Lands’ End Announces Third Quarter Fiscal 2022 Results

Lands' End, Inc.
Lands' End, Inc.

DODGEVILLE, Wis., Dec. 01, 2022 (GLOBE NEWSWIRE) -- Lands’ End, Inc. (NASDAQ: LE) today announced financial results for the third quarter ended October 28, 2022.

Jerome Griffith, Chief Executive Officer, stated, “We experienced strong conversion rates throughout the quarter indicating favorable responses to our product offerings. While the current environment remains volatile, we are optimistic about the future as we focus on making progress against our strategic initiatives. Our long-tenured customer base and our digitally-driven eCommerce model gives me confidence that Lands’ End is in a strong position for long-term success.”

Third Quarter Financial Highlights:

  • For the third quarter, net revenue decreased 1.3% to $371.0 million compared to $375.8 million in the third quarter of fiscal 2021.

    • Global eCommerce net revenue decreased 4.6% to $249.2 million for the third quarter. Net revenue in U.S. eCommerce decreased 1.3% and International eCommerce decreased 19.6%, both primarily driven by lower consumer demand resulting from macroeconomic challenges impacting discretionary spending.

    • Outfitters net revenue decreased 6.2% to $80.8 million for the third quarter, primarily driven by the normalization of purchases in travel-related national accounts compared to last year.

    • Third Party net revenue increased 59.9% to $30.9 million for the third quarter, primarily attributed to growth in the Kohl’s online marketplace, and growth in other new and existing online marketplaces.

    • Retail net revenue increased 9.7% to $10.1 million with Same Store Sales increasing 13.0% in the third quarter compared to third quarter of fiscal 2021.

  • Gross profit was $148.4 million, a decrease of $18.4 million or 11.0% from $166.8 million during the third quarter of fiscal 2021. Gross margin decreased approximately 440 basis points to 40.0%, compared to 44.4% in third quarter of fiscal 2021. The Gross margin decline was attributable to an incremental $6.8 million of transportation costs as a result of global supply chain challenges, increased industry-wide promotional activity, as well as margin mix from growth in our Third Party business.

  • Selling and administrative expenses decreased $4.6 million to $132.8 million or 35.8% of net revenue, compared to $137.4 million or 36.6% of net revenue in third quarter of fiscal 2021. The approximately 80 basis points decrease was driven by continued expense controls across the entire business.

  • Net loss was $4.7 million, or $0.14 loss per diluted share. This compares to Net income of $7.4 million or $0.22 earnings per diluted share in the third quarter of fiscal 2021.

  • Adjusted EBITDA decreased to $16.7 million compared to $29.8 million in the third quarter of fiscal 2021.

Third Quarter Business Highlights:

  • Successfully launched its Blake Shelton X Lands’ End collection, which offers mens, womens and kids apparel as well as items for the home.

  • Continued to expand its Third Party business with the launch of Target.com and Walmart.com.

  • U.S. Retail Same Store Sales increased 13.0%, as consumers returned to in-store shopping.

Balance Sheet and Cash Flow Highlights

Jim Gooch, President and Chief Financial Officer, stated, “We took a concerted effort to improve our in-stock positions by increasing our lead times and receipting our Fall/Holiday inventory earlier. While this largely drove our 18% increase in inventories at the end of the third quarter, we are well positioned to meet our customers’ needs as we move through the holiday season. We expect inventory levels to normalize by the end of Spring/Summer 2023.”

Cash and cash equivalents were $28.8 million as of October 28, 2022, compared to $37.9 million as of October 29, 2021.

Inventories, net, was $564.9 million as of October 28, 2022, and $479.8 million as of October 29, 2021. Inventory increased $85.1 million primarily due to an increase of earlier receipts of fall and holiday inventory as well as carried over basics inventory from prior seasons.

Net cash used in operations was $126.0 million for the 39 weeks ended October 28, 2022, compared to net cash used in operations of $6.4 million for the 39 weeks ended October 29, 2021. The $119.6 million increase in cash used in operating activities was primarily caused by a decrease in net income and the increase in year over year inventories.

As of October 28, 2022, the Company had $160.0 million of borrowings outstanding and $103.2 million of availability, compared to $70.0 million of borrowings and $183.6 million of availability as of October 29, 2021. Additionally, as of October 28, 2022, the Company had $247.5 million of term loan debt outstanding compared to $261.3 million of term loan debt outstanding as of October 29, 2021.

During the third quarter, the Company repurchased $2.9 million of the Company’s common stock under its previously announced $50 million share repurchase program.

Outlook

Jim Gooch, President and Chief Financial Officer, continued, “We have revised our full year outlook to account for the uncertain macro environment. We anticipate that the fourth quarter will be highly promotional and we plan to remain competitive with our pricing to drive traffic through the holiday season.”

For the fourth quarter of fiscal 2022 the Company expects:

  • Net revenue to be between $510.0 million and $530.0 million.

  • Net income to be between $0.0 million and $3.0 million and diluted earnings per share to be between $0.00 and $0.09.

  • Adjusted EBITDA in the range of $20.0 million to $25.0 million.

This fourth quarter outlook assumes approximately flat transportation expenses due to the global supply chain challenges.

For fiscal 2022 the Company now expects:

  • Net revenue to be between $1.54 billion and $1.56 billion.

  • Net loss to be between $9.0 million and $6.0 million, and diluted loss per share to be between $0.27 and $0.18.

  • Adjusted EBITDA in the range of $66.5 million to $71.5 million.

  • Capital expenditures of approximately $42.0 million.

This full year outlook assumes approximately $33.0 million of incremental transportation expenses due to the global supply chain challenges.

Conference Call

The Company will host a conference call on Thursday, December 1, 2022, at 8:30 a.m. ET to review its third quarter financial results and related matters. The call may be accessed through the Investor Relations section of the Company’s website at http://investors.landsend.com.

About Lands’ End, Inc.

Lands’ End, Inc. (NASDAQ:LE) is a leading uni-channel retailer of casual clothing, accessories, footwear and home products. We offer products online at www.landsend.com, through our own Company Operated stores and through third-party distribution channels. We are a classic American lifestyle brand with a passion for quality, legendary service and real value. We seek to deliver timeless style for women, men, kids and the home.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding the Company’s optimism about its future as it focuses on making progress against its strategic initiatives; the Company’s confidence and view that it is strongly positioned for long-term success; the Company’s view that it is well positioned to meet its customers’ needs during the holiday season; the Company’s expectation regarding the timing of the normalization of its inventory levels; the Company’s assessment of the macro environment and its impact on the Company’s outlook; the Company’s expectation that the fourth quarter will be highly promotional and that the Company will be able to remain competitive with its pricing, and such action will drive traffic through the holiday season; and the Company’s outlook and expectations as to net revenue, net income/loss, earnings/loss per share and Adjusted EBITDA for the fourth quarter of fiscal 2022 and for the full year of fiscal 2022, capital expenditures for fiscal 2022, assumptions regarding incremental transportation expenses due to the global supply chain challenges in the fourth quarter of fiscal 2022 and full year of fiscal 2022. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: global supply chain challenges have resulted in a significant increase in inbound transportation costs and delays in receiving product over the past year; further disruption in the Company’s supply chain, including with respect to its distribution centers, third-party manufacturing partners and logistics partners, caused by limits in freight capacity, increases in transportation costs, port congestion, other logistics constraints, and closure of certain manufacturing facilities and production lines due to COVID-19 and other global economic conditions; the impact of global economic conditions, including inflation, on consumer discretionary spending; the impact of COVID-19 on operations, customer demand and the Company’s supply chain, as well as its consolidated results of operation, financial position and cash flows; the Company may be unsuccessful in implementing its strategic initiatives, or its initiatives may not have their desired impact on its business; the Company’s ability to offer merchandise and services that customers want to purchase; changes in customer preference from the Company’s branded merchandise; the Company’s results may be materially impacted if tariffs on imports to the United States increase and it is unable to offset the increased costs from current or future tariffs through pricing negotiations with its vendor base, moving production out of countries impacted by the tariffs, passing through a portion of the cost increases to the customer, or other savings opportunities; customers’ use of the Company’s digital platform, including customer acceptance of its efforts to enhance its eCommerce websites, including the Outfitters website; customer response to the Company’s marketing efforts across all types of media; the Company’s maintenance of a robust customer list; the Company’s retail store strategy may be unsuccessful; the Company’s Third Party channel may not develop as planned or have its desired impact; the Company’s dependence on information technology and a failure of information technology systems, including with respect to its eCommerce operations, or an inability to upgrade or adapt its systems; fluctuations and increases in costs of raw materials as well as fluctuations in other production and distribution-related costs; impairment of the Company’s relationships with its vendors; the Company’s failure to maintain the security of customer, employee or company information; the Company’s failure to compete effectively in the apparel industry; legal, regulatory, economic and political risks associated with international trade and those markets in which the Company conducts business and sources its merchandise; the Company’s failure to protect or preserve the image of its brands and its intellectual property rights; increases in postage, paper and printing costs; failure by third parties who provide the Company with services in connection with certain aspects of its business to perform their obligations; the Company’s failure to timely and effectively obtain shipments of products from its vendors and deliver merchandise to its customers; reliance on promotions and markdowns to encourage customer purchases; the Company’s failure to efficiently manage inventory levels; unseasonal or severe weather conditions; the adverse effect on the Company’s reputation if its independent vendors do not use ethical business practices or comply with applicable laws and regulations; assessments for additional state taxes; incurrence of charges due to impairment of goodwill, other intangible assets and long-lived assets; the impact on the Company’s business of adverse worldwide economic and market conditions, including inflation and other economic factors that negatively impact consumer spending on discretionary items; the ability of the Company’s principal stockholders to exert substantial influence over the Company; and other risks, uncertainties and factors discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended January 28, 2022. The Company intends the forward-looking statements to speak only as of the time made and does not undertake to update or revise them as more information becomes available, except as required by law.

CONTACTS

Lands’ End, Inc.
James Gooch
President and Chief Financial Officer
(608) 935-9341

Investor Relations:
ICR, Inc.
Bruce Williams
(332) 242-4303
Bruce.Williams@icrinc.com

  

-Financial Tables Follow-

 

LANDS’ END, INC.
Condensed Consolidated Balance Sheets
(Unaudited)

(in thousands, except per share data)

 

October 28, 2022

 

 

October 29, 2021

 

 

January 28, 2022*

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

28,829

 

 

$

37,926

 

 

$

34,301

 

Restricted cash

 

 

1,833

 

 

 

1,983

 

 

 

1,834

 

Accounts receivable, net

 

 

49,409

 

 

 

44,078

 

 

 

49,668

 

Inventories, net

 

 

564,856

 

 

 

479,793

 

 

 

384,241

 

Prepaid expenses and other current assets

 

 

47,205

 

 

 

41,418

 

 

 

36,905

 

Total current assets

 

 

692,132

 

 

 

605,198

 

 

 

506,949

 

Property and equipment, net

 

 

121,907

 

 

 

133,572

 

 

 

129,791

 

Operating lease right-of-use asset

 

 

31,441

 

 

 

32,782

 

 

 

31,492

 

Goodwill

 

 

106,700

 

 

 

106,700

 

 

 

106,700

 

Intangible asset

 

 

257,000

 

 

 

257,000

 

 

 

257,000

 

Other assets

 

 

3,786

 

 

 

4,512

 

 

 

4,702

 

TOTAL ASSETS

 

$

1,212,966

 

 

$

1,139,764

 

 

$

1,036,634

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

13,750

 

 

$

13,750

 

 

$

13,750

 

Accounts payable

 

 

228,863

 

 

 

184,569

 

 

 

145,802

 

Lease liability – current

 

 

5,808

 

 

 

5,609

 

 

 

5,617

 

Other current liabilities

 

 

111,872

 

 

 

142,828

 

 

 

146,263

 

Total current liabilities

 

 

360,293

 

 

 

346,756

 

 

 

311,432

 

Long-term borrowings under ABL Facility

 

 

160,000

 

 

 

70,000

 

 

 

 

Long-term debt, net

 

 

226,227

 

 

 

237,245

 

 

 

234,474

 

Lease liability – long-term

 

 

32,033

 

 

 

34,092

 

 

 

32,731

 

Deferred tax liabilities

 

 

45,087

 

 

 

47,325

 

 

 

46,191

 

Other liabilities

 

 

3,758

 

 

 

5,834

 

 

 

5,110

 

TOTAL LIABILITIES

 

 

827,398

 

 

 

741,252

 

 

 

629,938

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Common stock, par value $0.01 authorized: 480,000 shares;
issued and outstanding: 33,001, 32,983 and 32,985, respectively

 

 

330

 

 

 

330

 

 

 

330

 

Additional paid-in capital

 

 

369,198

 

 

 

372,313

 

 

 

374,413

 

Retained earnings

 

 

34,566

 

 

 

37,485

 

 

 

44,595

 

Accumulated other comprehensive (loss)

 

 

(18,526

)

 

 

(11,616

)

 

 

(12,642

)

TOTAL STOCKHOLDERS’ EQUITY

 

 

385,568

 

 

 

398,512

 

 

 

406,696

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

1,212,966

 

 

$

1,139,764

 

 

$

1,036,634

 

*Derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 28, 2022.

  

LANDS’ END, INC.
Condensed Consolidated Statements of Operations
(Unaudited)

 

 

13 Weeks Ended

 

 

39 Weeks Ended

 

(in thousands, except per share data)

 

October 28,
2022

 

 

October 29,
2021

 

 

October 28,
2022

 

 

October 29, 2021

 

Net revenue

 

$

370,983

 

 

$

375,843

 

 

$

1,025,826

 

 

$

1,081,249

 

Cost of sales (excluding depreciation and amortization)

 

 

222,573

 

 

 

209,028

 

 

 

604,204

 

 

 

588,908

 

Gross profit

 

 

148,410

 

 

 

166,815

 

 

 

421,622

 

 

 

492,341

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling and administrative

 

 

132,807

 

 

 

137,408

 

 

 

377,074

 

 

 

399,579

 

Depreciation and amortization

 

 

9,761

 

 

 

9,788

 

 

 

29,228

 

 

 

29,483

 

Other operating expense, net

 

 

3,096

 

 

 

140

 

 

 

3,135

 

 

 

583

 

Operating income

 

 

2,746

 

 

 

19,479

 

 

 

12,185

 

 

 

62,696

 

Interest expense

 

 

10,825

 

 

 

8,334

 

 

 

27,807

 

 

 

26,231

 

Other expense (income), net

 

 

230

 

 

 

(171

)

 

 

(97

)

 

 

(461

)

(Loss) income before income taxes

 

 

(8,309

)

 

 

11,316

 

 

 

(15,525

)

 

 

36,926

 

Income tax (benefit) expense

 

 

(3,627

)

 

 

3,917

 

 

 

(6,293

)

 

 

10,667

 

NET (LOSS) INCOME

 

$

(4,682

)

 

$

7,399

 

 

$

(9,232

)

 

$

26,259

 

NET (LOSS) INCOME PER COMMON SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

$

(0.14

)

 

$

0.22

 

 

$

(0.28

)

 

$

0.80

 

Diluted:

 

$

(0.14

)

 

$

0.22

 

 

$

(0.28

)

 

$

0.78

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average common shares outstanding

 

 

33,064

 

 

 

32,981

 

 

 

33,196

 

 

 

32,910

 

Diluted weighted average common shares outstanding

 

 

33,064

 

 

 

33,698

 

 

 

33,196

 

 

 

33,708

 

 

Use and Definition of Non-GAAP Financial Measures

Adjusted EBITDA - In addition to our Net income (loss) determined in accordance with GAAP, for purposes of evaluating operating performance, the Company uses an Adjusted EBITDA measurement. Adjusted EBITDA is computed as Net income (loss) appearing on the Condensed Consolidated Statements of Operations net of Income tax expense/(benefit), Interest expense, Depreciation and amortization and certain significant items as set forth below. Our management uses Adjusted EBITDA to evaluate the operating performance of our business for comparable periods and as a basis for an executive compensation metric. The methods used by the Company to calculate its non-GAAP financial measures may differ significantly from methods used by other companies to compute similar measures. As a result, any non-GAAP financial measures presented herein may not be comparable to similar measures provided by other companies. Adjusted EBITDA should not be used by investors or other third parties as the sole basis for formulating investment decisions as it excludes a number of important cash and non-cash recurring items.

While Adjusted EBITDA is a non-GAAP measurement, management believes that it is an important indicator of operating performance, and useful to investors, because:

  • EBITDA excludes the effects of financings, investing activities and tax structure by eliminating the effects of interest, depreciation and income tax.

  • Other significant items, while periodically affecting our results, may vary significantly from period to period and have a disproportionate effect in a given period, which affects comparability of results. We have adjusted our results for these items to make our statements more comparable and therefore more useful to investors as the items are not representative of our ongoing operations.

    • For the 13 and 39 weeks ended October 28, 2022, we excluded the impacts of the estimated one-time closing costs of Lands’ End Japan KK, a subsidiary of Lands’ End, Inc., (“LE Japan”) and the net operating loss resulting from the liquidation of product during September and October 2022.

    • For the 13 and 39 weeks ended October 28, 2022, we excluded the impacts of long-lived asset impairment.

    • For the 13 weeks ended October 29, 2021 and 39 weeks ended October 28, 2022 and October 29, 2021, we excluded the impacts of loss on disposal of property and equipment.

    • For the 13 weeks and 39 weeks ended October 28, 2022 and October 29, 2021, we excluded the impacts of amortization of transaction related costs associated with Third Party distribution channel.

Reconciliation of Non-GAAP Financial Information to GAAP
(Unaudited)

The following table sets forth, for the periods indicated, selected income statement data, both in dollars and as a percentage of Net revenue:

 

 

13 Weeks Ended

 

(in thousands)

 

October 28, 2022

 

 

October 29, 2021

 

Net (loss) income

 

$

(4,682

)

 

 

(1.3

)%

 

$

7,399

 

 

 

2.0

%

Income tax (benefit) expense

 

 

(3,627

)

 

 

(1.0

)%

 

 

3,917

 

 

 

1.0

%

Other expense (income), net

 

 

230

 

 

 

0.1

%

 

 

(171

)

 

 

(0.0

)%

Interest expense

 

 

10,825

 

 

 

2.9

%

 

 

8,334

 

 

 

2.2

%

Operating income

 

 

2,746

 

 

 

0.7

%

 

 

19,479

 

 

 

5.2

%

Depreciation and amortization

 

 

9,761

 

 

 

2.6

%

 

 

9,788

 

 

 

2.6

%

LE Japan closing costs

 

 

3,858

 

 

 

1.0

%

 

 

 

 

 

%

Long-lived asset impairment

 

 

120

 

 

 

0.0

%

 

 

 

 

 

%

Loss on disposal of property and equipment

 

 

 

 

 

%

 

 

140

 

 

 

0.0

%

Other

 

 

178

 

 

 

0.0

%

 

 

344

 

 

 

0.1

%

Adjusted EBITDA

 

$

16,663

 

 

 

4.5

%

 

$

29,751

 

 

 

7.9

%


 

 

39 Weeks Ended

 

(in thousands)

 

October 28, 2022

 

 

October 29, 2021

 

Net (loss) income

 

$

(9,232

)

 

 

(0.9

)%

 

$

26,259

 

 

 

2.5

%

Income tax (benefit) expense

 

 

(6,293

)

 

 

(0.6

)%

 

 

10,667

 

 

 

0.9

%

Other (income), net

 

 

(97

)

 

 

(0.0

)%

 

 

(461

)

 

 

(0.0

)%

Interest expense

 

 

27,807

 

 

 

2.7

%

 

 

26,231

 

 

 

2.4

%

Operating income

 

 

12,185

 

 

 

1.2

%

 

 

62,696

 

 

 

5.8

%

Depreciation and amortization

 

 

29,228

 

 

 

2.8

%

 

 

29,483

 

 

 

2.7

%

LE Japan closing costs

 

 

3,858

 

 

 

0.4

%

 

 

 

 

 

%

Long-lived asset impairment

 

 

120

 

 

 

0.0

%

 

 

 

 

 

%

Loss on disposal of property and equipment

 

 

39

 

 

 

0.0

%

 

 

583

 

 

 

0.1

%

Other

 

 

866

 

 

 

0.1

%

 

 

844

 

 

 

0.1

%

Adjusted EBITDA

 

$

46,296

 

 

 

4.5

%

 

$

93,606

 

 

 

8.7

%


Fourth Quarter Fiscal 2022 Guidance

 

 

 

 

13 Weeks Ended

 

(in millions)

 

 

 

 

January 27, 2023

 

Net income

 

 

 

 

$

0.0

 

$

3.0

 

Depreciation, interest, other income, taxes and other adjustments

 

 

 

 

 

20.0

 

 

22.0

 

Adjusted EBITDA

 

 

 

 

$

20.0

 

$

25.0

 


Fiscal 2022 Guidance

 

 

 

 

52 Weeks Ended

 

(in millions)

 

 

 

 

January 27, 2023

 

Net loss

 

 

 

 

$

(9.0

)

$

(6.0

)

Depreciation, interest, other income, taxes and other adjustments

 

 

 

 

 

75.5

 

 

77.5

 

Adjusted EBITDA

 

 

 

 

$

66.5

 

$

71.5

 

 

LANDS’ END, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)

 

 

39 Weeks Ended

 

(in thousands)

 

October 28, 2022

 

 

October 29, 2021

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(9,232

)

 

$

26,259

 

Adjustments to reconcile net (loss) income to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

29,228

 

 

 

29,483

 

Amortization of debt issuance costs

 

 

2,361

 

 

 

2,358

 

Loss on disposal of property and equipment

 

 

39

 

 

 

583

 

Stock-based compensation

 

 

3,537

 

 

 

8,043

 

Deferred income taxes

 

 

460

 

 

 

80

 

Long-lived asset impairment

 

 

120

 

 

 

 

Other

 

 

(744

)

 

 

(1,097

)

Change in operating assets and liabilities:

 

 

 

 

 

 

 

 

    Accounts receivable, net

 

 

(1,246

)

 

 

(7,219

)

    Inventories, net

 

 

(188,899

)

 

 

(98,391

)

    Accounts payable

 

 

82,057

 

 

 

51,152

 

    Other operating assets

 

 

(10,604

)

 

 

95

 

    Other operating liabilities

 

 

(33,072

)

 

 

(17,700

)

Net cash used in operating activities

 

 

(125,995

)

 

 

(6,354

)

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Sales of property and equipment

 

 

88

 

 

 

 

Purchases of property and equipment

 

 

(20,544

)

 

 

(18,739

)

Net cash used in investing activities

 

 

(20,456

)

 

 

(18,739

)

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Proceeds from borrowings under ABL Facility

 

 

222,000

 

 

 

140,000

 

Payments of borrowings under ABL Facility

 

 

(62,000

)

 

 

(95,000

)

Payments on term loan

 

 

(10,313

)

 

 

(10,313

)

Payments for taxes related to net share settlement of equity awards

 

 

(4,315

)

 

 

(5,098

)

Purchases and retirement of common stock

 

 

(5,234

)

 

 

 

Payment of debt-issuance costs

 

 

 

 

 

(1,161

)

Net cash provided by financing activities

 

 

140,138

 

 

 

28,428

 

Effects of exchange rate changes on cash, cash equivalents and restricted cash

 

 

840

 

 

 

780

 

NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND
RESTRICTED CASH

 

 

(5,473

)

 

 

4,115

 

CASH, CASH EQUIVALENTS AND RESTRICTED CASH,
BEGINNING OF PERIOD

 

 

36,135

 

 

 

35,794

 

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD

 

$

30,662

 

 

$

39,909

 

SUPPLEMENTAL CASH FLOW DATA

 

 

 

 

 

 

 

 

Unpaid liability to acquire property and equipment

 

$

4,922

 

 

$

2,836

 

Income taxes paid, net of refunds

 

$

4,146

 

 

$

23,570

 

Interest paid

 

$

26,170

 

 

$

23,972

 

Lease liabilities arising from obtaining operating lease right-of-use assets

 

$

4,223

 

 

$

1,161