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8-K - FORM 8-K - RTI SURGICAL, INC.d132130d8k.htm

Exhibit 99.1

 

FOR DISTRIBUTION ON    For more information, contact:
TUESDAY, FEBRUARY 16 AT 8:00 A.M.    Robert Jordheim
   Executive Vice President,
   Chief Financial Officer
   rjordheim@rtix.com
   Wendy Crites Wacker, APR
   Vice President, Global Communications                
   wwacker@rtix.com
   Phone (386) 418-8888

RTI SURGICAL® ANNOUNCES 2015 FOURTH QUARTER, FULL YEAR RESULTS, 2016 FINANCIAL GUIDANCE

– Company Achieves Record Annual Revenues –

– Company Will Hold Conference Call at 8:30 a.m. ET –

ALACHUA, Fla. (Feb. 16, 2016) – RTI Surgical Inc. (RTI) (Nasdaq: RTIX), a global surgical implant company, reported operating results for the fourth quarter and full year of 2015 as follows:

Quarterly Highlights:

 

    Achieved worldwide revenues of $76.1 million, a 7 percent increase over the fourth quarter of 2014 (8 percent on a constant currency basis).

 

    Achieved adjusted net income per fully diluted share of $0.09 compared to adjusted net income per fully diluted share of $0.05 for the fourth quarter 2014.

 

    Achieved revenues of $18.2 million in the orthofixation business, a 61 percent increase over the fourth quarter of 2014.

 

    Achieved revenues of $11.1 million in the BGS and general orthopedic business, an 8 percent increase over the fourth quarter of 2014.

 

    Achieved revenues of $6.6 million in the dental business, a 10 percent increase over the fourth quarter of 2014.

 

    Achieved revenues of $5.5 million in the international business, an 11 percent increase on a constant currency basis over the fourth quarter of 2014.

2015 Full Year Highlights:

 

    Achieved record worldwide revenues of $282.3 million, a 7 percent increase over the full year of 2014 (9 percent on a constant currency basis).


    Achieved adjusted net income per fully diluted share of $0.23 compared to adjusted net income per fully diluted share of $0.11 for the full year 2014.

 

    Achieved revenues of $55.6 million in the orthofixation business, a 50 percent increase over the full year of 2014.

 

    Achieved revenues of $42.3 million in the BGS and general orthopedic business, a 15 percent increase over the full year of 2014.

 

    Achieved revenues of $23.6 million in the dental business, a 14 percent increase over the full year of 2014.

 

    Achieved revenues of $21.9 million in the international business, a 4 percent increase on a constant currency basis over the full year of 2014.

 

    nanOss® 3D advanced bone graft substitute was awarded a 2015 Becker’s Healthcare Spine Device Award. Becker’s Healthcare recognized 25 spine devices throughout the industry for their contributions to advancing spine technology and patient care.

Fourth Quarter 2015

Worldwide revenues were $76.1 million for the fourth quarter of 2015 compared to revenues of $70.9 million for the fourth quarter of 2014. Domestic revenues were $70.6 million for the fourth quarter of 2015 compared to revenues of $65.4 million for the fourth quarter of 2014. International revenues were $5.5 million for the fourth quarter of 2015, which were comparable to the fourth quarter of 2014. On a constant currency basis, international revenues for the fourth quarter of 2015 increased 11 percent compared to the fourth quarter of 2014.

For the fourth quarter of 2015, the company reported net income applicable to common shares of $3.3 million and net income per fully diluted common share of $0.06, based on 58.5 million fully diluted shares outstanding, compared to net loss applicable to common shares of $136 thousand and net loss per fully diluted common share of $0.00 for the fourth quarter of 2014, based on 56.9 million fully diluted shares outstanding.

Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), as detailed in the reconciliation provided later in this release, was $14.1 million for the fourth quarter of 2015 (18 percent of fourth quarter 2015 revenues) compared to $10.2 million for the fourth quarter of 2014 (14 percent of fourth quarter 2014 revenues).


Full Year 2015

Worldwide revenues were $282.3 million for the full year of 2015 compared to revenues of $262.8 million for the full year of 2014. Domestic revenues were $260.4 million for the full year of 2015 compared to revenues of $238.9 million for the full year of 2014. International revenues were $21.9 million for the full year of 2015, compared to revenues of $23.9 million for the full year of 2014. On a constant currency basis, international revenues for the full year of 2015 increased 4 percent compared to the full year of 2014.

For the full year of 2015, the company reported net income applicable to common shares of $11.6 million and net income per fully diluted common share of $0.20, based on 58.6 million fully diluted shares outstanding, compared to net loss applicable to common shares of $417 thousand and net loss per fully diluted common share of $0.01 for the full year of 2014, based on 56.7 million fully diluted shares outstanding.

Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), as detailed in the reconciliation provided later in this release, was $46.3 million for the full year of 2015 (16 percent of full year 2015 revenues) compared to $34.0 million for the full year of 2014 (13 percent of full year 2014 revenues).

“At the beginning of the year we laid out a plan for growth based on our key value drivers of capturing market share in spine hardware, driving growth in our focused products, growing international revenue and controlling spending,” said Brian K. Hutchison, president and chief executive officer. “During 2015, we executed on all our value drivers and delivered strong annual growth of 7 percent. In addition, we more than doubled our adjusted net income per fully diluted common share from $0.11 for the full year 2014 to $0.23 for the full year 2015.”

Fiscal 2016 and First Quarter Outlook

The company expects full year revenues for 2016 to be between $280 million and $290 million, based on growth in its direct businesses offset by declines in its commercial business. The company expects full year revenue from its direct business to be between $156 million to $160 million, compared to $138.8 million for the full year 2015, and expects full year revenue from its commercial/other business to be between $124 million and $130 million, compared to $143.5 million for the full year 2015. Full year net income per fully diluted common share is expected to be in the range of $0.18 to $0.21, based on 59.8 million fully diluted common shares outstanding. During 2016, the company plans to


spend an incremental amount of approximately $1.4 million, or $0.02 per fully diluted common share, in research and development expenses related to ongoing development of the company’s long-term xenograft tendon project.

For the first quarter of 2016, the company expects revenues to be between $65 million and $66 million and net income per fully diluted common share to be approximately $0.03, based on 59 million fully diluted shares outstanding.

“As a company, we are focused on driving growth in our direct business,” Hutchison said. “In order to provide clarity on our performance we are adjusting the way we report revenue. Specifically, we will break out our total direct business revenue into the following components: spine, sports/orthopedics, surgical specialties, cardiothoracic and international. In addition, we will consolidate our commercial business into a single revenue category. We believe this will provide better visibility into our direct businesses as well as correlate to identifiable end markets. For convenience, we are showing both the traditional revenue reporting and the new revenue reporting in this release. We have also posted a three year quarterly history of both the traditional and new revenue reporting on our website www.rtix.com.”

Conference Call

RTI will host a conference call and simultaneous audio webcast to discuss the fourth quarter and full year results at 8:30 a.m. ET today. The conference call can be accessed by dialing (877) 383-7419. The webcast can be accessed through the investor section of RTI’s website at www.rtix.com. A replay of the conference call will be available on the RTI website following the call.

About RTI Surgical Inc.

RTI Surgical is a leading global surgical implant company providing surgeons with safe biologic, metal and synthetic implants. Committed to delivering a higher standard, RTI’s implants are used in sports medicine, general surgery, spine, orthopedic, trauma and cardiothoracic procedures and are distributed in nearly 50 countries. RTI is headquartered in Alachua, Fla., and has four manufacturing facilities throughout the U.S. and Europe. RTI is accredited in the U.S. by the American Association of Tissue Banks and is a member of AdvaMed. For more information, please visit www.rtix.com.


Forward Looking Statement

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s current expectations, estimates and projections about our industry, our management’s beliefs and certain assumptions made by our management. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words and similar expressions are intended to identify such forward-looking statements. In addition, except for historical information, any statements made in this communication about anticipated financial results, growth rates, new product introductions, future operational improvements and results or regulatory actions or approvals or changes to agreements with distributors also are forward-looking statements. These statements are not guarantees of future performance and are subject to risks and uncertainties, including the risks described in public filings with the U.S. Securities and Exchange Commission (SEC). Our actual results may differ materially from the anticipated results reflected in these forward-looking statements. Copies of the company’s SEC filings may be obtained by contacting the company or the SEC or by visiting RTI’s website at www.rtix.com or the SEC’s website at www.sec.gov.


RTI SURGICAL, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except share and per share data)

 

     Three months ended     Twelve months ended  
     December 31,     December 31,  
     2015     2014     2015     2014  

Revenues

   $ 76,121      $ 70,873      $ 282,293      $ 262,810   

Costs of processing and distribution

     35,814        33,021        132,551        129,013   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     40,307        37,852        149,742        133,797   
  

 

 

   

 

 

   

 

 

   

 

 

 

Expenses:

        

Marketing, general and administrative

     27,351        28,091        107,439        107,653   

Research and development

     3,573        4,138        15,065        15,536   

Asset abandonments

     814        —          814        —     

Litigation and settlement charges

     804        185        804        185   

Severance charges

     995        4,341        995        4,798   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     33,537        36,755        125,117        128,172   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     6,770        1,097        24,625        5,625   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other expense - net

     (425     (300     (1,411     (1,436
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before income tax provision

     6,345        797        23,214        4,189   

Income tax provision

     (2,179     (138     (8,299     (1,493
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     4,166        659        14,915        2,696   
  

 

 

   

 

 

   

 

 

   

 

 

 

Convertible preferred dividend

     (845     (795     (3,305     (3,113
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) applicable to common shares

   $ 3,321      $ (136   $ 11,610      $ (417
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) per common share - basic

   $ 0.06      $ (0.00   $ 0.20      $ (0.01
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) per common share - diluted

   $ 0.06      $ (0.00   $ 0.20      $ (0.01
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding - basic

     57,793,509        56,910,377        57,611,231        56,735,924   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding - diluted

     58,450,690        56,910,377        58,590,494        56,735,924   
  

 

 

   

 

 

   

 

 

   

 

 

 


RTI SURGICAL, INC. AND SUBSIDIARIES

Reconciliation of Net Income (Loss) Applicable to Commons Shares to Adjusted EBITDA

(Unaudited, in thousands)

 

     Three Months     Twelve Months  
     Ended December 31,     Ended December 31,  
             2015                     2014                     2015                     2014          

Net income (loss)

   $ 3,321      $ (136   $ 11,610      $ (417

Interest expense, net

     511        301        1,489        1,348   

Provision for income taxes

     2,179        138        8,299        1,493   

Depreciation

     3,028        2,906        12,240        11,010   

Amortization of intangible assets

     1,037        1,076        4,282        4,385   
  

 

 

   

 

 

   

 

 

   

 

 

 

EBITDA

     10,076        4,285        37,920        17,819   

Reconciling items impacting EBITDA

        

Preferred dividend

     845        795        3,305        3,113   

Non-cash stock based compensation

     633        552        2,548        2,247   

Foreign exchange (gain) loss

     (86     (1     (78     88   

Other reconciling items(1)

        

Asset abandonments

     814        —          814        —     

Litigation and settlement charges

     804        185        804        185   

Severance charges

     995        4,341        995        4,798   

Inventory purchase accounting adjustment

     —          —          —          5,708   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 14,081      $ 10,157      $ 46,308      $ 33,958   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA as a percent of revenues

     18     14     16     13
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) See explanations in Use of Non-GAAP Financial Measures section later in this release


RTI SURGICAL, INC. AND SUBSIDIARIES

Reconciliation of Net Income (Loss) Applicable to Common Shares and Net Income (Loss) Per Diluted Share to

Adjusted Net Income Applicable to Common Shares and Adjusted Net Income Per Diluted Share

(Unaudited, in thousands except per share data)

 

     Three Months Ended  
     December 31, 2015      December 31, 2014  
     Net            Net        
     Income     Amount      Loss     Amount  
     Applicable to     per Diluted      Applicable to     per Diluted  
     Common Shares     Share      Common Shares     Share  

As reported

   $ 3,321      $ 0.06       $ (136   $ (0.00

Asset abandonments, net of tax effect (1)

     584        0.01         —          —     

Litigation and settlement charges, net of tax effect (2)

     543        0.01         133        0.00   

Severance charges, net of tax effect (3)

     615        0.01         2,710        0.05   
  

 

 

   

 

 

    

 

 

   

 

 

 

Adjusted

   $ 5,063      $ 0.09       $ 2,707      $ 0.05   
  

 

 

   

 

 

    

 

 

   

 

 

 
     Twelve Months Ended  
     December 31, 2015      December 31, 2014  
     Net            Net        
     Income     Amount      Loss     Amount  
     Applicable to     per Diluted      Applicable to     per Diluted  
     Common Shares     Share      Common Shares     Share  

As reported

   $ 11,610      $ 0.20       $ (417   $ (0.01

Asset abandonments, net of tax effect (1)

     584        0.01         —          —     

Litigation and settlement charges, net of tax effect (2)

     543        0.01         133        0.00   

Severance charges, net of tax effect (4)

     615        0.01         3,007        0.05   

Inventory purchase accounting adjustment, net of tax effect (5)

     —          —           3,467        0.06   
  

 

 

   

 

 

    

 

 

   

 

 

 

Adjusted

   $ 13,352      $ 0.23       $ 6,190      $ 0.11   
  

 

 

   

 

 

    

 

 

   

 

 

 

Note: Amounts may not foot due to rounding.

         

Footnotes:

   2015            2014        

(1) Asset abandonments, net of tax effect, as follows:

         

Asset abandonments

   $ 814          

Tax effect on asset abandonments

     (230       
  

 

 

        

Asset abandonments, net of tax effect

   $ 584          
  

 

 

        

(2) Litigation and settlement charges, net of tax effect, as follows:

         

Litigation and settlement charges

   $ 804         $ 185     

Tax effect on litigation and settlement charges

     (261        (52  
  

 

 

      

 

 

   

Litigation and settlement charges, net of tax effect

   $ 543         $ 133     
  

 

 

      

 

 

   

(3) Severance charges, net of tax effect, as follows:

         

Severance charges

   $ 995         $ 4,341     

Tax effect on severance charges

     (380        (1,631  
  

 

 

      

 

 

   

Severance charges, net of tax effect

   $ 615         $ 2,710     
  

 

 

      

 

 

   

(4) Severance charges, net of tax effect, as follows:

         

Severance charges

   $ 995         $ 4,798     

Tax effect on severance charges

     (380        (1,791  
  

 

 

      

 

 

   

Severance charges, net of tax effect

   $ 615         $ 3,007     
  

 

 

      

 

 

   

(5) Inventory purchase accounting adjustment, net of tax effect, as follows:

         

Inventory purchase accounting adjustment

        $ 5,708     

Tax effect on inventory purchase accounting adjustment

          (2,241  
       

 

 

   

Inventory purchase accounting adjustment, net of tax effect

        $ 3,467     
       

 

 

   


Use of Non-GAAP Financial Measures

To supplement the Company’s condensed consolidated financial statements presented on a GAAP basis, the Company discloses adjusted EBITDA, a non-GAAP financial measure that excludes certain amounts. This non-GAAP financial measure is not in accordance with, or an alternative for, generally accepted accounting principles in the United States. A reconciliation of the non-GAAP financial measure to the corresponding GAAP measure is included in the table above.

The following is an explanation of the adjustment that management excluded as part of adjusted measures for the three and twelve month period ended December 31, 2015 and 2014 as well as the reason for excluding the individual items:

(1) 2015 Asset abandonments – This adjustment represents an abandonment of certain long-term assets at our German facility. Management removes the amount of these costs from our operating results to assist in assessing our operating performance in the year-to-date period and to supplement a comparison to our past operating performance.

(2) 2015 and 2014 Litigation and settlement charges – This adjustment represent charges relating to settlements of domestic and international distributor disputes. Management removes the amount of these costs from our operating results to assist in assessing our operating performance in the year-to-date period and to supplement a comparison to our past operating performance.

(3) 2015 and 2014 Severance charges – This adjustment represents charges relating to the termination of former employees. Management removes the amount of these costs from our operating results to assist in assessing our operating performance in the year-to-date period and to supplement a comparison to our past operating performance.

(4) 2015 and 2014 Severance charges – This adjustment represents charges relating to the termination of former employees. Management removes the amount of these costs from our operating results to assist in assessing our operating performance in the year-to-date period and to supplement a comparison to our past operating performance.

(5) 2014 Inventory purchase accounting adjustment – This adjustment represents the purchase price effects on the sale of inventory acquired in the Pioneer Surgical Technologies, Inc. acquisition in 2013, which have been included in costs of processing and distribution. Management removes the amount of these nonrecurring costs from the Company’s operating results to assist in assessing its operating performance in the periods affected and to supplement a comparison to the Company’s past operating performance.

Material Limitations Associated with the Use of Non-GAAP Financial Measures

Adjusted EBITDA should not be considered in isolation, or as a replacement for GAAP measures.

Usefulness of Non-GAAP Financial Measures to Investors

The Company believes that presenting adjusted EBITDA in addition to the related GAAP measures provide investors greater transparency to the information used by management in its financial decision-making which excludes the inventory purchase accounting adjustment. The Company further believes that providing this information better enables the Company’s investors to understand the Company’s overall core performance and to evaluate the methodology used by management to assess and measure such performance.


Traditional revenue reporting:

RTI SURGICAL, INC. AND SUBSIDIARIES

Condensed Consolidated Revenues

(Unaudited, in thousands)

 

     Three Months Ended      Twelve months ended  
     December 31,      December 31,  
             2015                      2014                      2015                      2014          

Revenues:

           

Spine

   $ 19,417       $ 21,768       $ 76,968       $ 82,663   

Ortho fixation

     18,200         11,296         55,585         37,133   

Sports medicine

     12,051         12,582         46,735         46,758   

Bone graft substitutes and general orthopedic

     11,132         10,275         42,283         36,747   

Dental

     6,630         6,003         23,621         20,810   

Surgical specialties

     5,826         5,792         23,499         26,999   

Other revenues

     2,865         3,157         13,602         11,700   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total revenues

   $ 76,121       $ 70,873       $ 282,293       $ 262,810   
  

 

 

    

 

 

    

 

 

    

 

 

 

Domestic revenues

     70,636         65,438         260,387         238,936   

International revenues

     5,485         5,435         21,906         23,874   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total revenues

   $ 76,121       $ 70,873       $ 282,293       $ 262,810   
  

 

 

    

 

 

    

 

 

    

 

 

 


New revenue reporting:

RTI SURGICAL, INC. AND SUBSIDIARIES

Condensed Consolidated Revenues

(Unaudited, in thousands)

 

     Three Months Ended      Twelve months ended  
     December 31,      December 31,  
             2015                      2014                      2015                      2014          

Revenues:

           

Spine

   $ 15,608       $ 15,566       $ 57,983       $ 52,270   

Sports / Ortho

     13,058         13,501         50,712         48,975   

Surgical specialties

     1,025         570         3,029         1,631   

Cardiothoracic

     2,296         1,776         8,699         6,997   

International

     4,400         4,504         18,338         20,327   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Direct

     36,387         35,917         138,761         130,200   
  

 

 

    

 

 

    

 

 

    

 

 

 

Global Commercial

     36,869         31,799         129,930         120,910   

Other

     2,865         3,157         13,602         11,700   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total revenues

   $ 76,121       $ 70,873       $ 282,293       $ 262,810   
  

 

 

    

 

 

    

 

 

    

 

 

 

Domestic revenues

     70,636         65,438         260,387         238,936   

International revenues

     5,485         5,435         21,906         23,874   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total revenues

   $ 76,121       $ 70,873       $ 282,293       $ 262,810   
  

 

 

    

 

 

    

 

 

    

 

 

 


RTI SURGICAL, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Unaudited, in thousands)

 

           December 31,                 December 31,        
     2015     2014  
Assets     

Cash and cash equivalents

   $ 12,614      $ 15,703   

Accounts receivable - net

     47,243        38,833   

Inventories - net

     118,673        113,464   

Prepaid and other assets

     13,184        29,496   
  

 

 

   

 

 

 

Total current assets

     191,714        197,496   

Property, plant and equipment - net

     84,992        77,028   

Goodwill

     54,887        54,887   

Other assets - net

     49,472        48,724   
  

 

 

   

 

 

 

Total assets

   $ 381,065      $ 378,135   
  

 

 

   

 

 

 
Liabilities and Stockholders’ Equity     

Accounts payable

   $ 20,446      $ 26,834   

Accrued expenses and other current liabilities

     33,474        30,673   

Current portion of long-term obligations

     6,009        6,479   
  

 

 

   

 

 

 

Total current liabilities

     59,929        63,986   

Deferred revenue

     9,354        12,460   

Long-term liabilities

     74,103        81,020   
  

 

 

   

 

 

 

Total liabilities

     143,386        157,466   

Preferred stock

     56,323        52,834   

Stockholders’ equity:

    

Common stock and additional paid-in capital

     417,337        415,570   

Accumulated other comprehensive loss

     (7,042     (3,881

Accumulated deficit

     (228,939     (243,854
  

 

 

   

 

 

 

Total stockholders’ equity

     181,356        167,835   
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 381,065      $ 378,135   
  

 

 

   

 

 

 


RTI SURGICAL, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Unaudited, in thousands)

 

     Three Months     Twelve Months  
     Ended December 31,     Ended December 31,  
             2015                     2014                     2015                     2014          

Cash flows from operating activities:

        

Net income

   $ 4,166      $ 659      $ 14,915      $ 2,696   

Adjustments to reconcile net income to net cash provided by operating activities:

        

Depreciation and amortization expense

     4,065        3,982        16,522        15,395   

Stock-based compensation

     633        1,337        2,548        3,032   

Amortization of deferred revenue

     (1,160     (1,207     (6,225     (5,420

Other items to reconcile to net cash provided by operating activities

     (1,131     659        (18,764     (8,809
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by operating activities

     6,573        5,430        8,996        6,894   
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash flows from investing activities:

        

Purchases of property, plant and equipment

     (4,771     (4,305     (17,740     (15,577

Patent and acquired intangible asset costs

     (249     (331     (498     (737
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used in investing activities

     (5,020     (4,636     (18,238     (16,314
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash flows from financing activities:

        

Proceeds from long-term obligations

     2,000        2,000        8,750        7,000   

Net (payments) proceeds from short-term obligations

     (86     (493     422        658   

Payments on long-term obligations

     (1,133     (12     (5,294     (682

Other financing activities

     88        210        2,396        894   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by financing activities

     869        1,705        6,274        7,870   
  

 

 

   

 

 

   

 

 

   

 

 

 

Effect of exchange rate changes on cash and cash equivalents

     (116     (726     (121     (1,468
  

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

     2,306        1,773        (3,089     (3,018

Cash and cash equivalents, beginning of period

     10,308        13,930        15,703        18,721   
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents, end of period

   $ 12,614      $ 15,703      $ 12,614      $ 15,703