Latest news with #EBX
Yahoo
15-05-2025
- Business
- Yahoo
Nortech Systems Inc (NSYS) Q1 2025 Earnings Call Highlights: Navigating Challenges with ...
Release Date: May 14, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Nortech Systems Inc (NASDAQ:NSYS) has seen stabilization in its customer backlog as of March 31, 2025, compared to the end of 2024, indicating potential future growth. The company is well-positioned with its North American footprint, leveraging the USMCA framework to mitigate tariff impacts and enhance competitiveness. Nortech Systems Inc (NASDAQ:NSYS) is actively pursuing near-shoring strategies, which have been implemented faster than many competitors, reducing exposure to Chinese tariffs. The company is focusing on innovation with advancements like the expanded beam Extreme fiber optic technology (EBX) and active optical Extreme (AOX) hybrid technology, which align with industry trends towards fiber optics. Nortech Systems Inc (NASDAQ:NSYS) is committed to sustainability, with fiber optic solutions offering environmental benefits such as improved energy efficiency and reduced carbon footprint. Net sales for the first quarter of 2025 decreased by 21.4% compared to the same period in 2024, primarily due to delays in aerospace and defense customer approvals. Gross profit margin decreased to 11.1% from 15.9% in the prior year, impacted by lower net sales and decreased manufacturing productivity. The company incurred $266,000 in restructuring costs related to severance charges and expenses from the closure of the Blue Earth facility. Operating cash flow was negative, with net cash used in operating activities totaling $2.9 million for the quarter ended March 31, 2025. Adjusted EBITDA for the first quarter of 2025 was negative $1 million, a significant decline from $1.6 million in the same period of 2024. Warning! GuruFocus has detected 4 Warning Signs with NSYS. Q: Can you provide more details on the impact of the Blue Earth facility closure on your aerospace and defense revenues? A: Jay Miller, CEO: The closure of our Blue Earth facility and the transfer of customer programs to Bemidji, Minnesota, led to unexpected delays due to slow customer approvals. This negatively impacted our aerospace and defense revenues in Q1 2025 and Q4 2024. We expect this headwind to continue but decrease in Q2 2025, with a return to normalcy in the second half of 2025. Q: How are tariffs affecting Nortech's operations, particularly with facilities in China and Mexico? A: Jay Miller, CEO: The imposition of tariffs is a concern, but Nortech operates under a maquiladora structure in Mexico, reducing direct exposure. In China, our strategy focuses on near-shoring, with production primarily for the local market, minimizing tariff impacts. We are adjusting customer pricing and sourcing strategies to mitigate any adverse effects. Q: What steps is Nortech taking to manage operating costs amid current challenges? A: Jay Miller, CEO: We have taken significant actions to reduce our cost structure, including closing the Blue Earth facility, reducing headquarters lease space, and managing headcount based on current metrics. These efforts are part of our strategy to align with the new norm of supply chain near-shoring and improve long-term growth. Q: Can you elaborate on Nortech's strategic focus on fiber optic technology? A: Jay Miller, CEO: We are focusing on fiber optic technology, such as our EBX and AOX products, to meet the growing demand for high-speed, reliable connectivity solutions. These technologies offer environmental benefits and align with sustainability goals, providing a competitive edge in the aerospace and defense markets. Q: What are Nortech's top priorities for 2025? A: Andrew LaFrannz, CFO: Our priorities include strengthening the balance sheet, reducing inventory investments, aligning operations with market demand, and driving improvements in free cash flow. We aim to deliver sustainable long-term growth through disciplined operations, expense management, and R&D innovation. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Business Wire
02-05-2025
- Business
- Business Wire
ESAB Corporation Announces First Quarter 2025 Results
NORTH BETHESDA, Md.--(BUSINESS WIRE)--ESAB Corporation ('ESAB' or the 'Company') (NYSE: ESAB), a focused premier industrial compounder, today announced financial results for the first quarter of 2025. ESAB reported first quarter sales of $678 million, a decrease of 2% on a reported basis or flat on a core organic growth basis before acquisitions and currency translation, as compared to the prior year. ESAB also reported first quarter net income from continuing operations attributable to ESAB of $70 million or $1.14 diluted earnings per share and core adjusted net income of $77 million or $1.25 diluted earnings per share. Core adjusted EBITDA of $128 million rose 4% and margin expanded 100 basis points to 19.8%, both as compared to the prior year quarter. 'ESAB delivered strong first-quarter results, with our team's continued focus on EBX driving positive growth and record margin performance amid challenging market conditions,' stated Shyam P. Kambeyanda, President and CEO of ESAB. 'We are building ESAB into a premier industrial compounder with a comparative advantage that delivers sustained, long-term value for our shareholders. Over the past eight years, we have centered our strategy on leveraging our global scale while maintaining local agility to serve customers. We continue to make growth investments, pursue strategic bolt-on and tuck-in acquisitions to advance our priorities, and deploy EBX to enhance margins. This foundation and global footprint have enabled us to outperform during the pandemic and the subsequent inflationary period—and positions us well to navigate today's tariff uncertainties with confidence.' Full Year 2025 Outlook ESAB raises its full year 2025 outlook for total core sales growth of (1.0)% to 1.5%, core organic sales growth of 0.0% to 2.0%, M&A of 2.0% to 2.5% and FX of ~(3.0)% from its prior outlook of total core sales growth of (2.0)% to 0.0%, core organic sales growth of 0.0% to 2.0%, M&A of ~1.5% and FX of ~(3.5)%. ESAB's core adjusted EBITDA outlook increases to $520 to $530 million versus prior guidance of $515 to $530 million, and core adjusted EPS remains $5.10 to $5.25. About ESAB Corporation Founded in 1904, ESAB Corporation is a focused industrial compounder. The Company's rich history of innovative products, workflow solutions and its business system ESAB Business Excellence ('EBX'), enables the Company's purpose of Shaping the world we imagine TM. ESAB Corporation is based in North Bethesda, Maryland and employs approximately 9,300 associates and serves customers in approximately 150 countries. To learn more, visit About Bavaria On April 30, 2025, ESAB successfully completed the acquisition of Bavaria Schweisstechnik GmbH, a European enterprise. This strategic move enhances our consumables portfolio and aligns ESAB's proprietary consumables offering towards faster-growing end markets. Conference Call and Webcast The Company will hold a conference call to discuss its first quarter 2025 results beginning at 8:00 a.m. Eastern on Thursday, May 1, 2025, which will be open to the public by calling +1-888-550-5302 (U.S. callers) and +1-646-960-0685 (International callers) and referencing the conference ID number 4669992 and through webcast via ESAB's website under the 'Investors' section. Access to a supplemental slide presentation can also be found on ESAB's website under the same heading. Both the audio of this call and the slide presentation will be archived on the website later today and will be available until the next quarterly call. The Company's quarterly report on Form 10-Q for the fiscal quarter ended April 4, 2025, filed May 1, 2025, is also available on ESAB's website under the 'Investors' section. Non-GAAP Financial Measures and Other Adjustments ESAB has provided in this press release financial information that has not been prepared in accordance with accounting principles generally accepted in the United States ('non-GAAP'). ESAB presents some of these non-GAAP financial measures including and excluding Russia due to economic and political volatility caused by the war in Ukraine, which results in enhanced investor interest in this information. Core non-GAAP financial measures exclude Russia for the three months ended April 4, 2025 and March 29, 2024. These non-GAAP financial measures may include one or more of the following: adjusted net income from continuing operations, Core adjusted net income from continuing operations, adjusted EBITDA (earnings before interest, taxes, Pension settlement loss, Restructuring and other related charges, acquisition-amortization and other related charges and depreciation and other amortization), Core adjusted EBITDA, organic sales, Core organic sales, adjusted free cash flow and ratios based on the foregoing measures. ESAB also provides adjusted EBITDA and adjusted EBITDA margin on a segment basis, as well as Core adjusted EBITDA and Core adjusted EBITDA margin on a segment basis. Adjusted net income from continuing operations represents Net income from continuing operations attributable to ESAB Corporation, excluding Restructuring and other related charges, acquisition-amortization and other related charges and Pension settlement loss. Adjusted net income, includes the tax effect of non-GAAP adjusting items at applicable tax rates and excludes the impact of discrete tax charges or gains in each period. ESAB also presents adjusted net income margin from continuing operations, which is subject to the same adjustments as adjusted net income from continuing operations. Adjusted net income per diluted share from continuing operations is a calculation of adjusted net income from continuing operations over the weighted-average diluted shares outstanding. ESAB also presents Core adjusted net income from continuing operations and Core adjusted net income per share - diluted from continuing operations, which are subject to the same adjustments as Adjusted net income from continuing operations and Adjusted net income per diluted share from continuing operations, further removing the impact of Russia for the three months ended April 4, 2025 and March 29, 2024. Adjusted EBITDA excludes from Net income from continuing operations the effect of Income tax expense, Interest expense and other, net, Restructuring and other related charges, acquisition-amortization and other related charges, Pension settlement loss and depreciation and other amortization. ESAB presents adjusted EBITDA margin, which are subject to the same adjustments as adjusted EBITDA. Further, ESAB presents these non-GAAP performance measures on a segment basis, which excludes the impact of Restructuring and other related charges, acquisition-amortization and other related charges, Pension settlement loss and depreciation and other amortization from operating income. ESAB also presents Core adjusted EBITDA and Core adjusted EBITDA margin, which are subject to the same adjustments as Adjusted EBITDA and Adjusted EBITDA margin, respectively, further removing the impact of Russia for the three months ended April 4, 2025 and March 29, 2024. ESAB presents organic sales, which excludes the impact of acquisitions and foreign exchange rate fluctuations and presents core organic sales, which further excludes the impact of the Russia business for the three months ended April 4, 2025 and March 29, 2024. Adjusted free cash flow represents cash flows from operating activities excluding cash outflows related to discontinued operations, less Purchases of property, plant and equipment. These non-GAAP financial measures assist ESAB management in comparing its operating performance over time because certain items may obscure underlying business trends and make comparisons of long-term performance difficult, as they are of a nature and/or size that occur with inconsistent frequency or relate to unusual events or discrete restructuring plans and other initiatives that are fundamentally different from the ongoing productivity and core business of the Company. ESAB management also believes that presenting these measures allows investors to view its performance using the same measures that the Company uses in evaluating its financial and business performance and trends. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information calculated in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of non-GAAP financial measures presented above to GAAP results has been provided in the financial tables included in this press release. Forward Looking Statements This press release includes forward-looking statements, including forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning the Company's plans, goals, objectives, outlook, expectations, and intentions, and other statements that are not historical or current fact. Forward-looking statements are based on the Company's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including general risks and uncertainties such as market conditions, economic conditions, geopolitical events, changes in laws, regulations or accounting rules, fluctuations in interest rates, terrorism, wars or conflicts, major health concerns, natural disasters or other disruptions of expected business conditions. Factors that could cause the Company's results to differ materially from current expectations include, but are not limited to, risks related to the impact of the wars in Ukraine and Middle East and the resulting escalating geopolitical tensions; impact of supply chain disruptions; the impact of creditworthiness and financial viability of customers; impact of inflationary pressures, tariffs and trade policies, foreign exchange fluctuations and commodity prices; risks related to the war in Ukraine and the conflict in the Middle East and the resulting escalating geopolitical tensions; other impacts on the Company's business and ability to execute business continuity plans; and the other factors detailed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission ('SEC') on February 20, 2025, as well as other risks discussed in the Company's filings with the SEC. In addition, these statements are based on assumptions that are subject to change. This press release speaks only as of the date hereof. The Company disclaims any duty to update the information herein. ESAB CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES Dollars in millions, except per share data (Unaudited) Three Months Ended April 4, 2025 March 29, 2024 Adjusted Net Income Net income from continuing operations (GAAP) $ 72.6 $ 62.9 Less: Income attributable to noncontrolling interest, net of taxes 2.5 1.6 Net income from continuing operations attributable to ESAB Corporation (GAAP) 70.1 61.3 Restructuring and other related charges – pretax (1) 4.5 1.9 Acquisition-amortization and other related charges – pretax (2) 9.6 7.7 Pension settlement loss – pretax — 12.2 Tax effect on above items (3) (3.5 ) (5.3 ) Adjusted net income from continuing operations (non-GAAP) 80.7 77.8 Adjusted net income from continuing operations attributable to Russia (non-GAAP) (4) 3.8 4.2 Core adjusted net income from continuing operations (non-GAAP) $ 76.9 $ 73.6 Adjusted net income margin from continuing operations 11.9 % 11.3 % Adjusted Net Income Per Share Net income per share – diluted from continuing operations (GAAP) $ 1.14 $ 1.00 Restructuring and other related charges – pretax (1) 0.07 0.03 Acquisition-amortization and other related charges – pretax (2) 0.16 0.13 Pension settlement loss – pretax — 0.20 Tax effect on above items (3) (0.06 ) (0.09 ) Adjusted net income per share – diluted from continuing operations (non-GAAP) 1.31 1.27 Adjusted net income per share – diluted from continuing operations attributable to Russia (non-GAAP) (4) 0.06 0.07 Core adjusted net income per share – diluted from continuing operations (non-GAAP) $ 1.25 $ 1.20 Expand __________ (1) Includes severance and other termination benefits, including outplacement services as well as the cost of relocating associates, relocating equipment, lease termination expenses, impairment of long-lived assets and other costs in connection with the closure and optimization of facilities and product lines. (2) Includes transaction expenses, amortization of intangibles, fair value charges on acquired inventories and integration expenses. (3) This line item reflects the aggregate tax effect of all non-tax adjustments reflected in the proceeding line items of the table. ESAB estimates the tax effect of each adjustment item by applying ESAB's overall estimated effective tax rate to the pretax amount, unless the nature of the item and/or tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment. (4) Represents Russia contribution for the three months ended April 4, 2025 and March 29, 2024. Expand ESAB CORPORATION Dollars in millions (Unaudited) Three Months Ended April 4, 2025 (1) Americas EMEA & APAC Total Net income from continuing operations (GAAP) $ 72.6 Income tax expense 20.5 Interest expense and other, net 16.8 Operating income (GAAP) $ 43.2 $ 66.6 $ 109.8 Adjusted to add Restructuring and other related charges (2) 1.7 2.8 4.5 Acquisition-amortization and other related charges (3) 5.6 4.0 9.6 Depreciation and other amortization 3.9 6.0 10.0 Adjusted EBITDA (non-GAAP) 54.5 79.4 133.9 Adjusted EBITDA attributable to Russia (non-GAAP) (4) — 6.0 6.0 Core adjusted EBITDA (non-GAAP) $ 54.5 $ 73.4 $ 127.9 Adjusted EBITDA margin (non-GAAP) 19.4 % 20.0 % 19.7 % Core adjusted EBITDA margin (non-GAAP) (5) 19.4 % 20.0 % 19.8 % Expand __________ (1) Numbers may not sum due to rounding. (2) Includes severance and other termination benefits, including outplacement services as well as the cost of relocating associates, relocating equipment, lease termination expenses, impairment of long-lived assets and other costs in connection with the closure and optimization of facilities and product lines. (3) Includes transaction expenses, amortization of intangibles, fair value charges on acquired inventories and integration expenses. (4) Numbers calculated following the same definition as Adjusted EBITDA for total Company. (5) Net sales were $31.3 million relating to Russia for the three months ended April 4, 2025. Expand Three Months Ended March 29, 2024 (1) Net income from continuing operations (GAAP) $ 62.9 Income tax expense 18.5 Interest expense and other, net 17.1 Pension settlement loss 12.2 Operating income (GAAP) $ 46.0 $ 64.7 $ 110.7 Adjusted to add Restructuring and other related charges (2) 0.2 1.7 1.9 Acquisition-amortization and other related charges (3) 4.4 3.3 7.7 Depreciation and other amortization 3.5 5.3 8.8 Adjusted EBITDA (non-GAAP) 54.1 75.0 129.1 Adjusted EBITDA attributable to Russia (non-GAAP) (4) — 5.9 5.9 Core adjusted EBITDA (non-GAAP) $ 54.1 $ 69.1 $ 123.2 Adjusted EBITDA margin (non-GAAP) 18.3 % 19.1 % 18.7 % Core adjusted EBITDA margin (non-GAAP) (5) 18.3 % 19.2 % 18.8 % Expand (1) Numbers may not sum due to rounding. (2) Includes severance and other termination benefits, including outplacement services as well as the cost of relocating associates, relocating equipment, lease termination expenses, impairment of long-lived assets and other costs in connection with the closure and optimization of facilities and product lines. (3) Includes transaction expenses, amortization of intangibles, fair value charges on acquired inventories and integration expenses. (4) Numbers calculated following the same definition as Adjusted EBITDA for total Company. (5) Net sales were $33.6 million relating to Russia for the three months ended March 29, 2024. Expand Sales (1) Americas EMEA & APAC Total ESAB $ Change % $ Change % $ Change % For the three months ended March 29, 2024 $ 296.0 $ 393.7 $ 689.7 Components of Change: Existing businesses (organic sales) (2) (7.0 ) (2.4 )% 5.9 1.5 % (1.1 ) (0.2 )% Acquisitions (3) 9.6 3.2 % 5.2 1.3 % 14.8 2.1 % Foreign Currency translation (4) (17.9 ) (6.1 )% (7.4 ) (1.9 )% (25.3 ) (3.7 )% Total sales (decline) growth (15.4 ) (5.2 )% 3.8 1.0 % (11.6 ) (1.7 )% For the three months ended April 4, 2025 $ 280.7 $ 397.5 $ 678.1 Expand (1) Numbers may not sum due to rounding. (2) Excludes the impact of acquisitions and foreign exchange rate fluctuations, thus providing a measure of change due to organic growth factors such as price, product mix and volume. (3) Represents the incremental sales in comparison to the portion of the prior period during which we did not own the business. (4) Represents the difference between prior year sales valued at the actual prior year foreign exchange rates and prior year sales valued at current year foreign exchange rates. Expand Core Sales (1)(5) Americas EMEA & APAC ESAB $ Change % $ Change % $ Change % For the three months ended March 29, 2024 $ 296.0 $ 360.1 $ 656.1 Components of Change: Existing businesses (core organic sales) (2) (7.0 ) (2.4 )% 8.4 2.3 % 1.3 0.2 % Acquisitions (3) 9.6 3.2 % 5.2 1.4 % 14.8 2.3 % Foreign Currency translation (4) (17.9 ) (6.1 )% (7.4 ) (2.1 )% (25.4 ) (3.9 )% Total core sales (decline) growth (15.4 ) (5.2 )% 6.1 1.7 % (9.2 ) (1.4 )% For the three months ended April 4, 2025 $ 280.7 $ 366.2 $ 646.9 Expand (1) Numbers may not sum due to rounding. (2) Excludes the impact of acquisitions and foreign exchange rate fluctuations, thus providing a measure of change due to organic growth factors such as price, product mix and volume. (3) Represents the incremental sales in comparison to the portion of the prior period during which we did not own the business. (4) Represents the difference between prior year sales valued at the actual prior year foreign exchange rates and prior year sales valued at current year foreign exchange rates. (5) Represents sales excluding Russia for the three months ended April 4, 2025 and March 29, 2024. Expand ESAB CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES Adjusted Free Cash Flow Dollars in millions (Unaudited) Three Months Ended April 4, 2025 March 29, 2024 Net cash provided by operating activities (GAAP) $ 35.4 $ 44.5 Purchases of property, plant and equipment (GAAP) (7.3 ) (7.4 ) Payments related to discontinued operations 2.3 3.7 Adjusted free cash flow (non-GAAP) $ 30.4 $ 40.8 Expand ESAB CORPORATION 2025 Outlook Dollars in millions, except per share amounts (Unaudited) ESAB 2025 Outlook Previous Guidance New Guidance 2024 Core net sales $ 2,591.2 $ 2,591.2 Organic growth 0.0%-2.0% 0.0%-2.0% Acquisitions ~1.5% 2.0%-2.5% Currency ~(3.5)% ~(3.0)% 2025 Core net sales growth range (2.0)%-0.0% (1.0)%-1.5% 2024 Core adjusted EBITDA $ 510.7 $ 510.7 2025 Core adjusted EBITDA range $515 - $530 $520 - $530 2024 Core adjusted EPS $ 5.06 $ 5.06 2025 Core adjusted EPS range $5.10 - $5.25 $5.10 - $5.25 Expand ESAB CORPORATION CONSOLIDATED AND CONDENSED BALANCE SHEETS Dollars in thousands, except share and per share amounts (Unaudited) December 31, 2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 291,348 $ 249,358 Trade receivables, less allowance for credit losses of $24,446 and $23,850 414,796 370,321 Inventories, net 450,705 403,711 Prepaid expenses 56,941 55,665 Other current assets 72,241 69,327 Total current assets 1,286,031 1,148,382 Property, plant and equipment, net 307,487 298,347 Goodwill 1,684,829 1,651,993 Intangible assets, net 502,895 487,993 Lease assets - right of use 86,320 89,859 Other assets 349,980 357,401 Total assets $ 4,217,542 $ 4,033,975 LIABILITIES AND EQUITY CURRENT LIABILITIES: Current portion of debt $ 17,759 $ 15,000 Accounts payable 349,716 318,493 Accrued liabilities 304,525 298,558 Total current liabilities 672,000 632,051 Long-term debt 1,056,296 1,060,739 Other liabilities 538,854 532,936 Total liabilities 2,267,150 2,225,726 Equity: Common stock - $0.001 par value - Authorized 600,000,000, 60,622,736 and 60,517,574 shares outstanding as of April 4, 2025 and December 31, 2024, respectively 61 61 Additional paid-in capital 1,901,849 1,901,337 Retained earnings 659,675 597,180 Accumulated other comprehensive loss (651,857 ) (729,574 ) Total ESAB Corporation equity 1,909,728 1,769,004 Noncontrolling interest 40,664 39,245 Total equity 1,950,392 1,808,249 Total liabilities and equity $ 4,217,542 $ 4,033,975 Expand ESAB CORPORATION CONSOLIDATED AND CONDENSED STATEMENTS OF CASH FLOWS Dollars in thousands (Unaudited) Three Months Ended April 4, 2025 March 29, 2024 Cash flows from operating activities: Net income $ 69,832 $ 61,594 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and other impairment charges 17,491 16,387 (Gain) loss on sale of property, plant and equipment (5,665 ) 44 Stock-based compensation expense 5,361 4,133 Deferred income tax (2,774 ) (638 ) Non-cash interest expense 628 1,062 Pension settlement loss — 12,155 Changes in operating assets and liabilities: Trade receivables, net (32,026 ) (48,946 ) Inventories, net (35,393 ) (16,078 ) Accounts payable 21,405 36,196 Other operating assets and liabilities (3,449 ) (21,442 ) Net cash provided by operating activities 35,410 44,467 Cash flows from investing activities: Purchases of property, plant and equipment (7,294 ) (7,414 ) Proceeds from sale of property, plant and equipment 4,605 368 Acquisition, net of cash received — (18,067 ) Other investing — (1,501 ) Net cash used in investing activities (2,689 ) (26,614 ) Cash flows from financing activities: Proceeds from borrowings on revolving credit facilities and other — 115,000 Repayments of borrowings on Term Loans (2,500 ) (6,250 ) Repayments of borrowings on revolving credit facilities and other — (135,005 ) Payment of dividends (4,861 ) (3,635 ) Distributions to noncontrolling interest holders (1,168 ) — Other financing (4,590 ) (4,030 ) Net cash used in financing activities (13,119 ) (33,920 ) Effect of foreign exchange rates on Cash and cash equivalents 22,388 (9,441 ) Increase (decrease) in Cash and cash equivalents 41,990 (25,508 ) Cash and cash equivalents, beginning of period 249,358 102,003 Cash and cash equivalents, end of period $ 291,348 $ 76,495 Expand
