PrintPrintShare
  • Share on facebook
  • Share on twitter

Ferroglobe Reports Results for Third Quarter 2017


  • Q3 2017 revenue of $451.6 million, up 6% from $425.8 million in Q2 2017
  • Q3 2017 net loss of $(5.0) million and a diluted loss per share of $(0.02), down from a net profit of $1.0 million and diluted earnings per share of $0.02 in the prior quarter, driven by tax adjustments/valuation allowances
  • Q3 2017 adjusted net profit of $9.2 million, or $0.05 on a fully diluted per share basis, compared to a net profit of $6.0 million, or $0.05 on a fully diluted per share basis in the prior quarter  
  • Q3 2017 reported EBITDA of $54.3 million, an increase of 48% compared to reported EBITDA of $36.8 million in Q2 2017
  • Q3 2017 adjusted EBITDA of $56.1 million, an increase of 28% compared to $43.9 million adjusted EBITDA in the prior quarter
  • Maintained strong balance sheet with Q3 2017 net debt of $394.3 millioncompared to $434.6 million in Q2 2017
  • Results exceeded expectations with strong performance driven by price recovery and volume improvements in both silicon metal and manganese based alloys  

LONDON, Nov. 27, 2017 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ:GSM), the world's leading producer of silicon metal, and a leading silicon- and manganese-based specialty alloys producer, today announced results for the third quarter of 2017.

In Q3 2017, Ferroglobe posted a net loss of $(5.0) million, or $(0.02) per share on a fully diluted basis. On an adjusted basis, Q3 2017 net profit was $9.2 million, or $0.05 per share on a fully diluted basis.

Q3 2017 reported EBITDA was $54.3 million, up from $36.8 million in the prior quarter. On an adjusted basis, Q3 2017 EBITDA was $56.1 million, up 27.9% from Q2 2017 adjusted EBITDA of $43.9 million. The company reported adjusted EBITDA margins of 12.4% for Q3 2017, compared to adjusted EBITDA margins of 10.3% for Q2 2017.

Net sales in Q3 2017 totaled $451.6 million, up 6.1% from $425.8 million in Q2 2017. Selling prices for Ferroglobe's key products continued to improve over the course of the quarter across both the U.S. and Europe:

  • The average selling price for silicon metal increased by 5.4% from $2,210/MT in Q2 2017 to $2,330/MT in Q3 2017, a significant improvement driven mainly by the market impact of the ongoing trade cases in the United States;  
  • The average selling price for silicon-based alloys increased 3.7% to $1,645/MT in the quarter from $1,586/MT in the prior quarter;
  • The average selling price for manganese alloys increased 3.1% to $1,349/MT in Q3 as compared to $1,308/MT in the prior quarter; and,
  • In addition to these pricing trends, Ferroglobe continued to realize average sales prices in excess of the index.

In addition to improved pricing, the company also saw stabilization of demand and volumes across its key products. In terms of sales volumes, silicon metal experienced a 0.7% increase quarter-over-quarter, manganese alloys experienced a 14.3% increase quarter-over-quarter and silicon alloys experienced a 5.7% decrease quarter-over-quarter.  

____________________________

As of September 30, 2017, the balance sheet includes the securitized accounts receivables under the Company's new global accounts receivables securitization program which began in July 2017.  As such, $120.1M is included in debt and accounts receivables in the balance sheet as of September 30, 2017, which reflects the receivables sold into the program.  However, the impact of the securitization is included in the calculation of certain key metrics, such as net debt, working capital, cash flows from operations and free cash flow in order make such metrics comparable.

 

                           
          Quarter Ended 
September 30, 2017
  Quarter Ended
 June 30, 2017
  Quarter Ended 
September 30, 2016
  Nine Months Ended 
September 30, 2017
  Nine Months Ended 
September 30, 2016
Shipments in metric tons:                    
  Silicon Metal     83,465     82,881     81,091     242,099     259,016
  Silicon-based Alloys     66,873     70,913     69,539     212,622     218,271
  Manganese-based Alloys     73,642     64,403     59,368     201,745     193,985
    Total shipments*     223,980     218,197     209,998     656,466     671,272
                           
                           
          Quarter Ended 
September 30, 2017
  Quarter Ended 
June 30, 2017
  Quarter Ended 
September 30, 2016
  Nine Months Ended 
September 30, 2017
  Nine Months Ended 
September 30, 2016
Average selling price ($/MT):                    
  Silicon Metal   $2,330   $2,210   $2,090   $2,211   $2,240
  Silicon-based Alloys   $1,645   $1,586   $1,391   $1,564   $1,421
  Manganese-based Alloys   $1,349   $1,308   $865   $1,320   $801
    Total*   $1,803   $1,741   $1,512   $1,727   $1,558
                           
                           
          Quarter Ended 
September 30, 2017
  Quarter Ended 
June 30, 2017
  Quarter Ended 
September 30, 2016
  Nine Months Ended 
September 30, 2017
  Nine Months Ended 
September 30, 2016
Average selling price ($/lb.):                    
  Silicon Metal   $1.06   $1.00   $0.95   $1.00   $1.02
  Silicon-based Alloys   $0.75   $0.72   $0.63   $0.71   $0.64
  Manganese-based Alloys   $0.61   $0.59   $0.39   $0.60   $0.36
    Total*   $0.82   $0.79   $0.69   $0.78   $0.71
                           
* Excludes by-products and other
 

"Ferroglobe delivered strong performance with quarter-over-quarter earnings growth and improved profitability. The ongoing trade cases in the United States resulted in continued pricing improvement for silicon metal in that market and sustained strong end-market demand continued to drive the stabilization of shipment volumes," said CEO Pedro Larrea. "The business continues to perform through the recovery, and we are focused on carefully managing our costs to fully capture the benefits of the new market environment. At the same time, as the recently announced deal with Glencore proves, we are increasing our presence in the core businesses. We expect prices to continue to improve through the year and we remain focused on sustained performance across all business segments as we move into the final quarter of 2017 and beyond."

Strong cash flow generation continues to support liquidity

Working capital decreased by $11.6 million1 during the quarter, primarily a result of the increased securitization of receivables. Year-to-date the company has increased total working capital by $8.6 million1 due to the recovery cycle. Ferroglobe continued to generate positive cash flows. During the third quarter, the company generated operating cash flows of $67.4 million1, free cash flow of $52.7 million1, with total free cash flow of $58.5 million1 year to date.

Ferroglobe's net debt was $394.3 million1 at the end of Q3 2017, down compared to $434.6 million at the end of Q2 2017.

Adjusted EBITDA:

                             
    Quarter Ended 
September 30, 2017
    Quarter Ended 
June 30, 2017
    Quarter Ended 
September 30, 2016
    Nine Months Ended 
September 30, 2017
    Nine Months Ended 
September 30, 2016
(Loss) profit  attributable to the parent $   (3,347 )       2,859         (28,523 )       (7,042 )       (96,460 )
Loss attributable to non-controlling interest   (1,640 )     (1,859 )     (2,545 )     (5,060 )     (15,836 )
Income tax expense (benefit)   14,364       (1,949 )     (10,158 )     11,201       (38,419 )
Net finance expense   14,528       14,547       6,693       42,045       21,216  
Financial derivatives loss   1,823       4,071       -       5,894       -  
Exchange differences   1,529       (7,263 )     876       (5,714 )     2,880  
Depreciation and amortization charges, operating allowances and write-downs   27,076       26,401       30,440       80,699       97,972  
EBITDA     54,333         36,807         (3,217 )       122,023         (28,647 )
Non-controlling interest settlement   -       1,751       -       1,751       -  
Power credit   -       (3,696 )     -       (3,696 )     -  
Long lived asset charge due to reclassification of discontinued operations to continuing operations   -       2,608       -       2,608       -  
Accrual of contingent liabilities related to commercial disputes   -       6,400       -       6,400       -  
Impairment loss   -       -       9,043       -       67,630  
Transaction and due diligence expenses   -       -       111       -       7,979  
Business interruption   (1,980 )     -       2,532       (1,980 )     2,532  
Inventory impairment   -       -       4,330       -       4,330  
Step-up valuation adjustment   3,757       -       -       3,757       -  
Globe purchase price allocation adjustments   -       -       -       -       10,022  
Adjusted EBITDA $   56,110         43,870         12,799         130,863         63,846  
                             

Adjusted net profit (loss) attributable to Ferroglobe:

                               
      Quarter Ended 
September 30, 2017
    Quarter Ended
June 30, 2017
    Quarter Ended 
September 30, 2016
    Nine Months Ended 
September 30, 2017
    Nine Months Ended 
September 30, 2016
                               
(Loss) profit attributable to the parent  $    (3,347 )       2,859         (28,523 )       (7,042 )       (96,460 )
  Tax rate adjustment   11,363       (1,645 )     3,035       11,489       9,810  
  Non-controlling interest settlement   -       1,191       -       1,191       -  
  Power credit   -       (2,513 )     -       (2,513 )     -  
  Long lived asset charge due to reclassification of discontinued operations to continuing operations   -       1,773       -       1,773       -  
  Accrual of contingent liabilities related to commercial disputes   -       4,352       -       4,352       -  
  Impairment loss   -       -       6,149       -       45,988  
  Transaction and due diligence expenses   -       -       75       -       5,426  
  Business interruption   (1,346 )     -       1,722       (1,346 )     1,722  
  Inventory impairment   -       -       2,944       -       2,944  
  Step-up valuation adjustment   2,555       -       -       2,555       -  
  Globe purchase price allocation adjustments   -       -       -       -       6,815  
Adjusted profit (loss) attributable to the parent  $    9,225         6,017         (14,598 )       10,459         (23,755 )
                               

Adjusted diluted profit (loss) per share:

                               
      Quarter Ended
September 30, 2017
    Quarter Ended 
June 30, 2017
    Quarter Ended 
September 30, 2016
    Nine Months Ended 
September 30, 2017
    Nine Months Ended 
September 30, 2016
Diluted profit (loss) per ordinary share     (0.02 )       0.02         (0.17 )       (0.04 )       (0.56 )
  Tax rate adjustment   0.07       (0.01 )     0.01       0.07       0.06  
  Non-controlling interest settlement   -       0.01       -       0.01       -  
  Power credit   -       (0.01 )     -       (0.01 )     -  
  Long lived asset charge due to reclassification of discontinued operations to continuing operations   -       0.01       -       0.01       -  
  Accrual of contingent liabilities related to commercial disputes   -       0.03       -       0.03       -  
  Impairment loss   -       -       0.04       -       0.27  
  Transaction and due diligence expenses   -       -       -       -       0.03  
  Business interruption   (0.01 )     -       0.01       (0.01 )     0.01  
  Inventory impairment   -       -       0.02       -       0.02  
  Executive severance   -       -       -       -       -  
  Step-up valuation adjustment   0.01       -       -       0.01       -  
  Globe purchase price allocation adjustments   -       -       -       -       0.04  
Adjusted diluted profit (loss) per ordinary share     0.05         0.05         (0.09 )       0.07         (0.13 )
                               

Recent developments

The trade cases in the United States and the favorable demand environment have allowed Ferroglobe to return to close to full capacity utilization. The Selma facility (Alabama, US) has restarted operations, and the remainder of Ferroglobe's European and North American plants are running at full capacity. Facilities in Argentina and South Africa are at 50% and 65% utilization, respectively, as a result of unfavorable local conditions, but are planning to restart full operations in the near future. Ferroglobe's plant in Venezuela has halted operations since May, as the company awaits further developments in the country. 

In the ongoing trade cases that Ferroglobe filed in the U.S., the Department of Commerce ("DOC") issued preliminary determinations on August 7, 2017 imposing countervailing duties on silicon metal imports from Australia, Brazil and Kazakhstan. The duties imposed ranged from 3.69% to 120%. The DOC made preliminary determinations on October 5, 2017 in the antidumping cases against Australia, Brazil and Norway. The antidumping duties imposed ranged from 3.74% to 134.92%. Now more than 63% of silicon metal imports into the U.S. are subject to cash deposit requirements.  

On November 2, 2017, the Canadian International Trade Tribunal ("CITT") determined that dumped silicon metal imports from Laosand Thailand, subsidized imports from Norway, and dumped and subsidized imports from Brazil, Kazakhstan and Malaysia had not caused injury and were not threatening to cause injury to the sole Canadian producer, Quebec Silicon Limited Partnership and QSIP Canada ULC ("Quebec Silicon").

The CITT issued its reasons for decision on November 17, 2017. We believe the CITT made several critical errors regarding, among others, the impact and relevance of global price declines on Canadian market pricing and the basis on which silicon metal is negotiated and sold to customers in Canada. Ferroglobe intends to appeal the CITT's decision to the Federal Court of Appeal.

We note this decision has no relevance for or impact on the ongoing antidumping and countervailing duty cases in the United Statesagainst silicon metal imports from Australia, Brazil, Kazakhstan and Norway because these are different proceedings in different jurisdictions, based on different facts and different legal standards. 

On November 21, Ferroglobe announced that it has entered into an agreement for the acquisition of a 100% interest in Glencore's manganese alloys plants in Dunkirk (France) and Mo I Rana (Norway). The parties expect the transaction to close in the first quarter of 2018, subject to obtaining certain regulatory approvals in France, Germany and Poland and other customary conditions.

Conference Call

Ferroglobe will review the results for the third quarter of 2017 during a conference call at 9:00 a.m. Eastern Time on Tuesday, November 28, 2017.

The dial-in number for the call for participants in the United States is +1 877-293-5491 (conference ID 4495559). International callers should dial +1 914-495-8526 (conference ID 4495559).  Please dial in at least five minutes prior to the call to register. The call may also be accessed via an audio webcast available at https://edge.media-server.com/m6/p/zre43hs5

About Ferroglobe

Ferroglobe PLC is one of the world's leading suppliers of silicon metal, silicon-based specialty alloys, and ferroalloys serving a customer base across the globe in dynamic and fast-growing end markets, such as solar, automotive, consumer products, construction and energy. The company is based in London. For more information, visit http://investor.ferroglobe.com.

Forward-Looking Statements

This release contains "forward-looking statements" within the meaning of U.S. securities laws. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe the Company's future plans, strategies and expectations. Forward-looking statements often use forward-looking terminology, including words such as "anticipate", "believe", "could", "estimate", "expect", "forecast", "guidance", "intends", "likely", "may", "plan", "potential", "predicts", "seek", "will" and  words of similar meaning or the negative thereof.

Forward-looking statements contained in this press release are based on information presently available to the Company and assumptions that we believe to be reasonable, but are inherently uncertain. As a result, Ferroglobe's actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements, which are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control.

Forward-looking financial information and other metrics presented herein represent the Company's goals and are not intended as guidance or projections for the periods presented herein or any future periods.

All information in this press release is as of the date of its release. Ferroglobe does not undertake any obligation to update publicly any of the forward-looking statements contained herein to reflect new information, events or circumstances arising after the date of this press release. You should not place undue reliance on any forward-looking statements, which are made only as of the date of this press release.

Non-IFRS Measures

EBITDA, adjusted EBITDA, adjusted diluted profit (loss) per ordinary share and adjusted profit (loss) attributable to the parent are, we believe, pertinent non-IFRS financial metrics that Ferroglobe utilizes to measure its success. Ferroglobe has included these financial metrics to provide supplemental measures of its performance. The Company believes these metrics are important because they eliminate items that have less bearing on the Company's current and future operating performance and highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures

INVESTOR CONTACT:

Ferroglobe PLC
Joe Ragan, US: +1 786 509 6925, UK: +44 (0) 7827 227 688
Chief Financial Officer
Email: jragan@ferroglobe.com

 

                               
Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Income Statement
(in thousands of U.S. dollars, except per share amounts)
                               
      Quarter Ended 
September 30, 2017
    Quarter Ended
June 30, 2017
    Quarter Ended 
September 30, 2016
    Nine Months Ended 
September 30, 2017
    Nine Months Ended 
September 30, 2016
                               
Sales   $ 451,628       425,810       364,727       1,273,475       1,186,159  
Cost of sales     (267,364 )     (250,279 )     (236,631 )     (758,781 )     (771,238 )
Other operating income     7,404       4,008       4,963       13,041       11,013  
Staff costs     (74,183 )     (74,168 )     (67,586 )     (214,836 )     (206,819 )
Other operating expense     (59,741 )     (65,009 )     (60,490 )     (184,874 )     (179,805 )
Depreciation and amortization charges, operating allowances and write-downs     (27,076 )     (26,401 )     (30,440 )     (80,699 )     (97,972 )
Impairment losses     (98 )     -       (9,044 )     (98 )     (67,631 )
Other gain (loss)     (3,313 )     (3,555 )     844       (5,904 )     (326 )
Operating profit (loss)       27,257         10,406         (33,657 )       41,324         (126,619 )
Finance income     258       162       548       1,215       1,233  
Finance expense     (14,786 )     (14,709 )     (7,241 )     (43,260 )     (22,449 )
Financial derivatives loss     (1,823 )     (4,071 )     -       (5,894 )     -  
Exchange differences     (1,529 )     7,263       (876 )     5,714       (2,880 )
Profit (loss) before tax       9,377         (949 )       (41,226 )       (901 )       (150,715 )
Income tax (expense) benefit     (14,364 )     1,949       10,158       (11,201 )     38,419  
(Loss) profit for the period       (4,987 )       1,000         (31,068 )       (12,102 )       (112,296 )
Loss attributable to non-controlling interest     1,640       1,859       2,545       5,060       15,836  
(Loss) profit attributable to the parent   $   (3,347 )       2,859         (28,523 )       (7,042 )       (96,460 )
                               
                               
EBITDA     54,333       36,807       (3,217 )     122,023       (28,647 )
Adjusted EBITDA     56,110       43,870       12,799       130,863       63,846  
                               
Weighted average shares outstanding                              
Basic     171,947       171,947       171,838       171,947       171,838  
Diluted     171,947       172,047       171,838       171,947       171,838  
                               
(Loss) profit per ordinary share                              
Basic     (0.02 )     0.02       (0.17 )     (0.04 )     (0.56 )
Diluted     (0.02 )     0.02       (0.17 )     (0.04 )     (0.56 )
                               
                                 

 

               
Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Statement of Financial Position
(in thousands of U.S. dollars)
               
      September 30,   June 30,   December 31,
      2017   2017   2016
             
ASSETS
Non-current assets            
  Goodwill  $    234,613     232,250     230,210
  Other intangible assets     59,120     60,282     62,839
  Property, plant and equipment     890,084     888,844     781,606
  Non-current financial assets      6,372     6,198     5,823
  Non-current financial assets from related parties     -      -      9,845
  Deferred tax assets     49,463     52,214     44,950
  Non-current receivables from related parties     2,363     2,282     2,108
  Other non-current assets     21,971     22,337     20,245
Total non-current assets     1,263,986     1,264,407     1,157,626
Current assets            
  Inventories     353,296     337,555     316,702
  Trade and other receivables     328,056     229,703     209,406
  Current receivables from related parties     3,351     3,684     11,971
  Current income tax assets     7,896     11,272     19,869
  Current financial assets     3,681     3,661     4,049
  Other current assets     12,834     12,568     9,810
  Cash and cash equivalents     189,763     183,561     196,931
  Assets and disposal groups classified as held for sale     -      -      92,937
Total current assets     898,877     782,004     861,675
Total assets  $    2,162,863     2,046,411     2,019,301
               
EQUITY AND LIABILITIES
Equity  $    915,837     906,518     892,042
Non-current liabilities            
  Deferred income     5,077     5,960     3,949
  Provisions     87,490     85,029     81,957
  Bank borrowings     -      62,776     179,473
  Obligations under finance leases     71,894     72,647     3,385
  Debt instruments      338,772     338,202     - 
  Other financial liabilities     97,560     116,492     86,467
  Other non-current liabilities     2,385     2,449     5,737
  Deferred tax liabilities     143,789     144,345     139,535
Total non-current liabilities     746,967     827,900     500,503
Current liabilities             
  Provisions     23,736     22,091     19,627
  Bank borrowings *     146,221     1,021     241,818
  Obligations under finance leases     12,572     12,030     1,852
  Debt instruments      2,738     12,537     - 
  Other financial liabilities     34,375     2,460     1,592
  Payables to related parties     10,466     8,813     30,738
  Trade and other payables     184,244     178,602     157,706
  Current income tax liabilities     8,350     4,673     961
  Other current liabilities     77,357     69,766     64,780
  Liabilities associated with assets classified as held for sale     -      -      107,682
Total current liabilities      500,059     311,993     626,756
Total equity and liabilities  $    2,162,863     2,046,411     2,019,301
               
* As of September 30, 2017 , includes financing of $120,091 related to the Company's accounts receivable securitization program.
     

 

                                 
Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Statement of Cash Flows
(in thousands of U.S. dollars)
                                 
        Quarter Ended 
September 30, 2017
    Quarter Ended 
June 30, 2017
    Quarter Ended 
September 30, 2016
    Nine Months Ended 
September 30, 2017
    Nine Months Ended 
September 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:                            
(Loss) profit for the period $ (4,987 )     1,000       (31,068 )     (12,102 )     (112,296 )
Adjustments to reconcile net loss to net cash provided by operating activities:                            
  Income tax expense (benefit)   14,364       (1,949 )     (10,158 )     11,201       (38,419 )
  Depreciation and amortization charges, operating allowances and write-downs   27,076       26,401       30,440       80,699       97,972  
  Finance income   (258 )     (162 )     (548 )     (1,215 )     (1,233 )
  Finance expense   14,786       14,709       7,241       43,260       22,449  
  Financial derivatives loss   1,823       4,071       -       5,894       -  
  Exchange differences   1,529       (7,263 )     876       (5,714 )     2,880  
  Impairment losses   98       -       9,044       98       67,631  
  (Gain) loss on disposals of non-current and financial assets   3,711       1,348       217       4,501       408  
  Other adjustments   (364 )     2,208       3,269       1,438       4,248  
Changes in operating assets and liabilities                            
  (Increase) decrease in inventories   (4,372 )     (11,943 )     2,135       (9,207 )     59,831  
  (Increase) decrease in trade receivables   (90,108 )     9,456       17,547       (76,887 )     71,783  
  Increase (Decrease) increase in trade payables   3,370       (8,943 )     9,834       12,583       1,093  
  Other*   6,631       (506 )     (603 )     (28,420 )     (59,504 )
Income taxes paid   (3,768 )     (3,919 )     (8,911 )     (9,984 )     (20,188 )
Interest paid   (22,249 )     (4,378 )     (6,837 )     (36,356 )     (20,306 )
Net cash (used) provided by operating activities   (52,718 )     20,130       22,478       (20,211 )     76,349  
CASH FLOWS FROM INVESTING ACTIVITIES:                            
Payments due to investments:                            
  Other intangible assets   (88 )     -       (2,020 )     (498 )     (2,543 )
  Property, plant and equipment   (14,692 )     (14,319 )     (10,805 )     (41,373 )     (53,289 )
  Non-current financial assets   -       -       (411 )     (14 )     (684 )
  Current financial assets   -       -       3,988       -       (9,930 )
Disposals:                            
  Current financial assets   -       -       (99 )     -       -  
Interest received   54       211       1,328       618       2,037  
Net cash used by investing activities   (14,726 )     (14,108 )     (8,019 )     (41,267 )     (64,409 )
CASH FLOWS FROM FINANCING ACTIVITIES:                            
Dividends paid   -       -       (27,496 )     -       (41,243 )
Payment for debt issuance costs   (3,210 )     (3,078 )     -       (16,765 )     -  
Proceeds from debt issuance   -       -       -       350,000       -  
Increase/(decrease) in bank borrowings:                            
  Borrowings   118,468       30       22,362       149,923       105,331  
  Payments   (38,296 )     (15,300 )     (19,623 )     (425,976 )     (57,698 )
Other amounts paid due to financing activities   (990 )     (10,694 )     (3,750 )     (18,895 )     (8,313 )
Net cash provided (used) by financing activities   75,972       (29,042 )     (28,507 )     38,287       (1,923 )
TOTAL NET CASH FLOWS FOR THE PERIOD   8,528       (23,020 )     (14,048 )     (23,191 )     10,017  
Beginning balance of cash and cash equivalents   183,561       193,031       135,774       196,982       116,666  
Exchange differences on cash and cash equivalents in foreign currencies   (2,326 )     13,550       (2,560 )     15,972       (7,517 )
Ending balance of cash and cash equivalents $ 189,763       183,561       119,166       189,763       119,166  
                                 
* Includes the cash outflow impact of the $32.5M shareholder settlement during the quarter ended March 31, 2016.

PrintPrintShare
  • Share on facebook
  • Share on twitter

This site uses cookies. By continuing to browse the site you are agreeing to cookies policy which can be found here