Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - ORBITAL SCIENCES CORP /DE/ | form_8k.htm |
Exhibit
99.1
|
For Immediate Release
|
For
More Information Contact:
Barron
Beneski (703) 406-5528
Public
and Investor Relations
beneski.barron@orbital.com
|
ORBITAL
ANNOUNCES THIRD QUARTER 2009 FINANCIAL RESULTS
—Company
Reports Higher than Expected Earnings and Free Cash Flow—
—Orbital
Also Provides Preliminary 2010 Financial Outlook—
(Dulles,
VA 27 October 2009) – Orbital Sciences Corporation (NYSE: ORB) today reported
its financial results for the third quarter of 2009. Third quarter
2009 revenues were $277.1 million compared to $278.6 million in the third
quarter of 2008. Third quarter 2009 operating income was $13.6
million, compared to $21.0 million in the third quarter of 2008.
Net
income was $9.4 million, or $0.16 diluted earnings per share, in the third
quarter of 2009, compared to net income of $11.4 million, or $0.19 diluted
earnings per share in the third quarter of 2008. Orbital generated
$24.4 million of free cash flow* in the third quarter of 2009 compared to free
cash flow of $37.1 million in the third quarter of 2008.
Mr. David
W. Thompson, Orbital’s Chairman and Chief Executive Officer, said, “Orbital
reported solid third quarter 2009 financial results with better than expected
earnings and free cash flow. Strong revenue growth in our advanced
space programs offset revenue declines in satellites and space systems, while
all three of our reporting segments generated higher than planned operating
margins and cash flow. The company also received $365 million in new
contracts and option exercises in the third quarter, which helped to boost our
financial outlook for 2010.”
________
* “Free
cash flow” is a non-GAAP financial measure discussed in this
release. For additional details, please refer to the sections of this
press release entitled “Cash Flow” and “Disclosure of Non-GAAP Financial
Measures.”
--more--
Orbital
Sciences Corporation s 21839 Atlantic Blvd.,
Dulles, VA 20166 s
703-406-5000
Orbital
Announces Third Quarter 2009 Financial Results
Page
2
Financial
Highlights
Summary
financial results were as follows:
|
Third
Quarter
|
First
Nine Months
|
|||||||||||||||
|
(in
millions, except per share data)
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
|
Revenues
|
$ | 277.1 | $ | 278.6 | $ | 843.0 | $ | 863.4 | ||||||||
|
Operating
Income
|
13.6 | 21.0 | 37.6 | 67.5 | ||||||||||||
|
Income
from Continuing Operations
|
9.4 | 11.4 | 27.3 | 33.6 | ||||||||||||
|
Income
from Discontinued Operations
|
— | — | — | 15.9 | ||||||||||||
|
Net
Income
|
9.4 | 11.4 | 27.3 | 49.5 | ||||||||||||
|
Diluted
Earnings per Share:
|
||||||||||||||||
|
Continuing
Operations
|
$ | 0.16 | $ | 0.19 | $ | 0.47 | $ | 0.55 | ||||||||
|
Discontinued
Operations
|
— | — | — | 0.26 | ||||||||||||
|
Net
Income
|
0.16 | 0.19 | 0.47 | 0.81 | ||||||||||||
Revenues
decreased $1.5 million, or 1%, in the third quarter of 2009 compared to the
third quarter of 2008 primarily due to decreased contract activity on
communications satellite and missile defense programs, substantially offset by
activity on the Commercial Resupply Services (CRS) contract awarded by NASA at
the end of last year.
Operating
income decreased $7.4 million, or 35%, in the third quarter of 2009 compared to
the third quarter of 2008 primarily due to a $4.0 million increase in
unrecovered Taurus II launch vehicle research and development expenses and a
$2.4 million decrease in satellites and space systems segment operating
income. The company’s research and development expenses are generally
recoverable under contracts with the U.S. Government. However, in the
third quarters of 2009 and 2008, the company’s operating income was reduced by
$7.0 million and $3.0 million, respectively, of unrecovered research and
development expenses that exceeded a self-imposed ceiling on such
costs.
Certain
non-operating transactions also impacted the company’s financial results in 2009
and 2008. Non-cash investment impairment charges of $2.0 million and
$1.0 million related to auction rate securities were recorded in the third
quarters of 2009 and 2008, respectively.
The
company’s third quarter 2009 tax provision included favorable adjustments for
research and development tax credits, resulting in a lower effective income tax
rate in the third quarter of 2009 compared to the third quarter of
2008.
Net
income in the third quarter of 2009 was $9.4 million, or $0.16 diluted earnings
per share, compared to $11.4 million, or $0.19 diluted earnings per share in the
third quarter of 2008. Diluted weighted-average shares outstanding
were 57.4 million in the third quarter of 2009 compared to 60.1 million in the
third quarter of 2008 due to share repurchases made by the company in late 2008
and the first half of 2009.
—more—
Orbital
Announces Third Quarter 2009 Financial Results
Page
3
Segment
Results
Launch
Vehicles
|
Third
Quarter
|
First
Nine Months
|
|||||||||||||||||||||||
|
($
in millions)
|
2009
|
2008
|
%
Change
|
2009
|
2008
|
%
Change
|
||||||||||||||||||
|
Revenues
|
$ | 110.0 | $ | 111.8 | (2% | ) | $ | 346.3 | $ | 332.1 | 4% | |||||||||||||
|
Operating
Income
|
3.2 | 8.4 | (62% | ) | 11.6 | 29.4 | (61% | ) | ||||||||||||||||
|
Operating
Margin
|
2.9 | % | 7.5 | % | 3.3 | % | 8.9 | % | ||||||||||||||||
Launch
vehicles segment revenues decreased $1.8 million in the third quarter of 2009
compared to the same period in 2008 primarily as a result of the termination of
the Kinetic Energy Interceptor (KEI) program by the Missile Defense Agency in
the second quarter of 2009, partially offset by an increase in launch vehicle
activity on the CRS contract. Launch vehicles segment revenues
increased $14.2 million in the first nine months of 2009 compared to the same
period in 2008 primarily due to increased activity on missile defense and space
launch vehicle contracts, partially offset by the impact of the termination of
the KEI program.
Launch
vehicles segment operating income decreased $5.2 million in the third quarter
and $17.8 million in the first nine months of 2009 compared to the same periods
in 2008 primarily due to an increase in unrecovered research and development
expenditures in 2009, primarily related to the Taurus II program. In
addition, lower operating income from space launch vehicle contracts primarily
due to cost increases in 2009 contributed to the decrease in segment operating
income. The first nine months of 2008 also included a $4.0 million
favorable profit adjustment recorded in the second quarter of last year in
connection with the closure of a U.S. Government investigation.
Launch
vehicles segment adjusted operating income* was $10.2 million and $11.4 million
in the third quarters of 2009 and 2008, respectively, and $31.7 million and
$32.4 million in the first nine months of 2009 and 2008,
respectively. Segment adjusted operating margin* was 9.3% and 10.2%
in the third quarters of 2009 and 2008, respectively, and 9.2% and 9.9% in the
first nine months of 2009 and 2008, respectively. The decline in
segment adjusted operating margin was primarily due to lower operating margins
on space launch vehicle contracts.
________
*
“Adjusted operating income” and “adjusted operating margin” are non-GAAP
financial measures discussed in this release. For additional details,
please refer to the section of this press release entitled “Disclosure of
Non-GAAP Financial Measures.”
—more—
Orbital
Announces Third Quarter 2009 Financial Results
Page
4
Satellites
and Space Systems
|
Third
Quarter
|
First
Nine Months
|
|||||||||||||||||||||||
|
($
in millions)
|
2009
|
2008
|
%
Change
|
2009
|
2008
|
%
Change
|
||||||||||||||||||
|
Revenues
|
$ | 75.7 | $ | 100.0 | (24% | ) | $ | 280.0 | $ | 314.5 | (11% | ) | ||||||||||||
|
Operating
Income
|
5.7 | 8.1 | (30% | ) | 21.2 | 23.5 | (10% | ) | ||||||||||||||||
|
Operating
Margin
|
7.5 | % | 8.1 | % | 7.6 | % | 7.5 | % | ||||||||||||||||
Satellites
and space systems segment revenues decreased $24.3 million in the third quarter
and $34.5 million in the first nine months of 2009 compared to the same periods
in 2008 primarily due to decreased activity on communications satellite
contracts as a result of the substantial completion of certain
satellites.
Satellites
and space systems segment operating income decreased $2.4 million in the third
quarter and $2.3 million in the first nine months of 2009 compared to the same
periods in 2008 primarily due to the reduction in revenues mentioned
above. In additoin, the third quarter of 2009 includes the effect of
the delay of a science satellite as well as the substantial completion of a
technical services program. Segment operating margin declined in the
third quarter of 2009 compared to the same period in 2008 primarily due to lower
profit margins on science satellite and space technical services
programs.
Advanced
Space Programs
|
Third
Quarter
|
First
Nine Months
|
|||||||||||||||||||||||
|
($
in millions)
|
2009
|
2008
|
%
Change
|
2009
|
2008
|
%
Change
|
||||||||||||||||||
|
Revenues
|
$ | 94.4 | $ | 68.6 | 38% | $ | 224.8 | $ | 220.9 | 2% | ||||||||||||||
|
Operating
Income
|
4.7 | 4.5 | 4% | 4.8 | 15.1 | (68% | ) | |||||||||||||||||
|
Operating
Margin
|
5.0 | % | 6.6 | % | 2.1 | % | 6.8 | % | ||||||||||||||||
Advanced
space programs segment revenues increased $25.8 million in the third quarter and
$3.9 million in the first nine months of 2009 compared to the same periods in
2008 primarily due to increased activity on the CRS contract, partially offset
by a reduction in activity on the Orion human spaceflight program.
Advanced
space programs segment operating income increased marginally in the third
quarter of 2009 compared to the same period in 2008 primarily due to the
increase in activity on the CRS contract, partially offset by a reduction in
Orion program activity. During the first nine months of 2009,
advanced space programs segment operating income decreased $10.3 million
compared to the same period in 2008 primarily due to the reduction in Orion
program activity and cost increases on certain national security satellite
programs in the first half of 2009. Segment operating margins
declined in 2009 primarily due to the cost increases on national security
satellite programs.
—more—
Orbital
Announces Third Quarter 2009 Financial Results
Page
5
Cash
Flow
Cash flow
for the third quarter and first nine months of 2009 was as follows:
|
Third
Quarter
|
First
Nine Months
|
|||
|
($
in millions)
|
2009
|
2009
|
||
|
Net
Cash Provided by Operating Activities
|
$
34.9
|
$ 79.2 | ||
|
Capital
Expenditures
|
(10.5)
|
(28.8) | ||
|
Free
Cash Flow
|
24.4
|
50.4 | ||
|
Repurchase
of Common Stock
|
—
|
(16.7) | ||
|
Other
|
(0.5)
|
2.2 | ||
|
Net
Increase in Cash
|
23.9
|
35.9 | ||
|
Beginning
Cash Balance
|
340.3
|
328.3 | ||
|
Ending
Cash Balance
|
$364.2
|
$364.2 |
Free cash
flow was $24.4 million for the third quarter and $50.4 million for the first
nine months of 2009. Orbital did not repurchase any shares of its
common stock during the third quarter of 2009, but did repurchase 1,169,600
shares for $16.7 million in the first half of 2009. The company’s
unrestricted cash balance was $364.2 million as of September 30,
2009.
New
Business Highlights
During
the third quarter of 2009, Orbital received approximately $235 million in new
firm and option contract bookings. In addition, the company received
approximately $130 million of option exercises under existing
contracts. As of September 30, 2009, the company’s firm contract
backlog was approximately $1.5 billion and its total backlog (including options,
indefinite-quantity contracts and undefinitized orders) was approximately $4.8
billion.
Operational
Highlights
In the
third quarter of 2009, Orbital carried out one major satellite mission and
delivered seven launch vehicles for missions to be carried out in the
future. In August, the Orbital-built Optus D3 communications
spacecraft was successfully deployed into geosynchronous orbit. Upon
completion of a comprehensive series of in-orbit tests, Orbital transferred
operational control of the spacecraft to its customer in September.
For the
remainder of 2009, the company expects to conduct up to five additional
satellite and launch vehicle missions and to deliver up to another ten systems
for future operations or deployments. The remaining 2009
operational schedule features the launch of Orbital-built cargo-carrying pallets
aboard the Space Shuttle to the International Space Station, the deployment of
the IS-15 communications satellite designed and built for Intelsat, and the
launch of up to three military target vehicles.
—more—
Orbital
Announces Third Quarter 2009 Financial Results
Page
6
2009
Financial Guidance and 2010 Preliminary Outlook
The
company reaffirmed its previous financial guidance for full year 2009 and
provided its preliminary financial outlook for 2010, as follows:
|
2009
|
2010
|
|||
|
Revenues
(in millions)
|
$1,110
- $1,135
|
$1,175
- $1,225
|
||
|
Operating
Income Margin
|
4.25%
- 4.50%
|
5.5%
- 6.0%
|
||
|
Diluted
Earnings per Share
|
$0.55
- $0.60
|
$0.70
- $0.80
|
||
|
Free
Cash Flow (in millions)
|
$50
- $60
|
($60
- $70)
|
The
preliminary guidance for 2010 is based on a variety of assumptions about future
business conditions and operational events, including new business
bookings.
Commenting
on Orbital’s 2010 outlook, Mr. Thompson added, “At present, we expect
substantial revenue growth next year in three product lines—space launch
vehicles, human space flight systems, and national security satellites—which
should more than offset an anticipated revenue reduction in missile defense
interceptors. Overall profit margins in each of our reporting
segments are targeted for meaningful increases in 2010 as well, but cash flow is
projected to be negative, especially in the first half of the year, due to
reduced deferred revenue in several programs.”
Disclosure
of Non-GAAP Financial Measures
Free cash
flow is defined as GAAP (Generally Accepted Accounting Principles) net cash
provided by operating activities less capital expenditures for property, plant
and equipment. A reconciliation of free cash flow to net cash
provided by operating activities is included above in the section entitled “Cash
Flow.” Management believes that the company’s presentation of free
cash flow is useful because it provides investors with an important perspective
on the company’s liquidity, financial flexibility and ability to fund operations
and service debt.
Launch
vehicles segment adjusted operating income and adjusted operating margin are
defined as launch vehicles segment GAAP operating income and operating margin
adjusted to exclude the unrecovered Taurus II research and development expenses
in 2009 and 2008. Launch vehicles operating income and operating
margin in the first nine months of 2008 has also been adjusted to exclude a $4.0
million favorable revenue and profit adjustment recorded in connection with the
closure of a previously disclosed U.S Government investigation. These
measures are provided so investors can more easily compare launch vehicles
segment 2009 operating results to 2008 operating results. The
reconciliation of these financial measures is as follows:
—more—
Orbital
Announces Third Quarter 2009 Financial Results
Page
7
|
Third
Quarter
|
First
Nine Months
|
|||||||||||||||
|
($
in millions)
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
|
Reported
segment operating income
|
$ | 3.2 | $ | 8.4 | $ | 11.6 | $ | 29.4 | ||||||||
|
Unrecovered
Taurus II research and development
|
7.0 | 3.0 | 20.1 | 7.0 | ||||||||||||
|
U.S.
Government investigation profit adjustment
|
— | — | — | (4.0 | ) | |||||||||||
|
Adjusted
segment operating income
|
$ | 10.2 | $ | 11.4 | $ | 31.7 | $ | 32.4 | ||||||||
|
Adjusted
segment operating margin
|
9.3 | % | 10.2 | % | 9.2 | % | 9.9 | % | ||||||||
Orbital
does not intend for the above non-GAAP financial measures to be considered in
isolation or as a substitute for the related GAAP measure. Other
companies may define these measures differently.
About
Orbital
Orbital
develops and manufactures small- and medium-class rockets and space systems for
commercial, military and civil government customers. The company’s
primary products are satellites and launch vehicles, including low-Earth orbit,
geosynchronous-Earth orbit and planetary spacecraft for communications, remote
sensing, scientific and defense missions; human-rated space systems for
Earth-orbit, lunar and other missions; ground- and air-launched rockets that
deliver satellites into orbit; and missile defense systems that are used as
interceptor and target vehicles. Orbital also provides satellite
subsystems and space-related technical services to government agencies and
laboratories.
“Safe
Harbor” Statement Under the Private Securities Litigation Reform Act of
1995
Certain
statements in this press release may be forward-looking in nature or
“forward-looking statements” as defined in the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements are subject to
risks, trends and uncertainties that could cause the actual results or
performance of the company to be materially different from the forward-looking
statement. Uncertainty surrounding factors such as continued
government support and funding for key space and defense programs, new product
development programs, product performance and market acceptance of products and
technologies, government contract procurement and termination risks, as well as
other risk factors and business considerations described in the company’s SEC
filings, including its annual report on Form 10-K, could impact Orbital’s actual
financial and operational results. Orbital assumes no obligation for
updating the information contained in this press release.
A
transcript of the earnings teleconference call will be available on Orbital’s
website at http://www.orbital.com/Investor.
—
attachments below —
—more—
Orbital
Announces Third Quarter 2009 Financial Results
Page
8
ORBITAL
SCIENCES CORPORATION
Condensed
Consolidated Income Statements
(in
thousands, except per share data)
|
Third
Quarter
|
First
Nine Months
|
|||||||||||||||
|
2009
|
2008* | 2009 | 2008* | |||||||||||||
|
Revenues
|
$ | 277,092 | $ | 278,628 | $ | 842,962 | $ | 863,396 | ||||||||
|
Cost
of revenues
|
214,574 | 227,253 | 669,737 | 704,724 | ||||||||||||
|
Research
and development expenses
|
31,440 | 11,676 | 81,145 | 30,082 | ||||||||||||
|
Selling,
general and administrative expenses
|
17,496 | 18,699 | 54,513 | 61,112 | ||||||||||||
|
Income
from operations
|
13,582 | 21,000 | 37,567 | 67,478 | ||||||||||||
|
Investment
impairment charge
|
(2,000 | ) | (1,000 | ) | (3,300 | ) | (11,600 | ) | ||||||||
|
Interest
income and other
|
577 | 1,763 | 7,990 | 5,601 | ||||||||||||
|
Interest
expense
|
(2,327 | ) | (2,236 | ) | (6,741 | ) | (6,557 | ) | ||||||||
|
Income
from continuing operations before income taxes
|
9,832 | 19,527 | 35,516 | 54,922 | ||||||||||||
|
Income
tax provision
|
(450 | ) | (8,080 | ) | (8,193 | ) | (21,302 | ) | ||||||||
|
Income
from continuing operations
|
9,382 | 11,447 | 27,323 | 33,620 | ||||||||||||
|
Income
from discontinued operations, net of taxes
|
— | — | — | 15,918 | ||||||||||||
|
Net
income
|
$ | 9,382 | $ | 11,447 | $ | 27,323 | $ | 49,538 | ||||||||
|
Basic
income per share:
|
||||||||||||||||
|
Continuing
operations
|
$ | 0.16 | $ | 0.19 | $ | 0.47 | $ | 0.56 | ||||||||
|
Discontinued
operations
|
— | — | — | 0.27 | ||||||||||||
|
Net
income
|
0.16 | 0.19 | 0.47 | 0.83 | ||||||||||||
|
Diluted
income per share:
|
||||||||||||||||
|
Continuing
operations
|
$ | 0.16 | $ | 0.19 | $ | 0.47 | $ | 0.55 | ||||||||
|
Discontinued
operations
|
— | — | — | 0.26 | ||||||||||||
|
Net
income
|
0.16 | 0.19 | 0.47 | 0.81 | ||||||||||||
|
Shares
used in computing basic income per share
|
56,674 | 58,776 | 56,769 | 58,643 | ||||||||||||
|
Shares
used in computing diluted income per share
|
57,368 | 60,104 | 57,498 | 59,936 | ||||||||||||
|
_________________________
|
||||||||||||||||
|
*
The company's 2008 financial statements have been adjusted to record $1.1
million and $3.3 million of additional interest
|
||||||||||||||||
|
expenses
in the third quarter and first nine months of 2008, respectively, required
by a new accounting standard pertaining to
|
||||||||||||||||
|
the
company's convertible debt.
|
||||||||||||||||
—more—
Orbital
Announces Third Quarter 2009 Financial Results
Page
9
ORBITAL
SCIENCES CORPORATION
Segment
Information
(in
millions)
|
Third
Quarter
|
First
Nine Months
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
Revenues:
|
||||||||||||||||
|
Launch
Vehicles
|
$ | 110.0 | $ | 111.8 | $ | 346.3 | $ | 332.1 | ||||||||
|
Satellites
and Space Systems
|
75.7 | 100.0 | 280.0 | 314.5 | ||||||||||||
|
Advanced
Space Programs
|
94.4 | 68.6 | 224.8 | 220.9 | ||||||||||||
|
Eliminations
|
(3.0 | ) | (1.8 | ) | (8.1 | ) | (4.1 | ) | ||||||||
|
Total
Revenues
|
$ | 277.1 | $ | 278.6 | $ | 843.0 | $ | 863.4 | ||||||||
|
Income
from Operations:
|
||||||||||||||||
|
Launch
Vehicles
|
$ | 3.2 | $ | 8.4 | $ | 11.6 | $ | 29.4 | ||||||||
|
Satellites
and Space Systems
|
5.7 | 8.1 | 21.2 | 23.5 | ||||||||||||
|
Advanced
Space Programs
|
4.7 | 4.5 | 4.8 | 15.1 | ||||||||||||
|
Eliminations
|
— | — | — | (0.5 | ) | |||||||||||
|
Total
Income from Operations
|
$ | 13.6 | $ | 21.0 | $ | 37.6 | $ | 67.5 | ||||||||
—more—
Orbital
Announces Third Quarter 2009 Financial Results
Page
10
ORBITAL
SCIENCES CORPORATION
Condensed
Consolidated Balance Sheets
(in
thousands)
|
September
30,
|
December
31,
|
|||||||
|
2009
|
2008* | |||||||
|
Assets
|
||||||||
|
Cash
|
$ | 364,184 | $ | 328,307 | ||||
|
Receivables,
net
|
204,890 | 203,111 | ||||||
|
Inventory
|
39,636 | 33,434 | ||||||
|
Deferred
income taxes, net
|
33,279 | 35,368 | ||||||
|
Other
current assets
|
17,186 | 8,951 | ||||||
|
Total
current assets
|
659,175 | 609,171 | ||||||
|
Non-current
investments
|
12,700 | 16,700 | ||||||
|
Property,
plant and equipment, net
|
121,734 | 104,880 | ||||||
|
Goodwill
|
55,551 | 55,551 | ||||||
|
Deferred
income taxes, net
|
57,028 | 63,206 | ||||||
|
Other
non-current assets
|
13,930 | 4,387 | ||||||
|
Total
Assets
|
$ | 920,118 | $ | 853,895 | ||||
|
Liabilities
and Stockholders’ Equity
|
||||||||
|
Accounts
payable and accrued expenses
|
$ | 184,640 | $ | 179,658 | ||||
|
Deferred
revenues and customer advances
|
118,103 | 80,059 | ||||||
|
Total
current liabilities
|
302,743 | 259,717 | ||||||
|
Long-term
debt
|
119,027 | 115,372 | ||||||
|
Other
non-current liabilities
|
7,851 | 5,700 | ||||||
|
Total
stockholders’ equity
|
490,497 | 473,106 | ||||||
|
Total
Liabilities and Stockholders’ Equity
|
$ | 920,118 | $ | 853,895 | ||||
|
_________________________
|
||||||||
|
*
The company’s 2008 financial statements have been adjusted as required by
a new accounting standard pertaining to the
|
||||||||
|
company’s
convertible debt.
|
||||||||
—more—
Orbital
Announces Third Quarter 2009 Financial Results
Page
11
ORBITAL
SCIENCES CORPORATION
Condensed
Consolidated Statements of Cash Flows
(in
thousands)
|
September
30, 2009
|
||||||
|
Third
Quarter
|
Nine
Months
|
|||||
|
Net
income
|
$
9,382
|
$
27,323
|
||||
|
Investment
impairment charge
|
2,000
|
3,300
|
||||
|
Depreciation
|
4,439
|
14,071
|
||||
|
Deferred
income taxes
|
794
|
7,462
|
||||
|
Changes
in assets and liabilities
|
16,685
|
18,779
|
||||
|
Other
|
1,596
|
8,278
|
||||
|
Net
cash provided by operating activities
|
34,896
|
79,213
|
||||
|
Capital
expenditures
|
(10,470)
|
(28,827)
|
||||
|
Sale
of investment
|
—
|
1,138
|
||||
|
Other
|
(84)
|
100
|
||||
|
Net
cash used in investing activities
|
(10,554)
|
(27,589)
|
||||
|
Repurchase
of common stock
|
—
|
(16,681)
|
||||
|
Net
proceeds from issuance of common stock
|
768
|
2,030
|
||||
|
Other
|
(1,213)
|
(1,096)
|
||||
|
Net
cash used in financing activities
|
(445)
|
(15,747)
|
||||
|
Net
increase in cash
|
23,897
|
35,877
|
||||
|
Cash,
beginning of period
|
340,287
|
328,307
|
||||
|
Cash,
end of period
|
$364,184
|
$364,184
|
||||
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