Condensed Consolidating Financial Statements (restated)

The Company’s Senior Notes due 2020 and 2022 are guaranteed jointly, severally, fully and unconditionally, subject to certain customary limitations, by eight 100%-owned domestic subsidiaries. There are no legal or regulatory restrictions on the payment of dividends to Choice Hotels International, Inc. from subsidiaries that do not guarantee the Senior Notes. As a result of the guarantee arrangements, the following condensed consolidating financial statements are presented. Investments in subsidiaries are accounted for under the equity method of accounting.

Certain revisions have been made to correct immaterial errors in the condensed consolidating statement of income for the three and nine months ended September 30, 2012 and condensed consolidating statement of cash flows for the nine months ended September 30, 2012. The revisions to the condensed consolidating statement of income decreased the Guarantor's marketing and reservation expense and total operating expenses by $0.8 million and $3.0 million for the three and nine months ended September 30, 2012, respectively. The revisions also increased the Guarantor's interest expense and total other income and expenses, net by $0.8 million and $3.0 million for the three and nine months ended September 30, 2012, respectively. These revisions had offsetting adjustments to the same items in the Eliminations column. The following tables present the effect of the correction of these immaterial errors on selected line items in the Company's Guarantor Condensed Consolidating Statements of Income for the three and nine months ended September 30, 2012.



	For the Three Months Ended September 30, 2012									For the Nine Months Ended September 30, 2012
	(in thousands)
	As Previously Reported			Adjustment			As Revised			As Previously Reported			Adjustment			As Revised
Marketing and reservation expense	$	89,498		$	(843	)	$	88,655		$	244,861		$	(2,954	)	$	241,907
Total operating expenses	111,041			(843		)	110,198			314,261			(2,954		)	311,307
Operating income (loss)	(2,470		)	843			(1,627		)	5,812			2,954			8,766
Interest expense	(839		)	843			4			(2,914		)	2,954			40
Total other income and expenses, net	(1,350		)	843			(507		)	(5,051		)	2,954			(2,097		)

The condensed consolidating statements of cash flows for the nine months ended September 30, 2012 has been revised from prior filings to reflect the reclassification of certain operating, investing and financing cash flows related to inter-company investment transactions between wholly-owned subsidiaries. The revisions to the condensed consolidating statement of cash flows increased the Guarantors net cash provided (used) by operating activities and decreased investment in affiliates and net cash used in investing activities by $9.7 million and decreased the Non-Guarantor's net cash provided (used) by operating activities and increased proceeds from contributions from affiliates and net cash provided (used) by financing activities by $9.7 million for the nine months ended September 30, 2012, with corresponding offsetting adjustments to the same items in the Eliminations column. In addition, as described in Note 1 to the Company's Consolidated Financial Statements, the consolidated statements of cash flows have been revised for the correction of the misapplication of GAAP related to the presentation of cash flows from the Company's forgivable notes receivable. As a result of this revision, the Guarantors net cash provided (used) by operating activities and net cash used in investing activities were each decreased by $2.9 million for the nine months ended September 30, 2012. The following tables present the effect of the correction for the aforementioned items on selected line items included in the Company's Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2012:



	For the Nine Months Ended September 30, 2012
	Guarantor									Non-Guarantor
	(in thousands)
	As Previously Reported			Adjustment			As Revised			As Previously Reported			Adjustment			As Revised
Net cash provided (used) by operating activities	$	(1,928	)	$	6,869		$	4,941		$	36,131		$	(9,721	)	$	26,410
Investing Activities:
Issuance of mezzanine and other notes receivable	(3,068		)	3,068			—			—			—			—
Collection of mezzanine and other notes receivable	216			(216		)	—			—			—			—
Advances to and investments in affiliates	—			(9,721		)	(9,721		)	—			—			—
Net cash provided (used) in investing activities	1,649			(6,869		)	(5,220		)	(9,636		)	—			(9,636		)
Financing Activities:
Proceeds from contributions from affiliates	—			—			—			—			9,721			9,721
Net cash provided (used) by financing activities	122			—			122			(14		)	9,721			9,707

The Company assessed the materiality of the revisions noted above and concluded that they are not material to any of our previously issued annual or interim condensed consolidating financial statements.

Certain condensed consolidating financial statements have also been restated for the three and nine months ended September 30, 2013 and 2012, respectively, and the consolidated balance sheets at December 31, 2012 have been revised from previously interim and annual financial statements to reflect the correction of an error discussed in Note 1 under the heading "Revisions to Prior Annual Financial Statements and Restatement of Prior Interim Financial Statements" and other immaterial errors. In addition, the condensed consolidated statements of income for the three and nine months ended September 30, 2013 and 2012, have been recast to reflect discontinued operations, as discussed in Note 18, "Discontinued Operations".

Choice Hotels International, Inc.

Condensed Consolidating Statement of Income

For the Three Months Ended September 30, 2013

(Unaudited, in Thousands)



	Parent (Restated)			Guarantor Subsidiaries (Restated)			Non-Guarantor Subsidiaries (Restated)			Eliminations (Restated)			Consolidated (Restated)
REVENUES:
Royalty fees	$	72,915		$	25,161		$	11,362		$	(29,978	)	$	79,460
Initial franchise and relicensing fees	4,419			—			231			—			4,650
Procurement services	4,375			—			333			—			4,708
Marketing and reservation	112,354			96,672			5,807			(90,024		)	124,809
Other items, net	2,778			—			313			—			3,091
Total revenues	196,841			121,833			18,046			(120,002		)	216,718

OPERATING EXPENSES:
Selling, general and administrative	30,498			22,417			3,472			(29,978		)	26,409
Marketing and reservation	117,480			92,784			4,569			(90,024		)	124,809
Other items, net	828			1,222			222			—			2,272
Total operating expenses	148,806			116,423			8,263			(120,002		)	153,490

Operating income	48,035			5,410			9,783			—			63,228

OTHER INCOME AND EXPENSES:
Interest expense	10,691			61			5			—			10,757
Equity in earnings of consolidated subsidiaries	(13,031		)	—			—			13,031			—
Other items, net	(577		)	(697		)	(526		)	—			(1,800		)
Total other income and expenses, net	(2,917		)	(636		)	(521		)	13,031			8,957

Income from continuing operations before income taxes	50,952			6,046			10,304			(13,031		)	54,271
Income taxes	12,236			3,017			445			—			15,698
Income from continuing operations, net of income taxes	38,716			3,029			9,859			(13,031		)	38,573
Income from discontinued operations, net of income taxes	—			143			—			—			143
Net income	$	38,716		$	3,172		$	9,859		$	(13,031	)	$	38,716

Choice Hotels International, Inc.

Condensed Consolidating Statement of Income

For the Three Months Ended September 30, 2012

(Unaudited, in Thousands)



	Parent (Restated)			Guarantor Subsidiaries (Restated)			Non-Guarantor Subsidiaries (Restated)			Eliminations (Restated)			Consolidated (Restated)
REVENUES:
Royalty fees	$	71,213		$	16,347		$	23,091		$	(32,613	)	$	78,038
Initial franchise and relicensing fees	2,996			—			251			—			3,247
Procurement services	3,489			—			350			—			3,839
Marketing and reservation	108,615			91,022			4,828			(86,500		)	117,965
Other items, net	1,991			—			191			—			2,182
Total revenues	188,304			107,369			28,711			(119,113		)	205,271

OPERATING EXPENSES:
Selling, general and administrative	39,684			19,525			(3,524		)	(32,613		)	23,072
Marketing and reservation	110,694			88,695			4,233			(85,657		)	117,965
Other items, net	706			950			204			—			1,860
Total operating expenses	151,084			109,170			913			(118,270		)	142,897

Operating income	37,220			(1,801		)	27,798			(843		)	62,374

OTHER INCOME AND EXPENSES:
Interest expense	11,005			4			—			(843		)	10,166
Equity in earnings of consolidated subsidiaries	(27,231		)	—			—			27,231			—
Other items, net	215			(511		)	(285		)	—			(581		)
Total other income and expenses, net	(16,011		)	(507		)	(285		)	26,388			9,585

Income from continuing operations before income taxes	53,231			(1,294		)	28,083			(27,231		)	52,789
Income taxes	10,487			(710		)	375			—			10,152
Income from continuing operations, net of income taxes	42,744			(584		)	27,708			(27,231		)	42,637
Income from discontinued operations, net of income taxes	—			107			—			—			107
Net income	$	42,744		$	(477	)	$	27,708		$	(27,231	)	$	42,744

Choice Hotels International, Inc.

Condensed Consolidating Statement of Income

For the Nine Months Ended September 30, 2013

(Unaudited, in Thousands)



	Parent (Restated)			Guarantor Subsidiaries (Restated)			Non-Guarantor Subsidiaries (Restated)			Eliminations (Restated)			Consolidated (Restated)
REVENUES:
Royalty fees	$	189,559		$	84,477		$	31,940		$	(97,770	)	$	208,206
Initial franchise and relicensing fees	12,074			—			769			—			12,843
Procurement services	15,559			—			645			—			16,204
Marketing and reservation	275,780			267,404			15,391			(247,371		)	311,204
Other items, net	6,581			—			781			—			7,362
Total revenues	499,553			351,881			49,526			(345,141		)	555,819

OPERATING EXPENSES:
Selling, general and administrative	94,903			75,799			9,876			(97,770		)	82,808
Marketing and reservation	287,436			257,197			13,942			(247,371		)	311,204
Other items, net	2,301			3,775			625			—			6,701
Total operating expenses	384,640			336,771			24,443			(345,141		)	400,713

Operating income	114,913			15,110			25,083			—			155,106

OTHER INCOME AND EXPENSES, NET:
Interest expense	32,210			111			13			—			32,334
Equity in earnings of consolidated subsidiaries	(34,691		)	—			—			34,691			—
Other items, net	(1,689		)	(1,261		)	(635		)	—			(3,585		)
Total other income and expenses, net	(4,170		)	(1,150		)	(622		)	34,691			28,749

Income from continuing operations before income taxes	119,083			16,260			25,705			(34,691		)	126,357
Income taxes	28,817			7,317			250			—			36,384
Income from continuing operations, net of income taxes	90,266			8,943			25,455			(34,691		)	89,973
Income from discontinued operations, net of income taxes	—			293			—			—			293
Net income	$	90,266		$	9,236		$	25,455		$	(34,691	)	$	90,266

Choice Hotels International, Inc.

Condensed Consolidating Statement of Income

For the Nine Months Ended September 30, 2012

(Unaudited, in Thousands)



	Parent (Restated)			Guarantor Subsidiaries (Restated)			Non-Guarantor Subsidiaries (Restated)			Eliminations (Restated)			Consolidated (Restated)
REVENUES:
Royalty fees	$	183,573		$	68,622		$	40,295		$	(89,503	)	$	202,987
Initial franchise and relicensing fees	8,459			—			494			—			8,953
Procurement services	13,349			—			641			—			13,990
Marketing and reservation	262,433			248,109			14,033			(230,230		)	294,345
Other items, net	6,958			—			476			—			7,434
Total revenues	474,772			316,731			55,939			(319,733		)	527,709
OPERATING EXPENSES:
Selling, general and administrative	93,054			63,544			5,227			(89,503		)	72,322
Marketing and reservation	266,563			242,001			13,057			(227,276		)	294,345
Other items, net	2,117			2,846			625			—			5,588
Total operating expenses	361,734			308,391			18,909			(316,779		)	372,255
Operating income	113,038			8,340			37,030			(2,954		)	155,454
OTHER INCOME AND EXPENSES, NET:
Interest expense	19,731			40			6			(2,954		)	16,823
Equity in earnings of consolidated subsidiaries	(42,187		)	—			—			42,187			—
Other items, net	(274		)	(2,137		)	(344		)	—			(2,755		)
Total other income and expenses, net	(22,730		)	(2,097		)	(338		)	39,233			14,068
Income from continuing operations before income taxes	135,768			10,437			37,368			(42,187		)	141,386
Income taxes	34,859			4,503			1,385			—			40,747
Income from continuing operations, net of income taxes	100,909			5,934			35,983			(42,187		)	100,639
Income (loss) from discontinued operations, net of income taxes	—			270			—			—			270
Net income	$	100,909		$	6,204		$	35,983		$	(42,187	)	$	100,909

Choice Hotels International, Inc.

Condensed Consolidating Statement of Comprehensive Income

For the three Months Ended September 30, 2013

(Unaudited, in Thousands)



	Parent (Restated)		Guarantor Subsidiaries (Restated)		Non-Guarantor Subsidiaries (Restated)		Eliminations (Restated)			Consolidated (Restated)

Net income	$	38,716	$	3,172	$	9,859	$	(13,031	)	$	38,716
Other comprehensive income (loss), net of tax:
Amortization of loss on cash flow hedge	215		—		—		—			215
Foreign currency translation adjustment	524		—		524		(524		)	524
Other comprehensive income (loss), net of tax	739		—		524		(524		)	739
Comprehensive income	$	39,455	$	3,172	$	10,383	$	(13,555	)	$	39,455

Choice Hotels International, Inc.

Condensed Consolidating Statement of Comprehensive Income

For the three Months Ended September 30, 2012

(Unaudited, in Thousands)



	Parent (Restated)		Guarantor Subsidiaries (Restated)			Non-Guarantor Subsidiaries (Restated)		Eliminations (Restated)			Consolidated (Restated)

Net income (loss)	$	42,744	$	(477	)	$	27,708	$	(27,231	)	$	42,744
Other comprehensive income (loss), net of tax:
Amortization of loss on cash flow hedge	215		—			—		—			215
Foreign currency translation adjustment	211		1			209		(210		)	211
Amortization of pension related costs, net of tax:
Actuarial loss	20		20			—		(20		)	20
Other comprehensive income (loss), net of tax	446		21			209		(230		)	446
Comprehensive income	$	43,190	$	(456	)	$	27,917	$	(27,461	)	$	43,190

Choice Hotels International, Inc.

Condensed Consolidating Statement of Comprehensive Income

For the Nine Months Ended September 30, 2013

(Unaudited, in Thousands)



	Parent (Restated)			Guarantor Subsidiaries (Restated)		Non-Guarantor Subsidiaries (Restated)			Eliminations (Restated)			Consolidated (Restated)

Net income	$	90,266		$	9,236	$	25,455		$	(34,691	)	$	90,266
Other comprehensive income (loss), net of tax:
Amortization of loss on cash flow hedge	646			—		—			—			646
Foreign currency translation adjustment	(1,803		)	—		(1,803		)	1,803			(1,803		)
Other comprehensive income (loss), net of tax	(1,157		)	—		(1,803		)	1,803			(1,157		)
Comprehensive income	$	89,109		$	9,236	$	23,652		$	(32,888	)	$	89,109

Choice Hotels International, Inc.

Condensed Consolidating Statement of Comprehensive Income

For the Nine Months Ended September 30, 2012

(Unaudited, in Thousands)



	Parent (Restated)		Guarantor Subsidiaries (Restated)		Non-Guarantor Subsidiaries (Restated)		Eliminations (Restated)			Consolidated (Restated)

Net income	$	100,909	$	6,204	$	35,983	$	(42,187	)	$	100,909
Other comprehensive income (loss), net of tax:
Amortization of loss on cash flow hedge	646		—		—		—			646
Foreign currency translation adjustment	191		5		171		(176		)	191
Amortization of pension related costs, net of tax:
Actuarial loss	60		60		—		(60		)	60
Other comprehensive income (loss), net of tax	897		65		171		(236		)	897
Comprehensive income	$	101,806	$	6,269	$	36,154	$	(42,423	)	$	101,806

Choice Hotels International, Inc.

Condensed Consolidating Balance Sheet

As of September 30, 2013

(Unaudited, in thousands)



	Parent (Restated)			Guarantor Subsidiaries (Restated)		Non-Guarantor Subsidiaries (Restated)		Eliminations (Restated)			Consolidated (Restated)
ASSETS
Cash and cash equivalents	$	10,921		$	437	$	149,780	$	—		$	161,138
Receivables, net	91,527			2,088		9,272		—			102,887
Other current assets	39,201			17,826		728		—			57,755
Total current assets	141,649			20,351		159,780		—			321,780
Property and equipment, at cost, net	11,351			54,791		858		—			67,000
Goodwill	60,620			5,193		—		—			65,813
Franchise rights and other identifiable intangibles, net	7,113			2,251		1,511		—			10,875
Advances, marketing and reservation activities	14,070			—		—		—			14,070
Investments, employee benefit plans, at fair value	—			14,950		—		—			14,950
Investment in affiliates	366,607			27,307		—		(393,914		)	—
Advances to affiliates	13,995			203,916		10,603		(228,514		)	—
Deferred income taxes	—			8,413		1,001		(9,414		)	—
Other assets	30,113			27,839		30,252		—			88,204
Total assets	$	645,518		$	365,011	$	204,005	$	(631,842	)	$	582,692
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Accounts payable	$	9,098		$	27,757	$	3,903	$	—		$	40,758
Accrued expenses	19,397			22,098		1,980		—			43,475
Deferred revenue	5,995			54,666		740		—			61,401
Current portion of long-term debt	8,437			684		11		—			9,132
Deferred compensation & retirement plan obligations	—			2,439		—		—			2,439
Other current liabilities	13,503			7,941		462		—			21,906
Total current liabilities	56,430			115,585		7,096		—			179,111
Long-term debt	811,243			4,694		20		—			815,957
Deferred compensation & retirement plan obligations	—			21,212		7		—			21,219
Advances from affiliates	220,721			403		7,390		(228,514		)	—
Other liabilities	26,587			18,211		484		(9,414		)	35,868
Total liabilities	1,114,981			160,105		14,997		(237,928		)	1,052,155
Total shareholders’ (deficit) equity	(469,463		)	204,906		189,008		(393,914		)	(469,463		)
Total liabilities and shareholders’ deficit	$	645,518		$	365,011	$	204,005	$	(631,842	)	$	582,692

Choice Hotels International, Inc.

Condensed Consolidating Balance Sheet

As of December 31, 2012

(In Thousands)



	Parent			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	8,420		$	407	$	125,350	$	—		$	134,177
Receivables, net	70,011			1,920		8,068		—			79,999
Other current assets	44,899			23,495		3,528		(3,368		)	68,554
Total current assets	123,330			25,822		136,946		(3,368		)	282,730
Property and equipment, at cost, net	11,307			39,298		1,046		—			51,651
Goodwill	60,620			5,193		—		—			65,813
Franchise rights and other identifiable intangibles, net	8,669			2,715		2,089		—			13,473
Advances, marketing and reservation activities	29,467					—		—			29,467
Investments, employee benefit plans, at fair value	—			12,755		—		—			12,755
Investment in affiliates	331,416			26,194		—		(357,610		)	—
Advances to affiliates	14,252			206,770		13,479		(234,501		)	—
Deferred income taxes				10,367		599		(10,966		)	—
Other assets	32,085			18,925		25,003					76,013
Total assets	$	611,146		$	348,039	$	179,162	$	(606,445	)	$	531,902
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Accounts payable	$	5,930		$	28,525	$	4,259	$	—		$	38,714
Accrued expenses	18,582			34,576		2,394		—			55,552
Deferred revenue	17,239			53,081		834		—			71,154
Current portion of long-term debt	7,500			675		20		—			8,195
Deferred compensation and retirement plan obligations	—			2,522		—		—			2,522
Other current liabilities	—			2,047		1,321		(3,368		)	—
Total current liabilities	49,251			121,426		8,828		(3,368		)	176,137
Long-term debt	845,257			1,845		48		—			847,150
Deferred compensation & retirement plan obligations	—			20,390		9		—			20,399
Advances from affiliates	226,917			189		7,395		(234,501		)	—
Other liabilities	28,359			9,216		245		(10,966		)	26,854
Total liabilities	1,149,784			153,066		16,525		(248,835		)	1,070,540
Total shareholders’ (deficit) equity	(538,638		)	194,973		162,637		(357,610		)	(538,638		)
Total liabilities and shareholders' deficit	$	611,146		$	348,039	$	179,162	$	(606,445	)	$	531,902

Choice Hotels International, Inc.

Condensed Consolidating Statement of Cash Flows

For the Nine Months Ended September 30, 2013

(Unaudited, in thousands)



	Parent (Restated)			Guarantor Subsidiaries (Restated)			Non-Guarantor Subsidiaries (Restated)			Eliminations (Restated)			Consolidated (Restated)

Net cash provided by operating activities	$	60,070		$	20,198		$	26,221		$	—		$	106,489

CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment	(4,083		)	(23,662		)	(177		)	—			(27,922		)
Equity method investments	—			(1,481		)	(2,280		)	—			(3,761		)
Issuance of mezzanine and other notes receivable	—			—			—			—			—
Collections of mezzanine and other notes receivable	224			—			—			—			224
Purchases of investments, employee benefit plans	—			(1,845		)	—			—			(1,845		)
Proceeds from sales of investments, employee benefit plans	—			4,052			—			—			4,052
Advances to and investments in affiliates	(1,000		)	(1,280		)	—			2,280			—
Other items, net	(578		)	—			—			—			(578		)

Net cash provided (used) in investing activities	(5,437		)	(24,216		)	(2,457		)	2,280			(29,830		)

CASH FLOWS FROM FINANCING ACTIVITIES:
Net repayments pursuant to revolving credit facilities	(27,500		)	—			—			—			(27,500		)
Proceeds from issuance of long-term debt	—			3,360			—			—			3,360
Principal payments on long-term debt	(5,625		)	(502		)	(31		)	—			(6,158		)
Purchase of treasury stock	(3,684		)	—			—			—			(3,684		)
Dividends paid	(22,026		)	—			—			—			(22,026		)
Excess tax benefits from stock-based compensation	26			1,190			—			—			1,216
Proceeds from contributions from affiliates	—			—			2,280			(2,280		)	—
Proceeds from exercise of stock options	6,677			—			—			—			6,677
Net cash provided (used) by financing activities	(52,132		)	4,048			2,249			(2,280		)	(48,115		)
Net change in cash and cash equivalents	2,501			30			26,013			—			28,544
Effect of foreign exchange rate changes on cash and cash equivalents	—			—			(1,583		)	—			(1,583		)
Cash and cash equivalents at beginning of period	8,420			407			125,350			—			134,177
Cash and cash equivalents at end of period	$	10,921		$	437		$	149,780		$	—		$	161,138

Choice Hotels International, Inc.

Condensed Consolidating Statement of Cash Flows

For the Nine Months Ended September 30, 2012

(Unaudited, in Thousands)



	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated

Net cash provided by operating activities	$	87,072		$	4,941		$	26,410		$	—		$	118,423

CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment	(7,126		)	(5,217		)	(182		)	—			(12,525		)
Equity method investments	—			—			(9,454		)	—			(9,454		)
Issuance of mezzanine and other notes receivable	(4,236		)	—			—			—			(4,236		)
Collections of mezzanine and other notes receivable	110			—			—			—			110
Purchases of investments, employee benefit plans	—			(1,191		)	—			—			(1,191		)
Proceeds from sales of investments, employee benefit plans	—			10,909			—			—			10,909
Advances to and investments in affiliates	—			(9,721		)	—			9,721			—
Other items, net	(322		)	—			—			—			(322		)
Net cash provided (used) in investing activities	(11,574		)	(5,220		)	(9,636		)	9,721			(16,709		)

CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities	16,725			—			—			—			16,725
Proceeds from issuance of long-term debt	543,500			—			—			—			543,500
Principal payments on long-term debt	—			(488		)	(14		)	—			(502		)
Purchase of treasury stock	(22,227		)	—			—			—			(22,227		)
Dividends paid	(632,751		)	—			—			—			(632,751		)
Excess tax benefits from stock-based compensation	183			610			—			—			793
Debt issuance costs	(4,753		)	—			—			—			(4,753		)
Proceeds from contributions from affiliates	—			—			9,721			(9,721		)	—
Proceeds from exercise of stock options	4,695			—			—			—			4,695
Net cash provided (used) by financing activities	(94,628		)	122			9,707			(9,721		)	(94,520		)
Net change in cash and cash equivalents	(19,130		)	(157		)	26,481			—			7,194
Effect of foreign exchange rate changes on cash and cash equivalents	—			—			813			—			813
Cash and cash equivalents at beginning of period	23,370			432			83,255			—			107,057
Cash and cash equivalents at end of period	$	4,240		$	275		$	110,549		$	—		$	115,064