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8-K - FORM 8-K - TELEFLEX INCc20463e8vk.htm
Exhibit 99.1
(IMAGE)
     
Contact:
  Jake Elguicze
 
  Treasurer and
 
  Vice President of Investor Relations
 
  610-948-2836
     
FOR IMMEDIATE RELEASE   July 27, 2011
TELEFLEX REPORTS SECOND QUARTER 2011 RESULTS
Revenue of $391.3 million — up 9.2%; up 4.0% constant currency
Limerick, PA — Teleflex Incorporated (NYSE: TFX) today announced financial results for the second quarter and six months ended June 26, 2011.
Second quarter 2011 net revenues were $391.3 million, an increase of 9.2% over the prior year period. Excluding the impact of foreign exchange, second quarter 2011 net revenues increased 4.0% over the prior year period.
Second quarter 2011 GAAP diluted earnings per share from continuing operations was $0.77, a decrease of 3.8% over the prior year period. Second quarter 2011 adjusted diluted earnings per share from continuing operations was $0.94, a decrease of 3.1% over the prior year period. The decline in adjusted diluted earnings per share is related to higher manufacturing, raw material and fuel-related freight costs, unfavorable product mix and the continued investment in sales, marketing and research and development expenses. This was somewhat offset by an increase in sales volume, improved pricing, as well as a reduction in interest expense.
Net revenues for the first six months of 2011 were $745.3 million, an increase of 6.2% over the prior year period. Excluding the impact of foreign exchange, net revenues for the first six months of 2011 increased 3.5% over the prior year period.
GAAP diluted earnings per share from continuing operations for the first six months of 2011 was $1.11, a decrease of 31.1% over the prior year period. Adjusted diluted earnings per share from continuing operations for the first six months of 2011 was $1.82, a decrease of 6.7% over the prior year period. The decline in adjusted diluted earnings per share is related to higher manufacturing, raw material and fuel-related freight costs, unfavorable product mix and the continued investment in sales, marketing and research and development expenses. This was somewhat offset by an increase in sales volume and reduced interest expense.
“Teleflex generated solid revenue results during the second quarter 2011, which reflect further progress toward achieving our longer-term growth objectives,” said Benson Smith, Chairman, President & CEO. “Our revenue growth of four percent was driven by a combination of market share gains, selected price increases and improved traction of recently introduced products.”
Added Mr. Smith, “We resolved the FDA corporate warning letter related to our Arrow International subsidiary, and we completed the transformation from a cyclical, diversified-industrial conglomerate to a pure-play medical technology company. In addition, we refinanced our debt to improve Teleflex’s long-term capital structure and increase our financial flexibility to pursue unique, late-stage technology and strategic acquisitions to drive future growth. At the same time, we strengthened our competitive position during the quarter with new group purchasing organization contracts that include our VasoNova® Vascular Positioning System and Rusch laryngoscope products.”

 

 


 

SECOND QUARTER NET REVENUE BY PRODUCT GROUP
Critical Care second quarter 2011 net revenues were $253.6 million, an increase of 8.5% over the prior year period on an as reported basis. Excluding the impact of foreign exchange, second quarter 2011 net revenues increased 3.2% over the prior year period. The increase in revenue was due to higher sales across all product lines.
Surgical Care second quarter 2011 net revenues were $72.9 million, an increase of 10.1% over the prior year period on an as reported basis. Excluding the impact of foreign exchange, second quarter 2011 net revenues increased 4.3% over the prior year period. The increase in revenue was due to higher sales of ligation products in Europe and Asia/Latin America.
Cardiac Care second quarter 2011 net revenues were $22.1 million, an increase of 17.6% over the prior year period. Excluding the impact of foreign exchange, second quarter 2011 net revenues increased 10.5% over the prior year period. The increase in revenue was due to higher sales of intra-aortic balloon pumps and catheters.
OEM and Development Services second quarter 2011 net revenues were $42.4 million, an increase of 8.7% over the prior year period on an as reported basis. Excluding the impact of foreign exchange, second quarter 2011 net revenues increased 6.8% over the prior year period. The increase in revenue was due to higher sales of specialty and orthopedic products.
                                         
    Three Months Ended     % Increase/ (Decrease)  
                    Constant     Foreign     Total  
    June 26, 2011     June 27, 2010     Currency     Currency     Change  
    (Dollars in millions)                          
Critical Care
  $ 253.6     $ 233.7       3.2 %     5.3 %     8.5 %
Surgical Care
    72.9       66.2       4.3 %     5.8 %     10.1 %
Cardiac Care
    22.1       18.8       10.5 %     7.1 %     17.6 %
OEM
    42.4       39.0       6.8 %     1.9 %     8.7 %
Other
    0.3       0.7       (62.5 %)     5.4 %     (57.1 %)
 
                             
Total
  $ 391.3     $ 358.4       4.0 %     5.2 %     9.2 %
 
                             
OTHER FINANCIAL HIGHLIGHTS AND KEY PERFORMANCE METRICS
Depreciation and amortization expense of intangible assets and deferred financing costs and debt discount for the first six months of 2011 was $49.7 million compared to $44.6 million for the first six months of 2010.
Cash and cash equivalents at June 26, 2011 were $365.8 million.
Net accounts receivable at June 26, 2011 were $283.2 million.
Net inventories at June 26, 2011 were $293.8 million.
Net debt obligations at June 26, 2011 were $688.9 million.

 

 


 

December 31, 2010 balance sheet amounts were not referenced above because businesses were either sold or reclassified to discontinued operations during 2011 and the Company does not find comparisons to the December 31, 2010 balance sheet amounts to be meaningful.
2011 OUTLOOK
The Company’s financial estimates for 2011 are as follows:
Revenue in the range of $1.44 billion to $1.47 billion
Adjusted earnings per share in the range of $4.05 to $4.25
Cash flow from continuing operations in the range of $180 to $210 million. This compares to the Company’s prior expectation for full year 2011 cash flow from continuing operations of approximately $210 million. The revised cash flow from operations guidance is associated with the Company’s intention to increase inventory levels during 2011 as it continues to focus on gaining additional market share and the reduction in the amount of time it takes to fulfill a customers’ order.
2011 OUTLOOK EARNINGS PER SHARE RECONCILIATION
                 
    Low     High  
 
               
Diluted earnings per share attributable to common shareholders
  $ 2.75     $ 2.95  
 
               
Special items, net of tax
  $ 0.45     $ 0.45  
 
               
Intangible amortization expense, net of tax
  $ 0.70     $ 0.70  
 
               
Amortization of debt discount on convertible notes, net of tax
  $ 0.15     $ 0.15  
 
           
 
               
Adjusted earnings per share
  $ 4.05     $ 4.25  
 
           
CONFERENCE CALL WEBCAST AND ADDITIONAL INFORMATION
As previously announced, Teleflex will comment on its financial results on a conference call to be held today at 8:00 a.m. (ET). The call will be available live and archived on the company’s website at www.teleflex.com and the accompanying presentation will be posted prior to the call. An audio replay will be available until August 1, 2011, 12:00pm (ET), by calling 888-286-8010 (U.S./Canada) or 617-801-6888 (International), Passcode: 66816668.
ADDITIONAL NOTES
Constant currency revenue and growth exclude the impact of translating the results of international subsidiaries at different currency exchange rates from period to period. Constant currency revenue and growth include activity of a purchased company beyond the initial twelve months after the date of acquisition.
Certain financial information is presented on a rounded basis, which may cause minor differences.
Product group results and commentary exclude the impact of discontinued operations, items included in restructuring and impairment charges, and losses and other charges set forth in the condensed consolidated statements of income.

 

 


 

NOTES ON NON-GAAP FINANCIAL MEASURES
This press release includes certain non-GAAP financial measures. These measures include (i) adjusted diluted earnings per share, which excludes the effect of charges associated with our restructuring programs and asset impairments, losses and other charges related to refinancing transactions, costs associated with severance payments and benefits to be provided to our former chief executive officer, intangible amortization expense and the amortization of debt discount on convertible notes; and (ii) constant currency revenue and growth, which exclude the impact of translating the results of international subsidiaries at different currency exchange rates from period to period. Consistent with past practice, adjusted diluted earnings per share has not been adjusted to exclude the benefit resulting from the forfeiture of equity awards. Management believes these measures are useful to investors because they eliminate items that do not reflect Teleflex’s day-to-day operations. In addition, management uses these financial measures for internal managerial purposes, when publicly providing guidance on possible future results, and to assist in our evaluation of period-to-period comparisons. These financial measures are presented in addition to results presented in accordance with GAAP and should not be relied upon as a substitute for GAAP financial measures. Tables reconciling these non-GAAP measures to the most directly comparable GAAP measures are set forth below.

 

 


 

RECONCILIATION OF INCOME FROM CONTINUING OPERATIONS
                 
    Three Months Ended     Three Months Ended  
    June 26, 2011     June 27, 2010  
    (Dollars in thousands, except per share)  
Income and diluted earnings per share attributable to common
  $ 31,329     $ 32,087  
shareholders
  $ 0.77     $ 0.80  
 
               
Restructuring and impairment charges
    115       75  
Tax benefit
    (25 )     (157 )
 
           
Restructuring and impairment charges, net of tax
    90       (82 )
 
           
 
  $ 0.00     $ 0.00  
 
               
Losses and other charges (A)
    816        
Tax benefit
    (297 )      
 
           
Losses and other charges, net of tax
    519        
 
           
 
  $ 0.01        
 
               
Amortization of debt discount on convertible notes
    2,394        
Tax benefit
    (867 )      
 
           
Amortization of debt discount on convertible notes, net of tax
    1,527        
 
           
 
  $ 0.04        
 
               
Intangible amortization expense
    11,102       10,857  
 
Tax benefit
    (4,044 )     (3,917 )
 
           
 
Intangible amortization expense, net of tax
    7,058       6,940  
 
           
 
  $ 0.17     $ 0.17  
 
               
Tax adjustments (B)
    (2,165 )      
 
           
 
  $ (0.05 )      
 
               
Adjusted income and diluted earnings per share
  $ 38,358     $ 38,945  
 
           
 
  $ 0.94     $ 0.97  
(A)   In 2011, losses and other charges include approximately $0.5 million, net of tax, or $0.01 per share, related to the loss on extinguishment of debt.
 
(B)   The tax adjustment represents a net benefit resulting from the resolution (including the expiration of statutes of limitations) of various prior years’ U.S. federal, state and foreign tax matters.

 

 


 

RECONCILIATION OF INCOME FROM CONTINUING OPERATIONS
                 
    Six Months Ended     Six Months Ended  
    June 26, 2011     June 27, 2010  
    (Dollars in thousands, except per share)  
Income and diluted earnings per share attributable to common
  $ 45,103     $ 64,664  
shareholders
  $ 1.11     $ 1.61  
 
               
Restructuring and impairment charges
    710       538  
Tax benefit
    (250 )     (272 )
 
           
Restructuring and impairment charges, net of tax
    460       266  
 
           
 
  $ 0.01     $ 0.01  
 
               
Losses and other charges (A)
    20,913        
Tax benefit
    (7,601 )      
 
           
Losses and other charges, net of tax
    13,312        
 
           
 
  $ 0.33        
 
               
Amortization of debt discount on convertible notes
    4,757        
Tax benefit
    (1,729 )      
 
           
Amortization of debt discount on convertible notes, net of tax
    3,028        
 
           
 
  $ 0.07        
 
               
Intangible amortization expense
    22,115       21,385  
 
               
Tax benefit
    (8,063 )     (7,744 )
 
           
 
               
Intangible amortization expense, net of tax
    14,052       13,641  
 
           
 
  $ 0.35     $ 0.34  
 
               
Tax adjustments (B)
    (2,165 )      
 
           
 
  $ (0.05 )      
 
               
Adjusted income and diluted earnings per share
  $ 73,790     $ 78,571  
 
           
 
  $ 1.82     $ 1.95  
(A)   In 2011, losses and other charges include approximately $9.8 million, net of tax, or $0.24 per share, related to the loss on extinguishment of debt; approximately $3.5 million, net of tax, or $0.09 per share, in charges related to severance payments and benefits to be provided to our former chief executive officer.
 
(B)   The tax adjustment represents a net benefit resulting from the resolution (including the expiration of statutes of limitations) of various prior years’ U.S. federal, state and foreign tax matters.

 

 


 

RECONCILIATION OF CASH FLOW FROM OPERATIONS
                 
    Six Months Ended     Six Months Ended  
    June 26, 2011     June 27, 2010  
    (Dollars in thousands)  
 
               
Cash flow from operations as reported
  $ 39,634     $ 79,736  
 
               
Add: Impact of the adoption of the amendment to Accounting Standards Codification topic 860 “Transfers and Servicing”
          39,700  
 
               
Less: Tax refund on sale of ATI business
          59,499  
 
           
 
               
Adjusted cash flow from operations
  $ 39,634     $ 59,937  
RECONCILIATION OF NET DEBT OBLIGATIONS
                 
    June 26, 2011     December 31, 2010  
    (Dollars in thousands)  
 
               
Note payable and current portion of long-term borrowings
  $ 29,700     $ 103,711  
 
               
Long term borrowings
    949,866       813,409  
 
               
Unamortized debt discount
    75,134       79,891  
 
           
 
               
Total debt obligations
    1,054,700       997,011  
 
               
Less: cash and cash equivalents
    365,809       208,452  
 
           
 
               
Net debt obligations
  $ 688,891     $ 788,559  
 
           
ABOUT TELEFLEX INCORPORATED
Teleflex is a leading global provider of specialty medical devices for a range of procedures in critical care and surgery. Our mission is to provide solutions that enable healthcare providers to improve outcomes and enhance patient and provider safety. Headquartered in Limerick, PA, Teleflex employs approximately 11,600 people worldwide and serves healthcare providers in more than 130 countries. For additional information about Teleflex please refer to www.teleflex.com.
CAUTION CONCERNING FORWARD-LOOKING INFORMATION
This press release contains forward-looking statements, including, but not limited to, statements relating to forecasted 2011 total revenue, adjusted earnings per share and cash flow from continuing operations. Actual results could differ materially from those in the forward-looking statements due to, among other things, conditions in the end markets we serve, customer reaction to new products and programs, our ability to achieve sales growth, price increases or cost reductions; changes in the reimbursement practices of third party payors; our ability to realize efficiencies and to execute on our strategic initiatives; changes in material costs and surcharges; market acceptance and unanticipated difficulties in connection with the introduction of new products and product line extensions; product recalls; unanticipated difficulties in connection with the consolidation of manufacturing and administrative functions; unanticipated difficulties, expenditures and delays in complying with government regulations applicable to our businesses; the impact of government healthcare reform legislation; our ability to meet our debt obligations; changes in general and international economic conditions; and other factors described or incorporated in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and the disclosure incorporated into Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended June 26, 2011.

 

 


 

TELEFLEX INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
                 
    Three Months Ended  
    June 26,     June 27,  
    2011     2010  
    (Dollars and shares in thousands,  
    except per share)  
 
               
Net revenues
  $ 391,286     $ 358,427  
Cost of goods sold
    207,254       184,126  
 
           
Gross profit
    184,032       174,301  
Selling, general and administrative expenses
    111,751       99,768  
Research and development expenses
    12,456       10,288  
Restructuring and other impairment charges
    3,176       75  
 
           
Income from continuing operations before interest, loss on extinguishments of debt and taxes
    56,649       64,170  
Interest expense
    15,785       19,534  
Interest income
    (253 )     (150 )
Loss on extinguishments of debt
    816        
 
           
Income from continuing operations before taxes
    40,301       44,786  
Taxes on income from continuing operations
    8,714       12,440  
 
           
Income from continuing operations
    31,587       32,346  
 
           
Operating income (loss) from discontinued operations (including gain (loss) on disposal of ($4,504) in 2011 and $28,825 in 2010, respectively)
    (4,360 )     45,634  
Taxes (benefit) on income from discontinued operations
    (7,260 )     17,454  
 
           
Income from discontinued operations
    2,900       28,180  
 
           
Net income
    34,487       60,526  
Less: Income from continuing operations attributable to noncontrolling interest
    258       259  
Income from discontinued operations attributable to noncontrolling interest
    159       119  
 
           
Net income attributable to common shareholders
  $ 34,070     $ 60,148  
 
           
 
               
Earnings per share available to common shareholders:
               
Basic:
               
Income from continuing operations
  $ 0.77     $ 0.80  
Income from discontinued operations
  $ 0.07     $ 0.70  
 
           
Net income
  $ 0.84     $ 1.51  
 
           
 
               
Diluted:
               
Income from continuing operations
  $ 0.77     $ 0.80  
Income from discontinued operations
  $ 0.07     $ 0.70  
 
           
Net income
  $ 0.83     $ 1.49  
 
           
 
Dividends per common share
  $ 0.34     $ 0.34  
 
               
Weighted average common shares outstanding:
               
Basic
    40,536       39,913  
Diluted
    40,872       40,356  
 
               
Amounts attributable to common shareholders:
               
Income from continuing operations, net of tax
  $ 31,329     $ 32,087  
Income from discontinued operations, net of tax
    2,741       28,061  
 
           
Net income
  $ 34,070     $ 60,148  
 
           

 

 


 

TELEFLEX INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
                 
    Six Months Ended  
    June 26,     June 27,  
    2011     2010  
    (Dollars and shares in thousands,  
    except per share)  
 
               
Net revenues
  $ 745,290     $ 701,964  
Cost of goods sold
    396,754       356,852  
 
           
Gross profit
    348,536       345,112  
Selling, general and administrative expenses
    215,137       195,419  
Research and development expenses
    23,494       19,599  
Restructuring and other impairment charges
    3,771       538  
 
           
Income from continuing operations before interest, loss on extinguishments of debt and taxes
    106,134       129,556  
Interest expense
    31,931       38,454  
Interest income
    (358 )     (356 )
Loss on extinguishments of debt
    15,413        
 
           
Income from continuing operations before taxes
    59,148       91,458  
Taxes on income from continuing operations
    13,564       26,363  
 
           
Income from continuing operations
    45,584       65,095  
 
           
Operating income from discontinued operations (including gain on disposal of $52,269 in 2011 and $38,562 in 2010, respectively)
    59,576       60,009  
Taxes (benefit) on income from discontinued operations
    (7,521 )     26,620  
 
           
Income from discontinued operations
    67,097       33,389  
 
           
Net income
    112,681       98,484  
Less: Income from continuing operations attributable to noncontrolling interest
    481       431  
Income from discontinued operations attributable to noncontrolling interest
    318       233  
 
           
Net income attributable to common shareholders
  $ 111,882     $ 97,820  
 
           
 
               
Earnings per share available to common shareholders:
               
Basic:
               
Income from continuing operations
  $ 1.12     $ 1.62  
Income from discontinued operations
  $ 1.66     $ 0.83  
 
           
Net income
  $ 2.78     $ 2.45  
 
           
 
               
Diluted:
               
Income from continuing operations
  $ 1.11     $ 1.61  
Income from discontinued operations
  $ 1.64     $ 0.82  
 
           
Net income
  $ 2.75     $ 2.43  
 
           
 
Dividends per common share
  $ 0.68     $ 0.68  
 
               
Weighted average common shares outstanding:
               
Basic
    40,297       39,852  
Diluted
    40,648       40,277  
 
               
Amounts attributable to common shareholders:
               
Income from continuing operations, net of tax
  $ 45,103     $ 64,664  
Income from discontinued operations, net of tax
    66,779       33,156  
 
           
Net income
  $ 111,882     $ 97,820  
 
           

 

 


 

TELEFLEX INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
                 
    June 26,     December 31,  
    2011     2010  
    (Dollars in thousands)  
 
               
ASSETS
               
 
               
Current assets
               
Cash and cash equivalents
  $ 365,809     $ 208,452  
Accounts receivable, net
    283,181       294,196  
Inventories, net
    293,822       338,598  
Prepaid expenses and other current assets
    30,580       28,831  
Income taxes receivable
    25,079       3,888  
Deferred tax assets
    34,997       39,309  
Assets held for sale
    115,460       7,959  
 
           
Total current assets
    1,148,928       921,233  
Property, plant and equipment, net
    255,253       287,705  
Goodwill
    1,475,436       1,442,411  
Intangible assets, net
    917,552       918,522  
Investments in affiliates
    2,284       4,899  
Deferred tax assets
    376       358  
Other assets
    78,403       68,027  
 
           
Total assets
  $ 3,878,232     $ 3,643,155  
 
           
 
               
LIABILITIES AND EQUITY
               
 
               
Current liabilities
               
Current borrowings
  $ 29,700     $ 103,711  
Accounts payable
    67,558       84,846  
Accrued expenses
    114,753       117,488  
Payroll and benefit-related liabilities
    68,655       71,418  
Derivative liabilities
    15,498       15,634  
Accrued interest
    13,355       18,347  
Income taxes payable
    3,786       4,886  
Deferred tax liabilities
    5,147       4,433  
Liabilities held for sale
    45,827        
 
           
Total current liabilities
    364,279       420,763  
Long-term borrowings
    949,866       813,409  
Deferred tax liabilities
    392,557       370,819  
Pension and postretirement benefit liabilities
    114,911       141,769  
Noncurrent liability for uncertain tax positions
    65,005       62,602  
Other liabilities
    41,277       46,515  
 
           
Total liabilities
    1,927,895       1,855,877  
Commitments and contingencies
               
Total common shareholders’ equity
    1,945,625       1,783,376  
Noncontrolling interest
    4,712       3,902  
 
           
Total equity
    1,950,337       1,787,278  
 
           
Total liabilities and equity
  $ 3,878,232     $ 3,643,155  
 
           

 

 


 

TELEFLEX INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
                 
    Six Months Ended  
    June 26, 2011     June 27, 2010  
    (Dollars in thousands)  
Cash Flows from Operating Activities of Continuing Operations:
               
Net income
  $ 112,681     $ 98,484  
Adjustments to reconcile net income to net cash provided by operating activities:
               
Income from discontinued operations
    (67,097 )     (33,389 )
Depreciation expense
    20,928       21,359  
Amortization expense of intangible assets
    22,115       21,384  
Amortization expense of deferred financing costs and debt discount
    6,642       1,890  
Loss on extinguishments of debt
    15,413        
Stock-based compensation
    955       4,320  
Impairment of investment in affiliates
    3,061        
Deferred income taxes, net
    941       24,262  
Other
    1,391       378  
Changes in operating assets and liabilities, net of effects of acquisitions and disposals:
               
Accounts receivable
    (37,870 )     (50,870 )
Inventories
    (17,098 )     (5,258 )
Prepaid expenses and other current assets
    (3,640 )     1,667  
Accounts payable and accrued expenses
    (3,635 )     (28,082 )
Income taxes receivable and payable, net
    (15,153 )     23,591  
 
           
Net cash provided by operating activities from continuing operations
    39,634       79,736  
 
           
 
               
Cash Flows from Investing Activities of Continuing Operations:
               
Expenditures for property, plant and equipment
    (15,277 )     (13,658 )
Proceeds from sales of businesses and assets, net of cash sold
    100,916       74,734  
Payments for businesses and intangibles acquired, net of cash acquired
    (30,570 )     (81 )
 
           
Net cash provided by investing activities from continuing operations
    55,069       60,995  
 
           
 
               
Cash Flows from Financing Activities of Continuing Operations:
               
Proceeds from long-term borrowings
    515,000        
Repayment of long-term borrowings
    (455,800 )     (64,170 )
Increase in notes payable and current borrowings
          39,700  
Proceeds from stock compensation plans
    30,577       8,032  
Payments to noncontrolling interest shareholders
          (637 )
Dividends
    (27,438 )     (27,120 )
Debt extinguishment, issuance and amendment fees
    (19,058 )      
 
           
Net cash provided by (used in) financing activities from continuing operations
    43,281       (44,195 )
 
           
 
               
Cash Flows from Discontinued Operations:
               
Net cash provided by operating activities
    13,068       19,738  
Net cash used in investing activities
    (1,241 )     (1,846 )
 
           
Net cash provided by discontinued operations
    11,827       17,892  
 
           
 
               
Effect of exchange rate changes on cash and cash equivalents
    7,546       (15,604 )
 
           
Net increase in cash and cash equivalents
    157,357       98,824  
Cash and cash equivalents at the beginning of the period
    208,452       188,305  
 
           
Cash and cash equivalents at the end of the period
  $ 365,809       287,129