Exhibit 99.1
As previously announced, U.S. Cellular® will hold a teleconference on Aug. 7, 2008, at 10:00 a.m. Chicago time. Interested parties may listen to the call live via the Internet by accessing the Conference Calls page of www.teldta.com or www.uscc.com.
Contact: | | Mark A. Steinkrauss, Vice President, Corporate Relations |
| | (312) 592-5384 mark.steinkrauss@teldta.com |
| | |
| | Julie D. Mathews, Manager, Investor Relations |
| | (312) 592-5341 julie.mathews@teldta.com |
FOR RELEASE: IMMEDIATE
U.S. CELLULAR REPORTS INCREASES IN SERVICE, DATA REVENUES
Service and data revenues up 9 percent and 45 percent in the quarter
Note: Comparisons are year over year unless otherwise noted.
2Q 2008 Highlights
· 9.0 percent increase in service revenues, to $987.4 million.
· 44.7 percent increase in data revenues, to $123.7 million, representing 12.5 percent of service revenues.
· 5.7 percent increase in ARPU (average monthly service revenue per unit), to $53.27.
· Retail postpay churn remained flat at 1.4 percent; postpay customers comprised 95 percent of retail customers.
· 7.4 percent increase in cell sites in service, to 6,596.
· Repurchased 150,000 common shares for $8.3 million, to offset dilution from employee benefit plans.
CHICAGO – Aug.7, 2008 – United States Cellular Corporation [AMEX:USM] reported service revenues of $987.4 million for the second quarter of 2008, a 9.0 percent increase from $906.2 million in the comparable period one year ago. The company recorded operating income of $117.9 million, down from $123.5 million in the second quarter of 2007. Net income and diluted earnings per share were $72.6 million and $0.83, respectively, for the second quarter of 2008, compared to $147.6 million and $1.67, respectively, in the comparable period one year ago.*
*In the second quarter of 2007, the company recorded a $131.7 million pre-tax gain on the settlement of the Vodafone Group Plc variable prepaid forward contracts and sale of the remaining Vodafone ADRs, and also a $17.8 million pre-tax loss on fair value adjustments to the variable prepaid forward contracts prior to the settlement.
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“Our continued, solid growth in service and data revenues demonstrates that we’re delivering the services and products customers want,” said John E. Rooney, U.S. Cellular® president and CEO. “These revenue increases have driven a substantial increase in ARPU, with more than 50 percent of our customers using at least one data service. And our low, 1.4 percent churn rate is proof that our customers believe in U.S. Cellular and in the communications experience we provide, even as they may be tightening their budgets in response to the economic slowdown.
“Sales of our BlackBerry® and Windows™ smartphones continue to surpass our expectations, and smartphone customers typically generate considerably higher ARPU than other customers. We consider this a meaningful growth area for U.S. Cellular. To help ensure that our smart phone customers receive a high-quality service experience, U.S. Cellular is expanding its EVDO coverage in select service areas, with the goal of reaching approximately 30 percent of our covered population in 2008, and we plan to continue the expansion in 2009. We also continue to strengthen our overall network with new cell towers in key areas.
“While net retail customer additions for the quarter were disappointing, we’re taking significant steps to further differentiate our customer satisfaction-based business model in a tough competitive environment. With U.S. Cellular’s new Believe in Something BetterSM branding campaign launched in June, we’re showing that we recognize that wireless plays an important role in our customers’ lives that goes well beyond just completing calls. Along with the campaign, we have invested in new store environments, and we continue to invest in associate training, so that our associates can deliver the ideal customer experience. We’re investing in our business and in our customers for the long term.”
Guidance
Guidance for the year ending Dec. 31, 2008 is as follows. There can be no assurance that final results will not differ materially from this guidance.
U.S. Cellular 2008 guidance as of Aug. 7, 2008 is as follows:
Net Retail Customer Additions | | 175,000 - 225,000 |
Service Revenues | | $3.9 - 4.0 billion** |
Operating Income | | $385 - 435 million |
Depreciation, Amortization & Accretion*** | | Approx. $615 million** |
Capital Expenditures | | $525 - 575 million |
** Unchanged from guidance issued on May 7, 2008
*** Includes losses on exchange and disposals of assets
The foregoing guidance represents the views of management as of Aug. 7, 2008 and should not be assumed to be accurate as of any other date. U.S. Cellular undertakes no legal duty to update such information, whether as a result of new information, future events, or otherwise.
Conference call information
U.S. Cellular will hold a conference call on Aug. 7, 2008 at 10:00 a.m. Chicago time.
· Access the live call online at http://www.videonewswire.com/event.asp?id=50620 or on the Conference Calls page of www.uscellular.com.
· Access the call by phone at 800/723-6498 (US/Canada) and use conference ID 6948709.
Before the call, certain financial and statistical information to be discussed during the call will be posted to the Conference Calls page of www.uscellular.com, together with reconciliations to generally accepted accounting principles (GAAP) of any non-GAAP information to be disclosed. The call will be archived on the Conference Calls page of www.uscellular.com.
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About U.S. Cellular®
United States Cellular Corporation, the nation’s sixth-largest, full-service wireless carrier, provides a comprehensive range of wireless products and services, excellent customer support, and a high-quality network to nearly 6.2 million customers in 26 states. The Chicago-based company employed 8,400 full-time equivalent associates as of June 30, 2008. For more information about U.S. Cellular, visit www.uscellular.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the company’s plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: The ability of the company to successfully manage and grow the operations of more recently launched markets; changes in the overall economy, competition, the state and federal telecommunications regulatory environment, and the value of assets and investments; adverse changes in the ratings afforded our debt securities by accredited ratings organizations; industry consolidation; advances in telecommunications technology; uncertainty of access to the capital markets; risks and uncertainties relating to restatements and possible future restatements; ability to remediate the material weakness; pending and future litigation; changes in income tax rates, laws, regulations or rulings; acquisitions/divestitures of properties and/or licenses; and changes in customer growth rates, average monthly revenue per unit, churn rates, roaming revenue and terms, the availability of devices and the mix of products and services offered by the company. Investors are encouraged to consider these and other risks and uncertainties that are discussed in the Form 8-K used by U.S. Cellular to furnish this press release to the SEC, which are incorporated by reference herein.
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UNITED STATES CELLULAR CORPORATION
SUMMARY OPERATING DATA
Quarter Ended | | 6/30/2008 | | 3/31/2008 | | 12/31/2007 | | 9/30/2007 | | 6/30/2007 | |
Total Population: | | | | | | | | | | | |
| | | | | | | | | | | |
Consolidated markets (1) | | 82,875,000 | | 82,846,000 | | 82,371,000 | | 81,841,000 | | 81,581,000 | |
| | | | | | | | | | | |
Consolidated operating markets (1) | | 45,493,000 | | 45,262,000 | | 44,955,000 | | 44,955,000 | | 44,955,000 | |
All customers: | | | | | | | | | | | |
Customer units (2) | | 6,194,000 | | 6,175,000 | | 6,102,000 | | 6,058,000 | | 6,010,000 | |
Gross customer unit additions | | 365,000 | | 409,000 | | 436,000 | | 447,000 | | 418,000 | |
Net customer unit additions | | 16,000 | | 74,000 | | 44,000 | | 48,000 | | 37,000 | |
Market penetration at end of period: | | | | | | | | | | | |
Consolidated markets (3) | | 7.5 | % | 7.5 | % | 7.4 | % | 7.4 | % | 7.4 | % |
Consolidated operating markets (3) | | 13.6 | % | 13.6 | % | 13.6 | % | 13.5 | % | 13.4 | % |
Retail customers: | | | | | | | | | | | |
Customer units (2) | | 5,677,000 | | 5,640,000 | | 5,564,000 | | 5,500,000 | | 5,448,000 | |
Gross customer unit additions | | 318,000 | | 360,000 | | 367,000 | | 374,000 | | 347,000 | |
Net customer unit additions | | 34,000 | | 85,000 | | 64,000 | | 52,000 | | 71,000 | |
| | | | | | | | | | | |
Cell sites in service | | 6,596 | | 6,452 | | 6,383 | | 6,255 | | 6,140 | |
Average monthly revenue per unit (4) | | $ | 53.27 | | $ | 52.24 | | $ | 52.57 | | $ | 52.73 | | $ | 50.42 | |
Retail service revenue per unit (4) | | $ | 45.62 | | $ | 45.30 | | $ | 45.45 | | $ | 45.02 | | $ | 43.87 | |
Inbound roaming revenue per unit (4) | | $ | 3.40 | | $ | 2.94 | | $ | 3.09 | | $ | 3.36 | | $ | 2.68 | |
Long-distance/other revenue per unit (4) | | $ | 4.25 | | $ | 4.00 | | $ | 4.03 | | $ | 4.35 | | $ | 3.87 | |
Minutes of use (MOU) (5) | | 1,012 | | 951 | | 908 | | 888 | | 858 | |
Retail postpay churn rate per month (6) | | 1.4 | % | 1.4 | % | 1.5 | % | 1.6 | % | 1.4 | % |
Construction Expenditures (000s) | | $ | 137,800 | | $ | 111,700 | | $ | 188,100 | | $ | 130,600 | | $ | 137,100 | |
(1) “Total population of consolidated markets” and “Total population of consolidated operating markets” are used only for the purposes of calculating market penetration of consolidated markets and consolidated operating markets, respectively, which is calculated by dividing customers by the total market population (without duplication of population in overlapping markets).
(2) All customer units and Retail customer units as of June 30, 2008 include one time adjustments, resulting from a review of U.S. Cellular’s customer reporting procedures.
(3) Calculated by dividing the number of wireless customers at the end of the period by the total population of consolidated markets and consolidated operating markets, respectively, as estimated by Claritas.
(4) Per unit revenue measurements are derived from Service Revenues as reported in Financial Highlights for each respective quarter as follows:
Service Revenues per Financial Highlights | | $ | 987,352 | | $ | 962,094 | | $ | 957,896 | | $ | 954,540 | | $ | 906,218 | |
Components: | | | | | | | | | | | |
Retail service revenue during quarter | | 845,564 | | 834,213 | | 828,169 | | 814,948 | | 788,535 | |
Inbound roaming revenue during quarter | | 63,033 | | 54,089 | | 56,358 | | 60,843 | | 48,084 | |
Long-distance/other revenue during quarter | | 78,755 | | 73,792 | | 73,369 | | 78,749 | | 69,599 | |
| | | | | | | | | | | |
Divided by average customers during quarter (000s) | | 6,178 | | 6,139 | | 6,074 | | 6,034 | | 5,991 | |
Divided by three months in each quarter | | 3 | | 3 | | 3 | | 3 | | 3 | |
| | | | | | | | | | | |
Average monthly revenue per unit | | $ | 53.27 | | $ | 52.24 | | $ | 52.57 | | $ | 52.73 | | $ | 50.42 | |
Retail service revenue per unit | | $ | 45.62 | | $ | 45.30 | | $ | 45.45 | | $ | 45.02 | | $ | 43.87 | |
Inbound roaming revenue per unit | | $ | 3.40 | | $ | 2.94 | | $ | 3.09 | | $ | 3.36 | | $ | 2.68 | |
Long-distance/other revenue per unit | | $ | 4.25 | | $ | 4.00 | | $ | 4.03 | | $ | 4.35 | | $ | 3.87 | |
(5) Average monthly local minutes of use per customer (without roaming).
(6) Retail postpay churn rate per month is calculated by dividing the total monthly retail postpay customer disconnects during the quarter by the average retail postpay customer base for the quarter.
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UNITED STATES CELLULAR CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS HIGHLIGHTS
Three Months Ended June 30,
(Unaudited, dollars and shares in thousands, except per share amounts)
| | | | | | Increase (Decrease) | |
| | 2008 | | 2007 | | Amount | | Percent | |
Operating Revenues | | | | | | | | | |
Service | | $ | 987,352 | | $ | 906,218 | | $ | 81,134 | | 9.0 | % |
Equipment sales | | 73,240 | | 65,428 | | 7,812 | | 11.9 | % |
Total Operating Revenues | | 1,060,592 | | 971,646 | | 88,946 | | 9.2 | % |
Operating Expenses | | | | | | | | | |
System operations (excluding Depreciation, amortization and accretion reported below) | | 196,652 | | 176,409 | | 20,243 | | 11.5 | % |
Cost of equipment sold | | 172,194 | | 148,241 | | 23,953 | | 16.2 | % |
Selling, general and administrative | | 422,367 | | 374,668 | | 47,699 | | 12.7 | % |
Depreciation, amortization and accretion | | 145,258 | | 146,024 | | (766 | ) | (0.5 | )% |
Loss on asset disposals, net | | 6,219 | | 2,832 | | 3,387 | | N/M | |
Total Operating Expenses | | 942,690 | | 848,174 | | 94,516 | | 11.1 | % |
| | | | | | | | | |
Operating Income | | 117,902 | | 123,472 | | (5,570 | ) | (4.5 | )% |
| | | | | | | | | |
Investment and Other Income (Expense) | | | | | | | | | |
Equity in earnings of unconsolidated entities | | 22,807 | | 22,980 | | (173 | ) | (0.8 | )% |
Interest and dividend income | | 1,429 | | 2,653 | | (1,224 | ) | (46.1 | )% |
Fair value adjustment of derivative instruments | | — | | (17,849 | ) | 17,849 | | N/M | |
Gain on sale of investments | | — | | 131,686 | | (131,686 | ) | N/M | |
Interest expense | | (20,774 | ) | (21,325 | ) | 551 | | 2.6 | % |
Other, net | | 600 | | 91 | | 509 | | N/M | |
| | 4,062 | | 118,236 | | (114,174 | ) | (96.6 | )% |
| | | | | | | | | |
Income Before Income Taxes and Minority Interest | | 121,964 | | 241,708 | | (119,744 | ) | (49.5 | )% |
Income tax expense | | 44,016 | | 91,500 | | (47,484 | ) | (51.9 | )% |
Income Before Minority Interest | | 77,948 | | 150,208 | | (72,260 | ) | (48.1 | )% |
Minority share of income, net of tax | | (5,346 | ) | (2,637 | ) | (2,709 | ) | N/M | |
Net Income | | $ | 72,602 | | $ | 147,571 | | $ | (74,969 | ) | (50.8 | )% |
| | | | | | | | | |
Basic Weighted Average Common Shares Outstanding | | 87,571 | | 87,590 | | (19 | ) | (0.0 | )% |
Basic Earnings Per Share | | $ | 0.83 | | $ | 1.68 | | $ | (0.85 | ) | (50.6 | )% |
| | | | | | | | | |
Diluted Weighted Average Common Shares Outstanding | | 87,872 | | 88,410 | | (538 | ) | (0.6 | )% |
Diluted Earnings Per Share | | $ | 0.83 | | $ | 1.67 | | $ | (0.84 | ) | (50.3 | )% |
N/M - Percentage change not meaningful
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UNITED STATES CELLULAR CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS HIGHLIGHTS
Six Months Ended June 30,
(Unaudited, dollars and shares in thousands, except per share amounts)
| | | | | | Increase (Decrease) | |
| | 2008 | | 2007 | | Amount | | Percent | |
Operating Revenues | | | | | | | | | |
Service | | $ | 1,949,446 | | $ | 1,766,801 | | $ | 182,645 | | 10.3 | % |
Equipment sales | | 149,002 | | 139,519 | | 9,483 | | 6.8 | % |
Total Operating Revenues | | 2,098,448 | | 1,906,320 | | 192,128 | | 10.1 | % |
Operating Expenses | | | | | | | | | |
System operations (excluding Depreciation, amortization and accretion reported below) | | 387,668 | | 343,693 | | 43,975 | | 12.8 | % |
Cost of equipment sold | | 346,231 | | 298,985 | | 47,246 | | 15.8 | % |
Selling, general and administrative | | 830,001 | | 733,534 | | 96,467 | | 13.2 | % |
Depreciation, amortization and accretion | | 287,788 | | 291,976 | | (4,188 | ) | (1.4 | )% |
Loss on asset disposals, net | | 9,892 | | 6,137 | | 3,755 | | 61.2 | % |
Total Operating Expenses | | 1,861,580 | | 1,674,325 | | 187,255 | | 11.2 | % |
| | | | | | | | | |
Operating Income | | 236,868 | | 231,995 | | 4,873 | | 2.1 | % |
| | | | | | | | | |
Investment and Other Income (Expense) | | | | | | | | | |
Equity in earnings of unconsolidated entities | | 44,042 | | 46,078 | | (2,036 | ) | (4.4 | )% |
Interest and dividend income | | 3,334 | | 5,203 | | (1,869 | ) | (35.9 | )% |
Fair value adjustment of derivative instruments | | — | | (5,388 | ) | 5,388 | | N/M | |
Gain on sale of investments | | — | | 131,686 | | (131,686 | ) | N/M | |
Interest expense | | (40,889 | ) | (45,009 | ) | 4,120 | | 9.2 | % |
Other, net | | 718 | | (494 | ) | 1,212 | | N/M | |
| | 7,205 | | 132,076 | | (124,871 | ) | (94.5 | )% |
| | | | | | | | | |
Income Before Income Taxes and Minority Interest | | 244,073 | | 364,071 | | (119,998 | ) | (33.0 | )% |
Income tax expense | | 91,556 | | 135,388 | | (43,832 | ) | (32.4 | )% |
Income Before Minority Interest | | 152,517 | | 228,683 | | (76,166 | ) | (33.3 | )% |
Minority share of income, net | | (9,358 | ) | (6,711 | ) | (2,647 | ) | (39.4 | )% |
Net Income | | $ | 143,159 | | $ | 221,972 | | $ | (78,813 | ) | (35.5 | )% |
| | | | | | | | | |
Basic Weighted Average Common Shares Outstanding | | 87,571 | | 87,735 | | (164 | ) | (0.2 | )% |
Basic Earnings Per Share | | $ | 1.63 | | $ | 2.53 | | $ | (0.90 | ) | (35.6 | )% |
| | | | | | | | | |
Diluted Weighted Average Common Shares Outstanding | | 87,963 | | 88,615 | | (652 | ) | (0.7 | )% |
Diluted Earnings Per Share | | $ | 1.63 | | $ | 2.50 | | $ | (0.87 | ) | (34.8 | )% |
N/M - Percentage change not meaningful
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UNITED STATES CELLULAR CORPORATION
CONSOLIDATED BALANCE SHEET HIGHLIGHTS
(Unaudited, dollars in thousands)
ASSETS
| | June 30, | | December 31, | |
| | 2008 | | 2007 | |
Current Assets | | | | | |
Cash and cash equivalents | | $ | 101,155 | | $ | 204,533 | |
Marketable equity securities | | 16,508 | | 16,352 | |
Accounts receivable from customers and other | | 442,415 | | 435,497 | |
Inventory | | 120,817 | | 100,990 | |
Prepaid expenses | | 51,923 | | 41,588 | |
Other current assets | | 42,448 | | 34,793 | |
| | 775,266 | | 833,753 | |
| | | | | |
Investments | | | | | |
Licenses | | 1,792,728 | | 1,482,446 | |
Goodwill | | 493,918 | | 491,316 | |
Customer lists | | 12,451 | | 15,375 | |
Investments in unconsolidated entities | | 157,162 | | 157,693 | |
Notes and interest receivable—long-term | | 4,359 | | 4,422 | |
| | 2,460,618 | | 2,151,252 | |
| | | | | |
Property, Plant and Equipment | | | | | |
In service and under construction | | 5,612,054 | | 5,409,115 | |
Less accumulated depreciation | | 3,045,114 | | 2,814,019 | |
| | 2,566,940 | | 2,595,096 | |
| | | | | |
Other Assets and Deferred Charges | | 29,728 | | 31,773 | |
| | | | | |
Total Assets | | $ | 5,832,552 | | $ | 5,611,874 | |
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UNITED STATES CELLULAR CORPORATION
CONSOLIDATED BALANCE SHEET HIGHLIGHTS
(Unaudited, dollars in thousands)
LIABILITIES AND SHAREHOLDERS’ EQUITY
| | June 30, | | December 31, | |
| | 2008 | | 2007 | |
Current Liabilities | | | | | |
Notes payable | | $ | 50,000 | | $ | — | |
Accounts payable | | | | | |
Affiliated | | 8,690 | | 8,519 | |
Trade | | 256,196 | | 252,272 | |
Customer deposits and deferred revenues | | 153,860 | | 143,445 | |
Accrued taxes | | 42,969 | | 43,105 | |
Accrued compensation | | 36,680 | | 59,224 | |
Other current liabilities | | 97,220 | | 97,678 | |
| | 645,615 | | 604,243 | |
| | | | | |
Long-Term Debt | | 1,007,054 | | 1,002,293 | |
| | | | | |
Deferred Liabilities and Credits | | 799,597 | | 765,786 | |
| | | | | |
Minority Interest | | 48,391 | | 43,396 | |
| | | | | |
Common Shareholders’ Equity | | | | | |
Common Shares, par value $1 per share | | 55,046 | | 55,046 | |
Series A Common Shares, par value $1 per share | | 33,006 | | 33,006 | |
Additional paid-in capital | | 1,329,212 | | 1,316,042 | |
Treasury Shares | | (45,414 | ) | (41,094 | ) |
Accumulated other comprehensive income | | 10,233 | | 10,134 | |
Retained earnings | | 1,949,812 | | 1,823,022 | |
| | 3,331,895 | | 3,196,156 | |
| | | | | |
Total Liabilities and Shareholders’ Equity | | $ | 5,832,552 | | $ | 5,611,874 | |
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UNITED STATES CELLULAR CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended June 30,
(Unaudited, dollars in thousands)
| | 2008 | | 2007 | |
Cash Flows from Operating Activities | | | | | |
Net income | | $ | 143,159 | | $ | 221,972 | |
Add (deduct) adjustments to reconcile net income to netcash flows from operating activities: | | | | | |
Depreciation, amortization and accretion | | 287,788 | | 291,976 | |
Bad debts expense | | 32,426 | | 23,870 | |
Stock-based compensation expense | | 6,481 | | 8,177 | |
Deferred income taxes, net | | 27,231 | | 5,002 | |
Equity in earnings of unconsolidated entities | | (44,042 | ) | (46,078 | ) |
Distributions from unconsolidated entities | | 45,569 | | 43,169 | |
Minority share of income | | 9,358 | | 6,711 | |
Unrealized fair value adjustment of derivative instruments | | — | | 5,388 | |
Gain on sale of investments | | — | | (131,686 | ) |
Loss on asset disposals, net | | 9,892 | | 6,137 | |
Noncash interest expense | | 886 | | 890 | |
Excess tax benefit from stock awards | | (896 | ) | (9,679 | ) |
Other operating activities | | — | | (5,000 | ) |
Changes in assets and liabilities from operations: | | | | | |
Change in accounts receivable | | (50,059 | ) | (30,103 | ) |
Change in inventory | | (19,816 | ) | (770 | ) |
Change in accounts payable - trade | | 2,838 | | (3,781 | ) |
Change in accounts payable - affiliate | | 171 | | (3,530 | ) |
Change in customer deposits and deferred revenues | | 10,406 | | 17,606 | |
Change in accrued taxes | | 1,471 | | 60,418 | |
Change in accrued interest | | 455 | | (742 | ) |
Change in other assets and liabilities | | (36,486 | ) | (19,510 | ) |
| | 426,832 | | 440,437 | |
Cash Flows from Investing Activities | | | | | |
Additions to property, plant and equipment | | (249,500 | ) | (246,790 | ) |
Proceeds from sale of investments | | — | | 4,301 | |
Cash received from divestitures | | 6,838 | | 4,277 | |
Cash paid for acquisitions | | (312,615 | ) | (18,283 | ) |
Other investing activities | | (1,215 | ) | (156 | ) |
| | (556,492 | ) | (256,651 | ) |
Cash Flows from Financing Activities | | | | | |
Issuance of notes payable | | 100,000 | | 25,000 | |
Repayment of notes payable | | (50,000 | ) | (60,000 | ) |
Common shares reissued, net of tax payments | | (1,878 | ) | 9,223 | |
Common shares repurchased | | (14,516 | ) | (49,057 | ) |
Excess tax benefit from exercise of stock awards | | 896 | | 9,679 | |
Capital distributions to minority partners | | (6,022 | ) | (5,461 | ) |
Other financing activities | | (2,198 | ) | — | |
| | 26,282 | | (70,616 | ) |
| | | | | |
Net Increase (Decrease) in Cash and Cash Equivalents | | (103,378 | ) | 113,170 | |
Cash and Cash Equivalents | | | | | |
Beginning of period | | 204,533 | | 32,912 | |
End of period | | $ | 101,155 | | $ | 146,082 | |
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