Exhibit 99.1
|
NEWS RELEASE
July 18, 2008
|
|
|
Media
Contact:
Kirstie
Burden, Overstock.com, Inc.
+1
(801) 947-3172
kburden@overstock.com
Investor
Contact:
Kevin
Moon, Overstock.com, Inc.
+1
(801) 947-3282
kmoon@overstock.com
Overstock.com Reports Second Quarter 2008 Financial
Results
SALT
LAKE CITY (July 18, 2008) – Overstock.com, Inc. (NASDAQ: OSTK) today
reported financial results for the quarterly period ending June 30, 2008.
Key
Q2 2008 metrics (comparison to Q2 2007):
· Total revenue: $188.8 million vs. $149.0 million (27% gain);
· Gross margin: 18.1% (all-time high) vs. 17.7%;
· Gross profit:
$34.1 million vs. $26.3 million (30% gain);
· Sales and marketing expense: $14.2 million
vs. $8.0 million (79% increase);
· Contribution (gross profit less marketing
expense): $19.9 million vs. $18.3
million (8% gain);
· G&A / Technology expense: $26.2 million
vs. $25.7 million (a 2% increase);
· Net loss: $6.5 million [$(0.28)/share] vs. $13.8
million [$(0.58)/share] (53% gain);
· EBITDA: $1.1 million vs. $(4.2) million (a $5.3 million
gain);
· EBITDA (TTM):
$9.6 million vs. ($54.9) million (a $64.5 million gain);
· Operating cash flows (TTM): $12.7 million vs.
$9.4 million (a $3.3 million gain).
Dear
Owner:
For
the first time in its history your business has generated four consecutive
quarters of positive EBITDA and TTM operating cash flows. We ended Q2 with $87 million in cash, having
bought in $12 million of stock earlier in 2008.
Our financial condition is sound despite a weak economy.
Strong
growth in our fulfillment partner business drove revenues and gross profits this
quarter. Total revenue grew 27%, the same pace we experienced in Q1, and gross
margins reached an historical high of 18.1%. The fulfillment partner business
accelerated to 41% year-over-year growth and 19.4% gross margins. We continue
to increase product selection for our customers (now up to ~100k non-media SKUs
vs. ~43k for the same period last year).
We
added over 500,000 new customers this quarter, up 31% from last year: while
this is primarily attributable to our marketing efforts, we feel that this is also
an indication that the current economic climate is driving more people to
discount shopping. Most of the areas we
spend marketing dollars are fairly well dialed-in, a few channels are in the
process of being dialed-in (but we see how to do it), and one is purely
exploratory: we spent a considerable amount in that
-more-
exploratory
channel this quarter in an effort to hasten the dialing-in process. We expect to see improved marketing efficiency
in Q3.
Our
Technology and G&A expenses are under control, even though we are doing
more basic projects than we ever have in the past. Some of these are directed
to better inventory purchasing and handling, some will benefit our website, and
some are long-term projects, such as the housing tab that went live this
quarter, joining the cars and auctions tabs. In addition, we are building an
extremely robust training environment for our company which, while costly now,
should yield superb long-term benefits (this has become the work of Steve
Tryon, our retired US Army Colonel).
Both
customer service and warehouse operations have gotten dialed-in past all our
expectations. Our customer satisfaction continues to astonish me. We are
building a new Customer Care operation in our new warehouse. The rest of our
corporate facility anticipates moving to that new warehouse sometime around June of
next year.
As
always, I look forward to speaking with you about your business during the
upcoming conference call. Until then, I remain,
|
|
Your
humble servant,
|
|
|
|
|
|
Patrick
M. Byrne
|
P.S.
Please email questions to Kevin Moon at kmoon@overstock.com prior to the conference
call.
Key
financial and operating metrics:
Total revenue — Total
revenue for the three months ended June 30, 2007 and 2008 was $149.0
million and $188.8 million, respectively, a 27% increase. For the six months
ended June 30, 2008, total revenue was $389.6 million, a 27% increase from
the $306.9 million reported in 2007.
Gross
profit and gross margin — Gross profit for the three months ended June 30,
2007 and 2008 was $26.3 million and $34.1 million, respectively, a 30%
increase, representing margins of 17.7% and 18.1% for those respective
periods. For the six-month periods, gross profits were $51.6 million in
2007 and $68.9 million in 2008, a 33% increase.
Gross margins were 16.8% and 17.7% for those respective six-month
periods.
Contribution
and contribution margin — “Contribution” (gross profit less sales and marketing
expenses) for the three months ended June 30, 2007 and 2008 was $18.3
million (12.3% contribution margin) and $19.9 million (10.5% contribution
margin), respectively, an 8% increase. For the six months ended June 30,
2007 and 2008, contribution was $32.4 million (10.5% contribution margin) and
$39.6 million (10.2% contribution margin), respectively, a 22% increase.
2
|
|
|
Three months ended
|
|
Six months ended
|
|
|
(in thousands)
|
|
June 30,
|
|
June 30,
|
|
|
|
|
2007
|
|
2008
|
|
2007
|
|
2008
|
|
|
Total revenue
|
|
$
|
148,967
|
|
$
|
188,842
|
|
$
|
306,897
|
|
$
|
389,587
|
|
|
Cost of goods sold
|
|
122,664
|
|
154,737
|
|
255,279
|
|
320,696
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
26,303
|
|
34,105
|
|
51,618
|
|
68,891
|
|
|
Less: Sales and marketing expense
|
|
7,962
|
|
14,244
|
|
19,246
|
|
29,263
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution
|
|
$
|
18,341
|
|
$
|
19,861
|
|
$
|
32,372
|
|
$
|
39,628
|
|
|
Contribution margin
|
|
12.3
|
%
|
10.5
|
%
|
10.5
|
%
|
10.2
|
%
|
Operating
loss — Operating losses for the three months ended June 30, 2007 and 2008
were $13.5 million (including $6.2 million of restructuring) and $6.3 million,
respectively. For the six months ended June 30, 2007 and 2008, operating
losses were $31.2 million (including $12.3 million of restructuring) and $10.6
million, respectively.
EBITDA
— EBITDA (a non-GAAP measure) for the three months ended June 30, 2007 and
2008 was $(4.2) million (including $6.2 million of restructuring) and $1.1
million, respectively. For the trailing twelve months ended June 30, 2007
and 2008, EBITDA was $(54.9) million (including $12.3 million of restructuring)
and $9.6 million, respectively. We believe that, because our current capital
expenditures are lower than our depreciation levels, discussing EBITDA at this
stage of our business is useful to us and investors because it approximates
cash used or cash generated by the operations of the business.
|
|
|
Three months ended
June 30,
|
|
Trailing Twelve months ended
June 30,
|
|
|
|
|
2007
|
|
2008
|
|
2007
|
|
2008
|
|
|
Operating loss
|
|
$
|
(13,519
|
)
|
$
|
(6,317
|
)
|
$
|
(95,276
|
)
|
$
|
(20,989
|
)
|
|
Add: Depreciation and amortization
|
|
7,974
|
|
5,887
|
|
35,046
|
|
26,134
|
|
|
Stock-based compensation
|
|
1,137
|
|
1,068
|
|
4,284
|
|
4,564
|
|
|
Stock-based compensation to
consultants for services
|
|
135
|
|
329
|
|
129
|
|
364
|
|
|
Stock-based compensation relating to
performance share plan
|
|
—
|
|
150
|
|
—
|
|
(250
|
)
|
|
Issuance of common stock from
treasury for 401(k) matching contribution
|
|
113
|
|
—
|
|
890
|
|
(202
|
)
|
|
EBITDA
|
|
$
|
(4,160
|
)
|
$
|
1,117
|
|
$
|
(54,927
|
)
|
$
|
9,621
|
|
Net
loss — Net loss for the three months ended June 30, 2008, was $6.5
million, or $0.28 loss per share, compared to $13.8 million, or $0.58 loss per
share in 2007. Net loss in Q2 2007
included $6.2 million of restructuring charges and loss from discontinued
operations of $300K. For the six months ended June 30, 2007 and 2008,
net losses totaled $35.2 million and $10.4 million, respectively, or $1.49 and
$0.45 loss per share for those respective periods. Net loss in 2007 included restructuring expense
of $12.3 million and a loss from discontinued operations of $3.9 million.
3
Free Cash Flow (a non-GAAP measure) — Free cash flow
for the three months ended June 30, 2007 and 2008 totaled $13.5 million
and $(4.7) million, respectively. For the trailing twelve months ended June 30,
2007 and 2008, free cash flow totaled $(4.0) million and $5.5 million.
Free
cash flow reflects an additional way of viewing our cash flows and liquidity
that, when viewed with our GAAP results, provides a more complete understanding
of factors and trends affecting our cash flows. Free cash flow, which we
reconcile to “Cash provided by
operating activities,” is cash flow from operations reduced by “Expenditures for property and equipment.”
Although we believe that cash flow from operating activities is an important
measure, we believe free cash flow is a useful measure to evaluate our business
since purchases of fixed assets are a necessary component of ongoing
operations. Therefore, we believe it is important to view free cash flow
as a complement to our entire consolidated statements of cash flows. We believe
that analyzing free cash flows on a trailing twelve month basis eliminates
seasonal fluctuations in cash flows and more accurately reflects trends in this
non-GAAP measure.
|
|
|
Three months ended
|
|
Trailing Twelve months ended
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
2007
|
|
2008
|
|
2007
|
|
2008
|
|
|
Net cash provided by (used in) operating
activities
|
|
$
|
14,939
|
|
$
|
449
|
|
$
|
9,412
|
|
$
|
12,683
|
|
|
Expenditures for property and equipment
|
|
(1,439
|
)
|
(5,136
|
)
|
(13,450
|
)
|
(7,176
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow
|
|
$
|
13,500
|
|
$
|
(4,687
|
)
|
$
|
(4,038
|
)
|
$
|
5,507
|
|
Cash
and working capital — At June 30, 2008, Overstock.com had cash, cash
equivalents and marketable securities of $86.7 million and working capital of $58.4
million.
About
Overstock.com
Overstock.com, Inc. is an online retailer offering brand-name merchandise at discount prices. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory distribution channel. Overstock.com, headquartered in Salt Lake City, is a publicly traded company listed on the NASDAQ Global Market System and can be found online at http://www.overstock.com.
# # #
Overstock.com®
is a registered trademark of Overstock.com, Inc.
This press release contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. Such forward-looking statements include, but are not limited to,
statements regarding the soundness of the company’s financial condition, future
increases in product selection, a belief that the current economic climate will
drive increases in customer growth, accuracy or effectiveness of marketing
programs, the extent that we have expenses under control, the effect of
internal projects, the benefits of our internal training program, the timing of
moving personnel to our new warehouse, a belief that free cash flow is an
important and useful measure to evaluate our business, as well as all such
other risks as identified in our Form 10-K for the year ended December 31,
2007, our subsequent quarterly reports on Form 10-Q, or any amendments
thereto, and our other subsequent filings with the Securities and Exchange
Commission identify important factors that could cause our actual results to
differ materially from those contained in our projections, estimates or
forward-looking statements.
4
Overstock.com, Inc.
Consolidated
Statements of Operations (unaudited)
(in
thousands, except per share amounts)
|
|
|
Three months ended
|
|
Six months ended
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
2007
|
|
2008
|
|
2007
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
Direct revenue
|
|
$
|
43,578
|
|
$
|
39,939
|
|
$
|
89,279
|
|
$
|
91,422
|
|
|
Fulfillment partner revenue
|
|
105,389
|
|
148,903
|
|
217,618
|
|
298,165
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
148,967
|
|
188,842
|
|
306,897
|
|
389,587
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
|
|
|
|
|
|
|
|
|
Direct
|
|
36,321
|
|
34,752
|
|
75,641
|
|
79,066
|
|
|
Fulfillment partner
|
|
86,343
|
|
119,985
|
|
179,638
|
|
241,630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of goods sold
|
|
122,664
|
|
154,737
|
|
255,279
|
|
320,696
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
26,303
|
|
34,105
|
|
51,618
|
|
68,891
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
7,962
|
|
14,244
|
|
19,246
|
|
29,263
|
|
|
Technology
|
|
15,237
|
|
15,311
|
|
30,210
|
|
29,827
|
|
|
General and administrative
|
|
10,429
|
|
10,867
|
|
21,118
|
|
20,430
|
|
|
Restructuring
|
|
6,194
|
|
—
|
|
12,283
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
39,822
|
|
40,422
|
|
82,857
|
|
79,520
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
(13,519
|
)
|
(6,317
|
)
|
(31,239
|
)
|
(10,629
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
1,078
|
|
740
|
|
2,068
|
|
2,044
|
|
|
Interest expense
|
|
(1,027
|
)
|
(888
|
)
|
(2,056
|
)
|
(1,789
|
)
|
|
Other income, net
|
|
—
|
|
2
|
|
—
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations
|
|
(13,468
|
)
|
(6,463
|
)
|
(31,227
|
)
|
(10,372
|
)
|
|
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations
|
|
(300
|
)
|
—
|
|
(3,924
|
)
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(13,768
|
)
|
$
|
(6,463
|
)
|
$
|
(35,151
|
)
|
$
|
(10,372
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share - basic and
diluted:
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations
|
|
$
|
(0.57
|
)
|
$
|
(0.28
|
)
|
$
|
(1.32
|
)
|
$
|
(0.45
|
)
|
|
Loss from discontinued operations
|
|
$
|
(0.01
|
)
|
$
|
—
|
|
$
|
(0.17
|
)
|
$
|
—
|
|
|
Net loss per common share - basic and
diluted
|
|
$
|
(0.58
|
)
|
$
|
(0.28
|
)
|
$
|
(1.49
|
)
|
$
|
(0.45
|
)
|
|
Weighted average common shares outstanding
- basic and diluted
|
|
23,689
|
|
22,750
|
|
23,642
|
|
23,048
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other data:
|
|
|
|
|
|
|
|
|
|
|
Shopping bookings (in 000s)
|
|
$
|
161,852
|
|
$
|
202,600
|
|
$
|
328,005
|
|
$
|
418,921
|
|
|
Auction gross merchandise volume (in 000s)
|
|
$
|
3,753
|
|
$
|
1,964
|
|
$
|
8,448
|
|
$
|
4,574
|
|
|
Average customer acquisition cost
(shopping)
|
|
$
|
20.21
|
|
$
|
27.61
|
|
$
|
22.20
|
|
$
|
26.32
|
|
Overstock.com, Inc.
Consolidated Balance Sheets (unaudited)
(in thousands)
|
|
|
December 31,
|
|
June 30,
|
|
|
|
|
2007
|
|
2008
|
|
|
Assets
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
101,394
|
|
$
|
56,679
|
|
|
Marketable securities
|
|
46,000
|
|
30,020
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and marketable
securities
|
|
147,394
|
|
86,699
|
|
|
Accounts receivable, net
|
|
12,304
|
|
15,186
|
|
|
Note receivable
|
|
1,506
|
|
250
|
|
|
Inventories, net
|
|
25,933
|
|
14,036
|
|
|
Prepaid inventory
|
|
3,572
|
|
2,648
|
|
|
Prepaid expenses
|
|
7,572
|
|
10,481
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
198,281
|
|
129,300
|
|
|
Property and equipment, net
|
|
27,197
|
|
21,318
|
|
|
Goodwill
|
|
2,784
|
|
2,784
|
|
|
Other long-term assets, net
|
|
86
|
|
30
|
|
|
Note receivable
|
|
4,181
|
|
4,453
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
232,529
|
|
$
|
157,885
|
|
|
|
|
|
|
|
|
|
Liabilities
and Stockholders’ Equity
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
70,648
|
|
$
|
31,217
|
|
|
Accrued liabilities
|
|
35,241
|
|
24,248
|
|
|
Deferred revenue
|
|
17,357
|
|
15,417
|
|
|
Capital lease obligations, current
|
|
3,796
|
|
—
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
127,042
|
|
70,882
|
|
|
Other long-term liabilities
|
|
3,034
|
|
2,975
|
|
|
Convertible senior notes
|
|
75,623
|
|
75,795
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
205,699
|
|
149,652
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
Common stock
|
|
2
|
|
2
|
|
|
Additional paid-in capital
|
|
333,909
|
|
337,659
|
|
|
Accumulated deficit
|
|
(243,709
|
)
|
(254,081
|
)
|
|
Treasury stock
|
|
(63,278
|
)
|
(75,218
|
)
|
|
Accumulated other comprehensive loss
|
|
(94
|
)
|
(129
|
)
|
|
|
|
|
|
|
|
|
Total stockholders’ equity
|
|
26,830
|
|
8,233
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
|
$
|
232,529
|
|
$
|
157,885
|
|
Overstock.com, Inc.
Consolidated
Statements of Cash Flows (unaudited)
(in
thousands)
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
|
Twelve months ended June 30,
|
|
|
|
|
2007
|
|
2008
|
|
2007
|
|
2008
|
|
2007
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities of
continuing operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(13,768
|
)
|
$
|
(6,463
|
)
|
$
|
(35,151
|
)
|
$
|
(10,372
|
)
|
$
|
(105,268
|
)
|
$
|
(20,236
|
)
|
|
Adjustments to reconcile net loss to cash
provided by (used in) operating activities of continuing operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations
|
|
300
|
|
—
|
|
3,924
|
|
—
|
|
8,898
|
|
—
|
|
|
Depreciation and amortization
|
|
7,974
|
|
5,887
|
|
15,745
|
|
12,384
|
|
35,046
|
|
26,134
|
|
|
Loss on disposition of property and
equipment
|
|
1
|
|
—
|
|
1
|
|
—
|
|
1
|
|
—
|
|
|
Stock-based compensation
|
|
1,137
|
|
1,068
|
|
2,210
|
|
2,252
|
|
4,284
|
|
4,564
|
|
|
Stock-based compensation to consultants for
services
|
|
135
|
|
329
|
|
140
|
|
315
|
|
129
|
|
364
|
|
|
Stock-based compensation relating to
performance share plan
|
|
—
|
|
150
|
|
—
|
|
300
|
|
—
|
|
(250
|
)
|
|
Issuance of common stock from treasury for
401(k) matching contribution
|
|
113
|
|
—
|
|
715
|
|
19
|
|
890
|
|
(202
|
)
|
|
Amortization of debt discount and deferred
financing fees
|
|
86
|
|
85
|
|
172
|
|
172
|
|
311
|
|
344
|
|
|
Asset impairment and depreciation
(restructuring)
|
|
2,169
|
|
—
|
|
2,169
|
|
—
|
|
2,960
|
|
—
|
|
|
Restructuring charges
|
|
4,025
|
|
—
|
|
10,114
|
|
—
|
|
14,997
|
|
—
|
|
|
Notes receivable accretion
|
|
—
|
|
(136
|
)
|
—
|
|
(272
|
)
|
—
|
|
(544
|
)
|
|
Changes in operating assets and
liabilities, net of effect of discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net
|
|
(431
|
)
|
(2,144
|
)
|
3,396
|
|
(2,882
|
)
|
5
|
|
(7,244
|
)
|
|
Inventories, net
|
|
1,237
|
|
3,934
|
|
4,849
|
|
11,897
|
|
53,411
|
|
1,389
|
|
|
Prepaid inventory
|
|
477
|
|
(80
|
)
|
117
|
|
924
|
|
1,119
|
|
(524
|
)
|
|
Prepaid expenses
|
|
700
|
|
(363
|
)
|
(1,262
|
)
|
(2,909
|
)
|
913
|
|
(1,746
|
)
|
|
Other long-term assets, net
|
|
176
|
|
—
|
|
266
|
|
—
|
|
744
|
|
205
|
|
|
Accounts payable
|
|
5,467
|
|
(1,622
|
)
|
(32,592
|
)
|
(39,431
|
)
|
(2,568
|
)
|
(2,327
|
)
|
|
Accrued liabilities
|
|
4,941
|
|
428
|
|
(18,768
|
)
|
(10,993
|
)
|
(6,033
|
)
|
878
|
|
|
Deferred revenue
|
|
200
|
|
(771
|
)
|
654
|
|
(1,940
|
)
|
(427
|
)
|
12,130
|
|
|
Other long-term liabilities
|
|
—
|
|
147
|
|
—
|
|
(59
|
)
|
—
|
|
(252
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating
activities
|
|
14,939
|
|
449
|
|
(43,301
|
)
|
(40,595
|
)
|
9,412
|
|
12,683
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities of
continuing operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of marketable securities
|
|
(21,381
|
)
|
(18,823
|
)
|
(21,381
|
)
|
(25,362
|
)
|
(21,381
|
)
|
(79,198
|
)
|
|
Sales and maturities of marketable
securities
|
|
3,400
|
|
18,428
|
|
3,400
|
|
41,339
|
|
3,400
|
|
67,197
|
|
|
Expenditures for property and equipment
|
|
(1,439
|
)
|
(5,136
|
)
|
(1,916
|
)
|
(6,449
|
)
|
(13,450
|
)
|
(7,176
|
)
|
|
Proceeds from the sale of discontinued
operations, net of cash transferred
|
|
9,892
|
|
—
|
|
9,892
|
|
—
|
|
9,892
|
|
—
|
|
|
Collection of note receivable
|
|
753
|
|
754
|
|
4,694
|
|
1,256
|
|
4,694
|
|
1,758
|
|
|
Decrease in cash resulting from
de-consolidation of variable entity
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(102
|
)
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing
activities
|
|
(8,775
|
)
|
(4,777
|
)
|
(5,311
|
)
|
10,784
|
|
(16,947
|
)
|
(17,419
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities of
continuing operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments on capital lease obligations
|
|
(4
|
)
|
(2
|
)
|
(5,251
|
)
|
(3,796
|
)
|
(5,454
|
)
|
(3,806
|
)
|
|
Drawdown on line of credit
|
|
—
|
|
1,128
|
|
1,169
|
|
6,396
|
|
14,592
|
|
7,650
|
|
|
Payments on line of credit
|
|
—
|
|
(1,128
|
)
|
(1,169
|
)
|
(6,396
|
)
|
(14,592
|
)
|
(7,650
|
)
|
|
Issuance of common stock in offerings, net
of issuance costs
|
|
—
|
|
—
|
|
—
|
|
—
|
|
39,406
|
|
—
|
|
|
Purchase of treasury stock
|
|
—
|
|
—
|
|
—
|
|
(12,000
|
)
|
—
|
|
(12,000
|
)
|
|
Exercise of stock options
|
|
768
|
|
924
|
|
1,921
|
|
924
|
|
2,994
|
|
2,233
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing
activities
|
|
764
|
|
922
|
|
(3,330
|
)
|
(14,872
|
)
|
36,946
|
|
(13,573
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
36
|
|
(9
|
)
|
21
|
|
(32
|
)
|
84
|
|
(56
|
)
|
|
Cash provided by (used in) operating
activities of discontinued operations
|
|
(614
|
)
|
—
|
|
(204
|
)
|
—
|
|
1,307
|
|
—
|
|
|
Cash used in investing activities of
discontinued operations
|
|
—
|
|
—
|
|
(53
|
)
|
—
|
|
(315
|
)
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash
equivalents
|
|
6,350
|
|
(3,415
|
)
|
(52,178
|
)
|
(44,715
|
)
|
30,487
|
|
(18,365
|
)
|
|
Change in cash and cash equivalents from
discontinued operations
|
|
614
|
|
—
|
|
257
|
|
—
|
|
(993
|
)
|
—
|
|
|
Cash and cash equivalents, beginning of
period
|
|
68,080
|
|
60,094
|
|
126,965
|
|
101,394
|
|
45,550
|
|
75,044
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of period
|
|
$
|
75,044
|
|
$
|
56,679
|
|
$
|
75,044
|
|
$
|
56,679
|
|
$
|
75,044
|
|
$
|
56,679
|
|