Supplemental Condensed Consolidating Guarantor and Non-Guarantor Financial Information | 9 Months Ended |
Sep. 30, 2013 |
Supplemental Condensed Consolidating Guarantor and Non-Guarantor Financial Information | ' |
16. Supplemental Condensed Consolidating Guarantor and Non-Guarantor Financial Information |
Substantially all of our domestic subsidiaries are guarantors of borrowings under our senior bank credit facility and 2020 Notes and 2022 Notes (collectively, the “Senior Notes”). The guarantees are full and unconditional and joint and several. All of the guarantors are 100%-owned, direct or indirect, subsidiaries. The following financial information presents condensed consolidating balance sheets, statements of comprehensive income (loss) and statements of cash flows for FTI Consulting, all the guarantor subsidiaries, all the non-guarantor subsidiaries and the eliminations necessary to arrive at the consolidated information for FTI Consulting and its subsidiaries. For purposes of this presentation, we have accounted for our investments in our subsidiaries using the equity method of accounting. The principal eliminating entries eliminate investment in subsidiary and intercompany balances and transactions. |
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Condensed Consolidating Balance Sheet Information as of September 30, 2013 |
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| | | | | | | | | | | | | | | | | | | | |
| | FTI | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Consulting, Inc. | Subsidiaries | Subsidiaries |
Assets | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 64,452 | | | $ | 359 | | | $ | 83,115 | | | $ | — | | | $ | 147,926 | |
Accounts receivable, net | | | 164,158 | | | | 175,254 | | | | 155,498 | | | | — | | | $ | 494,910 | |
Intercompany receivables | | | — | | | | 789,858 | | | | 19,307 | | | | (809,165 | ) | | $ | — | |
Other current assets | | | 62,097 | | | | 18,151 | | | | 23,826 | | | | — | | | $ | 104,074 | |
| | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 290,707 | | | | 983,622 | | | | 281,746 | | | | (809,165 | ) | | | 746,910 | |
Property and equipment, net | | | 31,627 | | | | 20,221 | | | | 14,452 | | | | — | | | $ | 66,300 | |
Goodwill | | | 559,519 | | | | 394,304 | | | | 240,591 | | | | — | | | $ | 1,194,414 | |
Other intangible assets, net | | | 34,665 | | | | 22,108 | | | | 65,161 | | | | (29,196 | ) | | $ | 92,738 | |
Investments in subsidiaries | | | 1,736,165 | | | | 496,840 | | | | — | | | | (2,233,005 | ) | | $ | — | |
Other assets | | | 83,343 | | | | 62,128 | | | | 31,709 | | | | — | | | $ | 177,180 | |
| | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 2,736,026 | | | $ | 1,979,223 | | | $ | 633,659 | | | $ | (3,071,366 | ) | | $ | 2,277,542 | |
| | | | | | | | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | | | | | | | | |
Intercompany payables | | $ | 687,749 | | | $ | 94,330 | | | $ | 27,086 | | | $ | (809,165 | ) | | $ | — | |
Other current liabilities | | | 110,038 | | | | 93,931 | | | | 100,165 | | | | — | | | $ | 304,134 | |
| | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 797,787 | | | | 188,261 | | | | 127,251 | | | | (809,165 | ) | | | 304,134 | |
Long-term debt, net | | | 700,000 | | | | 11,000 | | | | — | | | | — | | | $ | 711,000 | |
Other liabilities | | | 202,138 | | | | 23,126 | | | | 1,043 | | | | — | | | $ | 226,307 | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 1,699,925 | | | | 222,387 | | | | 128,294 | | | | (809,165 | ) | | | 1,241,441 | |
Stockholders’ equity | | | 1,036,101 | | | | 1,756,836 | | | | 505,365 | | | | (2,262,201 | ) | | $ | 1,036,101 | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities and stockholders’ equity | | $ | 2,736,026 | | | $ | 1,979,223 | | | $ | 633,659 | | | $ | (3,071,366 | ) | | $ | 2,277,542 | |
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Condensed Consolidating Balance Sheet Information as of December 31, 2012 |
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| | | | | | | | | | | | | | | | | | | | |
| | FTI | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Consulting, Inc. | Subsidiaries | Subsidiaries |
Assets | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 66,663 | | | $ | 610 | | | $ | 89,512 | | | $ | — | | | $ | 156,785 | |
Restricted cash | | | — | | | | — | | | | 1,190 | | | | — | | | | 1,190 | |
Accounts receivable, net | | | 140,254 | | | | 149,253 | | | | 139,733 | | | | — | | | | 429,240 | |
Intercompany receivables | | | 7,053 | | | | 674,136 | | | | 23,185 | | | | (704,374 | ) | | | — | |
Other current assets | | | 46,978 | | | | 20,469 | | | | 19,713 | | | | — | | | | 87,160 | |
| | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 260,948 | | | | 844,468 | | | | 273,333 | | | | (704,374 | ) | | | 674,375 | |
Property and equipment, net | | | 37,411 | | | | 16,477 | | | | 14,304 | | | | — | | | | 68,192 | |
Goodwill | | | 558,473 | | | | 418,789 | | | | 282,773 | | | | — | | | | 1,260,035 | |
Other intangible assets, net | | | 36,826 | | | | 23,975 | | | | 74,967 | | | | (31,587 | ) | | | 104,181 | |
Investments in subsidiaries | | | 1,631,243 | | | | 502,954 | | | | — | | | | (2,134,197 | ) | | | — | |
Other assets | | | 85,109 | | | | 66,170 | | | | 28,318 | | | | (10,928 | ) | | | 168,669 | |
| | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 2,610,010 | | | $ | 1,872,833 | | | $ | 673,695 | | | $ | (2,881,086 | ) | | $ | 2,275,452 | |
| | | | | | | | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | | | | | | | | |
Intercompany payables | | $ | 549,339 | | | $ | 112,137 | | | $ | 42,898 | | | $ | (704,374 | ) | | $ | — | |
Other current liabilities | | | 118,865 | | | | 79,533 | | | | 105,799 | | | | — | | | | 304,197 | |
| | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 668,204 | | | | 191,670 | | | | 148,697 | | | | (704,374 | ) | | | 304,197 | |
Long-term debt, net | | | 700,024 | | | | 17,000 | | | | — | | | | — | | | | 717,024 | |
Other liabilities | | | 173,550 | | | | 10,479 | | | | 12,898 | | | | (10,928 | ) | | | 185,999 | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 1,541,778 | | | | 219,149 | | | | 161,595 | | | | (715,302 | ) | | | 1,207,220 | |
Stockholders’ equity | | | 1,068,232 | | | | 1,653,684 | | | | 512,100 | | | | (2,165,784 | ) | | | 1,068,232 | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities and stockholders’ equity | | $ | 2,610,010 | | | $ | 1,872,833 | | | $ | 673,695 | | | $ | (2,881,086 | ) | | $ | 2,275,452 | |
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Condensed Consolidating Statement of Comprehensive Income (Loss) for the Three Months Ended September 30, 2013 |
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| | | | | | | | | | | | | | | | | | | | |
| | FTI | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Consulting, Inc. | Subsidiaries | Subsidiaries |
Revenues | | $ | 149,176 | | | $ | 243,186 | | | $ | 111,867 | | | $ | (89,586 | ) | | $ | 414,643 | |
Operating expenses | | | | | | | | | | | | | | | | | | | | |
Direct cost of revenues | | | 89,410 | | | | 181,561 | | | | 73,678 | | | | (89,497 | ) | | | 255,152 | |
Selling, general and administrative expense | | | 37,470 | | | | 28,279 | | | | 28,853 | | | | (89 | ) | | | 94,513 | |
Special charges | | | 6,447 | | | | 8 | | | | 3,964 | | | | — | | | | 10,419 | |
Acquisition-related contingent consideration | | | 152 | | | | 229 | | | | 249 | | | | — | | | | 630 | |
Amortization of other intangible assets | | | 1,089 | | | | 2,689 | | | | 2,807 | | | | (809 | ) | | | 5,776 | |
Goodwill impairment charge | | | — | | | | 30,321 | | | | 53,431 | | | | — | | | | 83,752 | |
| | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | | | 14,608 | | | | 99 | | | | (51,115 | ) | | | 809 | | | | (35,599 | ) |
Other (expense) income | | | (13,468 | ) | | | (1,165 | ) | | | 2,971 | | | | — | | | | (11,662 | ) |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) before income tax provision | | | 1,140 | | | | (1,066 | ) | | | (48,144 | ) | | | 809 | | | | (47,261 | ) |
Income tax (benefit) provision | | | (3,530 | ) | | | 14,070 | | | | (7,180 | ) | | | — | | | | 3,360 | |
Equity in net earnings of subsidiaries | | | (55,291 | ) | | | (42,632 | ) | | | — | | | | 97,923 | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | | (50,621 | ) | | | (57,768 | ) | | | (40,964 | ) | | | 98,732 | | | | (50,621 | ) |
| | | | | | | | | | | | | | | | | | | | |
Other comprehensive income (loss), net of tax: | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments, net of tax $0 | | | (61 | ) | | | — | | | | 17,176 | | | | — | | | | 17,115 | |
| | | | | | | | | | | | | | | | | | | | |
Other comprehensive income (loss), net of tax | | | (61 | ) | | | — | | | | 17,176 | | | | — | | | | 17,115 | |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) | | $ | (50,682 | ) | | $ | (57,768 | ) | | $ | (23,788 | ) | | $ | 98,732 | | | $ | (33,506 | ) |
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Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended September 30, 2012 |
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| | | | | | | | | | | | | | | | | | | | |
| | FTI | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Consulting, Inc. | Subsidiaries | Subsidiaries |
Revenues | | $ | 145,198 | | | $ | 233,300 | | | $ | 99,963 | | | $ | (92,406 | ) | | $ | 386,055 | |
Operating expenses | | | | | | | | | | | | | | | | | | | | |
Direct cost of revenues | | | 93,428 | | | | 175,160 | | | | 65,052 | | | | (92,026 | ) | | | 241,614 | |
Selling, general and administrative expense | | | 36,915 | | | | 28,226 | | | | 24,148 | | | | (380 | ) | | | 88,909 | |
Special Charges | | | 2,295 | | | | 451 | | | | 29 | | | | — | | | | 2,775 | |
Acquisition-related contingent consideration | | | 63 | | | | — | | | | 340 | | | | — | | | | 403 | |
Amortization of other intangible assets | | | 1,590 | | | | 2,488 | | | | 2,512 | | | | (824 | ) | | | 5,766 | |
| | | | | | | | | | | | | | | | | | | | |
Operating income | | | 10,907 | | | | 26,975 | | | | 7,882 | | | | 824 | | | | 46,588 | |
Other (expense) income | | | (15,921 | ) | | | 5,514 | | | | (1,217 | ) | | | — | | | | (11,624 | ) |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) before income tax provision | | | (5,014 | ) | | | 32,489 | | | | 6,665 | | | | 824 | | | | 34,964 | |
Income tax (benefit) provision | | | (675 | ) | | | 10,598 | | | | 2,328 | | | | — | | | | 12,251 | |
Equity in net earnings of subsidiaries | | | 27,052 | | | | 4,710 | | | | — | | | | (31,762 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Net income | | | 22,713 | | | | 26,601 | | | | 4,337 | | | | (30,938 | ) | | | 22,713 | |
| | | | | | | | | | | | | | | | | | | | |
Other comprehensive income, net of tax: | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments, net of tax $0 | | | — | | | | — | | | | 12,731 | | | | — | | | | 12,731 | |
| | | | | | | | | | | | | | | | | | | | |
Other comprehensive income, net of tax | | | — | | | | — | | | | 12,731 | | | | — | | | | 12,731 | |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 22,713 | | | $ | 26,601 | | | $ | 17,068 | | | $ | (30,938 | ) | | $ | 35,444 | |
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Condensed Consolidating Statement of Comprehensive Income (Loss) for the Nine Months Ended September 30, 2013 |
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| | | | | | | | | | | | | | | | | | | | |
| | FTI | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Consulting, Inc. | Subsidiaries | Subsidiaries |
Revenues | | $ | 444,526 | | | $ | 744,241 | | | $ | 333,428 | | | $ | (285,761 | ) | | $ | 1,236,434 | |
Operating expenses | | | | | | | | | | | | | | | | | | | | |
Direct cost of revenues | | | 283,028 | | | | 561,434 | | | | 212,376 | | | | (283,678 | ) | | | 773,160 | |
Selling, general and administrative expense | | | 118,941 | | | | 84,869 | | | | 85,758 | | | | (2,083 | ) | | | 287,485 | |
Special charges | | | 6,770 | | | | 112 | | | | 3,964 | | | | — | | | | 10,846 | |
Acquisition-related contingent consideration | | | 331 | | | | 424 | | | | (6,846 | ) | | | — | | | | (6,091 | ) |
Amortization of other intangible assets | | | 3,411 | | | | 7,637 | | | | 8,636 | | | | (2,391 | ) | | | 17,293 | |
Goodwill impairment charge | | | — | | | | 30,321 | | | | 53,431 | | | | — | | | | 83,752 | |
| | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | | | 32,045 | | | | 59,444 | | | | (23,891 | ) | | | 2,391 | | | | 69,989 | |
Other (expense) income | | | (45,181 | ) | | | (634 | ) | | | 8,917 | | | | — | | | | (36,898 | ) |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) before income tax provision | | | (13,136 | ) | | | 58,810 | | | | (14,974 | ) | | | 2,391 | | | | 33,091 | |
Income tax (benefit) provision | | | (10,751 | ) | | | 48,132 | | | | (835 | ) | | | — | | | | 36,546 | |
Equity in net earnings of subsidiaries | | | (1,070 | ) | | | (18,518 | ) | | | — | | | | 19,588 | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | | (3,455 | ) | | | (7,840 | ) | | | (14,139 | ) | | | 21,979 | | | | (3,455 | ) |
| | | | | | | | | | | | | | | | | | | | |
Other comprehensive income (loss), net of tax: | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments, net of tax $0 | | | (61 | ) | | | — | | | | (10,047 | ) | | | — | | | | (10,108 | ) |
| | | | | | | | | | | | | | | | | | | | |
Other comprehensive income (loss), net of tax | | | (61 | ) | | | — | | | | (10,047 | ) | | | — | | | | (10,108 | ) |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) | | $ | (3,516 | ) | | $ | (7,840 | ) | | $ | (24,186 | ) | | $ | 21,979 | | | $ | (13,563 | ) |
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Condensed Consolidating Statement of Comprehensive Income for the Nine Months Ended September 30, 2012 |
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| | | | | | | | | | | | | | | | | | | | |
| | FTI | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Consulting, Inc. | Subsidiaries | Subsidiaries |
Revenues | | $ | 450,221 | | | $ | 716,049 | | | $ | 303,472 | | | $ | (292,216 | ) | | $ | 1,177,526 | |
Operating expenses | | | | | | | | | | | | | | | | | | | | |
Direct cost of revenues | | | 291,053 | | | | 537,897 | | | | 194,051 | | | | (287,549 | ) | | | 735,452 | |
Selling, general and administrative expense | | | 123,350 | | | | 85,785 | | | | 79,490 | | | | (4,667 | ) | | | 283,958 | |
Special charges | | | 19,026 | | | | 4,738 | | | | 5,793 | | | | — | | | | 29,557 | |
Acquisition-related contingent consideration | | | 63 | | | | — | | | | (2,644 | ) | | | — | | | | (2,581 | ) |
Amortization of other intangible assets | | | 4,190 | | | | 7,438 | | | | 7,609 | | | | (2,464 | ) | | | 16,773 | |
| | | | | | | | | | | | | | | | | | | | |
Operating income | | | 12,539 | | | | 80,191 | | | | 19,173 | | | | 2,464 | | | | 114,367 | |
Other (expense) income | | | (46,377 | ) | | | 41,501 | | | | 657 | | | | (34,885 | ) | | | (39,104 | ) |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) before income tax provision | | | (33,838 | ) | | | 121,692 | | | | 19,830 | | | | (32,421 | ) | | | 75,263 | |
Income tax (benefit) provision | | | (29,055 | ) | | | 51,322 | | | | 4,105 | | | | — | | | | 26,372 | |
Equity in net earnings of subsidiaries | | | 53,674 | | | | 18,093 | | | | — | | | | (71,767 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Net income | | | 48,891 | | | | 88,463 | | | | 15,725 | | | | (104,188 | ) | | | 48,891 | |
| | | | | | | | | | | | | | | | | | | | |
Other comprehensive income, net of tax: | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments, net of tax $0 | | | — | | | | — | | | | 14,620 | | | | — | | | | 14,620 | |
| | | | | | | | | | | | | | | | | | | | |
Other comprehensive income, net of tax | | | — | | | | — | | | | 14,620 | | | | — | | | | 14,620 | |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 48,891 | | | $ | 88,463 | | | $ | 30,345 | | | $ | (104,188 | ) | | $ | 63,511 | |
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Condensed Consolidating Statement of Cash Flow for the Nine Months Ended September 30, 2013 |
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| | | | | | | | | | | | | | | | | | | | |
| | FTI | | | Guarantor | | | Non-Guarantor | | | Consolidated | | | | | |
Consulting, Inc. | Subsidiaries | Subsidiaries | | | | |
Operating activities | | | | | | | | | | | | | | | | | | | | |
Net cash (used in) provided by operating activities | | $ | (37,182 | ) | | $ | 111,908 | | | $ | 29,080 | | | $ | 103,806 | | | | | |
Investing activities | | | | | | | | | | | | | | | | | | | | |
Payments for acquisition of businesses, net of cash received | | | (11,855 | ) | | | (7,157 | ) | | | (21,754 | ) | | $ | (40,766 | ) | | | | |
Purchases of property and equipment | | | (2,092 | ) | | | (16,064 | ) | | | (4,838 | ) | | $ | (22,994 | ) | | | | |
Other | | | 24 | | | | — | | | | — | | | $ | 24 | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Net cash used in investing activities | | | (13,923 | ) | | | (23,221 | ) | | | (26,592 | ) | | | (63,736 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | |
Financing activities | | | | | | | | | | | | | | | | | | | | |
Payments of long-term debt | | | — | | | | (6,000 | ) | | | — | | | | (6,000 | ) | | | | |
Net issuance of common stock and other | | | 6,437 | | | | — | | | | (1,029 | ) | | | 5,408 | | | | | |
Purchase and retirement of common stock | | | (48,769 | ) | | | — | | | | — | | | | (48,769 | ) | | | | |
Intercompany transfers | | | 91,226 | | | | (82,938 | ) | | | (8,288 | ) | | | — | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) financing activities | | | 48,894 | | | | (88,938 | ) | | | (9,317 | ) | | | (49,361 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and cash equivalents | | | — | | | | — | | | | 432 | | | | 432 | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Net decrease in cash and cash equivalents | | | (2,211 | ) | | | (251 | ) | | | (6,397 | ) | | | (8,859 | ) | | | | |
Cash and cash equivalents, beginning of period | | | 66,663 | | | | 610 | | | | 89,512 | | | | 156,785 | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents, end of period | | $ | 64,452 | | | $ | 359 | | | $ | 83,115 | | | $ | 147,926 | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Condensed Consolidating Statement of Cash Flow for the Nine Months Ended September 30, 2012 |
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| | | | | | | | | | | | | | | | | | | | |
| | FTI | | | Guarantor | | | Non-Guarantor | | | Consolidated | | | | | |
Consulting, Inc. | Subsidiaries | Subsidiaries | | | | |
Operating activities | | | | | | | | | | | | | | | | | | | | |
Net cash (used in) provided by operating activities | | $ | (47,163 | ) | | $ | 36,366 | | | $ | 24,421 | | | $ | 13,624 | | | | | |
Investing activities | | | | | | | | | | | | | | | | | | | | |
Payments for acquisition of businesses, net of cash received | | | (26,089 | ) | | | — | | | | (364 | ) | | | (26,453 | ) | | | | |
Purchases of property and equipment | | | (6,016 | ) | | | (11,689 | ) | | | (2,829 | ) | | | (20,534 | ) | | | | |
Other | | | (1,105 | ) | | | — | | | | — | | | | (1,105 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | |
Net cash used in investing activities | | | (33,210 | ) | | | (11,689 | ) | | | (3,193 | ) | | | (48,092 | ) | | | | |
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Financing activities | | | | | | | | | | | | | | | | | | | | |
Borrowings under revolving line of credit | | | 75,000 | | | | — | | | | — | | | | 75,000 | | | | | |
Payments of long-term debt and capital lease obligations | | | (156,438 | ) | | | (49 | ) | | | — | | | | (156,487 | ) | | | | |
Purchase and retirement of common stock | | | (20,013 | ) | | | — | | | | — | | | | (20,013 | ) | | | | |
Net issuance of common stock and other | | | 513 | | | | — | | | | (1,972 | ) | | | (1,459 | ) | | | | |
Intercompany transfers | | | 51,398 | | | | (24,278 | ) | | | (27,120 | ) | | | — | | | | | |
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Net cash used in financing activities | | | (49,540 | ) | | | (24,327 | ) | | | (29,092 | ) | | | (102,959 | ) | | | | |
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Effect of exchange rate changes on cash and cash equivalents | | | — | | | | — | | | | (68 | ) | | | (68 | ) | | | | |
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Net decrease in cash and cash equivalents | | | (129,913 | ) | | | 350 | | | | (7,932 | ) | | | (137,495 | ) | | | | |
Cash and cash equivalents, beginning of period | | | 161,180 | | | | 197 | | | | 103,046 | | | | 264,423 | | | | | |
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Cash and cash equivalents, end of period | | $ | 31,267 | | | $ | 547 | | | $ | 95,114 | | | $ | 126,928 | | | | | |
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