Quarterly report pursuant to Section 13 or 15(d)

GUARANTORS OF SECURITIES (Tables)

v3.3.0.814
GUARANTORS OF SECURITIES (Tables)
9 Months Ended
Sep. 30, 2015
Guarantees [Abstract]  
Condensed Balance Sheet
Supplemental Condensed Consolidating Balance Sheet as of September 30, 2015
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands, except share data)
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
10,877

 
$

 
$
2,931

 
$

 
$
13,808

Receivables:
 
 
 
 
 
 
 
 
 
Trade, net of allowance for doubtful accounts of $1,999
40

 
39,364

 
94

 

 
39,498

Other

 
2,460

 
43

 
10

 
2,513

Inventories, net

 
24,735

 
197

 

 
24,932

Deferred income taxes
4,134

 

 

 
(1,858
)
 
2,276

Prepaid expenses and other
607

 
2,326

 
122

 

 
3,055

Escrow deposits
190

 
2,107

 

 

 
2,297

Total current assets
15,848

 
70,992

 
3,387

 
(1,848
)
 
88,379

Property and equipment

 
1,150,020

 
25,673

 

 
1,175,693

Accumulated depreciation

 
(308,103
)
 
(2,967
)
 

 
(311,070
)
Net property and equipment

 
841,917

 
22,706

 

 
864,623

Equity investments and advances

 
30,256

 

 

 
30,256

Investments in consolidated subsidiaries
198,957

 

 

 
(198,957
)
 

Goodwill

 
352

 
1,237

 

 
1,589

Intangible assets

 

 
1,411

 

 
1,411

Intercompany receivables
501,929

 

 
1,199

 
(503,128
)
 

Other assets
5,704

 
6,818

 

 

 
12,522

Total assets
$
722,438

 
$
950,335

 
$
29,940

 
$
(703,933
)
 
$
998,780

LIABILITIES, REDEEMABLE NONCONTROLLING INTREST AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued expenses
$
449

 
$
10,895

 
$
693

 
$

 
$
12,037

Accrued wages and benefits

 
7,828

 
33

 

 
7,861

Accrued interest
3,977

 
15

 

 

 
3,992

Current portion of long-term debt

 
25,335

 

 

 
25,335

Derivative instruments

 
71

 

 

 
71

Accrued income taxes

 
7,404

 
1

 
10

 
7,415

Other current liabilities
960

 
3,767

 
8

 

 
4,735

Total current liabilities
5,386

 
55,315

 
735

 
10

 
61,446

Long-term debt
242,754

 

 
119

 

 
242,873

Deferred income taxes

 
215,038

 
818

 
(1,858
)
 
213,998

Intercompany payables

 
481,130

 
21,998

 
(503,128
)
 

Other liabilities

 
1,956

 

 

 
1,956

Total liabilities
248,140

 
753,439

 
23,670

 
(504,976
)
 
520,273

Redeemable noncontrolling interest

 

 
4,783

 

 
4,783

Equity:
 
 
 
 
 
 
 
 
 
Era Group Inc. stockholders’ equity:
 
 
 
 
 
 
 
 
 
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,499,050 outstanding, exclusive of treasury shares
207

 

 

 

 
207

Additional paid-in capital
432,774

 
99,812

 
5,056

 
(104,868
)
 
432,774

Retained earnings
43,949

 
97,658

 
(3,569
)
 
(94,089
)
 
43,949

Treasury shares, at cost, 151,193 shares
(2,632
)
 

 

 

 
(2,632
)
Accumulated other comprehensive income, net of tax

 
92

 

 

 
92

Total Era Group Inc. stockholders’ equity
474,298

 
197,562

 
1,487

 
(198,957
)
 
474,390

Noncontrolling interest in subsidiary

 
(666
)
 

 

 
(666
)
Total equity
474,298

 
196,896

 
1,487

 
(198,957
)
 
473,724

Total liabilities, redeemable noncontrolling interest and stockholders’ equity
$
722,438

 
$
950,335

 
$
29,940

 
$
(703,933
)
 
$
998,780

Supplemental Condensed Consolidating Balance Sheet as of December 31, 2014
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands, except share data)
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
16,481

 
$
22,188

 
$
2,198

 
$

 
$
40,867

Receivables:
 
 
 
 
 
 
 
 
 
Trade, net of allowance for doubtful accounts of $1,955
39

 
33,351

 

 

 
33,390

Other, net of allowance for doubtful accounts of $437
65

 
1,997

 

 

 
2,062

Inventories, net

 
26,869

 

 

 
26,869

Deferred income taxes
4,083

 

 

 
(2,087
)
 
1,996

Prepaid expenses and other
424

 
2,237

 

 

 
2,661

Total current assets
21,092

 
86,642

 
2,198

 
(2,087
)
 
107,845

Property and equipment

 
1,161,330

 
9,937

 

 
1,171,267

Accumulated depreciation

 
(306,010
)
 
(2,131
)
 

 
(308,141
)
Net property and equipment

 
855,320

 
7,806

 

 
863,126

Equity investments and advances

 
31,753

 

 

 
31,753

Investments in consolidated subsidiaries
182,294

 

 

 
(182,294
)
 

Goodwill

 
352

 

 

 
352

Intercompany receivables
616,932

 
12,258

 
1,395

 
(630,585
)
 

Other assets
6,914

 
7,184

 

 

 
14,098

Total assets
$
827,232

 
$
993,509

 
$
11,399

 
$
(814,966
)
 
$
1,017,174

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued expenses
$
299

 
$
14,817

 
$
4

 
$

 
$
15,120

Accrued wages and benefits

 
7,521

 

 

 
7,521

Accrued interest
930

 
19

 

 

 
949

Current portion of long-term debt

 
27,426

 

 

 
27,426

Derivative instruments
784

 
325

 

 

 
1,109

Accrued income taxes

 
267

 

 

 
267

Other current liabilities
556

 
2,606

 

 

 
3,162

Total current liabilities
2,569

 
52,981

 
4

 

 
55,554

Long-term debt
282,118

 

 

 

 
282,118

Deferred income taxes

 
219,114

 

 
(2,087
)
 
217,027

Intercompany payables
81,986

 
536,341

 
12,258

 
(630,585
)
 

Other liabilities

 
2,111

 

 

 
2,111

Total liabilities
366,673

 
810,547

 
12,262

 
(632,672
)
 
556,810

Equity:
 
 
 
 
 
 
 
 
 
Era Group Inc. stockholders’ equity:
 
 
 
 
 
 
 
 
 
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,371,672 outstanding, exclusive of treasury shares
204

 

 

 

 
204

Additional paid-in capital
429,109

 
99,845

 
496

 
(100,341
)
 
429,109

Retained earnings
31,797

 
83,312

 
(1,359
)
 
(81,953
)
 
31,797

Treasury shares, at cost, 18,609 shares
(551
)
 

 

 

 
(551
)
Accumulated other comprehensive income, net of tax

 
95

 

 

 
95

Total Era Group Inc. stockholders’ equity
460,559

 
183,252

 
(863
)
 
(182,294
)
 
460,654

Noncontrolling interest in subsidiary

 
(290
)
 

 

 
(290
)
Total equity
460,559

 
182,962

 
(863
)
 
(182,294
)
 
460,364

Total liabilities and stockholders’ equity
$
827,232

 
$
993,509

 
$
11,399

 
$
(814,966
)
 
$
1,017,174

Condensed Income Statement
Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended September 30, 2015
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Operating revenues
$

 
$
69,491

 
$
655

 
$
(405
)
 
$
69,741

Costs and expenses:
 
 
 
 
 
 
 
 
 
Operating

 
42,812

 
600

 
(405
)
 
43,007

Administrative and general
1,773

 
9,329

 
136

 

 
11,238

Depreciation

 
11,674

 
512

 

 
12,186

Total costs and expenses
1,773

 
63,815

 
1,248

 
(405
)
 
66,431

Gains on asset dispositions, net

 
1,813

 

 

 
1,813

Operating income (loss)
(1,773
)
 
7,489

 
(593
)
 

 
5,123

Other income (expense):
 
 
 
 
 
 
 
 
 
Interest income
4

 
228

 

 

 
232

Interest expense
(2,801
)
 
(298
)
 
(22
)
 

 
(3,121
)
Intercompany interest income (expense)

 
165

 
(165
)
 

 

Gain on debt extinguishment
(16
)
 

 

 

 
(16
)
Derivative losses, net

 
8

 

 

 
8

Foreign currency gains, net
4

 
75

 
67

 

 
146

Total other income (expense)
(2,809
)
 
178

 
(120
)
 

 
(2,751
)
Income (loss) before income taxes and equity earnings
(4,582
)
 
7,667

 
(713
)
 

 
2,372

Income tax expense (benefit)
(2,593
)
 
4,340

 
(404
)
 

 
1,343

Income (loss) before equity earnings
(1,989
)
 
3,327

 
(309
)
 

 
1,029

Equity losses, net of tax

 
(376
)
 

 

 
(376
)
Equity in earnings (losses) of subsidiaries
2,850

 

 

 
(2,850
)
 

Net income (loss)
861

 
2,951

 
(309
)
 
(2,850
)
 
653

Net loss attributable to non-controlling interest in subsidiary

 
49

 
159

 

 
208

Net income (loss) attributable to Era Group Inc.
$
861

 
$
3,000

 
$
(150
)
 
$
(2,850
)
 
$
861

Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended September 30, 2014
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Operating revenues
$

 
$
90,120

 
$
527

 
$
(137
)
 
$
90,510

Costs and expenses:
 
 
 
 
 
 
 
 
 
Operating

 
54,289

 
58

 
(65
)
 
54,282

Administrative and general
2,047

 
10,966

 

 
(72
)
 
12,941

Depreciation

 
11,601

 
145

 

 
11,746

Total costs and expenses
2,047

 
76,856

 
203

 
(137
)
 
78,969

Gains on asset dispositions, net

 
42

 

 

 
42

Operating income
(2,047
)
 
13,306

 
324

 

 
11,583

Other income (expense):
 
 
 
 
 
 
 
 
 
Interest income
18

 
111

 
1

 

 
130

Interest expense
(3,444
)
 
(185
)
 

 

 
(3,629
)
Derivative losses, net
(1,605
)
 
(98
)
 

 

 
(1,703
)
Foreign currency losses, net
(188
)
 
(297
)
 

 

 
(485
)
Other, net
(2
)
 
(1
)
 

 

 
(3
)
Total other income (expense)
(5,221
)
 
(470
)
 
1

 

 
(5,690
)
Income (loss) before income taxes and equity earnings
(7,268
)
 
12,836

 
325

 

 
5,893

Income tax expense (benefit)
(3,540
)
 
6,250

 
158

 

 
2,868

Income (loss) before equity earnings
(3,728
)
 
6,586

 
167

 

 
3,025

Equity earnings, net of tax

 
1,286

 

 

 
1,286

Equity in earnings (losses) of subsidiaries
7,994

 

 

 
(7,994
)
 

Net income (loss)
4,266

 
7,872

 
167

 
(7,994
)
 
4,311

Net income attributable to non-controlling interest in subsidiary

 
(45
)
 

 

 
(45
)
Net income (loss) attributable to Era Group Inc.
$
4,266

 
$
7,827

 
$
167

 
$
(7,994
)
 
$
4,266


Supplemental Condensed Consolidating Statements of Operations for the Nine Months Ended September 30, 2015
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Operating revenues
$

 
$
207,550

 
$
1,087

 
$
(743
)
 
$
207,894

Costs and expenses:
 
 
 
 
 
 
 
 
 
Operating

 
125,886

 
1,253

 
(743
)
 
126,396

Administrative and general
4,889

 
26,582

 
289

 

 
31,760

Depreciation

 
34,341

 
845

 

 
35,186

Total costs and expenses
4,889

 
186,809

 
2,387

 
(743
)
 
193,342

Gains on asset dispositions, net

 
7,564

 
(2,605
)
 

 
4,959

Operating income (loss)
(4,889
)
 
28,305

 
(3,905
)
 

 
19,511

Other income (expense):
 
 
 
 
 
 
 
 
 
Interest income
12

 
786

 
2

 

 
800

Interest expense
(8,909
)
 
(605
)
 
(33
)
 

 
(9,547
)
Intercompany interest income (expense)

 
489

 
(489
)
 

 

Gain on debt extinguishment
248

 

 

 

 
248

Derivative losses, net

 
(14
)
 

 

 
(14
)
Foreign currency gains (losses), net
620

 
(2,958
)
 
67

 

 
(2,271
)
Gain on sale of FBO
12,946

 

 

 

 
12,946

Other, net

 

 
(9
)
 

 
(9
)
Total other income (expense)
4,917

 
(2,302
)
 
(462
)
 

 
2,153

Income (loss) before income taxes and equity earnings
28

 
26,003

 
(4,367
)
 

 
21,664

Income tax expense (benefit)
12

 
11,314

 
(1,900
)
 

 
9,426

Income (loss) before equity earnings
16

 
14,689

 
(2,467
)
 

 
12,238

Equity losses, net of tax

 
(719
)
 

 

 
(719
)
Equity in earnings (losses) of subsidiaries
12,136

 

 

 
(12,136
)
 

Net income (loss)
12,152

 
13,970

 
(2,467
)
 
(12,136
)
 
11,519

Net loss attributable to non-controlling interest in subsidiary

 
376

 
257

 

 
633

Net income (loss) attributable to Era Group Inc.
$
12,152

 
$
14,346

 
$
(2,210
)
 
$
(12,136
)
 
$
12,152

Supplemental Condensed Consolidating Statements of Operations for the Nine Months Ended September 30, 2014
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Operating revenues
$

 
$
256,013

 
$
1,034

 
$
(514
)
 
$
256,533

Costs and expenses:
 
 
 
 
 
 
 
 
 
Operating

 
158,686

 
212

 
(297
)
 
158,601

Administrative and general
5,496

 
29,061

 

 
(217
)
 
34,340

Depreciation

 
34,021

 
437

 

 
34,458

Total costs and expenses
5,496

 
221,768

 
649

 
(514
)
 
227,399

Gains on asset dispositions, net

 
6,072

 

 

 
6,072

Operating income
(5,496
)
 
40,317

 
385

 

 
35,206

Other income (expense):
 
 
 
 
 
 
 
 
 
Interest income
63

 
351

 
4

 

 
418

Interest expense
(10,617
)
 
(605
)
 

 

 
(11,222
)
Intercompany interest income (expense)

 
254

 
(254
)
 

 

Derivative losses, net
(1,605
)
 
(139
)
 

 

 
(1,744
)
Note receivable impairment
(2,457
)
 

 

 

 
(2,457
)
Foreign currency losses, net
2,257

 
(2,778
)
 

 

 
(521
)
Other, net
10

 

 

 

 
10

Total other income (expense)
(12,349
)
 
(2,917
)
 
(250
)
 

 
(15,516
)
Income (loss) before income taxes and equity earnings
(17,845
)
 
37,400

 
135

 

 
19,690

Income tax expense (benefit)
(7,370
)
 
15,444

 
56

 

 
8,130

Income (loss) before equity earnings
(10,475
)
 
21,956

 
79

 

 
11,560

Equity earnings, net of tax

 
2,321

 

 

 
2,321

Equity in earnings (losses) of subsidiaries
24,407

 

 

 
(24,407
)
 

Net income (loss)
13,932

 
24,277

 
79

 
(24,407
)
 
13,881

Net loss attributable to non-controlling interest in subsidiary

 
51

 

 

 
51

Net income (loss) attributable to Era Group Inc.
$
13,932

 
$
24,328

 
$
79

 
$
(24,407
)
 
$
13,932

Condensed Statement of Comprehensive Income
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended September 30, 2015
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
$
861

 
$
2,951

 
$
(309
)
 
$
(2,850
)
 
$
653

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments

 
(1
)
 
137

 

 
136

Total other comprehensive income (loss)

 
(1
)
 
137

 

 
136

Comprehensive income (loss)
861

 
2,950

 
(172
)
 
(2,850
)
 
789

Comprehensive loss attributable to non-controlling interest in subsidiary

 
49

 
159

 

 
208

Comprehensive income (loss) attributable to Era Group Inc.
$
861

 
$
2,999

 
$
(13
)
 
$
(2,850
)
 
$
997


Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended September 30, 2014
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
$
4,266

 
$
7,872

 
$
167

 
$
(7,994
)
 
$
4,311

Other comprehensive loss:
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments

 
(65
)
 

 

 
(65
)
Income tax benefit

 
18

 

 

 
18

Total other comprehensive loss

 
(47
)
 

 

 
(47
)
Comprehensive income (loss)
4,266

 
7,825

 
167

 
(7,994
)
 
4,264

Comprehensive income attributable to non-controlling interest in subsidiary

 
(45
)
 

 

 
(45
)
Comprehensive income (loss) attributable to Era Group Inc.
$
4,266

 
$
7,780

 
$
167

 
$
(7,994
)
 
$
4,219


Supplemental Condensed Consolidating Statements of Comprehensive Income for the Nine Months Ended September 30, 2015
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
$
12,152

 
$
13,970

 
$
(2,467
)
 
$
(12,136
)
 
$
11,519

Other comprehensive loss:
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments

 
(4
)
 

 

 
(4
)
Income tax benefit

 
1

 

 

 
1

Total other comprehensive loss

 
(3
)
 

 

 
(3
)
Comprehensive income (loss)
12,152

 
13,967

 
(2,467
)
 
(12,136
)
 
11,516

Comprehensive loss attributable to non-controlling interest in subsidiary

 
376

 
257

 

 
633

Comprehensive income (loss) attributable to Era Group Inc.
$
12,152

 
$
14,343

 
$
(2,210
)
 
$
(12,136
)
 
$
12,149


Supplemental Condensed Consolidating Statements of Comprehensive Income for the Nine Months Ended September 30, 2014
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
$
13,932

 
$
24,277

 
$
79

 
$
(24,407
)
 
$
13,881

Other comprehensive loss:
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments

 
(119
)
 

 

 
(119
)
Income tax benefit

 
42

 

 

 
42

Total other comprehensive loss

 
(77
)
 

 

 
(77
)
Comprehensive income (loss)
13,932

 
24,200

 
79

 
(24,407
)
 
13,804

Comprehensive loss attributable to non-controlling interest in subsidiary

 
51

 

 

 
51

Comprehensive income (loss) attributable to Era Group Inc.
$
13,932

 
$
24,251

 
$
79

 
$
(24,407
)
 
$
13,855

Condensed Cash Flow Statement
Supplemental Condensed Consolidating Statements of Cash Flows for the Nine Months Ended September 30, 2015
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net cash provided by (used in) operating activities
$
(5,604
)
 
$
25,718

 
$
15,729

 
$

 
$
35,843

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property and equipment

 
(47,257
)
 
(11,773
)
 
11,770

 
(47,260
)
Proceeds from disposition of property and equipment

 
32,401

 

 
(11,770
)
 
20,631

Cash settlements on forward contracts, net

 

 

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

 

 
(3,165
)
 

 
(3,165
)
Proceeds from sale of FBO

 

 

 
14,252

 
14,252

Principal payments on notes due from equity investees

 
514

 

 

 
514

Principal payments on third party notes receivable

 
25

 

 

 
25

Escrow deposits, net

 
(2,007
)
 

 
(190
)
 
(2,197
)
Repayment of intercompany debt

 
12,959

 

 
(12,959
)
 

Net cash used in investing activities

 
(3,365
)
 
(14,938
)
 

 
(18,303
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Payments on long-term debt

 
(2,091
)
 
(58
)
 
(50,000
)
 
(52,149
)
Proceeds from Revolving Credit Facility

 

 

 
35,000

 
35,000

Extinguishment of long-term debt

 

 

 
(24,335
)
 
(24,335
)
Proceeds from share award plans

 

 

 
1,096

 
1,096

Purchase of treasury shares

 

 

 
(2,069
)
 
(2,069
)
Tax expense on vested restricted stock

 

 

 
(114
)
 
(114
)
Repayment of intercompany debt

 
(40,422
)
 

 
40,422

 

Net cash used in financing activities

 
(42,513
)
 
(58
)
 

 
(42,571
)
Effects of exchange rate changes on cash and cash equivalents

 
(2,028
)
 

 

 
(2,028
)
Net increase (decrease) in cash and cash equivalents
(5,604
)
 
(22,188
)
 
733

 

 
(27,059
)
Cash and cash equivalents, beginning of period
16,481

 
22,188

 
2,198

 

 
40,867

Cash and cash equivalents, end of period
$
10,877

 
$

 
$
2,931

 
$

 
$
13,808


Supplemental Condensed Consolidating Statements of Cash Flows for the Nine Months Ended September 30, 2014
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net cash provided by (used in) operating activities
$
(2,296
)
 
$
63,542

 
$
720

 
$

 
$
61,966

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property and equipment

 
(63,966
)
 

 

 
(63,966
)
Proceeds from disposition of property and equipment

 
7,020

 

 

 
7,020

Investments in and advances to equity investees

 
(125
)
 

 

 
(125
)
Proceeds from sale of interest in equity investees

 
6,381

 

 

 
6,381

Principal payments on notes due from equity investees

 
474

 

 

 
474

Principal payments on third party notes receivable

 
424

 

 

 
424

Net cash used in investing activities

 
(49,792
)
 

 

 
(49,792
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Payments on long-term debt

 
(2,187
)
 

 

 
(2,187
)
Revolving Credit Facility issuance costs

 

 

 
(2,446
)
 
(2,446
)
Proceeds from share award plans

 

 

 
1,458

 
1,458

Repayment of intercompany debt

 
(988
)
 

 
988

 

Net cash used in financing activities

 
(3,175
)
 

 

 
(3,175
)
Effects of exchange rate changes on cash and cash equivalents

 
23

 

 

 
23

Net decrease in cash and cash equivalents
(2,296
)
 
10,598

 
720

 

 
9,022

Cash and cash equivalents, beginning of period
24,635

 
5,403

 
1,297

 

 
31,335

Cash and cash equivalents, end of period
$
22,339

 
$
16,001

 
$
2,017

 
$

 
$
40,357