Apple overcomes Trump's trade war, slow start in AI to deliver surprisingly strong quarter
The April-June results released Thursday came against a backdrop of adversity that has been raising worries about the trajectory of a longtime tech kingpin.
Despite the doubts, Apple remains a moneymaking machine.
The Cupertino, California, company earned $23.4 billion, or $1.57 per share, during its fiscal third quarter, a 9% increase from the same time last year. Revenue climbed 10% from a year ago to $94 billion. The company's iPhone sales surged 13% from a year ago to $44.6 billion. All those numbers were well above the analyst projections that steer investors, helping to boost Apple's recently slumping stock price by 2% in extended trading.
But the unexpectedly solid performance doesn't necessarily mean it's smooth sailing ahead for Apple.
President Donald Trump's trade war targeting foreign-made products such as the iPhone and Apple's stumbling start in the pivotal transition to AI is causing investors to question if the company will remain at the tech forefront as the industry moves into a new era.
Before Thursday's report came out, Apple's stock price had plunged by 17% so far this year to wipe out more than $600 billion in shareholder wealth and knock the company off its perch as the world's most valuable company. Meanwhile, the shares of AI chipmaker Nvidia have surged 32% this year and the shares of AI pacesetter Microsoft have gained 27%, propelling the market value to $4 trillion.
Even though Apple remains highly profitable, the tariffs that Trump has already imposed on China and other countries cost the company $900 million during the past quarter, with even more financial pain looming as his administration threatens to ramp up the fees.
Apple softened the blow of Trump's tariffs on products made outside the U.S. during the past quarter by shifting its production of iPhones from China to India. But the administration intends to impose a 25% tariff on goods from India, a move that could intensify the pressure on Apple to raise the prices on the next generation of iPhones expected to be released in September.
Meanwhile, Apple is still trying to fulfill the AI promises it made last year when it unveiled an array of new iPhone features built on the revolutionary technology, raising expectations that the shift would spur millions of people to upgrade their old devices. But Apple still hasn't delivered on an AI upgrade that was supposed to smarten up its often-bumbling virtual assistant Siri, one of the main reasons underlying the lackluster growth of iPhone sales.
'There are two big questions looming over Apple: How are you going to rejigger your business model to deal with the new tariff backdrop and then what is the company going to do to drive an upgrade cycle for the iPhone?' said Melissa Otto, a stock market analyst for S&P's Visible Alpha.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
a minute ago
- Yahoo
Why AI Stock Broadcom Was Rising on Monday
Key Points It was flagged as a top stock by a global bank's analyst team. The researcher believes the company is an outlier for its growth and the quality of its operations. 10 stocks we like better than Broadcom › Broadcom (NASDAQ: AVGO), the specialty chip company that's at the forefront of the artificial intelligence (AI) revolution, was outpacing many other companies on the stock market Monday. Its shares were trading nearly 3% higher in late-session activity thanks in no small part to inclusion on an elite list compiled by a researcher. By contrast, the S&P 500 index was only up by 1.3% at that point. Making an elite list That morning, UBS selected 15 out of 85 stocks filtered by its proprietary screener to be top picks. Specifically, it feels that such picks are in the upper 25% of companies in their peer group in terms of growth and the quality of their operations. One of them was Broadcom, which in terms of market capitalization is the No. 2 out of the chosen stocks (first place belonged to Google parent Alphabet). Broadcom is on many analyst and investor watch lists due to its position as a key supplier of the chips that power AI functionalities. There is a deep, almost inexhaustible demand for such technology at the moment, and that's helping to power the company's fundamentals notably higher. A tech trend that really has legs We shouldn't count on that trend sputtering or even slowing down to much of an extent. Late last year CEO Hock Tan opined that the thirst for AI could drive the processor market for that segment to $60 billion and $90 billion in sales within a few short years. Considering that Broadcom's already-impressive take from such goods was slightly over $12 billion, it's standing in front of a huge opportunity. Should you buy stock in Broadcom right now? Before you buy stock in Broadcom, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Broadcom wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $624,823!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,064,820!* Now, it's worth noting Stock Advisor's total average return is 1,019% — a market-crushing outperformance compared to 178% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of August 4, 2025 Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet. The Motley Fool recommends Broadcom. The Motley Fool has a disclosure policy. Why AI Stock Broadcom Was Rising on Monday was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a minute ago
- Yahoo
ON Semiconductor Corporation (ON): A Bull Case Theory
We came across a bullish thesis on ON Semiconductor Corporation on CopyCat Invest's Substack. In this article, we will summarize the bulls' thesis on ON. ON Semiconductor Corporation's share was trading at $58.05 as of July 30th. ON's trailing and forward P/E were 40.31 and 25.84, respectively according to Yahoo Finance. Despite a sharp pullback in the stock following cautious reports from peers like Texas Instruments (TXN), NXP (NXPI), and STMicroelectronics (STM), the author sees a differentiated setup for ON. The broader semiconductor space faces uncertainty around the pace of recovery and supply chain normalization, but ON's multi-year manufacturing optimization and recent cost restructuring, announced in Q4 2024, provide a foundation for improving fundamentals. The company is expected to begin realizing solid free cash flow as it works through elevated inventories that were strategically accumulated to support its fab transitions. While the market appears ready to punish ON's upcoming earnings report, this negative sentiment may have already been priced in, creating a favorable entry point. The author acknowledges the risk of further downside but is prepared to add more if the stock weakens post-earnings. From a valuation perspective, ON is no longer as inexpensive on a trailing earnings basis as it was near previous highs—a typical trait of cyclical semiconductor stocks—but remains considerably cheaper than TXN, which trades near all-time highs despite meaningful earnings declines. Moreover, ON's operational resilience and differentiated trajectory stand out versus peers like STM, whose recent performance has been weaker. The author sees the current setup as a compelling opportunity to build exposure to a company with improving cash generation, margin tailwinds, and an attractive relative valuation within the semiconductor landscape. Previously, we covered a bullish thesis on ON Semiconductor Corporation (ON) by Charly AI in January 2025, which highlighted the company's exposure to EVs, industrial automation, and clean energy. The company's stock price has appreciated by approximately 4.38% since our coverage. This is because the thesis hasn't fully played out yet. The thesis still stands as long-term fundamentals remain intact. Copycat shares a similar view but emphasizes near-term resilience and valuation. ON Semiconductor Corporation is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 44 hedge fund portfolios held ON at the end of the first quarter which was 52 in the previous quarter. While we acknowledge the potential of ON as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock. Disclosure: None.
Business Wire
2 minutes ago
- Business Wire
Semrush Announces Second Quarter 2025 Financial Results
BOSTON--(BUSINESS WIRE)--Semrush Holdings, Inc. (NYSE: SEMR), a leading online visibility management SaaS platform, today reported financial results for the second quarter ended June 30, 2025. 'We posted strong revenue growth in the second quarter and were especially pleased by the accelerated adoption of our AI and Enterprise products,' said Bill Wagner, CEO. 'We are very excited about our leadership position in the market and our long-term growth opportunities. To underscore this conviction, we are announcing a $150 million share repurchase program.' Second Quarter 2025 Financial Highlights Second quarter revenue of $108.9 million, up 20% year-over-year. Loss from operations of ($4.3) million for the second quarter, compared to income from operations of $3.4 million in the prior year's quarter. Second quarter operating margin of (4.0%), compared to 3.7% in the prior year period. Non-GAAP income from operations of $12.0 million for the second quarter for a non-GAAP operating margin of 11.0%, compared to non-GAAP income from operations of $12.2 million in the prior year period for a non-GAAP operating margin of 13.4%. Cash flow from operations was $0.7 million in the second quarter, representing a cash flow from operations margin of 0.6%. ARR of $435.3 million as of June 30, 2025, up 15% year-over-year. Approximately 116,000 paying customers as of June 30, 2025. Dollar-based net revenue retention of 105%, as of June 30, 2025. See 'Non-GAAP Financial Measures & Definitions of Key Metrics' below for how Semrush defines ARR, dollar-based net revenue retention, non-GAAP income from operations, non-GAAP operating margin, free cash flow, and free cash flow margin, and the financial tables that accompany this release for reconciliations of each non-GAAP financial measure to its closest comparable GAAP financial measure. Second Quarter 2025 Business Highlights We are committed to empowering our customers with a best-in-class platform designed to boost their online presence and gain an edge in the market. We advanced and expanded many of our offerings and continued investments in Generative AI to provide enhanced, more efficient content creation and marketing capabilities through Semrush's platform: Announced general availability of AI Optimization (AIO), a Semrush Enterprise Solution, providing businesses with tools to track, control, and optimize brand presence across AI-powered search platforms. Introduced Toolkits, an AI-powered, all-in-one platform that provides businesses with streamlined workflows, centralized marketing tools, and the ability to drive measurable performance. Added SearchGPT as a search engine option within the Position Tracking tool, enabling users to monitor domain visibility on leading AI conversational platforms alongside traditional search engines. Released the AI Traffic dashboard inside the Traffic & Market Toolkit, allowing businesses to track brand visibility across AI tools like ChatGPT, Copilot, Gemini, and Perplexity. Launched a new algorithm update in Semrush .Trends, offering sharper insights, broader domain coverage, and faster delivery of fresh traffic data. Semrush customers who pay more than $10,000 annually grew by 35% year-over-year. Forrester named Semrush as a Leader in SEO Solutions and recognized Semrush's competitive intelligence, robust analytics, and vision for SEO as the 'engine of digital discoverability.' Company strengthens leadership with appointment of Caroline Tsay to Board of Directors. 'Looking ahead, I am energized about our ability to drive durable growth, profitability, and strong cash flow,' said Brian Mulroy, CFO. 'Our share repurchase program demonstrates our strong conviction in the business, reflects the strength of our balance sheet and free cash flow generation, highlights the attractive valuation opportunity and reinforces our commitment to delivering shareholder value.' Share Repurchase Program Today, the Company announces that a special committee composed of independent members of our Board of Directors authorized an inaugural share repurchase program. Share repurchases of our Class A common stock under the $150 million program may be made from time to time on the open market (including pursuant to Rule 10b5-1 trading plans), through privately negotiated transactions, or other legally permissible means. The share repurchase program has no time limit, does not obligate Semrush to acquire a specified number of shares, and may be suspended, modified, or terminated at any time, without prior notice. The number of shares to be repurchased will depend on market conditions and other factors. Based on information as of today, August 4, 2025, we are issuing the following financial guidance: Third Quarter 2025 Financial Outlook For the third quarter, we expect revenue in a range of $111.1 million to $112.1 million, which at the mid-point would represent growth of approximately 15% year-over-year. We expect third quarter non-GAAP operating margin to be approximately 11.5%. Full-Year 2025 Financial Outlook The company is revising its annual revenue outlook to reflect softer demand at the lower end of the market, impacted by an increase in paid-search cost per click. For the full year, we expect revenue in a range of $443.0 to $446.0 million, which at the mid-point would represent growth of approximately 18% year-over-year. We expect full year non-GAAP operating margin to be approximately 12%. We expect the full year free cash flow margin to be approximately 12%. Reconciliations of non-GAAP operating margin and free cash flow margin guidance to the most directly comparable GAAP measures are not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures, in particular the measures and effects of share-based compensation expense, employer taxes and tax deductions specific to equity compensation awards that are directly impacted by future hiring, turnover and retention needs. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future GAAP financial results. Conference Call and Webcast Details Semrush will host a conference call and webcast to discuss its financial results, business highlights, outlook and other matters, the details for which are provided below. Date: Tuesday, August 5th, 2025 Time: 8:30 a.m. ET Hosts: Bill Wagner, CEO, and Brian Mulroy, CFO Conference ID: 978610 Participant Toll Free Dial-In Number: +1 833 470 1428 Participant International Dial-In Number: +1 929 526 1599 The live webcast of the conference call as well as the replay can be accessed for a limited time from the Semrush investor relations website at About Semrush Semrush is a leading online visibility management SaaS platform that enables businesses globally to run search engine optimization, advertising, content, social media and competitive research campaigns and get measurable results from online marketing. Semrush offers insights and solutions for companies to build, manage, and measure campaigns across various marketing channels. Semrush is headquartered in Boston and has offices in Austin, Dallas, Amsterdam, Barcelona, Belgrade, Berlin, Munich, Limassol, Prague, Warsaw, and Yerevan. Forward-looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws, which are statements that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as 'may,' 'will,' 'shall,' 'should,' 'expects,' 'plans,' 'positioning,' 'anticipates,' 'could,' 'intends,' 'target,' 'projects,' 'contemplates,' 'believes,' 'estimates,' 'predicts,' 'potential' or 'continue' or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements include, but are not limited to, guidance on financial results for the third quarter and full fiscal year of 2025 (including revenue, non-GAAP operating margin, and free cash flow margin); statements regarding the expectations of demand for our products and cash flow generation; statements about improvements to and expansion of our products and platform, and launching new products; statements about future operating results, including revenue, growth opportunities, variability of expenses, ability to realize efficiencies, future spending and incremental investments, business trends, our ability to deliver profits, and growth and value for shareholders; assumptions regarding foreign exchange rates; and plans, expectations and statements regarding our share repurchase program. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission ('SEC'), including in the sections entitled 'Risk Factors' and 'Management's Discussion and Analysis of Financial Condition and Results of Operations'' in our filings with the SEC, including our most recent annual report on form 10-K, and our subsequently filed quarterly reports and other SEC filings. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. The forward-looking statements in this release are based on information available to us as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. Additional information regarding these and other factors that could affect our results is included in our SEC filings, which may be obtained by visiting our Investor Relations page on its website at or the SEC's website at Non-GAAP Financial Measures & Definitions of Key Metrics We believe that providing non-GAAP information to investors, in addition to the GAAP presentation, allows investors to view the financial results in the way management views the operating results. We further believe that providing this information allows investors to not only better understand our financial performance, but also to evaluate the efficacy of the methodology and information used by management to evaluate and measure such performance. We also believe that the use of non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar non-GAAP financial measures to investors. We also believe free cash flow margin is useful to investors as we monitor it as a measure of our overall business performance, which enables us to analyze our future performance without the effects of non-cash items and allows us to better understand the cash needs of our business. The non-GAAP information included in this press release should not be considered superior to, or a substitute for, financial statements prepared in accordance with GAAP and may be different from non-GAAP financial measures presented by other companies. Investors are encouraged to review the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures provided in the financial statement tables included below in this press release. Annual Recurring Revenue (ARR) is defined as the total subscription revenue as of a given date that we expect to contractually receive over the subsequent 12 months from customers on an annualized basis, assuming no increases, reductions or cancellations. This ARR definition was updated in our Annual Report on Form 10-K for the period ended December 31, 2024 to simplify the explanation of our calculation around the treatment of monthly and longer-term contracts, and to be more consistent with other SaaS businesses, which we believe improves the ability for investors to compare our metric against other businesses. Additionally, our definition was updated to note that we do not assume there will be any increases, reductions, or cancellations. Given our efforts to retain and win back customers, and our belief that we will be successful in many of those retention efforts, we believe the updated definition is more accurate. We did not recast ARR results to conform ARR under the prior definition to the updated definition as there is no variance between the two definitions for the periods presented. Dollar-based net revenue retention is defined as (a) the revenue from our customers during the twelve-month period ending one year prior to such period as the denominator and (b) the revenue from those same customers during the twelve months ending as of the end of such period as the numerator. This calculation excludes revenue from new customers and any non-recurring revenue. Free cash flow and free cash flow margin. We define free cash flow, a non-GAAP financial measure, as net cash provided by (used in) operating activities less purchases of property and equipment and capitalized software development costs. We define free cash flow margin as free cash flow divided by GAAP revenue. Non-GAAP income (loss) from operations, and non-GAAP operating margin. We define non-GAAP income (loss) from operations as GAAP income (loss) from operations, excluding Stock Based Compensation, Amortization of Acquired Intangible Assets, Acquisition Related Costs, Restructuring Costs and other one-time expenses outside the ordinary course of business (for example, our Exit Costs incurred primarily in 2022). We define non-GAAP operating margin as non-GAAP income (loss) from operations divided by GAAP revenue. We believe investors may want to consider our results with and without the effects of these items in order to compare our financial performance with that of other companies that exclude such items and to compare our results to prior periods. Stock-based compensation. Stock-based compensation is a non-cash expense accounted for in accordance with FASB ASC Topic 718. We believe that the exclusion of stock-based compensation expense allows for financial results that are more indicative of our operational performance and provide for a useful comparison of our operating results to prior periods and to our peer companies because stock-based compensation expense varies from period to period and company to company due to such things as differing valuation methodologies, timing of awards and changes in stock price. Amortization of acquired intangible assets. Excluding amortization of acquired intangible assets from non-GAAP expense and income measures allows management and investors to evaluate results 'as-if' the acquired intangible assets had been developed internally rather than acquired and, therefore, provides a supplemental measure of performance in which our acquired intellectual property is treated in a comparable manner to our internally developed intellectual property. These amounts are inconsistent in amount and frequency and are significantly impacted by the timing and size of acquisitions. Although we exclude amortization of acquired intangible assets from our non-GAAP expenses, we believe that it is important for investors to understand that such intangible assets contribute to revenue generation. Restructuring and other costs. Restructuring and other costs include restructuring expenses as well as other charges that are unusual in nature, are the result of unplanned events, and arise outside the ordinary course of our business. Restructuring expenses consist of employee severance costs, charges for the closure of excess facilities and other contract termination costs. Other costs include litigation contingency reserves, asset impairment charges, relocation expenses associated with the migration of employees in 2022 that occurred throughout 2022 and early 2023, and gains or losses on the sale or disposition of certain non-strategic assets or product lines. Acquisition-related costs. In recent years, we have completed a number of acquisitions, which result in transition, integration and other acquisition-related expense which would not otherwise have been incurred, are unpredictable and dependent on a significant number of factors that are deal-specific or outside of our control, are not indicative of our operational performance (or that of the acquired businesses or assets) and are likely to fluctuate as our acquisition activity increases or decreases in future periods. By excluding acquisition-related costs and adjustments from our non-GAAP measures, management is better able to evaluate our ability to utilize our existing assets and estimate the long-term value that acquired assets will generate for us. ¹ includes stock-based compensation expense as follows: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Cost of revenue $ 116 $ 59 $ 160 $ 98 Sales and marketing 2,260 1,209 3,887 1,979 Research and development 3,917 1,371 6,383 2,007 General and administrative 7,143 4,527 12,118 8,197 Total stock-based compensation $ 13,436 $ 7,166 $ 22,548 $ 12,281 Expand The following table sets forth a reconciliation of our (loss) income from operations and operating margin to non-GAAP income from operations and non-GAAP operating margin, respectively (percentage amounts may not sum due to rounding): The following table sets forth a reconciliation of our net cash provided by operating activities and net cash provided by operating activities (as a percentage of revenue) to free cash flow and free cash flow margin, respectively (percentage amounts may not sum due to rounding): Semrush Holdings, Inc. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) As of December 31, 2024 Assets Current assets Cash and cash equivalents $ 54,322 $ 48,875 Short-term investments 204,225 186,693 Accounts receivable 14,243 8,955 Deferred contract costs, current portion 10,178 10,044 Prepaid expenses and other current assets 18,138 21,617 Total current assets 301,106 276,184 Property and equipment, net 6,673 6,534 Operating lease right-of-use assets 11,551 11,126 Intangible assets, net 35,317 32,055 Goodwill 59,924 56,139 Deferred contract costs, net of current portion 3,495 3,080 Other long-term assets 6,883 5,825 Total assets $ 424,949 $ 390,943 Liabilities, noncontrolling interest, and stockholders' equity Current liabilities Accounts payable $ 13,505 $ 10,463 Accrued expenses 20,627 20,216 Deferred revenue 81,730 71,827 Current portion of operating lease liabilities 4,966 4,669 Other current liabilities 4,853 6,913 Total current liabilities 125,681 114,088 Deferred revenue, net of current portion 235 235 Deferred tax liability 1,798 1,621 Operating lease liabilities, net of current portion 7,852 7,602 Other long-term liabilities 1,216 1,045 Total liabilities 136,782 124,591 Commitments and contingencies Stockholders' equity Class A common stock 1 1 Class B common stock — — Additional paid-in capital 345,664 322,586 Accumulated other comprehensive income (loss) 2,862 (2,221 ) Accumulated deficit (69,480 ) (63,762 ) Total stockholders' equity attributable to Semrush Holdings, Inc. 279,047 256,604 Noncontrolling interest in consolidated subsidiaries 9,120 9,748 Total stockholders' equity 288,167 266,352 Total liabilities, noncontrolling interest and stockholders' equity $ 424,949 $ 390,943 Expand Semrush Holdings, Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Six Months Ended June 30, 2025 2024 Operating Activities Net (loss) income $ (6,122 ) $ 3,364 Adjustments to reconcile net (loss) income to net cash provided by operating activities Depreciation and amortization expense 6,313 4,269 Amortization of deferred contract costs 7,043 6,054 Amortization (accretion) of premiums and discounts on investments (1,400 ) (2,023 ) Non-cash lease expense 2,451 2,233 Stock-based compensation expense 22,548 12,281 Change in fair value included in other income, net (1,271 ) — Deferred taxes 39 (217 ) Other non-cash items 1,255 1,400 Changes in operating assets and liabilities Accounts receivable (5,427 ) (774 ) Deferred contract costs (7,591 ) (6,129 ) Prepaid expenses and other current assets (4,166 ) (4,017 ) Accounts payable 2,630 1,906 Accrued expenses 104 2,917 Other current liabilities (233 ) 360 Deferred revenue 9,358 7,353 Other long-term liabilities 162 92 Change in operating lease liability (2,900 ) (2,147 ) Net cash provided by operating activities 22,793 26,922 Investing Activities Purchases of property and equipment (1,329 ) (2,906 ) Capitalization of internal-use software costs (6,532 ) (4,369 ) Purchases of short-term investments (61,524 ) (83,605 ) Proceeds from sales and maturities of short-term investments 46,000 102,500 Purchases of convertible debt securities — (650 ) Funding of investment loan receivables — (7,000 ) Proceeds from repayment of investment loan receivables 7,676 — Cash paid for acquisition of assets and businesses, net of cash acquired (1,097 ) (10,026 ) Purchases of noncontrolling interest (223 ) — Purchases of other investments — (131 ) Net cash used in investing activities (17,029 ) (6,187 ) Financing Activities Proceeds from exercise of stock options 648 3,053 Taxes paid related to net share settlement of equity awards (426 ) — Repayment of acquired debt (1,088 ) — Payment of finance leases (211 ) (493 ) Net cash (used in) provided by financing activities (1,077 ) 2,560 Effect of exchange rate changes on cash and cash equivalents 760 (614 ) Increase (decrease) in cash, cash equivalents and restricted cash 5,447 22,681 Cash, cash equivalents and restricted cash, beginning of period 49,060 58,848 Cash, cash equivalents and restricted cash, end of period $ 54,507 $ 81,529 Expand
