Gilat Satellite Networks Ltd.
|
|||
(Registrant)
|
|||
Dated February 16, 2021
|
By:
|
/s/ Yael Shofar
|
|
Yael Shofar
|
|||
General Counsel
|
• |
Revenues of $42.6 million versus $78.3 million in Q4 2019 and improved from $37.3 million in the previous quarter;
|
• |
GAAP operating income of $62.7 million versus $9.2 million in Q4 2019 and an operating loss of $10.9 million in Q3 2020; GAAP operating income includes income related to the settlement with Comtech, net of related expenses, of $64.8
million;
|
• |
Non-GAAP operating loss of $1.6 million, compared with operating income of $9.9 million in Q4 2019, improved compared with an operating loss of $1.9 million in the previous quarter;
|
• |
GAAP net income of $62.4 million, or income of $1.12 per diluted share, compared with net income of $24.0 million, or income of $0.43 per diluted share in Q4 2019 and net loss in the previous quarter of $11.6 million, or loss of $0.21
per share; GAAP net income includes $64.8 million income related to the settlement with Comtech, net of related expenses, while GAAP net income in Q4 2019 includes a $15.5 million tax benefit;
|
• |
Non-GAAP net loss of $1.9 million, or loss of $0.03 per diluted share, compared with net income of $9.1 million, or income of $0.16 per diluted share in Q4 2019, and an improvement compared with a net loss of $2.6 million, or loss of
$0.05 per share, as reported in the previous quarter;
|
• |
Adjusted EBITDA of $1.1 million compared with adjusted EBITDA of $13.1 million in Q4 2019; and improved compared with adjusted EBITDA of $0.6 million in the previous quarter;
|
• |
Received $70 million in merger cancellation fees from Comtech;
|
• |
Cash dividend of $20 million paid to shareholders during the quarter; additional cash dividend of $35 million declared in the quarter and paid in January 2021;
|
• |
Revenue of $165.9 million, compared with $263.5 million in 2019;
|
• |
GAAP operating income of $37.6 million compared to $25.6 million in 2019; GAAP operating income includes income of $53.6 million related to the settlement with Comtech, net of related expenses;
|
• |
Non-GAAP operating loss of $13.7 million compared with non-GAAP operating income of $29.2 million in 2019;
|
• |
GAAP net income of $34.9 million or $0.63 per diluted share compared with $36.5 million in 2019 or $0.65 per diluted share; GAAP net income includes income of $53.6 million related to the settlement with Comtech, net of related
expenses, while GAAP net income in 2019 includes a $15.5 million tax benefit;
|
• |
Non-GAAP net loss of $16.4 million or loss of $0.30 per diluted share compared to non-GAAP net income of $24.7 million or income of $0.44 per diluted share in 2019;
|
• |
Adjusted EBITDA was $3.3 million loss compared with adjusted EBITDA of $40.2 million in 2019;
|
o |
Gilat Shipped Initial Aero Modems Out of a Multi-Million-Dollar Potential in China
|
o |
CORPAC Awards Gilat Multi-Million-Dollar Contract to Provide Mission Critical Telecom Systems for Peru's Airports
|
o |
Gilat Awarded Contract with a Potential of Over $50 Million to Supply Wavestream’s Gateway Solid State Power Amplifiers for Low Earth Orbit Constellation
|
o |
Gilat’s Proven ESA Technology Successfully Demonstrated over Inmarsat's Global Xpress
|
o |
AXESS Awards Gilat Multi-Million Dollars to Expand Cellular Coverage for Two Key Mobile Operators in Mexico
|
o |
Globe Awards Gilat Multi-Million US Dollar Managed Service Contract for Significant Expansion of Cellular Backhaul Project
|
o |
Gilat Declares $35 Million Cash Dividend to Shareholders
|
o |
Hispasat Awards Gilat a Multi-Million Dollar Order for Cellular Backhaul over Satellite to Extend Altan La Red Compartida Service to Rural Mexico
|
o |
Gilat Equips Hundreds of Boats, Vessels and Cruise Ships with Satellite Communication
|
o |
Gilat Receives Multi-Million-Dollar Order for a US Department of Defense Tactical Communications Program
|
o |
United States Government Awards Gilat Additional Multi-Million-Dollar Contract for Military Communications Program
|
Date:
|
Tuesday, February 16, 2021
|
Start:
|
09:30 AM EST / 16:30 IST
|
Dial-in:
|
US: 1-866-744-5399
|
International: (+972) 3-918-0609
|
Start:
|
February 16, 2021 at 12:00 PM EST / 19:00 IST
|
End:
|
February 19, 2021 at 12:00 PM EST / 19:00 IST
|
Dial-in:
|
US: 1-888-326-9310; International: (+972) 3-925-5904
|
GILAT SATELLITE NETWORKS LTD.
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
U.S. dollars in thousands (except share and per share data)
|
|
|
|
|
|
|
|
|
Twelve months ended
|
Three months ended
|
||||||||||||||
|
December 31,
|
December 31,
|
||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
|
Unaudited
|
Audited
|
Unaudited
|
|||||||||||||
|
||||||||||||||||
Revenues
|
$
|
165,885
|
$
|
263,492
|
$
|
42,627
|
$
|
78,314
|
||||||||
Cost of revenues
|
124,670
|
167,615
|
29,329
|
51,246
|
||||||||||||
|
||||||||||||||||
Gross profit
|
41,215
|
95,877
|
13,298
|
27,068
|
||||||||||||
|
||||||||||||||||
Research and development expenses
|
27,689
|
32,208
|
7,474
|
8,120
|
||||||||||||
Less - grants
|
1,386
|
2,024
|
454
|
414
|
||||||||||||
Research and development expenses, net
|
26,303
|
30,184
|
7,020
|
7,706
|
||||||||||||
Selling and marketing expenses
|
16,871
|
21,488
|
4,534
|
5,156
|
||||||||||||
General and administrative expenses
|
14,063
|
18,515
|
3,794
|
4,849
|
||||||||||||
Merger, acquisition and related litigation expenses (income), net
|
(53,633
|
)
|
118
|
(64,782
|
)
|
118
|
||||||||||
|
||||||||||||||||
Total operating expenses (income)
|
3,604
|
70,305
|
(49,434
|
)
|
17,829
|
|||||||||||
|
||||||||||||||||
Operating income
|
37,611
|
25,572
|
62,732
|
9,239
|
||||||||||||
|
||||||||||||||||
Financial expenses, net
|
1,907
|
2,617
|
192
|
677
|
||||||||||||
|
||||||||||||||||
Income before taxes on income
|
35,704
|
22,955
|
62,540
|
8,562
|
||||||||||||
|
||||||||||||||||
Taxes on income (tax benefit)
|
793
|
(13,583
|
)
|
98
|
(15,459
|
)
|
||||||||||
|
||||||||||||||||
Net income
|
$
|
34,911
|
$
|
36,538
|
$
|
62,442
|
$
|
24,021
|
||||||||
|
||||||||||||||||
Basic earnings per share
|
$
|
0.63
|
$
|
0.66
|
$
|
1.12
|
$
|
0.43
|
||||||||
|
||||||||||||||||
Diluted earnings per share
|
$
|
0.63
|
$
|
0.65
|
$
|
1.12
|
$
|
0.43
|
||||||||
|
||||||||||||||||
Weighted average number of shares used in
|
||||||||||||||||
computing earnings per share
|
||||||||||||||||
Basic
|
55,516,113
|
55,368,703
|
55,545,654
|
55,485,961
|
||||||||||||
Diluted
|
55,583,474
|
56,030,976
|
55,815,099
|
56,034,744
|
GILAT SATELLITE NETWORKS LTD.
|
||
RECONCILIATION BETWEEN GAAP AND NON-GAAP STATEMENTS OF OPERATIONS
|
||
FOR COMPARATIVE PURPOSES
|
||
U.S. dollars in thousands (except share and per share data)
|
Three months ended
|
Three months ended
|
|||||||||||||||||||||||
December 31, 2020
|
December 31, 2019
|
|||||||||||||||||||||||
GAAP
|
Adjustments
|
Non-GAAP
|
GAAP
|
Adjustments
|
Non-GAAP
|
|||||||||||||||||||
Unaudited
|
Unaudited
|
|||||||||||||||||||||||
Gross profit
|
$
|
13,298
|
42
|
$
|
13,340
|
$
|
27,068
|
70
|
$
|
27,138
|
||||||||||||||
Operating expenses (income)
|
(49,434
|
)
|
64,389
|
14,955
|
17,829
|
(550
|
)
|
17,279
|
||||||||||||||||
Operating income (loss)
|
62,732
|
(64,347
|
)
|
(1,615
|
)
|
9,239
|
620
|
9,859
|
||||||||||||||||
Income (loss) before taxes on income
|
62,540
|
(64,347
|
)
|
(1,807
|
)
|
8,562
|
620
|
9,182
|
||||||||||||||||
Net income (loss)
|
62,442
|
(64,347
|
)
|
(1,905
|
)
|
24,021
|
(14,908
|
)
|
9,113
|
|||||||||||||||
Basic earnings (loss) per share
|
$
|
1.12
|
$
|
(1.15
|
)
|
$
|
(0.03
|
)
|
$
|
0.43
|
$
|
(0.27
|
)
|
$
|
0.16
|
|||||||||
Diluted earnings (loss) per share
|
$
|
1.12
|
$
|
(1.15
|
)
|
$
|
(0.03
|
)
|
$
|
0.43
|
$
|
(0.27
|
)
|
$
|
0.16
|
|||||||||
Weighted average number of shares used in
|
||||||||||||||||||||||||
computing earnings per share
|
||||||||||||||||||||||||
Basic
|
55,545,654
|
55,545,654
|
55,485,961
|
55,485,961
|
||||||||||||||||||||
Diluted
|
55,815,099
|
55,545,654
|
56,034,744
|
56,122,960
|
||||||||||||||||||||
Three months ended
|
Three months ended
|
|||||||||||||||||||||||
December 31, 2020
|
December 31, 2019
|
|||||||||||||||||||||||
Unaudited
|
Unaudited
|
|||||||||||||||||||||||
GAAP net income
|
$
|
62,442
|
$
|
24,021
|
||||||||||||||||||||
Gross profit
|
||||||||||||||||||||||||
Non-cash stock-based compensation expenses
|
39
|
58
|
||||||||||||||||||||||
Amortization of intangible assets related to acquisition transactions
|
3
|
12
|
||||||||||||||||||||||
42
|
70
|
|||||||||||||||||||||||
Operating expenses (income)
|
||||||||||||||||||||||||
Non-cash stock-based compensation expenses
|
254
|
347
|
||||||||||||||||||||||
Amortization of intangible assets related to acquisition transactions
|
54
|
49
|
||||||||||||||||||||||
Trade secrets and other litigation expenses
|
85
|
36
|
||||||||||||||||||||||
Merger, acquisition and related litigation expenses (income), net
|
(64,782
|
)
|
118
|
|||||||||||||||||||||
(64,389
|
)
|
550
|
||||||||||||||||||||||
Tax benefit
|
-
|
(15,528
|
)
|
|||||||||||||||||||||
Non-GAAP net income (loss)
|
$
|
(1,905
|
)
|
$
|
9,113
|
GILAT SATELLITE NETWORKS LTD.
|
|
RECONCILIATION BETWEEN GAAP AND NON-GAAP STATEMENTS OF OPERATIONS
|
|
FOR COMPARATIVE PURPOSES
|
|
U.S. dollars in thousands (except share and per share data)
|
|
Twelve months ended
|
Twelve months ended
|
||||||||||||||||||||||
|
December 31, 2020
|
December 31, 2019
|
||||||||||||||||||||||
|
GAAP
|
Adjustments
|
Non-GAAP
|
GAAP
|
Adjustments
|
Non-GAAP
|
||||||||||||||||||
|
Unaudited
|
Audited
|
Unaudited
|
|||||||||||||||||||||
|
||||||||||||||||||||||||
Gross profit
|
$
|
41,215
|
186
|
$
|
41,401
|
$
|
95,877
|
776
|
$
|
96,653
|
||||||||||||||
Operating expenses
|
3,604
|
51,502
|
55,106
|
70,305
|
(2,890
|
)
|
67,415
|
|||||||||||||||||
Operating income (loss)
|
37,611
|
(51,316
|
)
|
(13,705
|
)
|
25,572
|
3,666
|
29,238
|
||||||||||||||||
Income (loss) before taxes on income
|
35,704
|
(51,316
|
)
|
(15,612
|
)
|
22,955
|
3,666
|
26,621
|
||||||||||||||||
Net income (loss)
|
34,911
|
(51,316
|
)
|
(16,405
|
)
|
36,538
|
(11,862
|
)
|
24,676
|
|||||||||||||||
|
||||||||||||||||||||||||
Basic earnings (loss) per share
|
$
|
0.63
|
$
|
(0.93
|
)
|
$
|
(0.30
|
)
|
$
|
0.66
|
$
|
(0.21
|
)
|
$
|
0.45
|
|||||||||
Diluted earnings (loss) per share
|
$
|
0.63
|
$
|
(0.93
|
)
|
$
|
(0.30
|
)
|
$
|
0.65
|
$
|
(0.21
|
)
|
$
|
0.44
|
|||||||||
|
||||||||||||||||||||||||
Weighted average number of shares used in
|
||||||||||||||||||||||||
computing earnings per share
|
||||||||||||||||||||||||
Basic
|
55,516,113
|
55,516,113
|
55,368,703
|
55,368,703
|
||||||||||||||||||||
Diluted
|
55,583,474
|
55,516,113
|
56,030,976
|
56,165,945
|
||||||||||||||||||||
|
||||||||||||||||||||||||
|
Twelve months ended
|
Twelve months ended
|
||||||||||||||||||||||
December 31, 2020
|
December 31, 2019
|
|||||||||||||||||||||||
|
Unaudited
|
Unaudited
|
||||||||||||||||||||||
|
||||||||||||||||||||||||
GAAP net income
|
$
|
34,911
|
$
|
36,538
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Gross profit
|
||||||||||||||||||||||||
Non-cash stock-based compensation expenses
|
166
|
257
|
||||||||||||||||||||||
Amortization of intangible assets related to acquisition transactions
|
20
|
490
|
||||||||||||||||||||||
Restructuring and re-organization costs
|
-
|
29
|
||||||||||||||||||||||
|
186
|
776
|
||||||||||||||||||||||
Operating expenses (income)
|
||||||||||||||||||||||||
Non-cash stock-based compensation expenses
|
1,114
|
1,878
|
||||||||||||||||||||||
Amortization of intangible assets related to acquisition transactions
|
204
|
203
|
||||||||||||||||||||||
Trade secrets and other litigation expenses
|
96
|
136
|
||||||||||||||||||||||
Merger, acquisition and related litigation expenses (income), net
|
(53,633
|
)
|
118
|
|||||||||||||||||||||
Restructuring and re-organization costs
|
717
|
555
|
||||||||||||||||||||||
|
(51,502
|
)
|
2,890
|
|||||||||||||||||||||
|
||||||||||||||||||||||||
Tax benefit
|
-
|
(15,528
|
)
|
|||||||||||||||||||||
|
|
|||||||||||||||||||||||
Non-GAAP net income (loss)
|
$ | (16,405 | ) |
$ | 24,676 |
GILAT SATELLITE NETWORKS LTD.
|
||
SUPPLEMENTAL INFORMATION
|
||
U.S. dollars in thousands
|
ADJUSTED EBITDA:
|
Twelve months ended
|
Three months ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Unaudited
|
Unaudited
|
|||||||||||||||
GAAP operating income
|
$
|
37,611
|
$
|
25,572
|
$
|
62,732
|
$
|
9,239
|
||||||||
Add (deduct):
|
||||||||||||||||
Non-cash stock-based compensation expenses
|
1,280
|
2,135
|
293
|
405
|
||||||||||||
Trade secrets and other litigation expenses
|
96
|
136
|
85
|
36
|
||||||||||||
Restructuring and re-organization costs
|
717
|
584
|
-
|
-
|
||||||||||||
Merger, acquisition and related litigation expenses (income), net
|
(53,633
|
)
|
118
|
(64,782
|
)
|
118
|
||||||||||
Depreciation and amortization (*)
|
10,653
|
11,676
|
2,729
|
3,263
|
||||||||||||
Adjusted EBITDA
|
$
|
(3,276
|
)
|
$
|
40,221
|
$
|
1,057
|
$
|
13,061
|
(*) Including amortization of lease incentive
|
||||||||||||||||
SEGMENT REVENUE:
|
Twelve months ended
|
Three months ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Unaudited
|
Audited
|
Unaudited
|
||||||||||||||
Fixed Networks
|
$
|
92,671
|
$
|
127,265
|
$
|
25,085
|
$
|
33,161
|
||||||||
Mobility Solutions
|
54,169
|
104,665
|
11,751
|
34,050
|
||||||||||||
Terrestrial Infrastructure Projects
|
19,045
|
31,562
|
5,791
|
11,103
|
||||||||||||
Total revenue
|
$
|
165,885
|
$
|
263,492
|
$
|
42,627
|
$
|
78,314
|
GILAT SATELLITE NETWORKS LTD.
|
||||
CONSOLIDATED BALANCE SHEETS
|
||||
U.S. dollars in thousands
|
December 31,
|
December 31,
|
|||||||
2020
|
2019
|
|||||||
Unaudited
|
Audited
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
88,754
|
$
|
74,778
|
||||
Restricted cash
|
27,162
|
27,067
|
||||||
Trade receivables, net
|
27,976
|
47,731
|
||||||
Contract assets
|
41,573
|
23,698
|
||||||
Inventories
|
31,304
|
27,203
|
||||||
Other current assets
|
16,637
|
23,007
|
||||||
Total current assets
|
233,406
|
223,484
|
||||||
LONG-TERM ASSETS:
|
||||||||
Long-term restricted cash
|
42
|
124
|
||||||
Severance pay funds
|
6,665
|
6,831
|
||||||
Deferred taxes
|
19,295
|
18,455
|
||||||
Operating lease right-of-use assets
|
4,879
|
5,211
|
||||||
Other long term receivables
|
7,797
|
10,156
|
||||||
Total long-term assets
|
38,678
|
40,777
|
||||||
PROPERTY AND EQUIPMENT, NET
|
77,172
|
82,584
|
||||||
INTANGIBLE ASSETS, NET
|
1,082
|
1,523
|
||||||
GOODWILL
|
43,468
|
43,468
|
||||||
TOTAL ASSETS
|
$
|
393,806
|
$
|
391,836
|
GILAT SATELLITE NETWORKS LTD.
|
||||||||
CONSOLIDATED BALANCE SHEETS (Cont.)
|
||||||||
U.S. dollars in thousands
|
December 31,
|
December 31,
|
|||||||
2020
|
2019
|
|||||||
Unaudited
|
Audited
|
|||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Current maturities of long-term loans
|
$
|
4,000
|
$
|
4,096
|
||||
Trade payables
|
20,487
|
20,725
|
||||||
Accrued expenses
|
46,387
|
54,676
|
||||||
Advances from customers and deferred revenues
|
26,244
|
27,220
|
||||||
Operating lease liabilities
|
1,911
|
1,977
|
||||||
Dividend payable
|
35,003
|
-
|
||||||
Other current liabilities
|
13,322
|
12,261
|
||||||
Total current liabilities
|
147,354
|
120,955
|
||||||
LONG-TERM LIABILITIES:
|
||||||||
Long-term loans, net of current maturities
|
-
|
4,000
|
||||||
Accrued severance pay
|
7,136
|
7,061
|
||||||
Long-term advances from customers
|
1,890
|
2,866
|
||||||
Operating lease liabilities
|
2,985
|
3,258
|
||||||
Other long-term liabilities
|
631
|
108
|
||||||
Total long-term liabilities
|
12,642
|
17,293
|
||||||
SHAREHOLDERS' EQUITY:
|
||||||||
Share capital - ordinary shares of NIS 0.2 par value
|
2,647
|
2,643
|
||||||
Additional paid-in capital
|
928,627
|
927,348
|
||||||
Accumulated other comprehensive loss
|
(6,017
|
)
|
(5,048
|
)
|
||||
Accumulated deficit
|
(691,447
|
)
|
(671,355
|
)
|
||||
Total shareholders' equity
|
233,810
|
253,588
|
||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
393,806
|
$
|
391,836
|
GILAT SATELLITE NETWORKS LTD.
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
U.S. dollars in thousands
|
|
|
|
|
|
|
|
|
|
Twelve months ended
|
Three months ended
|
||||||||||||||
|
December 31,
|
December 31,
|
||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
|
Unaudited
|
Unaudited
|
||||||||||||||
Cash flows from operating activities:
|
||||||||||||||||
Net income
|
$
|
34,911
|
$
|
36,538
|
$
|
62,442
|
$
|
24,021
|
||||||||
Adjustments required to reconcile net income
|
||||||||||||||||
to net cash provided by operating activities:
|
||||||||||||||||
Depreciation and amortization
|
10,291
|
10,978
|
2,534
|
2,730
|
||||||||||||
Capital loss from disposal of property and equipment
|
181
|
461
|
147
|
461
|
||||||||||||
Stock-based compensation of options
|
1,280
|
2,135
|
293
|
405
|
||||||||||||
Accrued severance pay, net
|
242
|
361
|
205
|
16
|
||||||||||||
Exchange rate differences on long-term loans
|
-
|
(12
|
)
|
-
|
(12
|
)
|
||||||||||
Deferred income taxes, net
|
(865
|
)
|
(12,555
|
)
|
(966
|
)
|
(13,636
|
)
|
||||||||
Decrease (increase) in trade receivables, net
|
19,332
|
(1,323
|
)
|
(1,520
|
)
|
(1,464
|
)
|
|||||||||
Decrease (increase) in contract assets
|
(17,875
|
)
|
24,062
|
(3,471
|
)
|
(1,346
|
)
|
|||||||||
Decrease (increase) in other assets (including short-term, long-term
|
||||||||||||||||
and deferred charges)
|
8,940
|
(817
|
)
|
1,021
|
603
|
|||||||||||
Decrease (increase) in inventories
|
(5,050
|
)
|
(8,076
|
)
|
100
|
(391
|
)
|
|||||||||
Decrease (increase) in trade payables
|
(157
|
)
|
(3,884
|
)
|
3,178
|
631
|
||||||||||
Decrease in accrued expenses
|
(7,549
|
)
|
(11,671
|
)
|
(7,356
|
)
|
(2,767
|
)
|
||||||||
Increase (decrease) in advance from customers
|
(1,898
|
)
|
1,112
|
2,218
|
10,019
|
|||||||||||
Increase (decrease) in current and non current liabilities
|
1,377
|
(2,527
|
)
|
1,596
|
765
|
|||||||||||
Net cash provided by operating activities
|
43,160
|
34,782
|
60,421
|
20,035
|
||||||||||||
|
||||||||||||||||
Cash flows from investing activities:
|
||||||||||||||||
Purchase of property and equipment
|
(4,716
|
)
|
(7,982
|
)
|
(1,976
|
)
|
(2,333
|
)
|
||||||||
Net cash used in investing activities
|
(4,716
|
)
|
(7,982
|
)
|
(1,976
|
)
|
(2,333
|
)
|
||||||||
|
||||||||||||||||
Cash flows from financing activities:
|
||||||||||||||||
Exercise of stock options
|
-
|
375
|
-
|
-
|
||||||||||||
Dividend payment
|
(19,999
|
)
|
(24,864
|
)
|
(19,999
|
)
|
-
|
|||||||||
Repayment of long-term loans
|
(4,096
|
)
|
(4,447
|
)
|
-
|
(94
|
)
|
|||||||||
Net cash used in financing activities
|
(24,095
|
)
|
(28,936
|
)
|
(19,999
|
)
|
(94
|
)
|
||||||||
|
||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
(360
|
)
|
(99
|
)
|
270
|
136
|
||||||||||
|
||||||||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash
|
13,989
|
(2,235
|
)
|
38,716
|
17,744
|
|||||||||||
|
||||||||||||||||
Cash, cash equivalents and restricted cash at the beginning of the period
|
101,969
|
104,204
|
77,242
|
84,225
|
||||||||||||
|
||||||||||||||||
Cash, cash equivalents and restricted cash at the end of the period
|
$
|
115,958
|
$
|
101,969
|
$
|
115,958
|
$
|
101,969
|