Attached files

file filename
EX-32.1 - EX-32.1 - VINCE HOLDING CORP.vnce-ex321_6.htm
EX-31.1 - EX-31.1 - VINCE HOLDING CORP.vnce-ex311_7.htm
EX-10.3 - EX-10.3 - VINCE HOLDING CORP.vnce-ex103_109.htm
EX-10.2 - EX-10.2 - VINCE HOLDING CORP.vnce-ex102_110.htm
EX-10.1 - EX-10.1 - VINCE HOLDING CORP.vnce-ex101_111.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended August 1, 2020

Or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-36212

 

VINCE HOLDING CORP.

(Exact name of registrant as specified in its charter)

 

 

 

 

Delaware

75-3264870

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

500 5th Avenue—20th Floor

New York, New York 10110

(Address of principal executive offices) (Zip code)

(212) 944-2600

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Exchange Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.01 par value per share

 

VNCE

 

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 

 

 

 

 

 

 

Large accelerated filer

 

  

Accelerated filer

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

  

Emerging growth company

 

 

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of August 31, 2020, the registrant had 11,795,941 shares of common stock, $0.01 par value per share, outstanding.

 

 

 

 


VINCE HOLDING CORP. AND SUBSIDIARIES

TABLE OF CONTENTS 

 

 

Page

Number

PART I. FINANCIAL INFORMATION

 

 

 

Item 1.

Condensed Consolidated Financial Statements:

4

 

 

 

 

a)

Unaudited Condensed Consolidated Balance Sheets at August 1, 2020 and February 1, 2020

4

 

 

 

 

b)

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended August 1, 2020 and August 3, 2019

5

 

 

 

 

 

c)

Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended August 1, 2020 and August 3, 2019

6

 

 

 

 

 

d)

Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended August 1, 2020 and August 3, 2019

7

 

 

 

 

e)

Notes to Unaudited Condensed Consolidated Financial Statements

8

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

24

 

 

 

Item 3.

Quantitative and Qualitative Disclosure About Market Risk

37

 

 

 

Item 4.

Controls and Procedures

37

 

 

PART II. OTHER INFORMATION

38

 

 

 

Item 1.

Legal Proceedings

38

 

 

 

Item 1A.

Risk Factors

39

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

40

 

 

 

Item 3.

Defaults Upon Senior Securities

40

 

 

 

Item 4.

Mine Safety Disclosures

40

 

 

 

Item 5.

Other Information

40

 

 

 

Item 6.

Exhibits

40

 

 

 

 


 

DISCLOSURES REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, and any statements incorporated by reference herein, contains forward-looking statements under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are indicated by words or phrases such as “may,” “will,” “should,” “believe,” “expect,” “seek,” “anticipate,” “intend,” “estimate,” “plan,” “target,” “project,” “forecast,” “envision” and other similar phrases. Although we believe the assumptions and expectations reflected in these forward-looking statements are reasonable, these assumptions and expectations may not prove to be correct and we may not achieve the results or benefits anticipated. These forward-looking statements are not guarantees of actual results, and our actual results may differ materially from those suggested in the forward-looking statements. These forward-looking statements involve a number of risks and uncertainties, some of which are beyond our control, including, without limitation: the impact of the novel coronavirus (COVID-19) pandemic on our business, results of operations and liquidity; our ability to continue having the liquidity necessary to service our debt, meet contractual payment obligations, and fund our operations; changes in global economics and credit and financial markets; the expected effects of the acquisition of Rebecca Taylor, Inc. and Parker Holdings, LLC (collectively, the “Acquired Businesses”) on the Company; our ability to integrate the Acquired Businesses with the Company, including our ability to retain customers, suppliers and key employees; our ability to realize the benefits of our strategic initiatives; our ability to maintain our larger wholesale partners; the loss of certain of our wholesale partners; our ability to make lease payments when due; the execution and management of our retail store growth plans; our ability to expand our product offerings into new product categories, including the ability to find suitable licensing partners; our ability to remediate the identified material weakness in our internal control over financial reporting; our ability to optimize our systems, processes and functions; our ability to mitigate system security risk issues, such as cyber or malware attacks, as well as other major system failures; our ability to comply with privacy-related obligations; our ability to comply with domestic and international laws, regulations and orders; changes in laws and regulations; our ability to ensure the proper operation of the distribution facilities by third-party logistics providers; our ability to anticipate and/or react to changes in customer demand and attract new customers, including in connection with making inventory commitments; our ability to remain competitive in the areas of merchandise quality, price, breadth of selection and customer service; our ability to keep a strong brand image; our ability to attract and retain key personnel; our ability to protect our trademarks in the U.S. and internationally; the execution and management of our international expansion, including our ability to promote our brand and merchandise outside the U.S. and find suitable partners in certain geographies; our current and future licensing arrangements; the extent of our foreign sourcing; fluctuations in the price, availability and quality of raw materials; commodity, raw material and other cost increases; our reliance on independent manufacturers; seasonal and quarterly variations in our revenue and income; further impairment of our goodwill and indefinite-lived intangible assets; competition; other tax matters; and other factors as set forth from time to time in our Securities and Exchange Commission filings, including those described in this report on Form 10-Q and our Annual Report on Form 10-K filed with the Securities and Exchange Commission on June 11, 2020 (the “2019 Annual Report on Form 10-K”) under the heading “Item 1A—Risk Factors.” We intend these forward-looking statements to speak only as of the date of this report on Form 10-Q and do not undertake to update or revise them as more information becomes available, except as required by law.

 

 

 

 

3


 

PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

VINCE HOLDING CORP. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

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

 

 

 

August 1,

 

 

February 1,

 

 

 

2020

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

782

 

 

$

466

 

Trade receivables, net

 

 

18,589

 

 

 

40,660

 

Inventories, net

 

 

92,122

 

 

 

66,393

 

Prepaid expenses and other current assets

 

 

3,483

 

 

 

6,725

 

Total current assets

 

 

114,976

 

 

 

114,244

 

Property and equipment, net

 

 

18,823

 

 

 

25,274

 

Operating lease right-of-use assets, net

 

 

89,004

 

 

 

94,632

 

Intangible assets, net

 

 

76,819

 

 

 

81,533

 

Goodwill

 

 

31,973

 

 

 

41,435

 

Deferred income taxes

 

 

 

 

 

102

 

Other assets

 

 

5,112

 

 

 

5,082

 

Total assets

 

$

336,707

 

 

$

362,302

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

58,450

 

 

$

43,075

 

Accrued salaries and employee benefits

 

 

9,021

 

 

 

9,620

 

Other accrued expenses

 

 

11,265

 

 

 

14,194

 

Short-term lease liabilities

 

 

19,186

 

 

 

20,638

 

Current portion of long-term debt

 

 

2,063

 

 

 

2,750

 

Total current liabilities

 

 

99,985

 

 

 

90,277

 

Long-term debt

 

 

72,898

 

 

 

48,680

 

Long-term lease liabilities

 

 

95,042

 

 

 

90,211

 

Other liabilities

 

 

416

 

 

 

2,354

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Common stock at $0.01 par value (100,000,000 shares authorized, 11,795,824 and 11,680,593 shares issued and outstanding at August 1, 2020 and February 1, 2020, respectively)

 

 

118

 

 

 

117

 

Additional paid-in capital

 

 

1,138,014

 

 

 

1,137,147

 

Accumulated deficit

 

 

(1,069,621

)

 

 

(1,006,381

)

Accumulated other comprehensive loss

 

 

(145

)

 

 

(103

)

Total stockholders' equity

 

 

68,366

 

 

 

130,780

 

Total liabilities and stockholders' equity

 

$

336,707

 

 

$

362,302

 

 

 

 

 

 

 

 

 

 

 

See notes to unaudited condensed consolidated financial statements.

 

4


VINCE HOLDING CORP. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations and Comprehensive Loss

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

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

August 1,

 

 

August 3,

 

 

August 1,

 

 

August 3,

 

 

 

2020

 

 

2019*

 

 

2020

 

 

2019*

 

Net sales

 

$

37,022

 

 

$

92,223

 

 

$

76,040

 

 

$

166,240

 

Cost of products sold

 

 

23,682

 

 

 

48,869

 

 

 

46,700

 

 

 

84,994

 

Gross profit

 

 

13,340

 

 

 

43,354

 

 

 

29,340

 

 

 

81,246

 

Impairment of goodwill and intangible assets

 

 

 

 

 

19,491

 

 

 

13,848

 

 

 

19,491

 

Impairment of long-lived assets

 

 

 

 

 

641

 

 

 

13,026

 

 

 

641

 

Selling, general and administrative expenses

 

 

27,348

 

 

 

41,630

 

 

 

65,892

 

 

 

85,753

 

Loss from operations

 

 

(14,008

)

 

 

(18,408

)

 

 

(63,426

)

 

 

(24,639

)

Interest expense, net

 

 

1,022

 

 

 

1,221

 

 

 

2,047

 

 

 

2,580

 

Other (Income) expense, net

 

 

4

 

 

 

9

 

 

 

(2,303

)

 

 

119

 

Loss before income taxes

 

 

(15,034

)

 

 

(19,638

)

 

 

(63,170

)

 

 

(27,338

)

Provision (benefit) for income taxes

 

 

28

 

 

 

(96

)

 

 

70

 

 

 

(49

)

Net loss

 

$

(15,062

)

 

$

(19,542

)

 

$

(63,240

)

 

$

(27,289

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(1

)

 

 

(31

)

 

 

(42

)

 

 

(38

)

Comprehensive loss

 

$

(15,063

)

 

$

(19,573

)

 

$

(63,282

)

 

$

(27,327

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic loss per share

 

$

(1.28

)

 

$

(1.67

)

 

$

(5.39

)

 

$

(2.34

)

Diluted loss per share

 

$

(1.28

)

 

$

(1.67

)

 

$

(5.39

)

 

$

(2.34

)

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

11,784,007

 

 

 

11,672,914

 

 

 

11,739,061

 

 

 

11,651,375

 

Diluted

 

 

11,784,007

 

 

 

11,672,914

 

 

 

11,739,061

 

 

 

11,651,375

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to unaudited condensed consolidated financial statements.

* Amounts reflect the retrospective combination of the entities. See Note 11 “Related Party Transactions” for additional details.

 


 

5


VINCE HOLDING CORP. AND SUBSIDIARIES

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands, except share data, unaudited)

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of Shares Outstanding

 

 

 

 

Par Value

 

 

 

 

Additional Paid-In Capital

 

 

 

 

Accumulated Deficit

 

 

 

 

Accumulated Other Comprehensive Loss

 

 

 

 

Total Stockholders' Equity

 

Balance as of February 1, 2020

 

 

11,680,593

 

 

 

 

$

117

 

 

 

 

$

1,137,147

 

 

 

 

$

(1,006,381

)

 

 

 

$

(103

)

 

 

 

$

130,780

 

Comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(48,178

)

 

 

 

 

 

 

 

 

 

(48,178

)

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(41

)

 

 

 

 

(41

)

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

541

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

541

 

Restricted stock unit vestings

 

 

127,613

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Tax withholdings related to restricted stock vesting

 

 

(38,524

)

 

 

 

 

 

 

 

 

 

(205

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(205

)

Balance as of May 2, 2020

 

 

11,769,682

 

 

 

 

$

118

 

 

 

 

$

1,137,483

 

 

 

 

$

(1,054,559

)

 

 

 

$

(144

)

 

 

 

$

82,898

 

Comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,062

)

 

 

 

 

 

 

 

 

 

(15,062

)

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

(1

)

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

525

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

525

 

Restricted stock unit vestings

 

 

25,020

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

Tax withholdings related to restricted stock vesting

 

 

(3,135

)

 

 

 

 

 

 

 

 

 

(17

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17

)

Issuance of common stock related to ESPP

 

 

4,257

 

 

 

 

 

 

 

 

 

 

24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24

 

Balance as of August 1, 2020

 

 

11,795,824

 

 

 

 

$

118

 

 

 

 

$

1,138,014

 

 

 

 

$

(1,069,621

)

 

 

 

$

(145

)

 

 

 

$

68,366

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of Shares Outstanding

 

 

 

 

Par Value

 

 

 

 

Additional Paid-In Capital

 

 

 

 

Accumulated Deficit

 

 

 

 

Accumulated Other Comprehensive Loss

 

 

 

 

Total Stockholders' Equity

 

Balance as of February 2, 2019*

 

 

11,622,994

 

 

 

 

$

116

 

 

 

 

$

1,135,401

 

 

 

 

$

(1,036,188

)

 

 

 

$

(83

)

 

 

 

$

99,246

 

Comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,747

)

 

 

 

 

 

 

 

 

 

(7,747

)

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7

)

 

 

 

 

(7

)

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

427

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

427

 

Cumulative effect of accounting change from adoption of ASU 2016-02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(589

)

 

 

 

 

 

 

 

 

 

(589

)

Restricted stock unit vestings

 

 

64,572

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Tax withholdings related to restricted stock vesting

 

 

(23,066

)

 

 

 

 

 

 

 

 

 

(301

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(301

)

Balance as of May 4, 2019*

 

 

11,664,500

 

 

 

 

$

117

 

 

 

 

$

1,135,527

 

 

 

 

$

(1,044,524

)

 

 

 

$

(90

)

 

 

 

$

91,030

 

Comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19,542

)

 

 

 

 

 

 

 

 

 

(19,542

)

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(31

)

 

 

 

 

(31

)

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

527

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

527

 

Restricted stock unit vestings

 

 

15,346

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax withholdings related to restricted stock vesting

 

 

(1,443

)

 

 

 

 

 

 

 

 

 

(20

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20

)

Balance as of August 3, 2019*

 

 

11,678,403

 

 

 

 

$

117

 

 

 

 

$

1,136,034

 

 

 

 

$

(1,064,066

)

 

 

 

$

(121

)

 

 

 

$

71,964

 

 

See notes to unaudited condensed consolidated financial statements.

* Amounts reflect the retrospective combination of the entities. See Note 11 “Related Party Transactions” for additional details.

 

6


VINCE HOLDING CORP. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(in thousands, unaudited)

 

 

Six Months Ended

 

 

 

August 1, 2020

 

 

August 3, 2019*

 

Operating activities

 

 

 

 

 

 

 

 

Net loss

 

$

(63,240

)

 

$

(27,289

)

Add (deduct) items not affecting operating cash flows:

 

 

 

 

 

 

 

 

Adjustment to Tax Receivable Agreement Liability

 

 

(2,320

)

 

 

 

Impairment of goodwill and intangible assets

 

 

13,848

 

 

 

19,491

 

Impairment of long-lived assets

 

 

13,026

 

 

 

641

 

Depreciation and amortization

 

 

3,654

 

 

 

5,403

 

Provision for bad debt

 

 

2,001

 

 

 

5

 

Amortization of deferred financing costs

 

 

277

 

 

 

282

 

Deferred income taxes

 

 

102

 

 

 

 

Share-based compensation expense

 

 

1,066

 

 

 

954

 

Other, net

 

 

 

 

 

(304

)

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Receivables, net

 

 

20,067

 

 

 

1,188

 

Inventories

 

 

(25,740

)

 

 

(3,711

)

Prepaid expenses and other current assets

 

 

3,135

 

 

 

(16

)

Accounts payable and accrued expenses

 

 

11,775

 

 

 

(512

)

Other assets and liabilities

 

 

1,097

 

 

 

(1,452

)

Net cash used in operating activities

 

 

(21,252

)

 

 

(5,320

)

Investing activities

 

 

 

 

 

 

 

 

Payments for capital expenditures

 

 

(1,597

)

 

 

(1,860

)

Net cash used in investing activities

 

 

(1,597

)

 

 

(1,860

)

Financing activities

 

 

 

 

 

 

 

 

Proceeds from borrowings under the Revolving Credit Facilities

 

 

106,048

 

 

 

144,215

 

Repayment of borrowings under the Revolving Credit Facilities

 

 

(82,548

)

 

 

(137,269

)

Proceeds from borrowings under the Revolving Credit Facilities - Acquired Businesses

 

 

 

 

 

10,760

 

Repayment of borrowings under the Revolving Credit Facilities - Acquired Businesses

 

 

 

 

 

(8,310

)

Repayment of borrowings under the Term Loan Facilities

 

 

 

 

 

(1,375

)

Tax withholdings related to restricted stock vesting

 

 

(222

)

 

 

(321

)

Proceeds from stock option exercises, restricted stock vesting, and issuance of common stock under employee stock purchase plan

 

 

24

 

 

 

1

 

Financing fees

 

 

(225

)

 

 

(1

)

Net cash provided by financing activities

 

 

23,077

 

 

 

7,700

 

Increase in cash, cash equivalents, and restricted cash

 

 

228

 

 

 

520

 

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

 

 

(14

)

 

 

(14

)

Cash, cash equivalents, and restricted cash, beginning of period

 

 

647

 

 

 

361

 

Cash, cash equivalents, and restricted cash, end of period

 

 

861

 

 

 

867

 

Less: restricted cash at end of period

 

 

79