10-Q 1 mesa-10q_20190630.htm 10-Q mesa-10q_20190630.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

Or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM                      TO                     .

Commission File Number 001-38626

 

MESA AIR GROUP, INC.

(Exact name of registrant as specified in its charter)

 

 

Nevada

 

85-0302351

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

 

410 North 44th Street, Suite 700

Phoenix, Arizona 85008

 

85008

(Address of principal executive offices)

 

(Zip Code)

 

Registrant's telephone number, including area code: (602) 685-4000

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

 

Trading Symbol(s)

 

Name of Each Exchange of Which Registered

Common Stock, no par value

 

MESA

 

Nasdaq Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  

As of July 31, 2019, the registrant had 31,413,287 shares of common stock, no par value per share, issued and outstanding.

 

 


TABLE OF CONTENTS

 

PART I – FINANCIAL INFORMATION

2

 

 

Item 1. Financial Statements

2

 

 

Condensed Consolidated Balance Sheets

2

 

 

Condensed Consolidated Statements of Operations

3

 

 

Condensed Consolidated Statements of Stockholders' Equity

4

 

 

Condensed Consolidated Statements of Cash Flows

6

 

 

Notes to Condensed Consolidated Financial Statements

7

 

 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

23

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

35

 

 

Item 4. Controls and Procedures

36

 

 

PART II – OTHER INFORMATION

37

 

 

Item 1. Legal Proceedings

37

 

 

Item 1A. Risk Factors

37

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

37

 

 

Item 3. Defaults Upon Senior Securities

37

 

 

Item 4. Mine Safety Disclosures

37

 

 

Item 5. Other Information

37

 

 

Item 6. Exhibits

37

 

 

SIGNATURES

39

 

 


Where You Can Find More Information

Investors and others should note that we may announce material business and financial information to our investors using our investor relations website (http://investor.mesa-air.com/), SEC filings, webcasts, press releases, and conference calls. We use these mediums, including our website, to communicate with our members and public about our company, our products, and other issues. It is possible that the information that we make available may be deemed to be material information. We therefore encourage investors and others interested in our company to review the information that we make available on our website.

Cautionary Note Regarding Forward Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations and financial position, business strategy and plans, and objectives of management for future operations, are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements.

In some cases, you can identify forward-looking statements by terms such as "may", "should", "expects", "might", "plans", "anticipates", "could", "intends", "target", "projects", "contemplates", "believes", "estimates", "predicts", "potential", "seek", "would", "continue", or the negative of these terms or other similar expressions. The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of risks, uncertainties and assumptions described in the "Risk Factors" section and elsewhere in this Quarterly Report on Form 10-Q. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Some of the key factors that could cause actual results to differ from our expectations include:

 

the supply and retention of qualified airline pilots;

 

the volatility of pilot attrition;

 

dependence on, and changes to, or non-renewal of, our capacity purchase agreements;

 

increases in our labor costs;

 

reduced utilization (the percentage derived from dividing (i) the number of block hours actually flown during a given month under a particular capacity purchase agreement by (ii) the maximum number of block hours that could be flown during such month under the particular capacity purchase agreement) under our capacity purchase agreements;

 

direct operation of regional jets by our major airline partners;

 

the financial strength of our major airline partners;

 

limitations on our ability to expand regional flying within the flight systems of our major airline partners' and those of other major airlines;

 

our significant amount of debt and other contractual obligations;

 

our compliance with ongoing financial covenants under our credit facilities; and

 

our ability to keep costs low and execute our growth strategies.

While we may elect to update these forward-looking statements at some point in the future, whether as a result of any new information, future events, or otherwise, we have no current intention of doing so except to the extent required by applicable law.

 

1


Part I – Financial Information

Item 1. Financial Statements

MESA AIR GROUP, INC.

Condensed Consolidated Balance Sheets

(In thousands, except share amounts) (Unaudited)

 

 

 

June 30,

 

 

September 30,

 

 

 

2019

 

 

2018

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

79,909

 

 

$

103,311

 

Marketable securities

 

 

 

 

 

19,921

 

Restricted cash

 

 

3,647

 

 

 

3,823

 

Receivables, net

 

 

7,902

 

 

 

14,290

 

Expendable parts and supplies, net

 

 

20,268

 

 

 

15,658

 

Prepaid expenses and other current assets

 

 

46,425

 

 

 

40,914

 

Total current assets

 

 

158,151

 

 

 

197,917

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

1,286,022

 

 

 

1,250,829

 

Intangibles, net

 

 

9,984

 

 

 

11,341

 

Lease and equipment deposits

 

 

1,977

 

 

 

2,598

 

Other assets

 

 

9,849

 

 

 

9,703

 

Total assets

 

$

1,465,983

 

 

$

1,472,388

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt and capital leases

 

$

163,623

 

 

$

155,170

 

Accounts payable ($4,859 and $1,330 to related party)

 

 

33,585

 

 

 

54,307

 

Accrued compensation

 

 

14,492

 

 

 

12,208

 

Other accrued expenses

 

 

34,152

 

 

 

29,696

 

Total current liabilities

 

 

245,852

 

 

 

251,381

 

Noncurrent liabilities:

 

 

 

 

 

 

 

 

Long-term debt and capital leases, excluding current portion

 

 

717,546

 

 

 

760,177

 

Deferred credits ($6,288 and $7,702 to related party)

 

 

13,401

 

 

 

15,393

 

Deferred income taxes

 

 

50,695

 

 

 

39,797

 

Other noncurrent liabilities

 

 

25,755

 

 

 

31,173

 

Total noncurrent liabilities

 

 

807,397

 

 

 

846,540

 

Total liabilities

 

 

1,053,249

 

 

 

1,097,921

 

Commitments and contingencies (Note 13 and Note 14)

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock of no par value, 5,000,000 shares authorized;

   no shares issued and outstanding

 

 

 

 

 

 

Common stock of no par value and additional paid-in capital,

   125,000,000 shares authorized; 30,361,168 (2019) and 23,902,903

   (2018) shares issued and outstanding, 4,603,333 (2019) and

   10,614,990 (2018) warrants issued and outstanding

 

 

237,613

 

 

 

234,683

 

Retained earnings

 

 

175,121

 

 

 

139,784

 

Total stockholders' equity

 

 

412,734

 

 

 

374,467

 

Total liabilities and stockholders' equity

 

$

1,465,983

 

 

$

1,472,388

 

 

See accompanying notes to these condensed consolidated financial statements.

 

2


MESA AIR GROUP, INC.

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts) (Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Nine Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contract revenue (2019—$93,683 and $282,048

   and 2018—$90,834 and $266,037 from related party)

 

$

170,366

 

 

$

159,916

 

 

$

510,586

 

 

$

470,820

 

Pass-through and other (2019—$1,642 and $5,381

   and 2018—$1,634 and $4,989 from related party)

 

 

9,858

 

 

 

11,823

 

 

 

24,941

 

 

 

33,243

 

Total operating revenues

 

 

180,224

 

 

 

171,739

 

 

 

535,527

 

 

 

504,063

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Flight operations

 

 

53,025

 

 

 

51,795

 

 

 

155,636

 

 

 

155,602

 

Fuel

 

 

211

 

 

 

151

 

 

 

433

 

 

 

349

 

Maintenance

 

 

54,322

 

 

 

48,290

 

 

 

139,504

 

 

 

154,046

 

Aircraft rent

 

 

12,875

 

 

 

17,975

 

 

 

41,104

 

 

 

54,557

 

Aircraft and traffic servicing

 

 

978

 

 

 

848

 

 

 

2,977

 

 

 

2,592

 

General and administrative

 

 

12,435

 

 

 

22,066

 

 

 

38,121

 

 

 

43,333

 

Depreciation and amortization

 

 

19,761

 

 

 

16,013

 

 

 

57,528

 

 

 

47,611

 

Lease termination

 

 

9,540

 

 

 

15,109

 

 

 

9,540

 

 

 

15,109

 

Total operating expenses

 

 

163,147

 

 

 

172,247

 

 

 

444,843

 

 

 

473,199

 

Operating income

 

 

17,077

 

 

 

(508

)

 

 

90,684

 

 

 

30,864

 

Other (expenses) income, net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(13,496

)

 

 

(14,118

)

 

 

(42,110

)

 

 

(41,592

)

Interest income

 

 

733

 

 

 

11

 

 

 

1,188

 

 

 

30

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

(3,616

)

 

 

 

Other (expense) income, net

 

 

(451

)

 

 

(15

)

 

 

82

 

 

 

(117

)

Total other (expense), net

 

 

(13,214

)

 

 

(14,122

)

 

 

(44,456

)

 

 

(41,679

)

Income (loss) before taxes

 

 

3,863

 

 

 

(14,630

)

 

 

46,228

 

 

 

(10,815

)

Income tax expense (benefit)

 

 

856

 

 

 

(3,495

)

 

 

10,891

 

 

 

(24,676

)

Net income (loss)

 

$

3,007

 

 

$

(11,135

)

 

$

35,337

 

 

$

13,861

 

Net income (loss) per share attributable to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

common shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.09

 

 

$

(0.48

)

 

$

1.02

 

 

$

0.59

 

Diluted

 

$

0.09

 

 

$

(0.48

)

 

$

1.01

 

 

$

0.58

 

Weighted-average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

34,835

 

 

 

23,336

 

 

 

34,683

 

 

 

23,298

 

Diluted

 

 

35,112

 

 

 

23,336

 

 

 

35,051

 

 

 

23,772

 

 

See accompanying notes to these condensed consolidated financial statements.

 

 

3


MESA AIR GROUP, INC.

Condensed Consolidated Statements of Stockholders' Equity

(In thousands, except share amounts) (Unaudited)

 

 

 

Nine Months Ended June 30, 2018

 

 

 

 

 

 

 

 

 

 

 

Common

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

 

 

Number of

 

 

Number of

 

 

Paid-In

 

 

Retained

 

 

 

 

 

 

 

 

Shares

 

 

Warrants

 

 

Capital

 

 

Earnings

 

 

 

Total

 

Balance at September 30, 2017

 

 

11,294,083

 

 

 

12,230,625

 

 

$

114,456

 

 

$

107,768

 

 

 

$

222,224

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock compensation expense

 

 

 

 

 

 

 

 

428

 

 

 

 

 

 

 

428

 

Cumulative effect of change in accounting

   principle (See note 3)

 

 

 

 

 

 

 

 

 

 

 

665

 

 

 

 

665

 

Net income

 

 

 

 

 

 

 

 

 

 

 

22,624

 

 

 

 

22,624

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2017

 

 

11,294,083

 

 

 

12,230,625

 

 

$

114,884

 

 

$

131,057

 

 

 

$

245,941

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock compensation expense

 

 

 

 

 

 

 

 

391

 

 

 

 

 

 

 

391

 

Warrants converted to common stock

 

 

1,089,720

 

 

 

(1,089,720

)

 

 

 

 

 

 

 

 

 

 

Restricted shares issued

 

 

10,412

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

2,372

 

 

 

 

2,372

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2018

 

 

12,394,215

 

 

 

11,140,905

 

 

$

115,275

 

 

$

133,429

 

 

 

$

248,704

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock compensation expense

 

 

 

 

 

 

 

 

390

 

 

 

 

 

 

 

390

 

Repurchased shares and warrants

 

 

(74,275

)

 

 

(250,000

)

 

 

(3,259

)

 

 

 

 

 

 

(3,259

)

Warrants converted to common stock

 

 

19,175

 

 

 

(19,175

)

 

 

 

 

 

 

 

 

 

 

Restricted shares issued

 

 

233,515

 

 

 

 

 

 

326

 

 

 

 

 

 

 

326

 

Cumulative effect of change in accounting

   principle (See note 2)

 

 

 

 

 

 

 

 

 

 

 

(2,403

)

 

 

 

(2,403

)

Net income

 

 

 

 

 

 

 

 

 

 

 

(11,135

)

 

 

 

(11,135

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2018

 

 

12,572,630

 

 

 

10,871,730

 

 

$

112,732

 

 

$

119,891

 

 

 

$

232,623

 

 

4


MESA AIR GROUP, INC.

Condensed Consolidated Statements of Stockholders' Equity

(In thousands, except share amounts) (Unaudited)

 

 

 

Nine Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

Common

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

 

 

Number of

 

 

Number of

 

 

Paid-In

 

 

Retained

 

 

 

 

 

 

 

 

Shares

 

 

Warrants

 

 

Capital

 

 

Earnings

 

 

 

Total

 

Balance at September 30, 2018

 

 

23,902,903

 

 

 

10,614,990

 

 

$

234,683

 

 

$

139,784

 

 

 

$

374,467

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock compensation expense

 

 

 

 

 

 

 

 

1,454

 

 

 

 

 

 

 

1,454

 

Stock issuance costs

 

 

 

 

 

 

 

 

157

 

 

 

 

 

 

 

157

 

Net income

 

 

 

 

 

 

 

 

 

 

 

19,081

 

 

 

 

19,081

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2018

 

 

23,902,903

 

 

 

10,614,990

 

 

$

236,294

 

 

$

158,865

 

 

 

$

395,159

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock compensation expense

 

 

 

 

 

 

 

 

1,298

 

 

 

 

 

 

 

1,298

 

Repurchased shares

 

 

(52,967

)

 

 

 

 

 

(449

)

 

 

 

 

 

 

(449

)

Stock issuance costs

 

 

 

 

 

 

 

 

28

 

 

 

 

 

 

 

28

 

Warrants converted to common stock

 

 

3,834,693

 

 

 

(3,834,693

)

 

 

 

 

 

 

 

 

 

 

Restricted shares issued

 

 

284,846

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

13,249

 

 

 

 

13,249

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2019

 

 

27,969,475

 

 

 

6,780,297

 

 

 

237,171

 

 

 

172,114

 

 

 

 

409,285

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock compensation expense

 

 

 

 

 

 

 

 

1,507

 

 

 

 

 

 

 

1,507

 

Repurchased shares

 

 

(116,757

)

 

 

 

 

 

(1,065

)

 

 

 

 

 

 

(1,065

)

Warrants converted to common stock

 

 

2,176,964

 

 

 

(2,176,964

)

 

 

 

 

 

 

 

 

 

 

Restricted shares issued

 

 

331,486

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

3,007

 

 

 

 

3,007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2019

 

 

30,361,168

 

 

 

4,603,333

 

 

 

237,613

 

 

 

175,121

 

 

 

 

412,734

 

 

See accompanying notes to these condensed consolidated financial statements.

 

 

5


MESA AIR GROUP, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands) (Unaudited)

 

 

 

Nine Months Ended June 30,

 

 

 

2019

 

 

2018

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

35,337

 

 

$

13,861

 

Adjustments to reconcile net income to net cash flows provided by operating

   activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

57,528

 

 

 

47,611

 

Stock compensation expense

 

 

4,259

 

 

 

1,209

 

Deferred income taxes

 

 

10,898

 

 

 

(22,139

)

Amortization of unfavorable lease liabilities and deferred credits

 

 

(8,379

)

 

 

(8,295

)

Amortization of debt financing costs and accretion of interest on

   non-interest-bearing subordinated notes

 

 

3,147

 

 

 

3,577

 

Loss on extinguishment of debt

 

 

3,616

 

 

 

 

(Gain) loss on disposal of assets

 

 

(49

)

 

 

276

 

Provision for obsolete expendable parts and supplies

 

 

477

 

 

 

74

 

Loss on lease termination

 

 

9,540

 

 

 

15,109

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Receivables

 

 

5,903

 

 

 

(12,743

)

Expendable parts and supplies

 

 

(5,076

)

 

 

(677

)

Prepaid expenses and other current assets

 

 

(7,861

)

 

 

4,727

 

Accounts payable

 

 

(4,888

)

 

 

8,361

 

Accrued liabilities

 

 

9,625

 

 

 

12,212

 

Net cash provided by operating activities

 

 

114,077

 

 

 

63,163

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(116,731

)

 

 

(98,509

)

Sales of investment securities

 

 

20,077

 

 

 

 

Net returns of lease and equipment deposits

 

 

621

 

 

 

(2,673

)

Net cash used in investing activities

 

 

(96,033

)

 

 

(101,182

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from long-term debt

 

 

163,658

 

 

 

187,703

 

Principal payments on long-term debt and capital leases

 

 

(197,409

)

 

 

(158,170

)

Debt financing costs

 

 

(4,870

)

 

 

(5,767

)

Debt prepayment costs

 

 

(1,672

)

 

 

 

Stock issuance costs

 

 

185

 

 

 

 

Repurchase of stock

 

 

(1,514

)

 

 

(540

)

Net cash (used in) provided by financing activities

 

 

(41,622

)

 

 

23,226

 

 

 

 

 

 

 

 

 

 

Net change in cash, cash equivalents and restricted cash

 

 

(23,578

)

 

 

(14,793

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

107,134

 

 

 

60,347

 

Cash, cash equivalents and restricted cash at end of period

 

$

83,556

 

 

$

45,554