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): July 31, 2019

UGI Corporation

(Exact name of Registrant as Specified in Its Charter)

Pennsylvania	1-11071	23-2668356
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
460 No.Gulph Road, King of Prussia, Pennsylvania		19406
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: (610) 337-1000

Not Applicable

(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:

☐ 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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, without par value	UGI	New York Stock Exchange, Inc.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 7.01 Regulation FD Disclosure

On July 31, 2019, UGI Corporation (the “Company”) provided certain prospective lenders with supplemental information relating to UGI Energy Services, LLC (“UGIES”), a Pennsylvania limited liability company and an indirect, wholly owned subsidiary of the Company, in connection with financing the proposed acquisition of Columbia Midstream Group, LLC, a Delaware limited liability company, by UGIES. The information supplements or updates certain prior disclosures included in a lender presentation dated July 25, 2019. The Company also provided these prospective lenders with financial statements relating to UGIES, including unaudited condensed consolidated financial statements for the fiscal quarters ended March 31, 2019 and 2018. The lender presentation supplement and the UGIES financial statements are included as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K and are incorporated into this Item 7.01 by reference.

The information set forth in this Item 7.01 and the attached Exhibits 99.1 and 99.2 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1	Lender Presentation Supplement dated July 31, 2019
99.2	Unaudited Condensed Consolidated Financial Statements of UGI Energy Services, LLC for the quarters ended March 31, 2019 and 2018

SIGNATURES

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

	UGI Corporation
July 31, 2019	By:	/s/ Ted J. Jastrzebski
		Ted J. Jastrzebski
		Chief Financial Officer

EX-99.1

Exhibit 99.1 UGI Energy Services Information Addendum $700mm Senior Secured Term Loan B July 2019Exhibit 99.1 UGI Energy Services Information Addendum $700mm Senior Secured Term Loan B July 2019

DISCLAIMER About this Presentation This presentation contains certain forward-looking statements that management believes to be reasonable as of today’s date only. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved. Forward-looking information is based on information available at the time and/or management’s good faith belief with respect to future events, and is subject to risks and uncertainties, some or all of which are not predictable or within the control of UGI Energy Services, LLC (“UGIES” or the Company ), that could cause actual performance or results to differ materially from those expressed in the statements. All estimates, projections, opinions, and statements speak only as of the date of the document and may be subject to change without notice. Changes to assumptions may have a material impact on any estimates, opinions or statements included herein. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward looking information. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. The Company undertakes no obligation to release revisions to its forward- looking statements to reflect events or circumstances occurring after today. Actual results may differ significantly because of risks and uncertainties that are difficult to predict and many of which are beyond management’s control. You should read UGI Corporation’s Annual Report on Form 10-K for a more extensive list of factors that could affect the Company’s results. Among them are adverse weather conditions, cost volatility and availability of all energy products, the impact of pending and future legal proceedings, continued analysis of recent tax legislation, liability for uninsured claims and for claims in excess of insurance coverage, domestic and international political, regulatory and economic conditions, changes in Marcellus Shale gas production, the availability, timing and success of our acquisitions, commercial initiatives and investments to growour business, our ability to successfully integrate acquired businesses and achieve anticipated synergies, including with respect to the Company’s proposed acquisition of the Columbia Midstream Group, LLC, the interruption, disruption, failure, malfunction or breach of our information technology systems, including due to cyber- attack. This presentation does not constitute an offer to sell any securities of UGIES or its respective affiliates or a solicitation of an offer to buy any securities of UGIES or its respective affiliates. Use of Non-GAAP Measures In this presentation, Management uses certain non-GAAP financial measures, including UGI Corporation adjusted earnings per share, UGI CorporationFreeCashFlow, UGI Energy Services Margin and UGI Energy Services earnings before interest, income taxes, depreciation and amortization (“EBITDA”). These financial measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute for, the comparable GAAP measures. Management believes the presentation of these non-GAAP financial measures provide useful information to investors to more effectively evaluate period-over-period earnings, profitability and cash flow generation of the Company’s businesses. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP are presented in the Appendix of this presentation. 2DISCLAIMER About this Presentation This presentation contains certain forward-looking statements that management believes to be reasonable as of today’s date only. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved. Forward-looking information is based on information available at the time and/or management’s good faith belief with respect to future events, and is subject to risks and uncertainties, some or all of which are not predictable or within the control of UGI Energy Services, LLC (“UGIES” or the Company ), that could cause actual performance or results to differ materially from those expressed in the statements. All estimates, projections, opinions, and statements speak only as of the date of the document and may be subject to change without notice. Changes to assumptions may have a material impact on any estimates, opinions or statements included herein. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward looking information. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. The Company undertakes no obligation to release revisions to its forward- looking statements to reflect events or circumstances occurring after today. Actual results may differ significantly because of risks and uncertainties that are difficult to predict and many of which are beyond management’s control. You should read UGI Corporation’s Annual Report on Form 10-K for a more extensive list of factors that could affect the Company’s results. Among them are adverse weather conditions, cost volatility and availability of all energy products, the impact of pending and future legal proceedings, continued analysis of recent tax legislation, liability for uninsured claims and for claims in excess of insurance coverage, domestic and international political, regulatory and economic conditions, changes in Marcellus Shale gas production, the availability, timing and success of our acquisitions, commercial initiatives and investments to growour business, our ability to successfully integrate acquired businesses and achieve anticipated synergies, including with respect to the Company’s proposed acquisition of the Columbia Midstream Group, LLC, the interruption, disruption, failure, malfunction or breach of our information technology systems, including due to cyber- attack. This presentation does not constitute an offer to sell any securities of UGIES or its respective affiliates or a solicitation of an offer to buy any securities of UGIES or its respective affiliates. Use of Non-GAAP Measures In this presentation, Management uses certain non-GAAP financial measures, including UGI Corporation adjusted earnings per share, UGI CorporationFreeCashFlow, UGI Energy Services Margin and UGI Energy Services earnings before interest, income taxes, depreciation and amortization (“EBITDA”). These financial measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute for, the comparable GAAP measures. Management believes the presentation of these non-GAAP financial measures provide useful information to investors to more effectively evaluate period-over-period earnings, profitability and cash flow generation of the Company’s businesses. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP are presented in the Appendix of this presentation. 2

Historical Financials (1) Historical Margin ($ in mm) UGIES Standalone Pro Forma $413 $362 $104 $322 $292 $285 $113 $77 $60 $241 $4 $95 $91 $39 $50 $48 $164 $50 $49 $35 $27 $46 $19 $62 $61 $28 $34 $58 $45 $44 $169 $165 $32 $129 $112 $89 $89 $56 2013 2014 2015 2016 2017 2018 3/31 LTM (2) Midstream & Storage Power Generation Commodity Marketing Capacity Management CMG (1) Historical EBITDA ($ in mm) UGIES Standalone Pro Forma $304 $252 $234 $83 $222 $212 $55 $91 $175 $108 $221 $179 $161 2013A 2014A 2015A 2016A 2017A 2018A 3/31 LTM UGIES CMG Note: Fiscal year end of September 30. 3 (1) CMG data reflective of calendar year end. CMG reflects Adjusted EBITDA. (2) Capacity Management traditionally reported as Midstream & Storage segment, but broken out separately given historical volatility.Historical Financials (1) Historical Margin ($ in mm) UGIES Standalone Pro Forma $413 $362 $104 $322 $292 $285 $113 $77 $60 $241 $4 $95 $91 $39 $50 $48 $164 $50 $49 $35 $27 $46 $19 $62 $61 $28 $34 $58 $45 $44 $169 $165 $32 $129 $112 $89 $89 $56 2013 2014 2015 2016 2017 2018 3/31 LTM (2) Midstream & Storage Power Generation Commodity Marketing Capacity Management CMG (1) Historical EBITDA ($ in mm) UGIES Standalone Pro Forma $304 $252 $234 $83 $222 $212 $55 $91 $175 $108 $221 $179 $161 2013A 2014A 2015A 2016A 2017A 2018A 3/31 LTM UGIES CMG Note: Fiscal year end of September 30. 3 (1) CMG data reflective of calendar year end. CMG reflects Adjusted EBITDA. (2) Capacity Management traditionally reported as Midstream & Storage segment, but broken out separately given historical volatility.

Columbia Midstream Group Historical Volume (‘000s MMBtu/d) Existing capacity: ~2,675,000 MMBtu/d 1,218 1,197 1,185 1,190 1,170 1,172 1,136 1,121 1,102 1,087 1,080 1,078 1,063 1,063 1,042 1,029 977 967 960 944 904 893 887 856 839 807 811 743 740 705 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 4Columbia Midstream Group Historical Volume (‘000s MMBtu/d) Existing capacity: ~2,675,000 MMBtu/d 1,218 1,197 1,185 1,190 1,170 1,172 1,136 1,121 1,102 1,087 1,080 1,078 1,063 1,063 1,042 1,029 977 967 960 944 904 893 887 856 839 807 811 743 740 705 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 4

Non-GAAP Reconciliations (UGI Energy Services Margin) (Millions of dollars, except otherwise noted) Year Ended September 30, 2013 2014 2015 2016 2017 2018 LTM 3/31/19 Total Revenues - Midstream & Marketing $1,122.8 $1,473.7 $1,181.4 $876.6 $1,121.2 $1,421.7 $1,530.3 (1) (927.3) (1,149.8) (872.4) (612.2) (856.7) (1,090.8) (1,260.0) Total Cost of Sales - Midstream & Marketing Margin - Midstream & Marketing 195.5 323.9 309.0 264.4 264.5 330.9 270.3 Less: HVAC Margin (31.5) (31.6) (24.4) (23.4) (19.8) (21.2) (20.9) UGI Energy Services Margin $164.0 $292.3 $284.6 $241.0 $244.7 $309.7 $249.4 Add: CMG Margin 77.2 103.7 112.8 Pro Forma UGI Energy Servcies Margin $321.9 $413.4 $362.2 Margin Breakdown: Commodity Marketing $57.6 $61.9 $60.6 $45.7 $48.8 $49.8 $48.1 Midstream & Storage 56.2 89.4 88.9 111.5 129.0 165.4 169.5 Capacity Management 18.7 95.5 91.4 49.6 39.0 59.6 4.3 Power Generation 31.5 45.5 43.6 34.2 27.9 34.9 27.4 UGI Energy Services Margin $164.0 $292.3 $284.6 $241.0 $244.7 $309.7 $249.4 Add: CMG Margin 77.2 103.7 112.8 Pro Forma UGI Energy Servcies Margin $321.9 $413.4 $362.2 Note: Midstream & Marketing is a reportable segment of UGI Corporation. (1) Total cost of sales excludes changes in unrealized gains and losses on commdity derivative instruments. No depreciation is included in cost of sales 5Non-GAAP Reconciliations (UGI Energy Services Margin) (Millions of dollars, except otherwise noted) Year Ended September 30, 2013 2014 2015 2016 2017 2018 LTM 3/31/19 Total Revenues - Midstream & Marketing $1,122.8 $1,473.7 $1,181.4 $876.6 $1,121.2 $1,421.7 $1,530.3 (1) (927.3) (1,149.8) (872.4) (612.2) (856.7) (1,090.8) (1,260.0) Total Cost of Sales - Midstream & Marketing Margin - Midstream & Marketing 195.5 323.9 309.0 264.4 264.5 330.9 270.3 Less: HVAC Margin (31.5) (31.6) (24.4) (23.4) (19.8) (21.2) (20.9) UGI Energy Services Margin $164.0 $292.3 $284.6 $241.0 $244.7 $309.7 $249.4 Add: CMG Margin 77.2 103.7 112.8 Pro Forma UGI Energy Servcies Margin $321.9 $413.4 $362.2 Margin Breakdown: Commodity Marketing $57.6 $61.9 $60.6 $45.7 $48.8 $49.8 $48.1 Midstream & Storage 56.2 89.4 88.9 111.5 129.0 165.4 169.5 Capacity Management 18.7 95.5 91.4 49.6 39.0 59.6 4.3 Power Generation 31.5 45.5 43.6 34.2 27.9 34.9 27.4 UGI Energy Services Margin $164.0 $292.3 $284.6 $241.0 $244.7 $309.7 $249.4 Add: CMG Margin 77.2 103.7 112.8 Pro Forma UGI Energy Servcies Margin $321.9 $413.4 $362.2 Note: Midstream & Marketing is a reportable segment of UGI Corporation. (1) Total cost of sales excludes changes in unrealized gains and losses on commdity derivative instruments. No depreciation is included in cost of sales 5

Non-GAAP Reconciliations (UGI Energy Services EBITDA) (Millions of dollars, except otherwise noted) Year Ended September 30, 2014 2015 2016 2017 2018 LTM 3/31/19 Net Income - Midstream & Marketing $ 116.7 $ 107.5 $ 87.1 $ 86.9 $ 196.8 $ 77.3 Income tax expense (benefit) 77.2 73.0 57.5 54.5 ( 20.5) 33.2 Interest expense 2.9 2.1 2.1 2.1 2.4 1.8 Depreciation and amortization 24.2 28.0 30.6 35.4 43.5 45.6 EBITDA - Midstream & Marketing 221.0 210.6 177.3 178.9 222.2 157.9 Less: HVAC EBITDA 0.7 1.2 (2.4) 0.4 (1.2) 3.1 UGI Energy Services EBITDA $ 221.7 $ 211.8 $ 174.9 179.3 221.0 161.0 (1) 54.7 82.5 91.1 Add: Adjusted LTM CMG EBITDA Pro Forma Adjusted UGI Energy Services EBITDA $ 234.0 $ 303.5 $ 252.1 Note: Midstream & Marketing is a reportable segment of UGI Corporation. (1) CMG EBITDA adjusted for loss on sale of miscellaneous assets and allocated parent overhead expenses. 6Non-GAAP Reconciliations (UGI Energy Services EBITDA) (Millions of dollars, except otherwise noted) Year Ended September 30, 2014 2015 2016 2017 2018 LTM 3/31/19 Net Income - Midstream & Marketing $ 116.7 $ 107.5 $ 87.1 $ 86.9 $ 196.8 $ 77.3 Income tax expense (benefit) 77.2 73.0 57.5 54.5 ( 20.5) 33.2 Interest expense 2.9 2.1 2.1 2.1 2.4 1.8 Depreciation and amortization 24.2 28.0 30.6 35.4 43.5 45.6 EBITDA - Midstream & Marketing 221.0 210.6 177.3 178.9 222.2 157.9 Less: HVAC EBITDA 0.7 1.2 (2.4) 0.4 (1.2) 3.1 UGI Energy Services EBITDA $ 221.7 $ 211.8 $ 174.9 179.3 221.0 161.0 (1) 54.7 82.5 91.1 Add: Adjusted LTM CMG EBITDA Pro Forma Adjusted UGI Energy Services EBITDA $ 234.0 $ 303.5 $ 252.1 Note: Midstream & Marketing is a reportable segment of UGI Corporation. (1) CMG EBITDA adjusted for loss on sale of miscellaneous assets and allocated parent overhead expenses. 6

EX-99.2

Exhibit 99.2

UGI ENERGY SERVICES, LLC

AND SUBSIDIARIES

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

for the three and six months ended March 31, 2019 and 2018

(Unaudited)

UGI ENERGY SERVICES, LLC AND SUBSIDIARIES

TABLE OF CONTENTS

	Pages
Financial Statements (unaudited):
Condensed Consolidated Balance Sheets as of March 31, 2019 and 2018		3
Condensed Consolidated Statements of Income and Comprehensive Income for the three and six months ended March 31, 2019 and 2018		4
Condensed Consolidated Statements of Cash Flows for the three and six months ended March 31, 2019 and 2018		5

UGI ENERGY SERVICES, LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(unaudited)

(Thousands of dollars)

	March 31, 2019			March 31, 2018
ASSETS
Current assets:
Cash and cash equivalents	$	51,511		$	64,106
Restricted cash		3,598			8,982
Accounts receivable (less allowances for doubtful accounts of $ 1,242 and $ 1,342, respectively)		207,032			149,910
Inventories		14,077			14,953
Derivative instruments		11,159			4,408
Prepaid expenses and other current assets		4,694			3,749
Total current assets		292,071			246,108
Property, plant and equipment:
Gross property, plant and equipment		1,272,376			1,151,892
Accumulated depreciation		(230,099	)		(187,870	)
Net property, plant and equipment		1,042,277			964,022
Goodwill		11,919			5,583
Intangible assets, net		20,597			13,840
Derivative instruments		3,795			581
Investment in equity method investee		81,080			67,547
Other assets		23,964			28,972
Total assets	$	1,475,703		$	1,326,653
LIABILITIES AND EQUITY
Current liabilities:
Current capital lease obligations	$	132		$	126
Short-term borrowings		—			10,000
Accounts payable		168,072			100,427
Employee compensation and benefits accrued		10,862			10,349
Derivative instruments		4,050			8,130
Other current liabilities		47,206			60,045
Total current liabilities		230,322			189,077
Long-term capital lease obligations		269			401
Deferred income taxes		149,649			115,348
Derivative instruments		4,781			7,270
Other noncurrent liabilities		9,159			9,444
Total liabilities		394,180			321,540
Member’s equity		1,081,523			1,005,113
Total liabilities and equity	$	1,475,703		$	1,326,653

3

UGI ENERGY SERVICES, LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(unaudited)

(Thousands of dollars)

	Three Months Ended						Six Months Ended
	March 31,						March 31,
	2019			2018			2019			2018
Revenues	$	535,554		$	556,864		$	980,914		$	873,108
Costs and expenses:
Cost of sales		435,230			408,833			802,002			652,420
Operating and administrative expenses		24,932			22,699			48,713			43,074
Depreciation and amortization		11,325			10,592			22,565			20,491
Other operating (income) expense, net		(471	)		1,633			(944	)		21
		471,016			443,757			872,336			716,006
Operating income		64,538			113,107			108,578			157,102
Income from equity method investee		1,610			2,367			3,081			2,019
Other non-operating income (expense), net		51			(18	)		69			(1,097	)
Interest expense		(488	)		(713	)		(941	)		(1,635	)
Income before income taxes		65,711			114,743			110,787			156,389
Income tax (expense) benefit		(18,035	)		(33,296	)		(30,073	)		28,894
Net income and comprehensive income	$	47,676		$	81,447		$	80,714		$	185,283

4

UGI ENERGY SERVICES, LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(Thousands of dollars)

	Three Months Ended						Six Months Ended
	March 31,						March 31,
	2019			2018			2019			2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	47,676		$	81,447		$	80,714		$	185,283
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		11,325			10,592			22,565			20,491
Deferred income taxes, net		3,460			1,551			4,198			(79,106	)
Changes in unrealized gains and losses on derivative instruments		(11,578	)		(5,704	)		(13,396	)		5,387
Other, net		(2,937	)		(2,548	)		(2,136	)		(4,372	)
Net change in:
Accounts receivable		16,073			10,013			(95,042	)		(69,788	)
Inventories		8,637			4,912			10,763			7,589
Accounts payable		(35,115	)		(12,228	)		76,382			46,750
Other current assets		(571	)		(2,193	)		(568	)		(1,366	)
Other current liabilities		2,554			30,512			19,462			51,296
Net cash provided by operating activities		39,524			116,354			102,942			162,164
CASH FLOWS FROM INVESTING ACTIVITIES:
Expenditures for property, plant and equipment		(32,538	)		(4,975	)		(56,408	)		(17,709	)
Acquisitions of businesses and assets		(20,000	)		—			(35,000	)		(55,000	)
Increase in equity method investments		(1,816	)		(4,678	)		(2,205	)		(13,673	)
Other		—			10			58			100
Net cash used by investing activities		(54,354	)		(9,643	)		(93,555	)		(86,282	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Decrease in bank loans		(10,000	)		(35,000	)		—			—
Receivables Facility net repayments		—			(55,000	)		(2,000	)		(29,000	)
Dividends paid		—			—			—			(2,000	)
Other		(34	)		(32	)		(67	)		(63	)
Net cash used by financing activities		(10,034	)		(90,032	)		(2,067	)		(31,063	)
Cash, cash equivalents and restricted cash (decrease) increase	$	(24,864	)	$	16,679		$	7,320		$	44,819
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash, cash equivalents and restricted cash at end of period	$	55,109		$	73,088		$	55,109		$	73,088
Cash, cash equivalents and restricted cash at beginning of period		79,973			56,409			47,789			28,269
Cash, cash equivalents and restricted cash (decrease) increase	$	(24,864	)	$	16,679		$	7,320		$	44,819

5