Supplemental Guarantor Condensed Consolidating Financials | 3 Months Ended |
Dec. 28, 2013 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Supplemental Guarantor Condensed Consolidating Financials | ' |
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(18) Supplemental Guarantor Condensed Consolidating Financials |
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The Company’s Senior Notes are fully and unconditionally and jointly and severally guaranteed by Hologic, Inc. (“Parent/Issuer”) and certain of its domestic subsidiaries, which are 100% owned by Hologic, Inc. The following represents the supplemental condensed financial information of Hologic, Inc. and its guarantor and non-guarantor subsidiaries, as of December 28, 2013 and September 28, 2013 and for the three months ended December 28, 2013 and December 29, 2012, as applicable. |
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SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS |
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For the Three Months Ended December 28, 2013 |
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| | Parent/Issuer | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Subsidiaries | Subsidiaries |
Revenues: | | | | | | | | | | | | | | | | | | | | |
Product sales | | $ | 105,456 | | | $ | 381,568 | | | $ | 126,403 | | | $ | (101,045 | ) | | $ | 512,382 | |
Service and other revenues | | | 85,946 | | | | 15,873 | | | | 11,744 | | | | (13,497 | ) | | | 100,066 | |
| | | | | | | | | | | | | | | | | | | | |
| | | 191,402 | | | | 397,441 | | | | 138,147 | | | | (114,542 | ) | | | 612,448 | |
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Costs and expenses: | | | | | | | | | | | | | | | | | | | | |
Cost of product sales | | | 52,873 | | | | 138,760 | | | | 86,290 | | | | (101,045 | ) | | | 176,878 | |
Cost of product sales – amortization of intangible assets | | | 1,397 | | | | 74,109 | | | | 1,160 | | | | — | | | | 76,666 | |
Cost of service and other revenues | | | 42,320 | | | | 7,642 | | | | 16,843 | | | | (13,497 | ) | | | 53,308 | |
Research and development | | | 7,517 | | | | 38,851 | | | | 2,301 | | | | — | | | | 48,669 | |
Selling and marketing | | | 17,926 | | | | 42,775 | | | | 22,556 | | | | — | | | | 83,257 | |
General and administrative | | | 14,656 | | | | 41,494 | | | | 11,669 | | | | — | | | | 67,819 | |
Amortization of intangible assets | | | 779 | | | | 24,163 | | | | 1,274 | | | | — | | | | 26,216 | |
Restructuring and divestiture charges | | | 4,990 | | | | 9,756 | | | | 3,604 | | | | — | | | | 18,350 | |
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| | | 142,458 | | | | 377,550 | | | | 145,697 | | | | (114,542 | ) | | | 551,163 | |
| | | | | | | | | | | | | | | | | | | | |
Income from operations | | | 48,944 | | | | 19,891 | | | | (7,550 | ) | | | — | | | | 61,285 | |
Interest income | | | 99 | | | | 305 | | | | 194 | | | | (242 | ) | | | 356 | |
Interest expense | | | (60,654 | ) | | | (308 | ) | | | (570 | ) | | | 242 | | | | (61,290 | ) |
Debt extinguishment loss | | | (2,940 | ) | | | — | | | | — | | | | — | | | | (2,940 | ) |
Other income (expense), net | | | 9,565 | | | | (9,344 | ) | | | 949 | | | | — | | | | 1,170 | |
| | | | | | | | | | | | | | | | | | | | |
(Loss) income before income taxes | | | (4,986 | ) | | | 10,544 | | | | (6,977 | ) | | | — | | | | (1,419 | ) |
Provision (benefit) for income taxes | | | (59 | ) | | | 1,560 | | | | 2,431 | | | | — | | | | 3,932 | |
Equity in earnings (losses) of subsidiaries | | | (424 | ) | | | 10,088 | | | | — | | | | (9,664 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Net (loss) income | | $ | (5,351 | ) | | $ | 19,072 | | | $ | (9,408 | ) | | $ | (9,664 | ) | | $ | (5,351 | ) |
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SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS |
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For the Three Months Ended December 29, 2012 |
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| | Parent/Issuer | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Subsidiaries | Subsidiaries |
Revenues: | | | | | | | | | | | | | | | | | | | | |
Product sales | | $ | 98,043 | | | $ | 379,771 | | | $ | 131,127 | | | $ | (75,687 | ) | | $ | 533,254 | |
Service and other revenues | | | 77,960 | | | | 21,141 | | | | 11,820 | | | | (12,813 | ) | | | 98,108 | |
| | | | | | | | | | | | | | | | | | | | |
| | | 176,003 | | | | 400,912 | | | | 142,947 | | | | (88,500 | ) | | | 631,362 | |
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Costs and expenses: | | | | | | | | | | | | | | | | | | | | |
Cost of product sales | | | 53,520 | | | | 163,895 | | | | 80,599 | | | | (75,687 | ) | | | 222,327 | |
Cost of product sales – amortization of intangible assets | | | 1,306 | | | | 72,917 | | | | 1,064 | | | | — | | | | 75,287 | |
Cost of service and other revenues | | | 38,378 | | | | 15,591 | | | | 10,919 | | | | (12,813 | ) | | | 52,075 | |
Research and development | | | 7,418 | | | | 41,753 | | | | 2,338 | | | | — | | | | 51,509 | |
Selling and marketing | | | 20,773 | | | | 47,365 | | | | 26,305 | | | | — | | | | 94,443 | |
General and administrative | | | 15,320 | | | | 31,016 | | | | 8,055 | | | | — | | | | 54,391 | |
Amortization of intangible assets | | | 678 | | | | 26,649 | | | | 1,199 | | | | — | | | | 28,526 | |
Contingent consideration – compensation expense | | | 29,486 | | | | — | | | | — | | | | — | | | | 29,486 | |
Contingent consideration – fair value adjustments | | | 10,040 | | | | — | | | | — | | | | — | | | | 10,040 | |
Gain on sale of intellectual property | | | — | | | | (53,884 | ) | | | — | | | | — | | | | (53,884 | ) |
Restructuring and divestiture charges | | | 221 | | | | 3,286 | | | | 426 | | | | — | | | | 3,933 | |
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| | | 177,140 | | | | 348,588 | | | | 130,905 | | | | (88,500 | ) | | | 568,133 | |
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Income (loss) from operations | | | (1,137 | ) | | | 52,324 | | | | 12,042 | | | | — | | | | 63,229 | |
Interest income | | | 131 | | | | 42 | | | | 87 | | | | — | | | | 260 | |
Interest expense | | | (71,254 | ) | | | (314 | ) | | | (513 | ) | | | — | | | | (72,081 | ) |
Other income (expense), net | | | 119 | | | | (4,046 | ) | | | 5,180 | | | | (14 | ) | | | 1,239 | |
| | | | | | | | | | | | | | | | | | | | |
(Loss) income before income taxes | | | (72,141 | ) | | | 48,006 | | | | 16,796 | | | | (14 | ) | | | (7,353 | ) |
(Benefit) provision for income taxes | | | (11,747 | ) | | | (3,114 | ) | | | 4,390 | | | | — | | | | (10,471 | ) |
Equity in earnings (losses) of subsidiaries | | | 63,512 | | | | 10,934 | | | | — | | | | (74,446 | ) | | | — | |
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Net income (loss) | | $ | 3,118 | | | $ | 62,054 | | | $ | 12,406 | | | $ | (74,460 | ) | | $ | 3,118 | |
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SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME |
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For the Three Months Ended December 28, 2013 |
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| | Parent/Issuer | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Subsidiaries | Subsidiaries |
Net (loss) income | | $ | (5,351 | ) | | $ | 19,072 | | | $ | (9,408 | ) | | $ | (9,664 | ) | | $ | (5,351 | ) |
Change in cumulative translation adjustment | | | — | | | | 89 | | | | (1,277 | ) | | | — | | | | (1,188 | ) |
Unrealized loss on available-for-sale security | | | — | | | | (1,180 | ) | | | — | | | | — | | | | (1,180 | ) |
Adjustment to minimum pension liability, net of taxes | | | — | | | | — | | | | (615 | ) | | | — | | | | (615 | ) |
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Comprehensive (loss) income | | $ | (5,351 | ) | | $ | 17,981 | | | $ | (11,300 | ) | | $ | (9,664 | ) | | $ | (8,334 | ) |
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For the Three Months Ended December 29, 2012 |
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| | Parent/Issuer | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Subsidiaries | Subsidiaries |
Net income (loss) | | $ | 3,118 | | | $ | 62,054 | | | $ | 12,406 | | | $ | (74,460 | ) | | $ | 3,118 | |
Change in cumulative translation adjustment | | | — | | | | 577 | | | | 1,392 | | | | — | | | | 1,969 | |
Unrealized loss on available-for-sale security | | | — | | | | (557 | ) | | | — | | | | — | | | | (557 | ) |
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Comprehensive income (loss) | | $ | 3,118 | | | $ | 62,074 | | | $ | 13,798 | | | $ | (74,460 | ) | | $ | 4,530 | |
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SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET |
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December 28, 2013 |
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| | Parent/Issuer | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Subsidiaries | Subsidiaries |
ASSETS | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 105,467 | | | $ | 237,040 | | | $ | 99,981 | | | $ | — | | | $ | 442,488 | |
Restricted cash | | | — | | | | — | | | | 6,149 | | | | — | | | | 6,149 | |
Accounts receivable, net | | | 112,650 | | | | 177,153 | | | | 104,668 | | | | — | | | | 394,471 | |
Inventories | | | 84,863 | | | | 164,027 | | | | 52,819 | | | | — | | | | 301,709 | |
Deferred income tax assets | | | 14,953 | | | | 19,665 | | | | 735 | | | | — | | | | 35,353 | |
Prepaid expenses and other current assets | | | 17,398 | | | | 18,199 | | | | 11,172 | | | | — | | | | 46,769 | |
Prepaid income taxes | | | — | | | | 2,475 | | | | — | | | | (2,475 | ) | | | — | |
Intercompany receivables | | | — | | | | 2,512,661 | | | | 38,572 | | | | (2,551,233 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 335,331 | | | | 3,131,220 | | | | 314,096 | | | | (2,553,708 | ) | | | 1,226,939 | |
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Property, plant and equipment, net | | | 29,489 | | | | 347,764 | | | | 102,482 | | | | — | | | | 479,735 | |
Intangible assets, net | | | 17,730 | | | | 3,686,929 | | | | 97,762 | | | | — | | | | 3,802,421 | |
Goodwill | | | 282,448 | | | | 2,391,882 | | | | 139,577 | | | | — | | | | 2,813,907 | |
Long-term intercompany notes receivable | | | — | | | | 144,000 | | | | — | | | | (144,000 | ) | | | — | |
Other assets | | | 110,033 | | | | 49,424 | | | | 1,849 | | | | — | | | | 161,306 | |
Investment in subsidiaries | | | 8,669,060 | | | | 199,034 | | | | 279 | | | | (8,868,373 | ) | | | — | |
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Total assets | | $ | 9,444,091 | | | $ | 9,950,253 | | | $ | 656,045 | | | $ | (11,566,081 | ) | | $ | 8,484,308 | |
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LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | |
Current portion of long-term debt | | $ | 77,033 | | | $ | — | | | $ | — | | | $ | — | | | $ | 77,033 | |
Accounts payable | | | 28,610 | | | | 51,945 | | | | 10,411 | | | | — | | | | 90,966 | |
Accrued expenses | | | 216,379 | | | | 66,514 | | | | 43,978 | | | | (2,741 | ) | | | 324,130 | |
Deferred revenue | | | 99,648 | | | | 8,404 | | | | 28,076 | | | | — | | | | 136,128 | |
Intercompany payables | | | 2,511,416 | | | | — | | | | 42,576 | | | | (2,553,992 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 2,933,086 | | | | 126,863 | | | | 125,041 | | | | (2,556,733 | ) | | | 628,257 | |
| | | | | | | | | | | | | | | | | | | | |
Long-term debt, net of current portion | | | 4,224,732 | | | | — | | | | — | | | | — | | | | 4,224,732 | |
Deferred income tax liabilities | | | 75,995 | | | | 1,398,678 | | | | 10,792 | | | | — | | | | 1,485,465 | |
Deferred service obligations – long-term | | | 9,844 | | | | 3,476 | | | | 10,936 | | | | — | | | | 24,256 | |
Other long-term liabilities | | | 105,903 | | | | 29,774 | | | | 35,390 | | | | — | | | | 171,067 | |
Long-term intercompany notes payable | | | 144,000 | | | | — | | | | — | | | | (144,000 | ) | | | — | |
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Total stockholders’ equity | | | 1,950,531 | | | | 8,391,462 | | | | 473,886 | | | | (8,865,348 | ) | | | 1,950,531 | |
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Total liabilities and stockholders’ equity | | $ | 9,444,091 | | | $ | 9,950,253 | | | $ | 656,045 | | | $ | (11,566,081 | ) | | $ | 8,484,308 | |
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SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET |
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September 28, 2013 |
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| | Parent/Issuer | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Subsidiaries | Subsidiaries |
ASSETS | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 321,523 | | | $ | 387,422 | | | $ | 113,545 | | | $ | — | | | $ | 822,490 | |
Restricted cash | | | — | | | | — | | | | 6,914 | | | | — | | | | 6,914 | |
Accounts receivable, net | | | 126,036 | | | | 174,433 | | | | 108,804 | | | | — | | | | 409,273 | |
Inventories | | | 81,924 | | | | 146,678 | | | | 60,761 | | | | — | | | | 289,363 | |
Deferred income tax assets | | | — | | | | 19,042 | | | | 494 | | | | (19,536 | ) | | | — | |
Prepaid income taxes | | | 47,131 | | | | 2,303 | | | | — | | | | (4,689 | ) | | | 44,745 | |
Prepaid expenses and other current assets | | | 16,246 | | | | 21,112 | | | | 11,003 | | | | — | | | | 48,361 | |
Intercompany receivables | | | — | | | | 2,442,502 | | | | 31,949 | | | | (2,474,451 | ) | | | — | |
Other current assets – assets held-for-sale | | | — | | | | — | | | | 2,997 | | | | — | | | | 2,997 | |
| | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 592,860 | | | | 3,193,492 | | | | 336,467 | | | | (2,498,676 | ) | | | 1,624,143 | |
| | | | | | | | | | | | | | | | | | | | |
Property, plant and equipment, net | | | 29,313 | | | | 356,736 | | | | 105,479 | | | | — | | | | 491,528 | |
Intangible assets, net | | | 19,925 | | | | 3,784,987 | | | | 101,810 | | | | — | | | | 3,906,722 | |
Goodwill | | | 283,038 | | | | 2,390,939 | | | | 140,551 | | | | — | | | | 2,814,528 | |
Other assets | | | 103,548 | | | | 58,446 | | | | 1,908 | | | | — | | | | 163,902 | |
Investments in subsidiaries | | | 8,667,620 | | | | 129,016 | | | | 2,296 | | | | (8,798,932 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 9,696,304 | | | $ | 9,913,616 | | | $ | 688,511 | | | $ | (11,297,608 | ) | | $ | 9,000,823 | |
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LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | |
Current portion of long-term debt | | $ | 563,812 | | | $ | — | | | $ | — | | | $ | — | | | $ | 563,812 | |
Accounts payable | | | 27,865 | | | | 42,661 | | | | 10,008 | | | | — | | | | 80,534 | |
Accrued expenses | | | 152,950 | | | | 79,629 | | | | 44,319 | | | | (4,967 | ) | | | 271,931 | |
Deferred revenue | | | 93,306 | | | | 7,958 | | | | 31,055 | | | | — | | | | 132,319 | |
Deferred income tax liabilities | | | 59,346 | | | | — | | | | — | | | | (19,536 | ) | | | 39,810 | |
Intercompany payables | | | 2,418,089 | | | | — | | | | 64,411 | | | | (2,482,500 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 3,315,368 | | | | 130,248 | | | | 149,793 | | | | (2,507,003 | ) | | | 1,088,406 | |
| | | | | | | | | | | | | | | | | | | | |
Long-term debt, net of current portion | | | 4,242,098 | | | | — | | | | — | | | | — | | | | 4,242,098 | |
Deferred income tax liabilities | | | 89,085 | | | | 1,435,522 | | | | 10,699 | | | | — | | | | 1,535,306 | |
Deferred service obligations – long-term | | | 11,251 | | | | 3,511 | | | | 12,864 | | | | (2,170 | ) | | | 25,456 | |
Other long-term liabilities | | | 96,990 | | | | 37,598 | | | | 33,456 | | | | — | | | | 168,044 | |
| | | | | | | | | | | | | | | | | | | | |
Total stockholders’ equity | | | 1,941,512 | | | | 8,306,737 | | | | 481,699 | | | | (8,788,435 | ) | | | 1,941,513 | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities and stockholders’ equity | | $ | 9,696,304 | | | $ | 9,913,616 | | | $ | 688,511 | | | $ | (11,297,608 | ) | | $ | 9,000,823 | |
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CONSOLIDATING STATEMENT OF CASH FLOWS |
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For the Three Months Ended December 28, 2013 |
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| | Parent/Issuer | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Subsidiaries | Subsidiaries |
OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | | | | |
Net cash provided by operating activities | | $ | 301,568 | | | $ | (141,991 | ) | | $ | (10,311 | ) | | $ | — | | | $ | 149,266 | |
| | | | | | | | | | | | | | | | | | | | |
INVESTING ACTIVITIES | | | | | | | | | | | | | | | | | | | | |
Proceeds from sale of business, net | | | — | | | | — | | | | 2,431 | | | | — | | | | 2,431 | |
Purchase of property and equipment | | | (2,873 | ) | | | (3,210 | ) | | | (2,334 | ) | | | — | | | | (8,417 | ) |
Increase in equipment under customer usage agreements | | | (418 | ) | | | (4,265 | ) | | | (3,285 | ) | | | — | | | | (7,968 | ) |
Net sales (purchases) of insurance contracts | | | 13,841 | | | | — | | | | — | | | | — | | | | 13,841 | |
Purchases of mutual funds | | | (29,732 | ) | | | — | | | | — | | | | — | | | | (29,732 | ) |
Sales of mutual funds | | | 15,891 | | | | — | | | | — | | | | — | | | | 15,891 | |
(Increase) decrease in other assets | | | 106 | | | | (1,004 | ) | | | 469 | | | | — | | | | (429 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) investing activities | | | (3,185 | ) | | | (8,479 | ) | | | (2,719 | ) | | | — | | | | (14,383 | ) |
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FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | | | | |
Repayment of long-term debt | | | (521,250 | ) | | | — | | | | — | | | | — | | | | (521,250 | ) |
Net proceeds from issuance of common stock pursuant to employee stock plans | | | 12,906 | | | | — | | | | — | | | | — | | | | 12,906 | |
Excess tax benefit related to equity awards | | | 2,959 | | | | — | | | | — | | | | — | | | | 2,959 | |
Payment of employee restricted stock minimum tax withholdings | | | (9,054 | ) | | | — | | | | — | | | | — | | | | (9,054 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net cash used in financing activities | | | (514,439 | ) | | | — | | | | — | | | | — | | | | (514,439 | ) |
Effect of exchange rate changes on cash and cash equivalents | | | — | | | | 88 | | | | (534 | ) | | | — | | | | (446 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net decrease in cash and cash equivalents | | | (216,056 | ) | | | (150,382 | ) | | | (13,564 | ) | | | — | | | | (380,002 | ) |
Cash and cash equivalents, beginning of period | | | 321,523 | | | | 387,422 | | | | 113,545 | | | | — | | | | 822,490 | |
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Cash and cash equivalents, end of period | | $ | 105,467 | | | $ | 237,040 | | | $ | 99,981 | | | $ | — | | | $ | 442,488 | |
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CONSOLIDATING STATEMENT OF CASH FLOWS |
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For the Three Months Ended December 29, 2012 |
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| | Parent/Issuer | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Subsidiaries | Subsidiaries |
OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | | | | |
Net cash provided by operating activities | | $ | 112,839 | | | $ | 30,075 | | | $ | 12,111 | | | $ | — | | | $ | 155,025 | |
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INVESTING ACTIVITIES | | | | | | | | | | | | | | | | | | | | |
Payment of additional acquisition consideration | | | (16,808 | ) | | | — | | | | — | | | | — | | | | (16,808 | ) |
Proceeds from sale of business, net | | | — | | | | | | | | 1,488 | | | | — | | | | 1,488 | |
Proceeds from sale of intellectual property | | | — | | | | 60,000 | | | | — | | | | — | | | | 60,000 | |
Purchase of property and equipment | | | (2,887 | ) | | | (6,037 | ) | | | (2,309 | ) | | | — | | | | (11,233 | ) |
Increase in equipment under customer usage agreements | | | (286 | ) | | | (7,172 | ) | | | (3,756 | ) | | | — | | | | (11,214 | ) |
Purchase of insurance contracts | | | (4,000 | ) | | | — | | | | — | | | | — | | | | (4,000 | ) |
Purchase of cost-method investments | | | (3,400 | ) | | | (225 | ) | | | — | | | | — | | | | (3,625 | ) |
(Increase) decrease in other assets | | | (1,967 | ) | | | (478 | ) | | | 3,589 | | | | — | | | | 1,144 | |
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Net cash provided by (used in) investing activities | | | (29,348 | ) | | | 46,088 | | | | (988 | ) | | | — | | | | 15,752 | |
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FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | | | | |
Repayment of long-term debt | | | (16,250 | ) | | | — | | | | — | | | | — | | | | (16,250 | ) |
Payment of contingent consideration | | | (3,408 | ) | | | — | | | | — | | | | — | | | | (3,408 | ) |
Net proceeds from issuance of common stock pursuant to employee stock plans | | | 12,777 | | | | — | | | | — | | | | — | | | | 12,777 | |
Excess tax benefit related to equity awards | | | 2,185 | | | | — | | | | — | | | | — | | | | 2,185 | |
Payment of employee restricted stock minimum tax withholdings | | | (7,885 | ) | | | — | | | | — | | | | — | | | | (7,885 | ) |
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Net cash used in financing activities | | | (12,581 | ) | | | — | | | | — | | | | — | | | | (12,581 | ) |
Effect of exchange rate changes on cash and cash equivalents | | | — | | | | (2,387 | ) | | | 2,232 | | | | — | | | | (155 | ) |
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Net increase in cash and cash equivalents | | | 70,910 | | | | 73,776 | | | | 13,355 | | | | — | | | | 158,041 | |
Cash and cash equivalents, beginning of period | | | 210,028 | | | | 269,416 | | | | 80,986 | | | | — | | | | 560,430 | |
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Cash and cash equivalents, end of period | | $ | 280,938 | | | $ | 343,192 | | | $ | 94,341 | | | $ | — | | | $ | 718,471 | |
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