Quarterly report pursuant to Section 13 or 15(d)

GUARANTORS OF SECURITIES

v3.7.0.1
GUARANTORS OF SECURITIES
6 Months Ended
Jun. 30, 2017
Guarantees [Abstract]  
GUARANTORS OF SECURITIES
GUARANTORS OF SECURITIES
On December 7, 2012, Era Group issued the 7.750% Senior Notes. 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 these subsidiaries to guarantee the 7.750% Senior Notes, the Company is presenting 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 unaudited condensed consolidated financial statements of the Company. The supplemental condensed consolidating financial information has been prepared pursuant to the rules and regulations for condensed financial information and does not include all disclosures included in annual financial statements.
Supplemental Condensed Consolidating Balance Sheet as of June 30, 2017
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands, except share data)
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
27,441

 
$

 
$
1,437

 
$

 
$
28,878

Receivables:
 
 
 
 
 
 
 
 
 
Trade, net of allowance for doubtful accounts of $1,249

 
27,553

 
5,271

 

 
32,824

Tax receivable
9

 
7

 
2,984

 

 
3,000

Other

 
2,213

 
959

 

 
3,172

Inventories, net

 
24,019

 
277

 

 
24,296

Prepaid expenses
516

 
1,809

 
193

 

 
2,518

Escrow deposits

 

 

 

 

Total current assets
27,966

 
55,601

 
11,121

 

 
94,688

Property and equipment

 
1,147,968

 
16,080

 

 
1,164,048

Accumulated depreciation

 
(351,829
)
 
(2,001
)
 

 
(353,830
)
Property and equipment, net

 
796,139

 
14,079

 

 
810,218

Equity investments and advances

 
29,852

 

 

 
29,852

Investments in consolidated subsidiaries
172,974

 

 

 
(172,974
)
 

Intangible assets

 

 
1,129

 

 
1,129

Deferred taxes
15,445

 

 

 
(15,445
)
 

Intercompany receivables
444,558

 

 

 
(444,558
)
 

Other assets
1,415

 
4,116

 
62

 

 
5,593

Total assets
$
662,358

 
$
885,708

 
$
26,391

 
$
(632,977
)
 
$
941,480

LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued expenses
$
174

 
$
10,347

 
$
2,363

 
$

 
$
12,884

Accrued wages and benefits

 
6,905

 
1,803

 

 
8,708

Accrued interest
527

 

 

 

 
527

Accrued income taxes

 
259

 
32

 

 
291

Accrued other taxes
9

 
631

 
505

 

 
1,145

Accrued contingencies

 

 
1,334

 

 
1,334

Current portion of long-term debt

 
1,523

 
638

 

 
2,161

Other current liabilities
684

 
1,492

 
414

 

 
2,590

Total current liabilities
1,394

 
21,157

 
7,089

 

 
29,640

Long-term debt
198,005

 
20,811

 
2,538

 

 
221,354

Deferred income taxes

 
237,289

 
880

 
(15,445
)
 
222,724

Intercompany payables

 
404,139

 
40,419

 
(444,558
)
 

Other liabilities

 
944

 

 

 
944

Total liabilities
199,399

 
684,340

 
50,926

 
(460,003
)
 
474,662

Redeemable noncontrolling interest

 
4

 
3,765

 

 
3,769

Equity:
 
 
 
 
 
 
 
 
 
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,270,272 outstanding, exclusive of treasury shares
215

 

 

 

 
215

Additional paid-in capital
441,595

 
100,306

 
4,562

 
(104,868
)
 
441,595

Retained earnings
24,117

 
100,968

 
(32,862
)
 
(68,106
)
 
24,117

Treasury shares, at cost, 179,730 shares
(2,968
)
 

 

 

 
(2,968
)
Accumulated other comprehensive income, net of tax

 
90

 

 

 
90

Total equity
462,959

 
201,364

 
(28,300
)
 
(172,974
)
 
463,049

Total liabilities, redeemable noncontrolling interest and stockholders’ equity
$
662,358

 
$
885,708

 
$
26,391

 
$
(632,977
)
 
$
941,480

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 $1,219
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:
 
 
 
 
 
 
 
 
 
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,936,636 shares 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 Three Months Ended June 30, 2017
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Operating revenues
$

 
$
51,598

 
$
14,003

 
$
(7,723
)
 
$
57,878

Costs and expenses:
 
 
 
 
 
 
 
 
 
Operating

 
33,178

 
15,880

 
(7,723
)
 
41,335

Administrative and general
1,110

 
7,304

 
1,488

 

 
9,902

Depreciation

 
11,727

 
251

 

 
11,978

Total costs and expenses
1,110

 
52,209

 
17,619

 
(7,723
)
 
63,215

Gains on asset dispositions, net

 
5,061

 

 

 
5,061

Operating income (loss)
(1,110
)
 
4,450

 
(3,616
)
 

 
(276
)
Other income (expense):
 
 
 
 
 
 
 
 
 
Interest income
28

 
107

 
50

 

 
185

Interest expense
(3,721
)
 
(159
)
 
(54
)
 

 
(3,934
)
Foreign currency gains (losses), net
129

 
160

 
(425
)
 

 
(136
)
Other, net

 
1

 
(9
)
 

 
(8
)
Total other income (expense)
(3,564
)
 
109

 
(438
)
 

 
(3,893
)
Income (loss) before income taxes and equity earnings
(4,674
)
 
4,559

 
(4,054
)
 

 
(4,169
)
Income tax expense (benefit)
(1,307
)
 
10

 
571

 

 
(726
)
Income (loss) before equity earnings
(3,367
)
 
4,549

 
(4,625
)
 

 
(3,443
)
Equity earnings, net of tax

 
371

 

 

 
371

Equity in earnings (losses) of subsidiaries
580

 

 

 
(580
)
 

Net income (loss)
(2,787
)
 
4,920

 
(4,625
)
 
(580
)
 
(3,072
)
Net loss attributable to noncontrolling interest in subsidiary

 

 
285

 

 
285

Net income (loss) attributable to Era Group Inc.
$
(2,787
)
 
$
4,920

 
$
(4,340
)
 
$
(580
)
 
$
(2,787
)
Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended June 30, 2016
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Operating revenues
$

 
$
57,392

 
$
17,788

 
$
(11,829
)
 
$
63,351

Costs and expenses:
 
 
 
 
 
 
 
 
 
Operating

 
38,760

 
20,465

 
(11,829
)
 
47,396

Administrative and general
871

 
6,875

 
394

 

 
8,140

Depreciation

 
12,414

 
277

 

 
12,691

Total costs and expenses
871

 
58,049

 
21,136

 
(11,829
)
 
68,227

Gains on asset dispositions, net

 
1,367

 

 

 
1,367

Operating income
(871
)
 
710

 
(3,348
)
 

 
(3,509
)
Other income (expense):
 
 
 
 
 
 
 
 
 
Interest income
9

 
119

 
275

 

 
403

Interest expense
(3,841
)
 
(136
)
 
(153
)
 

 
(4,130
)
Foreign currency gains (losses), net
(52
)
 
(110
)
 
491

 

 
329

Gain on debt extinguishment
518

 

 

 

 
518

Other, net

 
1

 
45

 

 
46

Total other income (expense)
(3,366
)
 
(126
)
 
658

 

 
(2,834
)
Income (loss) before income taxes and equity earnings
(4,237
)
 
584

 
(2,690
)
 

 
(6,343
)
Income tax benefit
(490
)
 
(742
)
 

 

 
(1,232
)
Income (loss) before equity earnings
(3,747
)
 
1,326

 
(2,690
)
 

 
(5,111
)
Equity losses, net of tax

 
601

 

 

 
601

Equity in earnings (losses) of subsidiaries
5,685

 

 

 
(5,685
)
 

Net income (loss)
1,938

 
1,927

 
(2,690
)
 
(5,685
)
 
(4,510
)
Net loss attributable to noncontrolling interest in subsidiary

 
6,349

 
99

 

 
6,448

Net income (loss) attributable to Era Group Inc.
$
1,938

 
$
8,276

 
$
(2,591
)
 
$
(5,685
)
 
$
1,938

Supplemental Condensed Consolidating Statements of Operations for the Six Months Ended June 30, 2017
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Operating revenues
$

 
$
99,631

 
$
29,403

 
$
(16,629
)
 
$
112,405

Costs and expenses:
 
 
 
 
 
 
 
 
 
Operating

 
62,291

 
33,430

 
(16,629
)
 
79,092

Administrative and general
2,975

 
14,342

 
2,966

 

 
20,283

Depreciation

 
23,047

 
485

 

 
23,532

Total costs and expenses
2,975

 
99,680

 
36,881

 
(16,629
)
 
122,907

Gains on asset dispositions, net

 
5,170

 

 

 
5,170

Operating income (loss)
(2,975
)
 
5,121

 
(7,478
)
 

 
(5,332
)
Other income (expense):
 
 
 
 
 
 
 
 
 
Interest income
49

 
218

 
168

 

 
435

Interest expense
(6,962
)
 
(457
)
 
(104
)
 

 
(7,523
)
Foreign currency gains (losses), net
154

 
168

 
(430
)
 

 
(108
)
Other, net

 
1

 
3

 

 
4

Total other income (expense)
(6,759
)
 
(70
)
 
(363
)
 

 
(7,192
)
Income (loss) before income taxes and equity earnings
(9,734
)
 
5,051

 
(7,841
)
 

 
(12,524
)
Income tax expense (benefit)
(3,183
)
 
(6
)
 
360

 

 
(2,829
)
Income (loss) before equity earnings
(6,551
)
 
5,057

 
(8,201
)
 

 
(9,695
)
Equity earnings, net of tax

 
836

 

 

 
836

Equity in earnings (losses) of subsidiaries
(1,856
)
 

 

 
1,856

 

Net income (loss)
(8,407
)
 
5,893

 
(8,201
)
 
1,856

 
(8,859
)
Net loss attributable to noncontrolling interest in subsidiary

 

 
452

 

 
452

Net income (loss) attributable to Era Group Inc.
$
(8,407
)
 
$
5,893

 
$
(7,749
)
 
$
1,856

 
$
(8,407
)
Supplemental Condensed Consolidating Statements of Operations for the Six Months Ended June 30, 2016
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Operating revenues
$

 
$
116,477

 
$
31,883

 
$
(22,427
)
 
$
125,933

Costs and expenses:
 
 
 
 
 
 
 
 
 
Operating

 
75,368

 
38,762

 
(22,427
)
 
91,703

Administrative and general
1,919

 
13,959

 
1,489

 

 
17,367

Depreciation

 
24,900

 
557

 

 
25,457

Total costs and expenses
1,919

 
114,227

 
40,808

 
(22,427
)
 
134,527

Gains on asset dispositions, net

 
4,280

 

 

 
4,280

Operating income
(1,919
)
 
6,530

 
(8,925
)
 

 
(4,314
)
Other income (expense):
 
 
 
 
 
 
 
 
 
Interest income
13

 
242

 
449

 

 
704

Interest expense
(8,184
)
 
(284
)
 
(410
)
 

 
(8,878
)
Foreign currency gains (losses), net
17

 
(224
)
 
817

 

 
610

Gain on debt extinguishment
518

 

 

 

 
518

Other, net

 
1

 
28

 

 
29

Total other income (expense)
(7,636
)
 
(265
)
 
884

 

 
(7,017
)
Income (loss) before income taxes and equity earnings
(9,555
)
 
6,265

 
(8,041
)
 

 
(11,331
)
Income tax benefit
(1,719
)
 
(527
)
 

 

 
(2,246
)
Income (loss) before equity earnings
(7,836
)
 
6,792

 
(8,041
)
 

 
(9,085
)
Equity losses, net of tax

 
625

 

 

 
625

Equity in earnings (losses) of subsidiaries
5,956

 

 

 
(5,956
)
 

Net income (loss)
(1,880
)
 
7,417

 
(8,041
)
 
(5,956
)
 
(8,460
)
Net loss attributable to noncontrolling interest in subsidiary

 
6,349

 
231

 

 
6,580

Net income (loss) attributable to Era Group Inc.
$
(1,880
)
 
$
13,766

 
$
(7,810
)
 
$
(5,956
)
 
$
(1,880
)
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended June 30, 2017
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
$
(2,787
)
 
$
4,920

 
$
(4,625
)
 
$
(580
)
 
$
(3,072
)
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments

 

 

 

 

Income tax benefit

 

 

 

 

Total other comprehensive income (loss)

 

 

 

 

Comprehensive income (loss)
(2,787
)
 
4,920

 
(4,625
)
 
(580
)
 
(3,072
)
Comprehensive loss attributable to noncontrolling interest in subsidiary

 

 
285

 

 
285

Comprehensive income (loss) attributable to Era Group Inc.
$
(2,787
)
 
$
4,920

 
$
(4,340
)
 
$
(580
)
 
$
(2,787
)

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended June 30, 2016
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
$
1,938

 
$
1,927

 
$
(2,690
)
 
$
(5,685
)
 
$
(4,510
)
Other comprehensive loss:
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments

 

 

 

 

Income tax benefit

 

 

 

 

Total other comprehensive loss

 

 

 

 

Comprehensive income (loss)
1,938

 
1,927

 
(2,690
)
 
(5,685
)
 
(4,510
)
Comprehensive income attributable to noncontrolling interest in subsidiary

 
6,349

 
99

 

 
6,448

Comprehensive income (loss) attributable to Era Group Inc.
$
1,938

 
$
8,276

 
$
(2,591
)
 
$
(5,685
)
 
$
1,938

plemental Condensed Consolidating Statements of Comprehensive Income for the Six Months Ended June 30, 2017
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
$
(8,407
)
 
$
5,893

 
$
(8,201
)
 
$
1,856

 
$
(8,859
)
Other comprehensive loss:
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments

 
(2
)
 

 

 
(2
)
Income tax benefit

 

 

 

 

Total other comprehensive loss

 
(2
)
 

 

 
(2
)
Comprehensive income (loss)
(8,407
)
 
5,891

 
(8,201
)
 
1,856

 
(8,861
)
Comprehensive loss attributable to noncontrolling interest in subsidiary

 

 
452

 

 
452

Comprehensive income (loss) attributable to Era Group Inc.
$
(8,407
)
 
$
5,891

 
$
(7,749
)
 
$
1,856

 
$
(8,409
)

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Six Months Ended June 30, 2016
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
$
(1,880
)
 
$
7,417

 
$
(8,041
)
 
$
(5,956
)
 
$
(8,460
)
Other comprehensive loss:
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments

 

 

 

 

Income tax benefit

 

 

 

 

Total other comprehensive loss

 

 

 

 

Comprehensive income (loss)
(1,880
)
 
7,417

 
(8,041
)
 
(5,956
)
 
(8,460
)
Comprehensive loss attributable to noncontrolling interest in subsidiary

 
6,349

 
231

 

 
6,580

Comprehensive income (loss) attributable to Era Group Inc.
$
(1,880
)
 
$
13,766

 
$
(7,810
)
 
$
(5,956
)
 
$
(1,880
)
Supplemental Condensed Consolidating Statements of Cash Flows for the Six Months Ended June 30, 2017
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net cash provided by (used in) operating activities
$
1,967

 
$
11,086

 
$
321

 
$

 
$
13,374

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property and equipment

 
(12,490
)
 
(34
)
 

 
(12,524
)
Proceeds from disposition of property and equipment

 
5,689

 

 

 
5,689

Investments in and advances to equity method investees

 
(126
)
 

 

 
(126
)
Principal payments on notes due from equity investees

 
375

 

 

 
375

Principal payments on third party notes receivable

 
94

 

 

 
94

Escrow deposits on like-kind exchanges, net

 
3,777

 

 

 
3,777

Net cash provided by (used in) investing activities

 
(2,681
)
 
(34
)
 

 
(2,715
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Payments on long-term debt

 
(832
)
 
(330
)
 
(17,000
)
 
(18,162
)
Proceeds from Revolving Credit Facility

 

 

 
9,000

 
9,000

Proceeds from share award plans

 

 

 
463

 
463

Purchase of treasury shares

 

 

 
(51
)
 
(51
)
Borrowings and repayments of intercompany debt

 
(7,588
)
 

 
7,588

 

Net cash used in financing activities

 
(8,420
)
 
(330
)
 

 
(8,750
)
Effects of exchange rate changes on cash and cash equivalents

 
15

 
4

 

 
19

Net increase (decrease) in cash and cash equivalents
1,967

 

 
(39
)
 

 
1,928

Cash and cash equivalents, beginning of period
25,474

 

 
1,476

 

 
26,950

Cash and cash equivalents, end of period
$
27,441

 
$

 
$
1,437

 
$

 
$
28,878


Supplemental Condensed Consolidating Statements of Cash Flows for the Six Months Ended June 30, 2016
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net cash provided by (used in) operating activities
$
28,465

 
$
1,126

 
$
(1,030
)
 
$

 
$
28,561

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property and equipment

 
(4,974
)
 
(132
)
 

 
(5,106
)
Proceeds from disposition of property and equipment

 
5,910

 

 

 
5,910

Return of helicopter deposit

 
544

 

 

 
544

Principal payments on notes due from equity investees

 
357

 

 

 
357

Principal payments on third party notes receivable

 
136

 

 

 
136

Net cash used in investing activities

 
1,973

 
(132
)
 

 
1,841

Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Payments on long-term debt

 
(970
)
 
(1,123
)
 
(7,000
)
 
(9,093
)
Proceeds from Revolving Credit Facility

 

 

 
7,000

 
7,000

Extinguishment of long-term debt

 

 

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

 

 

 
477

 
477

Purchase of treasury shares

 

 

 
(161
)
 
(161
)
Borrowings and repayments of intercompany debt

 
(4,015
)
 

 
4,015

 

Net cash used in financing activities

 
(4,985
)
 
(1,123
)
 

 
(6,108
)
Effects of exchange rate changes on cash and cash equivalents

 
320

 
176

 

 
496

Net increase (decrease) in cash and cash equivalents
28,465

 
(1,566
)
 
(2,109
)
 

 
24,790

Cash and cash equivalents, beginning of period
7,565

 
3,334

 
3,471

 

 
14,370

Cash and cash equivalents, end of period
$
36,030

 
$
1,768

 
$
1,362

 
$

 
$
39,160