UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Item 2.02. Results of Operations and Financial Condition
On February 3, 2021, Silicon Laboratories Inc. (“Silicon Laboratories”) issued a press release describing its results of operations for its fiscal quarter and year ended January 2, 2021. A copy of the press release is attached as Exhibit 99 to this report.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
99 | Press Release of Silicon Laboratories Inc. dated February 3, 2021 | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Use of Non-GAAP Financial Information
From time to time, Silicon Laboratories provides certain non-GAAP financial measures as additional information relating to its operating results. The non-GAAP financial measurements provided in the press release furnished herewith do not replace the presentation of Silicon Laboratories’ GAAP financial results. These additional measurements merely provide supplemental information to assist investors in analyzing Silicon Laboratories’ financial position and results of operations; however, these measures are not in accordance with, or an alternative to, GAAP and may be different from non-GAAP measures used by other companies.
Non-GAAP financial measures used by Silicon Laboratories include non-GAAP gross margin, non-GAAP research and development expense, non-GAAP selling, general and administrative expense, non-GAAP operating income, non-GAAP interest expense, non-GAAP tax expense, non-GAAP net income and non-GAAP diluted earnings per share. Silicon Laboratories has chosen to provide this information to investors because it believes that such supplemental information enables them to perform meaningful comparisons of past, present and future operating results, and as a means to highlight the results of core ongoing operations.
Non-GAAP financial measures are adjusted by the following items:
· | Stock compensation expense – represents charges for employee stock awards issued under Silicon Laboratories’ stock-based compensation plans. Stock compensation expense is excluded from non-GAAP financial measures because it is a non-cash expense, and excluding such expense provides meaningful supplemental information regarding core ongoing operations. |
· | Intangible asset amortization – primarily represents charges for the amortization of intangibles assets, such as core and developed technology, customer relationships and trademarks, acquired in connection with business combinations. Intangible asset amortization is excluded from non-GAAP financial measures because it is a non-cash expense, and excluding such expense provides meaningful supplemental information regarding core ongoing operations. |
· | Acquisition related items – primarily including the following: charges for the fair value write-up associated with inventory acquired; adjustments to the fair value of acquisition-related contingent consideration; and acquisition-related costs of a business combination, such as costs for attorneys, investment bankers, accountants and other third party service providers. Acquisition related items are excluded from non-GAAP financial measures because excluding such amounts provides meaningful supplemental information regarding core ongoing operations. |
· | Restructuring Charges – primarily include costs associated with certain employee terminations, asset impairments and fair value adjustments resulting from observable price changes. Termination costs and fair value adjustments are excluded from non-GAAP financial measures because excluding such amounts provides meaningful supplemental information regarding core ongoing operations. |
· | Fair value adjustments to investments – primarily include gains and/or losses associated with certain fair value adjustments for equity investments accounted for by the equity method of accounting or cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes. Fair value adjustments are excluded from non-GAAP financial measures because these generally are non-cash, non-operating activity during the period of adjustment, relate to activity in entities outside those of Silicon Labs, and excluding such expense/gain provides meaningful supplemental information regarding core operations. |
· | Interest expense adjustments – represents charges for the amortization of the debt discount on Silicon Laboratories’ convertible senior notes, losses on the extinguishment of convertible debt and losses on the termination of interest rate swap agreements. Such amounts are excluded from non-GAAP financial measures because they are non-cash expenses and/or excluding such amounts provides meaningful supplemental information regarding core ongoing operations. |
· | Income tax adjustments – primarily include the following: the effect of the Tax Cuts & Jobs Act of 2017; the current and deferred income tax effects of the above non-GAAP adjustments; other indirect impacts of excluding stock-based compensation; and the income tax impact of certain intercompany license arrangements for technology acquired in business combinations. Income tax adjustments are excluded from non-GAAP financial measures because excluding such amounts provides meaningful supplemental information regarding core ongoing operations. |
Pursuant to the requirements of Regulation G, we have provided in the press release furnished with this report a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
The information in this report, including the exhibit hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. The information contained therein and in the accompanying exhibit shall not be incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by Silicon Laboratories, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
EXHIBIT INDEX
Exhibit No. | Description | |
99 | Press Release of Silicon Laboratories Inc. dated February 3, 2021 | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
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 hereunto duly authorized.
SILICON LABORATORIES INC. | ||
February 3, 2021 | /s/ John C. Hollister | |
Date | John C. Hollister Senior Vice President and Chief Financial Officer (Principal Financial Officer) |
Exhibit 99
Silicon Labs Announces Fourth Quarter and Full Year 2020 Results
-- Record Fourth Quarter Revenue Sets the Stage for an Even Stronger 2021 --
AUSTIN, Texas – February 3, 2021 – Silicon Labs (NASDAQ: SLAB), a leading provider of silicon, software and solutions for a smarter, more connected world, today reported financial results for its fourth quarter ended January 2, 2021. Revenue exceeded the top end of the guidance range at $242.9 million, up from $221.3 million in the third quarter. Revenue for the full year was $886.7 million, up from $837.6 million in 2019. Fourth quarter GAAP and non-GAAP diluted earnings per share (EPS) were $0.20 and $0.84, respectively. Full year GAAP and non-GAAP diluted EPS were $0.28 and $3.01, respectively.
“Fourth quarter revenue set a record at $242.9 million resulting in 10% sequential growth and full year revenue grew 6% over 2019,” said Tyson Tuttle, CEO of Silicon Labs. “Our IoT products led the way with a second consecutive quarter of record revenue. We exited the year with momentum, and we are looking forward to an even stronger 2021.”
Fourth Quarter Financial Highlights
· | IoT revenue increased to $147.4 million, up 11% sequentially and 15% year-on-year. |
· | Infrastructure and Automotive revenue increased to $95.5 million, up 8% sequentially and 4% year-on-year. |
On a GAAP basis:
· | GAAP gross margin was 58.4%. |
· | GAAP R&D expenses were $74 million. |
· | GAAP SG&A expenses were $50 million. |
· | GAAP operating income as a percentage of revenue was 7.3%. |
· | GAAP diluted earnings per share was $0.20. |
On a non-GAAP basis, excluding the impact of stock compensation, amortization of acquired intangible assets, restructuring charges, non-cash interest expense and other costs associated with convertible notes, and certain other items as set forth in the reconciliation tables below:
· | Non-GAAP gross margin was 58.6%. |
· | Non-GAAP R&D expenses were $58 million. |
· | Non-GAAP SG&A expenses were $39 million. |
· | Non-GAAP operating income as a percentage of revenue was 18.7%. |
· | Non-GAAP diluted
earnings per share were $0.84. |
Product Results
· | Announced Z-Wave Long Range (LR) support for existing Z-Wave 700 Series products. Z-Wave LR is a new specification by the Z-Wave Alliance, offering point-to-point wireless connectivity up to several miles away with scalability to support thousands of nodes from a single smart home network. Z-Wave LR eliminates the need for mesh repeaters, saving time and money for developers and end customers. |
· | Announced a portfolio expansion of pre-certified wireless modules specifically designed to address modern needs of IoT application development. The portfolio consists of the only modules in the industry with full stack support for multiprotocol solutions to enable commercial and consumer IoT applications, with flexible package options and highly integrated device security. Silicon Labs’ new modules include xGM210PB, BGM220, MGM220, and BGX220 Xpress. The xGM210PB includes Secure Vault technology and PSA level 2 certification. |
Business Highlights
· | Announced a collaboration with Orvibo, a leading provider of artificial intelligence-driven smart home products, systems, and solutions, to develop a new line of smart home devices using Silicon Labs’ Wireless Gecko Series 2 SoCs. Orvibo’s latest MixPad smart panels leverage Silicon Labs’ SoCs to reliably connect smart home control panels and switches to many applications including automated lighting, curtain, HVAC systems, and wireless home security devices. |
· | Extended ClockBuilder Pro to support configuration and control of our IEEE 1588 modules, helping customers accelerate time to market and simplify design. Our IEEE 1588 modules are used in communications, smart grid, financial trading systems and industrial applications that need a consistent, reliable time reference between devices operating over Ethernet networks. |
· | Announced a new high reliability isolation partnership with Teledyne Technologies, a leading provider of high-performance, high-reliability semiconductors for the aerospace and defense markets. Under the new agreement, Teledyne will market custom high reliability solutions based on Silicon Labs' Si827x isolated gate driver family. These solutions are optimized for space, aerospace, military, energy and other markets requiring advanced technology and high reliability. |
· | Awarded Gold in 2020 LEAP Awards for Secure Vault. Silicon Labs products with Secure Vault were the first SoC and module with a radio to earn PSA Level 2 security certification. |
Business Outlook
The company expects first quarter revenue to be in the range of $237 to $247 million, with both IoT and Infrastructure & Automotive approximately flat to fourth quarter, and estimates the following:
On a GAAP basis:
· | GAAP gross margin at approximately 58.1%. |
· | GAAP operating expenses at approximately $126 million. |
· | GAAP effective tax rate of 0.0%. |
· | GAAP diluted earnings per share between $0.05 and $0.15. |
On a non-GAAP basis, excluding the impact of stock compensation, amortization of acquired intangible assets, acquisition related charges, restructuring charges, non-cash interest expense and other costs associated with convertible notes, and certain other items as set forth in the reconciliation tables below:
· | Non-GAAP gross margin at approximately 58.2%. |
· | Non-GAAP operating expenses at approximately $100 million. |
· | Non-GAAP effective tax rate at 13.0%. |
· | Non-GAAP diluted earnings per share between $0.70 and $0.80. |
Webcast and Conference Call
A conference call discussing the quarterly results will follow this press release at 7:30 a.m. Central time. An audio webcast will be available on Silicon Labs' website (www.silabs.com) under Investor Relations. A replay will be available after the call at the same website listed above or by calling 1 (877) 344-7529 (US) or (412) 317-0088 (International) and entering access code 10145993. The replay will be available through March 3, 2021.
About Silicon Labs
Silicon Labs (NASDAQ: SLAB) is a leading provider of silicon, software and solutions for a smarter, more connected world. Our award-winning technologies are shaping the future of the Internet of Things, Internet infrastructure, industrial automation, consumer and automotive markets. Our world-class engineering team creates products focused on performance, energy savings, connectivity and simplicity. silabs.com
Forward-Looking Statements
This press release contains forward-looking statements based on Silicon Labs’ current expectations. The words "believe," "estimate," "expect," "intend," "anticipate," "plan," "project," "will" and similar phrases as they relate to Silicon Labs are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Silicon Labs and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are the following: the impact of COVID-19 on the U.S. and global economy, including the restrictions on travel and transportation and other actions taken by governmental authorities and disruptions to the business of our customers or our global supply chain that have occurred or may occur in the future, the ongoing impact of COVID-19 on our employees and our ability to provide services to our customers and respond to their needs; risks that Silicon Labs may not be able to maintain its historical growth; quarterly fluctuations in revenues and operating results; difficulties developing new products that achieve market acceptance; risks associated with international activities (including trade barriers, particularly with respect to China); intellectual property litigation risks; risks associated with acquisitions and divestitures; product liability risks; difficulties managing Silicon Labs’ distributors, manufacturers and subcontractors; dependence on a limited number of products; absence of long-term commitments from customers; inventory-related risks; difficulties managing international activities; risks that Silicon Labs may not be able to manage strains associated with its growth; credit risks associated with its accounts receivable; dependence on key personnel; stock price volatility; geographic concentration of manufacturers, assemblers, test service providers and customers in Asia that subjects Silicon Labs’ business and results of operations to risks of natural disasters, epidemics or pandemics, war and political unrest; debt-related risks; capital-raising risks; the competitive and cyclical nature of the semiconductor industry; average selling prices of products may decrease significantly and rapidly; information technology risks; cyber-attacks against Silicon Labs’ products and its networks and other factors that are detailed in the SEC filings of Silicon Laboratories Inc. Silicon Labs disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. References in this press release to Silicon Labs shall mean Silicon Laboratories Inc.
Note to editors: Silicon Laboratories, Silicon Labs, the “S” symbol, and the Silicon Labs logo are trademarks of Silicon Laboratories Inc. All other product names noted herein may be trademarks of their respective holders.
CONTACT: George Lane, +1 (512) 712-0019, George.Lane@silabs.com
Silicon Laboratories Inc.
Condensed Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
Three Months Ended | Year Ended | |||||||||||||||
January 2, 2021 | December 28, 2019 | January 2, 2021 | December 28, 2019 | |||||||||||||
Revenues | $ | 242,917 | $ | 219,438 | $ | 886,677 | $ | 837,554 | ||||||||
Cost of revenues | 100,942 | 86,167 | 359,151 | 327,270 | ||||||||||||
Gross profit | 141,975 | 133,271 | 527,526 | 510,284 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 73,857 | 69,176 | 287,887 | 257,150 | ||||||||||||
Selling, general and administrative | 50,456 | 50,866 | 201,339 | 196,437 | ||||||||||||
Operating expenses | 124,313 | 120,042 | 489,226 | 453,587 | ||||||||||||
Operating income | 17,662 | 13,229 | 38,300 | 56,697 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest income and other, net | 2,581 | 3,494 | 11,143 | 13,185 | ||||||||||||
Interest expense | (8,219 | ) | (5,105 | ) | (34,142 | ) | (20,233 | ) | ||||||||
Income before income taxes | 12,024 | 11,618 | 15,301 | 49,649 | ||||||||||||
Provision for income taxes | 3,076 | 1,903 | 2,770 | 30,384 | ||||||||||||
Net income | $ | 8,948 | $ | 9,715 | $ | 12,531 | $ | 19,265 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.20 | $ | 0.22 | $ | 0.29 | $ | 0.44 | ||||||||
Diluted | $ | 0.20 | $ | 0.22 | $ | 0.28 | $ | 0.43 | ||||||||
Weighted-average common shares outstanding: | ||||||||||||||||
Basic | 43,895 | 43,450 | 43,775 | 43,346 | ||||||||||||
Diluted | 44,729 | 44,801 | 44,372 | 44,290 |
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except per share data)
Three Months Ended January 2, 2021 | ||||||||||||||||||||||||
Non-GAAP Income Statement Items | GAAP Measure | GAAP Percent of | Stock Compensation | Intangible Asset Amortization | Non-GAAP Measure | Non-GAAP Percent of | ||||||||||||||||||
Revenues | $ | 242,917 | ||||||||||||||||||||||
Gross profit | 141,975 | 58.4 | % | $ | 375 | $ | -- | $ | 142,350 | 58.6 | % | |||||||||||||
Research and development | 73,857 | 30.4 | % | 7,386 | 8,654 | 57,817 | 23.8 | % | ||||||||||||||||
Selling, general and administrative | 50,456 | 20.7 | % | 8,000 | 3,338 | 39,118 | 16.1 | % | ||||||||||||||||
Operating income | 17,662 | 7.3 | % | 15,761 | 11,992 | 45,415 | 18.7 | % |
Three Months Ended January 2, 2021 | ||||||||||||||||||||||||||||
Non-GAAP Earnings Per Share | GAAP Measure | Stock Compensation Expense* | Intangible Asset Amortization* | Investment Fair Value Adjustments* | Interest Expense Adjustments* | Income Tax Adjustments | Non- GAAP Measure | |||||||||||||||||||||
Net income | $ | 8,948 | $ | 15,761 | $ | 11,992 | $ | (1,438 | ) | $ | 6,039 | $ | (3,685 | ) | $ | 37,617 | ||||||||||||
Diluted shares outstanding | 44,729 | 44,729 | ||||||||||||||||||||||||||
Diluted earnings per share | $ | 0.20 | $ | 0.84 |
* Represents pre-tax amounts
Year Ended January 2, 2021 |
||||||||||||||||||||||||||||||||||||
Non-GAAP Earnings Per Share |
GAAP Measure |
Stock Compensation |
Intangible Asset Amortization* |
Acquisition Related Items* |
Restructuring |
Investment Fair Value Adjustments* |
Interest Adjustments* |
Income Tax Adjustments |
Non- GAAP Measure |
|||||||||||||||||||||||||||
Net income | $ | 12,531 | $ | 60,091 | $ | 44,733 | $ | 6,061 | $ | 4,269 | $ | (1,438 | ) | $ | 24,350 | $ | (17,074 | ) | $ | 133,523 | ||||||||||||||||
Diluted shares outstanding | 44,372 | 44,372 | ||||||||||||||||||||||||||||||||||
Diluted earnings per share | $ | 0.28 | $ | 3.01 |
* Represents pre-tax amounts
Unaudited Forward-Looking Statements Regarding Business Outlook
(In millions, except per share data)
Three Months Ending April 3, 2021 | ||||||||||||
Business Outlook | GAAP Measure | Non-GAAP Adjustments* | Non-GAAP Measure | |||||||||
Gross margin | 58.1 | % | 0.1 | % | 58.2 | % | ||||||
Operating expenses | $ | 126 | $ | 26 | $ | 100 | ||||||
Effective tax rate | 0.0 | % | 13.0 | % | 13.0 | % | ||||||
Diluted earnings per share - low | $ | 0.05 | $ | 0.65 | $ | 0.70 | ||||||
Diluted earnings per share - high | $ | 0.15 | $ | 0.65 | $ | 0.80 |
* Non-GAAP adjustments include the following estimates: stock compensation expense of $13.9 million, intangible asset amortization of $11.7 million, interest expense adjustments of $9.4 million, and the associated tax impact from the aforementioned items.
Silicon Laboratories Inc.
Condensed Consolidated Balance Sheets
(In thousands, except per share data)
(Unaudited)
January 2, 2021 | December 28, 2019 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 202,720 | $ | 227,146 | ||||
Short-term investments | 521,963 | 498,825 | ||||||
Accounts receivable, net | 95,169 | 75,639 | ||||||
Inventories | 66,662 | 73,057 | ||||||
Prepaid expenses and other current assets | 89,307 | 69,192 | ||||||
Total current assets | 975,821 | 943,859 | ||||||
Property and equipment, net | 139,439 | 135,939 | ||||||
Goodwill | 631,932 | 398,402 | ||||||
Other intangible assets, net | 166,084 | 134,279 | ||||||
Other assets, net | 80,211 | 62,374 | ||||||
Total assets | $ | 1,993,487 | $ | 1,674,853 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 54,949 | $ | 38,899 | ||||
Current portion of convertible debt, net | 134,480 | -- | ||||||
Deferred revenue and returns liability | 12,986 | 19,251 | ||||||
Other current liabilities | 82,083 | 79,551 | ||||||
Total current liabilities | 284,498 | 137,701 | ||||||
Convertible debt, net | 428,945 | 368,257 | ||||||
Other non-current liabilities | 80,203 | 53,844 | ||||||
Total liabilities | 793,646 | 559,802 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity: | ||||||||
Preferred stock – $0.0001 par value; 10,000 shares authorized; no shares issued | -- | -- | ||||||
Common stock – $0.0001 par value; 250,000 shares authorized; 43,925 and 43,496 shares issued and outstanding at January 2, 2021 and December 28, 2019, respectively | 4 | 4 | ||||||
Additional paid-in capital | 204,359 | 133,793 | ||||||
Retained earnings | 993,664 | 980,608 | ||||||
Accumulated other comprehensive income | 1,814 | 646 | ||||||
Total stockholders' equity | 1,199,841 | 1,115,051 | ||||||
Total liabilities and stockholders' equity | $ | 1,993,487 | $ | 1,674,853 |
Silicon Laboratories Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Year Ended | ||||||||
January 2, 2021 | December 28, 2019 | |||||||
Operating Activities | ||||||||
Net income | $ | 12,531 | $ | 19,265 | ||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||
Depreciation of property and equipment | 17,780 | 16,883 | ||||||
Amortization of other intangible assets and other assets | 44,733 | 39,584 | ||||||
Amortization of debt discount and debt issuance costs | 21,433 | 13,485 | ||||||
Loss on extinguishment of convertible debt | 4,060 | -- | ||||||
Stock-based compensation expense | 60,091 | 54,799 | ||||||
Deferred income taxes | (6,533 | ) | 23,048 | |||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (17,612 | ) | (2,401 | ) | ||||
Inventories | 10,748 | 2,171 | ||||||
Prepaid expenses and other assets | (51,839 | ) | 8,965 | |||||
Accounts payable | 15,263 | 7,830 | ||||||
Other current liabilities and income taxes | 3,257 | (6,826 | ) | |||||
Deferred revenue and returns liability | (6,694 | ) | (3,243 | ) | ||||
Other non-current liabilities | 28,500 | (7,038 | ) | |||||
Net cash provided by operating activities | 135,718 | 166,522 | ||||||
Investing Activities | ||||||||
Purchases of available-for-sale investments | (519,567 | ) | (424,524 | ) | ||||
Sales and maturities of available-for-sale investments | 497,357 | 344,937 | ||||||
Purchases of property and equipment | (20,422 | ) | (16,279 | ) | ||||
Purchases of other assets | (1,570 | ) | (8,396 | ) | ||||
Acquisitions of businesses, net of cash acquired | (316,809 | ) | (2,510 | ) | ||||
Net cash used in investing activities | (361,011 | ) | (106,772 | ) | ||||
Financing Activities | ||||||||
Proceeds from issuance of debt | 845,000 | -- | ||||||
Payments on debt | (624,737 | ) | (1,132 | ) | ||||
Repurchases of common stock | (16,287 | ) | (26,716 | ) | ||||
Payment of taxes withheld for vested stock awards | (18,124 | ) | (16,295 | ) | ||||
Proceeds from the issuance of common stock | 15,015 | 14,496 | ||||||
Net cash provided by (used in) financing activities | 200,867 | (29,647 | ) | |||||
Increase (decrease) in cash and cash equivalents | (24,426 | ) | 30,103 | |||||
Cash and cash equivalents at beginning of period | 227,146 | 197,043 | ||||||
Cash and cash equivalents at end of period | $ | 202,720 | $ | 227,146 |