Gross Profit Margin Increased 120 Basis
Points to 16.5%Operating Profit Margin Increased 140 Basis
Points to 2.4%Non-GAAP EBITDA Margin Increased 130 Basis
Points to 3.5%Diluted EPS Increased 256% to
$0.64Non-GAAP Adjusted EPS Increased 116% to $0.82
PCM, Inc. (NASDAQ: PCMI), a leading technology solutions
provider, today reported financial results for the second quarter
of 2018.
Second Quarter Consolidated Financial
Summary
Three Months
Ended June 30,
(in millions, except per share data)
2018
2017
%
Change
Net Sales $ 546.4 $ 556.1 (2) Gross Profit 90.4 85.1 6 Gross Profit
Margin 16.5% 15.3% 120bp Consolidated SG&A $ 77.2 $ 79.7 (3)
Operating Profit 13.2 5.4 144 Net Income 7.9 2.4 233 Non-GAAP Net
Income 10.0 5.2 94 EBITDA 16.6 8.9 86 Adjusted EBITDA 19.0
12.2 56 Diluted Earnings per Share 0.64 0.18 256 Adjusted
Diluted Earnings per Share 0.82 0.38 116
Frank Khulusi, Chairman and CEO of PCM, Inc., stated, “Coming on
the heels of a great Q1, I am very pleased with our fantastic
results in the second quarter. We achieved record gross profit,
gross margin and adjusted EPS through solid execution in our
strategic areas of focus and investment. During the quarter we
increased our focus on higher margin sales such as managed
services, advanced technologies, cloud, and security solutions, and
in some cases walked away from some low-margin volume business we
identified as unprofitable. These moves helped us achieve our
highest ever gross margin of 16.5%, 120 basis points higher than
the same quarter last year, and resulted in a slight reduction in
sales, an outcome we’re happy with as our gross profit increased 6%
from the same quarter last year. Reflecting strong expense
discipline, consolidated SG&A expenses declined by 3% despite
the 6% increase in gross profit. All of this resulted in us
reaching on a non-GAAP basis adjusted EBITDA of $19 million, an
adjusted EBITDA margin of 3.5%, and adjusted EPS of $0.82, all
significant bottom line achievements we’re proud of. Additionally,
this increased profitability combined with our focus on working
capital management resulted in approximately $33 million of
increased operating cash flow and nearly $36 million in further
reductions in our net debt, which has now declined by nearly $69
million since the end of 2017. I would like to thank all my fellow
co-workers at PCM for their hard work, die-hard dedication, and
significant contribution to these record results.”
Commenting on PCM’s outlook, Mr. Khulusi concluded, “Due to our
strong performance year to date as well as having a solid outlook
for the rest of the year, we are increasing our 2018 guidance for
non-GAAP earnings per share by $0.20 to a range of $2.20 - $2.30.
We are also increasing our gross margin guidance for the year to a
new range of 15.60% to 15.85% on revised sales growth guidance of
low single digits, reflecting our focus on more profitable
sales.”
New Accounting Standard
In May 2014, the FASB issued ASU 2014-09, “Revenue from
Contracts with Customers (Topic 606),” which, along with amendments
issued in 2015 and 2016, replaced most existing revenue recognition
guidance under GAAP and eliminate industry specific guidance. The
core principle of the new guidance is that an entity should
recognize revenue for the transfer of goods and services equal to
an amount it expects to be entitled to receive for those goods and
services. We adopted the guidance on January 1, 2018 using the full
retrospective method, which resulted in adjustments to our
consolidated statement of operations for the three and six months
ended June 30, 2017, and our consolidated statement of cash flows
for the six months ended June 30, 2017 presented herein.
Second Quarter Segment Sales
Summary
Three Months
Ended June 30,
2018
2017
Percentage of Percentage of
Percent (in thousands)
Net
Sales
Total Net
Sales
Net
Sales
Total Net
Sales
Dollar
Change
Change
Commercial $ 410,950 75 % $ 435,893 78 %
$
(24,943
)
(6 )% Public Sector 74,712 14 76,427 14 (1,715 ) (2 ) Canada 47,416
9 43,579 8 3,837 9 United Kingdom 13,512 2 362 — 13,150
NM
(1)
Corporate & Other (160 ) — (179 ) — 19
NM
(1)
Consolidated $ 546,430 100 % $ 556,082 100 %
$
(9,652
)
(2 )%
_______________
(1) Not meaningful.
Results of Operations
Net Sales
Consolidated net sales were $546.4 million in the three months
ended June 30, 2018 compared to $556.1 million in the three months
ended June 30, 2017, a decrease of $9.7 million or 2%. Consolidated
sales of services were $42.9 million in the three months ended June
30, 2018 compared to $40.8 million in the three months ended June
30, 2017, an increase of $2.1 million, or 5%, and represented 8%
and 7% of consolidated net sales in the three months ended June 30,
2018 and 2017, respectively.
Commercial net sales were $411.0 million in the three months
ended June 30, 2018 compared to $435.9 million in the three months
ended June 30, 2017, a decrease of $24.9 million or 6%. Sales of
services in our Commercial segment were $29.4 million in the three
months ended June 30, 2018 compared to $27.6 million in the three
months ended June 30, 2017, an increase of $1.8 million or 7%, and
represented 7% and 6% of Commercial net sales in the three months
ended June 30, 2018 and 2017, respectively. The decrease in our
Commercial segment net sales in the three months ended June 30,
2018 was impacted by a large, low-margin enterprise customer
project in the prior year that did not reoccur, as well as a
several specific customer deals we elected not to pursue based on
our focus on profitable growth.
Public Sector net sales were $74.7 million in the three months
ended June 30, 2018 compared to $76.4 million in the three months
ended June 30, 2017, a decrease of $1.7 million or 2%, primarily
due to a 22% decrease in our federal sales, partially offset by a
5% increase in our state and local government and educational
institution (“SLED”) sales. Sales of services in our Public Sector
segment were $4.8 million in the three months ended June 30, 2018
compared to $5.8 million in the three months ended June 30, 2017, a
decrease of $1.0 million or 18%, and represented 6% and 8% of
Public Sector net sales in the three months ended June 30, 2018 and
2017, respectively. Our federal business net sales were negatively
impacted in the quarter by the loss of a Federal contract, which we
were unwilling to rebid at a loss as we stated over the last few
quarters.
Canada net sales were $47.4 million in the three months ended
June 30, 2018 compared to $43.6 million in the three months ended
June 30, 2017, an increase of $3.8 million, or 9%. Sales of
services in our Canada segment were $7.5 million in the three
months ended June 30, 2018 compared to $7.4 million in the three
months ended June 30, 2017, and represented 16% and 17% of Canada
net sales in the three months ended June 30, 2018 and 2017,
respectively.
Our United Kingdom segment, which officially launched in the
second quarter of 2017, generated net sales of $13.5 million in the
three months ended June 30, 2018 compared to $0.4 million in the
three months ended June 30, 2017, an increase of $13.1 million.
Gross Profit and Gross Profit Margin
Consolidated gross profit was $90.4 million in the three months
ended June 30, 2018 compared to $85.1 million in the three months
ended June 30, 2017, an increase of $5.3 million, or 6%.
Consolidated gross profit margin increased to 16.5% in the three
months ended June 30, 2018 from 15.3% in the same period last year.
The increase in consolidated gross profit and gross profit margin
was primarily due to a shift in mix toward higher margin solutions
and service sales.
Selling, General & Administrative Expenses
Consolidated SG&A expenses were $77.2 million in the three
months ended June 30, 2018 compared to $79.7 million in the three
months ended June 30, 2017, a decrease of $2.5 million or 3%.
Consolidated SG&A expenses as a percentage of net sales
decreased to 14.1% in the three months ended June 30, 2018 from
14.3% in the same period last year. The decrease in consolidated
SG&A expenses was primarily related to a $2.0 million decrease
in outside service costs primarily related to the termination of
the Pakistani BPO service contract, and a $1.0 million decrease in
telecommunication costs, partially offset by an increase in
personnel costs of $1.2 million, which was primarily due to our new
United Kingdom segment.
Operating Profit
Consolidated operating profit increased 144% to $13.2 million
compared to $5.4 million in the prior year, due to the increase in
gross profit and reduction in SG&A expenses for the reasons
discussed above.
Income Taxes
Income tax expense was $3.1 million in the three months ended
June 30, 2018 compared to $1.2 million in the three months ended
June 30, 2017. Our effective tax rate was 28.4% compared to 33.4%
in the prior year. Income taxes in the three months ended June 30,
2018 reflected the new lower Federal income tax rate and other
factors within tax reform, while income taxes in the three months
ended June 30, 2017 benefited from $0.4 million in excess tax
benefits associated with stock based compensation.
Net Income
Net income for the three months ended June 30, 2018 was $7.9
million compared to $2.4 million for the three months ended June
30, 2017. Diluted earnings per share was $0.64 compared to $0.18 in
the prior year.
Adjusted EPS
Non-GAAP EPS (adjusted EPS) was $0.82 for the three months ended
June 30, 2018 compared to $0.38 in the three months ended June 30,
2017.
Consolidated Balance Sheet and Cash Flow
We had cash and cash equivalents of $11.5 million at June 30,
2018 compared to $9.1 million at December 31, 2017. We had $72.4
million of net cash provided by operating activities during the six
months ended June 30, 2018 compared to $6.3 million in the six
months ended June 30, 2017.
Accounts receivable at June 30, 2018 was $522.1 million, an
increase of $82.4 million from December 31, 2017, primarily
the result of seasonally strong sales toward the end of the second
quarter. Inventory at June 30, 2018 was $78.5 million, a decrease
of $25.0 million from December 31, 2017, primarily related to
the sell through of certain purchases made in the fourth quarter of
2017. Accounts payable at June 30, 2018 was $393.9 million, an
increase of $104.7 million from December 31, 2017, also
primarily the result of seasonally strong sales and related
purchase volume toward the end of the second quarter.
Cash used in investing activities during the three months ended
June 30, 2018 totaled $2.5 million compared to $9.1 million during
the six months ended June 30, 2017. Investing activities for the
six months ended June 30, 2018 were primarily related to
expenditures relating to investments in our IT infrastructure.
Investing activities for the six months ended June 30, 2017 were
primarily related to a purchase of real property in Woodridge,
Illinois for $3.1 million, expenditures relating to investments in
our IT infrastructure, and leasehold improvements.
Within cash flows from financing activities, we paid earnout
payments totaling $2.2 million in the six months ended June 30,
2018, compared to $6.5 million in the six months ended June 30,
2017. The earnout period ended as of March 31, 2018.
Our outstanding borrowings under our line of credit was $149.3
million at June 30, 2018, a $64.5 million decline compared to
$213.8 million at December 31, 2017 as a result of the cash
flow generated from our earnings combined with our focus on working
capital management during the first half of 2018.
Sales Mix
The following table sets forth our gross billed sales (net of
returns) by major categories as a percentage of total gross billed
sales (net of returns) for the periods presented, determined based
upon our internal product code classifications:
Three Months Ended Y/Y
June
30,
Sales
2018
2017
Growth
Software (1) 29 % 31 % (10 )% Notebooks and tablets 17 18 (8 )
Desktops 8 6 18 Delivered services 8 7 5 Networking 7 6 9
Manufacturer service and warranties (1) 6 6 9 Servers 4 3 28
Storage 4 3 18 Display 4 4 4 Accessories 4 4 (17 ) Input Devices 2
2 12 Printers 2 2 (13 ) Other (2) 5 8 (20 ) Total 100 % 100 %
_______________
(1) Software, including software licenses, maintenance and
enterprise agreements, and manufacturer service and warranties are
shown, for purposes of this table, on a gross sales billed to
customers basis, net of returns and do not reflect the net down
impact related to revenue recognition for sales of such products.
(2) Other includes power, supplies, consumer electronics, memory,
iPod/MP3 and miscellaneous other items.
Non-GAAP Measures
We are presenting earnings before interest, taxes, depreciation
and amortization expenses (EBITDA), adjusted EBITDA and non-GAAP
EPS (adjusted EPS), which are financial measures that are not
determined in accordance with accounting principles generally
accepted in the United States of America, or GAAP. Adjusted EBITDA
and adjusted EPS remove the effect of severance and restructuring
related expenses related to our cost reduction initiatives and
stock-based compensation, as well as uncommon, non-recurring or
special items. Adjusted EPS also removes the effect of amortization
of intangibles acquired in acquisitions. Depreciation and
amortization expenses primarily represent an allocation to current
expense of the cost of historical capital expenditures and for
acquired intangible assets resulting from prior business
acquisitions. EBITDA, adjusted EBITDA and adjusted EPS should be
used in conjunction with other GAAP financial measures and are not
presented as an alternative measure of operating results, as
determined in accordance with GAAP. We believe that these non-GAAP
financial measures allow a more meaningful comparison of our
operating performance trends to both management and investors that
is more indicative of our consolidated operating results across
reporting periods. We believe that adjusted EBITDA and adjusted EPS
provide a better understanding of our company’s operating
performance and cash flows. A reconciliation of the non-GAAP
consolidated financial measures is included in a table below.
Conference Call
Management will hold a conference call, which will be webcast,
on July 25, 2018 at 4:30 p.m. Eastern Time (1:30 p.m. Pacific
Time) to discuss its second quarter results. To listen to PCM
management’s discussion of its second quarter results live, access
http://investor.pcm.com/events-presentations.
The archived webcast can be accessed at http://investor.pcm.com
under “Events & Presentations.” A replay of the conference
call by phone will be available from 7:30 p.m. ET on July 25,
2018 until August 1, 2018 and can be accessed by calling (855)
859-2056 (International (404) 537-3406) and inputting code
5475015.
About PCM, Inc.
PCM, Inc., through its wholly-owned subsidiaries, is a leading
multi-vendor provider of technology solutions, including hardware,
software and services to small, medium and enterprise businesses,
state, local and federal governments and educational institutions
across the United States, Canada and the UK. We generated net sales
of $2.2 billion in the twelve months ended June 30, 2018. For more
information, please visit investor.pcm.com or call (310)
354-5600.
Forward-looking
Statements
This press release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Such forward-looking statements include
statements regarding our expectations, hopes or intentions
regarding the future, including but not limited to, statements
related to expectations of reaping the benefits of our investments
in security, cloud, hybrid data center, managed services and
advanced technologies; expectations of financial performance,
opportunities, expectations or intentions for growth in top or
bottom line operating results; expectations for non-GAAP earnings
per share; expectations for gross margins; and expectations for the
full year 2018 sales growth. Forward-looking statements involve
certain risks and uncertainties, and actual results may differ
materially from those discussed in any such statement. Factors that
could cause our actual results to differ materially include without
limitation risks and uncertainties related to the following: our
ability to attract and retain key employees; our ability to receive
expected returns on changes in our sales and services organizations
or strategic investments, including without limit, investments in
security, cloud, hybrid data center, advanced technology solutions
and services, our call centers and our international expansion;
risks associated with our ability to integrate our acquisitions;
availability of key vendor incentives and other vendor assistance;
our IT infrastructure; risks associated with cyber and data
security including compliance with related regulatory requirements
such as the European Union General Data Protection Regulation; the
relationship between the number of our account executives and
productivity; decreased sales related to any of our segments,
including but not limited to, potential decreases in sales
resulting from the loss of or a reduction in purchases from
significant customers; the effect of any failure by us to continue
to successfully transition outsourced BPO services historically
provided to our En Pointe business under a service agreement we
acquired in connection with our En Pointe acquisition; possible
discontinuance of IT licenses or authorizations used to operate our
business which are provided by vendors; increased competition,
including, but not limited to, increased competition from direct
sales by some of our largest vendors and increased pricing
pressures which affect our pricing strategy in any given period;
the misappropriation or unauthorized use of our proprietary or
confidential information by competitors or others; our loss of
personnel to competitors; the effect of our pricing strategy on our
operating results; potential decreases in sales related to changes
in our vendors products; the potential lack of availability of
government funding applicable to our Public Sector business; the
impact of seasonality on our sales; availability of products from
third party suppliers at reasonable prices; business and other
conditions in Canada, the UK and Europe and the Asia-Pacific
region and the related effects on our Canadian, UK and our
Asia-Pacific operations, including without limitation our executive
management’s lack of experience operating in some of these markets;
increased expenses, including, but not limited to, interest
expense, foreign currency transaction gains/losses and other
expenses which may increase as a result of future inflationary
pressures; our advertising, marketing and promotional efforts may
be costly and may not achieve desired results; shifts in
market demand or price erosion of owned inventory; other risks
related to foreign currency fluctuations; warranties and
indemnities we may be required to provide to third parties through
our commercial contracts; litigation by or against us, including
without limitation the litigation and other actions related to our
En Pointe acquisition; and availability of financing, including
availability under our existing credit lines. Additional factors
that could cause our actual results to differ are discussed under
the heading “Risk Factors” in Item 1A, Part II of our
Form 10-Q for the period ended March 31, 2018, on file with
the Securities and Exchange Commission, and in our other reports
filed from time to time with the SEC. All forward-looking
statements in this document are made as of the date hereof, based
on information available to us as of the date hereof, and we assume
no obligation to update any forward-looking statements.
PCM, INC. CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30, 2018 2017
2018 2017 Net sales $ 546,430 $ 556,082 $
1,089,262 $ 1,078,842 Cost of goods sold 456,013
470,937 915,249 915,199 Gross profit 90,417 85,145
174,013 163,643 Selling, general and administrative expenses
77,222 79,741 154,576 153,528 Operating profit
13,195 5,404 19,437 10,115 Interest expense, net 2,315 1,986 4,777
3,639 Equity income from unconsolidated affiliate 129
135 304 273 Income before income taxes 11,009 3,553
14,964 6,749 Income tax expense 3,126 1,187
4,270 211 Net income $ 7,883 $ 2,366 $ 10,694 $ 6,538
Basic and Diluted Earnings Per Common Share Basic $ 0.66 $
0.19 $ 0.90 $ 0.52 Diluted 0.64 0.18 0.88 0.48 Weighted
average number of common shares outstanding: Basic 11,912 12,574
11,878 12,477 Diluted 12,259 13,486 12,145 13,483
PCM,
INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(unaudited, in thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30, 2018 2017
2018 2017 EBITDA(a): Consolidated
operating profit $ 13,195 $ 5,404 $ 19,437 $ 10,115 Add:
Consolidated depreciation expense 2,618 2,418 5,331 4,858
Consolidated amortization expense 690 973 1,582 2,055
Equity income from unconsolidated
affiliate(b)
129 135 304 273
EBITDA $ 16,632
$ 8,930 $ 26,654 $ 17,301
EBITDA Adjustments:
Stock-based compensation $ 760 $ 708 $ 1,432 $ 1,223 M&A and
related litigation costs and fees(c) 899 1,370 1,139 1,540
Severance and restructuring related costs(d) 252 1,165 564 1,781
Foreign exchange loss 417 8 187 34
Total EBITDA adjustments $ 2,328 $ 3,251 $ 3,322 $ 4,578
Adjusted EBITDA EBITDA $ 16,632 $ 8,930 $ 26,654 $
17,301 Add: EBITDA Adjustments 2,328 3,251
3,322 4,578
Adjusted EBITDA $ 18,960 $ 12,181 $
29,976 $ 21,879
Net income: Income before income
taxes $ 11,009 $ 3,553 $ 14,964 $ 6,749 Less: Income tax expense
3,126 1,187 4,270 211
Net income
$ 7,883 $ 2,366 $ 10,694 $ 6,538 Income before income taxes
$ 11,009 $ 3,553 $ 14,964 $ 6,749 Add: EBITDA Adjustments 2,328
3,251 3,322 4,578 Amortization of purchased intangibles(e) 686 969
1,574 2,047 One-time interest charge(f) — 321
— 321 Adjusted income before income taxes 14,023 8,094
19,860 13,695 Less: Adjusted income tax expense(g) 3,997
2,914 5,660 4,930
Non-GAAP net income $
10,026 $ 5,180 $ 14,200 $ 8,765
Diluted earnings per
share: GAAP diluted EPS $ 0.64 $ 0.18 $ 0.88 $ 0.48 Non-GAAP
diluted EPS 0.82 0.38 1.17 0.65 Diluted weighted average
number of common shares outstanding
12,259
13,486
12,145
13,483
_______________
(a) EBITDA — earnings from continuing operations before
interest, taxes, depreciation and amortization. (b) Represents our
equity income resulting from our 49% ownership interest in the NCE.
(c) Includes litigation costs and fees related to our acquisitions.
(d) Includes employee severance related costs related to our cost
reduction initiatives, lease vacancy costs and other restructuring
related costs. (e) Includes amortization expense for
acquisition-related intangible assets, which include trademarks,
trade names, non-compete agreements and customer relationships. (f)
Represents interest expense levied against the company for
unclaimed property reports for periods dating back to 2003. (g) The
2018 adjusted income tax expense assumes an estimated annual
effective tax rate of 28.5%. The 2017 adjusted income tax expense
assumes an estimated annual effective tax rate of 36.0%.
PCM, INC. CONSOLIDATED BALANCE SHEETS (unaudited,
in thousands, except per share amounts and share data)
June 30, December 31,
2018 2017 ASSETS
Current assets: Cash and cash equivalents $ 11,503 $ 9,113 Accounts
receivable, net of allowances of $1,908 and $2,181 522,072 439,658
Inventories 78,491 103,471 Prepaid expenses and other current
assets 9,198 9,333 Total current assets
621,264 561,575 Property and equipment, net 69,707 71,551 Goodwill
87,616 87,768 Intangible assets, net 9,443 11,090 Deferred income
taxes 1,495 1,759 Investment and other assets 5,193
6,509 Total assets $ 794,718 $ 740,252
LIABILITIES AND STOCKHOLDERS’ EQUITY Current
liabilities: Accounts payable $ 393,890 $ 289,201 Accrued expenses
and other current liabilities 54,413 55,040 Deferred revenue 12,204
7,913 Line of credit 149,300 213,778 Notes payable — current 3,459
3,362 Note payable related to asset held for sale —
— Total current liabilities 613,266 569,294 Notes
payable 31,151 32,892 Other long-term liabilities 7,710 7,338
Deferred income taxes 3,836 3,102 Total
liabilities 655,963 612,626 Commitments
and contingencies Stockholders’ equity: Preferred stock, $0.001 par
value; 5,000,000 shares authorized; none issued and outstanding — —
Common stock, $0.001 par value; 30,000,000
shares authorized; 17,285,019 and 17,170,273 shares issued;
11,894,367 and 11,779,621 shares outstanding
17
17
Additional paid-in capital 135,899 134,646 Treasury stock, at cost:
5,390,652 shares (38,536 ) (38,536 ) Accumulated other
comprehensive income (567 ) 251 Retained earnings 41,942
31,248 Total stockholders’ equity
138,755 127,626 Total liabilities and
stockholders’ equity $ 794,718 $ 740,252
PCM, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands) Six Months Ended
June 30, 2018 2017
Cash Flows From Operating Activities Net income $
10,694 $ 6,538 Adjustments to reconcile net income to net cash
provided by operating activities: Depreciation and amortization
6,913 6,913 Equity income from unconsolidated affiliate (304 ) (273
) Distribution from equity method investee 162 — Provision for
deferred income taxes 984 171 Non-cash stock-based compensation
1,432 1,223 Change in operating assets and liabilities: Accounts
receivable (82,414 ) (83,825 ) Inventories 24,980 5,988 Prepaid
expenses and other current assets 135 1,784 Other assets 1,571
1,294 Accounts payable 102,681 74,311 Accrued expenses and other
current liabilities 1,247 (4,363 ) Deferred revenue 4,291
(3,453 ) Total adjustments 61,678
(230 ) Net cash provided by operating activities
72,372 6,308
Cash Flows From Investing
Activities Purchases of property and equipment (2,358 ) (9,056
) Acquisition of Stack Technology (166 ) — Net
cash used in investing activities (2,524 ) (9,056 )
Cash Flows From Financing Activities Net payments under line
of credit (64,478 ) (86 ) Borrowing under note payable — 3,139
Payments under notes payable (1,638 ) (1,992 ) Change in book
overdraft 1,952 5,038 Payments of earn-out liability (2,199 )
(6,523 ) Payments of obligations under capital lease (349 ) (860 )
Proceeds from capital lease obligations — 587 Proceeds from stock
issued under stock option plans 261 4,722 Payment for deferred
financing costs (43 ) (635 ) Payment of taxes related to
net-settled stock awards (450 ) (783 ) Net cash
provided by (used in) financing activities (66,944 )
2,607 Effect of foreign currency on cash flow (514 )
274 Net change in cash and cash equivalents 2,390 133
Cash and cash equivalents at beginning of the period 9,113
7,172 Cash and cash equivalents at end of the
period $ 11,503 $ 7,305
Supplemental Cash Flow
Information Interest paid $ 4,579 $ 3,263 Income taxes (refund)
paid, net (1,558 ) 3,314
Supplemental Non-Cash Investing and
Financing Activities Financed and accrued purchases of property
and equipment 1,134 14
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Investor Relations:Kim RogersHayden IR(385)
831-7337kim@haydenir.com
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