Exhibit 99.2

 

 

CHARLES RIVER ASSOCIATES (CRA) 

THIRD QUARTER FISCAL YEAR 2020 

EARNINGS ANNOUNCEMENT 

PREPARED CFO REMARKS

 

CRA is providing these prepared remarks by CFO Dan Mahoney in combination with its press release. These remarks are offered to provide the investment community with additional information on CRA’s financial results prior to the start of the conference call.

 

As previously announced, the conference call will be held October 29, 2020 at 10:00 a.m. ET. These prepared remarks will not be read on the call.

 

 

Q3 Fiscal 2020 Summary (Quarter ended September 26, 2020)

 

•

Revenue: $121.8 million

 

•

Net income: $5.4 million, or 4.4% of revenue; non-GAAP net income: $6.1 million, or 5.0% of revenue

 

•

Net income per diluted share: $0.68; non-GAAP net income per diluted share: $0.76

 

•

Operating margin: 6.6%; non-GAAP operating margin: 7.3%

 

•

Non-GAAP EBITDA: $12.0 million, or 9.8% of revenue

 

•

Effective tax rate: 28.2%; non-GAAP effective tax rate: 28.0%

 

•

Utilization: 69%

 

•

Consultant headcount at the end of Q3 of fiscal 2020: 826, which consists of 140 officers, 473 other senior staff and 213 junior staff

 

•

Cash and cash equivalents: $24.1 million at September 26, 2020

 

Revenue 

For Q3 of fiscal 2020, revenue was $121.8 million, compared with revenue of $115.7 million for Q3 of fiscal 2019.

 

 

Headcount 

The following table outlines CRA’s consultant headcount at the end of the stated quarters:

 

		Q3 2020				Q2 2020				Q1 2020				Q4 2019				Q3 2019
Officers			140				136				135				128				121
Other Senior Staff			473				450				442				434				412
Junior Staff			213				216				222				217				208
Total			826				802				799				779				741

 

Utilization 

For Q3 of fiscal 2020, companywide utilization was 69%, compared with 76% for Q3 fiscal 2019.

 

Client Reimbursables 

For Q3 of fiscal 2020, client reimbursables were $13.2 million, or 10.8% of revenue, compared with $14.0 million, or 12.1% of revenue, for Q3 of fiscal 2019.

 

Contingent Liability 

For Q3 of fiscal 2020, the estimated value of the contingent consideration obligation increased from Q2 of fiscal 2020 by $0.9 million to $13.5 million at September 26, 2020. For Q3 of fiscal 2019, the estimated value of the contingent consideration obligation increased from Q2 of fiscal 2019 by $3.0 million to $9.6 million at September 28, 2019.

 

The change in the value of the contingent liability is recorded as an increase (decrease) to cost of services (exclusive of depreciation and amortization) in the period reported.

 

Selling, General and Administrative (SG&A) Expenses 

For Q3 of fiscal 2020, SG&A expenses were $22.2 million, or 18.2% of revenue, compared with $22.4 million, or 19.4% of revenue, for Q3 of fiscal 2019. Commissions to non-employee experts are included in SG&A expenses. These commissions represented approximately 3.0% of revenue for Q3 of fiscal 2020, compared with 2.6% in Q3 of fiscal 2019. Excluding these commissions, SG&A expenses were 15.2% of revenue for Q3 of fiscal 2020, compared with 16.8% in Q3 of fiscal 2019.

 

Depreciation & Amortization 

For Q3 of fiscal 2020, depreciation and amortization expenses amounted to $3.2 million, or 2.7% of revenue, compared with $2.5 million, or 2.2% of revenue, for Q3 of fiscal 2019.

 

Forgivable Loan Amortization 

For Q3 of fiscal 2020, forgivable loan amortization was $7.8 million, or 6.4% of revenue, compared with $6.7 million, or 5.7% of revenue, for Q3 of fiscal 2019.

 

Share-Based Compensation Expense 

For Q3 of fiscal 2020, share-based compensation expense was approximately $0.9 million, or 0.7% of revenue, compared with $0.9 million, or 0.8% of revenue, for Q3 of fiscal 2019.

 

 

Operating Income

For Q3 of fiscal 2020, operating income was $8.0 million, or 6.6% of revenue, compared with operating income of $6.9 million, or 6.0% of revenue, for Q3 of fiscal 2019. Non-GAAP operating income was $8.9 million, or 7.3% of revenue, for Q3 of fiscal 2020, compared with $9.9 million, or 8.6% of revenue, for Q3 of fiscal 2019.

 

		Fiscal Quarter Ended
$ in 000’s		September 26, 2020				As a % of Revenue				September 28, 2019				As a % of Revenue
Income from operations		$	8,020				6.6	%		$	6,905				6.0	%
Adjustments needed to reconcile GAAP income from operations to non-GAAP income from operations:
Non-cash valuation change in contingent consideration			905				0.7	%			3,001				2.6	%
Non-GAAP income from operations		$	8,925				7.3	%		$	9,906				8.6	%

 

Interest Income (Expense), net

For Q3 of fiscal 2020, net interest expense was $0.3 million, or 0.2% of revenue, compared with net interest expense of $0.4 million, or 0.4% of revenue, for Q3 of fiscal 2019.

 

Foreign Currency Gains (Losses), net 

For Q3 of fiscal 2020, net foreign currency losses were $0.2 million, or 0.2% of revenue, compared with net foreign currency gains, of $0.2 million, or 0.2% of revenue, for Q3 of fiscal 2019.

 

Foreign currency gains (losses), net, is comprised of net gains and losses on foreign denominated transactions and the revaluation of working capital balances.

 

Income Taxes 

The following table outlines CRA’s income tax provision recorded and the resulting effective tax rates:

 

		GAAP								NON-GAAP
		Q3								Q3
$ in 000’s			2020				2019				2020				2019
Tax Provision		$	2,123			$	952			$	2,361			$	1,767
Effective Tax Rate			28.2	%			14.2	%			28.0	%			18.2	%

 

 

		Fiscal Quarter Ended
$ in 000’s		September 26, 2020				As a % of Revenue				September 28, 2019				As a % of Revenue
Income before provision for income taxes		$	7,526				6.2	%		$	6,691				5.8	%
Adjustments needed to reconcile GAAP income before provision for income taxes to non-GAAP income before provision for income taxes
Non-cash valuation change in contingent consideration			905				0.7	%			3,001				2.6	%
Non-GAAP income before provision for income taxes		$	8,431				6.9	%		$	9,692				8.4	%
GAAP provision for income taxes		$	2,123							$	952
Tax effect on non-GAAP adjustments			238								815
Non-GAAP provision for income taxes		$	2,361							$	1,767

 

Net Income 

For Q3 of fiscal 2020, net income was $5.4 million, or 4.4% of revenue, or $0.68 per diluted share, compared with net income of $5.7 million, or 5.0% of revenue, or $0.71 per diluted share, for Q3 of fiscal 2019. Non-GAAP net income for Q3 of fiscal 2020 was $6.1 million, or 5.0% of revenue, or $0.76 per diluted share, compared with $7.9 million, or 6.9% of revenue, or $0.98 per diluted share, for Q3 of fiscal 2019.

 

Non-GAAP EBITDA 

For Q3 of fiscal 2020, non-GAAP EBITDA was $12.0 million, or 9.8% of revenue, compared with $12.6 million, or 10.9% of revenue, for Q3 of fiscal 2019.

 

Constant Currency Basis 

For Q3 of fiscal 2020, revenue was $121.8 million, and net income was $5.4 million, or 4.4% of revenue, or $0.68 per diluted share. On a constant currency basis relative to Q3 of fiscal 2019, Q3 of fiscal 2020 revenue would have been lower by $0.9 million to $120.9 million, GAAP net income would have decreased by $0.2 million to $5.2 million, or 4.3% of revenue, and earnings per diluted share would have decreased by $0.02 to $0.66.

 

For Q3 of fiscal 2020, revenue was $121.8 million, and non-GAAP net income was $6.1 million, or 5.0% of revenue, or $0.76 per diluted share. On a constant currency basis relative to Q3 of fiscal 2019, Q3 of fiscal 2020 revenue would have been lower by $0.9 million to $120.9 million, non-GAAP net income would have decreased by $0.2 million to $5.9 million, or 4.9% of revenue, non-GAAP earnings per diluted share would have decreased by $0.02 to $0.74, and non-GAAP EBITDA would have decreased by $0.2 million to $11.8 million, or 9.7% of revenue.

 

A description of the process for calculating the measures presented on a constant currency basis is contained under the heading “Non-GAAP Financial Measures” below.

 

 

Key Balance Sheet Metrics 

Billed and unbilled receivables at September 26, 2020 were $157.7 million, compared with $140.8 million at September 28, 2019. Current liabilities at September 26, 2020 were $197.2 million, compared with $172.2 million at September 28, 2019.

 

Total Days Sales Outstanding, or DSO, for Q3 of fiscal 2020 was 113 days, consisting of 75 days of billed and 38 days of unbilled. This compares with 108 days reported for Q3 of fiscal 2019, consisting of 68 days of billed and 40 days of unbilled.

 

Cash and Cash Flow 

Cash and cash equivalents were $24.1 million at September 26, 2020, compared with $19.8 million at September 28, 2019.

 

Net cash provided by operating activities for Q3 of fiscal 2020 was $33.6 million, compared with net cash provided by operating activities of $26.2 million for Q3 of fiscal 2019.

 

As of September 26, 2020, outstanding borrowings under CRA’s revolving credit facility amounted to $38.0 million. At September 28, 2019, outstanding borrowings under CRA’s revolving credit facility amounted to $36.0 million.

 

Capital expenditures totaled $2.2 million for Q3 of fiscal 2020, compared with $8.6 million for Q3 of fiscal 2019.

 

CRA repurchased approximately 110,000 shares of its common stock during Q3 of fiscal 2020 for $5.0 million, compared with Q3 of fiscal 2019, when approximately 157,000 shares of common stock were repurchased for approximately $6.6 million.

 

A quarterly cash dividend of $0.23 per common share, for total dividends and dividend equivalents of $1.8 million was paid in Q3 of fiscal 2020, compared with a quarterly cash dividend of $0.20 per common share, for total dividends and dividend equivalents of $1.5 million paid in Q3 of fiscal 2019.

 

GAAP Condensed Consolidated Statement of Cash Flows 

CRA has derived the condensed consolidated statement of cash flow data for the years ended December 28, 2019 and December 29, 2018 from its audited financial statements appearing on Form 10-K for the fiscal year ended December 28, 2019, filed with the Securities and Exchange Commission on February 27, 2020. The condensed consolidated statement of cash flow data for the first, second and third quarters of fiscal year 2019, and the first, second and third quarters of fiscal year 2020 have been derived from CRA’s unaudited financial statements appearing on Form 10-Q for each of the respective fiscal quarters as well as the consolidated statements of cash flows appearing on Form 10-K for the fiscal years ended December 28, 2019 and December 29, 2018 and have been prepared on the same basis as CRA’s audited financial statements.

 

 

GAAP Condensed Consolidated Statement of Cash Flows		LTM				Q3				Q2				Q1				Q4
($ in 000’s)		Q3 2020				2020				2020				2020				2019
Net cash provided by (used in) operating activities		$	37,087			$	33,648			$	21,075			$	(65,375	)		$	47,739
Net cash used in investing activities			(19,887	)			(2,225	)			(5,568	)			(7,949	)			(4,145	)
Net cash provided by (used in) financing activities			(13,533	)			(26,687	)			(12,370	)			64,115				(38,591	)
Effect of foreign exchange rates on cash and cash equivalents			608				565				(148	)			(612	)			803
Net increase (decrease) in cash and cash equivalents		$	4,275			$	5,301			$	2,989			$	(9,821	)		$	5,806
Cash and cash equivalents at beginning of period			19,833				18,807				15,818				25,639				19,833
Cash and cash equivalents at end of period		$	24,108			$	24,108			$	18,807			$	15,818			$	25,639

 

GAAP Condensed Consolidated Statement of Cash Flows		LTM				Q3				Q2				Q1				Q4
($ in 000’s)		Q3 2019				2019				2019				2019				2018
Net cash provided by (used in) operating activities		$	24,676			$	26,202			$	10,458			$	(56,567	)		$	44,583
Net cash used in investing activities			(14,616	)			(8,644	)			(3,130	)			(774	)			(2,068	)
Net cash provided by (used in) financing activities			(1,444	)			(12,624	)			(6,741	)			34,138				(16,217	)
Effect of foreign exchange rates on cash and cash equivalents			(646	)			(689	)			43				133				(133	)
Net increase (decrease) in cash and cash equivalents		$	7,970			$	4,245			$	630			$	(23,070	)		$	26,165
Cash and cash equivalents at beginning of period			11,863				15,588				14,958				38,028				11,863
Cash and cash equivalents at end of period		$	19,833			$	19,833			$	15,588			$	14,958			$	38,028

 

Adjusted Net Cash Provided by (Used in) Operating Activities 

Below are the quarterly and last twelve-month reconciliations of GAAP net cash provided by (used in) operating activities for each of the periods presented to non-GAAP adjusted net cash provided by (used in) operating activities. The reconciling items are forgivable loan advances and repayments for each period, which are reported as a component of GAAP net cash provided by (used in) operating activities.

 

 

Adjusted Net Cash Flows from Operations		LTM				Q3				Q2				Q1				Q4
($ in 000’s)		Q3 2020				2020				2020				2020				2019
GAAP net cash provided by (used in) operating activities		$	37,087			$	33,648			$	21,075			$	(65,375	)		$	47,739
Forgivable loan advances			40,240				104				4,932				33,442				1,762
Forgivable loan repayments			(67	)			—				—				—				(67	)
Adjusted net cash provided by (used in) operating activities		$	77,260			$	33,752			$	26,007			$	(31,933	)		$	49,434
Net revenue		$	490,136			$	121,762			$	123,031			$	126,158			$	119,185
GAAP net cash provided by (used in) operating activities as a percentage of net revenue			7.6	%			27.6	%			17.1	%			(51.8	)%			40.1	%
Adjusted net cash provided by (used in) operating activities as a percentage of net revenue			15.8	%			27.7	%			21.1	%			(25.3	)%			41.5	%

 

 

Adjusted Net Cash Flows from Operations		LTM				Q3				Q2				Q1				Q4
($ in 000’s)		Q3 2019				2019				2019				2019				2018
GAAP net cash provided by (used in) operating activities		$	24,676			$	26,202			$	10,458			$	(56,567	)		$	44,583
Forgivable loan advances			34,623				9,521				1,953				21,930				1,219
Forgivable loan repayments			(1,103	)			(406	)			(300	)			(400	)			3
Adjusted net cash provided by (used in) operating activities		$	58,196			$	35,317			$	12,111			$	(35,037	)		$	45,805
Net revenue		$	440,871			$	115,686			$	110,573			$	105,849			$	108,763
GAAP net cash provided by (used in) operating activities as a percentage of net revenue			5.6	%			22.6	%			9.5	%			(53.4	)%			41.0	%
Adjusted net cash provided by (used in) operating activities as a percentage of net revenue			13.2	%			30.5	%			11.0	%			(33.1	)%			42.1	%

 

 

NON-GAAP FINANCIAL MEASURES 

In these remarks, CRA has supplemented the presentation of its financial results calculated in accordance with U.S. generally accepted accounting principles or “GAAP” with financial measures that were not calculated in accordance with GAAP. CRA believes that the non-GAAP financial measures described below are important to management and investors because these measures supplement the understanding of CRA’s ongoing operating results, financial condition and cash flows. Non-GAAP adjusted net cash provided by (used in) operating activities is used by management to assess CRA’s ability to fund items such as the acquisition of talent, office expansions, debt repayment and distributions to shareholders. In addition, non-GAAP net income and non-GAAP EBITDA are used by CRA in its budgeting process, and the non-GAAP adjustments described below are made to the performance measures for some of CRA’s performance-based compensation.

 

 

The adjustments made to non-GAAP net income, non-GAAP EBITDA, non-GAAP income from operations and non-GAAP provision for income taxes in these remarks are as follows: for the third quarter of each of fiscal 2020 and fiscal 2019, the adjustments exclude non-cash amounts relating to valuation changes in contingent consideration and related tax effects. The adjustments made to non-GAAP adjusted net cash provided by (used in) operating activities add back forgivable loan issuances, net of repayments. These remarks also present certain current fiscal period financial measures on a “constant currency” basis in order to isolate the effect that foreign currency exchange rate fluctuations can have on CRA’s financial results. These constant currency measures are determined by recalculating the current fiscal period local currency financial measure using the specified corresponding prior fiscal period’s foreign exchange rates.

 

All of the non-GAAP financial measures referred to above should be considered in conjunction with, and not as a substitute for, the GAAP financial information presented in these remarks. EBITDA and the financial measures identified in these remarks as “non-GAAP” are reconciled to their GAAP comparable measures either in these remarks or in the attached financial tables. In evaluating these non-GAAP financial measures, note that the non-GAAP financial measures used by CRA may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

 

 

CRA INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE FISCAL QUARTERS AND FISCAL YEAR-TO-DATE PERIODS ENDED

SEPTEMBER 26, 2020 COMPARED TO SEPTEMBER 28, 2019

(IN THOUSANDS, EXCEPT PER SHARE DATA)

 

		Fiscal Quarter Ended														Fiscal Year-to-Date Period Ended
		September 26, 2020			As a % of  Revenue				September 28, 2019			As a % of  Revenue				September 26, 2020			As a % of  Revenue				September 28, 2019			As a % of  Revenue
Revenues		$	121,762			100.0	%		$	115,686			100.0	%		$	370,951			100.0	%		$	332,108			100.0	%
Cost of services (exclusive of depreciation and amortization)			88,304			72.5	%			83,805			72.4	%			269,462			72.6	%			233,412			70.3	%
Selling, general and administrative expenses			22,194			18.2	%			22,449			19.4	%			67,742			18.3	%			68,929			20.8	%
Depreciation and amortization			3,244			2.7	%			2,527			2.2	%			9,293			2.5	%			7,696			2.3	%
Income from operations			8,020			6.6	%			6,905			6.0	%			24,454			6.6	%			22,071			6.6	%
Interest expense, net			(277	)		-0.2	%			(424	)		-0.4	%			(1,011	)		-0.3	%			(954	)		-0.3	%
Foreign currency gains (losses), net			(217	)		-0.2	%			210			0.2	%			1,103			0.3	%			(379	)		-0.1	%
Income before provision for income taxes			7,526			6.2	%			6,691			5.8	%			24,546			6.6	%			20,738			6.2	%
Provision for income taxes			2,123			1.7	%			952			0.8	%			6,744			1.8	%			4,754			1.4	%
Net income		$	5,403			4.4	%		$	5,739			5.0	%		$	17,802			4.8	%		$	15,984			4.8	%
Net income per share:
Basic		$	0.69						$	0.74						$	2.28						$	2.02
Diluted		$	0.68						$	0.71						$	2.23						$	1.94
Weighted average number of shares outstanding:
Basic			7,771							7,769							7,780							7,903
Diluted			7,934							8,050							7,964							8,205

 

 

CRA INTERNATIONAL, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

FOR THE FISCAL QUARTERS AND FISCAL YEAR-TO-DATE PERIODS ENDED

SEPTEMBER 26, 2020 COMPARED TO SEPTEMBER 28, 2019

(IN THOUSANDS, EXCEPT PER SHARE DATA)

 

		Fiscal Quarter Ended														Fiscal Year-to-Date Period Ended
		September 26, 2020			As a % of  Revenue				September 28, 2019			As a % of  Revenue				September 26, 2020			As a % of  Revenue				September 28, 2019			As a % of  Revenue
Revenues		$	121,762			100.0	%		$	115,686			100.0	%		$	370,951			100.0	%		$	332,108			100.0	%
Net income		$	5,403			4.4	%		$	5,739			5.0	%		$	17,802			4.8	%		$	15,984			4.8	%
Adjustments needed to reconcile GAAP net income to non-GAAP net income:
Non-cash valuation change in contingent consideration			905			0.7	%			3,001			2.6	%			1,901			0.5	%			3,435			1.0	%
Tax effect on adjustments			(238	)		-0.2	%			(815	)		-0.7	%			(508	)		-0.1	%			(931	)		-0.3	%
Non-GAAP net income		$	6,070			5.0	%		$	7,925			6.9	%		$	19,195			5.2	%		$	18,488			5.6	%
Non-GAAP net income per share:
Basic		$	0.78						$	1.02						$	2.46						$	2.33
Diluted		$	0.76						$	0.98						$	2.40						$	2.25
Weighted average number of shares outstanding:
Basic			7,771							7,769							7,780							7,903
Diluted			7,934							8,050							7,964							8,205

 

 

CRA INTERNATIONAL, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

FOR THE FISCAL QUARTERS AND FISCAL YEAR-TO-DATE PERIODS ENDED

SEPTEMBER 26, 2020 COMPARED TO SEPTEMBER 28, 2019

(IN THOUSANDS)

 

		Fiscal Quarter Ended														Fiscal Year-to-Date Period Ended
		September 26, 2020			As a % of  Revenue				September 28, 2019			As a % of  Revenue				September 26, 2020			As a % of  Revenue				September 28, 2019			As a % of  Revenue
Revenues		$	121,762			100.0	%		$	115,686			100.0	%		$	370,951			100.0	%		$	332,108			100.0	%
Net income		$	5,403			4.4	%		$	5,739			5.0	%		$	17,802			4.8	%		$	15,984			4.8	%
Adjustments needed to reconcile GAAP net income to non-GAAP net income:
Non-cash valuation change in contingent consideration			905			0.7	%			3,001			2.6	%			1,901			0.5	%			3,435			1.0	%
Tax effect on adjustments			(238	)		-0.2	%			(815	)		-0.7	%			(508	)		-0.1	%			(931	)		-0.3	%
Non-GAAP net income		$	6,070			5.0	%		$	7,925			6.9	%		$	19,195			5.2	%		$	18,488			5.6	%
Adjustments needed to reconcile non-GAAP net income to non-GAAP EBITDA:
Interest expense, net			277			0.2	%			424			0.4	%			1,011			0.3	%			954			0.3	%
Provision for income taxes			2,361			1.9	%			1,767			1.5	%			7,252			2.0	%			5,685			1.7	%
Depreciation and amortization			3,244			2.7	%			2,527			2.2	%			9,293			2.5	%			7,696			2.3	%
Non-GAAP EBITDA		$	11,952			9.8	%		$	12,643			10.9	%		$	36,751			9.9	%		$	32,823			9.9	%

 

 

CRA INTERNATIONAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 (IN THOUSANDS)

 

		September 26, 2020				December 28, 2019
Assets
Cash and cash equivalents		$	24,108			$	25,639
Accounts receivable and unbilled services, net			157,684				144,410
Other current assets			14,869				14,028
Total current assets			196,661				184,077
Property and equipment, net			64,886				61,295
Goodwill and intangible assets, net			93,739				94,980
Right-of-use assets			123,390				130,173
Other assets			71,501				62,718
Total assets		$	550,177			$	533,243
Liabilities and Shareholders’ Equity
Accounts payable		$	16,574			$	26,069
Accrued expenses			103,952				121,301
Current portion of lease liabilities			14,551				12,847
Revolving line of credit			38,000				-
Other current liabilities			24,105				11,193
Total current liabilities			197,182				171,410
Non-current portion of lease liabilities			141,331				146,551
Other non-current liabilities			7,269				17,531
Total liabilities			345,782				335,492
Total shareholders’ equity			204,395				197,751
Total liabilities and shareholders’ equity		$	550,177			$	533,243

 

 

CRA INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN THOUSANDS)

 

		Fiscal Year-to-Date Period Ended
		September 26, 2020				September 28, 2019
Operating activities:
Net income		$	17,802			$	15,984
Adjustments to reconcile net income to net cash used in operating activities:
Non-cash items, net			20,385				18,214
Accounts receivable and unbilled services			(13,042	)			(10,956	)
Working capital items, net			(35,797	)			(43,149	)
Net cash used in operating activities			(10,652	)			(19,907	)
Investing activities:
Purchases of property and equipment			(15,742	)			(12,548	)
Net cash used in investing activities			(15,742	)			(12,548	)
Financing activities:
Issuance of common stock, principally stock options exercises			1,667				2,006
Borrowings under revolving line of credit			77,000				54,000
Repayments under revolving line of credit			(39,000	)			(18,000	)
Tax withholding payments reimbursed by shares			(390	)			(388	)
Cash paid on dividend equivalents			(40	)			(35	)
Cash dividends paid to shareholders			(5,372	)			(4,742	)
Repurchase of common stock			(8,807	)			(18,068	)
Net cash provided by financing activities			25,058				14,773
Effect of foreign exchange rates on cash and cash equivalents			(195	)			(513	)
Net decrease in cash and cash equivalents			(1,531	)			(18,195	)
Cash and cash equivalents at beginning of period			25,639				38,028
Cash and cash equivalents at end of period		$	24,108			$	19,833
Noncash investing and financing activities:
Purchases of property and equipment not yet paid for		$	3,923			$	3,461
Purchases of property and equipment paid by a third party		$	-			$	126
Asset retirement obligations		$	155			$	427
Right-of-use assets obtained in exchange for lease obligations		$	2,601			$	37,298
Right-of-use assets related to the adoption of ASC 842		$	-			$	82,329
Lease liabilities related to the adoption of ASC 842		$	-			$	106,765
Supplemental cash flow information:
Cash paid for taxes		$	5,933			$	6,078
Cash paid for interest		$	932			$	848
Cash paid for amounts included in operating lease liabilities		$	13,736			$	12,053