EAST AURORA, N.Y.–(BUSINESS WIRE)–Moog Inc. (NYSE: MOG.A and MOG.B) announced today financial results for the quarter and fiscal year ended October 3, 2020.

Fourth Quarter Highlights

  • Sales of $707 million, down 8% from a year ago;
  • GAAP diluted loss per share of ($2.40) includes $0.36 per share in pandemic-related charges and a $2.85 per share non-cash charge related to settlement accounting on the U.S defined benefit pension plan;
  • Non-GAAP adjusted earnings per share of $0.81;
  • Operating margins of 6.1% with adjusted operating margins of 8.3%; and
  • $91 million cash flow from operating activities.

Full-Year 2020 Highlights

  • Sales of $2.9 billion, down 1% from a year ago;
  • GAAP diluted earnings per share of $0.28 includes $1.68 per share in pandemic-related charges and $2.85 per share charge related to settlement accounting on the U.S defined benefit pension plan;
  • Non-GAAP adjusted earnings per share of $4.81;
  • Operating margins of 7.5% with adjusted operating margins of 10.0%; and
  • $279 million cash flow from operating activities.

Fiscal 2021 Outlook

Given the considerable uncertainty around the extent and duration of business disruptions related to the pandemic, the Company is not providing guidance for fiscal year 2021.

Segment Results

Aircraft Controls segment sales in the quarter were $275 million, down 19% year over year. Military OEM aircraft sales of $129 million were 21% higher, tied to very strong F-35 Joint Strike Fighter sales which increased 59%. Military aftermarket sales of $65 million increased 27%, the result of higher sustainment activity across the full portfolio of platforms.

Total commercial aircraft revenues were $81 million, 56% lower. Sales to commercial OEM customers were down 61%, the result of declining production rates and actions taken by OEMs to reduce inventory. Commercial aftermarket sales decreased 34% on lower repair activity.

Full-year Aircraft Controls sales were $1.2 billion, down 7%. Military aircraft sales of $721 million were 16% higher. Military OEM sales increased 13%, to $470 million, led by F-35 program sales and funded development work. Military aftermarket sales were 21% higher, led by increased F-35 repair volume reflecting the size of the aircraft’s active fleet.

Space and Defense segment sales in the quarter were $207 million, up 9% year over year. Space sales of $84 million increased 40% on strength across the space portfolio, led by hypersonics, propulsion, avionics, and satellite programs. Defense sales were down 5%, at $123 million, mostly tied to weaker sales of security products and missile steering controls.

Space and Defense sales for the year increased 13%, to $770 million. Space sales were 34% higher, at $294 million, driven by increases across all categories. Defense sales increased 2%, to $476 million, as higher sales for naval programs and components used in a variety of ground vehicle markets were partially offset by lower sales of security products.

Industrial Systems segment sales were $225 million, 4% lower compared to last year’s fourth quarter. Medical product sales increased 22% on very strong sales of IV and enteral feeding pumps. Energy market sales decreased 5%, on softness in offshore exploration products. Sales of industrial automation products were off 10%, with the decrease attributed to reduced capital spending globally and exacerbated by the effects of the pandemic. Sales into simulation and test applications declined 30%, mostly due to reduced demand for flight simulators.

Full-year Industrial Systems sales were $909 million, down 1%. Sales of medical pumps and associated products increased 20%, to $273 million, tied to market share gains for the full portfolio of pump products and breathing equipment components. Energy sales were up 6%, to $128 million, the result of the acquired sales from the GAT acquisition. Industrial automation sales of $405 million were off 9% as second half sales were depressed by the pandemic. Simulation and test sales were 17% lower, at $103 million.

Total backlog was $2.6 billion, with 12-month backlog at $1.7 billion, an increase of 10% from a year ago.

Fiscal ’20 was a year of records for our company, divided into 2 halves,” said John Scannell, Chairman and CEO. “The first half was characterized by record sales, record net earnings and record earnings per share. In the second half we generated record free cash flow. I believe you see the true strength of a company during times of adversity. On that measure, fiscal ’20 was a record year for our company in every way. Our employees across the globe did an outstanding job managing through an unprecedented crisis. It was definitely not the year we planned for 12 months ago, and to say it was a challenge would be an understatement. However, our long-term strategy of diversity across end markets and financial prudence served us well.”

In conjunction with today’s release, Moog will host a conference call beginning at 10:00 a.m. ET, which will be broadcast live over the Internet. John Scannell, Chairman and CEO, and Jennifer Walter, CFO, will host the call. Listeners can access the call live or in replay mode at www.moog.com/investors/communications. Supplemental financial data will be available on the webcast web page approximately 90 minutes prior to the conference call.

Moog Inc. is a worldwide designer, manufacturer, and integrator of precision control components and systems. Moog’s high-performance systems control military and commercial aircraft, satellites and space vehicles, launch vehicles, missiles, automated industrial machinery, marine and medical equipment. Additional information about the company can be found at www.moog.com.

Cautionary Statement

Information included or incorporated by reference in this report that does not consist of historical facts, including statements accompanied by or containing words such as “may,” “will,” “should,” “believes,” “expects,” “expected,” “intends,” “plans,” “projects,” “approximate,” “estimates,” “predicts,” “potential,” “outlook,” “forecast,” “anticipates,” “presume” and “assume,” are forward-looking statements. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company’s current views with respect to certain current and future events and financial performance and are not guarantees of future performance. This includes but is not limited to, the Company’s expectation and ability to pay a quarterly cash dividend on its common stock in the future, subject to the determination by the board of directors, and based on an evaluation of company earnings, financial condition and requirements, business conditions, capital allocation determinations and other factors, risks and uncertainties. The impact or occurrence of these could cause actual results to differ materially from the expected results described in the forward-looking statements. These important factors, risks and uncertainties include:

COVID-19 Pandemic Risks

  • We face various risks related to health pandemics such as the global COVID-19 pandemic, which may have material adverse consequences on our operations, financial position, cash flows, and those of our customers and suppliers.

Strategic Risks

  • We operate in highly competitive markets with competitors who may have greater resources than we possess;
  • Our new products and technology research and development efforts are substantial and may not be successful which could reduce our sales and earnings;
  • Our inability to adequately enforce and protect our intellectual property or defend against assertions of infringement could prevent or restrict our ability to compete; and
  • Our sales and earnings may be affected if we cannot identify, acquire or integrate strategic acquisitions, or as we conduct divestitures.

Market Condition Risks

  • The markets we serve are cyclical and sensitive to domestic and foreign economic conditions and events, which may cause our operating results to fluctuate;
  • We depend heavily on government contracts that may not be fully funded or may be terminated, and the failure to receive funding or the termination of one or more of these contracts could reduce our sales and increase our costs;
  • The loss of The Boeing Company as a customer or a significant reduction in sales to The Boeing Company could adversely impact our operating results; and
  • We may not realize the full amounts reflected in our backlog as revenue, which could adversely affect our future revenue and growth prospects.

Operational Risks

  • Our business operations may be adversely affected by information systems interruptions, intrusions or new software implementations;
  • We may not be able to prevent, or timely detect, issues with our products and our manufacturing processes which may adversely affect our operations and our earnings;
  • If our subcontractors or suppliers fail to perform their contractual obligations, our prime contract performance and our ability to obtain future business could be materially and adversely impacted; and
  • The failure or misuse of our products may damage our reputation, necessitate a product recall or result in claims against us that exceed our insurance coverage, thereby requiring us to pay significant damages.

Financial Risks

  • We make estimates in accounting for over-time contracts, and changes in these estimates may have significant impacts on our earnings;
  • We enter into fixed-price contracts, which could subject us to losses if we have cost overruns;
  • Our indebtedness and restrictive covenants under our credit facilities could limit our operational and financial flexibility;
  • The phase out of LIBOR may negatively impact our debt agreements and financial position, results of operations and liquidity;
  • Significant changes in discount rates, rates of return on pension assets, mortality tables and other factors could adversely affect our earnings and equity and increase our pension funding requirements;
  • A write-off of all or part of our goodwill or other intangible assets could adversely affect our operating results and net worth; and
  • Unforeseen exposure to additional income tax liabilities may affect our operating results.

Legal and Compliance Risks

  • Contracting on government programs is subject to significant regulation, including rules related to bidding, billing and accounting standards, and any false claims or non-compliance could subject us to fines, penalties or possible debarment;
  • Our operations in foreign countries expose us to political and currency risks and adverse changes in local legal and regulatory environments;
  • Government regulations could limit our ability to sell our products outside the United States and otherwise adversely affect our business;
  • We are involved in various legal proceedings, the outcome of which may be unfavorable to us; and
  • Our operations are subject to environmental laws, and complying with those laws may cause us to incur significant costs.

General Risks

  • The United Kingdom’s decision to exit the European Union may result in short-term and long-term adverse impacts on our results of operations;
  • Escalating tariffs, restrictions on imports or other trade barriers between the United States and various countries may impact our results of operations;
  • Future terror attacks, war, natural disasters or other catastrophic events beyond our control could negatively impact our business; and
  • Our performance could suffer if we cannot maintain our culture as well as attract, retain and engage our employees.

These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. Given these factors, risks and uncertainties, investors should not place undue reliance on forward-looking statements as predictive of future results. We disclaim any obligation to update the forward-looking statements made in this report.

Moog Inc.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)

(dollars in thousands, except per share data)

 

 

Three Months Ended

 

Twelve Months Ended

 

 

October 3,

2020

 

September 28,

2019

 

October 3,

2020

 

September 28,

2019

Net sales

 

$

706,895

 

 

$

765,207

 

 

$

2,884,554

 

 

$

2,904,663

 

Cost of sales

 

530,581

 

 

558,197

 

 

2,118,150

 

 

2,088,831

 

Inventory write-down

 

3,913

 

 

 

 

22,708

 

 

 

Gross profit

 

172,401

 

 

207,010

 

 

743,696

 

 

815,832

 

Research and development

 

28,562

 

 

31,935

 

 

110,865

 

 

126,453

 

Selling, general and administrative

 

95,430

 

 

104,812

 

 

397,947

 

 

404,653

 

Interest

 

8,974

 

 

9,868

 

 

38,897

 

 

39,269

 

Long-lived asset impairment

 

5,968

 

 

 

 

37,839

 

 

 

Restructuring

 

5,394

 

 

 

 

10,700

 

 

 

Pension settlement

 

121,324

 

 

 

 

121,324

 

 

 

Other

 

6,413

 

 

3,860

 

 

20,707

 

 

18,505

 

Earnings (loss) before income taxes

 

(99,664

)

 

56,535

 

 

5,417

 

 

226,952

 

Income taxes (benefit)

 

(21,687

)

 

11,980

 

 

(3,788

)

 

52,404

 

Net earnings (loss)

 

$

(77,977

)

 

$

44,555

 

 

$

9,205

 

 

$

174,548

 

 

 

 

 

 

 

 

 

 

Net earnings (loss) per share

 

 

 

 

 

 

 

 

Basic

 

$

(2.40

)

 

$

1.28

 

 

$

0.28

 

 

$

5.01

 

Diluted

 

$

(2.40

)

 

$

1.27

 

 

$

0.28

 

 

$

4.96

 

 

 

 

 

 

 

 

 

 

Average common shares outstanding

 

 

 

 

 

 

 

 

Basic

 

32,539,248

 

 

34,811,076

 

 

33,257,684

 

 

34,854,614

 

Diluted

 

32,539,248

 

 

35,107,997

 

 

33,437,801

 

 

35,178,968

 

 

 

 

 

 

 

 

 

 

Results shown in the previous table includes charges associated with the COVID-19 pandemic, as well as a charge associated with the purchase of a single premium non-participating group annuity contract from Metropolitan Tower Life Insurance Company and the related transfer of future benefit obligations and annuity administration for certain retirees and beneficiaries under the Moog Inc. Employees’ Retirement Plan. COVID-19 impacts include inventory write-down, long-lived asset impairment and restructuring charges. The table below adjusts the income taxes (benefit), net earnings (loss) and diluted net earnings (loss) per share to exclude these impacts.

Reconciliation to non-GAAP adjusted income taxes (benefit), net earnings (loss) and diluted net earnings (loss) per share are as follows:

 

 

Three Months Ended

 

Twelve Months Ended

 

 

October 3,

2020

 

September 28,

2019

 

October 3,

2020

 

September 28,

2019

As Reported:

 

 

 

 

 

 

 

 

Earnings (loss) before income taxes

 

$

(99,664

)

 

$

56,535

 

 

$

5,417

 

 

$

226,952

 

Income taxes (benefit)

 

(21,687

)

 

11,980

 

 

(3,788

)

 

52,404

 

Effective income tax rate

 

21.8

%

 

21.2

%

 

(69.9

)%

 

23.1

%

Net earnings (loss)

 

(77,977

)

 

44,555

 

 

9,205

 

 

174,548

 

Diluted net earnings (loss) per share

 

$

(2.40

)

 

$

1.27

 

 

$

0.28

 

 

$

4.96

 

 

 

 

 

 

 

 

 

 

COVID-19 Pandemic Charges:

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

15,275

 

 

$

 

 

$

71,247

 

 

$

 

Income taxes

 

3,494

 

 

 

 

16,506

 

 

 

Net earnings

 

11,781

 

 

 

 

54,741

 

 

 

Diluted net earnings per share

 

$

0.36

 

 

$

 

 

$

1.68

 

 

$

 

 

 

 

 

 

 

 

 

 

Pension Settlement:

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

121,324

 

 

$

 

 

$

121,324

 

 

$

 

Income taxes

 

28,632

 

 

 

 

28,632

 

 

 

Net earnings

 

92,692

 

 

 

 

92,692

 

 

 

Diluted net earnings per share

 

$

2.85

 

 

$

 

 

$

2.85

 

 

$

 

 

 

 

 

 

 

 

 

 

As Adjusted:

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

36,935

 

 

$

56,535

 

 

$

197,988

 

 

$

226,952

 

Income taxes

 

10,439

 

 

11,980

 

 

41,350

 

 

52,404

 

Effective income tax rate

 

28.3

%

 

21.2

%

 

20.9

%

 

23.1

%

Net earnings

 

26,496

 

 

44,555

 

 

156,638

 

 

174,548

 

Diluted net earnings per share

 

$

0.81

 

 

$

1.27

 

 

$

4.81

 

 

$

4.96

 

The diluted net earnings per share associated with the charges have been calculated using the quarterly average outstanding shares in the period in which the charges were incurred.

Moog Inc.

CONSOLIDATED SALES AND OPERATING PROFIT

(dollars in thousands)

 

 

Three Months Ended

 

Twelve Months Ended

 

 

October 3,

2020

 

September 28,

2019

 

October 3,

2020

 

September 28,

2019

Net sales:

 

 

 

 

 

 

 

 

Aircraft Controls

 

$

275,001

 

 

$

341,565

 

 

$

1,205,750

 

 

$

1,302,972

 

Space and Defense Controls

 

206,958

 

 

189,530

 

 

770,114

 

 

683,468

 

Industrial Systems

 

224,936

 

 

234,112

 

 

908,690

 

 

918,223

 

Net sales

 

$

706,895

 

 

$

765,207

 

 

$

2,884,554

 

 

$

2,904,663

 

Operating profit:

 

 

 

 

 

 

 

 

Aircraft Controls

 

$

3,430

 

 

$

27,896

 

 

$

34,670

 

 

$

122,701

 

 

 

1.2

%

 

8.2

%

 

2.9

%

 

9.4

%

Space and Defense Controls

 

29,443

 

 

25,880

 

 

101,667

 

 

88,990

 

 

 

14.2

%

 

13.7

%

 

13.2

%

 

13.0

%

Industrial Systems

 

10,548

 

 

26,023

 

 

80,025

 

 

109,451

 

 

 

4.7

%

 

11.1

%

 

8.8

%

 

11.9

%

Total operating profit

 

43,421

 

 

79,799

 

 

216,362

 

 

321,142

 

 

 

6.1

%

 

10.4

%

 

7.5

%

 

11.1

%

Deductions from operating profit:

 

 

 

 

 

 

 

 

Interest expense

 

8,974

 

 

9,868

 

 

38,897

 

 

39,269

 

Equity-based compensation expense

 

1,000

 

 

1,334

 

 

5,661

 

 

6,464

 

Pension settlement

 

121,324

 

 

 

 

121,324

 

 

 

Non-service pension expense

 

3,791

 

 

4,886

 

 

15,231

 

 

19,552

 

Corporate and other expenses, net

 

7,996

 

 

7,176

 

 

29,832

 

 

28,905

 

Earnings (loss) before income taxes

 

$

(99,664

)

 

$

56,535

 

 

$

5,417

 

 

$

226,952

 

Operating Profit and Margins – as adjusted are as follows:

 

 

Three Months Ended

 

Twelve Months Ended

 

 

October 3,

2020

 

September 28,

2019

 

October 3,

2020

 

September 28,

2019

Aircraft Controls operating profit – as reported

 

$

3,430

 

 

$

27,896

 

 

$

34,670

 

 

$

122,701

 

Inventory write-down

 

3,913

 

 

 

 

22,448

 

 

 

Long-lived asset impairment

 

(268

)

 

 

 

31,262

 

 

 

Restructuring

 

444

 

 

 

 

3,340

 

 

 

Aircraft Controls operating profit – as adjusted

 

$

7,519

 

 

$

27,896

 

 

$

91,720

 

 

$

122,701

 

 

 

2.7

%

 

8.2

%

 

7.6

%

 

9.4

%

 

 

 

 

 

 

 

 

 

Space and Defense Controls operating profit – as reported

 

$

29,443

 

 

$

25,880

 

 

$

101,667

 

 

$

88,990

 

Long-lived asset impairment

 

 

 

 

 

341

 

 

 

Restructuring

 

 

 

 

 

185

 

 

 

Space and Defense Controls operating profit – as adjusted

 

$

29,443

 

 

$

25,880

 

 

$

102,193

 

 

$

88,990

 

 

 

14.2

%

 

13.7

%

 

13.3

%

 

13.0

%

 

 

 

 

 

 

 

 

 

Industrial Systems operating profit – as reported

 

$

10,548

 

 

$

26,023

 

 

$

80,025

 

 

$

109,451

 

Inventory write-down

 

 

 

 

 

260

 

 

 

Long-lived asset impairment

 

6,236

 

 

 

 

6,236

 

 

 

Restructuring

 

4,950

 

 

 

 

7,175

 

 

 

Industrial Systems operating profit- as adjusted

 

$

21,734

 

 

$

26,023

 

 

$

93,696

 

 

$

109,451

 

 

 

9.7

%

 

11.1

%

 

10.3

%

 

11.9

%

 

 

 

 

 

 

 

 

 

Total operating profit – as adjusted

 

$

58,696

 

 

$

79,799

 

 

$

287,609

 

 

$

321,142

 

 

 

8.3

%

 

10.4

%

 

10.0

%

 

11.1

%

Moog Inc.

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

 

 

October 3,

2020

 

September 28,

2019

ASSETS

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

84,583

 

 

$

89,702

 

Restricted cash

 

489

 

 

2,846

 

Receivables, net

 

855,535

 

 

954,355

 

Inventories, net

 

623,043

 

 

534,974

 

Prepaid expenses and other current assets

 

49,837

 

 

47,096

 

Total current assets

 

1,613,487

 

 

1,628,973

 

Property, plant and equipment, net

 

600,498

 

 

586,767

 

Operating lease right-of-use assets

 

68,393

 

 

 

Goodwill

 

821,856

 

 

784,240

 

Intangible assets, net

 

85,046

 

 

79,646

 

Deferred income taxes

 

18,924

 

 

19,992

 

Other assets

 

17,627

 

 

14,619

 

Total assets

 

$

3,225,831

 

 

$

3,114,237

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

Current liabilities

 

 

 

 

Current installments of long-term debt

 

$

350

 

 

$

249

 

Accounts payable

 

176,868

 

 

257,677

 

Accrued compensation

 

109,510

 

 

143,765

 

Contract advances

 

203,338

 

 

137,242

 

Accrued liabilities and other

 

220,488

 

 

188,725

 

Total current liabilities

 

710,554

 

 

727,658

 

Long-term debt, excluding current installments

 

929,982

 

 

832,984

 

Long-term pension and retirement obligations

 

183,366

 

 

160,034

 

Deferred income taxes

 

40,474

 

 

40,528

 

Other long-term liabilities

 

118,372

 

 

30,552

 

Total liabilities

 

1,982,748

 

 

1,791,756

 

Shareholders’ equity

 

 

 

 

Common stock – Class A

 

43,799

 

 

43,795

 

Common stock – Class B

 

7,481

 

 

7,485

 

Additional paid-in capital

 

472,645

 

 

510,546

 

Retained earnings

 

2,112,734

 

 

2,128,739

 

Treasury shares

 

(990,783

)

 

(769,569

)

Stock Employee Compensation Trust

 

(64,242

)

 

(111,492

)

Supplemental Retirement Plan Trust

 

(53,098

)

 

(71,546

)

Accumulated other comprehensive loss

 

(285,453

)

 

(415,477

)

Total shareholders’ equity

 

1,243,083

 

 

1,322,481

 

Total liabilities and shareholders’ equity

 

$

3,225,831

 

 

$

3,114,237

 

Moog Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in thousands)

 

 

Twelve Months Ended

 

 

October 3,

2020

 

September 28,

2019

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

Net earnings

 

$

9,205

 

 

$

174,548

 

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

 

 

 

 

Depreciation

 

74,243

 

 

71,926

 

Amortization

 

12,729

 

 

13,334

 

Deferred income taxes

 

(40,845

)

 

(4,598

)

Equity-based compensation expense

 

5,661

 

 

6,464

 

Impairment of long-lived assets and inventory write-down

 

60,547

 

 

 

Pension settlement

 

121,324

 

 

 

Other

 

9,636

 

 

4,239

 

Changes in assets and liabilities providing (using) cash:

 

 

 

 

Receivables

 

111,525

 

 

(79,887

)

Inventories

 

(99,015

)

 

(96,652

)

Accounts payable

 

(84,065

)

 

52,499

 

Contract advances

 

65,680

 

 

(14,432

)

Accrued expenses

 

(3,516

)

 

19,758

 

Accrued income taxes

 

(17,964

)

 

3,818

 

Net pension and post retirement liabilities

 

33,305

 

 

32,529

 

Other assets and liabilities

 

20,727

 

 

(2,123

)

Net cash provided by operating activities

 

279,177

 

 

181,423

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

Acquisitions of businesses, net of cash acquired

 

(54,265

)

 

 

Purchase of property, plant and equipment

 

(88,284

)

 

(118,422

)

Other investing transactions

 

(3,644

)

 

2,702

 

Net cash used by investing activities

 

(146,193

)

 

(115,720

)

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

Net short-term repayments

 

 

 

(3,653

)

Proceeds from revolving lines of credit

 

1,151,550

 

 

971,658

 

Payments on revolving lines of credit

 

(1,187,159

)

 

(998,726

)

Proceeds from long-term debt

 

15,128

 

 

 

Payments on long-term debt

 

(74,470

)

 

(411

)

Proceeds from senior notes, net of issuance costs

 

491,769

 

 

 

Payments on senior notes

 

(300,000

)

 

 

Payments on finance lease obligations

 

(1,167

)

 

 

Payment of dividends

 

(25,210

)

 

(34,857

)

Proceeds from sale of treasury stock

 

7,014

 

 

5,268

 

Purchase of outstanding shares for treasury

 

(232,290

)

 

(40,955

)

Proceeds from sale of stock held by SECT

 

24,721

 

 

13,990

 

Purchase of stock held by SECT

 

(6,774

)

 

(15,288

)

Proceeds from sale of SERP stock

 

 

 

4,293

 

Other financing transactions

 

(5,878

)

 

 

Net cash used by financing activities

 

(142,766

)

 

(98,681

)

Effect of exchange rate changes on cash

 

2,306

 

 

(2,180

)

Decrease in cash, cash equivalents and restricted cash

 

(7,476

)

 

(35,158

)

Cash, cash equivalents and restricted cash at beginning of period

 

92,548

 

 

127,706

 

Cash, cash equivalents and restricted cash at end of period

 

$

85,072

 

 

$

92,548

 

 

 

 

 

 

 

Contacts

Ann Marie Luhr

716-687-4225

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