~ Third Quarter Revenue of $190.7 Million
~
~ EPS of $0.75 and Adjusted EPS of $1.04
~
~ Raises Fiscal 2018 Outlook ~
~ Board Declares Quarterly Dividend
~
Movado Group, Inc. (NYSE:MOV) today announced third quarter
results for the period ended October 31, 2017.
- Net sales increased 6.0% to $190.7
million, or 5.4% on a constant dollar basis
- Operating income of $25.2 million;
Adjusted operating income of $33.6 million versus operating income
of $31.1 million in the prior year period
- Diluted EPS of $0.75; Adjusted diluted
EPS of $1.04 compared to adjusted diluted EPS of $0.91 in prior
year period
Efraim Grinberg, Chairman and Chief Executive Officer, stated,
“Our powerful portfolio of brands combined with the strength of our
innovation pipeline and solid execution of our strategies by our
team led to a productive quarter, highlighted by increased sales
and growth in adjusted diluted EPS. This performance was delivered
even as the U.S. retail environment remains challenged.
International sales growth led our performance with particular
strength in Europe, Latin America, China and the Middle East. We
were very pleased by the initial performance of our newest brand to
our portfolio, Olivia Burton. The investments we have and continue
to make in digital have elevated our brands with retailers and
consumers alike and this, along with the changing retail landscape
and the growing importance of online channels, has led us to make
the decision to no longer exhibit at the Baselworld fair. While
this has resulted in a charge in the third quarter, we believe the
move is the right choice for our Company as it will yield annual
expense savings in future years that we will reinvest in demand
creation and marketing efforts to further drive sales.”
Mr. Grinberg continued, “We believe we are well positioned as we
enter the final quarter of the year. Our strong product innovation
and marketing programs will allow us to capitalize on the holiday
season. We have a strong balance sheet with $155.5 million of cash,
affording us the ability to continue to reinvest in our business
while returning value to shareholders. As a result of our
performance year-to-date, we are increasing our outlook, excluding
one-time charges.”
During the third quarter of fiscal 2018, the Company recorded a
$1.4 million pre-tax charge, with a related tax benefit of $0.3
million, or $0.05 per diluted share, in conjunction with the
acquisition of the Olivia Burton brand and a $7.0 million pre-tax
charge, with a related tax benefit of $1.2 million or $0.24 per
diluted share, associated with the Company’s cost savings
initiatives. The $7.0 million charge for cost savings initiatives
is comprised of $6.3 million related to the Company’s decision to
no longer exhibit at Baselworld and the remainder is primarily due
to the reduction of leased space in the Company’s Swiss operations.
During the second quarter of fiscal 2018, the Company recorded a
$4.5 million pre-tax charge, with a related tax benefit of $0.1
million, or $0.19 per diluted share, in conjunction with the
acquisition of the Olivia Burton brand and a $0.1 million pre-tax
charge related to the cost savings initiatives. In the first
quarter of fiscal 2018, the Company recorded a $6.3 million pre-tax
charge, with a related tax benefit of $1.9 million, or $0.19 per
diluted share, related to its cost savings initiatives.
In the prior year period, during the third quarter of fiscal
2017, the Company recorded a pre-tax charge to non-operating
expense of $1.3 million, with a related tax benefit of $0.4
million, or $0.04 per diluted share, for an impairment of a
long-term investment in a privately held company. In the first
quarter of fiscal 2017, the Company recorded a $1.8 million pre-tax
charge, with a related tax benefit of $0.7 million, or $0.05 per
diluted share, for the immediate vesting of stock awards and
certain other compensation related to the announcement of the
retirement of the Company’s former Vice Chairman and Chief
Operating Officer, in fiscal 2017 (“COO’s retirement”).
Third Quarter Fiscal 2018 (See attached
table for GAAP and Non-GAAP measures)
- Net sales increased 6.0% to $190.7
million compared to $179.8 million in the third quarter of fiscal
2017. Net sales on a constant dollar basis increased 5.4% compared
to net sales in the third quarter of fiscal 2017.
- Gross profit was $104.1 million, or
54.6% of sales, compared to $98.6 million, or 54.8% of sales, in
the third quarter last year. Adjusted gross profit was $104.7
million, or 54.9% of sales, which primarily excludes $0.6 million
of amortization of acquisition accounting adjustments related to
the Olivia Burton brand. The increase in adjusted gross margin
percentage was primarily the result of a reduction of certain fixed
costs due to the cost savings initiatives and favorable changes in
foreign currency exchange rates, partially offset by channel and
product mix.
- Operating expenses increased $11.4
million to $78.9 million compared to $67.5 million in the third
quarter last year. Adjusted operating expenses in the third quarter
of fiscal 2018 were $71.1 million which excludes $0.8 million of
expenses and amortization related to the acquisition of the Olivia
Burton brand and $7.0 million of expenses related to the cost
savings initiatives. The increase in adjusted operating expenses
was primarily the result of higher performance-based compensation
of $1.5 million, higher distribution costs of $1.3 million, higher
marketing expenses of $1.2 million and other selling and other
operating costs, offset by a decrease in compensation and benefit
expenses primarily related to the Company’s cost savings
initiatives.
- Operating income was $25.2 million
compared to operating income of $31.1 million in the same period
last year. Adjusted operating income in the third quarter of fiscal
2018 was $33.6 million which excludes $1.4 million of expenses and
amortization related to the acquisition of the Olivia Burton brand
and $7.0 million of expenses related to the cost savings
initiatives.
- The Company recorded a tax provision of
$7.5 million, which equates to an effective tax rate of 30.1%, as
compared to a tax provision of $9.3 million or an effective tax
rate 31.5% in the third quarter of fiscal 2017. For the third
quarter of fiscal 2018, the Company recorded an adjusted tax
provision of $9.0 million or an adjusted tax rate of 27.1%, as
compared to an adjusted tax provision of $9.7 million or adjusted
tax rate of 31.5% for the third quarter of fiscal 2017.
- Net income was $17.4 million, or $0.75
per diluted share, compared to net income of $20.2 million, or
$0.87 per diluted share, in the third quarter of fiscal 2017. For
the third quarter of fiscal 2018, adjusted net income was $24.3
million, or $1.04 per diluted share, which excludes $1.1 million of
expenses and amortization, net of $0.3 million of tax, related to
the acquisition of the Olivia Burton brand, and $5.8 million
associated with the cost savings initiatives, net of $1.2 million
of tax. For the third quarter of fiscal 2017, adjusted net income
was $21.1 million, or $0.91 per diluted share, which excludes $0.9
million, net of $0.4 million of tax, related to the impairment
charge on a long-term investment in a privately held company.
Nine Month Results Fiscal 2018 (See
attached table for GAAP and Non-GAAP measures)
- Net sales decreased 0.8% to $418.7
million compared to $422.0 million in the same period of fiscal
2017. Net sales on a constant dollar basis decreased 0.3% compared
to net sales in the first nine months of fiscal 2017.
- Gross profit was $219.3 million, or
52.4% of sales, compared to $230.1 million, or 54.5% of sales, in
the same period last year. Adjusted gross profit for the first nine
months of fiscal 2018, which excludes $0.8 million of amortization
of acquisition accounting adjustments related to the Olivia Burton
brand and $1.4 million in charges related to the cost savings
initiatives, was $221.6 million, or 52.9% of sales. The decrease in
the adjusted gross margin percentage from the first nine months of
last year was primarily the result of channel and product mix as
well as changes in foreign currency exchange rates, partially
offset by a reduction of certain fixed costs as a result of cost
savings initiatives.
- Operating expenses were $189.5 million
as compared to $183.6 million in the same period last year. For the
first nine months of fiscal 2018, adjusted operating expenses were
$172.4 million, excluding $5.1 million of expenses and amortization
related to the acquisition of the Olivia Burton brand and $12.0
million of expenses related to the cost savings initiatives. For
the first nine months of fiscal 2017, adjusted operating expenses
were $181.8 million, which excludes $1.8 million of expenses
related to the COO’s retirement in the first quarter of fiscal
2017. The decrease in adjusted operating expenses was primarily the
result of decreased compensation and benefit expenses primarily
related to the Company’s cost savings initiatives, fluctuations in
foreign currency rates and decreased marketing expenses, partially
offset by higher performance-based compensation.
- Operating income was $29.9 million
compared to operating income of $46.5 million in the same period
last year. Adjusted operating income for the first nine months of
fiscal 2018 was $49.2 million, which excludes $5.9 million of
expenses and amortization related to the acquisition of the Olivia
Burton brand and $13.4 million of expenses related to the cost
savings initiatives. Adjusted operating income for the first nine
months of fiscal 2017 was $48.3 million, which excludes $1.8
million of expenses related to the COO’s retirement in the first
quarter of fiscal 2017.
- The Company recorded a tax provision of
$10.3 million as compared to $14.5 million for the first nine
months of fiscal 2017. Based upon adjusted pre-tax income, the
adjusted tax provision was $13.9 million in the first nine months
of fiscal 2018 compared to an adjusted tax provision of $15.5
million in the first nine months of fiscal 2017.
- Net income was $18.7 million, or $0.80
per diluted share, compared to net income for the first nine months
of fiscal 2017 of $29.8 million, or $1.28 per diluted share.
Adjusted net income for the first nine months of fiscal 2018 was
$34.5 million, or $1.48 per diluted share, which excludes $5.5
million of expenses and amortization related to the acquisition of
the Olivia Burton brand, net of tax, and $10.3 million of expenses
related to the cost savings initiatives, net of tax. For the first
nine months of fiscal 2017, adjusted net income was $31.8 million,
or $1.37 per diluted share, which excludes $1.1 million in
expenses, net of tax, related to the COO’s retirement in the first
quarter of fiscal 2017, as well as $0.9 million, net of tax,
related to the impairment charge on a long-term investment in a
privately held company in the third quarter of fiscal 2017.
Baselworld Update
Given the expanding digital world and the changing retail
landscape, the Company has decided to no longer exhibit its brands
at the annual Baselworld Watch and Jewelry Fair in Switzerland. The
Company plans to reinvest the approximate $10 million of annual
savings in other marketing activities, including digital
brand-building and sales growth initiatives. As a result of this
decision, the Company recorded a pre-tax charge of $6.3 million in
the third quarter of fiscal 2018 as part of its cost savings
initiatives. The majority of this charge comprises the non-cash net
book value of the exhibition booths, with the balance primarily
comprising the Company’s remaining contractual lease obligation for
its space at the March 2018 fair. The Company does not anticipate
any savings in operating expenses related to this decision for
fiscal year 2018.
Fiscal 2018 Outlook
The Company is updating its outlook for fiscal 2018. The Company
now expects net sales will be in a range of $550.0 million to
$555.0 million and operating income will be approximately $58.0
million to $60.0 million. The Company anticipates net income in
fiscal 2018 to be approximately $39.7 million to $41.0 million, or
$1.70 to $1.75 per diluted share, reflecting a 30% anticipated
effective tax rate. The Company's outlook assumes no further
significant fluctuations from prevailing foreign currency exchange
rates.
The above outlook excludes $13.4 million in pre-tax charges
related to cost savings initiatives recorded in the first nine
months of fiscal 2018, including $6.3 million related to the
above-mentioned Baselworld charge. The Company continues to expect
to realize approximately $12.0 million of savings in fiscal 2018
from these initiatives. This outlook also excludes approximately
$7.0 million in anticipated pre-tax costs in fiscal 2018, of which
$5.9 million was recorded in the first nine months of fiscal 2018,
related to transaction costs and the amortization of acquisition
accounting adjustments for the Olivia Burton brand.
Quarterly Dividend and Share Repurchase
Program
The Company also announced that on November 21, 2017, the Board
of Directors approved the payment on December 15, 2017 of a cash
dividend in the amount of $0.13 for each share of the Company’s
outstanding common stock and class A common stock held by
shareholders of record as of the close of business on December 1,
2017.
During the third quarter of fiscal 2018, the Company repurchased
49,000 shares under its share repurchase program. As of October 31,
2017, the Company had $48.7 million remaining under the $50.0
million share repurchase authorization.
Conference Call
The Company’s management will host a conference call and audio
webcast to discuss its results today, November 21st at 9:00 a.m.
Eastern Time. The conference call may be accessed by dialing (866)
548-4713. Additionally, a live webcast of the call can be accessed
at www.movadogroup.com. The webcast will be archived on the
Company’s website approximately one hour after the conclusion of
the call. Additionally, a telephonic re-play of the call will be
available at 12:00 p.m. ET on November 21, 2017 until 11:59 p.m. ET
on November 28, 2017 and can be accessed by dialing (844) 512-2921
and entering replay pin number 1578421.
Movado Group, Inc. designs, sources, and distributes MOVADO®,
OLIVIA BURTON®, EBEL®, CONCORD®, COACH®, TOMMY HILFIGER®, HUGO
BOSS®, JUICY COUTURE®, LACOSTE®, SCUDERIA FERRARI®, REBECCA
MINKOFF® and URI MINKOFF® watches worldwide, and operates Movado
company stores in the United States.
In this release, the Company presents certain financial measures
that are not calculated according to generally accepted accounting
principles in the United States (“GAAP”). Specifically, the Company
is presenting adjusted gross profit, adjusted gross margin,
adjusted operating expenses and adjusted operating income, which
are gross profit, gross margin, operating expenses and operating
income, respectively, under GAAP, adjusted to eliminate expenses
and the amortization of acquisition accounting adjustments related
to the Olivia Burton brand acquisition, charges for the cost
savings initiatives and the COO’s retirement. The Company is also
presenting adjusted tax provision, which is the tax provision under
GAAP, adjusted to eliminate charges for the Olivia Burton brand
acquisition, cost savings initiatives, impairment of a long-term
investment in a private company and the COO’s retirement. The
Company believes these adjusted measures are useful because they
give investors information about the Company’s financial
performance without the effect of certain items that the Company
believes are not characteristic of its usual operations. The
Company is also presenting adjusted net income, adjusted earnings
per share and adjusted effective tax rate, which are net income,
earnings per share and effective tax rate, respectively, under
GAAP, adjusted to eliminate the after-tax impact of the expenses
and the amortization of acquisition accounting adjustments related
to the Olivia Burton brand acquisition, the cost savings
initiatives, impairment of a long-term investment in a private
company and the COO’s retirement. The Company believes that
adjusted net income, adjusted earnings per share and adjusted
effective tax rate are useful measures of performance because they
give investors information about the Company’s financial
performance without the effect of certain items that the Company
believes are not characteristic of its usual operations.
Additionally, the Company is presenting constant currency
information to provide a framework to assess how its business
performed excluding the effects of foreign currency exchange rate
fluctuations in the current period. Comparisons of financial
results on a constant dollar basis are calculated by translating
each foreign currency at the same US dollar exchange rate as in
effect for the prior-year period for both periods being compared.
The Company believes this information is useful to investors to
facilitate comparisons of operating results. These non-GAAP
financial measures are designed to complement the GAAP financial
information presented in this release. The non-GAAP financial
measures presented should not be considered in isolation from or as
a substitute for the comparable GAAP financial measures, and the
methods of their calculation may differ substantially from
similarly titled measures used by other companies.
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. The Company has tried, whenever possible, to identify
these forward-looking statements using words such as “expects,”
“anticipates,” “believes,” “targets,” “goals,” “projects,”
“intends,” “plans,” “seeks,” “estimates,” “may,” “will,” “should”
and variations of such words and similar expressions. Similarly,
statements in this press release that describe the Company's
business strategy, outlook, objectives, plans, intentions or goals
are also forward-looking statements. Accordingly, such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that could cause the Company's
actual results, performance or achievements and levels of future
dividends to differ materially from those expressed in, or implied
by, these statements. These risks and uncertainties may include,
but are not limited to general economic and business conditions
which may impact disposable income of consumers in the United
States and the other significant markets (including Europe) where
the Company’s products are sold, uncertainty regarding such
economic and business conditions, trends in consumer debt levels
and bad debt write-offs, general uncertainty related to possible
terrorist attacks, natural disasters, the stability of the European
Union (including the impact of the June 23, 2016 referendum
advising that the United Kingdom exit from the European Union) and
defaults on or downgrades of sovereign debt and the impact of any
of those events on consumer spending, changes in consumer
preferences and popularity of particular designs, new product
development and introduction, the ability of the Company to
successfully implement its business strategies, competitive
products and pricing, the impact of “smart” watches and other
wearable tech products on the traditional watch market,
seasonality, availability of alternative sources of supply in the
case of the loss of any significant supplier or any supplier’s
inability to fulfill the Company’s orders, the loss of or curtailed
sales to significant customers, the Company’s dependence on key
employees and officers, the ability to successfully integrate the
operations of acquired businesses (including Olivia Burton) without
disruption to other business activities, the possible impairment of
acquired intangible assets including goodwill if the carrying value
of any reporting unit were to exceed its fair value, the
continuation of the company’s major warehouse and distribution
centers, the continuation of licensing arrangements with third
parties, losses possible from pending or future litigation, the
ability to secure and protect trademarks, patents and other
intellectual property rights, the ability to lease new stores on
suitable terms in desired markets and to complete construction on a
timely basis, the ability of the Company to successfully manage its
expenses on a continuing basis, information systems failure or
breaches of network security, the continued availability to the
Company of financing and credit on favorable terms, business
disruptions, disease, general risks associated with doing business
outside the United States including, without limitation, import
duties, tariffs, quotas, political and economic stability, changes
to existing laws or regulations, and success of hedging strategies
with respect to currency exchange rate fluctuations, and the other
factors discussed in the Company’s Annual Report on Form 10-K and
other filings with the Securities and Exchange Commission. These
statements reflect the Company's current beliefs and are based upon
information currently available to it. Be advised that developments
subsequent to this press release are likely to cause these
statements to become outdated with the passage of time. The Company
assumes no duty to update its forward looking statements and this
release shall not be construed to indicate the assumption by the
Company of any duty to update its outlook in the future.
MOVADO GROUP, INC. CONSOLIDATED STATEMENTS OF
OPERATIONS (In thousands, except per share data)
(Unaudited) Three
Months Ended Nine Months Ended October 31,
October 31, 2017
2016 2017
2016 Net sales $ 190,693 $ 179,818 $
418,739 $ 421,967 Cost of sales 86,623
81,268 199,406 191,837
Gross profit 104,070 98,550 219,333 230,130 Operating
expenses 78,885 67,479 189,479
183,590 Operating income 25,185 31,071
29,854 46,540 Other expense - (1,282 ) - (1,282 ) Interest
expense (445 ) (333 ) (1,191 ) (1,039 ) Interest income 110
45 361 138
Income before income taxes 24,850 29,501 29,024 44,357
Provision for income taxes 7,490 9,286
10,341 14,450 Net income 17,360
20,215 18,683 29,907 Less: Net income attributed to
noncontrolling interests - - -
78 Net income attributed to Movado
Group, Inc. $ 17,360 $ 20,215 $ 18,683 $
29,829
Per Share Information: Net income
attributed to Movado Group, Inc. $ 0.75 $ 0.87 $ 0.80 $ 1.28
Weighted diluted average shares outstanding 23,273 23,230 23,261
23,259
MOVADO GROUP, INC. GAAP AND NON-GAAP MEASURES
(In thousands, except for percentage data)
(Unaudited) As
Reported % Change Three Months Ended %
Change Constant October 31, As
Reported Dollar 2017
2016 Total Net sales $ 190,693 $ 179,818
6.0 % 5.4 %
As Reported % Change Nine
Months Ended % Change Constant October 31,
As Reported Dollar
2017 2016 Total Net
sales $ 418,739 $ 421,967 -0.8 % -0.3 %
MOVADO GROUP, INC.
GAAP AND NON-GAAP MEASURES (In thousands, except per
share data) (Unaudited)
Net Sales Gross Profit Operating Income
Pre-tax Income Provisions for Income Taxes
Net Income Attributed to Movado Group,
Inc.
EPS Three Months Ended October 31, 2017 As
Reported (GAAP) $ 190,693 $ 104,070 $ 25,185 $ 24,850 $ 7,490 $
17,360 $ 0.75 Olivia Burton Costs (1) 567 1,383 1,383 263 1,120
0.05 Cost Savings Initiatives (2) 37 7,018
7,018 1,245 5,773 0.24
Adjusted
Results (Non-GAAP) $ 190,693 $ 104,674 $ 33,586 $ 33,251 $
8,998 $ 24,253 $ 1.04
Three Months Ended October 31,
2016 As Reported (GAAP) $ 179,818 $ 98,550 $ 31,071 $
29,501 $ 9,286 $ 20,215 $ 0.87 Impairment of a Long-Term Investment
(3) - - - 1,282 398 884
0.04
Adjusted Results (Non-GAAP) $ 179,818 $ 98,550 $
31,071 $ 30,783 $ 9,684 $ 21,099 $ 0.91
Nine
Months Ended October 31, 2017 As Reported (GAAP) $
418,739 $ 219,333 $ 29,854 $ 29,024 $ 10,341 $ 18,683 $ 0.80 Olivia
Burton Costs (1) 846 5,898 5,898 387 5,511 0.24 Cost Savings
Initiatives (2) - 1,439 13,437 13,437
3,181 10,256 0.44
Adjusted Results
(Non-GAAP) $ 418,739 $ 221,618 $ 49,189 $ 48,359 $ 13,909 $
34,450 $ 1.48
Nine Months Ended October 31, 2016
As Reported (GAAP) $ 421,967 $ 230,130 $ 46,540 $ 44,357 $
14,450 $ 29,829 $ 1.28 Impairment of a Long-Term Investment (3) - -
- 1,282 398 884 0.04 Retirement Charge (4) - -
1,806 1,806 687 1,119 0.05
Adjusted Results (Non-GAAP) $ 421,967 $ 230,130 $ 48,346 $
47,445 $ 15,535 $ 31,832 $ 1.37 (1) Related to transaction
charges and the amortization of acquisition accounting adjustments
associated with the acquisition of the Olivia Burton brand. (2)
Related to a charge for severance and payroll related, asset
retirement, other expenses and occupancy expenses. (3) Related to a
charge for the impairment of a long-term investment. (4) Related to
a charge for the retirement of the former Vice Chairman and Chief
Operating Officer.
MOVADO GROUP, INC. CONSOLIDATED
BALANCE SHEETS (In thousands) (Unaudited)
October 31, January 31,
October 31, 2017
2017 2016
ASSETS
Cash and cash equivalents $ 155,484 $ 256,279 $ 199,758
Trade receivables, net 132,941 66,847 130,076 Inventories 169,866
153,167 169,402 Other current assets 26,361 28,487
28,096 Total current assets 484,652 504,780
527,332 Property, plant and equipment, net 24,637
34,173 34,867 Deferred and non-current income taxes 23,610 24,837
20,614 Goodwill 56,316 - - Other intangibles, net 22,568 1,633
1,730 Other non-current assets 47,783 42,379
39,935 Total assets $ 659,566 $ 607,802 $ 624,478
LIABILITIES AND
EQUITY
Loans payable to bank, current $ 5,000 $ 5,000 $ 3,000
Accounts payable 28,014 27,192 22,443 Accrued liabilities 62,666
35,061 52,895 Income taxes payable 5,192 4,149
5,601 Total current liabilities 100,872 71,402
83,939 Loans payable to bank 25,000 25,000 35,000 Deferred
and non-current income taxes payable 7,501 3,322 3,145 Other
non-current liabilities 38,752 34,085 32,297 Noncontrolling
interests - - - Shareholders' equity 487,441 473,993
470,097 Total liabilities and equity $ 659,566 $ 607,802 $
624,478
MOVADO GROUP, INC. CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (In thousands)
(Unaudited) Nine Months Ended
October 31, 2017
2016 Cash flows from operating
activities: Net income $ 18,683 $ 29,907 Depreciation and
amortization 9,842 8,520 Other non-cash adjustments 5,434 11,805
Cost savings initiatives 13,437 - Changes in working capital
(56,087 ) (59,668 ) Changes in non-current assets and liabilities
(735 ) (1,405 )
Net cash (used in) operating
activities (9,426 ) (10,841
) Cash flows from investing activities:
Capital expenditures (3,575 ) (3,847 ) Acquisition, net of cash
acquired (78,991 ) - Restricted cash deposits 1,018 (1,156 )
Short-term investment - (151 ) Trademarks and other intangibles
(500 ) (296 )
Net cash (used in) investing
activities (82,048 ) (5,450
) Cash flows from financing activities:
Proceeds from bank borrowings - 3,000 Repayments of bank borrowings
- (5,000 ) Dividends paid (8,953 ) (8,951 ) Stock repurchase (3,004
) (3,263 ) Purchase of incremental ownership of U.K. joint venture
- (1,320 ) Other financing (626 ) (1,256 )
Net
cash (used in) financing activities (12,583
) (16,790 ) Effect of exchange
rate changes on cash and cash equivalents 3,262 4,651 Net change in
cash and cash equivalents (100,795 ) (28,430 ) Cash and cash
equivalents at beginning of period 256,279
228,188
Cash and cash equivalents at end of
period $ 155,484 $ 199,758
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171121005316/en/
ICR, Inc.Rachel Schacter/Allison Malkin203-682-8200
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