EX-99.1 2 pool-q32013xer.htm POOL Q3 2013 EARNINGS RELEASE POOL-Q3 2013-ER

    
Exhibit 99.1

FOR IMMEDIATE RELEASE


POOL CORPORATION REPORTS RECORD THIRD QUARTER RESULTS
AND TIGHTENS 2013 EARNINGS GUIDANCE RANGE

Highlights include:

•
Record third quarter and year to date results
•
Q3 base business sales growth of 9%
•
Q3 diluted EPS of $0.68, up 15% over adjusted diluted EPS for Q3 2012
•
Revised 2013 diluted EPS guidance range of $2.03 to $2.08

______________________

COVINGTON, LA. (October 17, 2013) – Pool Corporation (NASDAQ/GSM:POOL) today reported record results for the third quarter of 2013.

“As the 2013 season came to a close, we realized solid sales and gross profit growth, leading to record third quarter results. We are encouraged by the strong demand for discretionary products in both our seasonal and year-round markets, as weather returned to more normal conditions in the third quarter. Although we saw some improving margin trends in the quarter compared to earlier quarters, customer, product and geographic mix changes continued to adversely impact gross margins,” said Manuel Perez de la Mesa, President and CEO.

Net sales for the quarter ended September 30, 2013 increased 10% to a record $578.2 million, compared to $528.0 million in the third quarter of 2012, with base business sales up 9% for the period. As weather normalized in the third quarter, sales growth of 7% in our seasonal markets more closely aligned with sales growth of 11% in our largest, year-round markets. Irrigation product sales were up 12% consistent with the recovery in the housing market. Net sales for the third quarter of 2013 also benefited from one additional selling day versus the third quarter of last year.

Gross profit for the third quarter of 2013 increased 7% to $162.6 million from $151.5 million in the same period of 2012. Gross profit as a percentage of net sales (gross margin) declined 60 basis points to 28.1% in the third quarter of 2013. The lower gross margin in the quarter continues to reflect a shift in consumer spending to lower margin, discretionary products such as pumps, heaters, lighting products, irrigation systems and landscape equipment, all of which experienced double-digit sales growth rates. This growth outpaced our sales of higher margin, non-discretionary product lines generally associated with basic pool maintenance and minor repair activity. In addition, the higher sales growth rates in our lower margin year‑round markets continued to negatively impact gross margins.

Selling and administrative expenses (operating expenses) increased 5% to $109.2 million in the third quarter of 2013 compared to the same period in 2012, with base business operating expenses also up 5% for the period. The net sales growth in the third quarter of 2013, as well as the additional selling day, are the main contributors to the increase.

In the third quarter of 2012, we performed an interim goodwill impairment analysis for our United Kingdom reporting unit and recorded a non-cash goodwill impairment charge equal to the total goodwill carrying amount of $6.9 million, which had a $0.14 negative impact on diluted EPS for the three and nine months ended September 30, 2012. Adjusted operating income, adjusted net income and adjusted diluted EPS for all periods exclude goodwill impairment and are provided in this release because we believe these amounts are useful to investors in assessing year-over-year operating performance.



Operating income for the quarter increased 30% to $53.4 million compared to the same period in 2012, and 11% compared to adjusted operating income for the third quarter of 2012. Operating income as a percentage of net sales (operating margin) was 9.2% for the third quarter of 2013 compared to 7.8% in the same period in 2012. Adjusted operating margin for the same period in 2012 was 9.1%.

Net income increased 51% to $32.3 million in the third quarter of 2013, compared to $21.4 million for the third quarter of 2012. Compared to adjusted net income of $28.3 million for the same period in 2012, net income for the quarter increased 14%. Earnings per share was up $0.23 to a record $0.68 per diluted share for the three months ended September 30, 2013 versus $0.45 per diluted share for the same period in 2012. Compared to adjusted diluted earnings per share of $0.59 for the same period in 2012, diluted earnings per share was up $0.09.

Net sales for the nine months ended September 30, 2013 increased 6% to a record $1,738.9 million from $1,647.2 million in the comparable 2012 period. This growth included a 5% improvement in base business sales. Gross profit for the first nine months of 2013 increased 4% versus the same period last year. Gross margin decreased 50 basis points to 28.5% in the first nine months of 2013 from 29.0% for the same period last year.

Year to date operating and base business operating expenses were both up 2% compared to the same period of 2012. Operating income for the first nine months of 2013 increased 11% to $172.3 million compared to $155.2 million in the same period last year and increased 6% compared to adjusted operating income of $162.1 million for the same period last year.

Earnings per share for the first nine months of 2013 increased 14% to a record $2.14 per diluted share on net income of $102.3 million, compared to $1.87 per diluted share on net income of $90.0 million in the comparable 2012 period. This represents a 6% increase over the year to date 2012 adjusted diluted earnings per share of $2.01 on adjusted net income of $96.9 million.

On the balance sheet, total net receivables and net inventory levels increased 4% and 5%, respectively. Total debt outstanding at September 30, 2013 was $260.4 million, up 22% compared to September 30, 2012.

Cash provided by operations was $53.8 million for the first nine months of 2013 compared to $124.5 million for the first nine months of 2012. This change is mostly attributable to timing differences in our estimated federal income tax payments and in purchases of and payments for product inventories. In 2012, we were allowed to defer payment of our third quarter estimated tax payment to the fourth quarter due to Hurricane Isaac, whereas we made our 2013 payment in the third quarter. Adjusted EBITDA (as defined in the addendum to this release) was $58.9 million for the third quarter of 2013 compared to $53.0 million for the third quarter of 2012, and $188.7 million for the nine months ended September 30, 2013 compared to $177.5 million for the nine months ended September 30, 2012.

On October 11, 2013, we and certain of our subsidiaries entered into a two year agreement establishing an accounts receivable securitization facility that provides between $80.0 million and $160.0 million of borrowing capacity, depending on our seasonal accounts receivable balances. This receivables facility, along with our recently amended revolving credit facility that provides $465.0 million of borrowing capacity, gives us access to flexible, cost-effective financing to meet our operational and strategic needs.

“Based on year to date results, we are tightening our earnings guidance to a range of $2.03 to $2.08 per diluted share from our most recent guidance of $2.03 to $2.13 per diluted share. As we enter the last quarter of 2013, we are actively engaged to further our value proposition and continue to build our business in the upcoming year. We believe that our strategic development has had a profound impact on our industry with our ongoing investments in our people, products, programs and technology. Exceptional service coupled with unprecedented value add is our winning combination,” said Perez de la Mesa.


2

POOLCORP is the largest wholesale distributor of swimming pool and related backyard products. Currently, POOLCORP operates 323 sales centers in North America, South America and Europe, through which it distributes more than 160,000 national brand and private label products to roughly 80,000 wholesale customers. For more information, please visit www.poolcorp.com.

This news release includes “forward-looking” statements that involve risk and uncertainties that are generally identifiable through the use of words such as “believe,” “expect,” “intend,” “plan,” “estimate,” “project” and similar expressions and include projections of earnings. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements speak only as of the date of this release, and we undertake no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur. Actual results may differ materially due to a variety of factors, including the sensitivity of our business to weather conditions, changes in the economy and the housing market, our ability to maintain favorable relationships with suppliers and manufacturers, competition from other leisure product alternatives and mass merchants and other risks detailed in POOLCORP’s 2012 Annual Report on Form 10-K filed with the Securities and Exchange Commission.

CONTACT:
Craig K. Hubbard
985.801.5117
craig.hubbard@poolcorp.com

3


POOL CORPORATION
Consolidated Statements of Income
(Unaudited)
(In thousands, except per share data)

 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
2013
 
2012
 
2013
 
2012
 
 
 
 
 
 
 
 
 
 
 
 
Net sales
$
578,157

 
$
528,027

 
$
1,738,911

 
$
1,647,156

 
Cost of sales
 
415,600

 
 
376,526

 
 
1,243,427

 
 
1,168,687

 
Gross profit
 
162,557

 
 
151,501

 
 
495,484

 
 
478,469

 
Percent
 
28.1

%
 
28.7

%
 
28.5

%
 
29.0

%
 
 
 
 
 
 
 
 
 
 
 
 
 
Selling and administrative expenses
 
109,182

 
 
103,544

 
 
323,184

 
 
316,357

 
Goodwill impairment
 
—

 
 
6,946

 
 
—

 
 
6,946

 
Operating income
 
53,375

 
 
41,011

 
 
172,300

 
 
155,166

 
Percent
 
9.2

%
 
7.8

%
 
9.9

%
 
9.4

%
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net
 
1,544

 
 
1,687

 
 
5,239

 
 
5,364

 
Income before income taxes and equity (loss) earnings
 
51,831

 
 
39,324

 
 
167,061

 
 
149,802

 
Provision for income taxes
 
19,496

 
 
17,965

 
 
64,808

 
 
60,020

 
Equity (loss) earnings in unconsolidated investments
 
(3
)
 
 
16

 
 
52

 
 
187

 
Net income
$
32,332

 
$
21,375

 
$
102,305

 
$
89,969

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
 
 
 
 
 
 
 
Basic
$
0.70

 
$
0.46

 
$
2.20

 
$
1.91

 
Diluted
$
0.68

 
$
0.45

 
$
2.14

 
$
1.87

 
Weighted average shares outstanding:
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
46,380

 
 
46,574

 
 
46,475

 
 
47,076

 
Diluted
 
47,598

 
 
47,787

 
 
47,720

 
 
48,205

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash dividends declared per common share
$
0.19

 
$
0.16

 
$
0.54

 
$
0.46

 




4


POOL CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)

 
 
 
September 30,
 
 
September 30,
 
 
Change
 
 
 
 
2013
 
 
2012
 
 
$
 
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
24,222

 
$
28,818

 
$
(4,596
)
 
(16
)
%
 
Receivables, net
 
180,898

 
 
174,385

 
 
6,513

 
4

 
 
Product inventories, net
 
365,596

 
 
349,325

 
 
16,271

 
5

 
 
Prepaid expenses and other current assets
 
9,474

 
 
8,078

 
 
1,396

 
17

 
 
Deferred income taxes
 
3,742

 
 
6,946

 
 
(3,204
)
 
(46
)
 
Total current assets
 
583,932

 
 
567,552

 
 
16,380

 
3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property and equipment, net
 
51,537

 
 
46,643

 
 
4,894

 
10

 
Goodwill
 
169,983

 
 
169,983

 
 
—

 
—

 
Other intangible assets, net
 
10,390

 
 
11,270

 
 
(880
)
 
(8
)
 
Equity interest investments
 
1,112

 
 
1,066

 
 
46

 
4

 
Other assets, net
 
9,920

 
 
8,207

 
 
1,713

 
21

 
Total assets
$
826,874

 
$
804,721

 
$
22,153

 
3

%
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and stockholders’ equity
 
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
$
142,777

 
$
163,543

 
$
(20,766
)
 
(13
)
%
 
Accrued expenses and other current liabilities
 
64,737

 
 
98,755

 
 
(34,018
)
 
(34
)
 
 
Current portion of long-term debt and other long-term liabilities
 
15

 
 
23

 
 
(8
)
 
(35
)
 
Total current liabilities
 
207,529

 
 
262,321

 
 
(54,792
)
 
(21
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred income taxes
 
15,463

 
 
9,221

 
 
6,242

 
68

 
Long-term debt
 
260,432

 
 
214,328

 
 
46,104

 
22

 
Other long-term liabilities
 
7,619

 
 
6,381

 
 
1,238

 
19

 
Total liabilities
 
491,043

 
 
492,251

 
 
(1,208
)
 
—

 
Total stockholders’ equity
 
335,831

 
 
312,470

 
 
23,361

 
7

 
Total liabilities and stockholders’ equity
$
826,874

 
$
804,721

 
$
22,153

 
3

%
__________________

1.
The allowance for doubtful accounts was $4.5 million at September 30, 2013 and $4.8 million at
September 30, 2012.
2.
The inventory reserve was $8.7 million at September 30, 2013 and $9.6 million at September 30, 2012.




5


POOL CORPORATION
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
 
 
Nine Months Ended
 
 
 
 
 
 
September 30,
 
 
 
 
 
 
2013
 
 
2012
 
 
Change
 
Operating activities
 
 
 
 
 
 
 
 
 
Net income
$
102,305

 
$
89,969

 
$
12,336

 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
 
 
 
 
 
Depreciation
 
9,716

 
 
8,481

 
 
1,235

 
 
Amortization
 
922

 
 
962

 
 
(40
)
 
 
Share-based compensation
 
6,090

 
 
6,236

 
 
(146
)
 
 
Excess tax benefits from share-based compensation
 
(4,367
)
 
 
(2,534
)
 
 
(1,833
)
 
 
Equity earnings in unconsolidated investments
 
(52
)
 
 
(187
)
 
 
135

 
 
Goodwill impairment
 
—

 
 
6,946

 
 
(6,946
)
 
 
Other
 
(194
)
 
 
278

 
 
(472
)
 
Changes in operating assets and liabilities, net of effects of acquisitions:
 
 
 
 
 
 
 
 
 
 
Receivables
 
(65,638
)
 
 
(63,015
)
 
 
(2,623
)
 
 
Product inventories
 
34,709

 
 
39,644

 
 
(4,935
)
 
 
Prepaid expenses and other assets
 
1,063

 
 
2,607

 
 
(1,544
)
 
 
Accounts payable
 
(57,641
)
 
 
(15,500
)
 
 
(42,141
)
 
 
Accrued expenses and other current liabilities
 
26,933

 
 
50,643

 
 
(23,710
)
 
Net cash provided by operating activities
 
53,846

 
 
124,530

 
 
(70,684
)
 
 
 
 
 
 
 
 
 
 
 
Investing activities
 
 
 
 
 
 
 
 
 
Acquisition of businesses, net of cash acquired
 
(1,244
)
 
 
(4,580
)
 
 
3,336

 
Purchase of property and equipment, net of sale proceeds
 
(14,407
)
 
 
(13,717
)
 
 
(690
)
 
Other investments, net
 
76

 
 
(249
)
 
 
325

 
Net cash used in investing activities
 
(15,575
)
 
 
(18,546
)
 
 
2,971

 
 
 
 
 
 
 
 
 
 
 
Financing activities
 
 
 
 
 
 
 
 
 
Proceeds from revolving line of credit
 
596,642

 
 
482,669

 
 
113,973

 
Payments on revolving line of credit
 
(567,092
)
 
 
(415,641
)
 
 
(151,451
)
 
Payments on long-term debt and other long-term liabilities
 
(10
)
 
 
(100,017
)
 
 
100,007

 
Payments of deferred financing costs
 
(754
)
 
 
—

 
 
(754
)
 
Excess tax benefits from share-based compensation
 
4,367

 
 
2,534

 
 
1,833

 
Proceeds from stock issued under share-based compensation plans
 
19,040

 
 
13,180

 
 
5,860

 
Payments of cash dividends
 
(25,120
)
 
 
(21,669
)
 
 
(3,451
)
 
Purchases of treasury stock
 
(53,027
)
 
 
(55,088
)
 
 
2,061

 
Net cash used in financing activities
 
(25,954
)
 
 
(94,032
)
 
 
68,078

 
Effect of exchange rate changes on cash and cash equivalents
 
(558
)
 
 
(621
)
 
 
63

 
Change in cash and cash equivalents
 
11,759

 
 
11,331

 
 
428

 
Cash and cash equivalents at beginning of period
 
12,463

 
 
17,487

 
 
(5,024
)
 
Cash and cash equivalents at end of period
$
24,222

 
$
28,818

 
$
(4,596
)
 




6


ADDENDUM

Base Business

The following table breaks out our consolidated results into the base business component and the excluded component (sales centers excluded from base business):

(Unaudited)
Base Business
Excluded
Total
(in thousands)
Three Months Ended
Three Months Ended
Three Months Ended
 
September 30,
September 30,
September 30,
 
2013
 
2012
 
2013
 
2012
 
2013
 
2012
Net sales
$
576,057

 
$
527,974

 
$
2,100

 
$
53

 
$
578,157

 
$
528,027

 
 
 
 
 
 
 
 
 
 
 
 
Gross profit
162,021

 
151,480

 
536

 
21

 
162,557

 
151,501

Gross margin
28.1
%
 
28.7
%
 
25.5
 %
 
39.6
 %
 
28.1
%
 
28.7
%
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses
108,625

 
103,434

 
557

 
110

 
109,182

 
103,544

Expenses as a % of net sales
18.9
%
 
19.6
%
 
26.5
 %
 
207.5
 %
 
18.9
%
 
19.6
%
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill impairment
—

 
6,946

 
—

 
—

 
—

 
6,946

 
 
 
 
 
 
 
 
 
 
 
 
Operating income (loss)
53,396

 
41,100

 
(21
)
 
(89
)
 
53,375

 
41,011

Operating margin
9.3
%
 
7.8
%
 
(1.0
)%
 
(167.9
)%
 
9.2
%
 
7.8
%

(Unaudited)
Base Business
Excluded
Total
(in thousands)
Nine Months Ended
Nine Months Ended
Nine Months Ended
 
September 30,
September 30,
September 30,
 
2013
 
2012
 
2013
 
2012
 
2013
 
2012
Net sales
$
1,727,856

 
$
1,642,211

 
$
11,055

 
$
4,945

 
$
1,738,911

 
$
1,647,156

 
 
 
 
 
 
 
 
 
 
 
 
Gross profit
492,469

 
476,984

 
3,015

 
1,485

 
495,484

 
478,469

Gross margin
28.5
%
 
29.0
%
 
27.3
 %
 
30.0
 %
 
28.5
%
 
29.0
%
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses
319,525

 
314,315

 
3,659

 
2,042

 
323,184

 
316,357

Expenses as a % of net sales
18.5
%
 
19.1
%
 
33.1
 %
 
41.3
 %
 
18.6
%
 
19.2
%
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill impairment
—

 
6,946

 
—

 
—

 
—

 
6,946

 
 
 
 
 
 
 
 
 
 
 
 
Operating income (loss)
172,944

 
155,723

 
(644
)
 
(557
)
 
172,300

 
155,166

Operating margin
10.0
%
 
9.5
%
 
(5.8
)%
 
(11.3
)%
 
9.9
%
 
9.4
%


7


We have excluded the following acquisitions from base business for the periods identified:


Acquired (1)
 

Acquisition
Date
 
Net
Sales Centers
Acquired
 

Periods
Excluded
B. Shapiro Supply, LLC
 
May 2013
 
1
 
May - September 2013
Swimming Pool Supply Center, Inc.
 
March 2013
 
1
 
March - September 2013
CCR Distribution
 
March 2012
 
1
 
January - May 2013 and
March - May 2012
Ideal Distributors Ltd.
 
February 2012
 
4
 
January - April 2013 and
February - April 2012
G.L. Cornell Company
 
December 2011
 
1
 
January - February 2013 and
January - February 2012
Poolway Schwimmbadtechnik GmbH
 
November 2011
 
1
 
January - February 2013 and
January - February 2012
(1) 
We acquired certain distribution assets of each of these companies.

We exclude sales centers that are acquired, closed or opened in new markets from base business results for a period of 15 months. We also exclude consolidated sales centers when we do not expect to maintain the majority of the existing business and existing sales centers that are consolidated with acquired sales centers. As of September 30, 2013, we excluded one sales center opened in a new market from base business.

We generally allocate corporate overhead expenses to excluded sales centers on the basis of their net sales as a percentage of total net sales. After 15 months of operations, we include acquired, consolidated and new market sales centers in the base business calculation including the comparative prior year period.

The table below summarizes the changes in our sales centers in the first nine months of 2013:

December 31, 2012
312
 
Acquired
2
 
New locations
9
 
September 30, 2013
323
 




8


Adjusted EBITDA

We define Adjusted EBITDA as net income or net loss plus interest expense, income taxes, depreciation, amortization, share‑based compensation, goodwill and other non-cash impairments and equity earnings or loss in unconsolidated investments.  Adjusted EBITDA is not a measure of cash flow or liquidity as determined by generally accepted accounting principles (GAAP). We have included Adjusted EBITDA as a supplemental disclosure because we believe that it is widely used by our investors, industry analysts and others as a useful supplemental liquidity measure in conjunction with cash flows provided by or used in operating activities to help investors understand our ability to provide cash flows to fund growth, service debt and pay dividends as well as compare our cash flow generating capacity from year to year.

We believe Adjusted EBITDA should be considered in addition to, not as a substitute for, operating income or loss, net income or loss, cash flows provided by or used in operating, investing and financing activities or other income statement or cash flow statement line items reported in accordance with GAAP. Other companies may calculate Adjusted EBITDA differently than we do, which may limit its usefulness as a comparative measure.

The table below presents a reconciliation of net income to Adjusted EBITDA.

(Unaudited)
 
Three Months Ended
 
 
Nine Months Ended
(In thousands)
 
September 30,
 
 
September 30,
 
 
 
2013
 
 
2012
 
 
2013
 
 
2012
Net income
$
32,332

 
$
21,375

 
$
102,305

 
$
89,969

 
Add:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense (1)
 
1,544

 
 
1,687

 
 
5,239

 
 
5,364

 
Provision for income taxes
 
19,496

 
 
17,965

 
 
64,808

 
 
60,020

 
Share-based compensation
 
1,979

 
 
1,930

 
 
6,090

 
 
6,236

 
Goodwill Impairment
 
—

 
 
6,946

 
 
—

 
 
6,946

 
Equity loss (earnings) in unconsolidated investments
 
3

 
 
(16
)
 
 
(52
)
 
 
(187
)
 
Depreciation
 
3,378

 
 
2,922

 
 
9,716

 
 
8,481

 
Amortization (2)
 
203

 
 
228

 
 
632

 
 
671

Adjusted EBITDA
$
58,935

 
$
53,037

 
$
188,738

 
$
177,500

    
(1) 
Shown net of interest income and includes amortization of deferred financing costs as discussed below.
(2) 
Excludes amortization of deferred financing costs of $97 and $96 for the three months ended September 30, 2013 and September 30, 2012, respectively, and $290 and $291 for the nine months ended September 30, 2013 and September 30, 2012, respectively.


9


The table below presents a reconciliation of Adjusted EBITDA to net cash provided by operating activities. Please see page 6 for our Condensed Consolidated Statements of Cash Flows.

(Unaudited)
 
Three Months Ended
 
 
Nine Months Ended
(In thousands)
 
September 30,
 
 
September 30,
 
 
 
2013
 
 
2012
 
 
2013
 
 
2012
Adjusted EBITDA
$
58,935

 
$
53,037

 
$
188,738

 
$
177,500

 
Add:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net of interest income
 
(1,447
)
 
 
(1,591
)
 
 
(4,949
)
 
 
(5,073
)
 
Provision for income taxes
 
(19,496
)
 
 
(17,965
)
 
 
(64,808
)
 
 
(60,020
)
 
Excess tax benefits from share-based compensation
 
(1,180
)
 
 
(925
)
 
 
(4,367
)
 
 
(2,534
)
 
Other
 
1,439

 
 
(970
)
 
 
(194
)
 
 
278

 
Change in operating assets and liabilities
 
48,573

 
 
59,423

 
 
(60,574
)
 
 
14,379

Net cash provided by operating activities
$
86,824

 
$
91,009

 
$
53,846

 
$
124,530


10