Movado Group, Inc. Announces Record Third Quarter Results; Increases Annual Outlook
~
~ Operating Income Increases ~ 80% to
~ Earnings Per Share of
~ Board Approves New Share Repurchase Program and 25% Increase in Quarterly Dividend ~
Fiscal 2022 Third Quarter Highlights (See attached table for GAAP and Non-GAAP measures)
-
Delivered topline growth of 28.2% over third quarter fiscal 2021. Total net sales increased 5.9% as compared to pre-pandemic third quarter fiscal 2020 with an 8.3% increase in
U.S. net sales and a 4.1% increase in International net sales; - Drove gross margin expansion of 330 basis points from prior year period to 57.7% and 420 basis points from third quarter fiscal 2020;
-
Generated third quarter operating income of
$41.4 million as compared to operating income of$23.1 million in the third quarter of fiscal 2021. Adjusted operating income was$42.2 million as compared to adjusted operating income of$25.1 million last year and adjusted operating income of$24.3 million in the third quarter of fiscal 2020; -
Delivered diluted earnings per share of
$1.33 as compared to$0.63 in the third quarter of fiscal 2021. Adjusted diluted earnings per share was$1.36 as compared to$0.70 and$0.82 in the third quarter of fiscal 2021 and 2020, respectively; and -
Ended third quarter with net cash of
$201.8 million , an increase of$75.9 million as compared to the third quarter of fiscal 2021.
Non-GAAP Items (See attached table for GAAP and Non-GAAP measures)
Third quarter fiscal 2022 included the following charges:
-
$0.7 million pre-tax charge, or$0.6 million after tax, representing$0.03 per diluted share, associated with the amortization of acquired intangible assets related to the acquisition ofOlivia Burton ; and -
$0.1 million pre-tax charge, or$0.1 million after tax, representing$0.00 per diluted share, associated with the amortization of acquired intangible assets and deferred compensation related to the acquisition of MVMT.
Third quarter fiscal 2021 included the following charges:
-
$0.7 million pre-tax charge, or$0.5 million after tax, representing$0.02 per diluted share, associated with the amortization of acquired intangible assets related to the acquisition ofOlivia Burton ; -
$0.6 million pre-tax charge, or$0.3 million after tax, representing$0.02 per diluted share, associated with the amortization of acquired intangible assets and deferred compensation related to the acquisition of MVMT; and -
$0.8 million pre-tax charge, or$0.6 million after tax, representing$0.03 per diluted share, related to corporate initiatives primarily in response to the COVID-19 pandemic.
Third Quarter Fiscal 2022 (See attached table for GAAP and Non-GAAP measures)
-
Net sales increased 28.2% to
$217.7 million as compared to$169.9 million in the third quarter of fiscal 2021. The increase in net sales reflected growth in wholesale customers’ brick and mortar stores, in online retail (both in the Company’s owned and wholesale customers’ websites) and in Movado Company Stores. Net sales on a constant dollar basis increased 26.7% as compared to net sales in the third quarter of fiscal 2021.U.S. net sales increased 41.7% as compared to the third quarter of last year and increased 8.3% as compared to pre-pandemic third quarter fiscal 2020. International net sales increased 19.7% as compared to the third quarter of last year and increased 4.1% as compared to pre-pandemic third quarter of fiscal 2020. -
Gross profit was
$125.6 million , or 57.7% of net sales, as compared to$92.5 million , or 54.4% of net sales, in the third quarter of fiscal 2021. Adjusted gross profit in the third quarter of fiscal 2021 was$92.5 million , or 54.5% of net sales, which excludes$0.1 million associated with corporate initiatives related to the impact on the business of the COVID-19 pandemic. The increase in gross margin percentage was primarily the result of favorable changes in channel and product mix and an increase in leverage of certain fixed costs as a result of higher sales, partially offset by increased shipping costs. -
Operating expenses increased
$14.8 million to$84.2 million , as compared to$69.4 million in the third quarter of fiscal 2021. Excluding the operating expense charges mentioned above in the Non-GAAP Items section, operating expenses were$83.4 million and$67.4 million for the third quarter of fiscal 2022 and fiscal 2021, respectively. This increase was primarily due to higher marketing expenses and performance-based compensation and an increase in certain operating expenses to support the increase in net sales. Excluding the operating expense charges mentioned above in the Non-GAAP Items section, as a percent of sales, operating expenses decreased to 38.3% of sales from 39.7% in the prior year period primarily due to improved sales leverage. -
Operating income was
$41.4 million compared to operating income of$23.1 million in the third quarter of fiscal 2021. Adjusted operating income, which excludes the charges listed above in the Non-GAAP Items section, was$42.2 million and$25.1 million for the third quarter of fiscal 2022 and fiscal 2021, respectively. -
The Company recorded a tax provision of
$9.6 million , as compared to$7.5 million in the third quarter of fiscal 2021. Based upon adjusted pre-tax income, the adjusted tax provision was$9.7 million or an adjusted tax rate of 23.1% as compared to an adjusted tax provision of$8.0 million or an adjusted tax rate of 32.7% in the third quarter of fiscal 2021. -
Net income was
$31.4 million , or$1.33 per diluted share, as compared to net income of$14.8 million , or$0.63 per diluted share, in the third quarter of fiscal 2021. Adjusted net income for the third quarter of fiscal 2022 was$32.1 million or$1.36 per diluted share, which excludes the third quarter fiscal 2022 net charges listed above in the Non-GAAP Items section after the associated tax effects. This compares to adjusted net income for the fiscal 2021 period of$16.4 million , or$0.70 per diluted share, which excludes the third quarter fiscal 2021 net charges listed above in the Non-GAAP Items section after the associated tax effects.
Nine Month Results Fiscal 2022 (See attached table for GAAP and Non-GAAP measures)
-
Net sales increased 60.5% to
$526.4 million as compared to$328.1 million in the same period of fiscal 2021. The increase in net sales reflected growth in wholesale customers’ brick and mortar stores and in Movado Company Stores due to the partial recovery from the COVID-19 pandemic and in online retail (both in the Company’s owned and wholesale customers’ websites). Net sales on a constant dollar basis increased 56.8% as compared to net sales in the first nine months of fiscal 2021.U.S. net sales increased 89.6% as compared to the first nine months of last year and increased 15.4% as compared to pre-pandemic first nine months of fiscal 2020. International net sales increased 41.6% as compared to the first nine months of last year and decreased 5.4% as compared to pre-pandemic first nine months of fiscal 2020. -
Gross profit was
$298.2 million , or 56.7% of net sales, as compared to$169.7 million , or 51.7% of net sales, in the same period last year. Adjusted gross profit for the first nine months of fiscal 2021 was$173.3 million , or 52.8% of net sales, which excludes$3.6 million in corporate initiative charges related to the impact on the business of the COVID-19 pandemic. The year over year increase in adjusted gross margin percentage was primarily the result of favorable changes in channel and product mix, leveraging certain fixed costs as a result of higher sales and favorable foreign currency exchange rates. -
Operating expenses were
$218.9 million as compared to$337.7 million in the same period last year. For the first nine months of fiscal 2022, operating expenses would have been$216.4 million excluding$2.2 million of expenses associated with the amortization of acquired intangible assets related toOlivia Burton and$0.3 million in adjustments associated with the amortization of acquired intangible assets and deferred compensation related to the MVMT acquisition. For the first nine months of fiscal 2021, operating expenses would have been$166.4 million excluding$155.9 million related to the impairment of goodwill and certain intangible assets,$11.8 million in corporate initiative charges related to the impact to the business from the COVID-19 pandemic,$2.0 million of expenses associated with the amortization of acquired intangible assets related toOlivia Burton and$1.5 million in adjustments associated with the amortization of acquired intangible assets and deferred compensation related to the MVMT acquisition. The underlying increase in operating expenses was primarily due to higher marketing expenses and performance-based compensation and an increase in certain operating expenses to support the increase in net sales. Excluding the aforementioned impairments, corporate initiative charges, and impacts of the amortization of acquired intangible assets and deferred compensation related to the MVMT andOlivia Burton acquisitions, as a percent of sales, operating expenses decreased to 41.1% of sales from 50.7% in the prior year period primarily due to improved sales leverage. -
Operating income was
$79.3 million as compared to operating loss of$168.0 million in the same period last year. Adjusted operating income for the first nine months of fiscal 2022 was$81.8 million , which excludes the fiscal 2022 charges listed in the immediately preceding bullet. This compares to adjusted operating income for the first nine months of fiscal 2021 of$6.9 million , which excludes the fiscal 2021 charges listed in the immediately preceding bullet. -
The Company recorded a tax provision in the first nine months of fiscal 2022 of
$18.2 million as compared to a benefit of$26.4 million in the first nine months of last year. The first nine months of fiscal 2022 included a benefit of$0.5 million primarily associated with the amortization of acquired intangible assets related toOlivia Burton and MVMT. The first nine months of fiscal 2021 included a benefit of$0.4 million associated with the amortization of acquired intangible assets related toOlivia Burton , a$0.6 million benefit related to the amortization of acquired intangible assets and deferred compensation related to MVMT, a$4.7 million benefit related to corporate initiatives taken in response to the COVID-19 pandemic, and a$24.9 million benefit related to the tax deductible portion of the impairment of goodwill and certain intangible assets, partially offset by a$0.5 million provision for tax associated with the sale of a non-operating asset inSwitzerland . -
Net income was
$60.2 million , or$2.54 per diluted share, as compared to net loss for the first nine months of fiscal 2021 of$141.8 million , or a loss of$6.11 per diluted share. Adjusted net income for the first nine months of fiscal 2022 was$62.2 million , or$2.63 per diluted share, which excludes the fiscal 2022 charges listed above after the associated tax effects, as described in the immediately preceding bullet. This compares to adjusted net income for the first nine months of fiscal 2021 of$1.7 million , or$0.07 per diluted share, which excludes the fiscal 2021 charges listed above after the associated tax effects, as described in the immediately preceding bullets.
Fiscal 2022 Outlook
The Company is increasing its outlook and currently expects fiscal 2022 net sales in a range of approximately
Quarterly Dividend and Share Repurchase Program
The Company announced today that the Board of Directors approved a 25% increase to the regular quarterly cash dividend to
The Company also announced today that its Board of Directors has approved a new share buyback program under which the Company may purchase up to
Conference Call
The Company’s management will host a conference call and audio webcast to discuss its results today,
In this release, the Company presents certain financial measures that are not calculated according to generally accepted accounting principles in
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
(Tables to follow)
|
|||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||||
(In thousands, except per share data) |
|||||||||||||||||
(Unaudited) |
|||||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||||
|
|
||||||||||||||||
2021 |
2020 |
2021 |
2020 |
||||||||||||||
Net sales |
$ |
217,746 |
|
$ |
169,863 |
|
$ |
526,418 |
|
$ |
328,067 |
|
|||||
Cost of sales |
|
92,172 |
|
|
77,410 |
|
|
228,189 |
|
|
158,365 |
|
|||||
Gross profit |
|
125,574 |
|
|
92,453 |
|
|
298,229 |
|
|
169,702 |
|
|||||
Operating expenses |
|
84,171 |
|
|
69,386 |
|
|
218,937 |
|
|
181,795 |
|
|||||
Impairment of goodwill and intangible assets |
|
- |
|
|
- |
|
|
- |
|
|
155,919 |
|
|||||
Total operating expenses |
|
84,171 |
|
|
69,386 |
|
|
218,937 |
|
|
337,714 |
|
|||||
Operating income/(loss) |
|
41,403 |
|
|
23,067 |
|
|
79,292 |
|
|
(168,012 |
) |
|||||
Other income |
|
86 |
|
|
8 |
|
|
443 |
|
|
31 |
|
|||||
Gain on sale of a non-operating asset |
|
- |
|
|
- |
|
|
- |
|
|
1,317 |
|
|||||
Interest expense |
|
(133 |
) |
|
(608 |
) |
|
(582 |
) |
|
(1,469 |
) |
|||||
Income/(loss) before income taxes |
|
41,356 |
|
|
22,467 |
|
|
79,153 |
|
|
(168,133 |
) |
|||||
Provision/(benefit) for income taxes |
|
9,561 |
|
|
7,524 |
|
|
18,206 |
|
|
(26,365 |
) |
|||||
Net income/(loss) |
|
31,795 |
|
|
14,943 |
|
|
60,947 |
|
|
(141,768 |
) |
|||||
Less: Net income attributable to noncontrolling interests |
|
390 |
|
|
118 |
|
|
723 |
|
|
15 |
|
|||||
Net income/(loss) attributable to |
$ |
31,405 |
|
$ |
14,825 |
|
$ |
60,224 |
|
$ |
(141,783 |
) |
|||||
Diluted Income Per Share Information | |||||||||||||||||
Net income/(loss) attributable to |
$ |
1.33 |
|
$ |
0.63 |
|
$ |
2.54 |
|
$ |
(6.11 |
) |
|||||
Weighted diluted average shares outstanding |
|
23,600 |
|
|
23,375 |
|
|
23,679 |
|
|
23,223 |
|
|||||
GAAP AND NON-GAAP MEASURES | ||||||||||
(In thousands, except for percentage data) | ||||||||||
(Unaudited) | ||||||||||
As Reported |
||||||||||
Three Months Ended |
||||||||||
|
% Change |
|||||||||
2021 |
2020 |
|||||||||
Total net sales, as reported |
$ |
217,746 |
$ |
169,863 |
28.2 |
% |
||||
Total net sales, constant dollar basis |
$ |
215,219 |
$ |
169,863 |
26.7 |
% |
||||
As Reported |
||||||||||
Nine Months Ended |
||||||||||
|
% Change |
|||||||||
2021 |
2020 |
|||||||||
Total net sales, as reported |
$ |
526,418 |
$ |
328,067 |
60.5 |
% |
||||
Total net sales, constant dollar basis |
$ |
514,299 |
$ |
328,067 |
56.8 |
% |
||||
|
|||||||||||||||||||||||||||
GAAP AND NON-GAAP MEASURES |
|||||||||||||||||||||||||||
(In thousands, except per share data) |
|||||||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||||||
|
Gross Profit |
Operating Income/(Loss) |
Pre-tax Income/(Loss) |
Provision/(Benefit) for Income Taxes |
Net Income/(Loss) Attributable to
|
Diluted EPS |
|||||||||||||||||||||
Three Months Ended |
|||||||||||||||||||||||||||
As Reported (GAAP) |
$ |
217,746 |
$ |
125,574 |
$ |
41,403 |
|
$ |
41,356 |
|
$ |
9,561 |
|
$ |
31,405 |
|
$ |
1.33 |
|
||||||||
Olivia Burton Costs (1) |
|
- |
|
- |
|
714 |
|
|
714 |
|
|
136 |
|
|
578 |
|
|
0.03 |
|
||||||||
MVMT Costs (2) |
|
- |
|
- |
|
103 |
|
|
103 |
|
|
26 |
|
|
77 |
|
|
0.00 |
|
||||||||
Adjusted Results (Non-GAAP) |
$ |
217,746 |
$ |
125,574 |
$ |
42,220 |
|
$ |
42,173 |
|
$ |
9,723 |
|
$ |
32,060 |
|
$ |
1.36 |
|
||||||||
Three Months Ended |
|||||||||||||||||||||||||||
As Reported (GAAP) |
$ |
169,863 |
$ |
92,453 |
$ |
23,067 |
|
$ |
22,467 |
|
$ |
7,524 |
|
$ |
14,825 |
|
$ |
0.63 |
|
||||||||
Olivia Burton Costs (1) |
|
- |
|
- |
|
677 |
|
|
677 |
|
|
128 |
|
|
549 |
|
|
0.02 |
|
||||||||
MVMT Costs (2) |
|
- |
|
- |
|
555 |
|
|
555 |
|
|
211 |
|
|
344 |
|
|
0.02 |
|
||||||||
Corporate Initiatives (3) |
|
- |
|
43 |
|
781 |
|
|
781 |
|
|
143 |
|
|
638 |
|
|
0.03 |
|
||||||||
Adjusted Results (Non-GAAP) |
$ |
169,863 |
$ |
92,496 |
$ |
25,080 |
|
$ |
24,480 |
|
$ |
8,006 |
|
$ |
16,356 |
|
$ |
0.70 |
|
||||||||
|
Gross Profit |
Operating Income/(Loss) |
Pre-tax Income/(Loss) |
Provision/(Benefit) for Income Taxes |
Net Income/(Loss) Attributable to
|
Diluted EPS |
|||||||||||||||||||||
Nine Months Ended |
|||||||||||||||||||||||||||
As Reported (GAAP) |
$ |
526,418 |
$ |
298,229 |
$ |
79,292 |
|
$ |
79,153 |
|
$ |
18,206 |
|
$ |
60,224 |
|
$ |
2.54 |
|
||||||||
Olivia Burton Costs (1) |
|
- |
|
- |
|
2,161 |
|
|
2,161 |
|
|
411 |
|
|
1,750 |
|
|
0.08 |
|
||||||||
MVMT Costs (2) |
|
- |
|
- |
|
335 |
|
|
335 |
|
|
84 |
|
|
251 |
|
|
0.01 |
|
||||||||
Adjusted Results (Non-GAAP) |
$ |
526,418 |
$ |
298,229 |
$ |
81,788 |
|
$ |
81,649 |
|
$ |
18,701 |
|
$ |
62,225 |
|
$ |
2.63 |
|
||||||||
Nine Months Ended |
|||||||||||||||||||||||||||
As Reported (GAAP) |
$ |
328,067 |
$ |
169,702 |
$ |
(168,012 |
) |
$ |
(168,133 |
) |
$ |
(26,365 |
) |
$ |
(141,783 |
) |
$ |
(6.11 |
) |
||||||||
Olivia Burton Costs (1) |
|
- |
|
- |
|
2,033 |
|
|
2,033 |
|
|
386 |
|
|
1,647 |
|
|
0.07 |
|
||||||||
MVMT Costs (2) |
|
- |
|
- |
|
1,536 |
|
|
1,536 |
|
|
584 |
|
|
952 |
|
|
0.04 |
|
||||||||
Corporate Initiatives (3) |
|
- |
|
3,551 |
|
15,389 |
|
|
15,389 |
|
|
4,735 |
|
|
10,654 |
|
|
0.46 |
|
||||||||
|
- |
|
- |
|
155,919 |
|
|
155,919 |
|
|
24,867 |
|
|
131,052 |
|
|
5.64 |
|
|||||||||
Gain On Sale of a Non-Operating Asset (5) |
|
- |
|
- |
|
- |
|
|
(1,317 |
) |
|
(474 |
) |
|
(843 |
) |
|
(0.03 |
) |
||||||||
Adjusted Results (Non-GAAP) |
$ |
328,067 |
$ |
173,253 |
$ |
6,865 |
|
$ |
5,427 |
|
$ |
3,733 |
|
$ |
1,679 |
|
$ |
0.07 |
|
(1) |
Related to the amortization of acquired intangible assets for |
|||||||
(2) |
Related to the amortization of acquired intangible assets and the MVMT brand's deferred compensation, where applicable. |
|||||||
(3) |
Related to provision due to the impact to the business of the COVID-19 pandemic, including restructuring plan. |
|||||||
(4) |
Related to the impairment of goodwill and impairment of certain of MVMT's intangible assets. |
|||||||
(5) |
Related to a gain on sale of a non-operating asset in |
|||||||
CONSOLIDATED BALANCE SHEETS |
||||||||||
(In thousands) |
||||||||||
(Unaudited) |
||||||||||
|
|
|
||||||||
2021 |
2021 |
2020 |
||||||||
ASSETS | ||||||||||
Cash and cash equivalents |
$ |
201,814 |
$ |
223,811 |
$ |
163,218 |
||||
Trade receivables, net |
|
136,373 |
|
76,931 |
|
103,506 |
||||
Inventories |
|
170,714 |
|
152,580 |
|
176,841 |
||||
Other current assets |
|
20,151 |
|
23,479 |
|
24,014 |
||||
Income taxes receivable |
|
7,099 |
|
24,850 |
|
4,014 |
||||
Total current assets |
|
536,151 |
|
501,651 |
|
471,593 |
||||
Property, plant and equipment, net |
|
19,365 |
|
22,349 |
|
24,002 |
||||
Operating lease right-of-use assets |
|
68,669 |
|
76,070 |
|
77,932 |
||||
Deferred and non-current income taxes |
|
41,687 |
|
42,507 |
|
54,748 |
||||
Other intangibles, net |
|
14,511 |
|
17,081 |
|
17,123 |
||||
Other non-current assets |
|
60,634 |
|
59,599 |
|
56,380 |
||||
Total assets |
$ |
741,017 |
$ |
719,257 |
$ |
701,778 |
||||
LIABILITIES AND EQUITY | ||||||||||
Accounts payable |
$ |
29,473 |
$ |
28,187 |
$ |
35,562 |
||||
Accrued liabilities |
|
69,975 |
|
51,124 |
|
59,612 |
||||
Accrued payroll and benefits |
|
19,798 |
|
18,047 |
|
12,693 |
||||
Current operating lease liabilities |
|
13,853 |
|
15,861 |
|
14,210 |
||||
Income taxes payable |
|
11,936 |
|
14,452 |
|
11,275 |
||||
Total current liabilities |
|
145,035 |
|
127,671 |
|
133,352 |
||||
Loans payable to bank, non current |
|
- |
|
21,230 |
|
37,266 |
||||
Deferred and non-current income taxes payable |
|
20,354 |
|
21,895 |
|
20,893 |
||||
Non-current operating lease liabilities |
|
62,853 |
|
68,412 |
|
71,658 |
||||
Other non-current liabilities |
|
53,212 |
|
50,115 |
|
45,179 |
||||
Redeemable noncontrolling interest |
|
2,445 |
|
2,600 |
|
2,772 |
||||
Shareholders' equity |
|
454,349 |
|
425,264 |
|
389,345 |
||||
Noncontrolling interest |
|
2,769 |
|
2,070 |
|
1,313 |
||||
Total equity |
|
457,118 |
|
427,334 |
|
390,658 |
||||
Total liabilities, redeemable noncontrolling interest and equity |
$ |
741,017 |
$ |
719,257 |
$ |
701,778 |
||||
|
|||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||
(In thousands) |
|||||||||
(Unaudited) |
|||||||||
Nine Months Ended |
|||||||||
|
|||||||||
2021 |
2020 |
||||||||
Cash flows from operating activities: | |||||||||
Net income/(loss) |
$ |
60,224 |
|
$ |
(141,783 |
) |
|||
Impairment of goodwill and intangible assets |
|
- |
|
|
155,919 |
|
|||
Non-cash corporate initiatives |
|
- |
|
|
6,685 |
|
|||
Depreciation and amortization |
|
9,401 |
|
|
10,546 |
|
|||
Other non-cash adjustments |
|
9,111 |
|
|
(26,402 |
) |
|||
Changes in working capital |
|
(40,969 |
) |
|
(12,120 |
) |
|||
Changes in non-current assets and liabilities |
|
927 |
|
|
449 |
|
|||
Net cash provided by/(used in) operating activities |
|
38,694 |
|
|
(6,706 |
) |
|||
Cash flows from investing activities: | |||||||||
Capital expenditures |
|
(3,637 |
) |
|
(2,428 |
) |
|||
Long-term investments |
|
(1,100 |
) |
|
- |
|
|||
Proceeds from sale of a non-operating asset |
|
- |
|
|
1,317 |
|
|||
Tradenames and other intangibles |
|
(193 |
) |
|
(118 |
) |
|||
Net cash used in investing activities |
|
(4,930 |
) |
|
(1,229 |
) |
|||
Cash flows from financing activities: | |||||||||
Repayment of bank borrowings |
|
(21,140 |
) |
|
(47,699 |
) |
|||
Proceeds from bank borrowings |
|
- |
|
|
30,879 |
|
|||
Stock repurchase |
|
(17,023 |
) |
|
- |
|
|||
Dividends paid |
|
(16,226 |
) |
|
- |
|
|||
Stock awards and options exercised and other changes |
|
496 |
|
|
(497 |
) |
|||
Debt issuance costs |
|
(99 |
) |
|
(300 |
) |
|||
Net cash used in financing activities |
|
(53,992 |
) |
|
(17,617 |
) |
|||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
|
(1,786 |
) |
|
2,926 |
|
|||
Net change in cash, cash equivalents, and restricted cash |
|
(22,014 |
) |
|
(22,626 |
) |
|||
Cash, cash equivalents, and restricted cash at beginning of period |
|
224,423 |
|
|
186,438 |
|
|||
Cash, cash equivalents, and restricted cash at end of period |
$ |
202,409 |
|
$ |
163,812 |
|
|||
Reconciliation of cash, cash equivalents, and restricted cash: | |||||||||
Cash and cash equivalents |
$ |
201,814 |
|
$ |
163,218 |
|
|||
Restricted cash included in other non-current assets |
|
595 |
|
|
594 |
|
|||
Cash, cash equivalents, and restricted cash |
$ |
202,409 |
|
$ |
163,812 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20211123005600/en/
203-682-8200
Source: