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8-K - 8-K - RPM INTERNATIONAL INC/DE/d16379d8k.htm
EX-99.2 - EX-99.2 - RPM INTERNATIONAL INC/DE/d16379dex992.htm

Exhibit 99.1

RPM REPORTS RECORD FOURTH-QUARTER

RESULTS FOR FISCAL 2015

 

    Fourth-quarter sales increase 8% over prior year

 

    Net income for the quarter up 18% over prior-year results

 

    Fiscal 2015 full-year sales increase 5% over prior year

 

    Fiscal 2015 full-year net income as-reported down 18% from prior-year

 

    Fiscal year net income as-adjusted up 11% over prior year

Medina, Ohio – July 27, 2015 – RPM International Inc. (NYSE: RPM) today reported record sales, net income and diluted earnings per share for its fiscal fourth quarter ended May 31, 2015.

Fourth-Quarter Results

Fourth-quarter net sales increased 7.5% to $1.37 billion from $1.28 billion. Consolidated earnings before interest and taxes (EBIT) improved 18.7% to $204.3 million, from $172.1 million a year ago. Net income for the fourth quarter was up 17.7% to $128.0 million from $108.8 million reported in the fourth quarter of fiscal 2014. Diluted earnings per share were $0.94, up 17.5% from $0.80 reported a year ago.

“We are pleased with RPM’s fourth-quarter performance, especially in view of the headwinds posed by the very strong U.S. dollar and sluggish conditions in many international regions, including much of Europe and Latin America. Despite these challenges, our operating companies continue to compete and win in their respective markets, helping to drive our growth. Furthermore, the fiscal 2015 will be most remembered as the year we closed the chapter on our Bondex asbestos liability issue and reconsolidated the Specialty Products Holding Corp. (SPHC) subsidiaries generating more than $400 million in annualized sales back into the fold at RPM,” stated Frank C. Sullivan, RPM chairman and chief executive officer.

Fourth-Quarter Segment Sales and Earnings

Fiscal 2015 fourth-quarter industrial segment sales increased 14.2% to $878.5 million from $769.2 million reported a year ago. Organic sales improved 6.4%, while acquisition growth added 16.3%, including the impact of SPHC subsidiaries that were reconsolidated with RPM’s results effective on January 1, 2015. Foreign currency translation negatively impacted sales by 8.5%. Industrial segment EBIT was up 21.6% to $120.7 million from $99.2 million in the prior year.

“Industrial results were mixed in the fourth quarter, as they have been throughout the 2015 fiscal year. Our U.S. industrial businesses performed well, benefiting in part from continued momentum in commercial construction and the additional sales attributable to the reconsolidation of SPHC. This performance was dampened by the surge in the U.S. dollar against most other currencies around the world, especially the Euro. Overall, our industrial businesses in Europe showed tremendous resiliency with relatively flat sales in local currencies,” stated Sullivan.


RPM Reports Record Fourth-Quarter and Results for Fiscal 2015

July 27, 2015

Page 2

 

Net sales for RPM’s consumer segment declined 2.5% to $494.7 million from $507.6 million in the fiscal 2014 fourth quarter. Organic sales were down 1.3%, while acquisition growth added 1.3%. Foreign exchange translation was a negative 2.5%. Consumer segment EBIT increased 17.1% in the fiscal 2015 fourth quarter to $100.6 million from $86.0 million and included an earn-out reversal of $9.9 million from Synta, established at the time of its acquisition in fiscal 2013. Excluding the earn-out, EBIT increased 5.5%.

“Our consumer businesses faced some tough comparisons against a very strong fourth quarter in fiscal 2014, particularly our Synta deck coatings and Kirker nail enamel businesses. Additionally, the impact of a particularly rainy spring and start to the summer selling season dampened retail take-away across nearly all our consumer product lines,” stated Sullivan.

Cash Flow and Financial Position

For fiscal 2015, cash from operations was $330.4 million, up 18.8% from $278.1 million in fiscal 2014. Capital expenditures during the year were $85.4 million, while depreciation was $62.2 million. Total debt at the end of fiscal 2015 was $1.66 billion, compared to $1.35 billion at the end of fiscal 2014. RPM’s net (of cash) debt-to-total capitalization ratio was 53.4%, compared to 42.4% at May 31, 2014.

As previously reported, during the fourth quarter RPM sold $250 million aggregate principal amount of its 5.250% notes due June 1, 2045. Net proceeds of the offering were used to repay a portion of borrowings under the company’s revolving credit facility.

“RPM’s capital position remains strong, with 87.3% of total debt at fixed rates and a total average interest rate of 4.26%. While our net (of cash) debt-to-total capitalization ratio increased as a result of borrowing to fund the first installment of our settlement related to SPHC, it is still within our historic norms. Our strong cash generation allowed RPM to reduce long-term debt in the fourth quarter by more than $200 million. At May 31, 2015, RPM had $963.7 million in liquidity, including cash and long-term committed available credit, enabling the continuation of our acquisition program, internal growth efforts and a growing cash dividend,” Sullivan stated.

Fiscal 2015 Consolidated Sales and Earnings

Fiscal 2015 consolidated net sales increased 5.0% to $4.59 billion from $4.38 billion in fiscal 2014. Consolidated EBIT was up 6.7% to $522.3 million from $489.7 million in fiscal 2014. Reported net income declined 17.9% to $239.5 million from $291.7 million in fiscal 2014. Diluted earnings per share of $1.78 were down 18.3% from $2.18 a year ago.

The fiscal 2015 adjustment was $83.5 million in the third quarter for a non-cash, net charge for a tax accrual related to possible repatriation of overseas earnings to fund remaining obligations under the company’s SPHC settlement. On an adjusted basis, net income was up 10.7% to $323.0 million, and diluted earnings per share improved 9.2% to $2.38.


RPM Reports Record Fourth-Quarter and Results for Fiscal 2015

July 27, 2015

Page 3

 

Fiscal 2015 Segment Sales and Earnings

Fiscal 2015 sales for RPM’s industrial segment increased 8.0% to $2.99 billion from $2.77 billion in fiscal 2014. Organic sales increased 5.1%, with acquisition growth, mostly SPHC, contributing 7.6%. Foreign currency translation negatively impacted sales by 4.7%. Industrial segment EBIT improved 5.6% to $323.0 million from $306.0 million in fiscal 2014.

Consumer segment sales for fiscal 2015 decreased slightly to $1.60 billion from $1.61 billion in fiscal 2014. Organic sales increased by 0.1%, and acquisition growth added 1.3%. Currency translation negatively impacted sales by 1.6%. Consumer segment EBIT increased 9.1%, to $273.9 million from $251.1 million, including the benefits of the Synta earn-out reversal during the fourth quarter and the Kirker earn-out reversal in the second quarter.

Business Outlook

“For fiscal 2016, we expect consumer segment sales to increase by 4% to 5%, with our core consumer businesses continuing to gain market share with new product innovations. Unfortunately, poor weather from the spring has continued into the summer months, dampening first-quarter sales. On a more positive note, we expect a return to both top- and bottom-line growth in our Synta and Kirker units, both of which faced significant headwinds in fiscal 2015,” Sullivan stated.

“In the industrial segment, we anticipate sales growth of 8% to 10%. We expect continued positive momentum from our U.S.-based industrial businesses, especially those serving the commercial construction markets. In Europe, we see a return to growth in local currencies by many of our industrial businesses there, along with continued strong growth in Brazil in its local currency, with new products expected to drive incremental sales as well. We don’t foresee improvement in sales for our businesses serving the energy sector, as both exploration and production continue to decline as a result of lower energy prices. In addition, we expect a continued strong negative impact from foreign currency translation,” Sullivan stated.

“RPM’s guidance for earnings per diluted share in fiscal 2016 is approximately $2.55, a 7.1% improvement over the as-adjusted $2.38 per diluted share in fiscal 2015. The guidance includes the anticipated negative impact of $0.10 per share as a result of a higher effective tax rate and $0.07 per share from the estimated negative impact of foreign currency translation during fiscal 2016. For our consumer segment, the first quarter is getting off to a weak start due to the weather related slowdown. Our results for the industrial segment, with 50% of its sales outside of the U.S., will be somewhat weighted to the second half due to the expected negative impact of foreign exchange translation during the first half of fiscal 2016, offset in part by the expected continuing solid performance of the SPHC companies,” stated Sullivan.

Webcast and Conference Call Information

Management will host a conference call to discuss the results beginning at 10:00 a.m. EDT the same day. The call can be accessed by dialing 888-771-4371 or 847-585-4405 for international callers. Participants are asked to call the assigned number approximately 10 minutes before the conference call begins. The call, which will last approximately one hour, will be open to the public, but only financial


RPM Reports Record Fourth-Quarter and Results for Fiscal 2015

July 27, 2015

Page 4

 

analysts will be permitted to ask questions. The media and all other participants will be in a listen-only mode.

For those unable to listen to the live call, a replay will be available from approximately 12:30 p.m. EDT on July 27, 2015 until 11:59 p.m. EDT on August 3, 2015. The replay can be accessed by dialing 888-843-7419 or 630-652-3042 for international callers. The access code is 38349286. The call also will be available both live and for replay, and as a written transcript, via the RPM web site at www.RPMinc.com.

About RPM

RPM International Inc. owns subsidiaries that are world leaders in specialty coatings, sealants, building materials and related services for both industrial and consumer markets. RPM’s industrial products include roofing systems, sealants, corrosion control coatings, flooring coatings and specialty chemicals. Industrial companies include Stonhard, Tremco, illbruck, Carboline, Flowcrete, Day-Glo, Dryvit and Euclid Chemical. RPM’s consumer products are used by professionals and do-it-yourselfers for home maintenance and improvement and by hobbyists. Consumer brands include Rust-Oleum, DAP, Zinsser, Varathane and Testors. Additional details can be found at www.RPMinc.com and by following RPM on Twitter at www.twitter.com/RPMintl.

For more information, contact Barry M. Slifstein, vice president – investor relations, at 330-273-5090 or bslifstein@rpminc.com.

This press release contains “forward-looking statements” relating to our business. These forward-looking statements, or other statements made by us, are made based on our expectations and beliefs concerning future events impacting us, and are subject to uncertainties and factors (including those specified below) which are difficult to predict and, in many instances, are beyond our control. As a result, our actual results could differ materially from those expressed in or implied by any such forward-looking statements. These uncertainties and factors include (a) global markets and general economic conditions, including uncertainties surrounding the volatility in financial markets, the availability of capital and the effect of changes in interest rates, and the viability of banks and other financial institutions; (b) the prices, supply and capacity of raw materials, including assorted pigments, resins, solvents and other natural gas- and oil-based materials; packaging, including plastic containers; and transportation services, including fuel surcharges; (c) continued growth in demand for our products; (d) legal, environmental and litigation risks inherent in our construction and chemicals businesses and risks related to the adequacy of our insurance coverage for such matters; (e) the effect of changes in interest rates; (f) the effect of fluctuations in currency exchange rates upon our foreign operations; (g) the effect of non-currency risks of investing in and conducting operations in foreign countries, including those relating to domestic and international political, social, economic and regulatory factors; (h) risks and uncertainties associated with our ongoing acquisition and divestiture activities; (i) risks related to the adequacy of our contingent liability reserves; and (j) other risks detailed in our filings with the Securities and Exchange Commission, including the risk factors set forth in our Annual Report on Form 10-K for the year ended May 31, 2014, as the same may be updated from time to time. We do not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.

# # #


CONSOLIDATED STATEMENTS OF INCOME

IN THOUSANDS, EXCEPT PER SHARE DATA

 

     As Reported     Adjusted (1)  
     Three Months Ended     Year Ended     Year Ended  
     May 31,     May 31,     May 31,  
     2015     2014     2015     2014     2015  
     (Unaudited)           (Unaudited)  

Net Sales

   $ 1,373,159      $ 1,276,782      $ 4,594,550      $ 4,376,353      $ 4,594,550   

Cost of sales

     773,864        716,057        2,653,181        2,500,585        2,653,181   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     599,295        560,725        1,941,369        1,875,768        1,941,369   

Selling, general & administrative expenses

     395,359        389,416        1,422,944        1,390,128        1,422,944   

Interest expense

     27,303        19,677        87,615        80,951        87,615   

Investment (income), net

     (2,023     (2,065     (18,577     (15,715     (18,577

Other (income), net

     (342     (805     (3,866     (4,083     (3,866
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

     178,998        154,502        453,253        424,487        453,253   

Provision for income taxes

     50,413        40,732        224,925        118,503        118,699   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     128,585        113,770        228,328        305,984        334,554   

Less: Net income (loss) attributable to noncontrolling interests

     598        4,991        (11,156     14,324        11,566   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to RPM International Inc. Stockholders

   $ 127,987      $ 108,779      $ 239,484      $ 291,660      $ 322,988   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share of common stock attributable to RPM International Inc. Stockholders:

          

Basic

   $ 0.97      $ 0.82      $ 1.81      $ 2.20      $ 2.43   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ 0.94      $ 0.80      $ 1.78      $ 2.18      $ 2.38   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Average shares of common stock outstanding - basic

     129,578        129,532        129,933        129,438        129,933   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Average shares of common stock outstanding - diluted

     134,540        134,423        134,893        132,288        134,893   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

(1)    See attached page for reconciliation from As Reported to Adjusted figures.

       

     
SUPPLEMENTAL SEGMENT INFORMATION           
IN THOUSANDS           

 

     As Reported  
     Three Months Ended
May 31,
     Year Ended
May 31,
 
     2015      2014      2015      2014  
     (Unaudited)         

Net Sales:

           

Industrial Segment

   $ 878,491       $ 769,181       $ 2,990,721       $ 2,769,657   

Consumer Segment

     494,668         507,601         1,603,829         1,606,696   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 1,373,159       $ 1,276,782       $ 4,594,550       $ 4,376,353   
  

 

 

    

 

 

    

 

 

    

 

 

 

Income Before Income Taxes (a):

           

Industrial Segment

           

Income Before Income Taxes (a)

   $ 119,251       $ 96,492       $ 315,382       $ 295,751   

Interest (Expense), Net (b)

     (1,441      (2,752      (7,656      (10,227
  

 

 

    

 

 

    

 

 

    

 

 

 

EBIT (c)

   $ 120,692       $ 99,244       $ 323,038       $ 305,978   
  

 

 

    

 

 

    

 

 

    

 

 

 

Consumer Segment

           

Income Before Income Taxes (a)

   $ 100,676       $ 85,998       $ 273,956       $ 251,229   

Interest (Expense), Net (b)

     40         32         34         122   
  

 

 

    

 

 

    

 

 

    

 

 

 

EBIT (c)

   $ 100,636       $ 85,966       $ 273,922       $ 251,107   
  

 

 

    

 

 

    

 

 

    

 

 

 

Corporate/Other

           

(Expense) Before Income Taxes (a)

   $ (40,929    $ (27,988    $ (136,085    $ (122,493

Interest (Expense), Net (b)

     (23,879      (14,892      (61,416      (55,131
  

 

 

    

 

 

    

 

 

    

 

 

 

EBIT (c)

   $ (17,050    $ (13,096    $ (74,669    $ (67,362
  

 

 

    

 

 

    

 

 

    

 

 

 

Consolidated

           

Income Before Income Taxes (a)

   $ 178,998       $ 154,502       $ 453,253       $ 424,487   

Interest (Expense), Net (b)

     (25,280      (17,612      (69,038      (65,236
  

 

 

    

 

 

    

 

 

    

 

 

 

EBIT (c)

   $ 204,278       $ 172,114       $ 522,291       $ 489,723   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(a) The presentation includes a reconciliation of Income (Loss) Before Income Taxes, a measure defined by Generally Accepted Accounting Principles in the United States (GAAP), to EBIT.
(b) Interest (expense), net includes the combination of interest (expense) and investment income/(expense), net.
(c) EBIT is defined as earnings (loss) before interest and taxes. We evaluate the profit performance of our segments based on income before income taxes, but also look to EBIT as a performance evaluation measure because interest expense is essentially related to corporate acquisitions, as opposed to segment operations. For that reason, we believe EBIT is also useful to investors as a metric in their investment decisions. EBIT should not be considered an alternative to, or more meaningful than, operating income as determined in accordance with GAAP, since EBIT omits the impact of interest and taxes in determining operating performance, which represent items necessary to our continued operations, given our level of indebtedness and ongoing tax obligations. Nonetheless, EBIT is a key measure expected by and useful to our fixed income investors, rating agencies and the banking community all of whom believe, and we concur, that this measure is critical to the capital markets’ analysis of our segments’ core operating performance. We also evaluate EBIT because it is clear that movements in EBIT impact our ability to attract financing. Our underwriters and bankers consistently require inclusion of this measure in offering memoranda in conjunction with any debt underwriting or bank financing. EBIT may not be indicative of our historical operating results, nor is it meant to be predictive of potential future results.


CONSOLIDATED STATEMENTS OF INCOME

RECONCILIATION OF “AS REPORTED” TO “ADJUSTED”

IN THOUSANDS, EXCEPT PER SHARE DATA

(Unaudited)

 

     Year Ended May 31, 2015  
     AS REPORTED     Adjustments     ADJUSTED  

Net Sales

   $ 4,594,550      $ —        $ 4,594,550   

Cost of sales

     2,653,181        —          2,653,181   
  

 

 

   

 

 

   

 

 

 

Gross profit

     1,941,369        —          1,941,369   

Selling, general & administrative expenses

     1,422,944        —          1,422,944   

Interest expense

     87,615        —          87,615   

Investment (income), net

     (18,577     —          (18,577

Other expense (income), net

     (3,866     —          (3,866
  

 

 

   

 

 

   

 

 

 

Income before income taxes

     453,253        —          453,253   

Provision for income taxes

     224,925        (106,226 ) (1)      118,699   
  

 

 

   

 

 

   

 

 

 

Net income

     228,328        106,226        334,554   

Less: Net income (loss) attributable to noncontrolling interests

     (11,156     22,722   (1)      11,566   
  

 

 

   

 

 

   

 

 

 

Net income attributable to RPM International Inc. Stockholders

   $ 239,484      $ 83,504      $ 322,988   
  

 

 

   

 

 

   

 

 

 

Earnings per share attributable to RPM International Inc. Stockholders:

      

Basic

   $ 1.81      $ 0.62      $ 2.43   
  

 

 

   

 

 

   

 

 

 

Diluted

   $ 1.78      $ 0.60      $ 2.38   
  

 

 

   

 

 

   

 

 

 

 

(1) Reflects adjustments related to the recognition of an ASC 740-30 tax liability for the potential repatriation of foreign earnings and related impact on NCI Net Income.


CONSOLIDATED BALANCE SHEETS

IN THOUSANDS

 

     May 31, 2015     May 31, 2014  

Assets

    

Current Assets

    

Cash and cash equivalents

   $ 174,711      $ 332,868   

Trade accounts receivable

     980,737        901,587   

Allowance for doubtful accounts

     (24,526     (27,641
  

 

 

   

 

 

 

Net trade accounts receivable

     956,211        873,946   

Inventories

     674,205        613,644   

Deferred income taxes

     29,892        22,281   

Prepaid expenses and other current assets

     264,827        219,556   
  

 

 

   

 

 

 

Total current assets

     2,099,846        2,062,295   
  

 

 

   

 

 

 

Property, Plant and Equipment, at Cost

     1,258,304        1,191,676   

Allowance for depreciation and amortization

     (668,658     (658,871
  

 

 

   

 

 

 

Property, plant and equipment, net

     589,646        532,805   
  

 

 

   

 

 

 

Other Assets

    

Goodwill

     1,215,688        1,147,374   

Other intangible assets, net of amortization

     604,130        459,536   

Deferred income taxes, non-current

     5,685        7,943   

Other

     179,245        168,412   
  

 

 

   

 

 

 

Total other assets

     2,004,748        1,783,265   
  

 

 

   

 

 

 

Total Assets

   $ 4,694,240      $ 4,378,365   
  

 

 

   

 

 

 

Liabilities and Stockholders’ Equity

    

Current Liabilities

    

Accounts payable

   $ 512,165      $ 525,680   

Current portion of long-term debt

     2,038        5,662   

Accrued compensation and benefits

     169,370        173,846   

Accrued loss reserves

     22,016        27,487   

Other accrued liabilities

     197,647        204,411   
  

 

 

   

 

 

 

Total current liabilities

     903,236        937,086   
  

 

 

   

 

 

 

Long-Term Liabilities

    

Long-term debt, less current maturities

     1,654,037        1,345,965   

Other long-term liabilities

     752,821        466,659   

Deferred income taxes

     90,681        50,061   
  

 

 

   

 

 

 

Total long-term liabilities

     2,497,539        1,862,685   
  

 

 

   

 

 

 

Total liabilities

     3,400,775        2,799,771   
  

 

 

   

 

 

 

Stockholders’ Equity

    

Preferred stock; none issued

    

Common stock (outstanding 133,203; 133,273)

     1,332        1,333   

Paid-in capital

     872,127        790,102   

Treasury stock, at cost

     (124,928     (85,400

Accumulated other comprehensive (loss)

     (394,135     (156,882

Retained earnings

     936,996        833,691   
  

 

 

   

 

 

 

Total RPM International Inc. stockholders’ equity

     1,291,392        1,382,844   

Noncontrolling interest

     2,073        195,750   
  

 

 

   

 

 

 

Total equity

     1,293,465        1,578,594   
  

 

 

   

 

 

 

Total Liabilities and Stockholders’ Equity

   $ 4,694,240      $ 4,378,365   
  

 

 

   

 

 

 


CONSOLIDATED STATEMENTS OF CASH FLOWS

IN THOUSANDS

 

     Year Ended  
     May 31,     May 31,  
     2015     2014  

Cash Flows From Operating Activities:

    

Net income

   $ 228,328      $ 305,984   

Adjustments to reconcile net income to net cash provided by operating activities:

    

Depreciation

     62,188        58,543   

Amortization

     36,988        31,526   

Reversal of contingent consideration obligations

     (29,665  

Deferred income taxes

     97,502        6,572   

Stock-based compensation expense

     31,741        23,568   

Other

     (1,114     (1,672

Changes in assets and liabilities, net of effect from purchases and sales of businesses:

    

(Increase) in receivables

     (90,230     (79,080

(Increase) in inventory

     (31,348     (59,001

(Increase) in prepaid expenses and other current and long-term assets

     (4,590     (12,586

(Decrease) increase in accounts payable

     (16,249     42,216   

(Decrease) increase in accrued compensation and benefits

     (1,297     19,193   

(Decrease) in accrued loss reserves

     (7,218     (146

(Decrease) in contingent payment

       (63,014

Increase in other accrued liabilities

     57,385        14,855   

Other

     (1,973     (8,809
  

 

 

   

 

 

 

Cash Provided By Operating Activities

     330,448        278,149   
  

 

 

   

 

 

 

Cash Flows From Investing Activities:

    

Capital expenditures

     (85,363     (93,792

Acquisition of businesses, net of cash acquired

     (467,573     (39,248

Purchase of marketable securities

     (61,511     (83,536

Proceeds from sales of marketable securities

     40,279        62,896   

Proceeds from sales of assets or businesses

     4,079        2,794   

Other

     10,636        1,175   
  

 

 

   

 

 

 

Cash (Used For) Investing Activities

     (559,453     (149,711
  

 

 

   

 

 

 

Cash Flows From Financing Activities:

    

Additions to long-term and short-term debt

     460,560        208,532   

Reductions of long-term and short-term debt

     (162,318     (215,011

Cash dividends

     (136,179     (125,743

Repurchase of common stock

     (39,528     (12,906

Payments of acquisition related contingent consideration, less fair value adjustments

     (22,179     (5,000

Exercise of stock options and awards, including tax benefit

     8,560        11,934   

Other

     1,277        951   
  

 

 

   

 

 

 

Cash Provided By (Used For) Financing Activities

     110,193        (137,243
  

 

 

   

 

 

 

Effect of Exchange Rate Changes on Cash and Cash Equivalents

     (39,345     (1,881
  

 

 

   

 

 

 

Net Change in Cash and Cash Equivalents

     (158,157     (10,686

Cash and Cash Equivalents at Beginning of Period

     332,868        343,554   
  

 

 

   

 

 

 

Cash and Cash Equivalents at End of Period

   $ 174,711      $ 332,868