- Q2 SaaS revenue grows 25%, adjusted EBITDA1 margin of 14%
- Record number of quarterly customer wins pushes customer base over 300
- Annual recurring revenue grows 22%
Kinaxis® (TSX:KXS), the leading provider of supply chain management solutions, reported results for its second quarter ended June 30, 2023. All amounts are in U.S. dollars. All figures are prepared in accordance with International Financial Reporting Standards (IFRS) unless otherwise indicated.
“We had a record number of customer wins, an increasing win rate against competitors, and the highest amount of incremental subscription business won in any second quarter in Kinaxis' history,” said John Sicard, president and CEO of Kinaxis. “While we need to remain appropriately cautious about the global economy, we continue to see a persistent urgency to transform supply chain management practices. Siloed approaches are giving way to a concurrent, end-to-end orchestration model and Kinaxis remains alone in its ability to deliver on that vision.”
Q2 2023 Highlights
|
$ USD thousands, except as otherwise indicated
|
Q2 2023
|
|
Q2 2022
|
|
Change
|
|
Total Revenue
|
105,772
|
|
80,800
|
|
31 %
|
|
SaaS
|
64,104
|
|
51,109
|
|
25 %
|
|
Subscription term licenses
|
7,086
|
|
378
|
|
1775 %
|
|
Professional services
|
29,991
|
|
25,386
|
|
18 %
|
|
Maintenance and support
|
4,591
|
|
3,927
|
|
17 %
|
|
Gross profit
Margin
|
63,670
60%
|
|
49,776
62%
|
|
28 %
|
|
Profit (loss)
Per diluted share
|
(2,540)
$(0.09)
|
|
(2,632)
$(0.10)
|
|
3 %
|
|
Adjusted EBITDA1
Margin
|
15,202
14%
|
|
10,376
13%
|
|
47 %
|
|
Cash from operating activities
|
13,943
|
|
8,415
|
|
66 %
|
| (1) |
|
“Adjusted EBITDA” is a non-IFRS measure and is not a recognized, defined or standardized measure under IFRS. This measure as well as any other non-IFRS financial measures reported by Kinaxis are defined in the “Non-IFRS Measures” section of this news release.
|
Key Performance Indicators
The company’s Annual Recurring Revenue2 (ARR), which includes subscription amounts related to both SaaS and on-premise contracts, rose 22% to $293 million at the end of the quarter.
|
$USD millions
|
Q2 2023
|
Q2 2022
|
Change
|
|
Annual recurring revenue2
|
293
|
241
|
22 %
|
| (2) |
|
Annual Recurring Revenue (ARR) is the total annualized value of recurring subscription amounts (ultimately recognized as SaaS, Subscription term licenses and Maintenance and support revenue) of all subscription contracts at a point in time. Annualized subscription amounts are determined solely by reference to the underlying contracts, normalizing for the varying revenue recognition treatments under IFRS 15 for cloud-based versus on-premise subscription amounts. It excludes one-time fees, such as for non-recurring professional services, and assumes that customers will renew the contractual commitments on a periodic basis as those commitments come up for renewal, unless such renewal is known to be unlikely. We believe that this measure provides a more current indication of our performance in the growth of our subscription business than other metrics.
|
The nature of the company’s long-term contracts provides visibility into future, contracted revenue. The following table presents revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at June 30, 2023.
|
$USD millions
|
Remainder of
2023
|
2024
|
2025 and later
|
Total
|
|
SaaS
|
127.4
|
205.0
|
210.1
|
542.5
|
|
Maintenance and support
|
9.3
|
16.1
|
16.2
|
41.6
|
|
Subscription term licenses
|
2.3
|
0.4
|
0.1
|
2.8
|
|
Total
|
139.0
|
221.5
|
226.4
|
586.9
|
Financial Guidance
Kinaxis is reiterating its fiscal 2023 financial guidance, as follows.
|
|
FY 2023 Guidance
|
|
Total revenue
|
$425-435 million
|
|
SaaS
|
25-27% growth
|
|
Subscription term license
|
$16-18 million
|
|
Adjusted EBITDA1 margin
|
14-16%
|
Guidance in this press release is provided to enhance visibility into Kinaxis’ expectations for financial targets for the periods indicated. Please refer to the section regarding forward-looking statements that forms an integral part of this release. This press release along with the financial statements and MD&A for the quarter ended June 30, 2023 are available on Kinaxis’ website and on SEDAR at www.sedar.com.
Conference Call
Kinaxis will host a conference call tomorrow, August 10, 2023, to discuss these results. John Sicard, chief executive officer, and Blaine Fitzgerald, chief financial officer, will host the call starting at 8:30 a.m. Eastern Time. A question and answer session will follow management's presentation. Investors and participants must register for the call in advance. See registration link below. Please call the conference telephone number fifteen minutes prior to the start time.
About Kinaxis Inc.
Everyday volatility and uncertainty demand quick action. Kinaxis® delivers the agility to make fast, confident decisions across integrated business planning and the digital supply chain. People can plan better, live better and change the world. Trusted by innovative brands, we combine human intelligence with AI and concurrent planning to help companies plan for any future, monitor risks and opportunities and respond at the pace of change. Powered by an extensible, cloud-based platform, Kinaxis delivers industry-proven applications so everyone can know sooner, act faster and remove waste. For more Kinaxis news, follow us on LinkedIn or Twitter.
Non-IFRS Measures
Adjusted EBITDA and Adjusted EBITDA Margin
This press release contains non-IFRS measures, specifically Adjusted EBITDA and Adjusted EBITDA margin. We use Adjusted EBITDA to provide investors with a supplemental measure of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures. We believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our capital expenditure and working capital requirements. Adjusted EBITDA and Adjusted EBITDA margins are not recognized, defined or standardized measures under IFRS. Our definition of Adjusted EBITDA and Adjusted EBITDA margin will likely differ from that used by other companies (including our peers) and therefore comparability may be limited. Non-IFRS measures should not be considered a substitute for or in isolation from measures prepared in accordance with IFRS. Investors are encouraged to review our financial statements and disclosures in their entirety and are cautioned not to put undue reliance on non-IFRS measures and view them in conjunction with the most comparable IFRS financial measures. Kinaxis has reconciled Adjusted EBITDA to the most comparable IFRS financial measure as follows:
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
|
|
|
2023
|
|
|
2022
|
|
2023
|
|
|
2022
|
|
|
(In thousands of USD)
|
|
(In thousands of USD)
|
|
Profit (loss)
|
|
(2,540
|
)
|
|
|
(2,632
|
)
|
|
(1,351
|
)
|
|
|
9,890
|
|
|
Change in fair value of contingent consideration
|
|
462
|
|
|
|
—
|
|
|
2,656
|
|
|
|
—
|
|
|
Share-based compensation
|
|
9,155
|
|
|
|
6,503
|
|
|
17,374
|
|
|
|
12,506
|
|
|
Adjusted profit
|
|
7,077
|
|
|
|
3,871
|
|
|
18,679
|
|
|
|
22,396
|
|
|
Income tax expense
|
|
997
|
|
|
|
986
|
|
|
1,301
|
|
|
|
8,114
|
|
|
Depreciation and amortization
|
|
6,517
|
|
|
|
6,061
|
|
|
13,404
|
|
|
|
11,975
|
|
|
Foreign exchange loss (gain)
|
|
2,374
|
|
|
|
(623
|
)
|
|
2,109
|
|
|
|
542
|
|
|
Net finance expense (income)
|
|
(1,763
|
)
|
|
|
81
|
|
|
(3,149
|
)
|
|
|
498
|
|
|
|
|
8,125
|
|
|
|
6,505
|
|
|
13,665
|
|
|
|
21,129
|
|
|
Adjusted EBITDA
|
|
15,202
|
|
|
|
10,376
|
|
|
32,344
|
|
|
|
43,525
|
|
|
Adjusted EBITDA as a percentage of revenue
|
|
14
|
%
|
|
|
13
|
%
|
|
16
|
%
|
|
|
24
|
%
|
Forward-Looking Statements
Certain statements in this release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include statements as to our expectations for:
- growth of annual total revenue, annual SaaS and Subscription term licenses revenue, and our expectations for Adjusted EBITDA margin achievement, in each case looking forward for our fiscal year ending December 31, 2023; and
- SaaS growth and increased profitability in years beyond 2023; and
- contracted revenue in future periods, including 2023, 2024 and 2025 and later.
This release also includes forward-looking statements as to Kinaxis’ growth opportunities and the potential benefits of, and markets and demand for, Kinaxis’ products and services. These statements are subject to certain assumptions, risks and uncertainties, including our view of the relative position of Kinaxis’ products and services compared to competitive offerings in the industry.
In particular, our guidance for 2023 annual total revenue, annual SaaS and Subscription term license revenue and annual Adjusted EBITDA margin, as well as our comments on our expectations for SaaS growth and increased profitability in years beyond 2023, are subject to certain assumptions and associated risks including:
- our ability to win business from new customers and expand business from existing customers;
- the timing of new customer wins and expansion decisions by our existing customers;
- maintaining our customer retention levels, and specifically, that customers will renew contractual commitments on a periodic basis as those commitments come up for renewal, at rates consistent with our historic experience;
- fluctuations in the value of foreign currencies relative to the U.S. Dollar; and
- with respect to Adjusted EBITDA and profitability, our ability to contain expense levels while expanding our business.
Our guidance and commentary for achievement of contracted revenue in future periods, including in 2023, 2024 and 2025 and later, is based on assumptions and associated risks including:
- our ability to satisfy material unperformed obligations under our long-term contracts; and
- the continued financial capacity and creditworthiness of our customers under long-term contracts.
These and other assumptions, risks and uncertainties may cause Kinaxis’ actual results, performance, achievements and developments to differ materially from the results, performance, achievements or developments expressed or implied by forward-looking statements. Material risks and uncertainties relating to our business are described under the headings “Forward-Looking Statements” and “Risks and Uncertainties” in our annual MD&A dated March 1, 2023, under the heading “Risk Factors” in our Annual Information Form dated March 3, 2023 and in our other public documents filed with Canadian securities regulatory authorities, which are available at www.sedar.com. Forward-looking statements are provided to help readers understand management’s expectations as at the date of this release and may not be suitable for other purposes. Readers are cautioned not to place undue reliance on forward-looking statements. Kinaxis assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.
SOURCE: Kinaxis Inc.
|
Kinaxis Inc.
|
|
|
|
|
Consolidated Statements of Financial Position
(Expressed in thousands of USD)
(Unaudited)
|
|
|
|
|
|
|
|
June 30,
2023
|
December 31,
2022
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
201,608
|
175,347
|
|
|
Short-term investments
|
91,789
|
50,476
|
|
|
Trade and other receivables
|
120,773
|
157,657
|
|
|
Prepaid expenses
|
14,383
|
13,660
|
|
|
|
428,553
|
397,140
|
|
|
Non-current assets:
|
|
|
|
|
Unbilled receivables
|
3,134
|
7,245
|
|
|
Other receivables
|
954
|
971
|
|
|
Prepaid expenses
|
2,389
|
2,395
|
|
|
Investment tax credits recoverable
|
9,000
|
7,591
|
|
|
Deferred tax assets
|
2,368
|
1,065
|
|
|
Contract acquisition costs
|
26,283
|
24,892
|
|
|
Property and equipment
|
46,216
|
51,852
|
|
|
Right-of-use assets
|
49,821
|
53,537
|
|
|
Intangible assets
|
25,815
|
28,271
|
|
|
Goodwill
|
74,020
|
73,314
|
|
|
|
240,000
|
251,133
|
|
|
|
|
|
|
|
|
668,553
|
648,273
|
|
|
|
|
|
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Trade payables and accrued liabilities
|
35,524
|
40,107
|
|
|
Deferred revenue
|
120,261
|
133,467
|
|
|
Provisions
|
—
|
296
|
|
|
Contingent consideration
|
6,021
|
9,146
|
|
|
Lease obligations
|
6,341
|
6,991
|
|
|
|
168,147
|
190,007
|
|
|
Non-current liabilities:
|
|
|
|
|
Lease obligations
|
47,994
|
49,977
|
|
|
Deferred tax liabilities
|
5,172
|
6,861
|
|
|
|
53,166
|
56,838
|
|
|
Shareholders’ equity:
|
|
|
|
|
Share capital
|
278,497
|
244,713
|
|
|
Contributed surplus
|
77,988
|
65,129
|
|
|
Accumulated other comprehensive income (loss)
|
364
|
(156
|
)
|
|
Retained earnings
|
90,391
|
91,742
|
|
|
|
447,240
|
401,428
|
|
|
|
|
|
|
|
|
668,553
|
648,273
|
|
|
Kinaxis Inc.
|
|
|
|
|
|
|
Consolidated Statements of Comprehensive Income (Loss)
(Expressed in thousands of USD, except share and per share data)
(Unaudited)
|
|
|
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
Revenue
|
$
|
105,772
|
|
$
|
80,800
|
|
$
|
206,902
|
|
$
|
178,908
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
42,102
|
|
|
31,024
|
|
|
82,231
|
|
|
59,490
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
63,670
|
|
|
49,776
|
|
|
124,671
|
|
|
119,418
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
Selling and marketing
|
|
28,417
|
|
|
21,138
|
|
|
52,581
|
|
|
38,264
|
|
|
Research and development
|
|
21,002
|
|
|
18,076
|
|
|
40,931
|
|
|
36,233
|
|
|
General and administrative
|
|
14,777
|
|
|
12,817
|
|
|
29,568
|
|
|
26,001
|
|
|
|
|
64,196
|
|
|
52,031
|
|
|
123,080
|
|
|
100,498
|
|
|
|
|
|
|
|
|
|
|
|
|
(526
|
)
|
|
(2,255
|
)
|
|
1,591
|
|
|
18,920
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
Foreign exchange gain (loss)
|
|
(2,374
|
)
|
|
623
|
|
|
(2,109
|
)
|
|
(542
|
)
|
|
Net finance and other income (expense)
|
|
1,819
|
|
|
(14
|
)
|
|
3,124
|
|
|
(374
|
)
|
|
Change in fair value of contingent consideration
|
|
(462
|
)
|
|
—
|
|
|
(2,656
|
)
|
|
—
|
|
|
|
|
(1,017
|
)
|
|
609
|
|
|
(1,641
|
)
|
|
(916
|
)
|
|
|
|
|
|
|
|
|
|
Profit (loss) before income taxes
|
|
(1,543
|
)
|
|
(1,646
|
)
|
|
(50
|
)
|
|
18,004
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
997
|
|
|
986
|
|
|
1,301
|
|
|
8,114
|
|
|
|
|
|
|
|
|
|
|
Profit (loss)
|
|
(2,540
|
)
|
|
(2,632
|
)
|
|
(1,351
|
)
|
|
9,890
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items that are or may be reclassified subsequently to profit:
|
|
|
|
|
|
|
|
Foreign currency translation differences - foreign operations
|
|
(423
|
)
|
|
(1,059
|
)
|
|
289
|
|
|
(1,439
|
)
|
|
Change in net unrealized gain on cash flow hedges
|
|
154
|
|
|
—
|
|
|
231
|
|
|
—
|
|
|
|
|
(269
|
)
|
|
(1,059
|
)
|
|
520
|
|
|
(1,439
|
)
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss)
|
$
|
(2,809
|
)
|
$
|
(3,691
|
)
|
$
|
(831
|
)
|
$
|
8,451
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share
|
$
|
(0.09
|
)
|
$
|
(0.10
|
)
|
$
|
(0.05
|
)
|
$
|
0.36
|
|
|
Weighted average number of basic Common Shares
|
|
28,318,956
|
|
|
27,593,598
|
|
|
28,181,727
|
|
|
27,537,845
|
|
|
Diluted earnings (loss) per share
|
$
|
(0.09
|
)
|
$
|
(0.10
|
)
|
$
|
(0.05
|
)
|
$
|
0.35
|
|
|
Weighted average number of diluted Common Shares
|
|
28,318,956
|
|
|
27,593,598
|
|
|
28,181,727
|
|
|
28,478,656
|
|
|
Kinaxis Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Changes in Shareholders’ Equity
(Expressed in thousands of USD)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated other comprehensive income (loss)
|
|
|
|
|
|
|
Share
capital
|
Contributed
surplus
|
|
Cash flow
hedges
|
Currency
translation
adjustments
|
|
Total
|
|
Retained
earnings
|
|
Total equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2021
|
$
|
195,414
|
$
|
54,739
|
|
$
|
—
|
$
|
(597
|
)
|
$
|
(597
|
)
|
$
|
71,662
|
|
$
|
321,218
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
20,080
|
|
|
20,080
|
|
|
Other comprehensive income
|
|
—
|
|
—
|
|
|
—
|
|
441
|
|
|
441
|
|
|
—
|
|
|
441
|
|
|
Total comprehensive income
|
|
—
|
|
—
|
|
|
—
|
|
441
|
|
|
441
|
|
|
20,080
|
|
|
20,521
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share options exercised
|
|
38,791
|
|
(9,076
|
)
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29,715
|
|
|
Restricted share units vested
|
|
10,091
|
|
(10,091
|
)
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Performance share units vested
|
|
417
|
|
(417
|
)
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Share based payments
|
|
—
|
|
29,974
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29,974
|
|
|
Total shareholder transactions
|
|
49,299
|
|
10,390
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
59,689
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2022
|
|
244,713
|
|
65,129
|
|
|
—
|
|
(156
|
)
|
|
(156
|
)
|
|
91,742
|
|
|
401,428
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
(1,351
|
)
|
|
(1,351
|
)
|
|
Other comprehensive income
|
|
—
|
|
—
|
|
|
231
|
|
289
|
|
|
520
|
|
|
—
|
|
|
520
|
|
|
Total comprehensive income (loss)
|
|
—
|
|
—
|
|
|
231
|
|
289
|
|
|
520
|
|
|
(1,351
|
)
|
|
(831
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share options exercised
|
|
25,706
|
|
(6,062
|
)
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,644
|
|
|
Performance share units vested
|
|
2,297
|
|
(2,297
|
)
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Share based payments
|
|
—
|
|
21,218
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,218
|
|
|
Shares issued for contingent consideration
|
|
5,781
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,781
|
|
|
Total shareholder transactions
|
|
33,784
|
|
12,859
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
46,643
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2023
|
|
278,497
|
|
77,988
|
|
|
231
|
|
133
|
|
|
364
|
|
|
90,391
|
|
|
447,240
|
|
|
Kinaxis Inc.
|
|
|
Consolidated Statements of Cash Flows
(Expressed in thousands of USD)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six months ended June 30,
|
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss)
|
$
|
(2,540
|
)
|
$
|
(2,632
|
)
|
$
|
(1,351
|
)
|
$
|
9,890
|
|
|
Items not affecting cash:
|
|
|
|
|
|
|
|
|
|
Depreciation of property and equipment and right-of-use assets
|
|
5,186
|
|
|
5,437
|
|
|
10,661
|
|
|
10,768
|
|
|
Amortization of intangible assets
|
|
1,331
|
|
|
624
|
|
|
2,743
|
|
|
1,207
|
|
|
Share-based payments
|
|
9,155
|
|
|
6,503
|
|
|
17,374
|
|
|
12,506
|
|
|
Net finance expense (income)
|
|
(1,763
|
)
|
|
81
|
|
|
(3,149
|
)
|
|
498
|
|
|
Change in fair value of contingent consideration
|
|
462
|
|
|
—
|
|
|
2,656
|
|
|
—
|
|
|
Income tax expense
|
|
997
|
|
|
986
|
|
|
1,301
|
|
|
8,114
|
|
|
Investment tax credits recoverable
|
|
(494
|
)
|
|
(1,482
|
)
|
|
(1,409
|
)
|
|
(2,524
|
)
|
|
Change in operating assets and liabilities
|
|
1,587
|
|
|
(64
|
)
|
|
24,546
|
|
|
(7,296
|
)
|
|
Interest received
|
|
1,934
|
|
|
372
|
|
|
3,195
|
|
|
402
|
|
|
Interest paid
|
|
(415
|
)
|
|
(475
|
)
|
|
(848
|
)
|
|
(929
|
)
|
|
Income taxes paid
|
|
(1,497
|
)
|
|
(935
|
)
|
|
(2,871
|
)
|
|
(2,228
|
)
|
|
|
|
13,943
|
|
|
8,415
|
|
|
52,848
|
|
|
30,408
|
|
|
Cash flows used in investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of business, net of cash acquired
|
|
—
|
|
|
9
|
|
|
—
|
|
|
(3,019
|
)
|
|
Purchase of property and equipment and intangible assets
|
|
(769
|
)
|
|
(1,275
|
)
|
|
(1,632
|
)
|
|
(7,554
|
)
|
|
Purchase of short-term investments
|
|
(45,588
|
)
|
|
(15,154
|
)
|
|
(100,671
|
)
|
|
(30,160
|
)
|
|
Redemption of short-term investments
|
|
45,154
|
|
|
15,154
|
|
|
60,160
|
|
|
30,160
|
|
|
|
|
(1,203
|
)
|
|
(1,266
|
)
|
|
(42,143
|
)
|
|
(10,573
|
)
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment of lease obligations
|
|
(1,737
|
)
|
|
(1,754
|
)
|
|
(3,556
|
)
|
|
(3,231
|
)
|
|
Lease incentives received
|
|
—
|
|
|
3,858
|
|
|
—
|
|
|
3,858
|
|
|
Proceeds from exercise of stock options
|
|
9,133
|
|
|
516
|
|
|
19,644
|
|
|
7,693
|
|
|
|
|
7,396
|
|
|
2,620
|
|
|
16,088
|
|
|
8,320
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in cash and cash equivalents
|
|
20,136
|
|
|
9,769
|
|
|
26,793
|
|
|
28,155
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, beginning of period
|
|
181,566
|
|
|
221,983
|
|
|
175,347
|
|
|
203,220
|
|
|
|
|
|
|
|
|
|
|
|
|
Effects of exchange rates on cash and cash equivalents
|
|
(94
|
)
|
|
(3,890
|
)
|
|
(532
|
)
|
|
(3,513
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of period
|
$
|
201,608
|
|
$
|
227,862
|
|
$
|
201,608
|
|
$
|
227,862
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230809379887/en/