UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date
of Report: April 25, 2006
(Date
of
earliest event reported)
_________________________
TRANSACTION
SYSTEMS ARCHITECTS, INC.
(Exact
name of registrant as specified in its charter)
|
Delaware
|
0-25346
|
47-0772104
|
|
(State
or other jurisdiction
of
incorporation
|
(Commission
File
Number)
|
(I.R.S.
Employer
Identification
No.)
|
224
South 108th Avenue,
Omaha,
Nebraska 68154
(Address
of principal executive offices, including zip code)
(402)
334-5101
(Registrant’s
telephone number, including area code)
_________________________
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o
Written
communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
2.02. Results of Operations and Financial Condition.
On
April
25, 2006, Transaction Systems Architects, Inc. issued a press release announcing
its financial results for the quarterly period ending March 31, 2006. A copy
of
this press release is attached hereto as Exhibit 99.1.
The
foregoing information (including the exhibit hereto) is being furnished under
“Item 2.02 - Results of Operations and Financial Condition” and “Item 7.01 -
Regulation FD Disclosure.” Such information (including the exhibit hereto) shall
not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act
of 1934, as amended, nor shall it be deemed incorporated by reference in any
filing under the Securities Act of 1933, as amended, except as shall be
expressly set forth by specific reference in such filing.
The
filing of this Report and the furnishing of this information pursuant to Items
2.02 and 7.01 do not mean that such information is material or that disclosure
of such information is required.
Item
7.01. Regulation FD Disclosure.
See
“Item
2.02 - Results of Operations and Financial Condition” above.
Item
9.01. Financial Statements and Exhibits.
Exhibit
99.1 -- Press Release dated April 25, 2006.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
|
TRANSACTION
SYSTEMS ARCHITECTS, INC.
|
|||
|
Date:
April
25, 2006
|
By:
|
/s/
David R. Bankhead
|
|
|
David
R. Bankhead
Senior
Vice President,
Chief
Financial Officer and
Treasurer
|
|||
EXHIBIT
INDEX
|
Exhibit
Number
|
Description
|
|
|
99.1
|
Press
Release dated April 25, 2006.
|
Exhibit
99.1
News
Release
TRANSACTION
SYSTEMS ARCHITECTS INC
224
SOUTH
108 AVENUE
OMAHA,
NEBRASKA 68154
402.334.5101
FAX
402.390.8077
For
more
information contact:
William
J. Hoelting
Vice
President, Investor Relations
402.390.8990
FOR
IMMEDIATE RELEASE
Transaction
Systems Architects Reports
Fiscal
2006 Second Quarter Results
(OMAHA,
Neb. — April 25, 2006) —
Transaction Systems Architects, Inc. (Nasdaq:TSAI), today announced financial
results for its second quarter of fiscal 2006 which ended March 31, 2006. The
Company will hold a conference call at 5 p.m. EDT today (4 p.m. CDT) to discuss
this information. Interested persons may access a real-time audio broadcast
of
the teleconference at www.tsainc.com/investors.
“We
had a
very strong second quarter, with a 19 percent growth in revenue and a 34 percent
increase in diluted earnings per share,” said Philip G. Heasley, CEO. “Factors
that are serving to make older payment systems obsolete - regulatory change,
rapidly growing payment volumes, industry consolidation and a view towards
payments convergence - are all creating opportunities for TSA. Our international
business is growing nicely, and we’re having good success cross-selling a wide
range of solutions into our customer base. Important industry mandates such
as
the Single European Payments Area (SEPA) and the EMV smart card initiative
are
creating new opportunities for us across the range of our enterprise payments
portfolio.”
The
Company added seven new customers during the quarter and sold 15 new
applications to existing customers. In addition, 25 customers licensed capacity
upgrades each valued at a $100 thousand or more. Activity during the quarter
included the licensing of BASE24® to two Tier 1 world banks in Asia, capacity
upgrades by several Tier 1 world banks, retailers and payments processors and
a
new license for the Company’s Smart Chip Manager™ solution by a current Tier 1
bank customer in the Middle East.
“We’re
essentially complete with the business reorganization, and have now rebranded
all of our solutions under the ACI Worldwide brand,” added Heasley. “The power
of the brand is beginning to pay dividends in terms of new business
opportunities, both in specific geographic regions and with global players.
The
themes of payments convergence and improving overall productivity in electronic
payments systems are resonating, with both our customers and the market in
general.”
Revenues
Revenue
was $89.8 million in the second quarter, a 19 percent increase over the same
period last year and an increase of 6 percent over the first quarter of fiscal
2006. “In particular, our EMEA business continues to perform well, with revenue
growing 49 percent year-over-year,” said Heasley. “Our overall international
business was also strong, with revenue increasing 30 percent over the same
period last year, and it continues to comprise about two-thirds of our total
revenue. We experienced good growth in professional services revenue, as we
continue to work with our customers to enhance the productivity and performance
of their mission-critical payments systems. We also had a good quarter licensing
our cross-industry solutions to a wide range of customers in various
industries.”
Revenues
for the Americas region were $43.6 million, as compared to $42.7 million for
the
second quarter of fiscal 2005. The Americas revenues consisted of U.S. revenues
of $29.7 million and Americas international revenues of $13.9 million, as
compared to $29.4 million and $13.3 million, respectively, for the same period
last year. Revenues for the Europe/Middle East/Africa region were $37.3 million,
as compared to $25.1 million for the second quarter of fiscal 2005. Asia-Pacific
revenues were $8.9 million, as compared to $7.8 million for the second quarter
of 2005. Total international revenues were $60.1 million, or 67 percent of
total
revenues, as compared to $46.2 million, or 61 percent of total revenues, for
the
second quarter of fiscal 2005.
Revenues
were comprised of software license fees of $47.7 million, maintenance fees
of
$24.7 million and services of $17.4 million. Monthly recurring revenue was
$45.0
million, compared to $43.3 million during the same period last year. Monthly
recurring revenue was comprised of monthly license fees of $16.9 million,
maintenance fees of $24.7 million and services (facilities management fees)
of
$3.4 million. Monthly recurring revenue comprised 50 percent of total revenues
in the quarter.
Operating
Expenses
Operating
expenses for the quarter were $68.6 million, compared to $59.6 million in the
second quarter of fiscal 2005 and $70.6 million in the first quarter of fiscal
2006. Included in the second quarter of fiscal 2006 expenses were an additional
$0.8 million for
sales
commissions associated with higher-than-expected sales activity.
Operating
Income
Operating
income was $21.2 million with an operating margin of 23.6 percent. This compared
to operating income of $16.0 million with an operating margin of 21.2 percent
for the second quarter of fiscal 2005, and $14.5 million with an operating
margin of 17.1 percent for the first quarter of fiscal 2006. “We’ve begun to
recognize the accretion we expected from the S2 acquisition with a positive
contribution from that business in the second quarter,” added Heasley.
Other
Income
Other
income for the quarter was $1.9 million, compared to $1.0 million in the second
quarter of fiscal 2005.
Taxes
The
Company’s effective tax rate for the quarter was 35.0 percent. Tax provision for
the quarter was $8.1 million. The Company continues to estimate an effective
tax
rate of 35 percent for the remainder of the fiscal year. That estimated rate
could change based on continuing tax optimization efforts by the
Company.
Net
Income and Diluted Earnings Per Share
Net
income for the quarter was $15.0 million, or $0.39 per diluted share, compared
to $11.2 million, or $0.29 per diluted share during the same period last year,
an increase of 34 percent.
Operating
Cash Flow and Cash Balance
Operating
cash flow was $29.7 million compared to operating cash flow of $15.5 million
in
the second quarter of fiscal 2005. Included in the quarterly cash flow was
the
receipt from the Internal Revenue Service of $10.9 million reflecting a
previously disclosed expected tax refund. The Company's cash, cash equivalents
and marketable securities as of March 31, 2006, were $189.7 million. “Our
operating cash flow was very strong this quarter,” added Heasley. “Our healthy
balance sheet positions us well to seek out opportunities in the market,
in
order to add to our solutions portfolio and continue to increase our
international reach.”
During
the quarter, the Company repurchased 10,723 shares of its common stock for
approximately $0.3 million. From the inception of the Company’s stock repurchase
plan through March 31, 2006, the Company has repurchased a total of 1,955,086
shares for approximately $47.0 million. Total shares outstanding were 37.4
million as of March 31, 2006. During the second quarter, the Company received
$3.7 million in proceeds from employee stock option exercises.
Backlog
As
of
March 31, 2006, the Company's 12-month backlog was $257.5 million, as compared
to $254.4 million for the quarter ended December 31, 2005. The monthly recurring
portion of backlog, which includes monthly license fees, maintenance fees and
facilities management fees, amounted to $186.9 million. The non-recurring
portion of backlog, which totaled $70.6 million, includes other software license
fees and services.
As
of
March 31, 2006, the Company’s estimated 60-month backlog was $1.050 billion. For
comparison purposes, as of December 31, 2005, the Company’s estimated 60-month
backlog was $1.035 billion. “The increases in our 12-month and 60-month backlogs
were a direct result of continued strong sales activity, particularly in our
international markets,” added Heasley.
Guidance
The
Company has revised its revenue estimate for fiscal 2006 from a range of $345
million to $360 million to a range of $348 million to $360 million. The Company
has revised its diluted earnings per share estimate from a range of $1.46 to
$1.58 to a range of $1.51 to $1.63.
About
Transaction Systems Architects, Inc.
The
Company's software facilitates electronic payments by providing consumers and
companies access to their money. Its products are used to process transactions
involving credit cards, debit cards, secure electronic commerce, mobile
commerce, smart cards, secure electronic document delivery and payment, checks,
high-value money transfers, bulk payment clearing and settlement, and enterprise
e-infrastructure. The Company's solutions are used on more than 1,960 product
systems in 83 countries on six continents.
Forward-Looking
Statements
This
press release contains forward-looking statements based on current expectations
that involve a number of risks and uncertainties. Generally, forward-looking
statements do not relate strictly to historical or current facts and may include
words or phrases such as the Company “believes,” “expects,” “looks forward to,”
and words and phrases of similar impact, and include but are not limited to
statements regarding future operations, business strategy and business
environment and specifically include amounts estimated in the 12-month and
60-month backlogs and the Company’s revenue and earnings guidance. The
forward-looking statements are made pursuant to safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
in
this press release include, but are not limited to, statements regarding
the:
| · |
Company’s
12-month and 60-month backlog
estimates
|
| · |
Company’s
calculation of recurring and non-recurring
backlog
|
| · |
Company's
revenues and EPS estimates for fiscal
2006
|
| · |
Company’s
belief that factors that are serving to make older payment systems
obsolete and industry mandates are creating opportunities for the
Company
|
| · |
Company’s
belief that rebranding solutions under a common ACI Worldwide name
will
pay dividends or result in new business
opportunities
|
| · |
Expectation
regarding the prospects of the former S2
business
|
| · |
Company’s
belief that our healthy balance sheet positions us well to seek out
opportunities in the market, in order to add to our solutions portfolio
and continue to increase our international
reach
|
| · |
Company’s
belief that the Company’s estimated tax rate could change based on
continuing tax optimization efforts
|
Any
or
all of the forward-looking statements may turn out to be wrong. They can be
affected by the judgments and estimates underlying such assumptions or by known
or unknown risks and uncertainties. Many of these factors will be important
in
determining the Company’s actual future results. Consequently, no
forward-looking statement can be guaranteed. Actual future results may vary
materially from those expressed or implied in any forward-looking statements.
In
addition, the Company disclaims any obligation to update any forward-looking
statements after the date of this release.
All
of
the foregoing forward-looking statements are expressly qualified by the risk
factors discussed in the Company’s filings with the Securities and Exchange
Commission. For a detailed discussion of these risk factors, parties that are
relying on the forward-looking statements should review the Company's filings
with the Securities and Exchange Commission, including the Company's Form 10-K
filed on December 14, 2005, the Company’s Form 10-Q filed on February 9,
2006, and
specifically the section entitled “Factors That May Affect the Company's Future
Results or the Market Price of the Company's Common Stock.”
The
risks
identified in the Company’s filings with the Securities and Exchange Commission
include:
| · |
Risks
associated with the restructuring of the Company’s
organization
|
| · |
Risks
inherent in making an estimate of the Company's backlog which involve
substantial judgment and estimates; such risks relate to the Company’s
12-month and 60-month backlogs
|
| · |
Risks
associated with tax positions taken by the Company which require
substantial judgment and with which taxing authorities may not agree
|
| · |
Risks
associated with various lawsuits against the Company, including the
lawsuits filed against the Company and certain directors and officers
relating to its restatement of prior consolidated financial results,
including the adequacy of insurance coverage and the possibility
of
additional litigation
|
| · |
Risks
associated with litigation in the software industry regarding intellectual
property rights
|
| · |
Risks
associated with the Company's ability to protect its proprietary
rights
|
| · |
Risks
associated with the Company's concentration of business in the financial
services industry
|
| · |
Risks
associated with fluctuations in quarterly operating results and resulting
stock price volatility
|
| · |
Risks
associated with conducting international
operations
|
| · |
Risks
regarding the Company’s new BASE24-es
product
|
| · |
Risks
associated with the Company's dependence on its BASE24
solution
|
| · |
Risks
associated with the Company's dependence on the licensing of software
products that operate on Hewlett-Packard NonStop
servers
|
| · |
Risks
associated with the complexity of the Company’s software products
|
| · |
Risks
associated with the Company's acquisition of new products and services
or
enhancement of existing products and services through acquisitions
of
other companies, product lines, technologies and personnel, or through
investments in other companies
|
| · |
Risks
associated with the acquisition of S2 Systems and the integration
of its
operations and customers, including, without limitation, the risks
described in the Company’s Form 8-K filed July 1,
2005
|
| · |
Risks
associated with new accounting standards, or revised interpretations
or
guidance regarding existing
standards
|
| · |
Risks
associated with the assessment and maintenance of internal controls
over
the Company’s financial reporting
|
Backlog
Estimates
The
Company’s 12-month
and 60-month backlog estimates are based on the Company's judgment about future
events which, as described above, involve a number of risks and uncertainties.
The Company estimates backlog using the methodology described in the Company's
Form 10-Q filed on February 9, 2006 in the section entitled "Backlog" under
Item
2. -- MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF
OPERATIONS -- and on the Company's website at www.tsainc.com.
FINANCIAL
HIGHLIGHTS TO FOLLOW
|
TRANSACTION
SYSTEMS ARCHITECTS, INC.
|
||||||||
|
CONSOLIDATED
BALANCE SHEETS
|
||||||||
|
(in
thousands)
|
||||||||
|
March
31,
2006
|
September
30,
2005
|
|||||||
|
(unaudited)
|
||||||||
|
ASSETS
|
||||||||
|
Current
assets:
|
||||||||
|
Cash
and cash equivalents
|
$
|
113,539
|
$
|
83,693
|
||||
|
Marketable
securities
|
76,182
|
72,819
|
||||||
|
Billed
receivables, net
|
59,110
|
63,530
|
||||||
|
Accrued
receivables
|
8,547
|
5,535
|
||||||
|
Recoverable
income taxes
|
-
|
3,474
|
||||||
|
Deferred
income taxes, net
|
4,509
|
2,552
|
||||||
|
Other
|
11,959
|
13,009
|
||||||
|
Total
current assets
|
273,846
|
244,612
|
||||||
|
Property
and equipment, net
|
9,642
|
9,089
|
||||||
|
Software,
net
|
4,275
|
4,930
|
||||||
|
Goodwill
|
66,248
|
66,169
|
||||||
|
Other
intangible assets, net
|
12,481
|
13,573
|
||||||
|
Deferred
income taxes, net
|
21,566
|
21,884
|
||||||
|
Other
|
2,737
|
3,123
|
||||||
|
Total
assets
|
$
|
390,795
|
$
|
363,380
|
||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
|
Current
liabilities:
|
||||||||
|
Current
portion of debt - financing agreements
|
$
|
308
|
$
|
2,165
|
||||
|
Accounts
payable
|
6,316
|
9,521
|
||||||
|
Accrued
employee compensation
|
15,967
|
19,296
|
||||||
|
Income
taxes payable
|
8,999
|
-
|
||||||
|
Deferred
revenue
|
80,134
|
81,374
|
||||||
|
Accrued
and other liabilities
|
10,666
|
11,662
|
||||||
|
Total
current liabilities
|
122,390
|
124,018
|
||||||
|
Debt
- financing agreements
|
-
|
154
|
||||||
|
Deferred
revenue
|
20,429
|
20,450
|
||||||
|
Other
|
1,854
|
1,640
|
||||||
|
Total
liabilities
|
144,673
|
146,262
|
||||||
|
Stockholders'
equity:
|
||||||||
|
Common
stock
|
204
|
202
|
||||||
|
Treasury
stock, at cost
|
(82,251
|
)
|
(68,596
|
)
|
||||
|
Additional
paid-in capital
|
287,059
|
274,344
|
||||||
|
Retained
earnings
|
50,505
|
20,329
|
||||||
|
Accumulated
other comprehensive loss
|
(9,395
|
)
|
(9,161
|
)
|
||||
|
Total
stockholders' equity
|
246,122
|
217,118
|
||||||
|
Total
liabilities and stockholders' equity
|
$
|
390,795
|
$
|
363,380
|
||||
|
TRANSACTION
SYSTEMS ARCHITECTS, INC.
|
||||||||||||||
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
||||||||||||||
|
(unaudited
and in thousands, except per share amounts)
|
||||||||||||||
|
Three
Months Ended
March
31,
|
Six
Months Ended
March
31,
|
|||||||||||||
|
2006
|
2005
|
2006
|
2005
|
|||||||||||
|
Revenues:
|
||||||||||||||
|
Software
license fees
|
$
|
47,730
|
$
|
42,953
|
$
|
91,122
|
$
|
90,759
|
||||||
|
Maintenance
fees
|
24,746
|
22,649
|
50,064
|
44,729
|
||||||||||
|
Services
|
17,357
|
10,024
|
33,722
|
20,744
|
||||||||||
|
Total
revenues
|
89,833
|
75,626
|
174,908
|
156,232
|
||||||||||
|
Expenses:
|
||||||||||||||
|
Cost
of software license fees
|
7,505
|
5,725
|
14,440
|
11,631
|
||||||||||
|
Cost
of maintenance and services
|
19,056
|
13,818
|
39,947
|
27,654
|
||||||||||
|
Research
and development
|
9,978
|
10,223
|
19,730
|
20,138
|
||||||||||
|
Selling
and marketing
|
16,529
|
15,368
|
32,541
|
30,669
|
||||||||||
|
General
and administrative
|
15,563
|
14,449
|
32,533
|
28,012
|
||||||||||
|
Total
expenses
|
68,631
|
59,583
|
139,191
|
118,104
|
||||||||||
|
Operating
income
|
21,202
|
16,043
|
35,717
|
38,128
|
||||||||||
|
Other
income (expense):
|
||||||||||||||
|
Interest
income
|
1,586
|
864
|
4,513
|
1,448
|
||||||||||
|
Interest
expense
|
(87
|
)
|
(137
|
)
|
(116
|
)
|
(305
|
)
|
||||||
|
Other,
net
|
354
|
255
|
(12
|
)
|
(992
|
)
|
||||||||
|
Total
other income (expense)
|
1,853
|
982
|
4,385
|
151
|
||||||||||
|
Income
before income taxes
|
23,055
|
17,025
|
40,102
|
38,279
|
||||||||||
|
Income
tax provision
|
(8,069
|
)
|
(5,832
|
)
|
(9,926
|
)
|
(14,163
|
)
|
||||||
|
Net
income
|
$
|
14,986
|
$
|
11,193
|
$
|
30,176
|
$
|
24,116
|
||||||
|
Earnings
per share information:
|
||||||||||||||
|
Weighted
average shares outstanding:
|
||||||||||||||
|
Basic
|
37,241
|
38,121
|
37,247
|
37,949
|
||||||||||
|
Diluted
|
38,065
|
38,903
|
38,041
|
38,731
|
||||||||||
|
Earnings
per share:
|
||||||||||||||
|
Basic
|
$
|
0.40
|
$
|
0.29
|
$
|
0.81
|
$
|
0.64
|
||||||
|
Diluted
|
$
|
0.39
|
$
|
0.29
|
$
|
0.79
|
$
|
0.62
|
||||||
|
TRANSACTION
SYSTEMS ARCHITECTS,
INC.
|
||||||||
|
CONSOLIDATED
STATEMENTS OF CASH
FLOWS
|
||||||||
|
(unaudited
and in
thousands)
|
||||||||
|
Six
Months Ended March
31,
|
||||||||
|
2006
|
2005
|
|||||||
|
Cash
flows from operating activities:
|
||||||||
|
Net
income
|
$
|
30,176
|
$
|
24,116
|
||||
|
Adjustments
to reconcile net income to net cash
|
||||||||
|
provided
by operating activities:
|
||||||||
|
Depreciation
|
2,042
|
1,945
|
||||||
|
Amortization
|
1,861
|
441
|
||||||
|
Deferred
income taxes
|
(1,631
|
)
|
(5,285
|
)
|
||||
|
Share-based
compensation expense
|
2,884
|
-
|
||||||
|
Tax
benefit of stock options exercised
|
681
|
2,526
|
||||||
|
Changes
in operating assets and liabilities:
|
||||||||
|
Billed
and accrued receivables, net
|
1,094
|
(3,464
|
)
|
|||||
|
Other
current assets
|
1,044
|
(1,540
|
)
|
|||||
|
Other
assets
|
(6
|
)
|
(1,785
|
)
|
||||
|
Accounts
payable
|
(3,121
|
)
|
734
|
|||||
|
Accrued
employee compensation
|
(2,729
|
)
|
(1,322
|
)
|
||||
|
Accrued
liabilities
|
(697
|
)
|
(180
|
)
|
||||
|
Current
income taxes
|
12,474
|
8,062
|
||||||
|
Deferred
revenue
|
(946
|
)
|
6,044
|
|||||
|
Other
current and noncurrent liabilities
|
102
|
215
|
||||||
|
Net
cash provided by operating activities
|
43,228
|
30,507
|
||||||
|
Cash
flows from investing activities:
|
||||||||
|
Purchases
of property and equipment
|
(3,049
|
)
|
(1,577
|
)
|
||||
|
Purchases
of software
|
(255
|
)
|
(912
|
)
|
||||
|
Purchases
of marketable securities
|
(36,062
|
)
|
(76,875
|
)
|
||||
|
Sales
of marketable securities
|
32,703
|
3,778
|
||||||
|
Acquisition
of business
|
(59
|
)
|
-
|
|||||
|
Net
cash used in investing activities
|
(6,722
|
)
|
(75,586
|
)
|
||||
|
Cash
flows from financing activities:
|
||||||||
|
Proceeds
from issuance of common stock
|
589
|
487
|
||||||
|
Proceeds
from exercises of stock options
|
7,055
|
7,892
|
||||||
|
Excess
tax benefit of stock options exercised
|
1,506
|
-
|
||||||
|
Purchases
of common stock
|
(13,978
|
)
|
(7,249
|
)
|
||||
|
Payments
on debt - financing arrangements
|
(2,002
|
)
|
(4,984
|
)
|
||||
|
Other
|
122
|
397
|
||||||
|
Net
cash used in financing activities
|
(6,708
|
)
|
(3,457
|
)
|
||||
|
Effect
of exchange rate fluctuations on cash
|
48
|
1,837
|
||||||
|
Net
increase (decrease) in cash and cash equivalents
|
29,846
|
(46,699
|
)
|
|||||
|
Cash
and cash equivalents, beginning of period
|
83,693
|
134,198
|
||||||
|
Cash
and cash equivalents, end of period
|
$
|
113,539
|
$
|
87,499
|
||||