PETAH TIKVA, Israel, Feb. 19, 2020 (GLOBE NEWSWIRE) -- Gilat Satellite Networks Ltd. (NASDAQ, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, today reported its unaudited financial results for the fourth quarter and full year ended December 31, 2019.
Key Financial Highlights:
- Revenues for Q4 2019 were $78.3 million compared to $69.7 million for Q4 2018. Full year 2019 revenues totaled $263.5 million versus $266.4 million in 2018.
- Continued strong profitability:
- Q4 2019 GAAP operating income increased to $9.2 million from $7.5 million in Q4 2018. Non-GAAP operating income in Q4 2019 totaled $9.9 million, compared to $7.9 million in Q4 2018. Full year 2019 GAAP operating income totaled $25.6 million versus $21.3 million for 2018. Non-GAAP operating income for full year 2019 of increased to $29.2 million from $25.1 million in 2018.
- Q4 2019 GAAP net income totaled $24.0 million, or $0.43 per diluted share, including a tax benefit of $15.5 million due to the first-time recording of deferred tax assets on NOLs mainly in Israel. GAAP net income was $5.3 million, or $0.09 per diluted share, in Q4 2018. Non-GAAP Q4 2019 net income increased to $9.1 million, from $5.7 million in Q4 2018.
- Full year 2019 GAAP net income totaled $36.5 million, or $0.65 per diluted share, including the Q4 tax benefit. Non-GAAP net income for full year 2019 increased to $24.7 million, or $0.44 per diluted share, compared with $18.2 million, or $0.32 per diluted share in 2018.
- Q4 2019 Adjusted EBITDA was $13.1 million, compared to $10.5 million in Q4 2018. Full Year 2019 Adjusted EBITDA was $40.2 million versus $35.2 million for full year 2018.
- Gilat's tail-mount Ku-band antenna project, previously announced on August 5th, 2019, was discontinued. Gilat will refocus on other opportunities that the significant growth in the IFC terminal market offers.
In light of the merger agreement between Comtech and Gilat and as previously announced, Gilat will not hold a fourth quarter and fiscal 2019 year-end conference call and webcast.
Non-GAAP Measures
The attached summary unaudited financial statements were prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). To supplement the consolidated financial statements presented in accordance with GAAP, the Company presents Non-GAAP presentations of net income, operating income, Adjusted EBITDA and earnings per share. The adjustments to the Company’s GAAP results are made with the intent of providing both management and investors a more complete understanding of the Company’s underlying operational results, trends and performance. Non-GAAP financial measures mainly exclude the effect of stock based compensation, amortization of purchased intangibles, lease incentive amortization, litigation expenses, income related to trade secrets claims, re-organization costs, merger and acquisition costs, expenses for tax contingencies to be paid under an amnesty program and initial recognition of deferred tax asset with respect to carry-forward losses.
Adjusted EBITDA is presented to compare the Company’s performance to that of prior periods and evaluate the Company’s financial and operating results on a consistent basis from period to period. The Company also believes this measure, when viewed in combination with the Company’s financial results prepared in accordance with GAAP, provides useful information to investors to evaluate ongoing operating results and trends. Adjusted EBITDA, however, should not be considered as an alternative to operating income or net income for the period and may not be indicative of the historic operating results of the Company; nor is it meant to be predictive of potential future results. Adjusted EBITDA is not a measure of financial performance under GAAP and may not be comparable to other similarly titled measures for other companies. Reconciliation between the Company's Operating income and Adjusted EBITDA is presented in the attached summary financial statements.
Non-GAAP presentations of net income, operating income, Adjusted EBITDA and earnings per share should not be considered in isolation or as a substitute for any of the consolidated statements of operations prepared in accordance with GAAP, or as an indication of Gilat’s operating performance or liquidity.
About Gilat
Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With 30 years of experience, we design and manufacture cutting-edge ground segment equipment, and provide comprehensive solutions and end-to-end services, powered by our innovative technology. Delivering high value competitive solutions, our portfolio comprises of a cloud based VSAT network platform, high-speed modems, high performance on-the-move antennas and high efficiency, high power Solid State Amplifiers (SSPA) and Block Upconverters (BUC).
Gilat’s comprehensive solutions support multiple applications with a full portfolio of products to address key applications including broadband access, cellular backhaul, enterprise, in-flight connectivity, maritime, trains, defense and public safety, all while meeting the most stringent service level requirements. Gilat controlling shareholders are the FIMI Private Equity Funds. For more information, please visit: www.gilat.com
Safe Harbor Statement
Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words "estimate", "project", "intend", "expect", "believe" and similar expressions are intended to identify forward-looking statements. For example, when we discuss the benefits of the pending acquisition of Gilat by Comtech Telecommunications Corp., we are using forward-looking statements. In addition, announced results for the fourth quarter and full year 2019 are preliminary, unaudited and subject to year-end audit adjustment. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, risks and uncertainties relating to the pending acquisition of Gilat by Comtech Telecommunications Corp., changes in general economic and business conditions, inability to maintain market acceptance to Gilat's products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat's products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company's proprietary technology and risks associated with Gilat's international operations and its location in Israel. We undertake no obligation to update or revise any forward-looking statements for any reason. For additional information regarding these and other risks and uncertainties associated with Gilat's business, reference is made to Gilat's reports filed from time to time with the Securities and Exchange Commission.
Contacts:
Gilat Satellite Networks
Doreet Oren, Director Corporate Communications
DoreetO@gilat.com
Comm-Partners LLC
June Filingeri, President
+1-203-972-0186
junefil@optonline.net
| GILAT SATELLITE NETWORKS LTD. | ||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||
| U.S. dollars in thousands (except share and per share data) | ||||||||||||||
| Twelve months ended | Three months ended | |||||||||||||
| December 31, | December 31, | |||||||||||||
| 2019 | 2018 | 2019 | 2018 | |||||||||||
| Unaudited | Audited | Unaudited | ||||||||||||
| Revenues | $ | 263,492 | $ | 266,391 | $ | 78,314 | $ | 69,729 | ||||||
| Cost of revenues | 167,615 | 172,354 | 51,246 | 43,715 | ||||||||||
| Gross profit | 95,877 | 94,037 | 27,068 | 26,014 | ||||||||||
| Research and development expenses | 32,208 | 34,449 | 8,120 | 9,169 | ||||||||||
| Less - grants | 2,024 | 1,426 | 414 | 222 | ||||||||||
| Research and development expenses, net | 30,184 | 33,023 | 7,706 | 8,947 | ||||||||||
| Selling and marketing expenses | 21,488 | 22,706 | 5,156 | 5,497 | ||||||||||
| General and administrative expenses | 18,633 | 17,024 | 4,967 | 4,061 | ||||||||||
| Total operating expenses | 70,305 | 72,753 | 17,829 | 18,505 | ||||||||||
| Operating income | 25,572 | 21,284 | 9,239 | 7,509 | ||||||||||
| Financial expenses, net | 2,617 | 4,298 | 677 | 1,132 | ||||||||||
| Income before taxes on income | 22,955 | 16,986 | 8,562 | 6,377 | ||||||||||
| Taxes on income (tax benefit) | (13,583 | ) | (1,423 | ) | (15,459 | ) | 1,082 | |||||||
| Net income | $ | 36,538 | $ | 18,409 | $ | 24,021 | $ | 5,295 | ||||||
| Basic earnings per share | $ | 0.66 | $ | 0.34 | $ | 0.43 | $ | 0.10 | ||||||
| Diluted earnings per share | $ | 0.65 | $ | 0.33 | $ | 0.43 | $ | 0.09 | ||||||
| Weighted average number of shares used in computing earnings per share | ||||||||||||||
| Basic | 55,368,703 | 54,927,272 | 55,485,961 | 55,134,977 | ||||||||||
| Diluted | 56,030,976 | 55,752,642 | 56,034,744 | 55,962,447 | ||||||||||
| GILAT SATELLITE NETWORKS LTD. | ||||||||||||||||||||
| RECONCILIATION BETWEEN GAAP AND NON-GAAP STATEMENTS OF OPERATIONS | ||||||||||||||||||||
| FOR COMPARATIVE PURPOSES | ||||||||||||||||||||
| U.S. dollars in thousands (except share and per share data) | ||||||||||||||||||||
| Three months ended | Three months ended | |||||||||||||||||||
| December 31, 2019 | December 31, 2018 | |||||||||||||||||||
| GAAP | Adjustments (1) | Non-GAAP | GAAP | Adjustments (1) | Non-GAAP | |||||||||||||||
| Unaudited | Unaudited | |||||||||||||||||||
| Gross profit | $ | 27,068 | 70 | $ | 27,138 | $ | 26,014 | 269 | $ | 26,283 | ||||||||||
| Operating expenses | 17,829 | (550 | ) | 17,279 | 18,505 | (91 | ) | 18,414 | ||||||||||||
| Operating income | 9,239 | 620 | 9,859 | 7,509 | 360 | 7,869 | ||||||||||||||
| Income before taxes on income | 8,562 | 620 | 9,182 | 6,377 | 360 | 6,737 | ||||||||||||||
| Net income | $ | 24,021 | (14,908 | ) | $ | 9,113 | $ | 5,295 | 360 | $ | 5,655 | |||||||||
| Basic earnings per share | $ | 0.43 | $ | (0.27 | ) | $ | 0.16 | $ | 0.10 | $ | - | $ | 0.10 | |||||||
| Diluted earnings per share | $ | 0.43 | $ | (0.27 | ) | $ | 0.16 | $ | 0.09 | $ | 0.01 | $ | 0.10 | |||||||
| Weighted average number of shares used in computing earnings per share | ||||||||||||||||||||
| Basic | 55,485,961 | 55,485,961 | 55,134,977 | 55,134,977 | ||||||||||||||||
| Diluted | 56,034,744 | 56,122,960 | 55,962,447 | 56,160,425 | ||||||||||||||||
| (1) Adjustments reflect the effect of non-cash stock-based compensation as per ASC 718, amortization of intangible assets related to shares acquisition transactions, trade secrets and other litigation expenses, re-organiztion costs, merger and acquisition costs and initial recogniztion of deferred tax asset with respect to carry forward losses. | ||||||||||||||||||||
Three months ended | Three months ended | |||||||||||||||||||
| December 31, 2019 | December 31, 2018 | |||||||||||||||||||
| Unaudited | Unaudited | |||||||||||||||||||
| GAAP net income | $ | 24,021 | $ | 5,295 | ||||||||||||||||
| Gross profit | ||||||||||||||||||||
| Non-cash stock-based compensation expenses | 58 | 37 | ||||||||||||||||||
| Amortization of intangible assets related to acquisition transactions | 12 | 232 | ||||||||||||||||||
| 70 | 269 | |||||||||||||||||||
| Operating expenses | ||||||||||||||||||||
| Non-cash stock-based compensation expenses | 347 | 239 | ||||||||||||||||||
| Amortization of intangible assets related to acquisition transactions | 49 | 52 | ||||||||||||||||||
| Trade secrets and other litigation expenses (income) | 36 | (200 | ) | |||||||||||||||||
| Merger and acquisition costs | 118 | - | ||||||||||||||||||
| 550 | 91 | |||||||||||||||||||
| Tax benefit | (15,528 | ) | - | |||||||||||||||||
| Non-GAAP net income | $ | 9,113 | $ | 5,655 | ||||||||||||||||
| GILAT SATELLITE NETWORKS LTD. | ||||||||||||||||||||
| RECONCILIATION BETWEEN GAAP AND NON-GAAP STATEMENTS OF OPERATIONS | ||||||||||||||||||||
| FOR COMPARATIVE PURPOSES | ||||||||||||||||||||
| U.S. dollars in thousands (except share and per share data) | ||||||||||||||||||||
| Twelve months ended | Twelve months ended | |||||||||||||||||||
| December 31, 2019 | December 31, 2018 | |||||||||||||||||||
| GAAP | Adjustments (1) | Non-GAAP | GAAP | Adjustments (1) | Non-GAAP | |||||||||||||||
| Unaudited | Audited | Unaudited | ||||||||||||||||||
| Gross profit | $ | 95,877 | 776 | $ | 96,653 | $ | 94,037 | 2,967 | $ | 97,004 | ||||||||||
| Operating expenses | 70,305 | (2,890 | ) | 67,415 | 72,753 | (896 | ) | 71,857 | ||||||||||||
| Operating income | 25,572 | 3,666 | 29,238 | 21,284 | 3,863 | 25,147 | ||||||||||||||
| Income before taxes on income | 22,955 | 3,666 | 26,621 | 16,986 | 3,863 | 20,849 | ||||||||||||||
| Net income | $ | 36,538 | (11,862 | ) | $ | 24,676 | $ | 18,409 | (248 | ) | $ | 18,161 | ||||||||
| Basic earnings per share | $ | 0.66 | $ | (0.21 | ) | $ | 0.45 | $ | 0.34 | $ | (0.01 | ) | $ | 0.33 | ||||||
| Diluted earnings per share | $ | 0.65 | $ | (0.21 | ) | $ | 0.44 | $ | 0.33 | $ | (0.01 | ) | $ | 0.32 | ||||||
| Weighted average number of shares used in computing earnings per share | ||||||||||||||||||||
| Basic | 55,368,703 | 55,368,703 | 54,927,272 | 54,927,272 | ||||||||||||||||
| Diluted | 56,030,976 | 56,165,945 | 55,752,642 | 55,962,811 | ||||||||||||||||
| (1) Adjustments reflect the effect of non-cash stock-based compensation as per ASC 718, amortization of intangible assets related to shares acquisition transactions, trade secrets and other litigation expenses, re-organiztion costs, merger and acquisition costs and initial recogniztion of deferred tax asset with respect to carry forward losses. | ||||||||||||||||||||
| Twelve months ended | Twelve months ended | |||||||||||||||||||
| December 31, 2019 | December 31, 2018 | |||||||||||||||||||
| Unaudited | Unaudited | |||||||||||||||||||
| GAAP net income | $ | 36,538 | $ | 18,409 | ||||||||||||||||
| Gross profit | ||||||||||||||||||||
| Non-cash stock-based compensation expenses | 257 | 114 | ||||||||||||||||||
| Amortization of intangible assets related to acquisition transactions | 490 | 2,853 | ||||||||||||||||||
| Re-organization costs | 29 | - | ||||||||||||||||||
| 776 | 2,967 | |||||||||||||||||||
| Operating expenses | ||||||||||||||||||||
| Non-cash stock-based compensation expenses | 1,878 | 892 | ||||||||||||||||||
| Amortization of intangible assets related to acquisition transactions | 203 | 204 | ||||||||||||||||||
| Trade secrets and other litigation expenses (income) | 136 | (200 | ) | |||||||||||||||||
| Merger and acquisition costs | 118 | - | ||||||||||||||||||
| Re-organization costs | 555 | - | ||||||||||||||||||
| 2,890 | 896 | |||||||||||||||||||
| Tax benefit | (15,528 | ) | (4,111 | ) | ||||||||||||||||
| Non-GAAP net income | $ | 24,676 | $ | 18,161 | ||||||||||||||||
| GILAT SATELLITE NETWORKS LTD. | |||||||||||
| SUPPLEMENTAL INFORMATION | |||||||||||
| U.S. dollars in thousands | |||||||||||
| ADJUSTED EBITDA: | |||||||||||
| Twelve months ended | Three months ended | ||||||||||
| December 31, | December 31, | ||||||||||
| 2019 | 2018 | 2019 | 2018 | ||||||||
| Unaudited | Unaudited | ||||||||||
| GAAP operating income | $ | 25,572 | $ | 21,284 | $ | 9,239 | $ | 7,509 | |||
| Add (deduct): | |||||||||||
| Non-cash stock-based compensation expenses | 2,135 | 1,006 | 405 | 276 | |||||||
| Re-organization costs | 584 | - | - | - | |||||||
| Trade secrets and other litigation expenses (income) | 136 | (200) | 36 | (200) | |||||||
| Merger and acquisition costs | 118 | - | 118 | - | |||||||
| Depreciation and amortization (*) | 11,676 | 13,149 | 3,263 | 2,944 | |||||||
| Adjusted EBITDA | $ | 40,221 | $ | 35,239 | $ | 13,061 | $ | 10,529 | |||
| (*) includng amortization of lease incentive | |||||||||||
| SEGMENT REVENUE: | |||||||||||
| Twelve months ended | Three months ended | ||||||||||
| December 31, | December 31, | ||||||||||
| 2019 | 2018 | 2019 | 2018 | ||||||||
| Unaudited | Unaudited | ||||||||||
| Fixed Networks | $ | 127,265 | $ | 144,208 | $ | 33,161 | $ | 35,421 | |||
| Mobility Solutions | 104,665 | 97,180 | 34,050 | 29,555 | |||||||
| Terrestrial Infrastructure Projects | 31,562 | 25,003 | 11,103 | 4,753 | |||||||
| Total revenue | $ | 263,492 | $ | 266,391 | $ | 78,314 | $ | 69,729 | |||
| GILAT SATELLITE NETWORKS LTD. | |||||||
| CONSOLIDATED BALANCE SHEETS | |||||||
| U.S. dollars in thousands | |||||||
| December 31, | December 31, | ||||||
| 2019 | 2018 | ||||||
| Unaudited | Audited | ||||||
| ASSETS | |||||||
| CURRENT ASSETS: | |||||||
| Cash and cash equivalents | $ | 74,778 | $ | 67,381 | |||
| Restricted cash | 27,067 | 32,305 | |||||
| Restricted cash held by trustees | - | 4,372 | |||||
| Trade receivables, net | 47,731 | 47,164 | |||||
| Contract assets | 23,698 | 47,760 | |||||
| Inventories | 27,203 | 21,109 | |||||
| Other current assets | 23,007 | 26,022 | |||||
| Total current assets | 223,484 | 246,113 | |||||
| LONG-TERM ASSETS: | |||||||
| Long-term restricted cash | 124 | 146 | |||||
| Severance pay funds | 6,831 | 6,780 | |||||
| Deferred taxes | 18,455 | 4,127 | |||||
| Operating lease right-of-use asset | 5,211 | - | |||||
| Other long term receivables | 10,156 | 7,276 | |||||
| Total long-term assets | 40,777 | 18,329 | |||||
| PROPERTY AND EQUIPMENT, NET | 82,584 | 84,403 | |||||
| INTANGIBLE ASSETS, NET | 1,523 | 2,434 | |||||
| GOODWILL | 43,468 | 43,468 | |||||
| TOTAL ASSETS | $ | 391,836 | $ | 394,747 | |||
| GILAT SATELLITE NETWORKS LTD. | |||||||
| CONSOLIDATED BALANCE SHEETS (Cont.) | |||||||
| U.S. dollars in thousands | |||||||
| December 31, | December 31, | ||||||
| 2019 | 2018 | ||||||
| Unaudited | Audited | ||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
| CURRENT LIABILITIES: | |||||||
| Current maturities of long-term loans | $ | 4,096 | $ | 4,458 | |||
| Trade payables | 20,725 | 24,636 | |||||
| Accrued expenses | 54,676 | 67,533 | |||||
| Advances from customers and deferred revenues | 27,220 | 29,133 | |||||
| Operating lease liability | 1,977 | - | |||||
| Other current liabilities | 12,261 | 14,588 | |||||
| Total current liabilities | 120,955 | 140,348 | |||||
| LONG-TERM LIABILITIES: | |||||||
| Long-term loans, net of current maturities | 4,000 | 8,098 | |||||
| Accrued severance pay | 7,061 | 6,649 | |||||
| Long-term advances from customers | 2,866 | - | |||||
| Operating lease liability | 3,258 | - | |||||
| Other long-term liabilities | 108 | 580 | |||||
| Total long-term liabilities | 17,293 | 15,327 | |||||
| SHAREHOLDERS' EQUITY: | |||||||
| Share capital - ordinary shares of NIS 0.2 par value | 2,643 | 2,625 | |||||
| Additional paid-in capital | 927,348 | 924,856 | |||||
| Accumulated other comprehensive loss | (5,048 | ) | (5,380 | ) | |||
| Accumulated deficit | (671,355 | ) | (683,029 | ) | |||
| Total shareholders' equity | 253,588 | 239,072 | |||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 391,836 | $ | 394,747 | |||
| GILAT SATELLITE NETWORKS LTD. | |||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||
| U.S. dollars in thousands | |||||||||||||||
| Twelve months ended | Three months ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2019 | 2018 | 2019 | 2018 | ||||||||||||
| Unaudited | Audited | Unaudited | |||||||||||||
| Cash flows from operating activities: | |||||||||||||||
| Net income | $ | 36,538 | $ | 18,409 | $ | 24,021 | $ | 5,295 | |||||||
| Adjustments required to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||||||
| Depreciation and amortization | 10,978 | 13,149 | 2,730 | 2,944 | |||||||||||
| Capital loss from disposal of property and equipment | 461 | 761 | 461 | 665 | |||||||||||
| Stock-based compensation of options | 2,135 | 1,006 | 405 | 276 | |||||||||||
| Accrued severance pay, net | 361 | 57 | 16 | 12 | |||||||||||
| Exchange rate differences on long-term loans | (12 | ) | (34 | ) | (12 | ) | (10 | ) | |||||||
| Deferred income taxes, net | (12,555 | ) | (3,672 | ) | (13,636 | ) | 744 | ||||||||
| Decrease (increase) in trade receivables, net | (1,323 | ) | 2,061 | (1,464 | ) | (9,355 | ) | ||||||||
| Decrease (increase) in contract assets | 24,062 | 11,029 | (1,346 | ) | 236 | ||||||||||
| Decrease (increase) in other assets (including short-term, long-term and deferred charges) | (817 | ) | (4,917 | ) | 603 | 1,007 | |||||||||
| Decrease (increase) in inventories | (8,076 | ) | 5,257 | (391 | ) | 4,423 | |||||||||
| Increase (decrease) in trade payables | (3,884 | ) | (8,926 | ) | 631 | 3,323 | |||||||||
| Decrease in accrued expenses | (11,671 | ) | (7,206 | ) | (2,767 | ) | (2,283 | ) | |||||||
| Increase (decrease) in advance from customers and deferred revenues | 1,112 | 12,433 | 10,019 | (2,703 | ) | ||||||||||
| Decrease in advances from customers, held by trustees | - | (1,478 | ) | - | - | ||||||||||
| Decrease (increase) in other current and non current liabilities | (2,527 | ) | (5,912 | ) | 765 | (584 | ) | ||||||||
| Net cash provided by operating activities | 34,782 | 32,017 | 20,035 | 3,990 | |||||||||||
| Cash flows from investing activities: | |||||||||||||||
| Purchase of property and equipment | (7,982 | ) | (10,759 | ) | (2,333 | ) | (2,854 | ) | |||||||
| Net cash used in investing activities | (7,982 | ) | (10,759 | ) | (2,333 | ) | (2,854 | ) | |||||||
| Cash flows from financing activities: | |||||||||||||||
| Exercise of stock options | 375 | 2,149 | - | 511 | |||||||||||
| Repayment of long-term loans | (4,447 | ) | (4,470 | ) | (94 | ) | (114 | ) | |||||||
| Dividend payment | (24,864 | ) | - | - | - | ||||||||||
| Net cash provided by (used in) financing activities | (28,936 | ) | (2,321 | ) | (94 | ) | 397 | ||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (99 | ) | (1,490 | ) | 136 | (652 | ) | ||||||||
| Increase (decrease) in cash, cash equivalents and restricted cash | (2,235 | ) | 17,447 | 17,744 | 881 | ||||||||||
| Cash, cash equivalents and restricted cash at the beginning of the period | 104,204 | 86,757 | 84,225 | 103,323 | |||||||||||
| Cash, cash equivalents and restricted cash at the end of the period | $ | 101,969 | $ | 104,204 | $ | 101,969 | $ | 104,204 | |||||||