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8-K - 8-K - Mellanox Technologies, Ltd.a14-4542_18k.htm

Exhibit 99.1

 

PRESS RELEASE

GRAPHIC

 

Mellanox Technologies, Ltd.

 

Press/Media Contact

Ashley Paula

Waggener Edstrom

+1-415-547-7024

apaula@waggeneredstrom.com

 

USA Investor Contact

Gwyn Lauber

Mellanox Technologies

+1-408-916-0012

gwyn@mellanox.com

 

Israel Investor Contact

Nava Ladin

Gelbart Kahana Investor Relations

+972-3-6074717

nava@gk-biz.com

 

Mellanox Technologies, Ltd. Announces Fourth Quarter and

Fiscal Year 2013 Financial Results

 

Annual Revenue of $391 Million; Annual Cash Flow from Operations of $52 Million

 

SUNNYVALE, Calif. and YOKNEAM, ISRAEL — Jan. 29, 2014 — Mellanox® Technologies, Ltd. (NASDAQ: MLNX), a leading supplier of end-to-end connectivity solutions for servers and storage systems, today announced financial results for its fourth quarter and fiscal year 2013.

 

Fourth Quarter and Fiscal Year 2013 Highlights

 

·                  Revenues were $105.5 million in the fourth quarter, and $390.9 million in fiscal year 2013.

 

·                  GAAP gross margins were 64.9 percent in the fourth quarter, and 65.4 percent in fiscal year 2013.

 

·                  Non-GAAP gross margins were 68.5 percent in the fourth quarter, and 68.8 percent in fiscal year 2013.

 

·                  GAAP operating loss was $7.9 million in the fourth quarter, and $20.3 million in fiscal year 2013.

 



 

·                  Non-GAAP operating income was $9.1 million in the fourth quarter, and $43.4 million in fiscal year 2013.

 

·                  GAAP net loss was $7.3 million in the fourth quarter, and $22.9 million in fiscal year 2013.

 

·                  Non-GAAP net income was $9.7 million in the fourth quarter, and $40.9 million in fiscal year 2013.

 

·                  GAAP net loss per diluted share was $0.17 in the fourth quarter, and $0.53 in fiscal year 2013.

 

·                  Non-GAAP net income per diluted share was $0.21 in the fourth quarter, and was $0.90 in fiscal year 2013.

 

·                  $30.7 million in cash was provided by operating activities during the fourth quarter.

 

·                  $52.0 million in cash was provided by operating activities during fiscal year 2013.

 

·                  Cash and investments totaled $330.2 million at December 31, 2013.

 

Financial Results

 

In accordance with U.S. generally accepted accounting principles (GAAP), the company reported revenue of $105.5 million for the fourth quarter, up 1.4 percent from $104.1 million in the third quarter of 2013, and down 13.6 percent from $122.1 million in the fourth quarter of 2012. For the year ended December 31, 2013, revenue was $390.9 million, a decrease of 22.0 percent from revenue of $500.8 million reported in 2012.

 

GAAP gross margins in the fourth quarter of 2013 were 64.9 percent, compared with 64.4 percent in the third quarter of 2013 and 68.1 percent in the fourth quarter of 2012. GAAP gross margins in 2013 were 65.4 percent, compared with 68.5 percent in 2012.

 

Non-GAAP gross margins in the fourth quarter of 2013 were 68.5 percent, compared with 69.0 percent in the third quarter of 2013 and 70.0 percent in the fourth quarter of 2012. Non-GAAP gross margins in 2013 were 68.8 percent, compared with 70.3 percent in 2012.

 

GAAP net loss in the fourth quarter of 2013 was $7.3 million, or $0.17 per diluted share, compared with GAAP net loss of $5.4 million, or $0.12 per diluted share in the third quarter of 2013 and net income of $18.4 million or $0.41 per diluted share in the fourth quarter of 2012.

 

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Non-GAAP net income in the fourth quarter of 2013 was $9.7 million, or $0.21 per diluted share, compared with $13.1 million, or $0.29 per diluted share in the third quarter of 2013, and $30.7 million, or $0.69 per diluted share in the fourth quarter of 2012. The fourth quarter 2013 non-GAAP net income excludes $11.7 million of share-based compensation expense compared to $11.9 million in the third quarter of 2013, and $10.0 million in the fourth quarter of 2012.

 

The fourth quarter 2013 non-GAAP net income also excludes amortization expenses of acquired intangible assets of $4.4 million, and $0.9 million of acquisition related charges associated with the acquisition of Kotura, Inc. and IPtronics A/S, compared to amortization expenses of acquired intangible assets of $4.6 million and acquisition related charges of $2.0 million in the third quarter of 2013, and compared to $2.3 million of amortization expense of acquired intangibles assets in the fourth quarter of 2012.

 

GAAP net loss in 2013 was $22.9 million, or $0.53 per diluted share, compared to $111.4 million of GAAP net income, or $2.54 per diluted share in 2012.

 

Non-GAAP net income in 2013 was $40.9 million, or $0.90 per diluted share, compared to $155.7 million or $3.60 per diluted share in 2012. 2013 non-GAAP net income excludes $45.1 million of share-based compensation expense, $13.9 million of amortization expense of acquired intangible assets and $4.7 million of acquisition related charges. 2012 non-GAAP net income excludes $35.0 million of share-based compensation expense and amortization expense of acquired intangible assets of $9.3 million.

 

Total cash and investments at December 31, 2013 were $330.2 million compared to $426.3 million at December 31, 2012. The company generated $30.7 million in cash from operating activities in the fourth quarter of 2013, and $52.0 million for fiscal year 2013.

 

“Our fourth quarter and fiscal year 2013 results were solid, and we made progress on many of the goals that we outlined for you when we started the year. We believe that approximately $50 million of revenue that was shipped in 2012 was actually deployed in 2013. We acquired two companies in 2013 and believe that these technologies will be important building blocks for our future solutions,” said Eyal Waldman, president and CEO of Mellanox Technologies. “Throughout the year, we worked with many new and existing partners on programs for our InfiniBand and Ethernet interconnect technologies, and in particular, we saw increased adoption of our Ethernet products. We believe that the trends that we see in the market today will result in multiple opportunities for Mellanox in the future.”

 

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Recent Mellanox Press Release Highlights

 

·                  Jan. 27, 2014 - Mellanox Releases World’s First 40 Gigabit Ethernet NIC Based on Open Compute Project (OCP) Designs

 

·                  Jan. 8, 2014 - Mellanox Interconnect Solutions Now Available Through SYNNEX Corporation’s GSA Schedule

 

·                  Jan 6, 2014 - Zenovia Digital Exchange Selects Mellanox FDR InfiniBand to Improve Digital Ad Transaction Quality and Speed

 

·                  Dec. 16, 2013 - Mellanox Collaborates with Dell to Deliver 10/40GbE Solution for Mainstream Servers and Networking Solutions

 

·                  Dec. 10, 2013 - The University of Cambridge Chooses Mellanox FDR InfiniBand to Accelerate UK’s Fastest Academic Cluster and Further Space Research

 

·                  Nov. 20, 2013 - Mellanox FDR InfiniBand Demonstrates 3X Annual Growth for Petascale-Capable Systems on the TOP500

 

·                  Nov. 18, 2013 - Mellanox Connect-IB FDR InfiniBand Adapters with NVIDIA GPUDirect RDMA Technology Provides Superior GPU-based Cluster Performance

 

·                  Nov. 18, 2013 - Mellanox Connect-IB FDR InfiniBand Adapters Accelerate Purdue University’s Supercomputer to Petascale-Class Performance

 

·                  Nov. 11, 2013 - Mellanox Proposes Contribution of 10 Gigabit Ethernet Switch Specification to the Open Compute Project to Enable Cost and Energy-Efficient, Scalable Data Centers

 

·                  Oct. 30, 2013 - Mellanox Delivers InfiniBand and Ethernet OpenStack Interconnect Cloud Solution with Broad Ecosystem Support

 

Conference Calls

 

Mellanox will broadcast its fourth quarter and fiscal year 2013 financial results conference call today at 2 p.m. Pacific Time to discuss the company’s financial results. To listen to the call, dial +1-785-424-1825 approximately 10 minutes prior to the start time.

 

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The Mellanox financial results conference call will be available via live webcast on the investor relations section of the Mellanox website at http://ir.mellanox.com. Access the webcast 15 minutes prior to the start of the call to download and install any necessary audio software. Replay of the webcast will also be available on the Mellanox website.

 

About Mellanox

 

Mellanox Technologies is a leading supplier of end-to-end InfiniBand and Ethernet interconnect solutions and services for servers and storage. Mellanox interconnect solutions increase data center efficiency by providing the highest throughput and lowest latency, delivering data faster to applications and unlocking system performance capability. Mellanox offers a choice of fast interconnect products: adapters, switches, software, cables and silicon that accelerate application runtime and maximize business results for a wide range of markets including high performance computing, enterprise data centers, Web 2.0, cloud, storage and financial services. More information is available at www.mellanox.com.

 

GAAP to Non-GAAP Reconciliation

 

To supplement our consolidated financial statements presented in accordance with generally accepted accounting principles (GAAP), Mellanox uses non-GAAP measures of net income which are adjusted from results based on GAAP to exclude share-based compensation expense and acquisition related expense. The company believes the non-GAAP results provide useful information to both management and investors, as these non-GAAP results exclude expenses that are not indicative of our core operating results. Management believes it is useful to exclude share-based compensation expense, amortization expense of acquired intangibles and acquisition related expense because it enhances investors’ability to understand our business from the same perspective as management, which believes that such items are not directly attributable to nor reflect the underlying performance of the company’s business operations.  Further, management believes certain non-cash charges such as share-based compensation and amortization of acquired intangibles do not reflect the cash operating results of the business. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. These non-GAAP measures may be different than the non-GAAP measures used by other companies. A reconciliation of GAAP to non-GAAP condensed consolidated statements of operations is also presented in the financial statements portion of this release and is posted under the “Investors” section on our website.

 

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

 

All statements included or incorporated by reference in this release, other than statements or characterizations of historical fact, are forward-looking statements, including statements related to the technologies we acquired in 2013, trends in the market for our solutions and services and opportunities for our company in 2014 and beyond. These forward-looking statements are based on our current expectations, estimates and projections about our industry and business, management’s beliefs and certain assumptions made by us, all of which are subject to change.

 

Forward-looking statements can often be identified by words such as “projects,” “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,” “could,” “potential,” “continue,” “ongoing,” similar expressions and variations or negatives of these words.  These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.

 

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The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include the continued expansion of our product line, customer base and the total available market of our products, the continued growth in demand for our products, the continued, increased demand for industry standards-based technology, our ability to react to trends and challenges in our business and the markets in which we operate, our ability to anticipate market needs or develop new or enhanced products to meet those needs, the adoption rate of our products, our ability to establish and maintain successful relationships with our OEM partners, our ability to effectively compete in our industry, fluctuations in demand, sales cycles and prices for our products and services, our success converting design wins to revenue-generating product shipments, the continued launch and volume ramp of large customer sales opportunities, and our ability to protect our intellectual property rights. Furthermore, the majority of our quarterly revenues are derived from customer orders received and fulfilled in the same quarterly period. We have limited visibility into actual end-user demand as such demand impacts us and our OEM customer inventory balances in any given quarter. Consequently, this introduces risk and uncertainty into our revenue and production forecasts and business planning and could negatively impact our financial results. In addition, current uncertainty in the global economic environment poses a risk to the overall economy as businesses may defer purchases in response to tighter credit conditions, changing overall demand for our products, and negative financial news. Consequently, our results could differ materially from our prior results due to these general economic and market conditions, political events and other risks and uncertainties described more fully in our documents filed with or furnished to the Securities and Exchange Commission.

 

More information about the risks, uncertainties and assumptions that may impact our business is set forth in our form 10-Q filed with the SEC on November 1, 2013, and our form 10-K filed with the SEC on February 25, 2013. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we assume no obligation to update these forward-looking statements.

 

Mellanox is a registered trademark of Mellanox Technologies, Ltd. All other trademarks are property of their respective owners.

 

6



 

Mellanox Technologies, Ltd.

Condensed Consolidated Statements of Operations

(in thousands, except per share data, unaudited)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

December 31,

 

December 31,

 

 

 

2013

 

2012

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

105,544

 

$

122,118

 

$

390,859

 

$

500,799

 

Cost of revenues

 

37,096

 

38,973

 

135,239

 

157,936

 

Gross profit

 

68,448

 

83,145

 

255,620

 

342,863

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development

 

47,518

 

36,101

 

168,721

 

138,946

 

Sales and marketing

 

19,036

 

16,002

 

70,318

 

61,068

 

General and administrative

 

9,786

 

7,136

 

36,918

 

24,541

 

Total operating expenses

 

76,340

 

59,239

 

275,957

 

224,555

 

Income (loss) from operations

 

(7,892

)

23,906

 

(20,337

)

118,308

 

Other income, net

 

301

 

269

 

1,228

 

1,259

 

Income (loss) before taxes

 

(7,591

)

24,175

 

(19,109

)

119,567

 

(Provision) benefit for taxes on income

 

340

 

(5,733

)

(3,752

)

(8,187

)

Net income (loss)

 

$

(7,251

)

$

18,442

 

$

(22,861

)

$

111,380

 

Net income (loss) per share — basic

 

$

(0.17

)

$

0.43

 

$

(0.53

)

$

2.70

 

Net income (loss) per share — diluted

 

$

(0.17

)

$

0.41

 

$

(0.53

)

$

2.54

 

Shares used in computing income (loss) per share:

 

 

 

 

 

 

 

 

 

Basic

 

43,907

 

42,451

 

43,421

 

41,308

 

Diluted

 

43,907

 

44,614

 

43,421

 

43,901

 

 

7



 

Mellanox Technologies, Ltd.

Reconciliation of Non-GAAP Adjustments

(in thousands, percentages, unaudited)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

December 31,

 

December 31,

 

 

 

2013

 

2012

 

2013

 

2012

 

Reconciliation of GAAP net income (loss) to non-GAAP:

 

 

 

 

 

 

 

 

 

GAAP net income (loss)

 

$

(7,251

)

$

18,442

 

$

(22,861

)

$

111,380

 

Adjustments:

 

 

 

 

 

 

 

 

 

Share-based compensation expense:

 

 

 

 

 

 

 

 

 

Cost of revenues

 

469

 

445

 

1,828

 

1,621

 

Research and development

 

6,808

 

5,773

 

25,956

 

19,356

 

Sales and marketing

 

2,325

 

1,876

 

9,198

 

8,055

 

General and administrative

 

2,064

 

1,869

 

8,156

 

5,987

 

Total share-based compensation expense

 

11,666

 

9,963

 

45,138

 

35,019

 

Amortization expense of acquired intangibles:

 

 

 

 

 

 

 

 

 

Cost of revenues

 

3,194

 

1,849

 

10,424

 

7,520

 

Research and development

 

168

 

 

507

 

 

Sales and marketing

 

1,039

 

440

 

2,951

 

1,757

 

Total amortization expense of acquired intangibles

 

4,401

 

2,289

 

13,882

 

9,277

 

Acquisition related charges:

 

 

 

 

 

 

 

 

 

Cost of revenues

 

208

 

 

907

 

 

Research and development

 

219

 

 

552

 

 

Sales and marketing

 

219

 

 

480

 

 

General and administrative

 

274

 

 

2,774

 

 

Total acquisition related charges

 

920

 

 

4,713

 

 

Non-GAAP net income

 

$

9,736

 

$

30,694

 

$

40,872

 

$

155,676

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP gross profit to non-GAAP:

 

 

 

 

 

 

 

 

 

Revenues

 

$

105,544

 

$

122,118

 

$

390,859

 

$

500,799

 

GAAP gross profit

 

68,448

 

83,145

 

255,620

 

342,863

 

GAAP gross margin

 

64.9

%

68.1

%

65.4

%

68.5

%

Share-based compensation expense

 

469

 

445

 

1,828

 

1,621

 

Amortization expense of acquired intangibles

 

3,194

 

1,849

 

10,424

 

7,520

 

Acquisition related charges

 

208

 

 

907

 

 

Non-GAAP gross profit

 

$

72,319

 

$

85,439

 

$

268,779

 

$

352,004

 

Non-GAAP gross margin

 

68.5

%

70.0

%

68.8

%

70.3

%

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP operating expenses to non-GAAP:

 

 

 

 

 

 

 

 

 

GAAP operating expenses

 

$

76,340

 

$

59,239

 

$

275,957

 

$

224,555

 

Share-based compensation expense

 

(11,197

)

(9,518

)

(43,310

)

(33,398

)

Amortization expense of acquired intangibles

 

(1,207

)

(440

)

(3,458

)

(1,757

)

Acquisition related charges

 

(712

)

 

(3,806

)

 

Non-GAAP operating expenses

 

$

63,224

 

$

49,281

 

$

225,383

 

$

189,400

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP income (loss) from operations to non-GAAP:

 

 

 

 

 

 

 

 

 

GAAP income (loss) from operations

 

$

(7,892

)

$

23,906

 

$

(20,337

)

$

118,308

 

Share-based compensation expense

 

11,666

 

9,963

 

45,138

 

35,019

 

Amortization expense of acquired intangibles

 

4,401

 

2,289

 

13,882

 

9,277

 

Acquisition related charges

 

920

 

 

4,713

 

 

Non-GAAP income from operations

 

$

9,095

 

$

36,158

 

$

43,396

 

$

162,604

 

 

8



 

Mellanox Technologies, Ltd.

Reconciliation of Non-GAAP Adjustments

(in thousands, except per share data, unaudited)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

December 31,

 

December 31,

 

 

 

2013

 

2012

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

Shares used in computing GAAP diluted earnings per share

 

43,907

 

44,614

 

43,421

 

43,901

 

Adjustments:

 

 

 

 

 

 

 

 

 

Effect of dilutive securities under GAAP*

 

 

(2,163

)

 

(2,593

)

Total options vested and exercisable

 

1,913

 

1,888

 

1,913

 

1,888

 

Shares used in computing non-GAAP diluted earnings per share

 

45,820

 

44,339

 

45,334

 

43,196

 

 

 

 

 

 

 

 

 

 

 

GAAP diluted net income (loss) per share

 

$

(0.17

)

$

0.41

 

$

(0.53

)

$

2.54

 

Adjustments:

 

 

 

 

 

 

 

 

 

Share-based compensation expense

 

0.27

 

0.22

 

1.04

 

0.79

 

Amortization expense of acquired intangibles

 

0.10

 

0.05

 

0.32

 

0.21

 

Acquisition related charges

 

0.02

 

0.00

 

0.11

 

0.00

 

Effect of dilutive securities under GAAP*

 

0.00

 

0.04

 

0.00

 

0.22

 

Total options vested and exercisable

 

(0.01

)

(0.03

)

(0.04

)

(0.16

)

Non-GAAP diluted income per share

 

$

0.21

 

$

0.69

 

$

0.90

 

$

3.60

 

 


* This adjustment adds back the GAAP effect of additional ordinary shares that would have been outstanding if the dilutive potential ordinary shares from stock options had been issued under the Treasury method.

 

9



 

Mellanox Technologies, Ltd.

Condensed Consolidated Balance Sheets

(in thousands, unaudited)

 

 

 

December 31,

 

December 31,

 

 

 

2013

 

2012

 

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

63,164

 

$

117,054

 

Short-term investments

 

263,528

 

302,593

 

Restricted cash

 

 

3,229

 

Accounts receivable, net

 

70,566

 

58,516

 

Inventories

 

35,963

 

43,318

 

Deferred taxes and other current assets

 

17,581

 

15,616

 

Total current assets

 

450,802

 

540,326

 

Property and equipment, net

 

70,815

 

62,375

 

Severance assets

 

10,630

 

8,907

 

Intangible assets, net

 

54,362

 

16,134

 

Goodwill

 

199,558

 

132,885

 

Deferred taxes and other long-term assets

 

20,613

 

10,419

 

Total assets

 

$

806,780

 

$

771,046

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

29,964

 

$

37,431

 

Accrued liabilities

 

52,588

 

57,879

 

Deferred revenue

 

15,849

 

12,018

 

Capital lease liabilities, current

 

1,245

 

1,253

 

Total current liabilities

 

99,646

 

108,581

 

Accrued severance

 

13,418

 

11,821

 

Deferred revenue

 

9,045

 

8,366

 

Capital lease liabilities

 

1,600

 

2,835

 

Other long-term liabilities

 

17,091

 

11,635

 

Total liabilities

 

140,800

 

143,238

 

Shareholders’ equity:

 

 

 

 

 

Ordinary shares

 

185

 

178

 

Additional paid-in capital

 

550,795

 

488,365

 

Accumulated other comprehensive income

 

1,390

 

2,794

 

Retained earnings

 

113,610

 

136,471

 

Total shareholders’ equity

 

665,980

 

627,808

 

Total liabilities and shareholders’ equity

 

$

806,780

 

$

771,046

 

 

10



 

Mellanox Technologies, Ltd.

Condensed Consolidated Statement of Cash Flows

(in thousands, unaudited)

 

 

 

Twelve Months Ended December 31,

 

 

 

2013

 

2012

 

Cash flows from operating activities:

 

 

 

 

 

Net income (loss)

 

$

(22,861

)

$

111,380

 

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

Depreciation and amortization

 

35,886

 

23,868

 

Deferred income taxes

 

(1,240

)

(3,454

)

Share-based compensation

 

45,138

 

35,019

 

Gain on investments

 

(1,219

)

(896

)

Excess tax benefit from share-based compensation

 

(2,662

)

(5,141

)

Changes in assets and liabilities:

 

 

 

 

 

Accounts receivable, net

 

(8,870

)

(10,301

)

Inventories

 

9,264

 

(19,436

)

Prepaid expenses and other assets

 

1,414

 

(3,239

)

Accounts payable

 

(4,447

)

3,430

 

Accrued liabilities and other payables

 

1,599

 

51,259

 

Net cash provided by operating activities

 

52,002

 

182,489

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

Acquisition of Kotura, net of cash acquired of $101

 

(80,671

)

 

Acquisition of IPtronics A/S, net of cash acquired of $2,077

 

(42,848

)

 

Purchase of severance-related insurance policies

 

(849

)

(783

)

Purchases of short-term investments

 

(200,377

)

(328,998

)

Proceeds from sale of short-term investments

 

122,997

 

14,860

 

Proceeds from maturities of short-term investments

 

117,806

 

64,683

 

Decrease in restricted cash deposits

 

3,468

 

1,327

 

Purchase of property and equipment

 

(30,911

)

(30,544

)

Purchase of intangibles

 

(7,440

)

 

Purchase of equity investment in a private companies

 

(3,123

)

(1,424

)

Net cash used in investing activities

 

(121,948

)

(280,879

)

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

Principal payments on capital lease obligations

 

(1,243

)

(918

)

Proceeds from issuance of ordinary shares to employees

 

14,637

 

29,963

 

Excess tax benefit from share-based compensation

 

2,662

 

5,141

 

Net cash provided by financing activities

 

16,056

 

34,186

 

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

(53,890

)

(64,204

)

Cash and cash equivalents at beginning of period

 

117,054

 

181,258

 

Cash and cash equivalents at end of period

 

$

63,164

 

$

117,054

 

 

11