Radware Reports Second Quarter 2022 Financial Results

·13 min read
Radware Ltd.
Radware Ltd.

Second Quarter 2022 Results and Financial Highlights

  • Revenue of $75.1 million, up 8% year-over-year

  • Total ARR of $195 million, up 10% year-over-year

  • Non-GAAP gross margin of 83.3% compared to 82.3% in the second quarter of last year

  • Cash flow from operations of $31.5 million

  • Non-GAAP EPS of $0.18; GAAP EPS of $0.07

TEL AVIV, Israel, Aug. 08, 2022 (GLOBE NEWSWIRE) -- Radware® (NASDAQ: RDWR), a leading provider of cyber security and application delivery solutions, today announced its consolidated financial results for the second quarter ended June 30, 2022.

“We delivered solid revenue and earnings results in the second quarter. Our solutions, which protect our customers’ most critical applications and data centers in real time against cyber-attacks, are more critical to their businesses than ever before,” said Roy Zisapel, Radware’s president and CEO. “We have witnessed some delays in closing deals due to macro environment conditions that may have an impact on our short-term results. However, Radware is well-positioned to deliver sustained growth. Our business is backed by industry leading solutions, a diversified customer base, and strong balance sheet and positive cash flow. We plan to continue to invest in our business and global cloud footprint as we remain optimistic about the long-term opportunity ahead of us.”

Financial Highlights for the Second Quarter of 2022
Revenue for the second quarter of 2022 totaled $75.1 million:

  • Revenue in the Americas region was $29.7 million for the second quarter of 2022, an increase of 6% from $28.1 million in the second quarter of 2021.

  • Revenue in the Europe, Middle East, and Africa (“EMEA”) region was $29.7 million for the second quarter of 2022, an increase of 24% from $24.0 million in the second quarter of 2021.

  • Revenue in the Asia-Pacific (“APAC”) region was $15.7 million for the second quarter of 2022, a decrease of 10% from $17.6 million in the second quarter of 2021.

GAAP net income for the second quarter of 2022 was $3.2 million, or $0.07 per diluted share, compared to GAAP net income of $4.5 million, or $0.10 per diluted share, for the second quarter of 2021.

Non-GAAP net income for the second quarter of 2022 was $8.1 million, or $0.18 per diluted share, compared to non-GAAP net income of $8.9 million, or $0.19 per diluted share, for the second quarter of 2021.

As of June 30, 2022, the Company had cash, cash equivalents, short-term and long-term bank deposits, and marketable securities of $442.0 million. Net cash provided by operating activities was $31.5 million in the second quarter of 2022.

Non-GAAP results are calculated excluding, as applicable, the impact of stock-based compensation expenses, amortization of intangible assets, litigation costs, acquisition costs, exchange rate differences, net on balance sheet items included in financial income and tax-related adjustments. A reconciliation of each of the Company’s non-GAAP measures to the most directly comparable GAAP measure is included at the end of this press release.

Conference Call
Radware management will host a call today, August 8, 2022, at 8:30 a.m. EDT to discuss its second quarter 2022 results and the Company’s outlook. To participate in the call, please use the following numbers:
U.S. participants call toll free: 888-510-2008
International participants call: 1 646-960-0306
Conference ID: 1864701

A replay will be available for two days, starting two hours after the end of the call, on telephone number +1-647-362-9199 or (US toll-free) 800-770-2030. Passcode 1864701.

The call will be webcast live on the Company’s website at: http://www.radware.com/IR/. The webcast will remain available for replay during the next 12 months.

Use of Non-GAAP Financial Information and Key Performance Indicators
In addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), Radware uses non-GAAP measures of gross profit, research and development expense, selling and marketing expense, general and administrative expense, total operating expenses, operating income, financial income, income before taxes on income, taxes on income, net income and earnings per share, which are adjustments from results based on GAAP to exclude, as applicable, stock-based compensation expenses, amortization of intangible assets, litigation costs, acquisition costs, exchange rate differences, net on balance sheet items included in financial income and tax-related adjustments. Management believes that exclusion of these charges allows for meaningful comparisons of operating results across past, present, and future periods. Radware’s management believes the non-GAAP financial measures provided in this release are useful to investors for the purpose of understanding and assessing Radware’s ongoing operations. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is included with the financial information contained in this press release. Management uses both GAAP and non-GAAP financial measures in evaluating and operating the business and, as such, has determined that it is important to provide this information to investors.

Annual recurring revenue ("ARR") is a key performance indicator defined as the annualized value of booked orders for term-based cloud services, subscription licenses, and maintenance contracts that are in effect at the end of a reporting period. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. ARR is not a forecast of future revenue, which can be impacted by contract start and end dates and renewal rates and does not include revenue reported as perpetual license or professional services revenue in our consolidated statement of operations. We consider ARR a key performance indicator of the value of the recurring components of our business.

Safe Harbor Statement 
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions and volatility of the market for our products; natural disasters and public health crises, such as the coronavirus disease 2019 (COVID-19) pandemic; a shortage of components or manufacturing capacity could cause a delay in our ability to fulfill orders or increase our manufacturing costs; our business may be affected by sanctions, export controls and similar measures targeting Russia and other countries and territories as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; our ability to successfully implement our strategic initiative to accelerate our cloud business; our ability to expand our operations effectively; timely availability and customer acceptance of our new and existing solutions; risks and uncertainties relating to acquisitions or other investments; the impact of economic and political uncertainties and weaknesses in various regions of the world, including the commencement or escalation of hostilities or acts of terrorism; intense competition in the market for cyber security and application delivery solutions and in our industry in general, and changes in the competitive landscape; changes in government regulation; outages, interruptions, or delays in hosting services or our internal network system; compliance with open source and third-party licenses; the risk that our intangible assets or goodwill may become impaired; our dependence on independent distributors to sell our products; long sales cycles for our solutions; changes in foreign currency exchange rates; undetected defects or errors in our products or a failure of our products to protect against malicious attacks; the ability of vendors to provide our hardware platforms and components for our main accessories; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; changes in tax laws; our ability to realize our investment objectives for our cash and liquid investments; our ability to attract, train, and retain highly qualified personnel; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com.

About Radware
Radware® (NASDAQ: RDWR) is a global leader of cyber security and application delivery solutions for physical, cloud, and software defined data centers. Its award-winning solutions portfolio secures the digital experience by providing infrastructure, application, and corporate IT protection, and availability services to enterprises globally. Radware’s solutions empower enterprise and carrier customers worldwide to adapt to market challenges quickly, maintain business continuity, and achieve maximum productivity while keeping costs down. For more information, please visit the Radware website.

Radware encourages you to join our community and follow us on: FacebookLinkedIn, Radware Blog, Twitter, YouTube, and Radware Mobile for iOS and Android.

©2022 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

CONTACTS
Investor Relations:
Yisca Erez, +972-72-3917211, ir@radware.com

Media Contact:
Gerri Dyrek, gerri.dyrek@radware.com

Radware Ltd.

Condensed Consolidated Balance Sheets

(U.S. Dollars in thousands)

 

 

 

 

 

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

(Unaudited)

 

 

(Unaudited)

 

Assets

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

49,199

 

 

92,513

 

Marketable securities

 

25,055

 

 

39,497

 

Short-term bank deposits

 

206,556

 

 

155,879

 

Trade receivables, net

 

11,841

 

 

13,191

 

Other receivables and prepaid expenses

 

13,360

 

 

8,046

 

Inventories

 

11,403

 

 

11,580

 

 

 

317,414

 

 

320,706

 

 

 

 

 

 

Long-term investments

 

 

 

 

Marketable securities

 

112,053

 

 

98,224

 

Long-term bank deposits

 

49,160

 

 

79,708

 

Severance pay funds

 

2,154

 

 

2,454

 

 

 

163,367

 

 

180,386

 

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

20,742

 

 

20,240

 

Goodwill and intangible assets, net

 

89,678

 

 

51,875

 

Other long-term assets

 

37,608

 

 

37,334

 

Operating lease right-of-use assets

 

23,376

 

 

24,829

 

Total assets

 

652,185

 

 

635,370

 

 

 

 

 

 

 

 

 

 

 

Liabilities and shareholders' equity

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

Trade payables

 

7,440

 

 

4,310

 

Deferred revenues

 

112,190

 

 

99,922

 

Operating lease liabilities

 

4,454

 

 

5,090

 

Other payables and accrued expenses

 

38,120

 

 

56,565

 

 

 

162,204

 

 

165,887

 

 

 

 

 

 

Long-term liabilities

 

 

 

 

Deferred revenues

 

75,297

 

 

67,065

 

Operating lease liabilities

 

19,771

 

 

22,360

 

Other long-term liabilities

 

19,384

 

 

10,065

 

 

 

114,452

 

 

99,490

 

 

 

 

 

 

Shareholders' equity

 

 

 

 

Share capital

 

731

 

 

730

 

Additional paid-in capital

 

482,037

 

 

471,173

 

Accumulated other comprehensive loss, net of tax

(6,384)

 

 

(455)

 

Treasury stock, at cost

 

(284,345)

 

 

(243,023)

 

Retained earnings

 

148,490

 

 

141,568

 

Total shareholder's equity

 

340,529

 

 

369,993

 

 

 

 

 

 

Non–controlling interest

 

35,000

 

 

-

 

 

 

 

 

 

Total shareholders' equity

 

375,529

 

 

369,993

 

 

 

 

 

 

Total liabilities and shareholders' equity

 

652,185

 

 

635,370

 

 

 

 

 

 


Radware Ltd.

 

 

 

Condensed Consolidated Statements of Income

 

 

 

(U.S Dollars in thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

For the six months ended

 

June 30,

 

June 30,

 

2022

 

2021

 

2022

 

2021

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

 

 

 

 

 

 

 

Revenues

75,114

 

69,667

 

148,822

 

136,436

Cost of revenues

13,888

 

12,838

 

26,829

 

25,104

Gross profit

61,226

 

56,829

 

121,993

 

111,332

 

 

 

 

 

 

 

 

Operating expenses, net:

 

 

 

 

 

 

 

Research and development, net

21,623

 

18,127

 

41,993

 

35,862

Selling and marketing

32,290

 

29,248

 

62,573

 

58,239

General and administrative

5,737

 

4,551

 

12,264

 

9,747

Total operating expenses, net

59,650

 

51,926

 

116,830

 

103,848

 

 

 

 

 

 

 

 

Operating income

1,576

 

4,903

 

5,163

 

7,484

Financial income, net

2,986

 

1,187

 

4,684

 

3,857

Income before taxes on income

4,562

 

6,090

 

9,847

 

11,341

Taxes on income

1,410

 

1,558

 

2,925

 

2,904

Net income

3,152

 

4,532

 

6,922

 

8,437

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net earnings per share

0.07

 

0.10

 

0.15

 

0.18

 

 

 

 

 

 

 

 

Weighted average number of shares used to compute basic net earnings per share

44,914,427

 

45,618,971

 

45,288,463

 

45,918,605

 

 

 

 

 

 

 

 

Diluted net earnings per share

0.07

 

0.10

 

0.15

 

0.18

 

 

 

 

 

 

 

 

Weighted average number of shares used to compute diluted net earnings per share

45,835,440

 

47,138,142

 

46,476,687

 

47,369,008


 

Radware Ltd.

 

 

 

 

Reconciliation of GAAP to Non-GAAP Financial Information

 

 

 

 

(U.S Dollars in thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

For the six months ended

 

 

June 30,

 

June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

GAAP gross profit

61,226

 

 

56,829

 

 

121,993

 

 

111,332

 

 

Stock-based compensation

94

 

 

51

 

 

184

 

 

98

 

 

Amortization of intangible assets

1,256

 

 

465

 

 

1,720

 

 

929

 

Non-GAAP gross profit

62,576

 

 

57,345

 

 

123,897

 

 

112,359

 

 

 

 

 

 

 

 

 

 

GAAP research and development, net

21,623

 

 

18,127

 

 

41,993

 

 

35,862

 

 

Stock-based compensation

1,635

 

 

1,013

 

 

3,444

 

 

2,352

 

Non-GAAP Research and development, net

19,988

 

 

17,114

 

 

38,549

 

 

33,510

 

 

 

 

 

 

 

 

 

 

GAAP selling and marketing

32,290

 

 

29,248

 

 

62,573

 

 

58,239

 

 

Stock-based compensation

3,043

 

 

2,030

 

 

4,892

 

 

4,082

 

Non-GAAP selling and marketing

29,247

 

 

27,218

 

 

57,681

 

 

54,157

 

 

 

 

 

 

 

 

 

 

GAAP general and administrative

5,737

 

 

4,551

 

 

12,264

 

 

9,747

 

 

Stock-based compensation

876

 

 

143

 

 

1,544

 

 

1,079

 

 

Litigation costs

-

 

 

158

 

 

-

 

 

221

 

 

Acquisition costs

-

 

 

-

 

 

1,142

 

 

-

 

Non-GAAP general and administrative

4,861

 

 

4,250

 

 

9,578

 

 

8,447

 

 

 

 

 

 

 

 

 

 

GAAP total operating expenses, net

59,650

 

 

51,926

 

 

116,830

 

 

103,848

 

 

Stock-based compensation

5,554

 

 

3,186

 

 

9,880

 

 

7,513

 

 

Litigation costs

-

 

 

158

 

 

-

 

 

221

 

 

Acquisition costs

-

 

 

-

 

 

1,142

 

 

-

 

Non-GAAP total operating expenses, net

54,096

 

 

48,582

 

 

105,808

 

 

96,114

 

 

 

 

 

 

 

 

 

 

GAAP operating income

1,576

 

 

4,903

 

 

5,163

 

 

7,484

 

 

Stock-based compensation

5,648

 

 

3,237

 

 

10,064

 

 

7,611

 

 

Amortization of intangible assets

1,256

 

 

465

 

 

1,720

 

 

929

 

 

Litigation costs

-

 

 

158

 

 

-

 

 

221

 

 

Acquisition costs

-

 

 

-

 

 

1,142

 

 

-

 

Non-GAAP operating income

8,480

 

 

8,763

 

 

18,089

 

 

16,245

 

 

 

 

 

 

 

 

 

 

GAAP financial income, net

2,986

 

 

1,187

 

 

4,684

 

 

3,857

 

 

Exchange rate differences, net on balance sheet items included in financial income, net

(1,920)

 

 

555

 

 

(2,814)

 

 

(169)

 

Non-GAAP financial income, net

1,066

 

 

1,742

 

 

1,870

 

 

3,688

 

 

 

 

 

 

 

 

 

 

GAAP income before taxes on income

4,562

 

 

6,090

 

 

9,847

 

 

11,341

 

 

Stock-based compensation

5,648

 

 

3,237

 

 

10,064

 

 

7,611

 

 

Amortization of intangible assets

1,256

 

 

465

 

 

1,720

 

 

929

 

 

Litigation costs

-

 

 

158

 

 

-

 

 

221

 

 

Acquisition costs

-

 

 

-

 

 

1,142

 

 

-

 

 

Exchange rate differences, net on balance sheet items included in financial income, net

(1,920)

 

 

555

 

 

(2,814)

 

 

(169)

 

Non-GAAP income before taxes on income

9,546

 

 

10,505

 

 

19,959

 

 

19,933

 

 

 

 

 

 

 

 

 

 

GAAP taxes on income

1,410

 

 

1,558

 

 

2,925

 

 

2,904

 

 

Tax related adjustments

61

 

 

61

 

 

123

 

 

123

 

Non-GAAP taxes on income

1,471

 

 

1,619

 

 

3,048

 

 

3,027

 

 

 

 

 

 

 

 

 

 

GAAP net income

3,152

 

 

4,532

 

 

6,922

 

 

8,437

 

 

Stock-based compensation

5,648

 

 

3,237

 

 

10,064

 

 

7,611

 

 

Amortization of intangible assets

1,256

 

 

465

 

 

1,720

 

 

929

 

 

Litigation costs

-

 

 

158

 

 

-

 

 

221

 

 

Acquisition costs

-

 

 

-

 

 

1,142

 

 

-

 

 

Exchange rate differences, net on balance sheet items included in financial income, net

(1,920)

 

 

555

 

 

(2,814)

 

 

(169)

 

 

Tax related adjustments

(61)

 

 

(61)

 

 

(123)

 

 

(123)

 

Non-GAAP net income

8,075

 

 

8,886

 

 

16,911

 

 

16,906

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP diluted net earnings per share

0.07

 

 

0.10

 

 

0.15

 

 

0.18

 

 

Stock-based compensation

0.12

 

 

0.07

 

 

0.22

 

 

0.16

 

 

Amortization of intangible assets

0.03

 

 

0.01

 

 

0.04

 

 

0.02

 

 

Litigation costs

0.00

 

 

0.00

 

 

0.00

 

 

0.00

 

 

Acquisition costs

0.00

 

 

0.00

 

 

0.02

 

 

0.00

 

 

Exchange rate differences, net on balance sheet items included in financial income, net

(0.04)

 

 

0.01

 

 

(0.06)

 

 

(0.00)

 

 

Tax related adjustments

(0.00)

 

 

(0.00)

 

 

(0.00)

 

 

(0.00)

 

Non-GAAP diluted net earnings per share

0.18

 

 

0.19

 

 

0.36

 

 

0.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares used to compute non-GAAP diluted net earnings per share

45,835,440

 

 

47,138,142

 

 

46,476,687

 

 

47,369,008

 


Radware Ltd.

 

 

 

Condensed Consolidated Statements of Cash Flow

 

 

 

(U.S. Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

For the six months ended

 

 

June 30,

 

June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

Cash flow from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

3,152

 

 

4,532

 

 

6,922

 

 

8,437

 

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

3,229

 

 

2,537

 

 

5,717

 

 

5,185

 

Stock-based compensation

 

5,648

 

 

3,237

 

 

10,064

 

 

7,611

 

Amortization of premium, accretion of discounts and accrued interest on marketable securities, net

 

798

 

 

727

 

 

1,386

 

 

1,135

 

Gain related to securities, net

 

(1)

 

 

(95)

 

 

(60)

 

 

(97)

 

Accrued interest on bank deposits

 

39

 

 

698

 

 

72

 

 

(83)

 

Increase (decrease) in accrued severance pay, net

 

(53)

 

 

140

 

 

94

 

 

365

 

Decrease (increase) in trade receivables, net

 

7,203

 

 

(8,591)

 

 

1,349

 

 

(1,651)

 

Increase in other receivables and prepaid expenses and other long-term assets

 

(509)

 

 

(5,519)

 

 

(4,325)

 

 

(9,981)

 

Decrease (increase) in inventories

 

(148)

 

 

211

 

 

177

 

 

735

 

Increase (decrease) in trade payables

 

(713)

 

 

1,422

 

 

3,130

 

 

1,666

 

Increase in deferred revenues

 

18,064

 

 

2,468

 

 

20,500

 

 

11,390

 

Increase (decrease) in other payables and accrued expenses

 

(3,850)

 

 

6,664

 

 

(22,182)

 

 

671

 

Operating lease liabilities, net

 

(1,335)

 

 

358

 

 

(1,772)

 

 

(424)

 

Net cash provided by operating activities

 

31,524

 

 

8,789

 

 

21,072

 

 

24,959

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of property and equipment

 

(2,333)

 

 

(1,159)

 

 

(4,497)

 

 

(2,492)

 

Proceeds from (investment in) other long-term assets, net

 

92

 

 

(11)

 

 

37

 

 

31

 

Proceeds from (investment in) bank deposits, net

 

(42,550)

 

 

4,577

 

 

(20,201)

 

 

4,434

 

Proceeds from sale, redemption of and purchase of marketable securities ,net

 

(9,196)

 

 

10,825

 

 

(4,640)

 

 

8,334

 

Payment for the acquisition of intangible assets

 

-

 

 

-

 

 

(30,000)

 

 

-

 

Net cash provided by (used in) investing activities

 

(53,987)

 

 

14,232

 

 

(59,301)

 

 

10,307

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from exercise of stock options

 

239

 

 

3,695

 

 

801

 

 

5,847

 

Repurchase of shares

 

(18,060)

 

 

(4,638)

 

 

(40,886)

 

 

(34,827)

 

Proceeds from issuance of Preferred A shares in subsidiary

 

35,000

 

 

-

 

 

35,000

 

 

-

 

Net cash provided by (used in) financing activities

 

17,179

 

 

(943)

 

 

(5,085)

 

 

(28,980)

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

(5,284)

 

 

22,078

 

 

(43,314)

 

 

6,286

 

Cash and cash equivalents at the beginning of the period

 

54,483

 

 

38,979

 

 

92,513

 

 

54,771

 

Cash and cash equivalents at the end of the period

 

49,199

 

 

61,057

 

 

49,199

 

 

61,057