Exhibit 99.2

 

 

 

CHARLES RIVER ASSOCIATES (CRA)

second QUARTER FISCAL YEAR 2020

EARNINGS ANNOUNCEMENT

PREPARED CFO REMARKS

 

CRA is providing these prepared remarks by CFO Dan Mahoney in combination with its press release. These remarks are offered to provide the investment community with additional information on CRA’s financial results prior to the start of the conference call.

 

As previously announced, the conference call will be held July 30, 2020 at 10:00 a.m. ET. These prepared remarks will not be read on the call.

 

 

Q2 Fiscal 2020 Summary (Quarter ended June 27, 2020)

 

·

Revenue: $123.0 million

 

·

Net income: $5.9 million, or 4.8% of revenue; non-GAAP net income: $6.3 million, or 5.2% of revenue

 

·

Net income per diluted share: $0.75; non-GAAP net income per diluted share: $0.80

 

·

Operating margin: 6.8%; non-GAAP operating margin: 7.2%

 

·

Non-GAAP EBITDA: $11.9 million, or 9.7% of revenue

 

·

Effective tax rate: 24.6%; non-GAAP effective tax rate: 24.8%

 

·

Utilization: 66%

 

·

Consultant headcount at the end of Q2 of fiscal 2020: 802, which consists of 136 officers, 450 other senior staff and 216 junior staff

 

·

Cash and cash equivalents: $18.8 million at June 27, 2020

 

Revenue

For Q2 of fiscal 2020, revenue was $123.0 million, compared with revenue of $110.6 million for Q2 of fiscal 2019.

 

 

Headcount

The following table outlines CRA’s consultant headcount at the end of the stated quarters:

 

		Q2 2020				Q1 2020				Q4 2019				Q3 2019				Q2 2019
Officers			136				135				128				121				123
Other Senior Staff			450				442				434				412				378
Junior Staff			216				222				217				208				163
Total			802				799				779				741				664

 

Utilization

For Q2 of fiscal 2020, companywide utilization was 66%, compared with 77% for Q2 fiscal 2019.

 

Client Reimbursables

For Q2 of fiscal 2020, client reimbursables were $14.8 million, or 12.0% of revenue, compared with $12.2 million, or 11.0% of revenue, for Q2 of fiscal 2019.

 

Contingent Liability

For Q2 of fiscal 2020, the estimated value of the contingent consideration obligation increased from Q1 of fiscal 2020 by $0.6 million to $12.6 million at June 27, 2020. For Q2 of fiscal 2019, the estimated value of the contingent consideration obligation increased from Q1 of fiscal 2019 by $0.7 million to $6.6 million at June 29, 2019.

 

The change in the value of the contingent liability is recorded as an increase (decrease) to cost of services (exclusive of depreciation and amortization) in the period reported.

 

Selling, General and Administrative (SG&A) Expenses

For Q2 of fiscal 2020, SG&A expenses were $21.4 million, or 17.4% of revenue, compared with $23.7 million, or 21.5% of revenue, for Q2 of fiscal 2019. Commissions to non-employee experts are included in SG&A expenses. These commissions represented approximately 2.4% of revenue for Q2 of fiscal 2020, compared with 2.9% in Q2 of fiscal 2019. Excluding these commissions, SG&A expenses were 15.0% of revenue for Q2 of fiscal 2020, compared with 18.6% in Q2 of fiscal 2019.

 

Depreciation & Amortization

For Q2 of fiscal 2020, depreciation and amortization expenses amounted to $3.1 million, or 2.5% of revenue, compared with $2.6 million, or 2.3% of revenue, for Q2 of fiscal 2019.

 

Forgivable Loan Amortization

For Q2 of fiscal 2020, forgivable loan amortization was $7.5 million, or 6.1% of revenue, compared with $6.5 million, or 5.9% of revenue, for Q2 of fiscal 2019.

 

 

Share-Based Compensation Expense

For Q2 of fiscal 2020, share-based compensation expense was approximately $0.8 million, or 0.6% of revenue, compared with $0.8 million, or 0.8% of revenue, for Q2 of fiscal 2019.

 

Operating Income

For Q2 of fiscal 2020, operating income was $8.3 million, or 6.8% of revenue, compared with operating income of $8.3 million, or 7.5% of revenue, for Q2 of fiscal 2019. Non-GAAP operating income was $8.9 million, or 7.2% of revenue, for Q2 of fiscal 2020, compared with $9.0 million, or 8.1% of revenue, for Q2 of fiscal 2019.

 

		Fiscal Quarter ended
$ in 000’s		June 27, 2020				As a % of Revenue				June 29, 2019				As a % of Revenue
Income from operations		$	8,339				6.8	%		$	8,311				7.5	%
Adjustments needed to reconcile GAAP income from operations to non-GAAP income from operations:
Non-cash valuation change in contingent consideration			566				0.5	%			651				0.6	%
Non-GAAP Income from operations		$	8,905				7.2	%		$	8,962				8.1	%

 

Interest Income (Expense), net
For Q2 of fiscal 2020, net interest expense was $0.4 million, or 0.3% of revenue, compared with net interest expense of $0.5 million, or 0.5% of revenue, for Q2 of fiscal 2019.

 

Foreign Currency Gains (Losses), net

For Q2 of fiscal 2020, net foreign currency losses were $0.1 million, or 0.1% of revenue, compared with net foreign currency gains, of $0.2 million, or 0.1% of revenue, for Q2 of fiscal 2019.

 

Foreign currency gains (losses), net, is comprised of net gains and losses on foreign denominated transactions and the revaluation of working capital balances.

 

Income Taxes
The following table outlines CRA’s income tax provision recorded and the resulting effective tax rates:

 

		GAAP								NON-GAAP
		Q2								Q2
$ in 000’s			2020				2019				2020				2019
Tax Provision		$	1,934			$	2,367			$	2,087			$	2,541
Effective Tax Rate			24.6	%			29.8	%			24.8	%			29.6	%

 

 

		Fiscal Quarter ended
$ in 000’s		June 27, 2020				As a % of Revenue				June 29, 2019				As a % of Revenue
Income before provision for income taxes			7,865				6.4	%		$	7,947				7.2	%
Adjustments needed to reconcile GAAP income before provision for income taxes to non-GAAP income before provision for income taxes
Non-cash valuation change in contingent consideration			566				0.5	%			651				0.6	%
Non-GAAP income before provision for income taxes		$	8,431				6.9	%		$	8,598				7.8	%
GAAP provision for income taxes		$	1,934							$	2,367
Tax effect on non-GAAP adjustments			153								174
Non-GAAP provision for income taxes		$	2,087							$	2,541

 

Net Income

For Q2 of fiscal 2020, net income was $5.9 million, or 4.8% of revenue, or $0.75 per diluted share, compared with net income of $5.6 million, or 5.0% of revenue, or $0.68 per diluted share, for Q2 of fiscal 2019. Non-GAAP net income for Q2 of fiscal 2020 was $6.3 million, or 5.2% of revenue, or $0.80 per diluted share, compared with $6.1 million, or 5.5% of revenue, or $0.73 per diluted share, for Q2 of fiscal 2019.

 

Non-GAAP EBITDA

For Q2 of fiscal 2020, non-GAAP EBITDA was $11.9 million, or 9.7% of revenue, compared with $11.7 million, or 10.6% of revenue, for Q2 of fiscal 2019.

 

Constant Currency Basis

For Q2 of fiscal 2020, revenue was $123.0 million, and net income was $5.9 million, or 4.8% of revenue, or $0.75 per diluted share. On a constant currency basis relative to Q2 of fiscal 2019, Q2 of fiscal 2020 revenue would have been higher by $0.8 million to $123.8 million, GAAP net income would have increased by $0.1 million to $6.0 million, or 4.8% of revenue, and earnings per diluted share would have remained unchanged.

 

For Q2 of fiscal 2020, revenue was $123.0 million, and non-GAAP net income was $6.3 million, or 5.2% of revenue, or $0.80 per diluted share. On a constant currency basis relative to Q2 of fiscal 2019, Q2 of fiscal 2020 revenue would have been higher by $0.8 million to $123.8 million, non-GAAP net income would have increased by $0.1 million to $6.4 million, or 5.2% of revenue, non-GAAP earnings per diluted share would have increased by $0.01 to $0.81, and non-GAAP EBITDA would have increased by $0.1 million to $12.0 million, or 9.7% of revenue.

 

 

A description of the process for calculating the measures presented on a constant currency basis is contained under the heading “Non-GAAP Financial Measures” below.

 

Key Balance Sheet Metrics

Billed and unbilled receivables at June 27, 2020 were $152.0 million, compared with $132.1 million at June 29, 2019. Current liabilities at June 27, 2020 were $197.5 million, compared with $152.8 million at June 29, 2019.

 

Total Days Sales Outstanding, or DSO, for Q2 of fiscal 2020 was 107 days, consisting of 70 days of billed and 37 days of unbilled. This compares with 105 days reported for Q2 of fiscal 2019, consisting of 68 days of billed and 37 days of unbilled.

 

Cash and Cash Flow

Cash and cash equivalents were $18.8 million at June 27, 2020, compared with $15.6 million at June 29, 2019.

 

Net cash provided by operating activities for Q2 of fiscal 2020 was $21.1 million, compared with $10.5 million for Q2 of fiscal 2019.

 

As of June 27, 2020, outstanding borrowings under CRA’s revolving credit facility amounted to $59.0 million. At June 29, 2019, outstanding borrowings under CRA’s revolving credit facility amounted to $41.0 million.

 

Capital expenditures totaled $5.6 million for Q2 of fiscal 2020, compared with $3.1 million for Q2 of fiscal 2019.

 

CRA did not repurchase shares of its common stock during Q2 of fiscal 2020, compared with Q2 of fiscal 2019, when approximately 177,000 shares of common stock were repurchased for $7.2 million.

 

A quarterly cash dividend of $0.23 per common share, for total dividends and dividend equivalents of $1.8 million was paid in Q2 of fiscal 2020, compared with a quarterly cash dividend of $0.20 per common share, for total dividends and dividend equivalents of $1.6 million paid in Q2 of fiscal 2019.

 

GAAP Condensed Consolidated Statement of Cash Flows

 

CRA has derived the condensed consolidated statement of cash flow data for the years ended December 28, 2019 and December 29, 2018 from its audited financial statements appearing on Form 10-K for fiscal year ended December 28, 2019, filed with the Securities and Exchange Commission on February 27, 2020. The condensed consolidated statement of cash flow data for the third quarter of fiscal year 2018, the first, second and third quarters of fiscal year 2019, and the first and second quarters of fiscal year 2020 have been derived from CRA’s unaudited financial statements appearing on Form 10-Q for each of the respective fiscal quarters as well as the consolidated statements of cash flows appearing on Form 10-K for the fiscal year ended December 28, 2019 and December 29, 2018 and have been prepared on the same basis as CRA’s audited financial statements.

 

 

GAAP Condensed Consolidated Statement of Cash Flows		LTM				Q2				Q1				Q4				Q3
($ in 000’s)		Q2 2020				2020				2020				2019				2019
Net cash provided by (used in) operating activities		$	29,641			$	21,075			$	(65,375	)		$	47,739			$	26,202
Net cash used in investing activities			(26,306	)			(5,568	)			(7,949	)			(4,145	)			(8,644	)
Net cash provided by (used in) financing activities			530				(12,370	)			64,115				(38,591	)			(12,624	)
Effect of foreign exchange rates on cash and cash equivalents			(646	)			(148	)			(612	)			803				(689	)
Net increase (decrease) in cash and cash equivalents		$	3,219			$	2,989			$	(9,821	)		$	5,806			$	4,245
Cash and cash equivalents at beginning of period			15,588				15,818				25,639				19,833				15,588
Cash and cash equivalents at end of period		$	18,807			$	18,807			$	15,818			$	25,639			$	19,833

 

GAAP Condensed Consolidated Statement of Cash Flows		LTM				Q2				Q1				Q4				Q3
($ in 000’s)		Q2 2019				2019				2019				2018				2018
Net cash provided by (used in) operating activities		$	22,881			$	10,458			$	(56,567	)		$	44,583			$	24,407
Net cash used in investing activities			(10,412	)			(3,130	)			(774	)			(2,068	)			(4,440	)
Net cash provided by (used in) financing activities			(5,560	)			(6,741	)			34,138				(16,217	)			(16,740	)
Effect of foreign exchange rates on cash and cash equivalents			(346	)			43				133				(133	)			(389	)
Net increase (decrease) in cash and cash equivalents		$	6,563			$	630			$	(23,070	)		$	26,165			$	2,838
Cash and cash equivalents at beginning of period			9,025				14,958				38,028				11,863				9,025
Cash and cash equivalents at end of period		$	15,588			$	15,588			$	14,958			$	38,028			$	11,863

 

 

Adjusted Net Cash Provided by (Used in) Operating Activities

 

Below are the quarterly and last twelve-month reconciliations of GAAP net cash provided by (used in) operating activities for each of the periods presented to non-GAAP adjusted net cash provided by (used in) operating activities. The reconciling items are forgivable loan advances and repayments for each period, which are reported as a component of GAAP net cash provided by (used in) operating activities.

 

Adjusted Net Cash Flows from Operations		LTM				Q2				Q1				Q4				Q3
($ in 000’s)		Q2 2020				2020				2020				2019				2019
GAAP net cash provided by (used in) operating activities		$	29,641			$	21,075			$	(65,375	)		$	47,739			$	26,202
Forgivable loan advances			49,657				4,932				33,442				1,762				9,521
Forgivable loan repayments			(473	)			-				-				(67	)			(406	)
Adjusted net cash provided by (used in) operating activities		$	78,825			$	26,007			$	(31,933	)		$	49,434			$	35,317
Net revenue		$	484,060			$	123,031			$	126,158			$	119,185			$	115,686
GAAP net cash provided by (used in) operating activities as a percentage of net revenue			6.1	%			17.1	%			-51.8	%			40.1	%			22.6	%
Adjusted net cash provided by (used in) operating activities as a percentage of net revenue			16.3	%			21.1	%			-25.3	%			41.5	%			30.5	%

 

Adjusted Net Cash Flows from Operations		LTM				Q2				Q1				Q4				Q3
($ in 000’s)		Q2 2019				2019				2019				2018				2018
GAAP net cash provided by (used in) operating activities		$	22,881			$	10,458			$	(56,567	)		$	44,583			$	24,407
Forgivable loan advances			31,806				1,953				21,930				1,219				6,704
Forgivable loan repayments			(763	)			(300	)			(400	)			3				(66	)
Adjusted net cash provided by (used in) operating activities		$	53,924			$	12,111			$	(35,037	)		$	45,805			$	31,045
Net revenue		$	429,056			$	110,573			$	105,849			$	108,763			$	103,871
GAAP net cash provided by (used in) operating activities as a percentage of net revenue			5.3	%			9.5	%			-53.4	%			41.0	%			23.5	%
Adjusted net cash provided by (used in) operating activities as a percentage of net revenue			12.6	%			11.0	%			-33.1	%			42.1	%			29.9	%

 

 

NON-GAAP FINANCIAL MEASURES

In these remarks, CRA has supplemented the presentation of its financial results calculated in accordance with U.S. generally accepted accounting principles or “GAAP” with financial measures that were not calculated in accordance with GAAP. CRA believes that the non-GAAP financial measures described below are important to management and investors because these measures supplement the understanding of CRA’s ongoing operating results, financial condition and cash flows. Non-GAAP adjusted net cash provided by (used in) operating activities is used by management to assess CRA’s ability to fund items such as the acquisition of talent, office expansions, debt repayment and distributions to shareholders. In addition, non-GAAP net income and non-GAAP EBITDA are used by CRA in its budgeting process, and the non-GAAP adjustments described below are made to the performance measures for some of CRA’s performance-based compensation.

 

The adjustments made to non-GAAP net income, non-GAAP EBITDA, non-GAAP income from operations and non-GAAP provision for income taxes in these remarks are as follows: for the second quarter of each of fiscal 2020 and fiscal 2019, the adjustments exclude non-cash amounts relating to valuation changes in contingent consideration and related tax effects. The adjustments made to non-GAAP adjusted net cash provided by (used in) operating activities add back forgivable loan issuances, net of repayments. These remarks also present certain current fiscal period financial measures on a “constant currency” basis in order to isolate the effect that foreign currency exchange rate fluctuations can have on CRA’s financial results. These constant currency measures are determined by recalculating the current fiscal period local currency financial measure using the specified corresponding prior fiscal period’s foreign exchange rates.

 

All of the non-GAAP financial measures referred to above should be considered in conjunction with, and not as a substitute for, the GAAP financial information presented in these remarks. EBITDA and the financial measures identified in these remarks as “non-GAAP” are reconciled to their GAAP comparable measures either in these remarks or in the attached financial tables. In evaluating these non-GAAP financial measures, note that the non-GAAP financial measures used by CRA may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

 

 

 CRA INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE FISCAL QUARTERS AND FISCAL YEAR-TO-DATE PERIODS ENDED

JUNE 27, 2020 COMPARED TO JUNE 29, 2019

(IN THOUSANDS, EXCEPT PER SHARE DATA)

 

		Fiscal Quarter Ended																Fiscal Year-to-Date Period Ended
		June 27, 2020				As a % of Revenue				June 29, 2019				As a % of Revenue				June 27, 2020				As a % of Revenue				June 29, 2019				As a % of Revenue
Revenues		$	123,031				100.0	%		$	110,573				100.0	%		$	249,189				100.0	%		$	216,422				100.0	%
Cost of services (exclusive of depreciation and amortization)			90,168				73.3	%			75,972				68.7	%			181,165				72.7	%			149,607				69.1	%
Selling, general and administrative expenses			21,418				17.4	%			23,737				21.5	%			45,541				18.3	%			46,480				21.5	%
Depreciation and amortization			3,106				2.5	%			2,553				2.3	%			6,049				2.4	%			5,169				2.4	%
Income from operations			8,339				6.8	%			8,311				7.5	%			16,434				6.6	%			15,166				7.0	%
Interest expense, net			(372	)			-0.3	%			(519	)			-0.5	%			(734	)			-0.3	%			(530	)			-0.2	%
Foreign currency gains (losses), net			(102	)			-0.1	%			155				0.1	%			1,320				0.5	%			(589	)			-0.3	%
Income before provision for income taxes			7,865				6.4	%			7,947				7.2	%			17,020				6.8	%			14,047				6.5	%
Provision for income taxes			1,934				1.6	%			2,367				2.1	%			4,621				1.9	%			3,802				1.8	%
Net income		$	5,931				4.8	%		$	5,580				5.0	%		$	12,399				5.0	%		$	10,245				4.7	%
Net income per share:
Basic		$	0.76							$	0.70							$	1.59							$	1.28
Diluted		$	0.75							$	0.68							$	1.55							$	1.23
Weighted average number of shares outstanding:
Basic			7,764								7,925								7,784								7,970
Diluted			7,920								8,218								7,979								8,282

 

 

CRA INTERNATIONAL, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

FOR THE FISCAL QUARTERS AND FISCAL YEAR-TO-DATE PERIODS ENDED

JUNE 27, 2020 COMPARED TO JUNE 29, 2019

(IN THOUSANDS, EXCEPT PER SHARE DATA)

 

		Fiscal Quarter Ended																Fiscal Year-to-Date Period Ended
		June 27, 2020				As a % of Revenue				June 29, 2019				As a % of Revenue				June 27, 2020				As a % of Revenue				June 29, 2019				As a % of Revenue
Revenues		$	123,031				100.0	%		$	110,573				100.0	%		$	249,189				100.0	%		$	216,422				100.0	%
Net income		$	5,931				4.8	%		$	5,580				5.0	%		$	12,399				5.0	%		$	10,245				4.7	%
Adjustments needed to reconcile GAAP net income to non-GAAP net income:
Non-cash valuation change in contingent consideration			566				0.5	%			651				0.6	%			996				0.4	%			434				0.2	%
Tax effect on adjustments			(153	)			-0.1	%			(174	)			-0.2	%			(270	)			-0.1	%			(116	)			-0.1	%
Non-GAAP net income		$	6,344				5.2	%		$	6,057				5.5	%		$	13,125				5.3	%		$	10,563				4.9	%
Non-GAAP net income per share:
Basic		$	0.81							$	0.76							$	1.68							$	1.32
Diluted		$	0.80							$	0.73							$	1.64							$	1.27
Weighted average number of shares outstanding:
Basic			7,764								7,925								7,784								7,970
Diluted			7,920								8,218								7,979								8,282

 

 

CRA INTERNATIONAL, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

  FOR THE FISCAL QUARTERS AND FISCAL YEAR-TO-DATE PERIODS ENDED

  JUNE 27, 2020 COMPARED TO JUNE 29, 2019

(IN THOUSANDS)

 

		Fiscal Quarter Ended																Fiscal Year-to-Date Period Ended
		June 27, 2020				As a % of Revenue				June 29, 2019				As a % of Revenue				June 27, 2020				As a % of Revenue				June 29, 2019				As a % of Revenue
Revenues		$	123,031				100.0	%		$	110,573				100.0	%		$	249,189				100.0	%		$	216,422				100.0	%
Net income		$	5,931				4.8	%		$	5,580				5.0	%		$	12,399				5.0	%		$	10,245				4.7	%
Adjustments needed to reconcile GAAP net income to non-GAAP net income:
Non-cash valuation change in contingent consideration			566				0.5	%			651				0.6	%			996				0.4	%			434				0.2	%
Tax effect on adjustments			(153	)			-0.1	%			(174	)			-0.2	%			(270	)			-0.1	%			(116	)			-0.1	%
Non-GAAP net income		$	6,344				5.2	%		$	6,057				5.5	%		$	13,125				5.3	%		$	10,563				4.9	%
Adjustments needed to reconcile non-GAAP net income to non-GAAP EBITDA:
Interest expense, net			372				0.3	%			519				0.5	%			734				0.3	%			530				0.2	%
Provision for income taxes			2,087				1.7	%			2,541				2.3	%			4,891				2.0	%			3,918				1.8	%
Depreciation and amortization			3,106				2.5	%			2,553				2.3	%			6,049				2.4	%			5,169				2.4	%
Non-GAAP EBITDA		$	11,909				9.7	%		$	11,670				10.6	%		$	24,799				10.0	%		$	20,180				9.3	%

 

 

CRA INTERNATIONAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS)

 

		June 27,				December 28,
		2020				2019
Assets
Cash and cash equivalents		$	18,807			$	25,639
Accounts receivable and unbilled services, net			152,031				144,410
Other current assets			19,119				14,028
Total current assets			189,957				184,077
Property and equipment, net			65,402				61,295
Goodwill and intangible assets, net			93,704				94,980
Right-of-use assets			122,983				130,173
Other assets			76,543				62,718
Total assets		$	548,589			$	533,243
Liabilities and Shareholders’ Equity
Accounts payable		$	20,894			$	26,069
Accrued expenses			82,199				121,301
Current portion of lease liabilities			13,208				12,847
Revolving line of credit			59,000				-
Other current liabilities			22,223				11,193
Total current liabilities			197,524				171,410
Non-current portion of lease liabilities			141,528				146,551
Other non-current liabilities			7,322				17,531
Total liabilities			346,374				335,492
Total shareholders’ equity			202,215				197,751
Total liabilities and shareholders’ equity		$	548,589			$	533,243

 

 

CRA INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN THOUSANDS)  

 

		Fiscal Year-to-Date Period Ended
		June 27,				June 29,
		2020				2019
Operating activities:
Net income		$	12,399			$	10,245
Adjustments to reconcile net income to net cash used in operating activities:
Non-cash items, net			12,107				11,611
Accounts receivable and unbilled services			(8,962	)			(1,068	)
Working capital items, net			(59,844	)			(66,897	)
Net cash used in operating activities			(44,300	)			(46,109	)
Investing activities:
Purchases of property and equipment			(13,517	)			(3,904	)
Net cash used in investing activities			(13,517	)			(3,904	)
Financing activities:
Issuance of common stock, principally stock option exercises			569				1,526
Borrowings under revolving line of credit			77,000				50,000
Repayments under revolving line of credit			(18,000	)			(9,000	)
Tax withholding payments reimbursed by shares			(390	)			(388	)
Cash paid on dividend equivalents			(40	)			(35	)
Cash dividends paid to shareholders			(3,584	)			(3,196	)
Repurchase of common stock			(3,810	)			(11,510	)
Net cash provided by financing activities			51,745				27,397
Effect of foreign exchange rates on cash and cash equivalents			(760	)			176
Net decrease in cash and cash equivalents			(6,832	)			(22,440	)
Cash and cash equivalents at beginning of period			25,639				38,028
Cash and cash equivalents at end of period		$	18,807			$	15,588
Noncash investing and financing activities:
Purchases of property and equipment not yet paid for		$	3,784			$	4,053
Purchases of property and equipment paid by a third party		$	-			$	62
Asset retirement obligations		$	155			$	335
Right-of-use assets obtained in exchange for lease obligations		$	-			$	37,284
Right-of-use assets related to the adoption of ASC 842		$	-			$	82,329
Lease liabilities related to the adoption of ASC 842		$	-			$	106,765
Supplemental cash flow information:
Cash paid for taxes		$	2,057			$	3,583
Cash paid for interest		$	676			$	510
Cash paid for amounts included in operating lease liabilities		$	9,243			$	8,113