EX-99.1 2 a14-22829_1ex99d1.htm EX-99.1

Exhibit 99.1

 

PRESS RELEASE

 

Mellanox Technologies, Ltd.

 

Press/Media Contact

Allyson Scott

McGrath/Power Public Relations and Communications

+1-408-727-0351

allysonscott@mcgrathpower.com

 

USA Investor Contact

Gwyn Lauber

Mellanox Technologies

+1-408-916-0012

gwyn@mellanox.com

 

Israel Investor Contact

Keren Goldberg

Gelbart Kahana Investor Relations

+972-3-6070593

kereng@gk-biz.com

 

Mellanox Technologies, Ltd. Announces Third Quarter 2014 Financial Results

 

17.7 percent sequential revenue growth

 

SUNNYVALE, Calif. and YOKNEAM, ISRAEL — October 22, 2014 — Mellanox® Technologies, Ltd. (NASDAQ: MLNX), a leading supplier of end-to-end interconnect solutions for servers and storage systems, today announced financial results for its third quarter 2014, ended September 30, 2014.

 

Third Quarter 2014 Highlights

 

·                  Revenues were $120.7 million

 

·                  GAAP gross margins were 67.2 percent

 

·                  Non-GAAP gross margins were 70.2 percent

 

·                  GAAP operating loss was $1.1 million

 

·                  Non-GAAP operating income was $16.5 million

 

·                  GAAP net income was $0.4 million

 

·                  Non-GAAP net income was $18.0 million

 

·                  GAAP net income per diluted share was $0.01

 

·                  Non-GAAP net income per diluted share was $0.38

 

·                  $17.2 million in cash was provided by operating activities

 

·                  Total cash and investments increased $10.6 million to $354.3 million at September 30, 2014

 



 

Mellanox Technologies, Ltd. Announces Third Quarter 2014 Financial Results

- 2 -

 

Third Quarter Financial Results

 

In accordance with U.S. generally accepted accounting principles (GAAP), the company reported revenue of $120.7 million for the third quarter of 2014, up 17.7 percent from $102.6 million in the second quarter of 2014, and up 16.0 percent from $104.1 million in the third quarter of 2013.

 

GAAP gross margins in the third quarter of 2014 were 67.2 percent, compared with 66.6 percent in the second quarter of 2014, and 64.6 percent in the third quarter of 2013.

 

Non-GAAP gross margins in the third quarter of 2014 were 70.2 percent, compared with 69.1 percent in the second quarter of 2014, and 69.1 percent in the third quarter of 2013.

 

GAAP net income in the third quarter of 2014 was $0.4 million, or $0.01 per diluted share, compared with GAAP net loss of $9.0 million, or $0.20 per diluted share in the second quarter of 2014, and GAAP net loss of $5.9 million, or $0.14 per diluted share, in the third quarter of 2013.

 

Non-GAAP net income in the third quarter of 2014 was $18.0 million, or $0.38 per diluted share, compared with $6.8 million, or $0.15 per diluted share in the second quarter of 2014, and $12.6 million, or $0.28 per diluted share, in the third quarter of 2013. The third quarter 2014 non-GAAP net income excludes $11.8 million of share-based compensation expenses compared to $11.9 million in the second quarter of 2014, and $11.9 million in the third quarter of 2013. Third quarter 2014 non-GAAP net income also excludes the amortization of intangible assets of $2.8 million, acquisition-related charges of $1.7 million and settlement costs of $1.3 million, compared to amortization expenses of acquired intangible assets of $2.8 million and $1.0 million of acquisition-related charges in the second quarter of 2014, and compared to $4.6 million and $2.0 million, respectively, in the third quarter of 2013.

 



 

Mellanox Technologies, Ltd. Announces Third Quarter 2014 Financial Results

- 3 -

 

Total cash and investments increased by $10.6 million to $354.3 million at September 30, 2014, compared to $343.7 million at June 30, 2014. The company generated $17.2 million in cash from operating activities in the third quarter.

 

“We are pleased with our results for the third quarter.  Demand from high-performance computing customers was strong which contributed to solid revenue growth from our FDR InfiniBand solutions.  Revenue from our Ethernet solutions also increased in the quarter,” said Eyal Waldman, president and CEO of Mellanox Technologies. “The transition from 10 Gigabit Ethernet to 40 Gigabit Ethernet is happening now with our Web 2.0 and cloud customers.  We expect to ship hundreds of thousands of 40 Gigabit Ethernet adapters in the fourth quarter to these markets.  This transition is driven by the growth of data producing and consuming applications.  We expect this transition to accelerate in 2015 and beyond.”

 

Recent Mellanox Press Release Highlights

 

·                  Oct. 21, 2014 - Mellanox InfiniBand Powers Top European High Performance Computing Centers

 

·                  Oct. 20, 2014 - Mellanox Ethernet Solutions Selected for New HP 64-bit ARM Data Center Platform

 

·                  Oct. 15, 2014 - Mellanox Introduces New Ethernet Switches to Provide Enhanced Features and Performance for Hyperscale and Cloud Data Centers

 

·                  Oct. 6, 2014 - Mellanox Technologies Named to Inaugural CRN Cloud Partner Program Guide

 

·                  Sept. 30, 2014 - Science & Technology Facilities Council Selects Mellanox’s Ethernet Solutions to Further Atmospheric Science and Research

 

·                  Sept. 29, 2014 - Yahoo! Japan Selects Mellanox InfiniBand Solutions

 

·                  Sept. 29, 2014 - Mellanox’s CloudX Platform Now Supported with Oracle OpenStack for Oracle Linux

 

·                  Sept. 16, 2014 - Mellanox Announces Complete End-to-End Support for New RDMA over Converged Ethernet Version 2 (RoCEv2) Specification

 

·                  Sept. 8, 2014 - Mellanox End-to-End InfiniBand and Ethernet Interconnect Solutions Optimized for Intel Xeon E5-2600 v3 Product Family (code name “Haswell”) Platforms

 

·                  Aug. 25, 2014 - Mellanox Enables Highly Efficient Virtual Desktop Infrastructure using VMware’s Virtual SAN Storage Solution and Micron SSDs

 



 

Mellanox Technologies, Ltd. Announces Third Quarter 2014 Financial Results

- 4 -

 

Fourth Quarter 2014 Guidance

 

Our guidance for fourth quarter 2014 non-GAAP results is as follows:

 

·                  Quarterly revenues of $133 million to $137 million.

 

·                  Non-GAAP gross margins of 69 percent to 70 percent.

 

·                  An increase in non-GAAP operating expenses of 4 percent to 6 percent.

 

·                  Share-based compensation expense of $11.9 million to $12.4 million.

 

·                  Non-GAAP diluted share count of 46.9 million to 47.4 million shares.

 

Conference Calls

 

Mellanox will hold its third quarter 2014 financial results conference call today at 2 p.m. Pacific Time to discuss the company’s financial results. To listen to the call, dial +1-785-424-1826 approximately 10 minutes prior to the start time.

 

The Mellanox financial results conference call will be available via live webcast on the investor relations section of the Mellanox website at http://ir.mellanox.com. Access the webcast 15 minutes prior to the start of the call to download and install any necessary audio software. Replay of the webcast will also be available on the Mellanox website.

 

About Mellanox

 

Mellanox Technologies is a leading supplier of end-to-end InfiniBand and Ethernet interconnect solutions and services for servers and storage. Mellanox interconnect solutions increase data center efficiency by providing the highest throughput and lowest latency, delivering data faster to applications and unlocking system performance capability. Mellanox offers a choice of fast interconnect products: adapters, switches, software, cables and silicon that accelerate application runtime and maximize business results for a wide range of markets including high-performance computing, enterprise data centers, Web 2.0, cloud, storage and financial services. More information is available at www.mellanox.com.

 



 

Mellanox Technologies, Ltd. Announces Third Quarter 2014 Financial Results

- 5 -

 

GAAP to Non-GAAP Reconciliation

 

To supplement our consolidated financial statements presented in accordance with generally accepted accounting principles (GAAP), Mellanox uses non-GAAP measures of net income which are adjusted from results based on GAAP to exclude share-based compensation expense, amortization expense of acquired intangible assets, acquisition related expense and settlement costs. The company believes the non-GAAP results provide useful information to both management and investors, as these non-GAAP results exclude expenses that are not indicative of our core operating results. Management believes it is useful to exclude share-based compensation expense, amortization expense of acquired intangible assets, acquisition related expense and settlement costs because it enhances investors’ ability to understand our business from the same perspective as management, which believes that such items are not directly attributable to nor reflect the underlying performance of the company’s business operations.  Further, management believes certain non-cash charges such as share-based compensation and amortization of acquired intangible assets do not reflect the cash operating results of the business. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. These non-GAAP measures may be different than the non-GAAP measures used by other companies. A reconciliation of GAAP to non-GAAP condensed consolidated statements of operations is also presented in the financial statements portion of this release and is posted under the “Investors” section on our website.

 

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

 

All statements included or incorporated by reference in this release, other than statements or characterizations of historical fact, are forward-looking statements, including the guidance for the three months ended December 31, 2014, statements related to the technologies we acquired in 2013, trends in the market for our solutions and services and opportunities for our company in 2014 and beyond. These forward-looking statements are based on our current expectations, estimates and projections about our industry and business, management’s beliefs and certain assumptions made by us, all of which are subject to change.

 

Forward-looking statements can often be identified by words such as “projects,” “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,” “could,” “potential,” “continue,” “ongoing,” similar expressions and variations or negatives of these words.  These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.

 

The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include the continued expansion of our product line, customer base and the total available market of our products, the continued growth in demand for our products, the continued, increased demand for industry standards-based technology, our ability to react to trends and challenges in our business and the markets in which we operate, our ability to anticipate market needs or develop new or enhanced products to meet those needs, the adoption rate of our products, our ability to establish and maintain successful relationships with our OEM partners, our ability to effectively compete in our industry, fluctuations in demand, sales cycles and prices for our products and services, our success converting design wins to revenue-generating product shipments, the continued launch and volume ramp of large customer sales opportunities, and our ability to protect our intellectual property rights. Furthermore, the majority of our quarterly revenues are derived from customer orders received and fulfilled in the same quarterly period. We have limited visibility into actual end-user demand as such demand impacts us and our OEM customer inventory balances in any given quarter. Consequently, this introduces risk and uncertainty into our revenue and production forecasts and business planning and could negatively impact our financial results. In addition, current uncertainty in the global economic environment poses a risk to the overall economy as businesses may defer purchases in response to tighter credit conditions, changing overall demand for our products, and negative financial news. Consequently, our results could differ materially from our prior results due to these general economic and market conditions, political events and other risks and uncertainties described more fully in our documents filed with or furnished to the Securities and Exchange Commission.

 

More information about the risks, uncertainties and assumptions that may impact our business is set forth in our annual report on Form 10-K filed with the SEC on February 28, 2014 and in our subsequent quarterly reports filed on Form 10-Q. All forward-looking statements in this press release, including the guidance for the three months ended December 31, 2014, are based on information available to us as of the date hereof, and we assume no obligation to update these forward-looking statements.

 

Mellanox is a registered trademark of Mellanox Technologies, Ltd. All other trademarks are property of their respective owners.

 



 

Mellanox Technologies, Ltd. Announces Third Quarter 2014 Financial Results

- 6 -

 

Mellanox Technologies, Ltd.

Condensed Consolidated Statements of Operations

(in thousands, except per share data, unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

 

 

2014

 

2013 *

 

2014

 

2013 *

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

120,708

 

$

104,067

 

$

321,987

 

$

285,315

 

Cost of revenues

 

39,540

 

36,869

 

107,788

 

97,974

 

Gross profit

 

81,168

 

67,198

 

214,199

 

187,341

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development

 

54,220

 

44,607

 

152,063

 

121,498

 

Sales and marketing

 

18,864

 

18,204

 

56,865

 

51,389

 

General and administrative

 

9,184

 

9,674

 

26,861

 

27,193

 

Total operating expenses

 

82,268

 

72,485

 

235,789

 

200,080

 

Loss from operations

 

(1,100

)

(5,287

)

(21,590

)

(12,739

)

Other income, net

 

361

 

482

 

952

 

927

 

Loss before taxes

 

(739

)

(4,805

)

(20,638

)

(11,812

)

Benefit (provision) for taxes on income

 

1,167

 

(1,080

)

589

 

(4,092

)

Net income (loss)

 

$

428

 

$

(5,885

)

$

(20,049

)

$

(15,904

)

Net income (loss) per share — basic

 

$

0.01

 

$

(0.14

)

$

(0.45

)

$

(0.37

)

Net income (loss) per share — diluted

 

$

0.01

 

$

(0.14

)

$

(0.45

)

$

(0.37

)

Shares used in computing income (loss) per share:

 

 

 

 

 

 

 

 

 

Basic

 

44,984

 

43,579

 

44,646

 

43,257

 

Diluted

 

46,229

 

43,579

 

44,646

 

43,257

 

 


* Certain prior year amounts have been revised to reflect non-material adjustments.

 



 

Mellanox Technologies, Ltd. Announces Third Quarter 2014 Financial Results

- 7 -

 

Mellanox Technologies, Ltd.

Reconciliation of Non-GAAP Adjustments

(in thousands, percentages, unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

 

 

2014

 

2013 *

 

2014

 

2013 *

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP net income (loss) to non-GAAP:

 

 

 

 

 

 

 

 

 

GAAP net income (loss)

 

$

428

 

$

(5,885

)

$

(20,049

)

$

(15,904

)

Adjustments:

 

 

 

 

 

 

 

 

 

Share-based compensation expense:

 

 

 

 

 

 

 

 

 

Cost of revenues

 

532

 

461

 

1,586

 

1,359

 

Research and development

 

6,756

 

6,898

 

20,187

 

19,148

 

Sales and marketing

 

2,473

 

2,407

 

7,385

 

6,873

 

General and administrative

 

2,088

 

2,166

 

6,276

 

6,092

 

Total share-based compensation expense

 

11,849

 

11,932

 

35,434

 

33,472

 

Amortization of acquired intangibles:

 

 

 

 

 

 

 

 

 

Cost of revenues

 

1,562

 

3,570

 

5,367

 

7,230

 

Research and development

 

195

 

164

 

586

 

339

 

Sales and marketing

 

1,039

 

837

 

3,117

 

1,912

 

Total amortization of acquired intangibles

 

2,796

 

4,571

 

9,070

 

9,481

 

Settlement costs:

 

 

 

 

 

 

 

 

 

Cost of revenues

 

1,250

 

 

1,250

 

 

Total settlement costs

 

1,250

 

 

1,250

 

 

Acquisition related charges:

 

 

 

 

 

 

 

 

 

Cost of revenues

 

230

 

699

 

849

 

699

 

Research and development

 

1,216

 

333

 

1,949

 

333

 

Sales and marketing

 

225

 

261

 

637

 

261

 

General and administrative

 

 

672

 

 

2,500

 

Total acquisition related charges

 

1,671

 

1,965

 

3,435

 

3,793

 

Non-GAAP net income

 

$

17,994

 

$

12,583

 

$

29,140

 

$

30,842

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP gross profit to non-GAAP:

 

 

 

 

 

 

 

 

 

Revenues

 

$

120,708

 

$

104,067

 

$

321,987

 

$

285,315

 

GAAP gross profit

 

81,168

 

67,198

 

214,199

 

187,341

 

GAAP gross margin

 

67.2

%

64.6

%

66.5

%

65.7

%

Share-based compensation expense

 

532

 

461

 

1,586

 

1,359

 

Amortization of acquired intangibles

 

1,562

 

3,570

 

5,367

 

7,230

 

Settlement costs

 

1,250

 

 

1,250

 

 

Acquisition related charges

 

230

 

699

 

849

 

699

 

Non-GAAP gross profit

 

$

84,742

 

$

71,928

 

$

223,251

 

$

196,629

 

Non-GAAP gross margin

 

70.2

%

69.1

%

69.3

%

68.9

%

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP operating expenses to non-GAAP:

 

 

 

 

 

 

 

 

 

GAAP operating expenses

 

$

82,268

 

$

72,485

 

$

235,789

 

$

200,080

 

Share-based compensation expense

 

(11,317

)

(11,471

)

(33,848

)

(32,113

)

Amortization of acquired intangibles

 

(1,234

)

(1,001

)

(3,703

)

(2,251

)

Acquisition related charges

 

(1,441

)

(1,266

)

(2,586

)

(3,094

)

Non-GAAP operating expenses

 

$

68,276

 

$

58,747

 

$

195,652

 

$

162,622

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP loss from operations to non-GAAP income:

 

 

 

 

 

 

 

 

 

GAAP loss from operations

 

$

(1,100

)

$

(5,287

)

$

(21,590

)

$

(12,739

)

Share-based compensation expense

 

11,849

 

11,932

 

35,434

 

33,472

 

Amortization of acquired intangibles

 

2,796

 

4,571

 

9,070

 

9,481

 

Settlement costs

 

1,250

 

 

1,250

 

 

Acquisition related charges

 

1,671

 

1,965

 

3,435

 

3,793

 

Non-GAAP income from operations

 

$

16,466

 

$

13,181

 

$

27,599

 

$

34,007

 

 



 

Mellanox Technologies, Ltd. Announces Third Quarter 2014 Financial Results

- 8 -

 

Mellanox Technologies, Ltd.

Reconciliation of Non-GAAP Adjustments

(in thousands, except per share data, unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

 

 

2014

 

2013 *

 

2014

 

2013 *

 

 

 

 

 

 

 

 

 

 

 

Shares used in computing GAAP diluted earnings per share

 

46,229

 

43,579

 

44,646

 

43,257

 

Adjustments:

 

 

 

 

 

 

 

 

 

Effect of dilutive securities under GAAP**

 

(1,245

)

 

 

 

Total options vested and exercisable

 

1,879

 

1,911

 

1,879

 

1,911

 

Shares used in computing non-GAAP diluted earnings per share

 

46,863

 

45,490

 

46,525

 

45,168

 

 

 

 

 

 

 

 

 

 

 

GAAP diluted net income (loss) per share

 

$

0.01

 

$

(0.14

)

$

(0.45

)

$

(0.37

)

Adjustments:

 

 

 

 

 

 

 

 

 

Share-based compensation expense

 

0.25

 

0.27

 

0.79

 

0.77

 

Amortization of acquired intangibles

 

0.06

 

0.11

 

0.20

 

0.22

 

Settlement costs

 

0.03

 

0.00

 

0.03

 

0.00

 

Acquisition related charges

 

0.04

 

0.05

 

0.08

 

0.09

 

Effect of dilutive securities under GAAP**

 

0.01

 

0.00

 

0.00

 

0.00

 

Total options vested and exercisable

 

(0.02

)

(0.01

)

(0.02

)

(0.03

)

Non-GAAP diluted income per share

 

$

0.38

 

$

0.28

 

$

0.63

 

$

0.68

 

 


Certain prior year amounts have been revised to reflect non-material adjustments.

** This adjustment adds back the GAAP effect of additional ordinary shares that would have been outstanding if the dilutive potential ordinary shares from stock options had been issued under the Treasury method.

 



 

Mellanox Technologies, Ltd. Announces Third Quarter 2014 Financial Results

- 9 -

 

Mellanox Technologies, Ltd.

Condensed Consolidated Balance Sheets

(in thousands, unaudited)

 

 

 

September 30,

 

December 31,

 

 

 

2014

 

2013 *

 

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

54,852

 

$

63,164

 

Short-term investments

 

295,795

 

263,528

 

Restricted cash

 

3,604

 

 

Accounts receivable, net

 

72,959

 

70,566

 

Inventories

 

39,326

 

35,963

 

Deferred taxes and other current assets

 

24,511

 

17,581

 

Total current assets

 

491,047

 

450,802

 

Property and equipment, net

 

73,954

 

70,815

 

Severance assets

 

9,814

 

10,630

 

Intangible assets, net

 

44,975

 

54,362

 

Goodwill

 

201,105

 

199,558

 

Deferred taxes and other long-term assets

 

21,327

 

20,613

 

Total assets

 

$

842,222

 

$

806,780

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

37,245

 

$

29,964

 

Accrued liabilities

 

57,894

 

51,251

 

Deferred revenue

 

14,539

 

15,849

 

Capital lease liabilities, current

 

1,101

 

1,245

 

Total current liabilities

 

110,779

 

98,309

 

Accrued severance

 

12,401

 

13,418

 

Deferred revenue

 

8,669

 

9,045

 

Capital lease liabilities

 

768

 

1,600

 

Other long-term liabilities

 

14,889

 

17,091

 

Total liabilities

 

147,506

 

139,463

 

Shareholders’ equity:

 

 

 

 

 

Ordinary shares

 

191

 

185

 

Additional paid-in capital

 

601,840

 

550,795

 

Accumulated other comprehensive income (loss)

 

(2,213

)

1,390

 

Retained earnings

 

94,898

 

114,947

 

Total shareholders’ equity

 

694,716

 

667,317

 

Total liabilities and shareholders’ equity

 

$

842,222

 

$

806,780

 

 


* Certain prior year amounts have been revised to reflect non-material adjustments.

 



 

Mellanox Technologies, Ltd. Announces Third Quarter 2014 Financial Results

- 10 -

 

Mellanox Technologies, Ltd.

Condensed Consolidated Statement of Cash Flows

(in thousands, unaudited)

 

 

 

Nine Months Ended September 30,

 

 

 

2014

 

2013 *

 

Cash flows from operating activities:

 

 

 

 

 

Net loss

 

$

(20,049

)

$

(15,904

)

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

 

 

 

 

 

Depreciation and amortization

 

28,999

 

25,439

 

Deferred income taxes

 

(202

)

(2,403

)

Share-based compensation

 

35,434

 

33,472

 

Gain on investments

 

(94

)

(710

)

Excess tax benefit from share-based compensation

 

(346

)

(2,796

)

Changes in assets and liabilities:

 

 

 

 

 

Accounts receivable, net

 

(1,530

)

(12,137

)

Inventories

 

(4,239

)

12,942

 

Prepaid expenses and other assets

 

(10,040

)

699

 

Accounts payable

 

6,692

 

(8,896

)

Accrued liabilities and other payables

 

406

 

(8,429

)

Net cash provided by operating activities

 

35,031

 

21,277

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

Acquisition of Kotura, Inc., net of cash acquired of $101

 

 

(80,671

)

Acquisition of IPtronics A/S., net of cash acquired of $2,077

 

 

(42,848

)

Purchase of severance-related insurance policies

 

(597

)

(632

)

Purchases of short-term investments

 

(202,818

)

(151,535

)

Proceeds from sale of short-term investments

 

130,652

 

133,435

 

Proceeds from maturities of short-term investments

 

39,801

 

63,947

 

Increase in restricted cash deposits

 

(103

)

(3,943

)

Purchase of property and equipment

 

(21,228

)

(24,050

)

Purchase of intangible assets

 

 

(6,440

)

Purchase of equity investment in private companies

 

(3,691

)

(3,123

)

Net cash used in investing activities

 

(57,984

)

(115,860

)

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

Principal payments on capital lease obligations

 

(976

)

(960

)

Proceeds from exercise of share awards

 

15,271

 

13,571

 

Excess tax benefit from share-based compensation

 

346

 

2,796

 

Net cash provided by financing activities

 

14,641

 

15,407

 

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

(8,312

)

(79,176

)

Cash and cash equivalents at beginning of period

 

63,164

 

117,054

 

Cash and cash equivalents at end of period

 

$

54,852

 

$

37,878

 

 


* Certain prior year amounts have been revised to reflect non-material adjustments.