SMART Global Holdings Reports Third Quarter Fiscal 2021 Financial Results

Record Quarterly Net Sales of $438M, up 44% Sequentially

NEWARK, Calif.--(BUSINESS WIRE)--SMART Global Holdings, Inc. (“SGH” or the “Company”) (NASDAQ: SGH) today reported financial results for the third quarter of fiscal 2021.

Third Quarter Fiscal 2021 Financial Highlights

• GAAP net sales of $437.7 million, an increase of 56% compared to the same period last year.
• GAAP net income/(loss) of ($7.2) million, or ($0.30) per diluted share, compared to $0.8 million, or $0.03 per diluted share, for the same period last year.
• Non-GAAP net income of $35.5 million, or $1.39 per diluted share, up 107.6% and 98.6%, respectively, compared to the same period last year.
• Adjusted EBITDA of $51.4 million, up 102.3% compared to the same period last year.

“We are proud of our team’s execution in the third quarter of fiscal 2021; we set a quarterly revenue record for the company and surpassed our non-GAAP gross margin and EPS guidance,” said CEO Mark Adams. “In its first quarter as part of the SGH family, Cree LED achieved strong results. Coupled with continued top line growth in our Intelligent Platform Solutions Group and strong operating performance in our Memory Solutions Group, comprised of Specialty Memory and Brazil, these results reinforce the benefits of our growth and diversification strategy.”

Third Quarter Fiscal 2021 and Historical Financial Data

Quarterly Financial Results	GAAP ^(1)							Non-GAAP ^(2)
(In millions, except per share amounts)	Q3 FY21			Q2 FY21		Q3 FY20		Q3 FY21		Q2 FY21		Q3 FY20
Net sales	$	437.7		$	304.0	$	281.3	$	437.7	$	304.0	$	281.3
Gross profit	$	84.5		$	53.5	$	54.2	$	95.7	$	59.3	$	55.9
Operating income	$	2.9		$	12.9	$	10.1	$	43.3	$	27.2	$	20.3
Net income (loss) ^(3)	$	(7.2	)	$	5.8	$	0.8	$	35.5	$	21.9	$	17.1
Diluted earnings per share (EPS)	$	(0.30	)	$	0.23	$	0.03	$	1.39	$	0.87	$	0.70

(1)	GAAP represents U.S. Generally Accepted Accounting Principles.
(2)	Please refer to the “Non-GAAP Information” section and the "Reconciliation of Non-GAAP Financial Measures" tables below for further detail on the non-GAAP financial reporting referenced above and a reconciliation of such measures to our nearest GAAP measures.
(3)	Refers to net income (loss) attributable to SGH.

Business Outlook

As of July 6, 2021, SGH is providing the following financial outlook for its fourth quarter of fiscal 2021:

Net Sales	$440 to $480 million
Gross Margin - GAAP / Non-GAAP	22% to 24%
Diluted EPS - GAAP	$0.95 ± $0.15
Share-based compensation per share	$0.33
Intangible amortization per share	$0.24
Convertible debt discount OID and fees per share	$0.08
Diluted EPS - Non-GAAP	$1.60 ± $0.15
Expected diluted share count - GAAP	27 million
Capped call anti-dilution related to convertible	(1 million)
Expected diluted share count - Non-GAAP	26 million

Third Quarter 2021 Earnings Conference Call and Webcast Details

SGH will hold a conference call and webcast to discuss the Q3 2021 results and related matters at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) on Tuesday, July 6, 2021. Interested parties may access the call by dialing [phone] in the U.S. or [phone] from international locations using access code 4549154. The webcast link is located on the SGH Investor Relations website at https://ir.smartm.com/investors. We will also post the presentation to our website prior to the call.

Shortly after the conclusion of the conference call, a replay of the audio webcast will be available on the SGH Investor Relations website for approximately seven days.

Use of Forward-Looking Statements

This press release contains and statements made during the above-referenced conference call will contain "forward-looking statements," including, among other things, statements regarding future events and the future financial performance of SGH (including the business outlook for the next fiscal quarter) and statements regarding growth drivers in SGH’s industries and markets. These forward-looking statements are based on current expectations and preliminary assumptions that are subject to factors and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside SGH’s control, including, among others: business and economic conditions and growth trends in technology and lighting industries, our customer markets and various geographic regions; global economic conditions and uncertainties in the geopolitical environment; disruptions in our operations, our supply chain or in global markets as a result of the outbreak of COVID-19 or otherwise; changes in trade regulations or adverse developments in international trade relations and agreements; changes in currency exchange rates; overall information technology spending; appropriations for government spending; the success of our strategic initiatives including additional investments in new products, additional capacity and acquisitions; the acquisition of other companies or technologies, the failure to successfully integrate and operate them, or customers’ negative reactions to them, including Cree LED, Inc.; limitations on or changes in the availability of supply of materials and components; fluctuations in material costs; temporary or volatile nature of pricing trends in memory or elsewhere; deterioration in customer relationships; production or manufacturing difficulties; competitive factors; technological changes; difficulties with or delays in the introduction of new products; slowing or contraction of growth in the memory market in Brazil; reduction in or termination of incentives for local manufacturing in Brazil; changes to applicable tax regimes or rates; prices for the end products of our customers; strikes or labor disputes; deterioration in or loss of relations with any of our limited number of key vendors; the inability to maintain or expand government business; and other factors and risks detailed in SGH’s filings with the U.S. Securities and Exchange Commission, which include SGH’s most recent reports on Form 10-K and Form 10-Q, including SGH’s future filings.

Such factors and risks as outlined above and in such filings may not constitute all factors and risks that could cause actual results of SGH to be materially different from the historical results and/or from any future results or outcomes expressed or implied by such forward-looking statements. SGH and its subsidiaries operate in a continually changing business environment and new factors emerge from time to time. SGH cannot predict such factors, nor can it assess the impact, if any, from such factors on SGH or its subsidiaries’ results.

Accordingly, investors are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements should not be relied upon as a prediction of actual results. These forward-looking statements are made as of today, and SGH does not intend, and has no obligation, to update or revise any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release, except as required by law.

Statement Regarding Use of Non-GAAP Financial Measures

Non-GAAP financial measures should not be considered as a substitute for or superior to measures of financial performance prepared in accordance with generally accepted accounting principles, or GAAP.

SGH management uses non-GAAP measures to supplement SGH’s financial results under GAAP, which include share-based compensation expense, amortization of intangible assets, contingent consideration fair value adjustment, acquisition-related inventory adjustment, foreign currency gain/(losses) and other expenses that are nonrecurring. Management believes the presentation of operating results that exclude these items provides useful supplemental information to investors and facilitates the analysis of the Company’s core operating results and comparison of operating results across reporting periods. Management also believes that this supplemental non-GAAP information is therefore useful to investors in analyzing and assessing the Company’s past and future operating performance.

Adjusted EBITDA is calculated as GAAP net income (loss) plus net interest expense, income tax expense, depreciation and amortization expense, share-based compensation expense, contingent consideration fair value adjustment, acquisition-related inventory adjustment and other expenses that are nonrecurring. Adjusted EBITDA does not purport to represent cash flow provided by, or used in, operating activities in accordance with GAAP and should not be used as a measure of liquidity.

Investors are encouraged to review the “Reconciliation of Non-GAAP Financial Measures to GAAP Results” and “Reconciliation of GAAP Net Income to Adjusted EBITDA” tables below for more detail on non-GAAP calculations.

About SMART Global Holdings – SGH

SGH businesses are leading designers and manufacturers of electronics for computing, memory and specialty LED solutions. Our businesses specialize in application-specific product development and support for customers in enterprise, government and OEM sales channels.

As a strategic partner, customers rely on SGH for the highest quality technology products, customer service, technical support, and worldwide supply chain and logistics excellence.

For more information about SGH businesses, visit: SMART Modular Technologies; SMART Embedded Computing; SMART Wireless Computing; SMART Supply Chain Services; Penguin Computing; Cree LED.

SMART Global Holdings, Inc.
and Subsidiaries
Consolidated Income Statements
(In thousands, except per share data)
	Three Months Ended									Nine Months Ended
	May 28, 2021			February 26, 2021			May 29, 2020			May 28, 2021			May 29, 2020
Net sales:
Specialty Memory Products	$	121,620		$	115,452		$	127,700		$	357,729		$	342,685
Brazil Products		118,496			103,145			92,701			326,808			284,400
Intelligent Platform Solutions		95,857			85,411			60,886			247,141			198,262
LED Solutions		101,755			—			—			101,755			—
Total net sales		437,728			304,009			281,287			1,033,433			825,347
Cost of sales ^(1) (2)		353,241			250,553			227,054			842,847			665,288
Gross profit		84,487			53,456			54,233			190,586			160,059
Operating expenses:
Research and development ^(1)		16,718			8,852			14,436			32,534			44,023
Selling, general and administrative^(1) (2)		48,475			31,664			29,733			118,195			91,935
Change in estimated fair value of acquisition-related contingent consideration		16,400			—			—			16,400			—
Total operating expenses		81,593			40,516			44,169			167,129			135,958
Income from operations		2,894			12,940			10,064			23,457			24,101
Other expense, net:
Interest expense, net		(5,049	)		(4,365	)		(3,094	)		(12,568	)		(11,736	)
Other expense, net		(489	)		(1,531	)		(3,445	)		(1,187	)		(16,671	)
Total other expense		(5,538	)		(5,896	)		(6,539	)		(13,755	)		(28,407	)
Income (loss) before income taxes		(2,644	)		7,044			3,525			9,702			(4,306	)
Provision for income taxes		4,010			1,200			2,700			8,485			4,365
Net income (loss)		(6,654	)		5,844			825			1,217			(8,671	)
Net income attributable to noncontrolling interest		557			—			—			557			—
Net income (loss) attributable to SGH	$	(7,211	)	$	5,844		$	825		$	660		$	(8,671	)
Earnings per share:
Basic	$	(0.30	)	$	0.24		$	0.03		$	0.03		$	(0.36	)
Diluted	$	(0.30	)	$	0.23		$	0.03		$	0.03		$	(0.36	)
Shares used in computing earnings per share:
Basic		24,035			24,217			24,066			24,843			23,895
Diluted		24,035			25,203			24,431			25,902			23,895
(1) Includes share-based compensation expense as follows:
Cost of sales	$	1,166		$	804		$	699		$	2,807		$	2,161
Research and development		1,468			810			780			3,056			2,306
Selling, general and administrative		5,747			3,784			3,428			19,004			11,043
Total share-based compensation expense	$	8,381		$	5,398		$	4,907		$	24,867		$	15,510
(2) Includes amortization of intangible assets expense as follows:
Cost of sales	$	2,937		$	647		$	647		$	4,231		$	1,941
Selling, general and administrative		3,247			2,766			2,767			8,780			8,299
Total amortization expense	$	6,184		$	3,413		$	3,414		$	13,011		$	10,240

SMART Global Holdings, Inc.
and Subsidiaries
Reconciliation of Non-GAAP Financial Measures to GAAP Results
(In thousands, except per share data)
	Three Months Ended									Nine Months Ended
	May 28, 2021			February 26, 2021			May 29, 2020			May 28, 2021			May 29, 2020
Reconciliation of gross profit:
GAAP gross profit	$	84,487		$	53,456		$	54,233		$	190,586		$	160,059
GAAP gross margin		19.3	%		17.6	%		19.3	%		18.4	%		19.4	%
Add: Share-based compensation included in cost of sales		1,166			804			699			2,807			2,161
Add: Intangible amortization included in cost of sales		2,937			647			647			4,231			1,941
Add: LED - Inventory adjustment		7,090			—			—			7,090			—
Add: Import taxes - Out of period adjustment		—			4,345			—			4,345			—
Add: COVID-19 expenses		—			—			282			—			282
Non-GAAP gross profit	$	95,680		$	59,252		$	55,861		$	209,059		$	164,443
Non-GAAP gross margin		21.9	%		19.5	%		19.9	%		20.2	%		19.9	%
Reconciliation of operating expenses:
GAAP operating expenses	$	81,593		$	40,516		$	44,169		$	167,129			135,958
Less: Share-based compensation expense included in opex
Research and development		1,468			810			780			3,056			2,306
Selling, general and administrative		5,747			3,784			3,428			19,004			11,043
Total		7,215			4,594			4,208			22,060			13,349
Less: Amortization of intangible assets included in opex
Selling, general and administrative		3,247			2,766			2,767			8,780			8,299
Total		3,247			2,766			2,767			8,780			8,299
Less: Acquisition-related expenses		2,355			1,064			—			5,036			946
Less: Integration/restructuring expenses		—			—			1,432			—			4,524
Less: COVID-19 expenses		—			—			228			—			228
Less: Contingent consideration fair value adjustment		16,400			—			—			16,400			—
Non-GAAP operating expenses	$	52,376		$	32,092		$	35,534		$	114,853		$	108,612
Reconciliation of income from operations:
GAAP income from operations	$	2,894		$	12,940		$	10,064		$	23,457		$	24,101
GAAP operating margin		0.7	%		4.3	%		3.6	%		2.3	%		2.9	%
Add: Share-based compensation expense		8,381			5,398			4,907			24,867			15,510
Add: Amortization of intangible assets		6,184			3,413			3,414			13,011			10,240
Add: Acquisition-related expenses		2,355			1,064			—			5,036			946
Add: LED - Inventory adjustment		7,090			—			—			7,090			—
Add: Integration/restructuring expenses		—			—			1,432			—			4,524
Add: Import taxes - Out of period adjustment		—			4,345			—			4,345			—
Add: COVID-19 expenses		—			—			510			—			510
Add: Contingent consideration fair value adjustment		16,400			—			—			16,400			—
Non-GAAP income from operations	$	43,304		$	27,160		$	20,327		$	94,206		$	55,831
Non-GAAP operating margin		9.9	%		8.9	%		7.2	%		9.1	%		6.8	%

SMART Global Holdings, Inc.
and Subsidiaries
Reconciliation of Non-GAAP Financial Measures to GAAP Results
(In thousands, except per share data)
	Three Months Ended									Nine Months Ended
	May 28, 2021			February 26, 2021			May 29, 2020			May 28, 2021			May 29, 2020
Reconciliation of income/loss before income taxes:
GAAP income/loss before income taxes	$	(2,644	)	$	7,044		$	3,525		$	9,702		$	(4,306	)
Add: Share-based compensation expense		8,381			5,398			4,907			24,867			15,510
Add: Amortization of intangible assets		6,184			3,413			3,414			13,011			10,240
Add: Acquisition-related expenses		2,355			1,064			—			5,036			946
Add: LED - Inventory adjustment		7,090			—			—			7,090			—
Add: Integration/restructuring expenses		—			—			1,432			—			4,524
Add: COVID-19 expenses		—			—			510			—			510
Add: Extinguishment of term loan		—			—			192			—			6,822
Add: Import taxes - Out of period adjustment		—			5,085			—			5,085			—
Add: Capped call MTM adjustment		—			—			2,924			—			7,719
Add: Convertible debt discount OID and fees		2,088			2,098			1,960			6,248			2,359
Add: Contingent consideration fair value adjustment		16,400			—			—			16,400			—
Add: Foreign currency (gains)/losses		994			843			484			1,195			2,586
Non-GAAP income before income taxes		40,848		$	24,945		$	19,348		$	88,634		$	46,910
Reconciliation of provision for income taxes:
GAAP provision for income taxes	$	4,010		$	1,200		$	2,700		$	8,485		$	4,365
GAAP effective tax rate		-151.7	%		17.0	%		76.6	%		87.5	%		-101.4	%
Less: Goodwill tax credit		—			—			484			—			968
Add: Import taxes - Out of period adjustment		—			1,727			—			1,727			—
Tax effect of adjustments to GAAP results		(767	)		(84	)		(48	)		(787	)		(258	)
Non-GAAP provision for income taxes	$	4,777		$	3,011		$	2,264		$	10,999		$	3,655
Non-GAAP effective tax rate		11.7	%		12.1	%		11.7	%		12.4	%		7.8	%
Reconciliation of net income (loss) and earnings per share (diluted):
GAAP net income (loss)	$	(7,211	)	$	5,844		$	825		$	660		$	(8,671	)
Adjustments to GAAP net income (loss):
Share-based compensation		8,381			5,398			4,907			24,867			15,510
Amortization of intangible assets		6,184			3,413			3,414			13,011			10,240
Acquisition related expenses		2,355			1,064			—			5,036			946
LED - Inventory adjustment		7,090			—			—			7,090			—
Integration/restructuring expenses		—			—			1,432			—			4,524
COVID-19 expenses		—			—			510			—			510
Extinguishment of term loan		—			—			192			—			6,822
Capped call MTM adjustment		—			—			2,924			—			7,719
Import taxes - Out of period adjustment		—			3,358			—			3,358			—
Convertible debt discount OID and fees		2,088			2,098			1,960			6,248			2,359
Goodwill tax credit		—			—			484			—			968
Contingent consideration fair value adjustment		16,400			—			—			16,400			—
Foreign currency (gains)/losses		994			843			484			1,195			2,586
Tax effect of items excluded from non-GAAP results		(767	)		(84	)		(48	)		(787	)		(258	)
Non-GAAP net income	$	35,514		$	21,934		$	17,084		$	77,078		$	43,255
Diluted shares outstanding reconciliation:
GAAP weighted average outstanding shares - diluted*		26,444			25,203			24,431			25,902			24,450
Dilution offset from convertible note hedge transactions		(928	)		—			—			—			—
Non-GAAP diluted weighted average shares outstanding		25,516			25,203			24,431			25,902			24,450
Non-GAAP earnings per share (diluted)	$	1.39		$	0.87		$	0.70		$	2.98		$	1.77
GAAP earnings per share (diluted)	$	(0.30	)	$	0.23		$	0.03		$	0.03		$	(0.36	)
*Q3'21: represents what GAAP diluted shares would have been had there been GAAP income.

SMART Global Holdings, Inc.
and Subsidiaries
Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA
(In thousands)
	Three Months Ended							Nine Months Ended
	May 28, 2021			February 26, 2021		May 29, 2020		May 28, 2021		May 29, 2020
GAAP net income (loss)	$	(7,211	)	$	5,844	$	825	$	660	$	(8,671	)
Share-based compensation expense		8,381			5,398		4,907		24,867		15,510
Amortization of intangible assets		6,184			3,413		3,414		13,011		10,240
Interest expense, net		5,049			4,365		3,094		12,568		11,736
Provision for income tax		4,010			1,200		2,700		8,485		4,365
Depreciation		9,124			5,378		5,405		19,456		17,557
Acquisition-related expenses^(1)		2,355			1,064		—		5,035		946
LED - Inventory adjustment^(2)		7,090			—		—		7,090		—
Contingent consideration fair value adjustment^(1)		16,400			—		—		16,400		—
Integration/restructuring expenses		—			—		1,432		—		4,524
COVID-19 expenses		—			—		510		—		510
Import taxes - Out of period adjustment		—			4,345		—		4,345		—
Extinguishment of term loan		—			—		192		—		6,822
Capped call MTM adjustment		—			—		2,924		—		7,719
Adjusted EBITDA	$	51,382		$	31,007	$	25,403	$	111,917	$	71,258
(1) Amounts related to acquisitions of LED (March 2021) and SMART EC & Wireless (July 2019).
(2) Amounts related to flow through of inventory fair value step up, net of the inventoried impact of other non-GAAP adjustments.

SMART Global Holdings, Inc.
and Subsidiaries
Consolidated Balance Sheets
(In thousands)
	May 28,			August 28,
		2021			2020
Assets
Current assets:
Cash and cash equivalents	$	188,992		$	150,811
Accounts receivable, net		274,950			215,918
Inventories		288,962			162,991
Prepaid expenses and other current assets		53,341			26,990
Total current assets		806,246			556,710
Property and equipment, net		153,261			54,705
Operating lease right-of-use assets		35,307			25,013
Other noncurrent assets		13,827			20,554
Intangible assets, net		107,160			55,671
Goodwill		73,257			73,955
Total assets	$	1,189,057		$	786,608
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	354,210		$	224,660
Other current liabilities		138,008			57,829
Total current liabilities		492,218			282,489
Long-term debt		338,047			195,573
Long-term operating lease liabilities		28,363			20,829
Other long-term liabilities		52,961			5,613
Total liabilities		911,589			504,504
Shareholders’ equity:
Ordinary shares		769			737
Additional paid-in capital		335,785			346,131
Accumulated other comprehensive loss		(231,258	)		(228,241	)
Retained earnings		164,137			163,477
Total SGH shareholders’ equity		269,433			282,104
Noncontrolling interest in subsidiary		8,035			—
Total equity		277,468			282,104
Total liabilities and shareholders’ equity	$	1,189,057		$	786,608

SMART Global Holdings, Inc.
and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
	Three Months Ended									Nine Months Ended
	May 28, 2021			February 26, 2021			May 29, 2020			May 28, 2021			May 29, 2020
Cash flows from operating activities:
Net income (loss)	$	(6,654	)	$	5,844		$	825		$	1,217		$	(8,671	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		15,308			8,793			8,818			32,468			27,797
Share-based compensation		8,381			5,398			4,907			24,867			15,510
Provision for doubtful accounts receivable and sales returns		524			6			74			522			47
Deferred income tax benefit		(3,353	)		49			425			(3,083	)		65
(Gain) Loss on disposal of property and equipment		(1,017	)		988			41			(34	)		(19	)
Loss on mark-to-market adjustment of the capped call		—			—			2,924			—			7,719
Loss on extinguishment of debt		—			—			192			—			6,822
Amortization of debt discounts and issuance costs		2,196			2,191			2,005			6,503			3,786
Amortization of operating lease right-of-use assets		2,031			1,500			1,287			4,944			3,569
Loss from mark-to-market of contingent consideration		16,400			—			—			16,400			—
Changes in operating assets and liabilities:
Accounts receivable		(25,537	)		12,012			(13,395	)		(15,455	)		(17,885	)
Inventories		(38,359	)		(41,053	)		(26,932	)		(66,493	)		(72,481	)
Prepaid expenses and other assets		4,963			(9,849	)		(7,615	)		(14,163	)		(1,119	)
Accounts payable		76,537			21,607			39,031			116,166			95,687
Operating lease liabilities		(1,718	)		(1,238	)		(1,363	)		(4,460	)		(3,503	)
Other current and long-term liabilities		(364	)		14,173			2,402			5,929			4,903
Net cash provided by operating activities		49,338			20,421			13,626			105,328			62,227
Cash flows from investing activities:
Capital expenditures and deposits on equipment		(5,222	)		(20,151	)		(7,521	)		(40,017	)		(16,889	)
Proceeds from sale of property and equipment		56			151			58			222			154
Acquisitions of business, net of cash acquired		(28,613	)		—			—			(28,613	)		—
Net cash used in investing activities		(33,779	)		(20,000	)		(7,463	)		(68,408	)		(16,735	)
Cash flows from financing activities:
Repurchase of ordinary shares		—			(44,330	)		—			(44,330	)		—
Proceeds from FINEP loan		—			11,439			—			11,439			—
Proceeds from borrowings under revolving line of credit		72,000			23,000			42,000			114,500			60,500
Repayments of borrowings under revolving line of credit		(47,000	)		(23,000	)		(42,000	)		(89,500	)		(60,500	)
Proceeds from issuance of ordinary shares from share option exercises		5,659			2,546			134			9,542			1,941
Proceeds from issuance of ordinary shares from ESPP		1,847			—			1,742			3,615			2,984
Tax payments due upon issuance of ordinary shares for release of RSUs		(337	)		(151	)		(282	)		(3,971	)		(653	)
Long-term debt payment - term loan		—			—			—			—			(5,625	)
Long-term debt payment - BNDES		—			—			(685	)		—			(2,292	)
Purchase of capped call		—			—			—			—			(21,825	)
Proceeds from convertible notes due 2026, net of discount		—			—			—			—			243,125
Payment for extinguishment of long-term debt		—			—			—			—			(204,904	)
Net cash provided by (used in) financing activities		32,169			(30,496	)		909			1,295			12,751
Effect of exchange rate changes on the cash and cash equivalents		1,461			5,781			(17,087	)		(34	)		(24,537	)
Net increase (decrease) in cash and cash equivalents		49,189			(24,294	)		(10,014	)		38,181			33,706
Cash and cash equivalents at beginning of period		139,803			164,097			141,860			150,811			98,139
Cash and cash equivalents at end of period	$	188,992		$	139,803		$	131,845		$	188,992		$	131,845