HAMILTON, BERMUDA--(Marketwired - Oct 10, 2013) - Stratus Technologies Bermuda Holdings Ltd. (together with its consolidated subsidiaries, "Stratus" or the "Company"), the leading provider of high availability solutions, today announced financial results for the second quarter of fiscal year 2014 ended August 25, 2013.
- Q2 Revenue: $51.2 million
- Q2 Net Loss: $5.4 million
- Q2 Adjusted EBITDA: $15.0 million
Commenting on the quarter, Dave Laurello, Stratus CEO and president, said, "Despite continued currency headwinds, the second quarter of fiscal year 2014 was strong from an earnings perspective. This was due to a strong legacy quarter and our effective management of costs. From a market perspective, we continue to see sluggish x86 server sales worldwide which continues to negatively impact our business."
Looking toward the future, Laurello added, "We continued the forward progress on our transition to a provider of software and services which prevent downtime before it occurs. The mobile world we live in is further driving demand for always-on applications, and our strategy is to enable both enterprises and cloud providers to deliver the right level of availability for these applications."
Total revenue for the quarter-to-date period ended August 25, 2013 was $51.2 million as compared to $52.5 million in the quarter-to-date period ended August 26, 2012. This is a 3% decrease as reported, and a 4% increase at constant currency. Profit from operations was $10.5 million compared to $10.9 million for the same period last year. This is a 4% decrease as reported, and an 18% increase at constant currency. Profit from operations for the quarter-to-date period ended August 25, 2013 included restructuring charges of $1.2 million to further align spending with current business initiatives. Net loss was $5.4 million, compared to a net loss of $4.2 million in the second quarter of fiscal year 2013. This is a 29% increase as reported, and a 25% decrease at constant currency. Net loss for the quarter-to-date periods ended August 25, 2013 and August 26, 2012 include a net loss on change in fair value of embedded derivatives of $0.9 million and $0.5 million respectively. Net loss for the quarter-to-date periods ended August 25, 2013 and August 26, 2012 includes a net loss on extinguishment of debt of $0.8 million and $0.9 million, respectively.
The Company reported Adjusted EBITDA, a non-GAAP financial measure, of $15.0 million, or 29% of revenue, compared to $13.1 million, or 25% of revenue, for the same period last year. This represents a gross increase of 14% compared to the prior year, or 31% at constant currency. Please refer to the reconciliation of Adjusted EBITDA to Generally Accepted Accounting Principles ("GAAP") financial measures in the attached, unaudited "Consolidated Statements of Operations."
Total revenue for the year-to-date period ended August 25, 2013 was $98.7 million as compared to $105.0 million in the year-to-date period ended August 26, 2012. This is a 6% decrease as reported, and is in line at constant currency. Profit from operations was $17.4 million compared to $21.7 million for the same period last year. This is a 20% decrease as reported, and a 1% increase at constant currency. Profit from operations for the year-to-date period ended August 25, 2013 included restructuring charges of $1.3 million to further align spending with current business initiatives. Net loss was $11.9 million, compared to a net loss of $7.1 million in the same period last year. This is a 66% increase as reported, and a 5% increase at constant currency. Net loss for the year-to-date periods ended August 25, 2013 and August 26, 2012 include a net loss on change in fair value of embedded derivatives of $1.0 million and $0.8 million respectively. Net loss for the year-to-date periods ended August 25, 2013 and August 26, 2012 includes a net loss on extinguishment of debt of $0.8 million and $0.9 million, respectively.
The Company reported Adjusted EBITDA, a non-GAAP financial measure, of $24.9 million, or 25% of revenue, compared to $26.4 million, or 25% of revenue, for the same period last year. This represents a gross decrease of 5% compared to the prior year, or an increase of 11% at constant currency. Please refer to the reconciliation of Adjusted EBITDA to Generally Accepted Accounting Principles ("GAAP") financial measures in the attached, unaudited "Consolidated Statements of Operations."
Second Quarter Results Conference Call
A conference call to review second quarter financial results will be held today, October 10, 2013, at 1:30 p.m. Eastern Time, and may be accessed by calling 1-877-941-9205 (U.S. only) or 1-480-629-9771 with a conference ID of 4643335. A recording of this conference call will be available later today at 1-800-406-7325 (U.S. only) or 1-303-590-3030 with a conference ID of 4643335 for 30 days.
About Stratus Technologies
Stratus Technologies is the leading provider of infrastructure based solutions that keep applications running continuously in today's always-on world. Stratus enables rapid deployment of always-on infrastructures, from enterprise servers to clouds, without any changes to applications. Stratus' flexible solutions - software, platform and services - prevent downtime before it occurs and ensure uninterrupted performance of essential business operations. www.stratus.com.
Forward-Looking Statements: This press release may contain forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). You are cautioned that such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could cause actual results to differ materially from those described in such forward-looking statements. Such risks and uncertainties include, but are not limited to: the continued acceptance of the Company's products by the market; the Company's ability to enter into new service agreements and to retain customers under existing service contracts; the Company's ability to source quality components and key technologies without interruption and at acceptable prices; the Company's ability to comply with certain covenants in the governing documents for the Company's credit facilities and other debt instruments; the Company's ability to refinance indebtedness when required; the Company's reliance on sole source manufacturers and suppliers; the presence of existing competitors and the emergence of new competitors; the Company's financial condition and liquidity and the Company's leverage and debt service obligations; economic conditions globally and in the Company's most important markets; developments in the fault-tolerant and high-availability server markets; claims by third parties that the Company infringes upon their intellectual property rights; the Company's success in adequately protecting its intellectual property rights; the Company's success in maintaining efficient manufacturing and logistics operations; the Company's ability to recruit, retain and develop appropriately skilled employees; exposure for systems and service failures; fluctuations in foreign currency exchange rates; fluctuations in interest rates; current risks of terrorist activity and acts of war; the impact of changing tax laws; the impact of changes in policies, laws, regulations or practices of foreign governments on the Company's international operations; and the impact of natural or man-made disasters. Any forward-looking statements in this press release are made as of the date hereof, and the Company undertakes no duty to further update such forward-looking statements.
© 2013 Stratus Technologies Bermuda Ltd. All rights reserved.
Stratus® is a trademark or registered trademark of ours. All other trade names, service marks and trademarks are the property of their respective holders. Our use or display of other parties' trade names, service marks or trademarks is not intended to and does not imply a relationship with, or endorsement or sponsorship of us by, the trade name, service mark or trademark owners.
| STRATUS TECHNOLOGIES BERMUDA HOLDINGS LTD. | ||||||||
| CONSOLIDATED BALANCE SHEETS (Unaudited) | ||||||||
| August 25, | February 24, | |||||||
| 2013 | 2013 | |||||||
| (Dollars and share data in thousands) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 14,372 | $ | 22,163 | ||||
| Accounts receivable, net of allowance for doubtful accounts of $208 and $281, respectively | 33,676 | 38,330 | ||||||
| Inventory | 5,640 | 6,687 | ||||||
| Deferred income taxes | 1,624 | 1,667 | ||||||
| Prepaid expenses and other current assets | 3,689 | 3,989 | ||||||
| Total current assets | 59,001 | 72,836 | ||||||
| Property and equipment, net | 9,310 | 10,443 | ||||||
| Intangible assets, net | 6,986 | 7,258 | ||||||
| Goodwill | 13,009 | 13,024 | ||||||
| Deferred income taxes | 9,448 | 9,687 | ||||||
| Deferred financing fees | 4,845 | 6,381 | ||||||
| Other assets | 1,632 | 1,795 | ||||||
| Total assets | $ | 104,231 | $ | 121,424 | ||||
| LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND REDEEMABLE ORDINARY STOCK, AND STOCKHOLDERS' DEFICIT | ||||||||
| Current liabilities: | ||||||||
| Current portion of long-term debt | $ | 5,000 | $ | 5,000 | ||||
| Accounts payable | 7,370 | 7,763 | ||||||
| Accrued expenses | 10,805 | 15,661 | ||||||
| Accrued interest payable | 9,117 | 9,238 | ||||||
| Income taxes payable | 275 | 500 | ||||||
| Deferred revenue | 33,782 | 37,740 | ||||||
| Total current liabilities | 66,349 | 75,902 | ||||||
| Long-term debt, net of discount | 278,232 | 273,393 | ||||||
| Embedded derivatives | 20,630 | 20,252 | ||||||
| Long-term deferred income taxes | 424 | 424 | ||||||
| Deferred revenue and other long-term liabilities | 17,199 | 17,556 | ||||||
| Total liabilities | 382,834 | 387,527 | ||||||
| Redeemable convertible preferred stock and redeemable ordinary stock: | ||||||||
| Series A: 7,000 shares authorized; 6,561 shares issued and outstanding at August 25, 2013 and February 24, 2013 | 122,641 | 117,923 | ||||||
| Series B: 20,524 shares authorized; 4,373 and 3,532 shares issued and outstanding at August 25, 2013 and February 24, 2013, respectively | 81,733 | 63,479 | ||||||
| Right to shares of Series B redeemable convertible preferred stock | 4,828 | 5,518 | ||||||
| Ordinary shares subject to puts, 767 and 773 shares issued and outstanding at August 25, 2013 and February 24, 2013, respectively | 1,151 | 1,160 | ||||||
| Total redeemable convertible preferred stock and redeemable ordinary stock | 210,353 | 188,080 | ||||||
| Stockholders' deficit: | ||||||||
| Ordinary stock, $0.5801 par value, 181,003 shares authorized; 28,045 and 28,039 shares issued and outstanding at August 25, 2013 and February 24, 2013, respectively | 16,269 | 16,265 | ||||||
| Series A ordinary stock: $0.5801 par value, 7,678 shares authorized; 0 shares issued and outstanding at August 25, 2013 and February 24, 2013 | - | - | ||||||
| Series B ordinary stock: $0.5801 par value, 90,115 shares authorized; 19,204 and 15,512 shares issued and outstanding at August 25, 2013 and February 24, 2013 | 11,140 | 8,998 | ||||||
| Additional paid-in-capital | - | - | ||||||
| Accumulated deficit | (515,097 | ) | (478,778 | ) | ||||
| Accumulated other comprehensive loss | (1,268 | ) | (668 | ) | ||||
| Total stockholders' deficit | (488,956 | ) | (454,183 | ) | ||||
| Total liabilities, redeemable convertible preferred stock and redeemable ordinary stock, and stockholders' deficit | $ | 104,231 | $ | 121,424 | ||||
| STRATUS TECHNOLOGIES BERMUDA HOLDINGS LTD. | ||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) | ||||||||
| For the fiscal three-month periods ended August 25, 2013 and August 26, 2012 | ||||||||
| August 25, | August 26, | |||||||
| 2013 | 2012 | |||||||
| (Dollars in thousands) | ||||||||
| REVENUE | ||||||||
| Product | $ | 19,443 | $ | 19,832 | ||||
| Service | 31,750 | 32,701 | ||||||
| Total revenue | 51,193 | 52,533 | ||||||
| COST OF REVENUE | ||||||||
| Product | 8,364 | 8,454 | ||||||
| Service | 12,810 | 13,618 | ||||||
| Total cost of revenue | 21,174 | 22,072 | ||||||
| Gross profit | 30,019 | 30,461 | ||||||
| OPERATING EXPENSES | ||||||||
| Research and development | 5,658 | 6,217 | ||||||
| Sales and marketing | 7,351 | 7,859 | ||||||
| General and administrative | 5,040 | 5,183 | ||||||
| Restructuring charges | 1,209 | 43 | ||||||
| Management fees | 300 | 300 | ||||||
| Total operating expenses | 19,558 | 19,602 | ||||||
| Profit from operations | 10,461 | 10,859 | ||||||
| Interest income | 1 | 4 | ||||||
| Interest expense | (12,893 | ) | (12,399 | ) | ||||
| Loss on extinguishment of debt | (829 | ) | (939 | ) | ||||
| Loss on change in fair value of embedded derivatives | (939 | ) | (534 | ) | ||||
| Other expense, net | (446 | ) | (304 | ) | ||||
| Loss before income taxes | (4,645 | ) | (3,313 | ) | ||||
| Income taxes | 803 | 898 | ||||||
| Net loss | $ | 5,448 | $ | 4,211 | ||||
| EBITDA TABLE: | ||||||||
| Net loss | $ | 5,448 | $ | 4,211 | ||||
| Add: | ||||||||
| Interest expense, net | 12,892 | 12,395 | ||||||
| Income taxes | 803 | 898 | ||||||
| Depreciation and amortization | 1,580 | 1,703 | ||||||
| EBITDA (1) | $ | 9,827 | $ | 10,785 | ||||
| Add: | ||||||||
| Restructuring (a) | 1,209 | 43 | ||||||
| Stock-based compensation expense (b) | 44 | 61 | ||||||
| Management fees (c) | 300 | 300 | ||||||
| Reserves (d) | 835 | 126 | ||||||
| Loss on extinguishment of debt (e) | 829 | 939 | ||||||
| Loss on change in fair value for embedded derivatives (f) | 939 | 534 | ||||||
| Other expense, net (g) | 978 | 361 | ||||||
| Total adjustments | 5,134 | 2,364 | ||||||
| Adjusted EBITDA (1) | $ | 14,961 | $ | 13,149 | ||||
| STRATUS TECHNOLOGIES BERMUDA HOLDINGS LTD. | ||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) | ||||||||
| For the fiscal six-month periods ended August 25, 2013 and August 26, 2012 | ||||||||
| August 25, 2013 | August 26, 2012 | |||||||
| (Dollars in thousands) | ||||||||
| REVENUE | ||||||||
| Product | $ | 34,281 | $ | 39,470 | ||||
| Service | 64,408 | 65,558 | ||||||
| Total revenue | 98,689 | 105,028 | ||||||
| COST OF REVENUE | ||||||||
| Product | 15,249 | 15,631 | ||||||
| Service | 26,048 | 27,853 | ||||||
| Total cost of revenue | 41,297 | 43,484 | ||||||
| Gross profit | 57,392 | 61,544 | ||||||
| OPERATING EXPENSES | ||||||||
| Research and development | 12,196 | 12,823 | ||||||
| Sales and marketing | 15,183 | 15,968 | ||||||
| General and administrative | 10,731 | 10,416 | ||||||
| Restructuring charges | 1,274 | 77 | ||||||
| Management fees | 600 | 600 | ||||||
| Total operating expenses | 39,984 | 39,884 | ||||||
| Profit from operations | 17,408 | 21,660 | ||||||
| Interest income | 3 | 10 | ||||||
| Interest expense | (26,002 | ) | (24,926 | ) | ||||
| Loss on extinguishment of debt | (829 | ) | (939 | ) | ||||
| Loss on change in fair value of embedded derivatives | (1,003 | ) | (825 | ) | ||||
| Other expense, net | (332 | ) | (355 | ) | ||||
| Loss before income taxes | (10,755 | ) | (5,375 | ) | ||||
| Income taxes | 1,099 | 1,772 | ||||||
| Net loss | $ | (11,854 | ) | $ | (7,147 | ) | ||
| EBITDA TABLE: | ||||||||
| Net loss | $ | (11,854 | ) | $ | (7,147 | ) | ||
| Add: | ||||||||
| Interest expense, net | 25,999 | 24,916 | ||||||
| Income taxes | 1,099 | 1,772 | ||||||
| Depreciation and amortization | 3,515 | 3,426 | ||||||
| EBITDA (1) | $ | 18,759 | $ | 22,967 | ||||
| Add: | ||||||||
| Restructuring (a) | 1,274 | 77 | ||||||
| Stock-based compensation expense (b) | 98 | 102 | ||||||
| Management fees (c) | 600 | 600 | ||||||
| Reserves (d) | 1,006 | 195 | ||||||
| Loss on extinguishment of debt (e) | 829 | 939 | ||||||
| Loss on change in fair value for embedded derivatives (f) | 1,003 | 825 | ||||||
| Other expense, net (g) | 1,352 | 664 | ||||||
| Total adjustments | 6,162 | 3,402 | ||||||
| Adjusted EBITDA (1) | $ | 24,921 | $ | 26,369 | ||||
| 1) | EBITDA represents income (loss) before interest, taxes, depreciation and amortization. We present EBITDA because we consider it an important supplemental measure of our performance and believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. In addition to other applications, EBITDA is used by us and others in our industry to evaluate and price potential acquisition candidates. | |
| Adjusted EBITDA represents EBITDA with certain additional adjustments, as calculated pursuant to the requirements of the interest maintenance covenant under our Revolving Credit Facility. We present Adjusted EBITDA because we believe that it allows investors to assess our ability to meet the interest maintenance covenant under our Revolving Credit Facility. | ||
| Our management also uses Adjusted EBITDA internally as a basis upon which to assess our operating performance, and Adjusted EBITDA is also a factor in the evaluation of the performance of our management in determining compensation. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses similar to the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. | ||
| EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation, or as a substitute for analysis of our results as reported under Generally Accepted Accounting Principles ("GAAP'). Some of these limitations are: | ||
| • | EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures, or contractual commitments; | |
| • | EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; | |
| • | EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debts; | |
| • | although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements; | |
| • | EBITDA and Adjusted EBITDA do not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations; and | |
| • | other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure. | |
| Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as measures of discretionary cash available to us to invest in the growth of our business. We compensate for these limitations by relying primarily on our GAAP results and using EBITDA and Adjusted EBITDA only supplementally, as described above. See the statements of cash flows. | ||
| a) | In order to better align expenses with anticipated revenues, we implemented restructuring programs in the quarter to date period ended August 25, 2013 as well as in prior years. These programs were designed to streamline our business model and centralize certain functions. | |
| b) | In the quarter-to-date and year-to-date fiscal periods ended August 25, 2013 and August 26, 2012, we recorded non-cash stock-based compensation expense charges related to share-based awards to employees. | |
| c) | On April 30, 2010 we entered into a four year advisory and strategic planning agreement with an investment banking firm. The yearly fee is $0.5 million. | |
| On October 1, 2005, we entered into an Agreement for Management, Advisory, Strategic Planning and Consulting Services with Investcorp International, Inc., an affiliate of the Investcorp Group, and MidOcean US Advisor, LP, an affiliate of MidOcean, for an aggregate yearly fee of $0.7 million which renews on an annual basis. The payment of the yearly fee is restricted in the Senior Secured Notes and in the Second Lien Credit Facility until these credit facilities are paid in full. | ||
| The long-term accrued liability related to this yearly fee totaled $4.1 million and $3.8 million at August 25, 2013 and February 24, 2013, respectively. | ||
| d) | In the quarter-to-date and year-to-date fiscal periods ended August 25, 2013 and August 26, 2012, we recorded non-cash inventory write-downs. | |
| e) | In the quarter-to-date and year-to-date fiscal period ended August 25, 2013 and August 26, 2012 we recorded a loss on extinguishment of debt related to the ECF payment in the fiscal second quarter 2014 and 2013, related to the Senior Secured Notes. The loss in each period is due to a premium, the write-off of a pro rata portion of deferred financing fees along with debt discount and related fees offset by the reduction in the value ascribed to the ECF embedded derivative liability. | |
| f) | In the quarter-to-date and year-to-date fiscal periods ended August 25, 2013 and August 26, 2012, we recorded a loss due to the net change in fair value of the embedded derivatives related to the Senior Secured Notes. | |
| g) | In the quarter-to-date fiscal period ended August 25, 2013, we recorded other expense, net of $1.0 million, primarily consisting of $0.6 million of miscellaneous and non-recurring charges, $0.3 million of net foreign currency loses and $0.1 million of bank fees. | |
| In the year-to-date fiscal period ended August 25, 2013, we recorded other expense, net of $1.4 million, primarily consisting of $1.1 million of miscellaneous and non-recurring charges and $0.3 million of bank fees. | ||
| In the quarter-to-date fiscal period ended August 26, 2012, we recorded other expense, net of $0.4 million, primarily consisting of $0.2 million of miscellaneous and non-recurring charges, $0.1 of million bank fees and $0.1 million of net foreign currency losses. | ||
| In the year-to-date fiscal period ended August 26, 2012, we recorded other expense, net of $0.7 million, primarily consisting of $0.4 million of miscellaneous and non-recurring charges and $0.3 of million bank fees. | ||
| STRATUS TECHNOLOGIES BERMUDA HOLDINGS LTD. | |||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | |||||||||
| 26 weeks ended | |||||||||
| August 25, | August 26, | ||||||||
| 2013 | 2012 | ||||||||
| (Dollars in thousands) | |||||||||
| OPERATING ACTIVITIES | |||||||||
| Cash flows provided by operating activities: | |||||||||
| Net loss | $ | (11,854 | ) | $ | (7,147 | ) | |||
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||
| Depreciation and amortization | 3,515 | 3,426 | |||||||
| Amortization of deferred financing costs and debt discount | 6,455 | 5,747 | |||||||
| Stock-based compensation | 98 | 102 | |||||||
| Provision for (recovery of) doubtful accounts | (274 | ) | 14 | ||||||
| Inventory provision | 1,002 | 195 | |||||||
| Loss on extinguishment of debt | 829 | 939 | |||||||
| Premium on excess cash flow payment | (1,001 | ) | (999 | ) | |||||
| Loss on change in fair value of embedded derivatives | 1,003 | 825 | |||||||
| Loss on sale of asset | - | 31 | |||||||
| Loss on retirement of property and equipment | 38 | 31 | |||||||
| Interest payable-in-kind | 4,605 | 4,209 | |||||||
| Changes in assets and liabilities | |||||||||
| Accounts receivable | 4,727 | 263 | |||||||
| Inventory | (472 | ) | 270 | ||||||
| Prepaid expenses and other current assets | 279 | (499 | ) | ||||||
| Accounts payable | (309 | ) | 427 | ||||||
| Accrued expenses | (4,649 | ) | (1,126 | ) | |||||
| Accrued interest | (121 | ) | (205 | ) | |||||
| Income taxes payable | (17 | ) | 420 | ||||||
| Deferred revenue | (4,026 | ) | (1,301 | ) | |||||
| Other long-term assets and liabilities | 199 | 865 | |||||||
| Net cash provided by operating activities | 27 | 6,487 | |||||||
| INVESTING ACTIVITIES | |||||||||
| Cash flows used in investing activities: | |||||||||
| Acquisition of property and equipment | (1,543 | ) | (2,944 | ) | |||||
| Capitalization of software development costs | (440 | ) | - | ||||||
| Acquisition of business | - | (1,175 | ) | ||||||
| Acquisition of other long-term assets | (47 | ) | (56 | ) | |||||
| Net cash used in investing activities | (2,030 | ) | (4,175 | ) | |||||
| FINANCING ACTIVITIES | |||||||||
| Cash flows used in financing activities: | |||||||||
| Payments on long-term debt | (5,005 | ) | (4,995 | ) | |||||
| Payment of equity issuance fees | (144 | ) | - | ||||||
| Net cash used in financing activities | (5,149 | ) | (4,995 | ) | |||||
| Effect of exchange rate changes on cash | (639 | ) | (402 | ) | |||||
| Net decrease in cash and cash equivalents | (7,791 | ) | (3,085 | ) | |||||
| Cash and cash equivalents at beginning of period | 22,163 | 27,510 | |||||||
| Cash and cash equivalents at end of period | $ | 14,372 | $ | 24,425 | |||||