized contracts. The third quarter 2009 result was
driven by losses resulting from interest rate movements during the
quarter, losses realized on transactions that derivative
counterparties terminated as a result of the downgrades of AAC as
guarantor of the swaps and valuation adjustments on the remaining
swap portfolio within the derivative products business.
Balance Sheet and
Liquidity
Total assets increased during the third quarter of 2010, from
$30.1 billion at June 30, 2010 to $31.3 billion at September 30,
2010, primarily due to the increase in VIE assets by approximately
$1.1 billion, related primarily to foreign currency translation
gains as well as net increases in the fair value of VIE assets
measured in their functional currency.
The fair value of the consolidated non-VIE investment portfolio
increased from $6.6 billion (amortized cost of $6.3 billion) as of
June 30, 2010 to $6.8 billion (amortized cost of $6.4 billion) as
of September 30, 2010. The increase was primarily driven by
net cash inflow resulting from premium collections and net
investment income and the claim moratorium imposed by the OCI as
well as generally increased market values of securities in the
financial guarantee investment portfolio.
The financial guarantee non-VIE investment portfolio had a fair
value of $5.6 billion (amortized cost of $5.2 billion) as of
September 30, 2010. The portfolio consists of high quality
municipal bonds, corporate bonds, Treasuries, U.S. Agencies and
Agency MBS as well as mortgage and asset-backed securities.
Cash, short-term securities and bonds at the holding company
amounted to $44.3 million as of September 30, 2010. In addition, in
late October, Ambac (Bermuda) Ltd, a direct subsidiary of Ambac,
returned capital amounting to $36.5 million.
Overview of AAC Statutory
Results
As of September 30, 2010, AAC reported statutory capital and
surplus of approximately $912 million, down from $1.5 billion as of
June 30, 2010. AAC’s statutory financial statements include the
results of AAC’s general account and the Segregated Account (formed
on March 24, 2010). Statutory capital and surplus was negatively
impacted by the statutory net loss recorded during the third
quarter 2010. The primary drivers of the statutory net loss were
statutory loss and loss expenses related primarily to AAC’s
first-lien RMBS financial guarantee portfolio for both initial
defaults and continued deterioration in previously defaulted
credits and the initial default of one public finance
transportation transaction, partially offset by revenues (primarily
premiums earned and investment income) generated during the
quarter.
AAC’s consolidated claims-paying resources amounts to
approximately $7.9 billion as of September 30, 2010. This includes
Ambac UK’s claims-paying resources of $1.0 billion, which will be
available to AAC only to the extent Ambac UK receives approval from
its regulator to dividend monies to AAC.
About Ambac
Ambac Financial Group, Inc., headquartered in New York City, is
a holding company whose affiliates provided financial guarantees
and financial services to clients in both the public and private
sectors around the world. Ambac filed for a voluntary petition for
relief under Chapter 11 of the United States Bankruptcy Code
(“Bankruptcy Code”) in the United States Bankruptcy Court for the
Southern District of New York (“Bankruptcy Court”). The Company
will continue to operate in the ordinary course of business as
“debtor-in-possession” under the jurisdiction of the Bankruptcy
Court and in accordance with the applicable provisions of the
Bankruptcy Code and the orders of the Bankruptcy Court. As a result
of the bankruptcy filing, Ambac Financial Group, Inc.’s common
stock is no longer listed on the New York Stock Exchange
(previously traded under ticker symbol ABK).
Ambac's principal operating subsidiary, Ambac Assurance
Corporation, a guarantor of public finance and structured finance
obligations, has a Caa2 rating from Moody's Investors Service, Inc.
and an R (regulatory intervention) financial strength rating from
Standard & Poor's Ratings Services.
Forward-Looking
Statements
This release contains statements that may constitute
"forward-looking statements" within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Any or all of management’s forward-looking statements here or in
other publications may turn out to be incorrect and are based on
Ambac management’s current belief or opinions. Ambac’s actual
results may vary materially, and there are no guarantees about the
performance of Ambac’s securities. Among events, risks,
uncertainties or factors that could cause actual results to differ
materially are: (1) the impact of the bankruptcy proceeding on
the holders of Ambac securities; (2) the unlikely ability of Ambac
Assurance to pay dividends to Ambac in the near term; (3) the
risk that holders of debt securities or counterparties on credit
default swaps or other similar agreements bring claims alleging
that the rehabilitation of the Segregated Account constitutes an
event of default under the applicable debt indenture or an event of
default under the applicable ISDA contract; (4) adverse events
arising from the Segregated Account Rehabilitation Proceedings,
including the injunctions issued by the Wisconsin rehabilitation
court to enjoin certain adverse actions related to the Segregated
Account being successfully challenged as not enforceable; (5)
litigation arising from the Segregated Account Rehabilitation
Proceedings; (6) decisions made by the rehabilitator for the
benefit of policyholders may result in material adverse
consequences for Ambac’s securityholders; (7) potential of
rehabilitation proceedings against Ambac Assurance, with resulting
adverse impacts; (8) the risk that reinsurers may dispute
amounts owed us under our reinsurance agreements; (9) possible
delisting of Ambac’s common shares from the NYSE; (10) the
risk that market risks impact assets in our investment portfolio or
the value of our assets posted as collateral in respect of
investment agreements and interest rate swap and currency swap
transactions; (11) risks which impact assets in Ambac Assurance’s
investment portfolio; (12) risks relating to determination of
amount of impairments taken on investments; (13) credit and
liquidity risks due to unscheduled and unanticipated withdrawals on
investment agreements; (14) market spreads and pricing on
insured collateralized loan obligations (“CLOs”) and other
derivative products insured or issued by Ambac;
(15) inadequacy of reserves established for losses and loss
expenses, including our inability to realize the remediation
recoveries included in our reserves; (16) Ambac’s financial
position and the Segregated Account Rehabilitation Proceedings may
prompt departures of key employees; (17) the risk of
litigation and regulatory inquiries or investigations, and the risk
of adverse outcomes in connection therewith, which could have a
material adverse effect on our business, operations, financial
position, profitability or cash flows; (18) difficult economic
conditions, which may not improve in the near future, and adverse
changes in the economic, credit, foreign currency or interest rate
environment in the United States and abroad; (19) the actions of
the U. S. Government, Federal Reserve and other government and
regulatory bodies to stabilize the financial markets; (20) likely
unavailability of adequate capital support and liquidity;
(21) credit risk throughout our business, including credit
risk related to residential mortgage-backed securities and CLOs and
large single exposures to reinsurers; (22) default by one or
more of Ambac Assurance’s portfolio investments, insured
issuers, counterparties or reinsurers; (23) the risk that our
risk management policies and practices do not anticipate certain
risks and/or the magnitude of potential for loss as a result of
unforeseen risks; (24) factors that may influence the amount of
installment premiums paid to Ambac, including the imposition of the
payment moratorium with respect to claims payments as a result of
Segregated Account Rehabilitation Proceedings; (25) changes in
prevailing interest rates; (26) the risk of volatility in
income and earnings, including volatility due to the application of
fair value accounting, required under the relevant derivative
accounting guidance, to the portion of our credit enhancement
business which is executed in credit derivative form, and due to
the adoption of the new financial guarantee insurance accounting
standard effective January 1, 2009, which, among other things,
introduces volatility in the recognition of premium earnings and
losses; (27) changes in accounting principles or practices
that may impact Ambac’s reported financial results;
(28) legislative and regulatory developments;
(29) operational risks, including with respect to internal
processes, risk models, systems and employees; (30) changes in tax
laws and other tax-related risks; (31) other factors described in
the Risk Factors section in Part I, Item 1A of Ambac’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2009 and
also disclosed from time to time by Ambac in its subsequent reports
on Form 10-Q and Form 8-K, which are available on the Ambac website
at www.ambac.com and at the SEC’s website, www.sec.gov; and
(32) other risks and uncertainties that have not been
identified at this time. Readers are cautioned that forward-looking
statements speak only as of the date they are made and that Ambac
does not undertake to update forward-looking statements to reflect
circumstances or events that arise after the date the statements
are made. You are therefore advised to consult any further
disclosures we make on related subjects in Ambac’s reports to the
SEC.
Ambac Financial Group, Inc. and Subsidiaries
Consolidated Balance Sheets September 30, 2010 and
December 31, 2009 (Dollars in Thousands Except Share
Data) September 30,
2010 December 31, 2009
(unaudited)
Assets
Investments: Fixed income securities, at fair
value (amortized cost of $5,599,075 in 2010 and $7,605,565
in 2009) $5,968,020 $7,572,570 Fixed income
securities pledged as collateral, at fair value (amortized
cost of $190,453 in 2010 and $164,356 in 2009) 194,387
167,366 Short-term investments (amortized cost of
$617,748 in 2010 and $962,007 in 2009) 617,748
962,007 Other (cost of $100 in 2010 and $1,278 in
2009) 100 1,278 Total
investments 6,780,255 8,703,221 Cash
and cash equivalents 69,673 112,079 Receivable
for securities sold 22,578 3,106 Investment
income due and accrued 37,346 73,062 Premium
receivables 2,802,811 3,718,158 Reinsurance
recoverable on paid and unpaid losses 126,458
78,115 Deferred ceded premium 318,616
500,804 Subrogation recoverable 1,222,216
902,612 Deferred taxes - 11,250
Current income taxes - 421,438 Deferred
acquisition costs 251,971 279,704 Loans
20,999 80,410 Derivative assets 298,757
496,494 Other assets 216,644 229,299
Variable interest entity assets: Fixed income securities,
at fair value 1,939,492 525,947 Restricted
cash 1,952 1,151 Investment income due and
accrued 1,230 4,133 Loans
17,201,665 2,635,961 Derivative assets
4,362 109,411 Other assets 11,214
12 Total assets $31,328,239
$18,886,367
Liabilities and
Stockholders' Deficit
Liabilities: Unearned premiums
$4,442,271 $5,687,114 Loss and loss expense
reserve 5,510,541 4,771,684 Ceded premiums
payable 182,725 291,843 Obligations under
investment and payment agreements 814,389
1,177,406 Obligations under investment repurchase
agreements 101,807 113,527 Current taxes
22,449 - Long-term debt 1,823,327
1,631,556 Accrued interest payable 90,975
47,125 Derivative liabilities 486,878
3,536,858 Other liabilities 138,301
248,655 Payable for securities purchased 2,486
2,074 Variable interest entity liabilities:
Accrued interest payable 651 3,482
Long-term debt 17,335,034 3,008,628
Derivative liabilities 1,581,681 - Other
liabilities 12,304 60 Total
liabilities 32,545,819 20,520,012
Stockholders' deficit: Ambac Financial Group,
Inc.: Preferred stock - - Common
stock 3,080 2,944 Additional paid-in
capital 2,186,372 2,172,656 Accumulated other
comprehensive income (loss) 347,738 (24,827
) Accumulated deficit (3,978,701 )
(3,878,015 ) Common stock held in treasury at
cost (430,600 ) (560,543 ) Total
Ambac Financial Group, Inc. stockholders' deficit
(1,872,111 ) (2,287,785 )
Non-controlling interest: 654,531
654,140 Total stockholders' deficit
(1,217,580 ) (1,633,645 ) Total
liabilities and stockholders' deficit $31,328,239
$18,886,367 Number of shares outstanding
(net of treasury shares) 302,112,225
287,598,189 Ambac Financial Group,
Inc. and Subsidiaries Consolidated Statements of
Operations (Unaudited) For the Three and Nine Months
Ended September 30, 2010 and 2009 (Dollars in Thousands
Except Share Data)
Three Months Ended Nine Months Ended
September 30, September 30,
2010
2009 2010 2009 Revenues:
Financial Guarantee: Net premiums earned
$143,085 $238,401 $435,321 $612,945
Net investment income 69,840 137,645
256,438 364,026 Other-than-temporary impairment
losses: Total other-than-temporary impairment losses
(8,461 ) (32,529 ) (49,706
) (1,452,664 ) Portion of loss recognized
in other comprehensive income 1,877 -
4,286 - Net other-than
temporary impairment losses recognized in earnings
(6,584 ) (32,529 ) (45,420
) (1,452,664 ) Net realized
investment gains 2,053 86,916 75,473
93,075 Change in fair value of credit
derivatives: Realized gains and (losses) and other
settlements 4,862 (732,857 )
(2,762,509 ) (731,287 ) Unrealized
gains 4,550 2,865,761
2,806,963 4,411,004 Net change in
fair value of credit derivatives 9,412 2,132,904
44,454 3,679,717 Other income
186,859 268,836 100,713 309,780
Income (loss) on variable interest entities 26,377
41,096 (504,873 ) 41,140 Financial
Services: Investment income 8,425 18,454
26,554 58,342 Derivative products
(78,368 ) (222,450 ) (207,552
) (280,868 ) Other-than-temporary
impairment losses: Total other-than-temporary impairment
losses - (11,660 ) (3,079 )
(283,858 ) Portion of loss recognized in other
comprehensive income - - -
- Net other-than temporary
impairment losses recognized in earnings -
(11,660 ) (3,079 ) (283,858
) Net realized investment gains 464
28,109 67,706 142,345 Net change in fair
value of total return swaps - 6,902 -
18,573 Net mark-to-market (losses) gains on non-trading
derivatives - (6,907 ) (14,295
) 783 Corporate and Other: Other income
114 1,109 1,575 33,325 Net realized
(losses) gains (521 ) -
10,172 33 Total revenues
361,156 2,686,826 243,187
3,336,694 Expenses: Financial
Guarantee: Loss and loss expenses 165,396
459,213 577,874 2,429,890 Underwriting and
operating expenses 41,200 28,012 150,627
133,466 Interest expense 27,492 -
34,378 - Financial Services: Interest on
investment and payment agreements 3,951 6,433
13,742 27,533 Operating expenses 3,460
3,316 10,211 10,808 Corporate and
Other: Interest 29,878 29,918
89,634 89,601 Other expenses 13,695
5,975 38,288 6,659
Total expenses 285,072 532,867
914,754 2,697,957
Pre-tax income (loss) from continuing operations
76,084 2,153,959 (671,567 )
638,737 Provision (benefit) for income taxes
65 (34,284 ) 50
1,211,477 Net income (loss)
76,019 2,188,243 (671,617 )
(572,740 ) Less: net income (loss)
attributable to noncontrolling interest 13
(14 ) (13 ) (16 )
Net income (loss) attributable to Ambac Financial Group,
Inc. $76,006 $2,188,257
($671,604 ) ($572,724 )
Net income (loss) per share attributable to Ambac Financial
Group, Inc. common shareholders $0.25
$7.58 ($2.29 ) ($1.99 )
Net income (loss) per diluted share attributable to Ambac
Financial Group, Inc. common shareholders $0.25
$7.58 ($2.29 ) ($1.99
) Weighted average number of common shares
outstanding: Basic
302,177,506
288,770,269
293,542,268
287,647,272
Diluted
302,177,506
288,770,269
293,542,268
287,647,272
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