Consolidating Financial Information [Text Block] |
CONSOLIDATING FINANCIAL INFORMATION
As discussed in Note 7, the Notes were issued pursuant to the Indenture by and among the Company, the Company's domestic subsidiaries that guarantee the Company's obligations under its revolving credit facility, as guarantors, and MUFG Union Bank, N.A., as trustee. The Notes are fully and unconditionally guaranteed on a joint and several basis by each guarantor subsidiary, each of which is 100% owned, directly or indirectly, by Qorvo, Inc. (the "Parent Company"). As discussed in Note 1, the Business Combination of RFMD and TriQuint under Parent Company, a new holding company, closed on January 1, 2015. A guarantor subsidiary’s guarantee can be released in certain customary circumstances.
In accordance with Rule 3-10 of Regulation S-X, the following presents the condensed consolidating financial information separately for:
| | (i) | the Parent Company, the issuer of the Notes; |
| | (ii) | the guarantor subsidiaries, on a combined basis, as specified in the Indenture; |
| | (iii) | the non-guarantor subsidiaries, on a combined basis; |
| | (iv) | consolidating entries and eliminations representing adjustments to (a) eliminate intercompany transactions between or among the Parent Company, the guarantor subsidiaries and the non-guarantor subsidiaries, (b) eliminate intercompany profit in inventory, (c) eliminate the investments in the Company’s subsidiaries and (d) record consolidating entries; and |
| | (v) | the Company, on a consolidated basis. |
Each entity in the consolidating financial information follows the same accounting policies as described in the consolidated financial statements, except for the use by the Parent Company and guarantor subsidiaries of the equity method of accounting to reflect ownership interests in subsidiaries that are eliminated upon consolidation. The financial information may not necessarily be indicative of the financial position, results of operations, comprehensive income (loss), and cash flows, had the Parent Company, guarantor or non-guarantor subsidiaries operated as independent entities.
| | | | | | | | | | | | | | | | | | | | | | Condensed Consolidating Balance Sheet | | April 2, 2016 | (in thousands) | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated | ASSETS | | | | | | | | | | Current assets: | | | | | | | | | | Cash and cash equivalents | $ | — |
| | $ | 220,633 |
| | $ | 205,248 |
| | $ | — |
| | $ | 425,881 |
| Short-term investments | — |
| | 186,808 |
| | — |
| | — |
| | 186,808 |
| Accounts receivable, less allowance | — |
| | 203,488 |
| | 112,868 |
| | — |
| | 316,356 |
| Intercompany accounts and notes receivable | — |
| | 532,508 |
| | 404,330 |
| | (936,838 | ) | | — |
| Inventories | — |
| | 186,627 |
| | 325,346 |
| | (84,422 | ) | | 427,551 |
| Prepaid expenses | — |
| | 56,151 |
| | 7,699 |
| | — |
| | 63,850 |
| Other receivables | — |
| | 37,033 |
| | 10,347 |
| | — |
| | 47,380 |
| Other current assets | — |
| | 40,866 |
| | 518 |
| | — |
| | 41,384 |
| Total current assets | — |
| | 1,464,114 |
| | 1,066,356 |
| | (1,021,260 | ) | | 1,509,210 |
| Property and equipment, net | — |
| | 807,586 |
| | 239,495 |
| | (193 | ) | | 1,046,888 |
| Goodwill | — |
| | 1,868,816 |
| | 266,881 |
| | — |
| | 2,135,697 |
| Intangible assets, net | — |
| | 786,314 |
| | 1,026,201 |
| | — |
| | 1,812,515 |
| Long-term investments | — |
| | 26,050 |
| | — |
| | — |
| | 26,050 |
| Long-term intercompany accounts and notes receivable | — |
| | 564,397 |
| | 267,823 |
| | (832,220 | ) | | — |
| Investment in subsidiaries | 6,151,120 |
| | 1,645,846 |
| | — |
| | (7,796,966 | ) | | — |
| Other non-current assets | 1,091 |
| | 39,478 |
| | 25,890 |
| | — |
| | 66,459 |
| Total assets | $ | 6,152,211 |
| | $ | 7,202,601 |
| | $ | 2,892,646 |
| | $ | (9,650,639 | ) | | $ | 6,596,819 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
| |
| |
| |
| |
| Current liabilities: |
| |
| |
| |
| |
| Accounts payable | $ | — |
| | $ | 141,792 |
| | $ | 66,508 |
| | $ | (2,936 | ) | | $ | 205,364 |
| Intercompany accounts and notes payable | — |
| | 404,330 |
| | 532,508 |
| | (936,838 | ) | | — |
| Accrued liabilities | 25,445 |
| | 93,609 |
| | 18,835 |
| | — |
| | 137,889 |
| Other current liabilities | — |
| | 20,122 |
| | 10,426 |
| | — |
| | 30,548 |
| Total current liabilities | 25,445 |
| | 659,853 |
| | 628,277 |
| | (939,774 | ) | | 373,801 |
| Long-term debt, net | 988,130 |
| | — |
| | — |
| | — |
| | 988,130 |
| Deferred tax liabilities | (93,340 | ) | | 195,462 |
| | 50,038 |
| | — |
| | 152,160 |
| Long-term intercompany accounts and notes payable | 232,303 |
| | 267,823 |
| | 332,094 |
| | (832,220 | ) | | — |
| Other long-term liabilities | — |
| | 39,288 |
| | 43,768 |
| | — |
| | 83,056 |
| Total liabilities | 1,152,538 |
| | 1,162,426 |
| | 1,054,177 |
| | (1,771,994 | ) | | 1,597,147 |
| Total stockholders’ equity | 4,999,673 |
| | 6,040,175 |
| | 1,838,469 |
| | (7,878,645 | ) | | 4,999,672 |
| Total liabilities and stockholders’ equity | $ | 6,152,211 |
| | $ | 7,202,601 |
| | $ | 2,892,646 |
| | $ | (9,650,639 | ) | | $ | 6,596,819 |
|
| | | | | | | | | | | | | | | | | | | | | | Condensed Consolidating Balance Sheet | | March 28, 2015 | (in thousands) | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated | ASSETS |
| |
| |
| |
| |
| Current assets: |
| |
| |
| |
| |
| Cash and cash equivalents | $ | — |
| | $ | 154,332 |
| | $ | 145,482 |
| | $ | — |
| | $ | 299,814 |
| Short-term investments | — |
| | 244,830 |
| | — |
| | — |
| | 244,830 |
| Accounts receivable, less allowance | — |
| | 247,533 |
| | 106,297 |
| | — |
| | 353,830 |
| Intercompany accounts and notes receivable | — |
| | 482,276 |
| | 194,253 |
| | (676,529 | ) | | — |
| Inventories | — |
| | 147,660 |
| | 282,190 |
| | (82,950 | ) | | 346,900 |
| Prepaid expenses | — |
| | 48,508 |
| | 3,661 |
| | — |
| | 52,169 |
| Other receivables | — |
| | 25,268 |
| | 548 |
| | — |
| | 25,816 |
| Deferred tax assets | 85,150 |
| | 63,965 |
| | 1,093 |
| | — |
| | 150,208 |
| Other current assets | — |
| | 25,853 |
| | 685 |
| | — |
| | 26,538 |
| Total current assets | 85,150 |
| | 1,440,225 |
| | 734,209 |
| | (759,479 | ) | | 1,500,105 |
| Property and equipment, net | — |
| | 684,363 |
| | 199,089 |
| | (81 | ) | | 883,371 |
| Goodwill | — |
| | 1,873,706 |
| | 266,880 |
| | — |
| | 2,140,586 |
| Intangible assets, net | — |
| | 988,367 |
| | 1,318,862 |
| | — |
| | 2,307,229 |
| Long-term investments | — |
| | 4,083 |
| | — |
| | — |
| | 4,083 |
| Long-term intercompany accounts and notes receivable | — |
| | 353,481 |
| | 222,197 |
| | (575,678 | ) | | — |
| Investment in subsidiaries | 6,163,621 |
| | 1,645,624 |
| | — |
| | (7,809,245 | ) | | — |
| Other non-current assets | — |
| | 30,158 |
| | 26,847 |
| | — |
| | 57,005 |
| Total assets | $ | 6,248,771 |
| | $ | 7,020,007 |
| | $ | 2,768,084 |
| | $ | (9,144,483 | ) | | $ | 6,892,379 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
| |
| |
| |
| |
| Current liabilities: |
| |
| |
| |
| |
| Accounts payable | $ | — |
| | $ | 138,939 |
| | $ | 44,714 |
| | $ | (1,185 | ) | | $ | 182,468 |
| Intercompany accounts and notes payable | — |
| | 194,253 |
| | 482,276 |
| | (676,529 | ) | | — |
| Accrued liabilities | — |
| | 113,451 |
| | 18,420 |
| | — |
| | 131,871 |
| Other current liabilities | — |
| | 18,005 |
| | (7,034 | ) | | — |
| | 10,971 |
| Total current liabilities | — |
| | 464,648 |
| | 538,376 |
| | (677,714 | ) | | 325,310 |
| Deferred tax liabilities | — |
| | 245,092 |
| | 65,097 |
| | — |
| | 310,189 |
| Long-term intercompany accounts and notes payable | 75,611 |
| | 222,197 |
| | 277,870 |
| | (575,678 | ) | | — |
| Other long-term liabilities | — |
| | 42,571 |
| | 41,149 |
| | — |
| | 83,720 |
| Total liabilities | 75,611 |
| | 974,508 |
| | 922,492 |
| | (1,253,392 | ) | | 719,219 |
| Total stockholders’ equity | 6,173,160 |
| | 6,045,499 |
| | 1,845,592 |
| | (7,891,091 | ) | | 6,173,160 |
| Total liabilities and stockholders’ equity | $ | 6,248,771 |
| | $ | 7,020,007 |
| | $ | 2,768,084 |
| | $ | (9,144,483 | ) | | $ | 6,892,379 |
|
| | | | | | | | | | | | | | | | | | | | | | Consolidating Statement of Operations and Comprehensive Income (Loss) | | Fiscal Year Ended April 2, 2016 | (in thousands) | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated | Revenue | $ | — |
| | $ | 2,212,062 |
| | $ | 2,762,150 |
| | $ | (2,363,486 | ) | | $ | 2,610,726 |
| Cost of goods sold | — |
| | 1,778,336 |
| | 2,060,702 |
| | (2,277,865 | ) | | 1,561,173 |
| Gross profit | — |
| | 433,726 |
| | 701,448 |
| | (85,621 | ) | | 1,049,553 |
| Operating expenses: | | | | | | | | |
| Research and development | 67,158 |
| | 106,560 |
| | 304,219 |
| | (29,174 | ) | | 448,763 |
| Marketing and selling | 28,438 |
| | 127,499 |
| | 285,354 |
| | (20,824 | ) | | 420,467 |
| General and administrative | 43,920 |
| | 24,315 |
| | 75,239 |
| | (29,842 | ) | | 113,632 |
| Other operating expense | — |
| | 50,928 |
| | 2,447 |
| | 1,348 |
| | 54,723 |
| Total operating expenses | 139,516 |
| | 309,302 |
| | 667,259 |
| | (78,492 | ) | | 1,037,585 |
| Income (loss) from operations | (139,516 | ) | | 124,424 |
| | 34,189 |
| | (7,129 | ) | | 11,968 |
| Interest expense | (21,895 | ) | | (2,419 | ) | | (3,029 | ) | | 4,027 |
| | (23,316 | ) | Interest income | — |
| | 2,650 |
| | 3,003 |
| | (3,585 | ) | | 2,068 |
| Other income (expense) | — |
| | 5,467 |
| | (298 | ) | | 1,249 |
| | 6,418 |
| (Loss) income before income taxes | (161,411 | ) | | 130,122 |
| | 33,865 |
| | (5,438 | ) | | (2,862 | ) | Income tax (expense) benefit | 44,014 |
| | (49,751 | ) | | (20,246 | ) | | — |
| | (25,983 | ) | Income in subsidiaries | 88,552 |
| | — |
| | — |
| | (88,552 | ) | | — |
| Net (loss) income | $ | (28,845 | ) | | $ | 80,371 |
| | $ | 13,619 |
| | $ | (93,990 | ) | | $ | (28,845 | ) | | | | | | | | | | | Comprehensive (loss) income | $ | (31,854 | ) | | $ | 76,118 |
| | $ | 14,862 |
| | $ | (90,980 | ) | | $ | (31,854 | ) |
| | | | | | | | | | | | | | | | | | | | | | Consolidating Statement of Operations and Comprehensive Income (Loss) | | Fiscal Year Ended March 28, 2015 | (in thousands) | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated | Revenue | $ | — |
| | $ | 2,523,495 |
| | $ | 1,408,913 |
| | $ | (2,221,442 | ) | | $ | 1,710,966 |
| Cost of goods sold | — |
| | 1,910,297 |
| | 1,260,814 |
| | (2,149,453 | ) | | 1,021,658 |
| Gross profit | — |
| | 613,198 |
| | 148,099 |
| | (71,989 | ) | | 689,308 |
| Operating expenses: | | | | | | | | |
| Research and development | 18,335 |
| | 202,337 |
| | 45,751 |
| | (8,929 | ) | | 257,494 |
| Marketing and selling | 7,579 |
| | 101,068 |
| | 78,193 |
| | (22,183 | ) | | 164,657 |
| General and administrative | 16,197 |
| | 59,470 |
| | 11,862 |
| | (2,300 | ) | | 85,229 |
| Other operating expense | — |
| | 55,774 |
| | 3,475 |
| | 213 |
| | 59,462 |
| Total operating expenses | 42,111 |
| | 418,649 |
| | 139,281 |
| | (33,199 | ) | | 566,842 |
| Income (loss) from operations | (42,111 | ) | | 194,549 |
| | 8,818 |
| | (38,790 | ) | | 122,466 |
| Interest expense | — |
| | (2,770 | ) | | (1,583 | ) | | 2,932 |
| | (1,421 | ) | Interest income | — |
| | 1,009 |
| | 2,281 |
| | (2,840 | ) | | 450 |
| Other (expense) income | — |
| | (906 | ) | | 694 |
| | (42 | ) | | (254 | ) | Income (loss) before income taxes | (42,111 | ) | | 191,882 |
| | 10,210 |
| | (38,740 | ) | | 121,241 |
| Income tax benefit (expense) | 13,350 |
| | 73,268 |
| | (11,556 | ) | | — |
| | 75,062 |
| Income in subsidiaries | 35,243 |
| | — |
| | — |
| | (35,243 | ) | | — |
| Net income (loss) | $ | 6,482 |
| | $ | 265,150 |
| | $ | (1,346 | ) | | $ | (73,983 | ) | | $ | 196,303 |
| | | | | | | | | | | Comprehensive income (loss) | $ | 6,482 |
| | $ | 269,071 |
| | $ | (4,606 | ) | | $ | (73,983 | ) | | $ | 196,964 |
|
| | | | | | | | | | | | | | | | | | | | | | Consolidating Statement of Operations and Comprehensive Income | | Fiscal Year Ended March 29, 2014 | (in thousands) | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated | Revenue | $ | — |
| | $ | 1,794,138 |
| | $ | 1,003,550 |
| | $ | (1,649,457 | ) | | $ | 1,148,231 |
| Cost of goods sold | — |
| | 1,437,594 |
| | 914,367 |
| | (1,608,657 | ) | | 743,304 |
| Gross profit | — |
| | 356,544 |
| | 89,183 |
| | (40,800 | ) | | 404,927 |
| Operating expenses: | | | | | | | | |
| Research and development | — |
| | 186,596 |
| | 12,625 |
| | (1,952 | ) | | 197,269 |
| Marketing and selling | — |
| | 78,170 |
| | 18,404 |
| | (21,902 | ) | | 74,672 |
| General and administrative | — |
| | 69,530 |
| | 9,854 |
| | (2,652 | ) | | 76,732 |
| Other operating expense | — |
| | 10,022 |
| | 17,039 |
| | 1,852 |
| | 28,913 |
| Total operating expenses | — |
| | 344,318 |
| | 57,922 |
| | (24,654 | ) | | 377,586 |
| Income from operations | — |
| | 12,226 |
| | 31,261 |
| | (16,146 | ) | | 27,341 |
| Interest expense | — |
| | (6,583 | ) | | (1,317 | ) | | 1,917 |
| | (5,983 | ) | Interest income | — |
| | 896 |
| | 1,250 |
| | (1,967 | ) | | 179 |
| Other income | — |
| | 2,223 |
| | 113 |
| | — |
| | 2,336 |
| Income before income taxes | — |
| | 8,762 |
| | 31,307 |
| | (16,196 | ) | | 23,873 |
| Income tax expense | — |
| | (304 | ) | | (10,927 | ) | | — |
| | (11,231 | ) | Net income | $ | — |
| | $ | 8,458 |
| | $ | 20,380 |
| | $ | (16,196 | ) | | $ | 12,642 |
| | | | | | | | | | | Comprehensive income | $ | — |
| | $ | 8,461 |
| | $ | 20,090 |
| | $ | (16,196 | ) | | $ | 12,355 |
|
| | | | | | | | | | | | | | | | | | | | | | Condensed Consolidating Statement of Cash Flows | | Fiscal Year Ended April 2, 2016 | (in thousands) | Parent Company | | Guarantor Subsidiaries | | Non-guarantor Subsidiaries | | Eliminations | | Consolidated | Net cash provided by operating activities | $ | 282,955 |
| | $ | 273,171 |
| | $ | 131,801 |
| | $ | — |
| | $ | 687,927 |
| Investing activities: | | | | | | | | | | Purchase of available-for-sale securities | — |
| | (340,527 | ) | | — |
| | — |
| | (340,527 | ) | Proceeds from maturities of available-for-sale securities | — |
| | 390,009 |
| | — |
| | — |
| | 390,009 |
| Purchase of investments | — |
| | (25,000 | ) | | — |
| | — |
| | (25,000 | ) | Proceeds from the sale of investments | — |
| | 11,575 |
| | — |
| | — |
| | 11,575 |
| Purchase of property and equipment | — |
| | (244,817 | ) | | (70,807 | ) | | — |
| | (315,624 | ) | Proceeds from sale of property and equipment | — |
| | 595 |
| | 258 |
| | — |
| | 853 |
| Net cash used in investing activities | — |
| | (208,165 | ) | | (70,549 | ) | | — |
| | (278,714 | ) | Financing activities: | | | | | | | | |
| Proceeds from debt issuances | 1,175,000 |
| | — |
| | — |
| | — |
| | 1,175,000 |
| Payment of debt | (175,000 | ) | | — |
| | — |
| | — |
| | (175,000 | ) | Excess tax benefit from exercises of stock options | 935 |
| | — |
| | — |
| | — |
| | 935 |
| Debt issuance costs | (13,588 | ) | | — |
| | — |
| | — |
| | (13,588 | ) | Proceeds from the issuance of common stock | 51,875 |
| | — |
| | — |
| | — |
| | 51,875 |
| Repurchase of common stock, including transaction costs | (1,300,009 | ) | | — |
| | — |
| | — |
| | (1,300,009 | ) | Tax withholding paid on behalf of employees for restricted stock units | (22,168 | ) | | — |
| | — |
| | — |
| | (22,168 | ) | Restricted cash associated with financing activities | — |
| | 131 |
| | — |
| | — |
| | 131 |
| Other financing | — |
| | (28 | ) | | — |
| | — |
| | (28 | ) | Net transactions with related parties | — |
| | 1,192 |
| | (1,192 | ) | | — |
| | — |
| Net cash (used in) provided by financing activities | (282,955 | ) | | 1,295 |
| | (1,192 | ) | | — |
| | (282,852 | ) | Effect of exchange rate changes on cash | — |
| | — |
| | (294 | ) | | — |
| | (294 | ) | Net increase in cash and cash equivalents | — |
| | 66,301 |
| | 59,766 |
| | — |
| | 126,067 |
| Cash and cash equivalents at the beginning of the period | — |
| | 154,332 |
| | 145,482 |
| | — |
| | 299,814 |
| Cash and cash equivalents at the end of the period | $ | — |
| | $ | 220,633 |
| | $ | 205,248 |
| | $ | — |
| | $ | 425,881 |
|
| | | | | | | | | | | | | | | | | | | | | | Condensed Consolidating Statement of Cash Flows | | Fiscal Year Ended March 28, 2015 | (in thousands) | Parent Company | | Guarantor Subsidiaries | | Non-guarantor Subsidiaries | | Eliminations | | Consolidated | Net cash provided by operating activities | $ | 25,059 |
| | $ | 187,786 |
| | $ | 92,779 |
| | $ | — |
| | $ | 305,624 |
| Investing activities: | | | | | | | | | | Purchase of available-for-sale securities | — |
| | (370,734 | ) | | (17,000 | ) | | — |
| | (387,734 | ) | Proceeds from maturities of available-for-sale securities | — |
| | 234,185 |
| | 27,000 |
| | — |
| | 261,185 |
| Proceeds from the sale of investments | — |
| | 297 |
| | — |
| | — |
| | 297 |
| Purchase of business, net of cash acquired | — |
| | 165,665 |
| | 58,659 |
| | — |
| | 224,324 |
| Proceeds from the sale of business | — |
| | 1,500 |
| |
| | — |
| | 1,500 |
| Purchase of intangibles | — |
| | (671 | ) | | (429 | ) | | — |
| | (1,100 | ) | Purchase of property and equipment | — |
| | (116,868 | ) | | (52,994 | ) | | — |
| | (169,862 | ) | Proceeds from sale of property and equipment | — |
| | 7,363 |
| | 85 |
| | — |
| | 7,448 |
| Net cash (used in) provided by investing activities | — |
| | (79,263 | ) | | 15,321 |
| | — |
| | (63,942 | ) | Financing activities: | | | | | | | | |
| Payment of debt | — |
| | (87,503 | ) | | — |
| | — |
| | (87,503 | ) | Excess tax benefit from exercises of stock options | 13,993 |
| | — |
| | — |
| | — |
| | 13,993 |
| Debt issuance costs | — |
| | (36 | ) | | — |
| | — |
| | (36 | ) | Proceeds from the issuance of common stock | 46,072 |
| | — |
| | — |
| | — |
| | 46,072 |
| Repurchase of common stock, including transaction costs | (50,874 | ) | | — |
| | — |
| | — |
| | (50,874 | ) | Tax withholding paid on behalf of employees for restricted stock units | (34,250 | ) | | — |
| | — |
| | — |
| | (34,250 | ) | Other financing | — |
| | (300 | ) | | — |
| | — |
| | (300 | ) | Net transactions with related parties | — |
| | 1,376 |
| | (1,376 | ) | | — |
| | — |
| Net cash used in financing activities | (25,059 | ) | | (86,463 | ) | | (1,376 | ) | | — |
| | (112,898 | ) | Effect of exchange rate changes on cash | — |
| | — |
| | (868 | ) | | — |
| | (868 | ) | Net increase in cash and cash equivalents | — |
| | 22,060 |
| | 105,856 |
| | — |
| | 127,916 |
| Cash and cash equivalents at the beginning of the period | — |
| | 132,272 |
| | 39,626 |
| | — |
| | 171,898 |
| Cash and cash equivalents at the end of the period | $ | — |
| | $ | 154,332 |
| | $ | 145,482 |
| | $ | — |
| | $ | 299,814 |
|
| | | | | | | | | | | | | | | | | | | | | | Condensed Consolidating Statement of Cash Flows | | Fiscal Year Ended March 29, 2014 | (in thousands) | Parent Company | | Guarantor Subsidiaries | | Non-guarantor Subsidiaries | | Eliminations | | Consolidated | Net cash provided by operating activities | $ | — |
| | $ | 100,954 |
| | $ | 29,895 |
| | $ | — |
| | $ | 130,849 |
| Investing activities: | | | | | | | | | | Purchase of available-for-sale securities | — |
| | (125,066 | ) | | 29 |
| | — |
| | (125,037 | ) | Proceeds from maturities of available-for-sale securities | — |
| | 129,031 |
| | 1,968 |
| | — |
| | 130,999 |
| Proceeds from the sale of investments | — |
| | 2,586 |
| | — |
| | — |
| | 2,586 |
| Purchase of intangibles | — |
| | (1,327 | ) | | — |
| | — |
| | (1,327 | ) | Purchase of property and equipment | — |
| | (45,439 | ) | | (21,314 | ) | | — |
| | (66,753 | ) | Proceeds from sale of property and equipment | — |
| | 2,383 |
| | 116 |
| | — |
| | 2,499 |
| Net cash used in investing activities | — |
| | (37,832 | ) | | (19,201 | ) | | — |
| | (57,033 | ) | Financing activities: | | | | | | | | |
| Excess tax benefit from exercises of stock options | — |
| | 50 |
| | — |
| | — |
| | 50 |
| Debt issuance costs | — |
| | (122 | ) | | — |
| | — |
| | (122 | ) | Proceeds from the issuance of common stock | — |
| | 17,480 |
| | — |
| | — |
| | 17,480 |
| Repurchase of common stock, including transaction costs | — |
| | (12,780 | ) | | — |
| | — |
| | (12,780 | ) | Tax withholding paid on behalf of employees for restricted stock units | — |
| | (9,113 | ) | | — |
| | — |
| | (9,113 | ) | Other financing | — |
| | 240 |
| | — |
| | — |
| | 240 |
| Net transactions with related parties | — |
| | 35,106 |
| | (35,106 | ) | | — |
| | — |
| Net cash (used in) provided by financing activities | — |
| | 30,861 |
| | (35,106 | ) | | — |
| | (4,245 | ) | Effect of exchange rate changes on cash | — |
| | — |
| | 665 |
| | — |
| | 665 |
| Net increase (decrease) in cash and cash equivalents | — |
| | 93,983 |
| | (23,747 | ) | | — |
| | 70,236 |
| Cash and cash equivalents at the beginning of the period | — |
| | 38,289 |
| | 63,373 |
| | — |
| | 101,662 |
| Cash and cash equivalents at the end of the period | $ | — |
| | $ | 132,272 |
| | $ | 39,626 |
| | $ | — |
| | $ | 171,898 |
|
|