Cogent Communications Reports Third Quarter 2018 Results and Increases Regular Quarterly Dividend on Common Stock

COGENT COMMUNICATIONS HOLDINGS, INC., AND SUBSIDIARIES

Summary of Financial and Operational Results

Q1 2017

Q2 2017

Q3 2017

Q4 2017

Q1 2018

Q2 2018

Q3 2018

Metric ($ in 000's, except 
share and per share data) ?
unaudited

On-Net revenue

$83,586

$85,586

$87,898

$89,374

$92,387

$93,026

$93,790

  % Change from previous Qtr.

2.4%

2.7%

1.7%

3.4%

0.7%

0.8%

Off-Net revenue

$33,386

$33,980

$34,865

$35,662

$36,144

$36,107

$36,202

  % Change from previous Qtr.

4.8%

1.8%

2.6%

2.3%

1.4%

-0.1%

0.3%

Non-Core revenue (1)

$231

$211

$206

$190

$175

$163

$147

  % Change from previous Qtr.

3.1%

-8.7%

-2.4%

-7.8%

-7.9%

-6.9%

-9.8%

Service revenue ? total

$117,203

$119,777

$122,969

$125,226

$128,706

$129,296

$130,139

  % Change from previous Qtr.

1.4%

2.2%

2.7%

1.8%

2.8%

0.5%

0.7%

Constant currency total
revenue quarterly growth
rate ? sequential quarters (4)

1.6%

1.7%

1.2%

1.8%

2.0%

1.1%

1.1%

Constant currency total
revenue quarterly growth
rate ? year over year quarters (4)

8.7%

9.6%

7.7%

6.6%

7.0%

6.3%

6.2%

Network operations
expenses (2)

$50,551

$50,974

$53,405

$53,745

$54,686

$54,147

$54,365

  % Change from previous Qtr.

1.2%

0.8%

4.8%

0.6%

1.8%

-1.0%

0.4%

GAAP gross profit (3)

$48,003

$49,765

$50,238

$51,964

$54,043

$54,701

$55,248

  % Change from previous Qtr.

5.7%

3.7%

1.0%

3.4%

4.0%

1.2%

1.0%

GAAP gross margin (3)

41.0%

41.5%

40.9%

41.5%

42.0%

42.3%

42.5%

Non-GAAP gross profit (4) (6)

$66,652

$68,803

$69,564

$71,481

$74,020

$75,149

$75,774

  % Change from previous Qtr.

1.5%

3.2%

1.1%

2.8%

3.6%

1.5%

0.8%

Non-GAAP gross margin (4) (6)

56.9%

57.4%

56.6%

57.1%

57.5%

58.1%

58.2%

Selling, general and
administrative expenses (5)

$28,925

$28,704

$29,360

$28,238

$29,928

$29,241

$28,838

  % Change from previous Qtr.

1.2%

-0.8%

2.3%

-3.8%

6.0%

-2.3%

-1.4%

Depreciation and
amortization expense

$18,538

$18,897

$19,147

$19,344

$19,788

$20,216

$20,276

  % Change from previous Qtr.

-7.6%

1.9%

1.3%

1.0%

2.3%

2.2%

0.3%

Equity-based compensation
expense

$2,647

$3,225

$3,734

$3,684

$3,784

$4,695

$4,821

  % Change from previous Qtr.

-8.0%

21.8%

15.8%

-1.3%

2.7%

24.1%

2.7%

Operating income

$18,666

$19,000

$17,891

$20,534

$20,637

$21,354

$22,255

  % Change from previous Qtr.

26.2%

1.8%

-5.8%

14.8%

0.5%

3.5%

4.2%

Interest expense

$11,891

$12,090

$12,266

$12,222

$12,408

$12,373

$12,767

  % Change from previous Qtr.

12.2%

1.7%

1.5%

-0.4%

1.5%

-0.3%

3.2%

Net income (loss)

$4,136

$4,317

$3,650

$6,784

$6,552

$8,231

Basic net income (loss) per
common share

$0.09

$0.10

$0.08

$(0.14)

$0.15

$0.15

$0.18

Diluted net income (loss) per
common share

$0.09

$0.10

$0.08

$(0.14)

$0.15

$0.14

$0.18

Weighted average common
shares ? basic

44,649,645

44,717,372

44,767,163

44,844,469

44,923,973

45,016,767

45,105,830

  % Change from previous Qtr.

0.2%

0.2%

0.1%

0.2%

0.2%

0.2%

0.2%

Weighted average common
shares ? diluted

44,917,014

44,988,655

45,118,607

44,844,469

45,294,697

45,536,473

45,699,635

  % Change from previous Qtr.

0.3%

0.2%

0.3%

-0.6%

1.0%

0.5%

0.4%

EBITDA (6)

$37,727

$40,099

$40,204

$43,243

$44,092

$45,908

$46,936

  % Change from previous Qtr.

1.8%

6.3%

0.3%

7.6%

2.0%

4.1%

2.2%

EBITDA margin

32.2%

33.5%

32.7%

34.5%

34.3%

35.5%

36.1%

Gains on asset related
transactions

$2,124

$1,023

$397

$319

$117

$357

$416

EBITDA, as adjusted (6)

$39,851

$41,122

$40,601

$43,562

$44,209

$46,265

$47,352

  % Change from previous Qtr.

5.6%

3.2%

-1.3%

7.3%

1.5%

4.7%

2.3%

EBITDA, as adjusted, margin

34.0%

34.3%

33.0%

34.8%

34.3%

35.8%

36.4%

 Fees ? net neutrality

$2

$188

$824

$260

$14

$39

$108

Net cash provided by
operating activities

$23,514

$28,045

$28,783

$31,360

$30,179

$31,271

$31,745

  % Change from previous Qtr.

-30.6%

19.3%

2.6%

9.0%

-3.8%

3.6%

1.5%

Capital expenditures

$12,249

$12,007

$10,927

$10,618

$14,905

$11,988

$12,107

  % Change from previous Qtr.

70.2%

-2.0%

-9.0%

-2.8%

40.4%

-19.6%

1.0%

Principal payments on
capital leases

$3,854

$2,194

$3,320

$1,833

$2,304

$3,755

$2,099

  % Change from previous Qtr.

37.3%

-43.1%

51.3%

-44.8%

25.7%

63.0%

-44.1%

Dividends paid

$18,999

$19,946

$20,879

$21,833

$22,819

$23,788

$24,764

Purchases of common stock

$ -

$ 1,829

$ -

$ -

$ -

$ -

$ -

Gross Leverage Ratio

4.64

4.62

4.57

4.44

4.33

4.22

4.46

Net Leverage Ratio

2.94

2.98

3.00

2.94

2.94

2.93

2.89

Customer Connections ? end
of period

On-Net

54,805

57,307

59,357

61,334

63,366

65,407

67,370

  % Change from previous Qtr.

3.7%

4.6%

3.6%

3.3%

3.3%

3.2%

3.0%

Off-Net

9,055

9,355

9,724

9,953

10,241

10,480

10,698

  % Change from previous Qtr.

5.3%

3.1%

4.2%

2.4%

2.9%

2.3%

2.1%

Non-Core (1)

383

340

336

326

307

306

307

  % Change from previous Qtr.

9.4%

-11.2%

-1.2%

-3.0%

-5.8%

-0.3%

0.3%

Total customer connections

64,243

66,982

69,417

71,613

73,194

76,193

78,375

  %1 Change from previous Qtr.

3.9%

4.3%

3.6%

3.2%

3.2%

3.1%

2.9%

On-Net Buildings ? end of period

Multi-Tenant office buildings

1,601

1,618

1,635

1,653

1,672

1,710

1,720

Carrier neutral data center
buildings

752

767

784

800

816

837

863

Cogent data centers

53

53

53

53

53

52

52

Total on-net buildings

2,406

2,438

2,472

2,506

2,541

2,599

2,635

Square feet ? multi-tenant
office buildings ? on-net

864,432,176

872,293,092

881,184,145

893,580,297

911,283,287

927,410,239

934,535,144

Network  ? end of period

Intercity route miles

57,213

57,403

57,403

57,403

57,403

57,403

57,403

Metro fiber miles

30,190

30,516

31,071

31,254

31,850

31,953

32,579

Connected networks ? AS's

5,949

5,983

6,076

6,152

6,247

6,363

6,510

Headcount ? end of period

Sales force ? quota bearing

432

434

444

455

432

438

453

Sales force - total

554

559

565

574

555

566

583

Total employees

900

909

919

929

908

917

938

Sales rep productivity ? units
per full time equivalent sales
rep ("FTE") per month

6.1

6.5

5.7

5.8

5.7

5.7

5.8

FTE ? sales reps

416

410

420

429

427

413

418

(2)     Network operations expense excludes equity-based compensation expense of $111, $141, $179, $173, $189, $232 and $250 in the three 
          month periods ended March 31, 2017 through September 30, 2018, respectively.  Network operations expense includes excise taxes, 
          including Universal Service Fund fees of $2,604, $2,672, $2,691, $2,943, $3,157, $3,108 and $3,010 in the three month periods ended 
          March 31, 2017 through September 30, 2018, respectively. 

(3)     GAAP gross profit is defined as total service revenue less network operations expense, depreciation and amortization and equity based 
          compensation included in network operations expense.  GAAP gross margin is defined as GAAP gross profit divided by total service 
          revenue.

(4)     Non-GAAP gross profit represents service revenue less network operations expense, excluding equity-based compensation and amounts 
          shown separately (depreciation expense). Non-GAAP gross margin is defined as non-GAAP gross profit divided by total service revenue.  
          Management believes that Non-GAAP gross profit and Non-GAAP gross profit margin are relevant metrics to provide investors, as they are 
          metrics that management uses to measure the margin available to the company after network service costs, in essence a measure of the 
          efficiency of the Company's network.

(5)     Excludes equity-based compensation expense of $2,536, $3,084, $3,555, $3,511, $3,595, $4,463 and $4,571 in the three month periods 
          ended March 31, 2017 through September 30, 2018, respectively. 

(6)     See schedule of non-GAAP metrics below for definitions and reconciliations to GAAP measures below.

Q1
2017

Q2
2017

Q3
2017

Q4
2017

Q1
2018

Q2
2018

Q3
2018

($ in 000's) ? unaudited

Net cash flows provided by operating
activities

$23,514

$28,045

$28,783

$31,360

$30,179

$31,271

$31,745

Changes in operating assets and liabilities

3,192

950

721

300

2,919

2,408

4,254

Cash interest expense and income tax
expense

11,021

11,104

10,700

11,583

10,994

12,229

10,937

EBITDA

$37,727

$40,099

$40,204

$43,243

$44,092

$45,908

$46,936

PLUS: Gains on asset related transactions

2,124

1,023

397

319

117

357

416

EBITDA, as adjusted

$39,851

$41,122

$40,601

$43,562

$44,209

$46,265

$47,352

EBITDA margin

32.2%

33.5%

32.7%

34.5%

34.3%

35.5%

36.1%

EBITDA, as adjusted, margin

34.0%

34.3%

33.0%

34.8%

34.3%

35.8%

36.4%

($ in 000's) ? unaudited

Q1
2017

Q2
2017

Q3
2017

Q4
2017

Q1
2018

Q2
2018

Q3
2018

Service revenue, as reported ?
current period

$117,203

$119,777

$122,969

$125,226

$128,706

$129,296

$130,139

Impact of foreign currencies on
service revenue

195

(1,701)

16

(981)

802

613

Service revenue - as adjusted  for currency impact (1)

$117,398

$119,246

$121,268

$125,242

$127,725

$130,098

$130,752

Service revenue, as reported ? prior sequential period

$115,596

$117,203

$119,777

$122,969

$125,226

$128,706

$129,296

Constant currency increase

$1,802

$2,043

$1,491

$2,273

$2,499

$1,392

$1,456

Constant currency percent increase

1.6%

1.7%

1.2%

1.8%

2.0%

1.1%

1.1%

(1)    Service revenue, as adjusted for currency impact, is determined by translating the service revenue for the current period at the 
         average foreign currency exchange rates for the prior sequential period. The Company believes that disclosing quarterly sequential 
         revenue growth without the impact of foreign currencies on service revenue is a useful measure of sequential revenue growth. Service 
         revenue, as adjusted for currency impact, is an integral part of the internal reporting and planning system used by management as a 
         supplement to GAAP financial information.

($ in 000's) ? unaudited

Q1
2017

Q2
2017

Q3
2017

Q4
2017

Q1
2018

Q2
2018

Q3
2018

Service revenue, as reported ?
current period

$117,203

$119,777

$122,969

$125,226

$128,706

$129,296

$130,139

Impact of foreign currencies on
service revenue

503

743

(1,257)

(2,055)

(3,280)

(1,937)

445

Service revenue - as adjusted for currency impact  (2)

$117,706

$120,520

$121,712

$123,171

$125,426

$127,359

$130,584

Service revenue, as reported ? prior year period

$108,291

$109,955

$113,057

$115,596

$117,203

$119,777

$122,969

Constant currency increase

$9,415

$10,565

$8,655

$7,575

$8,223

$7,582

$7,615

Percent increase

8.7%

9.6%

7.7%

6.6%

7.0%

6.3%

6.2%

(2)    Service revenue, as adjusted for currency impact, is determined by translating the service revenue for the current period at the 
         average foreign currency exchange rates for the comparable prior year period. The Company believes that disclosing year over year 
         revenue growth without the impact of foreign currencies on service revenue is a useful measure of revenue growth. Service 
         revenue, as adjusted for currency impact, is an integral part of the internal reporting and planning system used by management as a 
         supplement to GAAP financial information.

Q1 2017

Q2 2017

Q3 2017

Q4 2017

Q1 2018

Q2 2018

Q3 2018

($ in 000's) ? unaudited

Service revenue total

$117,203

$119,777

$122,969

$125,226

$128,706

$129,296

$130,139

Minus - Network operations expense
including equity-based compensation and
including depreciation and amortization
expense

69,200

70,012

72,731

73,262

74,663

74,595

74,891

GAAP Gross Profit (1)

$48,003

$49,765

$50,238

$51,964

$54,043

$54,701

$55,248

Plus  - Equity-based compensation ?
network operations expense

111

141

179

173

189

232

250

Plus ? Depreciation and amortization
expense

18,538

18,897

19,147

19,344

19,788

20,216

20,276

Non-GAAP Gross Profit (2)

$66,652

$68,803

$69,564

$71,481

$74,020

$75,149

$75,774

GAAP Gross Margin (1)

41.0%

41.5%

40.9%

41.5%

42.0%

42.3%

42.5%

Non-GAAP Gross Margin (2)

56.9%

57.4%

56.6%

57.1%

57.5%

58.1%

58.2%

(1)    GAAP gross profit is defined as total service revenue less network operations expense, depreciation and amortization and equity 
         based compensation included in network operations expense.  GAAP gross margin is defined as GAAP gross profit divided by total 
         service revenue.

(2)    Non-GAAP gross profit represents service revenue less network operations expense, excluding equity-based compensation and 
         amounts shown separately (depreciation and amortization expense). Non-GAAP gross margin is defined as non-GAAP gross profit 
         divided by total service revenue.  Management believes that non-GAAP gross profit and non-GAAP gross margin are relevant metrics 
         to provide to investors, as they are metrics that management uses to measure the margin and amount available to the Company after 
         network service costs, in essence these are measures of the efficiency of the Company's network.

As of June 30, 2018

As of September 30, 2018

Cash and cash equivalents

$224,282

$284,558

Debt

Capital leases ? current portion

8,428

8,665

Capital leases ? long term

151,439

152,954

Senior unsecured notes

189,225

189,225

Senior secured notes

375,000

445,000

Note payable

12,437

12,468

Total debt

736,529

808,312

Total net debt

512,247

523,754

Trailing 12 months EBITDA, as adjusted

174,637

181,388

Gross leverage ratio

4.22

4.46

Net leverage ratio

2.93

2.89

COGENT COMMUNICATIONS HOLDINGS, INC., AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2018 AND DECEMBER 31, 2017

(IN THOUSANDS, EXCEPT SHARE DATA)

September 30,
2018

December 31,
2017

(Unaudited)

Assets

Current assets:

Cash and cash equivalents

$

284,558

$

247,011

Accounts receivable, net of allowance for doubtful accounts of $1,614 and 
     $1,499, respectively

40,993

39,096

Prepaid expenses and other current assets

32,956

20,011

Total current assets

358,507

306,118

Property and equipment, net

381,004

381,282

Deferred tax assets

6,326

17,616

Deposits and other assets

11,482

5,572

Total assets

$

757,319

$

710,588

Liabilities and stockholders' equity

Current liabilities:

Accounts payable

$

8,262

$

11,592

Accrued and other current liabilities

46,728

47,947

Installment payment agreement, current portion, net of discount of $450 and 
     $337, respectively

8,617

7,816

Current maturities, capital lease obligations

8,665

7,171

Total current liabilities

72,272

74,526

Senior secured 2022 notes, net of unamortized debt costs of $2,887 and 
     $1,870, respectively and including premium of $1,507 and $382, 
     respectively

443,620

373,512

Senior unsecured 2021 notes, net of unamortized debt costs of $1,625 and 
     $2,060, respectively

187,600

187,165

Capital lease obligations, net of current maturities

152,954

150,333

Other long term liabilities

26,717

27,596

Total liabilities

883,163

813,132

Commitments and contingencies:

Stockholders' equity:

Common stock, $0.001 par value; 75,000,000 shares authorized; 46,461,371 
     and 45,960,799 shares issued and outstanding, respectively

46

46

Additional paid-in capital

472,817

456,696

Accumulated other comprehensive income ? foreign currency translation

(8,672)

(4,600)

Accumulated deficit

(590,035)

(554,686)

Total stockholders' deficit

(125,844)

(102,544)

Total liabilities and stockholders' deficit

$

757,319

$

710,588

COGENT COMMUNICATIONS HOLDINGS, INC., AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2018 AND SEPTEMBER 30, 2017

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

Three Months
Ended
September 30, 2018

Three Months
Ended
September 30, 2017

(Unaudited)

(Unaudited)

Service revenue

$

130,139

$

122,969

Operating expenses:

Network operations (including $250 and $179 of equity-based compensation 
     expense, respectively, exclusive of depreciation and amortization shown 
     separately below)

54,615

53,584

Selling, general, and administrative (including $4,571 and $3,555 of equity-
     based compensation expense, respectively)

33,409

32,915

Depreciation and amortization

20,276

19,147

Total operating expenses

108,300

105,646

Gains on equipment transactions

416

397

Operating income

22,255

17,720

Interest income and other, net

1,937

1,632

Interest expense

(12,767)

(12,266)

Income before income taxes

11,425

7,086

Income tax provision

(3,194)

(3,436)

Net income

$

8,231

$

3,650

Comprehensive income:

Net income

$

8,231

$

3,650

Foreign currency translation adjustment

(485)

3,790

Comprehensive income

$

7,746

$

7,440

Net income per common share:

Basic and diluted net income per common share

$

0.18

$

0.08

Dividends declared per common share

$

0.54

$

0.46

Weighted-average common shares - basic

45,105,830

44,767,163

Weighted-average common shares - diluted

45,699,635

45,118,607

COGENT COMMUNICATIONS HOLDINGS, INC., AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 AND SEPTEMBER 30, 2017

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

Nine Months
Ended
September 30, 2018

Nine Months
Ended
September 30, 2017

(Unaudited)

(Unaudited)

Service revenue

$

388,144

$

359,949

Operating expenses:

Network operations (including $671 and $431 of equity-based compensation 
     expense, respectively, exclusive of depreciation and amortization shown 
     separately below)

163,868

155,362

Selling, general, and administrative (including $12,629 and $9,175 of equity-
     based compensation expense, respectively)

100,637

96,165

Depreciation and amortization

60,280

56,583

Total operating expenses

324,785

308,110

Gains on equipment transactions

891

3,543

Operating income

64,250

55,382

Interest income and other, net

3,817

3,502

Interest expense

(37,547)

(36,245)

Income before income taxes

30,520

22,639

Income tax provision

(8,953)

(10,536)

Net income

$

21,567

$

12,103

Comprehensive income:

Net income

$

21,567

$

12,103

Foreign currency translation adjustment

(4,072)

11,281

Comprehensive income

$

17,495

$

23,384

Net income per common share:

Basic net income per common share

$

0.48

$

0.27

Diluted net income per common share

$

0.47

$

0.27

Dividends declared per common share

$

1.56

$

1.32

Weighted-average common shares - basic

45,096,472

44,787,067

Weighted-average common shares - diluted

45,591,217

45,083,765

COGENT COMMUNICATIONS HOLDINGS, INC., AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2018 AND SEPTEMBER 30, 2017

(IN THOUSANDS)

Three months
Ended
September 30, 2018

Three months
Ended
September 30, 2017

(Unaudited)

(Unaudited)

Cash flows from operating activities:

Net income

$

8,231

$

3,650

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

Depreciation and amortization

20,276

19,148

Amortization of debt discount and premium

375

332

Equity-based compensation expense (net of amounts capitalized)

4,821

3,734

Gains ? equipment transactions and other, net

(288)

(766)

Deferred income taxes

2,712

3,209

Changes in operating assets and liabilities:

Accounts receivable

(1,539)

(3,976)

Prepaid expenses and other current assets

(32)

1,845

Accounts payable, accrued liabilities and other long-term liabilities

(3,055)

673

Deposits and other assets

244

934

Net cash provided by operating activities

31,745

28,783

Cash flows from investing activities:

Purchases of property and equipment

(12,107)

(10,927)

Net cash used in investing activities

(12,107)

(10,927)

Cash flows from financing activities:

Dividends paid

(24,764)

(20,879)

Net proceeds from issuance of 2022 secured notes ? net of debt costs of 
     $1,363

69,862

?

Proceeds from exercises of stock options

518

433

Principal payments on installment payment agreement

(2,634)

(1,232)

Principal payments of capital lease obligations

(2,099)

(3,320)

Net cash provided by (used in) financing activities

40,883

(24,998)

Effect of exchange rates changes on cash

(245)

1,415

Net increase (decrease) in cash and cash equivalents

60,276

(5,727)

Cash and cash equivalents, beginning of period

224,282

256,492

Cash and cash equivalents, end of period

$

284,558

$

250,765

COGENT COMMUNICATIONS HOLDINGS, INC., AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 AND SEPTEMBER 30, 2017

(IN THOUSANDS)

Nine months
Ended
September 30, 2018

Nine months
Ended
September 30, 2017

(Unaudited)

(Unaudited)

Cash flows from operating activities:

Net income

$

21,567

$

12,103

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

Depreciation and amortization

60,280

56,583

Amortization of debt discount and premium

1,126

899

Equity-based compensation expense (net of amounts capitalized)

13,300

9,606

Gains ? equipment transactions and other, net

(727)

(4,394)

Deferred income taxes

7,527

9,835

Changes in operating assets and liabilities:

Accounts receivable

(2,280)

(4,317)

Prepaid expenses and other current assets

(663)

645

Accounts payable, accrued liabilities and other long-term liabilities

(5,473)

(1,411)

Deposits and other assets

(1,462)

793

Net cash provided by operating activities

93,195

80,342

Cash flows from investing activities:

Purchases of property and equipment

(39,000)

(35,183)

Net cash used in investing activities

(39,000)

(35,183)

Cash flows from financing activities:

Dividends paid

(71,371)

(59,824)

Net proceeds from issuance of 2022 secured notes ? net of debt costs of 
     $1,363

69,862

?

Purchases of common stock

?

(1,829)

Proceeds from exercises of stock options

1,520

919

Principal payments on installment payment agreement

(6,888)

(2,183)

Principal payments of capital lease obligations

(8,158)

(9,368)

Net cash used in financing activities

(15,035)

(72,285)

Effect of exchange rates changes on cash

(1,613)

3,572

Net increase (decrease) in cash and cash equivalents

37,547

(23,554)

Cash and cash equivalents, beginning of period

247,011

274,319

Cash and cash equivalents, end of period

$

284,558

$

250,765