8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 30, 2008

MICROSTRATEGY INCORPORATED

(Exact Name of Registrant as Specified in Charter)

Delaware	0-24435	51-0323571
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

1861 International Drive McLean, Virginia	22102
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (703) 848-8600

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

Third Quarter Financial Results

On October 30, 2008, MicroStrategy Incorporated (the “Company”) issued a press release announcing the Company’s financial results for the quarter ended September 30, 2008. A copy of this press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act except as expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit	Document
99.1	Press release, dated October 30, 2008, regarding the Company’s financial results for the quarter ended September 30, 2008.

SIGNATURE

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 hereunto duly authorized.

Date: October 31, 2008	MicroStrategy Incorporated
		(Registrant)
	By:	/s/ Michael J. Saylor
	Name:	Michael J. Saylor
	Title:	Chairman of the Board, President and Chief Executive Officer

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release, dated October 30, 2008, regarding the Company’s financial results for the quarter ended September 30, 2008.

EX-99.1

Exhibit 99.1

Contact:

MicroStrategy Incorporated

Investor Relations

ir@microstrategy.com

(703) 848-8600

MicroStrategy Announces

Third Quarter 2008 Financial Results

Total Revenues of $90.6 Million and Diluted EPS of $0.90 Per Share

MCLEAN, Va., October 30th, 2008 - MicroStrategy® Incorporated (NASDAQ: MSTR), a leading worldwide provider of business intelligence software, today announced financial results for the three-month period ended September 30, 2008 (the third quarter of its 2008 fiscal year).

Third quarter 2008 revenues were $90.6 million versus $91.2 million for the third quarter of 2007, a 1% decrease. Product licenses revenues for the third quarter of 2008 were $24.8 million versus $30.2 million for the third quarter of 2007, an 18% decrease. Product support and other services revenues for MicroStrategy’s core business intelligence (BI) business in the third quarter of 2008 were $63.2 million versus $59.2 million for the third quarter of 2007, a 7% increase.

Operating expenses for the third quarter of 2008 were $56.6 million versus $50.0 million for the third quarter of 2007, a 13% increase. The increase in third quarter operating expenses was primarily due to an increase in the worldwide employee headcount and related expenses of the Company’s core BI business. During the third quarter of 2008, MicroStrategy capitalized $5.2 million in software development costs as compared to $0.2 million in capitalized software development costs during the third quarter of 2007. Consolidated income from continuing operations for the third quarter of 2008 was $11.1 million, or 12% of revenue, versus $19.4 million, or 21% of revenue, for the third quarter of 2007. Income from discontinued operations for the third quarter of 2008, which reflects the financial results of the Company’s Alarm.com business, was $52,000. Net income for the third quarter of 2008 was $11.1 million, or $0.90 per share on a diluted basis, compared to $19.3 million, or $1.51 per share on a diluted basis, for the third quarter of 2007.

For the third quarter of 2008, MicroStrategy’s effective tax rate on income from continuing operations was 40.7%, compared to 32.7% in the third quarter of 2007. The increase in the effective tax rate was primarily attributable to an increase in cross border withholding taxes and, to a lesser extent, net losses in certain foreign subsidiaries for which the Company is not currently able to recognize a tax benefit from those losses for financial reporting purposes.

As of September 30, 2008, MicroStrategy had cash and cash equivalents of approximately $127.3 million and 9,118,021 shares of class A common stock and 2,770,244 shares of class B common stock outstanding.

New Customers and New Deals with Existing Customers in Q3 2008 Included:

24 Hour Fitness; Air National Guard; AmerisourceBergen Services Corporation; Avon Products, Inc.; Booz, Allen & Hamilton Inc.; Cabela’s Incorporated; Cancer Care Ontario; Capital Group Companies; Catalina Marketing Corporation; Dana-Farber Cancer Institute; GE Healthcare; Honeywell Federal Manufacturing & Technologies, LLC; Meijer Great Lakes Limited Partnership; Memorial Sloan Kettering Cancer Center; Meredith Corporation; National Aeronautics and Space Administration; Nordstrom, Inc.; NTT America, Inc.; Pacific Sunwear; PMSI, Inc.; PPL Services Corporation; Ross Stores, Inc.; Ryder System, Inc.; Saint-Gobain Abrasives Inc.; SOCAN; State of Tennessee; The Advisory Board; Transportation Security Administration; U.S. Department of State; and U.S. Postal Service.

Examples of Customer Deals from Q3 2008:

24 Hour Fitness

24 Hour Fitness, the largest fitness club chain in the U.S., has selected MicroStrategy to support its enterprise business intelligence applications. A new MicroStrategy customer, 24 Hour Fitness plans to use the MicroStrategy Business Intelligence Platform™ for reporting on and analyzing a wide range of key performance indicators for its 425 clubs. Club managers, field management, and corporate management will use MicroStrategy to gain greater insights into club traffic, member preferences, and sales and financial data to help them make more informed decisions. MicroStrategy was selected for its data and user scalability, broad range of reporting features and functionality, and excellent query performance.

Cabela’s Incorporated

Cabela’s, a leading specialty retailer of hunting, fishing, and outdoor gear, has chosen MicroStrategy as its enterprise reporting standard. MicroStrategy will be used across the organization for enhanced insights into key business areas, including inventory planning, customer service, sales administration, forecast analysis, and category management. In addition, MicroStrategy will be used to help Cabela’s improve its online business by enabling Cabela’s employees to review every item purchased online and better understand the items that customers typically purchase together.

Meredith Corporation

Meredith Corporation, headquartered in Des Moines, Iowa, is one of the nation’s leading media and marketing companies with businesses centering on magazine and book publishing, television broadcasting, integrated marketing, and interactive media. Meredith Corporation recently selected MicroStrategy to expand its enterprise business intelligence deployment. Meredith Corporation relies on MicroStrategy for reporting, analysis, and Dynamic Enterprise Dashboards. End users in Consumer Marketing, Interactive Media, and Retail areas use the software to monitor customer behavior and understand their preferences to provide them with better products. MicroStrategy was selected for its intuitive dashboards, robust reporting, analytical capabilities, data scalability, and open platform to develop advanced visualizations.

NTT America, Inc.

NTT America, Inc., a wholly owned U.S. subsidiary of NTT Communications Corporation, selected MicroStrategy to analyze and monitor key customer service performance metrics. NTT America chose MicroStrategy’s Dynamic Enterprise Dashboards™ to monitor customer service data, including response times to trouble tickets. NTT America executives and managers will use the MicroStrategy information dashboards for at-a-glance insights into customer service performance to help them make data-driven decisions. With MicroStrategy, NTT America expects to be able to improve its service response times, allocate resources more efficiently, and address other critical service areas to improve customer satisfaction and retention.

Latest Release of MicroStrategy Advanced Visualizations

In the third quarter of 2008, MicroStrategy announced the latest release of advanced visualization widgets for its Dynamic Enterprise Dashboards. MicroStrategy’s library of advanced visualization widgets enables

users to view data in a highly visual and interactive manner to augment data comprehension and enhance decision making. MicroStrategy leverages Adobe® Flash® to incorporate visualization, interactivity, and animation into its widgets.

MicroStrategy customers can use Adobe® Flex™ 2 and Flex 3 to create their own MicroStrategy-compatible visualization widgets to include in dashboards and reports. Some of the newest widgets include:

• The Bubble Grid widget, which enables users to plot metric values as bubbles of different colors and sizes within a grid

• The Funnel widget, a variation of a stacked percent bar chart in a funnel shape, which is well-suited for a variety of business purposes, including pipeline analyses for sales forecasts and sales process analysis

• The Waterfall widget, which displays a series of increments and decrements that users can modify to perform a scenario analysis on the data and help identify causes for fluctuations in the business

MicroStrategy Recognized by Forbes

For the second consecutive year, MicroStrategy was named to the Forbes 200 Best Small Companies in America list. To qualify, companies must have sales between $5 million and $750 million and a stock price of at least $5 as of September 29, 2008. The ranking is based on return on equity, sales growth, and profit growth over the past 12 months and also over five years. Forbes also compared a company’s stock performance with that of its industry peers.

Enhanced Curriculum for MicroStrategy’s Introduction to Enterprise BI Class

MicroStrategy recently updated the curriculum for its Introduction to Enterprise Business Intelligence class to address the changing BI needs of organizations and provide insights into MicroStrategy’s latest product enhancements. The one-day class is offered at no charge to companies interested in learning about enterprise BI and the MicroStrategy Business Intelligence Platform™. MicroStrategy has offered the class since 2006, with thousands of participants attending classes held in cities around the world. Each quarter, MicroStrategy offers approximately 100 classes.

MicroStrategy Events

MicroStrategy held numerous Business Intelligence Symposia during the third quarter, and has several more planned in the fourth quarter of 2008, including in Milan, Washington D.C., Paris, and Zurich. The Company’s 12th annual user conference, MicroStrategy World 2009, will be held January 13-16, 2009 at the Wynn Las Vegas in Las Vegas, Nevada. The event will feature more than 100 educational sessions, dozens of customer speakers from industry-leading organizations, and an exhibit hall showcasing MicroStrategy partners. MicroStrategy World 2009 will also include an update on the Company’s latest technology advances, insightful keynote presentations, and networking opportunities.

About MicroStrategy Incorporated

Founded in 1989, MicroStrategy is a global leader in business intelligence (BI) technology. MicroStrategy provides integrated reporting, analysis, and monitoring software that helps leading organizations worldwide make better business decisions every day. Companies choose MicroStrategy for its advanced technical capabilities, sophisticated analytics, and superior data and user scalability. More information about MicroStrategy (NASDAQ: MSTR) is available at www.microstrategy.com.

MicroStrategy, MicroStrategy 8, MicroStrategy Business Intelligence Platform, MicroStrategy Dynamic Enterprise Dashboards, MicroStrategy Mobile, and MicroStrategy Integrity Manager are either trademarks or registered trademarks of MicroStrategy Incorporated in the United States and certain other countries. Other product and company names mentioned herein may be the trademarks of their respective owners.

This press release may include statements that may constitute “forward-looking statements,” including estimates of future business prospects or financial results and statements containing the words “believe,” “estimate,” “project,” “expect” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results of MicroStrategy Incorporated and its subsidiaries (collectively, the “Company”) to differ materially from the forward-looking statements. Factors that could contribute to such differences include: the ability of the Company to implement and achieve widespread customer acceptance of its MicroStrategy 8 software on a timely basis; the Company’s ability to recognize deferred revenue through delivery of products or satisfactory performance of services; continued acceptance of the Company’s products in the marketplace; the timing of significant orders; delays in the Company’s ability to develop or ship new products; market acceptance of new products; the Company’s ability to effect the sale of its Alarm.com business on acceptable terms, or at all; competitive factors; general economic conditions, including significant downturns in industries, including the financial services and retail industries, in which we have a significant number of customers; currency fluctuations; and other risks detailed in the Company’s registration statements and periodic reports filed with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

MICROSTRATEGY INCORPORATED

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

	Three Months Ended September 30,					Nine Months Ended September 30,
	2008		2007			2008			2007
	(unaudited)		(unaudited)			(unaudited)			(unaudited)
Revenues
Product licenses	$	24,787	$	30,210		$	67,966		$	68,608
Product support and other services		65,841		61,022			197,422			171,539
Total revenues		90,628		91,232			265,388			240,147
Cost of Revenues
Product licenses		422		713			1,442			2,156
Product support and other services		16,304		11,784			45,898			34,925
Total cost of revenues		16,726		12,497			47,340			37,081
Gross profit		73,902		78,735			218,048			203,066
Operating Expenses
Sales and marketing		35,888		28,544			100,060			79,223
Research and development		5,922		9,279			24,449			25,126
General and administrative		14,744		12,170			47,055			37,176
Total operating expenses		56,554		49,993			171,564			141,525
Income from continuing operations before financing and other income and income taxes		17,348		28,742			46,484			61,541
Financing and Other Income
Interest income, net		623		927			2,081			2,782
Other income (expense), net		694		(828	)		(269	)		(791	)
Total financing and other income		1,317		99			1,812			1,991
Income from continuing operations before income taxes		18,665		28,841			48,296			63,532
Provision for income taxes		7,593		9,439			20,365			22,797
Income from continuing operations		11,072		19,402			27,931			40,735
Income (loss) from discontinued operations, net of tax provision (benefit) ($53 and ($54) for the three months ended, respectively, and $176 and $46 for the nine months ended, respectively)		52		(67	)		(383	)		58
Net Income	$	11,124	$	19,335		$	27,548		$	40,793
Basic earnings (loss) per share (1):
From continuing operations	$	0.93	$	1.58		$	2.35		$	3.28
From discontinued operations	$	0.01	$	(0.01	)	$	(0.03	)	$	0.01
Basic earnings per share	$	0.94	$	1.57		$	2.32		$	3.29
Weighted average shares outstanding used in computing basic earnings per share		11,887		12,286			11,890			12,416
Diluted earnings (loss) per share (1):
From continuing operations	$	0.90	$	1.52		$	2.26		$	3.14
From discontinued operations	$	0.00	$	(0.01	)	$	(0.03	)	$	0.01
Diluted earnings per share	$	0.90	$	1.51		$	2.23		$	3.15
Weighted average shares outstanding used in computing diluted earnings per share		12,306		12,771			12,332			12,953

(1) Basic and fully diluted earnings per share for class A and class B common stock are the same

MICROSTRATEGY INCORPORATED

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

	Core BI Business					Angel.com						Consolidated
	Three Months Ended September 30,					Three Months Ended September 30,						Three Months Ended September 30,
	2008		2007			2008			2007			2008		2007
Revenues
Product licenses	$	24,787	$	30,210		$	—		$	—		$	24,787	$	30,210
Product support and other services		63,153		59,197			—			—			63,153		59,197
Angel.com telephony services		—		—			2,688			1,825			2,688		1,825
Total revenues		87,940		89,407			2,688			1,825			90,628		91,232
Cost of Revenues
Product licenses		422		713			—			—			422		713
Product support and services revenues		15,908		11,277			—			—			15,908		11,277
Angel.com telephony services		—		—			396			507			396		507
Total cost of revenues		16,330		11,990			396			507			16,726		12,497
Gross profit		71,610		77,417			2,292			1,318			73,902		78,735
Operating Expenses
Sales and marketing		33,767		26,932			2,121			1,612			35,888		28,544
Research and development		5,234		8,615			688			664			5,922		9,279
General and administrative		14,679		12,163			65	(a)		7	(a)		14,744		12,170
Total operating expenses		53,680		47,710			2,874			2,283			56,554		49,993
Income (loss) from continuing operations		17,930		29,707			(582	)		(965	)		17,348		28,742
Financing and Other Income
Interest income, net		623		927			—			—			623		927
Other income (expense), net		694		(828	)		—			—			694		(828	)
Total financing and other income		1,317		99			—			—			1,317		99
Income (loss) from continuing operations before income taxes	$	19,247	$	29,806		$	(582	)	$	(965	)	$	18,665	$	28,841
Provision for income taxes													7,593		9,439
Income from continuing operations													11,072		19,402
Income (loss) from discontinued operations, net of tax													52		(67	)
Net income												$	11,124	$	19,335
Basic earnings (loss) per share:
From continuing operations												$	0.93	$	1.58
From discontinued operations												$	0.01	$	(0.01	)
Basic earnings per share												$	0.94	$	1.57
Diluted earnings (loss) per share:
From continuing operations												$	0.90	$	1.52
From discontinued operations												$	0.00	$	(0.01	)
Diluted earnings per share												$	0.90	$	1.51
Basic weighted average shares outstanding													11,887		12,286
Diluted weighted average shares outstanding													12,306		12,771

(a) An insignificant amount of general and administrative services is provided to the Angel.com business unit by MicroStrategy’s core business operations.

MICROSTRATEGY INCORPORATED

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

	Core BI Business						Angel.com						Consolidated
	Nine Months Ended September 30,						Nine Months Ended September 30,						Nine Months Ended September 30,
	2008			2007			2008			2007			2008			2007
Revenues
Product licenses	$	67,966		$	68,608		$	—		$	—		$	67,966		$	68,608
Product support and other services		189,629			166,622			—			—			189,629			166,622
Angel.com telephony services		—			—			7,793			4,917			7,793			4,917
Total revenues		257,595			235,230			7,793			4,917			265,388			240,147
Cost of Revenues
Product licenses		1,442			2,156			—			—			1,442			2,156
Product support and services revenues		44,602			33,482			—			—			44,602			33,482
Angel.com telephony services		—			—			1,296			1,443			1,296			1,443
Total cost of revenues		46,044			35,638			1,296			1,443			47,340			37,081
Gross profit		211,551			199,592			6,497			3,474			218,048			203,066
Operating Expenses
Sales and marketing		93,962			74,684			6,098			4,539			100,060			79,223
Research and development		22,229			23,048			2,220			2,078			24,449			25,126
General and administrative		46,840			37,169			215	(a)		7	(a)		47,055			37,176
Total operating expenses		163,031			134,901			8,533			6,624			171,564			141,525
Income (loss) from continuing operations		48,520			64,691			(2,036	)		(3,150	)		46,484			61,541
Financing and Other Income
Interest income, net		2,081			2,782			—			—			2,081			2,782
Other expense, net		(269	)		(791	)		—			—			(269	)		(791	)
Total financing and other income		1,812			1,991			—			—			1,812			1,991
Income (loss) from continuing operations before income taxes	$	50,332		$	66,682		$	(2,036	)	$	(3,150	)	$	48,296		$	63,532
Provision for income taxes														20,365			22,797
Income from continuing operations														27,931			40,735
Income (loss) from discontinued operations, net of tax														(383	)		58
Net income													$	27,548		$	40,793
Basic earnings (loss) per share:
From continuing operations													$	2.35		$	3.28
From discontinued operations													$	(0.03	)	$	0.01
Basic earnings per share													$	2.32		$	3.29
Diluted earnings (loss) per share:
From continuing operations													$	2.26		$	3.14
From discontinued operations													$	(0.03	)	$	0.01
Diluted earnings per share													$	2.23		$	3.15
Basic weighted average shares outstanding														11,890			12,416
Diluted weighted average shares outstanding														12,332			12,953

(a) An insignificant amount of general and administrative services is provided to the Angel.com business unit by MicroStrategy’s core business operations.

MICROSTRATEGY INCORPORATED

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

	September 30, 2008			December 31, 2007
	(unaudited)			(audited)
Assets
Current assets
Cash and cash equivalents	$	127,287		$	85,194
Restricted cash and investments		514			2,982
Accounts receivable, net		45,196			49,392
Prepaid expenses and other current assets		11,553			12,106
Deferred tax assets, net		24,535			29,652
Assets held-for-sale		7,663			4,272
Total current assets		216,748			183,598
Property and equipment, net		8,543			9,473
Capitalized software development cost, net		9,573			2,340
Deposits and other assets		37,313			11,433
Deferred tax assets, net		26,710			35,347
Total Assets	$	298,887		$	242,191
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable and accrued expenses	$	50,130		$	22,083
Accrued compensation and employee benefits		35,969			38,604
Deferred revenue and advance payments		69,757			64,234
Liabilities held-for-sale		7,338			3,436
Total current liabilities		163,194			128,357
Deferred revenue and advance payments		1,569			1,368
Other long-term liabilities		9,647			9,137
Total Liabilities		174,410			138,862
Stockholders’ Equity
Preferred stock undesignated, $0.001 par value; 5,000 shares authorized; no shares issued or outstanding		—			—
Class A common stock, $0.001 par value; 330,000 shares authorized; 14,165 shares issued and 9,118 shares outstanding, and 14,113 shares issued and 9,184 shares outstanding, respectively		14			14
Class B common stock, $0.001 par value; 165,000 shares authorized; 2,770 issued and outstanding, respectively		3			3
Additional paid-in capital		450,622			448,229
Treasury stock, at cost; 5,047 and 4,929 shares, respectively		(366,191	)		(357,804	)
Accumulated other comprehensive income		2,523			2,929
Retained earnings		37,506			9,958
Total Stockholders’ Equity		124,477			103,329
Total Liabilities and Stockholders’ Equity	$	298,887		$	242,191

MICROSTRATEGY INCORPORATED

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

	Nine Months Ended September 30,
	2008			2007
Operating activities:
Net income	$	27,548		$	40,793
Plus: Loss (income) from discontinued operations, net		383			(58	)
Income from continuing operations		27,931			40,735
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		4,825			5,710
Bad debt expense		1,074			1,447
Deferred taxes		13,655			18,559
Stock-based compensation		45			413
Excess tax benefits from stock-based payment arrangements		(241	)		(2,269	)
Other, net		49			116
Changes in operating assets and liabilities:
Accounts receivable		3,617			5,710
Prepaid expenses and other current assets		176			(258	)
Deposits and other assets		(218	)		(1,414	)
Accounts payable and accrued expenses, compensation and employee benefits, accrued interest		294			(8,447	)
Deferred revenue and advance payments		6,071			6,579
Other long-term liabilities		568			37
Net cash provided by operating activities from continuing operations		57,846			66,918
Net cash provided by (used in) operating activities from discontinued operations		1,399			(2,184	)
Net cash provided by operating activities		59,245			64,734
Investing activities:
Advance deposits on purchases of property and equipment		—			(7,500	)
Purchases of property and equipment		(2,972	)		(2,819	)
Capitalized software development costs		(8,078	)		(2,650	)
Decrease in restricted cash and investments		1,062			997
Net cash used in investing activities from continuing operations		(9,988	)		(11,972	)
Net cash used in investing activities from discontinued operations		(158	)		(49	)
Net cash used in investing activities		(10,146	)		(12,021	)
Financing activities:
Proceeds from sale of class A common stock under exercise of employee stock options and employee stock purchase plan		2,073			2,013
Excess tax benefits from stock-based payment arrangements		241			2,269
Purchases of treasury stock		(8,387	)		(62,634	)
Net cash used in financing activities from continuing operations		(6,073	)		(58,352	)
Net cash used in financing activities from discontinued operations		—			—
Net cash used in financing activities		(6,073	)		(58,352	)
Effect of foreign exchange rate changes on cash and cash equivalents		(933	)		2,384
Net increase (decrease) in cash and cash equivalents from continuing operations		42,093			(3,255	)
Cash and cash equivalents, beginning of period		85,194			78,980
Cash and cash equivalents, end of period	$	127,287		$	75,725