- Gross Profit up 22% to $13.5 Million, with Significant Increase in Net Income and 66% Increase in Adjusted
EBITDA to $4.8 Million -
TORONTO, May 10, 2018 (GLOBE NEWSWIRE) -- Points International Ltd. (TSX:PTS) (Nasdaq:PCOM) (Points), the global
leader in powering loyalty commerce, is reporting financial results for the first quarter ended March 31, 2018. Points adopted
International Financial Reporting Standard 15 - Revenue from Contracts with Customers (IFRS 15) - effective
January 1, 2018 and applied these new accounting policies retrospectively. Accordingly, 2017 comparative amounts have been
restated.
Unless otherwise noted, all comparisons are on a year-over-year basis and all amounts are in USD. The complete first quarter
Condensed Consolidated Interim Financial Statements and Management Discussion & Analysis, including segmented results, are
available at www.sedar.com and www.sec.gov.
First Quarter 2018 Financial Highlights
- Total revenue increased 7% to $89.1 million compared to $83.1 million.
- Gross profit1 increased 22% to a Q1 record $13.5 million compared to $11.1 million.
- Net Income increased significantly to $2.3 million or $0.16 per share, compared to $0.9 million or $0.06 per share.
- Adjusted EBITDA2 increased 66% to a Q1 record $4.8 million compared to $2.9 million.
Recent Operational Highlights
- Launched a new Loyalty Currency Retailing partnership with Emirates, one of the world’s fastest growing airlines, to expand
their Skywards program.
- Launched new Points Travel partnership with Singapore Airlines, enabling their members to redeem miles in over 300,000 hotels
worldwide.
- Launched a first-of-its kind fuel rewards program with Marathon Fuels.
- Launched new Points Travel service with current partner, Amtrak.
- Launched new hotel distribution partnership with Priceline Partner Network, opening wholesale access to leading hotels
worldwide for the Points Travel service
Management Commentary
“Our strong momentum from last year has carried into 2018, as reflected by our record first quarter gross profit and adjusted
EBITDA, the most important financial metrics in our business,” said Rob Maclean, CEO of Points International. “These results were
driven by continued robust growth in our core Loyalty Currency Retailing (LCR) segment, which continues to benefit from organic
growth with existing clients and new partner wins over the course of 2017.
“We are also gaining increased traction in our Platform Partners and Points Travel segments. In fact, today we announced the
launch of a new Points Travel engagement with Singapore Airlines, a flagship carrier and one of the strongest brands in the
Asia-Pacific region. Additionally, we are pleased to now offer hotel inventory from the Priceline Partner Network. With Priceline
inventory now added to the more than 250,000 worldwide hotel properties that Points Travel has access to, our competitive position
in the marketplace continues to strengthen.
“Looking ahead, we plan to carry this momentum through 2018, led by a healthy pipeline of new business opportunities, strong
cash generation from our LCR services and the increasing traction of Platform Partners and Points Travel. We expect the execution
of our strategy across all three business segments to generate another record year of gross profit and adjusted EBITDA.”
First Quarter 2018 Financial Results
Total revenue in the first quarter of 2018 increased 7% to $89.1 million compared to $83.1 million in the year-ago quarter.
Principal revenue increased 4% to $83.3 million, and other partner revenue increased 75% to $5.8 million.
Gross profit in the first quarter increased 22% to a record $13.5 million compared to $11.1 million in the year-ago quarter. The
increase was primarily driven by organic growth from existing partners and new partner wins in LCR, and to a lesser extent, growth
in Points Travel.
Total adjusted operating expenses3 in the first quarter of 2018 were $8.8 million compared to $8.2 million in the
year-ago quarter. As a percentage of gross profit, adjusted operating expenses improved significantly to 65.0% compared to
73.9%.
Net income increased significantly to $2.3 million or $0.16 per share, compared to $0.9 million or $0.06 per share in the
year-ago quarter.
Adjusted EBITDA in the first quarter increased 66% to a record $4.8 million compared to $2.9 million in the year-ago quarter.
The increase was primarily driven by the aforementioned increase in gross profit and prudent cost management.
At March 31, 2018, total funds available, comprised of cash and cash equivalents together with restricted cash and funds
receivable from payment processors, was $77.8 million compared to $79.2 million at December 31, 2017. The company continues to be
debt free.
During the first quarter, Points repurchased for cancellation approximately 133,000 shares of common stock at an average price
of $10.82 per share through its Automatic Share Purchase Plan in conjunction with its Normal Course Issuer Bid (NCIB). As of March
31, 2018, the company had approximately 285,000 shares remaining in its NCIB authorization.
2018 Outlook
Points continues to expect gross profit to increase between 10% and 20% compared to $47.0 million in 2017. The company also
continues to expect adjusted EBITDA to increase between 20% and 40% compared to $13.2 million in 2017.
Conference Call
Points will hold a conference call today at 4:30 p.m. Eastern time to discuss its first quarter 2018 results, followed by a
question-and-answer session.
Date: Thursday, May 10, 2018
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Toll-free dial-in number: 1-877-407-0784
International dial-in number: 1-201-689-8560
Conference ID: 13679236
Please call the conference telephone number 5-10 minutes prior to the start time, and an operator will register your name and
organization. If you have any difficulty connecting with the conference call, please contact Liolios at 1-949-574-3860.
The conference call will also be broadcast live and available for replay here and via the Events & Presentations section of the Company’s IR website at investor.points.com.
A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through May 24, 2018.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13679236
About Points International Ltd.
Points (TSX:PTS) (Nasdaq:PCOM) provides loyalty e-commerce and technology solutions to the
world's top brands to power innovative services that drive increased loyalty program revenue and member engagement. The company has
a growing network of nearly 60 global loyalty programs integrated into its unique Loyalty Commerce Platform. Points offers three
core private or co-branded services: its Loyalty Currency Retailing service, which retails loyalty points and miles directly to
consumers; its Platform Partners service, which offers developers transactional access to dozens of loyalty programs and hundreds
of millions of members via a package of APIs; and its Points Travel service, which helps loyalty programs increase revenue from
hotel bookings, while enabling members to more effectively earn and redeem loyalty rewards. Points is headquartered in Toronto with
offices in San Francisco and London.
For more information, please visit company.points.com, follow Points on Twitter (@PointsLoyalty) or read the Points blog. For Points' financial information, visit investor.points.com.
Caution Regarding Forward-Looking Statements
This press release contains or incorporates forward-looking statements within the meaning of United States securities
legislation, and forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking
statements"). These forward-looking statements include, among other things, opportunities for new products and partners and
incremental revenue, including the expected launch of announced products and partner relationships, potential for growth in revenue
and gross margin, and our guidance for 2018 with respect to gross profit and adjusted EBITDA expectations. These statements are not
historical facts but instead represent only Points' expectations, estimates and projections regarding future events.
Although Points believes the expectations reflected in such forward-looking statements are reasonable, such statements are not
guarantees of future performance and are subject to important risks and uncertainties that are difficult to predict. Certain
material assumptions or estimates are applied in making forward-looking statements, and actual results may differ materially from
those expressed or implied in such statements. Undue reliance should not be placed on such statements. In particular, the financial
outlooks herein assume Points will be able to maintain its existing contractual relationships and products, that such products
continue to perform in a manner consistent with Points' past experience, that Points will be able to generate new business from our
pipeline at expected margins, our in-market and newly launched products and services will perform in a manner consistent with the
company's past experience and we will be able to contain costs. Our ability to convert our pipeline of prospective partners and
product launches is subject to significant risk and there can be no assurance that we will launch new partners or new products with
existing partners as expected or planned nor can there be any assurance that Points will be successful in maintaining its existing
contractual relationships or maintaining existing products with existing partners. Other important risk factors that could cause
actual results to differ materially include the risk factors discussed in Points' annual information form, Form-40-F, annual and
interim management's discussion and analysis, and annual and interim financial statements and the notes thereto. These documents
are available at www.sedar.com and www.sec.gov.
The forward-looking statements contained in this press release are made as at the date of this release and, accordingly, are
subject to change after such date. Except as required by law, Points does not undertake any obligation to update or revise any
forward-looking statements made or incorporated in this press release, whether as a result of new information, future events or
otherwise.
Non-GAAP Financial Measures
The corporation's financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS").
Management uses certain non-GAAP measures, which are defined in the appropriate sections of this press release, to better assess
the corporation's underlying performance. These measures are reviewed regularly by management and the corporation's Board of
Directors in assessing the corporation's performance and in making decisions about ongoing operations. We believe that these
measures are also used by investors as an indicator of the corporation's operating performance. Readers are cautioned that these
terms are not recognized GAAP measures and do not have a standardized GAAP meaning under IFRS and should not be construed as
alternatives to IFRS terms, such as net income.
Investor Relations Contact
Sean Mansouri or Cody Slach
Liolios Group, Inc.
949-574-3860
PCOM@liolios.com
| 1 Gross profit is defined as total revenues less the
direct cost of revenues. Gross profit is considered by management to be an integral measure of financial performance and
represents the amount of revenues retained by the Corporation after incurring direct costs. However, gross profit is not
a recognized measure of profitability under IFRS. |
| 2 Adjusted EBITDA (Earnings before income tax expense,
depreciation and amortization, foreign exchange and share-based compensation) is considered by management to be a useful
supplemental measure when assessing financial performance. Management believes that adjusted EBITDA is an important
indicator of the Corporation’s ability to generate liquidity through operating cash flow to fund future capital expenditures
and working capital needs. However, adjusted EBITDA is not a measure of financial performance under IFRS and should not
be considered a substitute for Net Income, which we believe to be the most directly comparable IFRS measure. |
| 3 Adjusted operating expenses consist of employment
expenses excluding stock based compensation, marketing and communications, technology services and other operating
expenses. Adjusted operating expense is not a measure of financial performance under IFRS and should not be considered a
substitute for total expenses, which we believe to be the most directly comparable IFRS measure. |
| |
| Key Financial Measures and Schedule of
Non-GAAP Reconciliations |
| |
|
|
|
| Gross Profit Information4 |
|
|
|
| |
|
|
|
| Expressed in thousands of United States dollars |
|
|
|
| |
|
For the three months ended |
|
|
|
March 31, 2018 |
|
|
March 31, 20175 |
|
Total Revenue
|
|
$
|
89,110
|
|
$
|
83,115
|
|
| Direct cost of principal revenue |
|
|
75,594 |
|
|
72,056 |
|
| Gross Profit |
|
$ |
13,516 |
|
$ |
11,059 |
|
| Gross Margin |
|
|
15 |
% |
|
13 |
% |
| |
|
|
|
|
|
|
|
| |
|
|
|
| Reconciliation of Net Income to Adjusted EBITDA6 |
|
| |
|
|
|
| Expressed in thousands of United States dollars |
|
|
|
| |
For the three months ended |
|
|
March 31, 2018 |
March 31, 2017 |
|
| |
|
|
|
| Net Income |
$ |
|
2,258 |
$ |
852 |
|
| |
|
|
|
| Share-based compensation |
975 |
673 |
|
| |
|
|
|
| Income tax expense |
862 |
391 |
|
| |
|
|
|
|
| Depreciation and Amortization |
866 |
|
990 |
|
| |
|
|
|
|
| Foreign Exchange gain |
(158 |
) |
(6 |
) |
| |
|
|
|
|
|
|
| Adjusted EBITDA |
$ |
|
4,803 |
$ |
2,900 |
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
| Reconciliation of Total Expenses to Adjusted Operating
Expenses7 |
|
| |
|
|
|
|
| Expressed in thousands of United States dollars |
|
|
|
|
| |
|
For the three months ended |
|
| |
|
March 31, 2018 |
March 31, 2017 |
|
| |
|
|
|
|
| Total Expenses |
|
$ |
86,067 |
$ |
81,889 |
|
| |
|
|
|
|
| Subtract (add): |
|
|
|
|
| |
|
|
|
|
| Direct cost of revenue |
|
75,594 |
72,056 |
|
| |
|
|
|
|
| Depreciation and amortization |
|
866 |
990 |
|
| |
|
|
|
|
| Foreign Exchange gain |
|
(158 |
) |
(6 |
) |
| |
|
|
|
|
| Stock-based compensation |
|
975 |
673 |
|
| |
|
|
|
|
|
|
| Adjusted Operating Expenses |
|
$ |
8,790 |
$ |
8,176 |
|
| |
|
|
|
|
|
|
| 4 Gross Profit is defined as total revenues
less the direct cost of principal revenues. Gross profit is considered by Management to be an integral measure of financial
performance and represents the amount of revenues retained by the Corporation after incurring direct costs. However, gross
profit is not a recognized measure of profitability under IFRS. |
| 5 Results as at March 31, 2017 have been
restated under IFRS 15. |
| 6 Adjusted EBITDA (Earnings before income tax
expense, depreciation and amortization, foreign exchange and share-based compensation) is considered by Management to be a
useful supplemental measure when assessing financial performance. Management believes that adjusted EBITDA is an important
indicator of the Corporation's ability to generate liquidity through operating cash flow to fund future capital expenditures
and working capital needs. However, adjusted EBITDA is not a measure of financial performance under IFRS and should not be
considered a substitute for Net Income, which we believe to be the most directly comparable IFRS measure. |
| 7 Adjusted operating expenses consist of
employment expenses excluding stock based compensation, marketing, technology, and other operating expenses. Adjusted operating
expense is not a measure of financial performance under IFRS and should not be considered a substitute for total expenses,
which we believe to be the most directly comparable IFRS measure. |
| |
| Points International Ltd. |
| Consolidated Statements of Financial Position |
| |
| Expressed in thousands of United States dollars |
| (Unaudited) |
| |
|
|
|
|
|
|
|
| |
As at |
|
|
March 31,
2018 |
|
December 31,
2017 |
|
| |
|
|
|
|
|
| |
ASSETS |
|
|
|
|
| |
Current assets |
|
|
|
|
| |
Cash and cash equivalents |
|
$ |
70,776 |
|
$ |
63,514 |
|
| |
Restricted cash |
|
|
500 |
|
|
500 |
|
| |
Funds receivable from payment processors |
|
|
6,557 |
|
|
15,229 |
|
| |
Accounts receivable |
|
|
7,261 |
|
|
7,741 |
|
| |
Prepaid expenses and other assets |
|
|
2,292 |
|
|
2,420 |
|
| |
Total current assets |
|
|
87,386 |
|
|
89,404 |
|
| |
|
|
|
|
|
| |
Non-current assets |
|
|
|
|
| |
Property and equipment |
|
|
2,221 |
|
|
2,128 |
|
| |
Intangible assets |
|
|
14,917 |
|
|
15,265 |
|
| |
Goodwill |
|
|
7,130 |
|
|
7,130 |
|
| |
Deferred tax assets |
|
|
2,909 |
|
|
2,557 |
|
| |
Other assets |
|
|
2,650 |
|
|
2,661 |
|
| |
Total non-current assets |
|
|
29,827 |
|
|
29,741 |
|
| |
Total assets |
|
$ |
117,213 |
|
$ |
119,145 |
|
| |
|
|
|
| LIABILITIES |
|
|
|
| Current liabilities |
|
|
|
| Accounts payable and accrued liabilities |
|
$ |
7,805 |
|
$ |
7,998 |
|
| Income taxes payable |
|
|
608 |
|
|
695 |
|
| Payable to loyalty program partners |
|
|
65,345 |
|
|
65,567 |
|
| Current portion of other liabilities |
|
|
1,488 |
|
|
1,400 |
|
| Total current liabilities |
|
|
75,246 |
|
|
75,660 |
|
| |
|
|
|
| Non-current liabilities |
|
|
|
| Other liabilities |
|
|
478 |
|
|
538 |
|
| Total non-current liabilities |
|
|
478 |
|
|
538 |
|
| |
|
|
|
| Total liabilities |
|
$ |
75,724 |
|
$ |
76,198 |
|
| |
|
|
|
| SHAREHOLDERS’ EQUITY |
|
|
|
| Share capital |
|
|
53,813 |
|
|
56,394 |
|
| Contributed surplus |
|
|
9,955 |
|
|
10,647 |
|
| Accumulated other comprehensive income (loss) |
|
|
(69 |
) |
|
374 |
|
| Accumulated deficit |
|
|
(22,210 |
) |
|
(24,468 |
) |
| Total shareholders’ equity |
|
$ |
41,489 |
|
$ |
42,947 |
|
| Total liabilities and shareholders’ equity |
|
$ |
117,213 |
|
$ |
119,145 |
|
| |
|
|
|
|
|
|
|
| Points International Ltd. |
| Consolidated Statements of Comprehensive Income |
| |
| Expressed in thousands of United States dollars, except per share
amounts |
| (Unaudited) |
| |
|
|
|
|
|
|
|
| For the three months ended March 31, |
|
|
2018 |
|
|
20178 |
|
| |
|
|
|
| REVENUE |
|
|
|
Principal
|
|
$
|
83,307
|
|
$
|
79,793
|
|
| Other partner revenue |
|
|
5,803 |
|
|
3,322 |
|
| Total Revenue |
|
$ |
89,110 |
|
$ |
83,115 |
|
| |
|
|
|
| EXPENSES |
|
|
|
| Direct cost of revenue |
|
|
75,594 |
|
|
72,056 |
|
| Employment costs |
|
|
6,714 |
|
|
5,881 |
|
| Marketing and communications |
|
|
403 |
|
|
525 |
|
| Technology services |
|
|
495 |
|
|
432 |
|
| Depreciation and amortization |
|
|
866 |
|
|
990 |
|
| Foreign exchange gain |
|
|
(158 |
) |
|
(6 |
) |
| Operating expenses |
|
|
2,153 |
|
|
2,011 |
|
| Total Expenses |
|
$ |
86,067 |
|
$ |
81,889 |
|
| |
|
|
|
| Finance Income |
|
|
77 |
|
|
17 |
|
| |
|
|
|
| INCOME BEFORE INCOME TAXES |
|
$ |
3,120 |
|
$ |
1,243 |
|
| |
|
|
|
| Income tax expense |
|
|
862 |
|
|
391 |
|
| NET INCOME |
|
$ |
2,258 |
|
$ |
852 |
|
| |
|
|
|
| OTHER COMPREHENSIVE INCOME |
|
|
|
Items that will subsequently be reclassified to profit or loss:
Unrealized gain (loss) on foreign exchange derivatives
designated as cash flow hedges |
|
|
(430 |
) |
|
150 |
|
| Income tax effect |
|
|
113 |
|
|
(40 |
) |
| |
|
|
|
|
|
|
|
Reclassification to net income of gain on foreign
exchange
derivatives designated as cash flow hedges |
|
|
(171 |
) |
|
(70 |
) |
| Income tax effect |
|
|
45 |
|
|
18 |
|
Other comprehensive income for the period,
net of income tax |
|
$ |
(443 |
) |
$ |
58 |
|
| TOTAL COMPREHENSIVE INCOME |
|
$ |
1,815 |
|
$ |
910 |
|
| |
|
|
|
|
| EARNINGS PER SHARE |
|
|
|
|
| Basic earnings per share |
|
$ |
0.16 |
|
$ |
0.06 |
|
| Diluted earnings per share |
|
$ |
0.16 |
|
$ |
0.06 |
|
| |
|
|
|
|
|
|
| 8 Results as at March 31, 2017 have been
restated under IFRS 15. |
| |
| Points International Ltd. |
| Consolidated Statements of Changes in Shareholders’
Equity |
| |
Attributable to equity holders of the
Company |
| |
|
|
|
|
|
Expressed in thousands of United States dollars except number of shares
(Unaudited)
|
Share Capital |
|
Contributed
Surplus |
|
|
Accumulated
other
comprehensive
income (loss) |
|
|
Accumulated
deficit |
|
|
Total
shareholders’
equity |
|
| |
Number of
Shares |
|
|
Amount |
|
|
|
|
|
| |
|
|
|
|
|
|
| Balance at December 31, 2017 |
14,561,450 |
|
$ |
56,394 |
|
$ |
10,647 |
|
$ |
374 |
|
$ |
(24,468 |
) |
$ |
42,947 |
|
| Net Income |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
2,258 |
|
|
2,258 |
|
| Other comprehensive income |
- |
|
|
- |
|
|
- |
|
|
(443 |
) |
|
- |
|
|
(443 |
) |
| Total comprehensive income |
- |
|
|
- |
|
|
- |
|
|
(443 |
) |
|
2,258 |
|
|
1,815 |
|
| Effect of share option compensation plan |
- |
|
|
- |
|
|
33 |
|
|
- |
|
|
- |
|
|
33 |
|
| Effect of RSU compensation plan |
- |
|
|
- |
|
|
942 |
|
|
- |
|
|
- |
|
|
942 |
|
| Share issuances – RSUs |
- |
|
|
722 |
|
|
(722 |
) |
|
- |
|
|
- |
|
|
- |
|
| Share capital held in trust |
- |
|
|
(2,804 |
) |
|
- |
|
|
- |
|
|
- |
|
|
(2,804 |
) |
| Shares repurchased |
(133,463 |
) |
|
(499 |
) |
|
(945 |
) |
|
- |
|
|
- |
|
|
(1,444 |
) |
| Balance at March 31, 2018 |
14,427,987 |
|
$ |
53,813 |
|
$ |
9,955 |
|
$ |
(69 |
) |
$ |
(22,210 |
) |
$ |
41,489 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance at December 31, 2016 |
14,878,674 |
|
$ |
58,412
|
|
$ |
9,881 |
|
$ |
(127 |
) |
$ |
(27,848 |
) |
$ |
40,318 |
|
| Net loss |
- |
|
|
-
|
|
|
- |
|
|
- |
|
|
852 |
|
|
852 |
|
| Other comprehensive income |
- |
|
|
-
|
|
|
- |
|
|
58 |
|
|
- |
|
|
58 |
|
| Total comprehensive loss |
- |
|
|
-
|
|
|
- |
|
|
58 |
|
|
852 |
|
|
910 |
|
| Effect of share option compensation plan |
- |
|
|
-
|
|
|
107 |
|
|
- |
|
|
- |
|
|
107 |
|
| Effect of RSU compensation plan |
- |
|
|
-
|
|
|
566 |
|
|
- |
|
|
- |
|
|
566 |
|
| Share issuances – RSUs |
- |
|
|
210
|
|
|
(210 |
) |
|
- |
|
|
- |
|
|
- |
|
| Shares repurchased |
(9,300 |
) |
|
(36
|
) |
|
(34 |
) |
|
- |
|
|
- |
|
|
(70 |
) |
| Balance at March 31, 2017 |
14,869,374 |
|
$ |
58,586
|
|
$ |
10,310 |
|
$ |
(69 |
) |
$ |
(26,996 |
) |
$ |
41,831 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Points International Ltd. |
| Consolidated Statements of Cash Flows |
| Expressed in thousands of United States dollars |
| (Unaudited) |
| |
|
|
|
|
|
|
|
| |
For the three months ended March 31, |
|
2018 |
|
|
2017 |
|
| |
Cash flows from operating activities |
|
|
| |
Net income for the period |
$ |
2,258 |
|
$ |
852 |
|
| |
Adjustments for: |
|
| |
Depreciation of property and equipment |
|
221 |
|
|
200 |
|
| |
Amortization of intangible assets |
|
645 |
|
|
790 |
|
| |
Unrealized foreign exchange loss |
|
420 |
|
|
169 |
|
| |
Equity-settled share-based payment expense |
|
975 |
|
|
673 |
|
| |
Deferred income tax recovery |
|
(194 |
) |
|
(164 |
) |
| |
Unrealized net gain on derivative
contracts designated as cash flow hedges |
|
(601 |
) |
|
80 |
|
| |
Changes in non-cash balances related to operations |
|
8,817 |
|
|
(5,656 |
) |
| |
Net cash provided by (used in) operating
activities |
$ |
12,541 |
|
$ |
(3,056 |
) |
| |
|
|
|
| |
Cash flows from investing activities |
|
|
| |
Acquisition of property and equipment |
|
(314 |
) |
|
(303 |
) |
| |
Additions to intangible assets |
|
(297 |
) |
|
(260 |
) |
| |
Net cash used in investing activities |
$ |
(611 |
) |
$ |
(563 |
) |
| |
|
|
|
| |
Cash flows from financing activities |
|
|
| |
Shares repurchased |
|
(1,444 |
) |
|
(70 |
) |
| |
Purchase of share capital held in trust |
|
(2,804 |
) |
|
- |
|
| |
Net cash used in financing activities |
$ |
(4,248 |
) |
$ |
(70 |
) |
| |
|
|
|
| |
Effect of exchange rate fluctuations on cash held |
|
(420 |
) |
|
(169 |
) |
| |
|
|
|
| |
Net increase (decrease) in cash and cash
equivalents |
$ |
7,262 |
|
$ |
(3,858 |
) |
| |
Cash and cash equivalents at beginning of the period |
$ |
63,514 |
|
$ |
46,492 |
|
| |
Cash and cash equivalents at end of the period |
$ |
70,776 |
|
$ |
42,634 |
|
| Interest Received |
|
$ |
60 |
|
$ |
23 |
|
| Taxes Paid |
|
$ |
(1,127 |
) |
$ |
(1,773 |
) |
| |
|
|
|
|
|
|
|
Amounts paid and received for interest were reflected as operating cash flows in the consolidated statements of cash
flows.
