Guarantor Condensed Consolidating Financial Statements | 3 Months Ended |
Mar. 31, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Guarantor Condensed Consolidating Financial Statements | 9. GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS |
The Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by Ancestry.com LLC and by certain of its direct and indirect restricted subsidiaries (“Guarantor Subsidiaries”) in accordance with the indenture. All other subsidiaries that do not guarantee the Notes are “Non-Guarantors.” Each subsidiary is 100% owned directly or indirectly by the Parent, and there are no significant restrictions on the ability of the Parent or any of the Guarantor Subsidiaries to obtain funds from its subsidiaries by dividend or loan. The Parent conducts substantially all of its business through its subsidiaries. In servicing payments on the Notes and other indebtedness, the Issuer will rely on cash flows from these subsidiaries. The indenture governing the Notes provides for customary guarantee release provisions allowing the guarantee of a Guarantor Subsidiary to be automatically and unconditionally released upon certain conditions such as a sale, exchange, or transfer of substantially all of the assets or equity of the Guarantor Subsidiary, the repayment of the indebtedness that gave rise to the obligation of the Guarantor Subsidiary to guarantee the Notes, or the designation of the Guarantor Subsidiary as an Unrestricted Subsidiary, as defined in the indenture. The indenture does not provide for automatic release of the Parent’s guarantee of the Notes. See Note 4 for further information regarding the Notes. |
The Guarantor Subsidiaries are exempt from reporting under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), pursuant to Rule 12h-5 under the Exchange Act. As such, the Company is presenting the following Condensed Consolidating Balance Sheets, Statements of Comprehensive Income (Loss) and Statements of Cash Flows as set forth below of the Parent, Issuer, Guarantor Subsidiaries and the Non-Guarantor subsidiaries. |
Basis of Presentation |
The same accounting policies as described in the Condensed Consolidated Financial Statements are used by each entity in the Condensed Consolidated Financial Statements, except for the use of the equity method of accounting to reflect ownership interests in subsidiaries, which are eliminated upon consolidation. Consolidating entries and eliminations in the following Condensed Consolidated Financial Statements represent adjustments to (a) eliminate intercompany transactions between or among the Parent, the Issuer, the Guarantor Subsidiaries and the Non-Guarantors, (b) eliminate the investments in subsidiaries and (c) record consolidating entries. |
All direct and indirect domestic subsidiaries are included in Ancestry U.S. Holdings Inc.’s consolidated U.S. tax return. In the Condensed Consolidated Financial Statements, income tax benefit (expense) has been allocated based on each such domestic subsidiary’s relative pretax income to the consolidated pretax income (loss). |
Management believes that the allocations and adjustments noted above are reasonable. However, such allocations and adjustments may not be indicative of the actual amounts that would have been incurred had the Parent, Guarantor Subsidiaries and Non-Guarantors operated independently. |
Certain prior period amounts have been reclassified to conform to the current year presentation of the financial statements. Other than the adjustments related to the adoption of ASU 2015-03, as discussed in the Recent Accounting Pronouncements section in Note 1, these reclassifications did not have a significant impact on the Condensed Consolidated Financial Statements. Refer to the Basis of Presentation section in Note 1 for a reconciliation of the effect of the adoption of ASU 2015-03 on the Company’s Condensed Consolidated Balance Sheets at December 31, 2014. The reclassification of deferred financing costs described in Note 1 is applicable only to the Issuer entity. |
|
ANCESTRY.COM LLC |
CONDENSED CONSOLIDATING BALANCE SHEETS |
(in thousands) |
March 31, 2015 |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Issuer | | | Guarantor | | | Non- | | | Elimination | | | Total | |
Subsidiaries | Guarantor |
| Subsidiaries |
ASSETS | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 19,092 | | | $ | 16 | | | $ | 92,056 | | | $ | 2,424 | | | $ | — | | | $ | 113,588 | |
Restricted cash | | | — | | | | — | | | | 3,806 | | | | — | | | | — | | | | 3,806 | |
Accounts receivable, net of allowances | | | — | | | | — | | | | 12,343 | | | | 204 | | | | — | | | | 12,547 | |
Current deferred income taxes | | | — | | | | — | | | | 1,865 | | | | — | | | | — | | | | 1,865 | |
Prepaid expenses and other current assets | | | — | | | | 46 | | | | 9,516 | | | | 333 | | | | — | | | | 9,895 | |
Intercompany receivables | | | 39 | | | | — | | | | 218 | | | | 1,221 | | | | (1,478 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 19,131 | | | | 62 | | | | 119,804 | | | | 4,182 | | | | (1,478 | ) | | | 141,701 | |
Property and equipment, net | | | — | | | | — | | | | 35,567 | | | | 519 | | | | — | | | | 36,086 | |
Content databases, net | | | — | | | | — | | | | 281,731 | | | | 792 | | | | — | | | | 282,523 | |
Intangible assets, net | | | — | | | | — | | | | 241,591 | | | | — | | | | — | | | | 241,591 | |
Goodwill | | | — | | | | — | | | | 947,613 | | | | 670 | | | | — | | | | 948,283 | |
Investment in subsidiary | | | 481,897 | | | | 1,231,255 | | | | 394,109 | | | | 68 | | | | (2,107,329 | ) | | | — | |
Other assets | | | — | | | | 551 | | | | 12,967 | | | | 225 | | | | — | | | | 13,743 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 501,028 | | | $ | 1,231,868 | | | $ | 2,033,382 | | | $ | 6,456 | | | $ | (2,108,807 | ) | | $ | 1,663,927 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND MEMBER’S INTERESTS | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | — | | | $ | 16 | | | $ | 12,087 | | | $ | 80 | | | $ | — | | | $ | 12,183 | |
Accrued expenses | | | — | | | | 9,749 | | | | 33,521 | | | | 2,122 | | | | — | | | | 45,392 | |
Acquisition-related liabilities | | | — | | | | — | | | | 3,806 | | | | — | | | | — | | | | 3,806 | |
Deferred revenues | | | — | | | | — | | | | 156,007 | | | | 26 | | | | — | | | | 156,033 | |
Current portion of long-term debt, net | | | — | | | | 28,963 | | | | — | | | | — | | | | — | | | | 28,963 | |
Intercompany payables | | | | | | | — | | | | 1,235 | | | | 243 | | | | (1,478 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | | | | | 38,728 | | | | 206,656 | | | | 2,471 | | | | (1,478 | ) | | | 246,377 | |
Long-term debt, net | | | — | | | | 796,825 | | | | — | | | | — | | | | — | | | | 796,825 | |
Deferred income taxes | | | — | | | | — | | | | 102,711 | | | | (40 | ) | | | — | | | | 102,671 | |
Other long-term liabilities | | | — | | | | — | | | | 18,423 | | | | — | | | | — | | | | 18,423 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | — | | | | 835,553 | | | | 327,790 | | | | 2,431 | | | | (1,478 | ) | | | 1,164,296 | |
Total member’s interests | | | 501,028 | | | | 396,315 | | | | 1,705,592 | | | | 4,025 | | | | (2,107,329 | ) | | | 499,631 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and member’s interests | | $ | 501,028 | | | $ | 1,231,868 | | | $ | 2,033,382 | | | $ | 6,456 | | | $ | (2,108,807 | ) | | $ | 1,663,927 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
ANCESTRY.COM LLC |
CONDENSED CONSOLIDATING BALANCE SHEETS (continued) |
(in thousands) |
December 31, 2014 |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Issuer | | | Guarantor | | | Non- | | | Elimination | | | Total | |
Subsidiaries | Guarantor |
| Subsidiaries |
ASSETS | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 297 | | | $ | 153 | | | $ | 104,690 | | | $ | 3,354 | | | $ | — | | | $ | 108,494 | |
Restricted cash | | | — | | | | 45,280 | | | | 3,806 | | | | — | | | | — | | | | 49,086 | |
Accounts receivable, net of allowances | | | — | | | | — | | | | 6,690 | | | | 4,551 | | | | — | | | | 11,241 | |
Current deferred income taxes | | | — | | | | — | | | | 5,277 | | | | — | | | | — | | | | 5,277 | |
Prepaid expenses and other current assets | | | — | | | | — | | | | 11,291 | | | | 352 | | | | — | | | | 11,643 | |
Intercompany receivables | | | 46 | | | | — | | | | 2,895 | | | | 811 | | | | (3,752 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 343 | | | | 45,433 | | | | 134,649 | | | | 9,068 | | | | (3,752 | ) | | | 185,741 | |
Property and equipment, net | | | — | | | | — | | | | 36,551 | | | | 555 | | | | — | | | | 37,106 | |
Content databases, net | | | — | | | | — | | | | 281,998 | | | | 817 | | | | — | | | | 282,815 | |
Intangible assets, net | | | — | | | | — | | | | 269,054 | | | | — | | | | — | | | | 269,054 | |
Goodwill | | | — | | | | — | | | | 947,563 | | | | 720 | | | | — | | | | 948,283 | |
Investment in subsidiary | | | 496,781 | | | | 1,278,254 | | | | 423,266 | | | | 48 | | | | (2,198,349 | ) | | | — | |
Other assets | | | — | | | | 318 | | | | 2,617 | | | | 240 | | | | — | | | | 3,175 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 497,124 | | | $ | 1,324,005 | | | $ | 2,095,698 | | | $ | 11,448 | | | $ | (2,202,101 | ) | | $ | 1,726,174 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND MEMBER’S INTERESTS | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | — | | | $ | 60 | | | $ | 11,026 | | | $ | 429 | | | $ | — | | | $ | 11,515 | |
Accrued expenses | | | — | | | | 7,051 | | | | 35,747 | | | | 4,231 | | | | — | | | | 47,029 | |
Acquisition-related liabilities | | | — | | | | 45,280 | | | | 3,806 | | | | — | | | | — | | | | 49,086 | |
Deferred revenues | | | — | | | | — | | | | 144,969 | | | | 41 | | | | — | | | | 145,010 | |
Current portion of long-term debt, net | | | — | | | | 46,537 | | | | — | | | | — | | | | — | | | | 46,537 | |
Intercompany payables | | | — | | | | — | | | | 825 | | | | 2,927 | | | | (3,752 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | — | | | | 98,928 | | | | 196,373 | | | | 7,628 | | | | (3,752 | ) | | | 299,177 | |
Long-term debt, net | | | — | | | | 799,403 | | | | — | | | | — | | | | — | | | | 799,403 | |
Deferred income taxes | | | — | | | | — | | | | 115,497 | | | | (36 | ) | | | — | | | | 115,461 | |
Other long-term liabilities | | | — | | | | — | | | | 16,406 | | | | — | | | | — | | | | 16,406 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | — | | | | 898,331 | | | | 328,276 | | | | 7,592 | | | | (3,752 | ) | | | 1,230,447 | |
Total member’s interests | | | 497,124 | | | | 425,674 | | | | 1,767,422 | | | | 3,856 | | | | (2,198,349 | ) | | | 495,727 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and member’s interests | | $ | 497,124 | | | $ | 1,324,005 | | | $ | 2,095,698 | | | $ | 11,448 | | | $ | (2,202,101 | ) | | $ | 1,726,174 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
ANCESTRY.COM LLC |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
(in thousands) |
Three Months Ended March 31, 2015 |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Issuer | | | Guarantor | | | Non-Guarantor | | | Elimination | | | Total | |
Subsidiaries | Subsidiaries |
Total revenues | | $ | — | | | $ | — | | | $ | 164,163 | | | $ | 3,717 | | | $ | (3,283 | ) | | $ | 164,597 | |
Total cost of revenues | | | — | | | | — | | | | 42,779 | | | | 465 | | | | (3,283 | ) | | | 39,961 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Gross profit | | | — | | | | — | | | | 121,384 | | | | 3,252 | | | | — | | | | 124,636 | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | |
Technology and development | | | — | | | | — | | | | 23,021 | | | | 422 | | | | — | | | | 23,443 | |
Marketing and advertising | | | — | | | | — | | | | 41,285 | | | | 1,892 | | | | — | | | | 43,177 | |
General and administrative | | | — | | | | 373 | | | | 10,404 | | | | 678 | | | | — | | | | 11,455 | |
Amortization of acquired intangible assets | | | — | | | | — | | | | 27,463 | | | | — | | | | — | | | | 27,463 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total operating expenses | | | — | | | | 373 | | | | 102,173 | | | | 2,992 | | | | — | | | | 105,538 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from operations | | | — | | | | (373 | ) | | | 19,211 | | | | 260 | | | | — | | | | 19,098 | |
Interest income (expense), net | | | — | | | | (17,334 | ) | | | 126 | | | | — | | | | — | | | | (17,208 | ) |
Other expense, net | | | — | | | | — | | | | (253 | ) | | | (10 | ) | | | — | | | | (263 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes | | | — | | | | (17,707 | ) | | | 19,084 | | | | 250 | | | | — | | | | 1,627 | |
Income tax benefit (expense) | | | — | | | | 6,463 | | | | (5,244 | ) | | | (52 | ) | | | — | | | | 1,167 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) before loss from subsidiaries | | | — | | | | (11,244 | ) | | | 13,840 | | | | 198 | | | | — | | | | 2,794 | |
Income (loss) from subsidiaries | | | 2,794 | | | | (1,667 | ) | | | (12,713 | ) | | | — | | | | 11,586 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | 2,794 | | | $ | (12,911 | ) | | $ | 1,127 | | | $ | 198 | | | $ | 11,586 | | | $ | 2,794 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) | | $ | 2,794 | | | $ | (12,911 | ) | | $ | 1,127 | | | $ | 198 | | | $ | 11,586 | | | $ | 2,794 | |
Three Months Ended March 31, 2014 |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Issuer | | | Guarantor | | | Non-Guarantor | | | Elimination | | | Total | |
Subsidiaries | Subsidiaries |
Total revenues | | $ | — | | | $ | — | | | $ | 153,107 | | | $ | 5,691 | | | $ | (5,152 | ) | | $ | 153,646 | |
Total cost of revenues | | | — | | | | — | | | | 38,868 | | | | 965 | | | | (5,152 | ) | | | 34,681 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Gross profit | | | — | | | | — | | | | 114,239 | | | | 4,726 | | | | — | | | | 118,965 | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | |
Technology and development | | | — | | | | — | | | | 24,280 | | | | 285 | | | | — | | | | 24,565 | |
Marketing and advertising | | | — | | | | — | | | | 41,930 | | | | 3,275 | | | | — | | | | 45,205 | |
General and administrative | | | — | | | | 40 | | | | 13,503 | | | | 671 | | | | — | | | | 14,214 | |
Amortization of acquired intangible assets | | | — | | | | — | | | | 37,051 | | | | — | | | | — | | | | 37,051 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total operating expenses | | | — | | | | 40 | | | | 116,764 | | | | 4,231 | | | | — | | | | 121,035 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from operations | | | — | | | | (40 | ) | | | (2,525 | ) | | | 495 | | | | — | | | | (2,070 | ) |
Interest income (expense), net | | | — | | | | (17,338 | ) | | | (54 | ) | | | 1 | | | | — | | | | (17,391 | ) |
Other income (expense), net | | | — | | | | (8 | ) | | | 21 | | | | 6 | | | | — | | | | 19 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes | | | — | | | | (17,386 | ) | | | (2,558 | ) | | | 502 | | | | — | | | | (19,442 | ) |
Income tax benefit (expense) | | | — | | | | 6,346 | | | | 10,792 | | | | (73 | ) | | | — | | | | 17,065 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) before loss from subsidiaries | | | — | | | | (11,040 | ) | | | 8,234 | | | | 429 | | | | — | | | | (2,377 | ) |
Loss from subsidiaries | | | (2,377 | ) | | | (5,894 | ) | | | (16,505 | ) | | | — | | | | 24,776 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | (2,377 | ) | | $ | (16,934 | ) | | $ | (8,271 | ) | | $ | 429 | | | $ | 24,776 | | | $ | (2,377 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) | | $ | (2,377 | ) | | $ | (16,934 | ) | | $ | (8,271 | ) | | $ | 429 | | | $ | 24,776 | | | $ | (2,377 | ) |
|
ANCESTRY.COM LLC |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS |
(in thousands) |
Three Months Ended March 31, 2015 |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Issuer | | | Guarantor | | | Non-Guarantor | | | Elimination | | | Total | |
Subsidiaries | Subsidiaries |
Net cash provided by (used in) operating activities | | $ | 19,195 | | | $ | 39,020 | | | $ | 56,913 | | | $ | (891 | ) | | $ | (64,673 | ) | | $ | 49,564 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Investing activities: | | | | | | | | | | | | | | | | | | | | | | | | |
Capitalization of content databases | | | — | | | | — | | | | (7,400 | ) | | | — | | | | — | | | | (7,400 | ) |
Purchases of property and equipment | | | — | | | | — | | | | (4,133 | ) | | | (19 | ) | | | — | | | | (4,152 | ) |
Issuance of related party note receivable | | | — | | | | — | | | | (10,000 | ) | | | — | | | | — | | | | (10,000 | ) |
Investment in subsidiaries | | | — | | | | (6,463 | ) | | | — | | | | (20 | ) | | | 6,483 | | | | — | |
Return of capital from subsidiaries | | | — | | | | 17,019 | | | | 27,195 | | | | — | | | | (44,214 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) investing activities | | | — | | | | 10,556 | | | | 5,662 | | | | (39 | ) | | | (37,731 | ) | | | (21,552 | ) |
Financing activities: | | | | | | | | | | | | | | | | | | | | | | | | |
Principal payments on debt | | | — | | | | (22,518 | ) | | | — | | | | — | | | | — | | | | (22,518 | ) |
Return-of-capital distribution | | | (400 | ) | | | — | | | | — | | | | — | | | | — | | | | (400 | ) |
Capital contribution from parent | | | — | | | | — | | | | 6,483 | | | | — | | | | (6,483 | ) | | | — | |
Return of capital to parent | | | — | | | | (27,195 | ) | | | (17,019 | ) | | | — | | | | 44,214 | | | | — | |
Intercompany dividends paid | | | — | | | | — | | | | (64,673 | ) | | | — | | | | 64,673 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) financing activities | | | (400 | ) | | | (49,713 | ) | | | (75,209 | ) | | | — | | | | 102,404 | | | | (22,918 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in cash and cash equivalents | | | 18,795 | | | | (137 | ) | | | (12,634 | ) | | | (930 | ) | | | — | | | | 5,094 | |
Cash and cash equivalents at beginning of period | | | 297 | | | | 153 | | | | 104,690 | | | | 3,354 | | | | — | | | | 108,494 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of period | | $ | 19,092 | | | $ | 16 | | | $ | 92,056 | | | $ | 2,424 | | | $ | — | | | $ | 113,588 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Three Months Ended March 31, 2014 | |
|
| | Parent | | | Issuer | | | Guarantor | | | Non-Guarantor | | | Elimination | | | Total | |
Subsidiaries | Subsidiaries |
Net cash provided by (used in) operating activities | | $ | 18,131 | | | $ | 32,867 | | | $ | 77,754 | | | $ | (3,896 | ) | | $ | (66,849 | ) | | $ | 58,007 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Investing activities: | | | | | | | | | | | | | | | | | | | | | | | | |
Capitalization of content databases | | | — | | | | — | | | | (7,986 | ) | | | — | | | | — | | | | (7,986 | ) |
Purchases of property and equipment | | | — | | | | — | | | | (4,495 | ) | | | — | | | | — | | | | (4,495 | ) |
Investment in subsidiaries | | | — | | | | (6,347 | ) | | | — | | | | — | | | | 6,347 | | | | — | |
Return of capital from subsidiaries | | | — | | | | — | | | | 17,560 | | | | — | | | | (17,560 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) investing activities | | | — | | | | (6,347 | ) | | | 5,079 | | | | — | | | | (11,213 | ) | | | (12,481 | ) |
Financing activities: | | | | | | | | | | | | | | | | | | | | | | | | |
Member’s capital contributions | | | 16 | | | | — | | | | — | | | | — | | | | — | | | | 16 | |
Principal payments on debt | | | — | | | | (9,393 | ) | | | — | | | | — | | | | — | | | | (9,393 | ) |
Payment of contingent consideration | | | — | | | | — | | | | (1,200 | ) | | | — | | | | — | | | | (1,200 | ) |
Capital contribution from parent | | | — | | | | — | | | | 6,347 | | | | — | | | | (6,347 | ) | | | — | |
Return of capital to parent | | | — | | | | (17,560 | ) | | | — | | | | — | | | | 17,560 | | | | — | |
Intercompany dividends paid | | | — | | | | — | | | | (51,525 | ) | | | (15,324 | ) | | | 66,849 | | | | — | |
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Net cash provided by (used in) financing activities | | | 16 | | | | (26,953 | ) | | | (46,378 | ) | | | (15,324 | ) | | | 78,062 | | | | (10,577 | ) |
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Net increase (decrease) in cash and cash equivalents | | | 18,147 | | | | (433 | ) | | | 36,455 | | | | (19,220 | ) | | | — | | | | 34,949 | |
Cash and cash equivalents at beginning of period | | | 338 | | | | 562 | | | | 60,362 | | | | 25,292 | | | | — | | | | 86,554 | |
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Cash and cash equivalents at end of period | | $ | 18,485 | | | $ | 129 | | | $ | 96,817 | | | $ | 6,072 | | | $ | — | | | $ | 121,503 | |
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