Movado Group, Inc. Announces Third Quarter Results
~ Board Declares Quarterly Dividend ~
~ Updates Fiscal 2020 Outlook ~
-
Net sales decreased 1.6% to
$205.6 million , or increased 0.5% on a constant currency basis -
Operating income of
$22.6 million and adjusted operating income of$24.2 million as compared to operating income of$24.1 million and adjusted operating income of$35.7 million in the prior year period -
EPS of
$0.76 and adjusted EPS of$0.82 as compared to EPS of$1.14 and adjusted EPS of$1.18 in the prior year period
Mr. Grinberg continued, “We are introducing exciting newness, including our new Movado Connect 2.0, our Movado Bold Fusion collection and innovative product across our portfolio of licensed brands. Our marketing features a strong holiday television campaign for
Non-GAAP Items (See attached table for GAAP and Non-GAAP measures)
Third quarter fiscal 2020 included the following charges and benefits:
-
$0.7 million pre-tax charge, or$0.5 million after tax, representing$0.03 per diluted share, associated with the amortization of acquired intangible assets related to the acquisition of Olivia Burton; and -
$0.9 million pre-tax charge, or$0.7 million after tax, representing$0.03 per diluted share, associated with the amortization of acquired intangible assets and deferred compensation related to the acquisition of MVMT.
Third quarter fiscal 2019 included the following charges and benefits:
-
$0.7 million pre-tax charge, or$0.6 million after tax, representing$0.02 per diluted share, associated with the amortization of acquired intangible assets related to the acquisition of Olivia Burton; -
$10.9 million pre-tax charge, or$8.1 million after tax, representing$0.34 per diluted share, of transaction costs and amortization expenses associated with the acquisition of MVMT; and -
$7.6 million other tax benefit, or$0.32 per diluted share, related to the 2017 Tax Cuts and Jobs Act as well as certain discrete foreign tax items.
Third Quarter Fiscal 2020 (See attached table for GAAP and Non-GAAP measures)
-
Net sales decreased 1.6% to
$205.6 million as compared to$208.9 million in the third quarter of fiscal 2019. Net sales on a constant dollar basis increased 0.5% as compared to net sales in the third quarter of fiscal 2019. -
Gross profit was
$110.1 million , or 53.5% of net sales, as compared to$113.4 million , or 54.3% of net sales, in the third quarter last year. There were no adjustments to gross profit in the third quarter of fiscal 2020. Adjusted gross profit in the third quarter of fiscal 2019 was$113.5 million , or 54.3% of net sales, after excluding$0.1 million of amortization of acquisition accounting adjustments related to the MVMT acquisition. The decrease in adjusted gross margin percentage was primarily the result of unfavorable changes in channel and product mix and unfavorable foreign currency exchange rates. -
Operating expenses decreased
$1.8 million to $87.4 million , as compared to$89.2 million in the third quarter last year. Adjusted operating expenses were$85.8 million , which excludes$0.7 million of expenses associated with the amortization of acquired intangible assets related to Olivia Burton and$0.9 million in adjustments associated with the amortization of acquired intangible assets and deferred compensation related to the MVMT acquisition. For the third quarter of fiscal 2019, adjusted operating expenses were$77.8 million after excluding$0.7 million of expenses associated with the amortization of acquired intangible assets related to Olivia Burton and$10.8 million of transaction costs and amortization expenses related to the acquisition of MVMT. The increase in adjusted operating expenses was primarily the result of higher marketing expenses mainly due to the addition of MVMT and additional costs to support brand awareness, an increase in other operating expenses as well as a new joint venture inSpain . The increase was partially offset by a decrease in performance based compensation. -
Operating income was
$22.6 million as compared to operating income of$24.1 million in the same period last year. Adjusted operating income was$24.2 million , which excludes$0.7 million of expenses associated with the amortization of acquired intangible assets related to Olivia Burton and$0.9 million in adjustments associated with the amortization of acquired intangible assets and deferred compensation related to the MVMT acquisition. In the third quarter of fiscal 2019, adjusted operating income was$35.7 million , after excluding$0.7 million of expenses associated with the amortization of acquired intangible assets related to Olivia Burton and$10.9 million of transaction costs and amortization expenses related to the acquisition of MVMT. -
The Company recorded a tax provision of
$5.0 million , as compared to a tax benefit of$2.8 million in the third quarter of fiscal 2019. Based upon adjusted pre-tax income, the adjusted tax provision was$5.3 million or an adjusted tax rate of 22.1% as compared to an adjusted tax provision of$7.8 million or an adjusted tax rate of 21.8% in the third quarter of fiscal 2019. -
Net income was
$17.8 million , or$0.76 per diluted share, as compared to net income of$26.9 million , or$1.14 per diluted share, in the third quarter of fiscal 2019. Adjusted net income for the third quarter of fiscal 2020 was$19.0 million , or$0.82 per diluted share, which excludes expenses of$0.5 million , net of$0.1 million of tax, associated with the amortization of acquired intangible assets related to Olivia Burton and expenses of$0.7 million , net of$0.2 million of tax, related to the amortization of acquired intangible assets and deferred compensation related to MVMT. Adjusted net income for the third quarter of fiscal 2019 was$27.9 million , or$1.18 per diluted share, after excluding$0.6 million , net of$0.1 million of tax, of expenses associated with the amortization of acquired intangible assets related to Olivia Burton,$8.1 million , net of$2.8 million of tax, of transaction costs and amortization expenses related to the acquisition of MVMT and a$7.6 million other tax benefit related to the 2017 Tax Cuts and Jobs Act as well as certain discrete foreign tax items.
Nine Month Results Fiscal 2020 (See attached table for GAAP and Non-GAAP measures)
-
Net sales increased 6.2% to
$510.0 million as compared to$480.2 million in the same period of fiscal 2019. Net sales on a constant dollar basis increased 8.5% as compared to net sales in the first nine months of fiscal 2019. -
Gross profit was
$274.3 million , or 53.8% of net sales, as compared to$258.7 million , or 53.9% of net sales, in the same period last year. Adjusted gross profit for the first nine months of fiscal 2020, which excludes$0.1 million in adjustments associated with the amortization of acquisition accounting adjustments related to the MVMT acquisition, was$274.4 million , or 53.8% of net sales as compared to adjusted gross profit of$258.9 million , or 53.9% of net sales for the first nine months of fiscal 2019, which excludes$0.1 million in amortization of acquisition accounting adjustments related to the MVMT acquisition. The slight decrease in the adjusted gross margin percentage from the first nine months of last year was primarily the result of unfavorable changes in foreign currency exchange rates partially offset by increased leverage on fixed costs due to increased sales. -
Operating expenses were
$237.9 million as compared to$213.6 million in the same period last year. For the first nine months of fiscal 2020, adjusted operating expenses were$232.7 million , which excludes$2.1 million of expenses associated with the amortization of acquired intangible assets related to Olivia Burton and$3.4 million in adjustments associated with the amortization of acquired intangible assets and deferred compensation related to the MVMT acquisition, partially offset by$0.3 million in adjustments associated with the change in estimate of the remaining accrual for the fiscal 2018 cost saving initiatives. Adjusted operating expenses for the first nine months of fiscal 2019 were$199.6 million , which excludes$2.2 million of amortization expense related to the acquisition of Olivia Burton and$11.8 million of transaction costs and amortization expenses related to the acquisition of MVMT. The increase in adjusted operating expenses was primarily the result of higher marketing expenses mainly due to the addition of MVMT and additional costs to support brand awareness, costs associated with a new joint venture inSpain , and an increase in other operating expenses. The increase was partially offset by a decrease in performance-based compensation. -
Operating income was
$36.4 million as compared to operating income of$45.1 million in the same period last year. Adjusted operating income for the first nine months of fiscal 2020 was$41.7 million , which excludes$2.1 million of expenses associated with the amortization of acquired intangible assets related to Olivia Burton and$3.5 million in adjustments associated with the amortization of acquired intangible assets, accounting adjustments and deferred compensation related to the MVMT acquisition, partially offset by$0.3 million in adjustments associated with the change in estimate of the remaining accrual for the fiscal 2018 cost saving initiatives. Adjusted operating income for the first nine months of fiscal 2019, which excludes$2.2 million of amortization expense related to the acquisition of Olivia Burton and$11.9 million of transaction costs and amortization expenses related to the acquisition of MVMT, was$59.2 million . -
The Company recorded a tax provision of
$10.5 million as compared to$0.7 million for the first nine months of fiscal 2019. Based upon adjusted pre-tax income, the adjusted tax provision was$8.4 million in the first nine months of fiscal 2020 as compared to an adjusted tax provision of$11.7 million in the first nine months of fiscal 2019. -
Net income was
$39.2 million , or$1.68 per diluted share, as compared to net income for the first nine months of fiscal 2019 of$44.2 million , or$1.87 per diluted share. Adjusted net income for the first nine months of fiscal 2020 was$33.0 million , or$1.41 per diluted share. This amount excludes expenses of$1.7 million , net of$0.4 million of tax, associated with the amortization of acquired intangible assets related to Olivia Burton; expenses of$2.7 million , net of$0.8 million of tax, related to the amortization of acquired intangible assets, accounting adjustments and deferred compensation related to MVMT; a gain of$10.4 million , net of$3.3 million of tax, associated with the remeasurement of the contingent consideration liability associated with the MVMT acquisition; and a gain of$0.2 million , net of$0.1 million of tax, in adjustments associated with the change in estimate of the remaining accrual for the fiscal 2018 cost saving initiatives. Adjusted net income for the first nine months of fiscal 2019 was$47.3 million , or$2.00 per diluted share, which excludes$1.8 million in amortization expense, net of$0.4 million of tax, related to the acquisition of Olivia Burton,$8.9 million , net of$3.0 million of tax, of transaction costs and amortization expenses related to the acquisition of MVMT and a$7.6 million other tax benefit related to the 2017 Tax Act as well as certain discrete foreign tax items.
Updated Fiscal 2020 Outlook
The Company is updating its outlook for fiscal 2020 to reflect results to-date and the challenging watch category and retail environment, and currency headwinds. The Company now anticipates that net sales will be in the range of
Quarterly Dividend and Share Repurchase Program
The Company also announced that on
During the first nine months of fiscal 2020, the Company repurchased approximately 131,000 shares under its share repurchase program. As of
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)
MOVADO GROUP, INC. | ||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended |
|
Nine Months Ended |
||||||||||||||
October 31, |
|
October 31, |
||||||||||||||
|
|
|
|
|
|
|
||||||||||
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
||
Net sales |
$ |
205,618 |
|
$ |
208,949 |
|
$ |
509,983 |
|
$ |
480,191 |
|
||||
Cost of sales |
|
95,549 |
|
|
95,585 |
|
|
235,702 |
|
|
221,469 |
|
||||
Gross profit |
|
110,069 |
|
|
113,364 |
|
|
274,281 |
|
|
258,722 |
|
||||
Operating expenses |
|
87,431 |
|
|
89,257 |
|
|
237,893 |
|
|
213,616 |
|
||||
Operating income |
|
22,638 |
|
|
24,107 |
|
|
36,388 |
|
|
45,106 |
|
||||
Non-operating income/(expense): | ||||||||||||||||
Change in contingent consideration |
|
- |
|
|
- |
|
|
13,627 |
|
|
- |
|
||||
Interest expense |
|
(240 |
) |
|
(146 |
) |
|
(689 |
) |
|
(530 |
) |
||||
Interest income |
|
18 |
|
|
144 |
|
|
63 |
|
|
258 |
|
||||
Income before income taxes |
|
22,416 |
|
|
24,105 |
|
|
49,389 |
|
|
44,834 |
|
||||
Provision/(Benefit) for income taxes |
|
4,955 |
|
|
(2,817 |
) |
|
10,543 |
|
|
657 |
|
||||
Net income |
|
17,461 |
|
|
26,922 |
|
|
38,846 |
|
|
44,177 |
|
||||
Less: Net loss attributable to noncontrolling interests |
|
(304 |
) |
|
- |
|
|
(349 |
) |
|
- |
|
||||
Net income attributable to Movado Group, Inc. |
$ |
17,765 |
|
$ |
26,922 |
|
$ |
39,195 |
|
$ |
44,177 |
|
||||
Diluted Income Per Share Information | ||||||||||||||||
Net income attributable to Movado Group, Inc. |
$ |
0.76 |
|
$ |
1.14 |
|
$ |
1.68 |
|
$ |
1.87 |
|
||||
Weighted diluted average shares outstanding |
|
23,250 |
|
|
23,698 |
|
|
23,322 |
|
|
23,624 |
|
||||
MOVADO GROUP, INC. | |||||||||
GAAP AND NON-GAAP MEASURES | |||||||||
(In thousands, except for percentage data) | |||||||||
(Unaudited) | |||||||||
As Reported |
|||||||||
Three Months Ended |
|||||||||
October 31, |
% Change | ||||||||
|
|
|
|||||||
|
2019 |
|
|
2018 |
|||||
|
|||||||||
Total net sales, as reported |
$ |
205,618 |
$ |
208,949 |
-1.6 |
% |
|||
|
|||||||||
Total net sales, constant dollar basis |
$ |
209,933 |
$ |
208,949 |
0.5 |
% |
|||
As Reported | |||||||||
Nine Months Ended | |||||||||
October 31, | % Change | ||||||||
|
2019 |
|
2018 |
||||||
|
|||||||||
Total net sales, as reported |
$ |
509,983 |
$ |
480,191 |
6.2 |
% |
|||
|
|||||||||
Total net sales, constant dollar basis |
$ |
521,039 |
$ |
480,191 |
8.5 |
% |
|||
MOVADO GROUP, INC. | ||||||||||||||||||||||||||
GAAP AND NON-GAAP MEASURES | ||||||||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Net Sales | Gross Profit | Operating Income |
Pre-tax Income |
Provision/(Benefit) for Income Taxes |
Net Income Attributable to Movado Group, Inc. |
Diluted EPS | ||||||||||||||||||||
Three Months Ended October 31, 2019 | ||||||||||||||||||||||||||
As Reported (GAAP) |
$ |
205,618 |
$ |
110,069 |
$ |
22,638 |
|
$ |
22,416 |
|
$ |
4,955 |
|
$ |
17,765 |
|
$ |
0.76 |
|
|||||||
Olivia Burton Costs (1) |
|
- |
|
- |
|
676 |
|
|
676 |
|
|
128 |
|
|
548 |
|
|
0.03 |
|
|||||||
MVMT Costs (2) |
|
- |
|
- |
|
936 |
|
|
936 |
|
|
225 |
|
|
711 |
|
|
0.03 |
|
|||||||
Adjusted Results (Non-GAAP) |
$ |
205,618 |
$ |
110,069 |
$ |
24,250 |
|
$ |
24,028 |
|
$ |
5,308 |
|
$ |
19,024 |
|
$ |
0.82 |
|
|||||||
Three Months Ended October 31, 2018 | ||||||||||||||||||||||||||
As Reported (GAAP) |
$ |
208,949 |
$ |
113,364 |
$ |
24,107 |
|
$ |
24,105 |
|
$ |
(2,817 |
) |
$ |
26,922 |
|
$ |
1.14 |
|
|||||||
Olivia Burton Costs (1) |
|
- |
|
- |
|
705 |
|
|
705 |
|
|
134 |
|
|
571 |
|
|
0.02 |
|
|||||||
MVMT Costs (5) |
|
- |
|
140 |
|
10,925 |
|
|
10,925 |
|
|
2,836 |
|
|
8,089 |
|
|
0.34 |
|
|||||||
Other Tax Items (6) |
|
- |
|
- |
|
- |
|
|
- |
|
|
7,633 |
|
|
(7,633 |
) |
|
(0.32 |
) |
|||||||
Adjusted Results (Non-GAAP) |
$ |
208,949 |
$ |
113,504 |
$ |
35,737 |
|
$ |
35,735 |
|
$ |
7,786 |
|
$ |
27,949 |
|
$ |
1.18 |
|
|||||||
Net Sales | Gross Profit | Operating Income |
Pre-tax Income |
Provision/(Benefit) for Income Taxes |
Net Income Attributable to Movado Group, Inc. |
Diluted EPS | ||||||||||||||||||||
Nine Months Ended October 31, 2019 | ||||||||||||||||||||||||||
As Reported (GAAP) |
$ |
509,983 |
$ |
274,281 |
$ |
36,388 |
|
$ |
49,389 |
|
$ |
10,543 |
|
$ |
39,195 |
|
$ |
1.68 |
|
|||||||
Olivia Burton Costs (1) |
|
- |
|
- |
|
2,078 |
|
|
2,078 |
|
|
395 |
|
|
1,683 |
|
|
0.07 |
|
|||||||
MVMT Costs (2) |
|
- |
|
140 |
|
3,534 |
|
|
3,534 |
|
|
848 |
|
|
2,686 |
|
|
0.11 |
|
|||||||
Change In Contingent Consideration (3) |
|
- |
|
- |
|
- |
|
|
(13,627 |
) |
|
(3,270 |
) |
|
(10,357 |
) |
|
(0.44 |
) |
|||||||
Cost Savings Initiatives (4) |
|
- |
|
- |
|
(320 |
) |
|
(320 |
) |
|
(77 |
) |
|
(243 |
) |
|
(0.01 |
) |
|||||||
Adjusted Results (Non-GAAP) |
$ |
509,983 |
$ |
274,421 |
$ |
41,680 |
|
$ |
41,054 |
|
$ |
8,439 |
|
$ |
32,964 |
|
$ |
1.41 |
|
|||||||
Nine Months Ended October 31, 2018 | ||||||||||||||||||||||||||
As Reported (GAAP) |
$ |
480,191 |
$ |
258,722 |
$ |
45,106 |
|
$ |
44,834 |
|
$ |
657 |
|
$ |
44,177 |
|
$ |
1.87 |
|
|||||||
Olivia Burton Costs (1) |
|
- |
|
- |
|
2,192 |
|
|
2,192 |
|
|
416 |
|
|
1,776 |
|
$ |
0.07 |
|
|||||||
MVMT Costs (5) |
|
- |
|
140 |
|
11,945 |
|
|
11,945 |
|
|
3,010 |
|
|
8,935 |
|
$ |
0.38 |
|
|||||||
Other Tax Items (6) |
|
- |
|
- |
|
- |
|
|
- |
|
|
7,633 |
|
|
(7,633 |
) |
$ |
(0.32 |
) |
|||||||
Adjusted Results (Non-GAAP) |
$ |
480,191 |
$ |
258,862 |
$ |
59,243 |
|
$ |
58,971 |
|
$ |
11,716 |
|
$ |
47,255 |
|
$ |
2.00 |
|
|||||||
(1) |
Related to the amortization of acquired intangible assets for Olivia Burton. |
|||||||||||||||
(2) |
Related to the amortization of acquired intangible assets, accounting adjustments and deferred compensation of MVMT. |
|||||||||||||||
(3) |
Remeasurement of contingent consideration liability. |
|||||||||||||||
(4) |
Change in estimate in Fiscal 2020 for severance and occupancy expenses. |
|||||||||||||||
(5) |
Related to acquisition costs, amortization of acquired intangible assets and accounting adjustments of MVMT. |
|||||||||||||||
(6) |
Related to the impact of the 2017 Tax Act as well as tax benefit of other foreign tax items. |
|||||||||||||||
MOVADO GROUP, INC. | |||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||
(In thousands) | |||||||||
(Unaudited) | |||||||||
October 31, |
|
January 31, |
|
October 31, |
|||||
2019 |
|
2019 |
|
2018 |
|||||
ASSETS | |||||||||
Cash and cash equivalents |
$ |
116,025 |
$ |
189,911 |
$ |
142,668 |
|||
Trade receivables, net |
|
136,272 |
|
84,026 |
|
126,106 |
|||
Inventories |
|
201,164 |
|
165,311 |
|
183,539 |
|||
Other current assets |
|
30,737 |
|
28,898 |
|
31,590 |
|||
Total current assets |
|
484,198 |
|
468,146 |
|
483,903 |
|||
Property, plant and equipment, net |
|
29,275 |
|
26,067 |
|
25,471 |
|||
Operating lease right-of-use assets |
|
88,126 |
|
- |
|
- |
|||
Deferred and non-current income taxes |
|
28,191 |
|
24,503 |
|
17,400 |
|||
Goodwill |
|
135,280 |
|
136,033 |
|
131,756 |
|||
Other intangibles, net |
|
43,532 |
|
48,183 |
|
47,479 |
|||
Other non-current assets |
|
58,453 |
|
56,769 |
|
57,907 |
|||
Total assets |
$ |
867,055 |
$ |
759,701 |
$ |
763,916 |
|||
LIABILITIES AND EQUITY | |||||||||
Accounts payable |
$ |
33,757 |
$ |
38,650 |
$ |
47,164 |
|||
Accrued liabilities |
|
62,499 |
|
44,429 |
|
65,761 |
|||
Accrued payroll and benefits |
|
9,353 |
|
18,773 |
|
14,530 |
|||
Current operating lease liabilities |
|
14,579 |
|
- |
|
- |
|||
Income taxes payable |
|
17,243 |
|
10,831 |
|
9,617 |
|||
Total current liabilities |
|
137,431 |
|
112,683 |
|
137,072 |
|||
Loans payable to bank, non current |
|
50,685 |
|
50,280 |
|
49,590 |
|||
Deferred and non-current income taxes payable |
|
26,370 |
|
29,242 |
|
29,519 |
|||
Non-current operating lease liabilities |
|
80,682 |
|
- |
|
- |
|||
Other non-current liabilities |
|
47,943 |
|
67,120 |
|
66,721 |
|||
Redeemable noncontrolling interest |
|
3,263 |
|
3,721 |
|
- |
|||
Shareholders' equity |
|
520,681 |
|
496,655 |
|
481,014 |
|||
Total liabilities, redeemable noncontrolling interest and equity |
$ |
867,055 |
$ |
759,701 |
$ |
763,916 |
|||
MOVADO GROUP, INC. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(In thousands) | ||||||||
(Unaudited) | ||||||||
Nine Months Ended |
||||||||
October 31, |
||||||||
|
|
|
||||||
2019 |
|
2018 |
||||||
Cash flows from operating activities: | ||||||||
Net income |
$ |
39,195 |
|
$ |
44,177 |
|
||
Change in contingent consideration |
|
(13,627 |
) |
|
- |
|
||
Depreciation and amortization |
|
11,888 |
|
|
9,907 |
|
||
Other non-cash adjustments |
|
696 |
|
|
(4,814 |
) |
||
Changes in working capital |
|
(81,015 |
) |
|
(24,760 |
) |
||
Changes in non-current assets and liabilities |
|
(1,707 |
) |
|
2,336 |
|
||
Net cash (used in)/provided by operating activities |
|
(44,570 |
) |
|
26,846 |
|
||
Cash flows from investing activities: | ||||||||
Capital expenditures |
|
(10,023 |
) |
|
(8,206 |
) |
||
Acquisitions, net of cash acquired |
|
- |
|
|
(93,040 |
) |
||
Proceeds from assets held for sale |
|
242 |
|
|
- |
|
||
Tradenames and other intangibles |
|
(194 |
) |
|
(130 |
) |
||
Net cash used in investing activities |
|
(9,975 |
) |
|
(101,376 |
) |
||
Cash flows from financing activities: | ||||||||
Proceeds from bank borrowings |
|
- |
|
|
50,296 |
|
||
Repayments of bank borrowings |
|
- |
|
|
(25,000 |
) |
||
Dividends paid |
|
(13,796 |
) |
|
(13,855 |
) |
||
Stock repurchase |
|
(4,199 |
) |
|
(3,931 |
) |
||
Stock awards and options exercised and other changes |
|
(1,249 |
) |
|
4,863 |
|
||
Net cash (used in)/provided by financing activities |
|
(19,244 |
) |
|
12,373 |
|
||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
|
(93 |
) |
|
(9,986 |
) |
||
Net change in cash, cash equivalents, and restricted cash |
|
(73,882 |
) |
|
(72,143 |
) |
||
Cash, cash equivalents, and restricted cash at beginning of period |
|
190,459 |
|
|
215,411 |
|
||
Cash, cash equivalents, and restricted cash at end of period |
$ |
116,577 |
|
$ |
143,268 |
|
||
Reconciliation of cash, cash equivalents, and restricted cash: | ||||||||
Cash and cash equivalents |
$ |
116,025 |
|
$ |
142,668 |
|
||
Restricted cash included in other non-current assets |
|
552 |
|
|
600 |
|
||
Cash, cash equivalents, and restricted cash |
$ |
116,577 |
|
$ |
143,268 |
|
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20191126005275/en/
Source:
ICR, Inc.
Rachel Schacter/Allison Malkin
203-682-8200