Annual report pursuant to Section 13 and 15(d)

GUARANTORS OF SECURITIES

v3.8.0.1
GUARANTORS OF SECURITIES
12 Months Ended
Dec. 31, 2017
Guarantees [Abstract]  
GUARANTORS OF SECURITIES
GUARANTORS OF SECURITIES
Era Group’s payment obligations under the 7.750% Senior Notes are jointly and severally guaranteed by all of its existing 100% owned U.S. subsidiaries that guarantee the Revolving Credit Facility and any future U.S. subsidiaries that guarantee the Revolving Credit Facility or other material indebtedness Era Group may incur in the future (the “Guarantors”). All the Guarantors currently guarantee the Revolving Credit Facility, and the guarantees of the Guarantors are full and unconditional and joint and several.
As a result of the agreement by the Guarantors to guarantee the 7.750% Senior Notes, the Company presents the following condensed consolidating balance sheets and statements of operations, comprehensive income and cash flows for Era Group (“Parent”), the Guarantors and the Company’s other subsidiaries (“Non-guarantors”). These statements should be read in conjunction with the accompanying consolidated financial statements and notes of the Company.
Supplemental Condensed Consolidating Balance Sheet as of December 31, 2017
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands, except share data)
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
10,800

 
$

 
$
2,783

 
$

 
$
13,583

Receivables:
 
 
 
 
 
 
 
 
 
Trade, net of allowance for doubtful accounts

 
33,092

 
5,872

 

 
38,964

Tax receivables

 

 
2,829

 

 
2,829

Other

 
1,126

 
497

 

 
1,623

Inventories, net

 
20,746

 
366

 

 
21,112

Prepaid expenses
349

 
721

 
133

 

 
1,203

Escrow deposits

 
3,250

 

 

 
3,250

Total current assets
11,149

 
58,935

 
12,480

 

 
82,564

Property and equipment

 
956,918

 
16,024

 

 
972,942

Accumulated depreciation

 
(296,573
)
 
(2,455
)
 

 
(299,028
)
Net property and equipment

 
660,345

 
13,569

 

 
673,914

Equity investments and advances

 
30,056

 

 

 
30,056

Investments in consolidated subsidiaries
161,350

 

 

 
(161,350
)
 

Intangible assets

 

 
1,122

 

 
1,122

Deferred income taxes
19,600

 

 

 
(19,600
)
 

Intercompany receivables
426,806

 

 

 
(426,806
)
 

Other assets
1,011

 
3,370

 
60

 

 
4,441

Total assets
$
619,916

 
$
752,706

 
$
27,231

 
$
(607,756
)
 
$
792,097

LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued expenses
$
638

 
$
13,655

 
$
2,128

 
$

 
$
16,421

Accrued wages and benefits

 
6,804

 
1,460

 

 
8,264

Accrued interest
549

 
57

 

 

 
606

Accrued income taxes

 
24

 
4

 

 
28

Current portion of long-term debt

 
1,663

 
1,073

 

 
2,736

Accrued other taxes
18

 
1,192

 
600

 

 
1,810

Accrued contingencies

 

 
859

 

 
859

Other current liabilities
848

 
835

 
37

 

 
1,720

Total current liabilities
2,053

 
24,230

 
6,161

 

 
32,444

Long-term debt
172,292

 
27,979

 
1,903

 

 
202,174

Deferred income taxes

 
124,948

 
1,250

 
(19,600
)
 
106,598

Intercompany payables

 
381,660

 
45,146

 
(426,806
)
 

Other liabilities

 
1,435

 
(1
)
 

 
1,434

Total liabilities
174,345

 
560,252

 
54,459

 
(446,406
)
 
342,650

Redeemable noncontrolling interest

 
4

 
3,762

 

 
3,766

Equity:
 
 
 
 
 
 
 
 
 
Era Group Inc. stockholders’ equity:
 
 
 
 
 
 
 
 
 
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,936,636 outstanding, exclusive of treasury shares
215

 

 

 

 
215

Additional paid-in capital
443,944

 
100,306

 
4,562

 
(104,868
)
 
443,944

Retained earnings
4,363

 
92,034

 
(35,552
)
 
(56,482
)
 
4,363

Treasury shares, at cost, 214,441 shares
(2,951
)
 

 

 

 
(2,951
)
Accumulated other comprehensive income, net of tax

 
110

 

 

 
110

Total equity
445,571

 
192,450

 
(30,990
)
 
(161,350
)
 
445,681

Total liabilities, redeemable noncontrolling interest and stockholders’ equity
$
619,916

 
$
752,706

 
$
27,231

 
$
(607,756
)
 
$
792,097

Supplemental Condensed Consolidating Balance Sheet as of December 31, 2016
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands, except share data)
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
25,474

 
$

 
$
1,476

 
$

 
$
26,950

Receivables:
 
 
 
 
 
 
 
 
 
Trade, net of allowance for doubtful accounts of $2,103
39

 
26,118

 
6,313

 

 
32,470

Tax receivables
9

 
4

 
3,448

 

 
3,461

Other

 
1,658

 
1,058

 

 
2,716

Inventories, net

 
25,156

 
261

 

 
25,417

Prepaid expenses
359

 
976

 
244

 

 
1,579

Escrow deposits

 
3,777

 

 

 
3,777

Total current assets
25,881

 
57,689

 
12,800

 

 
96,370

Property and equipment

 
1,138,020

 
16,008

 

 
1,154,028

Accumulated depreciation

 
(330,735
)
 
(1,484
)
 

 
(332,219
)
Net property and equipment

 
807,285

 
14,524

 

 
821,809

Equity investments and advances

 
29,266

 

 

 
29,266

Investments in consolidated subsidiaries
174,830

 

 

 
(174,830
)
 

Intangible assets

 

 
1,137

 

 
1,137

Deferred income taxes
12,262

 

 

 
(12,262
)
 

Intercompany receivables
460,623

 

 

 
(460,623
)
 

Other assets
1,820

 
4,723

 
48

 

 
6,591

Total assets
$
675,416

 
$
898,963

 
$
28,509

 
$
(647,715
)
 
$
955,173

LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued expenses
$
322

 
$
6,273

 
$
2,281

 
$

 
$
8,876

Accrued wages and benefits

 
6,446

 
2,061

 

 
8,507

Accrued interest
529

 

 

 

 
529

Accrued income taxes

 
653

 
13

 

 
666

Current portion of long-term debt

 
1,524

 
615

 

 
2,139

Accrued other taxes
29

 
645

 
773

 

 
1,447

Accrued contingencies

 

 
1,237

 

 
1,237

Other current liabilities
481

 
1,525

 
216

 

 
2,222

Total current liabilities
1,361

 
17,066

 
7,196

 

 
25,623

Long-term debt
205,730

 
21,642

 
2,767

 

 
230,139

Deferred income taxes

 
237,067

 
667

 
(12,262
)
 
225,472

Intercompany payables

 
426,410

 
34,213

 
(460,623
)
 

Other liabilities

 
1,301

 

 

 
1,301

Total liabilities
207,091

 
703,486

 
44,843

 
(472,885
)
 
482,535

Redeemable noncontrolling interest

 
4

 
4,217

 

 
4,221

Equity:
 
 
 
 
 
 
 
 
 
Era Group Inc. stockholders’ equity:
 
 
 
 
 
 
 
 
 
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,936,636 outstanding, exclusive of treasury shares
211

 

 

 

 
211

Additional paid-in capital
438,489

 
100,306

 
4,562

 
(104,868
)
 
438,489

Retained earnings
32,524

 
95,075

 
(25,113
)
 
(69,962
)
 
32,524

Treasury shares, at cost, 175,350 shares
(2,899
)
 

 

 

 
(2,899
)
Accumulated other comprehensive income, net of tax

 
92

 

 

 
92

Total equity
468,325

 
195,473

 
(20,551
)
 
(174,830
)
 
468,417

Total liabilities, redeemable noncontrolling interest and stockholders’ equity
$
675,416

 
$
898,963

 
$
28,509

 
$
(647,715
)
 
$
955,173

Supplemental Condensed Consolidating Statements of Operations for the Year Ended December 31, 2017
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Operating revenues
$

 
$
201,653

 
$
60,466

 
$
(30,798
)
 
$
231,321

Costs and expenses:
 
 
 
 
 
 
 
 
 
Operating

 
133,077

 
65,167

 
(30,798
)
 
167,446

Administrative and general
7,887

 
28,451

 
5,754

 

 
42,092

Depreciation

 
44,756

 
980

 

 
45,736

Total costs and expenses
7,887

 
206,284

 
71,901

 
(30,798
)
 
255,274

Gains on asset dispositions, net

 
4,364

 
143

 

 
4,507

Loss on impairment

 
(116,586
)
 
(432
)
 

 
(117,018
)
Operating income (loss)
(7,887
)
 
(116,853
)
 
(11,724
)
 

 
(136,464
)
Other income (expense):
 
 
 
 
 
 
 
 
 
Interest income
108

 
419

 
233

 

 
760

Interest expense
(14,495
)
 
(800
)
 
(1,468
)
 

 
(16,763
)
Foreign currency gains, net
256

 
330

 
(812
)
 

 
(226
)
Other, net

 
143

 
(155
)
 

 
(12
)
Total other income (expense)
(14,131
)
 
92

 
(2,202
)
 

 
(16,241
)
Income (loss) before income taxes and equity earnings
(22,018
)
 
(116,761
)
 
(13,926
)
 

 
(152,705
)
Income tax expense (benefit)
(7,338
)
 
(112,295
)
 
(3,032
)
 

 
(122,665
)
Income (loss) before equity earnings
(14,680
)
 
(4,466
)
 
(10,894
)
 

 
(30,040
)
Equity earnings, net of tax


 
1,425

 

 


 
1,425

Equity in earnings (losses) of subsidiaries
(13,481
)
 

 

 
13,481

 

Net income (loss)
(28,161
)
 
(3,041
)
 
(10,894
)
 
13,481

 
(28,615
)
Net loss attributable to non-controlling interest in subsidiary

 

 
454

 

 
454

Net income (loss) attributable to Era Group Inc.
$
(28,161
)
 
$
(3,041
)
 
$
(10,440
)
 
$
13,481

 
$
(28,161
)
Supplemental Condensed Consolidating Statements of Operations for the Year Ended December 31, 2016
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Operating revenues
$

 
$
225,773

 
$
61,514

 
$
(40,059
)
 
$
247,228

Costs and expenses:
 
 
 
 
 
 
 
 
 
Operating

 
138,350

 
71,572

 
(40,059
)
 
169,863

Administrative and general
3,744

 
27,834

 
4,628

 

 
36,206

Depreciation

 
48,248

 
1,067

 

 
49,315

Total costs and expenses
3,744

 
214,432

 
77,267

 
(40,059
)
 
255,384

Gains on asset dispositions, net

 
5,035

 
(248
)
 

 
4,787

Operating income
(3,744
)
 
16,376

 
(16,001
)
 

 
(3,369
)
Other income (expense):
 
 
 
 
 
 
 
 
 
Interest income
56

 
472

 
213

 

 
741

Interest expense
(16,033
)
 
(809
)
 
(483
)
 

 
(17,325
)
Derivative losses, net

 

 

 

 

Foreign currency gains (losses), net
(77
)
 
(879
)
 
963

 

 
7

Gain on debt extinguishment
518

 

 

 

 
518

Other, net

 
11

 
58

 

 
69

Total other income (expense)
(15,536
)
 
(1,205
)
 
751

 

 
(15,990
)
Income (loss) before income taxes and equity earnings
(19,280
)
 
15,171

 
(15,250
)
 

 
(19,359
)
Income tax expense (benefit)
(8,807
)
 
4,971

 
479

 

 
(3,357
)
Income (loss) before equity earnings
(10,473
)
 
10,200

 
(15,729
)
 

 
(16,002
)
Equity earnings, net of tax

 
1,092

 

 

 
1,092

Equity in earnings (losses) of subsidiaries
2,495

 

 

 
(2,495
)
 

Net income (loss)
(7,978
)
 
11,292

 
(15,729
)
 
(2,495
)
 
(14,910
)
Net income attributable to non-controlling interest in subsidiary

 
6,349

 
583

 

 
6,932

Net income (loss) attributable to Era Group Inc.
$
(7,978
)
 
$
17,641

 
$
(15,146
)
 
$
(2,495
)
 
$
(7,978
)
Supplemental Condensed Consolidating Statements of Operations for the Year Ended December 31, 2015
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Operating revenues
$

 
$
262,898

 
$
18,952

 
$
(13
)
 
$
281,837

Costs and expenses:
 
 
 
 
 
 
 
 
 
Operating

 
149,702

 
21,792

 
(13
)
 
171,481

Administrative and general
6,484

 
33,326

 
3,002

 

 
42,812

Depreciation

 
46,722

 
615

 

 
47,337

Total costs and expenses
6,484

 
229,750

 
25,409

 
(13
)
 
261,630

Gains on asset dispositions, net

 
8,582

 
(2,629
)
 

 
5,953

Goodwill impairment

 
(352
)
 
(1,514
)
 

 
(1,866
)
Operating income (loss)
(6,484
)
 
41,378

 
(10,600
)
 

 
24,294

Other income (expense):
 
 
 
 
 
 
 
 
 
Interest income
16

 
900

 
275

 

 
1,191

Interest expense
(12,479
)
 
(773
)
 
(274
)
 

 
(13,526
)
Intercompany interest income (expense)

 

 

 

 

Foreign currency gains (losses), net
569

 
(3,119
)
 
(40
)
 

 
(2,590
)
Gain on debt extinguishment
1,617

 

 

 

 
1,617

Gain on sale of FBO
12,946

 

 

 

 
12,946

Other, net
(3
)
 
63

 
(15
)
 

 
45

Total other income (expense)
2,666

 
(2,947
)
 
(54
)
 

 
(335
)
Income (loss) before income taxes and equity earnings
(3,818
)
 
38,431

 
(10,654
)
 

 
23,959

Income tax expense (benefit)
(3,368
)
 
17,625

 
(140
)
 

 
14,117

Income (loss) before equity earnings
(450
)
 
20,806

 
(10,514
)
 

 
9,842

Equity losses, net of tax

 
(1,943
)
 

 

 
(1,943
)
Equity in earnings (losses) of subsidiaries
9,155

 

 

 
(9,155
)
 

Net income (loss)
8,705

 
18,863

 
(10,514
)
 
(9,155
)
 
7,899

Net loss attributable to non-controlling interest in subsidiary

 
376

 
430

 

 
806

Net income (loss) attributable to Era Group Inc.
$
8,705

 
$
19,239

 
$
(10,084
)
 
$
(9,155
)
 
$
8,705

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2017
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
$
(28,161
)
 
$
(3,041
)
 
$
(10,894
)
 
$
13,481

 
$
(28,615
)
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments

 
18

 

 

 
18

Income tax benefit

 

 

 

 

Total other comprehensive income (loss)

 
18

 

 

 
18

Comprehensive income (loss)
(28,161
)
 
(3,023
)
 
(10,894
)
 
13,481

 
(28,597
)
Comprehensive loss attributable to non-controlling interest in subsidiary

 

 
454

 

 
454

Comprehensive income (loss) attributable to Era Group Inc.
$
(28,161
)
 
$
(3,023
)
 
$
(10,440
)
 
$
13,481

 
$
(28,143
)

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2016
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
$
(7,978
)
 
$
11,292

 
$
(15,729
)
 
$
(2,495
)
 
$
(14,910
)
Other comprehensive loss:
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments

 

 

 

 

Income tax benefit

 

 

 

 

Total other comprehensive loss

 

 

 

 

Comprehensive income (loss)
(7,978
)
 
11,292

 
(15,729
)
 
(2,495
)
 
(14,910
)
Comprehensive loss attributable to non-controlling interest in subsidiary

 
6,349

 
583

 

 
6,932

Comprehensive income (loss) attributable to Era Group Inc.
$
(7,978
)
 
$
17,641

 
$
(15,146
)
 
$
(2,495
)
 
$
(7,978
)

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2015
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
$
8,705

 
$
18,863

 
$
(10,514
)
 
$
(9,155
)
 
$
7,899

Other comprehensive loss:
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments

 
(4
)
 

 

 
(4
)
Income tax benefit

 
1

 

 

 
1

Total other comprehensive loss

 
(3
)
 

 

 
(3
)
Comprehensive income (loss)
8,705

 
18,860

 
(10,514
)
 
(9,155
)
 
7,896

Comprehensive loss attributable to non-controlling interest in subsidiary

 
376

 
430

 

 
806

Comprehensive income (loss) attributable to Era Group Inc.
$
8,705

 
$
19,236

 
$
(10,084
)
 
$
(9,155
)
 
$
8,702

Supplemental Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2017
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net cash provided by (used in) operating activities
$
(14,706
)
 
$
32,601

 
$
2,201

 
$

 
$
20,096

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property and equipment

 
(16,600
)
 
(170
)
 

 
(16,770
)
Proceeds from disposition of property and equipment

 
9,392

 

 

 
9,392

Principal payments on notes due from equity investees

 
761

 

 

 
761

Investments in and advances to equity investees

 
(126
)
 

 

 
(126
)
Principal payments on third party notes receivable

 
169

 

 

 
169

Escrow deposits on like-kind exchanges, net

 
527

 

 

 
527

Net cash used in investing activities

 
(5,877
)
 
(170
)
 

 
(6,047
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from Revolving Credit Facility

 
8,000

 

 
9,000

 
17,000

Payments on long-term debt

 
(1,526
)
 
(755
)
 
(43,000
)
 
(45,281
)
Proceeds from share award plans

 

 

 
836

 
836

Purchase of treasury shares

 

 

 
(52
)
 
(52
)
Borrowings and repayments of intercompany debt

 
(33,216
)
 

 
33,216

 

Net cash used in financing activities

 
(26,742
)
 
(755
)
 

 
(27,497
)
Effects of exchange rate changes on cash and cash equivalents
32

 
18

 
31

 

 
81

Net increase (decrease) in cash and cash equivalents
(14,674
)
 

 
1,307

 

 
(13,367
)
Cash and cash equivalents, beginning of period
25,474

 

 
1,476

 

 
26,950

Cash and cash equivalents, end of period
$
10,800

 
$

 
$
2,783

 
$

 
$
13,583


Supplemental Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2016
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net cash provided by (used in) operating activities
$
17,909

 
$
41,239

 
$
(644
)
 
$

 
$
58,504

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property and equipment

 
(39,020
)
 
(180
)
 


 
(39,200
)
Proceeds from disposition of property and equipment

 
28,381

 
228

 


 
28,609

Return of helicopter deposits

 
544

 

 

 
544

Principal payments on notes due from equity investees

 
723

 

 

 
723

Principal payments on third party notes receivable

 
208

 

 

 
208

Escrow deposits, net

 
(3,848
)
 

 
190

 
(3,658
)
Repayment of intercompany debt

 
190

 

 
(190
)
 

Net cash used in investing activities

 
(12,822
)
 
48

 

 
(12,774
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from Revolving Credit Facility

 

 

 
12,000

 
12,000

Long-term debt issuance costs

 

 

 
(886
)
 
(886
)
Payments on long-term debt

 
(1,803
)
 
(1,641
)
 
(37,000
)
 
(40,444
)
Extinguishment of long-term debt

 

 

 
(4,331
)
 
(4,331
)
Proceeds from share award plans

 

 

 
836

 
836

Purchase of treasury shares

 

 

 
(161
)
 
(161
)
Repayment of intercompany debt

 
(29,542
)
 

 
29,542

 

Net cash provided by financing activities

 
(31,345
)
 
(1,641
)
 

 
(32,986
)
Effects of exchange rate changes on cash and cash equivalents

 
(406
)
 
242

 

 
(164
)
Net increase (decrease) in cash and cash equivalents
17,909

 
(3,334
)
 
(1,995
)
 

 
12,580

Cash and cash equivalents, beginning of period
7,565

 
3,334

 
3,471

 

 
14,370

Cash and cash equivalents, end of period
$
25,474

 
$

 
$
1,476

 
$

 
$
26,950


Supplemental Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2015
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net cash provided by operating activities
$
(8,916
)
 
$
38,111

 
$
15,261

 
$

 
$
44,456

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property and equipment

 
(60,046
)
 
(11,774
)
 
11,770

 
(60,050
)
Proceeds from disposition of property and equipment

 
37,098

 

 
(11,770
)
 
25,328

Cash settlements on forward contracts, net

 
(1,103
)
 

 

 
(1,103
)
Business acquisitions, net of cash acquired

 

 
(1,747
)
 

 
(1,747
)
Investments in and advances to equity investees

 
(36
)
 

 

 
(36
)
Proceeds from sale of FBO

 

 

 
14,252

 
14,252

Principal payments on notes due from equity investees

 
688

 

 

 
688

Principal payments on third party notes receivable

 
52

 

 

 
52

Escrow deposits, net

 
(1
)
 

 
(190
)
 
(191
)
Repayment of intercompany debt

 
14,062

 

 
(14,062
)
 

Net cash used in investing activities

 
(9,286
)
 
(13,521
)
 

 
(22,807
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from Revolving Credit Facility

 

 

 
60,000

 
60,000

Long-term debt issuance costs

 
(71
)
 

 

 
(71
)
Payments on long-term debt

 
(2,458
)
 
(467
)
 
(55,000
)
 
(57,925
)
Extinguishment of long-term debt

 

 

 
(46,920
)
 
(46,920
)
Proceeds from share awards plans

 

 

 
1,096

 
1,096

Tax expense on vested restricted stock

 

 

 
(127
)
 
(127
)
Purchase of treasury shares

 

 

 
(2,079
)
 
(2,079
)
Repayment of intercompany debt

 
(43,030
)
 

 
43,030

 

Net cash used in financing activities

 
(45,559
)
 
(467
)
 

 
(46,026
)
Effects of exchange rate changes on cash and cash equivalents

 
(2,120
)
 

 

 
(2,120
)
Net increase (decrease) in cash and cash equivalents
(8,916
)
 
(18,854
)
 
1,273

 

 
(26,497
)
Cash and cash equivalents, beginning of period
16,481

 
22,188

 
2,198

 

 
40,867

Cash and cash equivalents, end of period
$
7,565

 
$
3,334

 
$
3,471

 
$

 
$
14,370